Interim Results
Close Brothers Aim Vct PLC
09 November 2005
CLOSE BROTHERS AIM VCT PLC
INTERIM RESULTS
Close Brothers AIM VCT PLC ('the Company'), which invests in companies listed on
the Alternative Investment Market, across a variety of sectors, today announces
interim results for the six months ended 31 August 2005.
Chairman's statement
Your Company has continued to develop in the six months to 31 August 2005. The
'D' share offer raised the full £15m by its final closing on 1 April, adding to
the £3.34m raised in the previous tax year. Consequently the total fund value at
the end of August was in excess of £44m. In a very buoyant new issue market your
manager has concentrated on investing the new monies raised over the last two
tax years and on continuing to replace the tail of existing investments in the
Ordinary portfolio where opportunities have presented themselves. Thus, at the
end of the period the Ordinary portfolio was 74% invested, and the 'D' Shares
were 24% invested.
Dividends
In my statement accompanying the 2005 Report and Accounts I stated that we were
having discussions with the HM Revenue & Customs to establish whether or not the
Company could pay dividends out of realised capital profits when it has net
realised capital losses, without losing VCT tax status. Shareholders will be
pleased to know that subject to specific confirmation for each dividend from HM
Revenue & Customs, we have established that your Company may do so. Accordingly
it is your Board's intention that dividends out of realised capital profits,
which are tax free, be paid on a regular basis.
Ordinary Shares
Your Board has declared a revenue dividend of 0.20p (2004:0.50p) as well as a
dividend of 1.50p per Ordinary share out of realised capital profits making a
total distribution of 1.70p per Ordinary share. This is in addition to the final
revenue dividend of 0.45p for the year ended 28 February 2005, which was paid in
June 2005.
'D' Shares
Your Board has declared a revenue dividend of 0.50p per 'D' share as well as a
maiden dividend out of realised capital profits of 1.50p making a total
distribution of 2.00p per 'D' share. This is in addition to the final revenue
dividend of 0.25p for the year ended 28 February 2005, which was paid in June
2005 to holders of 'D' share which were issued in 2004.
Subject to specific HM Revenue & Customs approval, the above dividends will be
paid on 16 December 2005 to Ordinary and 'D' shareholders on the register on 18
November 2005.
In future, your Board intends to declare two interim dividends, the second being
in lieu of a final dividend, following the adoption of new accounting standards
as explained below. It is the intention that these dividends are paid in June
and December.
New Accounting Standards
Many shareholders may have read about the introduction of new UK financial
reporting standards, with which your Company is complying, starting with these
interim accounts. The most dramatic change is that now your Company's portfolio
is valued at the bid price of each holding, that is the price at which shares
can be sold. Until now your Company has followed convention and used the mid
price, being half way between the bid and offer price (that is the price at
which shares can be purchased).
Since the end of July, your manager has been announcing the weekly Net Asset
Value per share (NAV) on a bid price valuation basis. The impact of this change
has been to reduce your Company's stated NAV by approximately 2%. Therefore your
Board has instructed the manager, so as to maintain fair treatment to all
shareholders and a stable share price, to buy in shares for cancellation, when
they are offered at an 8% discount, compared to the previous level of
approximately 10%.
Your Company is also complying with FRS 21 whereby dividends are accounted for
in the accounting period in which they are approved.
The comparative historic figures in this report have been restated to reflect
these accounting changes.
Performance and Market Background
As reported in the last report and accounts to the end of February 2005, the
mining and resource sector represented a third of AIM by value and was driving
sentiment on AIM earlier in the year. By the end of March, there was a dramatic
reversal in sentiment following the poor performance of specific stocks in the
resource and mining sector. Moreover, when the market turned, there was a sharp
sell off of smaller company stocks by investors who had been attracted by the
higher returns on AIM at the beginning of the year. This resulted in the AIM
market underperforming larger capitalisation indices.
Though AIM fell dramatically from its high in March, it began to recover
steadily at the beginning of the summer and continued to do so until the end of
September. Nevertheless, in the six month period to 31 August 2005, it fell by
4.1%. There has been a steady flow of flotations and other fundraisings on AIM
despite the intervention of the summer. AIM remains a vibrant market for small
growing companies. In the six months to 31 August 2005, 295 companies listed on
AIM, although of course not all qualified for VCT investment, which does not
make the AIM index a truly comparable benchmark against which to measure the
performance of your Company, however, there is at present no other benchmark.
Ordinary Portfolio
Against this background and with the AIM Index performance no longer dominated
by the inexorable rise of resource stocks, the Ordinary NAV fell by 1.9% against
the restated 28 February 2005 NAV. During the period, a number of smaller
holdings were disposed of and replaced with new holdings where the manager could
see better prospects. In total, 11 qualifying investments were made at a total
cost of £2.742m. Among the bigger holdings in the portfolio, Pilat Media have
finally announced a long awaited contract with an American TV network which will
flow through to profits next year. Interlink Foods, Imprint and Mears all
continue to make good progress in their markets.
'D' share portfolio
In the period under review the NAV rose by 5.7% against a restated 28 February
2005 NAV. Your manager continued to invest the new funds raised, making 11
qualifying investments at a cost of £2.579m.
Share Price Discount and Buy-Back Facility
Your Board believes that it is in the interests of all shareholders for it to
manage the discount to NAV at which the shares trade with a view to minimising
it as far as possible. As part of this process 699,031 Ordinary Shares were
bought in for cancellation. In addition, I would like to reiterate that
shareholders wishing to sell should first contact the Company, in the interests
of achieving a reasonable price. The Board has adopted a share buy-back policy
whereby the Company, when not in a close period, will buy-back shares at no more
than a 8% discount to the prevailing NAV. This should help prevent the shares
from trading at a wide discount to NAV.
Outlook
Although the UK economy is slowing, it is important to recall that GDP growth
this year will be in line with more normal historic trends. The slowing of GDP
growth is mainly as a result of a less confident consumer in the wake of
previous interest rate and tax rises. The current high oil price is likely to
reinforce that trend. Although the recent interest rate cut can now be seen as
encouraging, markets are more focused on the inflationary consequences of
commodity prices. The lag between policy change and real economy effect can be
several months so the possibility of another interest rate cut this year is
still hard to judge.
The stock market has recently begun to show signs of fatigue, particularly in
the area of new issues, however the signs are that the pipeline of VCT
qualifying opportunities is still very healthy. From the point of view of the
'D' share new money, a more difficult market background should give rise to
opportunities at attractive prices.
Small companies can often grow independently of the macro-economic trends
prevailing nationally and it is typically those companies which VCTs generally
invest in. Despite the domestic and international economic difficulties
besetting the UK, the economy is still expected to grow this year and next. As
the rate of growth recovers and assuming unemployment and inflation remain low,
the growth over the next few years of both the Ordinary share portfolio and the
'D' share portfolio should be encouraging.
Michael Reeve
Chairman
8 November 2005
Investment Portfolio Summary
as at 31 August 2005
The ten largest holdings by value in the Ordinary portfolio are listed below:
Ordinary Share Portfolio
-------------- ------------------------ ------- -------
Company Activity Value % of portfolio
(£'000)
-------------- ------------------------ ------- -------
Inter Link
Foods Food producer, specialising in cakes 1,545 6.6
Pilat Media
Global Software provider for the global 1,103 4.7
multi-channel broadcasting market
Pipex
Communications Supplier of telecommunication services 1,081 4.6
Imprint Provider of recruitment services to the 915 3.9
commercial and financial services
sectors
Colliers CRE Provider of real estate solutions to the 880 3.7
UK and international property sectors
Mears Group Building maintenance contractor 832 3.5
Bond
International Provider of business software and 706 3.0
support solutions to the recruitment and
human resource industry
Win Provider of services that enable 687 2.9
business customers to send and receive
text messages to and from a large number
of users
Cello Group Marketing services group 648 2.8
Talarius Operator of UK high street gaming 577 2.5
arcades ------- -------
Total 8,974 38.2
Other equity
investments 10,548 44.9
------- -------
Total equity
portfolio 19,522 83.1
Other
investments
(floating rate
notes and loan
notes) 3,947 16.9
------- -------
Total
investments 23,469 100.00
------- -------
Investment Portfolio Summary (continued)
as at 31 August 2005
The ten largest holdings by value in the 'D' share portfolio are listed below:
'D' Share Portfolio
-------------- ------------------------ ------- -------
Company Activity Value % of portfolio
(£'000)
-------------- ------------------------ ------- -------
Talarius Operator of UK high street gaming 534 3.1
arcades
System C
Healthcare Provider of IT implementation solutions 493 2.9
for the healthcare sector in England
Imprint Provider of recruitment services to the 410 2.4
commercial and financial services
sectors
Legend
Communications Internet service provider 345 2.0
Strategic
Thought Provider of risk management and IT 339 1.9
consulting services
Research Now A European-wide online field and market 279 1.6
research company
Cello Group Marketing services group 254 1.5
Zetar Confectionery manufacturer 247 1.4
Tanfield Engineering 202 1.2
Win Provider of services that enable 202 1.2
business customers to send and receive
text messages to and from a large number
of users
------- -------
Total 3,305 19.2
Other equity
investments 1,893 11.0
------- -------
Total equity
portfolio 5,198 30.2
Other
investments
(floating rate
notes) 12,005 69.8
------- -------
Total
investments 17,203 100.00
------- -------
Statement of Total Return (Unaudited)
for the six months to 31 August 2005
Ordinary Shares
Six months to Restated* Restated*
31 August 2005 Six months to Year to
31 August 2004 28 February 2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on
investments - (254) (254) - (3,692) (3,692) - (1,223) (1,223)
Investment
income 229 - 229 237 - 237 483 - 483
Investment
management
fees (79) (236) (315) (79) (238) (317) (157) (472) (629)
Other (83) - (83) (75) - (75) (171) - (171)
expenses ------- ------ ------ ------- ------ ------ ------- ------ ------
Return/(loss)
on ordinary
activities
before tax 67 (490) (423) 83 (3,930) (3,847) 155 (1,695) (1,540)
Tax on
ordinary
activities 2 18 20 3 (3) - - - -
------- ------ ------ ------- ------ ------ ------- ------ ------
Return/(loss)
attributable
to
shareholders 69 (472) (403) 86 (3,933) (3,847) 155 (1,695) (1,540)
Amounts
recognised as
distributions
to equity
shareholders
in the period (147) - (147) (124) - (124) (214) - (214)
------- ------ ------ ------- ------ ------ ------- ------ ------
Transfer from
reserves (78) (472) (550) (38) (3,933) (3,971) (59) (1,695) (1,754)
------- ------ ------ ------- ------ ------ ------- ------ ------
Basic and
diluted
return/(loss)
per share
(pence) 0.2 (1.5) (1.3) 0.3 (12.4) (12.1) 0.5 (5.2) (4.7)
* Comparative figures have been extracted from the unaudited interim accounts for the period ended 31
August 2004 and the statutory accounts for the year ended 28 February 2005 and have been restated in
accordance with FRS 21 and FRS 26 in respect of declared dividends and financial instruments as
disclosed in the notes at the end of this announcement.
Statement of Total Return (Unaudited)
for the six months to 31 August 2005
'D' Shares
Six months to Restated* Restated*
31 August 2005 Six months to Year to
31 August 2004 28 February 2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/
(losses) - 268 268 - (9) (9) - 687 687
on
investments
Investment
income 262 - 262 37 - 37 77 - 77
Investment
management
fees (35) (104) (139) (8) (23) (31) (20) (60) (80)
Other (37) - (37) (8) - (8) (21) - (21)
expenses ------- ------ ------ ------- ------ ------ ------- ------ ------
Return/(loss)
on ordinary
activities
before tax 190 164 354 21 (32) (11) 36 627 663
Tax on
ordinary
activities (46) 26 (20) (3) 3 - - - -
------- ------ ------ ------- ------ ------ ------- ------ ------
Return/(loss)
attributable
to
shareholders 144 190 334 18 (29) (11) 36 627 663
Amounts
recognised as
distributions
to equity
shareholders
in the period (8) - (8) - - - (17) - (17)
------- ------ ------ ------- ------ ------ ------- ------ ------
Transfer
to/(from)
reserves 136 190 326 18 (29) (11) 19 627 646
------- ------ ------ ------- ------ ------ ------- ------ ------
Basic and
diluted
return/(loss)
per share
(pence) 1.0 1.3 2.3 0.6 (1.0) (0.4) 0.5 18.4 18.9
* Comparative figures have been extracted from the unaudited interim accounts for the period ended 31
August 2004 and the statutory accounts for the year ended 28 February 2005 and have been restated in
accordance with FRS 21 and FRS 26 in respect of declared dividends and financial instruments as
disclosed in the notes at the end of this announcement.
Statement of Total Return (Unaudited)
for the six months to 31 August 2005
Total
Six months to Restated* Restated*
31 August 2005 Six months to Year to
31 August 2004 28 February 2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/
(losses) - 14 14 - (3,701) (3,701) - (536) (536)
on
investments
Investment
income 491 - 491 274 - 274 560 - 560
Investment
management
fees (114) (340) (454) (87) (261) (348) (177) (532) (709)
Other (120) - (120) (83) - (83) (192) - (192)
expenses ------- ------ ------ ------- ------ ------ ------- ------ ------
Return/(loss)
on ordinary
activities
before tax 257 (326) (69) 104 (3,962) (3,858) 191 (1,068) (877)
Tax on
ordinary
activities (44) 44 - - - - - - -
------- ------ ------ ------- ------ ------ ------- ------ ------
Return/(loss)
attributable
to equity
shareholders 213 (282) (69) 104 (3,962) (3,858) 191 (1,068) (877)
Amounts
recognised as
distributions
to equity
shareholders
in the period (155) - (155) (124) - (124) (231) - (231)
------- ------ ------ ------- ------ ------ ------- ------ ------
Transfer
to/(from)
reserves 58 (282) (224) (20) (3,962) (3,982) (40) (1,068) (1,108)
------- ------ ------ ------- ------ ------ ------- ------ ------
* Comparative figures have been extracted from the unaudited interim accounts for the period ended 31
August 2004 and the statutory accounts for the year ended 28 February 2005 and have been restated in
accordance with FRS 21 and FRS 26 in respect of declared dividends and financial instruments as
disclosed in the notes at the end of this announcement.
Balance Sheet (Unaudited)
as at 31 August 2005
Ordinary Shares
31 August Restated* Restated*
2005 31 August 28 February
2004 2005
£'000 £'000 £'000
Fixed asset
investments 23,469 21,837 26,539
Current assets
Debtors 158 1,363 193
Cash at bank 2,164 2,003 220
----------- ----------- -----------
2,322 3,366 413
Creditors: (45) (138) (136)
___________ ___________ ___________
amounts falling due within one year
Net current assets 2,277 3,228 277
----------- ----------- -----------
Total assets less current liabilities 25,746 25,065 26,816
----------- ----------- -----------
Represented by
Called up share capital 15,981 16,641 16,330
Share premium 1,440 687 1,449
Special reserve 9,180 12,225 9,691
Capital redemption reserve 2,350 381 2,001
Capital reserves - realised (2,218) (1,940) (1,220)
Capital reserves - unrealised (1,067) (3,108) (1,593)
Revenue reserve 80 179 158
----------- ----------- -----------
Total equity shareholders' funds 25,746 25,065 26,816
----------- ----------- -----------
Net asset value per share (pence) 80.55 75.31 82.10
* Comparative figures have been extracted from the unaudited interim accounts
for the period ended 31 August 2004 and the statutory accounts for the year
ended 28 February 2005 and have been restated in accordance with FRS 21 and FRS
26 in respect of declared dividends and financial instruments as disclosed in
the notes at the end of this announcement.
Balance Sheet (Unaudited)
as at 31 August 2005
'D' Shares
31 August Restated* Restated*
2005 31 August 28 February
2004 2005
£'000 £'000 £'000
Fixed asset
investments 17,203 1,077 4,880
Current assets
Debtors 147 18 110
Cash at bank 1,518 2,131 119
----------- ----------- -----------
1,665 2,149 229
Creditors: (381) (60) (55)
----------- ------------ -----------
amounts falling due within one year
Net current assets 1,284 2,089 174
----------- ----------- -----------
Total assets less current liabilities 18,487 3,166 5,054
----------- ----------- -----------
Represented by
Called up share capital 8,044 1,672 2,324
Share premium 37 1,505 2,046
Special reserve 9,396 - -
Capital redemption reserve 38 - 38
Capital reserves - realised 230 (20) 130
Capital reserves - unrealised 587 (9) 497
Revenue reserve 155 18 19
----------- ----------- -----------
Total equity shareholders' funds 18,487 3,166 5,054
----------- ----------- -----------
Net asset value per share (pence) 114.92 94.69 108.74
* Comparative figures have been extracted from the unaudited interim accounts
for the period ended 31 August 2004 and the statutory accounts for the year
ended 28 February 2005 and have been restated in accordance with FRS 21 and FRS
26 in respect of declared dividends and financial instruments as disclosed in
the notes at the end of this announcement.
Balance Sheet (Unaudited)
as at 31 August 2005
Total
31 August Restated* Restated*
2005 31 August 2004 28 February
2005
£'000 £'000 £'000
Fixed asset
investments 40,672 22,914 31,419
Current assets
Debtors 305 1,381 303
Cash at bank 3,682 4,134 339
----------- ----------- -----------
3,987 5,515 642
Creditors: (426) (198) (191)
----------- ----------- -----------
amounts falling due within one year
Net current assets 3,561 5,317 451
----------- ----------- -----------
Total assets
less current
liabilities 44,233 28,231 31,870
----------- ----------- -----------
Represented by
Called up
share capital 24,025 18,313 18,654
Share premium 1,477 2,192 3,495
Special reserve 18,576 12,225 9,691
Capital redemption reserve 2,388 381 2,039
Capital reserves - realised (1,988) (1,960) (1,090)
Capital reserves - unrealised (480) (3,117) (1,096)
Revenue reserve 235 197 177
----------- ----------- -----------
Total equity
shareholders' funds 44,233 28,231 31,870
----------- ----------- -----------
* Comparative figures have been extracted from the unaudited interim accounts
for the period ended 31 August 2004 and the statutory accounts for the year
ended 28 February 2005 and have been restated in accordance with FRS 21 and FRS
26 in respect of declared dividends and financial instruments as disclosed in
the notes at the end of this announcement.
Cash Flow Statement
for the six months to 31 August 2005
Ordinary Shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2005 2004 2005
£'000 £'000 £'000
Operating activities
Dividend income received 65 91 160
Investment income received 165 84 171
Deposit interest received 18 33 101
Other income received - 1 2
Investment management fees paid (321) (342) (642)
Other cash payments (89) (105) (193)
----------- ----------- -----------
Net cash outflow from operating
activities (162) (238) (401)
----------- ----------- -----------
Servicing of finance
Interest paid (14) - -
----------- ----------- -----------
Investing activities
Purchase of investments (2,742) (2,105) (8,287)
Disposal of investments 5,612 2,386 6,342
----------- ----------- -----------
Net cash inflow/(outflow) from
investing activities 2,870 281 (1,945)
----------- ----------- -----------
Equity dividends paid
Revenue dividend paid on
ordinary shares (145) (125) (214)
----------- ----------- -----------
Net cash inflow/(outflow) before
financing 2,549 (82) (2,560)
Financing
Issue of equity net of expenses (90) 794 1,700
Redemption of shares net of
expenses (515) (281) (492)
----------- ----------- -----------
Net cash (outflow)/inflow from
financing (605) 513 1,208
----------- ----------- -----------
Increase/(decrease) in cash 1,944 431 (1,352)
----------- ----------- -----------
.
Cash Flow Statement
for the six months to 31 August 2005
'D' Shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2005 2004 2005
£'000 £'000 £'000
Operating activities
Dividend income received 5 - 1
Investment income received 133 - (16)
Deposit interest received 63 19 54
Investment management fees paid (144) (24) (68)
Other cash payments (14) (19) (19)
----------- ----------- -----------
Net cash inflow/(outflow) from
operating activities 43 (24) (48)
----------- ----------- -----------
Investing activities
Purchase of investments (12,588) (1,086) (4,755)
Disposal of investments 560 - 493
----------- ----------- -----------
Net cash outflow from investing
activities (12,028) (1,086) (4,262)
----------- ----------- -----------
Equity dividends paid
Revenue dividends paid on 'D' (8) - (17)
shares ----------- ----------- -----------
Net cash outflow before financing (11,993) (1,110) (4,327)
Financing
Issue of equity net of expenses 13,392 3,241 4,512
Redemption of shares net of - - (66)
expenses ----------- ----------- -----------
Net cash inflow from financing 13,392 3,241 4,446
----------- ----------- -----------
Increase in cash 1,399 2,131 119
----------- ----------- -----------
Cash Flow Statement
for the six months to 31 August 2005
Total
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2005 2004 2005
£'000 £'000 £'000
Operating activities
Dividend income received 70 91 161
Investment income received 298 84 155
Deposit interest received 81 52 155
Other income received - 1 2
Investment management fees paid (465) (366) (710)
Other cash payments (103) (124) (212)
----------- ----------- -----------
Net cash outflow from operating
activities (119) (262) (449)
----------- ----------- -----------
Servicing of finance
Interest paid (14) - -
----------- ----------- -----------
Investing activities
Purchase of investments (15,330) (3,191) (13,042)
Disposal of investments 6,172 2,386 6,835
----------- ----------- -----------
Net cash outflow from investing
activities (9,158) (805) (6,207)
----------- ----------- -----------
Equity dividends paid
Revenue dividends paid on ordinary (153) (125) (231)
and 'D' shares
----------- ----------- -----------
Net cash outflow before financing (9,444) (1,192) (6,887)
Financing
Issue of equity net of expenses 13,302 4,035 6,212
Redemption of shares net of (515) (281) (558)
expenses ----------- ----------- -----------
Net cash inflow from financing 12,787 3,754 5,654
----------- ----------- -----------
Increase/(decrease) in cash 3,343 2,562 (1,233)
----------- ----------- -----------
Notes:
1. Change in Accounting Policies
This announcement has been prepared using new UK accounting standards issued by
the Accounting Standards Board to begin the process of converging UK standards
with International Financial Reporting Standards ('IFRS').
With effect from 1 March 2005, the Company has adopted the following Financial
Reporting Standards:
FRS 21 Events after the Balance Sheet date
Dividends paid by the Company are accounted for in the period in which the
dividend has been approved. Previously, the Company recognised dividends in the
period in which net revenue, to which those dividends related, was accounted
for. Comparative figures for the previous periods have been restated.
The effect of FRS 21 as at 28 February 2005 and 31 August 2004 is a decrease in
the distribution liability as a result of the de-recognition of the proposed
dividend thereon and an increase in the revenue reserves.
FRS 26 Financial Instruments: Measurement
All investments held by the Company are designated as 'fair value through profit
and loss'. For investments actively traded in organised financial markets, fair
value is generally determined by reference to Stock Exchange quoted market bid prices
at the close of business on the balance sheet date. Previously, all listed
investments were valued using closing mid market prices at the balance sheet
date. Comparative figures for the previous periods have been restated.
The effect of FRS 26 as at 28 February 2005 and 31 August 2004 is a decrease in
the unrealised capital reserves as a result of revaluing investments from mid to
bid prices.
A reconciliation of the reserves incorporating the adjustments and restatements
required by the adoption of FRS 21 and FRS 26 is illustrated below:
Reconciliation of revenue reserves
Ordinary Shares 'D' Shares
28 February 31 August 2004 28 February 31 August 2004
2005 2005
£'000 £'000 £'000 £'000
Revenue
reserves
previously
reported at
period end 11 96 11 1
Adjustment as
required by
adoption of
FRS 21 147 83 8 17
- change in accounting
for dividends -------- -------- -------- --------
Revenue
reserves at 28
February 2005
and 158 179 19 18
31 August 2004 as
restated -------- -------- -------- --------
Reconciliation of unrealised capital reserves
Ordinary Shares 'D' Shares
28 February 31 August 2004 28 February 31 August 2004
2005 2005
£'000 £'000 £'000 £'000
Unrealised
capital
reserves
previously
reported at
period end (945) (2,388) 583 22
Adjustment as
required by
adoption of
FRS 26
- change in valuation of
quoted investments to
bid price (648) (720) (86) (31)
-------- -------- -------- --------
Unrealised
capital
reserves at 28
February 2005
and (1,593) (3,108) 497 (9)
31 August 2004 as
restated. -------- -------- -------- --------
2. Basic and diluted return/(loss) per share
Ordinary shares
The revenue return per share is based on the return attributable to
shareholders of £69,000 (31 August 2004: £86,000) for holders of Ordinary shares
in respect of 32,285,865 Ordinary shares (31 August 2004: 31,834,679) being the
weighted average number of shares in issue during the six months. The capital
return per share is based on the capital loss attributable to shareholders of
£472,000 (31 August 2004 restated: £3,933,000 loss) in respect of the same
weighted average number of shares in issue over the six months.
'D' shares
The revenue return per share is based on the return attributable to shareholders
of £144,000 (31 August 2004: £18,000) for holders of 'D' shares in respect of
14,276,246 'D' shares (31 August 2004: 3,102,096) being the weighted average
number of 'D' shares in issue during the six months. The capital return per
share is based on the capital return attributable to shareholders of £190,000
(31 August 2004 restated: £29,000 loss) in respect of the same weighted average
number of shares in issue over the six months.
3. Net asset value per share
The net asset value per Ordinary share is based on total net assets at 31 August
2005 of £25,746,000 (31 August 2004 restated: £25,065,000, 28 February 2005
restated: £26,816,000) and on 31,961,329 Ordinary shares (31 August 2004:
33,282,499, 28 February 2005: 32,660,360) being the issued share capital at that
date.
The net asset value per 'D' share is based total net assets at 31 August 2005 of
£18,487,000 (31 August 2004 restated: £3,166,000, 28 February 2005 restated:
£5,054,000) and on 16,087,283 'D' shares (31 August 2004: 3,343,628, 28 February
2005: 4,647,993) being the issued share capital at that date.
4. Details about the manager
Close Brothers AIM VCT PLC is managed by Close Investment Limited.
Close Investment Limited is authorised and regulated by the Financial Services
Authority and is a subsidiary of Close Brothers Group plc.
5. Statutory accounts
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the six months ended 31 August 2005 or 2004.
The figures and financial information for the year ended 28 February 2005,
derived from the latest published accounts of the Company, have been restated in
order to comply with the new financial reporting standards as detailed in note 1
and do not constitute statutory accounts for that year. The accounts for the
year ended 28 February 2005, which have been delivered to the Registrar of
Companies, included the report of the auditors which was unqualified and did not
contain a statement under either section 237(2) or 237(3) of the Companies Act
1985.
For further information, please contact:
Andrew Buchanan / Patrick Reeve Clemmie Carr / John West
Close Investment Limited Tavistock Communications
Tel: 020 7426 4000 Tel: 020 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
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