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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Leisure & Media | LSE:LEM | London | Ordinary Share | GB0030171937 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 18.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8937I
Leisure & Media VCT PLC
13 September 2006
LEISURE & MEDIA VCT PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
The Directors announce the statement of results for the period ended
30 June 2006 as follows:
Chairman's statement
I am pleased to report to you on the Company's results for the six months ended
30 June 2006. The net asset value at the end of June was 98.7 pence. Including
dividends paid since inception to the original Shareholders (including the 5.0
pence capital dividend paid in April) the total return is 118.5 pence, largely
unchanged from the 2005 year-end figure of 118.6 pence. This compares with the
95.0 pence per Share raised (net of issue expenses) in 2001.
In January, the sale was completed of the Company's investment in Reformed
Spirits Company Limited, realising the gain of #589,000 which was reported in
the 2005 accounts. A small number of shares in the AIM-quoted Top Ten Holdings
plc were sold at a profit in February 2006. The Company continues to hold
565,000 shares of Top Ten, which are carried at a valuation of #654,000 or 116
pence per share at 30 June 2006. Discussions are underway which may lead to
further investment disposal before the end of the year.
Since inception, the Company has realised the following investments, producing a
combined Internal Rate of Return ("IRR") of 21.0%:
Initial
investment Date Net Gain/
date realised Cost proceeds (loss) IRR
# # #
Renowned Holiday Aug 2001 Mar 2004 333,000 403,000 70,000 7.6%
Villages Limited
Dolphin Nurseries Jan 2003 Dec 2004 700,000 1,436,000 736,000 46.2%
Limited
Odyssey Clubs Group Feb 2002 Dec 2004 739,000 401,000 (338,000) -
Limited 1
XN Checkout Holdings Oct 2001 Oct 2004 - Mar 803,000 1,863,000 1,060,000 38.9%
plc 1 2005
Lindley Catering Jul 2001 Jul 2005 604,000 1,727,000 1,123,000 32.0%
Limited
Brodie & Knight Limited 1 Sep 2002 Jul 2005 656,000 320,000 (336,000) -
Reformed Spirits Dec 2003 Jan 2006 755,000 1,344,000 589,000 35.9%
Company Limited 1
Top Ten Holdings plc 2 Oct 2003 Feb 2006 32,000 42,000 10,000 24.3%
Total realised investments 4,622,000 7,536,000 2,914,000 21.0%
1 Cost and proceeds include equity, loans and interest thereon
2 Partial realisation of AIM-quoted shares
During the first half of 2006, several investments reflected modest uplifts in
value, but these were largely offset by the loss of most of the value of the
#300,000 investment in Media Steps plc, an AIM-quoted company whose novel
business concept did not attract sufficient advertising revenues to become
viable.
Also, during the first half of the year, the Company completed the following new
investments:
* #300,000 in Interactive Media Developments Limited, a
youth-orientated media business;
* #750,000 in Somethin' Else Sound Directions Limited, a
well-established and profitable radio production company that has been
expanding into TV and other media;
* #500,000 in British Country Inns plc, for the development
of a portfolio of freehold pubs, and
* #101,000 (out of a total commitment of #520,000) in
Fitspace Limited for the development of the first two of a planned group
of budget-priced health and fitness clubs.
The Company also had the opportunity to make a number of smaller follow-on
investments at attractive prices, in Audio Network plc, Cross-Border Publishing
Limited (completed in July), Echo Publishing Limited, Nu Nu plc, and Top Ten
Holdings plc, which in aggregate reflected unrealised gains at mid-year of
#120,000.
The portfolio now includes nine leisure investments, of which there are three in
pubs, three in health and fitness, one children's play centre group, a
children's nursery operator, and a bingo company. Excluding Media Steps plc,
there are five media investments, including publishers of music, sports
magazines and financial magazines, a radio and TV production company, and a
youth media group.
At the end of June, a total of #1.7 million was held in cash and gilts, of which
about #800,000 is committed to Kidspace Adventures Limited and Fitspace Limited,
with the balance available for new investments, of which several are under
review.
At mid-year, 78% of the original funds raised were held in qualifying
investments. The 70% qualifying test for the funds raised in the 2005 "C" Share
offering must be achieved by the end of 2007. The changes made in the 2006
Budget will limit the amount of cash that VCTs may hold for future investment,
with the result that a portion of uninvested cash may need to be distributed as
dividends if sufficient new investment opportunities are not identified.
Finally, I am pleased to report that the share buy-back programme initiated in
2005 has led to the repurchase of a number of shares, providing modest benefits
to the continuing Shareholders, and reducing the discount to net asset value at
30 June 2006 to 8.8%, compared with 12.8% at the end of 2005 (and 36.3%
(restated) at the end of 2004).
Andrew Wates
Chairman
13 September 2006
INCOME STATEMENT
for the six months ended 30 June
1 January to 30 June 2006 1 January to 30 June 2005
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains on investments at - 106 106 - 1,164 1,164
fair value
Dividends and interest 78 - 78 118 - 118
Investment management (34) (103) (137) (26) (79) (105)
fees
Operating expenses (84) - (84) (87) - (87)
(Deficit)/return on (40) 3 (37) 5 1,085 1,090
ordinary activities
before taxation
Taxation on ordinary - - - - - -
activities
(Deficit)/return on (40) 3 (37) 5 1,085 1,090
ordinary activities
after taxation
pence pence pence pence pence pence
Return per Ordinary (0.4) 0.0 (0.4) 0.1 11.8 11.9
Share
The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital columns are prepared under
guidance published by the Association of Investment Trust Companies ("AITC").
All revenue and capital items in the above statement derive from continuing
operations.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 June
Capital
Share Share Special redemption
capital premium reserve reserve
#'000 #'000 #'000 #'000
Six months ended 30 June 2006
(unaudited)
1 January 2006 95 960 6,869 5
Share buy-backs in the period (3) - (305) 3
Net return after taxation for the - - - -
period
Capital dividend paid - - (468) -
30 June 2006 92 960 6,096 8
Year ended 31 December 2005
(audited)
1 January 2005 91 - 7,265 -
Issue of shares via "C" Share issue 9 960 - -
Share buy-backs in the year (5) - (396) 5
Net return after taxation for the - - - -
year
31 December 2005 95 960 6,869 5
Six months ended June 2005
(unaudited)
1 January 2005 91 - 7,265 -
Issue of shares via "C" Share issue 9 960 - -
Share buy-backs in the period (2) - (161) 2
Net return after taxation for the - - - -
period
30 June 2005 98 960 7,104 2
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 June (continued)
Capital Revenue
reserve reserve Total
#'000 #'000 #'000
Six months ended 30 June 2006
(unaudited)
1 January 2006 2,199 (223) 9,905
Share buy-backs in the period - - (305)
Net return after taxation for the 3 (40) (37)
period
Capital dividend paid - - (468)
30 June 2006 2,202 (263) 9,095
Year ended 31 December 2005
(audited)
1 January 2005 1,135 (225) 8,266
Issue of shares via "C" Share issue - - 969
Share buy-backs in the year - - (396)
Net return after taxation for the 1,064 2 1,066
year
31 December 2005 2,199 (223) 9,905
Six months ended June 2005
(unaudited)
1 January 2005 1,135 (225) 8,266
Issue of shares via "C" Share issue - - 969
Share buy-backs in the period - - (161)
Net return after taxation for the 1,085 5 1,090
period
30 June 2005 2,220 (220) 10,164
BALANCE SHEET
as at 30 June
At At At
30 June 31 December 30 June
2006 2005 2005
(unaudited) (audited) (unaudited)
#'000 #'000 #'000
Fixed assets
Investments at fair value 8,473 7,254 8,928
Current assets
Debtors 52 78 141
Investments 119 119 -
Cash at bank 570 2,541 1,208
741 2,738 1,349
Creditors: amounts falling due (119) (87) (113)
within one year
Net current assets 622 2,651 1,236
Total assets less current 9,095 9,905 10,164
liabilities
Capital and reserves
Called-up share capital 92 95 98
Share premium 960 960 960
Special reserve 6,096 6,869 7,104
Capital redemption reserve 8 5 2
Capital - realised 2,053 1,634 969
reserve
- unrealised 149 565 1,251
Revenue reserve (263) (223) (220)
Equity shareholders' funds 9,095 9,905 10,164
pence pence pence
Net asset value per Ordinary 98.7 103.8 103.7
Share
CASHFLOW STATEMENT
for the six months ended 30 June
1 January to 1 January to
30 June 30 June
2006 2005
(unaudited) (unaudited)
#'000 #'000
Operating activities
Investment income received 41 51
Deposit interest received 9 22
Investment management fees paid (88) (89)
Other expenses paid (91) (89)
Net cash outflow from operating activities (129) (105)
Capital expenditure and financial investment
Purchases of fixed asset investments (2,120) (1,735)
Purchases of Treasury Bills (4,317) (3,974)
Proceeds from the sale of fixed asset investments 1,309 1,477
Proceeds from the sale of Treasury Bills 4,068 3,130
Net cash outflow from capital expenditure and financial (1,060) (1,102)
investment
Dividends paid (477) -
Capital dividend paid
Net cash outflow before financing (1,666) (1,207)
Financing
Net "C" Share proceeds - 944
Share buy-backs in period (305) (160)
Net cash (outflow)/inflow from financing (305) 784
Decrease in cash (1,971) (423)
Notes:
1. Basis or preparation
The figures for the six months ended 30 June 2006 have been prepared on a basis
consistent with the accounting policies adopted in the audited financial
statements for the year ended 31 December 2005.
2. Return per Ordinary Share
The revenue return per Ordinary Share for the six months ended 30 June 2006 is
based on the net revenue deficit on ordinary activities after taxation of
#40,000 (six months ended 30 June 2005: net revenue of #5,000) and on 9,409,972
(six months ended 30 June 2005: 9,175,661) Ordinary Shares, being the weighted
average number of Ordinary Shares in issue during the period.
The capital return per Ordinary Share for the six months ended 30 June 2006 is
based on the net capital gain of #3,000 (six months ended 30 June 2005: net
capital gain of #1,085,000) and the same number of Ordinary Shares as for the
revenue calculations.
3 Net asset value per Ordinary Share
The net asset value per Ordinary Share is based on net assets at 30 June 2006 of
#9,095,000 (31 December 2005: #9,905,000; 30 June 2005: #10,164,000) and on
9,215,237 (31 December 2005: 9,545,832; 30 June 2005: 9,805,332) Ordinary Shares
being the issued share capital at that date.
4 Share buy-backs
During the six months ended 30 June 2006, a total of 330,595 (year ended 31
December 2005: 477,440; six months ended 30 June 2005: 217,940) Ordinary Shares
were purchased for cancellation, at an average cost of approximately 92.1p (year
ended 31 December 2005: 82.9p; six months ended 30 June 2005: 73.5p) per
Ordinary Share.
5. Transaction Costs
During the six months ended 30 June 2006, the Company incurred transaction costs
of #nil (year ended 31 December 2005: #1,000; six months ended 30 June 2005:
#1,000) and #nil (year ended 31 December 2005: #4,000; six months ended 30 June
2005: #4,000) on purchases and sales of investments, respectively. These
amounts are included in gains on investments at fair value, as disclosed in the
income statement.
6. Financial Information
The financial information contained in this preliminary announcement does not
constitute full statutory financial statements as defined on Section 240 of the
Companies Act 1985. The financial information for the six months ended 30 June
2006 and the six months ended 30 June 2005 has not been audited.
The information for the year ended 31 December 2005 has been extracted from the
statutory financial statements for the year ended 31 December 2005 which
contained an unqualified Auditor's Report, have been lodged with the Registrar
of Companies, and did not contain a statement required under Section 237(2) or
(3) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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