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 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.73%            Turnover (GBP'000)             12,923 
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Purchase Price      45p              Profit before tax (GBP'000)    14 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     December 2007    Audited results for year to  June 08 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.94%            Turnover (GBP'000)             11,755 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      55p              Profit before tax (GBP'000)    1,113 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        100              Net assets (GBP'000)           14,645 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   127 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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. 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 
 
3. Advanced Computer Software plc                                        20p 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     July 2008           Unaudited results for 8 mths to  August 2008 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.31%               Turnover (GBP'000)                 - 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      17p                 Profit before tax (GBP'000)        (366) 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        100                 Net assets (GBP'000)               24,033 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   118 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     May 2007    Unaudited results for 6 mths to  September 2008 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.78%       Turnover (GBP'000)                 1,981 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      33p         Profit before tax (GBP'000)        222 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        96          Net assets (GBP'000)               (815) 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   116 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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. 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 
 
5. Synchronica                                                        3p 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     December 2008    Unaudited results for 6 mths to  June 2008 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.87%            Turnover (GBP'000)                 190 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      3p               Profit before tax (GBP'000)        (2,815) 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        100              Net Assets (GBP'000)               1,835 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   100 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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. 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 
 
6. Mount Engineering plc                                          54p 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Investment date     June 2007    Unaudited results for 6 mths to  June 2008 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Equity held         0.44%        Turnover (GBP'000)                 5,831 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Purchase Price      70p          Profit before tax (GBP'000)        1,530 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Cost (GBP'000)        75           Net assets (GBP'000)               17,543 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Valuation (GBP'000)   58 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
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. 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
 
 
7. Optare plc                                                          9p 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Investment date     September 2007    Unaudited results for 6 mths to  June 08 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Equity held         0.57%             Turnover (GBP'000)                 7,818 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Purchase Price      14.7p             Profit before tax (GBP'000)        (2,574) 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Cost (GBP'000)        116               Net assets (GBP'000)               381 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
Valuation (GBP'000)   56 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
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. 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
=------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 
 
 
8. Plastics Capital plc                                               30p 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     November 2007    Unaudited results for 6 mths to  September 2008 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.37%            Turnover (GBP'000)                 15,622 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      100              Profit before tax (GBP'000)        322 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        100              Net assets (GBP'000)               17,501 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   30 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     May 2007    Audited results for year to  September 08 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         1.11%       Turnover (GBP'000)             2,005 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      15p         Profit before tax (GBP'000)    (377) 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        93          Net assets (GBP'000)           1,611 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   12 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Investment date     June 2007             Audited results for year to  March 08 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Equity held         0.02%                 Turnover (GBP'000)             19,343 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Purchase Price      -                     Profit before tax (GBP'000)    4,015 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Cost (GBP'000)        75                    Net assets (GBP'000)           25,095 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
Valuation (GBP'000)   6 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
=-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
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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