TIDMBAV
RNS Number : 4125W
Baronsmead VCT 5 PLC
18 August 2015
Baronsmead VCT 5 plc
Half-yearly report for the six months ended
30 June 2015
The Directors announce the unaudited half-yearly financial
report for the six months to 30 June 2015 as follows:-
Copies of the half-yearly report can be obtained from the
following website: www.baronsmeadvct5.co.uk.
Our Investment Objective
Baronsmead VCT 5 is a tax efficient listed Company which aims to
achieve long-term investment returns for private investors,
including tax-free dividends.
Investment Policy
-- To invest primarily in a diverse portfolio of UK growth
businesses, whether unquoted or traded on AIM.
-- Investments are made selectively across a range of sectors in
companies that have the potential to grow and enhance their
value.
Dividend Policy
The Board seeks to maintain a minimum level of annual dividends
of 4.0p per share. The ability to meet this objective depends
significantly on the level and timing of profitable realisations
and it cannot be guaranteed.
Shareholder choice
The Board wishes to provide shareholders with a number of
choices that enable them to utilise their investment in Baronsmead
VCT 5 in ways that best suit their personal investment and tax
planning and in a way that treats all shareholders equally.
-- Fund raising | From time to time the Company seeks to raise
additional funds by issuing new shares at a premium to the latest
published net asset value to account for issue costs.
-- Dividend Reinvestment Plan | The Company offers a Dividend
Reinvestment Plan which enables shareholders to purchase additional
shares through the market in lieu of cash dividends.
-- Buy back of shares | From time to time the Company buys its
own shares through the market in accordance with its share price
discount policy. Subject to certain conditions, the Company seeks
to maintain a mid market share price discount of approximately 5
per cent. to net asset value. In the six months to 30 June 2015,
535,000 shares were bought back representing 1.0 per cent. of the
shares in issue (excluding treasury shares) at 30 June 2015 at
prices which represent an average of 5.1 per cent. discount to the
latest published net asset values at the time the shares were
bought back.
-- Secondary market | The Company's shares are listed on the
London Stock Exchange and can be bought using a stockbroker or
authorised share dealing service in the same way as shares of any
other listed company. Approximately 323,000 existing shares were
bought by investors in the six months to 30 June 2015.
Financial Headlines
-- 4.6% - Net asset value ("NAV") per share increased 4.6 per
cent to 81.98p in the year to 30 June 2015 before deduction of
dividend
-- 140.0p - NAV total return to shareholders for every 100.0p invested at launch.
-- 2.0p - Interim dividend of 2.0p for the six month period to
30 June 2015 to be paid on 18 September 2015.
-- GBP4.7m - GBP1.0m in unquoted and GBP3.7m in quoted
divestments in six months to 30 June 2015.
Cash Returned to Shareholders by date of investment
The table below shows the cash returned to shareholders,
dependent on their subscription cost, including their income tax
reclaimed on subscription.
Income tax Net cash Cumulative Return on
Cash invested reclaim invested dividends cash invested
Year subscribed (p) (p) (p) (p)* %
=========================== ============= ========== ========= ========== ==============
2006 - Ordinary 100.00 40.00 60.00 38.20 78.2
=========================== ============= ========== ========= ========== ==============
2007 - C share** 100.00 30.00 70.00 32.39 62.4
=========================== ============= ========== ========= ========== ==============
2011 - Ordinary 71.80 21.54 50.26 20.00 57.9
=========================== ============= ========== ========= ========== ==============
2012 (Dec) - Ordinary 63.70 19.11 44.59 14.00 52.0
=========================== ============= ========== ========= ========== ==============
2013 (March) - Ordinary 64.70 19.41 45.29 12.00 48.5
=========================== ============= ========== ========= ========== ==============
2015 (February) - Ordinary 82.60 24.78 57.82 2.00 32.4
=========================== ============= ========== ========= ========== ==============
* Includes proposed interim dividend of 2.0p.
** Dividends paid to C shareholders post conversion have been
adjusted by the conversion ratio (0.938904).
Chairman's Statement
I am pleased to report that the underlying NAV per share
increased by 4.6 per cent to 81.98p over the six months to 30 June
2015 after the 2014 final dividend of 2.0p is taken into account.
This was attributable to increases in the valuation of both the
unquoted and quoted portfolios.
Profits raised from the sales of some of the AIM-traded
investments have enabled the Directors to declare an interim
dividend of 2.0p per share.
Results and Dividends
The NAV increased to 81.98p per share from 78.36p per share
(taking account of the 2014 final dividend of 2.0p per share paid
in April 2015). This 4.6 per cent increase compares to the 3.0 per
cent gain in the FTSE All Share Index over the same period.
p per
ordinary
share
==================================== =========
NAV as at 1 January 2015
(after final dividend of
2.0p is deducted) 78.36
==================================== =========
Valuation uplift (4.6 per
cent) 3.62
==================================== =========
NAV as at 30 June 2015 before
dividends 81.98
==================================== =========
Less interim dividend payable
on
18 September 2015 to shareholders
on the register on 4 September
2015 (2.00)
==================================== =========
NAV as at 30 June 2015 after
paying dividends 79.98
==================================== =========
The Company has declared an interim dividend of 2.0p per share
payable on 18 September 2015 to shareholders on the register on 4
September 2015.
The Company has paid annual dividends of 4.0p per share in seven
of the last eight financial years and was able to increase that to
6.0p for the financial year to 31 December 2013. As the Directors
have adopted an annual dividend target of 4.0p per share, it is
currently intended that a further dividend for the year to 31
December 2015 of 2.0p per share will be declared in due course,
subject to the level and timing of profitable realisations.
The full record of performance is set out below as well as on
our website www.baronsmeadvct5.co.uk .
Portfolio Review
As shown in the table below, as at 30 June 2015 the Company's
net assets of GBP43.4m were invested directly or indirectly in 94
companies. This table also shows that the growth in the value of
the NAV over the period was largely driven by the quoted portfolio
which increased by approximately 8.4 per cent (including the
investment in Wood Street Microcap Fund) with positive contribution
from the Company's unquoted investments.
% return
NAV % of No. of over the
Asset class (GBPm) net assets* investees period
====================== ======== ============= =========== =========
Unquoted companies 8.4 19 17 3.2**
====================== ======== ============= =========== =========
AIM-traded companies 22.3 51 39 7.8
====================== ======== ============= =========== =========
Wood Street Microcap
Investment Fund 6.3 15 38 10.6
====================== ======== ============= =========== =========
Other net assets,
primarily cash
and fixed interest 6.4 15 N/A -
====================== ======== ============= =========== =========
Totals / Average 43.4 100 94
====================== ======== ============= =========== =========
* By value as at 30 June 2015
** Includes capitalised interest and redemption premium income
received.
The full investment portfolio is shown in the tables below.
Investment and Divestment Activity
The Company invested GBP2.1m in four new unquoted and four new
quoted companies. Smaller follow-on investments in four quoted
companies totalled GBP0.3m. Three of the new unquoted investments
were in "acquisition" companies formed to enable investments into
established trading entities over the next two years. The other new
unquoted investment was in Centre4 Testing which is a specialist
provider of software testing services that helps its clients to
manage software implementations, upgrades and integration.
A total of GBP4.7m was realised from the four full and several
partial sales of investments and loan note redemptions. From the
unquoted portfolio, the sale of the Company's investment in Luxury
For Less generated a return 2.0 times its original cost within a
relatively short investment period of 20 months. From the quoted
portfolio, a longer term investment in Accumuli generated a return
4.7 times its original cost over 4.5 years.
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 11:52 ET (15:52 GMT)
Against these successes, Impetus Holdings ("Impetus") was
realised at a loss. While it is disappointing to have poor
realisations, it is in the nature of the investments that
Baronsmead VCT 5 makes that some investments will fail to achieve
their full potential. However, the realisation of Impetus had no
impact on the NAV at 30 June 2015 as the Board had made a full
provision against the value of this investment in earlier periods.
More positively, the Investment Manager has continued to
consolidate the gains achieved in the quoted portfolio with the
Accumuli realisation referred to above being the most notable.
The tables below provide further information concerning the
Company's investments and divestments during the period.
VCT Legislation
In the successive March and Summer Budgets 2015, the Chancellor
announced legislative changes that are designed to ensure that VCTs
continue to be approved by the European Union ("EU") and remain
effective in giving small and growing businesses access to finance.
In order to meet EU requirements the UK Government has proposed
introducing new criteria regarding the age of companies that will
be eligible as investments, a lifetime cap on the total amount of
state aided investment that an investee company can receive and
rules that require that the investment be used for the "organic"
growth of the investee company. The legislation is subject to EU
State aid approval and is expected to take effect from the date of
Royal Assent later this year.
The objective of these changes is to direct VCT investments into
younger companies that will use the investment to grow their
businesses "organically" rather than acquiring another business or
trade. The Manager believes that if the proposed legislation is
enacted by the UK as drafted it will present a number of challenges
for the VCT industry. However, the Manager, with its long track
record of successful investing and experienced team, should be well
placed to adapt to these new rules. As the draft legislation is
complex it is not yet entirely clear how the rules will affect the
VCT industry but we expect to be able to provide an update in the
next quarter.
Outlook
The improvement in the UK economy now appears to be more firmly
established. However, the UK economy does not operate in isolation
and the external environment remains uncertain with concerns most
notably over Greece and the Euro and growth and stock market
valuations in China.
The unquoted portfolio continues to develop but with a higher
proportion of newer investments, growth in the value of the
unquoted portfolio is likely to be modest until these investments
mature. The Company's portfolio diversity and asset mix should help
to continue to deliver consistent long term returns for
shareholders.
John Davies
Chairman
18 August 2015
Investments in the period
Book cost
Company Location Sector Activity GBP'000
====================== =============== ============== ==================================== =========
Unquoted investments
New
========================================================================================================
Company seeking to acquire
Business businesses in the Business
Ingleby (1973) Ltd London Services Services sector 425
====================== =============== ============== ==================================== =========
Company seeking to acquire
Business businesses in the Business
Ingleby (1974) Ltd London Services Services sector 425
====================== =============== ============== ==================================== =========
Company seeking to acquire
Consumer businesses in the Consumer
Ingleby (1975) Ltd London Markets Markets sector 425
====================== =============== ============== ==================================== =========
Provider of software testing
Business services, primarily through
Centre4 Testing Ltd Sussex Services use of contractors 424
====================== =============== ============== ==================================== =========
Total unquoted investments 1,699
============================================================================================= =========
AIM-traded investments
New
========================================================================================================
Provider of domain name &
CentralNic Group plc London TMT* registry services 176
====================== =============== ============== ==================================== =========
Clinical Research organisation
Venn Life Sciences Healthcare providing consulting and clinical
Holdings plc London & Education trial services 100
====================== =============== ============== ==================================== =========
Business
Plant Impact plc Hertfordshire Services Crop enhancing products 84
====================== =============== ============== ==================================== =========
Business Tech focused investor & advisory
MXC Capital Ltd Guernsey Services business 50
====================== =============== ============== ==================================== =========
Follow on
====================== =============== ============== ==================================== =========
Ideagen plc Derbyshire TMT* Compliance software solutions 200
====================== =============== ============== ==================================== =========
EG Solutions plc# Staffordshire TMT* Back office optimisation software 102
====================== =============== ============== ==================================== =========
Pinnacle Technology
Group plc Stirlingshire TMT* B2B telecoms and IT reseller 22
====================== =============== ============== ==================================== =========
Castleton Technology Public sector IT managed services
plc Cambridge TMT* and software 15
====================== =============== ============== ==================================== =========
Total AIM-traded investments 749
============================================================================================= =========
Total investments in the period 2,448
============================================================================================= =========
* Technology, Media & Telecommunications ("TMT").
# During the period, the EG Solutions plc Loan note and
capitalised interest was converted into Ordinary shares.
Realisations in the period
First Overall
investment Book cost Proceeds++ multiple
Company date GBP'000 GBP'000 return*
====================== ===================== ============ ========= ========== =========
Unquoted realisations
=============================================================================================
Full trade
Luxury For Less Ltd sale Jul 13 424 794 2.0
====================== ===================== ============ ========= ========== =========
Create Health Ltd Loan note repayment Mar 13 50 95 1.9
====================== ===================== ============ ========= ========== =========
Eque2 Ltd Loan note repayment Apr 13 50 55 1.1
====================== ===================== ============ ========= ========== =========
Kingsbridge Ltd Loan note repayment Jan 14 22 34 1.6
====================== ===================== ============ ========= ========== =========
Full trade
Impetus Holdings Ltd sale Apr 12 580 0 0.0
====================== ===================== ============ ========= ========== =========
Total unquoted realisations 1,126 978
=========================================================== ========= ========== =========
AIM-traded realisations
=============================================================================================
Recommended
Accumuli plc offer Nov 10 689 3,147 4.7
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 11:52 ET (15:52 GMT)
====================== ===================== ============ ========= ========== =========
Anpario plc Market sale Nov 06 128 555 4.3
====================== ===================== ============ ========= ========== =========
Full market
Cohort plc sale Oct 07 41 65 1.7
====================== ===================== ============ ========= ========== =========
Total AIM-traded realisations 858 3,767
=========================================================== ========= ========== =========
Total realisations in the period 1,984 4,745
=========================================================== ========= ========== =========
++ Proceeds at time of realisation including redemption premium and
interest.
* Includes interest/dividends received, loan note redemptions and partial
realisations accounted for in prior periods.
=============================================================================================
Investment Diversification at 30 June 2015
Sector by value Percentage
---------------------------------------- -------------
Business Services 31%
---------------------------------------- -------------
Consumer Markets 27%
---------------------------------------- -------------
Healthcare & Education 12%
---------------------------------------- -------------
Technology, Media & Telecommunications
("TMT") 30%
---------------------------------------- -------------
Total assets by value Percentage
------------------------------------ -------------
Unquoted - loan note 15%
------------------------------------ -------------
Unquoted - equity 4%
------------------------------------ -------------
AIM & collective investment
vehicle 66%
------------------------------------ -------------
Listed interest bearing securities 5%
------------------------------------ -------------
Net current assets (principally
cash) 10%
------------------------------------ -------------
Time Investments held by value Percentage
---------------------------------- -------------
Less than 1 year 13%
---------------------------------- -------------
Between 1 and 3 years 19%
---------------------------------- -------------
Between 3 and 5 years 25%
---------------------------------- -------------
Greater than 5 years 43%
---------------------------------- -------------
Independent Review Report to Baronsmead VCT 5 plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2015 which comprises the Income Statement,
Statement of Changes in Equity, Balance Sheet and Statement of Cash
Flows and the related explanatory notes. We have read the other
information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the Company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
Company will be prepared in accordance with UK Accounting Standards
and applicable law (UK Generally Accepted Accounting Practice),
including FRS 102 The Financial Reporting Standard applicable in
the UK and Republic of Ireland. The condensed set of financial
statements included in this half-yearly financial report has been
prepared in accordance with FRS 104 Interim Financial
Reporting.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2015 is not prepared, in all material respects, in accordance
with FRS 104 Interim Financial Reporting and the DTR of the UK
FCA.
Catherine Burnet
for and on behalf of KPMG LLP
Chartered Accountants
Saltire Court
20 Castle Terrace
Edinburgh EH1 2EG
18 August 2015
Responsibility statement of the Directors in respect of the
half-yearly financial report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with the FRS104 'Interim Financial Reporting';
-- the Chairman's Statement (constituting the interim management
report) includes a fair review of the information required by DTR
4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements;
-- the Statement of Principal Risks and Uncertainties below is a
fair review of the information required by DTR 4.2.7R; and
-- the financial statements include a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being related party transactions that have
taken place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the Company during that period; and any changes in
the related party transactions described in the last annual report
that could do so.
On behalf of the Board
John Davies
Chairman
18 August 2015
Unaudited Income Statement
For the six months to 30 June 2015
Six months to Six months to Year to
30 June 2015 30 June 2014 31 December 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ----- -------- ------------------------------------------------------------ -------- ------- ------------------------------------------------------------ ------- ------- ----------------------------------------------------------- --------
Unrealised
gains
on movement in
fair
value of
investments 7 - 1,815 1,815 - 3,938 3,938 - 3,684 3,684
Realised
gains/(losses)
on
disposal of
investments 7 - 493 493 - (32) (32) - 76 76
Income 289 - 289 141 - 141 431 - 431
Investment
management
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 11:52 ET (15:52 GMT)
fee (116) (348) (464) (105) (314) (419) (207) (622) (829)
Other expenses (204) - (204) (192) - (192) (360) - (360)
--------------- ----- -------- ------------------------------------------------------------ -------- ------- ------------------------------------------------------------ ------- ------- ----------------------------------------------------------- --------
(Loss)/profit
on
ordinary
activities
before
taxation (31) 1,960 1,929 (156) 3,592 3,436 (136) 3,138 3,002
Taxation on
ordinary
activities - - - - - - - - -
(Loss)/profit
for
the period,
being
total
comprehensive
income for the
period (31) 1,960 1,929 (156) 3,592 3,436 (136) 3,138 3,002
--------------- ----- -------- ------------------------------------------------------------ -------- ------- ------------------------------------------------------------ ------- ------- ----------------------------------------------------------- --------
Return per
ordinary
share:
Basic 2 (0.06)p 3.76p 3.70p (0.32)p 7.26p 6.94p (0.28)p 6.37p 6.09p
--------------- ----- -------- ------------------------------------------------------------ -------- ------- ------------------------------------------------------------ ------- ------- ----------------------------------------------------------- --------
All items in the above statement derive from continuing
operations.
The revenue column of the Income Statement includes all income
and expenses. The capital column accounts for the realised and
unrealised profit or loss on investments and the proportion of the
management fee charged to capital.
The total column of this statement is the Statement of Total
Comprehensive Income of the Company prepared in accordance with
Financial Reporting Standards ("FRS"). The supplementary revenue
return and capital return columns are prepared in accordance with
the Statement of Recommended Practice issued in November 2014 by
the Association of Investment Companies ("AIC SORP").
Unaudited Statement of Changes in Equity
For the six months to 30 June 2015
Notes Non-distributable reserves Distributable
reserves
---------------------- ===== ====================================== ================== ========
Called-up Share Revaluation Capital Revenue
share capital premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ----- --------------- -------- ----------- -------- -------- --------
At 1 January 2015 5,266 4,016 12,054 18,971 (988) 39,319
(Loss)/profit on
ordinary activities
after taxation - - (324) 2,284 (31) 1,929
Net proceeds of share
issue, buybacks &
sale of shares from
Treasury 4/5 454 3,184 - (379) - 3,259
Dividends paid 6 - - - (1,069) - (1,069)
At 30 June 2015 5,720 7,200 11,730 19,807 (1,019) 43,438
---------------------- ----- --------------- -------- ----------- -------- -------- --------
For the six months to 30 June 2014
Notes Non-distributable reserves Distributable
reserves
--------------------------- ===== ========================================== ================== ========
Called-up Revaluation Capital Revenue
share capital Share premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ----- -------------- ------------- ----------- -------- -------- --------
At 1 January 2014 5,266 4,016 9,389 22,031 (852) 39,850
Profit/(loss) on ordinary
activities after taxation - - 2,830 762 (156) 3,436
Buyback of shares
to be held in treasury - - - (403) - (403)
Dividends paid 6 - - - (1,987) - (1,987)
At 30 June 2014 5,266 4,016 12,219 20,403 (1,008) 40,896
--------------------------- ----- -------------- ------------- ----------- -------- -------- --------
For the year to 31 December 2014
Notes Non-distributable reserves Distributable
reserves
===== ========================================== ================== ========
Called-up Revaluation Capital Revenue
share capital Share premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ----- -------------- ------------- ----------- -------- -------- --------
At 1 January 2014 5,266 4,016 9,389 22,031 (852) 39,850
Profit/(loss) on ordinary
activities after taxation - - 2,665 473 (136) 3,002
Buyback of shares
to be held in treasury - - - (563) - (563)
Dividends paid 6 - - - (2,970) - (2,970)
At 31 December 2014 5,266 4,016 12,054 18,971 (988) 39,319
--------------------------- ----- -------------- ------------- ----------- -------- -------- --------
Unaudited Balance Sheet
As at 30 June 2015
As at As at As at 31
30 June 30 June December
2015 2014 2014
Notes GBP'000 GBP'000 GBP'000
----------------------------------- ----- --------- -------- ---------
Fixed assets
Unquoted investments 7 8,419 6,619 7,473
Traded on AIM 7 22,285 24,927 23,701
Collective investment vehicle
-
Wood Street Microcap Investment
Fund 7 6,342 5,628 5,732
Listed interest bearing securities 7 1,998 1,499 500
Listed on LSE - 332 -
Traded on ISDX - 223 -
Investments 7 39,044 39,228 37,406
Current assets
Debtors 102 103 76
Cash at bank and on deposit 4,647 1,887 2,387
4,749 1,990 2,463
Creditors (amounts falling due
within one year) (355) (322) (550)
Net current assets 4,394 1,668 1,913
----------------------------------- ----- --------- -------- ---------
Net assets 43,438 40,896 39,319
----------------------------------- ----- --------- -------- ---------
Capital and reserves
Called-up share capital 5,720 5,266 5,266
Share premium account 7,200 4,016 4,016
Capital reserve 19,807 20,403 18,971
Revaluation reserve 7 11,730 12,219 12,054
Revenue reserve (1,019) (1,008) (988)
----------------------------------- ----- --------- -------- ---------
Equity shareholders' funds 43,438 40,896 39,319
----------------------------------- ----- --------- -------- ---------
As at As at As at
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 11:52 ET (15:52 GMT)
30 June 30 June 31 December
2015 2014 2014
Net asset value per share 81.98p 83.22p 80.36p
Number of ordinary shares in circulation 52,984,080 49,144,204 48,929,204
Net asset value per share (including
shares held in treasury) 81.64p 82.82p 79.82p
Number of ordinary shares in circulation 52,984,080 49,144,204 48,929,204
Number of ordinary shares held
in treasury 4,217,296 3,517,296 3,732,296
Number of listed ordinary shares
in issue 57,201,376 52,661,500 52,661,500
Unaudited Statement of Cash Flows
For the six months to 30 June 2015
Six Six
months months
to 30 June to Year to
2015 30 June 31 December
GBP'000 2014 2014
GBP'000 GBP'000
Net cash outflow from operating activities (603) (512) (545)
Net cash inflow from investing activities 672 2,631 4,307
Equity dividends paid (1,069) (1,987) (2,970)
Net cash (outflow)/inflow before financing activities (1,000) 132 792
Net cash inflow/(outflow) from financing activities 3,260 (403) (563)
Increase/(decrease) in cash at bank and on deposit 2,260 (271) 229
Reconciliation of net cash flow to movement
in net cash at bank and
on deposit
Increase/(decrease) in cash at bank and on deposit 2,260 (271) 229
Opening cash position 2,387 2,158 2,158
Closing cash at bank and on deposit 4,647 1,887 2,387
Reconciliation of profit on ordinary activities
before taxation to net cash outflow from operating
activities
Profit on ordinary activities before taxation 1,929 3,436 3,002
Gains on investments (2,308) (3,906) (3,760)
Changes in working capital and other non-cash
items (224) (42) 213
Net cash outflow from operating activities (603) (512) (545)
------------------------------------------------------ ----------- -------- ------------
Notes
1. The condensed financial statements for the six months to 30
June 2015 comprise the statements set out above together with the
related notes set out below. The Company applies UK Generally
Accepted Accounting Principles in its annual financial statements,
and is intending to adopt FRS 102 and the AIC's Statement of
Recommended Practice issued in November 2014 for its financial year
ending 31 December 2015. The condensed financial statements for the
six months to 30 June 2015 have therefore been prepared in
accordance with FRS 104 'Interim Financial Reporting'. The
directors do not expect any significant changes to the Company's
accounting policies as a result of the adoption of FRS 102. The
accounts have therefore been prepared on the basis of the same
accounting policies as set out in the Company's Annual Report and
Financial Statements for the year ended 31 December 2014.
The comparative figures for the financial year ended 31 December
2014 are not the Company's statutory accounts for that financial
year, but are based on those accounts, represented as necessary to
comply with FRS 102. Those accounts have been reported on by the
Company's auditor and delivered to the registrar of companies. The
report of the auditor was (i) unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report, and (iii) did not
contain a statement under section 498 (2) or (3) of the Companies
Act 2006.
2. Return per share is based on a weighted average of 52,135,250
ordinary shares in issue (30 June 2014 - 49,502,298 ordinary
shares; 31 December 2014 - 49,295,493 ordinary shares).
3. Earnings for the first six months to 30 June 2015 should not
be taken as a guide to the results of the full financial year to 31
December 2015.
4. During the six months to 30 June 2015 the Company purchased
535,000 shares to be held in treasury at a cost of GBP415,000. The
Company sold 50,000 shares from treasury against proceeds of
GBP37,000. At 30 June 2015, the Company holds 4,217,296 ordinary
shares in treasury. These shares may be re-issued below Net Asset
Value as long as the discount at issue is narrower than the average
discount at which the shares were bought back.
5. On 24 February 2015 the Company issued 4,539,876 shares.
Excluding treasury shares, there were 52,984,080 ordinary shares in
issue at 30 June 2015 (30 June 2014 - 49,144,204 ordinary shares;
31 December 2014 - 48,929,204 ordinary shares).
6. The interim dividend of 2.0p per share (2.0p capital) will be
paid on 18 September 2015 to shareholders on the register on 4
September 2015. The ex-dividend date is 3 September 2015.
For the year ended 31 December 2014, the Company paid an interim
dividend on 19 September 2014 of 2.0p per share (2.0p capital) and
a final dividend on 21 April 2015 of 2.0p per share (2.0p
capital).
7. All investments are initially recognised and subsequently
measured at fair value. Changes in fair value are recognised in the
Income Statement.
The methods of fair value measurement are classified into a
hierarchy based on reliability of the information used to determine
the valuation.
-- Level a - Fair value is measured based on quoted prices in an active market.
-- Level b - Fair value is measured based on directly observable current market prices or
indirectly being derived from market prices.
-- Level c - i) Fair value is measured using a valuation
technique that is based on data from an
observable market or;
ii) Fair value is measured using a valuation technique that is
not based on data from an observable market.
Level c
Level a Level b (ii)
------------------------------------- --------------------- ----------- -------- --------
Listed
interest Collective
bearing Traded investment
securities on AIM vehicle Unquoted Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening book cost 500 15,568 2,664 6,620 25,352
Opening unrealised appreciation - 8,133 3,068 853 12,054
Opening valuation 500 23,701 5,732 7,473 37,406
------------------------------------- ----------- -------- ----------- -------- --------
Movements in the period:
Purchases at cost 4,997 1,253 - 1,699 7,949
Sales - proceeds (3,499) (4,270) - (850) (8,619)
- realised gains on sales - 485 - 8 493
Unrealised gains/(losses) realised
during the period - 2,423 - (284) 2,139
(Decrease)/increase in unrealised
appreciation - (1,307) 610 373 (324)
------------------------------------- ----------- -------- ----------- -------- --------
Closing valuation 1,998 22,285 6,342 8,419 39,044
Closing book cost 1,998 15,459 2,664 7,193 27,314
Closing unrealised appreciation - 6,826 3,678 1,226 11,730
Closing valuation 1,998 22,285 6,342 8,419 39,044
Equity shares - 22,285 6,342 1,707 30,334
Loan notes - - - 6,712 6,712
Fixed income securities 1,998 - - - 1,998
Closing valuation 1,998 22,285 6,342 8,419 39,044
------------------------------------- ----------- -------- ----------- -------- --------
There has been no significant change in the risk analysis as
disclosed in the Company's annual accounts.
8. The financial information contained in this half-yearly
financial report does not constitute statutory accounts as defined
in Section 435 of the Companies Act 2006. The information for the
year to 31 December 2014 has been extracted from the latest
published audited financial statements. The audited financial
statements for the year to 31 December 2014, which were
unqualified, have been filed with the Registrar of Companies. No
statutory accounts in respect of any period after 31 December 2014
have been reported on by the Company's auditors or delivered to the
Registrar of Companies.
9. The Company has one reportable segment being investing in
primarily a portfolio of UK growth businesses, whether unquoted or
traded on AIM.
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 11:52 ET (15:52 GMT)
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