Final Results

Close IHT AIM VCT PLC 16 February 2007 CLOSE IHT AIM VCT PLC PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS FOR THE PERIOD FROM 4 AUGUST 2005 TO 30 NOVEMBER 2006 Close IHT AIM VCT PLC ('the Company'), which invests in companies listed on the Alternative Investment Market ('AIM'), across a variety of sectors, today announces finals results for the period from incorporation on 4 August 2005 ('date of incorporation') to 30 November 2006. The Company commenced activities on 24 January 2006. This announcement was approved by the Board of Directors on 16 February 2007. CHAIRMAN'S STATEMENT I would like to welcome new shareholders to the Company and am pleased to present your Company's first results, which relate to a period from incorporation of the Company on 4 August 2005 to 30 November 2006. Between January and March 2006, the Company raised £25 million (£23.63 million net of expenses) through three allotments of shares. These share issues were split 7.32 million 'A' shares and 17.68 million 'B' shares. The 'A' share class follow the traditional AIM VCT structure, whereas the novel 'B' share class (with a minimum investment of £50,000) offer investors the opportunity to obtain inheritance tax relief under present legislation. Performance From launch to 30 November 2006, the Company completed twelve investments in qualifying AIM listed companies, totalling £4.4 million. In the period, two of these twelve investments - Debts.co.uk and Invocas - were sold, crystallising profits in both cases. In addition, as detailed in the prospectus, £3.25 million was invested in the Close Special Situations Fund. Further details of these investments can be found in the Investment Manager's report. I am pleased to say that, in aggregate, these investments are showing a modest premium to book cost at 30 November 2006. As a result of this, the Company's net asset value per share has risen slightly from its initial 94.5p (net of fund raising costs) to 94.7p as at 30 November 2006. Dividends The Directors believe in maximising tax free dividends to shareholders and the Company intends to pay dividends twice a year. The Company paid a first dividend of 1.4p in September 2006 to shareholders from the initial allotment on 24 January 2006. The Directors have declared a first dividend for the current financial period of 1.0p to all shareholders. This dividend will be paid on 23 March 2007 to shareholders on the register as at 2 March 2007. Buy-back Policy The Board has adopted a share buy-back policy whereby the Company, when able, will buy-back shares at around an 8% discount to the prevailing net asset value per share. This is designed to improve the marketability of the shares and to encourage the shares to trade at a narrower discount to their underlying worth. Shareholders wishing to sell their shares should first contact the Investment Manager, Close Investments Limited on 020 7426 4059. Shareholders should note that if they sell their shares within three years of the original purchase, they would lose any tax relief that have been obtained. Annual General Meeting The Company's Annual General Meeting will be held at 10 Crown Place, London EC2A 4FT at 12 noon on Wednesday 18 April 2007. I look forward to seeing as many shareholders there as possible. The Investment Manager will be presenting a review of the portfolio and it will be an opportunity for you to meet the Board and the Investment Manager to discuss the Company and its investments. Outlook Despite the continuing popularity of AIM in general, the flow of high quality VCT qualifying investment opportunities remains thin. The main challenge for the Investment Manager therefore, is finding enough new attractive qualifying investments at sensible valuations. The UK economy is forecast to record another year of satisfactory growth in 2007, although incipient signs of inflation, and the potential consequences for interest rates, are a concern. To date, such concerns have not had a material impact on individual portfolio companies, although they may in due course come to have a negative impact on sentiment towards smaller companies generally. The Investment Manager anticipates making several new investments in forthcoming months. I look forward to updating you on their progress. Keith Mullins Chairman 16 February 2007 Income Statement for the period from 4 August 2005 to 30 November 2006 Revenue Capital Total £'000 £'000 £'000 Gains on investments - 56 56 Investment Income 760 - 760 Investment management fees (114) (342) (456) Other expenses (119) - (119) -------- -------- -------- Return on ordinary activities before finance costs and taxation 527 (286) 241 -------- -------- -------- Finance costs (4) - (4) -------- -------- -------- Return on ordinary activities before taxation 523 (286) 237 Taxation (charge)/credit on ordinary activities (95) 65 (30) -------- -------- -------- Return attributable to equity shareholders 428 (221) 207 -------- -------- -------- Return per ordinary share (pence) - basic and diluted 1.86p (0.96)p 0.90p • All of the Company's activities derive from continuing activities. • No operations were acquired or discontinued during the period. • The Company has no recognised gains or losses other than those above, accordingly a statement of total recognised gains and losses is not required. • The total column of the Income Statement represents the profit and loss of the Company. The supplementary revenue return and capital return columns have been prepared in accordance with the Association of Investment Companies' Statement of Recommended Practice. Balance Sheet as at 30 November 2006 £'000 Fixed Assets Investments 22,342 ----------- Current assets Debtors 139 Cash at bank 1,551 ----------- 1,690 ----------- Creditors: amounts falling due (357) within one year ----------- Net current assets 1,333 ----------- Net assets 23,675 ----------- Capital and reserves: Called up share capital 3 Special reserve 23,623 Capital reserve - realised (209) Capital reserve - unrealised (12) Revenue reserve 270 ----------- Equity shareholders' funds 23,675 ----------- Net asset value per Ordinary share (pence) 94.70p ----------- Reconciliation of movements in shareholders' funds for the period from 4 August 2005 to 30 November 2006 Called up share Share premium Special reserve Capital reserve Capital reserve Revenue reserve Total capital - realised - unrealised £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 4 - - - - - - - August 2005 Issue of equity 3 24,998 - - - - 25,001 Issue costs of - (1,375) - - - - (1,375) equity Transfer to special reserve - (23,623) 23,623 - - - - Gains on sales - - - 68 - - 68 of investments Capitalised management - - - (342) - - (342) fee Tax on capitalised management fees - - - 65 - - 65 Unrealised depreciation on - - - - (12) - (12) investments Revenue - - - - - 428 428 return Dividends - - - - - (158) (158) paid ------- ------- -------- -------- -------- ------- ------- As at 30 November 3 - 23,623 (209) (12) 270 23,675 2006 ------- ------- -------- -------- -------- ------- ------- Cash Flow Statement for the period from 4 August 2005 to 30 November 2006 £'000 Operating activities Investment income received 192 Deposit interest received 438 Other expenses paid (475) ------------- Net cash inflow from operating activities 155 ------------- Servicing of finance Interest paid (4) Capital expenditure and financial investment Purchase of investments (22,448) Disposal of investments 380 ------------- Net cash (outflow) from investing activities (22,068) ------------- Dividends Equity dividends paid (158) ------------- Financing Issue of Ordinary share capital 23,626 ------------- Increase in cash 1,551 ------------- Notes: 1. Details about the Investment Manager Close IHT AIM VCT PLC is managed by Close Investments Limited. Close Investments Limited is authorised and regulated by the Financial Services Authority and is a subsidiary of Close Brothers Group plc. 2. Return per Ordinary share The revenue return per Ordinary share is based on the net revenue return on ordinary activities after taxation of £428,000 in respect of the weighted average number of shares in issue during the period from commencement of activities, being 23,046,946 shares. The capital return per Ordinary share is based on the net capital return on ordinary activities after taxation of (£221,000) in respect of the same weighted average number of shares in issue as stated above. There are no dilutive elements and hence the basic return per share is the same as the diluted return per share. 3. Net asset value per share Net asset value per share is based on net assets attributable to Ordinary shareholders of £23,675,165 and on 25,000,511 Ordinary shares in issue at 30 November 2006. 4. Financial Information The financial information set out above is unaudited and does not constitute the Company's statutory accounts for the period ended 30 November 2006. Statutory accounts for the period ended 30 November 2006 will be delivered to the Registrars of Companies in due course. For further information, please contact: Andrew Buchanan / Freda Isingoma Karen Wagg/Despina Constantinides Close Investments Limited Polhill Communications Tel: 020 7426 4000 Tel: 0207 6550500 This information is provided by RNS The company news service from the London Stock Exchange

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