![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 6402B Neptune-Calculus Income &Growth VCT 19 August 2008 Neptune-Calculus Income and Growth VCT plc Half-yearly results for the six months ended 30 June 2008 CORPORATE POLICY AND PERFORMANCE SUMMARY 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. Performance summary Ordinary Shares C Shares Six months to Six months to 30 June 2008 30 June 2008 Return per share (0.8)p (2.5)p Net asset value per share 97.0p 90.1p Cumulative dividends paid and proposed 7.0p 3.0p Chairman's Statement I am delighted to present our half-yearly results for the Company for the six months ended 30 June 2008. In a period of significant turbulence in the market and in the overall economy, I am pleased to be able to report a reasonably satisfactory set of results. Having said that, we still have to report that net asset values per share for the Ordinary Shares and the C Shares have fallen by 1.1 per cent. and 2.8 per cent. respectively. Clearly we have not been immune from the decline in the quoted market with the FTSE All-share index falling around 11 per cent. in the period, which has affected the values of our non-qualifying portfolios. However, the values of our qualifying portfolios have remained relatively stable over the period, with the Ordinary and C Share portfolios showing modest rises equivalent to 3.1 pence and 2.9 pence respectively in terms of the impact on each fund's net asset value despite difficult market conditions. We have been encouraged by the performance of our unquoted qualifying investments, particularly Cater Plus Services and RMS Group Holdings. In our AIM portfolio, Portland Gas, Pressure Technologies and Epistem Holdings all posted significant increases in the six months. Activity in the qualifying portfolio as far as further investment is concerned has been relatively quiet reflecting both the Manager's cautious stance and the fact that we are moving towards meeting the requirement for 70 per cent. of the portfolio to be invested in VCT qualifying investments by 31 December 2008. As is reported in the Investment Managers' Review (Qualifying Investments), good progress has been made and as at 30 June 2008, 66.3 per cent. of the combined Ordinary and C Share portfolios had been invested in qualifying investments. Notwithstanding the negative return over the period, the Directors are pleased to declare interim dividends in respect of the Ordinary Shares and the C Shares each of 1p per Share at a cost to the Ordinary and C Share Funds of £41,008 and £87,768, respectively. Both dividends will be payable on 20 October 2008, to shareholders on the register on 26 September 2008. At the end of 2007, we launched an offer for subscription to raise new funds for the Company. The offer closed on 3 April 2008 and net of expenses raised £290,888 and £340,288 for the Ordinary and C Share Funds, respectively. For some years a debate has been taking place between the Investment Trust movement and HMRC concerning the charging of VAT on management fees. I am pleased to report that HMRC have recently agreed to exempt VCTs from VAT on management fees and that recovery of VAT paid can be backdated for three years. We are taking action to reclaim the VAT which has been paid on management fees and are holding discussions with our Investment Managers. The timing and amount of any payment is still uncertain. As a result no contingent asset has been included within these financial statements. As I said in my statement with the Annual Report, we hoped that the current turbulence in the equity markets and the economy might lead to more attractive qualifying investment opportunities in both the unquoted and quoted sectors. We believe that there is evidence to support this view, but we remain cautious and selective in our investment policy. Philip Stephens Chairman INVESTMENT MANAGERS' REVIEWS Investment Manager's review (Qualifying investments) Calculus Capital advises the Company in respect of qualifying investments made by the Company. Portfolio developments At the 30 June, the Ordinary Share Fund's and C Share Fund's qualifying investments comprised 20 and 16 companies respectively. At 31 December 2007, we had met the HM Revenue & Customs requirement for the Ordinary Share Fund to be at least 70 per cent. invested in qualifying investments. The major VCT test which the Company needs to meet this year is to be at least 70 per cent. invested in qualifying investments for the Ordinary Share and C Share Funds combined by 31 December 2008. The Company has made good progress toward this target and at 30 June was 66.3 per cent. invested (calculated on an HM Revenue & Customs basis). The qualifying portfolio comprises both unquoted and AIM quoted smaller companies. Both the Ordinary and C Share portfolios showed an uplift in value over the period, with an increase in the valuation of the unquoted investments offsetting a slight decline in the valuation of the quoted stocks. Conditions since the beginning of the year have been challenging. The FTSE AIM All-share Index has fallen over 8 per cent. during the period. The index has a heavy weighting of strongly performing natural resources stocks which, in general, are not eligible to be VCT qualifying investments. Without these, the index drop would have been much larger. Against this backdrop of difficult macro-economic and quoted market conditions, we are encouraged by the performance of both the unquoted and quoted components of the portfolios. Although there has been volatility within the portfolios with some stocks showing sharp rises and others heavy falls, , the Ordinary Share qualifying portfolio and the C Share qualifying portfolio each showed a rise equivalent to approximately 3.1 pence and 2.9 pence, respectively in terms of the impact on each Fund's net asset value. We are happy with the constituents of the portfolio. Most of the companies are making good progress, even where their share prices, if quoted, may not currently reflect this. Many of the quoted shares in the portfolio are on ratings which, historically, look exceptionally good long term value. The portfolio has little exposure to technology or early stage companies which may be more at risk in time of economic downturn. One should also highlight the fact that, in our AIM portfolio, we enjoyed some good performances, namely from Portland Gas, Pressure Technologies and Epistem Holdings, all of which have posted significant increases in the six months. We have maintained a disciplined and selective approach to investment since the beginning of the year, conscious of the risks in investing in an environment in which asset values were generally falling. During the period, we increased our investment in two existing portfolio companies: Company and activity Type of investment Ordinary Share Fund C Share Fund Relax Group plc (formerly Equity £75,000 £175,000 Debts.co.uk plc) Consumer debt advisory and corporate insolvency services Heritage House Media Limited Equity £21,051 £42,017 Publishing and media services Loan stock £22,454 £44,915 to the heritage sector Subsequent to the period end, we invested £300,000 as ordinary equity in AIM quoted Optare plc (formerly Darwen Holdings plc) which manufactures a range of diesel and hybrid low emission buses. The market for buses is being stimulated by central and local government transportation policies and operators' demand for fuel efficient and low emission vehicles. The investment was made on behalf of the C Share Fund. All of the above investments were subscribed as part of a package of acquisition finance. In the case of Heritage House Media, the acquisition was of publishing contracts from VisitBritain, Britain's national tourism agency. Outlook We continue to seek out attractive opportunities for unquoted investment. Such funding can cover the provision of expansion finance, finance for acquisitions and support for management buy-ins and buy-outs. These situations often offer an attractive balance of risk and reward but tend to be more complex and time consuming to complete than investment in quoted stocks. There is clear evidence that the UK economy is starting to slow as a weaker housing market, rising inflation and liquidity issues in the banking sector reduce GDP below historic trend. At present, it is not possible to say how sharp the slowdown will be. The Company has funds available for investment in qualifying investments. Whilst it can be uncomfortable to be in the midst of adverse economic and market conditions, we believe that such challenging conditions can be helpful in providing a flow of opportunities at attractive entry level valuations. John Glencross Calculus Capital Limited 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. During the six months under review the FTSE All-share index fell 11.2 per cent.* It was led lower by the FTSE Small Cap and FTSE 250 indices, which lost 14.9 per cent.* and 12.7 per cent.* respectively. The period saw large-cap companies outperforming the rest of the market, excluding AIM, with the FTSE 100 falling 10.8 per cent.* As a result, the portfolio of non-qualifying investments benefited owing to our high large-cap weighting. As a guide to the portfolio's performance, the Neptune Income Fund and Neptune Quarterly Income Fund fell 12.2 per cent. and 9.2 per cent. respectively during the six months. This performance placed both funds in the top quartile of the IMA UK Equity Income sector over the same period, where the average fund declined by 14.6 per cent.* UK equity markets failed to escape the bearish sentiment that has gripped global equities. The first quarter of 2008 was characterised by excessive volatility, a raft of profit warnings at company-specific level and further evidence that developing world economies were slowing. We also saw continued turmoil in the financials sector with the demise of Bear Stearns, a former heavyweight in the financial world, as well as further asset write-downs by the UK banks. The second quarter saw investors grappling with a toxic cocktail of rising inflation expectations as oil and food prices soared, falling growth forecasts, low consumer confidence levels and further bad news from the financials sector as the credit crisis refused to abate. Against this uncompromising backdrop, the UK equity market continued to move lower, albeit after a rally extending to the midpoint of the quarter - a classic bear market rally in our opinion. The majority of our performance can be attributed to our sector allocation and bias towards large-cap stocks. In terms of sectors, we had good exposure to the strongest performing areas in the market, which included energy, materials and healthcare, and equally importantly we maintained our zero-weight position in banks, which significantly underperformed. We made few changes other than to reduce our consumer weighting in favour of materials and energy. These changes reflect our views on the weak UK consumer and the combination of emerging market demand and tight supply driving prices of resources higher over the year. Outlook Looking forward to the remainder of 2008, we expect continuing volatility in global markets and remain cautious of financials and consumer-facing stocks. However, we are optimistic on the prospects for real world growth and expect evidence in the coming months of continuing strong growth in China, India, Latin America and Russia. The portfolio is positioned to benefit from exposure to global themes and from market leadership by large-cap stocks in the UK. Critically, our unconstrained approach gives the freedom to invest with conviction in the numerous investment opportunities remaining while - equally importantly - avoiding the poorest performing areas of the market. Robin Geffen Neptune Investment Management Limited * Performance figures sourced from Lipper; based in Sterling; net income reinvested. INVESTMENT PORTFOLIOS Ordinary Share Fund portfolio The ten largest holdings by value are included below: As at 30 June 2008 Percentage of portfolio Cost Valuation £ £ % AIM investments (quoted equity) Portland Gas plc* 160,052 373,267 9.5 Epistem Holdings plc* 125,434 181,901 4.6 Pressure Technologies plc 100,401 173,852 4.4 Other AIM investments 1,606,337 814,218 20.6 Unquoted equity investments RMS Group Holdings Ltd 32,000 160,320 4.1 Cater Plus Services Limited 17,500 82,317 2.1 Triage Holdings Limited 16,000 66,400 1.7 Heritage House Media Limited 49,121 24,757 0.6 Other unquoted equity 100,558 30,000 0.8 investments Unquoted preference shares Triage Holdings Limited 119,240 119,240 3.0 preference shares Cater Plus Services Limited 40,833 40,833 1.0 preference shares Unquoted bonds Heritage House Media Limited 212,252 212,252 5.4 loan stock* RMS Group Holdings Limited loan 128,000 128,000 3.2 stock Cater Plus Services Limited 116,667 116,667 3.0 loan stock Triage Holdings Limited loan 24,760 24,760 0.6 stock Other unquoted loan stocks 120,000 120,000 3.0 Non-qualifying equity (25,202) (22,270) (0.6) investments and loan stock** Total qualifying investments 2,943,955 2,646,514 67.1 Quoted funds Neptune Quarterly Income Fund 439,047 531,533 13.5 Income Units The Neptune Income Fund Income 435,453 494,507 12.5 A Class Unquoted funds Goldman Sachs Sterling Liquid 250,000 250,000 6.3 Reserve Fund Other unquoted funds 415 415 0.0 Non-qualifying equity 25,202 22,270 0.6 investments and loan stock** Total non-qualifying 1,150,117 1,298,725 32.9 investments Total investments 4,094,072 3,945,239 100.0 *The valuations of certain Ordinary Share Fund investments include small purchases made which are non-qualifying investments. These cost £7,334 and are valued at £4,402. *The valuation of Heritage House Media Limited loan stock includes £17,868 of rolled up interest which is non-qualifying. INVESTMENT PORTFOLIOS C Share Fund portfolio The ten largest holdings by value are included below: As at 30 June 2008 Percentage of portfolio Cost Valuation £ £ % AIM investments (quoted equity) Portland Gas plc 290,886 678,704 9.3 FSG Security plc 250,000 183,333 2.5 Epistem Holdings plc 125,001 181,453 2.5 Other AIM investments 1,663,226 862,524 11.9 Unquoted equity investments RMS Group Holdings Limited 68,044 340,730 4.7 Cater Plus Services Limited 32,629 152,944 2.1 Triage Holdings Limited 32,000 132,800 1.8 Heritage House Media Limited 98,248 49,517 0.7 Other unquoted equity 351,116 125,000 1.7 investments Unquoted preference shares Triage Holdings Limited 238,480 238,480 3.3 preference shares Cater Plus Services Limited 75,834 75,834 1.0 preference shares Unquoted bonds Heritage House Media Limited 424,511 424,511 5.9 loan stock* RMS Group Holdings Limited loan 272,000 272,000 3.7 stock Cater Plus Services Limited 216,666 216,666 3.0 loan stock Triage Holdings Limited loan 49,520 49,520 0.7 stock Non qualifying equity (36,321) (36,201) (0.5) investments and loan stock** Total qualifying investments 4,151,839 3,947,815 54.4 Quoted funds Neptune Quarterly Income Fund 810,000 784,815 10.8 Income Units The Neptune Income Fund Income 825,000 769,051 10.6 A Class Other quoted equities 1,432,213 1,357,130 18.7 Unquoted funds Goldman Sachs Sterling Liquid 250,000 250,000 3.5 Reserve Fund Other unquoted funds 108,507 108,507 1.5 Non-qualifying equity 36,321 36,201 0.5 investments and loan stock** Total non-qualifying 3,462,041 3,305,704 45.6 investments Total investments 7,613,880 7,253,519 100.0 The valuations of certain C Share Fund investments include small purchases made which are non-qualifying investments. These cost £584 and are valued at £464. *The valuation of Heritage House Media Limited loan stock includes £35,737 of rolled up interest which is non-qualifying.. UNAUDITED INCOME STATEMENTS for the six months to 30 June 2008 Ordinary Share Fund Six months to30 June 2008 Six months to30 June 2007 Year to31 December 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £*000 £*000 £*000 £*000 £*000 £*000 £*000 £*000 £*000 (Losses)/gains on investments at fair value - (18) (18) - 227 227 - (421) (421) Investment income 59 - 59 61 - 61 129 - 129 Other income 3 - 3 3 - 3 4 - 4 Investment management fee (11) (33) (44) (13) (38) (51) (19) (57) (76) Other expenses (32) - (32) (27) - (27) (55) - (55) Return/(deficit) on ordinary 19 (51) (32) 24 189 213 59 (478) (419) activities before taxation Taxation on ordinary (1) - (1) (1) - (1) (2) - (2) activities Return/(deficit) attributable 18 (51) (33) 23 189 212 57 (478) (421) to equity shareholders Return per Ordinary Share 3 0.45p (1.29)p (0.84)p 0.60p 5.00p 5.60p 1.51p (12.59)p (11.08)p The accompanying notes are an integral part of this statement. C Share Fund Six months to30 June 2008 Six months to30 June 2007 Year to31 December 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £*000 £*000 £*000 £*000 £*000 £*000 £*000 £*000 £*000 (Losses)/gains on investments - (196) (196) - 431 431 - (752) (752) atfair value Investment income 133 - 133 134 - 134 272 - 272 Other income 7 - 7 3 - 3 7 - 7 Investment management fee (23) (69) (92) (26) (77) (103) (38) (115) (153) Other expenses (66) - (66) (59) - (59) (119) - (119) Return/(deficit) on ordinary activitiesbefore taxation 51 (265) (214) 52 354 406 122 (867) (745) Taxation on ordinary (2) - (2) (1) - (1) (3) - (3) activities Return/(deficit) attributable toequity 49 (265) (216) 51 354 405 119 (867) (748) shareholders Return per C Share 3 0.57p (3.08)p (2.51)p 0.61p 4.22p 4.83p 1.42p (10.34)p (8.92)p UNAUDITED INCOME STATEMENTS for the six months to 30 June 2008 Total Six months to 30 June 2008 Six months to Year to 30 June 2007 31 December 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains on investments - (214) (214) - 658 658 (1,173) at - (1,173) fair value Investment income 192 - 192 195 - 195 401 - 401 Other income 10 - 10 6 - 6 11 - 11 Investment management fee (34) (102) (136) (39) (115) (154) (57) (172) (229) Other expenses (98) - (98) (86) - (86) (174) - (174) Return/(deficit) on ordinary 70 (316) (246) 76 543 619 181 (1,345) (1,164) activities before taxation Taxation on ordinary (3) - (3) (2) - (2) (5) - (5) activities Return/(deficit) attributable to equity 67 (316) (249) 74 543 617 176 (1,345) (1,169) shareholders 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 2008 Ordinary Share Fund Share capital Share premium Special reserve Capital reserve Revenue reserve Total £'000 £'000 £'000 £'000 £'000 £'000 For the period 1 January 2008 to 30 June 2008 1 January 2008 379 21 3,187 100 34 3,721 Issue of shares 31 277 - - - 308 Expenses of share issue - (17) - - - (17) Net (deficit)/return after - - - (51) 18 (33) taxation for the period 30 June 2008 410 281 3,187 49 52 3,979 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 - - - 189 23 212 the period Dividends paid - - - (91) (30) (121) 30 June 2007 379 21 3,187 779 26 4,392 For the year 1 January 2007 to 31 December 2007 1 January 2007 379 21 3,187 681 33 4,301 Net (deficit)/return after - - - (478) 57 (421) taxation for the year Dividends paid - - - (103) (56) (159) 31 December 2007 379 21 3,187 100 34 3,721 UNAUDITED RECONCILIATIONS OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the six months to 30 June 2008 C Share Fund Share capital Share premium Special reserve Capital reserve Revenue reserve Total £'000 £'000 £'000 £'000 £'000 £'000 For the period 1 January 2008 to 30 June 2008 1 January 2008 839 - 7,097 (230) 74 7,780 Issue of shares 39 321 - - - 360 Expenses of share issue - (19) - - - (19) Net (deficit)/return after - - - (265) 49 (216) taxation for the period 30 June 2008 878 302 7,097 (495) 123 7,905 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 - - - 354 51 405 the period Dividends paid - - - - (84) (84) 30 June 2007 839 - 7,097 1,029 52 9,017 For the year 1 January 2007 to 31 December 2007 1 January 2007 839 - 7,097 675 85 8,696 Net (deficit)/return after - - - (867) 119 (748) taxation for the year Dividends paid - - - (38) (130) (168) 31 December 2007 839 - 7,097 (230) 74 7,780 UNAUDITED RECONCILIATIONS OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the six months to 30 June 2008 Total Share capital Share premium Special reserve Capital reserve Revenue reserve Total £'000 £'000 £'000 £'000 £'000 £'000 For the period 1 January 2008 to 30 June 2008 1 January 2008 1,218 21 10,284 (130) 108 11,501 Issue of shares 70 598 - - - 668 Expenses of share issue - (36) - - - (36) Net (deficit)/return after - - - (316) 67 (249) taxation for the period 30 June 2008 1,288 583 10,284 (446) 175 11,884 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 - - - 543 74 617 the period Dividends paid - - - (91) (114) (205) 30 June 2007 1,218 21 10,284 1,808 78 13,409 For the year 1 January 2007 to 31 December 2007 1 January 2007 1,218 21 10,284 1,356 118 12,997 Net (deficit)/return after - - - (1,345) 176 (1,169) taxation for the year Dividends paid - - - (141) (186) (327) 31 December 2007 1,218 21 10,284 (130) 108 11,501 UNAUDITED BALANCE SHEETS as at 30 June 2008 Ordinary Share Fund 30 June 2008 30 June 2007 31 December 2007 Note £'000 £'000 £'000 Fixed Assets Investments at fair value 3,945 4,330 3,659 through profit or loss Current Assets Debtors 39 46 26 Cash at bank 42 27 57 81 73 83 Creditors: Amounts falling due within one year Creditors (47) (11) (20) Bank overdraft - - (1) (47) (11) (21) Net Current Assets 34 62 62 Net Assets 3,979 4,392 3,721 Represented by: CALLED UP SHARE CAPITAL AND RESERVES Share capital 410 379 379 Share premium 281 21 21 Special reserve 3,187 3,187 3,187 Capital reserve realised 198 206 231 Capital reserve unrealised (149) 573 (131) Revenue reserve 52 26 34 Total equity shareholders' 3,979 4,392 3,721 funds Net asset value per Ordinary 4 97.03p 115.77p 98.09p Share The accompanying notes are an integral part of this statement. UNAUDITED BALANCE SHEETS as at 30 June 2008 C Share Fund 30 June 2008 30 June 2007 31 December 2007 Note £'000 £'000 £'000 Fixed Assets Investments at fair value 7,254 8,978 7,581 through profit or loss Current Assets Debtors 251 23 26 Cash at bank 503 39 217 754 62 243 Creditors: Amounts falling due within one year Creditors (103) (23) (44) Net Current Assets 651 39 199 Net Assets 7,905 9,017 7,780 Represented by: CALLED UP SHARE CAPITAL AND RESERVES Share capital 878 839 839 Share premium 302 - - Special reserve 7,097 7,097 7,097 Capital reserve realised (135) 110 (82) Capital reserve unrealised (360) 919 (148) Revenue reserve 123 52 74 Total equity shareholders' 7,905 9,017 7,780 funds Net asset value per C Share 4 90.07p 107.43p 92.69p The accompanying notes are an integral part of this statement. UNAUDITED BALANCE SHEETS as at 30 June 2008 Total 30 June 2008 30 June 2007 31 December 2007 £'000 £'000 £'000 Fixed Assets Investments at fair value 11,199 13,308 11,240 through profit or loss Current Assets Debtors 290 69 52 Cash at bank 545 66 274 835 135 326 Creditors: Amounts falling due within one year Creditors (150) (34) (64) Bank overdraft - - (1) (150) (34) (65) Net Current Assets 685 101 261 Net Assets 11,884 13,409 11,501 Represented by: CALLED UP SHARE CAPITAL AND RESERVES Share capital 1,288 1,218 1,218 Share premium 583 21 21 Special reserve 10,284 10,284 10,284 Capital reserve realised 63 316 149 Capital reserve unrealised (509) 1,492 (279) Revenue reserve 175 78 108 Total equity shareholders' 11,884 13,409 11,501 funds . UNAUDITED CASH FLOW STATEMENTS for the six months to 30 June 2008 Ordinary Share Fund Six months to 30 Six months to Year to June 2008 30 June 2007 31 December 2007 Note £'000 £'000 £'000 Operating activities Investment income received 41 51 110 Deposit income received 2 3 5 Investment management fees (16) (66) (94) paid Administration fees paid (6) (9) (13) Other cash payments (25) (30) (38) Net cash outflow from 5 (4) (51) (30) operating activities Taxation (1) (1) (2) Investing activities Purchase of investments (369) (1,919) (2,683) Sale of investments 76 2,064 2,875 Net cash (outflow)/inflow from investing (293) 145 192 activities Equity dividends paid - (121) (159) Financing Proceeds of share issue 308 - - Cost of share issue (24) (4) (4) Net cash inflow/(outflow) from 284 (4) (4) financing Decrease in cash (14) (32) (3) The accompanying notes are an integral part of this statement. UNAUDITED CASH FLOW STATEMENTS for the six months to 30 June 2008 C Share Fund Six months to 30 Six months to Year to 31 June 2008 30 June 2007 December 2007 Note £'000 £'000 £'000 Operating activities Investment income received 103 133 263 Deposit income received 5 4 8 Investment management fees (33) (141) (198) paid Administration fees paid (13) (19) (26) Other cash payments (58) (64) (84) Net cash inflow/(outflow) from 5 4 (87) (37) operating activities Taxation (2) (1) (3) Investing activities Purchase of investments (512) (2,459) (4,033) Sale of investments 461 2,619 4,407 Net cash (outflow)/inflow from investing (51) 160 374 activities Equity dividends paid - (84) (168) Financing Proceeds of share issue 361 - - Cost of share issue (26) (109) (109) Net cash inflow/(outflow) from 335 (109) (109) financing Increase/(decrease) in cash 286 (121) 57 The accompanying notes are an integral part of this statement. UNAUDITED CASH FLOW STATEMENTS for the six months to 30 June 2008 Total Six months to 30 June 2008 Six months to Year to 30 June 2007 31 December 2007 Note £'000 £'000 £'000 Operating activities Investment income received 144 184 373 Deposit income received 7 7 13 Investment management fees (49) (207) (292) paid Administration fees paid (19) (28) (39) Other cash payments (83) (94) (122) Net cash outflow from 5 - (138) (67) operating activities Taxation (3) (2) (5) Investing activities Purchase of investments (881) (4,378) (6,716) Sale of investments 537 4,683 7,282 Net cash (outflow)/inflow from (344) 305 566 investing activities Equity dividends paid - (205) (327) Financing Proceeds of share issue 669 - - Cost of share issue (50) (113) (113) Net cash inflow/(outflow) from 619 (113) (113) financing Increase/(decrease) in cash 272 (153) 54 The accompanying notes are an integral part of this statement. NOTES TO THE FINANCIAL STATEMENTS 1 Nature of Financial Information The unaudited half-yearly 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 2007. The statutory financial statements for the year ended 31 December 2007, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain statements under Section 237(2) or (3) of the Companies Act 1985. 2 Dividends The directors have declared an interim dividend of 1 penny per Ordinary Share and per C Share. Both dividends are payable on 20 October 2008 to Ordinary and C shareholders on the register on 26 September 2008. 3 Return per share Six months to Six months to Year to 30 June 2008 30 June 2007 31 December 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total pence pence pence pence pence pence pence pence pence Ordinary Share 0.45 (1.29) (0.84) 0.60 5.00 5.60 1.51 (12.59) (11.08) C Share 0.57 (3.08) (2.51) 0.61 4.22 4.83 1.42 (10.34) (8.92) Ordinary Shares Revenue return per Ordinary Share is based on the net revenue on ordinary activities attributable to the Ordinary Shares of £18,000 (30 June 2007: £23,000, 31 December 2007: £57,000) and on 3,966,853 (30 June 2007: 3,793,562, 31 December 2007: 3,793,562) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period. 3 Return per share (continued) Capital return per Ordinary Share is based on the net capital deficit for the period of £51,000 (30 June 2007: gain of £189,000, 31 December 2007: deficit of £478,000) and on 3,966,853 (30 June 2007: 3,793,562, 31 December 2007: 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 deficit on ordinary activities attributable to the Ordinary Shares of £33,000 (30 June 2007: gain of £212,000, 31 December 2007: deficit of £421,000) and on 3,966,853 (30 June 2007: 3,793,562, 31 December 2007: 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 £49,000 (30 June 2007: £51,000, 31 December 2007: £119,000) and on 8,605,748 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) 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 deficit for the period of £265,000 (30 June 2007: gain of £354,000, 31 December 2007: deficit of £867,000) and on 8,605,748 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) 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 deficit on ordinary activities attributable to the C Shares of £216,000 (30 June 2007: gain of £405,000, 31 December 2007: deficit of £748,000) and on 8,605,748 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) C Shares, being the weighted average number of C Shares in issue during the period. 4 Net asset value per share 30 June 2008 30 June 2007 31 December 2007 pence pence pence Ordinary Shares of 10p each 97.03 115.77 98.09 C Shares of 10p each 90.07 107.43 92.69 The basic net asset value per Ordinary Share is based on net assets (including current period revenue) of £3,979,000 (30 June 2007: £4,392,000, 31 December 2007: £3,721,000) and on 4,100,806 (30 June 2007: 3,793,562, 31 December 2007: 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 £7,905,000 (30 June 2007: £9,017,000, 31 December 2007: £7,780,000) and on 8,776,764 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) C Shares, being the number of C Shares in issue at the end of the period. 5 Reconciliation of net (deficit)/return before taxation to net cash flow from operating activities Ordinary Share Fund Six months to Six months to Year to 30 June 2008 30 June 2007 31 December 2007 £'000 £'000 £'000 Net (deficit)/return before taxation (32) 213 (419) Net capital deficit/(return) 51 (189) 478 Increase in prepayments and accrued (6) (11) (17) income Increase/(decrease) in creditors 27 (26) (15) Investment management fee charged to (33) (38) (57) capital Less: fixed interest reinvested (11) - - Net cash outflow from operating (4) (51) (30) activities C Share Fund Six months to 30 June 2008 Six months to Year to 30 June 2007 31 December 2007 £'000 £'000 £'000 Net (deficit)/return before (214) 406 (745) taxation Net capital deficit/(return) 265 (354) 867 Increase in prepayments and (9) (6) (8) accrued income Increase/(decrease) in 53 (56) (36) creditors Investment management fee (69) (77) (115) charged to capital Less: fixed interest (22) - - reinvested Net cash inflow/(outflow) from 4 (87) (37) operating activities Total Six months to 30 June 2008 Six months to Year to 30 June 2007 31 December 2007 £'000 £'000 £'000 Net (deficit)/return before (246) 619 (1,164) taxation Net capital deficit/(return) 316 (543) 1,345 Increase in prepayments and (15) (17) (25) accrued income Increase/(decrease) in 80 (82) (51) creditors Investment management fee (102) (115) (172) charged to capital Less: fixed interest (33) - - reinvested Net cash outflow from - (138) (67) operating activities 6 Related party transactions The Company's investments are managed by Calculus Capital Limited and Neptune Investment Management Limited. John Glencross, a Director of the Company has an interest in Calculus Capital Limited. The amounts paid to the Managers are disclosed below: Ordinary Share Fund Six months to 30 June Six months to Year to 2008 30 June 2007 31 December 2007 £'000 £'000 £'000 Investment Management Fee 37 43 65 VAT thereon* 7 8 11 44 51 76 C Share Fund Six months to 30 June Six months to Year to 2008 30 June 2007 31 December 2007 £'000 £'000 £'000 Investment Management Fee 79 88 130 VAT thereon* 13 15 23 92 103 153 Total Six months to 30 June Six months to Year to 2008 30 June 2007 31 December 2007 £'000 £'000 £'000 Investment Management Fee 116 131 195 VAT thereon* 20 23 34 136 154 229 * The current position regarding VAT charged on management fees is set out in the Chairman's Statement. Statement of Directors' Responsibilities The half-yearly financial report, which has not been audited or reviewed by auditors pursuant to the Auditing Practices Board Guidance on Review of Half-Yearly Financial Information is the responsibility of, and has been approved by, the Directors. The Directors confirm that to the best of their knowledge the half-yearly financial report, which has been prepared in accordance with the Disclosure and Transparency rules and in accordance with applicable accounting standards including the statement 'Half-yearly financial reports' issued by the UK Accounting Standards Board, gives a true and fair view of the assets, liabilities, financial position and the deficit of the Company as at 30 June 2008 . The Directors confirm that the Chairman's Statement and the Investment Managers' Reviews include a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year. The Directors of Neptune-Calculus Income and Growth VCT PLC are: Philip Stephens John Glencross David Kempton David McEuen By order of the Board Philip Stephens Chairman 19 August 2008 The half yearly report will shortly be posted to shareholders. Copies of the report will also be available from the company's registered office which has today been changed to 104 Park Street, London, W1K 6NF. This information is provided by RNS The company news service from the London Stock Exchange END IR LKLFFVVBFBBK
1 Year Neptune-calculus Inc&growth Vct Chart |
1 Month Neptune-calculus Inc&growth Vct Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions