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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Talis.1ST.Vnt | LSE:TFV | London | Ordinary Share | GB00B1BV3Z44 | ORD 50P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 36.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0017T
Talisman First Venture Cap Tst PLC
09 December 2003
Talisman First Venture Capital Trust Plc
Interim report
for the period ended
30 September 2003
TALISMAN FIRST VENTURE CAPITAL TRUST PLC
Talisman First Venture Capital Trust Plc ("the Company") is a venture capital
trust established under the provisions introduced by the 1995 Finance Act.
The objective of the Company is to achieve growth in capital and income through
investment in small and medium sized enterprises focused on regional business
centres in the United Kingdom.
The Company primarily, but not wholly, invests in companies whose shares are
either traded or are expected to be traded on Alternative Investment Market or
traded on OFEX.
FINANCIAL HIGHLIGHTS
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
Revenue Return per share (0.38p) (0.36p) (0.73p)
Capital Return per share 1.96p (2.63p) (4.69p)
Total Return per share 1.58p (2.99p) (5.42p)
Shareholders' funds #3,086,000 #3,369,000 #2,668,000
Net asset value per share 11.63p 12.69p 10.05p
Mid-market price per share 7.50p 11.00p 11.00p
CHAIRMAN'S STATEMENT
Introduction
This interim report covers the six months ended 30 September 2003. The first
half of your Company's financial year saw a sharp recovery in equity markets
around the world as the underlying economic situation began to improve. It is
the very nature of venture capital investments to be volatile and this is the
reason why we have a diverse portfolio; during the period, some of our quoted
investments have risen/recovered spectacularly and others have fallen as a
result of disappointing trading statements, often coupled with further cash
demands. Overall the portfolio has held up well over the past six months and now
consists of 15 companies with the total amount invested (excluding cash
balances) of #4.52 million representing 89.7% of the net funds received.
These investments are carried in the balance sheet at 30 September 2003 at a
valuation of #3.1 million which represents a drop of 38% of the cash raised.
Since inception the FTSE AIM index has dropped from 2256 to 750, a fall of some
67%. Since the fund was obliged to invest 70% of the cash raised within three
years of inception, the relative performance of the fund is encouraging,
although at the year end your directors may revalue some of the unquoted
investments downwards to account for recent changes in BVCA guidelines.
Investment Activity
Your Board has continued to take a cautious approach to investing. As forecast
in my last report to shareholders no new investments were made during the period
under review despite the fact that Talisman First VCT continued to attract a
good flow of investment opportunities. The emphasis at this stage of your
Company's life must be in supporting the existing portfolio where appropriate
and so follow-on investments in two existing portfolio companies - Computer
Software Group Plc (formerly Software for Sport) and Spectral Fusion
Technologies Limited were made.
We will continue to take an active approach in managing the portfolio and will
look for opportunities to raise cash for new investment by realising those
holdings where either our price target has been reached, or where future upside
potential appears limited.
Net Assets and Dividends
Against this background it is encouraging to report that the Net Asset Value
(NAV) per share at 30 September 2003 was 11.63p compared with 10.05p at 31 March
2003 - an increase of 16%.
It is not the intention of the Board to pay a dividend. As stated in the
Company's prospectus it is expected that dividends will principally arise from
the realisation of successful investments.
Outlook
At present the majority of our investee companies are still facing significant
commercial challenges in the pursuit of revenue growth and profitability.
However, as the market recovery continues, your Board is beginning to feel more
optimistic and hope that valuations will see some improvement.
At the Annual General Meeting in July, Anne Higgins and John Findlater both
resigned. I would like to thank them very much for their most valuable
contribution over the past three years. I would also like to welcome Mark
Rowlinson to your board. Mark has had a long association with venture capital
having spent years with 3i.
Jonathan Carr
Chairman
2 December 2003
UNAUDITED FINANCIAL STATEMENTS
STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account) As at 30 September
2003
Unaudited Unaudited Audited
six months to six months to year ended
30 September 30 September 31 March 2003
2003 2002
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Gains/(losses)
on #000 #000 #000 #000 #000 #000 #000 #000 #000
investments - (63) (63) - (19) (19) - 36 36
- realised
- unrealised - 583 583 - (678) (678) - (1,280) (1,280)
Income - - - 5 - 5 11 - 11
Investment
administration (88) - (88) (88) - (88) (176) - (176)
fee
Other expenses (14) - (14) (13) - (13) (30) - (30)
----- ----- ----- ----- ----- ----- ----- ----- -----
Return on
ordinary
activities (102) 520 418 (96) (697) (793) (195) (1244) (1,439)
before
taxation
Tax on - - - - - - - - -
ordinary ----- ----- ----- ----- ----- ----- ----- ----- -----
activities
Return on
ordinary
activities (102) 520 418 (96) (697) (793) (195) (1244) (1,439)
after
taxation
Dividend - - - - - - - - -
----- ----- ----- ----- ----- ----- ----- ----- -----
Transfer to
reserves (102) 520 418 (96) (697) (793) (195) (1,244) (1,439)
----- ----- ----- ----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- ----- -----
Basic and
Diluted Return (0.38p) 1.96p 1.58p (0.36p) (2.63p) (2.99p) (0.73p) (4.69p) (5.42p)
per share
----- ----- ----- ----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- ----- -----
The revenue column of this statement is the profit and loss account of the
Company. All revenue and capital items in the above statement arise from
continuing operations.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
UNAUDITED FINANCIAL STATEMENTS - CONTINUED
BALANCE SHEET Unaudited Unaudited Audited
As at 30 September 2003 Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
------ ------- ------
Fixed assets 3,096 3,089 2,548
Fixed asset investments
------ ------- ------
Current assets 18 16 12
Debtors
Cash at bank and in hand 23 267 116
------ ------- ------
41 283 128
Creditors: amounts falling due
within one year (51) (3) (8)
Net current assets/(liabilities) (10) 280 120
------ ------- ------
Net assets 3,086 3,369 2,668
-------- -------- --------
------ ------- ------
Capital and reserves 2,655 2,655 2,655
Called up equity share capital
Share premium account 2,389 2,389 2,389
Capital reserves 221 279 284
- realised
- unrealised (1,632) (1,608) (2,215)
Revenue reserves (547) (346) (445)
------ ------- ------
Total equity shareholders' funds 3,086 3,369 2,668
-------- -------- --------
------ ------- ------
Net asset value per share 11.63p 12.69p 10.05p
-------- -------- --------
CASH FLOW STATEMENT
As at 30 September 2003
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Reconciliation of operating
profit to net cash outflow from (102) (96) (195)
operating activities
Net revenue from ordinary
activities
Decrease/(Increase) in debtors (6) 5 9
Increase/(Decrease) in creditors 43 (3) 2
------ ------- ------
Cash outflow from operating
activities (65) (94) (184)
-------- -------- --------
------ ------- ------
Capital expenditure and financial
investment (210) (583) (696)
Purchase of investments
Sale/redemption of investments 182 147 199
------ ------- ------
Decrease in cash for period (93) (530) (681)
-------- -------- --------
------ ------- ------
Reconciliation of net cashflow to
movement in net funds (93) (530) (681)
Decrease in cash for period
Net funds at the start of the
period 116 797 797
------ ------- ------
Net funds at the end of the
period 23 267 116
-------- -------- --------
------ ------- ------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The financial information contained in this report has been prepared on the
basis of the accounting policies adopted by the Company and covers the period
from 1 April 2003 to 30 September 2003.
2. The calculation of the revenue return per share for the period is based on
the net deficit after tax of #102,000 divided by the weighted average number of
shares in issue during the period of trading of 26,545,500. The calculation of
the capital return per share for the period is based on the net return after tax
of #520,000 divided by the weighted average number of shares in issue during the
period of trading of 26,545,500.
3. The financial information for the period to 30 September 2003 has not been
audited, nor does it comprise full financial statements within the meaning of
section 240 of the Companies Act 1985.
4. Copies of the unaudited interim results are being sent to shareholders on 8
December 2003. Further copies can be obtained from the Company's registered
office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSAFIASDSEIE
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