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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 Interim statement For the six months ended 30 June 2005 Financial highlights Per ordinary share (pence) 30 June 31 December 30 June 2005 2004 2004 Capital values Net asset value 89.2 91.6 92.9 Share price 84.5 85.5 97.5 Return and dividends Dividend - - - Cumulative dividend 1.5 1.5 1.5 Total return* 90.7 93.1 94.4 *Net asset value plus cumulative dividend per share Highlights from the Chairman's statement and Investment manager's report * The background for the development and financing of young technology companies has generally become more positive. * During the six months to 30 June 2005, £0.6 million was committed to 10 existing venture capital investments and one new investment was made, resulting in a portfolio of 23 investments. * Since 30 June 2005, the rate of investment has increased. Three new investments have been made at a total cost of £1.1 million. * The performance of Quester VCT 5 is within current expectations. CHAIRMAN'S STATEMENT INTRODUCTION The background for the development and financing of young technology companies has generally become more positive. The Manager has been active during the period in developing the portfolio, which is reflected by the ten follow-on investments completed. NET ASSETS, REVENUE AND DIVIDENDS The Company's net assets have risen during the half year from £21.9 million as at 31 December 2004 to £22.1 million as at 30 June 2005, although the net asset value per share has fallen marginally over the same period from 91.6p to 89.2p per share. These respective changes arise as follows: £'000 Pence per share Net asset value as at 31 December 21,904 91.6 2004 Net unrealised loss on investments (158) (0.6) Net realised loss on investments (207) (0.8) Income 180 0.7 Expenses, including management fee (440) (1.8) Net funds raised during the period 985 0.1 Share buy-ins* (167) - Net asset value as at 30 June 2005 22,097 89.2 * Share buy-ins served to increase net asset value by 0.06 pence per share The increase in net assets primarily results from the fund raising during the period, which generated net proceeds from the issue of new shares of £985,000 (£1.04 million gross) with the costs of the exercise having been capped by the Manager at £57,000. This share issue had a very limited impact on net asset value per share, as shown above. The reduction in net asset value per share has, therefore, resulted from a combination of net running costs and net losses on investments. As at 30 June, the revenue reserve had a deficit of £47,000 and as a result, and in the absence of realised gains on investments, the directors have not declared an interim dividend. INVESTMENT PROGRESS AND PORTFOLIO PERFORMANCE During the six months to 30 June 2005, £0.6 million was committed to 10 existing venture capital investments and one new investment was made, resulting in a portfolio of 23 investments (18 unquoted, 5 AIM traded). The investment in Digital Union Limited was written off. Net losses of £365,000 arose on the company's investments during the period under review. The returns are attributable to the respective asset classes as follows: Investment class Net realised gains Net unrealised Total /(losses) gains/(losses) £'000 £'000 £'000 Quoted venture - (180) (180) capital Unquoted venture (189) (212) (401) capital Listed equities (8) 230 222 Bonds (10) 4 (6) Total (207) (158) (365) Since 30 June 2005, the rate of investment has increased. Three new investments have been made at a total cost of £1.1 million, together with follow-on investments totalling £0.6 million. Included within these follow-on investments were two funding rounds at higher valuations resulting in valuation uplifts for the two investments concerned. Further information on the performance of the Company's investments is provided in the Investment Manager's report. CHANGE OF AUDITOR RSM Robson Rhodes LLP have replaced KPMG Audit Plc as auditor of the Company. OUTLOOK An attractive venture capital portfolio with good potential has now largely been built. Its general positive underlying progress, together with an increase in the rate of investment seen in the current year, gives us increased optimism for the future performance of the fund. Bill Passmore Chairman 21 September 2005 INVESTMENT MANAGER'S REPORT OVERVIEW During the period net asset value per share reduced by 2.6%, as summarised in the Chairman's statement. Generally venture portfolios suffer losses in the early years before successful investments mature and establish higher values. The performance of Quester VCT 5 is therefore within current expectations. PROGRESS WITH THE VENTURE CAPITAL PORTFOLIO It was an active period with further investment being made in over half of the unquoted companies in the portfolio. During the half year £0.6 million was invested in 10 companies from the existing portfolio, either as further tranches of originally agreed commitment or as follow-on investment. Company Sector Cost £ '000 Advanced Valve Technologies Industrial products & 100 Limited services Identum Limited* Software 36 Avidex Limited Healthcare & life 65 sciences Azea Networks Inc. Communications 129 Celona Technologies Limited Software 138 Digital Union UK Limited Software 29 HTC Healthcare Group plc Consumer goods & 12 services Oxford Immunotec Limited Healthcare & life 75 sciences REQIO Limited Software 8 Workshare Limited Software 56 648 * Formerly Argelcom Limited In addition, one new investment of £88,000 was made in Nanotecture Limited, a company that makes nanoscale structures that offer significant advantages to various market sectors such as supercapacitors, molecular filters and gas sensors. A significant level of new investment has also been achieved since 30 June 2005. New investments have been made in Level Four Limited (£414,000), Global Silicon Limited (£333,000) and Pelikon Limited (£373,000). Level Four provides software for the configuration and testing of ATM services, Global Silicon designs and sells audio processors for portable music players and Pelikon manufactures flexible electronic displays. Seven further follow-on investments have also been made at a total cost of £0.6 million. A WELL BALANCED PORTFOLIO The portfolio contains a number of promising investments with attractive potential upside. The growing portfolio, with 23 investments at the period end, spreads the risks inherent in investments made in small young companies. It is also spread by sector within the broad area of technology as shown in the table below: Sector Percentage of Valuation at Number of venture capital 30 June 2005 portfolio at investments valuation % £'000 Healthcare & life sciences 42.0 2,946 7 Software 16.9 1,188 4 Industrial products & 15.0 1,052 4 services Communications 13.2 929 2 Semiconductors 5.5 383 2 Electronics 4.5 318 2 Consumer goods & services 1.6 110 1 Materials 1.3 88 1 100.0 7,014 23 VALUATION OF THE VENTURE CAPITAL PORTFOLIO As at 30 June 2005, the venture capital portfolio was valued at £7.0 million, equivalent to 90% of original cost. During the period, provisions totaling £ 258,000 were made against Advanced Valve Technologies and HTC Healthcare. These were partially offset by an upwards revaluation of £46,000 in the investment in Workshare, reflecting the positive progress made by this company. Digital Union failed during the period resulting in a loss of £200,000 (including bridging finance provided during the period). We worked extensively with its management team to seek a satisfactory solution to the company's failure to develop sales in line with plan, but ultimately decided not to continue to support the business further. The quoted venture capital investments fell in value by £180,000 during the half year. A small proportion of this results from the impact of new accounting standards that require listed investments to be valued at bid as opposed to mid price. LISTED EQUITY AND BOND PORTFOLIOS The listed equity portfolio, which forms part of our reserves to cover future venture capital investment, performed well during the period generating net gains of £222,000, equivalent to annualised growth of approximately 14%. The portfolio, which currently comprises 40 stocks at an average cost of £75,000, also generated a yield of approximately 4.5%. An amount of £4.6 million is currently invested in short dated, highly rated bonds, which, as at 30 June, were generating an average effective yield of 4.6%. These two portfolios are also now valued on the basis of bid price. CONCLUSION At this stage we are satisfied with the continuing enlargement of the venture capital portfolio and with the underlying progress made by a number of the earlier investments. It is also encouraging that there is a more positive climate for developing small technology based companies. Quester Capital Management Limited Manager 21 September 2005 FUND SUMMARY Cost Valuation % equity % of fund As at 30 June 2005 £'000 £'000 held by value Quoted venture capital investments Allergy Therapeutics plc 500 598 1.1% 2.7% Polaron plc 250 169 1.2% 0.8% Portrait Software plc (previously AIT 565 350 1.8% 1.6% Group plc) Public Recruitment Group plc 250 241 0.8% 1.1% Quadnetics Group plc 57 50 0.2% 0.2% Total quoted venture capital 1,622 1,408 6.4% investments Unquoted venture capital investments Advanced Valve Technologies Limited 513 242 10.3% 1.1% Anadigm Limited 237 199 1.7% 0.9% Antenova Limited 402 402 2.2% 1.8% Arithmatica Limited 287 184 2.5% 0.8% Avidex Limited 506 506 1.4% 2.3% Azea Networks Inc. 527 527 2.2% 2.4% Celona Technologies Limited 266 266 4.4% 1.2% Cyclacel Limited 500 500 0.6% 2.3% Footfall Limited 400 400 3.1% 1.8% HTC Healthcare Group plc 226 110 3.5% 0.5% Identum Limited (previously Argelcom 71 71 2.5% 0.3% Limited) Lorantis Holdings Limited 400 400 0.9% 1.8% Mesophotonics Limited 357 268 2.4% 1.2% Nanotecture Limited 88 88 0.8% 0.4% Oxford Immunotec Limited 325 325 3.7% 1.5% Oxxon Therapeutics Holdings, Inc. 367 367 1.3% 1.7% Workshare Limited 456 501 2.7% 2.3% Xention Discovery Limited 250 250 2.4% 1.1% Total unquoted venture capital 6,178 5,606 25.4% investments Total venture capital investments 7,800 7,014 31.8% Listed fixed interest investments 4,572 4,575 20.7% Listed equity investments 3,011 3,582 16.2% Total investments 15,383 15,171 68.7% Cash and other net assets 6,926 6,926 31.3% Net assets 22,309 22,097 100.0% UNAUDITED FINANCIAL STATEMENTS STATEMENT OF TOTAL RETURN Incorporating the revenue account of the Company 6 months ended 30 June 6 months ended 30 June Year 2005 2004 ended 31 December 2004 Note Revenue Capital Total Revenue Capital Total Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Loss)/profit on - (365) (365) - 82 82 (86) investments Income 180 - 180 317 - 317 618 Investment (137) (137) (274) (132) (132) (264) (552) management fee Other expenses (166) - (166) (131) - (131) (277) (Loss)/return on (123) (502) (625) 54 (50) 4 (297) ordinary activities before taxation Tax on ordinary - - - 2 - 2 2 activities (Loss)/return on (123) (502) (625) 56 (50) 6 (295) ordinary activities after taxation Proposed - - - - - - - dividend Transfer (from)/ (123) (502) (625) 56 (50) 6 (295) to reserves (Loss)/earnings 3 (0.51)p (2.05)p (2.56)p 0.24p (0.22)p 0.02p (1.20)p per share The revenue column of this statement is the revenue 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. BALANCE SHEET Note 30 June 31 December 30 June 2004 2005 2004 £'000 £'000 £'000 Fixed assets Investments at valuation 15,171 12,615 19,867 Current assets Debtors 413 56 273 Cash at bank 6,829 9,373 2,447 7,242 9,429 2,720 Creditors (amounts falling (270) (94) (327) due within one year) Net current assets 6,972 9,335 2,393 Creditors (amounts falling (46) (46) (46) due in over one year) Net assets 22,097 21,904 22,214 Capital and reserves Called-up equity share 248 239 239 capital Share premium account 1 5,966 4,992 4,992 Special reserve 1 16,379 16,544 17,311 Capital reserve - realised 1 (237) 130 (556) - unrealised 1 (212) (77) 163 Revenue reserve 1 (47) 76 65 Total equity shareholders' 22,097 21,904 22,214 funds Net asset value per share 89.2p 91.6p 92.9p SUMMARISED CASH FLOW STATEMENT 6 months 6 months Year ended ended ended 31 December 30 June 2005 30 June 2004 2004 £'000 £'000 £'000 Net cash (outflow)/inflow from (299) 394 557 operating activities Corporation tax repaid - - 2 Net capital expenditure and financial (3,063) (1,427) 5,343 investment Dividends paid - (221) (221) Financing 818 1,347 1,338 (Decrease)/increase in cash for the (2,544) 93 7,019 period Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash for the (2,544) 93 7,019 period Net funds at the start of the period 9,373 2,354 2,354 Net funds at the end of the period 6,829 2,447 9,373 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. Movement in reserves Share Special Capital Capital Revenue premium reserve reserve reserve reserve account realised unrealised £'000 £'000 £'000 £'000 £'000 At 1 January 2005 4,992 16,544 130 (77) 76 Share issues pursuant to 1,031 - - - - the offers for subscription Expenses of share issues (57) - - - - Share buy back and - (165) - - - cancellation Net loss on realisation of - - (207) - - investments Net unrealised loss - - - (158) - on investments Transfer from unrealised - - (23) 23 - reserve Investment management fee - - (137) - - charged to capital Net loss for the period - - - - (123) At 30 June 2005 5,966 16,379 (237) (212) (47) 2. This Interim Report has been prepared using new accounting standards, which have been issued to begin the process of converging UK standards with International Financial Reporting Standards ("IFRS"). The relevant standards are FRS 25 Financial Instruments: Disclosure and Presentation and FRS 26 Financial instruments: Measurement. These standards have been adopted by the Company with effect from 1 January 2005. All investments held by the Company are classified as `fair value through profit or loss'. For investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices at the close of business on the balance sheet date. Previously all listed investments were valued with reference to closing mid market prices at the balance sheet date. The effect of this change in accounting policy on the net asset value of the Company as at 30 June 2005 has been to reduce it by £34,000. The comparative figures have not been restated as the impact is immaterial. In addition, transaction costs incurred on the purchase and sale of investments are now charged through the Statement of Total Return in the period in which they are incurred instead of being included within the cost of the investment or deducted from the proceeds of a sale. This has no impact on the net asset value of the Company but impacts the unrealised and realised gain or loss on investments. 3. The calculation of the revenue loss and capital loss per share for the period is based respectively on the net loss after tax of £123,000 and the net capital loss after tax of £502,000 divided by the weighted average number of shares in issue during the period of 24,446,922. 4. The unaudited financial statements set out above do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 5. Copies of the unaudited interim results are expected to be sent to shareholders on 23 September 2005. Further copies can be obtained from the Company's registered office. 6. The Interim Report will also be available on request from the Company's registered office, 29 Queen Anne's Gate, London SW1H 9BU. END
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