Rensburg AIM VCT Plc Half Yearly Report -3-
28 Outubro 2013 - 11:55AM
UK Regulatory
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Shareholders' funds 17,629 16,817 17,531
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Net asset value per share 45.25p 42.30p 44.49p
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Cash Flow Statement
for the six months ended 31 August 2013
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Net cash outflow from operating activities (25) (1,027) (1,248)
Capital expenditure and financial investment
Purchases of available-for-sale investments - - (5)
Purchases of fair value investments (891) (31) (710)
Proceeds from the disposal of fair value
investments 983 2,166 4,495
Proceeds from the disposal of available-for-sale
investments 161 844 1,142
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Net cash inflow from capital expenditure
and financial investment 253 2,979 4,922
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Dividends
Dividends paid (977) (995) (2,384)
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Financing
Buy-back of ordinary shares (178) (56) (199)
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(Decrease)/increase in cash (927) 901 1,091
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Notes to the Cash Flow Statement
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Analysis of change in net funds
Opening net cash 1,667 576 576
Net cash (outflow)/inflow for the period (927) 901 1,091
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Closing net cash 740 1,477 1,667
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Notes to the Condensed Financial Statements
1. Basis of Preparation
The financial statements have been prepared on a going concern
basis under the historical cost convention, modified to include
the revaluation of fixed asset investments in accordance with
UK Generally Accepted Accounting Practice and in accordance with
the Statement of Recommended Practice ("SORP") for investment
trust companies and venture capital trusts issued by the Association
of Investment Companies ("AIC") in January 2009 and on the assumption
that the Company maintains VCT status. In accordance with Section
405(2) of the Companies Act 2006, the Company is exempt from preparing
consolidated financial statements. As such, the Company is not
required to prepare its financial statements in accordance with
International Financial Reporting Standards as adopted by the
European Union.
2. Related Party Transactions
As shown in the Income Statement, fees incurred by this Company
for investment management services provided by Investec Wealth
& Investment Limited ("IW&I") amounted to GBP175,652 (2012: GBP166,293)
in the half-year. The outstanding balance accruing to IW&I at
31 August 2013 was GBP89,076 (2012: GBP269,974). Further analysis
of the IW&I fee structure and incentive can be found in note 3
to the accounts.
During the half-year, Walker Morris, a law firm for which Peter
Smart acts as consultant, provided legal services to the Company
totalling GBP2,400 (2012: GBP14,641). The outstanding balance
at 31 August 2013 was GBP3,000 (31 August 2012: GBP10,500).
3. Investment Management Fees
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Investment management fees 176 166 349
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176 166 349
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Throughout the half-year IW&I has provided investment management
and secretarial services to the Company.
Under the terms of the Investment Management Agreement the Manager
has been appointed to act as investment manager of Rensburg Aim
VCT plc's investments for an annual fixed fee of GBP45,000 plus
a quarterly fee based upon 0.375% of the quarter end NAV, prior
to the fee itself and after adding back dividends paid during
the year to date.
The Manager will not be entitled to any performance related incentive
payments.
If the annual running costs (as defined in the Investment Management
Agreement) exceed 3.5% per year of the Funds under Management
after adding back the value of dividends paid during the year,
the Company shall be entitled to a rebate on the fees paid to
the Manager to the extent of the excess. The repayment will be
limited to the total amount that would have been payable to the
Manager in that financial year.
In addition to the main fee, IW&I has charged GBP15,757 in the
six months to 31 August 2013 (6 months to 31 August 2012: GBP12,996)
for the management of the non-qualifying Main List quoted equities
based on their market values.
4. Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Profit on ordinary activities before
tax 1,345 881 3,090
Decrease in debtors 19 - 7
Decrease in creditors (32) (1,302) (1,471)
Unrealised gain on fair value investments (1,163) (33) (1,635)
Realised gain on fair value investments (73) (38) (484)
Realised gain on available-for-sale
investments (121) (535) (755)
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(25) (1,027) (1,248)
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5. Earnings per Share
The earnings per share of 3.43p (year ended 28 February 2013:
earnings of 7.77p; 6 months ended 31 August 2012: earnings of
2.21p) are based on the net profit after tax of GBP1,345,000 (year
ended 28 February 2013: profit of GBP3,090,000; 6 months ended
31 August 2012: profit of GBP881,000) and on 39,238,049 (year
ended 28 February 2013: 39,779,435; 6 months ended 31 August 2012:
39,848,167) ordinary shares, being the weighted average number
of shares in issue during the period.
6. Total Recognised Returns per Share
Total recognised gains per share of 3.19p (year ended 28 February
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