RNS Number : 9451Y
Close Brothers Protected VCT PLC
11 July 2008
Close Brothers Protected VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency Rule 4.1, Close Brothers Protected VCT PLC today issues the full
text of the Annual Report and Financial Statements for the year ended 31 March 2008.
This announcement was approved by the Board of Directors on 11 July 2008.
Please click on the following link to view the full report and accounts for the year to 31 March 2008:
http://www.rns-pdf.londonstockexchange.com/rns/9451Y_1-2008-7-11.pdf
Alternatively you may view the Annual Report and Financial Statements at: www.closeventures.co.uk by clicking on the 'Our Funds'
section.
Financial highlights
Year ended Year ended
31 March 2008 31 March 2008
Total return per share (pence) (3.5) 11.4
Dividends paid per share (pence) 5.00 4.00
Net asset value per share (pence) 92.6 101.0
Total shareholder net asset value return to 31 Pence per share
March 2008
Total dividends paid during the year ended 31 1.10
March 1998
Total dividends paid during the year ended 31 6.40
March 1999
Total dividends paid during the year ended 31 1.50
March 2000
Total dividends paid during the year ended 31 4.25
March 2001
Total dividends paid during the year ended 31 2.75
March 2002
Total dividends paid during the year ended 31 2.00
March 2003
Total dividends paid during the year ended 31 1.25
March 2004
Total dividends paid during the year ended 31 2.20
March 2005
Total dividends paid during the year ended 31 4.50
March 2006
Total dividends paid during the year ended 31 4.00
March 2007
Total dividends paid during the year ended 31 5.00
March 2008 ______
Total dividends paid to 31 March 2008 34.95
Net asset value at 31 March 2008 92.55
______
Total shareholder net asset value return as at 127.50
31 March 2008 ______
In addition to the above dividends paid, the Directors have declared a first dividend of 2.50 pence per Ordinary share to be paid out of
revenue profits, payable on 22 August 2008 to shareholders on the register on 25 July 2008.
Investment Objectives
Close Brothers Protected VCT PLC (the "Company") commenced trading in April 1997. Within the overall aim of maximising the considerable
tax benefits available to shareholders in a venture capital trust, the Company's investment strategy was designed to meet the requirements
of investors who seek to protect the capital value of their investment whilst still providing an attractive level of return. Following
shareholder approval in 2002 to change the Company's investment policy, the investments made by Close Brothers Protected VCT PLC currently
fall into the following categories:
* Qualifying Asset-based Investments
These comprise investments principally in the hotel, leisure and residential development sectors, with a mixture of equity and loan
stock, with the loan stock normally holding a first charge over freehold or long leasehold property.
* Qualifying AIM Investments
These comprise new ordinary shares issued by companies quoted on AIM; this portfolio is in the process of being wound down and
re-invested in asset-based investments.
* Non-qualifying Investments
The remaining funds are invested in cash and floating rate notes with banks with a Moody's rating of A and above.
Financial Calendar
Annual General Meeting 11 August 2008
Announcement of interim results for the six months ended 30 November 2008
September 2008
Record date for first dividend 25 July 2008
Payment of first dividend 22 August 2008
Payment of second dividend January 2009
Chairman's Statement
Introduction
The financial performance for the year to 31 March 2008 was disappointing, with a negative total return of 3.5 pence per share, compared
with a positive total return of 11.4 pence for 2007 and 5.6 pence for 2006. Of the decline 3.0 pence was caused by the reduction in the
value of your Company's residual portfolio of AIM investments which has been much reduced since the investment policy change in 2002. In
addition the slow down in consumer spending adversely affected both trading in our pub investments, and property sales within our
residential development companies, while the decline in property values generally resulted in a reduction in the value of our successful
hotel at Stansted airport. These in turn affect both the capital value of our portfolio and the income received from our investments. In
line with the Company's objective, dividends of 5 pence per share were paid in the year, resulting in a fall in asset value to 92.6 pence.
Investment progress and performance
Some �2.0 million was invested and a further �900,000 committed for investment, into new and existing asset-based investee companies.
The biggest investment was of �1.0 million in Sky Hotel Heathrow Limited to purchase The Stanwell Hotel, a 19 bedroom hotel close to
Heathrow's Terminal Five and also to extend it to 53 bedrooms. We disposed of our investment in The Bold Pub Company Limited, realising a
profit of �440,000 on the investment of �990,000 in addition to a running yield of over 10 per cent. on funds invested. In addition we
disposed of our investment in The Pelican Inn Limited, realising a loss of �88,000 on our cost of �245,000. Trading in all of our hotels
continues to improve as actions taken by their management teams have more than offset the effects of a slowing economy, leading to increases
in two of the valuations. Despite strong trading performance, the third party valuation of our Stansted hotel has fallen in line with
sections of the commercial property market. Our cinemas are performing well, while our newly-opened health and fitness clubs saw strong growth in membership. Against this, our pub investments saw markedly
tougher trading as a result of reduced consumer spending and the effects of the smoking ban. In addition, we are in the process of largely
withdrawing from our exposure to the residential development market, where we have seen a sharp decline in sales. We continued to wind down
the residual portfolio of AIM quoted stocks, realising profits of �350,300 on cost of �327,000. AIM valuations suffered in general, and our
remaining portfolio was not immune. The AIM portfolio saw a sharp decline in value to �1.2 million, with unrealised losses of �723,000
during the year, net of realised gains.
Continuation Vote and Tender Offer
At the Annual General Meeting in July 2007, approximately 96.5 per cent. of those voting approved the continuation of the Company for a
further 5 years. In addition, the Tender Offer for the purchase of 10 per cent. of the share capital was taken up in full at a price of 98
pence per share (which was at a small discount to the prevailing NAV at the Tender Offer date). The following is the sector split of the
portfolio by valuation as at 31 March 2008:
Risks, uncertainties and prospects
The key risk continues to be the outlook for the UK economy which, while currently still growing, is being affected by the current
unease in the wholesale financial and housing markets. While this has had an overall adverse effect on asset values, we believe that the
resulting shortage of available bank finance will give rise to additional investment opportunities. This is because your Company's policy of
providing both equity and debt finance, without the use of external borrowings, not only reduces the risk to the existing portfolio, but
also makes our form of investments more attractive at a time when banks are reducing their lending activities. Further detailed analysis of
the other risks and uncertainties facing the business are shown in the Directors Report and Business Review of the Annual Report and
Financial Statements.
New opportunities in progress include a psychiatric hospital in the South Downs, north of Portsmouth, where we have already exchanged
contracts subject to planning. This would take the VCT back into the healthcare sector, which we left two years ago, following the sale of
our final two care homes in Romford and Dover. We are reviewing our options for substantial investment in the Stansted hotel; if we decide
to sell the investment, the profit that would arise would underpin our dividend objective and provide liquidity for further investment.
Dividend reinvestment scheme
I draw to shareholders' attention a Dividend Reinvestment Scheme whereby shareholders may elect to reinvest the whole of the dividend
due for payment on 22 August 2008 by subscribing for New Ordinary Shares. Benefits to individual shareholders arising on participating in
the Dividend Reinvestment Scheme include:
* income tax relief on the reinvestment at the rate of 30 per cent. (VCT investments cannot exceed �200,000 in one tax year to be able
to obtain this relief and new shares need to be held for at least five years);
* any gains arising on disposal of shares in a VCT will be exempt from tax (any loss will not be an allowable capital loss); and
* any future dividends on the new shares are not subject to income tax.
The Circular dated 11 July 2008 which is enclosed with the Annual Report and Financial Statements, 'Introduction of a Dividend
Reinvestment Scheme', details the mechanics of this Scheme.
Proposed change to the Company's Articles of Association
At the Annual General meeting, a special resolution will be proposed to adopt new Articles (the "New Articles") in order to update the
Company's existing Articles of Association (the "Current Articles") and to take account of the changes that have been brought into force by
Companies Act 2006. Whilst the Company will be incorporating the new provisions of the Companies Act 2006 in relation to electronic and/or
website communications, it does not yet intend to communicate with its shareholders via such means. A further resolution will be proposed to
enable the Directors to manage the conflicts of interest as permitted by the Companies Act 2006 and which will come into force on 1 October
2008 or such later date as section 175 of Companies Act 2006 provides. The Directors are proposing this resolution to allow Directors to
approve actual or potential conflicts situations, should it be in the Company's best interests to do so, and to allow conflicts of interest
to be dealt with in a similar way to the current position. A summary of the principal changes that are proposed to be made to the current Articles by resolutions 10 and 11 are contained
in the Directors' Report and Business Review in the Annual Report and Financial Statements.
Results, dividends and prospects
As at 31 March 2008, the net asset value was �19.6 million or 92.6 pence per share compared to �24.2 million or 101.0 pence per share as
at 31 March 2007. Revenue return after taxation was �745,000 for the period compared to �720,000 for the year to 31 March 2007. The Board
now declares a first dividend of 2.50 pence per share from revenue reserves. The dividend will be paid on 22 August 2008 to shareholders on
the register on 25 July 2008. This is in line with the Board's objective of paying out a dividend of 5 pence per share per annum, subject to
the availability of realised capital and revenue reserves and liquidity considerations.
Income Statement
Year ended Year ended
31 March 2008 31 March 2007
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
(Losses)/gains on investments - (1,303) (1,303) - 2,288 2,288
Investment income 1,176 - 1,176 1,149 - 1,149
Investment (114) (340) (454) (122) (367) (489)
management fees
Other expenses (250) - (250) (204) - (204)
_____ _____ _____ _____ _____ _____
Return/(loss) on ordinary 812 (1,643) (831) 823 1,921 2,744
activities before tax
Tax (charge)/credit on (67) 124 57 (103) 120 17
ordinary activities _____ _____ _____ _____ _____ _____
Return/(loss) attributable to 745 (1,519) (774) 720 2,041 2,761
shareholders _____ _____ _____ _____ _____ _____
Basic and undiluted return per 3.3 (6.8) (3.5) 3.0 8.4 11.4
share (pence)(excluding _____ _____ _____ _____ _____ _____
Treasury shares)
The total column of this Income Statement represents the profit and loss account of the Company. The supplementary revenue and capital
columns have been prepared in accordance with the Association of Investment Trust Companies' Statement of Recommended Practice. All revenue
and capital items in the above statement derive from continuing operations.
There are no recognised gains or losses other than the results for the year disclosed above. Accordingly a statement of total recognised
gains and losses is not required.
Note of Historical Cost Profits and Losses
Year ended Year ended
31 March 2008 31 March 2007
�'000 �'000
(Loss)/profit on ordinary activities before (831) 2,744
taxation
Add back: unrealised losses/(profits) on 1,931 (1,268)
investments _____ _____
Historical cost return on ordinary activities
before taxation
1,100 1,476
_____ _____
Historical cost return for the year after
taxation and dividends
21 522
_____ _____
Balance Sheet
Year ended Year ended
31 March 2008 31 March 2007
�'000 �'000
Fixed asset investments
Qualifying 17,589 19,403
Non-qualifying 1 1,665
______ ______
Total fixed asset investments 17,590 21,068
Current assets
Debtors 127 65
Cash at bank 2,035 3,235
______ ______
2,162 3,300
Creditors: amounts falling due within one year
(178) (198)
______ ______
Net current assets 1,984 3,102
______ ______
Net assets 19,574 24,170
______ ______
Capital and reserves
Called up share capital 11,771 12,116
Special reserve 8,886 9,476
Capital redemption reserve 2,167 1,822
Realised capital reserve (139) 101
Unrealised capital reserve (1,416) 515
Own treasury shares reserve (2,345) (250)
Revenue reserve 650 390
______ ______
Shareholders' funds 19,574 24,170
______ ______
Net asset value per share (pence) (excluding
Treasury shares) 92.6 101.0
______ ______
Reconciliation of Movement in Shareholders' Funds
Capital redemption
Called-up share reserve Realised capital Unrealised capital
Treasury shares Revenue reserve
capital reserve reserve
Special reserve
Total
�'000 �'000 �'000 �'000 �'000
�'000 �'000 �'000
As at 1 April 2007 12,116 9,476 1,822 101 515
(250) 390 24,170
Purchase of own shares for (345) (590) 345 - -
250 - (340)
cancellation
Purchase of own Treasury - - - - -
(2,345) - (2,345)
shares
Capitalised investment - - - (217) -
- - (217)
management fees net of tax
Realised gains on investments - - - 628 -
- - 628
Unrealised losses on - - - - (1,931)
- - (1,931)
investments
Revenue return attributable to - - - - -
- 745 745
shareholders
Dividends paid - - - (651) -
- (485) (1,136)
______ ______ ______ ______ ______
______ ______ ______
As at 31 March 2008 11,771 8,886 2,167 (139) (1,416)
(2,345) 650 19,574
______ ______ ______ ______ ______
______ ______ ______
As at 1 April 2006 12,222 9,647 1,716 (187) (753)
- 155 22,800
Purchase of own shares for (106) (171) 106 - -
- - (171)
cancellation
Purchase of own Treasury - - - - -
(250) - (250)
shares
Capitalised investment - - - (246) -
- - (246)
management fees net of tax
Realised gains on investments - - - 1,020 -
- - 1,020
Unrealised losses on - - - - 1,268
- - 1,268
investments
Revenue return attributable to - - - - -
- 720 720
shareholders
Dividends paid - - - (486) -
- (485) (971)
______ ______ ______ ______ ______
______ ______ _______
As at 31 March 2007 12,116 9,476 1,822 101 515
(250) 390 24,170
______ ______ ______ ______ ______
______ ______ _______
CASH FLOW STATEMENT
Year to 31 March 2008 Year to 31 March 2007
�'000 �'000
Operating activities
Investment income received 934 778
Deposit interest received 160 189
Investment management fees (488) (528)
Other cash payments (237) (145)
_____ _____
Net cash inflow from operating 369 294
activities
Taxation
UK corporation tax (3) (117)
Capital expenditure and
financial investments
Purchase of investments (1,984) (4,453)
Disposals of investments 4,238 6,211
_____ _____
Net cash inflow from investing 2,254 1,758
activities
Equity dividends paid
Revenue dividends paid (485) (485)
Capital dividends paid (651) (486)
_____ _____
Net cash inflow before 1,484 964
financing
Financing
Purchase of own shares (2,684) (251)
_____ _____
Net cash outflow from financing (2,684) (251)
_____ _____
Cash (outflow)/inflow in the (1,200) 713
year _____ _____
Notes to the Financial Statements
1. Accounting convention
The financial statements have been prepared in accordance with the historical cost convention, modified to include the
revaluation of investments, in accordance with applicable United Kingdom law and accounting standards and with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies" ("SORP") issued by the Association of Investment Trust Companies
("AITC") in January 2003 and revised in December 2005. Accounting policies have been applied consistently in current and prior years.
2. Accounting policies
Investments
Quoted and unquoted equity investments
In accordance with FRS 26 "Financial Instruments Recognition and Measurement", quoted and unquoted equity investments are designated as
fair value through profit or loss ("FVTPL"). Investments listed on recognised exchanges are valued at the closing bid prices at the end of
the accounting period. Unquoted investments' fair value is determined by the Directors in accordance with the International Private Equity
and Venture Capital Valuation Guidelines (IPEVCV guidelines). Fair value movements on equity investments and gains and losses arising on the
disposal of investments are reflected in the capital column of the Income Statement in accordance with the AITC SORP. Realised gains or
losses on the sale of investments will be reflected in the realised capital reserve, and unrealised gains or losses arising from the
revaluation of investments will be reflected in the unrealised capital reserve.
Unquoted loan stock
Unquoted loan stock is classified as loans and receivables in accordance with FRS 26 and carried at amortised cost using the Effective
Interest Rate method ("EIR") less impairment. Movements in the amortised cost relating to interest income are reflected in the revenue
column of the Income Statement, and hence are reflected in the Revenue reserve, and movements in respect of capital provisions are reflected
in the capital column of the Income Statement and are reflected in the Realised capital reserve following sale, or in the Unrealised capital
reserve on revaluation. Loan stocks which are not impaired or past due are considered fully performing in terms of contractual interest and
capital repayments and the Board does not consider that there is a current likelihood of a shortfall on security cover for these assets. For
unquoted loan stock, the amount of the impairment is the difference between the asset's carrying value and the present value of estimated
future cash flows, discounted at the effective interest rate.
Floating rate notes
In accordance with FRS 26 "Financial Instruments; Recognition and Measurement", floating rate notes are designated as fair value through
profit or loss ("FVTPL"). Floating rate notes are valued at market bid price at the balance sheet date. Investments are recognised as
financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment.
Dividend income is not recognised as part of the fair value movement of an investment, but is recognised separately as investment income
through the Revenue reserve when a share becomes ex-dividend.
Loan stock accrued interest is recognised in the Balance Sheet as part of the carrying value of the loans and receivables at the end of
each reporting period.
It is not the Company's policy to exercise control or significant influence over investee companies. Therefore in accordance with the
exemptions under FRS 9 "Associates and joint ventures", those undertakings in which the Company holds more than 20 per cent. of the equity
are not regarded as associated undertakings.
Investment income
Quoted and Unquoted equity income
Dividend income is included in revenue when the investment is quoted ex-dividend.
Unquoted Loan stock income
The fixed returns on non-equity shares and debt securities are recognised on a time apportionment basis using an effective interest rate
over the life of the financial instrument.
Bank interest income
Interest income is recognised on an accrual basis using the rate of interest agreed with the bank.
Floating Rate Note Income
Floating rate note income is recognised on an accrual basis using the interest rate applicable to the floating rate note at that time.
Investment management fees and other expenses
All expenses have been accounted for on an accruals basis. Expenses are charged through the Revenue account except the following which
are charged through the Realised capital reserve:
* 75 per cent. of Management fees are allocated to the capital account to the extent that these relate to an enhancement in the value of
the investments and in line with the Board's expectation that over the long term 75 per cent. of the Company's investment returns will be in
the form of capital gains; and
* expenses which are incidental to the purchase or disposal of an investment are charged through the Realised capital reserve.
Performance incentive fee
In the event that a performance incentive fee crystallises, the fee will be allocated between revenue and realised capital reserves
based upon the proportion to which the calculation of the fee is attributable to revenue and capital returns.
Taxation
Taxation is applied on a current basis in accordance with FRS 16 "Current tax". Taxation associated with capital expenses is applied in
accordance with the SORP. In accordance with FRS 19 "Deferred tax", deferred taxation is provided in full on timing differences that result
in an obligation at the balance sheet date to pay more tax or a right to pay less tax, at a future date, at rates expected to apply when
they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in
taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are
recognised to the extent that it is regarded as more likely than not that they will be recovered. The specific nature of taxation of venture
capital trusts means that it is unlikely that any deferred tax will arise. The Directors have considered the requirements of FRS 19 and do
not believe that any provision should be made.
Reserves
Realised capital reserves
The following are disclosed in this reserve:
* gains and losses compared to cost on the realisation of investments;
* expenses, together with the related taxation effect, charged in accordance with the above policies; and
* dividends paid to equity holders.
Unrealised capital reserves
The following are disclosed to this reserve:
* increases and decreases in the valuation of investments against cost held at the year end
Special reserve
The cancellation of the share premium account has created a special reserve that can be used to fund market purchases and subsequent
cancellation of own shares and for other distributable purposes.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is diminished through the repurchase of the Company's own shares.
Own shares held reserve
This reserve accounts for amounts by which distributable reserves of the Company are diminished through the repurchase of the Company's
own shares for Treasury.
Dividends
In accordance with FRS 21 "Events after the balance sheetdate", dividends declared by the Company are accounted for in the period in
which the dividend has been paid or approved by shareholders in an Annual General Meeting.
3. (Losses)/gains on investments
Year ended 31 March Year ended 31 March
2008 2007
�'000 �'000
Unrealised (losses)/gains on (1,922) 1,268
investments held at fair value
through profit and loss
account
Unrealised (impairments)/gains (9) -
on investments held at
amortised cost
______ ______
Unrealised (losses)/gains sub (1,931) 1,268
total
Realised gains on investments 630 1,020
held at fair value through
profit and loss account
Commission on purchase and (2) -
disposal of investments held
at fair value through profit
or loss account
______ ______
(1,303) 2,288
______ ______
Investments valued on amortised cost basis are unquoted loan stock investments.
4. Investment income
Year ended 31 March Year ended 31 March
2008 2007
�'000 �'000
Income recognised on
investments held at fair value
through the profit and loss
UK dividend income 18 6
Management fees received from 63 47
equity investments
Floating rate note interest 22 83
Bank deposit interest 132 191
______ ______
235 327
Income recognised on
investments held at amortised
cost
Return on loan stock 941 822
investments ______ ______
1,176 1,149
______ ______
Interest income earned on impaired investments at 31 March 2008 for Ordinary shares amounted to �2,000 (2007: �1,000). These investments
are all held at amortised cost.
5. Tax charge/(credit) on ordinary activities
Year ended 31 March 2008 Year ended 31 March 2007
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
UK corporation tax 117 (21) 96 (7) (10) (17)
Adjustments in respect of (153) - (153) - - -
prior periods
Tax attributable to capital 103 (103) - 110 (110) -
expenses
_____ _____ _____ _____ _____ _____
67 (124) (57) 103 (120) (17)
_____ _____ _____ _____ _____ _____
The tax charge for the year is lower than the standard rate of corporation tax of 30 per cent. The differences are explained below.
Year ended 31 March 2008 Year ended 31 March 2007
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Return on activities before 812 (1,643) (831) 823 1,921 2,744
Taxation ______ ______ _____ ______ ______ _____
_ _
Tax on profit at the standard 244 (493) (249) 247 576 823
rate
Factors affecting the charge:
Tax refund in respect of prior - (13) (13) - - -
years
Consortium relief in respect (153) - (153) (123) - (123)
of prior years
Capital losses not subject to - 390 390 - (686) (686)
taxation
Tax attributable to 103 (103) - 110 (110) -
capitalised expenses
Expenses charged to capital (103) 103 - (110) 110 -
Non-taxable income (6) - (6) (2) - (2)
Marginal relief (18) (8) (26) (19) (10) (29)
______ ______ _____ ______ ______ _____
_ _
67 (124) (57) 103 (120) (17)
______ ______ _____ ______ ______ _____
_ _
During the year, a tax rebate of �153,000 was received in relation to consortium relief claimed.
Notes
(i) Venture Capital Trusts are not subject to corporation tax on capital gains.
(ii) Tax relief on expenses charged to capital has been determined by allocating tax relief to expenses by reference to the applicable
corporation tax rate of 30 per cent. and allocating the relief between revenue and capital in accordance with the SORP.
(iii) No deferred tax asset or liability has arisen in the year.
6. Dividends
Year ended 31 March 2008 Year ended 31 March 2007
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
First dividend paid on 25 - - - - 486 486
August 2006 - 2.00 pence per
share
Second dividend paid on 26 - - - 485 - 485
January 2007 - 2.00 pence per
share
First dividend paid on 10 335 263 598 - - -
August 2007 - 2.50 pence per
share
Second dividend paid on 4 150 388 538 - - -
January 2008 - 2.50 pence per
share
______ ______ ______ ______ ______ ______
485 651 1,136 485 486 971
______ ______ ______ ______ ______ ______
In addition to the dividends summarised above, the Directors have declared a first dividend of 2.50 pence per share to be paid on 22
August 2008 to shareholders on the register as at 25 July 2008.
7. Basic and diluted return per share
Year ended 31 March 2008 Year ended 31 March 2007
Revenue pence Capital Total pence Revenue pence Capital Total
pence pence pence
Ordinary shares 3.3 (6.8) (3.5) 3.0 8.4 11.4
_____ _____ _____ _____ _____ _____
Revenue return per share is based upon the net revenue return attributable to shareholders for the year of �745,000 (2007: �720,000) in
respect of the weighted average number of shares in issue during the year, being 22, 281,375 (2007: 24,267,095). Capital return per share is
based upon the net capital loss attributable to shareholders for the year of �1,519,000 (2007: profit �2,041,000) in respect of the same
weighted average number of shares as for the revenue return above. There are no dilutive elements and hence the return per share is the same
as the diluted return per share.
8. Net asset value per share
Year ended 31 March 2008 Year ended 31 March 2007
Net asset value per share 92.6 101.0
attributable (pence) _____ _____
The net asset value per share at the year end is calculated in accordance with the Articles of Association and is based upon net assets
of �19,574,000 (2007: �24,170,000 and) total shares in issue of 23,542,956, less the 2,392,955 Treasury shares as at 31 March 2008.
9. Reconciliation of cash inflow/(outflow) from operating activities
Year ended 31 March 2008 Year ended 31 March 2007
�'000 �'000
Revenue return on ordinary 812 823
activities before taxation
Investment management fee (340) (367)
charged to capital
(Increase) in debtors (62) (42)
(Decrease) in creditors (41) (120)
_____ _____
Net cash inflow from operating 369 294
activities _____ _____
10. Post balance sheet events
Since 31 March 2008 the Company has completed the following investments:
* Further investment in Sky Hotel Heathrow Limited of �900,000 on 7 April 2008.
* Further investment in Crown Hotel Limited of �108,000 on 2 April 2008.
* Further investment in Churchill Taverns VCT Limited of �4,586 on 18 June 2008.
* Further investment in Churchill Taverns VCT (Hotels) Limited of �7,784 on 18 June 2008.
11. Related party transactions
The Manager, Close Ventures Limited, is considered to be a related party by virtue of the fact that it is party to a Management
agreement from the Company. During the year, services of a total value of �454,000 (2007: �489,000) were purchased by the Company from Close
Ventures Limited in relation to management fees and �33,000 (2007: �25,000) purchased in relation to company secretarial and administration
services. At the financial year end, the amount due to Close Ventures Limited disclosed as accruals and deferred income was �123,185 (2007:
�139,212). Patrick Reeve, a Director of the Company, is also the Managing Director of Close Ventures Limited who are Managers to the Fund.
Buy-backs of shares during the year were transacted through Winterflood Securities Limited, a subsidiary of Close Brothers Group plc. A
total of 386,945 shares were purchased for cancellation at an average price of 84 pence per share. This represents 1.6 per cent. Of the
issued share capital as at 31 March 2007.
11 July 2008
For further information, please contact:
Patrick Reeve of Close Ventures Limited
Tel: 020 7422 7830
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Close Brothers Protected Vct (LSE:CPV)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
