19 Nov 2008 14:48
The following replaces the "Half Yearly Report" announcement that ran today at 13:14 GMT. Financial tables are now included; all other details remain unchanged. The full text of the release follows:
New Century Aim VCT plc
Unaudited Interim Report
Six months to 31 August 2008
New Century AIM VCT plc
For the six months to 31 August 2008
Chairman's Statement
Shareholders will be well aware of the financial turmoil over the past six months and this has had a heavy bearing on the smaller company sector, particularly AIM. As a result, I regret to say that the net asset value per share has declined from 115p to 89p. Qualifying investments as a percentage minimum of total cost amounted to 78.6%, ie well above the 70% requirement for VCTs. Income from securities amounts to 86.3% of the total, thus meeting the requirement that the bulk of income must be derived from securities.
Since the end of August, AIM shares have continued to decline and as at the 12th November, the net asset value of your fund had fallen to 65.3p per share. There are now signs that the market is beginning to stabilise and with most of the fund's holdings and their ratings at very low levels, we are optimistic for the future.
John Brice resigned as Chairman on 28th August due to heavy work commitments overseas. On behalf of the board, I would like to thank John for his valuable contribution over the past three years.
| Geoffrey Charles Gamble |
| Chairman |
| 2008 |
| New Century AIM VCT plc | ||||||||||||
| For the six months to 31 August 2008 | ||||||||||||
| Unaudited Balance Sheet. | ||||||||||||
| Interim Accounts as at 31 August 2008 | Final Accounts as at 29 February 2008* | Interim Accounts as at 31 August 2007 | ||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Fixed Assets | ||||||||||||
| Investments | 7,966 | 9,206 | 10,885 | |||||||||
| Current Assets | ||||||||||||
| Sundry Debtors | 0 | 0 | 0 | |||||||||
| Uninvested cash | 0 | 0 | 591 | 591 | 1,145 | 1,145 | ||||||
| Current Liabilities | ||||||||||||
| Creditors: amounts due | ||||||||||||
| within one year | -39 | -24 | 0 | |||||||||
| 7,927 | 9,773 | 12,030 | ||||||||||
| Capital and Reserves | ||||||||||||
| Share Capital | 915 | 846 | 846 | |||||||||
| Share Premium | 8,237 | 7,534 | 7,534 | |||||||||
| Capital reserve - realised | 2,719 | 2,705 | 2,696 | |||||||||
| Capital reserve - unrealised | -4,071 | -1374 | 833 | |||||||||
| Revenue reserve | 127 | 62 | 121 | |||||||||
| 7,927 | 9,773 | 12,030 | ||||||||||
| Asset Value per share | 89p | 115p | 142p | |||||||||
| *Audited accounts | ||||||||||||
| New Century AIM VCT plc | ||||||||||||||||||||
| For the six months to 31 August 2008 | ||||||||||||||||||||
| Unaudited Income Statement (incorporating the revenue account) | ||||||||||||||||||||
| 6 month period ended 31 August 2008 | Year to 29 February 2008* | 6 month period ended 31 August 2007 | ||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | ||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||
| Gains on investments | ||||||||||||||||||||
| Realised | 0 | 51 | 51 | 0 | 1,677 | 1677 | 0 | 1,621 | 1,621 | |||||||||||
| Unrealised | 0 | -2,697 | -2,697 | 0 | -3,274 | -3274 | 0 | -1,029 | -1,029 | |||||||||||
| Income | 95 | 0 | 95 | 166 | 0 | 166 | 102 | 0 | 102 | |||||||||||
| Investment management fees | -12 | -36 | -48 | -34 | -103 | -137 | -19 | -57 | -76 | |||||||||||
| Other expenses | -17 | 0 | -17 | -33 | 0 | -33 | -18 | 0 | -18 | |||||||||||
| Return on ordinary activities | 66 | -2,682 | -2,616 | 99 | -1,700 | -1601 | 65 | 535 | 600 | |||||||||||
| Tax on ordinary activities | 0 | 0 | 0 | -20 | 20 | 0 | -3 | 0 | -3 | |||||||||||
| Return on ordinary activities after taxation | 66 | -2,682 | -2,616 | 79 | -1,680 | 0 -1601 | 62 | 535 | 597 | |||||||||||
| Return per ordinary share in pence | 0.73 | -29.95 | -29.21 | 0.93 | -19.85 | -18.92 | 0.73 | 6.32 | 7.05 | |||||||||||
All revenue and capital items in the above statement derive from continuing operations.
The company has only one class of business and derives its income from investments in shares and securities, and from bank and money market funds.
The weighted average number of shares in issue during the period was 8,954,878
| New Century AIM VCT plc | ||||||||||||
| For the six months to 31 August 2008 | ||||||||||||
| Unaudited Cash Flow Statement | ||||||||||||
| 6 month period ended 31 August 2008 | Year to 29 February 2008* | 6 month period ended 31 August 2008 | ||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Operating activity: Net cash outflow | -54 | -174 | -93 | |||||||||
| Returns on investments | ||||||||||||
| Interest received | 13 | 86 | 62 | |||||||||
| Investment income | 82 | 95 | 80 | 166 | 39 | 101 | ||||||
| Taxation | 0 | 0 | -4 | |||||||||
| Dividend paid | 0 | -60 | 0 | |||||||||
| Financial investment | ||||||||||||
| Sale of investments | 517 | 3,545 | 2,657 | |||||||||
| Purchase of investments | -1,923 | -1,406 | -5,414 | -1,869 | -4,015 | -1,358 | ||||||
| Net cash inflow/(outflow) before financing | -1,365 | -1,937 | -1,354 | |||||||||
| Net proceeds of share issue | 771 | 0 | 0 | |||||||||
| Sundry Creditors | -24 | -28 | ||||||||||
| -618 | -1,937 | -1,382 | ||||||||||
| Increase/ -decrease in univested cash with broker | -618 | -1937 | -1382 | |||||||||
| *Audited Accounts | ||||||||||||
| New Century AIM VCT plc | ||||||
| Investment Portfolio Summary | ||||||
| Security | Cost £ | Valuation 31/08/2008 | % | |||
| Qualifying Investments | 9,420,444 | 5,756,629 | 72.51 | |||
| Non-qualifying Investments | 2,598,813 | 2,209,806 | 27.83 | |||
| Uninvested funds | -27,090 | -27,090 | -0.34 | |||
| 11,992,167 | 7,939,344 | 100.00 | ||||
| Qualifying Investments | ||||||
| AIM Quoted | ||||||
| Tristel plc | 167,333 | 189,000 | 2.38 | |||
| PHSC plc | 182,910 | 131,250 | 1.65 | |||
| DCD Media plc | 555,263 | 195,500 | 2.46 | |||
| SectorGuard plc | 175,875 | 87,500 | 1.10 | |||
| K3 Business Technology Group | 180,900 | 222,000 | 2.80 | |||
| Belgravium Technologies | 281,400 | 100,000 | 1.26 | |||
| TMN Group | 213,311 | 110,870 | 1.40 | |||
| Healthcare Locums plc | 82,913 | 180,000 | 2.27 | |||
| ILX Group | 753,750 | 271,250 | 3.42 | |||
| Lighthouse Group plc | 203,513 | 311,250 | 3.92 | |||
| AT Communications Group | 422,100 | 250,000 | 3.15 | |||
| Invocas Group plc | 100,400 | 67,050 | 0.84 | |||
| Jelf Group plc | 157,132 | 260,338 | 3.28 | |||
| Relax Group | 289,440 | 40,000 | 0.50 | |||
| Brulines (Hldgs) plc | 64,898 | 84,000 | 1.06 | |||
| HML Holdings plc | 351,549 | 170,500 | 2.15 | |||
| CBG Group plc | 99,947 | 156,000 | 1.96 | |||
| Bglobal plc | 100,500 | 62,000 | 0.78 | |||
| Coolabi plc | 105,525 | 29,750 | 0.37 | |||
| IS Pharma | 241,200 | 209,143 | 2.63 | |||
| Western & Oriental plc | 502,500 | 158,750 | 2.00 | |||
| EBTM plc | 600,488 | 337,500 | 4.25 | |||
| Essentially Group plc | 155,776 | 102,500 | 1.29 | |||
| Cantono plc | 402,000 | 62,000 | 0.78 | |||
| Sport Media Group | 125,625 | 30,000 | 0.38 | |||
| Southern Bear plc | 633,150 | 510,625 | 6.43 | |||
| Kurawood plc | 150,750 | 26,250 | 0.33 | |||
| Clerkenwell Ventures | 100,500 | 73,333 | 0.92 | |||
| Boomerang Plus plc | 238,185 | 264,000 | 3.33 | |||
| Fishworks plc | 180,900 | 105,000 | 1.32 | |||
| Optare plc | 64,320 | 44,800 | 0.56 | |||
| Advanced Computer Software | 402,000 | 376,471 | 4.74 | |||
| 8,286,050 | 5,218,629 | 65.73 | ||||
| Plus Markets Quoted | ||||||
| CKS Group plc | 526,369 | - | 0.00 | |||
| Air Touring | 201,000 | 220,000 | 2.77 | |||
| General Medical Clinics plc | 205,020 | 168,000 | 2.12 | |||
| St Helens Capital plc | 202,005 | 150,000 | 1.89 | |||
| 1,134,394 | 538,000 | 6.78 | ||||
| Total Qualifying Investments | 9,420,444 | 5,756,629 | 72.51 | |||
| New Century AIM VCT plc | ||||||
| Investment Portfolio Summary | ||||||
| Security | Cost £
| Valuation 31/08/2008 | % | |||
| Non Qualifying Investments | ||||||
| AIM Quoted | ||||||
| Hallin Marine Subsea Int | 19,296 | 51,900 | 0.65 | |||
| RDF Media Group Ltd | 31,838 | 23,540 | 0.30 | |||
| Smart Focus Group plc | 27,353 | 16,875 | 0.21 | |||
| RC Group Hldgs | 34,542 | 54,000 | 0.68 | |||
| Eservglobal Ltd | 46,230 | 60,000 | 0.76 | |||
| Sirvis IT plc | 32,826 | 39,250 | 0.49 | |||
| Arbuthnot Banking Group | 49,966 | 33,600 | 0.42 | |||
| Commodity Growth plc | 150,750 | 45,000 | 0.57 | |||
| DCD Media plc | 40,200 | 11,500 | 0.14 | |||
| Education Development Int | 27,489 | 114,750 | 1.45 | |||
| Bond Intl. Software | 14,070 | 12,417 | 0.16 | |||
| Velosi Ltd | 22,613 | 22,625 | 0.28 | |||
| Impact Holdings (UK) plc | 26,160 | 3,750 | 0.05 | |||
| Hightex Group plc | 53,318 | 15,877 | 0.20 | |||
| STM Group plc | 50,250 | 66,500 | 0.84 | |||
| NetDimensions Ltd | 31,155 | 4,588 | 0.06 | |||
| Ashley House plc | 79,286 | 74,000 | 0.93 | |||
| Microemissive Displays | 56,067 | 4,000 | 0.05 | |||
| Premier Farnell | 44,542 | 37,500 | 0.47 | |||
| Private & Commercial | 17,688 | 11,000 | 0.14 | |||
| Neutrahealth plc | 30,459 | 15,000 | 0.19 | |||
| Sanderson Group | 92,521 | 72,500 | 0.91 | |||
| Eco City Vehicles | 62,116 | 72,000 | 0.91 | |||
| Pactolus Hungarian Prop. | 49,749 | 34,000 | 0.43 | |||
| Purecircle Ltd | 29,045 | 41,990 | 0.53 | |||
| Shed Media plc | 19,755 | 19,500 | 0.25 | |||
| Vyke Communications plc | 27,877 | 20,000 | 0.25 | |||
| 1,167,160 | 977,662 | 12.31 | ||||
| UK Listed | ||||||
| EAGA plc | 22,801 | 23,100 | 0.29 | |||
| HBOS plc | 144,109 | 108,000 | 1.36 | |||
| Superglass Hldgs plc | 45,225 | 13,687 | 0.17 | |||
| Norcros plc | 31,356 | 7,680 | 0.10 | |||
| Investec | 477,227 | 305,000 | 3.84 | |||
| Record plc | 30,150 | 17,062 | 0.21 | |||
| Celsis International | 33,723 | 35,365 | 0.45 | |||
| 784,591 | 509,894 | 6.42 | ||||
| Plus Markets Quoted | ||||||
| China Eastsea | 40,200 | 108,000 | 1.36 | |||
| 40,200 | 108,000 | 1.36 | ||||
| UK Government Loans | ||||||
| Treasury 21/2% 2009 | 606,862 | 614,250 | 7.74 | |||
| 606,862 | 614,250 | 7.74 | ||||
| Total Non Qualifying Investments | 2,598,813 | 2,209,806 | 28 | |||
| New Century AIM VCT plc | ||
| Notes to the Accounts | ||
| 1 | This interim financial information and the unaudited interim accounts for the six months to 31 August 2008 from | |
| which it has been extracted, are the responsibility of the directors and were approved by them on 22 September | ||
| 2008, do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have | ||
| not been delivered to the Registrar of Companies. | ||
| 2 | The Company is an investment company as defined in Section 266 of the Companies Act 1985. The financial | |
| statements have been prepared under the historical cost convention, modified to include the revaluation of fixed | ||
| asset investments, and in accordance with applicable accounting standards in the UK and with the Statement | ||
| of Recommended Practice "Financial statements and investment trust companies" issued in January 2003 | ||
| and revised in December 2005. | ||
| 3 | Listed or AIM-traded investments are stated at market value, which is based upon market bid prices | |
| at the balance sheet date. | ||
| 4 | 8,464,500 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review. | |
| Additional shares numbering 446,449 174,550 and 61,700 were issued on 4th April, 13th May and 30th June 2008 | ||
| respectively. The weighted average shares in issue during the period was 8,954,878 (8,464,500 2007/08). | ||
| 5 | Net Asset Value per share at 31 August 2008 was 89p (at 29 February 2008: 115p; 31 August 2007 142p). | |
| 6 | Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's | |
| Registered Office: 17/21 New Century Road, Laindon SS15 6AG or from Woodside Corporate Services, | ||
| 4th Floor, 150-152 Fenchurch Street, London EC2M 6BB. | ||
| New Century AIM VCT plc | ||
| Directors, Investment Manager and Advisors | ||
| Directors | Geoffrey Charles Gamble (Chairman) | |
| Michael David Barnard | ||
| Robin William Kirby | ||
| Peter William Riley | ||
| Secretary | Woodside Secretaries Ltd | |
| and registered office | 4th Floor, 150-152 Fenchurch Street | |
| London EC2M 6BB | ||
| Investment Manager and Broker | MD Barnard & Co Ltd | |
| 17-21 New Century Road | ||
| Laindon | ||
| Essex SS15 6AG | ||
| Solicitors | Dundas & Wilson LLP | |
| 5th Floor Northwest Wing | ||
| Bush House | ||
| London WC2B 4EZ | ||
| Registrars | Neville Registrars | |
| 18 Laurel Lane | ||
| Halesowen | ||
| B63 3DA | ||
| Auditors and VCT status advisors | UHY Hacker Young LLP | |
| Quadrant House | ||
| 17 Thomas More Street | ||
| Thomas More Square | ||
| London E1W 1YW | ||
| Bankers | Bank of Scotland | |
| New Uberior House | ||
| 11 Earl Grey Street | ||
| Edinburgh EH3 9BN | ||
Copyright Business Wire 2008