Final Results

Unicorn AIM VCT plc 22 November 2006 Preliminary results for the year ended 30 September 2006 Chairman's Statement The Board is pleased with the continued progress of both Funds and is confident that your Investment Manager's strategy can continue to deliver attractive returns for Shareholders, given reasonable market conditions. The Company has continued to make sound progress over the past twelve months despite a recent, relatively poor performance from the Alternative Investment Market (AIM). The Net Asset Values (NAV) at bid prices of the Ordinary Share Fund and the Series 2 (S2) Share Fund as at 30 September 2006 were 99.2 pence per share and 120.3 pence per share respectively. The Board aims to maximise the stream of dividend distributions to Shareholders, although as both Funds mature this policy becomes increasingly dependent on the level of capital gains generated by each portfolio. The timing and size of capital realisations remains unpredictable. In addition, the goal remains to return realised gains to Shareholders whilst maintaining the NAVs at around 100 pence per share. Mindful of this goal, the Board does not intend to propose a final dividend for Ordinary Shareholders for the year ended 30 September 2006, meaning that dividends for the year recognised in the accounts total 10 pence per Ordinary Share (5 pence per share in 2005). Total dividends recognised in the accounts for the S2 Share Fund are 1 penny per S2 Share (0.75 pence per share in 2005). An increased final dividend of 5 pence per share is proposed for S2 Shareholders (1 penny (0.65 pence from capital, 0.35 pence from income) per share in 2005) for the year ended 30 September 2006 which will be paid from capital on 31 January 2007 to S2 Shareholders on the register on 5 January 2007. All of the VCT legislative tests relating to the running of the Company were met throughout the period under review. The most visible of these tests is that more than 70% of each portfolio had to be invested in qualifying investments by the end of the third accounting period from when new share capital was subscribed. The Ordinary Share Fund is now five years old and remains comfortably above the 70% target, closing the financial year at approximately 83% invested in qualifying investments. The S2 Share Fund achieved the 70% target prior to the 30 September 2006 deadline. In the year to 30 September 2006 the Ordinary Share Fund made four new qualifying investments at a total cost of Â£1.4m out of total purchases of Â£ 3.7m. The S2 Share Fund participated alongside the Ordinary Share Fund in three of these investments and also made a further six qualifying investments in its own right. The total cost of new investments for the S2 Share Fund was Â£4.3m. The Ordinary Share Fund ended the year with a portfolio of thirty-four qualifying investments. The total number of holdings has been reduced by two following the disposal of six holdings. The S2 Fund now holds twenty-seven qualifying investments having made nine new investments and two disposals during the year. Both Funds continue to hold cash reserves in order to allow for further qualifying investments and to finance the Company's regular share buy-back programme. During the period 1,502,062 Ordinary Shares and 77,790 S2 Fund Shares were bought back for cancellation at an average price of 89.3 pence per share and 110.6 pence per share respectively. As shareholders will be aware, the Chancellor's Budget statement in March 2006 introduced a number of changes to VCT regulations. The changes primarily relate to capital raised by VCTs after 6 April 2006 and as such do not directly affect the operation of Unicorn's existing VCTs. However, given the significant amount of capital raised for new VCTs, in advance of these changes, it was inevitable that competition for investment in suitable new issues would increase. When taken in combination with the current slowdown in the new issue market this may mean that some VCT managers struggle to meet the 70% qualifying target within the prescribed period. The Board is therefore particularly pleased that the S2 Fund has now reached the minimum 70% level without the Investment Manager having to deviate from its chosen approach to making new investments. The AIM has had a disappointing 12 months in performance terms. Despite strong gains in the first half of the financial year, this Index came under pressure in early May and ended the period 8% lower as investors became increasingly risk averse. The AIM is inherently more volatile than the main market and is prone to large swings in performance. The Investment Manager's continued focus on identifying profitable, cash generative companies in which to invest substantially mitigates this risk and the Board is confident that this remains the optimum approach to securing strong and sustainable capital growth over the longer term, thereby maximising the potential for future dividend distributions to shareholders. A more detailed report on the performance of both Funds is contained in the Investment Manager's Review below. In summary, the Board is pleased with the continued progress of both Funds, remains confident in the potential for further capital growth and looks forward to continuing the payment of dividends to shareholders in the future. Peter Dicks Chairman Investment Manager's Review Investment policy It is the aim of the Investment Manager to identify and invest in a diversified portfolio of companies that display a majority of the following characteristics: * experienced and well-motivated management; * products and services supplying growing markets; * sound operational and financial controls; and * good cash generation to finance ongoing development allied with a progressive dividend policy. Performance Both Funds have performed well over the past 12 months despite the difficult market conditions endured by AIM quoted companies in the second half of the financial year. As at 30 September 2006 the NAV of the Ordinary Share Fund on a bid price basis was 99.2 pence per share. This represents an increase in the total return for the year of 3.5% after adding back dividends paid. Since launch, the initial NAV has increased by 33.0% on a total return basis. The NAV of the S2 Share Fund on a bid price basis was 120.3 pence per share, which represents an increase in total return for the year of 11.0%, after adding back dividends paid. The total return on initial NAV is 29.2%. Investment strategy The continuing policy of investing in companies with established track records of profitability and positive cash generation continues to serve Shareholders well. Both funds now contain a diverse portfolio of predominantly high growth businesses from a wide range of sectors. The new investments made during the past twelve months have performed well, and despite the increased weight of money chasing VCT qualifying investment opportunities access to deal-flow has improved and meaningful allocations have been secured. The Investment Manager will continue with a highly selective approach to new investments. AIM review The AIM is inherently volatile and investment in AIM quoted companies carries with it a higher than average degree of risk. We remain concerned at the level of exposure to oil and gas and mining companies, which now account for 38% of the AIM Index by value, and by the rapid growth in international companies seeking floatation on AIM (source: London Stock Exchange - 30 August 2006). However, with over 1,500 companies representing a total market value of over Â£ 70bn (source: London Sock Exchange - 30 August 2006) there is no doubt that the AIM is an increasingly viable and attractive option for many entrepreneurs seeking to list their businesses for the first time. Overall there has been a healthy flow of VCT qualifying IPOs on AIM this year, although there has been a decline in new issues in recent months. Qualifying investments The Ordinary Share Fund has now completed its fifth year and as such is relatively mature. The Fund made four new investments during the course of the year which in aggregate generated a positive contribution to performance of over Â£500,000. Mattioli Woods is one of the UK's leading growing pension and wealth management consultancies. Founded in 1991, the company has built long term relationships with its customers and now acts for around 1,500 pension fund clients. Revenue generation is predominantly fee-based and the business is enjoying strong growth, partly driven by new government legislation relating to pension simplification. Abcam has successfully exploited web based technology to build a business specialising in the distribution of therapeutic antibodies to the worldwide life science research market. The company has grown rapidly from humble beginnings in 1998 and now generates annual sales of Â£20m from an online catalogue of over 23,000 products. The business is inherently high margin and cash generative and prospects for continued growth remain excellent. Dillistone Group is a small company specialising in the provision of software and ancillary services to the executive recruitment industry. The company has focused on a specific niche market and has developed a reputation for `must have' solutions combined with high quality customer service. As a consequence, approximately 45% of all new business is generated via referrals from existing satisfied clients. Dillistone was admitted to trading on AIM in June 2006. Turnover, profits and cashflow continue to grow strongly. Clarity Commerce Solutions is a leading supplier of management software solutions to the entertainment, leisure and retail sectors. In addition Clarity has developed a range of support service offerings and as a result has become increasingly successful in winning large contracts from global players such as Sodhexo. Having recently reported on a fifth successive year of profitability and growth, the company is well positioned to exploit further growth opportunities and to deliver accelerated financial performance. As previously discussed, corporate activity continues to be an ongoing feature of the portfolios. Profitable, fast growing companies remain attractive to trade and private equity buyers alike. During the course of the year under review four investments held in the Ordinary Share Fund were taken over. In March, TRL Electronics, one of the larger holdings in the Ordinary Share Fund, received a bid approach from an American trade buyer. The offer was declared unconditional in June, crystallising an almost three fold gain on original book cost. Interest bearing loan notes redeemable in March 2007 were accepted in lieu of cash thus allowing time for the Investment Manager to replace this holding with new qualifying investments in a managed fashion. Lloyds British Testing, Nectar Taverns and Urban Dining were the other holdings that were subject to takeover bids during the year. The S2 Share Fund has been active in making new investments this year and ended the period above the 70% level required to maintain VCT qualifying status. Nine new companies were added to the S2 portfolio, three of which were also invested in by the Ordinary Share Fund. The Investment Manager has been encouraged by the overall performance of these new investments to date and their success further endorses the strategy of investing in established, profitable and cash generative businesses. Cohort was established to acquire leading independent suppliers of specialist technical services to the defence and security sectors. On admission to AIM the company acquired Systems Consultants Services and in July of this year Cohort announced the acquisition of Mass Consultants. Both these businesses have profitable and successful track records whilst providing highly specialised services to different areas of the Armed Forces in the UK and abroad. These two initial acquisitions have created the platform from which Cohort can bid for larger contracts and have enhanced the group's ability to cross-sell its services into different areas of the defence industry. Compass Finance Group is an arranger and packager of secured loans to the consumer market. The business is in the process of being transitioned away from its direct mail marketing roots into affinity partnerships with leading high street lenders. The company also recently acquired an insolvency practice to service the rapidly growing market for Individual Voluntary Arrangements (IVAs) which are providing an acceptable debt solution to the alarming number of seemingly irretrievably indebted consumers. Management are working hard to maximise these new opportunities whilst minimising the impact from the rapidly declining market within their original consumer loans division. Debts.co.uk provides personally tailored advice and solutions to over indebted individuals. The company currently processes around 1,200 IVAs per annum as well as providing debt management programmes and secured loans. The market for such services is growing rapidly as many consumers find themselves trapped in a spiral of debt following a decade long consumer boom fuelled by the easy availability of credit. The recent rise in interest rates is likely to create further difficulties to the many individuals who are already struggling to service their debts. Driver Group is a specialist provider of dispute resolution services to the construction industry. The company has a reputation for delivering high quality work with a verifiable track record of achievement to an established and growing client base. Management have ambitious development plans and have made substantial investments in people in recent times to prepare the business for the next phase of growth in both the UK and the Middle East. Invocas Group is Scotland's leading personal and corporate debt solutions company. The company specialises in the processing and management of Protected Trust Deeds, the Scottish equivalent of IVAs. All the indications are that the number of indebted consumers struggling to meet their financial commitments is growing. Invocas is perhaps uniquely placed to take advantage of the strong, growing demand for both personal and corporate debt services since in order to run an insolvency practice in Scotland a company must employ Scottish based Licensed Insolvency Practitioners, thereby creating a natural barrier to entry in this market. Ovum is one of Europe's leading providers of research, market analysis and advisory services to the global Information, Communication and Technology sectors. We invested in this business at the time of its admission to AIM in March 2006 at a price of 190 pence per share. Since the year end, the company has announced a recommended 300 pence per share cash offer for the business from Datamonitor which will result in a 58% return on our investment in just over six months. There have inevitably been some disappointments over the past year with Centurion, Invox, Public Recruitment Group, Strategic Retail, and Xpertise Group failing to reach expectations. However, the continued strong growth of many of the qualifying investments made in previous years has been very pleasing and has more than compensated for those investments that have not performed. There have been several companies held in both Funds which have performed particularly well. Talarius, which has quickly established the UKs largest high street chain of coin operated gaming centres, is a notable example of the type of company we like to invest in for long term returns. The business model is simple and scalable; the market is fragmented, the operations are profitable and highly cash generative and the management team who have many years experience in the leisure industry own a meaningful stake in the company. In the past year the value of our investment in Talarius has risen by 84% and we are showing a 140% return on initial investment. In our view there remains further significant growth potential within Talarius' chosen market and we are confident that management can continue to deliver significant value for Shareholders. Since the financial year end, management has announced that they have received an approach from a third party which may or may not lead to an offer being made for the company. Other investments worthy of mention include Glisten, Zetar andPilat Media which between them generated over Â£1.3m of positive contribution across the two funds. Non-qualifying portfolio The contribution to performance from the non-qualifying portfolios in both Funds has once again been very satisfying. The investment in Robert Walters held in the Ordinary Share Fund delivered a 90% return over the past twelve months, whilst in the S2 Fund the holdings in Unicorn UK Smaller Companies Fund and Unicorn Mastertrust Fund gained in value by 18% and 12% respectively. In order to fund the growing number of investments in VCT qualifying companies, the overall proportion of assets held in non-qualifying stocks has continued to reduce. The Investment Manager has been able to realise substantial profits on the sale of all non-qualifying investments to date and the cash raised has been recycled into new and exciting growth opportunities in VCT qualifying companies. This process will continue and it is to be expected that the contribution from the non-qualifying holdings in both funds will be a smaller component of total returns in future. Prospects It has been a solid year for both Funds and the Investment Manager remains satisfied with progress. The portfolios now contain a diverse range of predominantly profitable businesses with good long term growth potential. The established and selective approach to new investment will be retained and the Investment Manager is confident that this successful strategy can continue to deliver attractive returns for Shareholders over time. Non-Statutory analysis between the Ordinary Share and S2 Share Funds 1. Income Statement for the year ended 30 September 2006 Ordinary Share Fund S2 Share Fund Revenue Capital Total Revenue Capital Total Â£ Â£ Â£ Â£ Â£ Â£ Net unrealised - (38,713) (38,713) - 1,868,085 1,868,085 (losses)/gains on investments Net gains on - 1,980,710 1,980,710 - 350,002 350,002 realisation of investments Costs of - (10,811) (10,811) - (1,203) (1,203) investment transactions Income 386,602 - 386,602 115,609 - 115,609 Investment (181,816) (545,449) (727,265) (63,181) (189,543) (252,724) management fees Other expenses (317,000) - (317,000) (161,714) - (161,714) ------------- ---------------- ---------------- ------------- -------------- ---------------- (Loss)/profit on (112,214) 1,385,737 1,273,523 (109,286) 2,027,341 1,918,055 ordinary activities before taxation Tax on ordinary - - - - - - activities ------------- ---------------- ---------------- ------------- ------------- ---------------- (Loss)/profit (112,214) 1,385,737 1,273,523 (109,286) 2,027,341 1,918,055 attributable to equity shareholders ------------- ---------------- ---------------- ------------- -------------- ---------------- (Loss)/profit per (0.34)p 4.25p 3.91p (0.70)p 12.90p 12.20p ordinary share Average number of 32,643,425 15,715,395 shares in issue Total of both Funds (per Statutory Income Statement) Revenue Capital Total Â£ Â£ Â£ Net unrealised - 1,829,372 1,829,372 (losses)/gains on investments Net gains on - 2,330,712 2,330,712 realisation of investments Costs of investment (12,014) (12,014) transactions Income 502,211 - 502,211 Investment (244,997) (734,992) (979,989) management fees Other expenses (478,714) - (478,714) --------------- ---------------- ----------------- (Loss)/profit on (221,500) 3,413,078 3,191,578 ordinary activities before taxation Tax on ordinary - - - activities (Loss)/profit (221,500) 3,413,078 3,191,578 attributable to equity shareholders --------------- ---------------- ----------------- 2. Balance Sheets as at 30 September 2006 Ordinary Share S2 Share Fund Adjustments Total of both Fund (see note Funds (per below) Statutory Balance Sheet) Â£ Â£ Â£ Â£ Non-current assets Investments at 28,748,110 17,277,230 46,025,340 fair value Current assets Debtors and 92,633 12,368 (3,520) 101,481 prepayments Current 2,936,032 1,914 2,937,946 investments Cash at bank 20,726 1,629,216 1,649,942 --------------- --------------- --------------- --------------- 3,049,391 1,643,498 (3,520) 4,689,369 Creditors: (216,501) (79,855) 3,520 (292,836) amounts falling due within one year --------------- --------------- --------------- --------------- Net current 2,832,890 1,563, 643 - 4,396,533 assets ========= ========= ========= ========= Net assets 31,581,000 18,840,873 - 50,421,873 ========= ========= ========= ========= Capital and reserves Called up 318,421 156,655 475,076 share capital Capital 31,576 1,080 32,656 redemption reserve Share premium - 10,148 10,148 account Revaluation 6,652,617 3,601,300 10,253,917 reserve Special 21,038,547 14,100,953 35.139,500 distributable reserve Profit and 3,539,839 970,737 4,510,576 Loss account ========= ========= ======== Equity 31,581,000 18,840,873 50,421,873 shareholders' funds ========= ========= ======== Number of 31,842,172 15,665,524 shares in issue Net asset 99.18p 120.27p value per 1p Share Note: The adjustment above nets off the inter-fund debtor and creditor balances, so that the "Total of both funds" balance sheet agrees to the Statutory Balance Sheet below. 3. Reconciliation of movements in Shareholders' Funds for the year ended 30 September 2006 Ordinary Share S2 Share fund Total of both funds fund (per Statutory Balance Sheet) Â£ Â£ Â£ At 30 September 34,500,528 17,196,346 51,696,874 2005 (as previously reported) Prior year adjustment arising from the introduction of FRS 21 1,667,212 157,433 1,824,645 Prior year adjustment arising from the introduction of FRS 25 and FRS 26 (1,198,299) (187,528) (1,385,827) ----------------- ------------------ ---------------------- As at 1 October 34,969,441 17,166,251 52,135,692 2005 (as restated) Share capital (1,348,791) (86,000) (1,434,791) bought back in the year Profit for the year 1,273,523 1,918,055 3,191,578 Dividends paid (3,313,173) (157,433) (3,470,606) ----------------- ------------------ ----------------------- Closing 31,581,000 18,840,873 50,421,873 shareholders' funds at 30 September 2006 =========== =========== ============== Income Statement For the year ended 30 September 2006 30 September 2006 30 September 2005 (restated) Revenue Capital Total Revenue Capital Total Â£ Â£ Â£ Â£ Â£ Â£ Net unrealised - 1,829,372 1,829,372 - 2,892,956 2,892,956 gains on investments Net gains on - 2,330,712 2,330,712 - 1,896,702 1,896,702 realisation of investments Costs of - (12,014) (12,014) - (16,015) (16,015) investment transactions Income 502,211 - 502,211 931,791 858,103 1,789,894 Investment (244,997) (734,992) (979,989) (248,109) (744,327) (992,436) management fees Other expenses (478,714) - (478,714) (517,813) - (517,813) ------------- --------------- -------------- ------------- --------------- -------------- (Loss)/profit on (221,500) 3,413,078 3,191,578 165,869 4,887,419 5,053,288 ordinary activities before taxation Tax on ordinary - - - (6,396) 6,396 - activities ------------- -------------- ------------- ------------- -------------- ------------- (Loss)/profit on (221,500) 3,413,078 3,191,578 159,473 4,893,815 5,053,288 ordinary activities after taxation for the financial year ------------- --------------- -------------- ------------- ------------- -------------- Earnings per share Ordinary Shares 3.91p 7.98p S2 Shares 12.20p 14.74p All the items in the above statement derive from continuing operations. Statement of Total Recognised Gains and Losses for the year ended 30 September 2006 30 September 30 September 2006 2005 Â£ Â£ Profit on ordinary activities after 3,191,578 5,053,288 taxation --------------- Prior year adjustment arising from the (1,385,827) introduction of FRS 25 and FRS 26 --------------- Total recognised gains since the last 1,805,751 annual report --------------- Note of Historical Cost Profits and Losses for the year ended 30 September 2006 30 September 2006 30 September 2005 (restated) Profit on ordinary activities before 3,191,578 5,053,288 taxation Less: unrealised gains on investments (1,829,372) (2,892,956) Realisation of revaluation gains of 985,122 885,981 previous years ------------------ ------------------ Historical cost profit on ordinary 2,347,328 3,046,313 activities before taxation ------------------ ------------------ Historical cost (loss)/profit for the (1,123,278) 1,199,626 year after taxation and dividends ------------------ ------------------ Balance Sheet as at 30 September 2006 30 September 30 September 2005 2006 (restated) Â£ Â£ Non-current assets Investments at fair value 46,025,340 45,338,731 Current assets Debtors and prepayments 101,481 2,203,122 Current investments 2,937,946 5,764,584 Cash at bank 1,649,942 79,028 -------------- -------------- 4,689,369 8,046,734 Creditors: amounts falling due within (292,836) (1,249,773) one year ------------- -------------- Net current assets 4,396,533 6,796,961 =========== ============ Net assets 50,421,873 52,135,692 =========== ============ Capital and reserves Called up share capital 475,076 490,875 Capital redemption reserve 32,656 16,857 Share premium account 10,148 10,148 Revaluation reserve 10,253,917 9,409,667 Special distributable reserve 35,139,500 38,373,323 Profit and loss account 4,510,576 3,834,822 =========== ============ Equity shareholders' funds 50,421,873 52,135,692 =========== ============ Net asset value per share of 1 pence each Ordinary Shares 99.18p 104.87p S2 Shares 120.27p 109.04p Reconciliation of Movements in Shareholders' Funds For the year ended 30 September 2006 30 September 30 September 2006 2005 Â£ Â£ At 30 September 2005 (as previously 51,696,874 50,858,416 reported) Prior year adjustment arising from the 1,824,645 118,148 introduction of FRS 21 Prior year adjustment arising from the (1,385,827) (661,657) introduction of FRS 25 and FRS 26 -------------- --------------- As at 1 October 2005 (as restated) 52,135,692 50,314,907 Net share capital bought back in the (1,434,791) (1,385,816) year Profit for the year 3,191,578 5,053,288 Dividends paid (3,470,606) (1,846,687) -------------- --------------- Closing shareholders' funds at 30 50,421,873 52,135,692 September 2006 -------------- --------------- Cash Flow Statement for the year ended 30 September 2006 30 September 30 September 2006 2005 Operating activities Â£ Â£ Dividends received 697,127 1,575,700 Deposit and similar interest 6,519 11,245 Investment management fees paid (979,989) (992,436) Other cash payments (512,656) (487,778) -------------- -------------- Net cash (outflow)/inflow from (788,999) 106,731 operating activities Investing activities Purchase of investments (6,915,409) (10,765,279) Sale of investments 11,410,257 9,196,261 -------------- --------------- 4,494,848 (1,569,018) Equity dividends Payment of dividends (3,491,856) (1,846,687) -------------- --------------- Net cash inflow/(outflow) before 213,993 (3,308,974) financing and liquid resource management Financing Issue of S2 shares (net of expenses) - 10,250 Purchase of own shares (1,469,717) (1,325,875) -------------- -------------- (1,469,717) (1,315,625) Management of liquid resources Decrease in current investments 2,826,638 1,842,325 =========== ============ Net increase/(decrease) in cash 1,570,914 (2,782,274) =========== ============ Notes 1. The audited results for the year ended 30 September 2006 have been prepared under UK Generally Accepted Accounting Practice (UK GAAP) and, to the extent that it does not conflict with the Companies Act 1985, the 2003 Statement of Recommended Practice, `Financial Statements of Investment Trust Companies', revised December 2005. 2. With effect from 1 October 2005, the Company has adopted the following Financial Reporting Standards (FRS): FRS 21 (Events after the Balance Sheet Date) - Dividends payable by the Company are accounted for in the period in which they are paid or approved by shareholders. Previously, the Company accrued dividends in the period in which the net income, to which those dividends related, was accounted for. FRS 25 (Financial Instruments: Disclosure and Presentation) and FRS 26 (Financial Instruments: Measurement) - The Company has designated its investments as being measured at "fair value through profit and loss". The fair value of quoted investments is deemed to be the bid value of these investments at the close of business on the relevant date. The corresponding amounts in these financial statements are restated in accordance with these new policies. 3. These are not full accounts in terms of section 240 of the Companies Act 1985. The Annual Report for the year to 30 September 2006 will be sent to shareholders shortly and will then be available for inspection at One Jermyn Street, London SW1Y 4UH, the registered office of the Company. Statutory accounts will be delivered to the Registrar of Companies after the Annual General Meeting. The audited accounts for the year ended 30 September 2006 contain an unqualified audit report. 4. In accordance with the policy statement published under "Management, Fees and Administration" in the Company's prospectus dated 2 October 2001, the Directors have charged 75% of the investment management expenses to the capital reserve. 5. Total earnings after taxation for the year were Â£3,191,578 (2005: Â£ 5,053,288), comprising a profit on the Ordinary Shares Fund after taxation of Â£1,273,523 (2005: Â£2,731,097 - restated), and a profit after taxation on the S2 Shares Fund of Â£1,918,055 (2005: Â£2,322,191). The basic earnings per Ordinary Share is based on the net profit from ordinary activities and on 32,643,425 (2005: 34,190,165) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the year. The basic earnings per S2 Share is based on the net profit from ordinary activities and on 15,715,395 (2005: 15,761,353) S2 Shares, being the weighted average number of S2 Shares in issue during the year. The revenue return per Ordinary Share is based on the net loss from ordinary activities after taxation of Â£112,214 (2005: Â£96,838) and on 32,643,425 (2005: 34,190,165) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the year. The revenue return per S2 Share is based on the net loss from ordinary activities after taxation of Â£109,286 (2005: revenue Â£62,635) and on 15,715,395 (2005: 15,761,353) S2 Shares, being the weighted average number of S2 Shares in issue during the year. The capital return per Ordinary Share is based on net realised capital gains of Â£1,980,710 (2005: Â£1,787,190), on net unrealised capital losses of Â£38,713 (2005: gains Â£571,394 - restated), capital income of Â£nil (2005 Â£858,103) capital expenses of Â£556,260 (2005: Â£582,428) and on 32,643,425 (2005: 34,190,165) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the year. The capital return per S2 Share is based on net realised capital gains of Â£350,002 (2005: Â£93,497), on net unrealised capital gains of Â£1,868,085 (2005: Â£2,321,562 - restated), capital expenses of Â£190,746 (2005: Â£155,503) and on 15,715,395 (2005: 15,761,353) S2 Shares, being the weighted average number of S2 Shares in issue during the year. 6. The Ordinary Fund has paid two dividends of 5 pence per Ordinary Share each during the year, totalling Â£3,313,173. 7. A final dividend for the year ended 30 September 2005 of 1 penny per S2 Share was paid to S2 Shareholders during the year, totalling Â£157,433. This dividend comprised 0.35 pence dividend from income and 0.65 pence from capital. 8. A final dividend for the year ended 30 September 2006 of 5 pence per S2 Share will be paid from capital to S2 Shareholders on 31 January 2007 to Shareholders on the register on 5 January 2007. 9. The Annual General Meeting of the Company will be held at 11.00 am on 18 January 2007 at One Jermyn Street, London SW1Y 4UH. For further information please contact: Chris Hutchinson, Unicorn Asset Management Limited, Tel: 020 7253 0889

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