Interim Results
Foresight Technology VCT PLC
23 September 2004
Foresight Technology VCT plc
Interim results for the Period Ended 30 June 2004
Chairman's Statement
The results for the six month period from 1 January 2004 to 30 June 2004 are set
out below:
Whilst many companies have experienced improving results, market conditions in
the smaller quoted part of the Stock Market have been mixed during the period
under review. There has, however, been some revival of enthusiasm for new
listings. In the two portfolios under review the results and progress achieved
by a number of the investee companies has been encouraging. Companies are now
operating in a more stable environment and are benefiting from stronger economic
conditions particularly within the technology sector. Given this progress your
Board is optimistic for the outlook for each of the portfolios.
Interim Results
A realised gain during the period resulted in a special dividend of 52p per
ordinary share referred to in more detail below.
The net asset value as at 30 June 2004 was 83.3p per Ordinary Share (30 June
2003: 98.6p). The total return (after tax) attributable to Ordinary Shareholders
was a loss of 47.6p per Ordinary Share (30 June 2003: gain of 1.5p), mainly due
to a reduction in unrealised gains over the period relating to the share price
of Telecom plus plc and YooMedia plc, despite good underlying performance.
With regard to the holders of 'C' Shares, the net asset value as at 30 June 2004
was 73.4p per 'C' Share (30 June 2003: 69.6p) and the attributable return to 'C'
Shareholders was a gain of 6.3p per 'C' Share (30 June 2003: loss of 2.2p).
Issue of Shares
The Company raised approximately £2.25 million for the Ordinary Shares fund and
£3 million for the 'C' Shares fund as a result of the recent Top-up Offers.
These funds will be invested alongside the existing portfolios. The Company also
raised a further £1.2 million and £140,000 for the Ordinary Shares fund and the
'C' Shares fund respectively pursuant to the final warrant exercise date. All
warrants, both in respect of Ordinary Shares and 'C' Shares, in the Company have
now lapsed.
Dividend Investment Scheme
In light of the recent special Ordinary Share dividend and requests received
from shareholders, the Board established a scheme under which shareholders can
elect to receive new shares in the Company instead of cash dividends. The scheme
was made available for the special Ordinary Share dividend and the final 'C'
Share dividend for the year ended 31 December 2003 and was well received raising
approximately £750,000 for the Company.
Ordinary Shares Fund
The highlight for the period under review was the sale of the investment in
Advanced Composites Group Limited in May to Umeco Plc for a total cash
consideration of £10 million. As a result of this sale the Company was able to
pay a special dividend of 52p per Ordinary Share to Ordinary Shareholders in
July. The Board also continue to be encouraged by the prospects of some of the
other companies the portfolio.
Following the recent fundraising pursuant to the Top-up Offers, the exercise of
warrants and the Dividend Investment Scheme referred to above, the Company is
now making new investments from the Ordinary Shares fund. The first of these was
an investment of £175,000 in Datapoint Consulting Group Limited, an electronic
data storage company, completed in March. A further investment of £100,000 was
also made in YooMedia plc in April.
'C' Shares Fund
There have been a number of follow-on investments from the 'C' Shares fund
including £250,000 in FfastFill plc in April and £1 million in Broadreach
Networks Limited and its subsidiary, Broadreach Train Services Limited, in June.
A new investment of £575,000 was also made in Datapoint Consulting Group Limited
alongside the investment by the Ordinary Shares fund.
Since the companies in the 'C' Shares fund have been held for a shorter time
than those in the Ordinary Shares fund there have not been any realisations from
this fund. The portfolio is making encouraging progress and a number of the
companies are now in the early stages of planning for or considering a listing
on the AIM market. Clearly this is a positive development but the timing of any
such liquidity event will obviously be subject to market conditions. We will
keep shareholders advised of any listings.
VCF Partners
VCF Partners have recently taken over the management of Advent VCT plc (renamed
Foresight 3 VCT plc) and Advent 2 VCT plc (renamed Foresight 4 VCT plc)
following the acquisition by VCF Partners of Advent Fund Managers Limited (now
VCF Fund Managers Limited). The acquisition has resulted in two additional
managers from Advent, David Hughes and Andrew Page, joining VCF Partners as
investment managers. The addition of these VCTs will provide VCF Partners with
the ability to make larger syndicated investments. In addition, Foresight 2 VCT
plc will be shortly launched as a new investment vehicle with similar aims to
this Company.
I would like to take this opportunity to thank all shareholders for their
continuing support.
My next statement will be in respect of the results for the year ended 31
December 2004.
Peter Dicks
Chairman
23 September 2004
THE VENTURE CAPITAL FUNDS
VCF Partners advises the Company in respect of investments made within the
Ordinary Shares fund and the 'C' Shares fund. During the six months ended 30
June 2004, one follow on investment and one new investment were made from the
Ordinary Shares fund at a cost of £275,000 and one new investment and seven
follow on investments were made from the 'C' Shares fund at a cost of
£3,113,829. In accordance with the BVCA guidelines, all investments are held at
'fair value' unless this cannot be reliably measured; in such cases an
explanation as to the basis of valuation is given in the individual company
narratives. No discounts have been applied to the quoted investments, in line
with generally accepted practice in the VCT market. The full investment
portfolio of both funds as at 30 June 2004 is detailed below.
ORDINARY SHARES FUND
Actimax plc
Supplies digital telecommunications systems to small and medium sized customers.
The company installs complex computer and telephone combined systems using
components from suppliers such as Ascom, Alcatel, Cisco and Intertel. The
company made a small acquisition in the summer of 2003, won the Best SME
Convergence Solution award 2003 and is trading profitably.
The Ordinary Shares fund holds 300,868 shares in the company and 34,615
warrants.
Results from the latest audited accounts for the period ended 31 December 2003:
profit before tax £155,611, retained loss £1,113,330, net liabilities £61,650.
% of
Valuation as Valuation as % Equity/ Ordinary
Dates of Amount at 30 June at 30 June Voting Investor Shares
Investment Invested 2003 2004 Rights Director Portfolio
Nov 98,
Mar 00 & £480,001 £600,001 £817,412 42.2* Peter English 7.6
Jun 03
* Including warrants in the company.
Clarity Commerce Solutions plc (AIM listed)
Is part of a group of companies that provide EPOS solutions, CRM products and
services to the UK hospitality and leisure sectors including, most recently, the
cinema market. The two acquisitions made last year have been successfully
integrated into the group's integrated accounting system across all UK and
overseas offices. Foresight holds 400,000 shares in the company.
Results from the latest audited accounts for the year ended 31 March 2004:
profit before tax £511,000, retained loss £922,000, net assets £9,021,000.
Valuation as Valuation as % of
at 30 June at 30 June % Equity/ Ordinary
Date of Amount 2003 2004 Voting Shares
Investment Invested (Mid-market) (Mid-market) Rights Portfolio
Jul 00 £500,000 £234,000 £266,000 4.2 4.6
DCG Datapoint Group Limited
Provider of data storage and back-up solutions to corporates either remotely or
at customers' premises. The demand for Datapoint's services is driven by greater
compliance requirements for retention and retrieval of data and the ever growing
volume of electronic data produced by organisations. The Ordinary Shares fund
holds 6,388 shares in the company.
Results from the latest audited accounts for the period ended 26 March 2003:
loss before tax £233,000, retained loss £233,000, net assets £88,000.
% of
Date of Amount Valuation as % Equity/ 'C'
Investment Invested at 30 June Voting Investor Shares
(including 2004 Rights Loans Director Portfolio
Loans)
Mar 04 £175,000 Cost 4.4 £116,725 Jamie 1.6
(Secured) Richards
DSM Geo-Data Limited/Survey & Development Services Limited
Was formed to acquire certain parts of the business of Survey & Development
Services Limited ('SDS') from the Receivers of that company in August 2002. DSM
is a specialist geo-spatial data software products and services business,
serving the growing market for digital mapping. Foresight was issued 235,208
preference shares in DSM in respect of their original holding of loan stock in
Survey & Development Services Limited. DSM has been valued on the basis of
expected future cash flows to Foresight.
The Board believes it prudent to provide in full against the investment in SDS
although Foresight continues to hold 170,408 shares in the company.
Results from the latest audited accounts for the year ended 31 March 2003: loss
before tax £348,155, retained loss £318,155, net liabilities £148,155.
% of
Date of Amount Valuation as Valuation as % Equity/ Ordinary
Investment Invested at 30 June at 30 June Voting Shares
2003 2004 Rights Portfolio
Aug 02 £1* £132,911 £78,370 0.0 0.7
* Excluding £700,000 originally invested in SDS.
Sapphire International Limited
Owns the established 'DataEase' family of computer database software products
and has a worldwide base of a several hundred thousand users. The company now
combines a consulting/professional services organisation with the sale of
DataEase software products. As a result of a difficult trading year in 2003, a
full impairment provision was made against the value of the equity investment
and the company subsequently went into administrative receivership. A small
residual value is likely to emerge from the receivership.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £257,498, retained loss £3,412,163, net liabilities £288,158.
Amount Valuation Valuation % of
Invested as as % Equity/ Ordinary
Dates of (including at 30 June at 30 June Voting Loan Investor Shares
Investment Loan Stock) 2003 2004 Rights Stock Director Portfolio
Jul 98, Jun 00, £400,000 Bernard
Oct 00 £1,150,000 £1,150,000 £60,000 18.6 10% Fairman 0.6
& Jun 01 (Unsecured)
Telecom plus plc (listed on the London Stock Exchange)
Offers low cost telephone and energy services to private subscribers. Pre-tax
profits for the year to 31 March 2004 rose by 90% to £10.6m which represents
extremely good progress. In addition to shares sold in 2003, Foresight also
sold 100,000 shares at an average share price of £4.025 per share in January
2004 leaving a current total of 651,000 shares held by Foresight (751,000 shares
as at 31 December 2003).
Results from the latest audited accounts for the year ended 31 March 2004:
profit before tax £10,631,000, retained profit £3,313,000, net assets
£13,014,000.
Valuation as % Equity/ % of
Dates of Amount at 30 June Valuation Voting Ordinary
Investment Invested 2003 (Mid-market) Rights Shares
(Mid-market) Portfolio
Jun 99 £248,519 £2,639,610 £1,786,995 1.1 16.6
& Dec 02
YooMedia plc (AIM listed)
Operates a portal site which provides an increasing number of facilities
including online games, e-mail, personal home pages and chat available from a
number of platforms. The company now operates interactive games channels on Sky
and Freeview and also distributes games on Telewest and NTL. In addition the
company provides various other interactive TV solutions such as e-voting.
Foresight made a further investment of £100,000 in April 2004, following which
Foresight holds 18,810,000 shares in the company.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £4,849,307, retained loss £18,016,454, net assets £1,992,830.
Valuation as Valuation as % of
at 30 June at 30 June % Equity/ 'C'
Dates of Amount 2003 2004 Voting Investor Shares
Investment Invested (Mid-market) (Mid-market) Rights Director Portfolio
Mar 99,
Nov 02, Bernard
May 03, £917,302 £1,016,700 £3,856,050 11.9 Fairman 35.8
Oct 03
& Apr 04
'C' SHARES FUND
Actimax plc
See details under Ordinary Shares fund.
The 'C' Shares fund holds 79,440 shares in the company.
Amount Valuation Valuation % Equity/ % of
Date of Invested as as Voting Investor 'C'
Investment (including at 30 June at 30 June Rights Loans Director Shares
Loans) 2003 2004 Portfolio
Jun 03 £200,000 Cost Cost 10.0 £133,333 Peter
(Secured) English 0.7
Alaric Systems Limited
Specialises in the development, sale, distribution and support of payment
systems software including systems for electronic payments, authorisation and
e-commerce integration. It is also involved in the use of software based
mathematical modelling techniques for card payments and other fraud detection.
Foresight holds 2,141,075 shares in the company. Existing investors have
approved a further investment of up to £500,000 in the company in the form of
secured loans; Foresight's share of this is £114,923, of which £45,969 was
advanced to the company on 23 June 2004.
Results from the latest audited accounts for the year ended 31 March 2004: loss
before tax £844,005, retained loss £5,560,260, net assets £198,371.
Amount Valuation Valuation % of
Dates of Invested as as % Equity/ Investor 'C'
Investment (including at 30 June at 30 June Voting Director Shares
Loans) 2003 2004 Rights Loans Portfolio
Feb 02, Donald
Oct 02, £1,300,148 £1,254,179 Cost 16.8 £45,969 Maclennan 4.8
Dec 02
& Jun 04
ANT Limited
Provides content rendering software to improve users' interactive communication
with digital television sets and other consumer electronic devices. ANT was set
up in 1993 and now has a leading position in the market for integrated digital
TVs and TV over internet protocol. Trading continues to improve with revenues up
25% in 2003 and is expected to increase further in 2004. In April 2004, new
investors subscribed £3.2 million of equity capital and the balance sheet was
strengthened by conversion of loans to equity. Foresight converted its loans to
equity and exercised its warrants.
Foresight holds 7,882,976 shares in the company. The investment has been valued
at the March 2004 round price.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £1,020,470, retained loss £1,020,470, net assets £1,465,730.
Valuation Valuation % of
as as % Equity/ 'C'
Dates of Amount at 30 June at 30 June Voting Investor Shares
Investment Invested 2003 2004 Rights Director Portfolio
Jul 01
Feb 03 £1,097,200 £491,590 £1,323,106 12.3 Matt Taylor 4.9
& Mar 04
Aquasium Technology Limited
Is engaged in the design, manufacture and marketing of bespoke electron beam
welding and vacuum furnace equipment. Its products are used in the processes of
a wide range of manufacturing industries including automotive, electronics,
medical, power generation and aerospace.
Foresight holds 86,666 shares in the company. Given the improved prospects for
the company in its current financial year the impairment provision made at 31
December 2003 has been reversed.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £522,627, retained loss £1,657,058, net liabilities £1,085,006.
Amount Valuation Valuation % Equity/ % of
Dates of Invested as as Voting Investor 'C'
Investment (including at 30 June at 30 June Rights Loans Director Shares
Loans) 2003 2004 Portfolio
Oct 01 &
April 03 £1,200,000 Cost Cost 33.3 £866,667 Donald 4.4
(Secured) Maclennan
Blue Curve Research.net Limited
Is a software company that sells products and services to investment banks and
fund managers which automate the production and distribution of research
material. Analytical research and services are a key customer retention tool for
investment banks but are also a major cost. The company's software products
improve the efficiency of research distribution while at the same time reducing
costs.
Foresight holds 367 shares in the company. The Board believes an impairment
should be recognised based on the company's current forecast compared to initial
expectation.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £584,625, retained loss £1,413,945, net liabilities £844,255.
Amount Valuation Valuation % Equity/ % of
Date of Invested as as Voting Investor 'C'
Investment (including at 30 June at 30 June Rights Loans Director Shares
Loans) 2003 2004 Portfolio
Oct 01 £1,000,000 £1,000,000 £793,334 23.7 £666,667 Peter 2.9
(Secured) English
Broadreach Networks Limited
Provides both fixed line and Wi-Fi hotspot public internet access outside the
home or office. Users gain access from fixed terminals installed at coffee
shops, hotels and transport hubs and by utilizing their own portable device.
Investors include Virgin, Intel and BT. Foresight made an additional investment
of £857,000 in June 2004, and now holds 4,854,006 shares in the company.
Results from the latest audited accounts for the year ended 31 October 2003:
loss before tax £1,129,274, retained loss £1,462,964, net assets £1,479,104.
Amount Valuation Valuation % Equity/ % of
Dates of Invested as as Voting Investor 'C'
Investment (including at 30 June at 30 June Rights Loans Director Shares
Loans) 2003 2004 Portfolio
Feb 03,
Oct 03 £1,857,000 £500,000 Cost 22.9 £1,585,600 Jamie
& Jun 04 (Secured) Richards 6.9
Broadreach Train Services Limited
Set up to exploit the on-train Wi-Fi opportunity that originated from Broadreach
Networks Limited. This corporate vehicle was established in order to maximize
available funding and to increase the profile of this opportunity.
No accounts produced since incorporation on 22 March 2002.
% of
Date of Amount Convertible Investor 'C'
Investment Invested Valuation Loans Director Shares
(including Portfolio
Loan Stock)
Jun 04 £143,000 Cost £143,000 Jamie 0.5
(Secured) Richards
Callserve Communications plc
Is a voice over Internet Protocol telecoms network and service provider which
enables telephone calls to be made from a PC via the internet to any phone
worldwide. The company sells phonecards to consumers in many jurisdictions,
particularly the Middle East. It has successfully grown the geographic spread of
its business to reduce the risk of losing revenue due to country specific
competitive behaviour. The Board believes it is prudent to write down this
investment to reflect the fact that other instruments rank ahead of Foresight.
Foresight holds 222,222 shares in the company.
Results from the latest audited accounts for the year ended 31 March 2003: loss
before tax £3,960,176, retained loss £15,977,728, net liabilities £4,323,990.
Date of Amount Valuation Valuation % Equity/ % of
Investment Invested as as Voting 'C'
at 30 June at 30 June Rights Shares
2003 2004 Portfolio
Oct 00 £500,000 £224,999 £224,999 1.27 0.8
Camwood Limited
Provides an 'Enterprise Platform Manager' solution which allows its customers to
assess the effects of the introduction of new operating systems and updates such
as the service Pack 2 update to Microsoft Windows XP. It also provides
monitoring checks to allow customers to ensure compliance with Microsoft best
practices. Sales are made directly and through channel partners to the corporate
sector.
Results from the latest audited accounts for the year ended 31 March 2004 : loss
before tax £830,007, retained loss £788,992, net liabilities £218,531.
% of
Amount % Equity/ Investor 'C'
Date of Invested Voting Loans Director Shares
Investment (including Valuation Rights Portfolio
Loans)
Sep 03 £500,000 Cost 11.9 £333,333 Donald
(Secured) Maclennan 1.9
DCG Datapoint Group Limited
Provider of data storage and back-up solutions to corporates either remotely or
at customers' premises. The demand for Datapoint's services is driven by greater
compliance requirements for retention and retrieval of data and the ever growing
volume of electronic data produced by organisations. The 'C' Shares fund holds
20,987 shares in the company.
Results from the latest audited accounts for the period ended 26 March 2003:
loss before tax £233,000, retained loss £233,000, net liabilities £88,000.
Amount % of
Invested % Equity/ Investor 'C'
Date of (including Voting Loans Director Shares
Investment Loans) Valuation Rights Portfolio
Mar 04 £575,000 Cost 14.4 £383,525 Jamie 2.1
(Secured) Richards
FfastFill plc (AIM Listed)
Is a software company that develops sophisticated trading solutions for futures
and options traders, brokers and risk managers. Considerable progress has been
made over recent months resulting in new business being won. Foresight
participated in a further £1 million funding round in January 2004, investing
£100,000 and a further funding round in April 2004 investing £250,000. Foresight
holds 6,485,498 shares in the company.
Results from the latest audited accounts for the year ended 31 March 2004: loss
before tax £2,547,000, retained loss £20,689,000, net assets £231,000.
Valuation Valuation
as as % of
Dates of Amount at 30 June at 30 June % Equity/ 'C'
Investment Invested 2003 2004 Voting Shares
(Mid-market) (Mid-market) Rights Portfolio
Jul 00,
Jan 04 £849,997 £45,704 £535,054 4.4 2.0
& Apr 04
iCore Limited
Is an IT management services company, with services that range from strategic IT
reviews, infrastructure design and management, outsourcing procurement, through
to business process management, interim project management and establishing
project offices. Although the company is trading profitably the Board believes
it is prudent to make a further small provision against the cost of this
investment to reflect lower turnover than anticipated at the time of initial
investment. Foresight holds 201,176 shares in the company.
Results from the latest audited accounts for the year ended 30 June 2003: profit
before tax £3,735, retained loss £197,223, net assets £564,442.
Valuation Valuation
as as % of
Date of Amount at 30 June at 30 June % Equity/ Investor 'C'
Investment Invested 2003 2004 Voting Director Shares
(Mid-market) (Mid-market) Rights Portfolio
Dec 00 £750,000 £750,000 £500,000 16.8 Peter 1.9
English
KeepAhead Limited
Despatches lifestyle email services (e.g. current affairs, astrology, sport)
which approximately 200,000 registered users receive free of charge. Revenue is
generated from targeted e-mail advertising. Foresight holds 25,248 shares and
7,631 warrants in the company.
Results from the latest unaudited accounts for the year ended 31 March 2003:
profit before tax £10,325, retained loss £885,995, net assets £22,576.
Valuation Valuation % of
as as % Equity/ 'C'
Date of Amount at 30 June at 30 June Voting Shares
Investment Invested 2003 2004 Rights Portfolio
Apr 00 £1,000,000 £50,000 £30,000 15.0 0.1
Monactive Limited
Is a leading provider of Software Licence Information Management solutions, with
over 100 customers. The company's software monitors software usage on PC
networks, providing corporates with data for cost reduction and compliance. Its
customers are able to reduce software licensing costs whilst demonstrating legal
compliance. Foresight holds 474,057 shares in the company following a further
investment of £267,858 by way of a loan and shares in January 2003. After a
difficult period, the company has achieved renewed growth in sales and a return
to profitability at the operating level.
Results from the latest audited accounts for the year ended 31 July 2003: loss
before tax £741,971, retained loss £3,016,399, net liabilities £1,585,051.
Valuation Valuation
Amount as as % % of
Dates of Invested at 30 June at 30 June Equity/ Investor 'C'
Investment (including 2003 2004 Voting Loans Director Shares
Loans) Rights Portfolio
Mar 01 £1,017,858 £1,017,858 £656,251 22.2 £616,072 Matt 2.4
& Jun 03 (Secured) Taylor
Mondas plc (AIM Listed)
Has developed e-Business technologies which allow securities and investment
houses to deploy new front and back office applications to facilitate straight
through processing. Customers benefit from improved content management, document
management, business process software and service solutions. Foresight holds
489,855 shares in the company and £900,000 convertible loan stock. There has
recently been a significant change in senior management at the company.
Results from the latest audited accounts for the year ended 30 April 2004: loss
before tax £1,779,554, retained loss £9,512,772, net liabilities £617,901.
Valuation Valuation
as as % % of
Dates of Amount at 30 June at 30 June Equity/ Investor Ordinary
Investment Invested 2003 2004 Voting Loans Director Shares
(Mid-market) (Mid-market) Rights Portfolio
Oct 00 Bernard
& Dec 02 £1,068,116 £976,551 £1,042,116 8.7 £900,000 Fairman 3.8
Oxonica Limited
Is involved in design manipulation and engineering of properties of materials at
the nano-scale for application in fuel additives, sunscreen, bio-tagging and
other products. The company has made good progress particularly in the fuel
additive business and has penetrated overseas markets as well as the UK.
Foresight invested a further £863,438 in shares in January 2004 as part of a
further funding from existing shareholders which raised £4 million in total.
Foresight holds 11,692 shares in the company including warrants attached to the
loan but excluding performance warrants.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £2,705,215, retained loss £6,239,600, net liabilities
£2,538,148.
Valuation Valuation
Amount as as % % of
Dates of Invested at 30 June at 30 June Equity/ Investor 'C'
Investment (Including 2003 2004 Voting Loans Director Shares
Loans) Rights Portfolio
Jun 02,
Dec 02 £1,863,437 £999,999 Cost 21.2 £524,053 Bernard 6.9
& Jan 04 (Secured) Fairman
Sarantel Limited
Owns proprietary antenna technology with applications in mobile phones and other
wireless devices. The company's technology delivers major performance benefits
over traditional antennae. Sales of Sarantel's first product, the GPS antenna,
are increasing and the company has launched prototypes for Wi-Fi and 3G
applications. The company raised further capital in June 2004 at a price 10%
above our cost which is used as the basis of the valuation below.
Foresight holds 7,530,663 shares in the company.
Results from the latest audited accounts for the year ended 30 September 2003:
loss before tax £2,930,606, retained loss £2,655,634, net assets £5,023,395.
Valuation Valuation
as as % % of
Dates of Amount at 30 June at 30 June Equity/ Investor 'C'
Investment Invested 2003 2004 Voting Director Shares
Rights Portfolio
Apr 00, Sep 00,
Jun 01, Mar 02, £2,493,286 £2, 213,404 £2,711,039 34.6 Matt 10.0
Sep 02, Nov 02 Taylor
Feb 03 &
Jun 04
SmartFOCUS Holdings Limited
Provides software to enable accurate targeting and execution of marketing
campaigns. The company is an established solution provider in this area with 300
customers forming a wide customer base spread across financial services, retail,
marketing services and other consumer-driven sectors. The company adds value to
its customers' marketing campaigns by linking with multiple databases, returning
query results in seconds whilst presenting the results in a readily understood
format. Foresight holds 398,667 shares in the company.
Results from the latest audited accounts for the year ended 31 December 2003:
loss before tax £623,000, retained loss £1,435,825, net liabilities £898,960.
Valuation Valuation
Amount as as % % of
Date of Invested at 30 June at 30 June Equity/ Investor 'C'
Investment (including 2003 2004 Voting Loans Director Shares
Loans) Rights Portfolio
Dec 01 £1,000,000 £1,000,000 £1,890,989 20 £666,667 Matt 7.0
(Secured) Taylor
themutual.net plc (AIM Listed)
Operates a financial information website and sells targeted advertising by email
aimed at its subscriber base. themutual's shares were listed on the AIM market
in June 2000 and the company's share price has increased substantially in the
last year. Foresight holds 342,730,249 shares in the company.
Results from the latest audited accounts for the year ended 30 April 2004:
profit before tax £650,485, retained loss £757,450, net assets £2,055,413.
Valuation Valuation
as as % % of
Date of Amount at 30 June at 30 June Equity/ 'C'
Investment Invested 2003 2004 Voting Shares
(Mid-market) (Mid-market) Rights Portfolio
Jun 00 £500,000 £411,276 £685,460 9.3 2.5
Wire-e Limited
Provides broadcast voice and text services to corporates and small and medium
enterprises. The service enables users to access phone numbers, send emails,
text messages and voice broadcasts to multiple contacts from a mobile phone or
desktop browser. Results for the financial year to 30 June 2004 are expected to
be materially better than the previous financial year. Foresight holds 6,666,666
shares in the company. Nevertheless, the Board believes it prudent to write down
the investment further since the business is continuing to trade below initial
expectations.
Results from the latest audited accounts for the year ended 30 June 2003: loss
before tax £1,126,297, retained loss £2,799,301, net liabilities £970,413.
Valuation Valuation
Amount as as % % of
Date of Invested at 30 June at 30 June Equity/ Investor 'C'
Investment (Including 2003 2004 Voting Loans Director Shares
Loans) Rights Portfolio
Sep 02 £1,000,000 £1,000,000 £500,000 26.9 £900,000 Jamie 1.9
(Secured) Richards
REALISATIONS - ORDINARY SHARE FUND
Advanced Composites Group Limited
Is a long established manufacturer of high technology carbon fibre composite
material, with factories in Heanor, north of Derby, and Tulsa, USA. Successful
markets include F1 racing cars, sports equipment and aerospace applications.
UMECO plc acquired 100% of the company for a total cash consideration of £44.25
million in May 2004 realising £10 million in respect of the investment by
Foresight.
%
Dates of Amount Amount Equity/
Investment Invested Realised Voting
Mar 99, Rights
Oct 99 £1,622,978 £9,997,911 40.14
& Jul 00
VCF PARTNERS
VCF LLP, trading as VCF Partners, is regulated by the Financial Services
Authority. The team includes six partners, Bernard Fairman, Peter English,
Donald Maclennan, Matt Taylor, Jamie Richards and David Hughes and the Investor
Relations Manager, Hazel Gross. The Investor Director detailed in the above
report refers to the team member at VCF Partners who has been appointed as a
director of the investee company for the purposes of monitoring the investment
on behalf of Foresight. The team has recently been further enlarged by the
addition of David Hughes and Andrew Page as Investment managers. David and
Andrew join from Advent Venture Partners where they were responsible for the
Advent VCTs, which are now managed by VCF and will be renamed Foresight 3 VCT
and Foresight 4 VCT.
MONEY FUNDS
The balance of the net proceeds from the issues of Ordinary Shares and 'C'
Shares have been invested in money market funds managed by the Royal Bank of
Scotland and Merrill Lynch.
ASSOCIATED FUNDS
VCF Partners also advises TriVest VCT plc. As at 30 June 2004 TriVest had made
investments in the following companies in which Foresight is also an investor:
Monactive Limited (£339,285), ANT Limited (£1,097,200), Blue Curve Research.net
Limited (£500,000), Aquasium Technology Limited (£600,000), SmartFocus Limited
(£500,000), Alaric Systems Limited £577,413, Sarantel Limited (£1,307,220),
Oxonica Limited (£1,677,389), Wire-e Limited (£500,000), Broadreach Networks
Limited (£1,143,000), Broadreach Train Services Limited (£107,000), Camwood
Limited (£1,000,000) and Datapoint (£250,000).
ORDINARY SHARES FUND
UNAUDITED NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY SHARES AND 'C' SHARES
FUNDS
Statements of Total Return for the six month period ended 30 June 2004
Ordinary Shares fund 'C' Shares fund
Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
(Losses) and gains on
investments - (6,429,039) (6,429,039) - 2,247,827 2,247,827
Income 120,948 - 120,948 483,851 - 483,851
Investment management
fees (67,018) (201,053) (268,071) (71,531) (214,591) (286,122)
Other expenses (80,052) - (80,052) (201,649) - (201,649)
----------- ----------- ----------- ----------- ----------- -----------
Return on ordinary
activities
before taxation (26,122) (6,630,092) (6,656,214) 210,671 2,033,236 2,243,907
Tax on ordinary activities - - - (40,027) 40,027 -
----------- ----------- ----------- ----------- ----------- -----------
Return attributable to
equity
shareholders (26,122) (6,630,092) (6,656,214) 170,644 2,073,263 2,243,907
Dividends in respect of
equity shares - (7,986,746) (7,986,746) - - -
----------- ----------- ----------- ----------- ----------- -----------
Transfer (from)/to reserves (26,122) (14,616,838) (14,642,960) 170,644 2,073,263 2,243,907
----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- -----------
Return per share (0.19)p (47.39)p (47.58)p 0.48p 5.78p 6.26p
----------- ----------- ----------- ----------- ----------- -----------
Balance Sheets as at 30 June 2004
Ordinary Shares fund 'C' Shares fund
Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
Fixed assets
Investments 7,039,827 19,197,599
Current assets
Debtors and prepayments 218,099 539,555
Current investments 3,720,210 7,819,028
Cash at bank 9,928,063 17,281
----------- -----------
13,866,372 8,375,864
Creditors: amounts falling
due within one year
Corporation tax - -
Proposed dividends 7,986,746 181,237
Other creditors 78,984 38,307
Accruals 41,151 94,300
(8,106,881) (313,844)
----------- -----------
Net current assets 5,759,491 8,062,020
----------- -----------
Net assets 12,799,318 27,259,619
----------- -----------
Capital
Called up share capital 153,591 371,408
Reserves
Share premium account 3,357,861 2,933,180
Cancelled share premium
account 6,785,422 27,348,308
Revaluation reserve 1,377,205 (3,611,883)
Profit and loss account 1,125,239 218,606
----------- -----------
12,799,318 27,259,619
----------- -----------
Number of shares in issue: 15,359,127 37,140,812
Net asset value per share 83.33p 73.40p
Unaudited Profit and Loss Account for the six month period ended 30 June 2004
Six months to 30 June 2004
(unaudited)
Revenue Capital Total
£ £ £
Gains/(losses) on realisation of - 40,339 40,339
investments
Income 604,799 - 604,799
Investment management fees (138,549) (415,644) (554,193)
Other expenses (281,701) - (281,701)
----------- ----------- -----------
Profit/(loss) on ordinary activities 184,549 (375,305) (190,756)
before taxation
Tax on ordinary activities (40,027) 40,027 -
----------- ----------- -----------
Profit/(loss) on ordinary activities
after
taxation 144,522 (335,278) (190,756)
Dividends - (7,986,746) (7,986,746)
----------- ----------- -----------
Retained profit/(loss) for the period
transferred to /(from) reserves 144,522 (8,322,024) (8,177,502)
----------- ----------- -----------
----------- ----------- -----------
Earnings per share:
Ordinary Shares (1.67)p
'C' Shares (0.12)p
Statement of Total Recognised Gains and Losses for the six month period ended 30
June 2004
Six months to 30 June 2004
(unaudited)
Revenue Capital Total
£ £ £
Profit/(loss) for the period 144,522 (335,278) (190,756)
Unrealised gains/(losses) on revaluation
of
investments - (4,221,551) (4,221,551)
----------- ----------- -----------
Total recognised gains and losses during
the period 144,522 (4,556,829) (4,412,307)
----------- ----------- -----------
Return per share:
Ordinary Shares (0.19)p (47.39)p (47.58)p
'C' Shares 0.48p 5.78p 6.26p
Unaudited Profit and Loss Account for the six month period ended 30 June 2003
Six months to 30 June 2003
(unaudited)
Revenue Capital Total
£ £ £
Gains/(losses) on realisation of - (156,628) (156,628)
investments
Income 545,445 - 545,445
Investment management fees (111,501) (334,505) (446,006)
Other expenses (208,870) - (208,870)
----------- ----------- -----------
Profit/(loss) on ordinary activities
before
taxation 225,074 (491,133) (266,059)
Tax on ordinary activities (42,666) 42,666 -
----------- ----------- -----------
Profit/(loss) on ordinary activities 182,408 (448,467) (266,059)
after
taxation
Dividends (246,306) - (246,306)
----------- ----------- -----------
Retained profit/(loss) for the period
transferred to /(from) reserves (63,898) (448,467) (512,365)
----------- ----------- -----------
----------- ----------- -----------
Earnings per share:
Ordinary Shares (0.87)p
'C' Shares (0.46)p
Statement of Total Recognised Gains and Losses for the six month period ended 30
June 2003
Six months to 30 June 2003
(unaudited)
Revenue Capital Total
£ £ £
Profit/(loss) for the period 182,408 (448,467) (266,059)
Unrealised gains/(losses) on revaluation
of
investments - (278,593) (278,593)
----------- ----------- -----------
Total recognised gains and losses during
the period 182,408 (727,060) (544,652)
----------- ----------- -----------
Return per share:
Ordinary Shares 0.00p 1.50p 1.50p
'C' Shares 0.55p (2.78)p (2.23)p
Unaudited Profit and Loss Account for the period ended 31 December 2003
Period ended 31 December 2003
(audited)
Revenue Capital Total
£ £ £
Gains/(losses) on realisation of - 64,000 64,000
investments
Income 1,282,311 - 1,282,311
Investment management fees (218,729) (656,186) (874,915)
Other expenses (402,024) - (402,024)
----------- ----------- -----------
Profit/(loss) on ordinary activities 661,558 (592,186) 69,372
before
taxation
Tax on ordinary activities (73,475) 75,202 1,727
----------- ----------- -----------
Profit/(loss) on ordinary activities 588,083 (516,984) 71,099
after
taxation
Dividends (428,344) (1,022,462) (1,450,806)
----------- ----------- -----------
Retained profit/(loss) for the period
transferred to /(from) reserves 159,739 (1,539,446) (1,379,707)
----------- ----------- -----------
----------- ----------- -----------
Earnings per share:
Ordinary Shares 2.60p
'C' Shares (0.80)p
Statement of Total Recognised Gains and Losses for the period ended 31 December
2003
Period ended 31 December 2003
(audited)
Revenue Capital Total
£ £ £
Profit/(loss) for the period 588,083 (516,984) 71,099
Unrealised gains/(losses) on revaluation
of
investments - 11,219,960 11,219,960
----------- ----------- -----------
Total recognised gains and losses during
the period 588,083 10,702,976 11,291,059
----------- ----------- -----------
Return per share:
Ordinary Shares 2,04p 95.76p 97.80p
'C' Shares 0.96p (5.21)p (4.25)p
Note on Historical Cost Profits and Losses for the six month period ended 30
June 2004
Six months to Six months to Period to
30 June 30 June 31 December
2004 2003 2003
£ £ £
(Loss)/profit on ordinary activities before
taxation (190,756) (266,059) 69,372
Realisation of revaluation gains/(losses)
of
previous years 8,744,352 (349,050) (381,208)
----------- ----------- -----------
Historical cost (loss)/profit on ordinary
activities before taxation 8,553,596 (615,109) (311,836)
----------- ----------- -----------
----------- ----------- -----------
Historical cost loss for the period after
taxation and dividends 566,850 (861,415) (1,760,915)
----------- ----------- -----------
Unaudited Balance Sheet as at 30 June 2004
30 June 2004
(unaudited)
£ £ £
Fixed assets
Investments 26,237,426
Current assets
Debtors and prepayments 699,016
Current investments 11,539,238
Cash at bank 9,945,344
----------- 22,183,598
Creditors: amounts falling due within one
year
Corporation tax -
Proposed dividend 8,167,983
Other creditors 58,653
Accurals 135,451
-----------
(8,362,087)
-----------
Net current assets 13,821,511
-----------
Net assets 40,058,937
-----------
Capital and reserves
Called up share capital 524,999
Share premium account 6,291,041
Cancelled share premium account
(distributable) 34,133,730
Capital reserve - unrealised (2,234,678)
Revenue reserves 1,343,845
-----------
Equity shareholders' funds 40,058,937
-----------
Net asset value per share of 1 pence
each:
Ordinary Shares 83.33p
'C' Shares 73.40p
Unaudited Balance Sheet as at 30 June 2003
30 June 2003
(unaudited)
£ £ £
Fixed assets
Investments 26,556,328
Current assets
Debtors and prepayments 1,293,521
Cash at bank 8,197,347
----------- 9,490,868
Creditors: amounts falling due within one
year
Corporation tax 1,727
Proposed dividend 247,870
Other creditors 30,062
Accurals 57,002
-----------
(336,661)
-----------
Net current assets 9,154,207
-----------
Net assets 35,710,535
-----------
Capital and reserves
Called up share capital 459,508
Share premium account -
Cancelled share premium account
(distributable) 35,756,353
Capital reserve - unrealised (799,486)
Revenue reserves 294,160
-----------
Equity shareholders' funds 35,710,535
-----------
Net asset value per share:
Ordinary Shares 98.59p
'C' Shares 69.60p
Audited Balance Sheet as at 31 December 2003
31 December 2003
(Audited)
£ £ £
Fixed assets
Investments 37,766,434
Current assets
Debtors and prepayments 568,375
Current Investments 10,422,952
Cash at bank 110,447
----------- 11,101,774
Creditors: amounts falling due within one
year
Corporation tax -
Proposed dividend 181,237
Other creditors 46,340
Accurals 116,370
-----------
(343,947)
-----------
Net current assets 10,757,827
-----------
Net assets 48,524,261
-----------
Capital and reserves
Called up share capital 483,606
Share premium account 2,339,207
Cancelled share premium account
(distributable) 34,578,917
Capital reserve - unrealised 10,731,225
Revenue reserves 391,306
-----------
Equity shareholders' funds 48,524,261
-----------
Net asset value per share:
Ordinary Shares 186.75p
'C' Shares 67.18p
Unaudited Cashflow Statement for the period ended 30 June 2004
Six months ended Year ended
30 June 2004 30 June 2003 31 December 2003
(unaudited) (unaudited) (audited)
£ £ £ £ £ £
Operating activities
Dividends received - - 356,690
Deposit and similar
interest 502,686 590,267 915,786
Other cash receipts - - 11,220
Investment
management fees paid (581,770) (436,612) (892,855)
Other cash payments (222,085) (306,184) (456,191)
----------- ----------- -----------
Net cash inflow from
operating activities (301,169) (152,529) (65,350)
Taxation
Net tax refund 7,259 9,012 -
Investing activities
Purchase of fixed
income investments - - -
Purchase of other
investments (2,218,025) (1,518,753) (3,086,611)
Sale of fixed income
investments - 8,507,250 9,016,050
Sale of other
investments 10,565,821 - 2,100,275
----------- ----------- -----------
Net cash outflow from
investing activities 8,347,796 6,988,497 8,029,714
Equity dividends
Equity dividends paid - (561,816) (1,831,953)
----------- ----------- -----------
Net cash outflow
before financing and
liquid resource
management 8,053,886 6,283,164 6,132,411
Management of liquid
resources
Movement in money
held on escrow (1,000,000) (267,858) (10,422,952)
Increase in current
investments (1,116,286) - -
--------------- --------------- ---------------
(2,116,286) (267,858) (10,422,952)
Financing
Purchase of own shares (96,938) (253,956) 2,366,012
Issue of shares 3,994,235 3,000 (398,021)
----------- ----------- -----------
3,897,297 (250,956) 1,967,991
----------- ----------- -----------
Net increase/
(decrease) in cash 9,834,897 5,764,350 (2,322,550)
----------- ----------- -----------
Notes
1. All revenue and capital items in the Profit and Loss account derive from
continuing activities
2. In accordance with the policy statement published under 'Management and
Administration' in the Company's prospectuses dated 1 October 1997 and 14
October 1999, the Directors have charged 75% of the investment management
expenses to the capital reserve.
3. Earnings for the six months should not be taken as a guide to the results for
the full year.
4. The Ordinary Shareholders, or the 'C' Shareholders,' will be entitled to
receive any dividends paid out of the net dividend income from the net
assets attributable to the Ordinary Shares, or the 'C' Shares respectively.
5. The Company revoked its status as an investment company in March 2000, so
that under the Articles of Association, it can regard capital reserves as
profits of the Company available for distribution. The Company has not
reapplied for investment company status. The Company's financial statements
are drawn up in accordance with Schedule 4 of the Companies Act.
6. The Ordinary Shares fixed interest portfolio and the 'C' Shares fixed
interest portfolio represent the balance of the net proceeds from the issues
of Ordinary Shares and 'C' Shares. These funds are invested in four Dublin
based open ended investment company money market funds managed by Merrill
Lynch Investment Managers and Royal Bank of Scotland.
7. Total earnings after taxation for the period showed a loss of £190,756
(30 June 2003: loss of £266,059) comprising a loss on the Ordinary Shares fund
after taxation of £233,456 (30 June 2003: loss of £112,716) and a profit after
taxation on the 'C' Shares fund of £42,700 (30 June 2003: loss of £153,343). The
basic earnings per Ordinary Share is based on the net loss from Ordinary Shares
fund activities and on 13,990,381 Ordinary Shares (30 June 2003: 12,953,009),
being the weighted average number of Ordinary Shares in issue during the period.
The basic earnings per 'C' Share is based on the net loss from 'C' Shares fund
activities and is based on 35,892,588 'C' Shares (30 June 2003: 33,106,097),
being the weighted average number of 'C' Shares in issue during the period.
There is no difference between the basic earnings per share and diluted earnings
per share for both classes as the 'O' and 'C' Warrants attached to each share
class have now lapsed.
The revenue return per Ordinary Share is based on the net loss from Ordinary
Shares fund activities after taxation of £26,122 (30 June 2003: loss of £362)
and on 13,990,381 Ordinary Shares (30 June 2003: 12,953,009), being the weighted
average number of Ordinary Shares in issue during the period. The revenue return
per 'C' Share is based on the net revenue from 'C' Shares fund activities after
taxation of £170,644 (30 June 2003: £182,770) and on 35,892,588 'C' Shares (30
June 2002: 33,106,097), being the weighted average number of 'C' Shares in issue
during the period.
The capital return per Ordinary Share is based on the net realised capital
losses of £6,281 (30 June 2003: losses of £112,919), on net unrealised capital
losses of £6,422,758 (30 June 2003: gains of £306,389) and capitalised
management fees less associated tax relief of £201,053 (30 June 2003: £112,354)
on the Ordinary Shares fund and on 13,990,381 Ordinary Shares (30 June 2003:
12,953,009). The capital return per 'C' Share is based on the net realised
capital gains of £46,620 (30 June 2003: losses of £156,628), on net unrealised
capital gains of £2,201,207 (30 June 2003: losses of £584,952) and capitalised
management fees less associated tax relief of £174,564 (30 June 2003: £179,485)
on the 'C' Shares fund and on 35,892,588 'C' Shares (30 June 2003: 33,106,097).
8. The net asset value per share for both the Ordinary Shares and the 'C' Shares
has been calculated on their respective shares of the Company's assets and
liabilities. Other than expenses specifically attributable to one fund or
the other, one quarter of costs incurred since 1 January 2004 has been
allocated to the Ordinary Shares fund.
9. The financial information for the six months ended 30 June 2004 has not been
audited or previously published and the 30 June 2003 information has not
been audited. The information for the year ended 31 December 2003 does not
comprise full financial statements within the meaning of Section 240 of the
Companies Act 1985. The financial statements for the year ended 31 December
2003 have been filed with the Registrar of Companies. The auditors have
reported on these financial statements and that report was unqualified and
did not contain a statement under Section 237(2) of the Companies Act 1985.
10. Dividends
Six months to Six months to Year to
30 June 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
£ £ £
Ordinary Shares
Interim dividend proposed/paid 7,986,746 - 1,023,263
Final dividend paid - - -
Over-accrued in previous
period - (801) (801)
----------- ----------- -----------
7,986,746 (801) 1,022,462
'C' Shares
Interim dividend proposed/paid - 247,870 247,870
Final dividend paid - - 181,237
Over-accrued in previous
period - (763) (763)
----------- ----------- -----------
- 247,107 428,344
----------- ----------- -----------
Total dividends for period 7,986,746 246,306 1,450,806
----------- ----------- -----------
11. Capital and reserves
Cancelled
Called up Share share Profit and
share premium premium Revaluation loss
Total capital account account reserve account Total
£ £ £ £ £ £
At 1
January
2004 483,606 2,339,207 34,578,917 10,731,225 391,306 48,524,261
Shares
issued/
(bought
back) 41,393 3,951,834 (59,498) - - 3,933,729
Write off to
cancelled
share
premium
a/c - - (385,689) - 385,689 -
Realisation
of
previously
unrealised
appreciation - - - (8,744,352) 8,744,352 -
Net
decrease
in
unrealised
depreciation - - - (4,221,551) - (4,221,551)
Retained net
reveneue
for the
period - - - - (8,177,502) (8,177,502)
------------ ------------ ------------ ------------ ------------ ------------
At 30 June
2004 524,999 6,291,041 34,133,730 (2,234,678) 1,343,845 40,058,937
------------ ------------ ------------ ------------ ------------ ------------
Cancelled
Ordinary Called up Share share Profit and
Shares share premium premium Revaluation loss
fund capital account account reserve account Total
£ £ £ £ £ £
At 1
January
2004 134,101 978,937 6,996,547 16,544,315 389,964 25,043,864
Shares
issued/
(bought
back) 19,490 2,378,924 - - - 2,398,414
Write off to
cancelled
share
premium - - (211,125) - 211,125 -
a/c
Realisation
of
previously
unrealised
appreciation - - - (8,744,352) 8,744,352 -
Net decrease
in
unrealised
depreciation - - - (6,422,758) - (6,422,758)
Retained net
reveneue
for the
period - - - - (8,220,202) (8,220,202)
------------ ------------ ------------ ------------ ------------ ------------
At 30
June 2004 153,591 3,357,861 6,785,422 1,377,205 1,125,239 12,799,318
------------ ------------ ------------ ------------ ------------ ------------
Cancelled
'C' Called up Share share Profit and
Shares share premium premium Revaluation loss
fund capital account account reserve account Total
£ £ £ £ £ £
At 1 349,505 1,360,270 27,582,370 (5,813,090) 1,342 23,480,397
January
2004
Shares
issued/
(bought
back) 21,903 1,572,910 (59,498) - - 1,535,315
Write off to
cancelled
share
premium
a/c - - (174,564) - 174,564 -
Net
decrease
in
unrealised
depreciation - - - 2,201,207 - 2,201,207
Retained net
reveneue
for the
period - - - - 42,700 42,700
------------ ------------ ------------ ------------ ------------ ------------
At 30 June
2004 371,408 2,933,180 27,348,308 (3,611,883) 218,606 27,259,619
------------ ------------ ------------ ------------ ------------ ------------
12. Summary of investments during the period
Unlisted
Listed Traded or traded Qualifying
investments on Aim on OFEX loans Total
£ £ £ £ £
Company
Cost/valuation at
31 December
2003 2,985,225 10,364,157 17,022,760 7,394,292 37,766,434
Purchases at cost - 450,225 2,373,981 1,374,819 4,199,025
Disposals at cost or
opening valuation (397,500) - (10,007,982) (1,101,000) (11,506,482)
Increase/
(decrease)
in unrealised
gains/(losses) (800,730) (5,356,702) 2,035,381 (99,500) (4,221,551)
----------- ----------- ----------- ----------- -----------
Cost/valuation at
30 June 2004 1,786,995 5,457,680 11,424,140 7,568,611 26,237,426
----------- ----------- ----------- ----------- -----------
Book cost at
30 June 2004 248,367 2,944,750 16,342,376 8,981,611 28,517,104
Unrealised gains/
(losses) at 30
June 2004 1,538,628 2,512,930 (4,918,236) (1,413,000) (2,279,678)
----------- ----------- ----------- ----------- -----------
1,786,995 5,457,680 11,424,140 7,568,611 26,237,426
----------- ----------- ----------- ----------- -----------
Ordinary Shares
fund
Cost/valuation at
31 December
2003 2,985,225 9,302,900 10,904,942 520,000 23,713,067
Purchases at cost - 100,000 58,275 116,725 275,000
Disposals at cost
or opening
valuation (397,500) - (10,007,982) (120,000) (10,525,482)
Increase/
(decrease)
in unrealised
gains/(losses) (800,730) (5,280,850) (1,178) (340,000) (6,422,758)
----------- ----------- ----------- ----------- -----------
Cost/valuation at
30 June 2004 1,786,995 4,122,050 954,057 176,725 7,039,827
----------- ----------- ----------- ----------- -----------
Book cost at
30 June 2004 248,367 1,417,357 2,790,173 1,216,725 5,672,622
Unrealised gains/
(losses) at 30
June 2004 1,538,628 2,704,693 (1,836,116) (1,040,000) 1,367,205
----------- ----------- ----------- ----------- -----------
1,786,995 4,122,050 954,057 176,725 7,039,827
----------- ----------- ----------- ----------- -----------
'C' Shares
fund
Cost/valuation at
31 December
2003 - 1,061,257 6,117,818 6,874,292 14,053,367
Purchases at cost - 350,225 2,315,706 1,258,094 3,924,025
Disposals at cost
or opening
valuation - - - (981,000) (981,000)
Increase/
(decrease)
in unrealised
gains/(losses) - (75,852) 2,036,559 240,500 2,201,207
----------- ----------- ----------- ----------- -----------
Cost/valuation at
30 June 2004 - 1,335,630 10,470,083 7,391,886 19,197,599
----------- ----------- ----------- ----------- -----------
Book cost at
30 June 2004 - 1,527,393 13,552,203 7,764,886 22,844,482
Unrealised gains/
(losses) at 30
June 2004 - (191,763) (3,082,120) (373,000) (3,646,883)
----------- ----------- ----------- ----------- -----------
- 1,335,630 10,470,083 7,391,886 19,197,599
----------- ----------- ----------- ----------- -----------
13. Reconciliation of movements in equity shareholders' funds
Six months to Six months to Year to
30 June 2004 30 June 2003 31 December 2003
(unaudited) (unaudited) (audited)
£ £ £
(Loss)/profit for the period (190,756) (266,059) 71,099
Dividends on equity shares (7,986,746) (246,306) (1,450,806)
----------- ----------- -----------
(8,177,502) (512,365) (1,379,707)
Other recognised gains and
losses (4,221,551) (278,593) 11,219,960
New share capital subscribed
(net) 3,933,729 (250,956) 1,931,559
----------- ----------- -----------
Net (reduction in)/addition to
shareholders' funds (8,465,324) (1,041,914) 11,771,812
Total net assets attributable to
equity shareholders at
beginning of the period 48,524,261 36,752,449 36,752,449
----------- ----------- -----------
Total net assets attributable to
equity shareholders at end
of period 40,058,937 35,710,535 48,524,261
----------- ----------- -----------
A copy of the interim results will be sent to all shareholders in September and
copies can be obtained from the Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
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