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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Neptune-Calc C | LSE:NEPC | London | Ordinary Share | GB00B0YK8W31 | C ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 61.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2600E Neptune-Calculus Income &Growth VCT 21 September 2007 Interim results for the six months ended 30 June 2007 Corporate policy and financial highlights Objective The Neptune-Calculus Income and Growth VCT is a generalist VCT which has the objective of providing investors with both capital growth and income. It is intended that approximately 75 per cent. of the Company's funds will be invested over a three year period in a diversified portfolio of holdings in qualifying investments including AIM companies. The Company does not invest in start-up and seed capital situations. The balance of the Company's investments will be invested in a combination of Neptune income funds and a portfolio of similar income generating UK listed shares and money market instruments. Managers Qualifying investments are managed by Calculus Capital Limited and non-qualifying investments are managed by Neptune Investment Management Limited. Financial Highlights * NAV per Ordinary Share increased by 4.9% to 118.97p (before payment of a 3.2p final dividend in May) from 113.37p at the last year end. * NAV per C Share increased by 4.7% to 108.43p (before payment of a 1p final dividend in May) from 103.61p at the last year end. * After dividend payments, the NAV at 30 June 2007 per Ordinary Share was 115.77p and per C Share was 107.43p. * The total return of the Ordinary Shares, since launch in 2005, is 27.8% (net of launch costs) and for the C Shares, since launch in 2006, is 14.7% (net of launch costs). Performance summary Ordinary Shares C Shares Six months to Six months to 30 June 2007 30 June 2007 Revenue return per share 0.60p 0.61p Net asset value per share 115.77p 107.43p Cumulative dividends paid and proposed 6.0p 2.0p As at As at 14 September 2007* 14 September 2007* Unaudited net asset value per share 102.22p 94.49p *Being the latest practicable date prior to publication and excluding net revenue after 30 June 2007. Chairman's Statement I am delighted to present our interim results for the Company for the six months ended 30 June 2007 and I am pleased to report that there has been further good progress in the period. The Company's aim is to achieve long term growth in the net assets of the Company and maintain a consistent level of tax free dividends each year. In our original prospectus we stated our intention to be a generalist VCT company investing in a diversified portfolio of both unquoted companies and AIM stocks. As you may be aware, the Company is required to have invested at least 70 per cent. (calculated on an H.M. Revenue & Customs basis) of its Ordinary Shares' funds in VCT qualifying investments by 31 December 2007 and the C Shares' funds by 31 December 2008 and must maintain this level thereafter. At 30 June 2007, in the Ordinary Share Fund, #2,355,753 had been invested in qualifying holdings representing 63.81 per cent. (calculated on an H.M. Revenue & Customs basis). In the C Share Fund, #2,983,702 had been invested representing 42.69 per cent. (calculated on an H.M. Revenue & Customs basis). Further details of these investments and the investment performance are given in the Investment Manager's review. Since the period end, both the Ordinary Share Fund and the C Share Fund have invested #495,000 and #905,000 respectively in a further three qualifying investments. This brings the percentages invested in qualifying holdings to approximately 75 per cent. and approximately 54 per cent. respectively. The Board remains confident of achieving the H.M. Revenue & Customs required percentages within the timescale. The balance of the funds raised described as non-qualifying investments has been managed by Neptune Investment Management Limited. We are invested in the Neptune Income Fund A Income Class (the Income Fund), the Neptune Quarterly Income Fund Income Units (the Quarterly Fund) and a range of individual FTSE 100/FTSE 250 companies with a view to generating income in the portfolio. Further details of these investments and the investment performance are given in the Investment Manager's review. Total income attributable to the Ordinary Share Fund for the period was #64,000 and total income attributable to the C Share Fund was #137,000. This was largely derived from dividends from holdings in the Neptune Income Fund, the Neptune Quarterly Income Fund and the portfolios of income orientated quoted equities and other liquid holdings. Gains on investments in the six months amounted to #227,000 (realised: #132,000, unrealised: #95,000) on the Ordinary Share Fund and #431,000 (realised: #275,000, unrealised: #156,000) on the C Share Fund. The Directors' policy is to pay, when possible, dividends out of income and realised gains and the Board is declaring an interim dividend in respect of the Ordinary Shares and the C Shares of 1 pence per Share. Both dividends are payable on 26 October 2007 to Shareholders on the register on 5 October 2007. The Chancellor of the Exchequer made a number of changes to the qualification rules for VCTs in his 2007 Budget, some of which are welcome. However, the new rules for investing money raised in future tax years will make it less attractive for existing VCTs to raise significant further new money from investors. Specifically, restricting investment into companies with less than 50 employees and limiting the overall amount invested in any company to no more than #2 million in the year ending on the date of investment, will materially alter the risk profile of future VCTs. These changes do not apply to shares issued before 6 April 2007, so do not apply to the shares which the Company has issued to date and its current investment policy. As I mentioned, the Company's aim is to achieve long term growth in the net assets of the Company. This is based on a belief in the benefits to Shareholders from spreading operating costs over a larger base and having a minimum size of portfolio from which to generate a regular flow of realised profits. Further significant growth in net assets is unlikely to come from raising new funds. The most desirable way of increasing net assets is by continuing to make successful investments. The Board has reviewed its policy for share buy-backs and considers it in the best interests of all Shareholders if the Board uses these powers sparingly. We continue to believe that the outlook for the Company is excellent. Good progress has been achieved in our investment programme. We have enjoyed some success in the portfolio of qualifying investments, our investments in the Neptune Income Fund, Neptune Quarterly Fund and our managed portfolio of UK income generating shares. As announced on 2 July 2007, Robin Geffen resigned from the Board due to the pressure of other business commitments. I would like to record, on behalf of our Board, our thanks to him for his help and support in the successful establishment of the Company. We look forward to reporting further progress when we publish our accounts for the year ending 31 December 2007 in March 2008. Meanwhile I would like, on behalf of the Board, to thank all Shareholders for their continuing support. Philip Stephens Chairman 21 September 2007 Investment Managers' Reviews Investment Manager's Review (Qualifying Investments) Calculus Capital Limited advises the Company in respect of qualifying investments made by the Company. The Manager is committed to building a portfolio of diversified investments for the Company. The deal flow of potential VCT qualifying investments remains strong. We have set out below a review of the Ordinary Share qualifying investment portfolio, including details of new investments made in the period, and then give an equivalent review of the C Share qualifying investment portfolio. Review of the Ordinary Share Fund qualifying investment portfolio During the period we invested in eight companies, disposed of our entire holdings in two companies and partially realised one holding. As at 30 June 2007, the Ordinary Share Fund qualifying portfolio comprised investments in eighteen companies. During the period, Quintus Group Limited, in which we held an investment, was sold to a private buyer. Furthermore, we sold our entire position in Cellcast plc and approximately ten per cent. of our holding in Worthington Nicholls Group plc to take advantage of the share price at the time. Eight new investments were made during the period. The investments made were #175,000 in Cater Plus Services Limited, which is a management buy-in of an established company providing catering services to retirement and other care homes; #160,000 in Triage Holdings Limited, which is the management buy-out of the UK's leading independent provider of outsourcing and managed repair solutions to the IT service sector; #139,999 in AIM quoted Hexagon Human Capital plc, an executive recruitment company with a particular strength in the interim executive sector; #150,000 in PLUS Markets traded FSG Security plc, a company in the manned security sector; #125,000 in the AIM IPO of Epistem Holdings plc, which provides contract research services to the bio-tech and pharmaceutical industries and is developing its own novel therapies; #150,000 in the AIM IPO of eXpansys plc, a leading retailer of smartphones and handheld devices with wireless connectivity; #99,999 in the AIM IPO of Pressure Technologies plc, which designs and manufactures a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets and #150,000 in the AIM IPO of Mount Engineering plc, which manufactures and distributes small, high value items such as thread conversion products and connectors for hazardous industries such as the oil and gas industry. The total cost of the qualifying investments is #2,355,753 and the market value as at 30 June 2007 was #2,566,878. The Ordinary Share Fund's qualifying investment portfolio is at an investment level of 63.81 per cent. (calculated on an H.M. Revenue & Customs basis). A full list of the Ordinary Share Fund's portfolio of qualifying investments as at 30 June 2007 is set out below. Sector Cost Valuation # # Debtmatters Group plc General financial 11,700 20,700 PharmaSmart Limited* Support services 50,000 60,000 PharmaSmart Limited loan stock* Support services 75,000 75,000 Cagney plc Media 125,000 70,313 Croma Group plc Aerospace & defence 125,000 93,750 Sport Media Group plc (formerly Interactive Software & computer World plc) services 145,000 160,890 Debts.co.uk plc General financial 120,001 54,667 Worthington Nicholls Group plc General retailers 134,914 313,200 Brulines (Holdings) plc Support services 194,340 263,860 Egdon Resources plc Oil & gas producers 174,800 220,340 Aquilo plc Support services 50,000 18,856 Hexagon Human Capital plc Support services 139,999 159,514 FSG Security plc Support services 150,000 122,500 Cater Plus Services Limited* Support services 58,333 58,333 Cater Plus Services Limited loan stock* Support services 116,667 116,667 Triage Holdings Limited* Support services 135,240 135,240 Triage Holdings Limited loan stock* Support services 24,760 24,760 Pharmaceuticals & biotechnology Epistem Holdings plc 125,000 168,346 eXpansys plc General retailers 150,000 173,276 Pressure Technologies plc Industrial engineering 99,999 106,666 Mount Engineering plc Industrial engineering 150,000 150,000 All valuations are at AIM bid price with the exceptions of those marked * which are unquoted holdings valued at fair value. Review of the C Share Fund qualifying investment portfolio As at 30 June 2007, the C Share Fund qualifying investment portfolio comprised thirteen investments. As with the Ordinary Share Fund, the C Share Fund also had a holding in Quintus Group Limited, which was sold in the period, and we sold approximately 10 per cent. of our holding in Worthington Nicholls Group plc to take advantage of the share price at the time. Eight new investments were made during the period. The eight new investments were made alongside the Ordinary Share Fund as mentioned above and the amounts were as follows; #325,000 in Cater Plus Services Limited; #320,000 in Triage Holdings Limited; #250,000 in Hexagon Human Capital plc; #250,000 in FSG Security plc; #125,001 in Epistem Holdings plc; #299,500 in eXpansys plc; #100,001 in Pressure Technologies and #150,000 in Mount Engineering plc. The total cost of the qualifying investments is #2,983,702 and the market value as at 30 June 2007 was #3,525,602. The C Share Fund's qualifying investment portfolio is at an investment level of 42.69 per cent. (calculated on an H.M. Revenue & Customs basis). A full list of the C Share Fund's portfolio of qualifying investments as at 30 June 2007 is set out below. Sector Cost Valuation # # PharmaSmart Limited* Support services 250,000 250,000 Sport Media Group plc (formerly Interactive Software & computer World plc) services 180,000 199,726 Worthington Nicholls Group plc General retailers 315,000 730,800 Egdon Resources plc Oil & gas producers 319,200 402,360 Aquilo plc Support services 100,000 37,712 Hexagon Human Capital plc Support services 250,000 284,848 FSG Security plc Support services 250,000 204,167 Cater Plus Services Limited* Support services 108,334 108,334 Cater Plus Services Limited loan stock* Support services 216,666 216,666 Triage Holdings Limited* Support services 270,480 270,480 Triage Holdings Limited loan stock* Support services 49,520 49,520 Pharmaceuticals & biotechnology Epistem Holdings plc 125,001 168,348 eXpansys plc General retailers 299,500 345,974 Pressure Technologies plc Industrial engineering 100,001 106,667 Mount Engineering plc Industrial engineering 150,000 150,000 All valuations are at AIM bid price with the exceptions of those marked * which are unquoted holdings valued at fair value (equal to cost). Developments since the period end Since the period end, #495,000 has been invested in three companies for the Ordinary Share Fund's qualifying investment portfolio increasing the investment percentage for qualifying investments to approximately 75 per cent. (calculated on an H.M. Revenue & Customs basis). The Company has also invested #905,000 in the same three companies for the C Share Fund's qualifying investment portfolio increasing the investment percentage for qualifying investments to approximately 54 per cent. (calculated on an H.M. Revenue & Customs basis). The three companies are RMS Europe Group Limited, which operates port facilities in the Humber and Trent regions; a follow-on investment in Sport Media Group plc (formerly Interactive World plc); and Heritage House Group Limited, a media group serving the heritage market and which publishes Hudson's Historic Houses and Gardens, the UK's leading trade guide to historic houses. The period since 30 June has seen a material fall in the value of the Funds' investment in Worthington Nicholls Group plc, following a fall in the company's share price. Outlook The Manager continues to see a healthy pipeline of qualifying unquoted and AIM companies raising funds at reasonable valuations. The Company is building a diversified portfolio of good quality qualifying investments which the Manager believes will deliver sustained long term performance in due course. John Glencross Calculus Capital Limited 21 September 2007 Investment Manager's Review (Non-qualifying investments) Portfolio developments The Neptune-Calculus Income and Growth VCT invests in the Neptune Income Fund and the Neptune Quarterly Income Fund along with a portfolio of individual stocks that broadly follows the aforementioned funds. Breaking down the FTSE All-Share index's performance by different sub-indices clearly illustrates that it was the large cap stocks which drove the UK market higher over the six months to 30 June 2007. The FTSE 100, 250 and SmallCap indices rose by 8.29%, 4.39% and 4.04% respectively. In terms of sectors, the FTSE All-Share was predominantly driven by three sectors: mining, oil & gas producers and mobile telecommunications. The portfolio was well positioned to benefit from these trends with a heavy bias towards large cap stocks, an overweight position in oil & gas producers and the introduction of two well diversified global mining companies at the start of the second quarter, Rio Tinto and Anglo American. The addition of these stocks allows the portfolio to benefit from higher commodity prices driven by strong global demand, especially from the emerging Asian economies. The other main change made to the portfolio was a reduction in financials exposure. With two 0.25% interest rate increases in the period under review and a further interest rate hike to 5.75% looking imminent at the period end, we decided to reduce our exposure to the UK mortgage market. At the same time we increased our weighting in pharmaceuticals and hold both AstraZeneca and GlaxoSmithKline. The sector is unloved and undervalued and we felt those companies represent very good value, both on relative and absolute levels. Outlook Looking forward to the year end, we feel that the UK market will make modest gains from the halfway point, although there may well be further volatility along the way. We believe that the portfolio will benefit from its high exposure to large cap stocks which continue to offer good value, with good dividend yields and strong balance sheets. Performance figures sourced from Lipper; based in Sterling; net income reinvested. Robin Geffen Neptune Investment Management Limited 21 September 2007 Investment Portfolios Ordinary Share Fund portfolio The ten largest holdings by value are included below: As at 30 June 2007 Cost Valuation Percentage of portfolio # # % AIM investments (quoted equity) Worthington Nicholls Group plc* 134,914 313,200 7.23 Brulines (Holdings) plc* 194,340 263,860 6.09 Egdon Resources plc* 174,800 220,340 5.09 eXpansys plc* 150,000 173,276 4.00 Epistem Holdings plc* 125,000 168,346 3.89 Sport Media Group plc (formerly Interactive World plc)* 145,000 160,890 3.72 Other AIM investments 821,699 646,966 14.94 Unquoted equity investments Other unquoted investments 393,573 403,573 9.32 Unquoted bonds Other unquoted loan stocks 216,427 216,427 5.00 Total qualifying investments 2,355,753 2,566,878 59.28 Quoted funds Neptune Quarterly Income Fund Income Units 520,000 709,254 16.38 The Neptune Income Fund Income A Class 520,000 693,235 16.01 Quoted equity Other quoted equities 6,961 6,293 0.15 Unquoted funds Fidelity Sterling Fund distributing shares class A 189,205 189,205 4.37 BGI Liquidity First Fund 165,000 165,000 3.81 Total non-qualifying investments 1,401,166 1,762,987 40.72 Total investments 3,756,919 4,329,865 100.00 The valuations of the Ordinary Share Fund investments in companies marked * exclude small purchases made during this and prior periods which are included as non-qualifying investments. C Share Fund portfolio The ten largest holdings by value are included below: As at 30 June 2007 Cost Valuation Percentage of portfolio # # % AIM investments (quoted equity) Worthington Nicholls Group plc 315,000 730,800 8.14 Egdon Resources plc 319,200 402,360 4.48 eXpansys plc 299,500 345,974 3.85 Hexagon Human Capital plc 250,000 284,848 3.17 Other AIM investments 755,002 716,620 7.99 Unquoted equity investments PharmaSmart Limited 250,000 250,000 2.78 Triage Holdings Limited 270,480 270,480 3.01 Other unquoted investments 258,334 258,334 2.88 Unquoted bonds Cater Plus Services Limited loan stock 216,666 216,666 2.41 Other unquoted loan stocks 49,520 49,520 0.55 Total qualifying investments 2,983,702 3,525,602 39.26 Quoted funds Neptune Quarterly Income Fund Income Units 825,000 902,821 10.06 The Neptune Income Fund Income A Class 810,000 884,193 9.85 Quoted equity Other quoted equities 2,885,706 3,110,476 34.64 Unquoted funds Fidelity Sterling Fund distributing shares class A 555,390 555,390 6.19 Total non-qualifying investments 5,076,096 5,452,880 60.74 Total investments 8,059,798 8,978,482 100.00 Unaudited Income Statements for the six months to 30 June 2007 Ordinary Share Fund Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Gains on investments at fair value - 227 227 - 112 112 - 479 479 Investment income 61 - 61 48 - 48 114 - 114 Other income 3 - 3 20 - 20 25 - 25 Investment management fee (13) (38) (51) (11) (33) (44) (23) (68) (91) Other expenses (27) - (27) (26) - (26) (51) - (51) Return on ordinary activities before taxation 24 189 213 31 79 110 65 411 476 Taxation on ordinary activities (1) - (1) - - - (3) - (3) Return attributable to equity shareholders 23 189 212 31 79 110 62 411 473 Return per Ordinary Share 0.60p 5.00p 5.60p 0.82p 2.07p 2.89p 1.65p 10.82p 12.47p C Share Fund Six months to Period to Period to 30 June 2007 30 June 2006* 31 December 2006* Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Gains/(losses) on investments at - 431 431 - (202) (202) - 778 778 fair value Investment income 134 - 134 39 - 39 180 - 180 Other income 3 - 3 33 - 33 43 - 43 Investment management fee (26) (77) (103) (12) (35) (47) (34) (103) (137) Other expenses (59) - (59) (33) - (33) (102) - (102) Return/(deficit) on ordinary activities 52 354 406 27 (237) (210) 87 675 762 before taxation Taxation on ordinary activities (1) - (1) - - - (2) - (2) Return/(deficit) attributable to 51 354 405 27 (237) (210) 85 675 760 equity shareholders Return per C Share 0.61p 4.22p 4.83p 0.43p (3.84)p (3.41)p 1.14p 9.10p 10.24p *The first allotment of C Shares took place on 8 February 2006 and the first C Share investment was made on 20 April 2006. Total Six months to Six months to Year to 30 June 2007 30 June 2006* 31 December 2006* Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Gains/(losses) on investments at - 658 658 - (90) (90) - 1,257 1,257 fair value Investment income 195 - 195 87 - 87 294 - 294 Other income 6 - 6 53 - 53 68 - 68 Investment management fee (39) (115) (154) (23) (68) (91) (57) (171) (228) Other expenses (86) - (86) (59) - (59) (153) - (153) Return/(deficit) on ordinary activities before taxation 76 543 619 58 (158) (100) 152 1,086 1,238 Taxation on ordinary activities (2) - (2) - - - (5) - (5) Return/(deficit) attributable to equity shareholders 74 543 617 58 (158) (100) 147 1,086 1,233 *The first allotment of C Shares took place on 8 February 2006 and the first C Share investment was made on 20 April 2006. The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Unaudited Reconciliations of Movements in Shareholders' Funds for the six months to 30 June 2007 Ordinary Share Fund Share Share Special Capital Revenue Total capital premium reserve reserve reserve #'000 #'000 #'000 #'000 #'000 #'000 For the period 1 January 2007 to 30 June 2007 1 January 2007 379 21 3,187 681 33 4,301 Net return after taxation for the period - - - 189 23 212 Dividends paid - - - (91) (30) (121) 30 June 2007 379 21 3,187 779 26 4,392 For the period 1 January 2006 to 30 June 2006 1 January 2006 379 21 3,187 270 1 3,858 Net return after taxation for the period - - - 79 31 110 30 June 2006 379 21 3,187 349 32 3,968 For the year 1 January 2006 to 31 December 2006 1 January 2006 379 21 3,187 270 1 3,858 Net return after taxation for the year - - - 411 62 473 Dividends paid - - - - (30) (30) 31 December 2006 379 21 3,187 681 33 4,301 C Share Fund Share Share Special Capital Revenue Total capital premium reserve reserve reserve #'000 #'000 #'000 #'000 #'000 #'000 For the period 1 January 2007 to 30 June 2007 1 January 2007 839 - 7,097 675 85 8,696 Net return after taxation for the period - - - 354 51 405 Dividends paid - - - - (84) (84) 30 June 2007 839 - 7,097 1,029 52 9,017 For the period 8 February 2006 to 30 June 2006 8 February 2006 - - - - - - Issue of shares 839 - - - - 839 Premium on issue of shares - 7,554 - - - 7,554 Expenses of share issue - (457) - - - (457) Net (deficit)/return after taxation for - - - (237) 27 (210) the period 30 June 2006 839 7,097 - (237) 27 7,726 For the period 8 February 2006 to 31 December 2006 8 February 2006 - - - - - - Issue of shares 839 - - - - 839 Premium on issue of shares - 7,554 - - - 7,554 Expenses of share issue - (457) - - - (457) Transfer to special reserve - (7,097) 7,097 - - - Net return after taxation for the period - - - 675 85 760 31 December 2006 839 - 7,097 675 85 8,696 Total Share Share Special Capital Revenue Total capital premium reserve reserve reserve #'000 #'000 #'000 #'000 #'000 #'000 For the period 1 January 2007 to 30 June 2007 1 January 2007 1,218 21 10,284 1,356 118 12,997 Net return after taxation for the period - - - 543 74 617 Dividends paid - - - (91) (114) (205) 30 June 2007 1,218 21 10,284 1,808 78 13,409 For the period 1 January 2006 to 30 June 2006 1 January 2006 379 21 3,187 270 1 3,858 Issue of shares 839 - - - - 839 Premium on issue of shares - 7,554 - - - 7,554 Expenses of share issue - (457) - - - (457) Net (deficit)/return after taxation for - - - (158) 58 (100) the period 30 June 2006 1,218 7,118 3,187 112 59 11,694 For the year 1 January 2006 to 31 December 2006 1 January 2006 379 21 3,187 270 1 3,858 Issue of shares 839 - - - - 839 Premium on issue of shares - 7,554 - - - 7,554 Expenses of share issue - (457) - - - (457) Transfer to special reserve - (7,097) 7,097 - - - Net return after taxation for the year - - - 1,086 147 1,233 Dividends paid - - - - (30) (30) 31 December 2006 1,218 21 10,284 1,356 118 12,997 UNAUDITED BALANCE SHEETS as at 30 June 2007 Ordinary Share Fund 30 June 2007 30 June 2006 31 December 2006 Note #'000 #'000 #'000 Fixed Assets Investments at fair value through profit or loss 4,330 3,787 4,272 Current Assets Debtors 46 61 9 Cash at bank 27 220 59 73 281 68 Creditors: Amounts falling due within one year Creditors (11) (100) (39) Net Current Assets 62 181 29 Net Assets 4,392 3,968 4,301 Represented by: CALLED UP SHARE CAPITAL AND RESERVES Share capital 4 379 379 379 Share premium 21 21 21 Special reserve 3,187 3,187 3,187 Capital reserve realised 206 205 204 Capital reserve unrealised 573 144 477 Revenue reserve 26 32 33 Total equity shareholders' funds 4,392 3,968 4,301 Net asset value per Ordinary Share 5 115.77p 104.60p 113.37p C Share Fund 30 June 2007 30 June 2006 31 December 2006 Note #'000 #'000 #'000 Fixed Assets Investments at fair value through profit or loss 8,978 7,335 8,707 Current Assets Debtors 23 138 18 Cash at bank 39 560 160 62 698 178 Creditors: Amounts falling due within one year Creditors (23) (307) (189) Net Current Assets/(Liabilities) 39 391 (11) Net Assets 9,017 7,726 8,696 Represented by: CALLED UP SHARE CAPITAL AND RESERVES Share capital 4 839 839 839 Share premium - 7,097 - Special reserve 7,097 - 7,097 Capital reserve realised 110 (49) (88) Capital reserve unrealised 919 (188) 763 Revenue reserve 52 27 85 Total equity shareholders' funds 9,017 7,726 8,696 Net asset value per C Share 5 107.43p 92.05p 103.61p Total 30 June 2007 30 June 2006 31 December 2006 #'000 #'000 #'000 Fixed Assets Investments at fair value through profit or loss 13,308 11,122 12,979 Current Assets Debtors 69 199 27 Cash at bank 66 780 219 135 979 246 Creditors: Amounts falling due within one year Creditors (34) (407) (228) Net Current Assets 101 572 18 Net Assets 13,409 11,694 12,997 Represented by: CALLED UP SHARE CAPITAL AND RESERVES Share capital 1,218 1,218 1,218 Share premium 21 7,118 21 Special reserve 10,284 3,187 10,284 Capital reserve realised 316 156 116 Capital reserve unrealised 1,492 (44) 1,240 Revenue reserve 78 59 118 Total equity shareholders' funds 13,409 11,694 12,997 UNAUDITED CASH FLOW STATEMENTS for the six months to 30 June 2007 Ordinary Share Fund Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 #'000 #'000 #'000 Operating activities Investment income received 51 38 110 Deposit interest received 3 21 25 Investment management fees paid (66) (66) (118) Administration fees paid (9) (3) (10) Other cash payments (30) (40) (57) Net cash outflow from operating activities (51) (50) (50) Taxation (1) - (3) Investing activities Purchase of investments (1,919) (2,323) (3,140) Sale of investments 2,064 386 1,086 Net cash inflow/(outflow) from investing activities 145 (1,937) (2,054) Equity dividends paid (121) - (30) Financing Cost of share issue (4) (1) (12) Net cash outflow from financing (4) (1) (12) Decrease in cash (32) (1,988) (2,149) C Share Fund Six months to Period to Period to 30 June 2007 30 June 2006 31 December 2006 #'000 #'000 #'000 Operating activities Investment income received 133 22 167 Deposit interest received 4 33 43 Investment management fees paid (141) - (92) Administration fees paid (19) - (14) Other cash payments (64) (19) (58) Net cash (outflow)/inflow from operating activities (87) 36 46 Taxation (1) - (2) Investing activities Purchase of investments (2,459) (7,537) (8,767) Sale of investments 2,619 - 838 Net cash inflow/(outflow) from investing activities 160 (7,537) (7,929) Equity dividends paid (84) - - Financing Proceeds of share issue - 8,393 8,393 Cost of share issue (109) (332) (348) Net cash (outflow)/inflow from financing (109) 8,061 8,045 (Decrease)/increase in cash (121) 560 160 Total Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 #'000 #'000 #'000 Operating activities Investment income received 184 60 277 Deposit interest received 7 54 68 Investment management fees paid (207) (66) (210) Administration fees paid 28) (3) (24) Other cash payments (94) (59) (115) Net cash outflow from operating activities (138) (14) (4) Taxation (2) - (5) Investing activities Purchase of investments (4,378) (9,860) (11,907) Sale of investments 4,683 386 1,924 Net cash inflow/(outflow) from investing activities 305 (9,474) (9,983) Equity dividends paid (205) - (30) Financing Proceeds of share issue - 8,393 8,393 Cost of share issue (113) (333) (360) Net cash (outflow)/inflow from financing (113) 8,060 8,033 Decrease in cash (153) (1,428) (1,989) Notes 1 Nature of Financial Information The unaudited interim financial information does not constitute statutory financial statements as defined in Section 240 of the Companies Act 1985. This information has been prepared on the basis of the accounting policies used in the statutory financial statements of the Company for the year ended 31 December 2006. The statutory financial statements for the year ended 31 December 2006, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. 2 Dividends The Directors have declared an interim dividend of 1 pence per Ordinary Share and per C Share. Both dividends are payable on 26 October 2007 to Ordinary and C Shareholders on the register on 5 October 2007. 3 Return per share Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total pence pence pence pence pence pence pence pence pence Ordinary 0.60 5.00 5.60 0.82 2.07 2.89 1.65 10.82 12.47 Shares C Shares 0.61 4.22 4.83 0.43 (3.84) (3.41) 1.14 9.10 10.24 Ordinary Shares Revenue return per Ordinary Share is based on the net revenue on ordinary activities attributable to the Ordinary Shares of #23,000 (30 June 2006: #31,000, 31 December 2006: #62,000) and on 3,793,562 (30 June 2006: 3,793,562, 31 December 2006: 3,793,562) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period. Capital return per Ordinary Share is based on the net capital gain for the period of #189,000 (30 June 2006: #79,000, 31 December 2006: #411,000) and on 3,793,562 (30 June 2006: 3,793,562, 31 December 2006: 3,793,562) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period. Total return per Ordinary Share is based on the total return on ordinary activities attributable to the Ordinary Shares for the period of #212,000 (30 June 2006: #110,000, 31 December 2006: #473,000) and on 3,793,562 (30 June 2006: 3,793,562, 31 December 2006: 3,793,562) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period. C Shares Revenue return per C Share is based on the net revenue on ordinary activities attributable to the C Shares of #51,000 (30 June 2006: #27,000, 31 December 2006: #85,000) and on 8,393,209 (30 June 2006: 6,162,283, 31 December 2006: 7,417,605) C Shares, being the weighted average number of C Shares in issue during the period. Capital return per C Share is based on the net capital gain for the period of #354,000 (30 June 2006: loss #237,000, 31 December 2006: gain #675,000) and on 8,393,209 (30 June 2006: 6,162,283, 31 December 2006: 7,417,605) C Shares, being the weighted average number of C Shares in issue during the period. Total return per C Share is based on the total return on ordinary activities attributable to the C Shares for the period of #405,000 (30 June 2006: loss #210,000, 31 December 2006: gain #760,000) and on 8,393,209 (30 June 2006: 6,162,283, 31 December 2006: 7,417,605) C Shares, being the weighted average number of C Shares in issue during the period. 4 Called up share capital 30 June 2007 #'000 Authorised: 50,000,000 Ordinary Shares of 10p each 5,000 15,000,000 C Shares of 10p each 1,500 Allotted, issued and fully paid: 3,793,562 Ordinary Shares of 10p each 379 8,393,209 C Shares of 10p each 839 5 Net asset value per share 30 June 2007 30 June 2006 31 December 2006 pence pence pence Ordinary Shares of 10p each 115.77 104.60 113.37 C Shares of 10p each 107.43 92.05 103.61 The basic net asset value per Ordinary Share is based on net assets (including current period revenue) of #4,392,000 (30 June 2006: #3,968,000, 31 December 2006: #4,301,000) and on 3,793,562 (30 June 2006: 3,793,562, 31 December 2006: 3,793,562) Ordinary Shares, being the number of Ordinary Shares in issue at the end of the period. The basic net asset value per C Share is based on net assets (including current period revenue) of #9,017,000 (30 June 2006: #7,726,000, 31 December 2006: #8,696,000) and on 8,393,209 (30 June 2006: 8,393,209, 31 December 2006: 8,393,209) C Shares, being the number of C Shares in issue at the end of the period. 6 Copies of the Interim Report Copies of the Interim Report will be posted to shareholders shortly and will also shortly be available from the registered office of the Company at 11 Lees Place, London, W1K 6LN This information is provided by RNS The company news service from the London Stock Exchange END IR BFLFLDKBEBBD
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