Final Results
27 March 2007 - 6:00PM
UK Regulatory
RNS Number:7319T
Thompson Clive Investments PLC
27 March 2007
Thompson Clive Investments plc
_______________________________________________________________________
CHAIRMAN'S STATEMENT
_______________________________________________________________________
Contact : Charles Fitzherbert, Director; Susan Thompson, Company Secretary
Telephone : (020) 7535 4900
Results
At 31 December 2006, the net asset value per share of Thompson Clive Investments
plc ("TCI") was 136.1p, a decrease of 65% from the net asset value at 31
December 2005. This is partly accounted for by distributions of #2.26 million
during the year and partly by the fall in valuation of the portfolio, in
particular in Genitope Corporation which dropped #2.08 million over the year.
At 31 December the company had liquid funds of #1,086,000. The share price of
TCI ended the year at 135.75p (2005 : 375p).
Dividend
In previous years a total of #52.4 million was returned by way of tender offers.
In 2006 it was considered that dividend distributions were a more cost
effective way of returning relatively small amounts, and dividend distributions
were made of 10p per share in June and 80p per share in December 2006, totalling
#2.26 million.
Revised Investment Strategy
As previously reported to shareholders, on 28 October 2002, the board of TCI
announced that at the request of some major shareholders who wanted liquidity in
the medium term, and following discussions with the holders of the majority of
shares, the company would be wound down over the period to 31 December 2007 in
the following way :
* There would be no further investment after June 2003.
* The board would aim to realise the (then) quoted portfolio by 31 December
2004.
* The board would aim to realise the (then) unquoted portfolio by 31
December 2007.
Review of the Year
In line with the board's stated intention to wind down TCI by 31 December 2007,
there was no new investment in quoted companies during 2003 or 2004, nor in
unquoted companies after June 2003. Disposals were made of all TCI's holdings
in its (then) quoted portfolio, retaining only Genitope which floated on NASDAQ
in October 2003. Genitope's phase III trials are expected to conclude in
November 2007. That company raised a further $58 million in February 2006.
No disposals were made during 2006. The portfolio comprises 11 active
companies: 6 in the US, 4 in the UK and 1 in France.
Capital Reduction
The company has been realising its investments and returning the proceeds to
shareholders through a series of tender offers. Under company law TCI is only
permitted to acquire its own shares to the extent that it has distributable
reserves equivalent to the aggregate value for such purchases, or by using the
proceeds of a new issue of shares. As at 31 December 2004 the company had
insufficient reserves to enable it to continue to make tender offers. It
therefore reduced its capital in order to increase reserves to approximately
#13.7 million, and from this funded the most recent tender offer in 2005.
A special reserve was created to satisfy the requirement for a listed company to
maintain a paid up minimum capital of #50,000 and this was subject to a limited
period of time. At 31 December 2007 TCI must either re-register as a private
company or increase its share capital.
Re-registration as a Private Company
Since an increase in share capital is clearly at odds with the fixed term
requested by shareholders, 2007 is the last year during which TCI will be quoted
on the London Stock Exchange. Once it has de-listed and re-registered as a
private company its shares will no longer be freely transferable.
Events since the Year End and Future Prospects
In 1990 TCI invested in The Terence Chapman Group which went into members'
voluntary liquidation in 2002. A profit of #385,000 was returned before the
liquidator indicated that up to a maximum of a further 3p per share should be
payable in two tranches in 2006 and 2008/9. #304,000 was received in 2006 and a
balance of #73,000 as receivable is recognised in the accounts as at 31 December
2006.
Exit opportunities for the remaining investments in the portfolio are being
actively sought and the realisation of the portfolio, to the best advantage of
shareholders, remains the principal aim of the board.
Christopher Jones
Chairman
26 March 2007
Thompson Clive Investments plc
INCOME STATEMENT
for the year ended 31 December 2006 2006 2005
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Realised (loss)/gain on investments - - - - (18) (18)
Amount received on previously written off
investments - 319 319 - - -
(Increase) in unrealised depreciation - (4,131) (4,131) - (3,750) (3,750)
_____ _______ ______ _____ ______ _____
(Losses)/gains on investments - (3,812) (3,812) - (3,768) (3,768)
Income 134 - 134 257 - 257
Expenses (55) (313) (368) (80) (451) (531)
_____ _______ ______ _____ ______ _____
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION 79 (4,125) (4,046) 177 (4,219) (4,042)
Tax on ordinary activities (33) 24 (9) 42 33 (9)
_____ _____ _______ ______ _____ ______
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION 46 (4,101) (4,055) 135 (4,186) (4,051)
_____ _____ _______ ______ _____ ______
TRANSFER TO RESERVES 46 (4,101) (4,055) 135 (4,186) (4,051)
===== ====== ====== ====== ====== ======
RETURN PER ORDINARY SHARE 1.8p (163.1p) (161.3p) 4.6p (142.2p) (137.6p)
===== ====== ====== ====== ====== ======
The total column of this statement is the profit and loss account of the
company. All revenue and capital items in the above statement derive
from continuing operations. A statement of total recognised gains and losses is
not required as all gains and losses of the company are
reflected in the above statement..
Thompson Clive Investments plc
________________________________________________________________________
BALANCE SHEET
of the Company as at 31 December 2006
________________________________________________________________________
2006 2005
# 000 # 000
ASSETS
Investment (at fair value through profit and loss)
Venture capital investments 2,377 6,449
Fixed interest investments 994 2,396
____ ____
3,371 8,845
Debtors 2 13
Cash at bank and in hand 92 936
____ ____
3,465 9,794
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR (44) (55)
______ _____
NET ASSETS 3,421 9,739
====== =====
CAPITAL AND RESERVES
Called up share capital 25 25
Special reserve 25 25
Realised capital reserve 1,310 1,397
Unrealised capital reserve (4,180) (142)
Revenue reserve 6,241 8,434
______ ______
Total shareholders' funds
attributable to equity shareholders 3,421 9,739
====== ======
Net asset value per share 136.1p 387.3p
====== ======
1. As in 2005, the accounts have not been prepared on a going concern basis
since the company is expected to be wound up in the foreseeable future. No
adjustments were necessary to the amounts at which the remaining net assets are
included in the financial statements.
2. All expenses are accounted for on an accruals basis and are shown inclusive
of irrecoverable VAT.
3. The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2005 or 2006 but is derived
from these accounts. Statutory accounts for 2005 have been delivered to the
Registrar of Companies, whereas those for 2006 will be delivered following the
company's annual general meeting. The audit report on the 2005 and 2006
accounts was unqualified.
4. Copies of the annual accounts will be sent to all shareholders. Extra
copies of the accounts will be available from the Company Secretary, 24 Old Bond
Street, London W1S 4AW. The results will not be published in any newspaper.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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