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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 |
QUESTER VCT 5 PLC ("the Company") Summary of results for the 69 weeks ended 31 December 2002 Per Ordinary Share (pence) Capital Values Net asset value 92.8 Share price 96.0 Return and Dividends Dividend 0.5 Total return 93.3 *Net asset value plus cumulative dividend Shareholder information Annual General Meeting 2 p.m. on 6 May 2003 Final dividend for the period ending 31 December 2002 paid 2 June 2003 Ex-dividend date 30 April 2003 Associated record date 2 May 2003 Shares subscribed for under the 2 October 2002 offers are not entitled to the declared dividend in respect of the period ended 31 December 2002. CHAIRMAN'S STATEMENT Introduction This is the first Annual Report for Quester VCT 5 plc. The accounts cover the approximate 16 month period from incorporation on 6 September 2001 to 31 December 2002. During the period, the Company raised £18.5 million for its activities, net of the launch expenses, and has made a promising start to the initial phase of its investment programme on the back of a good deal flow. Objective Quester VCT 5 was launched with the objective of providing shareholders with an attractive financial return, based on the development and realisation of a diversified portfolio principally made up of venture capital investments. Qualifying investors are expected to benefit from the favourable tax treatment arising from the Company's Venture Capital Trust status. Investments The recently depressed markets have offered a good opportunity for the Company to build its venture capital portfolio at investment values which reflect the much tougher current market conditions, potentially improving future returns to shareholders. During the period, the Company invested £2.1 million, representing 11% of the net funds raised, in seven venture capital investments at an average cost of just over £295,000.All of these investments were made alongside other Quester funds. At this early stage, all investments have broadly performed in line with expectations. The six unquoted investments have been held at cost, whilst the seventh, a company whose shares are traded on AIM, has been valued at its midmarket price as at 31 December 2002. An unrealised loss of £208,000 has arisen from this revaluation. Funds awaiting investment in unquoted companies are held in cash, equities, gilts and other fixed interest securities quoted on recognised stock exchanges. At the year end, the listed equity portfolio was valued at £0.5 million and the fixed interest portfolio at £13.5 million. Cash balances totalled £2.3 million, of which £2.1 million has been set aside for further investment in the listed equity portfolio. The funding for the Company's new and follow-on investment requirements over the coming months will be met by selling investments from the fixed interest portfolio. Net Assets, Revenue and Dividends The net asset value per share at 31 December 2002 was 92.8p. Total revenue for the period was £507,000, which was primarily derived from interest on fixed interest securities and cash deposits, as well as from dividends on listed equities. A final dividend of 0.5p per share is proposed, which represents tax-free income for eligible shareholders. Shareholders should note that the future payment of dividends will depend both on the level of income received from investments and, more significantly, on realised capital gains, so that there may be no dividend in some years. Cancellation of the share premium account On 14 August 2002, the Company cancelled its share premium account and created the special reserve. The special reserve gives the Company more flexibility to fund the buy-back of its ordinary shares as and when it is considered by the Board to be in the best interest of shareholders. Further offers for subscription for shares As shareholders will already be aware, on 2 October 2002, the Company launched further offers for subscription for shares. The objective is to offer investors a further opportunity to subscribe for the Company's ordinary shares at 100p per share and thus to participate in the high quality investment opportunities available through Quester's deal flow. As at 31 December 2002, applications for 1.1 million ordinary shares had been made under the further offers. As at 14 March 2003, the total number of ordinary shares issued pursuant to these offers was approximately 2.2 million.The offers are expected to remain open until at least 30 April 2003. Shares subscribed for under the current offers are not entitled to the declared dividend of 0.5p per share in respect of the period ended 31 December 2002. Outlook Quester VCT 5 is in the process of creating, via a steady rate of investment, a diversified portfolio of venture capital investments. Most of these are at an early stage and will take time to mature. We believe, that the existing portfolio of companies operating in growth sectors is capable of delivering attractive future investment returns. WW Passmore Chairman 19 March 2003 INVESTMENT MANAGER'S REPORT Introduction We have made a steady and promising start in building the Company's venture capital portfolio and have assembled a largely technology-based range of investments operating over a spread of different markets. All unquoted investments remain valued at cost, as would be expected at this stage. Progress of investment During the period our position in the market attracted a good flow of venture capital investment opportunities. We selected seven of these companies as having attractive growth potential and invested £2.1 million at an average cost of £295,000. At this early stage, this average size is low. It is likely to increase as the notional reserves we refer to below are utilised. As these young companies grow, it is likely that they will require further rounds of finance. It is important that Quester VCT 5 is in a position to contribute to this funding process, provided the companies concerned have made satisfactory progress. Accordingly, we hold notional reserves for further investment and, if these are taken into account, the total proportion of funds allocated to the seven venture capital investments is around 21% of net assets. The funds required to meet these commitments and reserves have been invested in the fixed interest securities market. Because of the difficult market conditions, we have moved our venture capital investment programme forward steadily but cautiously, aiming to select companies with the highest potential from the large number of prospects we review. We have to be mindful, however, that the Company has to achieve a specified level of investment by the end of its third financial period in order to retain its venture capital trust approved status. Accordingly, the rate of investment will be closely monitored. We would expect this portfolio to enlarge to about 20 to 25 investments by mid-2004, at which point the Company will be fully invested after taking reserves into account. A well balanced portfolio The objective is to develop a portfolio which is balanced and well spread. The investments to date have been made in companies operating in a range of markets, some of them emerging, which have the potential to deliver high growth. Because of Quester's position in the market, the Company has been able to participate effectively in larger funding rounds involving other Quester funds or third party investors. This initial process is therefore well underway. The venture capital portfolio will be designed to achieve capital growth and will represent a spread of industry sectors and investment stages. It will primarily be comprised of unquoted investments with good growth prospects and may include further investments in companies raising money on AIM. The exit potential and timing of each investment will be carefully considered to ensure a good balance for the portfolio. Further details of the Company's venture capital investments are given in the Fund Summary below. A summary of the sectors currently covered by the portfolio is provided in the table below: Industry Sector Cost Number of Existing venture investments capital portfolio at £'000 cost (%) Software 733 2 36 Energy 400 1 19 Industrial products & 400 1 19 services Healthcare & life sciences 367 1 18 Communications 163 2 8 2,063 7 100 Valuation of the venture capital portfolio The unquoted investments have been valued in line with the accounting policies detailed on page 25 of the Annual Report, which are based around the guidelines issued by the British Venture Capital Association. Six of the seven investments have been stated at cost in the accounts, reflecting their recent inclusion in the portfolio. The seventh investment, AIT Group plc, a company whose shares are traded on AIM, is carried at its mid-market value on 31 December 2002, giving rise to an unrealised loss of £208,000. Listed equity and fixed interest portfolios Approximately £2.8 million, representing 15% of net funds raised, has been set aside for investment in equities quoted on recognised stock exchanges. Newton Investment Management Limited, who manage the listed equity portfolio on behalf of the Company, have made a cautious start to the construction of this portfolio and have elected to keep the majority of this allocation of funds in cash. As at 31 December 2002, a total of £0.7 million had been invested in listed equities, representing approximately 24% of the funds allocated to this portfolio. As at the period end, the listed equity portfolio was showing an unrealised loss of £117,000. Funds awaiting investment in venture capital opportunities are largely invested in short dated bonds. At the end of the period, the fixed interest portfolio amounted to £13.5 million, with maturity dates spread between June 2003 and December 2005, and was showing an unrealised profit of £51,000.The majority of this portfolio will be gradually sold over the next two years to fund the programme of venture capital investment. As a result, the Company's level of income is likely to reduce over this period as we replace interest yielding investments with unquoted investments selected to provide capital appreciation. Conclusion The investment progress made over the initial period has been satisfactory and a promising nucleus for the portfolio has been created. We are expecting to achieve completion of the portfolio, in terms of number of investments, by mid-2004. We are confident that it will have the potential to generate an attractive return for shareholders, as Quester's ability to attract an excellent quality of investment opportunities in this area of the venture capital market is strong and well recognised. We cannot yet report that the underlying performance and progress of the seven investments made to date firmly justifies our optimism, as it will take several years for the individual companies to demonstrate their potential and achieve the anticipated growth on which capital gains will ultimately be based. Quester Capital Management Limited 19 March 2003 FUND SUMMARY AS AT 31 DECEMBER 2002 Venture capital investments Industry sector Cost Valuation % of fund £'000 £'000 by value Bowman Power Limited Energy 400 400 2.2% Footfall Limited Industrial products 400 400 2.2% & services Workshare Limited Software 400 400 2.2% Avidex Limited Healthcare & life 367 367 2.0% sciences AIT Group plc Software 334 126 0.7% Azea Networks Limited Communications 88 88 0.5% Antenova Limited Communications 75 75 0.4% Total venture capital 2,064 1,856 10.2% investments Listed fixed interest investments 13,452 13,503 74.0% Listed equity investments 665 548 3.0% Total investments 16,181 15,907 87.2% Cash and other net current assets 2,340 2,340 12.8% Net assets 18,521 18,247 100.0% STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT) FOR THE 69 WEEKS ENDED 31 DECEMBER 2002 Notes Revenue Capital Total £'000 £'000 £'000 Loss on investments - (135) (135) Income 1 507 - 507 Investment management 2 (95) (95) (190) fee Other expenses 3 (290) - (290) Return on ordinary 122 (230) (108) activities before tax Tax on ordinary 4 (23) 19 (4) activities Return on ordinary 99 (211) (112) activities after tax Dividends proposed 5 (93) - (93) Transfer to/(from) 6 (211) (205) reserves Return per share 6 0.7p (1.4)p (0.7)p The accounts cover the 69 week period from the incorporation of the Company on 6 September 2001 to 31 December 2002. 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 accompanying notes are an integral part of this statement. BALANCE SHEET AS AT 31 DECEMBER 2002 Note £'000 Fixed assets Investments 15,907 Current assets Debtors 348 Cash at bank 2,346 2,694 Creditors (amounts falling due within one year) (308) Net current assets 2,386 Creditors (amounts falling due after more than one (46) year) Net assets 18,247 Capital and reserves Called-up equity share capital 197 Share premium account 842 Special reserve 17,413 Capital reserve - realised 63 Capital reserve - unrealised (274) Revenue reserve 6 Equity shareholders' funds 18,247 Net asset value per share 7 92.8p Andrew Holmes Director The accompanying notes are an integral part of this statement. CASHFLOW STATEMENT FOR THE 69 WEEKS ENDED 31 DECEMBER 2002 2002 £'000 Cash inflow from operating activities 126 Financial investment Purchase of listed equities and fixed interest (40,300) securities Purchase of venture capital investments (2,064) Sale/redemption of investments 26,086 Total financial investment (16,278) Financing Issue of ordinary shares 19,696 Share issue expenses (1,207) Issue of loan stock 46 Buy-back of ordinary shares (37) Total financing 18,498 Increase in cash for the period 2,346 Reconciliation of net cash flow to movement in net funds Increase in cash for the period 2,346 Net funds at the start of the period - Net funds at the end of the period 2,346 The accompanying notes are an integral part of this statement. 1 Income 2002 £'000 Dividend income Listed equity shares 8 Interest receivable Listed fixed interest securities 327 Bank deposits 172 507 2 Investment Management Fee 2002 2002 2002 Revenue Capital Total £'000 £'000 £'000 Investment management fee 95 95 190 Irrecoverable VAT 15 - 15 110 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 £190,000 in respect of the management fee payable to QCML was paid during the year. The fee, which is calculated quarterly and is payable in advance, was levied at a rate of 1.5% (plus VAT, if any) of the net assets of the Company during the first financial period. From 1 January 2002, the fee increased to 2% of the net assets and for the third and subsequent financial years, the fee will be levied at a rate of 2.5% of net assets. The management fee payable by the Company 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 £50,000 per annum (linked to the movement in the RPI), which is included in other expenses (note 3). Pursuant to the arrangements described in the prospectus dated 4 December 2001, an amount of £3,000 (excluding VAT) was paid to QCML representing the difference between 5% of the gross proceeds of the original offers and the actual launch costs of the Company. Under these arrangements, if the actual launch costs had exceeded 5% of the gross proceeds of the original offers, the excess would have been borne by QCML. Costs associated with the subsequent offers detailed in the prospectus dated 2 October 2002 are borne in full by the Company. Costs of the current offers are likely to exceed 5% of the gross proceeds of the 2 October 2002 offers. 3 Other expenses 2002 £'000 Administrative and secretarial services 51 Directors' remuneration 46 Auditor's remuneration - audit services 18 - non audit services 10 Legal and professional expenses 45 Other expenses 69 Irrecoverable VAT 51 290 Fees amounting to £30,000 paid to the auditors in relation to share issues have been charged to the share premium account and are not included in the disclosure above. 4 Tax on ordinary activities 2002 2002 2002 Revenue Capital Total £'000 £'000 £'000 Corporation tax payable/ (credit) at 23 (19) 4 19.4% 5 Dividend proposed A dividend of 0.5p per share is proposed and, if approved by shareholders at the forthcoming Annual General Meeting, will be paid on 2 June 2003. Shares subscribed for under the 2 October 2002 offers (totalling 1,135,524 shares at 31 December 2002) are not entitled to the declared dividend in respect of the period ended 31 December 2002. 6 Return per share The revenue return per share of 0.7p is based on the aggregate of the net revenue from ordinary activities after tax of £99,000 and on 14,645,210 ordinary shares, being the weighted average number of shares in issue during the period from the first allotment date under the Offers for subscription. The negative capital return per share of 1.4p is based on the net realised and unrealised capital losses for the period after tax of £211,000 and on 14,645,210 ordinary shares, being the weighted average number of shares in issue during the period from the first allotment date under the Offers for subscription. 7 Net asset value per share The net asset value per share as at 31 December 2002 of 92.8p is based on net assets of £18,247,000 divided by the 19,655,218 ordinary shares in issue at that date. Copies of the full financial statements for the 69 weeks ended 31 December 2002 are expected to be posted to shareholders on 20 March 2003 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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