Final Results
Close Brothers Aim Vct PLC
16 May 2002
16 May 2002
CLOSE BROTHERS AIM VCT PLC ('the Company')
Preliminary results for the year ended 28 February 2002
Financial Highlights:
Ordinary Shares C Shares
Year to Year to
28 February 2002 28 February 2002
Net dividends per share 4.00 pence 2.00 pence
Net asset value per share 86.97 pence 86.49 pence
Net assets £8.73 million £17.30 million
Shareholder value per share since launch (per £1 paid per share excluding tax benefits):
Gross dividends for the period to 28 February 1999* 3.75 pence -
Net dividends for the year to 29 February 2000 12.25 pence -
Net dividends for the year/period to 28 February 2001 32.25 pence 1.25 pence
Net revenue dividends for the year to 28 February 2002 0.50 pence 2.00 pence
Net capital dividend for the year to 28 February 2002 3.50 pence -
Net asset value at 28 February 2002 86.97 pence 86.49 pence
Total 139.22 pence 89.74 pence
*Dividends paid before 5 April 1999 were paid to qualifying shareholders inclusive of the associated
tax credit.
Michael Reeve, Chairman, commented: 'Over the period from launch of the VCT to
the end of the year under review, the ordinary share portfolio has substantially
outperformed the AIM index. Taking into account realisations (which have
largely been distributed as capital dividends) and income dividends, that
portfolio has increased by 39% compared with a decrease in the AIM index of 17%.
The 'C' share portfolio has fared less well but it too has outperformed the
AIM index, with a decrease in value of 10%, (if income dividends are added
back), compared with a decrease in the AIM index of 48% in the comparable
period.'
'Despite the difficult trading conditions of the last two years and the very
poor level of investor sentiment many companies in the portfolio have continued
to make good progress. That will be recognised in time in their share price
ratings. In the next year or so they and other investments should realise the
potential which vindicates our original investment decision.'
The Manager of the Company, Andrew Buchanan of Close Investment Limited, said: '
In the current environment of low inflation and interest rates, small companies
should have at least the same and arguably a better chance to grow than their
larger bretheren. With valuations in the market at a more realistic level, we
feel comfortable with the timetable for achieving the 80% investment target for
the 'C' shares over the next 18 months.'
For further information, please contact:
Andrew Buchanan Justin Griffiths/John West
Close Investment Limited Tavistock Communications
Tel: 020 7426 4000 Tel: 020 7600 2288
Notes to Editors:
1) Close Investment Limited is a subsidiary of Close Brothers
Group plc and is regulated by the FSA.
2) The financial information included in this announcement as
regards the company does not constitute statutory accounts for the year ended 28
February 2002 within the meaning of Section 240 of the Companies Act 1985.
Statutory accounts of the company for the financial year ended 28 February 2002,
upon which the auditors of the company have given an unqualified report, will be
delivered to the Registrar of Companies.
3) Audited Financial Statements for the year will be sent to
shareholders shortly.
CHAIRMAN'S STATEMENT
A number of unforeseen events occurred in the year to 28 February 2002, which
depressed financial markets and contributed to our second year of negative total
return. In particular the fall in values of telecommunications, media and
technology stocks and the attack on the World Trade Centre created uncertainty
and increased fear amongst all investors. Domestic demand came under renewed
pressure following the outbreak of foot and mouth disease, which impacted on
leisure industries. These events coupled with a continued fall in business
confidence particularly affected sentiment towards smaller companies. Liquidity
shrank as investors sought refuge in cash, bonds and larger, more liquid,
equities. The value of UK equities fell for the second year running, the first
time since 1973 and 1974.
However, over the period from launch of the Company to the end of the year under
review the ordinary share portfolio has substantially outperformed the AIM
index. Taking into account realisations (which have largely been distributed as
capital dividends) and income dividends, that portfolio has increased by 39%
compared with a decrease in the AIM index of 17%. The 'C' share portfolio has
fared less well but it too has outperformed the AIM index, with a decrease in
value of 10% (if income dividends are added back), compared with a decrease in
the AIM index of 48% in the comparable period. In the year to 28 February 2002
the AIM index fell by 36%, while (if dividends are added back), with NAV's at
the year end of 87 pence and 86.5 pence respectively, the value of the ordinary
and 'C' ordinary share portfolio fell by 24% and 8% respectively.
At the end of the year the ordinary share portfolio was 82.4% invested in
qualifying investments and the first tranche of the 'C' share portfolio was 65%
invested. The 'C' share portfolio as a whole was 41% invested in qualifying
investments, comfortably in line with our target of 80% in three years, and
giving us approximately a further eighteen months to invest the balance of the
two tranches.
Dividends
Your board is not proposing a final revenue dividend for the ordinary shares to
add to the 0.5p paid at the interim stage as the level of income has fallen as
the portfolio has become more fully invested. In accordance with your Board's
policy of as far as possible distributing by way of capital dividends the net
profit on realisations as they occur, the Board has proposed a final capital
dividend of 3.5p per ordinary share. The Board is proposing a final revenue
dividend of 1p per 'C' ordinary share to add to the 1p paid at the interim
stage. It is proposed that all dividends be paid on 27 June 2002 to
shareholders on the register on 24 May 2002.
Cancellation of shares
In my statement last year I commented on the substantial swings in the market
price of the ordinary shares in the company which bore no relation to the
movement in the underlying net asset value. In the year under review the share
price of both the ordinary and 'C' ordinary shares fluctuated much less. Your
board exercised its power to acquire 35,000 ordinary shares at an average price
of 79p per share and 10,000 'C' Shares at 80p per share which represented a
discount of approximately 10% respectively on the net asset value per share. At
the forthcoming Annual General Meeting shareholders' consent will again be
sought to renew the board's power to make such purchases should it deem it
appropriate to do so.
Outlook
After two years of negative returns, it might strike shareholders as odd to
remark that the outlook for smaller UK companies seems positive, but for a
number of reasons I believe that your Company can perform well in the next two
years. That is not to say that volatility will not continue to be part of
investment life, but the potential for smaller companies to perform
substantially better than large ones does exist. Clearly many large companies
have significant problems, partly associated with their cost structures, perhaps
associated with excessive debt and weak balance sheets but all associated with
the problems of growing profits in a less benign economic environment than
existed a few years ago.
If that is true for larger companies, might the smallest not also find profits
growth difficult? The difference lies at the heart of the case for investing in
smaller companies, despite the tax advantages of a VCT. Both the ordinary and C
share portfolios comprise many niche companies that have been able to grow their
profits in industrial sectors dominated by large companies. The reasons are
varied, ranging from price to service levels, response time, product innovation
and quality.
The UK economy has not gone into recession as many, at the end of last year,
feared. Indeed the World at large has avoided recession not least as a result
of low interest rates. The UK consumer has continued to spend, although there
are indications that consumer spending may have slowed even before interest
rates rise. For the next year or so inflation seems set to stay at an
acceptably low level despite the recent rises in commodity prices. Although the
next movement in UK interest rates may be upwards it is not expected to be a
sharp rise. The general background is one of economic stability and modest GDP
growth.
It is precisely in those conditions that small companies, with the virtues to
which I have referred earlier, prosper. Smaller companies have the chance to
grow at a rate faster than the average, from which it becomes difficult for
larger companies to deviate. We do, however, expect conditions to remain
challenging and under these conditions both large and small companies can fail,
as particularly witnessed in the past year.
Despite the difficult trading conditions of the last two years and the very poor
level of investor sentiment many companies in the portfolio have continued to
make good progress. That will be recognised in time in their share price
ratings. In the next year or so they and other investments should realise the
potential which vindicates our original investment decision.
Michael Reeve
Chairman 16 May 2002
MANAGER'S REVIEW
Portfolio
Against the background of a generally poor stockmarket and a difficult
environment for new issues, the year was surprisingly busy, with the majority of
successful fund raisings governed by the need for tax driven funds to keep
investing. There was a lull during the summer months, but things picked up in
the Autumn and the flow of VCTable issues continued until Christmas. This was
despite the events of September 11, although many of the fund raisings were from
existing companies where the shock of September on top of several poor months
trading precipitated the decision to seek funds. These secondary issues were of
mixed quality, but tended to be priced more cheaply than new flotations, many of
which were still commanding higher valuations than comparatives in the market
warranted. The pressure of VCT funds to invest that we highlighted a year ago
has helped the smaller end of the market. Its tendency to push prices higher
has now eased as the market for raising new VCT funds has been more difficult
during the year.
In terms of performance, the fund has tended to polarise into the 'old economy'
profitable companies whose shares have done well this year and the 'new economy'
companies whose share prices have struggled, especially those needing funds.
Hence, in the ordinary share portfolio the good performers have been Mears and
Maclellan, both of which, having been re-rated as outsourcing and support
services, have gathered supporters and Metnor and Inventive Leisure which have
produced good individual performances. Interlink Foods, which is in both
portfolios, has performed well on the back of some well priced acquisitions.
TCTi, an investment first made at the beginning of 2000 illustrates the
difficulty of a technology company without significant sales that needs cash.
The company failed despite a pick up in orders and a proven technology. In the
light of difficult market conditions the decision to keep some sort of balance
in the portfolio has paid off in relative terms even if it is disappointing to
report a negative absolute return for the year.
The 'C' share portfolio tended to have newer investments and so missed some of
the performance from more mature investments although it also held Interlink
Foods. Overall, the portfolio performed better than the ordinaries because of
the high levels of cash. On a more positive note, we have continued to take
profits in our successes in the ordinary portfolio and are confident that the
companies we have reinvested the money in should perform in the fullness of
time. It is still early days for most of the investments in the 'C' share
portfolio.
Portfolio Activity
Ordinary Shares
The portfolio consists of 36 holdings at a cost of £8.3 million. At the end of
the period it was 82% invested in qualifying holdings. During the year the fund
made 12 new qualifying investments, 7 in the first half and 5 in the second
half. Of the four in the second half, three are new flotations on AIM. They
include Stagecoach Theatre Arts, a franchise theatre school which trained the
star of Billy Elliott, Deltex, a medical devices company with a non invasive
technique for monitoring cardiac output and Pilat Media, a company selling
television broadcasting software to the likes of B Sky B. Stagecoach is well
established and profitable, Pilat should be able to turn profitable this year,
and Deltex has the opportunity to address a large market although profitability
is further into the future. The encouraging thing from a VCT investor's
perspective is that the valuation of the last two was considerably below what it
would have been 12 months previously and hence the risk reward ratio looks
attractive. We also invested in two existing holdings, Zipcom and Warthog. The
former was raising money for a slimmed down business plan to attack the
telephony market in the local loop. After much hype, many potential competitors
have fallen by the wayside making the market look more attractive. Warthog was
raising funds for small acquisitions to continue its growth in computer games
development. This market is only a small way into a cyclical upturn.
A number of disposals were made during the year realising a net profit of
£547,000. This will be paid out in the proposed capital dividend of 3.50p per
share. Most of the sales were profit taking in Mears, Metnor and Interlink
Foods, all of which remain substantial holdings in the portfolio. We also
exited from two mistakes, RMR and Lady in Leisure. As already highlighted, TCTi
failed to raise sufficient new capital and went into receivership. We sold the
entire holding of Aortech at a profit.
'C' share portfolio
The 'C' share portfolio made 17 investments in the year, 8 of which were in the
second half. In addition to the five discussed above in the section on the
ordinary share portfolio, the 'C' share portfolio invested in three others. The
first of these, Hartest is a profitable dividend paying industrial company
providing equipment to laboratories. Clarity Commerce Solutions is a provider of
management software to pub and restaurant groups which bought a similar business
supplying local authority health clubs. It has managed to win some significant
contracts off groups such as Laurel, the former Whitbread pubs and Punch
Taverns. The other investment was Monotub which turned out to be a mistake, and
gave rise to the portfolio's only sale in the period. We invested on the basis
that the company had a revolutionary new washing machine that had overcome its
former production difficulties and was starting to sell through Comet. Some
poor trade press and the decision to stop manufacture which led to Comet
withdrawing from selling the machine removed all our original reasons for
investing so the holding was sold. At the end of the period the 'C' shares were
41% invested overall and we are continuing to see a reasonable flow of
prospects.
Outlook
The retreat of all but VCT capital from the smaller end of the market from the
middle of 2001 made it hard for shares already in the market place to perform,
even if the underlying company was doing well. These conditions still apply,
but in the case of individual stocks the tide is turning and money is once again
trickling in. The good performance of the more established companies in the
ordinary portfolio shows that value starts to be recognised when companies grow
to a certain size. Systems Union, Inventive Leisure, Mears, Maclellan and
Interlink Foods are all beginning to attract the attention of some of the
mainstream smaller company investors and the share prices have started to rise
as a consequence.
In the current environment of low inflation and interest rates small companies
should have at least the same and arguably a better chance to grow than their
larger brethren. For those that succeed, this will eventually be recognised in
the rating and provide a capital uplift for early investors. We are continuing
to invest in companies in all sectors, taking each on its individual merits but
always trying to keep the risk reward ratio in line with an individual company's
prospects. With valuations in the market at a more realistic level, we feel
comfortable with the timetable for achieving the 80% investment target for the '
C' shares over the next 18 months.
DETAILS OF PORTFOLIO OF INVESTMENTS
The following are the details of qualifying investments on 28 February 2002.
Company and Description Market Value Book Cost Holding % of
at 28 February 2002 £'000 (shares) capital
owned
£'000
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Shares
Shares Shares Shares
InterLink Foods. Manufacturer of 635 548 207 430 188,140 162,467 5.0
own label cakes for supermarket
groups.
Fitzhardinge. Provider of real 265 530 225 450 195,653 391,304 2.1
estate solutions to the UK and
International property sectors
Zipcom. Provider of 233 527 450 500 4,908,947 11,095,000 5.6
telecommunications services.
Pilat Media Global. Software 215 430 200 400 1,000,000 2,000,000 6.9
provider for the global
multi-channel broadcasting market.
comeleon. Provider of advanced 213 426 213 425 128,949 257,898 3.1
imaging technologies.
Stagecoach Theatre Arts. Operator 212 423 193 386 207,529 415,058 6.4
of part-time performing arts schools
for youngsters.
MacLellan. Facilities management. 605 - 259 - 680,263 - 1.2
Warthog. Developer of computer 202 402 192 382 429,303 855,814 2.8
games software.
Metnor Group. Hot dip galvaniser of 563 - 218 - 217,865 - 1.4
steel products.
Mears. Building maintenance 559 - 79 - 606,062 - 1.1
contractor to local authorities, the
MOD and the private sector.
Inventive Leisure. Bar and 518 - 261 - 275,000 - 1.4
nightclub operator.
Deltex Medical Group. Developer of 168 335 239 478 956,896 1,913,796 7.8
non-invasive heart monitoring
devices.
Oasis Healthcare. Operator of - 471 - 419 - 1,047,535 1.8
dental practices thoughout the UK.
Tepnel Life Science. Developer of 133 332 164 409 820,635 2,044,472 3.0
automated DNA technologies.
Company and Description Market Value Book Cost Holding % of
at 28 February 2002 £'000 (shares) capital
owned
£'000
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Shares
Shares Shares Shares
Clipper Ventures. Organisers of the 294 168 350 250 828,400 471,698 9.7
Clipper round the world sailing race
and other sailing based leisure
activities.
Clarity Commerce Solutions. - 409 - 386 - 514,522 3.7
Supplier of electronic point of sale
software.
Conder Environmental. Manufacture 127 254 212 423 1,060,000 2,115,000 8.5
and marketing of pollution control
devices.
Honeycombe. Managed pub operator in 354 - 293 - 532,000 - 1.9
North West England.
Capcon. Investigation services for 95 257 108 292 135,000 365,000 6.9
the leisure industry.
Hartest. Manufacturer and - 317 - 298 - 3,719,576 2.5
distributor of specialist laboratory
equipment.
Blooms of Bressingham. Operator of 174 130 340 190 267,582 200,000 2.4
garden centres.
Adval. Design and delivery of 139 145 480 438 844,443 877,162 6.7
bespoke training courses for human
resources development for major
corporations.
Ideal Shopping Direct. Sales 122 155 269 200 395,000 500,000 3.1
organisation direct to consumer via
catalogue and TV channel.
Tandem. Manufacturer and 263 - 250 - 5,000,000 - 2.0
distributor of bicycles.
Protec. Development and installation 94 139 149 195 1,886,101 2,783,000 3.8
of electronic security and
information systems.
Jamies Bars. London based wine bar 197 - 325 - 406,250 - 5.7
operator.
Bank Restaurant Group. Restaurant 53 106 250 500 1,250,000 2,500,000 8.8
chain operator.
Hearing Enhancement. Developer of 51 103 125 250 250,000 500,000 7.1
the mini-loop system for the hard of
hearing.
Transport Systems. Supplier of 125 - 160 - 640,000 - 7.1
traffic management systems.
Transcomm. The sale and manufacture 121 - 288 - 721,000 - 0.7
of mobile data communications.
Company and Description Market Value Book Cost Holding % of
at 28 February 2002 £'000 (shares) capital
owned
£'000
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Shares
Shares Shares Shares
Landround. Organiser of travel 121 - 205 - 100,000 - 1.8
promotions and incentives for
corporate clients.
Stenoak Associated Services. 117 - 93 - 77,718 - 0.4
Supplier of industrial fencing and
safety barriers to the road and rail
networks.
NMT Group. Developer of medical 105 - 350 - 2,333,333 - 0.2
devices.
XKO. Suppliers of business 84 - 251 - 209,000 - 0.7
enterprise and e-commerce software
and systems integration services.
Maelor. Developer of off-patent 69 - 139 - 102,777 - 0.5
medicines and medical devices.
Giardino Group. Owner and operator 69 - 149 - 119,149 - 0.6
of cafes and restaurants.
Vianet. Provision of remote 37 - 400 - 308,000 - 1.6
monitoring devices for the vending
machine industry.
Systems Union. Provision of 29 - 46 - 35,471 - 0.1
accounting software internationally.
Topnotch Health Clubs. Health club 26 - 130 - 76,705 - 0.5
operator.
Total qualifying investments at
28 February 2002 7,387 6,607 8,262 7,701
Qualifying investments made after the year end:
Company and Description Market Value Book Cost Holding
at 14 May 2002 (shares)
£'000 £'000
Ordinary 'C' Ordinary 'C' Ordinary 'C'
Shares Shares Shares
Shares Shares Shares
1st Dental Laboratories - 421 - 350 - 1,296,296
Advanced Medical Solutions - 300 - 300 - 3,529,411
PM Group - 653 - 450 - 450,000
Avionic Services - 425 - 350 - 1,666,667
Total as at 14 May 2002 - 1,799 - 1,450
The following are the details of non-qualifying investments held at 28 February
2002.
Market Value Cost
at 28 February 2002
Holding £'000 £'000
Ordinary 'C' Ordinary 'C'
Shares Shares
Shares Shares
Citicorp FRN (due April 2003) - 1,498 - 1,496
Northern Rock FRN (due January 2004) - 1,498 - 1,499
Nationwide Building Society FRN (due July 2004) - 1,500 - 1,497
Sunamerica FRN (due April 2005) 995 - 998 -
Deutsche Bank FRN (due June 2005) - 1,497 - 1,497
Yorkshire Building Society FRN (due October 2005) - 1,500 - 1,499
Woolwich FRN (due April 2006) - 1,499 - 1,497
Clarity Commerce Solutions - - - 8
Total as at 28 February 2002 995 8,992 998 8,993
Close Brothers AIM VCT PLC
Statement of Total Return (incorporating the revenue account)
for the year ended 28 February 2002
Ordinary Shares C Shares Total
28 February 2002 28 February 2002 28 February 2002
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on investments - (2,333) (2,333) - (1,358) (1,358) - (3,691) (3,691)
Investment income 156 - 156 716 - 716 872 - 872
Investment management
fee (64) (178) (242) (112) (319) (431) (176) (497) (673)
Other expenses (45) - (45) (81) - (81) (126) - (126)
Return/ (loss) on
ordinary activities
before tax 47 (2,511) (2,464) 523 (1,677) (1,154) 570 (4,188) (3,618)
Tax on ordinary
activities 52 - 52 (99) 60 (39) (47) 60 13
Return/ (loss)
attributable to
equity shareholders 99 (2,511) (2,412) 424 (1,617) (1,193) 523 (4,128) (3,605)
Equity Dividends (50) (351) (401) (400) (400) (450) (351) (801)
-
Transfer to/(from)
reserves 49 (2,862) (2,813) 24 (1,617) (1,593) 73 (4,479) (4,406)
Basic return/(loss)
per share (pence) 1.0 (25.0) (24.0) 2.1 (8.1) (6.0) 3.1 (33.1) (30.0)
Diluted return/
(loss) per share
(pence) 0.9 (22.7) (21.8) 1.9 (7.3) (5.4) 2.8 (30.0) (27.2)
The revenue column of this statement represents the profit and loss account of
the Company.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.
Close Brothers AIM VCT PLC
Statement of Total Return (incorporating the revenue account)
for the prior year ended 28 February 2001
Ordinary Shares C Shares Total
28 February 2001 28 February 2001 28 February 2001
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on
investments - (1,646) (1,646) - (41) (41) - (1,687) (1,687)
Investment income 379 - 379 254 - 254 633 - 633
Investment
management fee (84) (254) (338) (17) (88) (105) (101) (342) (443)
Other expenses (63) - (63) (18) - (18) (81) - (81)
Return/ (loss) on
ordinary
activities before
tax 232 (1,900) (1,668) 219 (129) 90 451 (2,029) (1,578)
Tax on ordinary
activities (50) 50 - (44) 18 (26) (94) 68 (26)
Return/ (loss)
attributable to
equity
shareholders 182 (1,850) (1,668) 175 (111) 64 357 (1,961) (1,604)
Equity Dividends (226) (3,022) (3,248) (156) (156) (382) (3,022) (3,404)
-
Transfer (from)/to
reserves (44) (4,872) (4,916) 19 (111) (92) (25) (4,983) (5,008)
Basic return/
(loss) per share
(pence) 1.8 (18.3) (16.5) 1.4 (0.9) 0.5 3.2 (19.2) (16.0)
Diluted return/
(loss) per share
(pence) 1.6 (16.7) (15.1) 1.4 (0.9) 0.5 3.0 (17.6) (14.6)
The revenue column of this statement represents the profit and loss account of
the Company.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.
Close Brothers AIM VCT PLC
Balance Sheet as at 28 February 2002
Ordinary C Total
Shares Shares
28 February 2002 28 February 2002 28 February 2002
£'000 £'000 £'000
Fixed asset investments
Qualifying investments 7,387 6,607 13,994
Non-qualifying investments 995 8,992 9,987
Total fixed asset investments 8,382 15,599 23,981
Current assets
Debtors 195 82 277
Cash at bank and in hand 565 1,984 2,549
760 2,066 2,826
Creditors: amounts falling due within one year (410) (367) (777)
Net current assets 350 1,699 2,049
Total assets less current liabilities 8,732 17,298 26,030
Capital and reserves
Called up share capital 5,020 10,000 15,020
Special reserve 4,480 8,978 13,458
Capital redemption reserve 30 5 35
Realised capital reserve 16 (633) (617)
Unrealised capital reserve (878) (1,095) (1,973)
Revenue Reserve 64 43 107
Total equity shareholders' funds 8,732 17,298 26,030
Basic net asset value per share (pence) 86.97 86.49
Diluted net asset value per share (pence) 87.38 87.72
Close Brothers AIM VCT PLC
Balance Sheet as at 28 February 2001
Ordinary C Total
Shares Shares
28 February 2001 28 February 2001 28 February 2001
£'000 £'000 £'000
Fixed asset investments
Qualifying investments 9,601 2,271 11,872
Non-qualifying investments 1,995 8,983 10,978
Total fixed asset investments 11,596 11,254 22,850
Current assets
Debtors 165 82 247
Cash at bank and in hand 502 687 1,189
667 769 1,436
Creditors: amounts falling due within one year (690) (240) (930)
Net current (liabilities)/assets (23) 529 506
Total assets less current liabilities 11,573 11,783 23,356
Capital and reserves
Called up share capital 5,038 6,250 11,288
Share premium account - 5,625 5,625
Special reserve 4,508 - 4,508
Capital redemption reserve 12 - 12
Realised capital reserve 248 (70) 178
Unrealised capital reserve 1,752 (41) 1,711
Revenue Reserve 15 19 34
Total equity shareholders' funds 11,573 11,783 23,356
Basic net asset value per share (pence) 114.8 94.3
Diluted net asset value per share (pence) 113.0 94.3
Close Brothers AIM VCT PLC
Cash Flow Statement
for the year to 28 February 2002
Ordinary Shares C Total
Year to Shares
28 February Year to Year to
2002 28 February 2002 28 February 2002
£'000 £'000 £'000
Operating activities
Dividend income received 66 8 74
Investment income received 68 582 650
Deposit interest received 20 129 149
Other income received 5 7 12
Investment management fees paid (260) (402) (662)
Other cash payments (52) (78) (130)
____ ____ ____
Net cash (outflow)/inflow from operating (153) 246 93
activities
Taxation
UK income tax repaid 151 2 153
Capital expenditure and financial investment
Purchase of qualifying investments (1,797) (5,715) (7,512)
Purchase of non-qualifying investments - (5,998) (5,998)
Disposals of qualifying investments 1,543 16 1,559
Disposals of non-qualifying investments 1,001 5,994 6,995
______ ______ ______
Net cash inflow/(outflow) from investing 747 (5,703) (4,956)
activities
Equity dividends paid
Revenue dividends paid on ordinary shares (150) (356) (506)
Capital dividends paid on ordinary shares (504) - (504)
_____ _____ ______
Net cash inflow/(outflow) before financing 91 (5,811) (5,720)
Financing
Issue of equity net of expenses - 7,134 7,134
Redemption of shares net of expenses (28) (8) (36)
Cancellation of share premium - (18) (18)
Net cash (outflow)/inflow from financing (28) 7,108 7,080
Increase in cash in the year 63 1,297 1,360
Close Brothers AIM VCT PLC
Cash Flow Statement
for the year to 28 February 2001
Ordinary Shares C Total
Year to Shares
28 February Period to Year to
2001 28 February 2001 28 February 2001
£'000 £'000 £'000
Operating activities
Dividend income received 67 - 67
Investment income received 201 83 284
Deposit interest received 66 61 127
Other income received 7 1 8
Investment management fees paid (363) (32) (395)
Other cash payments (67) (7) (74)
____ ____ ____
Net cash (outflow)/inflow from operating (89) 106 17
activities
Taxation
UK corporation tax paid - - -
Capital expenditure and financial investment
Purchase of qualifying investments (3,873) (2,311) (6,184)
Purchase of non-qualifying investments (999) (8,983) (9,982)
Disposals of qualifying investments 4,228 - 4,228
Disposals of non-qualifying investments 3,629 - 3,629
______ ______ ______
Net cash inflow/(outflow) from investing 2,985 (11,294) (8,309)
activities
Equity dividends paid
Revenue dividends paid on ordinary shares (227) - (227)
Capital dividends paid on ordinary shares (3,528) - (3,528)
_____ _____ ______
Net cash outflow before financing (859) (11,188) (12,047)
Financing
Issue of equity net of expenses - 11,875 11,875
Redemption of shares net of expenses (31) - (31)
Cancellation of share premium (6) - (6)
Net cash (outflow)/inflow from financing (37) 11,875 11,838
(Decrease)/increase in cash in the year (896) 687 (209)
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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