Albion Venture Regulatory News (AAVC)

29 Jun 2007 16:54

Close Brothers Venture Cap Tst PLC29 June 2007 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC PRELIMINARY RESULTS Close Brothers Venture Capital Trust PLC ("the Company"), which invests inqualifying unquoted companies providing a high level of asset backing whilstmaintaining an attractive yield, today announces preliminary results for theyear ended 31 March 2007. This announcement has been approved by the Board ofDirectors on 29 June 2007. Financial Highlights: 31 March 2007 31 March 2006 Dividends paid per share (pence) 10.00 11.75 (i) Net asset value per share (pence) 120.17 116.49 Ordinary shares 'C' sharesShareholder value created per share since launch: (Pence) (Pence) Gross revenue dividends paid during the year ended 31 March 1997 2.00 - Gross revenue dividends paid during the year ended 31 March 1998 5.20 2.00 Gross interim dividends and net final dividend paid during the year ended31 March 1999 11.05 8.75 Net revenue and capital dividends paid during the year ended 31 March 2000 3.00 2.70 Net revenue and capital dividends paid during the year ended 31 March 2001 8.55 4.80 Net revenue dividends paid during the year ended 31 March 2002 7.60 7.60 Net revenue and capital dividends paid during the year ended 31 March 2003 7.70 7.70 Net revenue and capital dividends paid during the year ended 31 March 2004 8.20 8.20 Net revenue and capital dividends paid during the year ended 31 March 2005 9.75 9.75 Net revenue and capital dividends paid during the year ended 31 March 2006 11.75 11.75 Net revenue and capital dividends paid during the year ended 31 March 2007 10.00 10.00 Total dividends paid to 31 March 2007 84.80 73.25 Net asset value as at 31 March 2007 120.17 120.17 Total shareholder net asset value return to 31 March 2007 204.97 193.42 In addition to the above dividends, the Company has paid a first Dividend of 5pence per share on 5 April 2007 to shareholders who were on the register as at16 March 2007. (i) The apparent dividend reduction is due to the change in the accountingtreatment of dividends, which was fully explained in last year's Report andAccounts. For further information, please contact: Patrick Reeve Roddi Vaughan-ThomasClose Ventures Limited Peregrine Communications GroupTel: 020 7422 7831 Tel: 020 7223 1552 CHAIRMAN'S STATEMENT Introduction The year has been a busy and successful one for your Company. The year end netasset value per Share rose to 120.17p while dividends paid from launch to 31March 2007 amount to 84.8p per Ordinary Share and 73.25p per C Share. Thisresults in a compound annual return of 8.4 per cent. per Ordinary Share and 8.2per cent. per C Share over the period from 1996 and 1997 respectively. Inaddition, not only has this return been free of tax to all shareholders butoriginal subscribers for the Shares would have benefited from both income taxrelief and, where relevant, the deferral of capital gains tax. Performance A total of £5.34 million was invested in 16 new and existing investee companiesduring the year. Amongst the investments in new investee companies, it is worthmentioning £1 million invested and reserved for investment in Kensington HealthClubs Limited, which will develop a 29,000 square foot health and fitness clubon a 999 year lease at Olympia in Kensington and £380,000 invested in PremierLeisure (Suffolk) Limited which is developing and will operate a freeholdleisure centre at Ipswich in Suffolk. Your Company disposed of the holding inPremier VCT Mailbox Limited, owner and operator of the 90-bedroom Ramada Hotelin the Mailbox development in Birmingham. This realised a capital profit of £3million on the net cost of £4.6 million, in addition to the annual yield oninvestment of in excess of 10% per annum. In addition, as reported in lastyear's annual report and accounts, our two care homes at Romford and Dover weresold in April 2006 for a profit of just over £1 million. Investment portfolio as a whole continues to perform well with particular strongperformances from our investment in Kew Green VCT (Stansted) Limited, which ownsthe Express by Holiday Inn Hotel at Stansted Airport, and The Bold Pub CompanyLtd, which owns and operates 30 pubs in the north west of England. We continueto review a variety of promising new investment opportunities in the hotel,leisure and healthcare sectors. Results and dividends As at 31 March 2007 the net asset value was £43.1 million or 120.17p per Share,which compares with the net asset value as at 31 March 2006 of £41.8 million or116.49p per Share. The revenue return before taxation was £2.54 millioncompared to £2.68 million for the previous period. Following the disposal ofPremier VCT (Mailbox), your board declared a dividend payable to Shareholders on5 April 2007 of 5p per Share, which constitutes the first dividend for thecurrent financial year. The second dividend, which is expected to be of asimilar amount, will be declared at the time of the announcement of the interimresults. Prospects Overall, we continue to be confident about the prospects of the Company and itsproperty backed investments. While the UK property market in general has risento new highs, the investments that we make are in sound operating businesses,supported by long-term property assets. Our strategy remains to build upsufficient revenue and realised capital reserves to maintain a 10p per annumdividend, while seeking to continue to enhance net asset value per share overthe medium term. D J Watkins Chairman Income Statement Year ended 31 March 2007 Year ended 31 March 2006 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 3,374 3,374 - 939 939 Investment income 2,997 - 2,997 3,044 - 3,044 Investment management fees (232) (678) (910) (180) (539) (719) Other expenses (220) - (220) (183) - (183) Return on ordinary activities before tax 2,545 2,696 5,241 2,681 400 3,081 Tax (charge)/credit on ordinary activities (535) 203 (332) (544) 162 (382) Return attributable to shareholders 2,010 2,899 4,909 2,137 562 2,699Basic and diluted return per share (pence) 5.60 8.08 13.68 5.96 1.56 7.52 The total column of this Income Statement represents the profit and loss accountof the Company. The supplementary revenue and capital columns have been preparedin accordance with the Association of Investment Trust Companies' Statement ofRecommended Practice. All of the Company's activities derive from continuing operations. There are no recognised gains or losses other than the results for the yeardisclosed above. Accordingly a statement of total recognised gains and losses isnot required. Balance Sheet 31 March 2007 31 March 2006 £'000 £'000 Fixed asset investmentsQualifying investments 32,234 36,022Non-qualifying investments - 262Total fixed asset investments 32,264 36,284 Current assetsDebtors 180 18Cash at bank 11,066 5,842 11,246 5,860 Creditors: amounts falling due within one year (394) (349) Net current assets 10,852 5,511 Total assets less current liabilities 43,116 41,795 Capital and reservesCalled up share capital 17,939 17,939Special reserve 14,110 14,110Capital redemption reserve 1,914 1,914Realised capital reserve 4,021 2,204Unrealised capital reserve 3,737 4,449Revenue reserve 1,395 1,179 Total equity shareholders' funds 43,116 41,795 Net asset value per share (pence) 120.17 116.49 The financial statements were approved by the Board of Directors on 29 June 2007. Reconciliation of movements in shareholders' funds Called up Special Capital Realised Unrealised Revenue share redemption capital capital capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 1 April 2005 17,939 14,110 1,914 4,124 3,510 1,715 43,312 Net realised gains on - - - - -investments in the year - - Capitalised investment - - - (539) - - (539)management and performance fees Tax relief on costs charged - - - 162 - - 162to capital Movement in unrealised appreciation - - - - 939 - 939 Revenue return attributable - - - - - 2,137 2,137to shareholders Dividends - - - (1,543) - (2,673) (4,216) As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 Net realised gains on - - - 4,086 - - 4,086investments in the year Capitalised investment - - - (678) - - (678)management and performance fees Tax relief on costs charged - - - 203 - - 203to capital Movement in unrealised depreciation - - - - (712) - (712) Revenue return attributable to shareholders - - - - - 2,010 2,010 Dividends - - - (1,794) - (1,794) (3,588) As at 31 March 2007 17,939 14,110 1,914 4,021 3,737 1,395 43,116 Cash flow Statement Year ended Year ended 31 March 2007 31 March 2006 £'000 £'000 Operating activitiesInvestment income 2,410 2,706Dividend income 4 21Deposit interest 302 427Other income - 2Investment management fees paid (798) (1,006)Administrative expenses paid (235) (216) Net cash inflow from operating activities 1,683 1,934 Taxation (447) (517)UK corporation tax VAT repaid/ (paid) - 22 Capital expenditure and financial investmentsPurchase of investments (5,343) (6,173)Disposals of investments 12,919 55 Net cash inflow/(outflow) from investing activities 7,576 (6,118) Equity dividends paidDividends paid on ordinary shares (3,588) (4,216) Net cash inflow/(outflow) before financing 5,224 (8,895) Increase/(decrease) in cash 5,224 (8,895) Notes 1) Close Brothers Venture Capital Trust VCT PLC is managed by Close Ventures Limited. 2) Close Ventures Limited is authorised and 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 year ended 31 March 2007 or 2006. 4) The financial information for the year ended 31 March 2006 is derived from the statutory accounts for that year delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain any emphasis of matter or a statement under s237(2) or (3) Companies Act 1985. 5) The financial information for the year ended 31 March 2007 has been derived from the statutory accounts for the year which will be delivered to the Registrar of Companies shortly. The auditors reported on those accounts; their report was unqualified and did not contain statements under s237(2) or (3) Companies Act 1985. 6) The financial information has been prepared on the basis of the accounting policies set out in the Company's financial statements for the year ended 31 March 2006. 7) There were no changes in equity other than those arising from capital transactions with owners and distributions to owners. This information is provided by RNS The company news service from the London Stock Exchange