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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 |
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0 | 0 | N/A | 0 |
Quester VCT 5 plc Interim Statement for the six months ended 30 June 2007 Financial highlights Per ordinary share (pence) 30 June 31 December 30 June 2007 2006 2006 Capital values Net asset value 77.8 84.9 85.9 Share price 65.0 77.0 77.0 Return and dividends Dividend * 1.0 1.0 1.0 Cumulative dividend (tax 3.5 2.5 2.5 free) Total return ** 81.3 87.4 88.4 *A final dividend in respect of the year ended 31 December 2006 of 1p per share was paid on 28 March 2007, increasing cumulative dividends to 3.5p per share **Net asset value plus cumulative dividend per share Interim report Overview In May 2007 we announced that Quester Capital Management Limited, the company that manages Quester VCT 5 plc, had been acquired by NewMedia SPARK plc (`SPARK'). SPARK is a venture capital investment company traded on the Alternative Investment Market (AIM) of the London Stock Exchange, focused on early stage investment in the ICT and media sectors and is one of the few specialist and successful companies with expertise similar to Quester. SPARK's current market capitalisation is £56 million. Its net assets at 31 March 2007 were £72 million and it had 21 investments at that date. It specialises in digital media, software applications, technology and communications, which complements Quester's own activities in these areas. Quester's strong healthcare business will be developed alongside SPARK's new focus in this area. The combined group is responsible for managing funds of over £275 million: SPARK, the three Quester-managed VCTs - the Company, Quester VCT plc and Quester VCT 4 plc - the Quester Venture Partnership, an institutional fund, and University linked funds. The Board believes that the acquisition of Quester by SPARK and subsequent combination of resources has the potential to deliver enhanced long-term returns to investors in Quester VCT5. Over the past year there have been several successful investment realisations by SPARK: their experience brings a fresh focus on building value from Quester VCT 5 investments and planning for exits. For example, the SPARK investment in Mergermarket generated expected proceeds of £27.8 million against an initial cost of £1.2 million. The combined team continues to invest in first class early stage businesses as well as start-up companies. Net assets and dividends The movement in net assets is summarised in the table below: £'000 Pence per share Net asset value at 31 December 2006 20,153 84.9 Income 165 0.7 Operating expenses (441) (1.9) Net realised gain on investments 113 0.5 Net unrealised loss on investments (1,313) (5.6) Net assets before dividends and share 18,677 78.6 buy-backs Dividends paid net of amounts (225) (1.0) reinvested Share buy-backs (291) 0.2 Net asset value at 30 June 2007 18,161 77.8 The reduction in net assets since 31 December 2006 reflects mixed and slower progress than planned by some investments over the last six months. The majority of the portfolio investments have just passed the mid-point in their maturity cycle and provisioning has been made against weaker investments without the benefit of profit from revaluations or realisations of the more successful companies. The return (IRR - % pa) to date from Quester VCT 5 of -3.7% (+0.3% inclusive of 20% income tax relief), whilst disappointing nonetheless has a similar profile to venture capital funds of the same vintage. For example, the five year return from technology funds was -4.8% pa IRR (BVCA Private Equity and Venture Capital Performance Measurement Survey 2006). A final dividend in respect of the last financial year of 1p per share was paid on 28 March 2007. The Board do not propose an interim dividend at this stage and will consider whether a small final dividend is appropriate when the accounts for the full year are available. Venture capital portfolio: investment activity New investment The Company has completed three new venture capital investments during the first six months of the year: £'000 Symetrica Limited Diagnostics & devices 44 UniServity Limited Software 700 We7 Limited Software 102 846 Symetrica: Symetrica is a spin out company from the Department of Physics and Astronomy at the University of Southampton set up to commercialise proprietary, high performance gamma-ray spectroscopy, imaging hardware and software for use in nuclear, medical and process control industries. The investment was part of an overall financing to assist Symetrica in fulfilling a teaming agreement with Smiths Group to deliver a US Department of Defense contract with the balance provided by other Quester funds along with syndicate partners. UniServity: £700,000 was invested in a £2.4 million first funding round for UniServity, with the balance provided by other Quester managed funds. UniServity is a leading provider of web-based learning platforms to the educational sector. UniServity's learning platforms provide schools with a customised online suite of tools to support innovative ways of teaching and learning, thereby extending the classroom to the internet. We7: the investment was part of a £1.5 million first funding round. We7's technology inserts targeted adverts on to audio and video content which can then be legally downloaded for free by the consumer with the advert content being paid for by the advertiser. The company is at an early stage in developing advertising supported internet content in the fast growing downloads market. Follow-on investments A feature of the current period is that several portfolio companies have been raising new rounds of finance to fund their ongoing development. Accordingly, the number of follow-on investments has continued to be substantial. £'000 Antenova Limited Communications 41 Arithmatica Limited Semiconductors 31 Azea Networks Inc Communications 71 Celona Technologies Limited Software 164 Cluster Seven Limited Software 193 Genosis plc Diagnostics & devices 113 HTC Healthcare Limited Consumer services 23 Identum Limited Software 71 Level Four Software Limited Software 166 Oxford Immunotec Limited Diagnostics & devices 82 Oxxon Therapeutics Holdings Inc Biotechnology 97 (1) Pelikon Limited Hardware 115 1,167 (1) Bridging investment realised immediately upon the company's acquisition by Oxford Biomedica plc. The most significant of these transactions in the half year were as follows: Cluster Seven: Cluster Seven provides technology for managing, analysing and auditing the activity and data generated by Microsoft Excel spreadsheets, its product being used principally in the investment banking industry. Following good progress achieved during 2006, the company raised £1.5 million in additional equity from Quester funds as sole institutional investor. This is bridge finance and the first step towards raising additional equity finance to fund further growth. Level Four: Level Four supplies advanced software products for the testing and development of ATM services to major banks and financial institutions worldwide. The company raised £800,000 in February 2007 from Quester funds as sole institutional investor; the new investment being expected to fund the expansion of the company. Celona Technologies: Celona is a developer of data migration software for communications service providers (CSPs) enabling them to transform the software platforms which manage their operations without affecting customer service. The company has recently reached an important milestone with the closing of a £7 million Series B funding round with Caledonia Investments plc. This will enable Celona to build out its sales and support activities and will fund further product development. Venture capital portfolio: realisations and M&A activity Realisations from the portfolio of quoted venture capital investments generated £266,000 in proceeds and a net gain of £59,000 over carrying value at 31 December 2006. These transactions included the sale of the entire holding in Polaron and part of the unquoted holding in Oxxon Therapeutics at the time of its acquisition by the AIM-traded company, Oxford Biomedica plc in a paper-for-paper transaction. Venture capital portfolio: valuation changes The changes in the valuations of unquoted investments as a result of the management team review have resulted in a net reduction in valuations of £1,772,000. Down valuations have been made to Celona Technologies, Identum and Oxford Immunotech ahead of third party funding rounds. In respect of Oxford Immunotech, the Company has received notification from its lawyers of the filing of a s459 claim brought by minority shareholders of Oxford Immunotech. The suit claims unfairly prejudicial conduct by venture capital investors including the Company. The Board has been advised that the case is unlikely to succeed and accordingly it is the Company's intention to defend this action. Down valuations have also been made to Advanced Valve Technologies, Arithmatica, Celldex, HTC Healthcare and Mesophotonics where progress over the past six months has been slower than planned. Quoted venture capital investments, which comprise 11 stocks, are 26% of the value of the venture capital portfolio and increased in valuation by £114,000 during the period. Listed equity portfolio The listed equity portfolio has performed well over the half year with the valuation increasing by 11 % and a total of £1.1 million has been realised from the portfolio to provide liquidity for the new and follow-on venture capital investments. Outlook Investment in new companies has slowed down as the fund approaches full capacity. It is difficult to predict the timing of a significant build up in exit activity, not least because this will be affected by general market conditions as well as by the progress of individual portfolio companies. As stated in the 2006 Annual Report, we do not anticipate any significant short term realisations. We were then anticipating a build up in exit activity in 2008 and 2009. The slower progress made by portfolio companies now suggest that this timescale is likely to prove too demanding and we anticipate that the majority of the portfolio should be ready for sale between 2009 and 2012. We expect net asset value to continue to decline further as a result of normal running costs and provisioning against weaker investments and then to increase in the medium term as exits are achieved. Our focus is now working with the established portfolio to build value towards exits. Michael Inwards Chairman 20 September 2007 Fund summary As at 30 June 2007 Industry sector Original Valuation % % of cost equity fund £'000 £'000 held by value Quoted venture capital investments Allergy Therapeutics Biotechnology 700 1,053 1.1% 5.8% plc Cyclacel Software 500 137 0.5% 0.8% Pharmaceuticals Inc Genosis plc Diagnostics & devices 713 225 4.2% 1.2% Imagesound plc Industrial products & 500 491 0.5% 2.7% services Landround plc Other services 73 54 2.6% 0.3% MediGene AG Biotechnology 624 360 0.5% 2.0% Oxford Biomedica plc Biotechnology 428 225 0.0% 1.2% Phoqus Group plc Biotechnology 145 88 0.4% 0.5% Portrait Software plc Software 565 275 1.3% 1.5% Public Recruitment Industrial products & 250 79 0.6% 0.4% Group plc services Quadnetics Group plc Electronics 57 79 0.1% 0.4% Total venture capital 4,555 3,066 16.8% investments Unquoted venture capital investments Advanced Valve Industrial products & 673 - 11.9% 0.0% Technologies Limited services Antenova Limited Communications 443 403 1.8% 2.2% Arithmatica Limited Semiconductors 318 80 2.5% 0.4% Azea Networks Limited Communications 802 573 2.5% 3.2% Celldex Therapeutics Biotechnology 400 360 1.0% 2.0% Inc Celona Technologies Software 824 523 5.4% 2.9% Limited Cluster Seven Limited Software 510 510 4.7% 2.8% Global Silicon Limited Semiconductors 333 - 4.2% 0.0% Haemostatix Limited Biotechnology 61 61 3.1% 0.3% HTC Healthcare Group Consumer services 308 - 3.5% 0.0% plc Identum Limited Software 609 304 2.7% 1.7% Keronite Limited Chemicals & materials 386 386 2.9% 2.1% Lectus Therapeutics Biotechnology 364 364 3.0% 2.0% Limited Level Four Software Software 580 580 4.1% 3.2% Limited Mesophotonics Limited Electronics 357 89 3.0% 0.5% Nanotecture Group Chemicals & materials 88 88 0.8% 0.5% Limited Oxford Immunotec Diagnostics & devices 638 418 3.7% 2.3% Limited Pelikon Limited Hardware 487 487 2.9% 2.7% Perpetuum Limited Electronics 185 185 3.4% 1.0% Secerno Limited Software 108 108 1.7% 0.6% Symetrica Limited Diagnostics & devices 44 44 0.9% 0.2% UniServity Limited Software 700 700 11.6% 3.9% Vivacta Limited Diagnostics & devices 390 390 5.6% 2.1% We7 Limited Software 102 102 3.9% 0.6% Workshare Limited Software 764 1,037 2.9% 5.7% Xention Discovery Biotechnology 700 738 3.4% 4.1% Limited Total unquoted venture capital investments 11,174 8,530 47.0% Total venture capital 15,729 11,596 63.8% investments Listed fixed interest 1,547 1,545 8.5% investments Listed equity 2,205 3,449 19.0% investments Total investments 19,481 16,590 91.3% Cash and other net assets 1,571 1,571 8.7% Net assets 21,052 18,161 100.0% Unaudited financial statements Profit and loss account Note 6 months 6 months Year ended ended ended 31 December 30 June 2007 30 June 2006 2006 £'000 £'000 £'000 Net losses on investments at fair (1,200) (168) (206) value through profit or loss Income 165 145 292 Investment management fee (257) (277) (540) Other expenses (183) (156) (295) Loss on operating activities (1,475) (456) (749) Interest payable on loan notes (1) (1) (2) Loss on ordinary activities (1,476) (457) (751) before taxation Tax on ordinary activities - - - Loss on ordinary activities after (1,476) (457) (751) taxation Basic and diluted loss per share 4 (6.3)p (1.9)p (3.1)p All items in the above statement are derived 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. A statement of total recognised gains and losses has not been presented because all gains and losses are included in the statement above. Balance sheet 30 June 31 December 30 June 2007 2006 2006 £'000 £'000 £'000 Fixed assets Investments 16,590 17,212 15,597 Current assets Debtors 336 278 101 Cash at bank 1,481 2,847 5,365 1,817 3,125 5,466 Creditors: amounts (200) (138) (264) falling due within one year Other creditors Net current assets 1,617 2,987 5,202 Creditors: amounts (46) (46) (46) falling due in over one year Net assets 18,161 20,153 20,753 Capital and reserves Called-up equity share 233 237 242 capital Capital redemption 19 15 10 reserve Share premium account 5,996 5,982 5,982 Special reserve 14,590 14,986 15,323 Fair value reserve (2,893) (1,468) (1,303) Profit and loss account 216 401 499 Total equity 18,161 20,153 20,753 shareholders' funds Net asset value per share 77.8p 84.9p 85.9p Summarised cash flow statement 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Net cash outflow from operating (37) (91) (623) activities Net capital expenditure and (813) (770) (2,450) financial investment Dividends paid net of amounts (225) (230) (232) reinvested Buy-back of ordinary shares (291) (320) (626) Issue of shares pursuant to - - 2 offers for subscription made during 2004 Decrease in cash for the period (1,366) (1,411) (3,929) Reconciliation of net cash flow to movement in net funds Decrease in cash for the period (1,366) (1,411) (3,929) Net funds at the start of the 2,847 6,776 6,776 period Net funds at the end of the 1,481 5,365 2,847 period Reconciliation of movement in shareholders' funds Share Capital Share Special Fair Profit Total capital redemption premium reserve value and loss reserve account reserve account £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 237 15 5,982 14,986 (1,468) 401 20,153 2007 Shares issued - - 14 - - - 14 under the Dividend Reinvestment Scheme Shares bought (4) 4 - (291) - - (291) back Realisation - - - - (112) 112 - of prior years' net unrealised profits on investments Transfer from - - - (105) - 105 - special reserve to profit and loss account Transfer of - - - - (1,313) 1,313 - net unrealised loss on revaluation of investments to fair value reserve Loss on - - - - - (1,476) (1,476) ordinary activities after taxation Dividend paid - - - - - (239) (239) At 30 June 233 19 5,996 14,590 (2,893) 216 18,161 2007 Notes 1. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report for the year ended 31 December 2006. 2. A final dividend in respect of the prior year of 1p per share totalling £ 239,000 was paid on 28 March 2007. 3. The number of ordinary shares in issue as at 30 June 2007 was 23,341,324 (30 June 2006: 24,145,351). 4. The calculation of earnings per share for the period is based on the loss after tax of £1,476,000 (2006: loss of £457,000) divided by the weighted average number of shares in issue during the period being 23,544,305 (2006: 24,443,013) ordinary shares of 1p each. 5. 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 31 December 2006 have been delivered to the Registrar of Companies and received an audit report which was unqualified and did not contain any statements under Section 237 (2) and (3) of the Companies Act 1985. 6. Copies of the unaudited interim results are expected to be sent to shareholders on 20 September 2007. 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 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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