Interim Results
18 Agosto 2003 - 11:30AM
UK Regulatory
RNS Number:7949O
Thompson Clive Investments PLC
18 August 2003
Thompson Clive Investments plc
___________________________________________________________________________
Chairman's Statement
At 30 June 2003 the net asset value per share of Thompson Clive Investments plc
('TCI') was 407.1p, a decrease of 2% from the net asset value at 31 December
2002. For the six months to 30 June 2003, TCI earned a net profit of #620,000
(2002 : #648,000). The retained profit for the period was #574,000 (2002 :
#587,000). #264,000 of this resulted from VAT reclaimed from prior years after
lengthy negotiations by our tax advisers.
These results come against a background of improvements in the stock markets and
the quoted portfolio is valued at #23.8m compared to #22.1m at 31 December 2002.
However, conditions have been difficult for the unquoted portfolio companies
and there have been some write downs in the last six months.
Following the policy adopted in previous years, the directors do not recommend
the payment of an interim dividend.
During the six months to 30 June 2003, TCI made one follow-on investment of
#177,000 in Ealing Catalog Inc. As announced last October, there will be no
further investments after that date. The board has put into practice its stated
intention to realise the quoted portfolio over the period to 31 December 2004
and has sold its investments in Advanced Technology (UK) plc, Nettec plc,
Persistence Software Inc and Visual Networks Inc. Together with unquoted part
realisations, proceeds totalled #1,133,000.
After the end of the period under review, part of TCI's holding in Quintiles
Transnational Corporation were disposed of for #3,320,000. There is a bid
outstanding at $14.50 per share for the balance of TCI's holding in Quintiles
and it is hoped to realise this holding for cash before the year end.
The Terence Chapman Group, which has sold its operating subsidiary, has
negotiated a cap on its warranties for the sale of its subsidiary. It is now in
voluntary liquidation and should return some cash to TCI in the second half of
the year.
May 2003 saw the Company's third tender offer and a total of #19 million, at net
asset value, has now been returned to shareholders. A further tender offer of
approximately #5 million is planned to be made in October 2003.
Colin Clive
Chairman
18 August 2003
The Interim Report is being sent to shareholders and further copies are
available from the Company's registered office. The results will not be
advertised in any newspaper.
Thompson Clive Investments plc
Unaudited Interim Report
For the six months to 30 June 2003
Summarised Statement of Total Return
Six months Six months Year ended
to 30 June to 30 June 31 December
2003 2002 2002
#000 #000 #000
REVENUE RETURN
Revenue 460 830 1,456
Management expenses allocated to revenue (104) (182) (330)
VAT reclaimed 264 - -
620 648 1,126
Tax on ordinary activities allocated to revenue (46) (61) (158)
NET REVENUE RETURN AFTER TAX 574 587 968
CAPITAL RETURN
Realised gain/(loss) on investments (159) 6,058 (660)
Unrealised depreciation (902) (11,911) (20,234)
Management expenses allocated to capital (584) (1,033) (1,775)
(1,645) (6,886) (22,669)
Tax on ordinary activities allocated to capital 46 61 158
NET CAPITAL RETURN AFTER TAX (1,599) (6,825) (22,511)
TOTAL RETURN AFTER TAX (1,025) (6,238) (21,543)
Return per ordinary share
Revenue 5.4p 4.4p 7.6p
Capital (15.0p) (50.9p) (177.1p)
Total (9.6p) (46.5p) (169.5p)
Summarised Balance Sheet
For the six months to 30 June 2003
30 June 30 June 31 December
2003 2002 2002
#000 #000 #000
FIXED ASSETS
Investments :
Venture capital investments 38,118 51,264 40,006
Fixed interest investments 1,489 6,979 6,466
39,607 58,243 46,472
CURRENT ASSETS
Debtors 327 217 113
Cash at bank and in hand 937 3,612 1,440
1,264 3,829 1,553
CREDITORS : AMOUNTS FALLING DUE
WITHIN ONE YEAR (667) (715) (1,997)
NET CURRENT ASSETS 597 3,114 (444)
TOTAL ASSETS LESS CURRENT
LIABILITIES 40,204 61,357 46,028
NET ASSETS 40,204 61,357 46,028
CAPITAL AND RESERVES
Called-up share capital 4,938 6,071 5,525
Share premium 3,714 3,714 3,714
Capital redemption reserve 2,085 951 1,497
Realised capital reserve 23,751 49,852 45,097
Unrealised capital reserve 3,009 (2,265) (12,005)
Revenue reserve 2,707 3,034 2,200
Total shareholders' funds attributable to equity shareholders 40,204 61,357 46,028
Net assets per share 407.1p 505.3p 416.6p
This information is provided by RNS
The company news service from the London Stock Exchange
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