Interim Results
Phoenix VCT plc
20 June 2008
Interim Results
Unaudited Interims Results - Six months to 30 April 2008
About Phoenix VCT plc
Phoenix VCT plc ("Phoenix" or "Company") is a venture capital trust
("VCT") which aims to provide shareholders with attractive tax-free
dividends and long-term capital growth.
The Investment Manager is Octopus Investments Limited ("Octopus" or
"Manager"). The Company was launched in November 2002 and raised
over �11.3 million (�10.8 million net of expenses) through an offer
for subscription.
Phoenix raised more money in 2005 in the form of a 'C' Share issue
(i.e. the issue for subscription of a new class of share referred to
a 'C' shares"). In total, Phoenix raised �5.1 million (�5.0 million
net of expenses) by the closing date of the offer on 30 June 2005.
Financial Highlights
Ordinary
Ordinary Shares Ordinary Shares Shares
6 months to 30 6 months to 30 Year to 31
April 2008 April 2007 October 2007
Net assets ('000) �8,412 �13,456 �11,945
Net profit before tax
('000) �(2,715) �2,352 1,202
Net asset value per
share ("NAV") 75.9p 122.4p 106.0p
Dividend per share 5.0p 6.0p 12.0p
Cumulative dividends
since launch - paid and
declared 29.0p 17.0p 23.0p
'C' Shares 'C' Shares 'C' Shares
6 months to 30 6 months to 30 Year to 31
April 2008 April 2007 October 2007
Net assets ('000) �4,954 �6,584 �6,183
Net profit before tax
('000) �(1,051) �967 �489
Net asset value per
share ("NAV") 89.0p 122.6p 110.8p
Dividend per share 2.0p 3.0p 6.0p
Cumulative dividends
since launch - paid and
declared 9.0p 4.0p 7.0p
Chairman's Statement
I am pleased to present the interim results for the six months to 30
April 2008. As you will be aware, it has been a particularly
turbulent period for stock markets, particularly small companies,
which has had a negative impact on the NAV of both the 'Ordinary' and
'C Share' portfolios.
'Ordinary Share' Results Review
In the six months to 30 April 2008, the total return (being NAV plus
dividends paid to shareholders) per Ordinary share decreased 19.6%
from 123.0p to 98.9p. Despite declining stock markets, the Manager
was successful in crystallising gains of �505,000 following cash bids
for both BBI (Holdings) plc and Tissue Science Laboratories plc and
the sale of the holdings in AssetCo plc and SectorGuard plc during
the period. As a result, the Board has declared an interim dividend
of 5.0p per Ordinary share to be paid on 29 August 2008 to
shareholders on the register on 1 August 2008. This will take
cumulative dividends to 28.0p per Ordinary share since the Company's
launch.
The table below shows the movement in NAV of the Ordinary shares and
lists the dividends that have been paid since the launch of the
Company:
Dividend paid
Period Ended NAV in period NAV + cumulative dividends
31 October 2003 100.7p - 100.7p
30 April 2004 111.7p 0.15p 111.9p
31 October 2004 110.9p - 111.1p
30 April 2005 118.2p 2.50p 120.9p
31 October 2005 97.9p 4.00p 104.6p
30 April 2006 104.6p - 111.3p
31 October 2006 103.8p 1.00p 111.5p
30 April 2007 122.4p 3.35p 133.4p
31 October 2007 106.0p 6.00p 123.0p
30 April 2008 75.9p 6.00p 98.9p
'C Share' Results Review
In respect of the 'C' share portfolio, the total return per 'C' share
decreased 16.4% from 114.8p to 96.0p. As with the Ordinary share
portfolio, the Manager was successful in crystallising gains of
�90,000 following the cash bid for BBI (Holdings) plc and sale of
SectorGuard plc. As a result the Board has declared an interim
dividend of 2.0p per 'C' share to be paid on 29 August 2008 to
shareholders on the register on 1 August 2008. This will take
cumulative dividends to 9.0p per 'C' share since launch in February
2005.
The table below shows the movement in NAV of the 'C' shares and lists
the dividends that have been paid since the launch of the Company:
Dividend paid
Period Ended NAV in period NAV + cumulative dividends
30 April 2005 94.9p - 94.9p
31 October 2005 94.2p - 94.2p
30 April 2006 100.1p - 100.1p
31 October 2006 105.1p - 105.1p
30 April 2007 122.6p 1.0p 123.6p
31 October 2007 110.8p 3.0p 114.8p
30 April 2008 89.0p 3.0p 96.0p
Share Price
The mid-market share price of both the Phoenix Ordinary shares and
the Phoenix 'C' shares currently stands at 73.0p. The discount to
NAV is primarily due to the low level of secondary market activity in
Phoenix shares, which is a common feature of the VCT market. We will
continue to strive to maintain a narrow discount to NAV through the
provision of growth and regular dividends.
VCT Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager
with advice on the ongoing compliance with Her Majesty's Revenue &
Customs ("HMRC") rules and regulations concerning VCTs. The Board
has been advised that Phoenix VCT plc is in compliance with the
conditions laid down by HMRC for maintaining approval as a VCT.
A key requirement was for 70% of the portfolio (for each of the
Ordinary shares and 'C' shares) to be invested in qualifying
investments by the end of the third accounting period following that
in which new share capital was subscribed, and that minimum level
maintained thereafter. As at 30 April 2008, over 99% of the Ordinary
share proceeds raised at launch were invested in VCT qualifying
investments, and 84% of the 'C' share proceeds raised from its launch
in February 2005, as measured by HMRC qualification rules. However,
it should be noted that this differs from the fact that by value 77%
of the Ordinary share net assets and 71% of the 'C' share net assets
are in AIM listed investments with the remainder in cash and money
market securities. The Board does not anticipate any issues
maintaining the required investment level.
Outlook
The weakness in stock markets which we reported on in the last annual
report and accounts has continued as feared. There has been a
de-rating of company valuations across all of the UK equity markets
during the period under review on anticipation of the UK economy
entering recession, and this is not likely to be reversed whilst the
economic outlook remains so gloomy.
Whilst the current economic outlook remains of concern to the Board
and the Manager, both the 'Ordinary' and 'C' Share portfolios are
focused on established profitable companies which should not need to
rely on access to further funding. Furthermore, a large percentage
of the investments are engaged in business activities that have
demonstrated robust pricing power and will not be reliant on the ebb
and flow of the wider economy. With this in mind, the Manager
remains confident about the longer term prospects of the underlying
holdings within the portfolios and is committed to the provision of
regular payments of tax free dividends, as has been demonstrated to
date.
Stephen Hazell-Smith
Chairman
19 June 2008
Investment Manager's Review
Personal Service
At Octopus, we pride ourselves not only on our team's track record
but also on our personalised customer service. We believe in open
communication and our regular updates are designed to keep you
involved and informed.
If you have any questions about this review, or if it would help to
speak to one of the fund managers, please do not hesitate to contact
us on 020 7710 2800.
The Alternative Investment Market (AiM)
The success of AiM in attracting a diverse range of growing companies
and investors from around the globe has meant that the number of
companies listed on AiM has increased from 753 companies in December
2003, when Phoenix was making its initial investments, to 1,675 in
April 2008. The number of new VCT qualifying investment
opportunities has certainly slowed during the last six months due to
poor investor sentiment, however with banks likely to be more
stringent on lending criteria going forward, we believe AiM, and in
particular VCTs, will play a significant role in providing access to
capital for growing companies.
Set-out below is a list of all of the holdings in both portfolios and
a review of the Ordinary share and 'C' share portfolios, including
details of the investments completed during the period.
Investment Portfolio
Valuation as at 30
Book cost of investment April 2007
AiM-listed Qualifying Ord Shares 'C' Shares Ord Shares 'C' Shares
Investments (�'000) (�'000) (�'000) (�'000)
Cello Group plc 500 - 565 -
Tanfield Group plc 53 77 468 344
CBG Group plc 381 216 437 248
Hasgrove plc 400 200 433 217
Staffline Recruitment
Group plc 300 - 431 -
Melorio plc - 275 - 322
Pressure Technologies
plc 165 105 305 194
Fountains plc 240 - 275 -
Zetar plc 158 - 269 -
Brooks Macdonald
Group plc 156 - 268 -
Vertu Motors plc 400 200 240 120
Hexagon Human Capital
plc 315 157 238 119
Augean plc 500 211 -
Cohort plc 135 340 204 442
Northern Bear plc 299 149 190 95
Jelf Group plc 77 51 185 123
AutoClenz Holdings
plc 425 169 170 68
Bond International
Software plc 60 - 168 -
Inditherm plc 400 100 156 65
Concateno plc - 85 - 152
Debts.co.uk plc 400 200 145 72
Clarity Commerce plc 407 203 138 69
Brulines (Holdings)
plc 123 111 130 117
Cantono plc 420 220 126 66
Access Intelligence
plc 500 150 125 63
Optimisa plc 143 247 106 182
Interquest plc - 75 - 105
Vitesse Media plc - 100 - 100
Media Square plc 251 - 94 -
Invu plc 100 100 77 77
MyHome International
plc 385 285 75 55
Synabor plc 500 - 70 -
Strategic Thought
Group plc 194 68 58 20
Media Surface plc - 125 - 46
Invocas Group plc 80 50 37 23
Real Good Food Co plc 500 - 35 -
Vision Media Group
plc 419 125 21 16
Top Ten Holdings plc 200 - 19 -
Baydonhill plc 200 - 8 -
Bright Futures Group
plc 125 - - -
Total qualifying
investments 9,910 4,183 6,476 3,517
Non-qualifying
investments 24 12 29 17
Total AiM-listed
investments 9,934 4,195 6,505 3,534
Fixed income
securities 1,686 1,346 1,698 1,301
Total investments 11,620 1,541 8,203 4,835
Net current assets - - 209 119
Total net assets - - 8,412 4,954
Review of Ordinary Share Portfolio
As at 30 April 2008, the Ordinary share portfolio comprised
investments in 35 AiM-quoted companies, accounting for 77% by value
of the Ordinary share portfolio net assets. During the period, four
holdings were disposed of, crystallising a net profit of over
�505,000. BBI (Holdings) plc, which attracted a cash bid from
Inverness Medical, realised a gain of �554,500 and the sale of
AssetCo plc generated a gain of �92,600. A cash bid for Tissue
Science Laboratories plc was also received, however this was below
our original purchase price in March 2005 resulting in a realised
loss of �64,000. The decision was also taken to dispose of
SectorGuard plc, resulting in a realised loss of �78,600. The
company had failed to make significant progress over the last three
years in what is a very competitive sector. Follow on investments
were completed into two existing holdings; MyHome International plc
(�299,992) to support an acquisition, and Clarity Commerce plc
(�40,293) following a reorganisation of the Board and future strategy
of the Group.
A summary of these realisations is shown below:
Cost of
Initial investment Proceeds of Total
Ordinary share investment realised investment gain/(loss)
realisations date (�'000) (�'000) (�'000)
BBI (Holdings)
plc 27 April 2004 191 746 555
12 December
AssetCo plc 2003 95 188 93
Tissue Science
Laboratories
plc 22 March 2005 161 97 (64)
10 August
SectorGuard plc 2005 200 121 (79)
647 1,152 505
Review of 'C' share Portfolio
As at 30 April 2008, the 'C' share portfolio comprised investments in
27 AiM-quoted companies, accounting for 71% by value of the 'C' share
portfolio net assets. During the period, two holdings were disposed
of crystallising a profit of over �89,900. BBI (Holdings) plc, which
attracted a cash bid from Inverness Medical, realised a gain of
�118,500. This was offset to a degree by the decision to dispose of
SectorGuard plc, which realised a loss of �28,600. Follow on
investments were completed into two existing holdings; MyHome
International plc (�199,994) to support an acquisition, and Clarity
Commerce plc (�20,147) following a reorganisation of the Board and
future strategy of the Group. The C Share portfolio completed one
new investment during the period into Vitesse Media plc, the details
of which are listed below.
A summary of these realisations is shown below:
Initial Proceeds of Total
'C' share investment Cost of investment investment gain/(loss)
realisations date realised (�'000) (�'000) (�'000)
BBI (Holdings) 9 December
plc 2005 115 234 119
10 August
SectorGuard plc 2005 100 71 (29)
215 305 90
New Investments
Vitesse Media plc
Investment date: 8 November 2007
Cost: �100,000 ('C' share portfolio only)
Valuation: �100,000 ('C' share portfolio only)
Vitesse Media is an online, print publishing & events company
specialising in growing businesses offering award-winning
publications, web sites, research and events. Its flagship titles
include Growth Company Investor, SmallBusiness.co.uk,
GrowthBusiness.co.uk, What Investment, M&A magazine and the recently
acquired Information Age. Reported turnover for the six months to 31
July 2007 was �2.4 million, generating a gross profit of �1.6
million. The outlook for the company has been enhanced by recent
acquisitions giving the business further critical mass.
+--------------------------------------------------------------------------------------------------------------------+
|Profit and Loss Account |
|--------------------------------------------------------------------------------------------------------------------|
| | |Six months to 30 April 2008| |Six months to 30 April 2007| |Year to 31 October 2007|
|------------------------------+-+---------------------------+-+---------------------------+-+-----------------------|
| | | Ordinary| 'C'| | | Ordinary| 'C'| | | Ordinary| 'C'| |
| | | Shares| Shares| Total| | Shares| Shares| Total| | Shares| Shares|Total|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
| | | �'000| �'000| �'000| | �'000| �'000| �'000| | �'000| �'000|�'000|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Gain on disposal of fixed | | | | | | | | | | | | |
|investments | | 139| 42| 181| | 907| 193| 1,100| | 1,459| 409|1,868|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Gain/(loss) on disposal of | | | | | | | | | | | | |
|current asset investments | | 1| -| 1| | 3| -| 3| | (2)| (21)| (23)|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
| | | | | | | | | | | | | |
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|(Loss)/gain valuation of fixed| | | | | | | | | | | | |
|asset investments | | (2,714)| (1,024)| (3,738)| | 1,850| 971| 2,821| | 48| 179| 227|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Gain/(loss) on valuation of | | | | | | | | | | | | |
|current asset investments | | 5| (1)| 4| | (2)| (24)| (26)| | 6| (18)| (12)|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
| | | | | | | | | | | | | |
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Other income | | 76| 46| 122| | 49| 88| 137| | 165| 182| 347|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
| | | | | | | | | | | | | |
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Investment management fees | | (141)| (70)| (211)| | (131)| (64)| (195)| | (266)| (131)|(397)|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Other expenses | | (80)| (44)| (124)| | (324)| (197)| (521)| | (208)| (111)|(319)|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|(Loss)/profit on ordinary | | | | | | | | | | | | |
|activities before taxation | | (2,714)| (1,051)|(3,765) | | 2,352| 967| 3,319| | 1,202| 489|1,691|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|Taxation on profit on Ordinary| | | | | | | | | | | | |
|activities | | -| -| -| | -| -| -| | -| -| -|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|(Loss)/profit on ordinary | | | | | | | | | | | | |
|activities after taxation | | (2,714)| (1,051)| (3,765)| | 2,352| 967| 3,319| | 1,202| 489|1,691|
|------------------------------+-+---------+--------+--------+-+----------+--------+-------+-+---------+-------+-----|
|(Loss)/earnings per share | | (24.2)p| (18.8)p| | | 21.8p| 18.4p| | | 11.1p| 9.2p| |
+--------------------------------------------------------------------------------------------------------------------+
+----------------------------------------------------------------------------------------------------------------+
|Note of Historical Cost Profits and Losses |
|----------------------------------------------------------------------------------------------------------------|
| |Six months to 30 April 2008| |Six months to 30 April 2007| |Year to 31 October 2007|
|----------------------------+---------------------------+-+---------------------------+-+-----------------------|
| | Ordinary| 'C'| | | Ordinary| 'C'| | | Ordinary| 'C'| |
| | Shares| Shares| Total| | Shares| Shares| Total| | Shares| Shares|Total|
|----------------------------+---------+--------+--------+-+----------+-------+--------+-+---------+-------+-----|
| | �'000| �'000| �'000| | �'000| �'000| �'000| | �'000| �'000|�'000|
|----------------------------+---------+--------+--------+-+----------+-------+--------+-+---------+-------+-----|
|(Loss)/profit on ordinary | | | | | | | | | | | |
|activities before taxation | (2,714)| (1,051)| (3,765)| | 2,352| 967| 3,319| | 1,202| 489|1,691|
|----------------------------+---------+--------+--------+-+----------+-------+--------+-+---------+-------+-----|
|Loss/(gain) on valuation of | | | | | | | | | | | |
|investments | 2,709| 1,025| 3,734| | (1,848)| (947)| (2,795)| | (54)| (161)|(215)|
|----------------------------+---------+--------+--------+-+----------+-------+--------+-+---------+-------+-----|
|Realisation of prior years' | | | | | | | | | | | |
|net unrealised gains on | | | | | | | | | | | |
|investment | 368| 27| 395| | 362| 137| 499| | 674| 314| 988|
|----------------------------+---------+--------+--------+-+----------+-------+--------+-+---------+-------+-----|
|Historical cost profit on | | | | | | | | | | | |
|ordinary activities before | | | | | | | | | | | |
|taxation | 363| 1| 364| | 866| 157| 1,023| | 1,822| 642|2,464|
|----------------------------+---------+--------+--------+-+----------+-------+--------+-+---------+-------+-----|
|Historical cost profit on | | | | | | | | | | | |
|ordinary activities after | | | | | | | | | | | |
|taxation | 363| 1| 364| | 866| 157| 1,023| | 1,822| 642|2,464|
+----------------------------------------------------------------------------------------------------------------+
Balance Sheet
As at 30 April 2008 As at 30 April 2007 As at 31 October 2007
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Total Shares Shares Total Shares Shares Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Fixed asset
investments 6,505 3,534 10,039 11,097 3,957 15,054 9,891 4,499 14,390
Current
assets:
Investments 1,698 1,302 3,000 2,050 2,681 4,731 1,596 1,083 2,679
Debtors 130 79 209 77 95 172 65 91 156
Cash 115 52 167 504 50 554 482 533 1,015
1,943 1,433 3,376 2,631 2,826 5,457 2,143 1,707 3,850
Creditors:
amounts
falling due
within one
year (36) (13) (49) (272) (199) (471) (89) (23) (112)
Net current
assets 1,907 1,420 3,327 2,359 2,627 4,986 2,054 1,684 3,738
Total assets
less current
liabilities 8,412 4,954 13,366 13,456 6,584 20,040 11,945 6,183 18,128
Capital and
reserves:
Share capital 1,108 556 1,664 1,099 537 1,636 1,127 558 1,685
Share premium 1,138 - 1,138 757 4,596 5,353
Special
distributable
reserve 8,369 4,801 13,170 8,628 - 8,628 9,646 4,813 14,459
Capital
redemption
reserve 126 14 140 96 12 108 108 12 120
Revaluation
reserve (3,421) (685) (4,106) 2,125 1,410 3,535 (343) 367 24
Profit and
loss account 1,092 268 1,360 751 29 780 1,407 433 1,840
Shareholders'
funds 8,412 4,954 13,366 13,456 6,584 20,040 11,945 6,183 18,128
Net asset
value per
share 75.9p 89.0p 122.4p 122.6p 106.0p 110.8p
Cash Flow Statement
Six months to 30 Six months to 30 April
April 2008 2007 Year to 31 October 2007
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Total Shares Shares Total Shares Shares Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Net cash outflow
from operating
activities (257) (68) (325) (72) (15) (87) (141) (113) (254)
Financial
investment:
Purchase of listed
securities (340) (320) (660) (1,398) (737) (2,135) (3,395) (2,717) (6,112)
Sale of listed
securities 1,152 305 1,457 2,416 610 3,026 4,367 1,472 5,839
Net cash
inflow/(outflow)
from financial
investment 555 (83) 472 946 (142) 804 831 (1,358) (527)
Management of
liquid resources:
(Increase)/decrease
in money market
securities (102) (219) (321) (1,633) (492) (2,125) (1,179) 1,106 (73)
Dividends paid (678) (167) (845) (362) (52) (414) (1,024) (213) (1,237)
Financing:
Issue of own shares - - - 481 179 660 918 428 1,346
Purchase of own
shares (142) (12) (154) (218) - (218) (335) (335)
Share issue
expenses - - - (9) (6) (15) (28) (16) (44)
(Decrease)/increase
in cash resources (367) (481) (848) (795) (513) (1,308) (817) (53) (870)
Reconciliation of net cash flow to movement in liquid resources
Six months to 30 Six months to 30 April Year to 31 October
April 2008 2007 2007
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Total Shares Shares Total Shares Shares Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
(Decrease)/increase
in cash resources (367) (481) (848) (795) (513) (1,308) (817) (53) (870)
Movement in liquid
resources 102 219 321 1,633 492 2,125 1,179 (1,106) 73
Opening net liquid
resources 2,078 1,616 3,694 1,716 2,775 4,491 1,716 2,775 4,491
Net cash at end of
period 1,813 1,354 3,167 2,554 2,754 5,308 2,078 1,616 3,694
Reconciliation of operating profit to cash flow from operating activities
Six months to 30 April Six months to 30 April
2008 2007 Year to 31 October 2007
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Total Shares Shares Total Shares Shares Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
(Loss)/profit on
ordinary activities
before tax (2,714) (1,051) (3,765) 2,352 967 3,319 1,202 489 1,691
Loss/(gains) on
valuation of fixed
asset investments 2,714 1,024 3,738 (1,848) (947) (2,795) (48) (179) (227)
Gain on disposal of
fixed asset
investments (139) (43) (182) (910) (193) (1,103) (1,458) (409) (1,867)
(Increase)/decrease
in debtors (65) 12 (53) 78 64 142 90 68 158
(Decrease)/increase
in creditors (53) (10) (63) 256 94 350 73 (82) (9)
Net cash outflow
from operating
activities (257) (68) (325) (72) (15) (87) (141) (113) (254)
Reconciliation of Movements in Shareholders' Funds
Ordinary
Shares 'C' Shares Total
�'000 �'000 �'000
Equity shareholders' funds as at 1
November 2007 11,945 6,183 18,128
Loss on ordinary activities after
tax (2,714) (1,051) (3,765)
Net proceeds of share issue - - -
Shares purchased for cancellation (142) (12) (154)
Dividends recognised in period (677) (166) (843)
Equity shareholders funds at 30
April 2008 8,412 4,954 13,366
Ordinary
Shares 'C' Shares Total
�'000 �'000 �'000
Equity shareholders' funds as at
1 November 2006 11,211 5,495 16,706
Profit on ordinary
activities after tax 2,352 967 3,319
Net proceeds of share issue 473 174 647
Shares purchased for
cancellation (218) - (218)
Dividends recognised in period (362) (52) (414)
Equity shareholders funds at 30
April 2007 13,456 6,584 20,040
Ordinary
Shares 'C' Shares Total
�'000 �'000 �'000
Equity shareholders' funds as at 1
November 2006 11,211 5,495 16,706
Profit on ordinary activities
after tax 1,202 489 1,691
Net proceeds of share issue 891 412 1,303
Shares purchased for cancellation (335) - (335)
Dividends recognised in period (1,024) (213) (1,237)
Equity shareholders funds at 31
October 2007 11,945 6,183 18,128
Notes to the interim financial statements
1. Basis of preparation
The interim financial information has been prepared in accordance
with applicable accounting standards and under the historical cost
convention except for the revaluation of investments. The principal
accounting policies of the Company have remained unchanged from those
set out in its 2007 annual report and financial statements.
2. Publication of non-statutory accounts
The unaudited interim results for the six months ended 30 April 2008
and the six months ended 30 April 2007 do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985
and have not been delivered to the Registrar of Companies.
3. Earnings per share
Ordinary Share
The (loss)/earnings per share is based on a (loss)/profit from
ordinary activities after tax of �(2,714,000) and on 11,218,789
shares, being the weighted-average number of shares in issue during
the period (30 April 2007: �2,352,000 and 10,809,884 shares and 31
October 2007: �1,202,000 and 10,806,191 shares).
'C' Share
The (loss)/earnings per share is based on a (loss)/profit from
ordinary activities after tax of �(1,051,000) and on 5,578,265
shares, being the weighted-average number of shares in issue during
the period (30 April 2007: �967,000 and 5,248,048 shares and 31
October 2007: �489,000 and 5,322,479 shares).
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted return per share figures are relevant.
4. Net asset value per share
The calculation of net asset value per Ordinary share is
based on the net assets at 30 April 2008 and on 11,082,865 shares
being the number of shares in issue at the same date (30 April 2007:
10,994,037 and 31 October 2007: 11,266,960).
The calculation of net asset value per 'C' share is based
on the net assets at 30 April 2008 and on 5,563,836 shares being the
number of shares in issue at the same date (30 April 2007: 5,370,745
and 31 October 2007: 5,579,429).
5. Dividends
The interim dividend of 5.0p per Ordinary share and 2.0p per 'C'
share for the 6 months ending 30 April 2008 will be paid on 29 August
2008 to shareholders on the register at the close of business on 8
August 2008.
6. Copies of this statement are being sent to all
shareholders. Copies are also available from the registered office of
the Company at 8 Angel Court, London, EC2R 7HP.
ENDS
- ---END OF MESSAGE---
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