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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sing&Fri.Aim 3 | LSE:SFA | London | Ordinary Share | GB0030207152 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Singer & Friedlander AIM 3 VCT PLC
18 September 2008
Singer & Friedlander AIM 3 VCT plc
Half-yearly Report for the six months ended 31 July 2008
Board Review
Introduction
The first half of our financial year has been difficult continuing the trend established during the last year's second half. Sentiment
has worsened significantly and liquidity on the Alternative Investment Market (AIM) has deteriorated leading to further sharp falls in share
prices and in your Net Asset Value (NAV). Uncertainty due to the credit crunch and volatile commodity prices, in particular oil, has caused
investors to be nervous and increasingly risk averse during the period.
In spite of these concerns your Directors remain confident that the portfolio is well positioned to benefit once sentiment improves.
On a positive note, following recent changes in legislation, HMRC has confirmed that from 1 October 2008 fund management services
provided to VCTs will be exempt from VAT. This has allowed the Investment Managers, on behalf of the VCT, to make a reclaim for the past VAT
incurred by the VCT. As a result the current report recognises £744,000 relating to VAT payments back to 1 October 2001.
Performance
The Company's NAV at 31 July 2008 was 62.51 pence, a decrease of 18.1% during the six month period (after adjusting for the 2.0 pence
per share dividend paid on 24 June 2008). Over the same period, the AIM Index fell by 14.5% and the All Share Index fell by 6.2%. The
discrepancy in performance between your NAV and the AIM Index was again caused by the relatively good performance of the dominant Natural
Resource sectors in which VCTs generally cannot invest.
Since launch in 2001 the NAV (adjusted for dividend payments totalling 9.25 pence) has declined by 24.5% whilst the AIM Index has fallen
by 35.2%.
Shareholders who originally invested in the 'C' Share issue of Singer & Friedlander AIM 3 VCT in April 2005, adjusted for the conversion
ratio from December 2005 and subsequent dividend payments of 6.0 pence, have seen a return of -20.5% whilst the AIM Index has returned
-21.5%.
Shareholders who originally invested in Singer & Friedlander AIM 2 VCT (after allowing for dividend payments from that fund of 5.25
pence, the relevant conversion ratio and subsequent dividends of 6.0 pence) have seen an effective decline in NAV of 39.6% since launch in
April 2000. Over the same period, the AIM Index has fallen by 56.5%.
Shareholders who originally invested in Singer & Friedlander AIM VCT, launched in late 1998/early 1999 (after allowing for dividend
payments from that fund of 32.4 pence, the relevant conversion ratio and subsequent dividends of 6.0 pence) have seen a decline of 32.0%.
The above returns do not take into account any tax relief that shareholders may have received.
Results and Dividends
The total deficit for the period was £6.37m or a loss of 14.27 pence per share (31 July 2007: profit £2.81m or earnings of 5.99p per
share). The loss is entirely due to the fall in capital value of the investment portfolio as already covered in the performance section of
this Report. Revenue returns remained positive with an increase to £266,734 (31 July 2007: £37,203) albeit enhanced by the undermentioned
VAT rebate. Shareholders funds fell to £27.23m (31 July 2007: £44.77m) as a result of the underlying fall in value of the investment
portfolio as well as by the payment of dividends and the impact of our share buy back programme. Cash flow was negative with net outflow of
£1.52m after the funding of the final dividend costing £0.9m and the repurchase of our own shares requiring £0.9m. There were fewer
disposals from the investment portfolio due to market weakness and illiquidity when compared to last year's buoyant period. Our cash at the
period end amounted to £0.49m. After the period end the Trust has secured a VAT rebate from HMRC amounting to £744,000 boosting our cash balances at the time of writing, further details can be found in
note 10 to the accounts.
Bearing in mind the market background, the Board had decided to pay a dividend of 0.5 pence per share (2007: 2.0 pence). The dividend is
payable on 24 October 2008 to shareholders on the register on 26 September 2008.
Investment Strategy
The objective of the Company is to provide shareholders with an attractive and competitive investment return from a portfolio of
companies whose shares are primarily traded on the Alternative Investment Market (AIM). Returns will be enhanced as a consequence of
dividends and capital gains being free of tax for private investors.
Portfolio commentary and developments
The portfolio continues to comply with HM Revenue & Customs' criteria for VCT qualification and at the period end consisted of 60
companies; of these companies 53 were quoted on the AIM, one was traded on the PLUS Markets platform, two were fully listed and the
remaining four were unquoted. Unquoted investments represented 14.1% of net assets whilst fixed interest and cash accounted for 21.9%.
As alluded to in the introduction the market became increasingly difficult and illiquid during the period. We have, however, seen
further takeovers including those of Imprint and Tissue Science Laboratories; apart from this activity it has not generally been possible or
even desirable at current levels to make further disposals. We would anticipate that bidders will continue to try to exploit low valuations
on AIM and an important aspect of your Fund Manager's role is to ensure that maximum value is realised from the portfolio investments
wherever possible.
Investing activity has also been limited in the first half as very few opportunities have arisen and has largely consisted of modest
follow on investments as well as funding the share buy back programme discussed below.
Share Repurchases
During the period, we repurchased 1,411,657 shares representing 3.1% of our issued share capital. These shares were bought at between
10-15% below the NAV prevailing at the time of purchase, thereby enhancing the NAV for remaining shareholders. The Company will continue to
repurchase its own shares from time to time as appropriate and within the powers granted at the AGM, although going forward the discount
will be set at 20%. These transactions are handled by our stockbroker, Landsbanki Securities.
Outlook
The UK economy continues to weaken and current share prices in the portfolio reflect this. As yet it is unclear how long the downturn
will last. However, we believe the portfolio is well positioned for when the economy recovers in due course.
Christopher Moorsom (Chairman)
James Hambro
Mike Killingley
David Page
Dominic Wheatley
Singer & Friedlander AIM 3 VCT plc
17 September 2008
Directors' Responsibility Statement
We confirm to that to the best of our knowledge:
* the condensed set of financial statements, which has been prepared in accordance with applicable accounting standards in the
United Kingdom, gives a true and fair view of the assets, liabilities, financial position and profit of the Company as required by the
Disclosure and Transparency Rules ('DTR') 4.2.4R; and
* the Report includes a fair review of the information required by DTR 4.2.7R and the Report includes a fair review of the
information required by DTR 4.2.8R.
Christopher Moorsom
Chairman
for and on behalf of the Board, the members of which are set out previously in the Board Review.
Independent review report to Singer & Friedlander AIM 3 VCT plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the Half-yearly Financial Report for the six
months ended 31 July 2008, which comprises the income statement, balance sheet, reconciliation of movements in shareholders' funds,
summarised cash flow statement and related notes. We have read the other information contained in the Half-yearly Financial Report and
considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial
statements.
Directors' responsibilities
The Half-yearly Financial Report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for
preparing the Half-yearly Financial Report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial
Services Authority.
As disclosed in note 1, the annual financial statements are prepared in accordance with United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice). The condensed set of financial statements included in this Half-yearly Financial Report has
been prepared in accordance with pronouncements on Half-yearly Financial Reports issued by the Accounting Standards Board (ASB).
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Half-yearly Financial
Report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the
Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept
or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
Half-yearly Financial Report for the six months ended 31 July 2008 is not prepared, in all material respects, in accordance with
pronouncements on Half-yearly Financial Reports issued by the ASB and the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants, London
17 September 2008
Summary Financial Information
Unaudited Income Statement
Unaudited6 months ended31 July 2008 Unaudited6 months ended31 July 2007 AuditedYear ended31 January
2008
Revenue Capital Total Revenue Capital Total Revenue Capital
Total
£ £ £ £ £ £ £ £
£
Net (losses)/gains on - (7,010,604) (7,010,604) - 3,177,731 3,177,731 - (4,449,935)
(4,449,935)
investments at fair value
Income 331,553 - 331,553 335,127 - 335,127 634,851 -
634,851
Administrative expenses
Investment management fees 119,329 357,987 477,316 (101,476) (304,427) (405,903) (187,689) (563,066)
(750,755)
(note 9/10)
Decrease/(increase) in share 6,803 20,410 27,213 (32,361) (97,084) (129,445) 31,325 93,977
125,302
option provision (note 3)
Other expenses (190,951) - (190,951) (164,087) - (164,087) (339,084) -
(339,084)
Total administrative (64,819) 378,397 313,578 (297,924) (401,511) (699,435) (495,448) (469,089)
(964,537)
(expenses)/income
Return/(deficit) on ordinary 266,734 (6,632,207) (6,365,473) 37,203 2,776,220 2,813,423 139,403 (4,919,024)
(4,779,621)
activities before taxation
Taxation on ordinary - - - - - - - -
-
activities (note 4)
Return/(deficit) on ordinary 266,734 (6,632,207) (6,365,473) 37,203 2,776,220 2,813,423 139,403 (4,919,024)
(4,779,621)
activities after taxation
Return/(deficit) per ordinary 0.60p (14.87)p (14.27)p 0.08p 5.91p 5.99p 0.30p (10.64)p
(10.34)p
share (note 5)
The total 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. No operations were discontinued during the
period.
There are no gains or losses other than shown in the income statement.
These accounts are unaudited and are not the Company's statutory accounts. The accounts have been prepared using accounting standards
and policies adopted at the previous year end.
Unaudited Reconciliation of Movements in Shareholders' Funds
Called-up share Share premium Merger reserve Special reserve Capital redemption
Share options Capital reserve Revenue reserve Total
capital account reserve
reserve
£ £ £ £ £
£ £ £ £
6 months ended 31 July 2008
31 January 2008 2,248,449 2,954,794 16,492,539 19,112,927 487,979
33,875 (5,931,126) 16,867 35,416,304
Re-purchase and cancellation (70,583) - - (895,549) 70,583
- - - (895,549)
of ordinary shares
Decrease in share option - - - - -
(27,213) - - (27,213)
provision (note 3)
Net (deficit)/return after - - - - -
- (6,632,207) 266,734 (6,365,473)
taxation for the period
Dividends paid (note 6) - - - - -
- (882,516) (16,863) (899,379)
31 July 2008 2,177,866 2,954,794 16,492,539 18,217,378 558,562
6,662 (13,445,849) 266,738 27,228,690
Year ended 31 January 2008
31 January 2007 2,373,099 2,954,794 16,492,539 21,296,977 363,329
159,177 831,639 (122,536) 44,349,018
Re-purchase and cancellation (124,650) - - (2,184,050) 124,650
- - - (2,184,050)
of ordinary shares
Decrease in share option - - - - -
(125,302) - - (125,302)
provision (note 3)
Net (deficit)/return after - - - - -
- (4,919,024) 139,403 (4,779,621)
taxation for the year
Dividends paid (note 6) - - - - -
- (1,843,741) - (1,843,741)
31 January 2008 2,248,449 2,954,794 16,492,539 19,112,927 487,979
33,875 (5,931,126) 16,867 35,416,304
6 months ended 31 July 2007
31 January 2007 2,373,099 2,954,794 16,492,539 21,296,977 363,329
159,177 831,639 (122,536) 44,349,018
Re-purchase and cancellation (86,847) - - (1,572,553) 86,847
- - - (1,572,553)
of ordinary shares
Increase in share option - - - - -
129,445 - - 129,445
provision (note 3)
Net return after taxation for - - - - -
- 2,776,220 37,203 2,813,423
the period
Dividends paid (note 6) - - - - -
- (949,240) - (949,240)
31 July 2007 2,286,252 2,954,794 16,492,539 19,724,424 450,176
288,622 2,658,619 (85,333) 44,770,093
These accounts are unaudited and are not the Company's statutory accounts.
Unaudited Balance Sheet
Unaudited 31 July Unaudited Audited
2008 31 July 31 January
2007 2008
£ £ £
Fixed assets
Investments at fair value
Qualifying investments 20,046,593 33,791,012 26,972,039
Fixed interest securities 6,134,495 7,322,082 6,764,733
and other non-qualifying
investments
26,181,088 41,113,094 33,736,772
Current assets
Debtors (note 10) 833,845 57,994 15,983
Accrued interest on fixed 71,544 71,544 71,803
interest securities
Cash at bank 493,994 4,254,057 2,017,103
1,399,383 4,383,595 2,104,889
Creditors: amounts falling due
within one year
Other creditors and accruals (351,781) (726,596) (425,357)
Net current assets 1,047,602 3,656,999 1,679,532
Total net assets 27,228,690 44,770,093 35,416,304
Capital and reserves
Called-up share capital 2,177,866 2,286,252 2,248,449
Share premium account 2,954,794 2,954,794 2,954,794
Merger reserve 16,492,539 16,492,539 16,492,539
Special reserve 18,217,378 19,724,424 19,112,927
Capital redemption reserve 558,562 450,176 487,979
Share options reserve (note 6,662 288,622 33,875
3)
Capital reserve - realised 3,996,249 5,254,539 5,463,797
Capital reserve - unrealised (17,442,098) (2,595,920) (11,394,923)
Revenue reserve 266,738 (85,333) 16,867
Equity shareholders' funds 27,228,690 44,770,093 35,416,304
Net asset value per ordinary 62.51p 97.91p 78.76p
share (note 7)
During the period, the Company has purchased 1,411,657 ordinary shares for cancellation in accordance with the Company's share buy back
policy.
These accounts are unaudited and are not the Company's statutory accounts.
Unaudited Summarised Cash Flow Statement
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2008 2007 2008
£ £ £
Net cash outflow from operating (321,115) (63,239) (381,377)
activities (note 8)
Net cash inflow from capital 632,770 6,124,495 5,804,328
expenditure and financial investment
Equity dividends paid (899,379) (949,240) (1,843,741)
Net cash (outflow)/inflow before (587,724) 5,112,016 3,579,210
financing
Net cash outflow from financing (935,385) (1,574,877) (2,279,025)
Net funds at the beginning of the 2,017,103 716,918 716,918
period
Net funds at the end of the period 493,994 4,254,057 2,017,103
These accounts are unaudited and are not the Company's statutory accounts.
Notes to the Unaudited Financial Statements
1. Basis of Preparation
The Half-yearly Report sets out the financial statements of the Company for the six months ended 31 July 2008, together with comparative
financial information for the Company for the six months ended 31 July 2007 and the year ended 31 January 2008 and has been prepared under
UK Generally Accepted Accounting Practice.
The financial statements for the year ended 31 January 2008 have been audited whilst the results for the six months ended 31 July 2007
and 31 July 2008 are unaudited. Therefore the Half-yearly Report does not constitute statutory accounts within the meaning of S240 of the
Companies Act 1985. The financial information for the year ended 31 January 2008 is an abridged statement of the financial statements for
that year which were prepared under UK Generally Accepted Accounting Practice and were delivered to the Registrar of Companies. The
auditors' opinion on these accounts was unqualified and did not contain a statement made under S237(2) or S237(3) of the Companies Act
1985.
2. Principal Accounting Policies
The financial statements have been prepared using the accounting policies adopted in the Company's audited financial statements for the
year ended 31 January 2008.
a) Basis of Accounting
The financial statements have been prepared on a going concern basis and under the historic cost convention, modified to include the
revaluation of fixed asset investments.
b) Investments
All investments held by the Company are classified "at fair value through profit or loss". Investments are initially recognised at cost,
being the fair value of consideration given. Interest accrued on fixed rate securities at the date of purchase or sale is accounted for
separately as accrued income, so that the value or purchase price or sale proceeds is shown net of such items.
After initial recognition, investments are measured at fair value, with unrealised gains and losses on investments and impairment of
investments recognised in the income statement and allocated to capital. Realised gains and losses on investments sold are calculated as the
difference between sales proceeds and cost.
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, without adjustment for transaction costs necessary to realise the
asset.
Where trading in the securities of an investee company is suspended, the investment is valued at the Board's estimate of its net
realisable value.
Unquoted investments are stated at the fair value with reference to the International Private Equity and Venture Capital Valuation
("IPEVCV") guidelines where appropriate
Capital gains and losses on investments, whether realised or unrealised, are dealt with in the capital reserve.
3. Manager's option
In accordance with the arrangements agreed on the merger of the Company with AIM and AIM 2, the Managers have been granted an option
which provides that if by the date of payment of the final dividend in respect of the ordinary shares for the Company's accounting year
ending 31 January 2013 cumulative dividends declared and paid on each ordinary share (by reference to a record date after the merger) exceed
a return of 8 per cent (compounded annually) of the net asset value per ordinary share the Manager will be entitled to subscribe at par for
such number of additional ordinary shares as shall in aggregate be equal to 15 per cent of ordinary shares in the Company as enlarged by
such subscriptions.
The right is a share based payment under FRS20. This right or option has been valued on the date that it was granted to the Managers and
this cost is being charged to the income statement as part of the management fee evenly over the period over which it vests. A decrease in
the provision of £27,213 is disclosed in the income statement in the period ended 31 July 2008 to reflect the decline in the probability of
the exercise of the options during the period. This is shown as a separate reserve in the balance sheet.
4. Taxation on ordinary activities
The tax charge for the half-year in £nil (31 July 2007: £nil, 31 January 2008: £nil). This is based on an estimated effective tax rate
of 0% for the year ending 31 January 2009. The estimated effective tax rate is 0% as investment gains are exempt from tax owing to the
Company's status as a Venture Capital Trust and there is expected to be an excess of management expenses over taxable income.
5. Return/(deficit) per ordinary share
Basic revenue return per ordinary share is based on the net return on ordinary activities after taxation of £266,734 (31 July 2007:
£37,203, 31 January 2008: £139,403) and on 44,602,992 (31 July 2007: 46,988,423, 31 January 2008: 46,194,765) ordinary shares, being the
weighted average number of ordinary shares in issue during the period.
Basic capital return per ordinary share is based on the net capital deficit for the period of £6,632,207 (31 July 2007: return
£2,776,220, 31 January 2008: deficit £4,919,024) and on 44,602,992 (31 July 2007: 46,988,423, 31 January 2008: 46,194,765) ordinary shares,
being the weighted average number of ordinary shares in issue during the period.
6. Dividends in respect of equity shares
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2008 2007 2008
£ £ £
Dividends paid
Relating to prior period:
Final dividend 899,379 949,240 929,240
Interim dividend - - 914,501
899,379 949,240 1,843,741
The Directors are declaring the payment of an interim dividend of 0.5 pence per ordinary share (£217,787 based on 43,557,324 shares in
issue at the date of this report) in respect of the period ended 31 July 2008. This dividend is payable on 24 October 2008 to shareholders
on the register on 26 September 2008.
7. Net asset value per ordinary share
The net asset value per ordinary share at 31 July 2008 has been calculated by reference to net assets of £27,228,690 (31 July 2007:
£44,770,093, 31 January 2008: £35,416,304) and 43,557,324 (31 July 2007: 45,725,054, 31 January 2008: 44,968,981) ordinary shares, being the
number of ordinary shares in issue at the period end.
8. Reconciliation of net (deficit)/return before taxation to net cash outflow from operating activities
Unaudited 6 Unaudited 6 AuditedYear ended31
monthsended31 monthsended31 January 2008 £
July2008£ July2007 £
Net (deficit)/return before (6,365,473) 2,813,423 (4,779,621)
taxation
Net losses/(gains) on 7,010,604 (3,177,731) 4,449,935
investments at fair value
(Decrease)/increase in share (27,213) 129,445 (125,302)
option provision
(Increase)/decrease in debtors (795,159) (17,610) 24,142
(Decrease)/increase in (133,740) 189,234 80,646
creditors and accruals
Less interest reinvested - - (1,674)
Amortisation of discount on (10,134) - (29,503)
fixed interest securities
Net cash outflow from (321,115) (63,239) (381,377)
operating activities
9. Related party transactions
Under the terms of agreements dated 22 January 2001, the Company appointed Singer & Friedlander Investment Management Limited to be the
Investment Manager and Singer & Friedlander Secretaries Limited as Company Secretary. The fee arrangements for these services and the fees
payable are set out below:
Unaudited6 months Unaudited 6 months AuditedYearended31 January
ended 31 July 2008 ended31 July 2007£ 2008£
£
Investment management fee 226,965 345,449 638,940
Irrecoverable VAT thereon 6,911 60,454 111,815
Recoverable VAT thereon 32,808 - -
Recovered VAT from previous (744,000) - -
periods
(477,316) 405,903 750,755
Company secretarial fees 7,500 7,500 15,000
Irrecoverable VAT thereon 1,312 1,312 2,625
8,812 8,812 17,625
Total (468,504) 414,715 768,380
Singer & Friedlander Investment Management Limited advise the Company on investments under an agreement dated 22 January 2001. The
agreement can be terminated by not less than one year's notice as the initial three year period has now expired.
Singer & Friedlander Investment Management Limited receives an annual management fee of 1.5% (from 22 February 2006, previously 1.65%)
of the net asset value of the Company. The annual management fee is calculated based on the quarter end net asset value and payable calendar
quarterly in arrears together with any applicable VAT. The fee is allocated 75% to capital and 25% to revenue. At 31 July 2008, £40,385 (31
July 2007: £274,407, 31 January 2008: £220,585) including VAT of £6,015 (31 July 2007: £40,869, 31 January 2008: £32,853) was owed to the
Manager.
Singer & Friedlander Secretaries Limited performs Company secretarial duties for an annual fee of £17,625 (31 July 2007: £17,625, 31
January 2008 £17,625) including irrecoverable VAT of £2,625 (31 July 2007: £2,625, 31 January 2008: £2,625). At 31 July 2008, £17,625 (31
July 2007: £17,625, 31 January 2008: £8,813) including VAT of £2,625 (31 July 2007: £2,625, 31 January 2008: £1,313) was owed to Singer &
Friedlander Secretaries Limited.
10. Recoverable VAT on Investment management fee
Going forward management fees are now exempt from VAT, as a result these financial statements include the amount of £744,000 of VAT that
can be recovered. This has been allocated 75% to capital reserve and 25% to revenue reserve, in line with the original amounts charged to
those reserves.
Although there is a possibility that interest will also be received, the actual amount has not been quantified so the Board have taken
the decision not to include any provision for this in these financial statements. Any interest received will be allocated 100% to revenue.
Summary of Investments at 31 July 2008
AIM Quoted Sector Purchase cost Valuation Percentage of net
companies at 31 July 2008 assets
£ £ %
1st Dental Laboratories Healthcare equipment 450,000 88,816 0.33
& services
Aero Inventory Aerospace & defence 1,289,924 1,974,775 7.25
AssetCo Support services 370,835 390,139 1.43
Autoclenz Holdings Support services 131,440 39,370 0.15
Avingtrans Industrial 443,333 177,500 0.65
engineering
Bright Things Leisure goods 452,500 22,750 0.08
Cello Group Media 257,625 156,938 0.58
Chromogenex Healthcare equipment 13,875 2,999 0.01
& services
Clerkenwell Ventures General financial 690,490 574,068 2.11
Conder Environmental Industrial 385,241 7,037 0.03
engineering
Coolabi Media 210,865 59,738 0.22
eXpansys General retailers 449,500 61,992 0.23
First Artist Corporation Media 704,265 240,329 0.88
Fountains Support services 155,852 103,358 0.38
Fulcrum Pharma Pharmaceuticals & 379,532 131,503 0.48
biotechnology
Glisten Food producers 220,000 767,938 2.82
Huveaux Media 595,868 225,000 0.83
ID Data Electronic & 1,089,736 323,699 1.19
electrical equipment
IDOX Software & computer 270,500 450,833 1.66
services
ILX Group Support services 374,960 211,497 0.78
Individual Restaurant Company Travel & leisure 143,145 108,789 0.40
Infonic Software & computer 1,395,327 616,604 2.27
services
Intelligent Environments Group Software & computer 116,123 307,939 1.13
services
Just Car Clinics Group General retailers 95,865 136,043 0.50
Knowledge Technology Solutions Media 345,377 136,539 0.50
Lo-Q Travel & leisure 760,000 180,500 0.66
Mediwatch Healthcare equipment 1,059,611 598,375 2.20
& services
Mount Engineering Industrial 409,277 384,428 1.41
engineering
Music Copyright Solutions Media 268,750 148,192 0.55
Neutrahealth Food producers 279,470 149,026 0.55
Optimisa Media 403,000 123,225 0.45
Ovidia Investments Media 518,312 771 -
Petards Group Support services 82,860 36,348 0.13
Playgolf Holdings Travel & leisure 255,000 29,985 0.11
Prezzo Travel & leisure 171,221 587,125 2.16
Pubs 'n' Bars Travel & leisure 281,813 109,035 0.40
Quadnetics Group Support services 341,381 180,638 0.66
RTC Group (formerly ATA Group) Support services 220,375 162,594 0.60
Relax Group (formerly Financial services 750,000 229,563 0.84
Debts.co.uk)
Smallbone General retailers 293,220 239,830 0.88
Symphony Environmental General industrials 460,339 115,202 0.42
Technologies
Tanfield Group Support services 286,214 92,950 0.34
Tasty Travel & leisure 465,377 205,254 0.75
The Clapham House Group Travel & leisure 395,992 324,121 1.19
The Food & Drink Group Travel & leisure 18,662 1,244 -
The Real Good Food Company Food producers 596,112 50,098 0.18
Thomson Intermedia Media 729,005 128,699 0.47
Tikit Group Software & computer 400,000 654,782 2.41
services
UBC Media Group Media 663,754 192,282 0.71
Vianet Group Support services 1,069,990 398,077 1.46
Xpertise Group Support services 873,508 710,205 2.61
Xploite Software & computer 217,758 145,528 0.53
services
Zytronic Electronic & 610,958 363,025 1.33
electrical equipment
23,914,137 13,857,295 50.89
Fully listed Sector Purchase cost Valuation Percentage of net
companies at 31 July 2008 assets
£ £ %
Connaught Support services 411,846 772,000 2.84
Synergy Healthcare Healthcare equipment 297,267 1,590,540 5.84
& services
709,113 2,362,540 8.68
PLUS Markets traded Sector Purchase cost Valuation Percentage of net
companies at 31 July 2008 assets
£ £ %
Award International Holdings Media 209,990 1,680 0.01
209,990 1,680 0.01
Private Sector Purchase cost Valuation Percentage of net
companies at 31 July 2008 assets
£ £ %
Flexbenefits Software & computer 681,828 757,125 2.78
services
Lilestone Holdings General retailers 648,175 354,706 1.30
Lilestone Holdings Loan Stock General retailers 429,000 429,000 1.58
Sportsweb.com Support services 352,128 316,915 1.16
U4EA Technology hardware 399,126 60,337 0.22
& equipment
U4EA Preference Shares Technology hardware 1,403,995 1,406,995 5.17
& equipment
U4EA Loan Stock Technology hardware 500,000 500,000 1.84
& equipment
4,414,252 3,825,078 14.05
Other fixed interest Purchase cost Valuation Percentage of net
securities at 31 July 2008 assets
UK Government loans
£ £ %
Treasury 4.75% Stock 7/6/2010 1,980,672 1,998,380 7.34
Treasury 4.25% Stock 7/3/2011 1,940,103 1,973,580 7.25
Treasury 4% Stock 7/3/2009 1,485,649 1,491,285 5.47
5,406,424 5,463,245 20.06
Other non-qualifying Sector Purchase cost Valuation Percentage of net
investments at 31 July 2008 assets
£ £ %
The Food & Drink Group Travel & leisure 59,851 3,988 0.01
Formation Group Real Estate 504,172 525,906 1.93
Investments &
Services
Payzone Support services 645,994 141,356 0.52
1,210,017 671,250 2.46
Investments held at Sector Purchase cost Valuation Percentage of net
nil valuation* at 31 July 2008 assets
£ £ %
Adval Group Support services 287,265 - -
Aquabella Group Food producers 440,500 - -
Aquabella Group Loan Stock Food producers 75,000 - -
Aquilo Support services 1,851,897 - -
Camaxys Software & computer 254,825 - -
services
CMS Webview Media 401,674 - -
Disperse Group Personal goods 315,104 - -
Flying Scotsman Travel & leisure 400,800 - -
Global Money Transfer Loan Speciality & other 300,000 - -
Notes finance
Imagesound Media 92,188 - -
Laminate Flooring General retailers 450,000 - -
Medal Entertainment & Media Media 653,679 - -
Monotub Industries Household goods 260,000 - -
Recycled Waste Support services 374,994 - -
Ringprop Industrial 366,999 - -
engineering
Stanhope Telecom Telecommunications 500,000 - -
Torex Retail Software & computer 694,691 - -
services
7,719,616 - -
43,583,549 26,181,088 96.15
* These companies are in liquidation or their shares suspended from trading and the Directors consider it appropriate
to value them at zero. With the exception of Global Money Transfer and Medal Entertainment & Media (purchase cost
£51,170), they count towards the VCT investment test, which states that 70% of the Company's assets will be invested
in VCT qualifying investments by January 2004.
Summary Purchase cost Valuation Percentage of net
at 31 July 2008 assets
£ £ %
Total qualifying portfolio 29,247,492 20,046,593 73.63
Fixed interest/non-qualifying 6,616,441 6,134,495 22.52
portfolio
Investments held at nil 7,719,616 - -
valuation
Subtotal 43,583,549 26,181,088 96.15
Net current assets - 1,047,602 3.85
Total 43,583,549 27,228,690 100.00
Directors
C J L Moorsom
J D Hambro
M S Killingley
D M Page
D M D A Wheatley
Singer & Friedlander AIM 3 VCT plc
Registered in England & Wales No. 4138683
Registered office
One Hanover Street
London W1S 1AX
Secretary
Singer & Friedlander Secretaries Limited
One Hanover Street
London W1S 1AX
Tel: 0203 205 5900
Manager
Singer & Friedlander Investment Management Limited
(Authorised and regulated by the Financial Services Authority)
One Hanover Street
London W1S 1AX
Email: info@sfim.co.uk
Website: www.sfim.co.uk
Registrar
Capita IRG plc
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
Website: www.capitaregistrars.com
Auditors
PricewaterhouseCoopers LLP
Hay's Galleria
1 Hay's Lane
London SE1 2RD
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IIFSTAFITLIT
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