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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 2003 Financial highlights Per ordinary share (pence) 6 months to 69 weeks to 42 weeks ended 30 June 2003 31 December 2002 30 June 2002 Capital values Net asset value 93.3 92.8 94.8 Share price 96.0 96.0 93.0 Return and dividends Dividend - 0.5 - Cumulative dividend 0.5 0.5 - Total return* 93.8 93.3 94.8 *Net asset value plus cumulative dividend per share Highlights from the Chairman's statement and Investment manager's report * The Company has performed in line with plan and has steadily continued to build its venture capital portfolio. * The Company is continuing to build a portfolio that is well diversified by sector. Sectors include: * + Software + Biotechnology + Industrial products & services + Energy + Communications * The portfolio is expected to grow to around 25 investments. Chairman's statement OVERVIEW The Company has performed in line with plan and has steadily continued to build its venture capital portfolio. The net asset value has remained relatively stable and stood at 93.3p per share as at 30 June 2003. INVESTMENT PROGRESS AND PORTFOLIO PERFORMANCE Two new venture capital investments were made during the period at a cost of £ 385,000.This takes the total number of venture capital investments to nine. In addition, a further £163,000 was invested in existing investments as part of follow-on rounds taking the total level of venture capital investment made during the six months to £548,000. As can be seen in the table in the Investment Manager's report, the creation of a diversified venture capital portfolio is well underway. At the period end, the majority of the Company's venture capital investments continued to be valued at cost, as would be expected at this early stage. However, provisions of £290,000 have been made against two investments. RESULTS The statement of total return for the six months to 30 June 2003 shows a loss before tax of £17,000. Of this, a profit of £103,000 was attributable to the revenue account, which is in effect the Company's profit and loss account, with the balance of £120,000 being the capital loss for the period. There is no tax charge. The directors are not declaring an interim dividend. FUNDRAISING During the half year, the share offers were closed having generated additional gross subscription proceeds of £2.5 million. In total, £3.6 million was raised by these offers, which were launched in October 2002.The Company will consider whether a further offer for shares later in the current tax year is in the best interests of the Company and of shareholders. OUTLOOK The venture capital portfolio is expected to grow to around 25 investments, with reserves retained to cover future potential funding requirements. It is likely that the process of selecting the remaining investments will be essentially completed during the next twelve months. Given the improvement in market sentiment and a good deal flow, we believe that the Company is well placed to build an attractive venture capital portfolio for shareholders. WW Passmore Chairman 17 September 2003 Investment manager's report OVERVIEW During the half year to 30 June 2003, measured progress has been made in the continued building of the Company's venture capital portfolio. We have maintained a cautious rate of investment reflecting our selective investment policy. The recent upturn in stock markets generally has resulted in a recovery of value in the Company's listed equity portfolio. The bond portfolio, which is comprised of short dated instruments only, was valued marginally above cost as at the period end. VENTURE CAPITAL PORTFOLIO The venture capital portfolio has now increased to nine investments, eight of which are unquoted. The ninth, AIT Group plc, has a quotation on the Alternative Investment Market (AIM). The composition of the portfolio is provided in the Fund Summary table below. During the period, new and follow-on investments were made as detailed below: Investment New Follow-on £'000 £'000 Advanced Valve Technologies Limited 18 - Antenova Limited - 75 Azea Networks Limited - 88 Oxxon Pharmaccines Limited 367 - 385 163 Inclusive of these investments, the Company is continuing to build a portfolio that is well diversified by sector, as shown in the following table: Sector Cost Existing venture Number of investments £'000 Capital portfolio at cost % Biotechnology 734 28.1 2 Software 733 28.1 2 Industrial products & 418 16.0 2 services Energy 400 15.3 1 Communications 326 12.5 2 2,611 100.0 9 Since the end of the period, £508,000 has been invested in three follow-on investments and £519,000 in a further two new companies. In view of the present conditions in the venture capital market, we are placing much emphasis on the need for the Company to retain prudent reserves for expected follow-on investment. This policy is needed to enable the Company to contribute to the further finance required by successful portfolio companies as they grow, given the uncertainties in the availability of venture capital for young companies. Taking both actual investments made and reserves for future follow-on investment into account, the Company has effectively completed approximately 30% of the total anticipated venture capital portfolio. It is anticipated that the actual number of investments held in the portfolio will eventually rise to approximately 25. The unquoted investments have been valued in line with the Company's accounting policies, which are based upon guidelines issued by the British Venture Capital Association (BVCA).At this early stage, most companies remain valued at cost. However, the investment in Bowman Power had been written down to 75% of cost and the investment in the AIT Group, which is a quoted investment, had been marked down following a fall in its share price. As at 1 September 2003, the share price of AIT Group had recovered strongly. LISTED EQUITY PORTFOLIO AND FIXED INTEREST PORTFOLIO Since 31 December 2002, net additional funds of £465,000 have been invested in the listed equity portfolio by Newton Investment Management Limited. During the period, this portfolio has recovered some value, however, as at 30 June 2003, it was showing a net unrealised loss of £100,000 on a cost of £1.1 million. The bond portfolio, which is comprised of short dated instruments only, was showing an unrealised profit of £85,000 on a cost of £13.5 million. This portfolio will steadily reduce as funds are switched into venture capital opportunities. CONCLUSION We have continued the steady progress of building the venture capital portfolio and believe that the investments made to date have good potential, although it should be stressed that these companies are at a very early stage. Going forwards, shareholders will see a steady increase in the number of investments held within the portfolio, up to an anticipated level of approximately 25 companies. With a strengthening deal flow and the possibility of somewhat more positive global economic conditions, the Company is well placed to create a portfolio of young companies with exciting potential. Quester Capital Management Limited Manager 17 September 2003 FUND SUMMARY AS AT 30 JUNE 2003 Cost Valuation % of fund £'000 £'000 by value Venture capital investments Advanced Valve Technologies 18 18 0.1% Limited AIT Group plc * 333 143 0.7% Antenova Limited 150 150 0.7% Avidex Limited 367 367 1.8% Azea Networks Limited 176 176 0.9% Bowman Power Limited 400 300 1.5% Footfall Limited 400 400 1.9% Oxxon Pharmaccines Limited 367 367 1.8% Workshare Limited 400 400 1.9% Total venture capital 2,611 2,321 11.3% investments Listed fixed interest 13,495 13,580 65.7% investments Listed equity investments 1,130 1,030 5.0% Total investments 17,236 16,931 82.0% Cash and other net assets 3,728 3,728 18.0% Net assets 20,964 20,659 100.0% * AIT Group plc is quoted on the Alternative Investment Market (AIM). UNAUDITED FINANCIAL STATEMENTS STATEMENT OF TOTAL RETURN Incorporating the revenue account of the Company Note 6 months ended 30 June 42 weeks ended 30 June 69 weeks 2003 2002 ended 31 December 2002 Revenue Capital Total Revenue Capital Total Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Losses on - (27) (27) - (17) (17) (135) investments Income 340 - 340 184 - 184 507 Investment (93) (93) (186) (30) (30) (60) (190) management fee Other expenses (144) - (144) (149) - (149) (290) Return/(loss) on 103 (120) (17) 5 (47) (42) (108) ordinary activities before taxation Tax on ordinary - - - - - - (4) activities Return/(loss) on 103 (120) (17) 5 (47) (42) (112) ordinary activities after taxation Proposed dividend - - - - - - (93) Transfer to/ 103 (120) (17) 5 (47) (42) (205) (from) reserves Earnings/(loss) 3 0.49p (0.57)p (0.08) 0.04p (0.44)p (0.40) (0.7)p per share p 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. UNAUDITED FINANCIAL STATEMENTS (continued) BALANCE SHEET Note 30 June 30 June 31 December 2003 2002 2002 £'000 £'000 £'000 Fixed assets Investments 16,931 12,691 15,907 Current assets Debtors 346 480 348 Cash at bank 3,600 5,924 2,346 3,946 6,404 2,694 Creditors: amounts falling due (172) (1,493) (308) within one year Net current assets 3,774 4,911 2,386 Creditors: amounts falling due in over one year Loan Stock (46) (46) (46) Net assets 20,659 17,556 18,247 Capital and reserves Called up equity share capital 221 185 197 Share premium account 1 3,260 17,413 842 Special reserve 1 17,400 - 17,413 Capital reserve - realised 1 (24) (43) 63 - unrealised 1 (307) (4) (274) Revenue reserve 1 109 5 6 Total equity shareholders' funds 20,659 17,556 18,247 Net asset value per share 93.3p 94.8p 92.8p SUMMARISED CASH FLOW STATEMENT 6 months 42 weeks 69 weeks ended ended ended 30 June 2003 30 June 2002 31 December 2002 £'000 £'000 £'000 Net cash (outflow)/inflow from (58) (264) 126 operating activities Net capital expenditure and financial (1,038) (11,410) (16,278) investment Dividends paid (79) - - Financing 2,429 17,598 18,498 Increase in cash for the period 1,254 5,924 2,346 Reconciliation of net cash flow to movement in net funds Increase in cash for the period 1,254 5,924 2,346 Net funds at the start of the period 2,346 - - Net funds at the end of the period 3,600 5,924 2,346 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 2003 842 17,413 63 (274) 6 Share issues 2,459 - - - - Expenses of share issues (54) - - - - Shares allocated under the 13 - - - - dividend reinvestment scheme Share buy back and cancellation - (13) - - - Net profit on realisation of - - 15 - - investments Net unrealised depreciation of - - - (42) - investments Transfer from unrealised - - (9) 9 - reserve Investment management fee - - (93) - - charged to capital Net revenue retained for the - - - - 103 period At 30 June 2003 3,260 17,400 (24) (307) 109 2. The financial information contained in this report has been prepared on the basis of the accounting policies adopted by the Company and covers the six months to 30 June 2003. 3. The calculation of the revenue, capital and total return per share for the period is based on the respective profit or loss after tax and on the weighted average number of shares in issue during the period of 21,096,443. 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 17 September 2003. Further copies can be obtained from the Company's registered office. 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 END
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