Half-yearly Report - Amendment

Half-yearly Report - Amendment

NEW CENTURY AIM VCT PLC

The following replaces the 'Half Yearly Report' announcement that ran today at 13:14 GMT. Financial tables are now included; all other details remain unchanged. The full text of the release follows:

New Century Aim VCT plc

Unaudited Interim Report

Six months to 31 August 2008

New Century AIM VCT plc

For the six months to 31 August 2008

Chairman's Statement

Shareholders will be well aware of the financial turmoil over the past six months and this has had a heavy bearing on the smaller company sector, particularly AIM. As a result, I regret to say that the net asset value per share has declined from 115p to 89p. Qualifying investments as a percentage minimum of total cost amounted to 78.6%, ie well above the 70% requirement for VCTs. Income from securities amounts to 86.3% of the total, thus meeting the requirement that the bulk of income must be derived from securities.

Since the end of August, AIM shares have continued to decline and as at the 12th November, the net asset value of your fund had fallen to 65.3p per share. There are now signs that the market is beginning to stabilise and with most of the fund's holdings and their ratings at very low levels, we are optimistic for the future.

John Brice resigned as Chairman on 28th August due to heavy work commitments overseas. On behalf of the board, I would like to thank John for his valuable contribution over the past three years.

Geoffrey Charles Gamble
Chairman
 
2008

New Century AIM VCT plc

For the six months to 31 August 2008

Unaudited Balance Sheet.

                       

Interim Accounts

as at 31 August 2008

Final Accounts

as at 29 February 2008*

Interim Accounts

as at 31 August 2007

£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets
Investments 7,966 9,206 10,885
 
Current Assets
Sundry Debtors 0 0 0
Uninvested cash 0 0 591 591 1,145 1,145
 
Current Liabilities
Creditors: amounts due
within one year -39 -24 0
     
7,927 9,773 12,030
Capital and Reserves
 
Share Capital 915 846 846
Share Premium 8,237 7,534 7,534
Capital reserve - realised 2,719 2,705 2,696
Capital reserve - unrealised -4,071 -1374 833
Revenue reserve 127 62 121
     
7,927 9,773 12,030
 
Asset Value per share 89p 115p 142p
*Audited accounts

New Century AIM VCT plc

For the six months to 31 August 2008

Unaudited Income Statement

(incorporating the revenue account)

                                       
6 month period ended 31 August 2008 Year to 29 February 2008* 6 month period ended 31 August 2007
Revenue Capital Total Revenue Capital Total Revenue Capital Total
      £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
Realised 0 51 51 0 1,677 1677 0 1,621 1,621
Unrealised 0 -2,697 -2,697 0 -3,274 -3274 0 -1,029 -1,029
Income 95 0 95 166 0 166 102 0 102
Investment management fees -12 -36 -48 -34 -103 -137 -19 -57 -76
Other expenses -17 0 -17 -33 0 -33 -18 0 -18
Return on ordinary activities 66 -2,682 -2,616 99 -1,700 -1601 65 535 600
Tax on ordinary activities 0 0 0 -20 20 0 -3 0 -3
Return on ordinary activities after taxation 66 -2,682 -2,616 79 -1,680

0

-1601

62 535 597
Return per ordinary share in pence 0.73 -29.95 -29.21 0.93 -19.85 -18.92 0.73 6.32 7.05

All revenue and capital items in the above statement derive from continuing operations.

The company has only one class of business and derives its income from investments in shares and securities, and from bank and money market funds.

The weighted average number of shares in issue during the period was 8,954,878

New Century AIM VCT plc

For the six months to 31 August 2008

Unaudited Cash Flow Statement

                       
6 month period ended 31 August 2008 Year to 29 February 2008* 6 month period ended 31 August 2008
£'000 £'000 £'000 £'000 £'000 £'000
 
Operating activity: Net cash outflow -54 -174 -93
 
Returns on investments
Interest received 13 86 62
Investment income 82 95 80 166 39 101
 
 
Taxation 0 0 -4
 
Dividend paid 0 -60 0
 
Financial investment
Sale of investments 517 3,545 2,657
Purchase of investments -1,923 -1,406 -5,414 -1,869 -4,015 -1,358
     
Net cash inflow/(outflow) before financing -1,365 -1,937 -1,354
Net proceeds of share issue 771 0 0
Sundry Creditors -24   -28
-618 -1,937 -1,382
 
Increase/ -decrease in univested cash with broker -618 -1937 -1382
 
*Audited Accounts

New Century AIM VCT plc

Investment Portfolio Summary
             
Security

Cost

£

Valuation

31/08/2008

%
 
Qualifying Investments 9,420,444 5,756,629 72.51
Non-qualifying Investments 2,598,813 2,209,806 27.83
Uninvested funds -27,090 -27,090 -0.34
11,992,167 7,939,344 100.00
 
Qualifying Investments
AIM Quoted
Tristel plc 167,333 189,000 2.38
PHSC plc 182,910 131,250 1.65
DCD Media plc 555,263 195,500 2.46
SectorGuard plc 175,875 87,500 1.10
K3 Business Technology Group 180,900 222,000 2.80
Belgravium Technologies 281,400 100,000 1.26
TMN Group 213,311 110,870 1.40
Healthcare Locums plc 82,913 180,000 2.27
ILX Group 753,750 271,250 3.42
Lighthouse Group plc 203,513 311,250 3.92
AT Communications Group 422,100 250,000 3.15
Invocas Group plc 100,400 67,050 0.84
Jelf Group plc 157,132 260,338 3.28
Relax Group 289,440 40,000 0.50
Brulines (Hldgs) plc 64,898 84,000 1.06
HML Holdings plc 351,549 170,500 2.15
CBG Group plc 99,947 156,000 1.96
Bglobal plc 100,500 62,000 0.78
Coolabi plc 105,525 29,750 0.37
IS Pharma 241,200 209,143 2.63
Western & Oriental plc 502,500 158,750 2.00
EBTM plc 600,488 337,500 4.25
Essentially Group plc 155,776 102,500 1.29
Cantono plc 402,000 62,000 0.78
Sport Media Group 125,625 30,000 0.38
Southern Bear plc 633,150 510,625 6.43
Kurawood plc 150,750 26,250 0.33
Clerkenwell Ventures 100,500 73,333 0.92
Boomerang Plus plc 238,185 264,000 3.33
Fishworks plc 180,900 105,000 1.32
Optare plc 64,320 44,800 0.56
Advanced Computer Software 402,000 376,471 4.74
8,286,050 5,218,629 65.73
Plus Markets Quoted
CKS Group plc 526,369 - 0.00
Air Touring 201,000 220,000 2.77
General Medical Clinics plc 205,020 168,000 2.12
St Helens Capital plc 202,005 150,000 1.89
1,134,394 538,000 6.78
 
Total Qualifying Investments 9,420,444 5,756,629 72.51
New Century AIM VCT plc
Investment Portfolio Summary
       
Security

Cost

£

 

Valuation

31/08/2008

%
 
Non Qualifying Investments
AIM Quoted
Hallin Marine Subsea Int 19,296 51,900 0.65
RDF Media Group Ltd 31,838 23,540 0.30
Smart Focus Group plc 27,353 16,875 0.21
RC Group Hldgs 34,542 54,000 0.68
Eservglobal Ltd 46,230 60,000 0.76
Sirvis IT plc 32,826 39,250 0.49
Arbuthnot Banking Group 49,966 33,600 0.42
Commodity Growth plc 150,750 45,000 0.57
DCD Media plc 40,200 11,500 0.14
Education Development Int 27,489 114,750 1.45
Bond Intl. Software 14,070 12,417 0.16
Velosi Ltd 22,613 22,625 0.28
Impact Holdings (UK) plc 26,160 3,750 0.05
Hightex Group plc 53,318 15,877 0.20
STM Group plc 50,250 66,500 0.84
NetDimensions Ltd 31,155 4,588 0.06
Ashley House plc 79,286 74,000 0.93
Microemissive Displays 56,067 4,000 0.05
Premier Farnell 44,542 37,500 0.47
Private & Commercial 17,688 11,000 0.14
Neutrahealth plc 30,459 15,000 0.19
Sanderson Group 92,521 72,500 0.91
Eco City Vehicles 62,116 72,000 0.91
Pactolus Hungarian Prop. 49,749 34,000 0.43
Purecircle Ltd 29,045 41,990 0.53
Shed Media plc 19,755 19,500 0.25
Vyke Communications plc 27,877 20,000 0.25
1,167,160 977,662 12.31
UK Listed
EAGA plc 22,801 23,100 0.29
HBOS plc 144,109 108,000 1.36
Superglass Hldgs plc 45,225 13,687 0.17
Norcros plc 31,356 7,680 0.10
Investec 477,227 305,000 3.84
Record plc 30,150 17,062 0.21
Celsis International 33,723 35,365 0.45
784,591 509,894 6.42
Plus Markets Quoted
China Eastsea 40,200 108,000 1.36
40,200 108,000 1.36
UK Government Loans
Treasury 21/2% 2009 606,862 614,250 7.74
606,862 614,250 7.74
 
Total Non Qualifying Investments 2,598,813 2,209,806 28

New Century AIM VCT plc

 

Notes to the Accounts

 
 
1 This interim financial information and the unaudited interim accounts for the six months to 31 August 2008 from
which it has been extracted, are the responsibility of the directors and were approved by them on 22 September
2008, 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.
 
2 The Company is an investment company as defined in Section 266 of the Companies Act 1985. The financial
statements have been prepared under the historical cost convention, modified to include the revaluation of fixed
asset investments, and in accordance with applicable accounting standards in the UK and with the Statement
of Recommended Practice “Financial statements and investment trust companies” issued in January 2003
and revised in December 2005.
 
3 Listed or AIM-traded investments are stated at market value, which is based upon market bid prices
at the balance sheet date.
 
4 8,464,500 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review.
Additional shares numbering 446,449 174,550 and 61,700 were issued on 4th April, 13th May and 30th June 2008
respectively. The weighted average shares in issue during the period was 8,954,878 (8,464,500 2007/08).
 
5 Net Asset Value per share at 31 August 2008 was 89p (at 29 February 2008: 115p; 31 August 2007 142p).
 
6 Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s
Registered Office: 17/21 New Century Road, Laindon SS15 6AG or from Woodside Corporate Services,
4th Floor, 150-152 Fenchurch Street, London EC2M 6BB.

New Century AIM VCT plc

 
Directors, Investment Manager and Advisors
 

Directors

Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Robin William Kirby
Peter William Riley
 
Secretary Woodside Secretaries Ltd
and registered office 4th Floor, 150-152 Fenchurch Street
London EC2M 6BB
 
Investment Manager and Broker MD Barnard & Co Ltd
17-21 New Century Road
Laindon
Essex SS15 6AG
 
Solicitors Dundas & Wilson LLP
5th Floor Northwest Wing
Bush House
London WC2B 4EZ
 
Registrars Neville Registrars
18 Laurel Lane
Halesowen
B63 3DA
 
Auditors and VCT status advisors UHY Hacker Young LLP
Quadrant House
17 Thomas More Street
Thomas More Square
London E1W 1YW
 
Bankers Bank of Scotland
New Uberior House
11 Earl Grey Street
Edinburgh EH3 9BN

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