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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 |
RNS Number:1775S Quester VCT 5 PLC 18 November 2003 Quester VCT 5 PLC ("the Company" or "Quester VCT 5") Offer for Subscription of up to 1,951,000 New Shares The Company announces that it has posted to shareholders and certain other investors details of an offer for subscription of up to 1,951,000 New Shares. The Directors believe that, in the current tax year and for the 2004/05 tax year, there is demand from investors for a fresh opportunity to take advantage of the attractive returns potentially available through venture capital investment with the benefit of the Venture Capital Trust tax reliefs. The Directors have, therefore, decided to offer investors an opportunity to subscribe for New Shares in Quester VCT 5. The Directors believe that now is a particularly interesting time to be investing in unquoted companies. Despite the recent recovery in the quoted markets, and particularly in quoted technology stocks, prices for unquoted companies' shares generally remain at the lower levels seen over the last two years and competition for deals remains limited. Therefore, attractive investment opportunities are now available providing the potential for the achievement of good returns to shareholders over the long term. As well as enabling investors to take advantage of these opportunities, the directors consider that raising additional capital should enable Quester VCT 5 to provide existing shareholders with a greater spread of risk from a larger and more diversified portfolio of investments and to spread the Company's running costs over a larger capital base. Existing shareholders in Quester VCT 5 will be given priority in the Offer, provided their Application Form is received by the Registrars by 10:00 a.m. on 5 December 2003. Investment Progress Since 30 June 2003 the venture capital portfolio has increased to 17 investments, with four new investments being completed in the quarter to 30 September 2003 and a further four being completed since that date. An overall summary of the fund as at 30 September 2003, the latest date as at which the net asset value per Ordinary Share of the Company has been announced, is provided in the table below: Cost Valuation % of fund #'000 #'000 by value Venture capital investments 4,096 4,246 20.4% Listed fixed interest investments 12,617 12,649 60.8% Listed equity investments 1,372 1,317 6.3% Total investments 18,085 18,212 87.5% Cash and other net assets, net of general 2,596 2,596 12.5% investment provisions Net assets as at 30 September 2003 20,681 20,808 100.0% Net Asset Value per Ordinary Share 94.0p Of the 17 venture capital investments held 16 are unquoted whilst the shares of AIT Group plc are traded on AIM. The Directors are pleased to see an increase in the share price of AIT Group plc in which an additional investment was made in July 2003. The new and follow-on investments completed since 30 June 2003 are as follows: New Follow-on Investment #'000 #'000 Advanced Valve Technologies Limited 184 - AIT Group plc - 232 Amino Holdings Limited* 143 - Anadigm Limited 87 - Antenova Limited - 75 Arithmatica Limited 287 - Azea Networks Limited - 222 Cyclacel Limited* 500 - Lorantis Holdings Limited* 400 - Oxford Immunotec Limited* 250 - Reqio Limited 232 - Xention Discovery Limited 166 - 2,249 529 * investment completed since 30 September 2003 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 Number #'000 venture of capital investments portfolio at cost % Healthcare & life sciences 2,050 38.0 6 Software 1,197 22.2 3 Communications 766 14.2 3 Industrial products & services 602 11.2 2 Energy 400 7.4 1 Semiconductors 374 7.0 2 ---- 5,389 100.0 17 Venture Capital Portfolio The venture capital investments held and their valuations as at 30 September 2003 (cost in the case of investments completed subsequently) are: Cost Valuation Investment #'000 #'000 Healthcare & life sciences: Avidex Limited - a drug discovery company focused on the 367 367 development of cancer and autoimmune therapeutics based around its proprietary T-cell receptor technology Cyclacel Limited - a drug discovery company engaged in the 500 500 design and development of novel therapeutics for cancer and other diseases involving abnormal cell proliferation Lorantis Holdings Limited - a drug discovery company 400 400 focused on the development of novel immunotherapeutics, targeting indications such as asthma, allergic reactions, autoimmune diseases and transplant rejection Oxford Immunotec Limited - an early stage company in the 250 250 diagnostics field, its first product being a new test for latent tuberculosis (TB) infection Oxxon Pharmaccines Limited - an early stage company 367 367 focused on the development of innovative therapeutic vaccines (pharmaccines) for the treatment of chronic infectious diseases and cancer Xention Discovery Limited - a drug discovery company 166 166 focused on the exploitation of proprietary technology to screen for novel drug candidates for the treatment of cardiovascular and neurological disorders Software: AIT Group plc* - a well-established company specialising in 565 935 customer relationship management (CRM) software for the financial services, communications and utilities sectors Reqio Limited - an early stage company producing specialist 232 232 cataloguing software for e-procurement systems relating to the distribution of industrial products Workshare Limited - an established company which develops and 400 400 sells document comparison and collaboration software Communications: Amino Holdings Limited - a company producing 'media gateways' 143 143 (devices that decode information from an IP input) for the consumer electronics market Antenova Limited - an early stage company focused on the 225 225 development and marketing of next-generation antenna technology for wireless networks Azea Networks Limited - an early stage company developing 398 398 innovative transmission equipment for submarine networks, increasing the capacity of installed underwater plant Industrial products & services: Advanced Valve Technologies Limited - an early stage company 202 202 specialising in the production of valves from reinforced composite materials, for a variety of industrial applications Footfall Limited - a company specialising in pedestrian 400 400 counting information services to retailers and shopping centre owners Energy: Bowman Power Systems Limited - a company involved in 400 180 innovative technology as a developer and supplier of compact, high efficiency, low emission micro-turbine power generation systems Semiconductors: Anadigm Limited - an early stage business, formed as a spinout 87 87 from Motorola, Inc., developing Field Programmable Analogue Arrays (FPAAs), programmable analogue devices Arithmatica Limited - an early stage electronic design 287 287 automation and silicon intellectual property company that has patented breakthroughs in mathematical algorithms for digital systems Total venture capital investments at date of this Document 5,389 5,539 * the shares of AIT Group plc are traded on AIM New Shares The New Shares will rank pari passu in all respects with the existing issued Ordinary Shares but will not be entitled to any final dividend declared in respect of the year ending 31 December 2003 (the directors expect that such dividend, if any, is likely to be modest). Terms of the Offer The maximum number of New Shares being issued under the Offer is 1,951,000 representing approximately 8.8 per cent. of the Company's existing issued Ordinary Shares. Investors are invited to subscribe an amount in pounds sterling rather than apply for a particular number of New Shares. The number of New Shares issued to an Applicant will be determined by reference to the Pricing Formula as follows: The Application Amount (in pounds), less 5 per cent. to allow for issue costs, divided by the Net Asset Value (in pounds) most recently announced prior to the date of allotment (rounded down to the nearest whole Ordinary Share) The Net Asset Value as at 30 September 2003 (the latest date for which the Net Asset Value has been announced) was 94.0p. New Shares allotted by reference to the Net Asset Value as at that date will be issued at a price of approximately 99p per share. The issue price in respect of any New Shares allotted by reference to the Net Asset Value as at any later date may be higher or lower. As an example, if an Applicant wishes to invest the sum of #10,000 and forwards his Application in time for allotment to be made on a date when the most recently announced Net Asset Value is that as at 30 September 2003, the Application Amount less 5 per cent. is #9,500 and the number of New Shares issued to the Applicant will be that figure divided by 0.94, rounded down to the nearest whole share, i.e. 10,106 New Shares (the effect is that the New Shares will have been issued at approximately 99p per New Share). On the basis of an issue price of 99p per New Share, the amount raised under the Offer before issue costs and assuming full subscription, would be #1,931,490. The Net Asset Value will be published as soon as practicable following each month end. However, no announcement will be made of the Net Asset Value as at 31 December 2003 and for subsequent month ends until the audited results of the Company for the year ended 31 December 2003 are available. After 31 December 2003 and until the audited results of the Company are available, New Shares will be issued at a price calculated by reference to the Net Asset Value as at 30 November 2003. No other announcements regarding changes in the Net Asset Value will be made unless the directors consider such change material and/or further announcements are required under the rules of the UK Listing Authority. Subject to the Terms and Conditions, allotments of New Shares will normally be made on a fortnightly basis. The minimum subscription amount for each Applicant is #3,000 but provided that this condition is met Applications can be for any amount. The Offer will remain open until 30 April 2004, unless fully subscribed at an earlier date, save that it may be extended, closed early or withdrawn as provided in the Terms and Conditions. Application will be made to the UK Listing Authority for the New Shares to be issued pursuant to the Offer to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. The New Shares will be in registered form and no temporary documents of title will be issued. It is expected that the New Shares will be admitted to trading two business days after each allotment and share and tax certificates will be despatched ten business days after each allotment. The New Shares will be capable of being transferred through the CREST system. Authorised financial intermediaries will be paid 3 per cent. commission on subscriptions introduced by them and accepted under the terms of the Offer. The Offer is not being underwritten. Save for the individual minimum subscription amount, there is no minimum subscription level for the Offer as a whole and, accordingly, the Offer will proceed irrespective of whether or not it is fully subscribed. The Directors already have the necessary shareholder authority to make the Offer pursuant to resolutions of the Company passed at the Annual General Meeting on 6 May 2003. Costs of the Offer The costs of the Offer are not capped and will be borne in their entirety by the Company. Assuming that the Offer is subscribed in full, it is estimated that the costs of the Offer will amount to approximately 5 per cent. of the amount subscribed under the Offer and this has been factored in to the Pricing Formula accordingly. This 5 per cent. includes, where appropriate, 3 per cent. commission payable to authorised financial intermediaries. Shareholders' Priority Offer Existing shareholders will have until 5 December 2003 to submit their Application Forms under the priority offer, although applications will be treated on a first come, first served basis. Full details of the offer are contained in an offering document dated 14 November 2003, which is available for inspection only, at the Document Viewing Facility of the UK Listing Authority at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS during normal business hours. Copies of the offering document are also available for collection from the offices of Quester Capital Management Limited at 29 Queen Anne's Gate, London, SW1H 9BU. Definitions used in this announcement have the same meanings as those set out on page 1 of the offering document. This information is provided by RNS The company news service from the London Stock Exchange END IOEEAPFPFDFDFEE
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