QUESTER VCT 4 PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE YEAR ENDED 31 OCTOBER
2006
Summary of results for the year ended 31 October 2006
Per ordinary share (pence) 2006 2005 2004
Restated Restated
Capital values
Net asset value 65.8 61.1 67.6
Share price 54.0 60.0 62.0
Return and dividends
Dividend paid 1.0 1.0 -
Cumulative dividend 4.9 3.9 2.9
Total return* 70.7 65.0 70.5
*Net asset value plus cumulative dividend
Final dividend
A final dividend of 1p per share has been proposed and is payable on 15 March
2007 increasing cumulative dividends for an original investor in Quester VCT 4
to 5.9p. On account of new accounting standards, this dividend is not reflected
in the table above.
Payment date 15 March 2007
Ex-dividend date 14 February 2007
Associated record date 16 February 2007
CHAIRMAN'S STATEMENT
Overview
The year to 31 October 2006 has seen an increase in total return for
shareholders, which has risen from 65.0p to 70.7p per share. This uplift is
attributable to realised gains and valuation uplifts. The venture capital
portfolio has also enjoyed a greater level of stability as the underlying
companies have been able to develop their business plans in a more buoyant
economic environment.
Net assets, revenue and dividends
Before the impact of dividends and share buy-backs, net assets rose by �
2.6million over the course of the year. On the same basis, net assets per share
rose by 5.3p (8.7%) to 66.4p over the same period, as shown in the table below.
�'000 Pence per
share
Net asset value at 31 October 2005 (Restated) 30,919 61.1
Income 412 0.8
Operating expenses (1,223) (2.5)
Net realised gain on investments 2,218 4.5
Net unrealised gain on investments 1,238 2.5
Net assets before dividends and share buy-backs 33,564 66.4
Dividend paid, net of amounts reinvested (477) (1.0)
Share buy-backs (1,163) 0.4
Net asset value at 31 October 2006 31,924 65.8
Progress of the portfolio
During the year, the venture capital portfolio made encouraging progress with
gains of �2.2million, largely attributable to the cash sale of Footfall Limited
in December 2005 and also including a net unrealised uplift of �176,000 in the
value of the current portfolio.
A further �4.8million was invested in the venture capital portfolio: �
0.5million was committed to new investments and �4.3million to further funding
of existing investments.
The Company holds 37 investments and is currently almost fully invested. The
Board continues to monitor the liquidity requirements, including reserving for
follow-on investments, to ensure the retention of sufficient liquid assets. It
is considered that there is the current capacity to make one further new
investment. The situation will continue to be reviewed periodically and as and
when exit proceeds are realised.
The listed equity portfolio, which amounted to 22.0% of net assets at the year
end, has performed well, generating realised and unrealised gains totalling �
1.2million. It is likely that this portfolio will be reduced during the coming
year to provide funding for planned further investment in the existing venture
capital portfolio.
Outlook
There will be an increasing focus on achieving exits from the venture capital
portfolio going forward with the objective of generating significant cash
proceeds and an uplift in total return for shareholders. A balance will be
struck between paying dividends and reinvesting these proceeds, so as to
maintain the VCT status of the Company.
The increase in total return over the year has been welcome and we are
optimistic of a rising total return over the medium term, although, in the
interim, fluctuations in total return are probable.
Robert Wright
Chairman
11 January 2007
INVESTMENT MANAGER'S REPORT
Introduction
The year has been characterised by relative stability across the unquoted
venture capital portfolio with valuations remaining largely unchanged. There
has, however, been some volatility in those venture capital investments traded
on AIM, where, on account of limited liquidity, price movements can be
disproportionate to the news flow.
It has been a very active period for the venture capital portfolio with a
further �4.8million invested in five new and 15 follow-on investments. As
previously reported, a significant profitable realisation from the portfolio
was achieved in December 2005 on the sale of Footfall Limited, which generated
a profit of �2million on a cost of �1million.
Venture capital portfolio: valuation changes
As at 31 October 2006, the venture capital portfolio was valued at �
23.6million. During the year, there was a modest net uplift in valuations of �
176,000 (unquoted investments: gain of �368,000, quoted investments: loss of �
192,000).
Unquoted investments
Within the unquoted portfolio, the investment in Nomad Limited has been
revalued back up to cost providing an uplift of �560,000, reflecting the
progress made by its card payments processing business. Nomad provides a
comprehensive processing service for debit card and prepaid card based
transactions and it has developed a significant initial customer base for this
service, principally relating to prepaid cards. A further investment of �
191,000 was made to help accelerate the growth of this business.
This uplift was offset by a downwards revaluation of Teraview Limited of �
108,000 and the �67,000 write off of Global Silicon Limited. Teraview continues
to make positive progress but the reduction in the valuation follows the lower
pricing of its latest funding round. Although its product was proven,
disappointingly, the investment in Global Silicon was written off following its
failure to get significant sales traction. [DEL::DEL]
Quoted investments
During the period there were increases in the valuations of Allergy
Therapeutics plc and Avidex Limited.
Allergy Therapeutics, the specialist pharmaceutical company focused on the
development of innovative therapies for the treatment and prevention of
allergy-related conditions, announced positive trading results in June 2006.
The company has made progress internationally with the [DEL::DEL]Pollinex
Quattro vaccine platform and has growing commercial product sales and an
advanced product pipeline, with two pivotal clinical studies commencing in the
current financial year. A further �200,000 was invested as part of a �19million
fundraising undertaken by the company in May 2006. The share price rose by 12%
during the year and the investment stood at a 30% uplift to original cost as at
31 October 2006.
Avidex was purchased by MediGene AG, a publicly quoted German-American
biotechnology company, in September 2006. The acquisition combined Avidex's
world class research capabilities with MediGene's strong development and
commercial expertise. MediGene's enhanced drug pipeline includes several drug
candidates to treat cancer and autoimmune diseases, including Avidex's lead
product RhuDex�, and a proprietary technology platform to further fuel its
future drug pipeline. By October 2006, MediGene's share price had risen by
approximately 34% since the date of the transaction and the value of this
investment has been revalued up by �211,000 to just below cost. It is currently
anticipated that the MediGene investment will be held for the medium term.
The value of the investment in Celoxica plc fell by �295,000 over the period
following the announcement that it would not meet the market's revenue
expectations for 2006. However, the company continues to see good medium term
growth potential in its accelerated computing business. The investments in
Genosis plc and Public Recruitment Group plc fell in value by �89,000 and �
133,000 respectively. The fall in value of Genosis, which produces a combined
male and female home fertility test, followed the announcement of much slower
than anticipated market take-up.
Venture capital portfolio: investment
During the year, a further �4.8million was invested in the venture capital
portfolio. This includes five new investments, totalling �0.5million and �
4.3million in 15 existing investments.
New Investments:
Company Industry sector �'000
Cluster Seven Limited Software 158
Haemostatix Limited Biotechnology 12
Lectus Therapeutics Biotechnology 53
Limited
Perpetuum Limited Electronics 93
Vivacta Limited Diagnostics & devices 195
511
As reported in the interim accounts, these investments are all early stage and
pre-revenue other than the investment in Cluster Seven, which is revenue
generating. The initial investments are deliberately [DEL:s:DEL]mall and
further investment is to be made on an agreed milestone related basis, the
objective being to manage the Company's exposure to these exciting but early
stage, and therefore higher risk, investments.
Cluster Seven develops and sells enterprise spreadsheet management software.
The company's products provide control over spreadsheets being used in mission
critical environments. In the current regulatory environment, the control of
spreadsheets is paramount and there is a substantial potential global market
for Cluster Seven's products. The company is revenue generating and has built
an impressive initial client base, principally in the major financial centres
of London and New York.
Haemostatix is a drug discovery company concentrating on the development of an
alternative to blood platelet transfusion. The company's product, HaemoPlax(tm),
represents a new type of treatment that is potentially safer and easier to use
than the current therapy, with a significant saving in ancillary treatments
costs. This was a small initial investment; subsequent to 30 April 2006,
Quester VCT 4 together with the investment syndicate provided further planned
funding to Haemostatix, which had successfully achieved its initial scientific
milestones.
Lectus Therapeutics specialises in the discovery and development of novel drugs
(ion channel modulators) for diseases associated with pain management, urinary
incontinence and angina, offering important clinical and economic advantages
over existing therapies in this growing market. The company raised �8.2million
in its first institutional round of venture capital funding which Quester
co-led alongside a leading French venture capital firm, Sofinnova, and the two
largest Japanese pharmaceutical firms, Takeda and Astellas.
Vivacta is an in vitro medical diagnostics company with novel technology
designed to enable rapid, reliable and highly sensitive tests to be performed
at the point-of-care. This form of testing allows tests to take place in a
doctor's surgery or at the bedside, removing the need for samples to be
dispatched to laboratories for analysis. This is a fast growing market sector
and the company's core technology is applicable to a wide variety of tests,
although initially applied to blood testing. The company recently raised �
3million through a funding round led by Quester and is at an interesting stage
in the optimisation and commercialisation of its patented piezofilm technology.
Perpetuum produces electromechanical vibration energy harvesting
micro-generators to power wireless sensor nodes, eliminating the need for hard
wiring or batteries. This technology addresses the growing and substantial
market for wireless sensor systems, which are used for a wide range of
applications.
The majority of these new investments are shared with Quester's institutional
fund, the Quester Venture Partnership. Several have also been seed funded by
the Quester managed university linked funds, as part of Quester's proactive
deal sourcing strategy.
At the half year, it was reported that no new companies would be added to the
venture capital portfolio for the time being, although the situation was to be
kept under regular review. It has been agreed that whilst the Company remains
close to being fully invested, it does have the capacity to make one further
new investment. This will leave adequate liquidity to provide planned further
funding to existing investments. The situation will be reviewed periodically
and as and when exit proceeds are realised.
Follow-on investments
This was also an active period for follow-on investment; �4.3million was
invested in 15 existing companies.
Company Industry sector �'000
Advanced Valve Technologies Limited Industrial products & 258
services
Allergy Therapeutics plc Biotechnology 200
Anthropics Technology Limited Communications 35
Avidex Limited (prior to Biotechnology 107
acquisition by MediGene AG)
Azea Networks Inc. Communications 685
Celona Technologies Limited Software 982
Genosis plc Diagnostics & devices 21
HTC Healthcare Group plc Consumer goods & services 43
Identum Limited Software 893
Nexagent Limited Software 129
Nomad Software Limited Software 191
Oxxon Therapeutics Holdings, Inc Biotechnology 147
Sift Group Limited Internet 42
Teraview Limited Diagnostics & devices 197
Workshare Limited Software 393
4,323
The largest follow-on investment made during the year was in Celona, the
developers of a software technology, which enables Telecoms companies to
migrate to new operation and business support systems in a faster and more
effective way than traditional methods. The investment will provide additional
working capital to cover Celona's product development and sales and marketing.
The investment in Identum, specialists in cryptography and information
security, will provide additional working capital to develop the product
pipeline. The investment in Azea, providers of world-class undersea optical
networking solutions, will provide additional working capital to support the
sales process in winning further contracts. The business has achieved three
flagship installations to date and it is important that the company builds on
this success in 2007.
Venture capital portfolio: sector spread
The spread of sectors in the ongoing portfolio at 31 October 2006 is provided
in the table below. The portfolio remains well diversified.
Industry sector Percentage of Valuation Number of
venture capital investments
portfolio at
valuation
% �'000
Software 36.3 8,564 10
Biotechnology 20.4 4,825 8
Communications 14.8 3,489 3
Diagnostics & devices 12.2 2,896 5
Industrial products & 5.2 1,231 3
services
Electronics 4.2 986 4
Internet 3.0 698 1
Semiconductors 1.8 429 1
Consumer goods & services 1.8 425 1
Hardware 0.3 69 1
100.0 23,612 37
Listed equity portfolio
The listed equity portfolio, which is held as a reserve to meet the funding
requirements of the venture capital portfolio, has continued to perform well
during the year and has returned an annual total return of 25.1%. It is
anticipated that a significant proportion of this portfolio, which accounts for
22.0% of net assets of �31.9million as at 31 October 2006, will be liquidated
during the coming year ahead of investment in the unquoted portfolio.
Outlook
The portfolio is now very close to being fully invested and there is limited
capacity to make additional new investments. The primary focus is therefore on
achieving exits to crystallise returns for shareholders and we remain
optimistic about the likely results of this process.
Quester Capital Management Limited
Manager
11 January 2007
FUND SUMMARY AS AT 31 OCTOBER 2006
Industry sector Original Valuation Equity % of
Cost �'000 % held fund by
�'000 value
Quoted venture capital investments
Allergy Therapeutics Biotechnology 700 911 1.1% 2.9%
plc
Celoxica Holdings plc Software 1,315 363 3.6% 1.1%
Cyclacel Biotechnology 1,000 235 0.6% 0.7%
Pharmaceuticals, Inc.
Genosis plc Diagnostics & 111 22 0.7% 0.1%
devices
MediGene AG* Biotechnology 1,251 1,133 0.7% 3.5%
Polaron plc Industrial products 250 122 1.2% 0.4%
& services
Portrait Software plc Software 1,130 392 2.7% 1.2%
Public Recruitment Industrial products 250 77 0.8% 0.2%
Group plc & services
Quadnetics Group plc Electronics 143 151 0.5% 0.5%
Total quoted venture capital investments 6,150 3,406 10.6%
Unquoted venture capital investments
Advanced Valve Industrial products 1,730 1,032 30.6% 3.2%
Technologies Limited & services
Antenova Limited Communications 1,254 1,005 5.4% 3.1%
Anthropics Technology Communications 1,105 35 7.0% 0.1%
Limited
Arithmatica Limited Semiconductors 1,486 429 13.7% 1.3%
Azea Networks, Inc. Communications 2,449 2,449 7.9% 7.7%
Celona Technologies Software 1,648 1,648 13.6% 5.2%
Limited
Cluster Seven Limited Software 158 158 2.0% 0.5%
De Novo Diagnostics & 803 176 3.0% 0.6%
Pharmaceuticals devices
Limited
Elateral Holdings Software 1,155 155 13.7% 0.5%
Limited
Global Silicon Limited Semiconductors 67 - 0.8% 0.0%
Haemostatix Limited Biotechnology 11 11 0.6% 0.0%
HTC Healthcare Group Consumer goods & 714 425 8.7% 1.3%
plc services
Identum Limited Software 1,159 1,159 6.7% 3.6%
Lectus Therapeutics Biotechnology 53 53 1.1% 0.2%
Limited
Level Four Software Software 68 68 1.2% 0.2%
Limited
Lorantis Holdings Biotechnology 1,400 1,025 2.7% 3.2%
Limited
Mesophotonics Limited Electronics 893 670 7.2% 2.1%
Nexagent Limited Software 1,666 1,587 5.7% 5.0%
Nomad Software Limited Software 1,402 1,402 11.6% 4.4%
Opsys Management Electronics 1,038 72 3.5% 0.2%
Limited
Oxford Immunotec Diagnostics & 1,339 1,556 9.3% 4.9%
Limited devices
Oxxon Therapeutics Biotechnology 1,130 632 3.5% 2.0%
Holdings, Inc
Pelikon Limited Hardware 69 69 0.5% 0.2%
Perpetuum Limited Electronics 93 93 1.7% 0.3%
Sift Group Limited Internet 917 698 4.5% 2.2%
Teraview Limited Diagnostics & 947 947 5.4% 3.0%
devices
Vivacta Limited Diagnostics & 195 195 3.0% 0.6%
devices
Workshare Limited Software 1,532 1,632 6.8% 5.1%
Xention Discovery Biotechnology 750 825 5.1% 2.6%
Limited
Total unquoted venture capital investments 27,231 20,206 63.3%
Total venture capital investments 33,381 23,612 73.9%
Listed equity investments 5,331 7,012 22.0%
Total investments 38,712 30,624 95.9%
Cash and other net current assets 1,300 1,300 4.1%
Net assets 40,012 31,924 100.0%
* Formerly Avidex Limited
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2006
Note 2006 2005
�'000 Restated
�'000
Gain/(loss) on fair value through 2 3,456 (2,214)
profit or loss on investments
Income 3 412 437
Investment management fee 4 (800) (847)
Other expenses 5 (418) (324)
Profit/(loss) on operating activities 2,650 (2,948)
Interest payable on loan notes (5) (5)
Profit/(loss) on ordinary activities 2,645 (2,953)
before taxation
Tax on ordinary activities 7 - -
Profit/(loss) on ordinary activities 2,645 (2,953)
after taxation
Basic earnings per share 9 5.3p (5.7)p
NOTE OF HISTORICAL COST PROFITS AND LOSSES
FOR THE YEAR ENDED 31 OCTOBER 2006
Note 2006 2005
�'000 Restated
�'000
Reported profit/(loss) on ordinary 2,645 (2,953)
activities before taxation
Realisation of prior years' net unrealised 294 (3,722)
gains/(losses) on investments
Adjustment for unrealised (profit)/loss on 2 (1,238) 1,810
revaluation of investments
Historical cost profit/(loss) on ordinary 1,701 (4,865)
activities for the period
All items in the above statements derive from continuing operations.
The Company has only one class of business and derives its income from
investments made in shares and securities and from bank deposits.
BALANCE SHEET
AS AT 31 OCTOBER 2006
2006 2005
Restated
Note �'000 �'000
Fixed assets
Investments at fair value through 30,624 25,401
profit or loss
Current assets
Debtors 148 337
Cash at bank 1,715 5,641
1,863 5,978
Creditors: amounts falling due within (463) (360)
one year
Net current assets 1,400 5,618
Creditors: amounts falling due in over (100) (100)
one year
Net assets 31,924 30,919
Capital and reserves
Called-up equity share capital 485 506
Capital redemption reserve 47 26
Share premium account 309 285
Special reserve 33,730 34,969
Fair value reserve (4,781) (5,725)
Profit and loss account 2,134 858
Total equity shareholders' funds 31,924 30,919
Net asset value per share 10 65.8p 61.1p
CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2006
2006 2005
�'000 Restated
�'000
Cash outflow from operating activities (783) (494)
Financial investment
Purchase of venture capital investments (4,834) (5,194)
Purchase of listed equities (1,476) (1,044)
Sale/redemption of venture capital investments 3,091 771
Sale/redemption of listed equity 1,410 3,643
Recoveries made from venture capital 42 142
investments previously written off
Total net financial investment (1,767) (1,682)
Equity dividends paid (477) (453)
Financing
Share buy-ins (899) (915)
Total financing (899) (915)
Decrease in cash for the period (3,926) (3,544)
Reconciliation of net cash flow to movement
in net funds
Decrease in cash for the period (3,926) (3,544)
Net funds at the start of the period 5,641 9,185
Net funds at the end of the period 1,715 5,641
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 31 OCTOBER 2006
Share Capital Share Special Fair Profit Total
capital redemption premium reserve value and �'000
�'000 reserve account �'000 reserve loss
�'000 �'000 �'000 account
�'000
At 1 November 2005 506 26 285 34,969 (5,652) 858 30,992
Effect of valuing - - - - (73) - (73)
listed investments at
bid price
At 1 November 2005 506 26 285 34,969 (5,725) 858 30,919
(Restated)
Shares issued under - - 24 - - - 24
the Dividend
Reinvestment Scheme
Shares purchased for (21) 21 - (1,163) - - (1,163)
cancellation
Realisation of prior - - - - (294) 294 -
years' net unrealised
gains on investments
Transfer from special - - - (76) - 76 -
reserve to profit and
loss account
Transfer of net - - - - 1,238 (1,238) -
unrealised gains on
revaluation of
investment to fair
value reserve
Profit for the year - - - - - 2,645 2,645
Interim dividend paid - - - - - (501) (501)
At 31 October 2006 485 47 309 33,730 (4,781) 2,134 31,924
The accompanying notes are an integral part of these statements.
NOTES TO THE FINANCIAL STATEMENTS
1. Change in accounting standards
The prior year figures are restated as the accounts have been prepared using
new accounting standards. The relevant standards are FRS 21: Events after the
Balance Sheet Date, FRS 22: Earnings Per Share, FRS 23: The Effects of Changes
in Foreign Exchange Rates, FRS 25: Financial Instruments: Disclosure and
Presentation, FRS 26: Financial Instruments: Measurement and FRS 28:
Corresponding amounts. These standards have been adopted by the Company with
effect from 1 November 2005 and the prior year comparatives have been restated
accordingly, resulting in an increase of �1,810,000 in the loss before tax
reported on the face of the Profit and Loss and a decrease of �73,000 in the
value of the Company's net assets as at 31 October 2005. Further details are to
be provided in the Company's statutory accounts.
2. Loss on realisation of investments
2006 2005
�'000 Restated
�'000
Realised net gains on disposal 2,176 521
Write-off of investments - (946)
Recoveries made in respect of investments previously 42 142
written off
Write down of debtors - (121)
Unrealised profit/(loss) on revaluation of 1,238 (1,810)
investments
3,456 (2,214)
3. Income
2006 2005
�'000 �'000
Dividend income
Listed companies 236 210
Interest receivable
Fixed interest securities - 2
Loans to unquoted companies - 19
Bank deposits 41 52
Other income from shares and securities 135 154
412 437
4. Investment management fee
Quester Capital Management Limited (QCML) provides investment management
services to the Company under an agreement dated 30 October 2000.
QCML is a wholly owned subsidiary of Querist Limited, a company in which APG
Holmes and JA Spooner are beneficial shareholders. APG Holmes and JA Spooner
are executive directors of QCML.
A charge of �800,000 (2005: �847,000) in respect of the management fee payable
to QCML was made during the year together with irrecoverable VAT of �123,000
(2005: �127,000). The fee, which is calculated monthly and is payable quarterly
in advance, was levied at a rate of 2.5% (2005: 2.5%) on the Company's net
assets during the financial year ended 31 October 2006.
The Manager's appointment is for a fixed term which shall expire on the seventh
anniversary of the commencement of the Fund and shall continue until terminated
by either party subject to a notice period. If such notice is given on or after
the seventh anniversary of the commencement of the Fund, the notice period
shall be the longer of (i) twelve months and (ii) the period from the date on
which notice is given to the tenth anniversary of the commencement of the Fund.
Thereafter the notice period shall be twelve months.
QCML provides administrative and secretarial services to the Company for which
it was entitled to a fee of �56,000 for the year ended 31 October 2006 (2005: �
54,000). This fee is linked to the movement in the RPI and is included in other
expenses (note 4).
The management fee payable to Newton Investment Management Limited, to the
extent that it is not covered by transaction fees payable by the Company, will
be met by QCML out of the above fee.
5. Other expenses
2006 2005
�'000 �'000
Administration and secretarial services 56 54
Directors' remuneration (note 5) 37 33
Auditor's remuneration
Fees payable to the Company's auditor for the 14 14
audit of the annual financial statements
Fees payable to the Company's auditor and its 6 6
associates for other services relating to taxation
Legal and professional expenses 40 8
Insurance 13 13
UKLA, LSE and registrar's fees 24 19
Irrecoverable VAT 162 150
Transaction costs 14 -
Printing and postage 21 13
Other expenses 31 14
418 324
6. Directors' remuneration
2006 2005
�'000 �'000
Fees paid to directors 3 9
Amounts paid to third parties, excluding VAT, in 34 24
consideration for the services of directors
37 33
7. Tax on ordinary activities
2006 2005
�'000 Restated
�'000
Corporation tax - -
Reconciliation of profit/(loss) on ordinary
activities to tax thereon
Profit/(loss) on ordinary activities before tax 2,645 (2,953)
Tax on profit/(loss) on ordinary activities at 794 (886)
standard UK corporation tax rate of 30% (2005:
30%)
Effects of:
(Gain)/loss on investments (1,037) 664
Loss on operating activities 243 222
Corporation tax payable - -
The company has excess trading losses of �3,600,000 (2005: �2,612,000) that are
available to offset against future profits. A deferred tax asset of �1,080,000
(2005: �784,000) has not been recognised in respect of these losses and will be
recoverable only to the extent that the Company has sufficient future taxable
profits.
8. Dividends paid
2006 2005
�'000 �'000
Interim dividend: 1p per share paid 1 March 2006 501 521
(2005: 1p per share paid 1 April 2005)
A final dividend of 1p per share has been proposed and is payable on 15 March
2007 subject to approval by shareholders. Under new accounting standards, this
dividend is not provided for in these accounts and is not reflected in the
table above.
9. Earnings per share
The gain per share of 5.3p (2005 restated: loss 5.7p) is based on the gain on
ordinary activities after tax of �2,645,000 (2005 restated: loss �2,953,000)
and on ordinary shares of 49,861,329 (2005: 51,547,440), being the weighted
average number of ordinary shares in issue during the year.
10. Net asset value
The net asset value per share as at 31 October 2006 of 65.8p (2005 restated:
61.1p) is based on net assets of �31,924,000 (2005 restated: �30,919,000)
divided by the 48,502,665 (2005: 50,596,419) ordinary shares in issue at that
date.
11. Financial information
This preliminary statement, which has been agreed with the auditors, was
approved by the Board on 11 January 2007. It is not the Company's statutory
accounts. The statutory accounts for the financial year ended 31 October 2005
have been delivered to the Registrar of Companies and 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 contain statements under section 237(2) and (3) of the Companies Act
1985. The statutory accounts for the financial year ended 31 October 2006 have
not yet been approved, audited or filed.
A copy of the Company's statutory accounts will be submitted to the UK Listing
Authority, and will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Copies of the full financial statements for the period ended 31 October 2006
are expected to be posted to shareholders on 15 January 2007 and will be
available to the public at the registered office of the Company at 29 Queen
Anne's Gate, London, SW1H 9BU.
END
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