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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Quester Vct 5 | LSE:QUV | London | Ordinary Share | GB0031102071 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 41.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
The announcement released on 17/3/04 did not contain the following dividend information: Dividends The directors propose a final dividend of 1p per share for the period ended 31 December 2003. Final dividend for the period ending 31 December 2003 paid 1 June 2004 Ex-dividend date 5 May 2004 Associated record date 7 May 2004 QUESTER VCT 5 PLC ("the Company") Summary of results for the year ended 31 December 2003 Per Ordinary Share 2003 2002 (pence) (69 weeks) Capital Values Net asset value 92.7 92.8 Share price 96.0 96.0 Return and Dividends Dividend 1.0 0.5 Cumulative dividend 1.5 0.5 Total Return* 94.2 93.3 *Net asset value plus cumulative dividend Shareholder information Annual General Meeting 11.30 a.m. on 12 May 2004 Dividends The directors propose a final dividend of 1p per share for the period ended 31 December 2003. Final dividend for the period ending 31 December 2003 paid 1 June 2004 Ex-dividend date 5 May 2004 Associated record date 7 May 2004 CHAIRMAN'S STATEMENT Introduction We have continued to make positive progress towards the completion of the Company's initial venture capital portfolio, in line with the stated investment objectives. This remains a good time to invest, with the Company continuing to benefit from current market conditions in which investments are attractively priced. Net assets and performance During the year the Company's net assets grew from £18.2million to £ 20.9million.This gain primarily resulted from the additional funds raised from the two top-up issues that were open during the year. These, in total, raised a further £2.9millionfor the Company. In terms of net asset value per share, which stood at 92.7p as at 31 December 2003, shareholders have seen value largely maintained. During the year, a revenue profit of £224,000 was achieved, equivalent to 1p per share, but there wasa capital loss of £132,000 or 0.6p per share, giving a net total return to shareholders of £92,000. Further information is provided in the statement of total return. Investment progress The Company has made satisfactory progress towards building its venture capital portfolio, with £3.9million being invested in 12 new and three existing investments. This took the number of venture capital investments held to 18, as at 31 December 2003. Inclusive of reserves retained for follow-on investment in existing investments, the Company has now effectively committed 61% of the funds allocated for venture capital investment. Further details on the Company's investments and investment performance are provided in the Investment Manager's report. Dividends and dividend reinvestment scheme The directors propose a final dividend of 1p per share. Subject to shareholder approval at the Company's annual general meeting, this dividend is to be paid on 1 June 2004. Subscribers for shares under the offers announced on 14 November 2003 are not eligible for this dividend. On account of the possible changes to the VCT legislation, which will potentially have an impact on the reliefs available to new subscribers for shares in VCTs after 5 April 2004, the directors have decided to suspend the dividend reinvestment scheme operated by the Company until further notice. Outlook The focus for the coming year will be on the continued development of the venture capital portfolio. Conditions for investment remain good and the Company continues to benefit from a quality deal flow.We believe that the existing portfolio holds great promise, although, as is the case for early stage venture capital investments, it is likely to take several years for the value to show through. Bill Passmore Chairman 17 March 2004 INVESTMENT MANAGER'S REPORT Overview During the second year of the Company's life, we have continued to build the venture capital portfolio. We benefit from a strong flow of potential investment propositions and have been able to take advantage of competitive pricing. We are generally pleased with the progress achieved to date, both with the number of new investments completed and with the underlying performance of the companies in the portfolio. Progress with venture capital investment The Company is making positive progress with selection of appropriate venture capital investments. In the year to 31 December 2003, a further 12 new investments were made as detailed in the table below. Company Industry Sector £'000 Advanced Valve Technologies Limited Industrial products & 259 services Amino Holdings plc Electronics 143 Anadigm Limited Semiconductors 87 Arithmatica Limited Semiconductors 287 Cyclacel Limited Healthcare & life sciences 500 Digital Union Limited Software 214 Lorantis Holdings Limited Healthcare & life sciences 400 Mesophotonics Limited Electronics 304 Oxford Immunotech Limited Healthcare& life sciences 250 Oxxon Pharmaccines Limited Healthcare & life sciences 367 Reqio Limited Software 232 Xention Discovery Limited Healthcare & life sciences 167 3,210 In addition to these, three follow-on investments were made in existing investments, as follows: CompanyIndustry Sector £'000 AIT Group plc Software 232 Antenova Limited Communications 150 Azea Networks, Inc. Communications 310 692 Following the year end, a further three new and one follow-on investment have been made totalling £499,000. The venture capital portfolio was comprised of 18 investments as at 31 December 2003, including 17 unquoted investments and one in a company whose shares are traded on the Alternative Investment Market (AIM). It is currently expected that the portfolio will grow to between 25 and 30 investments. A well balanced portfolio The portfolio so far established is balanced by sector and well spread, giving a current average investment size of £309,000.A summary of the sectors covered by the portfolio as at 31 December 2003 is provided in the table below: Industry Sector Existing venture Cost Number of capital portfolio at investments cost £'000 % Healthcare & life sciences 36.8 2,051 6 Software 25.4 1,411 4 Industrial products & 11.9 659 2 services Communications 11.2 623 2 Electronics 8.0 447 2 Semiconductors 6.7 374 2 100.0 5,565 18 Reserves for follow-on investment Early stage companies generally require additional funding to allow them to achieve their goals. Consequently, the Company operates a reserving policy so that liquid assets are available to meet these potential future requirements. As at the year end, the notional reserves held for follow-on investment in existing portfolio companies amounted to £5million.Taking these reserves for follow-on investment into account, the Company has effectively committed 61% of the funds allocated for its initial programme of venture capital investment. Valuation of the venture capital portfolio Out of the 17 unquoted investments heldby the Company at the year end, 16 were valued at cost (as is usual at this early stage in the development of a venture capital portfolio) whilst one was valued at an amount below cost. One further investment of £400,000 in Bowman Power Systems Limitedhas been written off as at 31 December 2003 having been written down by 25% at the half year stage. This disappointing result follows a company performance, during 2003, which was a long way below the investment plan. This led the company to be unable to raise further finance from its broadly-based syndicate of investors: a small recovery is anticipated from the administration process. As at 31 December 2003, the Company held one quoted venture capital investment, in AIT Group plc, whose shares are traded on AIM. The accounts show an unrealised gain of £226,000 on this investment based upon the mid-market price of its shares at 31 December 2003. Listed equity and bond portfolio Approximately 15% of the Company's funds is earmarked for investmentin a portfolio of listed equities or fixed interest investments, managed by Newton Investment Management Limited. As at 31 December 2003, of the total amount earmarked, £1.5million had been committed to listed equities and showed an unrealised gain of £77,000.This portfolio is held as a reserve to cover possible future funding requirements in the venture capital portfolio as it develops. Funds awaiting investment in the venture capital portfolio are invested in short dated, highly rated, sterling denominated corporate and government bonds. During 2003, the amount of this portfolio has reduced as funds have been switched into venture capital opportunities. As at 31 December 2003, the holdings of fixed interest securities amounted to £11.1million.A further £ 1.6million allocated to this portfolio was held as uninvested cash. Over the period, the effective yield from the bond portfolio was 3.9%. Conclusion Satisfactory progress has been made in building the venture capital portfolio and promisinginvestments have been made during the period. The majority of investments remain valued at cost. Over the next few years we expect the portfolio to translate its existing potential into increasing investment values, but we should emphasise that these are very early days in a challenging process. Quester Capital Management Limited Manager 17 March 2004 FUND SUMMARY AS AT 31 DECEMBER 2003 Ten largest venture capital Industry sector Cost Valuation % of investments by value fund £'000 £'000 by value AIT Group plc* Software 565 791 3.8% Cyclacel Limited Healthcare & life 500 500 2.4% sciences Workshare Limited Software 400 400 1.9% Lorantis Holdings Limited Healthcare & life 400 400 1.9% sciences Footfall Limited Industrial products & 400 400 1.9% services Azea Networks, Inc. Communications 398 398 1.9% Avidex Limited Healthcare & life 367 367 1.8% sciences Oxxon Pharmaccines Limited Healthcare &life 367 367 1.8% sciences Mesophotonics Limited Electronics 304 304 1.4% Arithmatica Limited** Semiconductors 287 287 1.4% 3,988 4,214 20.2% Other venture capital 1,577 1,448 6.9% investments Total venture capital investments 5,565 5,662 27.1% Listed fixed interest 11,080 11,090 53.2% investments Listed equity investments 1,459 1,536 7.4% Total investments 18,104 18,288 87.7% Cash and other net assets 2,573 2,573 12.3% Net assets 20,677 20,861 100.0% * AIT Group plc is traded on the Alternative Investment Market (AIM) ** Formerly know as Automatic Parrallel Designs Limited STATEMENT OF TOTAL RETURN (incorporating the revenue account) FOR THE YEAR ENDED 31 DECEMBER 2003 Notes 2003 2003 2003 2002 2002 2002 Revenue Capital Total Total Revenue Capital £'000 £'000 £'000 £'000 £'000 £'000 Profit/ (loss) on - 64 64 - (135) (135) investments Income 1 647 - 647 507 - 507 Investment management 2 (196) (196) (392) (95) (95) (190) fee Other expenses 3 (227) - (227) (290)- (290) Return on ordinary 224 (132) 92 122 (230) (108) activities before tax Tax on ordinary 5 - - - (23) 19 (4) activities Return on ordinary 224 (132) 92 99 (211) (112) activities after tax Dividends proposed 6 (221) - (221) (93) - (93) Transfer to /(from) 3 (132) (129) 6 (211) (205) reserves Return per share 7 1.0p (0.6)p 0.4p 0.7p (1.4)p (0.7)p 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. The Company has only one class of business and derives its income from investments made in shares and securities and from bank deposits. The prior year comparatives cover the 69-week period ended 31 December 2002. The accompanying notes are an integral part of this statement. BALANCE SHEET AS AT 31 DECEMBER 2003 Note 2003 2002 £'000 £'000 Fixed assets Investments 18,288 15,907 Current assets Debtors 627 348 Cash at bank 2,354 2,346 2,981 2,694 Creditors (amounts falling due within one year) (362) (308) Net current assets 2,619 2,386 Creditors (amounts falling due after more than (46) (46) one year) Net assets 20,861 18,247 Capital and reserves Called-up equityshare capital 225 197 Share premium account 3,580 842 Special reserve 17,390 17,413 Capital reserve - realised (527) 63 - unrealised 184 (274) Revenue reserve 9 6 Equity shareholders' funds 20,861 18,247 Net asset value per share 8 92.7p 92.8p The financial statements were approved by the directors on 17 March 2004 and aresigned on their behalf by: Bill Passmore Chairman The accompanying notes are an integral part of this statement. CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003 2003 2002 £'000 £'000 Net cash inflow from operating activities 92 126 Corporation tax paid (2) - Financial investment Purchase of venture capital investments (3,920) (2,064) Purchase of listed equities and fixed interest (8,951) (40,300) investments Sale/redemption of venture capital investments 18 - Sale/redemption of listed equity and fixed 10,121 26,086 interest investments Total financial investment (2,732) (16,278) Equity dividends paid (93) - Financing Issue of ordinary shares pursuant to the offers 2,854 19,696 for subscription made during the year Issue of shares in accordance with the dividend 13 - reinvestment scheme Share issue expenses (101) (1,207) Issue of loan stock - 46 Buy back of ordinary shares (23) (37) Total financing 2,743 18,498 Increase in cash for the period 8 2,346 Reconciliation of net cash flow to movement in net funds Increase in cash forthe period 8 2,346 Net funds at the start of the period 2,346 - Net funds at the end of the period 2,354 2,346 The accompanying notes are an integral part of this statement. NOTES TO THE FINANCIAL STATEMENTS 1 Income 2003 2002 £'000 £'000 Dividend income Listed equity shares 40 8 Interest receivable Listed fixed interest securities 515 327 Bank deposits 92 172 647 507 2 Investment Management Fee 2003 2003 2003 2002 2002 2002 Revenue Capital Total Revenue Capital Total £ £'000 '000 £'000 £'000 £'000 £'000 Investment management fee 196 196 392 95 95 190 Irrecoverable VAT 54 - 54 15 - 15 250 196 446 110 95 205 Quester Capital Management Limited ("QCML") provides investment management services to the Company under an agreement dated 3 December 2001. QCML is a wholly owned subsidiary of Querist Limited, a company in which APG Holmes and JA Spooner are beneficial shareholders. APG Holmes and JA Spooner are executive directors of QCML. A charge of £392,000 (2002: £190,000) in respect of the management fee payable to QCML was accrued during the year. Of this, £nil (2002: £4,000) remained unpaid as at 31 December 2003.The fee, which is calculated monthly and is payable in advance, was levied at a rate of 2% on the net assets during the financial year ended 31 December 2003. This rate will increase to 2.5% with effect from 1 January 2004. The management fee payable to Newton Investment Management Limited, to the extent that it is not covered by transaction fees payable by the Company, will be met by QCML out of the above fee. QCML provides administrative and secretarial services to the Company for which it is entitled to a fee of £51,000 per annum (linked to the movement in the RPI), which is included in other expenses (note 3). * Other expenses 2003 2002 £'000 £'000 Administration and secretarial services 51 51 Directors' remuneration (note 4) 39 46 Auditor's remuneration - audit services 19 18 - non audit services 7 10 Legal and professional expenses 18 45 Other expenses 28 69 Irrecoverable VAT 65 51 227 290 * Directors' remuneration 2003 2002 £'000 £'000 Fees paid to directors 12 14 Amounts paid to third parties, excluding VAT, in 27 32 consideration of the services of directors 39 46 The total fees paid or payable in respect of individual directors for the year is detailed in the Directors' remuneration section in the Annual Report. 5 Tax on ordinary activities 2003 2003 2002 2002 Revenue Capital Revenue Capital £'000 £'000 £'000 £'000 Corporation tax payable - current year - - 23 (19) - prior year adjustment - - - - - - 23 (19) Reconciliation of profit on ordinary activities to taxation 2003 2003 2002 2002 Revenue Capital Revenue Capital £'000 £'000 £'000 £'000 Profit on ordinary activities before tax 224 (132) 122 (230) Tax on profit on ordinary activities at 67 (40) 37 (69) standard UK corporation tax rate of 30% (2002:30%) Effects of: (Profit)/loss on investments - (19) - 40 Managementfee charged to capital (59) 59 (29) 29 Non-taxable income (12) - (2) - Disallowable items 4 - 17 (19) - - 23 (19) 6 Dividends proposed 2003 2002 £'000 £'000 Final dividend: 1p per share (2002: 0.5p per share) 221 93 Subscribers for shares under the offers announced on 14 November2003 are not eligible for the 2003 dividend. 7 Return per share The revenue return per share of 1.0p (2002: 0.7p) is based on the aggregate of the net return from ordinary activities after tax of £224,000 (2002: £99,000) and on ordinary shares of 21,644,753 (2002: 14,645,210), being the weighted average number of shares in issue during the year. The capital loss per share of 0.6p (2002: 1.4p) is based on the net realised and unrealised capital loss for the period after tax of £132,000 (2002: £ 211,000) and on ordinary shares of 21,644,753 (2002: 14,645,210), being the weighted average number of shares in issue during the year. 8 Net asset value per share The net asset value per share as at 31 December 2003 of 92.7p (2002: 92.8p) is based on net assets of £20,861,000 (2002: £18,247,000) divided by the 22,498,640 (2002: 19,655,218) ordinary shares in issue at that date. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2003. The statutory accounts for the year ended 31 December 2003 will be finalised on the basis of the financial information presented by the directors in the preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. A copy of the above document has been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Copies of the full financial statements for the year ended 31 December 2003 are expected to be posted to shareholders on 17th March 2004 and will be available to the public at the registered office of the Company at 29 Queen Anne's Gate, London, SW1H 9BU. END
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