Final Results

T&G AIM VCT PLC
04 April 2003


T & G AIM VCT PLC - FINAL RESULTS
4 April 2003

FINANCIAL HIGHLIGHTS
                                                                  Period ended
                                                              31 December 2002



Total return per share                                               2.9 pence

Net asset value per share                                           96.8 pence

Net assets                                                          £2,771,200

Amount invested in qualifying investments (cost)                      £210,000


FINANCIAL CALENDAR

Annual General Meeting                                           25 April 2003

Announcement of interim results to 30 June 2003                    August 2003


CHAIRMAN'S STATEMENT

Introduction

I am pleased to welcome all Shareholders and to present the Company's first
report and accounts for the period to 31 December 2002.

Fundraising

The Company raised just over £2.7 million through its initial share offering
between November 2001 and June 2002. A second offering of 'C' shares was
launched in January 2003 with a view to raising up to a further £5 million.

Performance - Net Asset Value

As at 31st December 2002 the Net Asset Value per share (NAV) was 96.8p, an
increase of 1.9% over the post issue costs NAV of 95p per share on the first
date of admission on 27 March 2002.

This NAV performance has been achieved against a decline in the FTSE AIM index
of 28.3% over the same period. The Company is now the top performer of all 15
VCTs launched last year in terms of NAV based on the most recently available
information according to Allenbridge's www.taxshelterreport.com and the third
best performer on the same measurement base of the 43 VCTs launched over the
last three years.

AIM listed Investments

During the period under review the Company made two qualifying investments at a
total cost of £210,000 representing 7.9% of the company's funds. Whilst the
value of one of these investments has fallen during the period the combined
value of the two holdings has risen by 36.6%.

Quoted Fixed Income Securities

The majority of funds raised to date have initially been invested in Fixed
Income Securities and Cash Deposits. This Fixed Income Security Portfolio has
given rise to an unrealised gain during the period of £3,948.

Results and Dividends

Income for the period was £150,930 and return on ordinary activities after
taxation transferred to reserves was £50,420.  Your Board is proposing not to
pay a final dividend at this early stage in the life of the company.

Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Teather
& Greenwood, Beaufort House, 15 St Botolph Street, London, EC3A 7QR at 12.00pm
on 25 April 2003. Notice of the AGM is at the end of this document.

Publication of Share Prices

The Company's share price is quoted on the Official List of the London Stock
Exchange.

Outlook

The Company has benefited significantly during the period under review from the
Investment Manager's cautious outlook and the consequent relatively low level of
qualifying investments completed.

The Board is satisfied with the progress made to date but recognises that the
low rate of investment to date will have to be stepped up in future albeit
without any diminution in quality if the objective of achieving the investment
of 75% of the Company's assets in qualifying investments within the remaining
time scale of approximately two years is to be achieved.

INVESTMENT MANAGER'S REPORT

Investments

By the end of December, the Company had invested £1,002,149 in preference
shares, two gilt-edged securities and a European Investment Bank bond, with an
estimated gross running yield of more than 3% over UK deposit rates.  These
fixed interest securities account for 36% of total net assets.  The remaining
funds continue to earn interest in a deposit account.

Holdings in two qualifying AIM investments were made in the second half of 2002:
Lloyds British Testing, which accounted for 4.8% of funds available for
investment at purchase date.  This company specialises in inspection, repair and
assembly of heavy lifting equipment and is well placed to benefit from
consolidation of the industry as increasing safety legislation both benefits
demand and puts pressure on smaller competitors; and Cytomyx Holdings, which
accounted for 2.9% of funds available at the time of investment.  The latter
group provides outsourced research to the pharmaceutical industry as well as a
distribution facility.  Clients of this group include a number of leading
pharmaceutical and biotechnology companies.

Outlook

We believe medium term economic conditions provide a reasonable backdrop for
developing a portfolio of qualifying investments.  Declining asset values, low
price to earnings valuations, availability of management at lower salaries, and
generally more favourably priced acquisitions will all continue to support the
search for suitable qualifying companies whether they are new issues on the AIM
market or existing stocks which offer qualifying new equity.

Since the period end, your Company has made one further qualifying investment,
accounting for 4.4% of funds available for investment - Robert H. Lowe, a cash
shell into which Smart Approach has reversed.  The latter provides software and
associated training of X-ray surveillance equipment, especially to those who
work at US airports.  Another interesting qualifying investment is near to
completion.  Two other opportunities, alluded to in the previous Interim Report,
have been delayed due to technical factors but we still believe these may become
opportunities.

Statement of Total Return
(incorporating the revenue account)
for the period from 29 October 2001 to 31 December 2002

                                                       31 December 2002
                                        Revenue     Capital       Total
                                          £'000       £'000       £'000

Gain on investments                           -          84          84

Investment income                            67           -          67

Investment management fees                  (1)         (2)         (3)

Other expenses                             (98)                    (98)

(Loss)/Return on ordinary
activities before tax                      (32)          82          50
                                          
Tax on ordinary activities

(Loss)/Return on ordinary
activities after taxation and
transfer to/(from) reserves                (32)          82          50

(Loss)/Return per share                   (1.8)         4.7         2.9
(pence)

     
1.   All revenue and capital items in the above statement derive from
     continuing operations.

2.   The revenue column of this statement is the profit and loss account
     of the Company.

3.   The Company has only one class of business and derives its income
     from investments made in shares and securities and from bank deposits.

4.   No operations were acquired or discontinued in the year.


Balance Sheet
As at 31 December 2002
                                                                31 December
                                                                       2002
                                                                      £'000
Fixed assets

Investments                                                           1,290

Current assets

Debtors                                                                   2
Cash at bank                                                          1,490
                                                                      1,492

Creditors: amounts falling due within one year                           11

Net current assets                                                    1,481

Total assets less current liabilities                                 2,771

Capital and reserves
Called up equity share capital                                           29
Share premium                                                         2,692
Realised capital reserve                                                (2)
Unrealised capital reserve                                               84
Revenue reserve                                                        (32)

Total equity shareholders' funds                                      2,771

Net asset value per ordinary share                                     96.8p


Cash Flow Statement
for the period from 29 October 2001 to 31 December 2002

                                                        31 December 2002


                                                   £'000               £'000
Operating activities
Investment income received                            39
Deposit interest received                             34
Investment management fees paid                     (35)
Other cash payments                                 (63)

Net cash outflow from operating activities                              (25)

Financial investment
Purchase of investments                          (1,206)

Net cash outflow from investing activities                           (1,206)

Net cash outflow before financing                                    (1,231)

Financing
Issue of ordinary shares                          2,864
Expenses of the issue of ordinary shares          (143)

Net cash inflow from financing                                        2,721

Increase in cash and cash equivalents                                 1,490


Notes:

1    The financial information included in this announcement as regards the
     company does not constitute statutory accounts for the year ended 31 
     December 2002 within the meaning of Section 240 of the Companies Act 1985.  
     Statutory accounts of the company for the financial year ended 31 December 
     2002, upon which the auditors of the company have given an unqualified 
     report will be delivered to the Registrar of Companies.

2    Copies of the Audited Financial Statements will be sent to shareholders and
     the UK Listing Authority today.

3    Revenue loss return per share is based on the net revenue on ordinary
     activities after taxation of £31,995 in respect of 1,727,388 shares, being 
     the weighted average number of shares in issue during the year.  Capital 
     return per share is based on net capital return for the financial year of 
     £81,895 in respect of 1,727,388 shares , being the weighted average number 
     of shares in issue during the year.


                      This information is provided by RNS
            The company news service from the London Stock Exchange