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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Noble Vct | LSE:NBV | London | Ordinary Share | GB0002582962 | 'A' 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% | 36.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8205I Noble VCT PLC 29 November 2007 Noble VCT plc Preliminary results for the period ended 30 September 2007 Chairman's Interim Statement I am pleased to present the unaudited interim report for the six months to the end of September 2007. A summary of the main financial results for the period is as follows: * Equity Shareholders' Funds #23.5m * Net Asset Value per share 76.09p * Return per share (4.66)p * Dividend of 2p per share paid in August Review of Performance It is disappointing for me to have to record that during the six months to the end of September last, the Company's net asset value per share declined by 5.57%, this is before taking into account the cost of the August dividend payment which was paid out of reserves. The major reason for the decline in net asset value was the performance of the Company's AIM investments and over the same period the AIM index itself fell by some 2.5%. There were encouraging increases in the value of Vicorp, Optimisa, SMT Group and Earthport, together with realised net gains on disposals of #660k. However, it was particularly disappointing to see these more than offset by further unrealised losses on investments in Aquilo, Business Control Solutions Group, ID Data and e.g. Solutions. Our investment adviser, Noble Fund Managers (Noble), is reviewing the Company's quoted investments to assess prospects for growth in the current business and financial market environment and plans to increase the proportion of unquoted investments held. During the six months to the end of September 2007, one new unquoted investment amounting to #850k was made into Onyx Scientific, a Sunderland based company providing chemical services to some of the largest pharmaceutical companies in Europe and the US. Noble has also been working for some time on exit opportunities with the management teams in several of the Company's unquoted investments and it is hoped that the benefit of this will become evident in the coming months. During the six month period some 32 new and follow on investments were made, 26 were in AIM listed companies and amounted to #4.7m and 6 were in unquoted companies and amounted to #1.3m. At the end of September in excess of #2m remained available for investment. Fulfilling Our Future Objectives The Directors believe that the Company's portfolio of investments should have the potential to provide shareholders with both an increasing net asset value and a regular flow of dividends from realised profits. The fact that this has not been achieved over the six months to the end of September last may, in part, be attributable to market turbulence and also to the timing of exits from a number of our unquoted investments. The Directors have believed for some time that an increasing amount of investment should be directed towards unquoted, later stage companies; some progress has been made in this but not as much had been hoped. The Directors and Noble recognise that the challenges facing investors in small cap companies are increasing and, if the Company is to achieve the goals it has been set, it is important that it has access to the best possible fund management services. It is the intention of the Directors to maintain clear investment objectives for the fund and for the fund manager to demonstrate outstanding skills in managing the Company's investments. To this end the Directors have been working closely with Noble to keep their investment mandate appropriate to the changing economic circumstances and Noble itself is vigorously recruiting at the most senior levels to ensure that it is suitably resourced to meet the demands ahead. Notwithstanding this the Directors will continue to review the Company's fund management arrangements over the coming months. The Directors believe that integral to this is that they are in a position to recommend full discretion being given to the fund manager. Additionally, the Directors will review the present performance incentives to ensure that they suitably encourage the individuals managing the Company's investments to do so in a manner which should work to enhance the benefit to shareholders. The Directors intend that these important matters should all be addressed by the time the audited results for the year to the end of March 2008 are reported upon. With a view to the longer term, the Directors have been pursuing a strategy aimed at progressing the Company towards a substantial increase in its funds under management. This is considered important in order that the fund manager can be given a mandate which incorporates diversity in asset allocation and at the same time ensures that each class of asset in which the Company invests has the potential to enhance the overall return on the fund. A substantial increase in funds under management would also assist in relation to the creation of a strong secondary market in the Company's shares; until this is achieved, too much emphasis is placed upon the maintenance by the Company of a share buy back scheme, which in operation works against the intent of increasing the Company's funds under management. The Company's present net asset value of less than #25m is believed by the Directors and Noble to be significantly below the amount appropriate if the fund manager is to be in a position to optimise investment returns and stimulate the secondary market in the Company's shares. The Directors will be addressing this as a priority over the coming months. Performance Outlook The UK economy is experiencing high levels of uncertainty created by the current global credit crisis, slowing US economy and increasing energy costs. The Company's present investment portfolio provides some spread of risk across sectors of the UK economy and through investments in unquoted as well as AIM listed companies. It will take fund management of the highest calibre for any VCT to provide its shareholders with both dividend income and growth in net asset value per share on a sustained basis. Consequently, the Directors are reviewing all the key issues which will impact on this and have set clear goals for future performance. The Company's present portfolio provides a robust platform upon which to build and it is the Directors belief that upper quartile investment returns should be considered the minimum level acceptable in the future. I appreciate that shareholders may have questions or concerns about a wide range of issues in relation to the Company and the VCT sector in general. I am always happy to receive comment and to try to answer questions from shareholders either via email at j.greg@btconnect.com or by letter addressed to me at the Company's offices detailed at the end of this report. John Gregory Chairman 29 November 2007 Income Statement (incorporating the Revenue Account*) for the six months ended 30 September 2007 Six months ended 30 September Six months ended 30 September Year ended 31 March 2007 2007 (unaudited) 2006 (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 -------- -------- ------ -------- -------- ------- -------- -------- ------ (Losses)/ gains - (1,252) (1,252) - (988) (988) - 408 408 on investments Income 198 - 198 199 - 199 448 - 448 Investment (67) (202) (269) (74) (223) (297) (149) (443) (592) management fees Other (122) - (122) (124) - (124) (261) - (261) expenses -------- -------- ------ -------- -------- ------- -------- -------- ------ Return on ordinary 9 (1,454) (1,445) 1 (1,211) (1,210) 38 (35) 3 activities before tax -------- -------- ------ -------- -------- ------- -------- -------- ------ Tax on (1) - (1) 1 - 1 - - ordinary activities -------- -------- ------ -------- -------- ------- -------- -------- ------ Return on 8 (1,454) (1,446) 2 (1,211) (1,209) 38 (35) 3 ordinary activities -------- -------- ------ -------- -------- ------- -------- -------- ------ after tax Return per 0.03p (4.69)p (4.66)p 0.01p (3.83)p (3.82)p 0.12p (0.11)p 0.01p A share of 10p -------- -------- ------ -------- -------- ------- -------- -------- ------ * The revenue column of this statement is the profit and loss account of the Company. Distributions paid Six months Six months ended 30 ended 30 Year ended 31 September 2007 September 2006 March 2007 (unaudited) (unaudited) (audited) #'000 #'000 #'000 ----------- ----------- ---------- Dividends on A Shares Interim dividend for the year ended 30 March 2007 of 2.25p per share paid on 24 April 2006 - 713 713 Interim dividend for the year ended 31 March 2007 of 1p per share paid on 20 December 2006 - - 314 Interim dividend for the year ending 31 March 2008 of 2p per share paid on 13 August 2007 622 - - Reconciliation of movements in shareholders' funds The movements during the period of the assets attributable to the shares were as follows: Six months Six months ended 30 ended 30 Year ended 31 September 2007 September 2006 March 2007 (unaudited) (unaudited) (audited) #'000 #'000 #'000 ---------- ---------- --------- Opening shareholders' funds 25,709 22,449 22,449 Purchase of own shares (171) (188) (445) Capital subscribed 57 4,865 4,864 Expenses of issue - (131) (135) Total recognised gains and losses for the period (1,446) (1,209) 3 Dividends (622) (713) (1,027) ---------------------- ---------- ---------- --------- Closing shareholders' funds 23,527 25,073 25,709 ---------------------- ---------- ---------- --------- Balance Sheet as at 30 September 2007 30 September 2007 30 September 2006 31 March 2007 (unaudited) (unaudited) (audited) #'000 #'000 #'000 #'000 #'000 #'000 ------- ------- ------ ------- ------ ------- Fixed assets Investments 21,487 17,979 20,139 Current assets Debtors 59 130 303 Cash at bank 2,158 7,186 5,877 ------- ------ ------ 2,217 7,316 6,180 Creditors (amounts falling due within one year) (177) (222) (610) ------- ------ ------ Net current assets 2,040 7,094 5,570 ------- ------- ------- Total net assets 23,527 25,073 25,709 ------- ------- ------- Capital and reserves Called up share capital 3,092 3,145 3,108 Capital redemption reserve 222 163 199 Share premium account 13,290 13,240 13,239 Special reserve 12,403 14,141 12,575 Capital reserves (realised) 826 10 990 Capital reserves (unrealised) (5,925) (5,204) (4,013) Revenue reserves (381) (422) (389) ------- ------- ------- Equity Shareholders' Funds 23,527 25,073 25,709 ------- ------- ------- Net asset value per 76.09p 79.68p 82.70p A share We confirm that to the best of our knowledge the condensed set of financial statements which has been prepared in accordance with the applicable set of accounting standards and in accordance with Accounting Standard's Board Statement on Half-yearly Financial Reports (July 2007): - gives a true and fair view of the assets, liabilities, financial position and return or loss - includes an indication of the important events in the six months ended 30 September 2007 and their impact on the condensed set of financial statements - includes a description of the principal risks and uncertainties for the six months to 31 March 2008 - includes related party transactions in the six months to 30 September 2007 John Gregory Chairman 29 November 2007 Cash Flow Statement for the six months ended 30 September 2007 Six months ended 30 Six months ended 30 Year ended 31 March September 2007 September 2006 2007 (audited) (unaudited) (unaudited) #'000 #'000 #'000 #'000 #'000 #'000 ------- ------ ------- ------- ------- ------- Operating activities Investment income received - qualifying 188 96 261 Deposit and similar interest received - non 8 87 129 qualifying Investment management fees paid (302) (267) (583) Secretarial fees paid (31) (53) (76) Other cash payments (78) (95) (167) ------- ------ ------- ------- ------- ------- Net cash outflow (215) (232) (436) from operating activities Financial investment Sale of investments 3,555 2,093 5,594 Purchase of investments (6,331) (4,608) (8,623) ------- ------- ------- Net cash outflow from financial (2,776) (2,515) (3,029) investment Taxation UK corporation 6 34 33 tax refund ------- ------- ------- 6 34 33 Equity dividends paid Dividends (565) (713) (1,027) paid ------- ------- ------- Net cash outflow from equity (565) (713) (1,027) dividends ------ ------- ------- paid Net cash outflow before use of liquid (3,550) (3,426) (4,459) resources and financing Financing New share - 4,865 4,864 issue Repurchase of (169) (188) (445) own shares Share issue expenses - (117) (135) ------- ------- ------- Net cash (outflow)/ inflow from financing (169) 4,560 4,284 ------ ------- ------- (Decrease)/ increase (3,719) 1,134 (175) in cash ------ ------- ------- Notes to the Interim Financial Statements for the six months ended 30 September 2007 1. The unaudited interim results cover the six months to 30 September 2007 and have been drawn up in accordance with the Accounting Standard Board's (ASB) statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the statutory accounts for the year ended 31 March 2007 which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for investment companies issued by the Association of Investment Companies in January 2003, revised December 2005. 2. The financial information set out in this report has not been audited and does not comprise full financial statements within the meaning of Section 240, of the Companies Act 1985. Statutory accounts for the year ended 31 March 2007, which were unqualified have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 March 2007 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 3. Copies of the Interim Report are being sent to all shareholders. Further copies are available free of charge from the Company's registered office. 4. Return per A Share is based on the return on ordinary activities after taxation. For the six months ended 30 September 2007 this return is based on 31,004,066 A Shares (30th September 2006: 31,610,400 A Shares), being the weighted number of shares in issue during the period. 5. The net asset value per A share as at 30 September 2007 is based on 30,921,787 shares in issue. 6. Investments have been valued in accordance with International Private Equity Venture Capital Valuation guidelines. 7. All revenue and capital items in the income statement derive from continuing operations. 8. The effective rate of tax for the six months to 30 September 2007 is nil due to the utilisation of losses brought forward from previous years. The charge for the period relates to undercharge in previous years. 9. Related Party Transactions John Gregory, the non-executive chairman of the Company is also a non-executive director and shareholder of Maelor plc and a shareholder of Deltex Medical Group plc. Raymond Abbott, a non-executive director of the Company is also a director of Alliance Trust Equity Partners which has an interest in High Integrity Solutions Limited, Xention Ltd, Citel Ltd and Meridian Technique Ltd. The transactions which the Company had with each of these investments during the period to 30 September 2007 are detailed below: Name of related party Transaction type Transaction amount Deltex Medical Group plc Investment purchase #218,000 High Integrity Solutions Limited Investment purchase #100,000 Maelor plc Investment disposal proceeds #77,720 Summary of investments as at 30 September 2007 Cost Valuation Valuation as #000 #000 % of net assets ------- -------- ----------- The Message Pad Limited 1,442 1,265 5.38% Vicorp Group plc* 962 1,117 4.75% AD.IQ Limited (formerly TXT4 Ltd) 900 900 3.83% Onyx Scientific Limited 850 850 3.61% High Integrity Solutions 800 800 3.40% Xention Limited 650 702 2.98% Optasia Medical Limited 650 650 2.76% Integrated Environmental Solutions Limited 325 638 2.71% Babel Media Limited 625 625 2.66% Earthport plc* 497 604 2.57% ------- -------- ----------- 7,701 8,151 34.65% Other AIM listed investments 16,744 11,108 47.21% Other unquoted investments 2,967 2,228 9.47% ------- -------- ----------- Total investments as at 30 September 2007 27,412 21,487 91.33% ------- -------- ----------- Net current assets 2,040 8.67% -------- ----------- Shareholders' funds 23,527 100.00% -------- ----------- *AIM listed investments Top Ten Equity Investments 1. The Message Pad Limited Year end June*** 2006 2005 --------------------------------------------------------------------------- First investment Jun 99 # million # million Initial investment #250,000 Sales 5.4 4.9 Residual cost #1,442,017 Profit before tax (0.7) (0.6) Valuation #1,264,848 Retained profit (0.6) (0.5) Valuation basis latest funding Net assets 0.4 (0.1) round --------------------------------------------------------------------------- The Message Pad provides a variety of businesses and public sector bodies with a professional, cost effective solution to their inbound telephony requirements, using its proprietary technology - the intelligent Platform for response (iPR). www.message-pad.com. 2. Vicorp Group plc** Year end December*** 2006 2005 ------------------------------------------------------------------------- First investment Feb 05 # million # million Initial investment #200,000 Sales 0.5 1.0 Residual cost #961,914 Profit before tax (2.1) (2.2) Valuation #1,116,690 Retained profit (1.9) (2.0) Valuation basis bid Net assets (1.0) 0.2 -------------------------------------------------------------------------- Vicorp Group plc is a leading provider of voice software tools and related speech services to the speech automation market. The company is based outside Slough. www.vicorp.com. 3. AD.IQ Limited (formerly TXT4 Ltd) Year end December*** 2006 2005 -------------------------------------------------------------------------- First investment Mar 06 # million # million Initial investment #500,000 Sales 1.4 1.0 Residual cost #900,064 Profit before tax (1.4) (0.9) Valuation #900,064 Retained profit (1.4) (0.9) Valuation basis cost Net assets (0.2) (1.0) -------------------------------------------------------------------------- AD. IQ Limited (formerly TXT4 Limited) is a fast growing, London based response management software business that is currently focused on the provision of text back solutions for advertising led enquiries. This solution enables customers to save money on call centers and gain verified customer data together with a convenience to the consumer. www.adiqglobal.com. 4. Onyx Scientific Limited Year end March*** 2006 2005 --------------------------------------------------------------------------- First investment Jul 07 # million # million Initial investment #850,000 Sales 3.3 2.8 Residual cost #850,000 Profit before tax 0.4 0.1 Valuation #850,000 Retained profit 0.4 0.1 Valuation basis cost Net assets 2.0 1.6 --------------------------------------------------------------------------- Onyx Scientific provides a wide range of chemical services to the life sciences industry. In particular, its key focus is scaling up the synthesis of new chemical entities from microgram's to kilogram's for pharmaceutical companies. Onyx specialises in medicinal chemistry, pre-clinical development and GMP scale-up, in addition to offering a comprehensive range of analytical services. www.onyx-scientific.com. 5. High Integrity Solutions Year end June* 2007 2006 -------------------------------------------------------------------------- First investment May 05 # million # million Initial investment #500,000 Sales 0.9 0.6 Residual cost #800,000 Profit before tax (1.4) (1.8) Valuation #800,000 Retained profit (1.2) (1.6) Valuation basis cost Net assets (1.6) (0.5) -------------------------------------------------------------------------- The Company provides a system and software development environment that enables mission critical software build projects to be completed on time, below budget and robustly. www.hisltd.com. 6. Xention Limited Year end December*** 2006 2005 -------------------------------------------------------------------------- First investment Sep 03 # million* # million Initial investment #363,637 Sales 0.1 - Residual cost #650,000 Profit before tax (4.5) (3.7) Valuation #702,501 Retained profit (4.0) (3.2) Valuation basis Last round Net assets 6.6 4.0 -------------------------------------------------------------------------- Xention Limited (formerly Xention Discovery Limited) is a drug discovery company focusing on ion channels, thus enabling the targeting of drug candidates to health disorders. www.xention.com. 7. Optasia Medical Limited Year end September 2007 2006 -------------------------------------------------------------------------- First investment Nov 06 # million # million Initial investment #650,000 Sales n/a n/a Residual cost #650,000 Profit before tax n/a n/a Valuation #650,000 Retained profit n/a n/a Valuation basis cost Net assets n/a n/a --------------------------------------------------------------------------- Optasia Medical builds medical imaging-based Computer Assisted Detection (CAD) solutions to help physicians make better decisions for taking care of their patients. With Optasia Medical's tools, medical images can be evaluated more rapidly and more accurately. www.optasiamedical.com. 8. Integrated Environmental Solutions Limited Year end May*** 2006 2005 --------------------------------------------------------------------------- First investment Apr 98 # million # million Initial investment #100,000 Sales 3.2 2.0 Residual cost #325,000 Profit before tax 0.3 0.2 Valuation #638,186 Retained profit 0.3 0.2 Valuation basis Last round Net assets 0.9 0.4 --------------------------------------------------------------------------- IES is a Glasgow based business that develops software for the integrated analysis of building performance. IES's 'virtual environments' software generates detailed analysis of every aspect of building in its planning stages, from energy use to environmental impact, occupant comfort to lighting. 9. Babel Media Limited Year end May*** 2006 2005 --------------------------------------------------------------------------- First investment Jun 05 # million # million Initial investment #500,000 Sales 8.8 6.6 Residual cost #625,000 Profit before tax 0.2 (0.2) Valuation #625,000 Retained profit 0.2 (0.2) Valuation basis cost Net assets 0.1 (0.6) --------------------------------------------------------------------------- Babel Media Limited is a leading computer games testing business based in Brighton. It has offices in Montreal and San Francisco. www.babelmedia.com. 10. Earthport plc** Year end June*** 2006 2005 -------------------------------------------------------------------------- First investment Dec 06 # million # million Initial investment #205,503 Sales 0.7 0.9 Residual cost #496,929 Profit before tax (2.1) (7.1) Valuation #604,270 Retained profit (2.1) (7.1) Valuation basis bid Net assets (4.8) (9.7) -------------------------------------------------------------------------- Earthport plc is a specialist electronic payment company. The company has invested over #60 million to become a high volume payment and collection service. The company is based in London. www.earthport.com. All results taken from most recent, audited annual report except where stated * unaudited ** companies listed on AIM *** Statutory accounts for 2007 not yet released This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVRLILAFID
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