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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pennine Aim Vct | LSE:PAV | London | Ordinary Share | GB0006803505 | 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% | 18.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Half-yearly report Pennine AIM VCT plc Half Yearly Report for the six months ended 31 July 2008 RECENT PERFORMANCE SUMMARY 31 July 31 July 31 Jan 2008 2007 2008 pence pence pence Net asset value per Ordinary Share 44.1 70.7 54.7 Cumulative distributions per Ordinary 88.1 85.1 85.1 Share Total return per Ordinary Share 132.2 155.8 139.8 Net asset value per 'D' Share 86.7 94.2 93.1 Cumulative dividends per 'D' Share 1.0 - - Total return per 'D' Share 87.7 94.2 93.1 CHAIRMAN'S STATEMENT The worsening global financial crisis has unsurprisingly been the most influential factor in the performance of your Company over the six months ended 31 July 2008. As an AIM-focussed VCT which is close to fully invested, the Company is heavily exposed to changes in market sentiment and is very restricted in steps it might take to reduce that exposure. Net Asset Value At 31 July 2008, the Net Asset Value ("NAV") per Ordinary Share stood at 44.1p, a decrease of 7.6p or 13.9% since 31 January 2008 (after adjusting for the dividend paid of 3p per Ordinary Share in June 2008). The NAV per 'D' Share stood at 86.7p at 31 July 2008, a decrease of 5.4p or 5.8% since 31 January 2008 (after adjusting for the dividend of 1p per 'D' Share paid in June 2008). Venture capital investments Ordinary Share pool The Ordinary Share pool is essentially fully invested and, with very limited liquidity in the AIM market, investment activity has been low. The pool invested £159,000 in one new investment and two follow-on investments. In the case of the follow-on investments, both were in companies which might have faced significant difficulties had their fundraisings not been successful. The Board are conscious that this situation may become more commonplace in the current climate. In order to generate funds for the follow on investments, the Manager made some small part disposals of the holdings in Aero Inventory and Connaught, releasing proceeds of £207,000. Almost all AIM stocks within the portfolio showed falls in value over the period. Total unrealised losses for the six months were £972,000. Full details of the portfolio and activities are shown below. 'D' Share pool Although the 'D' Share pool is much smaller that the Ordinary Share pool, it still has a reasonable proportion of its funds to be invested and has therefore been more active in the period. Five investments were made at a total cost of £413,000. Of this total, £150,000 was invested into unquoted businesses which own substantial assets. With the current state of the AIM market, the Directors feel that shifting focus to some extent to lower risk investments is desirable. There were no disposals from the 'D' Share pool. Unrealised losses for the period totalled £69,000. Full details of the portfolio and activities are shown on below. Fixed income and other investments Ordinary Share pool In line with the investment policy, the Ordinary Share pool holds a small proportion of its funds in listed fixed income investments and hedge funds. The portfolio showed a small unrealised gain over the period of £2,000. 'D' Share pool The 'D' Share pool holds a portfolio of non-VCT qualifying investments comprising gilts and a FTSE index tracker. The market price of the FTSE index tracker fell over the period producing an unrealised loss of £51,000, while the value of the gilts was almost unchanged. Revenue and Dividend The loss for the period was £1,178,000 (2007 return: £822,000), comprising a revenue loss of £25,000 and a capital loss of £1,153,000. In line with the Company's normal practice, no interim dividend will be paid for either class of shares. Repurchase of shares The Company continues to operate a policy of buying in shares that become available in the market to ensure liquidity for Shareholders. During the period, the Company purchased 333,076 Ordinary shares at an average price of 48.3p per share. These shares were subsequently cancelled. No 'D' Shares were acquired in the period. Historically, the Company has purchased its own shares at a 10% discount to the NAV. The Board notes that many other VCTs now undertake share buybacks at higher discounts. Although, for the time being, the Board does not intend any change, it will regularly review the policy and will consider increasing the discount if it believes that liquidity and market conditions warrant it. Risk and uncertainties Under the Disclosure and Transparency Directive, the Board is now required in the Company's half year results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year. The Board has concluded that the key risks facing the Company over the remainder of the financial period are as follows: (i) investment risk associated with investing in small and immature businesses; (ii) failure to maintain approval as a VCT. In both cases the Board is satisfied with the Company's approach to these risks. Although the Company has significant exposure to the relatively immature businesses quoted on AIM, the Company seeks to mitigate risk associated with this as far it can by holding a well-diversified portfolio. The Company's compliance with the VCT regulations is continually monitored by the Administration Manager, who regularly reports to the Board on the current position. The Company also retains PricewaterhouseCoopers to provide regular reviews and advice in this area. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level. Outlook It has become clear, particularly in recent weeks, that we are now in a period of almost unprecedented financial instability. The severe illiquidity of most AIM stocks, along with the restrictions imposed by the VCT regulations, means that the Investment Manager is very limited in any action it can take. The investment portfolio is reasonably well spread across industrial sectors and does include some unquoted investments which are less vulnerable to swings in sentiment. However, with so much uncertainty for the general economic outlook for the next year or so, there is risk that further value could be lost. Hugh Gillespie Chairman UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2008 As at As at 31 Jul 31 Jan As at 31 Jul 2008 2007 2008 Ordinary 'D' Shares Shares Total Total Total £'000 £'000 £'000 £'000 £'000 Investments 5,646 2,437 8,083 12,222 9,939 Current assets Debtors 47 31 78 97 161 Cash at bank and in hand 197 20 217 275 50 244 51 295 372 211 Less: Creditors falling (55) (28) (83) (91) (87) due within one year Net current assets 189 23 212 282 124 Net assets 5,835 2,460 8,295 12,503 10,063 Capital and reserves Called up share capital 1,323 284 1,607 1,452 1,641 Capital redemption reserve 284 - 284 217 250 Special reserve - - - 187 - Share premium account 4,984 2,396 7,380 7,602 7,380 Capital reserve - realised 2,229 (58) 2,171 1,433 2,432 Capital reserve - (3,737) (159) (3,896) 665 (2,638) unrealised Revenue reserve (487) (3) (490) (454) (403) Merger reserve 1,239 - 1,239 1,401 1,401 Equity shareholder's funds 5,835 2,460 8,295 12,503 10,063 Net asset value per: Ordinary Share 44.1p 70.7p 54.7p 'D' Share 86.7p 94.2p 93.1p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 Jul 2008 31 Jul 31 Jan 2007 2008 Ordinary 'D' Shares Shares Total Total Total £'000 £'000 £'000 £'000 £'000 Opening Shareholders' 7,422 2,641 10,063 9,627 9,627 funds Proceeds from share issue - - - 2,836 2,836 Share issue costs - - - (156) (156) Repurchase of own shares (162) - (162) (199) (401) Total recognised (1,025) (153) (1,178) 822 (1,423) (losses)/gains for the period Dividends paid in period (400) (28) (428) (427) (420) Closing Shareholders' 5,835 2,460 8,295 12,503 10,063 funds UNAUDITED INCOME STATEMENT for the period ended 31 July 2008 Six months ended 31 Jul 2008 Revenue Capital Total Company position £'000 £'000 £'000 Income 112 - 112 (Losses)/gains on investments - (1,084) (1,084) 112 (1,084) (972) Investment management fees (22) (66) (88) Other expenses (115) (3) (118) (Loss)/return on ordinary activities (25) (1,153) (1,178) Taxation - - - (Loss)/return attributable to equity (25) (1,153) (1,178) shareholders Return per Ordinary Share (0.1p) (7.5p) (7.6p) Return per 'D' Share (0.4p) (5.0p) (5.4p) Six months ended Year ended 31 Jul 2007 31 Jan 2008 Revenue Capital Total Total Company position £'000 £'000 £'000 £'000 Income 153 - 153 339 (Losses)/gains on investments - 877 877 (1,352) 153 877 1,030 (1,013) Investment management fees (27) (81) (108) (196) Other expenses (100) - (100) (214) (Loss)/return on ordinary 26 796 822 (1,423) activities Taxation - - - - (Loss)/return attributable to 26 796 822 (1,423) equity shareholders Return per Ordinary Share 0.1p 5.8p 5.9p (9.9p) Return per 'D' Share 0.8p (1.2p) (0.4p) (1.5p) Split as: Six months ended 31 Jul 2008 Revenue Capital Total £'000 £'000 £'000 Ordinary Shares Income 83 - 83 (Losses)/gains on investments - (963) (963) 83 (963) (880) Investment management fees (16) (48) (64) Other expenses (79) (2) (81) (Loss)/return on ordinary activities (12) (1,013) (1,025) Taxation - - - (Loss)/return attributable to equity (12) (1,013) (1,025) shareholders Six months ended Year ended 31 Jul 2007 31 Jan 2008 Revenue Capital Total Total Ordinary Shares £'000 £'000 £'000 £'000 Income 110 - 110 233 (Losses)/gains on investments - 883 883 (1,303) 110 883 993 (1,070) Investment management fees (20) (61) (81) (153) Other expenses (82) - (82) (161) (Loss)/return on ordinary 8 822 830 (1,384) activities Taxation - - - - (Loss)/return attributable to 8 822 830 (1,384) equity shareholders Six months ended 31 Jul 2008 'D' Shares Income 29 - 29 Losses on investments - (121) (121) 29 (121) (92) Investment management fees (6) (18) (24) Other expenses (36) (1) (37) (Loss)/return on ordinary activities (13) (140) (153) Taxation - - - (Loss)/return attributable to equity (13) (140) (153) shareholders Six months ended Year ended 31 Jul 2007 31 Jan 2008 'D' Shares Income 43 - 43 106 Losses on investments - (6) (6) (49) 43 (6) 37 57 Investment management fees (7) (20) (27) (43) Other expenses (18) - (18) (53) (Loss)/return on ordinary activities 18 (26) (8) (39) Taxation - - - - (Loss)/return attributable to equity 18 (26) (8) (39) shareholders UNAUDITED CASH FLOW STATEMENT for the period ended 31 July 2008 Six months ended Six Year 31 Jul 2008 months ended ended 31 Jan Ordinary 'D' 31 Jul 2008 Shares Share Total 2007 Note £'000 £'000 £'000 £'000 £'000 Cash 1 inflow/(outflow) 6 (25) (19) (82) from operating activities (166) Capital expenditure Purchase of (922) (1,595) (2,517) (3,751) (9,311) investments Proceeds on 1,649 1,646 3,295 1,284 6,898 disposal of investments Net cash inflow/(outflow) 727 51 778 (2,467) (2,413) from capital expenditure Equity dividends (402) (28) (430) (427) (420) paid Net cash 331 (2) 329 (2,976) (2,999) inflow/(outflow) before financing Financing Proceeds of share - - - 2,754 2,754 issue Share issue costs - - - (156) (156) Purchase of own (162) - (162) (247) (449) shares Net cash (162) - (162) 2,351 2,149 (outflow)/inflow from financing Increase/ 2 169 (2) 167 (625) (decrease) in cash (850) Notes to the cash flow statement: 1 Cash (outflow)/inflow from operating activities (Loss)/gain on (1,025) (153) (1,178) 822 (1,423) activities before taxation Losses/(gains) on 963 121 1,084 (877) 1,352 investments Increase/(decrease) 73 6 79 (46) (110) in other debtors (Decrease)/increase in accruals and (5) 1 (4) 19 15 deferred income Net cash inflow/(outflow) 6 (25) (19) (82) (166) from operating activities 2 Analysis of net funds Beginning of period 28 22 50 900 900 Net cash 169 (2) 167 (625) (850) inflow/(outflow) End of period 197 20 217 275 50 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2008 Unrealised % of gain/(loss) in portfolio ORDINARY SHARE POOL Cost Valuation the period £'000 £'000 £'000 Top twenty venture capital investments Connaught plc *** 47 692 26 11.8% Spice plc 249 447 54 7.6% Synergy Health plc *** 145 394 76 6.7% Aero Inventory plc 230 329 (73) 5.6% Cadbury House Limited * 289 289 - 4.9% Interserve plc *** 102 239 (11) 4.1% Hoole Hall Country Club 200 200 - 3.4% Limited * FDM Group plc 200 192 (85) 3.3% Supporta plc 302 149 (25) 2.5% Clerkenwell Ventures plc 176 136 19 2.3% RFTRAQ Limited * 167 135 - 2.3% AT Communications plc 222 127 (42) 2.1% Neutrahealth plc 216 118 (41) 2.0% Pubs 'n' Bars plc 322 112 (52) 1.9% Forward Media Limited * 383 78 - 1.3% Media Square plc 242 72 (40) 1.2% Straight plc 179 72 (12) 1.2% Sanastro plc * 200 70 - 1.2% Ludorum plc 65 65 - 1.1% Huveaux plc 145 62 (7) 1.1% 4,081 3,978 (213) 67.6% Other venture capital 4,118 463 (759) 8.6% investments Other investments 1,184 1,205 2 20.5% Total investments 9,383 5,646 (970) 96.7% Cash at bank and in hand 197 197 - 3.3% Total investments 9,580 5,843 (970) 100.0% (including cash) Unrealised % of portfolio gain/(loss) in 'D' SHARE POOL Cost Valuation the period £'000 £'000 £'000 Venture capital investments Cadbury House Limited 100 100 - 4.1% * The Thames Club 100 100 - 4.1% Limited * Animal Care Group plc 100 97 (5) 3.9% IS Pharma plc 100 83 (17) 3.4% Plastics Capital plc 100 75 (20) 3.1% Tristel plc 63 67 4 2.7% Clerkenwell Ventures 85 66 9 2.7% plc FSG Security plc ** 100 60 (40) 2.4% Hoole Hall Country 50 50 - 2.0% Club Limited * Hoole Hall Spa and 50 50 - 2.0% Leisure Limited * Ludorum plc 35 35 - 1.4% 883 783 (69) 31.8% Other investments 1,713 1,654 (52) 67.4% Total investments 2,596 2,437 (121) 99.2% Cash at bank and in - 0.8% hand 20 20 Total investments 2,616 2,457 (121) 100.0% (including cash) All venture capital investments are listed on AIM unless otherwise stated * Unquoted ** Quoted on the PLUS-quoted market *** Listed on London Stock Exchange Main Market SUMMARY OF INVESTMENT MOVEMENTS for the period ended 31 July 2008 Additions Ordinary 'D' Share Pool Share Pool £'000 £'000 Venture Capital investments Forward Media Limited (Unquoted) 11 - FSG Security plc (Plus Market) - 100 Hill Station plc 67 - Hoole Hall Spa and Leisure Limited (Unquoted) 50 50 IS Pharma plc - 100 Keycom plc (Plus Market) 41 - The Thames Club Limited (Unquoted) - 100 Tristel plc - 62 Sundry additions 1 1 170 413 Other Investments Listed fixed income securities Treasury 4% Stock 7/3/2009 346 593 Treasury 8% Stock 2009 342 589 688 1,182 Hedge funds Bluecrest Allblue 25 - Goldman Sachs Dynamic Opportunities Ltd 25 - Signet Global Fixed Inc 20 - 70 - Total 928 1,595 Disposals Market value at Total 1 February Disposal Gain/(loss) Realised Cost 2008 proceeds in period gain £'000 £'000 £'000 £'000 £'000 ORDINARY POOL Part disposals Aero Inventory plc 17 76 76 59 - Connaught plc 10 125 131 121 6 Daniel Stewart Securities plc 11 6 5 (6) (1) 38 207 212 174 5 Listed fixed income securities Treasury 5% 2008 1,437 1,437 1,437 - - 1,475 1,644 1,649 174 5 'D' SHARE POOL Treasury 5% 2008 1,645 1,645 1,646 1 1 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The unaudited half yearly financial results cover the six months to 31 July 2008 and have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 January 2008 which were prepared under UK Generally Accepted Accounting Practice ("UK GAAP") and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised December 2005 ("SORP"). 2. All revenue and capital items in the Income Statement derive from continuing operations. 3. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 4. The comparative figures were in respect of the period ended 31 July 2007 and the year ended 31 January 2008 respectively. 5. Net Asset Value per share calculations are based on the following: Ordinary 'D' Shares Shares Net Asset Value per share based on: Net Assets (£'000) 5,835 2,460 Number of shares in issue at period end 13,236,880 2,836,269 6. Return per share calculations are based on the following: Ordinary 'D' Shares Shares Revenue loss per share based on: Net revenue return after taxation (£'000) (12) (13) Capital return per share based on: Net capital return/(loss) for the financial (1,013) (140) year (£'000) Weighted average number of shares in issue 13,524,024 2,836,269 7. Dividends 31 July 2008 31 Jan 2008 Revenue Capital Total Total £'000 £'000 £'000 £'000 Ordinary Shares: 2008 Final Dividend - 3.0p 34 366 400 - 2007 Final Dividend - 3.0p - - - 420 34 366 400 420 'D' Shares: 2008 Final Dividend - 1.0p 28 - 28 - 8. Reserves Capital Special Share Capital Capital Revenue Merger Redemption eserve Premium reserve reserve - reserve reserve reserve account - unrealised realised £'000 £'000 £'000 £'000 £'000 £'000 £'000 Company position At 1 February 250 - 7,380 2,432 (2,638) (403) 1,401 2008 Shares 34 - - - - - (162) repurchased Capital - - - (69) - - - expenses Gains/(losses) on investments - - - 6 (1,090) - - Transfer - - 168 (168) - - between reserves Retained net - - - - - (25) - revenue Distributions - - - (366) - (62) - paid At 31 July 284 - 7,380 2,171 (3,896) (490) 1,239 2008 The Ordinary Capital Reserve - realised, Revenue Reserve and part of the Merger Reserve are distributable reserves. 9. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 January 2008 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the auditors' report on those financial statements was unqualified. 10. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by: a) 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 year; and b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. 11. Copies of the unaudited half yearly financial reports will be sent to shareholders shortly. Further copies can be obtained from the Company's Registered Office and will be available for download from www.downing.co.uk. ---END OF MESSAGE---
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