Half-yearly Report

TRIVEST VCT PLC Interim Results for the six months ended 31 March 2007 Chairman's Statement I am pleased to present the Company's Interim Results for the six months ended 31 March 2007. Portfolio At 31 March 2007, the Company's NAV per share was 111.73 pence (30 September 2006: 112.89 pence). Whilst the Net Asset Value (NAV) overall has fallen marginally to 111.73 pence over the last six months, it should be noted that positive progress in the MPEP portfolio has been counterbalanced by a fall in the share price of several of the quoted technology stocks within the Foresight portfolio. However these figures are after the final dividends totalling 3.75 pence per share have been accounted for and paid. Thus, after stripping out those dividends, the overall net assets actually rose during the period. The UK economy has continued to grow strongly across the board despite a tighter monetary policy. This positive economic background has provided a good backdrop for the majority of our investee companies, a significant number of which are showing good progress in sales and/or profitability. Both the FTSE 100 and AIM All-Share Indices showed strong growth over the six month period to 31 March 2007 (despite the correction in markets in March of this year), which has contributed to the continued activity in the M&A market in the UK and Europe. In the Foresight portfolio among the quoted holdings, Corero (formerly Mondas), ANT and smartFOCUS all achieved strong trading progress. Oxonica, currently the largest holding in the portfolio, recently reported its annual results. Subsequently, however, the company announced that the results of a trial for its fuel additive with Petrol Ofisi had proved inconclusive which caused Oxonica on 27 April 2007 to request a temporary suspension of its share price pending clarification of the position. This may impact materially upon the valuation of this investment. The Board and Investment Manager are monitoring this situation closely. Overall, the MPEP portfolio has performed well with strong trading performances being shown by some of the older investments; foremost among these are HWA, Brookerpaks, Image Source and Original Additions, all of which have now returned income to TriVest in excess of the original cost of investment. The past six months has seen two companies added to the portfolio, namely, in December 2006, £790,912 was invested into PXP Holdings, a company formed on the £14 million management buy out ("MBO") of Pinewood Structures, a leading UK manufacturer and supplier of timber frame components to the housebuilding market. This was followed by a £550,852 investment in the MBO of Racoon International, the UK's foremost supplier of hair extensions to professional salons. Overall, the value of the MPEP portfolio has increased by a further £ 2.2 million, including acquisitions of £1.3 million, since the year-end and at 31 March 2007 stands at almost £21 million, or 167% of current cost. Within the Nova portfolio, NexxtDrive has been developing technology to increase fuel efficiency and performance of both conventional and hybrid vehicles. During the period TriVest made a further investment of £212,014 in NexxtDrive as part of a £1.3 million funding round. This company is considering an IPO. Elsewhere, Tikit, an AIM-quoted company, specialising in providing consultancy services and software solutions to law firms, enjoyed strong revenue growth, improved margins and increased profits. This has been reflected in a 45.3% increase in their share price during the period. IDOX, an AIM-quoted company providing knowledge management software and solutions to the public sector, has reorganized itself, and has focused on account management and pricing structures. This has been reflected in a positive start to 2007 with the share price increasing by 34.7%. Revenue account For the period under review, the revenue return available for distribution to shareholders was £283,866 (31 March 2006; £199,160). As in previous years, the Board does not propose to declare an interim dividend but expects to be able to propose a final dividend for the year ending 30 September 2007. Investment company status The Company revoked its investment company status on 30 November 2005. This enables the Company to make distributions out of capital gains that have started to be realised as the portfolio matures. Share buy-backs During the six months ended 31 March 2007, the Company bought back 300,000 Ordinary Shares (representing 0.67% of the shares in issue at the beginning of the period) at a total cost of £249,330 (net of expenses). These shares were subsequently cancelled by the Company. Dividend Investment Scheme 184 Shareholders, who between them hold a total of 2,034,908 Ordinary Shares representing 5.2% of the Company, are members of the Dividend Investment Scheme. 68,881 shares were issued to them on 15 February 2007 in respect of the Dividend. Valuation policy Quoted stocks are now valued at bid prices, rather than mid-market prices in accordance with new accounting standards. It is worth commenting that the Fund does hold a number of relatively early stage AIM listed stocks with limited marketability. In such cases, the price at which a sizeable block of shares could be traded, if at all, may vary significantly from the market price used. TriVest website May I remind you that the Company has its own website which is available at www.trivestvct.co.uk. Colin Hook Chairman Investment Portfolio Summary as at 31 March 2007 Total cost at Valuation at Additional Valuation at 31 March 2007 30 September investments 31 March 2007 2006 in the period (unaudited) (audited) £ £ £ £ Foresight Venture Partners Oxonica plc 2,136,763 7,245,512 - 6,083,892 Specialist in the design, manipulation and engineering of properties of materials at the nano-scale Aquasium Technology 700,000 1,059,610 - 1,581,176 Limited Design, manufacture and marketing of bespoke electron beam welding and vacuum furnace equipment smartFOCUS Group plc 366,667 1,856,969 - 1,375,504 Provider of analytic software to support targeting and execution of marketing campaigns Camwood Limited 1,028,181 1,669,520 - 1,028,181 Provider of software repackaging services Alaric Systems Limited 595,803 595,763 - 595,763 Software development, implementation and support in the credit/ debit card authorisation and payments market Sarantel Group plc 1,670,252 798,621 - 587,221 Antennae for mobile phones and other wireless devices Corero plc (formerly 600,000 238,255 - 524,327 Mondas plc) Specialist provider of software solutions to the banking and securities and education markets Aigis Blast Protection 272,120 333,320 - 333,320 Limited Specialist blast containment materials company DCG Datapoint Group 312,074 311,853 - 311,853 Limited Design, supply and integration of data storage solutions ANT plc 462,816 393,958 - 262,638 Provider of embedded browser/email software for consumer electronics and internet appliances Rapide Communications 379,983 66,667 - 40,000 Limited Mobile phone software company Other investments in 339,285 - - - the portfolio * --------------- --------------- --------------- --------------- 8,863,944 14,570,048 - 12,723,875 --------------- --------------- --------------- --------------- Matrix Private Equity Partners LLP HWA Limited (trading 69,105 3,348,323 - 4,140,454 as Holloway White Allom) Specialist contractor in the high-value residential and heritage property refurbishment market Image Source Group 1,000,000 3,232,667 - 3,525,992 Limited Royalty free picture library Youngman Group Limited 1,000,052 2,368,418 52 2,768,443 Manufacturer of ladders and access towers Original Additions 1,000,000 3,127,944 - 2,714,557 (Beauty Products) Limited Manufacturer and distributor of beauty products BBI Holdings plc 496,119 1,227,231 - 1,337,958 Manufacturer of gold conjugate for the medical diagnostics industry Tottel Publishing 514,800 759,048 - 829,207 Limited Specialist law and tax imprint PXP Holdings Limited 790,912 - 790,912 790,912 (Pinewood Structures) Designer, manufacturer and supplier of timber frames for buildings Ministry of Cake 721,280 556,169 - 760,428 (Holdings) Limited Manufacturer of desserts and cakes for the food service industry Racoon International 550,852 - 550,852 550,852 Holdings Limited (formerly Castlegate 435 Limited) Supplier of hair extensions, hair care products and training British International 500,000 500,000 500,000 Holdings Limited Helicopter service operator Brookerpaks Limited 55,000 621,555 - 426,317 Importer and distributor of garlic and vacuum-packed vegetables VSI Limited 388,853 388,842 11 388,853 Provider of software for CAD and CAM vendors Blaze Signs Holdings 360,969 360,969 360,969 Limited Manufacturer and installer of signs Campden Media Limited 334,880 334,880 - 344,124 Magazine publisher and conference organiser Pastaking Holdings 292,405 292,405 292,405 Limited Manufacturer and supplier of fresh pasta meals B G Consulting Group 1,153,976 128,344 - 273,128 Limited/Duncary 4 Limited Technical training business and outplacement careers consultancy Vectair Holdings 215,914 215,914 - 222,080 Limited Provider of air care and sanitary washroom products SectorGuard plc 150,000 150,000 - 150,000 Provision of manned guarding, mobile patrolling, and alarm response services Letraset Limited 650,000 622,737 - 102,691 Manufacturer and distributor of graphic art products Inca Interiors Limited 350,000 50,000 - 50,000 Supplier of quality kitchens to house developers Other investments in 1,719,785 - - - the portfolio * --------------- --------------- --------------- --------------- 12,314,902 18,285,446 1,341,827 20,529,370 --------------- --------------- --------------- --------------- Nova Capital Management Limited Tikit Group plc 500,000 960,868 - 1,421,737 Provider of consultancy services and software solutions for law firms Biomer Technology 137,170 753,837 - 753,837 Limited Developer of biomaterials for medical devices NexxtDrive Limited 812,014 468,750 212,014 738,264 Developer of patented transmission technology IDOX plc 737,625 366,083 - 509,333 Developer of products for document, content and information management --------------- --------------- --------------- --------------- 2,186,809 2,549,538 212,014 3,423,171 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- TOTAL 23,365,655 35,405,032 1,553,841 36,676,416 ========= ========= ========= ========= * 'Other investments in the portfolio' comprises those investments that have been valued at nil and from which the Directors only expect to receive small recoveries: Monactive Limited in the Foresight portfolio and F H Ingredients Limited, The Hunter Rubber Company Limited and Stortext-FM Limited in the MPEP portfolio. Investment Managers' Review Foresight Venture Partners (Foresight) During the period markets generally experienced benign trading conditions with particular benefit to mid and large cap stocks. Technology stocks, however, continued to remain out of favour and the Company's quoted technology investments suffered accordingly with several companies dropping in value during the period, often despite good underlying progress. Among the portfolio's quoted holdings, Oxonica, Corero (formerly Mondas), ANT and smartFOCUS achieved strong trading progress. Oxonica, currently the largest holding in the portfolio, recently reported its annual results which showed an eightfold increase in sales to £10.2 million and reduced operating losses to £3,245,000 (2005: £4,504,000) and were in line with market expectations for the year ended 31 December 2006. Revenue and cash flow were positively impacted by the Petrol Ofisi and Becton Dickinson contract wins in the second half of the year and, as a result, the company's year end cash position was ahead of expectations. More recently, however, the share price has eased following an announcement that the results of a trial for its fuel additive with Petrol Ofisi at the second data point had proved inconclusive. This has since led to the temporary suspension of the share price until the position of the company has been determined. Corero recently announced that it had made strong progress for the year ended 31 December 2006, achieving record revenues and profits. The Blue Curve division (formerly a Foresight portfolio company) had a particularly successful year, more than doubling its revenues compared to 2005. Significant licence revenues have been derived both from existing customers, and from new clients added during the year. The company produced operating profits of approximately £400,000 on revenues of approximately £6.3 million in the year ended 31 December 2006, which is a turnaround of just under £1.2 million from the £ 770,000 operating loss incurred in the previous year. It also reported that all business units were profitable. Corero has also substantially improved its working capital position and operating cashflow is positive, putting it in an excellent position to take advantage of the momentum built during the year and the opportunities that have been created across all its business units. ANT increased revenues by 48% to £3.7 million, reduced operating losses to £1.4 million (2005: £2.2 million) and announced an important new relationship with Scientific Atlanta. SmartFOCUS recently announced strong revenue growth for 2006 with an increase of approximately 52% compared to 2005. It made a profit of £918,000 in 2006 compared to a loss of £19,000 in 2005. SmartFOCUS repaid its £333,333 loan to TriVest during the period under review. Sarantel, although achieving a 43% increase in sales to £4.0m for the year to 30 September 2006, saw flat sales in the second half of that year and incurred increased losses of £6.1 million from £5.3 million a year earlier. The company is winning new orders but at a slower rate than originally envisaged. Within the unquoted portfolio, the most significant movements were an increase in the valuation of Aquasium Technology (£521,566) which continues to be profitable and benefited from an increase in the price-earning sector multiple of engineering companies and a decrease in the valuation of Camwood (£641,339). Camwood's profits declined as it continued to invest in its new product offerings. Following the recent release of Microsoft Vista, the company expects an increase in demand for its products and services in 2007/8. Matrix Private Equity Partners LLP (MPEP) In the six months to 31 March 2007 MPEP added two new investments to the portfolio. In December, £791k was invested into PXP Holdings, a company formed on the £14 million management buy out ("MBO") of Pinewood Structures, a leading UK manufacturer and supplier of timber frame components to the housebuilding market. This was closely followed by a £551k investment in the MBO of Racoon International, the UK's foremost supplier of hair extensions to professional salons. The creation of value within the portfolio is very encouraging. The older investments have continued to show strong trading performance; foremost among these are HWA, Brookerpaks, Image Source and Original Additions, all of which have now returned income to TriVest in excess of the original cost of investment. In October, Brookerpaks repaid a total of £512k, comprising TriVest's loan stock together with a repayment premium. In early April after the period end, Image Source repaid TriVest's loan investment, together with a premium, totalling £834k. This was closely followed by Original Additions re-structuring its capital in a £12 million transaction which returned £1.7 million to TriVest in dividends and capital against its investment cost of £1 million; TriVest continues to retain its 11% equity stake in the company. In all of these investments TriVest now holds valuable minority shareholdings at low residual cost. In total, these three transactions have returned income of almost £890k above cost to TriVest. Also pleasing has been the early trading performance of TriVest's more recent investments, with a number, including Youngman, PastaKing, Blaze Signs and Vectair, exceeding profitability anticipated at the time of investment. The only disappointment has been the investment in FH Ingredients, where poor implementation of a major capital expenditure programme soon after the investment led to cash pressures and efforts to re-finance the company have proved unsuccessful; its operating subsidiary entered into administration on 26 January 2007. Full provision had already been made against this £403k investment. The MPEP portfolio now comprises investments in 23 companies, almost all of which are MBOs. The value of the portfolio has increased by a further £2.2 million, including new acquisitions of £1.3 million, since the year end and at 31 March 2007 stands at almost £21 million, or 167% of current cost (31 March 2006: 159%). Nova Capital Management Limited (Nova) There are four investments in the portfolio as at 31 March 2007. No investments were made into any new companies in the period under review. The emphasis of Nova's work has been on value improvement within the existing financial resources of each company unless there is clear evidence that new investment will make a significant difference. Tikit, an AIM quoted company, specialising in providing consultancy services and software solutions to law firms, performed well in 2006, consolidating on the acquisitions it made in 2004 and 2005. It enjoyed strong revenue growth, improved margins and increased profits. This has been reflected in a 62% increase in their share price during the period. We remain optimistic about its long term prospects. IDOX, an AIM quoted company providing knowledge management software and solutions to the public sector also enjoyed some improvement following a disappointing prior period. The company has reorganized itself, and has focused on account management and pricing structures. This has been reflected in a positive start to 2007. The share price has increased by 27%, although this continues to be below the level of TriVest's initial investment. Biomer is a company concerned with the development of novel polymers for product applications in cardiovascular and other interventional medical devices. The company has signed a worldwide licence agreement for nitinol stent coatings with Memry Corporation, which represents an important landmark in the company's development. NexxtDrive is developing technology which will increase fuel efficiency and performance of both conventional and hybrid vehicles. During the period TriVest made a further investment of £212,014 in NexxtDrive as part of a £1.3 million funding round. At the period end, TriVest's total holding was valued at £ 738,264 which includes £325,000 of convertible loan. NexxtDrive is currently considering an IPO on the AIM market, subject to market conditions for a company at its current stage of development. Unaudited Profit and Loss Account for the six months ended 31 March 2007 Six months ended 31 March 2007 (unaudited) Revenue Capital Total £ £ £ Unrealised gains/(losses) on - 752,297 752,297 investments Net gains/(losses) on realisation - 160,181 160,181 of investments Income 703,103 - 703,103 Investment management fees (114,298) (342,892) (457,190) Other expenses (228,203) - (228,203) -------------- -------------- -------------- Profit/(loss) before taxation 360,602 569,586 930,188 Tax on ordinary activities (76,736) 76,736 - -------------- -------------- -------------- Profit/(loss) for the financial 283,866 646,322 930,188 period -------------- -------------- -------------- Basic and diluted earnings per 2.38p share: All the items in the above statement derive from continuing operations. There were no other recognised gains or losses in the period. Six months ended 31 March 2006 (unaudited) Revenue Capital Total £ £ £ Unrealised gains/(losses) on - (893,173) (893,173) investments Net gains/(losses) on realisation - (19,022) (19,022) of investments Income 596,717 - 596,717 Investment management fees (119,952) (359,854) (479,806) Other expenses (216,430) - (216,430) -------------- -------------- -------------- Profit/(loss) before taxation 260,335 (1,272,049) (1,011,714) Tax on ordinary activities (61,175) 61,175 - -------------- -------------- -------------- Profit/(loss) for the financial 199,160 (1,210,874) (1,011,714) period -------------- -------------- -------------- Basic and diluted earnings per (2.50)p share: Year ended 30 September 2006 (audited) Revenue Capital Total £ £ £ Unrealised gains/(losses) on (4,074,141) (4,074,141) investments Net gains/(losses) on realisation - 1,556,784 1,556,784 of investments Income 1,135,895 - 1,135,895 Investment management fees (233,097) (699,292) (932,389) Other expenses (458,520) - (458,520) -------------- -------------- -------------- Profit/(loss) before taxation 444,278 (3,216,649) (2,772,371) Tax on ordinary activities (101,347) 101,347 - -------------- -------------- -------------- Profit/(loss) for the financial 342,931 (3,115,302) (2,772,371) period -------------- -------------- -------------- Basic and diluted earnings per (6.98)p share: Unaudited Note of Historical Cost Profits and Losses For the six months ended 31 March 2007 . Six months Six months Year ended ended ended 30 September 31 March 2007 31 March 2006 2006 (unaudited) (unaudited) (audited) £ £ £ Profit/(loss) on ordinary 930,188 (1,011,714) (2,772,371) activities before taxation (Less)/add unrealised (gains)/ (752,297) 893,173 4,074,141 losses on investments (Less)/add realisation of (93,579) (4,417,530) (4,059,632) revaluation (losses)/gains of previous years -------------- -------------- -------------- Historical cost profit/(loss) on 84,312 (4,536,071) (2,757,862) ordinary activities before taxation ========= ========= ========= Historical cost (loss)/profit for (1,382,310) (5,779,578) (4,062,494) the period after taxation and dividends ========= ========= ========= Unaudited Balance Sheet as at 31 March 2007 31 March 2007 31 March 2006 30 September 2006 (unaudited) (unaudited) (audited ) £ £ £ Non current assets Investments 36,676,416 39,574,724 35,405,032 --------------- --------------- --------------- Current assets Debtors and prepayments 920,424 1,235,863 936,772 Investments at fair value 6,041,018 5,601,089 5,969,440 Cash at bank 53,516 48,838 2,027,094 --------------- --------------- --------------- 7,014,958 6,885,790 8,933,306 Creditors: amounts falling due (251,808) (95,030) (188,060) within one year --------------- --------------- --------------- Net current assets 6,763,150 6,790,760 8,745,246 --------------- --------------- --------------- Net assets 43,439,566 46,365,484 44,150,278 --------------- --------------- --------------- Capital and reserves Called up share capital 388,788 396,099 391,099 Share premium account 136,594 60,973 60,974 Capital redemption reserve 30,441 22,441 27,441 Special reserve 24,509,138 26,756,241 25,025,881 Revaluation reserve 13,464,704 16,140,070 12,618,828 Profit and loss account 4,909,901 2,989,660 6,026,055 --------------- --------------- --------------- Equity shareholders' funds 43,439,566 46,365,484 44,150,278 --------------- --------------- --------------- Net asset value per share 111.73p 117.06p 112.89p Unaudited Cash flow Statement For the six months ended 31 March 2007 Six months ended Six months Year ended ended 31 March 2007 31 March 2006 30 September 2006 (unaudited) (unaudited) (audited) £ £ £ Operating activities Net revenue on activities before 360,602 260,335 444,278 taxation Capitalised fees (342,892) (359,854) (699,292) Transaction costs (148) (17,524) (27,071) (Increase)/decrease in debtors 16,348 (115,721) (151,700) (Decrease)/increase in creditors 63,748 (99,308) (6,278) --------------- --------------- --------------- Net cash inflow/(outflow) from 97,658 (332,072) (440,063) operating activities Equity dividends paid (1,466,622) (1,243,507) (1,304,632) Tax Refund Taxation paid Acquisitions of investments (1,553,841) (1,492,138) (2,410,773) Disposals of investments 1,195,083 29,552 3,857,334 Management of liquid resources (71,578) 744,784 376,433 Financing (174,278) (584,014) (977,438) --------------- --------------- --------------- Decrease in cash for the period (1,973,578) (2,877,395) (899,139) --------------- --------------- --------------- Reconciliation of net cash flow to movement in net debt Decrease in cash for the period (1,973,578) (2,877,395) (899,139) Net funds at the start of the 2,027,094 2,926,233 2,926,233 period --------------- --------------- --------------- Net funds at the end of the period 53,516 48,838 2,027,094 --------------- --------------- --------------- Unaudited reconciliation of Movements in Shareholders' Funds for the six months ended 31 March 2007 Six months Six months Year ended ended ended 30 September 31 March 2007 31 March 2006 2006 (unaudited) (unaudited) (audited) £ £ £ Opening shareholders' funds 44,150,278 49,386,890 49,386,890 Restated for application of new - (182,171) (182,171) accounting policies --------------- --------------- --------------- At 1 October 2006 44,150,278 49,204,719 49,204,719 --------------- --------------- --------------- Net share capital bought back / (174,278) (584,014) (977,438) subscribed for in the period Profit/(loss) for the period 930,188 (1,011,714) (2,772,371) Dividends paid in period (1,466,622) (1,243,507) (1,304,632) --------------- --------------- --------------- Closing Shareholders' funds 43,439,566 46,365,484 44,150,278 --------------- --------------- --------------- NOTES 1. The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments, and in accordance with the Companies Act 1985, with applicable accounting standards in the United Kingdom and with the Statement of Recommended Practice, `Financial Statements of Investment Trust Companies', revised December 2005. 2. Investments are stated at "fair value through profit and loss", in accordance with the International Private Equity and Venture Capital Valuation ("IPEVCV") guidelines. Purchase and sales of quoted investments are recognised on the trade date where a contract of sale exists whose terms require delivery within a time frame determined by the relevant market. Purchases and sales of unlisted investments are recognised when the contract for acquisition or sale becomes unconditional. The fair value of quoted investments is the bid price of those investments at the close of business on 31 March 2007. Unquoted investments are stated at fair value by the Directors in accordance with the following rules, which are consistent with the IPEVCV guidelines: i. Investments which have been made in the last 12 months are at fair value which, unless another methodology gives a better indication of fair value, will be at cost; ii. Investments in companies at an early stage of their development are valued at fair value which, unless another methodology gives a better indication of fair value, will be cost; iii. Where investments have been held for more than 12 months or have gone beyond the stage in their development in (i) or (ii) above, the shares may be valued by applying a suitable price-earnings ratio to that company's historic, current or forecast earnings (the ratio used being based on a comparable listed company or sector but the resulting value being discounted to reflect lack of marketability). Where overriding factors apply, alternative methods of valuation will be used. These will include the application of a material arms-length transaction by an independent third party, discounted cash flow, or a net asset basis; iv. Where a value is indicated by a material arms-length transaction by a third party in the shares of a company, this value will be used; v. Where fair value cannot be reliably measured under paragraphs (i)-(iv) above, an investment is held at the most recent carrying value, reduced where there is evidence of impairment by the estimated extent of impairment. Capital gains and losses on investments, whether realised or unrealised are shown in the Profit and Loss Account. Although the Company holds more than 20% of the equity of certain companies, it is considered that the investments are held as part of an investment portfolio. Accordingly, and as permitted by FRS 9 `Associate and Joint Ventures', their value to the Company lies in their marketable value as part of that portfolio. It is not considered that any of our holdings represents investments in associated companies. 3. In accordance with the policy statement published under "Management and Administration" in the Company's prospectus dated 13 October 2000, the Directors have charged 75% of the investment management expenses to the capital reserve. 4. All revenue and capital items in the above Profit and Loss account derive from continuing operations 5. Earnings for the six months ended 31 March 2007 should not be taken as a guide to the results for the full year. 6. Earnings and return per share Six months Six months ended Year ended ended 31 March 2006 30 September 2006 31 March 2007 £ £ £ Total earnings after 930,188 (1,011,714) (2,772,371) taxation: Basic earnings per share 2.38 (2.50) (6.98) --------------- --------------- --------------- Net revenue from ordinary activities before taxation 283,866 199,160 342,931 Revenue return per share 0.73 0.49 0.86 --------------- --------------- --------------- Net unrealised capital 752,297 (893,173) (4,074,141) gains/(losses) Net realised capital 160,181 (19,022) 1,556,784 gains/(losses) Capital expenses (266,156) (298,679) (597,945) --------------- --------------- --------------- Total capital return 646,322 (1,210,874) (3,115,302) Capital return per share 1.65 (2.99) (7.84) --------------- --------------- --------------- Weighted average number 39,081,898 40,522,780 39,694,960 of shares in issue in the period 7. Net asset value per Ordinary Share is based on net assets at the end of the period, and on 38,878,803 (31 March 2006: 39,609,922, 30 September 2006: 39,109,922) Ordinary shares, being the number of Ordinary shares in issue on that date. 8. The information for the year ended 31 March 2007 does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. The financial statements for the year ended 30 September 2006 have been filed with the Registrar of Companies. The auditors have reported on these financial statements and that report was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. 9. Copies of the Interim Report to Shareholders for the six months ended 31 March 2007 will be sent to all Shareholders shortly. Further copies will be available free of charge from the Company's registered office, One Jermyn Street, London SW1Y 4UH.

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