Interim Results
06 September 2006 - 4:31AM
UK Regulatory
RNS Number:5217I
Thompson Clive Investments PLC
05 September 2006
Thompson Clive Investments plc
Contact : Charles Fitzherbert, Director; Susan Thompson, Company Secretary
Telephone : (020) 7535 4900
________________________________________________
Chairman's Statement
________________________________________________
At 30 June 2006, the net asset value per share of Thompson Clive Investments plc
("TCI") was 297.2p, a decrease of 23.3% from the net asset value at 31 December
2005. Genitope Corporation, our largest holding, which is still undergoing
clinical trials, represented almost #1m or 9.8% of the fall. At the end of July
it was recommended that the phase III trials should be continued, the results of
which will not be known before the end of 2007. The price fell further on
release of this information. Two of the unquoted investments in the portfolio
were written off, one in the US and one in France, representing a further #1.2m
write down, as announced in May 2006.
For the six months to 30 June 2006, TCI earned a net profit of #35,000 (2005:
#123,000). These results should be seen in the light of TCI's continuing
reduction in size, from total net assets of #11,890,000 at 30 June 2005 to
#7,472,000 at 30 June 2006.
TCI's dormant subsidiary, Thompson Clive Asset Management Limited, has now been
liquidated.
Following the policy adopted in previous years, the Directors do not recommend
the payment of an interim dividend.
There were no tender offers during the six months to 30 June 2006. Disposal
proceeds totalling #319,000 were received from companies previously written off
in line with TCI's conservative valuation policy. The largest of these was from
The Terence Chapman Group which went into members' voluntary liquidation in
2002. It is understood from the liquidator that up to a further #134,000 may be
payable in 2008/9.
The portfolio now comprises 11 active companies and the Board is seeking
realisation opportunities with the aim of maximising return to shareholders.
Christopher Jones
Chairman
5 September 2006
The interim report is being sent to shareholders and further copies are
available from the Company's registered office. The results will not be
advertised in any newspaper.
UNAUDITED INTERIM REPORT
For the six months to 30 June 2006
Summarised Statement of Total Return
Six months Six months Year ended
to 30 June to 30 June 31 December
2006 2005 2005
# 000 # 000 # 000
REVENUE RETURN
Revenue 65 169 257
Management expenses
allocated to revenue (30) (46) (80)
___ ___ ___
35 123 177
Tax on ordinary activities
allocated to revenue - (37) (42)
___ ___ ___
NET REVENUE RETURN AFTER
TAX 35 86 135
===== ===== =====
CAPITAL RETURN
Realised gain/(loss) on
investments - 1,104 (18)
Amount received on investments
previously written off 319 - -
Unrealised appreciation/
(depreciation) (2,191) (1,780) (3,750)
Management expenses
allocated to capital (172) (260) (451)
______ ______ ______
(2,044) (936) (4,219)
Tax on ordinary activities
allocated to capital - 37 33
______ ______ ______
NET CAPITAL RETURN
AFTER TAX (2,044) (899) (4,186)
====== ===== ======
TOTAL RETURN AFTER TAX (2,009) (813) (4,051)
====== ===== ======
Return per ordinary share:
Revenue 1.4p 3.4p 4.6p
Capital (81.3p) (35.9p) (142.2p)
Total (79.9p) (32.5p) (137.6p)
The above information does not comprise the company's statutory accounts. The
summarised financial information for the year ended 31 December 2005 is an
extract from the published accounts which received an unqualified audit report
and which have been delivered to the Registrar of Companies.
UNAUDITED INTERIM REPORT
For the six months to 30 June 2006
Summarised Balance Sheet
30 June 30 June 31 December
2006 2005* 2005
# 000 # 000 # 000
FIXED ASSETS
Venture capital investments 4,317 9,143 6,449
Fixed interest investments 2,993 2,436 2,396
Subsidiary undertaking - 3,388 -
_____ ______ _____
7,310 14,967 8,845
CURRENT ASSETS
Debtors 16 51 13
Cash at bank and in hand 175 299 936
_____ ______ _____
191 350 949
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR (29) (3,427) (55)
_____ ______ ____
NET CURRENT ASSETS 162 (3,077) 894
_____ ______ _____
TOTAL ASSETS LESS CURRENT
LIABILITIES 7,472 11,890 9,739
===== ===== ======
NET ASSETS 7,472 11,890 9,739
===== ===== ======
CAPITAL AND RESERVES
Called up share capital 25 25 25
Special reserve 25 25 25
Share premium account - - -
Capital redemption reserve - - -
Realised capital reserve 1,485 1,604 1,397
Unrealised capital reserve (2,274) 1,814 (142)
Revenue reserve 8,211 8,422 8,434
______ ______ ______
Total shareholders' funds
attributable to equity
shareholders 7,472 11,890 9,739
===== ===== ======
Net asset value per share 297.2p 472.9p 387.3p
*company only information presented for comparative purposes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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