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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 |
RNS Number:3685Q Pennine AIM VCT PLC 30 September 2003 PENNINE AIM VCT PLC INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 JULY 2003 CHAIRMAN'S STATEMENT I am pleased to present the interim statement for the six months ended 31 July 2003. Net Asset Value At 31 July 2003, the Company's Ordinary Share Net Asset Value per share (NAV) stood at 67.73p, a fall of 3.99p or 5.6% since 31 January 2003. The NAV of the 'C' Shares at 31 July 2003 was 94.98p, an increase of 0.48p of the initial value net of expenses of 94.5p. Venture capital investments During the period under review the Company made two new venture capital investments and one follow-on investment at a total cost of #320,000. At the 31 July 2003 the venture capital portfolio comprised 26 investments with a total cost of #4.6 million. Most investments have seen their share price rise over the period, although there has been one notable exception. The investment in CRC Group, a company which repairs mobile phones, has suffered from the continuing difficult conditions in the communications market which has given rise to a decrease in its valuation of #273,000. The remainder of the venture capital portfolio has seen an increase of #153,000, giving a net fall in the value of the portfolio of #120,000. The Company took advantage of the rising share price in Connaught plc by disposing of part of the holding and realising a profit of #15,000. Fixed interest investments During the period the Company invested #4.8 million in short term listed fixed income investments, generating an unrealised loss of #10,000. 'C' Share issue The Offer for Subscription for 'C' Shares closed on 31 July 2003, with the Company having issued a total of 4,290,649 shares during the period. In total 6,192,483 'C' shares were issued under the Offers with net funds raised of #5,851,896. 'C' Share conversion In accordance with terms of the prospectus dated 7 October 2002, your Board has passed a resolution to convert the 'C' Shares to Ordinary Shares on 31 October 2003. The shares will be converted in the ratio of the NAV attributable to each 'C' Share at 31 July 2003 to the NAV attributable to each Ordinary Share at the same date. On conversion, the 6,172,483 'C' Shares will automatically be converted into New Ordinary Shares. The New Ordinary Shares arising on conversion will be divided amongst the 'C' Shareholders pro-rata to their respective holdings of 'C' Shares. 'C' Shareholders will not be allotted fractions of New Ordinary Shares and such fractions will be aggregated and sold for the benefit of the Company. Income receivable will be taken into account in the valuation of the 'C' Share asset pool for the purposes of the Conversion ratio. The ratio of New Ordinary Shares to 'C' shares is shown below: 1 'C' Share will convert to 1.4023 New Ordinary Shares The New Ordinary Shares arising as a result of the conversion rank pari passu with the existing Ordinary Shares. Application will be made to the UK Listing Authority for admission and to the London Stock Exchange for trading and the shares are expected to commence trading on 3 November 2003. Definitive share certificates for the New Ordinary Shares are expected to be dispatched to shareholders by 14 November 2003. Results Gross revenue for the half year was #124,000 (2002: #76,000) and the net revenue loss after taxation was #17,000 (2002: #3,000). In line with its usual practice, the Board is not intending to pay an interim dividend. Repurchase of shares Your Board is conscious that the Company's share price is affected by the illiquidity of its shares in the market. This results principally from the requirement that most shareholders must retain their shares for at least three years in order to retain their tax benefits. In line with accepted practice for VCTs, the Company has a policy of purchasing its own shares. The Company acquired 26,000 Ordinary Shares during the period at an average price of 56.6p per share. Outlook The AIM market in general has shown a good recovery over the period and the FTSE AIM index has continued to climb since 31 July 2003. As at 31 August 2003 the Company's NAV stood at 71.0 p per share. The funds raised through the 'C' Share Offer give the Investment Manager a significant sum to invest before 28 February 2005. The recent recovery seen by stock markets should encourage new flotations on AIM and give the Company the opportunity to build a larger well-balanced portfolio which can capitalise on the young and developing businesses which AIM attracts. I look forward to reporting news of the progress made in my statement with the Annual Report to 28 February 2004. Hugh Gillespie Chairman UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2003 31 July 31 July 31 Jan 2003 2002 2003 #'000 #'000 #'000 Fixed assets Investments 7,765 3,718 2,834 Net current assets 837 601 1,864 Net assets 8,602 4,319 4,698 Capital and reserves Called up share capital 1,021 409 594 Capital redemption reserve 60 53 57 Share premium account 5,233 - 1,607 Special reserve 1,190 3,641 1,235 Capital reserve - realised 1,345 1,941 1,466 Capital reserve - unrealised 31 (1,528) - Revenue reserve (278) (197) (261) Total equity shareholders' funds 8,602 4,319 4,698 Net asset value per Ordinary share 67.73p 105.56p 71.72p Net asset value per 'C' share 94.98p - 94.50p UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the revenue account) for the six months ended 31 July 2003 Six months ended 31 July 2003 Revenue Capital Total #'000 #'000 #'000 Income 124 - 124 Gains/(losses) on investments: - Realised - 13 13 - Unrealised - (130) (130) 124 (117) 7 Management fees (58) - (58) Other expenses (83) - (83) Return on ordinary activities before taxation (17) (117) (134) Tax on ordinary activities - - - Return on ordinary activities after taxation (17) (117) (134) Dividends in respect of non-equity shares - - - Return attributable to equity shareholders (17) (117) (134) Distributions in respect of equity shareholders - - - Transfer from reserves (17) (117) (134) Return per Ordinary share of 10p (0.39p) (3.67p) (4.06p) Return per 'C' share of 10p (0.03p) 0.68p 0.65p Six months ended Year ended 31 Jan 31 July 2002 2003 Revenue Capital Total Total #'000 #'000 #'000 #'000 Income 76 - 76 123 Gains/(losses) on investments: - Realised - (9) (9) (41) - Unrealised - (551) (551) (1,023) 76 (560) (484) (941) Management fees (37) - (37) (73) Other expenses (42) - (42) (104) Return on ordinary activities before taxation (3) (560) (563) (1,118) Tax on ordinary activities - - - (2) Return on ordinary activities after taxation (3) (560) (563) (1,120) Dividends in respect of non-equity shares (11) - (11) (22) Return attributable to equity shareholders (14) (560) (574) (1,142) Distributions in respect of equity shareholders - - - (808) Transfer from reserves (14) (560) (574) (1,950) Return per Ordinary share of 10p (0.34p) (13.55p) (13.89p) (27.70p) Return per 'C' share of 10p - - - - The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. UNAUDITED CASHFLOW STATEMENT for the six months ended 31 July 2003 Six Six months months ended ended Year ended 31 July 31 July 31 Jan 2003 2003 2002 #'000 #'000 #'000 Cash (outflow)/inflow from operating activities and returns on investments (Note 1) (81) 30 (36) Return on investments and servicing of finance Preference dividends paid - (11) (24) Taxation - 3 - Capital expenditure Purchase of investments (5,122) (116) (141) Proceeds on disposal of investments 72 916 1,321 Net cash (outflow)/inflow from capital expenditure (5,050) 800 1,180 Equity distributions paid (808) (414) (414) Net cash (outflow)/inflow before financing (5,939) 408 706 Financing New share issue 3,920 - 1,941 Purchase of own shares (15) (49) (91) Net cash inflow/(outflow) from financing 3,905 (49) 1,850 (Decrease)/increase in cash (Note 2) (2,034) 359 2,556 NOTES TO THE CASHFLOW STATEMENT for the six months ended 31 July 2003 Six Six months months ended ended Year 31 July 31 July ended 31 Jan 2003 2002 2003 #'000 #'000 #'000 1 Cash (outflow)/inflow from operating activities and returns on investments Net revenue before taxation (17) (3) (54) (Increase)/decrease in accrued income/other debtors (87) 30 35 Decrease/(increase) in other creditors 23 3 (17) (81) 30 (36) 2 Analysis of net funds Beginning of period 2,819 263 263 Net cash (outflow)/inflow (2,034) 359 2,556 End of period 785 622 2,819 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2003 Cost Valuation % of portfolio #'000 #'000 by value Ten largest venture capital investments MacLellan Group plc 171 326 4.2% CRC Group plc 302 307 3.9% Scarisbrick Group plc ** 300 296 3.8% Connaught plc 104 256 3.3% Forward Media Limited * 300 254 3.3% Huveaux plc 150 231 3.0% Aero Inventory plc 65 184 2.4% VI Group plc 375 154 2.0% Pubs 'n' Bars plc 199 148 1.9% XKO Group plc *** 173 108 1.4% 2,139 2,264 29.2% Other venture capital investments 2,449 709 9.1% Listed fixed income securities 4,802 4,792 61.7% Total 9,390 7,765 100.0% All venture capital investments are quoted on AIM unless otherwise stated. * Unquoted ** Quoted on the OFEX market *** Quoted on the London Stock Exchange Main Market NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The above financial information has been prepared on the basis of the accounting policies set out in the Financial Statements for the year ended 31 January 2003. 2. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 3. The comparative figures are in respect of the six months ended 31 July 2002 and the year ended 31 January 2003 respectively. 4. The calculation of the revenue and capital return per ordinary share for the period is based upon the net revenue and capital loss after tax of (#16,000) and (#128,000) respectively, divided by the weighted average number of shares in issue during the period of 4,039,967. 5. The calculation of the revenue and capital return per 'C' share for the period is based upon the net revenue loss after tax of (#1,000) and the net capital profit after tax of #31,000, divided by the weighted average number of shares in issue during the period of 4,542,023. 6. The unaudited financial statements set out above 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 2003 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. 7. Copies of the unaudited interim results will be sent to shareholders shortly. Further copies can be obtained from the Company's Registered Office. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFIRASIIVIV
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