TIDMKEYT
KEYDATA AIM VCT 2 plc
Preliminary Announcement of Final Results for the year ending 28 February 2009
Financial Highlights 2009 2008 % change
Net asset value per share 95.73p 97.71p -2.0%
Cumulative distributions since launch 4.00p -
Net asset value total return 99.73p 97.71p +2.1%
Net asset value total return 99.73p N/A +5.0%
since launch at 95p
Share price (mid) 81.0p 94.00p -13.8%
Discount to net asset value 15.4% 3.8%
Earnings per share:
Revenue return 0.41p 0.92p
Capital return 1.59p 3.29p
Total return 2.00p 4.21p
Dividends per share:
Interim paid - -
Final proposed 5.0p 4.0p
Total dividend for year 5.0p 4.0p +25.0%
Total expense ratio 3.54% 3.93%
Chairman's Statement
The period covered by these accounts has seen growing concern about the state of the economy, continued selling pressure on small company shares and of increasing difficulties in the financial sector, culminating, in October 2008, in the part nationalisation of several banks.
Due to an overweight position in gilts and cash during the year, the fund has been protected from the severity of equity falls. The net asset value per ordinary share decreased by 2% to 95.73 pence during the year. After adjusting for dividends paid, there was an underlying increase in NAV on a total return basis of 2.1% in the year. Earnings per ordinary share for the year were 2.0 pence per share (comprising revenue return of 0.41 pence and capital return of 1.59 pence).
Against a backdrop of a 62% fall in the FTSE AIM All Share index during the year, your board believes that this is a creditable performance under the circumstances.
Investment
The Investment Manager, Hargreave Hale, invested a further GBP0.25 million in 3 qualifying AIM companies during the period and made disposals or part disposals of 3 of the AIM investments, realising a net gain on sale of GBP28,000 in the year. In addition, a further GBP8.9m was invested in 47 non-qualifying equities, 44 of which were disposed realising a net gain on sale of GBP76,000 in the year. The bid value of qualifying investments at 28 February 2009 was GBP0.8 million invested in 10 AIM companies. This represented 17.5% of the investment portfolio. The balance was held in gilts (34.8%), corporate bonds (27.8%) and 16 non-qualifying equities (19.9%).
With respect to the 70% investment test, as at 30 April 2009, 34% of the Company's investments were in qualifying companies. We have until 28 February 2010 to meet the 70% test.
Dividend
A final dividend of 5 pence per share is proposed (2008 - 4 pence) which subject to shareholder approval at the AGM will be payable on 7 July 2009 to shareholders on the register on 5 June 2009.
Outlook
The FTSE AIM index has recovered by 23% in the 2 months to 30 April 2009. In comparison, the NAV on the Ordinary share fund increased by 9.5% to 104.83 pence per share at 30 April 2009.
While some commentators have reported signs of green shoots on the back of the money that the Treasury has pumped into the economy, we remain cautious in the medium term.
However with share prices at rock bottom there should be some attractive opportunities to invest in sound companies that merit capital for sensible expansion plans. While markets have been largely closed for new investment over much of the last year, we are seeing more activity in the last few weeks on the back of the rebound in equity markets.
Shareholder Communication
The Company's daily share price can be found on various financial websites under the EPIC code "KEYT", or on our own dedicated website at www.keydata.co.uk/aimvct2.
Sir Aubrey Brocklebank Bt
Chairman
11 May 2009
Profit and loss account for the year ended 28 February 2009(unaudited)
For the year ended 28 February 2009 (unaudited)
RevenueGBP000 CapitalGBP000 TotalGBP000
Realised gains on investments - 124 124
Unrealised losses on investments - (20) (20)
Income 144 - 144
144 104 248
Management fee (10) (31) (41)
Other expenses (115) - (115)
(125) (31) (156)
Profit before taxation 19 73 92
Taxation - - -
Profit after taxation 19 73 92
Earnings per share (Note 2) 0.41p 1.59p 2.00p
The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations.
Profit and loss account for the period from 20 September 2006 to 29 February 2008(unaudited)
For the period to 29 February 2008 (unaudited)
RevenueGBP000 CapitalGBP000 TotalGBP000
Realised gains on investments - 196 196
Unrealised gains on investments - (71) (71)
Income 177 177
177 125 302
Management fee (11) (32) (43)
Other expenses (134) - (134)
(145) (32) (177)
Profit before taxation 32 93 125
Taxation (5) 5 -
Profit after taxation 27 98 125
Earnings per share (Note 2) 0.92p 3.29p 4.21p
The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations.
Balance sheet as at 28 February 2009 (unaudited)
2009(unaudited) 2008(unaudited)
GBP000 GBP000
Fixed assets
Investments 4,464 4,015
Current assets
Debtors 46 82
Cash at bank 97 435
143 517
Creditors: amounts falling
due within oneyear
Accruals and deferred income (213) (36)
Net current (liabilities)/assets (70) 481
Net assets 4,394 4,496
Capital and Reserves
Called up share capital 46 46
Capital redemption reserve - -
Capital reserve - realised 93 169
Capital reserve - unrealised (91) (71)
Special reserve 4,315 4,325
Revenue reserve 31 27
Equity shareholders' funds 4,394 4,496
Net asset value per share (Note 3) 95.73p 97.71p
Cash flow statement for year ended 28 February 2009(unaudited)
2009GBP000 2008GBP000
Profit on ordinary activities before taxation 92 125
Realised gains on investments (124) (196)
Unrealised losses on investments 20 71
Decrease/(increase) in debtors 36 (82)
Increase in creditors 177 36
Net cash inflow/(outflow) from operating
activities 201 (46)
Financial investment:
Purchase of investments (14,166) (6,683)
Sale of investments 13,821 2,793
Net financial investment (345) (3,890)
Dividends paid (184) -
Cash outflow before management of liquid
resources (328) (3,936)
Financing:
Net proceeds from issue of ordinary shares - 4,601
Costs related to issue of shares - (230)
Net proceeds from issue of redeemable
preference shares - 50
Redemption of redeemable preference shares - (50)
Share buybacks-ordinary shares (10) -
Net cash (outflow)/inflow from financing
activities (10) 4,371
(Decrease)/increase in cash (338) 435
Reconciliation of movements in shareholders' funds for the year ended 28 February 2009(unaudited)
Share Capital Capital Capital Special Revenue Total
Capital Redemption Reserve Reserve Reserve Reserve
on reserve Realised Unrealised GBP000
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 March 46 - 169 (71) 4,325 27 4,496
2008
Realised
gains on
investments - - 124 - - - 124
Previously - - - 26 - - 26
recognisedlosses
now
realised
Unrealised - - - (46) - - (46)
losses
oninvestments
Management - - (31) - - - (31)
feecharged
to capital
Equity - - (169) - - (15) (184)
dividends
paid
Share - - - - (10) - (10)
buybacks
Revenue - - - - - 19 19
profit
aftertaxation
for the
year
At 46 - 93 (91) 4,315 31 4,394
28 February
2009
Reconciliation of movements in shareholders' funds for the period from 20 September 2006 to 29 February 2008(unaudited)
Share Share Capital Capital Special Revenue Total
Capital Premium Reserve Reserve Reserve Reserve
Realised Unrealised GBP000
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At - - - - - - -
20
September
2006
Proceeds
from
issue of
ordinary 46 4,555 - - - - 4,601
shares
Costs
related
to issue
of - (230) - - - - (230)
ordinary
shares
Proceeds
from
issue of
preference 50 - - - - - 50
shares
Redemption
of
preference (50) - - - - - (50)
shares
Realised - - 196 - - - 196
gains
oninvestments
Unrealised - - - (71) - - (71)
losses
on
investments
Management - - (32) - - - (32)
fee
charged
to
capital
Transfer - (4,325) - - 4,325 - -
between
reserves
Revenue
profit
after
taxation - 27 27
for the
period 5 - 5
Tax
relief
At 46 - 169 (71) 4,325 27 4,496
29
February
2008
Notes to the preliminary announcement
1 The financial information above has been prepared
in accordance with UK GAAP and with
the Statement of Recommended Practice (SORP)
for "Financial Statements of Investment
Trust Companies" issued in December 2005.
The financial information set out
above does not constitute the Company's
statutory accounts for the period
ended 28 February 2009. The full statutory annual
accounts will be delivered to shareholders
in May 2009 and delivered to the Registrar
of Companies following the
Company's AGM. Copies may in due course be
obtained during normal business hours
from Keydata Investment Services Limited,
One Angel Court, London EC2R 7HJ.
The Annual general meeting of the Company will
be held at the Company's registered
office at 19 Cavendish Square, London
W1A 2AW on 30 June 2009 at 11.00am.
2 Revenue return per ordinary share of 0.41p (2008- 0.92p) is based
on the profit on ordinary activities after tax of GBP19,000 (2008
- GBP27,000) and the weighted average number of ordinary shares
in issue over the period of 4,592,915 (2008- 2,961,751).
Capital return per ordinary share of 1.59p (2008 - 3.29p) is
based on a net capital profit of GBP73,000 (2008 - GBP98,000)
and the weighted average number of ordinary shares in issue
over the period of 4,592,915 (2008 - 2,961,751).
3 The net asset value per ordinary share
at 28 February 2009 of 95.73p
(2008 - 97.71p) is based on net assets of GBP4,394,000 (2008
- GBP4,496,000) and on 4,590,340 (2008 - 4,600,640) shares, being
the number of ordinary shares in issue as at 28 February 2009.
Investment portfolio summary as at 28 February 2009
Qualifying investments Book costGBP000 ValuationGBP000 Valuation%
Relax 100 158 3.5
Animalcare 100 127 2.9
Advanced Computer Software 100 118 2.6
Intercede 96 116 2.6
Synchronica 100 100 2.2
Mount Engineering 75 58 1.3
Optare 116 56 1.2
Plastics Capital 100 30 0.7
Image Scan 93 12 0.3
Alterian 45 6 0.1
Total qualifying investments 925 781 17.5
Non-qualifying investments
Treasury 4% 2016 1,002 1,055 23.6
Treasury 4% 2009 500 500 11.2
Total - UK gilts 1,502 1,555 34.8
Lloyds TSB 4% 2011 bond 616 622 13.9
Nationwide BS 3.75% 2011 bond 612 618 13.9
Total - UK corporate bonds 1,228 1,240 27.8
BP 243 224 5.0
Clerkenwell 202 219 4.9
GlaxoSmithkline 158 160 3.6
Egdon Resources 61 83 1.9
Agrifirma Brazil 51 51 1.1
Liontrust Asset Management 56 41 0.9
Kentz 37 38 0.8
Cohort 36 34 0.8
Westmount Energy 10 20 0.5
Richoux 33 11 0.2
Cape 7 4 0.1
Animalcare 3 2 0.0
Synchronica 1 1 0.0
Advanced Computer Software 1 1 0.0
Optare 1 0 0.0
Total- non--qualifying equities 900 888 19.9
Total non-qualifying investments 3,630 3,683 82.5
Total investments 4,555 4,464 100.0
Qualifying investments at 28 February 2009 by valuation
1. Relax plc 71p
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Investment date February 2008 Audited results for year to July 2008
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Equity held 0.73% Turnover (GBP'000) 12,923
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Purchase Price 45p Profit before tax (GBP'000) 14
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Cost (GBP'000) 100 Net Assets (GBP'000) 13,581
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Valuation (GBP'000) 158
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Relax plc, formerly known as Debts.co.uk, provides a range of solutions to over-indebted individuals that includes IVAs, trust deeds, debt management programmes, bankruptcy and secured loans.
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2. Animalcare plc 70p
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Investment date December 2007 Audited results for year to June 08
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Equity held 0.94% Turnover (GBP'000) 11,755
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Purchase Price 55p Profit before tax (GBP'000) 1,113
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Cost (GBP'000) 100 Net assets (GBP'000) 14,645
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Valuation (GBP'000) 127
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Animalcare Group previously known as Ritchey, listed it shares on AIM following the acquisition of Animalcare from Genus plc by Ritchey. The enlarged group has two divisions, Animalcare and Ritchey. Ritchey is a long-established manufacturer and supplier of premium livestock products, whilst Animalcare markets and sells a range of licensed veterinary pharmaceuticals, animal identification microchips and other veterinary supplies products, with a particular focus on the companion animal sector within the UK and Ireland. It is also present in the livestock and food production animal sector.
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3. Advanced Computer Software plc 20p
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Investment date July 2008 Unaudited results for 8 mths to August 2008
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Equity held 0.31% Turnover (GBP'000) -
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Purchase Price 17p Profit before tax (GBP'000) (366)
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Cost (GBP'000) 100 Net assets (GBP'000) 24,033
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Valuation (GBP'000) 118
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Under new management, Advanced Computer Software plc (formerly known as Drury Lane) raised GBP14.6m in July 2008 to acquire Adastra Software Ltd, a data distribution and clinical support software provider to the primary care sectors in the UK, Ireland and the Netherlands as the first step to becoming a leading provider of software and services to the UK primary care market (the provision of first line patient services such as GPs, walk-in-centres, district nursing, and out-of-hours services). The Company's strategy is to consolidate the fragmented healthcare software market, through selective acquisitions, with a focus on primary care.
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4. Intercede plc 40p
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Investment date May 2007 Unaudited results for 6 mths to September 2008
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Equity held 0.78% Turnover (GBP'000) 1,981
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Purchase Price 33p Profit before tax (GBP'000) 222
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Cost (GBP'000) 96 Net assets (GBP'000) (815)
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Valuation (GBP'000) 116
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Intercede Group plc is a leading developer and supplier of smart card and identity credential management software. The company's principal product, MyID, is a software solution that manages the secure registration, issuance and lifecycle of identity credentials and devices.
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5. Synchronica 3p
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Investment date December 2008 Unaudited results for 6 mths to June 2008
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Equity held 0.87% Turnover (GBP'000) 190
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Purchase Price 3p Profit before tax (GBP'000) (2,815)
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Cost (GBP'000) 100 Net Assets (GBP'000) 1,835
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Valuation (GBP'000) 100
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Synchronica provides the enabling technology that will bring mobile email to the developing world, where the mobile phone is becoming the primary device for accessing the Internet. Their software enables mobile operators and device manufacturers to provide BlackBerry-like services to the vast majority of mobile handsets in the market today, including cheap mass-market mobile phones, which dominate the emerging markets.
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6. Mount Engineering plc 54p
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Investment date June 2007 Unaudited results for 6 mths to June 2008
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Equity held 0.44% Turnover (GBP'000) 5,831
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Purchase Price 70p Profit before tax (GBP'000) 1,530
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Cost (GBP'000) 75 Net assets (GBP'000) 17,543
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Valuation (GBP'000) 58
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Mount Engineering plc was established in April 2007 for the purpose of acquiring Mount York Limited. The acquisition of Mount York Limited marks the first step in implementing a strategy to grow the new group, both by selective acquisition and from the continual expansion of the product range. Mount Engineering has three UK subsidiaries, each well established within its industry, with a strong brand name and a recognition for quality products. The major end user market for all three subsidiaries are the oil and gas and petrochemical industries, however they also serve a range of other industrial markets including mining, waste water and pharmaceuticals.
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7. Optare plc 9p
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Investment date September 2007 Unaudited results for 6 mths to June 08
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Equity held 0.57% Turnover (GBP'000) 7,818
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Purchase Price 14.7p Profit before tax (GBP'000) (2,574)
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Cost (GBP'000) 116 Net assets (GBP'000) 381
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Valuation (GBP'000) 56
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Optare plc is a leading name in the UK bus and coach industry. The company specializes in the design, manufacture and supply of single and double deck buses, coaches and smaller vehicles, and also offers a comprehensive after sales service. Optare acquired Darwen Holdings plc via reverse takeover on 14 July 08.
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8. Plastics Capital plc 30p
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Investment date November 2007 Unaudited results for 6 mths to September 2008
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Equity held 0.37% Turnover (GBP'000) 15,622
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Purchase Price 100 Profit before tax (GBP'000) 322
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Cost (GBP'000) 100 Net assets (GBP'000) 17,501
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Valuation (GBP'000) 30
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Plastics Capital plc is a consolidator of plastic products manufacturers focused on proprietary products for niche markets. The group has been built up through acquisitions since 2002 by a management team experienced in mergers and acquisitions, manufacturing and industrial marketing. The group has made six acquisitions to date and has five factories in the UK, an assembly operation in Thailand and sales offices in the US and Japan. Approximately 70% of sales are generated overseas whilst production is concentrated in the UK, where significant engineering know-how and automation underpins the group's competitiveness.
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9. Image Scan plc 2p
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Investment date May 2007 Audited results for year to September 08
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Equity held 1.11% Turnover (GBP'000) 2,005
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Purchase Price 15p Profit before tax (GBP'000) (377)
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Cost (GBP'000) 93 Net assets (GBP'000) 1,611
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Valuation (GBP'000) 12
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Image Scan plc has developed modular proprietary software and hardware to provide innovative methods of acquiring, interpreting and presenting x-ray images in real time, bringing major new benefits to security applications, product quality and industrial inspection applications.
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10. Alterian plc (via Mediasurface) 53p
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Investment date June 2007 Audited results for year to March 08
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Equity held 0.02% Turnover (GBP'000) 19,343
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Purchase Price - Profit before tax (GBP'000) 4,015
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Cost (GBP'000) 75 Net assets (GBP'000) 25,095
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Valuation (GBP'000) 6
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In July 2008, Alterian plc acquired Mediasurface plc via a cash and share offer worth 15p per share. Alterian helps marketers improve results through its integrated marketing software platform and global partner community of leading marketing service providers, agencies, and systems integrators.
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11 May 2009
For further information please contact:
Craig McNeilCompany SecretaryKeydata AIM VCT 2 plc0141 228 6310
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