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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Guin.Flght Vct | LSE:GFV | London | Ordinary Share | GB0003945101 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6281G Guinness Flight Venture Cap Tst PLC 30 October 2007 Guinness Flight Venture Capital Trust PLC Investment Manager's Review For the six months ended 31 August 2007 Performance The NAV at 31 August 2007 has increased to 50.42p per share compared to 49.52p at 28 February 2007, an increase of 1.8% over the period. Overall, the performance of the portfolio companies has been satisfactory. Whilst there has been a write down in the value of one significant investment, there are material valuation increases in two others which more than offset that write down. Details of the changes in valuation of the major investments are shown in the table below. Unlisted investments held by Guinness Flight Venture Capital Trust are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Investments which are traded on the Alternative Investment Market (AIM) or a recognised stock exchange are valued at their bid price. Dividends The Company has not realised any major investments during the six month period and continues to utilise the borrowing facility provided by Bank of Scotland. The Board does not intend to declare a dividend while this situation persists. Investment Strategy The Manager's strategy is to build a diversified portfolio of unlisted and AIM investments that offer excellent growth prospects and therefore the opportunity for capital gains in the medium and longer term while maintaining VCT qualifying status. The value of the portfolio is concentrated in a relatively small number of investments and the Manager expects over time to sell most of these holdings and re-invest in a larger number of smaller investments. This will result in a more diversified base to spread the risk which is associated with investing in smaller companies. This process will take some time to allow the existing holdings to be divested at the optimum time in each investee company's business cycle. Regulatory changes The overall VCT fundraising market declined by approximately two thirds in the year to April 2007 which reflects the changes to the VCT regulations announced in the last two Budgets. For funds raised after April 2006, new restrictions on the size of company in which VCTs can invest where those investments are to be treated as qualifying were introduced. The regulations introduced in the 2007 Budget are particularly onerous in this regard focussing on the maximum number that can be employed in addition to placing a limit on the amount which can be raised under venture capital schemes by the investee company. However, those new 2007 regulations do not affect the money raised by the Company which can continue to invest in the scale and type of company which the Manager intends to target and has achieved success with in the past. Investment activity The Company is constrained from making substantial new investments at present but has invested #300,000 in two new investments alongside other VCT clients of the Manager. At 31 August 2007, the investment portfolio consisted of twenty-three active unlisted and AIM investments having a total cost of #19.2 million. The following new investments were made during the reporting period. Investment Date Activity Cost #'000 #'000 Countcar May 2007 Provider of tool, plant hire and hydraulic 100 products and services to the oil and gas industry Funeral Services Partnership May 2007 Operator of funeral director businesses 200 Total unlisted investment 300 Portfolio developments Unlisted investments The following provide an update on progress at the major investments: Espresso Broadband The six month period saw significant progress made at Espresso Broadband with the acquisition of the Channel 4 Learning business which has enhanced the value of the company significantly. This has been recognised in an increased valuation amounting to #750,000. LG & DE Good progress has also been made at LG & DE following the acquisition by that company of the Far Eastern interests in the Linguaphone brand. This has increased the value of the company which is again reflected in an increased valuation. Mawdsley's GNS In contrast, one of the legal processes in which Mawdsley's GNS had engaged was unsuccessful. A date for mediation has been agreed on the main remaining legal action and it is anticipated that progress towards settlement will be made as a result. The valuation of the investment has been reduced to reflect the unsuccessful court case earlier in the year and to reflect the uncertainty inherent in any legal action Higher Nature Mawdsley's GNS was set up to realise certain assets from Mawdsley's. The remaining assets are now the proceeds of a court case against a former supplier to the business. A date for mediation has been agreed on this action and it is anticipated that progress towards settlement will be made as a result. However, as there is uncertainty inherent in any legal action and as it is unlikely that the company will recover the full amount of certain other debts, the valuation has been reduced. Serrastone After a series of technical issues which have delayed the start of full scale production, the Serrastone plant is expected to begin production in the coming months. Further funding is being raised by the company to take it through to positive cash flow from trading. Vyre Vyre continues to show good growth and has exceeded its previous year turnover after eight months of its current financial year. Its customer base and sales pipeline are both extremely strong. AIM investments During the period, the balance of the holding in UBC Media Group was sold realising #131,573 resulting in a loss of #266,938 against the cost of the investment and a reduction compared to the February 2007 valuation of #67,491. Risk and uncertainties The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year; these are unchanged from those it faced at the start of the year. They are continuing to comply with the venture capital trust regulations and mitigating the risk associated with investment in smaller unlisted and AIM quoted companies. The Manager closely monitors the position of the Company to ensure that it complies with the various tests at all times. In order to minimise the exposure to investment risk, the Company has invested in a portfolio of investments in unlisted and AIM quoted companies across a range of industrial sectors in the United Kingdom and the Manager intends to increase the number and diversity of sectors in due course. Outlook Aberdeen Asset Managers has become more directly involved with the portfolio companies during the first half of the financial year following its appointment as Manager late in 2006. Whilst two new investments have been made, current cash constraints mean that the strategy of rebuilding the portfolio into a highly diversified selection of good quality smaller company assets can only really begin after the realisation of one or more of the existing investments. Progress towards the first of these realisations has been made but will take some time yet to result in a sale. Both of the new investments made during the last six months are performing in line with expectations at this early stage. The Manager has strong deal flow and it is expected that the Company will co-invest alongside other VCTs managed by the Manager when realisations are achieved. Guinness Flight Venture Capital Trust PLC Income Statement For the six months ended 31 August 2007 Six months to 31 August 2007 Six months to 31 August 2006 Year ended 28 February 2007 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Investment income and 58 - 58 20 - 20 152 - 152 deposit interest Investment management fees (59) (86) (145) (60) (181) (241) (111) (332) (443) Finance costs (11) (34) (45) (1) (1) (2) (14) (40) (54) Other expenses (82) - (82) (136) - (136) (308) - (308) Gains/(losses) on investments - 456 456 - (503) (503) - (5,641) (5,641) Profit on ordinary activities before taxation (94) 336 242 (177) (685) (862) (281) (6,013) (6,294) Tax on ordinary activities - - - - - - - - - Profit on ordinary activities after taxation (94) 336 242 (177) (685) (862) (281) (6,013) (6,294) Earnings per share (pence) (0.35) 1.24 0.89 (0.64) (2.49) (3.13) (1.03) (21.99) (23.02) A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. The total column of this Statement is the Profit and Loss Account of the Company. Reconciliation of movements in Six months Six months Year Shareholders' Funds ended ended ended 31 August 2007 31 August 2006 28 February 2007 #'000 #'000 #'000 Opening Shareholders' funds 13,440 20,605 20,605 Total return for period 242 (862) (6,294) Repurchase and cancellation of shares - (323) (323) Dividends paid - capital - (276) (548) Closing Shareholders' funds 13,682 19,144 13,440 Guinness Flight Venture Capital Trust PLC Balance Sheet As at 31 August 2007 28 31 August 31 August February 2007 2006 2007 (unaudited) (unaudited) (audited) Notes #'000 #'000 #'000 Fixed assets Investments at fair value through profit or 15,472 19,414 14,855 loss Current assets Debtors 56 - 20 Cash and overnight deposits 88 122 303 144 122 323 Creditors: amounts falling due within one year 4 (1,934) (392) (1,738) Net current liabilities (1,790) (270) (1,415) Total net assets 13,682 19,144 13,440 Capital and reserves Called up share capital 2,714 2,714 2,714 Special reserve 2 24,022 24,294 24,022 Capital redemption reserve 2 255 255 255 Capital reserve - realised 2 (10,849) (6,650) (10,462) Capital reserve - unrealised 2 (1,621) (828) (2,344) Revenue reserve 2 (839) (641) (745) Net assets attributable to ordinary 13,682 19,144 13,440 shareholders Net Asset Value per Ordinary share (pence) 50.42 70.54 49.52 The accompanying Notes are an integral part of the Financial Statements. Guinness Flight Venture Capital Trust PLC Cash Flow Statement For the six months ended 31 August 2007 Six months to Six months to Year ended 31 August 2007 31 August 2006 28 February 2007 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Net cash outflow from operating activities (311) (479) (208) Financial investment Purchase of investments (666) (1,379) (1,736) Sale of investments 143 721 749 Net cash outflow from financial investment (523) (658) (987) Equity dividends paid - (276) (548) Net cash outflow before financing (834) (1,413) (1,743) Financing Bank loan interest paid (45) (2) (54) Repurchase of Ordinary shares - (323) (323) Net cash outflow from financing (45) (325) (377) Decrease in cash (879) (1,738) (2,120) The accompanying Notes are an integral part of the Financial Statements. Guinness Flight Venture Capital Trust PLC Notes to the Financial Statements 1. Accounting Policies * The financial information for the six months ended 31 August 2007 and the six months ended 31 August 2006 comprises non-statutory accounts within the meaning of section 240 of the Companies Act 1985. * The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 28 February 2007. * The results for the year ended 28 February 2007 are extracted from the full accounts for that year, which received an unqualified report from the Auditors and have been filed with the Registrar of Companies. Capital Capital Capital Special redemption reserve reserve Revenue reserve reserve realised unrealised reserve #'000 #'000 #'000 #'000 #'000 2. Movement in reserves At 28 February 2007 24,022 255 (10,462) (2,344) (745) Losses on sales of investments - - (267) - - Net increase in value of investments - - - 723 - Investment management fees - - (86) - - Finance costs - - (34) - - Loss on ordinary activities after taxation - - - - (94) As at 31 August 2007 24,022 255 (10,849) (1,621) (839) Six months ended 3. Return per ordinary shares 31 August 2007 The returns per share have been based on the following figures: Weighted average number of ordinary shares 27,138,128 Revenue Return #(94,000) Capital Return #336,000 4. Creditors Amounts falling due within one year include #1.4 million of a #1.8 million bank facility, provided by Bank of Scotland, which has recently been renewed. GUINNESS FLIGHT VENTURE CAPITAL TRUST PLC Summary of Investment Changes Increase/ Profit/ Valuation New (decrease Proceeds (Loss) Valuation 28 February 2007 Investment in valuation) on sale on sale 31 August 2007 #'000 #'000 #'000 #'000 #'000 #'000 Espresso Broadband 2,483 750 3,233 Vyre Limited 3,091 3,091 LG & DE Limited 2,493 307 2,800 Higher Nature 2,060 2,060 Serrastone 1,360 1,360 Mawdsley's GNS Limited 1,258 214 (722) 750 Fine Art Logistics 511 511 Ashford Colour Press Limited 338 52 11 11 390 Bridgefilms 324 (30) 294 IDG 292 292 Others (Less than #250,000 431 452 (202) - - 681 at 31 August 2007) Total unlisted 14,641 666 155 11 11 15,462 Total AIM (All less than 213 - (5) 132 (67) 10 #250,000) Total Portfolio 14,855 666 150 143 (56) 15,472 GUINNESS FLIGHT VENTURE CAPITAL TRUST PLC Investment Portfolio Summary As at 31 August 2007 Investment Bookcost aluation % of investment portfolio Unlisted Ashford Colour Press Limited Printer specialising in educational text books 439 390 2.5 Baby Innovations Marketing Design and marketing of disposable sterilised 200 200 1.3 Internationais LDA babies bottles Bridgefilms Commercialisation of property rights to 1,397 294 1.9 children's TV characters Churchyard Limited Consultancy promoting tourism and inward 50 25 0.2 investment Countcar Limited Provider of tool, plant hire and hydraulic 100 100 0.6 products and services to the oil and gas industry Espresso Broadband Development and supply of educational resources 751 3,233 20.9 to primary schools Fine Art Logistics Packing and shipping services for the fine art 613 511 3.3 market Funeral Services Partnership Operator of funeral directors 200 200 1.3 Limited Higher Nature Mail order supplier of natural health foods and 500 2,060 13.3 homeopathic medicines IDG Laboratory testing services for the food and 1,000 292 1.9 pharmaceutical industries LG & DE Limited Supplier of language training courses under the 405 2,800 18.1 Linguaphone brand Mawdsley's GNS Limited Asset recovery from disposal of the trade and 1,197 750 4.8 assets of engineering business, Mawdsley's Limited New Concept Publishing of trade magazines for the property, 750 133 0.9 security and fire prevention sectors Serrastone Development of innovative gypsum-based building 694 1,360 8.8 products Vyre Limited Software developer specialising in web-based 615 3,091 20.0 technology Others valued at less than 9,399 23 0.1 #25,000 18,310 15,462 99.9 AIM ID Data Group plc Supplier of secure transaction systems and 894 10 0.1 related services for the international telephone, banking and retail industries 894 10 0.1 Total investments 19,204 15,472 100% Other information The Net Asset Value per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 August 2007 of 27,138,128. A summary of investment changes for the six months under review and an investment portfolio summary as at 31 August 2007 are attached above. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders. Copies of this announcement will be available to the public at the office of Aberdeen Asset Management PLC, 149 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London. Directors' responsibility statement The implementation of the EU Transparency Obligations Directive and the associated amendments to the rules laid down by the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the interim report and financial statements. The Directors confirm that, to the best of their knowledge: the financial statements for the six months ended 31 August 2007 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the SORP) issued in December 2005 the interim report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 28 February 2008 the interim report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein. On behalf of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARY 30 October 2007 This information is provided by RNS The company news service from the London Stock Exchange END IR ZBLFXDBBZFBZ
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