Albion. Tch Vct Regulatory News (AATG)

26 Sep 2007 17:43

Close Technology & General VCT PLC26 September 2007 26 September 2007 CLOSE TECHNOLOGY & GENERAL VCT PLC Announcement of interim results for the six months ended 30 June 2007. Thisannouncement does not constitute the interim report and accounts and these canbe accessed via www.closeventures.co.uk Close Technology & General VCT PLC ("the Company"), managed by Close VenturesLimited, today announces the results for the six months ended 30 June 2007. Theannouncement has been approved by the Board of Directors on 26 September 2007. Financial Highlights Ordinary Shares Ordinary Shares C Shares C Shares 30 June 2007 30 June 2006 30 June 2007 30 June 2006 Net asset value per share (pence) 115.9 113.5 93.4 94.4 (i) Pence per Pence per C Ordinary share share (ii) (ii)Shareholder value created per share since launch: Total dividends paid during the year ended 31 December -2001 (iii) 1.00Total dividends paid during the year ended 31 December -2002 2.00Total dividends paid during the year ended 31 December -2003 1.50Total dividends paid during the year ended 31 December -2004 7.50Total dividends paid during the year ended 31 December -2005 9.00Total dividends paid during the year ended 31 December2006 8.00 0.50Total dividends paid during the six months ended 30June 2007 4.00 1.00 Total dividends paid to 30 June 2007 33.00 1.50 Net asset value at 30 June 2007 115.9 93.4 Total return to 30 June 2007 148.9 94.9 Notes (i) Compares to the opening net asset value per share of 94.5 pence (after costs) immediately following the closing of the Offer. (ii) Excludes tax benefits upon subscription. (iii)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. In addition to the dividends paid as detailed, the Directors have declared asecond dividend of 4 pence per Ordinary Share (2 pence to be paid out of revenueprofits and 2 pence out of capital profits) and 1.5 pence per C Share (out ofrevenue profits) to be paid on 2 November 2007 to shareholders on the registeras at 5 October 2007. For further information, please contact: Patrick Reeve/ Emil Gigov Roddi Vaughan-ThomasClose Ventures Limited Peregrine Communications GroupTel: 020 7422 7830 Tel: 020 7223 1552 www.closeventures.co.uk Chairman's statement Investment progress The period under review has been a positive one for our Company with maturinginvestments in the Ordinary Share portfolio leading to a strong return, whilethe C Share investment portfolio continues to be built up as set out in theprospectus. The total return per Ordinary Share was 5.4 pence for the six months to 30 June2007; part of this was due to the strengthening income stream from theinvestment portfolio, though the majority was through the successful realisationof investments. These comprised Careforce, which the VCT originally backed in2002, and which, following its flotation on AIM in 2004, was taken over by MearsGroup in April of this year. In addition, profits were realised on the sale ofholdings in Intelligent Environments and Bond International, two companieswithin our residual AIM portfolio, and also on the portfolio of InternationalQuoted Technologies, which was wound down during the period. Subsequent to thehalf year, The Bold Pub Company was also sold, realising a profit of £240,000. The C Share portfolio, meanwhile, which is still at a relatively early stage ofits development, recorded a negative return of 0.5 pence. This was principallycaused by a partial write down in two of our investments, Premier LeisureSuffolk Limited and Helveta Limited. Overall, however, the C Share portfolio isbeing built up according to plan with a balance between lower risk, incomeproducing businesses and a range of companies across the technology sector.Investments are allocated between the two classes of shares in the ratio of cashavailable for investment, with just under £1 million invested in the OrdinaryShare portfolio, and £6.7 million invested in the C Share portfolio during theperiod. Results and dividends As at 30 June 2007, the net asset value of the Company's Ordinary Shares was115.9 pence (30 June 2006: 113.5 pence) and the net asset value of the C Shareswas 93.4 pence (30 June 2006: 94.4 pence). Revenue return before tax for theOrdinary Shares was £369,000 (30 June 2006: £324,000) and for the C Sharesrevenue return before tax was £690,000 (30 June 2006: £323,000). The second dividend for the year will be 4 pence per Ordinary Share (comprising2 pence from revenue profits and 2 pence from realised capital profits) and 1.5pence per C Share (from revenue profits). This takes total dividends for 2007to 8 pence per Ordinary Share and 2.5 pence per C Share. The dividends will bepayable on 2 November 2007 to shareholders on the register on 5 October 2007. Dr N E CrossChairman 26 September 2007 INCOME STATEMENT Ordinary Shares Unaudited Unaudited Audited Six months to 30 June 2007 Six months to 30 June 2006 Year to 31 December 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses) on - 575 575 - (545) (545) - (3) (3)investments Investment income 472 - 472 414 - 414 832 - 832 Investment management fees (58) (173) (231) (60) (179) (239) (117) (351) (468) Other expenses (45) - (45) (30) - (30) (57) - (57) Return/(loss) on 369 402 771 324 (724) (400) 658 (354) 304ordinary activitiesbefore tax Tax on ordinary (99) 57 (42) (122) 63 (59) (219) 114 (105)activities Return/(loss) 270 459 729 202 (661) (459) 439 (240) 199attributable toequity holders Basic and diluted 2.0 3.4 5.4 1.5 (4.9) (3.4) 3.2 (1.8) 1.4return/(loss) pershare (pence) Comparative figures have been extracted from the accounts for the period ended30 June 2006 and the statutory accounts for the year ended 31 December 2006. The total column of this Income Statement represents the profit and loss accountof the Ordinary Shares. All of the Company's activities derive from continuing operations. 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 (continued) C Shares Unaudited Unaudited Audited Six months to 30 June 2007 Six months to 30 June 2006 Year to 31 December 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains on - (434) (434) - (11) (11) - 202 202investments Investment income 911 - 911 515 - 515 1,322 - 1,322 Investment management fees (119) (358) (477) (122) (367) (489) (246) (738) (984) Other expenses (102) - (102) (70) - (70) (129) - (129) Return/(loss) on 690 (792) (102) 323 (378) (55) 947 (536) 411ordinary activitiesbefore tax Tax on ordinary (205) 117 (88) (97) 110 13 (284) 221 (63)activities Return/(loss) 485 (675) (190) 226 (268) (42) 663 (315) 348attributable to equityholders Basic and diluted 1.4 (1.9) (0.5) 1.0 (1.2) (0.2) 2.3 (1.1) 1.2return/(loss) pershare (pence) Comparative figures have been extracted from the accounts for the period ended30 June 2006 and the statutory accounts for the year ended 31 December 2006. The total column of this Income Statement represents the profit and loss accountof the C Shares. All of the Company's activities derive from continuing operations. 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 (continued)Combined Unaudited Unaudited Audited Six months to 30 June Six months to 30 June Year to 31 December 2007 2006 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses)on investments - 141 141 - (556) (556) - 199 199 Investmentincome 1,383 - 1,383 929 - 929 2,154 - 2,154 Investmentmanagementfees (177) (531) (708) (182) (546) (728) (363) (1,089) (1,452) Other expenses (147) - (147) (100) - (100) (186) - (186) Return/(loss)on ordinaryactivitiesbefore tax 1,059 (390) 669 647 (1,102) (455) 1,605 (890) 715 Tax onordinaryactivities (304) 174 (130) (219) 173 (46) (503) 335 (168) Return/(loss)attributableto equityholders 755 (216) 539 428 (929) (501) 1,102 (555) 547 Basic anddilutedreturn/(loss)per share(pence) 3.4 1.5 4.9 2.5 (6.1) (3.6) 5.5 (2.9) 2.6 Comparative figures have been extracted from the accounts for the period ended30 June 2006 and the statutory accounts for the year ended 31 December 2006. The total column of this Income Statement represents the profit and loss accountof the Company. All of the Company's activities derive from continuing operations. 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 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Fixed asset investmentsQualifying 11,062 10,947 10,965Non-qualifying 482 1,757 2,332 Total fixed asset 11,544 12,704 13,297investments Current AssetsDebtors 255 43 23Cash at bank 4,038 3,113 2,486 4,293 3,156 2,509 Creditors: amountsfalling (330) (435) (321)due within one year Net current assets 3,963 2,721 2,188 Net assets 15,507 15,425 15,485 Capital and reservesCalled up share capital 6,795 6,795 6,795Share premium 165 165 165Special reserve 5,554 5,555 5,554Capital redemption 400 400 400reserveOwn treasury shares (223) - (56)reserveRealised capital 4,184 3,751 3,432reserveUnrealised capital (1,906) (1,678) (1,276)reserveRevenue reserve 538 437 471 Total shareholders' 15,507 15,425 15,485funds Net asset value pershare (pence)(excluding treasury 115.9 113.5 114.4shares) Comparative figures have been extracted from the accounts for the period ended30 June 2006 and the statutory accounts for the year ended 31 December 2006. BALANCE SHEET (continued) C Shares Unaudited Unaudited Audited 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000Fixed asset investmentsQualifying 9,411 1,938 3,116Non-qualifying 19,997 25,309 28,430 Total fixed asset investments 29,408 27,247 31,546 Current AssetsDebtors 1,405 414 332Cash at bank 2,793 6,131 2,145 4,198 6,545 2,477 Creditors: amounts fallingdue within one year (472) (306) (344) Net current assets 3,726 6,239 2,133 Net assets 33,134 33,486 33,679 Capital and reservesCalled up share capital 17,740 17,740 17,740Special reserve 15,768 15,788 15,768Realised capital reserve (484) (257) (505)Unrealised capital reserve (506) (11) 190Revenue reserve 616 226 486 Total shareholders' funds 33,134 33,486 33,679 Net asset value per share(pence) 93.4 94.4 94.9 Comparative figures have been extracted from the accounts for the period ended30 June 2006 and the statutory accounts for the year ended 31 December 2006. BALANCE SHEET (continued) Combined Unaudited Unaudited Audited 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000Fixed asset investmentsQualifying 20,473 12,885 14,081Non-qualifying 20,479 27,066 30,762 Total fixed asset 40,952 39,951 44,843investments Current AssetsDebtors 1,660 457 355Cash at bank 6,831 9,244 4,631 8,491 9,701 4,986 Creditors: amountsfalling (802) (741) (665)due within one year Net current assets 7,689 8,960 4,321 Net assets 48,641 48,911 49,164 Capital and reservesCalled up share capital 24,535 24,535 24,535Share premium 165 165 165Special reserve 21,322 21,343 21,322Capital redemption 400 400 400reserveOwn treasury shares (223) - (56)reserveRealised capital 3,700 3,494 2,927reserveUnrealised capital (2,412) (1,689) (1,086)reserveRevenue reserve 1,154 663 957 Total shareholders' 48,641 48,911 49,164funds Comparative figures have been extracted from the accounts for the period ended30 June 2006 and the statutory accounts for the year ended 31 December 2006. The interim information was approved by the Board of Directors and authorisedfor issue on 26 September 2007. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Ordinary Shares Called Own up Capital treasury Realised Unrealised share Share Special redemption shares capital capital Revenue capital premium reserve reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000As at 1January 2006 6,908 165 5,785 287 - 4,311 (1,027) 235 16,664 Shareredemptions (113) - (230) 113 - - - - (230) Net realised gainson investments inthe year - - - - - 106 - - 106 Capitalisedinvestmentmanagementandperformancefees - - - - - (179) - - (179) Tax relief oncosts chargedto capital - - - - - 63 - - 63 Movement inunrealisedappreciation - - - - - - (651) - (651) Revenue returnattributabletoshareholders - - - - - - - 202 202 Dividends - - - - - (550) - - (550) As at 1 July2006 6,795 165 5,554 400 - 3,751 (1,678) 437 15,424 Net realised gainson investments inthe year - - - - - 140 - - 140 Capitalisedinvestmentmanagementand performancefees - - - - - (172) - - (172) Treasuryshares purchased - - - - (56) - - - (56) Tax relief oncosts chargedto capital - - - - - 51 - - 51 Movement inunrealisedappreciation - - - - - - 402 - 402 Revenue returnattributableto shareholders - - - - - - - 237 237 Dividends - - - - - (338) - (203) (541) As at 31December 2006 6,795 165 5,554 400 (56) 3,432 (1,276) 471 15,485 Net realised gainson investments inthe year - - - - - 1,205 - - 1,205 Capitalisedinvestmentmanagementand performancefees - - - - - (173) - - (173) Tax relief oncosts chargedto capital - - - - - 57 - - 57 Treasurysharespurchased - - - - (167) - - - (167) Movement inunrealisedappreciation - - - - - - (630) - (630) Revenue returnattributabletoshareholders - - - - - - - 270 270 Dividends - - - - - (338) - (203) (541) As at 30 June2007 6,795 165 5,554 400 (223) 4,184 (1,906) 538 15,507 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS (continued) 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 1 January - - - - - - - -2006 Capitalisedinvestmentmanagementand performancefees - - - - (367) - - (367) Tax relief oncosts chargedto capital - - - - 110 - - 110 Issue of sharecapital 17,740 17,740 - - - - - 35,480 Issue costs - (1,952) - - - - - (1,952) Cancellationof sharepremiumaccount - (15,788) 15,788 - - - - - Movement inunrealisedappreciation - - - - - (11) - (11) Revenue returnattributabletoshareholders - - - - - - 226 226 As at 1 July2006 17,740 - 15,788 - (257) (11) 226 33,486 Net realised gainson investments inthe year - - - - 12 - - 12 Capitalisedinvestmentmanagementandperformancefees - - - - (371) - - (371) Tax relief oncosts chargedto capital - - - - 111 - - 111 Movement inunrealisedappreciation - - - - - 201 - 201 Cost ofcancellationof sharepremium - - (20) - - - - (20) Revenue returnattributabletoshareholders - - - - - - 437 437 Dividends - - - - - - (177) (177) As at 31December 2006 17,740 - 15,768 - (505) 190 486 33,679 Net realised gainson investments inthe year - - - - 262 - - 262 Capitalisedinvestmentmanagementandperformancefees - - - - (358) - - (358) Tax relief oncosts chargedto capital - - - - 117 - - 117 Movement inunrealisedappreciation - - - - - (696) - (696) Revenue returnattributabletoshareholders - - - - - - 485 485 Dividends - - - - - - (355) (355) As at 30 June2007 17,740 - 15,768 - (484) (506) 616 33,134 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS (continued) Combined Called Own up Capital treasury Realised Unrealised share Share Special redemption shares capital capital Revenue capital premium reserve reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 1January 2006 6,908 165 5,785 287 - 4,311 (1,027) 235 16,664 Issue of sharecapital 17,740 17,740 - - - - - - 35,480 Issue costs - (1,952) - - - - - - (1,952) Shareredemptions (113) - (230) 113 - - - - (230) Cancellationof sharepremiumreserve - (15,788) 15,788 - - - - - - Net realised gainson investments inthe year - - - - - 106 - - 106 Capitalisedinvestmentmanagementand performancefees - - - - - (546) - - (546) Tax relief oncosts chargedto capital - - - - - 173 - - 173 Movement inunrealisedappreciation - - - - - - (662) - (662) Revenue returnattributableto shareholders - - - - - - - 428 428 Dividends - - - - - (550) - - (550) As at 1 July2006 24,535 165 21,342 400 - 3,494 (1,689) 663 48,910 Net realised gainson investments inthe year - - - - - 152 - - 152 Cost ofcancellationof sharepremium - - (20) - - - - - (20) Capitalisedinvestmentmanagementandperformancefees - - - - - (543) - - (543) Treasurysharespurchased - - - - (56) - - - (56) Tax relief oncosts chargedto capital - - - - - 162 - - 162 Movement inunrealisedappreciation - - - - - - 603 - 603 Revenue returnattributabletoshareholders - - - - - - - 674 674 Dividends - - - - - (338) - (380) (718) As at 31December 2006 24,535 165 21,322 400 (56) 2,927 (1,086) 957 49,164 Net realised gainson investments inthe year - - - - - 1,467 - - 1,467 Capitalisedinvestmentmanagementandperformancefees - - - - - (531) - - (531) Tax relief oncosts chargedto capital - - - - - 174 - - 174 Treasurysharespurchased - - - - (167) - - - (167) Movement inunrealisedappreciation - - - - - - (1,326) - (1,326) Revenue returnattributabletoshareholders - - - - - - - 754 754 Dividends - - - - - (338) - (558) (896) As at 30 June2007 24,535 165 21,322 400 (223) 3,700 (2,412) 1,154 48,641 CASH FLOW STATEMENT Ordinary Shares Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 £'000 £'000 £'000 Operating activitiesInvestment income received 348 243 621Deposit interest received 53 52 102Other cash received 6 112 -Investment management fees paid (229) (130) (534)Other cash payments (55) (69) (259) Net cash inflow/(outflow) from operating 123 208 (70)activities TaxationUK corporation tax paid 3 2 (46) Capital expenditure and financialinvestmentsPurchase of investments (1,431) (1,404) (2,073)Disposal of investments 3,605 332 1,185 Net cash inflow/(outflow) from investing 2,174 (1,072) (888)activities Equity dividends paidDividends paid on ordinary shares (541) (550) (1,091) Net cash inflow/(outflow) before 1,759 (1,412) (2,095)financing FinancingPurchase of own shares (287) (167) -Intercompany account movement 114 (40) -Cancellation of share capital (229) - -Net cash outflow from financing (207) (229) (173) Cash inflow/(outflow) in the period 1,552 (1,641) (2,268) CASH FLOW STATEMENT (continued) C Shares Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 £'000 £'000 £'000 Operating activitiesInvestment income received 721 6 750Deposit interest received 74 150 314Investment management fees paid (496) (421) (735)Other cash payments (143) (165) (109) Net cash inflow/(outflow) from operatingactivities 156 (430) 220 TaxationUK corporation tax paid - - - Capital expenditure and financialinvestmentsPurchase of investments (8,133) (26,980) (31,594)Disposals of investments 8,940 297 - Net cash inflow/(outflow) from investing 807 (26,980) (31,297)activities Equity dividends paidDividends paid on C shares (355) - (177) Net cash inflow/(outflow) before 608 (27,410) (31,254)financing FinancingIntercompany account movement 40 - (114) Issue of share capital (net of costs) - 33,541 33,513 Net cash inflow from financing 40 33,541 33,399 Cash inflow in the period 648 6,131 2,145 CASH FLOW STATEMENT (continued) Combined Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2007 30 June 2006 31 December 2006 £'000 £'000 £'000 Operating activitiesInvestment income received 1,069 249 1,371Deposit interest received 127 202 416Other cash received 6 112 -Investment management fees paid (725) (551) (1,269)Other cash payments (198) (234) (368) Net cash inflow/(outflow) from operating 279 (222) 150activities TaxationUK corporation tax paid 3 2 (46) Capital expenditure and financial investmentsPurchase of investments (9,564) (28,384) (33,667)Disposals of investments 12,545 332 1,482 Net cash inflow/(outflow) from investing 2,981 (28,052) (32,185)activities Equity dividends paidDividends paid on ordinary shares (896) (550) (1,268) Net cash inflow/(outflow) before financing 2,367 (28,822) (33,349) FinancingPurchase of own shares (167) - (287) Issue of share capital (net of costs) - 33,541 33,513 Intercompany account movement - - -Cancellation of share capital - (229) - Net cash (outflow)/inflow from financing (167) 33,312 33,226 Cash inflow/(outflow) in the period 2,200 4,490 (123) Notes to the announcement 1. Details about the Investment Manager Close Technology & General VCT PLC is managed by Close Ventures Limited. CloseVentures Limited is a subsidiary of Close Brothers Group plc and is authorisedand regulated by the Financial Services Authority. 2. Statutory accounts The financial information set out in the announcement does not constitute theCompany's statutory accounts for the periods ended 30 June 2007 or 30 June 2006,as defined in Section 240 of the Companies Act 1985. Statutory accounts for theyear ended 31 December 2006 have been delivered to the Registrar of Companies.The Auditors have reported on those accounts; their report was unqualified anddid not contain statements under section 237(2) or (3) of the Companies Act1985. Whilst the financial information included in this announcement has been computedin accordance with Financial Reporting Standards (FRSs), this announcement doesnot itself contain sufficient information to comply with FRSs. The Companyexpects to publish its full Interim Report and Accounts within the next twoweeks. 3. Accounting policies The accounts have been prepared on the basis of the accounting policies set outin the latest annual report for the year ended 31 December 2006. 4. Basic and diluted return per share Return per share has been calculated on 13,509,404 Ordinary shares excludingTreasury shares (2006: 13,771,468) and 35,479,122 C Shares (2006: 21,611,995)being the weighted average number of shares in issue in the period. There are no convertible instruments, derivatives or contingent share agreementsin issue for the Company hence there are no dilution effects to the return pershare. The basic return per share is therefore the same as the diluted returnper share. 5. Net asset value The net asset value per share is based on net assets of £15,507,000 and on13,374,853 Ordinary shares being the number of Ordinary shares in issue(excluding Treasury shares) and net assets of £33,134,000 on 35,479,122 C sharesbeing the number of C shares in issue at the period end. This information is provided by RNS The company news service from the London Stock Exchange