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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
TIDMPAV Pennine AIM VCT plc Half Yearly Report for the six months ended 31 July 2009 Recent performance summary 2009 2009 2008 31 Jul 31 Jan 31 Jul pence Pence pence Net asset value per Ordinary Share 34.8 33.6 44.1 Cumulative distributions per Ordinary Share 88.1 88.1 88.1 Total return per Ordinary Share 122.9 121.7 132.2 Net asset value per 'D' Share 84.8 86.4 86.7 Cumulative dividends per 'D' Share 1.0 1.0 1.0 Total return per 'D' Share 85.8 87.4 87.7 CHAIRMAN'S STATEMENT The six months ended 31 July 2009 have seen a change in market conditions with less volatility than we have seen for some time and steady increases in market indices over the latter half of the period. However, the general economic conditions continue to have a negative impact on many company valuations which has resulted in there being little movement in your Company's net asset values over the period. Net Asset Value At 31 July 2009, the Net Asset Value ("NAV") per Ordinary Share stood at 34.8p, an increase of 1.2p or 3.6% since 31 January 2009. The NAV per 'D' Share stood at 84.8p at 31 July 2009, a decrease of 1.6p or 1.9% since 31 January 2009. Venture capital investments Ordinary Share pool During the period, the Ordinary Share pool invested GBP55,000 in two new investments and three small follow-on investments. GBP40,000 was invested into Financial News Publishing Limited, a financial publisher which has arisen from Sanastro plc, a previous investment which had failed during the period. GBP13,000 was also invested into Tristel plc, a manufacturer of infection control products. There have been a small number of realisations in the period. Clerkenwell Ventures plc was unable to find suitable restaurant businesses to acquire in line with its plans and returned most of its surplus funds to shareholders. The Ordinary Share portfolio received GBP150,000, realising a gain of GBP24,000. Sanastro (as mentioned above) and Forward Media Limited both went into liquidation in the period, producing total realised losses of GBP53,000. Over the period the majority of the Ordinary Share pool's AIM-quoted and main market investments showed small increases in value and there were no changes to the valuation of any of the Company's unquoted investments. Unrealised gains for the six-months were GBP190,000. 'D' Share pool During the period, the 'D' Share pool invested a further GBP50,000 in Tristel plc. The 'D' Share pool had one realisation, with cash being returned by Clerkenwell Ventures plc as described above. The pool received proceeds of GBP73,000, realising a gain of GBP12,000. As with the Ordinary Share pool, the quoted investments within the portfolio mostly increased in value. However, a provision of GBP50,000 was made against the unquoted investment in the Thames Club Limited. The Company has been refurbishing the health club it owns in Staines, which has unsurprisingly reduced trading performance temporarily. Additionally, FSG Security plc was placed into administration in August and has therefore been devalued to GBPnil. Overall the 'D' Share portfolio showed unrealised losses of GBP8,000. Details of both portfolios and movements thereon are shown below. Fixed income and other investments Ordinary Share pool 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 GBP18,000 and a realised loss of GBP1,000. 'D' Share pool The 'D' Share pool holds a portfolio of non-VCT qualifying investments which comprise of a gilt and a FTSE index tracker. The portfolio showed a small unrealised loss over the period of GBP29,000 and a realised loss of GBP2,000. The unrealised loss primarily arises from the expectation of future rises in interest rates. Revenue and dividend The return for the period was GBP104,000 (2008 loss: GBP1,178,000), comprising a revenue loss of GBP20,000 and a capital gain of GBP124,000. In line with the Company's normal practice, no interim dividend will be paid for either class of share. Shares buybacks The Company has currently suspended its share buyback policy while it is in the process of cancelling its Share Premium account to create more distributable reserves. Once this is complete, the Board will give consideration to the Company's future share buyback policy. 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; and (ii) failure to maintain approval as a VCT. In both cases the Board continues to be 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 Market indices have generally continued to rise since the period end, leading to small increases in the NAV of both the Ordinary Share and D Shares. However, despite improved market performance in recent months, the FTSE AIM All-Share Index remains substantially below its levels of two years ago. Accordingly the Board believes it is unrealistic to expect the Company's Ordinary Share pool to recover the ground it has lost in the short or medium-term. The 'D' Share pool raised its funds approximately two and half year ago and has not been so badly affected by the declining markets. This pool may be in a better position to benefit from improving markets. The Board is conscious that, with net assets of less than GBP7 million, the Company is small for a VCT. As a result, running costs are now at their maximum level of 3.5% of net asset per annum, with any surplus costs being borne by the Investment and Administration Managers. The Board is considering options for the future of the Company that can reduce the burden of annual running costs on Shareholders and meet other Shareholder requirements such as strong dividend and share buyback policies. Naturally, I shall be in touch with Shareholders if and when there are any significant developments. Hugh Gillespie Chairman 28 September 2009 UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2009 As at As at 31 Jul 2008 31 Jan As at 31 Jul 2009 2009 Ordinary 'D' Shares Shares Total Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Investments 3,795 1,773 5,568 8,083 6,576 Current assets Debtors 41 27 68 78 116 Cash at bank and in 732 619 1,351 217 211 hand 773 646 1,419 295 327 Creditors: amounts falling (18) (13) (31) (83) (51) due within one year Net current assets 755 633 1,388 212 276 Net assets 4,550 2,406 6,956 8,295 6,852 Capital and reserves Called up share 1,308 284 1,592 1,607 1,592 capital Capital redemption 299 - 299 284 299 reserve Special reserve - 2,396 2,396 - 2,396 Share premium account 4,984 - 4,984 7,380 4,984 Capital reserve - 959 (71) 888 2,171 1,724 realised Investment holding (3,696) (205) (3,901) (3,896) (4,861) losses Revenue reserve (492) 2 (490) (490) (470) Merger reserve 1,188 - 1,188 1,239 1,188 Equity shareholders' 4,550 2,406 6,956 8,295 6,852 funds Net asset value per: Ordinary Share 34.8p 44.1p 33.6p 'D' Share 84.8p 86.7p 86.4p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 Jul 2009 31 Jul 31 Jan 2008 2009 Ordinary 'D' Shares Shares Total Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Opening Shareholders' funds 4,403 2,449 6,852 10,063 10,063 Repurchase of own shares - - - (162) (213) Total recognised 147 (43) 104 (1,178) (2,570) gains/(losses) for the period Dividends paid in period - - - (428) (428) Closing Shareholders' funds 4,550 2,406 6,956 8,295 6,852 UNAUDITED INCOME STATEMENT for the six months ended 31 July 2009 Six months ended 31 Jul 2009 Revenue Capital Total Company position GBP'000 GBP'000 GBP'000 Income 77 - 77 Gains/(losses) on investments - 153 153 77 153 230 Investment management fees (10) (29) (39) Other expenses (87) - (87) Return/(loss) on ordinary activities (20) 124 104 Taxation - - - Return/(loss) attributable to Equity (20) 124 104 Shareholders Return per Ordinary Share (0.1p) 1.2p 1.1p Return per 'D' Share (0.2p) (1.3p) (1.5p) Six months ended Year ended 31 Jul 2008 31 Jan 2009 Revenue Capital Total Total Company position GBP'000 GBP'000 GBP'000 GBP'000 Income 112 - 112 234 Gains/(losses) on - (1,084) (1,084) (2,495) investments 112 (1,084) (972) (2,261) Investment management fees (22) (66) (88) (90) Other expenses (115) (3) (118) (219) Return/(loss) on ordinary (25) (1,153) (1,178) (2,570) activities Taxation - - - - Return/(loss) attributable (25) (1,153) (1,178) (2,570) to Equity Shareholders Return per Ordinary Share (0.1p) (7.5p) (7.6p) (18.0p) Return per 'D' Share (0.4p) (5.0p) (5.4p) (5.8p) Split as: Six months ended 31 Jul 2009 Revenue Capital Total GBP'000 GBP'000 GBP'000 Ordinary Shares Income 49 - 49 Gains/(losses) on investments - 180 180 49 180 229 Investment management fees (6) (19) (25) Other expenses (57) - (57) Return/(loss) on ordinary activities (14) 161 147 Taxation - - - Return/(loss) attributable to Equity (14) 161 147 Shareholders Six months ended Year ended 31 Jul 2008 31 Jan 2009 Revenue Capital Total Total Ordinary Shares GBP'000 GBP'000 GBP'000 GBP'000 Income 83 - 83 162 Gains/(losses) on - (963) (963) (2,356) investments 83 (963) (880) (2,194) Investment management fees (16) (48) (64) (61) Other expenses (79) (2) (81) (151) Return/(loss) on ordinary (12) (1,013) (1,025) (2,406) activities Taxation - - - - Return/(loss) attributable (12) (1,013) (1,025) (2,406) to Equity Shareholders Six months ended 31 Jul 2009 Revenue Capital Total GBP'000 GBP'000 GBP'000 'D' Shares Income 28 - 28 Losses on investments - (27) (27) 28 (27) 1 Investment management fees (4) (10) (14) Other expenses (30) - (30) Loss on ordinary activities (6) (37) (43) Taxation - - - Loss attributable to Equity Shareholders (6) (37) (43) Six months ended Year ended 31 Jul 2008 31 Jan 2009 Revenue Capital Total Total 'D' Shares GBP'000 GBP'000 GBP'000 GBP'000 Income 29 - 29 72 Losses on investments - (121) (121) (139) 29 (121) (92) (67) Investment management fees (6) (18) (24) (29) Other expenses (36) (1) (37) (68) Loss on ordinary activities (13) (140) (153) (164) Taxation - - - - Loss attributable to Equity (13) (140) (153) (164) Shareholders UNAUDITED CASH FLOW STATEMENT for the six months ended 31 July 2009 Six months ended Six months Year 31 Jul 2009 ended ended Ordinary 'D' 31 Jul 2008 31 Jan 2009 Shares Share Total Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Net cash outflow from operating 1 (1) (13) (14) (19) activities (71) Capital expenditure Purchase of (55) (50) (105) (2,517) (2,779) investments Proceeds on 595 670 1,265 3,295 3,647 disposal of investments Net cash inflow 540 620 1,160 778 868 from capital expenditure Equity dividends - - - (430) (428) paid Net cash inflow before 539 607 1,146 329 369 financing Financing Purchase of own (6) - (6) (162) (208) shares Net cash outflow from (6) - (6) (162) (208) financing Increase in cash 2 533 607 1,140 167 161 Notes to the cash flow statement: 1 Cash (outflow)/inflow from operating activities Return/(loss) on ordinary activities 147 (43) 104 (1,178) (2,570) before taxation (Gains)/losses on (180) 27 (153) 1,084 2,495 investments Decrease in other 35 13 48 79 46 debtors Decrease in accruals and (3) (10) (13) (42) deferred income (4) Net cash outflow from operating (1) (13) (14) (19) (71) activities 2 Analysis of net funds Beginning of 199 12 211 50 50 period Net cash inflow 533 607 1,140 167 161 End of period 732 619 1,351 217 211 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2009 Unrealised gain/(loss) in % of ORDINARY SHARE POOL Cost Valuation the period portfolio GBP'000 GBP'000 GBP'000 Top ten venture capital investments Connaught plc ** 40 575 29 12.7% Spice plc ** 249 323 (31) 7.1% Cadbury House Limited * 289 289 - 6.4% FDM Group plc 200 282 90 6.2% Synergy Health plc ** 145 240 45 5.3% Hoole Hall Country Club 200 200 - 4.4% Holdings Limited * Aero Inventory plc 230 167 (26) 3.7% Ludorum plc 63 131 66 2.9% Interserve plc ** 102 118 - 2.6% Straight plc 179 107 51 2.4% 1,697 2,432 224 53.7% Other venture capital 5,067 664 (34) 14.7% investments Other investments 727 699 18 15.4% Total investments 7,491 3,795 208 83.8% Cash at bank and in hand 732 16.2% Total investments 4,527 100.0% (including cash) 'D' SHARE POOL Top ten venture capital investments Animalcare Group plc 101 147 9 6.1% Tristel plc 113 112 8 4.7% IS Pharma plc 100 103 19 4.3% Cadbury House Limited * 100 100 - 4.2% Ludorum plc 35 72 37 3.0% Hoole Hall Country Club 50 50 - 2.1% Holdings Limited * Hoole Hall Spa and 50 50 - 2.1% Leisure Limited * The Thames Club Limited 100 50 (50) 2.1% * Plastics Capital plc 100 25 (5) 1.1% Clerkenwell Ventures plc 9 5 (2) 0.2% 758 714 16 29.9% Other venture capital 100 - (24) - investments Other investments Treasury 8% Stock 2009 531 575 (19) 24.0% Barclays Bank FTSE 155% (10) 20.2% 16/03/2012 589 484 Total investments 1,978 1,773 (37) 74.1% Cash at bank and in hand 619 25.9% Total investments 2,392 100.0% (including cash) All venture capital investments are listed on AIM unless otherwise stated * Unquoted ** Listed on London Stock Exchange Main Market SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 31 July 2009 Additions 'D' Ordinary Share pool Share pool GBP'000 GBP'000 Venture Capital investments Financial News Publishing Limited 40 - Tristel plc 13 50 Sundry investments 2 - Total 55 50 Disposals Market value at Total 1 February Disposal Profit/(loss) realised Cost 2009 * proceeds vs cost gain/(loss) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ORDINARY POOL Partial disposal Ludorum plc 2 2 4 2 2 Restructuring Clerkenwell Ventures plc 158 126 150 (8) 24 Liquidations 788 53 - (788) (53) Redemptions Barclays Bank plc GAM Diversity Tracker 108 93 93 (15) - Treasury 4% Stock 07/03/09 346 349 348 2 (1) 1,402 623 595 (807) (28) 'D' SHARE POOL Restructuring Clerkenwell Ventures plc 77 61 73 (4) 12 Redemptions Treasury 4% Stock 07/03/09 593 599 597 4 (2) 670 660 670 - 10 * After adjusting for purchases in the period. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The unaudited half yearly results cover the six months to 31 July 2009 and have been prepared in accordance with Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" revised January 2009 ("SORP") and in accordance with the accounting policies set out in the statutory accounts for the year ended 31 January 2009, which were prepared under UK Generally Accepted Accounting Practice ("UK GAAP"). 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 2008 and the year ended 31 January 2009 respectively. 5. Net Asset Value per share calculations are based on the following: Ordinary Shares 'D' Shares Net Asset Value per share based on: Net Assets (GBP'000) 4,550 2,406 Number of shares in issue at period end 13,086,372 2,836,269 6. Return per share calculations are based on the following: Ordinary Shares 'D' Shares Revenue loss per share based on: Net revenue loss after taxation (GBP'000) (14) (6) Capital return per share based on: Net capital gain/(loss) for the period 161 (37) (GBP'000) Weighted average number of shares in 13,086,372 2,836,269 issue 7. Dividends Paid in the period 31 Jul 2009 31 Jan 2009 Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 Ordinary Shares: 2008 Final - 1.0p - - - 400 'D' Shares: 2008 Final - 1.0p - - - 28 8. Reserves Capital Special Share Capital Investment Revenue Merger redemption reserve premium reserve holding reserve reserve reserve account - losses realised GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Company position At 1 February 299 2,396 4,984 1,724 (4,861) (470) 1,188 2009 Capital - - - (29) - - - expenses Gains/(losses) - - - (18) 171 - - on investments Transfer - - - (789) 789 - - between reserves Retained net - - - - - (20) - loss At 31 July 299 2,396 4,984 888 (3,901) (490) 1,188 2009 The Special Reserve, Capital Reserve - Realised, the Merger Reserve and the Revenue Reserve are all distributable. Investment Holding Losses Reserve included losses of GBP3,901,000 which are distributable. Reserves available for distribution at the period end amounted to GBP81,000. 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 2009 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--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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