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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Thompson Clive | LSE:TCI | London | Ordinary Share | GB0008889056 | 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% | 63.11 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7319T Thompson Clive Investments PLC 27 March 2007 Thompson Clive Investments plc _______________________________________________________________________ CHAIRMAN'S STATEMENT _______________________________________________________________________ Contact : Charles Fitzherbert, Director; Susan Thompson, Company Secretary Telephone : (020) 7535 4900 Results At 31 December 2006, the net asset value per share of Thompson Clive Investments plc ("TCI") was 136.1p, a decrease of 65% from the net asset value at 31 December 2005. This is partly accounted for by distributions of #2.26 million during the year and partly by the fall in valuation of the portfolio, in particular in Genitope Corporation which dropped #2.08 million over the year. At 31 December the company had liquid funds of #1,086,000. The share price of TCI ended the year at 135.75p (2005 : 375p). Dividend In previous years a total of #52.4 million was returned by way of tender offers. In 2006 it was considered that dividend distributions were a more cost effective way of returning relatively small amounts, and dividend distributions were made of 10p per share in June and 80p per share in December 2006, totalling #2.26 million. Revised Investment Strategy As previously reported to shareholders, on 28 October 2002, the board of TCI announced that at the request of some major shareholders who wanted liquidity in the medium term, and following discussions with the holders of the majority of shares, the company would be wound down over the period to 31 December 2007 in the following way : * There would be no further investment after June 2003. * The board would aim to realise the (then) quoted portfolio by 31 December 2004. * The board would aim to realise the (then) unquoted portfolio by 31 December 2007. Review of the Year In line with the board's stated intention to wind down TCI by 31 December 2007, there was no new investment in quoted companies during 2003 or 2004, nor in unquoted companies after June 2003. Disposals were made of all TCI's holdings in its (then) quoted portfolio, retaining only Genitope which floated on NASDAQ in October 2003. Genitope's phase III trials are expected to conclude in November 2007. That company raised a further $58 million in February 2006. No disposals were made during 2006. The portfolio comprises 11 active companies: 6 in the US, 4 in the UK and 1 in France. Capital Reduction The company has been realising its investments and returning the proceeds to shareholders through a series of tender offers. Under company law TCI is only permitted to acquire its own shares to the extent that it has distributable reserves equivalent to the aggregate value for such purchases, or by using the proceeds of a new issue of shares. As at 31 December 2004 the company had insufficient reserves to enable it to continue to make tender offers. It therefore reduced its capital in order to increase reserves to approximately #13.7 million, and from this funded the most recent tender offer in 2005. A special reserve was created to satisfy the requirement for a listed company to maintain a paid up minimum capital of #50,000 and this was subject to a limited period of time. At 31 December 2007 TCI must either re-register as a private company or increase its share capital. Re-registration as a Private Company Since an increase in share capital is clearly at odds with the fixed term requested by shareholders, 2007 is the last year during which TCI will be quoted on the London Stock Exchange. Once it has de-listed and re-registered as a private company its shares will no longer be freely transferable. Events since the Year End and Future Prospects In 1990 TCI invested in The Terence Chapman Group which went into members' voluntary liquidation in 2002. A profit of #385,000 was returned before the liquidator indicated that up to a maximum of a further 3p per share should be payable in two tranches in 2006 and 2008/9. #304,000 was received in 2006 and a balance of #73,000 as receivable is recognised in the accounts as at 31 December 2006. Exit opportunities for the remaining investments in the portfolio are being actively sought and the realisation of the portfolio, to the best advantage of shareholders, remains the principal aim of the board. Christopher Jones Chairman 26 March 2007 Thompson Clive Investments plc INCOME STATEMENT for the year ended 31 December 2006 2006 2005 Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 Realised (loss)/gain on investments - - - - (18) (18) Amount received on previously written off investments - 319 319 - - - (Increase) in unrealised depreciation - (4,131) (4,131) - (3,750) (3,750) _____ _______ ______ _____ ______ _____ (Losses)/gains on investments - (3,812) (3,812) - (3,768) (3,768) Income 134 - 134 257 - 257 Expenses (55) (313) (368) (80) (451) (531) _____ _______ ______ _____ ______ _____ RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION 79 (4,125) (4,046) 177 (4,219) (4,042) Tax on ordinary activities (33) 24 (9) 42 33 (9) _____ _____ _______ ______ _____ ______ RETURN ON ORDINARY ACTIVITIES AFTER TAXATION 46 (4,101) (4,055) 135 (4,186) (4,051) _____ _____ _______ ______ _____ ______ TRANSFER TO RESERVES 46 (4,101) (4,055) 135 (4,186) (4,051) ===== ====== ====== ====== ====== ====== RETURN PER ORDINARY SHARE 1.8p (163.1p) (161.3p) 4.6p (142.2p) (137.6p) ===== ====== ====== ====== ====== ====== 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. A statement of total recognised gains and losses is not required as all gains and losses of the company are reflected in the above statement.. Thompson Clive Investments plc ________________________________________________________________________ BALANCE SHEET of the Company as at 31 December 2006 ________________________________________________________________________ 2006 2005 # 000 # 000 ASSETS Investment (at fair value through profit and loss) Venture capital investments 2,377 6,449 Fixed interest investments 994 2,396 ____ ____ 3,371 8,845 Debtors 2 13 Cash at bank and in hand 92 936 ____ ____ 3,465 9,794 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (44) (55) ______ _____ NET ASSETS 3,421 9,739 ====== ===== CAPITAL AND RESERVES Called up share capital 25 25 Special reserve 25 25 Realised capital reserve 1,310 1,397 Unrealised capital reserve (4,180) (142) Revenue reserve 6,241 8,434 ______ ______ Total shareholders' funds attributable to equity shareholders 3,421 9,739 ====== ====== Net asset value per share 136.1p 387.3p ====== ====== 1. As in 2005, the accounts have not been prepared on a going concern basis since the company is expected to be wound up in the foreseeable future. No adjustments were necessary to the amounts at which the remaining net assets are included in the financial statements. 2. All expenses are accounted for on an accruals basis and are shown inclusive of irrecoverable VAT. 3. The financial information set out above does not constitute the company's statutory accounts for the years ended 31 December 2005 or 2006 but is derived from these accounts. Statutory accounts for 2005 have been delivered to the Registrar of Companies, whereas those for 2006 will be delivered following the company's annual general meeting. The audit report on the 2005 and 2006 accounts was unqualified. 4. Copies of the annual accounts will be sent to all shareholders. Extra copies of the accounts will be available from the Company Secretary, 24 Old Bond Street, London W1S 4AW. The results will not be published in any newspaper. This information is provided by RNS The company news service from the London Stock Exchange END FR UNRNRBOROUAR
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