Invesco Perpetual AiM VCT plc
Annual Financial Report Announcement
for the Financial Year Ended 31 May 2008
FINANCIAL INFORMATION AND PERFORMANCE STATISTICS
Performance Statistics
At At
31 May 31 May %
2008 2007 Change
Net assets �'000 28,350 48,366 -41.4
Net asset value per share - capital -41.3
- total return* -34.8
Share price 46.0p 97.5p -52.8
Discount 29.4% 12.1%
Returns per share
Revenue return (0.2)p 0.3p
Capital return (40.5)p 9.3p
Total return (40.7)p 9.6p
Total expense ratio 2.2% 2.5%
Dividends
Interim paid 2.0p 2.0p
Final proposed 3.0p 3.0p
Total 5.0p 5.0p
* Source: Datastream.
Chairman's Statement
The year under review has been an extremely difficult one for financial markets
in general and for your Company. It is clear that the UK economy faces
significant problems, and that investors remain nervous as the `credit crunch'
continues to play out.
Having fallen by 23% over the first half of our year, the net asset value per
share (NAV) fell by a further 23% in the second half. The decline for the year
ending 31 May 2008 of some 41% was very disappointing and reflected extreme
aversion to investment in UK companies with low market capitalisations. As a
comparator, the FTSE Small Cap (excluding investment trusts) Index fell by 33%
in the year to 31 May 2008 and the FTSE Fledgling (excluding investment trusts)
Index by 30%. These indices are more representative of the sort of companies
AiM VCTs can invest in than the FTSE AiM All-Share Index (down 15% in the same
period), which has a high exposure to resource stocks, which are generally not
VCT qualifying.
Dividend and Share Price
The share price declined by nearly 53% as the discount to NAV widened to some
29% over the twelve months. I am disappointed that the discount has widened to
such an extent. Your Board is committed to paying a dividend of 5p per share
per year, at least until the planned continuation vote in 2011. This is the
equivalent of a taxable dividend of 7.4p to a higher rate taxpayer, and a yield
of 16% on the year end share price of 46p. I hope that as some degree of calm
returns to financial markets, investors will begin to recognise the attractions
of the Company, both on grounds of yield and tax-free capital growth potential,
which will lead to a more active secondary market and a narrower discount.
It is proposed that a final dividend of 3p is paid on 24 October 2008 to
shareholders on the register at the close of business on 26 September 2008,
bringing the total for the year to 5p per share. While your Board intends to
distribute a substantial proportion of cash returns from the portfolio,
including realised gains, we will also, where necessary, pay dividends from
distributable reserves.
Future of the Company
Inevitably with a diverse portfolio of small companies there will be winners
and losers. The Board has carried out a thorough review of the portfolio with
the Manager and overall it believes that there is value within the portfolio
which can deliver reasonable returns over the period to the planned
continuation vote in 2011, at which point your Board will consider carefully
what proposals to put forward to shareholders.
VAT on Management Fees
As a result of a decision of the European Court of Justice, the Government has
accepted that investment management fees should never have been subject to
Value Added Tax. The Company's investment manager, Invesco Asset Management
Limited, is seeking to recover from HM Revenue and Customs, on our behalf, the
VAT which was added to the fees which we paid them. We will keep shareholders
advised on the outcome of this.
Outlook
The economic outlook is not good. House prices are falling, consumer spending
is under pressure, inflation is rising and the Government's finances are in
poor order. The substantial fall in share prices of the businesses in which
your Company invests suggests that much of this bad news has already been
absorbed. So, while the short-term environment will remain tough, and markets
will remain volatile, on a medium-term view there are reasonable prospects for
a recovery in share prices.
The Annual General Meeting of the Company will be held at the offices of
Invesco Asset Management Limited on 21 October 2008 at 10.30am. I do hope that
as many shareholders as possible will be able to attend. This will be an
opportunity to meet the Directors and also hear the views of the Manager with
the day-to-day responsibility of managing the Company's share portfolio.
Julian Avery
Chairman
28 August 2008
Manager's Report
Introduction
At the beginning of the year under review, the Company had produced a total
return for shareholders, who invested 100p at launch, of 17.9%, being the
increase in net asset value assuming dividends had been reinvested. By the end
of the year, the picture was very different. As touched on in the Chairman's
statement, the share price of the Company fell by almost 53% and the NAV total
return was -35%. Markets generally have been very weak, with the weakness only
partially offset by strength in the share prices of resource companies. This
weakness in equity markets, particularly in the share prices of small
companies, reflects a deterioration in the economic outlook. Against this
backdrop, economic growth is likely to be below the Government's forecast of 2%
for 2008 and 2.1% for 2009. In fact it is possible, if house prices fall as
much as I expect, that the UK could experience its first recession for sixteen
years.
Care has been taken to position the portfolio in a way that reduces exposure to
companies reliant on strong UK growth to achieve forecasts. This, coupled with
attractive valuations, should offer some protection in the event of
disappointing economic growth.
Portfolio
VCTs are restricted to investing in very small companies, many of which are
young or early stage businesses. Because of this, the investment portfolio of a
VCT has much in common with a venture capital portfolio. The portfolio of the
Company comprises two parts: solid, established businesses with the potential
for steady growth and earlier stage companies, often with a novel technology or
product, which have the potential to deliver multiples of return on investment
cost.
The established businesses, while lower risk than the potential big winners,
are still small companies and therefore likely to be dependent on a narrower
range of customers than larger companies, and therefore investment in these
should not be seen as being without risk. However, generally, these investments
can be expected to deliver reasonable increases in profits over time and
therefore, if the multiple at which the stock market values those profits is
stable, a steady increase in share prices should result. An example of this
type of investment is Cohort, a business which provides technical services to
defence and security clients. Cohort reported profits of �5.6m in the year to
30 April 2008 and these are forecast to increase to �7.6m in the current year.
Another example is Hasgrove, a PR and lobbying business, working for a wide
range of clients with an emphasis on European Union work out of its Brussels
office. Profits for 2008 are expected to increase to �4.7m from �2.4m in 2007.
Staffline, one of the earliest investments made by your Company, which supplies
temporary labour, mainly to the food processing industry, is expected to grow
its earnings by 12.6% in the current year. Many such companies, despite
delivering good increases in underlying profits, have seen their share prices
decline over the last year, reflecting investors' present lack of interest in
very small UK businesses.
Turning to the potential big winners in the portfolio, it is important to
understand that these types of investment have a high degree of individual
stock risk. Experience shows that the success of a new business takes time to
manifest itself. By contrast, business failure usually becomes apparent
quickly. Thus, a small number of winners should deliver multiple returns, which
not only make up for the early failures, but ensure that the overall portfolio
returns are good. When selecting these types of investment, I am seeking strong
businesses, sizable market opportunities, believable strategies and
trustworthy, competent management.
The Company has investments in businesses such as Energetix, which has
continued to make exceptional progress during the year. Malcolm Wicks, the
Minister of State for Energy, is expected to formally launch Genlec,
Energetix's micro CHP boiler on 10 November 2008 in Westminster. Given the
surging costs of energy prices for the consumer, the potential of this business
is now even greater. Even amongst the investments in the biotech sector, which
have broadly been disappointing in share price terms over the years, companies
have made good progress. Specifically, both Summit, for a drug for Duchenne
Muscular Dystrophy with BioMarin and Proximagen, for its Parkinson's disease
treatment with Upsher-Smith, have achieved out-licensing deals for which the
headline values were in the hundreds of millions of US dollars and both share
prices have responded positively to the news.
It is hoped that this combination of safer, steady growth companies with
potentially world-changing intellectual property will, over the next few years,
restore the Company's NAV, while also allowing the 5p per share per year
dividend to be paid.
In such a difficult year, there are not many stocks in the portfolio which have
generated good returns. Nevertheless, it is pleasing to note that Oxford
Catalysts, the specialty catalysts business, Healthcare Locums, a healthcare
recruiter, and Corac, which is developing innovative gas compressors, each
produced share price returns in excess of 25% on the back of solid progress in
the underlying businesses. On the other hand, three companies failed during the
year, as a more difficult trading environment combined with increased investor
reluctance to further fund businesses which were in difficulties. The most high
profile among these was Silverjet, the low cost business class airline.
Silverjet created a strong brand and a well regarded, award winning product and
raised over �70m in equity and convertible loans. Nevertheless, the business
failed because of poor financial forecasting and a tougher trading environment
with consumer spending under pressure and exceptionally high oil prices.
As the Company had achieved the necessary investment level in VCT qualifying
investments in earlier years, new investment activity was more modest during
the year under review and is likely to remain at relatively low levels going
forward. During the year, further investments were made in a number of existing
investee companies including Oxford Nanolabs, Publishing Technology, Sarantel
and Appian. The most significant sale during the year was BBI Holdings. BBI,
which produces diagnostic kits, was taken over by Inverness Medical, a US
company, at a good premium, and the sale produced a satisfactory profit for the
Company. Much of the holding in Begbies Traynor, one of the first investments
made by Company, was sold, again at a good profit.
Outlook
There is currently a crisis of confidence in financial markets. It is
inevitable that, after a debt binge of the scale indulged in the Anglo-Saxon
economies, economic activity needs rebalancing with debts being repaid, saving
ratios increased and house prices falling to realistic levels. It is also
inevitable that such a process will be painful. Nevertheless, it is also true
that things are rarely as good as they seem when things appear rosy and rarely
quite as bad as they feel when the outlook is gloomier. The portfolio has a
number of robust, profitable, growing small businesses which are likely to
generate good returns when confidence returns to the market. The portfolio also
contains a number of exceptionally exciting, earlier stage businesses involved
in life science, green energy, software and other cutting edge technologies
which, albeit with an above average degree of risk, could deliver truly
exceptional returns if they manage to fulfil their potential. Therefore, while
things will be difficult in the near term, there will be opportunities for
attractive returns from the present portfolio.
Andy Crossley
Investment Manager
28 August 2008
INVESTMENTS IN ORDER OF VALUATION
at 31 May 2008
All investments are Ordinary Shares and quoted on AiM unless otherwise
indicated.
COMPANY NATURE OF BUSINESS COST VALUATION % NET
�'000s �'000s ASSETS
Energetix Alternative energy products 600 1,425 5.0
SpinVox UQ Voice mail conversion to text 759 1,365 4.8
Software Radio Radio communications 1,153 907 3.2
Technology electronics
(Ordinary Shares
and Warrants)
Ilika Technologies Science led materials discovery 750 855 3.0
UQ focusing on urology
Oxford Nanopore Healthcare, equipment and 550 806 2.9
services
Technologies UQ
Neuropharm Biotech focusing on neurology 600 803 2.8
Hill Station Ice cream
- Ordinary 555 193
Shares
- Loan Stock UQ 465 465
_______ _______
1,020 658 2.3
Just Retirement NQ Equity release and enhanced 677 657 2.3
annuities
Appian Technology Traffic control technology 650 656 2.3
PQ
Cohort PQ Defence technical services 443 628 2.2
Healthcare Locums Recruitment consultant 303 619 2.2
Concateno Drug testing 326 583 2.1
A J Bell UQ Financial services 402 550 2.0
INVU PQ Electronic document management 324 549 1.9
Mission Marketing Regionally based advertising 750 544 1.9
services
Hasgrove Marketing and PR consultancy 440 477 1.7
Micromissive Electronic equipment 580 435 1.5
Displays manufacturer
Kiotech Pharmaceuticals 550 407 1.4
Shieldtech Manufacture of detection and 650 403 1.4
protection
equipment
Eclipse Energy UQ Energy provider 398 398 1.4
Zamono Mobile telecommunication 398 398 1.4
services
Hexagon Human Executive recruitment 500 379 1.3
Capital
Mount Engineering Industrial machinery 350 370 1.3
Brulines Beer pump monitors 323 355 1.3
DM Premium rate phone based games 340 352 1.3
Intercytex Research in woundcare and 650 349 1.2
aesthetic medicine
FDM IT services 274 334 1.2
SPI Lasers Manufacturer of specialised 790 331 1.2
optical fibre lasers
Mears Housing maintenance and 251 326 1.1
domiciliary care
Tristel Infection control in hospitals 245 317 1.1
Enfis Manufacturer of high power LEDs 420 315 1.1
Inditherm Manufacturer of high tech 500 313 1.1
temperature
control materials
COMPANY NATURE OF BUSINESS COST VALUATION % NET
�'000s �'000s ASSETS
Corac Engineering intellectual 238 301 1.1
property
Infrared Integrated Digital recognition system 300 300 1.1
Systems UQ
Research Now Internet based market research 130 300 1.1
Staffline Blue collar recruitment 200 293 1.0
Recruitment
Brainjuicer Online market research 216 292 1.0
Maxima Specialist software and 318 286 1.0
services
Cantano IT services 800 282 1.0
Universe Electronic transaction and 350 275 1.0
loyalty card services
Brooks Macdonald Financial services 150 257 0.9
Oxford Catalysts Clean fuels research 250 244 0.9
Axeon Semi conductor intellectual 203 238 0.8
property services
Synoptix Drug research 400 231 0.8
Begbies Traynor Corporate rescue and recovery 66 229 0.8
Cyan Semi conductor 680 225 0.8
Hartest Engineering and machinery 250 225 0.8
System C Healthcare Healthcare software 350 224 0.8
Neutrahealth Dietary supplements 289 223 0.8
Tangent On-Line print shop 350 222 0.8
Telephonetics Software and computer services 625 219 0.8
Plant Impact Non-toxic fertiliser products 167 207 0.7
Ffastfill Application services provider 182 202 0.7
for trading and risk
management
Proximagen Biotech 296 200 0.7
Neuroscience
Sanastro UQ Trade publisher - financial 200 200 0.7
services
Sectorguard Security services 300 193 0.7
Proactis Software and computer services 344 184 0.7
Publishing Publishing technology 442 181 0.6
Technology
Plethora Solutions Pharmaceuticals 516 178 0.6
Getech Oil services 254 169 0.6
Sport Media NQ Newspaper publisher 503 168 0.6
Byotrol Infection control products 445 163 0.6
Datong High performance surveillance 220 160 0.6
equipment
Minorplanet Systems Fleet tracking systems 250 155 0.5
Innovation Research RFID chips 500 154 0.5
and Technology
Apace Media Sports related media 750 150 0.5
Augean Hazardous waste management 300 140 0.5
Sanderson Information technology 200 140 0.5
WIN Mobile phone communication 205 137 0.5
services
Autoclenz Automobile valeting services 350 132 0.5
Allergy Biotech focussing on allergies 251 120 0.4
Therapeutical
AdEPT Telecom PQ Telecom services 397 110 0.4
Angle Consulting 242 110 0.4
Offshore Hydrocarbon Specialist remote sensing 397 101 0.4
information on subsurface of
the earth
Sarantel Antennae for satellite phones 412 95 0.3
Phorm NQ Internet advertising 119 90 0.3
Chromogenex Medical services 350 87 0.3
Invocas PQ Personal and corporate debt 202 87 0.3
solutions
Sabien Technology Energy efficient boiler 400 77 0.3
technology
CeNeS Pharmaceutical Biotechnology 250 71 0.3
Synairgen Biotech 214 71 0.2
Antenova UQ High performance antennae 525 60 0.2
COMPANY NATURE OF BUSINESS COST VALUATION % NET
�'000s �'000s ASSETS
Petards Electronic security products 158 55 0.2
Summit Corporation Pharmaceutical and 152 54 0.2
biotechnology
CMR Fuel Cells Developer of fuel cell stacks 486 52 0.2
for power generation
Expansys On-line retailer of wireless 294 51 0.2
gadgets
Landkom International Food producer 45 50 0.2
@ UK Local government procurement 499 25 0.1
Amino Technologies Technology hardware and 87 21 0.1
equipment
Celoxica Holdings Design sofware 198 21 0.1
Voller Energy Fuel cells 180 13 0.0
Advance AIM Value NQ Value realisation fund 136 12 0.0
ALL IPO Financial services 226 11 0.0
Vivomedica Medical devices company 151 11 0.0
Radioscape UQ Digital radio technology 482 - -
Creative Education Pre-school nursery operator 200 - -
Eneco UQ Energy 300 - -
Homebuy UQ and NQ Electrical goods retailing 260 - -
and consumer finance
IDMOS Dental diagnostics 900 - -
Ringprop Propeller manufacturing 224 - -
Servocell Electronic equipment 500 - -
Silverjet Business class longhaul 616 - -
airline
Aquabella (loan Fish Farmer 360 - -
stock) UQ
Aquabella (loan Fish Farmer 75 - -
stock) UQ
Aquabella UQ Fish Farmer 40 - -
Total investments 39,883 27,398 96.6
Net current assets 952 3.4
less provisions
Net assets 28,350 100.0
NQ Non-qualifying investments
PQ Part-qualifying investments
UQ Unquoted (excluding stocks listed on AIM)-
Related Party Transactions
Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco
Ltd, acts as Manager, Company Secretary and Administrator to the Company.
Details of IAML's services and fees are given in note 3 to the Financial
Statements. Full details of Directors' interests are set out in the Report of
the Directors in the Annual Financial Report for the year ended 31 May 2008 .
There are no other related party transactions.
Principal Risks and Uncertainties
The Board has an ongoing process for identifying, evaluating and managing
significant risks. This process is regularly reviewed by the Board and was in
place throughout the period under review. The principal risk factors relating
to the Company can be divided into the following areas:
Investment Objective and Policy
There can be no guarantee that the Company's investment objectives will be
achieved. Investments in the Company should be regarded as long-term in nature.
Market Movements and Portfolio Performance
The Company's fixed asset investments consist mainly of securities on AiM. The
principal risk for investors in the Company is therefore a significant fall or
a prolonged period of decline in the market relative to other forms of
investment. Investment in AiM-traded and unquoted companies involves a higher
degree of risk than investment in companies traded on the main market of the
London Stock Exchange. In particular, smaller companies often have limited
product lines, markets or financial resources and may be dependent for their
management on a smaller number of key individuals. In addition, the market for
securities in smaller companies is often less liquid than that for securities
in larger companies, bringing with it potential difficulties in acquiring,
valuing and disposing of such securities. Investments in AiM-traded companies
and unquoted investments may be difficult to realise. Proper information for
determining their value or the risks to which they are exposed may also not be
available. Smaller companies are less likely to have multinational markets for
their products or services than larger companies and, as a result, may be more
exposed to national economic cycles rather than global economic cycles.
Other significant risks include consistent underperformance by the Manager or
the market rating of the Company's shares failing to reflect net asset value
performance.
The performance of the Manager is carefully monitored by the Board, and the
continuation of the mandate is reviewed each year.
Regulatory and Tax Related
The Company is subject to various laws and regulations under the Companies Acts
1985 and 2006, and the Income and Corporation Taxes Act 1988.
Although the Board conducts the affairs of the Company so as to ensure VCT
status is retained, there can be no guarantee that this status will be
maintained. If the Company ceases to be a VCT before shareholders have held
their shares for three years, the 40% income tax relief obtained will have to
be repaid. Following a loss of VCT status a shareholder will be taxed on
dividends paid by the Company and a liability to capital gains tax may arise on
any subsequent disposal of shares.
Ordinary Shares
The market value of ordinary shares may not fully reflect their underlying NAV.
The value of an investment in the Company and the income derived from it may go
down as well as up and an investor may not get back the amount invested.
While it is the intention of the Directors to pay dividends to ordinary
shareholders, the ability to do so will depend upon the level and timing of
income and realised gains from securities and on the amount of distributable
reserves.
The Risk and Risk Management Policies are detailed in the Annual Financial
Statements.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
in relation to the financial statements
The Directors are responsible for preparing the annual financial report in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. The financial statements are required by law to give a true and
fair view of the state of affairs of the Company and of the profit or loss of
the Company for that period.
In preparing these financial statements, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments and estimates that are reasonable and prudent; and
* state whether applicable accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements.
The Directors, to the best of their knowledge, state that:
* the financial statements, prepared in accordance with United Kingdom
Generally Accepted Accounting Practice, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company; and
* the Report of the Directors includes a fair review of the development and
performance of the business and the position of the Company together with a
description of the principal risks and uncertainties that it faces.
The Directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements comply with
United Kingdom company law. They are also responsible for safeguarding the
assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Julian Avery
Chairman
Signed on behalf of the Board of Directors
28 August 2008
Profit and Loss Account
FOR THE YEAR ENDED 31 MAY
Notes 2008 2007
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
(Loss)/profit on - (1,256) (1,256) - 1,816 1,816
realisation of
investments
(Loss)/profit on - (15,907) (15,907) - 3,001 3,001
revaluation
of investments
Income 2 289 - 289 592 - 592
Investment management (157) (472) (629) (243) (730) (973)
fee
Other expenses (216) (17) (233) (211) (14) (225)
(Loss)/profit on (84) (17,652) (17,736) 138 4,073 4,211
ordinary
activities before
taxation
Tax on ordinary - - - - - -
activities
(Loss)/profit for the (84) (17,652) (17,736) 138 4,073 4,211
year attributable to equity
shareholders
Return per share 3 (0.2)p (40.5)p (40.7)p 0.3p 9.3p 9.6p
- basic
The total column of this statement represents the Company's profit and loss
account prepared in accordance with UK Accounting Standards. All items in the
above statement derive from continuing operations and the Company has no other
gains or losses, hence no Statement of Total Recognised Gains and Losses is
presented. No operations were acquired or discontinued in the year.
The supplementary revenue and capital columns are both prepared on a memorandum
basis by applying the principles of the Statement of Recommended Practice
(`SORP'), published by the Association of Investment Companies.
reconciliation of movements in shareholders' funds
FOR THE YEAR ENDED 31 MAY
Share Share Capital Special Profit Total
Capital Premium Redemption Reserve and Loss �'000
�'000 �'000 Reserve �'000 Account
�'000 �'000
At 31 May 2006 4,374 19,543 3 20,290 1,580 45,790
Share buy backs (11) - 11 (105) - (105)
Dividends paid - - - - (1,530) (1,530)
Profit on ordinary - - - - 4,211 4,211
activities
At 31 May 2007 4,363 19,543 14 20,185 4,261 48,366
Share buy backs (9) - 9 (85) - (85)
Forfeiture of shares (1) (18) - - - (19)
Dividends paid - - - (2,176) - (2,176)
Loss on ordinary - - - - (17,736) (17,736)
activities
At 31 May 2008 4,353 19,525 23 17,924 (13,475) 28,350-
BALANCE SHEET
AS AT 31 MAY
Notes 2008 2007
�'000 �'000
Fixed assets
Investments held at fair value 27,398 46,277
Current assets
Debtors 111 269
Cash at bank 1,271 3,076
1,382 3,345
Creditors: amounts falling due within one year (220) (986)
Net current assets 1,162 2,359
Total assets less current liabilities 28,560 48,636
Provision (210) (270)
Net assets 28,350 48,366
Capital reserves
Share capital 4,353 4,363
Share premium account 19,525 19,543
Capital redemption reserve 23 14
Special reserve 17,924 20,185
Profit and loss account (13,475) 4,261
Total Shareholders' funds 28,350 48,366
Net asset value per share 4 65.1p 110.9p
- basic
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY
2008 2007
�'000 �'000
Net cash outflow from operating activities (748) (602)
Capital expenditure and financial investment 1,227 (11,616)
Equity dividends paid (2,176) (1,530)
Net cash outflow before management of liquid
resources
and financing (1,697) (13,748)
Financing (108) (519)
Management of liquid resources 1,805 14,104
Decrease in cash - (163)
Reconcilation of net cash flow to movement in net
funds
Decrease in cash - (163)
Cash outflow from movement in liquid resources (1,805) (14,104)
Net funds at beginning of year 3,076 17,343
Net funds at end of year 1,271 3,076
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The accounts have been prepared in accordance with UK Generally Accepted
Accounting Practice (`UK GAAP'). Additional disclosures as recommended by the
Statement of Recommended Practice (`SORP') Financial Statements of Investment
Trust Companies issued by the Association of Investment Companies in 2005, have
been presented on a memorandum basis to better reflect the activities of the
Company as a venture capital trust. The revenue and capital columns of the
profit and loss account are presented on a supplementary basis.
2. Income
2008 2007
�'000 �'000
Income from investments
UK dividends 198 149
Unfranked investment income 88 440
286 589
Other income
Deposit interest 3 3
Total income 289 592
Total income comprises:
Dividends 274 589
Interest 15 3
289 592
3. Return per share
2008 2007
Revenue Capital Total Revenue Capital Total
Return per share: (0.2)p (40.5)p (40.7)p 0.3p 9.3p 9.6p
- basic
Basic revenue, capital and total returns per ordinary share are based on each
of the net profit/(loss) ordinary activities after taxation and on 43,554,330
(2007: 43,711,302) shares being the weighted average number of shares in issue.
4. Net asset value per share
The net asset value per ordinary share and the net asset values attributable at
the year end calculated in accordance with the Articles of Association were as
follows:
Net Net assets Net Net assets
Asset Value Attributable Asset Value Attributable
per share 2008 per share 2007
2008 �'000 2007 �'000
Pence Pence
Ordinary 65.1 28,350 110.9 48,366
shares
- Basic
Net asset value per ordinary share is based on net assets at the year end and
on 43,526,171 (2007: 43,631,904) ordinary shares, being the number of ordinary
shares in issue at the year end.
The Annual Financial Report announcement is not the Company's statutory
accounts. The statutory accounts for the year ended 31 May 2007 have been
delivered to the Registrar of Companies. The statutory accounts for the year
ended 31 May 2007 and for the year ended 31 May 2008 received an audit report
which was unqualified, did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying the report and
did not include a statement under either section 237(2) or 237(3) of the
Companies Act 1985. The statutory accounts for the financial year ended 31 May
2008 have been approved and audited but have not been filed.
The audited Annual Financial Report will be posted to shareholders shortly.
Copies may be obtained during normal business hours from the Company's
Registered Office, 30 Finsbury Square, London EC2A 1AG. A copy of the Annual
Financial Report will be available shortly from Invesco Perpetual on the
following website: www.invescoperpetual.co.uk/investmenttrusts
The Annual General Meeting will be held at the Company's Registered Office on
21 October 2008 at 10.30am.
By order of the Board
Invesco Asset Management Limited, Secretaries
28 August 2008
END
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