Interim Results
23 Junio 2006 - 6:24AM
UK Regulatory
RNS Number:0727F
Pennine AIM VCT 6 PLC
23 June 2006
Pennine AIM VCT 6 plc
Interim Statement for the period ended 31 March 2006
CHAIRMAN'S STATEMENT
I welcome Shareholders to Pennine AIM VCT 6 plc and am pleased to present the
Company's first interim statement. This statement covers the period from the
Company's launch to 31 March 2006.
Share issue
The Company's Offer for Subscription was fully subscribed and closed on 5 April
2006. A total of 26.7 million shares were issued at #1 per share, giving net
proceeds (after fundraising costs) of #25.2 million.
The Board considers this to be an excellent result and congratulates the
promoter, Downing Corporate Finance Limited and, the Investment Manager,
Rathbone Investment Management Limited, on achieving such a successful
fundraising. With the fund at its maximum size, annual running costs can be
well absorbed by a large asset base, which will, of course, benefit all
Shareholders.
Venture capital investments
With a high level of funds to invest, the Investment Manager has been eager to
commence the investing process at the earliest opportunity. Four VCT qualifying
investments with a total cost of #925,000 were made in the period to 31 March
2006. At the period end, three of these investments were showing significant
gains in value.
Net Asset Value and Results
At the 31 March 2006, the Net Asset Value per share ("NAV") of the Company stood
at 95.4p, an increase of 0.9p from the initial NAV of 94.5p.
The revenue loss after taxation for the period amounted to #2,000, representing
0.03p per share.
Share buybacks
As stated in the Company's prospectus, the Company intends to operate a policy
of buying in shares that become available, subject to certain restrictions, at
approximately a 10% discount to the latest published NAV. No shares were
purchased in the period.
Outlook
With a successful fundraising completed and the Company's initial investments
performing well, it has been an excellent start for your Company. The
Investment Manager's task over the next couple of years is to develop a
well-balanced portfolio comprising predominantly good quality AIM stocks.
With recent fears that equity markets may be about to enter a difficult period,
the quality of investments will be more important than ever. The Board,
however, has full confidence that the Manager can give the Company access to the
best investment opportunities available. I look forward to updating
Shareholders with my statement in the Annual Report for the period to 30
September 2006.
Christopher Powell
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 March 2006
31 March 2006
#'000
Investments
"Fair value through profit or loss" assets 1,131
Net current assets 18,701
Net assets 19,832
Capital and reserves
Called up share capital 208
Share premium 19,443
Capital reserve - realised (23)
Capital reserve - unrealised 206
Revenue reserve (2)
Total equity 19,832
Net asset value per share 95.4
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS
31 March 2006
#'000
Opening shareholder's funds -
Issue of shares 20,845
Share issue costs (1,144)
Redemption of preference shares (50)
Total recognised gains for the period 194
Closing shareholder's funds 19,845
INCOME STATEMENT
for the period ended 31 March 2006
Period ended
31 March 2006
Revenue Capital Total
#'000 #'000 #'000
Income 84 - 84
Gains on "fair value through profit or loss" assets - 206 206
84 206 290
Investment management fees (9) (28) (37)
Other expenses (72) - (72)
Return on ordinary activities before taxation 3 178 181
Taxation (5) 5 -
Return attributable to equity shareholders (2) 183 181
Return per share - 2.8p 2.8p
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the period ended 31March 2006
Period ended
31 March 2006
Revenue Capital Total
#'000 #'000 #'000
Return attributable to equity shareholders (2) 183 181
Total recognised gains for the period (2) 183 181
UNAUDITED CASH FLOW STATEMENT
for the period ended 31 March 2006
31 March
2006
Note #'000
Cash inflow from operating activities and returns on investments 1 63
63
Taxation
Corporation tax paid -
Capital expenditure
Purchase of investments (775)
Net cash outflow from capital expenditure (775)
Equity dividends paid -
Net cash outflow before financing (712)
Financing
Shares issued 24,836
Redemption of preference shares (50)
Share issue costs (938)
Net cash outflow from financing 23,848
Increase in cash 2 23,136
Notes to the cash flow statement:
1 Cash inflow from operating activities and returns on investments
Net revenue before taxation 3
Expenses charged to capital (28)
Increase in other debtors (7)
Increase in other creditors 95
Net cash inflow from operating activities 63
2 Analysis of net funds
Beginning of period -
Net cash inflow 23,136
End of period 23,136
INVESTMENTS
The Company had invested in the following investments at 31 March 2006
Cost Valuation
at 31 March % of
2006 portfolio
#'000 #'000 by value
VCT Qualifying investments
Netservices plc 375 412 2.1%
Chariot (UK) plc 200 299 1.5%
Accuma Group plc 200 271 1.4%
Keycom plc * 150 149 0.7%
925 1,131 5.7%
Net current assets (including cash) 18,701 94.3%
Total investments 19,832 100.0%
All venture capital investments are quoted on the Alternative Investment Market
("AIM") unless otherwise stated.
* Quoted on OFEX
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally Accepted
Accounting Practice ("UK GAAP"). Where presentation guidance set out in the
Statement of Recommended Practice "Financial Statements of Investment Trust
Companies" revised December 2005 ("SORP") is consistent with the requirements of
UK GAAP, the Directors have sought to prepare the financial statements on a
basis compliant with the recommendations of the SORP.
The financial statements are prepared under the historical cost convention
except for the revaluation of certain financial instruments.
Presentation of Income Statement
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AITC, supplementary information which
analyses the income statement between items of a revenue and capital nature has
been presented alongside the income statement. The net revenue is the measure
the directors believe appropriate in assessing the Company's compliance with
certain requirements set out in Section 842 Income and Corporation Taxes Act
1988.
Investments
All investments are designated as "fair value through profit or loss" assets and
are initially measured at cost. Thereafter the investments are measured at
subsequent reporting dates at fair value.
Listed fixed income investments and investments quoted on the Alternative
Investment Market ("AIM") are designated measured using bid prices with
illiquidity discounts applied where deemed appropriate.
In respect of unquoted instruments, fair value is established by using
International Private Equity and Venture Capital Valuation Guidelines. Where no
reliable fair value can be estimated for such unquoted equity investments they
are carried at cost, subject to any provision for impairment. Where an investee
company has gone into receivership or liquidation the investment, although not
physically disposed of, is treated as being realised.
Gains and losses arising from changes in fair value are included in the income
statement for the year as a capital item and transaction costs on acquisition or
disposal of the investment expensed.
It is not the Company's policy to exercise either significant or controlling
influence over investee companies. Therefore the results of these companies are
not incorporated into the revenue account except to the extent of any income
accrued.
Income
Dividend income from investments is recognised when the shareholders' rights to
receive payment has been established, normally the ex dividend date.
Interest income is accrued on a timely basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount, and only where there
is reasonable certainty of collection.
Expenses
All expenses are accounted for on accruals basis. In respect of the analysis
between revenue and capital items presented within the income statement, all
expenses have been presented as revenue items except that expenses which are
incidental to the disposal of an investment are deducted from the disposal
proceeds of the investment.
Deferred taxation
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in taxation computations in periods different from
those in which they are included in financial statements.
2. All revenue and capital items in the Income Statement derive from
continuing operations.
3. The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
4. Return per share for the period has been calculated on 6,579,163 shares,
being the weighted average number of shares in issue during the period.
5. Reserves
Share Capital Capital Revenue
Premium reserve reserve Reserve
reserve - unrealised - realised
#'000 #'000 #'000 #'000
At 22 September 2005 - - - -
Share issues 20,587 - - -
Share issue costs (1,144) - - -
Expenses capitalised - - (28) -
Tax on capital expenses - - 5 -
Unrealised gains - 206 - -
Retained net loss for the year - - - (2)
At 31 March 2006 19,443 206 (23) (2)
6. The unaudited financial statements set out herein do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985
and have not been delivered to the Registrar of Companies.
7. Copies of the unaudited interim results will be sent to shareholders
shortly. Further copies can be obtained from the Company's Registered Office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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