Albion. Tch Vct Regulatory News (AATG)

26 Sep 2006 15:34

Close Technology & General VCT PLC26 September 2006 CLOSE TECHNOLOGY & GENERAL VCT PLC INTERIM RESULTS 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 sixmonths to 30 June 2006. This announcement has been approved by the Board ofDirectors on 26 September 2006. FINANCIAL HIGHLIGHTS The following is the total return of the Company since launch in January 2001. Ordinary Shares C Shares Pence per Pence per share (ii) share (ii)Shareholder value created per share since launch: Total dividends paid during theyear ended 31 December 2001 (i) 1.00 -Total dividends paid during theyear ended 31 December 2002 2.00 -Total dividends paid during theyear ended 31 December 2003 1.50 -Total dividends paid during theyear ended 31 December 2004 7.50 -Total dividends paid during theyear ended 31 December 2005 9.00 -Total dividends paid during theperiod ended 30 June 2006 4.00 - --------- ---------Total dividends paid to 30 June2006 25.00 -Net asset value at 30 June 2006 113.5 94.4 --------- --------- Total return to 30 June 2006 138.5 94.4 --------- --------- Notes (i) Based on subscription by the first closing on 16 January 2001. Investorssubscribing thereafter, up to 30 June 2001 received 0.5 pence per share. (ii) Excludes tax benefits upon subscription and compares to the opening netasset value per share of 94.5 pence (after costs) immediately following theclosing of the Offer. For further information, please contact: Patrick Reeve Clemmie CarrClose Ventures Limited Tavistock CommunicationsTel: 020 7422 7830 Tel: 020 7920 3150 Notes 1) Close Technology & General VCT PLC is managed by Close Ventures Limited. 2) Close Ventures Limited is authorised and regulated by the FinancialServices Authority. 3) Unaudited interim reports for the period will be sent to shareholdersshortly. 4) The financial information set out in the announcement does not constitute theCompany's statutory accounts for the six months ended 30 June 2006 or 2005. Thefinancial information for the year ended 31 December 2005 is derived from thestatutory accounts delivered to the Registrar of Companies. The auditorsreported on those accounts; their report was unqualified and did not contain astatement under s237 (2) or (3) of the Companies Act 1985. CHAIRMAN'S STATEMENT Introduction Close Technology & General VCT PLC raised £14.4m through an Ordinary share issuelaunched in January 2001 and a further £35m with a C share issue launched inNovember 2005. The Company's strategy is to offer investors the opportunity toparticipate in a balanced portfolio of technology and non-technology businesses,with the investment portfolio broadly split as follows: €40% in technology companies, with 15% in quoted "international" stocks and 25% in unquoted UK technology related companies; and €60% in unquoted UK non-technology companies. Investment progress The key event in the first six months of the year was the successful closing ofthe C share issue which was fully subscribed at £35m. On behalf of the Board, Iwould like to welcome all of our new shareholders. Ordinary Share portfolio After the strong performance of the last two years, where the excellentperformance of the Ordinary Shares was driven in large part by three successfultrade sales and a flotation, the first six months of this year represented a period of consolidation, and there was a negative total return for the period of 3.4 pence per share. Some £800,000 was invested in existing and new investee companies within the Ordinary Share portfolio, further details of which are given below. Within the existing portfolio, however, provision needed to be madeagainst two investments, Peakdale Molecular, and Evolutions Television (which was reduced to cost). In both cases, previous strong growth slowed in the early months of the year. Other businesses, however, continued to perform strongly, in particular Xceleron (the drugs testing business), and Lowcosttravel Group (the online travel business), both of whose sales have increased sharply sinceour investment in 2005, and also The Bold Pub Company, whose profits generated from its freehold estate continued to climb. We anticipate that these strong performances will in due course be reflected in the valuations. C Share portfolio Just under £2m was invested in new investee companies during the first sixmonths of the year. The key investments, which were shared with the OrdinaryShare portfolio, include RFI Global Services, which provides testing facilitiesto mobile phone manufacturers worldwide; Blackbay, which provides systems forfield force and supply chain logistics; and Dexela, which has designed apotentially revolutionary form of imaging system for the screening of breastcancer. Results and dividend At 30 June 2006 the net asset value of the Company's Ordinary Shares was £15.4m(30 June 2005: £16.4m) equivalent to 113.5p (30 June 2005: 118.5p). Net revenuereturn after taxation was £202,000 (2005: £222,000). The second dividend for thecurrent financial year will be 4p per Ordinary share of which 1.5p will be paidout of revenue profits and 2.5p paid out of capital profits. As at 30 June 2006 the net asset value of the C Shares was £33.5m equivalent to94.4p per share, compared to opening net asset value of 94.5p per share (aftercosts) following completion of the C Share Offer. Net income after taxation was £226,000 enabling the Company to declare an inaugural dividend for the C Shares of 0.5p per share. Both dividends will be paid on 3 November to shareholders on the register at 6October 2006. Dr N E CrossChairman 26 September 2006 INCOME STATEMENT Ordinary Shares Unaudited Unaudited Audited Six months to 30 June 2006 Six months to 30 June 2005 Year to 31 December 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ------- ------ ----- ------- ------- ----- ------- ------ ----- (Losses)/gainson investments - (545) (545) - 1,609 1,609 - 2,412 2,412Investmentincome 414 - 414 421 - 421 812 - 812Investmentmanagement fees (60) (179) (239) (54) (161) (215) (126) (381) (507)Other expenses (30) - (30) (72) - (72) (128) - (128) ------- ------ ------ ------- ------ ------ ------- ------ ------ Return/(loss)on ordinaryactivitiesbefore tax 324 (724) (400) 295 1,448 1,743 558 2,031 2,589Tax on ordinaryactivities (122) 63 (59) (73) 49 (24) (133) 105 (28) ------- ------ ------ ------- ------ ------ ------- ------ ------Return/(loss)attributableto equityholders 202 (661) (459) 222 1,497 1,719 425 2,136 2,561 ------- ------ ------ ------- ------ ------ ------- ------ ------Basic anddilutedreturn/(loss)per share(pence) 1.5 (4.9) (3.4) 1.5 10.5 12.0 3.1 15.4 18.5 ------- ------ ------ ------- ------ ------ ------- ------ ------ All of the Company's activities derive from continuing operations. The total column of this Income Statement represents the profit and loss accountof the Ordinary Shares. The Company has no recognised gains or losses other than those disclosed above.Accordingly a statement of total recognised gains and losses is not required. INCOME STATEMENT C Shares Unaudited Six months to 30 June 2006 Revenue Capital Total £'000 £'000 £'000 ------- ------ ------ Losses on investments - (11) (11)Investment income 515 - 515Investment management fees (122) (367) (489)Other expenses (70) - (70) ------- ------ ------ Return/(loss) on ordinary activities before tax 323 (378) (55)Tax on ordinary activities (97) 110 13 ------- ------ ------Return/(loss) attributable to equity holders 226 (268) (42) ------- ------ ------ Basic and diluted return/(loss) per share (pence) 1.0 (1.2) (0.2) ------- ------ ------ All of the Company's activities derive from continuing operations. The total column of this Income Statement represents the profit and loss accountof the C Shares. The Company has no recognised gains or losses other than those disclosed above.Accordingly a statement of total recognised gains and losses is not required. INCOME STATEMENT Total Unaudited Unaudited Audited Six months to 30 June 2006 Six months to 30 June 2005 Year to 31 December 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ------- ------ ----- ------ ------ ----- ------ ------- -----(Losses)/gainson investments - (556) (556) - 1,609 1,609 - 2,412 2,412Investmentincome 929 - 929 421 - 421 812 - 812Investmentmanagement fees (182) (546) (728) (54) (161) (215) (126) (381) (507) Other expenses (100) (100) (72) - (72) (128) - (128) ------- ------ ------ ------ ----- ----- ------- ------ -----Return/(loss)on ordinaryactivitiesbefore tax 647 (1,102) (455) 295 1,448 1,743 558 2,031 2,589Tax onordinaryactivities (219) 173 (46) (73) 49 (24) (133) 105 (28) ------- ------ ------ ----- ----- ----- ------ ------ -----Return/(loss)attributableto equityholders 428 (929) (501) 222 1,497 1,719 425 2,136 2,561 ------- ------ ------ ---- ----- ------ ------ ----- ----Basic anddilutedreturn/(loss)per share(pence) 2.5 (6.1) (3.6) 1.5 10.5 12.0 3.1 15.4 18.5 ------- ------ ------ ---- ----- ------ ------ ----- ----- All of the Company's activities derive from continuing operations. The total column of this Income Statement represents the profit and loss accountof the Company. The Company has no recognised gains or losses other than those disclosed above.Accordingly a statement of total recognised gains and losses is not required. BALANCE SHEET Ordinary Shares Unaudited Unaudited Audited 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 --------- -------- -----------Fixed asset investmentsQualifying 10,947 8,674 10,438Non-qualifying 1,757 1,673 1,847 --------- -------- -----------Total fixed asset investments 12,704 10,347 12,285Current AssetsDebtors 43 318 45Cash at bank 3,113 6,446 4,754 --------- -------- ----------- 3,156 6,764 4,799Creditors: amounts fallingdue within one year (435) (745) (420) --------- -------- -----------Net current assets 2,721 6,019 4,379 --------- -------- -----------Net assets 15,425 16,366 16,664 --------- -------- -----------Capital and reservesCalled up share capital 6,795 6,908 6,908Share premium 165 165 165Special reserve 5,555 5,785 5,785Capital redemption reserve 400 287 287Realised capital reserve 3,751 4,974 4,311Unrealised capital reserve (1,678) (1,779) (1,027)Revenue reserve 437 26 235 --------- -------- -----------Total shareholders' funds 15,425 16,366 16,664 --------- -------- -----------Net asset value per share(pence) 113.5 118.5 120.6 --------- -------- ----------- BALANCE SHEET C Shares Unaudited 30 June 2006 £'000 -----------Fixed asset investmentsQualifying 1,938Non-qualifying 25,309 -----------Total fixed asset investments 27,247Current AssetsDebtors 414Cash at bank 6,131 ----------- 6,545Creditors: amounts falling due within one year (306) -----------Net current assets 6,239 -----------Net assets 33,486 -----------Capital and reservesCalled up share capital 17,740Special reserve 15,788Realised capital reserve (257)Unrealised capital reserve (11)Revenue reserve 226 -----------Total shareholders' funds 33,486 ----------- Net asset value per share (pence) 94.4 ----------- BALANCE SHEET Total Unaudited Unaudited Audited 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 --------- --------- ----------Fixed asset investmentsQualifying 12,885 8,674 10,438Non-qualifying 27,066 1,673 1,847 --------- --------- ----------Total fixed asset investments 39,951 10,347 12,285Current AssetsDebtors 457 318 45Cash at bank 9,244 6,446 4,754 --------- --------- ---------- 9,701 6,764 4,799Creditors: amounts fallingdue within one year (741) (745) (420) --------- --------- ----------Net current assets 8,960 6,019 4,379 --------- --------- ----------Net assets 48,911 16,366 16,664 --------- --------- ---------- Capital and reservesCalled up share capital 24,535 6,908 6,908Share premium 165 165 165Special reserve 21,343 5,785 5,785Capital redemption reserve 400 287 287Realised capital reserve 3,494 4,974 4,311Unrealised capital reserve (1,689) (1,779) (1,027)Revenue reserve 663 26 235 --------- --------- ---------- Total shareholders' funds 48,911 16,366 16,664 --------- --------- ---------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Ordinary Shares Called up Capital Realised Unrealised share Share Special redemption capital capital Revenue capital premium reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 1 July 2005 6,908 165 5,785 287 4,974 (1,779) 26 16,366Net realised gains on investments inthe year - - - - 54 - - 54Capitalised investment managementand performance fees - - - - (220) - - (220)Tax relief on costs charged to capital - - - - 56 - - 56Movement in unrealised appreciation - - - - - 752 - 752Revenue return attributableto shareholders - - - - - - 209 209Dividends - - - - (553) - - (553) As at 31 December 2005 6,908 165 5,785 287 4,311 (1,027) 235 16,664Net realised gains on investments inthe year - - - - 106 - - 106Capitalised investment managementand performance fees - - - - (179) - - (179)Tax relief on costs chargedto capital - - - - 63 - - 63Share redemptions (113) - (230) 113 - - - (230)Movement in unrealisedappreciation - - - - - (651) - (651)Revenue return attributableto shareholders - - - - - - 202 202Dividends - - - - (550) - - (550) ------- ------- ------- ------- ------- ------- ------- -------As at 30 June 2006 6,795 165 5,555 400 3,751 (1,678) 437 15,425 ======= ======= ======= ======= ======= ======= ======= ======= RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS C Shares Called up Capital Realised Unrealised share Share Special redemption capital capital Revenue capital premium reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 31 December 2005 - - - - - - - -Capitalised investment managementand performance fees - - - - (367) - - (367)Tax relief on costs chargedto capital - - - - 110 - - 110Issue of share capital 17,740 17,740 - - - - - 35,480Issue costs - (1,952) - - - - - (1,952)Cancellation of share premiumaccount - (15,788) 15,788 - - - - -Movement in unrealisedappreciation - - - - - (11) - (11)Revenue return - - - - - - 226 226 ------- ------- ------- ------- ------- ------- ------- -------As at 30 June 2006 17,740 - 15,788 - (257) (11) 226 33,486 ======= ======= ======= ======= ======= ======= ======= ======= CASH FLOW STATEMENT Ordinary Shares Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 -------- -------- ---------- Operating activitiesInvestment income received 243 398 614Deposit interest received 52 42 112Other cash receipt 112 - 174Investment management feespaid (130) (158) (389)Other cash payments (69) (84) (136) -------- -------- ----------Net cash inflow fromoperating activities 208 198 375TaxationUK corporation tax paid 2 - (25)Capital expenditure and financialinvestmentsPurchase of investments (1,404) (3,484) (4,599)Disposal of investments 332 5,159 5,537 -------- -------- ----------Net cash (outflow)/inflowfrom investing activities (1,072) 1,675 938Equity dividends paidDividends paid on ordinaryshares (550) (139) (1,244) -------- -------- ----------Net cash (outflow)/inflowbefore financing (1,412) 1,734 44 -------- -------- ----------FinancingCancellation of share capital (229) (107) (109) -------- -------- ----------Net cash outflow fromfinancing (229) (107) (109) -------- -------- ---------- Cash (outflow)/inflow in the year (1,641) 1,627 (65) -------- -------- ---------- CASH FLOW STATEMENT C Shares Unaudited Six months to 30 June 2006 £'000 --------Operating activitiesInvestment income received 6Deposit interest received 150Investment management fees paid (421)Other cash payments (165) --------Net cash outflow from operating activities (430)TaxationUK corporation tax paid -Capital expenditure and financial investmentsPurchase of investments (26,980)Disposals of investments - --------Net cash outflow from investing activities (26,980)Equity dividends paidDividends paid on C shares - --------Net cash outflow before financing (27,410) --------FinancingIssue of share capital (net of costs) 33,541 --------Net cash inflow from financing 33,541 -------- Cash inflow in the year 6,131 -------- CASH FLOW STATEMENT Total Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 ---------- ---------- ----------Operating activitiesInvestment income received 249 398 614Deposit interest received 202 42 112Other cash receipt 112 - 174Investment management feespaid (551) (158) (389)Other cash payments (234) (84) (136) ---------- ---------- ----------Net cash (outflow)/inflow fromoperating activities (222) 198 375TaxationUK corporation tax paid 2 - (25)Capital expenditure and financialinvestmentsPurchase of investments (28,384) (3,484) (4,599)Disposals of investments 332 5,159 5,537 ---------- ---------- ----------Net cash (outflow)/inflow frominvesting activities (28,052) 1,675 938Equity dividends paidDividends paid on ordinaryshares (550) (139) (1,244) ---------- ---------- ----------Net cash (outflow)/inflowbefore financing (28,822) 1,734 44 ---------- ---------- ----------FinancingIssue of share capital (net ofcosts) 33,541 - -Cancellation of share capital (229) (107) (109) ---------- ---------- ----------Net cash inflow/(outflow) fromfinancing 33,312 (107) (109) ---------- ---------- ---------- Cash inflow/(outflow) in theyear 4,490 1,627 (65) ---------- ---------- ---------- This information is provided by RNS The company news service from the London Stock Exchange