Albion. Tch Vct Regulatory News (AATG)

9 Mar 2005 16:06

Close Technology & General VCT PLC09 March 2005 CLOSE TECHNOLOGY & GENERAL VCT PLC PRELIMINARY RESULTS 9 March 2005 Close Technology & General VCT PLC ("the Company"), which offers investors theopportunity to participate in a balanced portfolio of technology andnon-technology businesses, today announces preliminary results for the year to31 December 2004. This announcement has been approved by the Board of Directorson 9 March 2005. Financial Highlights: Year ended 31 December 2004 Dividends per Ordinary Share 7.00 penceNet asset value per Ordinary Share 111.30 pence Shareholder value per share since launch: Pence per share (ii) Total dividends for the year ended 31 December 2001(i) 2.00 Total dividends for the year ended 31 December 2002 2.00 Final dividend for the year ended 31 December 2003 2.00 First interim dividend for the year ended 31 December 2004 1.00 Second interim dividend for the year ended 31 December 2004 5.00 Final dividend for the year ended 31 December 2004 1.00 ---- Total dividends 13.00 Net asset value at 31 December 2004 111.30 ------ Total 124.30 ====== Notes-----(i) Based on subscription by the first closing on 16 January 2001. Investors subscribing thereafter, up to 30 June 2001 received 0.5 pence per share.(ii) Excludes tax benefits upon subscription. For further information, please contact: Patrick Reeve John West/ Clemmie CarrClose Venture Management Limited Tavistock CommunicationsTel: 020 7422 7830 Tel: 020 7920 3150 Notes: 1) Close Technology & General VCT PLC is managed by Close Venture Management Limited. 2) Close Venture Management Limited is a part of Close Brothers Group PLC and is regulated by the Financial Services Authority. 3) The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31 December 2004 or 2003, but is derived from those accounts. The financial information for the year ended 31 December 2003 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 December 2004 has been derived from the statutory accounts for the year which will be delivered to the Registrar of Companies shortly. The auditors have reported on these accounts, their report was unqualified and did not contain statements under s237 (2) or (3) Companies Act 1985. 4) This announcement is prepared on the basis of the accounting policies as stated in the previous year's financial statements. Chairman's Statement Introduction I am delighted to report that the performance for the year has been strong. Notonly has the net asset value per share increased by 3.5 pence, but dividendshave been paid or declared of a further 7 pence, making a total return of 10.5pence for the year. In addition, the board intends to continue to maintain thislevel of payout for future periods, in so far as realised capital and revenueprofits allow the Company to do so. Investment progress The main event of the year was the sale of our investment in Active Hotels for aprofit of £4.44 million on cost of £500,000, which was a tribute to theexcellence of that company's management team. A small further sum is expected atthe end of the current financial year by way of deferred consideration. Thesecond noteworthy event was the flotation of Careforce Group on AIM. On our costof £1.13m, we received proceeds, including a redemption premium on our loanstock, of £1.04m, and still own shares in Careforce valued at £0.78m at the yearend. We made profits of £337,000 on a disposal of a variety of AIM investments,while the quoted technology portfolio recorded net realised profits of £107,000.Against this, the disposal of our underperforming investment in Leisure Linksresulted in a net loss of £317,000 on cost of £950,000. City Centre Brewerieshas performed poorly and was placed into administration in November 2004. It ishoped that a subsequent reorganisation will result in a recovery in value of theinvestment over the medium term. We have made a variety of new investments in the year, including GrosvenorHealthcare, a provider of healthcare services to large corporates, whereprogress since investment has been particularly strong. In addition, £1.5million has been invested or committed to Evolutions Television, a TVpost-production business based in its own freehold premises north of OxfordStreet, London, over which your Company has a first charge. Follow-oninvestments were made in a number of our existing investee companies includingCassium, Q Gardens, Automotive Technik (where strong orders have resulted in asharp increase in sales and profitability), and the Bold Pub Company. Results and dividend As at 31 December 2004, following revaluations, the net asset value of theCompany was £15.5 million or 111.3 pence per share, compared to net assets at 31December 2003 of £15.4 million or 107.8 pence per share. Net income aftertaxation was £339,000 (2003: £273,000) for the year enabling the board todeclare a net final dividend of 1.00 pence per share, making a total dividend of7.00 pence per share for the year (2003: 2.00 pence). The dividend will be paidon 26 April 2005 to shareholders on the register on 18 March 2005. Outlook We are encouraged by the progress of your Company and the prospects for theinvestment portfolio continue to look promising for the year ahead. Dr N E CrossChairman 9 March 2005 THE PORTFOLIO OF INVESTMENTS Qualifying investments At 31 December 2004 At 31 December 2003(by total value) Percentage of Invested Unrealised Total Unrealised Movement equity held at cost appreciation/ value appreciation/ in unrealised (depreciation) (depreciation) appreciation £'000 £'000 £'000 £'000 £'000 Technology---------- Cassium Technologies Limited 19.1% 625 130 755 19 111 Intelligent Environments Plc* 6.0% 270 212 482 447 (235) Advanced Medical Solutions Plc* 2.4% 300 (9) 291 88 (97) Pilat Media Global Plc* 1.7% 168 107 275 98 9 sparesFinder Limited 6.5% 562 (326) 236 (375) 49 AIT Group Plc* 1.1% 310 (138) 172 25 (163) Bond International Plc* 0.7% 48 50 98 - 50 Tepnel Life Sciences Plc* 1.2% 328 (238) 90 (136) (102) Peakdale Molecular Limited 7.7% 360 (272) 88 (180) (92) OneclickHR Plc* 0.2% 58 (54) 4 (48) (6) ----- ----- ----- ----- ----- Total 3,029 (538) 2,491 (62) (476) ----- ----- ----- ----- ----- Non-technology-------------- Automotive Technik (Holdings) Limited 12.7% 1,055 560 1,615 (99) 659 Consolidated CommunicationsManagement Limited 10.8% 1,000 5 1,005 90 (85) Evolutions Television Limited (i) 9.9% 1,000 4 1,004 - 4 Peakdale Molecular Limited (ii) n/a 533 117 650 79 38 Careforce Group Limited* 4.5% 314 469 783 61 408 The Q Garden Company Limited 33.3% 1,368 (836) 532 (600) (236) The Bold Pub Company Limited 4.5% 500 9 509 - 9 Grosvenor Health Limited 5.5% 275 180 455 - 180 City Centres Breweries Limited 11.3% 375 (149) 226 - (149) Independent Pub Company Limited 5.0% 120 - 120 - - CS (Greenwich) Limited 2.0% 100 - 100 - - City Screen (Liverpool) Limited 4.5% 50 (6) 44 - (6) ----- ----- ----- ----- ----- Total 6,690 353 7,043 (469) 822 ----- ----- ----- ------ ----- Total qualifying investments 9,719 (185) 9,534 (531) 346 ===== ===== ===== ====== ===== * AIM quoted investments(i) The investment was made in December 2004, and a further £500,000 has been reserved for investment in future tax years.(ii)This part of the Peakdale investment is in loan stock secured against debtors and property and is classified as a non-technology holding. Portfolio Companies-------------------The top ten investments by value are as follows: Automotive Technik (Holdings) Limited The company manufactures the Pinzgauer off-road vehicle, and its main clientsare the UK Ministry of Defence and overseas armed forces. Growth has been strongand sales in the year to 31 December 2004 have more than doubled since theprevious year and the company is now profitable. The accounts for the year to 31December 2004 have not yet been filed. Latest audited results - Year to 31 December 2003------------------------------------------------- £'000 Turnover 9,847 Loss before interest and tax (1,067)Basis of valuation: Multiple of maintainable earnings Consolidated Communications Management Limited Consolidated Communications is a management buy-out of an established publicrelations agency, formed in 1991, with a broad range of 'blue chip' clients. In2001 the company was named "Consultancy of the Year" at the PR Week Awards. Latest audited results - Year to 28 February 2004------------------------------------------------- £'000 Turnover 4,846 Profit before interest and tax ('PBIT') 281 Basis of valuation: Multiple of maintainable earnings In addition Close Technology & General VCT PLC holds 15,000 Warrants inConsolidated Communications Management Ltd exercisable for 15,000 shares at £15per share. The directors' valuation of the Warrants is nil. Evolutions Television Limited Evolutions Television is a television post production business, providing postproduction services, including video and sound editing and automation, to abroad range of TV production companies, including the BBC and the largeindependents. It operates from its own freehold premises north of Oxford Street,London. The investment was made in December 2004, and a further £500,000 hasbeen reserved for investment in future tax years. Latest audited results - Year to 31 March 2004---------------------------------------------- £'000 Turnover 3,563 Loss before interest and tax (235) Basis of valuation: Cost Careforce Group Plc Careforce Group was established in 1999 to build, both organically and throughacquisition, a group providing home care services to the elderly, principally onbehalf of local authorities. Careforce currently operates an expanding branchnetwork around the UK. The company floated on AIM in November 2004 and has sincemade three acquisitions. Latest audited results - Year to 31 July 2004---------------------------------------------- £'000 Turnover 12,495 PBIT 493 Basis of valuation: Quoted share price less marketability discount Cassium Technologies Limited Cassium is an IT services company which provides web service solutions tocustomers in the telecommunications and financial industries. Cassium alsoprovides managed IT services to SME clients. The company filed abbreviatedaccounts for the year to 31 January 2004 which showed net assets £333,517. Basis of valuation Multiple of maintainable earnings Peakdale Molecular Limited Peakdale Molecular is principally engaged in research, processing and the supplyof chemical compounds to the major pharmaceutical companies. It operates from asubstantial freehold site in Chapel-en-le-Frith, Derbyshire. Latest audited results - Year to 28 February 2004------------------------------------------------- £'000 Turnover 3,397 PBIT 363 Basis of valuation: Multiple of maintainable earnings The Q Garden Company Limited The Q Garden Company is a chain of garden centres based in the south of England.It currently owns three centres in Fareham (Hampshire), Chinnor (Oxfordshire)and Stow-on-the-Wold (Gloucestershire). Latest audited results - Year to 31 January 2004------------------------------------------------ £'000 Turnover 2,675 Loss before interest and tax (244) Basis of valuation: Third party professional valuation The Bold Pub Company Limited The Bold Pub Company was formed in February 2004 to acquire a group of tenfreehold and long leasehold pubs in the North West of England and has sinceacquired a further seven pubs. Latest audited results - None produced to date as the first year end is 31 March 2005------------------------------------------------------------------------------------- Basis of valuation: Third party professional valuation Intelligent Environments Group PLC iE is a leading provider of integrated e-finance products for the credit cardand wealth management markets. The company is listed on AIM. Latest audited results - 31 December 2003----------------------------------------- £'000Turnover 3,486 Loss before interest and tax (230) Basis of valuation: Quoted share price Grosvenor Health Limited Grosvenor Health was formed to acquire the UK occupational healthcare businessof Capio, which provides healthcare services to large corporates. Growth sinceinvestment in March 2004 has been strong and profit has been in excess ofbudget. Latest audited results - None produced to date---------------------------------------------- Basis of valuation: Multiple of maintainable earnings Non-qualifying portfolio------------------------ Company Country of Listing Share Cost Unrealised Value incorporation exchange holding appreciation/ (depreciation) £000's £000's £000's Infovista S.A. France Paris 35,000 40 76 117 Digital River Inc USA Nasdaq 4,750 15 89 104 Tecnomatix Technologies Ltd USA Nasdaq 12,200 74 25 99 Amdocs Ltd USA NYSE 6,200 88 (3) 85 Wind River Systems Inc USA Nasdaq 10,000 36 35 71 Melexis N.V. Belgium Esdaq 10,700 50 20 70 McAfee USA NYSE 4,000 42 19 61 Verisign Inc USA Nasdaq 3,350 19 40 59 Nortel Networks Corp Canada NYSE 32,200 125 (66) 59 TTI Telecom International Israel Nasdaq 42,289 74 (20) 54 Applied Materials Inc USA Nasdaq 5,000 49 (4) 45 Taiwan Semiconductor MFG Taiwan NYSE 9,758 45 (2) 43 Ascential Software Corp USA Nasdaq 5,000 32 11 43 Ericsson LM-B Sweden Stockholm 25,000 31 11 42 Parametric Technology Corp USA Nasdaq 13,000 23 17 40 Orbotech Ltd Israel Nasdaq 3,300 60 (23) 37 Citrix Systems Inc USA Nasdaq 2,300 12 17 29 Sandisk USA Nasdaq 2,000 22 4 26 Applied Films USA Nasdaq 2,100 30 (6) 24 Chordiant Software Inc USA Nasdaq 19,188 26 (3) 23 ASML Netherlands Amsterdam 2,650 31 (9) 22 Mamut Norway Oslo 25,000 15 6 21 Flextronics Singapore Nasdaq 2,900 27 (6) 21 UTStarcom Inc USA Nasdaq 1,750 32 (12) 20 Qiagen N.V. Netherlands Frankfurt 3,300 51 (32) 19 Zilog USA Nasdaq 3,800 27 (11) 16 Brooks Automation Inc USA Nasdaq 1,750 23 (7) 16 Ciena Corp USA Nasdaq 7,500 23 (10) 13 ASML Netherlands Nasdaq 1,400 17 (5) 12 Jenoptik Germany Xetra 1,400 12 (3) 9 DMX Technologies Group Ltd Bermuda Singapore 33,000 8 1 9 Parsytec AG Aktien O.N. Germany Frankfurt 4,100 9 (1) 8 OneclickHR Plc UK LSE AIM 85,500 43 (40) 3 Warthog UK LSE AIM 180,000 90 (87) 3 Peregrine Systems Inc USA Nasdaq 149 74 (72) 2 Advanced Medical Solutions UK LSE AIM 10,000 1 - 1 Bond International UK LSE AIM 1,000 1 - 1 Intelligent Environment UK LSE AIM 5,530 1 (0.7) 0.3 Pilat Media Global UK LSE AIM 800 0.3 - 0.3 AIT Group UK LSE AIM 1,000 1 (0.7) 0.3 - ----- --- Total non-qualifying investments 1,379 (52) 1,328 ----- ---- ----- Note----Listings on the following exchanges were translated upon purchase at prevailingexchange rates, whilst valuations were translated at the following rates aslisted in the Financial Times at close of business on 31 December 2004. Listing exchange Currency Closing rate 31 December 2004 Nasdaq, NYSE US$ 1.903 Frankfurt, Amsterdam, Paris EUR 1.414 Stockholm SEK 12.720 Oslo NOK 11.630 Singapore Malaysian$ 3.119 LSE AIM GBP£ 1.000 Statement of Total Return (incorporating the revenue account) for the year ended 31 December 2004 Year ended Year ended 31 December 2004 31 December 2003 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000---------------------------------------------------------------------------------- Gains on investments - 1,274 1,274 - 4,959 4,959 Income 670 - 670 556 - 556 Investment management fees (104) (312) (416) (93) (278) (371) Administrative expenses (126) - (126) (120) - (120) ----- ----- ----- ----- ----- ----- Return on ordinary activities before taxation 440 962 1,402 343 4,681 5,024 Taxation onordinary activities (101) 78 (23) (70) 58 (12) ----- ----- ----- ----- ----- -----Return attributable to equity shareholders 339 1,040 1,379 273 4,739 5,012 Dividends (277) (699) (976) (286) - (286) ----- ----- ----- ----- ----- -----Transfer to/(from) reserves 62 341 403 (13) 4,739 4,726 ===== ===== ===== ===== ===== ===== Return per share 2.4p 7.4p 9.8p 1.9p 33.1p 35.0p The revenue column of this statement represents the profit and loss account ofthe Company. All revenue and capital items in the above statement derive from continuingoperations. There were no recognised gains and losses other than those disclosed above.Accordingly a statement of total recognised gains and losses is not required. No operations were acquired or discontinued in the year. Balance Sheet as at 31 December 2004 31 December 2004 31 December 2003 £'000 £'000------------------------------------------------------------------------------- Fixed asset investments Qualifying 9,534 12,727 Non-qualifying 1,328 1,512 ----- ----- Total fixed asset investments 10,862 14,239 Current assets Debtors 61 70 Cash 4,819 1,510 ----- ----- 4,880 1,580 Creditors: amounts falling due within one year (256) (385) ----- ----- Net current assets 4,624 1,195 ----- ----- Net assets 15,486 15,434 ====== ====== Represented by: Called up share capital 6,958 7,160 Share premium 165 165 Special reserve 5,894 6,245 Capital redemption reserve 237 35 Capital reserve - realised 2,722 (936) - unrealised (637) 2,680Revenue reserve 147 85 ----- ----- Total equity shareholders' funds 15,486 15,434 ====== ====== Net asset value per share 111.3p 107.8p Cash Flow Statement for the year ended 31 December 2004 Year ended Year ended 31 December 2004 31 December 2003 £'000 £'000------------------------------------------------------------------------------- Operating activitiesInvestment income received 593 341Deposit interest received 50 35Investment management fees paid (480) (273)Other cash payments (119) (119) ----- ----- Net cash inflow/(outflow) from operating activities 44 (16) TaxationUK corporation tax paid (8) (52) Capital expenditure and financial investmentsPurchase of qualifying investments (2,645) (1,501)Purchase of non-qualifying investments (314) (312)Disposals of qualifying investments 7,067 85Disposals of non-qualifying investments 568 1,846 ------ ----- Net cash inflow from investingactivities 4,676 118 Equity dividends paidDividends paid on ordinary shares (1,052) (215) ------- ----- Net cash Inflow/ (outflow) before financing 3,660 (165) FinancingCancellation of share capital (351) (13) ----- ---- Net cash (outflow) from financing (351) (13) Cash inflow/(outflow) in the year 3,309 (178) ===== ===== This information is provided by RNS The company news service from the London Stock Exchange