TIDMORT
RNS Number : 6994B
Ortus VCT PLC
30 October 2009
?
Ortus VCT PLC
(formerly Guinness Flight Venture Capital Trust PLC)
Interim Report
Six months ended 31 August 2009
Investment Manager's Review
Merger with Gateway VCT
The merger with Gateway VCT completed immediately following the period end on 3
September 2009. The few dissenting shareholders were bought out under the merger
terms at a cost of GBP7,000. Following the merger, the total number of Ordinary
shares in issue had increased to 38,110,992 after 10,972,864 shares were issued
to the former Gateway shareholders. The Company changed its name to Ortus VCT at
the same time.
The immediate benefit to Ortus is to increase the liquidity of the Fund which
will enable the Company to invest in new yielding private company transactions
alongside other clients of the Manager. The increased yield from these
investments should reduce and eventually eliminate the deficit on the Revenue
Account and result in a return to the payment of dividends to shareholders in
due course.
On the date of the merger, David Liddell and James Stewart stood down as
directors of the Company. The Board expresses its sincere thanks to both, who
have been directors since the inception of the Company, for their sage advice
and commitment over the years.
Whilst the financial statements included in this report are for the six months
ended 31 August 2009, we have updated the portfolio analysis on page 3, the
Summary of Investment Changes on page 6, and the Investment Portfolio Summary on
page 8 to reflect the post-merger position.
Performance
The general decline in worldwide financial markets continued until early March
but since then some recovery has been evident and the markets have made steady
progress. Following the merger, almost 84% by value of the NAV is invested in
unlisted companies which are not subject to the same variations as the quoted
markets. There are some early signs of trade buyers re-emerging in a few sectors
together with indications of an improvement in the AIM market.
The NAV per Ordinary Share at 31 August 2009 was 40.9p, marginally reduced from
41.3p at 28 February 2009. The decline in the NAV of 0.8% since February is
mainly due to the expenses of the merger which have been accounted for in the
period.
Following the period end on 21 September, Funeral Services Partnership was
realised for proceeds of GBP290,000 compared to the cost of GBP250,000. Interest
amounting of GBP94,000 was also received from the investment resulting in a cash
multiple of 1.5 times the original cost of the investment.
Dividend policy
The Board will not consider recommending the payment of a dividend until there
has been a further significant reduction in the utilisation of the borrowing
facility with Bank of Scotland and the deficit on the Revenue Account has been
reduced.
Investment activity
The Company made no new investments during the reporting period but did provide
a modest amount to one investee company to fund legal advice in connection with
a trade dispute.
Ortus will co-invest with Aberdeen Income and Growth VCT, Aberdeen Growth VCT I,
Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2 and
Talisman First Venture Capital Trust as well as other clients of the Manager.
The advantage is that, together, the funds are able to underwrite a wider range
and size of transaction than would be the case on a stand alone basis.
Portfolio developments
There were two realisations during the reporting period: Fine Art Logistics was
sold and the final realisation was made from Sports Holdings, both being
achieved at their balance sheet values at 28 February 2009. Since the period
end, as noted above, the investment in Funeral Services Partnership has been
realised and there have been partial realisations from two of the AIM holdings
acquired as a result of the merger.
Manager
On 9 June 2009, the senior members of the Private Equity Division at Aberdeen
Asset Managers formed Maven Capital Partners UK LLP and completed a management
buy-out. This team was previously wholly responsible for the management of all
Aberdeen VCTs and continues in that role with substantially the same staff who
operate from a network of offices across the UK. There will be no change in the
level of investment management, administrative and company secretarial services
which are provided and the Company has, therefore, novated the investment
management agreement to Maven.
VAT recovery
Discussions continue with Aberdeen Asset Managers (AAM) regarding the recovery
of VAT paid on management fees up to 30 September 2008. AAM is in discussion
with HMRC and the Board and Maven, as Manager, will continue to seek settlement
of the amounts due. The Company has received a VAT refund totalling GBP208,000
from Investec covering the period when it acted as Manager until 2004 together
with the amount included in the Annual Report of GBP71,000 from Inflexion
covering the period from 2004 until 2007.
VCT qualifying status
The VCT qualifying status of your Company is reviewed regularly by your Board
and monitored on a continuous basis by the Manager to ensure that all of the
criteria required to maintain VCT status are being achieved.
Risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company
in the second half of its financial year. These are substantially unchanged from
those it faced at the start of the year, which are the risks involved in
investment in small and unquoted companies, and the economic environment facing
all businesses irrespective of size, caveated by the fact that the Company has
now merged with Gateway VCT, the benefits of which are summarised above. The
Company remains compliant with the regulations governing venture capital trusts.
The Manager closely monitors the position of the Company to ensure that it
complies with the various tests at all times. In order to reduce the exposure to
investment risk, the Company has invested in a portfolio of investments in
unlisted and AIM quoted companies across a range of industrial sectors in the
United Kingdom and the Manager intends to increase the number and diversity of
sectors in due course.
Outlook
In general, the performance of the quoted markets has been volatile and,
notwithstanding recent increases in market indices generally, we believe
conditions will remain fragile for some time. Over the next twelve months the
Manager intends to take profit opportunities as liquidity permits from the AIM
portfolio. Realisations from the unlisted portfolio may also arise but these are
much less predictable although also much more significant in terms of the
amounts involved. The Board has a medium term objective of increasing the number
of unlisted assets within the portfolio with an emphasis on a paid yield; the
achievement of this will depend in the short term on the timing of realisations
from both elements of the portfolio. Private company assets are available at
more attractive entry multiples than the recent past and the Manager continues
to utilise its national network to acquire suitable assets with attractive
yields. This approach will improve the revenue available for distribution to
Shareholders in due course.
Maven Capital Partners UK LLP
Manager
30 October 2009
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Summary of Investment Changes | | | | | | |
| | | | | | | |
| | | | | | | |
+------------------------------------------+----------+---------+-----------+------------+----------+-----------+
| for the year ended 28 February | | | | | | |
| 2009 | | | | | | |
| | | | | | | |
| | | | | | | |
+------------------------------------------+----------+---------+-----------+------------+----------+-----------+
| | Valuation | New |Proceeds |Profit/ |Valuation | Increase/ | Assets |Valuation |
| | |Investment | on sale | (Loss) | |(decrease) |acquired | |
| | | | |on sale | | in | in | |
| | | | | over | | valuation | merger | |
| | | | |opening | | | | |
| | | | | value | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| | 28 | | | | 31 Aug | | | 4 Sept |
| | Feb 2009 | | | | 2009 | | | 2009 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Vyre | 3651 | | | | 3651 | | | 3,651 |
| Limited | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Espresso | 2795 | | | | 2795 | | | 2,795 |
| Broadband | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| LG & DE | 2050 | | | | 2050 | | | 2,050 |
| Limited | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Higher | 1650 | | | | 1650 | | | 1,650 |
| Nature | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Networks | | | | | | | 400 | 400 |
| by | | | | | | | | |
| Wireless | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Ashford | 326 | | | | 326 | | | 326 |
| Colour | | | | | | | | |
| Press | | | | | | | | |
| Limited | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Funeral | 299 | | | | 305 | 6 | | 305 |
| Services | | | | | | | | |
| Partnership | | | | | | | | |
| Limited | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Nessco | 100 | | | | 100 | | 199 | 299 |
| Limited | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Lab M | 292 | | | | 292 | | | 292 |
| Holdings | | | | | | | | |
| (formerly | | | | | | | | |
| IDG) | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Training | | | | | | | 228 | 228 |
| for | | | | | | | | |
| Travel | | | | | | | | |
| Group | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Dalglen | | | | | | | 226 | 226 |
| 1148 | | | | | | | | |
| (PSP/AHC) | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Baby | 200 | | | | 200 | | | 200 |
| Innovations | | | | | | | | |
| Marketing | | | | | | | | |
| Internationais | | | | | | | | |
| LDA | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Dalglen | | | | | | | 199 | 199 |
| 1150 | | | | | | | | |
| (Walker | | | | | | | | |
| Technical | | | | | | | | |
| Resources) | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| TC | | | | | | | 199 | 199 |
| Communications | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Lawrence | | | | | | | 151 | 151 |
| Recycling | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Countcar | 130 | | | | 114 | (16) | | 114 |
| Limited | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| MC 440 | | | | | | | 99 | 99 |
| (Westway | | | | | | | | |
| Cooling) | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Jacobs | | | | | | | 74 | 74 |
| Rimell | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Other | 85 | 10 | 49 | | 35 | (11) | | 35 |
| (less | | | | | | | | |
| than | | | | | | | | |
| GBP100,000) | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Fine Art | 300 | | 300 | | | | | 0 |
| Logistics | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Total | 11,878 | 10 | 349 | | 11,518 | (21) | 1,775 | 13,293 |
| Unlisted | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Vectura | | | | | | | 935 | 935 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Medigene | | | | | | | 216 | 216 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Pilat | | | | | | | 120 | 120 |
| Media | | | | | | | | |
| Global | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Essentially | | | | | | | 71 | 71 |
| Group | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Deltex | | | | | | | 68 | 68 |
| Medical | | | | | | | | |
| Group | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Galapagos | | | | | | | 65 | 65 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| OPG Power | | | | | | | 57 | 57 |
| Ventures | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Sarantel | | | | | | | 55 | 55 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| OMG | | | | | | | 47 | 47 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Praesepe | | | | | | | 21 | 21 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Angle | | | | | | | 17 | 17 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| ID Data | 4 | | | | | (4) | - | 0 |
| Group plc | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Total AIM | 4 | - | - | - | - | (4) | 1,672 | 1,672 |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Treasury | | | | | | | 882 | 882 |
| 5.75% 31 | | | | | | | | |
| December | | | | | | | | |
| 2009 | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
| Total | 11,882 | 10 | 349 | - | 11,518 | (25) | 4,329 | 15,847 |
| Portfolio | | | | | | | | |
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+
+---------------------------+-----------+---------+---------+---------+----------+
| Ortus VCT PLC | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Investment Portfolio | | | | | |
| Summary | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| as at 4 September 2009 | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Investment |Valuation | Cost | % of | % of | % of |
| | GBP'000 |GBP'000 | total | equity | equity |
| | | | assets | held | held by |
| | | | | | other |
| | | | | | clients |
+---------------------------+-----------+---------+---------+---------+----------+
| Unlisted | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Vyre Limited | 3,651 | 314 | 23.4% | 29.9% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Espresso Group Limited | 2,795 | 461 | 17.9% | 7.2% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| LG & DE Limited | 2,050 | 405 | 13.1% | 20.5% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Higher Nature | 1,650 | 500 | 10.6% | 11.2% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Networks by Wireless | 400 | 400 | 2.6% | 12.8% | - |
| Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Ashford Colour Press | 326 | 326 | 2.1% | 8.7% | - |
| Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Funeral Services | 306 | 250 | 2.0% | 1.9% | 28.1% |
| Partnership Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Nessco Group Holdings | 298 | 298 | 1.9% | 3.9% | 33.9% |
| Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Lab M Holdings Limited | 292 | 1,000 | 1.9% | 17.6% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Training For Travel Group | 228 | 228 | 1.5% | 2.3% | 27.7% |
| Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| PSP /AHC (Dalglen 1148 | 226 | 226 | 1.4% | 23.3% | 51.7% |
| Limited) | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Baby Innovations | 200 | 200 | 1.3% | 0.8% | - |
| Marketing Internationais | | | | | |
| LDA | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Dalglen (1150) Ltd t/a | 199 | 199 | 1.3% | 4.3% | 58.8% |
| Walker Technical | | | | | |
| Resources | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| TC Communications | 199 | 199 | 1.3% | 4.1% | 31.2% |
| Holdings Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Lawrence Recycling & | 151 | 151 | 1.0% | 2.0% | 48.0% |
| Waste Management Limited | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Countcar Limited | 114 | 100 | 0.7% | 0.8% | 25.8% |
+---------------------------+-----------+---------+---------+---------+----------+
| Westway Cooling Limited | 99 | 99 | 0.6% | 0.8% | 21.2% |
+---------------------------+-----------+---------+---------+---------+----------+
| Jacobs Rimell | 74 | 74 | 0.5% | 100.0% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Churchyard Limited | 35 | 60 | 0.2% | 50.0% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Others | 0 | 2,980 | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Total Unlisted | 13,293 | 8,470 | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| AIM | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Vectura Group Plc | 935 | 935 | 6.0% | 0.4% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Medigene | 216 | 216 | 1.4% | 0.2% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Pilat Media Global Plc | 120 | 120 | 0.8% | 0.8% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Essentially Group PLC | 71 | 71 | 0.5% | 0.6% | 2.1% |
+---------------------------+-----------+---------+---------+---------+----------+
| Deltex Medical Group Plc | 68 | 68 | 0.4% | 0.8% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Galapagos | 65 | 65 | 0.4% | - | - |
+---------------------------+-----------+---------+---------+---------+----------+
| OPG Power Ventures | 57 | 57 | 0.4% | 0.1% | 0.4% |
+---------------------------+-----------+---------+---------+---------+----------+
| Sarantel Group Plc | 55 | 55 | 0.4% | 3.2% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| OMG Plc | 47 | 47 | 0.3% | 0.3% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Praesepe Plc (formerly | 21 | 21 | 0.1% | 0.1% | 0.9% |
| Aldgate Capital Plc) | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Angle Plc | 16 | 16 | 0.1% | 0.5% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| ID Data Group plc | - | 894 | - | 0.1% | - |
+---------------------------+-----------+---------+---------+---------+----------+
| Total AIM | 1,671 | 2,565 | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Listed Fixed Income | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Treasury 5.75% 31 Dec | 882 | 882 | 5.6% | 8.5% | 50.8% |
| 2009 | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Total | 15,846 | 11,917 | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
| Total Assets | 15,606 | | | | |
+---------------------------+-----------+---------+---------+---------+----------+
Income Statement
For the six months ended 31 August 2009
+-------------+---------+---------+---------+-------+---------+----------+----------+
| Six months to 31 August 2009 | | | | | |
+---------------------------------+---------+-------+---------+----------+----------+
| (unaudited) | | | | | |
+-------------+---------+---------+---------+-------+-------------------------------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+----------+----------+
| | | | | |Revenue | Capital | Total |
+-------------+---------+---------+---------+-------+---------+----------+----------+
| | | | |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+----------+----------+
| Gains/(losses) on investments | | | - | (11) | (11) |
+---------------------------------+---------+-------+---------+----------+----------+
| Investment income and deposit interest | | 47 | - | 47 |
+-------------------------------------------+-------+---------+----------+----------+
| Investment management fees | | 4 | 33 | 99 | 132 |
+---------------------------------+---------+-------+---------+----------+----------+
| Incentive fees | | | | (8) | 2 | (6) |
+-----------------------+---------+---------+-------+---------+----------+----------+
| Finance costs | | | | (4) | (11) | (15) |
+-----------------------+---------+---------+-------+---------+----------+----------+
| Other expenses | | | 5 | (69) | (175) | (244) |
+-----------------------+---------+---------+-------+---------+----------+----------+
| (Loss)/Profit on ordinary activities before | (1) | (96) | (97) |
| taxation | | | |
+---------------------------------------------------+---------+----------+----------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+----------+----------+
| Tax on ordinary activities | | | - | - | - |
+---------------------------------+---------+-------+---------+----------+----------+
| (Loss)/Profit on ordinary activities after | (1) | (96) | (97) |
| taxation | | | |
+---------------------------------------------------+---------+----------+----------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+----------+----------+
| Earnings per share (pence) | | | - | (0.29) | (0.29) |
+-------------+---------+---------+---------+-------+---------+----------+----------+
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Six months to 31 August 2008 | | | | | |
+---------------------------------+---------+-------+---------+---------+---------+
| (unaudited) | | | | | |
+-------------+---------+---------+---------+-------+-----------------------------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| | | | | |Revenue | Capital | Total |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| | | | |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Gains/(losses) on investments | | | - | 61 | 61 |
+---------------------------------+---------+-------+---------+---------+---------+
| Investment income and deposit interest | | 56 | - | 56 |
+-------------------------------------------+-------+---------+---------+---------+
| Investment management fees | | | (31) | (93) | (124) |
+---------------------------------+---------+-------+---------+---------+---------+
| Incentive fees | | | | (38) | (16) | (54) |
+-----------------------+---------+---------+-------+---------+---------+---------+
| Finance costs | | | | (4) | (11) | (15) |
+-----------------------+---------+---------+-------+---------+---------+---------+
| Other expenses | | | | (98) | - | (98) |
+-----------------------+---------+---------+-------+---------+---------+---------+
| (Loss)/Profit on ordinary activities before | (115) | (59) | (174) |
| taxation | | | |
+---------------------------------------------------+---------+---------+---------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Tax on ordinary activities | | | - | - | - |
+---------------------------------+---------+-------+---------+---------+---------+
| (Loss)/Profit on ordinary activities after | (115) | (59) | (174) |
| taxation | | | |
+---------------------------------------------------+---------+---------+---------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Earnings per share (pence) | | | (0.43) | (0.21) | (0.64) |
+-------------+---------+---------+---------+-------+---------+---------+---------+
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Year to 28 February 2009 | | | | | |
+---------------------------------+---------+-------+---------+---------+---------+
| (unaudited) | | | | | |
+-------------+---------+---------+---------+-------+-----------------------------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| | | | | |Revenue | Capital | Total |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| | | | |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Gains/(losses) on investments | | | - | (2,043) | (2043) |
+---------------------------------+---------+-------+---------+---------+---------+
| Investment income and deposit interest | | 120 | - | 120 |
+-------------------------------------------+-------+---------+---------+---------+
| Investment management fees | | | (36) | (107) | (143) |
+---------------------------------+---------+-------+---------+---------+---------+
| Incentive fees | | | | (24) | (16) | (40) |
+-----------------------+---------+---------+-------+---------+---------+---------+
| Finance costs | | | | (19) | (58) | (77) |
+-----------------------+---------+---------+-------+---------+---------+---------+
| Other expenses | | | | (198) | - | (198) |
+-----------------------+---------+---------+-------+---------+---------+---------+
| (Loss)/Profit on ordinary activities before | (157) | (2,224) | (2,381) |
| taxation | | | |
+---------------------------------------------------+---------+---------+---------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Tax on ordinary activities | | | - | - | - |
+---------------------------------+---------+-------+---------+---------+---------+
| (Loss)/Profit on ordinary activities after | (157) | (2,224) | (2,381) |
| taxation | | | |
+---------------------------------------------------+---------+---------+---------+
| | | | | | | | |
+-------------+---------+---------+---------+-------+---------+---------+---------+
| Earnings per share (pence) | | | (0.58) | (8.20) | (8.78) |
+-------------+---------+---------+---------+-------+---------+---------+---------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company has only one class of business and derives its income from investments
made in shares, securities and bank deposits.
The total column of this Statement is the Profit and Loss Account of the
Company.
Reconciliation of movements in Shareholders' Funds
+------------------+------------------+------------------+------------------+
| | Six months ended | Six months ended | Year ended |
| | | | |
+------------------+------------------+------------------+------------------+
| | 31 August 2009 | 31 August 2008 | 28 February 2009 |
+------------------+------------------+------------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------+------------------+------------------+------------------+
| Opening | 11,209 | 13,590 | 13,590 |
| Shareholders' | | | |
| funds | | | |
+------------------+------------------+------------------+------------------+
| (Loss)/Profit on | (97) | (174) | (2,381) |
| ordinary | | | |
| activities | | | |
+------------------+------------------+------------------+------------------+
| Closing | 11,112 | 13,416 | 11,209 |
| Shareholders' | | | |
| funds | | | |
+------------------+------------------+------------------+------------------+
Balance Sheet
As at 31 August 2009
+--------------------------------------+-------+--------------+--------------+------------+
| | | 31 August | 31 August | 28 |
| | | 2009 | 2008 | February |
| | | | | 2009 |
+--------------------------------------+-------+--------------+--------------+------------+
| | | (unaudited) | (unaudited) | (audited) |
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Fixed assets | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Investments at fair value through | | 11,518 | 14,480 | 11,882 |
| profit or loss | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Current assets | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Debtors | | 105 | 72 | 87 |
+--------------------------------------+-------+--------------+--------------+------------+
| Cash and overnight deposits | | 404 | 39 | 206 |
+--------------------------------------+-------+--------------+--------------+------------+
| | | 509 | 111 | 293 |
+--------------------------------------+-------+--------------+--------------+------------+
| Creditors: amounts falling due | | (915) | (1,175) | (966) |
| within one year | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Net current liabilities | | (406) | (1,064) | (673) |
+--------------------------------------+-------+--------------+--------------+------------+
| Total net assets | | 11,112 | 13,416 | 11,209 |
+--------------------------------------+-------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Capital and reserves | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Called up share capital | | 2,714 | 2,714 | 2,714 |
+--------------------------------------+-------+--------------+--------------+------------+
| Special reserve | 2 | 24,022 | 24,022 | 24,022 |
+--------------------------------------+-------+--------------+--------------+------------+
| Capital redemption reserve | 2 | 255 | 255 | 255 |
+--------------------------------------+-------+--------------+--------------+------------+
| Capital reserve - realised | 2 | (18,908) | (12,813) | (18,523) |
+--------------------------------------+-------+--------------+--------------+------------+
| Capital reserve - unrealised | 2 | 3,930 | 96 | 3,641 |
+--------------------------------------+-------+--------------+--------------+------------+
| Revenue reserve | 2 | (901) | (858) | (900) |
+--------------------------------------+-------+--------------+--------------+------------+
| Net assets attributable to ordinary | 11,112 | 13,416 | 11,209 |
| shareholders | | | |
+----------------------------------------------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
| Net Asset Value per Ordinary share | | 40.95 | 49.43 | 41.30 |
| (pence) | | | | |
+--------------------------------------+-------+--------------+--------------+------------+
The financial statements were approved and authorised for issue by the Board of
Directors on 30 October 2009 and were signed on its behalf by:
R Pierce, Director
30 October 2009
The accompanying notes are an integral part of the financial statements.
Cash flow Statement
For the six months ended 31 August 2009
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | Six | | Six | | Year ended |
| | | months | | months | | |
| | | to | | to | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | 31 | | 31 | | 28 February |
| | | August | | August | | 2009 |
| | | 2009 | | 2008 | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Net cash outflow from | | (91) | | (258) | | (350) |
| operating activities | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Financial investment | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Purchase of investments | (10) | | (99) | | (100) | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Sale of investments | 363 | | 613 | | 1,108 | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Net cash | | 353 | | (523) | | 1,008 |
| inflow/(outflow) from | | | | | | |
| financial investment | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Net cash | | 262 | | 256 | | 658 |
| inflow/(outflow) before | | | | | | |
| financing | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Financing | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Bank loan interest paid | (15) | | (32) | | (111) | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Net cash outflow from | | (15) | | (32) | | (111) |
| financing | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| | | | | | | |
+--------------------------+---------+----------+---------+----------+---------+--------------+
| Decrease in cash | | 247 | | 224 | | 547 |
+--------------------------+---------+----------+---------+----------+---------+--------------+
+--------------------------+-------------------+-----------------+----------------------+
| | At 28 February | Cash flows | At 31 August 2009 |
| | 2009 | | |
+--------------------------+-------------------+-----------------+----------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+-------------------+-----------------+----------------------+
| | | | |
+--------------------------+-------------------+-----------------+----------------------+
| Cash and overnight | 206 | 198 | 404 |
| deposits | | | |
+--------------------------+-------------------+-----------------+----------------------+
| | | | |
+--------------------------+-------------------+-----------------+----------------------+
| Bank loan | (684) | 49 | (635) |
+--------------------------+-------------------+-----------------+----------------------+
| | | | |
+--------------------------+-------------------+-----------------+----------------------+
| Net funds | (478) | 247 | (231) |
+--------------------------+-------------------+-----------------+----------------------+
Notes to the Financial Statements
1. Accounting Policies
The financial information for the six months ended 31 August 2009 and the six
months ended 31 August 2008 comprises non-statutory accounts within the meaning
of section 240 of the Companies Act 1985. The financial information contained in
this report has been prepared on the basis of the accounting policies set out in
the Annual Report and Financial Statements for the year ended 28 February 2009.
The results for the year ended 28 February 2009 are extracted from the full
accounts for that year, which received an unqualified report from the Auditors
and have been filed with the Registrar of Companies.
2. Movement in reserves
+---------------------+-----------+------------+------------+------------+---------+
| | | Capital | Capital | Capital | |
+---------------------+-----------+------------+------------+------------+---------+
| | Special |redemption | reserve | reserve |Revenue |
+---------------------+-----------+------------+------------+------------+---------+
| | reserve | reserve | realised |unrealised |reserve |
+---------------------+-----------+------------+------------+------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |GBP'000 |
+---------------------+-----------+------------+------------+------------+---------+
| | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
| | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
| At 28 February 2009 | 24,022 | 255 | (18,523) | 3,641 | (900) |
+---------------------+-----------+------------+------------+------------+---------+
| Losses on sales of | - | - | (300) | - | - |
| investments | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
| Decrease in | - | - | - | 289 | - |
| unrealised | | | | | |
| depreciation | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
| Investment | - | - | 99 | - | - |
| management fees | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
| Incentive fees | - | - | 2 | - | - |
+---------------------+-----------+------------+------------+------------+---------+
| Finance costs | - | - | (11) | - | - |
+---------------------+-----------+------------+------------+------------+---------+
| Merger costs | | | (175) | | |
+---------------------+-----------+------------+------------+------------+---------+
| Retained net | - | - | - | - | (1) |
| revenue for period | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
| As at 31 August | 24,022 | 255 | (18,908) | 3,930 | (901) |
| 2009 | | | | | |
+---------------------+-----------+------------+------------+------------+---------+
3. Return per ordinary shares
+---------------------------------------------------+--------------------+
| | Six months ended |
+---------------------------------------------------+--------------------+
| | 31 August 2009 |
+---------------------------------------------------+--------------------+
| | |
+---------------------------------------------------+--------------------+
| The returns per share have been based on the | |
| following figures: | |
+---------------------------------------------------+--------------------+
| | 27,138,128 |
+---------------------------------------------------+--------------------+
| Revenue Return | (GBP1,000) |
+---------------------------------------------------+--------------------+
| Capital Return | (GBP96,000) |
+---------------------------------------------------+--------------------+
4Investment Management Fees
+----------------------------------------------------+----------+---------+
| | Revenue | Capital |
+----------------------------------------------------+----------+---------+
| | GBP'000 | GBP'000 |
+----------------------------------------------------+----------+---------+
| Fees for period | (19) | (57) |
+----------------------------------------------------+----------+---------+
| VAT recovered during period | 52 | 156 |
+----------------------------------------------------+----------+---------+
| | 33 | 99 |
+----------------------------------------------------+----------+---------+
5.Expenses
Other capital expenses include Guinness Flight VCT PLC share
of merger costs of GBP175k.
Copies of this announcement will be available to the public at the office of
Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the
registered office of the Company, 9 - 13 St Andrew Street, London.
The Interim Report and Financial Statements will be printed and sent to
Shareholders.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
30 October 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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