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Trading Update

4 Sep 2009 07:00

RNS Number : 5207Y
Sigma Capital Group PLC
04 September 2009
ย 

๏ปฟ

SGM

4 Septemberย 2009

Sigma Capital Group plc

("Sigma"ย orย "the Group")

Trading Update

Sigma, the specialist asset management and advisory group,ย isย providing the following update on trading for the six months to 30 June 2009.

Half year resultsย are expected to be significantly ahead ofย currentย market expectationsย for the year,ย with profit before taxย in excess of ยฃ1.4m (2008: ยฃ0.5m).ย Thisย principallyย reflectsย theย realised gain on the sale of Sigma's investment in its university IPย commercialisationย subsidiary, Frontier IP Limited. Theย subsidiaryย was reversed intoย aย PLUS-quotedย investmentย companyย and re-listedย as Frontier IP Group plcย onย theย PLUSย Market on 13 May 2009.ย 

Net assets per shareย attributable to equity shareholdersย at 30ย Juneย 2009ย are expected to beย approximatelyย 20p per shareย (31 Decemberย 2008: 15.9p).ย Netย cash at 30 June 2009ย stoodย atย approximatelyย ยฃ3.8mย (31ย Decemberย 2008: ยฃ3.8m).ย This figureย excludesย cashย of ยฃ0.7mย within Frontier IP Group plc.

A summary of tradingย at Sigma's three subsidiaries is set out below:ย 

Propertyย Investmentย ย 

The trading backdrop forย Strategic Investment Management Limited ("SI"),ย Sigma's property subsidiary,ย remainedย extremely difficult. During the first half, SI wasย focused on the completion of its 7thย limited partnership and the launch ofย a new limited partnership.ย SIย nowย intends toย capitaliseย theย outstanding feesย ofย approximatelyย ยฃ1.9mย dueย from thisย 7thย partnership, whichย willย result inย the successfulย full capitalisationย of thisย partnership and the acquisition of a significant asset for theย Group. Thisย will beย in addition to the investment of ยฃ0.5m in this partnership already held in the balance sheet. At the same time,ย in the light of commercial property values, SI has takenย a cautious view of theย currentย value of theย totalย assetย andย has madeย a provision of ยฃ1.8mย as at 30 June 2009.ย Notwithstanding this,ย the directors believe there will be significant realisableย futureย value in this asset,ย in excess of theย currentย carrying value.ย 

The launch of a new limited partnership was announced on 26ย Juneย 2009. However,ย SI is disappointed to report that this new limited partnership will not be proceeding,ย after the vendorย subsequentlyย withdrew from the deal.ย Theย associatedย abort costsย will beย ยฃ50,000. In addition,ย SI will not benefit fromย an expectedย ยฃ0.2mย net contribution to overheads in the second half of this year.

Onย 2 August 2009,ย SIย becameย a wholly owned subsidiary of Sigma andย the managementย isย engaged in a number of initiatives toย enhanceย the business.ย 

Venture Capitalย Fund Management

Sigma'sย venture capitalย portfolio,ย in whichย the Groupย alsoย hasย a directย investmentย interest of ยฃ1.7m,ย continues to perform well. This isย despite the economic backdrop and credit must go to the management teamsย at theย investeeย companiesย as well asย toย theย executive investment team working to assist them.ย ย 

We see significant value for theย Group in these holdings going forward.ย 

University IP commercialisationย 

Sigma's interest in university IP commercialisation is held inย Frontierย IP Group plc, whichย is currently accounted for as a subsidiary as Sigma ownsย 77.4% of the equityย in the company.

Frontier IP Group plcย hasย made a good start to itsย lifeย as aย PLUSย listed company,ย withย its involvement in theย establishment and First Closing of the firstย dedicatedย private equityย fundย for investment in intellectual property developed byย Robertย Gordonย Universityย as well asย its first portfolio client investment.ย It isย currentlyย working on a number of interesting new initiatives.

Sigma's half year resultsย areย expectedย to be announcedย onย 29ย Septemberย 2009.

Enquiries

Company website:ย www.sigmacapital.co.uk

Sigma Capital Group plcย 

Graham Barnet, Chief Executive

T: 0131 220 9444

Biddicks

Katie Tzouliadis/ Sophie Lane

T: 020 7448 1000

Arbuthnot Securities

Tom Griffiths/ Neil Kirton

T: 020 7012 2000

This information is provided by RNS
The company news service from the London Stock Exchange
ย 
END
ย 
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