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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ortus Vct | LSE:ORT | London | Ordinary Share | GB0003945101 | 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% | 25.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMORT
RNS Number : 4039V
Ortus VCT PLC
01 November 2010
Ortus VCT PLC
Interim Report
Six months ended 31 August 2010
Investment Manager's Review
The first half of 2010 was characterised by significant fluctuations in the UK
financial markets. Uncertainty over the general election, sovereign debt
concerns and the fear of a 'double dip' recession all contributed to an
uncertain environment for investors.
Despite a slight fall in the NAV in the reporting period to 31 August 2010,
your Company has made steady progress with a continuation of the investment
strategy focused on broadening the asset base and investing in later stage and
income-producing private company investments. The new portfolio introduced by
the Manager in recent years is generally performing well and several holdings
have been written up in value. The larger legacy holdings remain illiquid and
are a continuing focus of effort towards realisation or other corporate activity
to release capital in order to create a more balanced portfolio for Ortus.
Nevertheless, Ortus has sufficient liquidity at the present time to be able to
participate in all of the new transactions emanating from the Maven network
across the UK.
The fund has completed one new unlisted and three follow-on investments during
the period and a total of GBP245,000 million was invested. At 31 August 2010,
the portfolio stood at 33 unlisted and AIM/PLUS quoted investments at a total
combined cost of GBP9,160,000.
The following investments have been completed during the period:
+------------------+---------+--------------+------------+
| Investment | Date | Sector | Investment |
| | | | cost |
| | | | GBP'000 |
+------------------+---------+--------------+------------+
| Unlisted | | | |
+------------------+---------+--------------+------------+
| Countcar | Aug-10 | Oil and Gas | 12 |
+------------------+---------+--------------+------------+
| Lawrence | Apr-10 | Support | 24 |
| Recycling & | | Services | |
| Waste Management | | | |
+------------------+---------+--------------+------------+
| TC | May-10 | Support | 50 |
| Communications | | Services | |
+------------------+---------+--------------+------------+
| Venmar t/a XPD8 | Jun-10 | Oil and Gas | 159 |
| Solutions | | | |
+------------------+---------+--------------+------------+
| Total Unlisted | | | 245 |
| investment | | | |
+------------------+---------+--------------+------------+
The new investment, Venmar (trading as XPD8 Solutions), operates in the fast
growing condition monitoring and asset integrity segment of the oil and gas
industry and is based in Aberdeen and London. This asset is forecast to generate
substantial income for your Company, via mainly a loan stock based structure.
Since the period end GBP315,848 has been invested in two further later stage
private companies with yield producing loan stock structures, namely Flexlife
and Atlantic Foods. The new Manager has now introduced nine new investments
into the Ortus portfolio since their appointment as part of the strategy to
re-focus and diversify the fund, although restricted liquidity has meant that
new commitments have been at relatively modest allocation levels to date.
Realisations
In respect of the former Gateway holding, Jacobs Rimell, the Manager to the
Company has recovered GBP159,000 during the period in respect of the final
distribution, which was recognised in the accounts for the year ended 28
February 2010. In line with the strategy of reducing exposure to the quoted
markets in favour of later stage private equity transactions, the Manager has
continued to pursue the structured realisation of the AIM/PLUS portfolio,
achieving a full realisation from the holding in Galapagos.
The table below gives details of realisations made during the period:
+--------------------------+----------+-----------+----------+----------+-----------+
| | Date |Complete/ | Cost | Sales | Realised |
| | first | Partial | of |Proceeds |Gain/Loss |
| |invested | Exit | shares | | |
| | | |disposed | | |
| | | | of | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+----------+-----------+----------+----------+-----------+
| Unlisted | | | | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| Jacobs Rimell | 2000 | Complete | 74 | 159 | 85 |
+--------------------------+----------+-----------+----------+----------+-----------+
| Torridon Capital | 2010 | Partial | 110 | 110 | - |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | 184 | 269 | 85 |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| AIM | | | | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| Galapagos | 2000 | Complete | 65 | 93 | 28 |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | 65 | 93 | 28 |
+--------------------------+----------+-----------+----------+----------+-----------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+-----------+
| Total | | | 249 | 362 | 113 |
+--------------------------+----------+-----------+----------+----------+-----------+
Performance
The NAV per Ordinary Share at 31 August 2010 was 42.1p, a slight decrease of
0.6p or 1.4% from the equivalent figure at 28 February 2010.
Recovery of VAT
The Company received an offer from Aberdeen Asset Managers Limited, to refund
all VAT charged on investment management fees for the period from 1 October 2005
to 1 October 2008. This offer was accepted by the Directors subject to reserving
the Company's rights in respect of sums not repaid for earlier periods. The
amount of GBP84,881 was received during the period but had already been
recognised within the Financial Statements for the year ended 28 February 2010
and allocated to revenue and capital in accordance with the underlying
accounting policy.
Dividend policy
The continuation of the later stage and yield based investment strategy should
ensure that the Company can over time reduce the deficit on the Revenue account
which would allow payment of dividends at a future date. The Manager recognises
the importance of income to investors, as evidenced by a history of attractive
dividend yields on its other managed VCTs. However, while Ortus remains in a
period of rehabilitation and portfolio restructuring, the focus is on conserving
cash to be able to participate in all of the new Maven led investments across
the UK.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company
in the second half of its financial year: these are unchanged from those it
faced at the start of the year, which are set out in the annual report and are
the risks involved in investment in small and unquoted companies.
In order to reduce its exposure to investment risk, the Company has invested in
a broadly-based portfolio of investments in unlisted and AIM/PLUS quoted
companies in the UK. The VCT qualifying level of the portfolio is reviewed
regularly by your Board and monitored on a continuous basis by the Manager in
order to ensure that the Company consistently satisfies all of the criteria for
VCT status.
Outlook
Whilst there is a range of opinions on the general economic outlook in the UK,
what appears to be clearly in evidence is that both low growth and low interest
rates are likely to persist for at least the medium term. Government spending
cuts are yet to fully impact on the economy and consumer confidence, which gives
further credence to this view. Bank debt will also remain scarce for private
companies and, where available, will be significantly more expensive.
This more difficult environment for raising capital is creating opportunities
for later stage VCTs, and is allowing the Manager to use its national resource
to construct an attractive and diversified portfolio of private company holdings
for its VCT clients. The Manager is committed to this investment strategy and
has already secured a number of good quality holdings for the Ortus portfolio.
Going forward, efforts will remain concentrated on preserving value or realising
the larger legacy holdings in Ortus, in tandem with a continuation of building a
well structured and more broadly based portfolio of private company assets for
the fund.
Maven Capital Partners UK LLP
Manager
1 November 2010
Summary of Investment Changes
For the period ended 31 August 2010
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| | Valuation | Net | Appreciation | Valuation |
| | | investment | | |
+--------------+----------------------+--------------------------+----------------------+----------------------+
| | 28 | (disinvestment) | (depreciation) | 31 August |
| | February | | | 2010 |
| | 2010 | | | |
+--------------+----------------------+--------------------------+----------------------+----------------------+
| | GBP'000 | % | GBP'000 | GBP'000 | GBP'000 | % |
| | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Unlisted | | | | | | |
| investments | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Equities | 10,138 | 65.7 | (1,135) | 1,186 | 10,189 | 67.0 |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Preference | 1,081 | 7.0 | | | 1,081 | 7.1 |
| | | | - | - | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Loan Stock | 2,097 | 13.6 | 110 | (34) | 2,173 | 14.3 |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| | 13,316 | 86.3 | (1,025) | 1,152 | 13,443 | 88.4 |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| AIM | | | | | | |
| investments | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Equities | 1,166 | 7.6 | (65) | (246) | 855 | 5.6 |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Total | 14,482 | 93.9 | (1,090) | 906 | 14,298 | 94.0 |
| investments | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Other net | 949 | 6.1 | (44) | - | 905 | 6.0 |
| assets | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
| Total net | 15,431 | 100.0 | (1,134) | 906 | 15,203 | 100.0 |
| assets | | | | | | |
+--------------+--------------+-------+--------------------------+----------------------+--------------+-------+
+-----------------------------+-----------+-------+--------+--------+---------+
| Investment Portfolio Summary |
+-----------------------------------------------------------------------------+
| as at 31 August 2010 |
+-----------------------------------------------------------------------------+
| Investment Name | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| |Valuation | Cost | % | % | % of |
| | | | of | of | equity |
| | | | total |equity | held |
| | | |assets | held | by |
| | | | | | other |
| | | | | |clients |
+-----------------------------+-----------+-------+--------+--------+---------+
| Unlisted Investments | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| Vyre | 3,651 | 314 | 24.0% | 29.8 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Espresso Broadband | 2,795 | 461 | 18.4% | 7.2 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| LG & DE | 2,050 | 405 | 13.5% | 20.5 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Higher Nature | 1,650 | 500 | 10.9% | 11.2 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Networks by Wireless | 400 | 400 | 2.6% | 12.8 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Nessco Group Holdings | 298 | 298 | 2.0% | 3.9 | 33.9 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Lab M Holdings | 292 | 1,000 | 1.9% | 17.6 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Ashford Colour Press | 270 | 270 | 1.8% | 8.7 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| TC Communications Holdings | 256 | 248 | 1.7% | 8.4 | 53.0 |
+-----------------------------+-----------+-------+--------+--------+---------+
| | 244 | 199 | 1.6% | 4.3 | 58.8 |
| Dalglen (1150) (Walker | | | | | |
| Technical Resources) | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| Training for Travel | 207 | 228 | 1.4% | 2.3 | 27.7 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Westway Services | 203 | 87 | 1.3% | 0.8 | 21.1 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Torridon Capital (Litcomp) | 202 | 88 | 1.3% | 1.0 | 32.2 |
+-----------------------------+-----------+-------+--------+--------+---------+
| | 200 | 200 | 1.3% | 0.8 | - |
| Baby Innovations Marketing | | | | | |
| Internationais LDA | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| Lawrence Recycling & Waste | 175 | 175 | 1.2% | 2.3 | 55.7 |
| Management | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| Venmar ( t/a XPD8 | 159 | 159 | 1.0% | 2.4 | 32.6 |
| Solutions) | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| Countcar | 126 | 112 | 0.8% | 1.6 | 51.5 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Tosca Penta Insurance | 100 | 100 | 0.7% | - | 0.3 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Intercede (Scotland) 1 | 99 | 99 | 0.7% | 1.1 | 27.4 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Dalglen 1148 (t/a PSP/AHC) | 63 | 226 | 0.3% | 23.3 | 51.7 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Others | 3 | 1,507 | - | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| | 13,443 | 7,076 | 88.4% | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| AIM | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| Vectura Group | 401 | 670 | 2.5% | 0.3 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Medigene | 120 | 216 | 0.8% | 0.2 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Chime Communications | 107 | 95 | 0.7% | 0.1 | 0.3 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Deltex Medical Group | 76 | 68 | 0.5% | 0.8 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| OMG | 58 | 47 | 0.4% | 0.3 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| OPG Power Ventures | 55 | 55 | 0.4% | 0.1 | 0.4 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Angle | 26 | 16 | 0.2% | 0.5 | - |
+-----------------------------+-----------+-------+--------+--------+---------+
| Praesepe | 12 | 21 | 0.1% | 0.1 | 0.6 |
+-----------------------------+-----------+-------+--------+--------+---------+
| Others | - | 896 | - | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| | 855 | 2,084 | 5.6% | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| | | | | | |
+-----------------------------+-----------+-------+--------+--------+---------+
| | 14,298 | 9,160 | 94.0% | | |
+-----------------------------+-----------+-------+--------+--------+---------+
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
· The Financial Statements for the six months ended 31 August 2010 have been
prepared in accordance with applicable accounting standards and with the
Statement of Recommended Practice 'financial Statements of Investment Trust
Companies' (the SORP) issued in January 2009
· The Interim Management Report includes a fair review of the information
required by DTR 4.2.7R in relation to the indication of important events during
the first six months, and of the principal risks and uncertainties facing the
Company during the second six months, of the year ending 28 February 2011
· The Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8R in relation to related party transactions and
any changes therein.
By order of the Board
Maven Capital Partner UK LLP
Secretary
1 November 2010
Income Statement
For the six months ended 31 August 2010 (unaudited)
+-------------------+-------+-----------------+-----------------+----------------+
| Six months ended | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| 31 August 2010 | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| (unaudited) | | | |
+-------------------+-------+-----------------+----------------------------------+
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| | | Revenue | Capital | Total |
+-------------------+-------+-----------------+-----------------+----------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Gains/(losses) on | | - | (67) | (67) |
| investments | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Investment income | | 100 | - | 100 |
| and deposit | | | | |
| interest | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Investment | 4 | (38) | (115) | (153) |
| management fees | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Incentive fees | | (7) | (5) | (12) |
+-------------------+-------+-----------------+-----------------+----------------+
| Finance costs | | | - | - |
| | | - | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Other expenses | | (96) | - | (96) |
+-------------------+-------+-----------------+-----------------+----------------+
| (Loss)/Profit on | | (41) | (187) | (228) |
| ordinary | | | | |
| activities before | | | | |
| taxation | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Tax on ordinary | | | - | - |
| activities | | - | | |
+-------------------+-------+-----------------+-----------------+----------------+
| (Loss)/Profit on | | (41) | (187) | (228) |
| ordinary | | | | |
| activities after | | | | |
| taxation | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Earnings per | | (0.11) | (0.51) | (0.62) |
| share (pence) | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
+-------------------+-------+-----------------+-----------------+----------------+
| Six months ended | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| 31 August 2009 | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| (unaudited) | | | |
+-------------------+-------+-----------------+----------------------------------+
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| | | Revenue | Capital | Total |
+-------------------+-------+-----------------+-----------------+----------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Gains/(losses) on | | - | (11) | (11) |
| investments | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Investment income | | 47 | - | 47 |
| and deposit | | | | |
| interest | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Investment | 4 | 33 | 99 | 132 |
| management fees | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Incentive fees | | (8) | 2 | (6) |
+-------------------+-------+-----------------+-----------------+----------------+
| Finance costs | | (4) | (11) | (15) |
+-------------------+-------+-----------------+-----------------+----------------+
| Other expenses | | (69) | (175) | (244) |
+-------------------+-------+-----------------+-----------------+----------------+
| (Loss)/Profit on | | (1) | (96) | (97) |
| ordinary | | | | |
| activities before | | | | |
| taxation | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Tax on ordinary | | - | - | - |
| activities | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| (Loss)/Profit on | | (1) | (96) | (97) |
| ordinary | | | | |
| activities after | | | | |
| taxation | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| | | | | |
+-------------------+-------+-----------------+-----------------+----------------+
| Earnings per | | | (0.29) | (0.29) |
| share (pence) | | - | | |
+-------------------+-------+-----------------+-----------------+----------------+
+-------------------+-------+-------------------+---------+---------+
| Year ended | | | | |
+-------------------+-------+-------------------+---------+---------+
| 28 February 2010 | | | | |
+-------------------+-------+-------------------+---------+---------+
| (audited) | | | |
+-------------------+-------+-------------------+-------------------+
| | | | | |
+-------------------+-------+-------------------+---------+---------+
| | | Revenue | Capital | Total |
+-------------------+-------+-------------------+---------+---------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+-------------------+-------+-------------------+---------+---------+
| Gains/(losses) on | | - | (67) | (67) |
| investments | | | | |
+-------------------+-------+-------------------+---------+---------+
| Investment income | | 213 | - | 213 |
| and deposit | | | | |
| interest | | | | |
+-------------------+-------+-------------------+---------+---------+
| Investment | 4 | 34 | 102 | 136 |
| management fees | | | | |
+-------------------+-------+-------------------+---------+---------+
| Incentive fees | | (29) | - | (29) |
+-------------------+-------+-------------------+---------+---------+
| Finance costs | | (5) | (16) | (21) |
+-------------------+-------+-------------------+---------+---------+
| Other expenses | | (166) | - | (166) |
+-------------------+-------+-------------------+---------+---------+
| (Loss)/Profit on | | 47 | 19 | 66 |
| ordinary | | | | |
| activities before | | | | |
| taxation | | | | |
+-------------------+-------+-------------------+---------+---------+
| | | | | |
+-------------------+-------+-------------------+---------+---------+
| Tax on ordinary | | - | - | - |
| activities | | | | |
+-------------------+-------+-------------------+---------+---------+
| (Loss)/Profit on | | 47 | 19 | 66 |
| ordinary | | | | |
| activities after | | | | |
| taxation | | | | |
+-------------------+-------+-------------------+---------+---------+
| | | | | |
+-------------------+-------+-------------------+---------+---------+
| Earnings per | | 0.10 | 0.10 | 0.20 |
| share (pence) | | | | |
+-------------------+-------+-------------------+---------+---------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company has only one class of business and derives its income from investments
made in shares, securities and bank deposits.
The total column of this Statement is the Profit and Loss Account of the
Company.
Reconciliation of movements in Shareholders' Funds
+---------------+---------------+----------------+-----------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+---------------+---------------+----------------+-----------------+
| | 31 August | 31 August | 28 February |
| | 2010 | 2009 | 2010 |
+---------------+---------------+----------------+-----------------+
| | (unaudited) | (unaudited) | (audited) |
+---------------+---------------+----------------+-----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------+---------------+----------------+-----------------+
| | | | |
+---------------+---------------+----------------+-----------------+
| Opening | 15,431 | 11,209 | 11,209 |
| Shareholders' | | | |
| funds | | | |
+---------------+---------------+----------------+-----------------+
| (Loss)/Profit | (228) | (97) | 66 |
| on ordinary | | | |
| activities | | | |
+---------------+---------------+----------------+-----------------+
| Issue of new | - | - | 4,493 |
| shares | | | |
+---------------+---------------+----------------+-----------------+
| Merger costs | - | - | (135) |
+---------------+---------------+----------------+-----------------+
| Repurchase | - | - | (202) |
| and | | | |
| cancellation | | | |
| of shares | | | |
+---------------+---------------+----------------+-----------------+
| Closing | 15,203 | 11,112 | 15,431 |
| Shareholders' | | | |
| funds | | | |
+---------------+---------------+----------------+-----------------+
Balance Sheet
As at 31 August 2010
+-------------------------+-------+----------------+----------------+----------------+
| | | 31 | 31 | 28 |
| | | August | August | February |
| | | 2010 | 2009 | 2010 |
+-------------------------+-------+----------------+----------------+----------------+
| | | (unaudited) | (unaudited) | (audited) |
| | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Fixed assets | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Investments at fair | | 14,298 | 11,518 | 14,482 |
| value through profit or | | | | |
| loss | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Current assets | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Debtors | | 149 | 105 | 259 |
+-------------------------+-------+----------------+----------------+----------------+
| Cash and overnight | | 872 | 404 | 849 |
| deposits | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| | | 1,021 | 509 | 1,108 |
+-------------------------+-------+----------------+----------------+----------------+
| Creditors: amounts | | (116) | (915) | (159) |
| falling due within one | | | | |
| year | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Net current | | 905 | (406) | 949 |
| assets/liabilities | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Total net assets | | 15,203 | 11,112 | 15,431 |
+-------------------------+-------+----------------+----------------+----------------+
| | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Capital and reserves | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Called up share capital | | 3,611 | 2,714 | 3,611 |
+-------------------------+-------+----------------+----------------+----------------+
| Special reserve | | 24,022 | 24,022 | 24,022 |
+-------------------------+-------+----------------+----------------+----------------+
| Share premium reserve | 2 | 3,261 | | 3,261 |
| | | | - | |
+-------------------------+-------+----------------+----------------+----------------+
| Capital redemption | 2 | 455 | 255 | 455 |
| reserve | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Capital reserve - | 2 | (20,189) | (18,908) | (19,182) |
| realised | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Capital reserve - | 2 | 5,139 | 3,930 | 4,319 |
| unrealised | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Revenue reserve | 2 | (1,096) | (901) | (1,055) |
+-------------------------+-------+----------------+----------------+----------------+
| Net assets attributable to | 15,203 | 11,112 | 15,431 |
| ordinary shareholders | | | |
+---------------------------------+----------------+----------------+----------------+
| | | | | |
+-------------------------+-------+----------------+----------------+----------------+
| Net asset value per | | 42.10 | 40.95 | 42.70 |
| ordinary share (pence) | | | | |
+-------------------------+-------+----------------+----------------+----------------+
The financial statements were approved and authorised for issue by the Board of
Directors and were signed on its behalf by:
R Pierce, Director
1 November 2010
The accompanying notes are an integral part of the financial statements.
Cash flow Statement
For the six months ended 31 August 2010
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| | Six months | Six months | Year ended |
| | ended | ended | 28 February |
| | 31 August | 31 August 2009 | 2010 |
| | 2010 | (unaudited) | (audited) |
| | (unaudited) | | |
+-----------------+ + + +
| | | | |
+-----------------+ + + +
| | | | |
+-----------------+------------------------------------+-------------------------------------+-----------------------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Net cash | | (94) | | (91) | | (97) |
| outflow from | | | | | | |
| operating | | | | | | |
| activities | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Financial | | | | | | |
| investment | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Purchase of | (245) | | (10) | | (409) | |
| investments | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Sale of | 362 | | 363 | | 2,071 | |
| investments | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Net cash inflow | | 117 | | 353 | | 1,662 |
| from financial | | | | | | |
| investment | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Net cash inflow | | 23 | | 262 | | 1,565 |
| before | | | | | | |
| financing | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Financing | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Merger cash | | | | | 158 | |
| received | - | | - | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Merger costs | | | | | (167) | |
| | - | | - | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Bank loan | | | (15) | | (27) | |
| interest paid | - | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Repurchase of | | | | | (202) | |
| Ordinary shares | - | | - | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Net cash | | | | (15) | | (238) |
| outflow from | | - | | | | |
| financing | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
| Increase in | | 23 | | 247 | | 1,327 |
| cash | | | | | | |
+-----------------+-------------------+----------------+--------------------+----------------+-------------------+---------------+
+-----------------+---------------+--------------+------------------+
| | At 28 | Cash flows | At 31 August |
| | February 2010 | | 2010 |
+-----------------+---------------+--------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------+---------------+--------------+------------------+
| | | | |
+-----------------+---------------+--------------+------------------+
| Cash and | 849 | 23 | 872 |
| overnight | | | |
| deposits | | | |
+-----------------+---------------+--------------+------------------+
| | | | |
+-----------------+---------------+--------------+------------------+
| Net funds | 849 | 23 | 872 |
+-----------------+---------------+--------------+------------------+
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
1 Accounting Policies
The financial information for the six months ended 31 August 2010 and the six
months ended 31 August 2009 comprises non-statutory accounts within the meaning
of the Companies Act 2006. The financial information contained in this report
has been prepared on the basis of the accounting policies set out in the Annual
Report and Financial Statements for the year ended 28 February 2010, which have
been filed at Companies House and which contained an Auditor's Report which was
not qualified and did not contain a statement under s 498(2) or s498 (3) of the
Companies Act 2006.
2 Movement in reserves
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| | | | Capital | Capital | Capital | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| | Special | Share | redemption | reserve | reserve | Revenue |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| | reserve | premium | reserve | realised | unrealised | reserve |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| At 28 February | 24,022 | 3,261 | 455 | (19,182) | 4,319 | (1,055) |
| 2010 | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Losses on sales | - | - | - | (887) | - | - |
| of investments | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Net increase in | - | - | - | | 820 | - |
| value of | | | | - | | |
| investments | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Investment | - | - | - | (115) | - | - |
| management fees | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Incentive fees | - | - | - | (5) | - | - |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Finance costs | - | - | - | - | - | - |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Repurchase and | - | - | - | - | - | - |
| cancellation of | | | | | | |
| shares | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Dividends paid | - | - | - | - | - | - |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Tax effect of | - | - | - | - | - | - |
| capital items | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Merger costs | - | - | - | - | - | - |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| Retained net | - | - | - | - | - | (41) |
| revenue for | | | | | | |
| period | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
| As at 31 August | 24,022 | 3,261 | 455 | (20,189) | 5,139 | (1,096) |
| 2010 | | | | | | |
+-----------------+----------------+----------------+-----------------+---------------------+---------------------+--------------------+
3 Return per ordinary share
+--------------------------------------------+----------------+
| | Six months |
| | ended |
+--------------------------------------------+----------------+
| | 31 August 2010 |
+--------------------------------------------+----------------+
| | |
+--------------------------------------------+----------------+
| The returns per share have been based on | |
| the following figures: | |
+--------------------------------------------+----------------+
| Weighted average number of ordinary shares | 36,110,992 |
+--------------------------------------------+----------------+
| Revenue Return | (GBP41,000) |
+--------------------------------------------+----------------+
| Capital Return | (GBP187,000) |
+--------------------------------------------+----------------+
4 Investment Management Fees
+-------------+---------+---------+--------------------+---------------------+---------+---------+
| | Six months | Six months | Year ended |
| | ended | ended | 28 February |
| | 31 August | 31 August | 2010 |
| | 2010 | 2009 | (audited) |
| | (unaudited) | (unaudited) | |
+-------------+ + + +
| | | | |
+-------------+ + + +
| | | | |
+-------------+-------------------+------------------------------------------+-------------------+
| |Revenue |Capital | Revenue | Capital |Revenue |Capital |
+-------------+---------+---------+--------------------+---------------------+---------+---------+
| |GBP'000 |GBP'000 | GBP'000 | GBP'000 |GBP'000 |GBP'000 |
+-------------+---------+---------+--------------------+---------------------+---------+---------+
| Fees for | 38 | 115 | 19 | 57 | 51 | 153 |
| period | | | | | | |
+-------------+---------+---------+--------------------+---------------------+---------+---------+
| VAT | - | - | (52) | (156) | (85) | (255) |
| recovered | | | | | | |
| during | | | | | | |
| period | | | | | | |
+-------------+---------+---------+--------------------+---------------------+---------+---------+
| | 38 | 115 | (33) | (99) | (34) | (102) |
+-------------+---------+---------+--------------------+---------------------+---------+---------+
Copies of this announcement will be available to the public at the office of
Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the
registered office of the Company, 9 - 13 St Andrew Street, London.
The Interim Report and Financial Statements will be printed and sent to
Shareholders.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
1 November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UAUNRRNAARAA
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