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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 |
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Quester VCT 5 plc
Interim statement for the six months ended 30 June 2006
Financial highlights
Per ordinary share (pence) 30 June 31 December 30 June
2005
2006 2005
Capital values
Net asset value 85.9 88.6 89.2
Share price 77.0 78.0 84.5
Return and dividends
Dividend* 1.0 - -
Cumulative dividend 2.5 1.5 1.5
Total return** 88.4 90.1 90.7
* The interim dividend of 1p per share was paid on 15 May 2006
** Net asset value plus cumulative dividend per share
Interim Report
Overview
Four new investments have been added to the portfolio during an active
investment period. Additional funding has also been provided for five existing
investments.
The venture capital portfolio has performed much as expected and positive
progress has been made by a number of companies. Quester VCT 5's investments
are largely unquoted and net asset value will not generally move in line with
quoted markets, which rose during the period. Net asset value has fallen, which
although unsatisfactory, is not unexpected for a fund of this type at this
stage. We remain confident of the potential of the portfolio to deliver future
growth in value.
Net assets and dividends
£'000 Pence per
share
Net asset value at 31 December 2005 21,760 88.6
Income 145 0.6
Operating expenses, including interest payable (434) (1.8)
Net realised gain on investments 59 0.2
Net unrealised loss on investments (227) (0.9)
Net assets before dividends and buy-backs 21,303 86.7
Dividend paid, net of amounts reinvested (230) (1.0)
Share buy-backs (320) 0.2
Net asset value at 30 June 2006 20,753 85.9
The interim dividend paid on 15 May 2006 was declared following the prior
year's gain of £808,000 realised on the sale of Footfall. As reported in the
2005 Annual Report, this required the Company to revoke its investment company
status and these interim accounts have been restated accordingly. The directors
have resolved not to pay a second interim dividend in respect of the half year.
Venture capital portfolio: investment activity
During the period, £1.2million was committed to four new and five follow-on
investments. The four new investments are:
£'000
Haemostatix Limited Biotechnology 50
Ovum plc Other services 125
Perpetuum Limited Electronics 185
Vivacta Limited Diagnostics & devices 104
464
Ovum is revenue generating and profitable. Perpetuum has some modest revenues
but is essentially a pre-revenue, early stage investment. The investments in
Haemostatix and Vivacta are both early stage and pre-revenue. The initial
investments in the latter three companies are deliberately small, with further
investment to be made on an agreed future milestone related basis, the
objective being to manage Quester VCT 5's exposure to these exciting, but early
stage and therefore higher risk, investments.
The development of Haemostatix's lead product, HaemoPlax(tm) artificial platelets,
has been driven by a need to find a safer, virus-free and more cost effective
alternative to blood Platelet Transfusion for the treatment of potentially life
threatening bleeding in patients with platelet deficiency. In excess of 5
million platelet transfusions are performed worldwide per annum. The only
treatment currently available is the transfusion of platelets prepared from
blood donations, which is an expensive and labour intensive process. In May,
Quester VCT 5 together with the investment syndicate provided further planned
funding to Haemostatix, which had successfully achieved its initial scientific
milestones.
Ovum plc is a leading provider of ICT research and consulting services. Ovum
provides industry data, knowledge and expertise on the commercial impact of
technology, regulatory and market changes to retained and project clients
including many major international blue-chip clients. The company raised £
10.2million when it was admitted to trading on AIM in March, which will allow
Ovum to progress its strategy of international growth through new product
development and acquisition.
Vivacta is an in vitro diagnostic company with novel technology designed to
enable rapid, reliable and highly sensitive tests to be performed at the
point-of-care. Point-of-care testing allows blood tests to take place in a
doctor's surgery or at the bedside, removing the need for blood samples to be
despatched to laboratories for analysis. This testing is a fast growing market
sector and the company's core technology is applicable to a wide variety of
tests. The company raised £3million in February, through a funding round led by
Quester and is at an exciting stage in the optimisation and commercialisation
of its patented piezofilm technology. Quester led a £2.2million funding round
for Perpetuum in February, which will enable the company to move to the point
of commercialising its technology. Perpetuum has developed the technology to
allow energy to be generated or "harvested" from moving or vibrating objects,
such as working plant and machinery, removing the need for batteries and
external wiring. This energy can be harnessed to power wireless sensor systems,
which are increasingly used to monitor the condition of equipment and machinery
in a wide range of applications often in remote locations. This offers
significant cost advantages.
With the exception of Ovum, which is an AIM-traded company, these new
investments are shared with Quester's institutional fund, the Quester Venture
Partnership, and were also seed funded by the Quester managed university funds,
as part of Quester's proactive deal sourcing strategy.
Quester VCT 5 invested a further £0.7million in five existing portfolio
companies:
£'000
Advanced Valve Technologies Limited Industrial products & services 66
Allergy Therapeutics plc Biotechnology 200
Azea Networks, Inc. Communications 112
Celona Technologies Limited Software 193
Workshare Limited Software 157
728
Venture capital portfolio: valuation changes
The values of the unquoted investments remained unchanged, except to reflect
the cost of any further investments made.
In the AIM portfolio there were two significant valuation changes during the
period. Firstly, there was an unrealised loss of £484,000 on the investment in
Genosis. The company focuses on developing consumer products for reproductive
health and its first product, Fertell, is a combined male and female home
fertility test available exclusively at Boots. As can often be the case with
AIM traded stocks with limited liquidity, the company's share price fell
disproportionately on the announcement of results that were behind
expectations. Fertell continues to have considerable potential, with the
possibility of expansion into Europe and the US.
Secondly, there was an unrealised gain of £162,000 on the investment in Allergy
Therapeutics, the specialist pharmaceutical company focused on the development
of innovative therapies for the treatment and prevention of allergy-related
conditions. Quester invested a further £200,000 in this company in April 2006.
Allergy Therapeutics has made progress internationally with their Pollinex
Quattro vaccine platform. The company has growing commercial product sales and
an advanced product pipeline, with two pivotal clinical studies commencing in
the current financial year.
Listed equity portfolio
The listed equity portfolio has continued to perform well, generating a total
rate of return of 8.2% over the half year on assets valued at £3.6million at
the start of the period.
Outlook
We expect to make four to five new investments over the coming months,
increasing the venture capital portfolio to some 36 companies and providing
investors with a good level of diversity.
We anticipate an increasing rate of realisations from the portfolio as it
matures over the coming years. These realisations, balanced by possible
under-performance of some companies, should flow through to support a recovery
in net asset value and create a dividend flow to shareholders over the medium
term.
Chairman
On behalf of the Board
20 September 2006
Fund summary
as at 30 June 2006
Industry Sector Original Valuation Equity % % of
Cost £ £'000 held fund
'000 by
value
Quoted venture capital
investments
Allergy Therapeutics plc Biotechnology 700 876 1.1% 4.2%
Cyclacel Group plc Biotechnology 500 142 0.5% 0.7%
Genosis UK plc Diagnostics & 599 112 3.4% 0.6%
devices
Ovum plc Other services 125 109 0.5% 0.5%
Polaron plc Industrial 250 112 1.2% 0.6%
products &
services
Portrait Software plc Software 565 265 1.5% 1.3%
Public Recruitment Group plc Industrial 250 68 0.6% 0.3%
products &
services
Quadnetics Group Plc Electronics 57 46 0.1% 0.2%
Total quoted venture capital 3,046 1,730 8.4%
investments
Unquoted venture capital
investments
Advanced Valve Technologies Industrial 673 402 11.9% 1.9%
Limited products &
services
Antenova Limited Communications 402 402 2.2% 1.9%
Arithmatica Limited Semiconductors 287 184 2.5% 0.9%
Avidex Limited Biotechnology 571 261 1.3% 1.3%
Azea Networks, Inc. Communications 639 639 2.4% 3.1%
Celona Technologies Limited Software 531 531 5.5% 2.6%
Cluster Seven Limited Software 316 316 4.0% 1.5%
Global Silicon Limited Semiconductors 333 333 4.2% 1.6%
Haemostatix Limited Biotechnology 50 50 3.1% 0.2%
HTC Healthcare Group plc Consumer goods & 285 170 3.5% 0.8%
services
Identum Limited Software 394 394 5.5% 1.9%
Lectus Therapeutics Limited Biotechnology 106 106 3.0% 0.5%
Level Four Software Limited Software 414 414 4.1% 2.0%
Lorantis Holdings Limited Biotechnology 400 400 0.9% 1.9%
Mesophotonics Limited Electronics 357 268 3.0% 1.3%
Nanotecture Group Limited Industrial 88 88 0.8% 0.4%
products &
services
Oxford Immunotec Limited Diagnostics & 536 624 3.7% 3.0%
devices
Oxxon Therapeutics Holdings, Biotechnology 367 183 1.3% 0.9%
Inc.
Perpetuum Limited Electronics 185 185 3.4% 0.9%
Pelikon Limited Hardware 373 373 2.9% 1.8%
Vivacta Limited Diagnostics & 104 104 4.0% 0.5%
devices
Workshare Limited Software 613 653 2.7% 3.1%
Xention Discovery Limited Biotechnology 455 492 3.4% 2.4%
Total unquoted venture 8,479 7,572 36.4%
capital investments
Total venture capital 11,525 9,302 44.8%
investments
Listed fixed interest 2,821 2,817 13.6%
investments
Listed equity investments 2,554 3,478 16.8%
Total investments 16,900 15,597 75.2%
Cash and other net assets 5,156 5,156 24.8%
Net assets 22,056 20,753 100.0%
Unaudited financial statements
Profit and loss account
Note 6 months 6 months Year ended
ended 30 ended 30 31 December
June 2006 June 2005 2005
Total £'000 Total £'000 Total
£'000
Net losses on fair value through (168) (365) (303)
profit or loss on investments
Income 145 180 408
Investment management fee (277) (274) (534)
Other expenses (156) (165) (361)
Loss on operating activities (456) (624) (790)
Interest payable on loan notes (1) (1) (2)
Loss on ordinary activities (457) (625) (792)
before taxation
Tax on ordinary activities - - -
Loss on ordinary activities after (457) (625) (792)
taxation
Basic and diluted profit/(loss) 3 (1.9)p (2.6)p (3.2)p
per share
Statement of historical cost profits and losses
6 months 6 months Year ended
ended 30 ended 30 31 December
June 2006 £ June 2005 £ 2005 £'000
'000 '000
Loss on ordinary activities before (457) (625) (792)
taxation
Realisation of prior years' net 148 (23) (2)
unrealised gains/(losses) on investments
Historical cost loss on ordinary (309) (648) (794)
activities before taxation
Historical cost loss for the period (309) (648) (794)
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 30 June
2006 £ December 2005
'000 2005 (restated)
(restated) £'000
£'000
Fixed assets
Investments 15,597 15,026 15,171
Current assets
Debtors 101 179 413
Cash at bank 5,365 6,776 6,829
5,466 6,955 7,242
Creditors (amounts falling due within one (264) (175) (270)
year)
Net current assets 5,202 6,780 6,972
Creditors (amounts falling due in over one (46) (46) (46)
year)
Net assets 20,753 21,760 22,097
Capital and reserves
Called-up equity share capital 242 246 248
Capital redemption reserve 10 6 4
Share premium account 5,982 5,966 5,966
Special reserve 15,323 15,643 16,375
Fair value reserve (1,303) (928) (212)
Profit and loss account 499 827 (284)
Total equity shareholders' funds 20,753 21,760 22,097
Net asset value per share 85.9p 88.6p 89.2p
December 2005 and 30 June 2005 have been restated to reflect the revocation of
the Company's investment company status. Further details are provided in note
1.
Summarised cash flow statement
6 months ended Year ended 6 months
30 June 2006 31 December ended 30
2005 June 2005
£'000 £'000 £'000
Net cash outflow from operating (91) (450) (299)
activities
Net capital expenditure and financial (770) (2,795) (3,063)
investment
Dividends paid (246) - -
Issue of shares under the dividend 16 - -
reinvestment scheme
Buy-back of ordinary shares (320) (337) (167)
Issue of shares pursuant under the - 985 985
offers for subscription
Decrease in cash for the period (1,411) (2,597) (2,544)
Reconciliation of net cash flow to
movement in net funds
Decrease in cash for the period (1,411) (2,597) (2,544)
Net funds at the start of the period 6,776 9,373 9,373
Net funds at the end of the period 5,365 6,776 6,829
Reconciliation of movement in shareholders' funds
Share Capital Share Special Capital Fair Profit
capital redemption premium reserve reserve value and
account reserve account £'000 realised reserve loss
£'000 £'000 £'000 account
£'000 £'000 £'000
At 1 January 2006 246 6 5,966 15,643 973 (928) (146)
Effect of revoking - - - - (973) - 973
investment company
status
At 1 January 2006 246 6 5,966 15,643 - (928) 827
(restated)
Shares purchased for (4) 4 - (320) - - -
cancellation
Shares issued under the - - 16 - - - -
terms of the dividend
reinvestment scheme
Transfer of net - - - - - (227) 227
unrealised loss on
revaluation of
investments to fair
value reserve
Realisation of prior - - - - - (148) 148
years' net unrealised
gains on investments
Dividends paid (note 2) - - - - - - (246)
Profit on ordinary - - - - - - (457)
activities after
taxation
At 30 June 2006 242 10 5,982 15,323 - (1,303) 499
Notes to the unaudited financial statements
1. As a result of the Directors' decision to enable dividends from capital
profits to be paid to shareholders, the Company applied on 14 March 2006 for
its investment company status, as defined under Section 266(3) of the Companies
Act 1985, to be revoked.
Consequently, the financial statements have been prepared to include a
statutory profit and loss account in accordance with Schedule 4 of the
Companies Act 1985 and Financial Reporting Standard.3 (Reporting Financial
Performance). These statements differ from the Statement of Total Return
presented in prior periods as follows:
(a) Both realised and unrealised gains on investments are now recognised
through the profit and loss account. Any gains or losses not considered to be
permanent are subsequently transferred to the fair value reserve, as a movement
on reserves.
(b) The full amount of the investment management fee is now charged to the
profit and loss account.
The effect of the restatement has been to increase the loss on ordinary
activities after taxation by £307,000 in respect of the period.
In the balance sheet, the opening revenue reserve, which was showing a loss of
£146,000, and the opening credit balance of the realised capital reserve of £
973,000 have been combined to form the profit and loss account with an opening
balance of £827,000. The fair value reserve records revaluation amounts
previously included in the unrealised capital reserve.
2. On 15 March 2006 the directors resolved to pay an interim dividend of 1p per
share. This was paid on 15 May 2006.
3. The calculation of loss per share for the period is based on the net loss
after tax of £457,000 divided by the weighted average number of shares in issue
during the period of 24,443,013.
4. The unaudited financial statements set out above do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
statutory accounts for the period ended 28 February 2006 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain any statements under s.237 (2) and (3) of the Companies Act
1985.
5. Copies of the unaudited interim results are expected to be sent to
shareholders on 20 September 2006. Further copies can be obtained from the
Company's registered office.
A copy of the above document is to be submitted to the UK Listing Authority,
and will shortly be available for inspection at the registered office of the
Company at 29 Queen Anne's Gate, London, SW1H 9BU and 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
END
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