Final Results

QUESTER VCT PLC PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007 Summary of results for the year ended 28 February 2007 Per ordinary share (pence) 2007 2006 2005 Capital values Net asset value 41.6 44.5 44.1 Share price 35.3 37.0 44.0 Return and dividends Dividend paid 3.9 1.25 - Cumulative dividend 46.7 42.8 41.5 Total return* 88.3 87.3 85.6 *Net asset value plus cumulative dividend The Directors have declared a second interim dividend of 2.8 pence per share amounting to £3,299,000 in respect of the year ended 28 February 2007 that was paid on 21 March 2007. This dividend, which is not reflected in the table above, will increase cumulative dividends paid to 49.5 pence per share. CHAIRMAN'S STATEMENT Acquisition of Quester management company by NewMedia SPARK Querist, the company that manages Quester VCT, was acquired by NewMedia SPARK plc on 11 May 2007. SPARK is an AIM traded technology investment company focused on early stage investment in the ICT and media sectors and is one of the few specialist and successful companies with expertise similar to Quester. SPARK's current market capitalisation is £61 million, and it has a portfolio of 23 investments. The value of the portfolio at 30 September 2006 was £36.6 million. It specialises in digital media, software applications, technology and communications which complements Quester's own activities in these areas. SPARK does not have a healthcare capability, but has decided to add this sector to its skill base, using Quester's dedicated healthcare business as a platform. SPARK's team, specialising in early stage investment, has been broadly the same for eight years. It changed its strategy in 2003 after the dramatic growth of SPARK in the previous four years during the dotcom boom, to focus solely on early stage investing. It has achieved somewhat better returns than Quester since that date. SPARK has a strong balance sheet and can provide substantial amounts of new capital out of its cash resources. SPARK has not managed third party funds before, and the acquisition of Querist provides it with that capability for the first time, covering both the institutional and specialist VCT market. The merged team will be fully capable of maintaining VCT status. The SPARK and Quester teams have worked together on investments before, in particular Footfall which was sold successfully in 2006. SPARK will provide greater access to some of the UK's best early stage entrepreneurs. In addition to compatible skill sets, the two teams appear to share common values. The acquisition concluded a process carried out by Andrew Holmes and John Spooner, the controlling shareholders of Querist, to identify the best long-term future for the business. Your Board met with three possible acquirers of Querist and held further meetings with SPARK to discuss its plans for the future management of your company, which will be carried forward on the existing basis. The trend of reducing exposure to high risk/reward capital intensive investments seems likely to continue. Results for the year ended 28 February 2007 Performance over the year was broadly flat, with high levels of liquidity, leading to the ability to pay good dividends. £'000 Pence per share Net asset value at 28 February 2006 53,335 44.5 Income 909 0.8 Operating expenses (1,638) (1.5) Net realised gain on investments 1,155 1.0 Recoveries made in respect of investment previously 10 - written off Net unrealised gain on investments 547 0.5 Net assets before dividends and share buy-backs 54,318 45.3 Dividend paid net of amounts reinvested (4,519) (3.9) Share buy-backs (1,471) 0.2 Net asset value at 28 February 2007 48,328 41.6 The net asset value at 28 February 2007 is stated before paying the second interim dividend of 2.8p per share, costing £3.3 million, paid on 21 March 2007. The results for the second half-year showed a slight decline in total return, due to a careful review at the year-end of carrying values on three investments. Performance Realisations of £5.4 million reduced, compared to last year, but were still broadly in line with the amounts expected to be realised since the merger. There were no spectacular gains. Venture capital reinvestment was at a high rate of £8.8 million, split broadly 50/50 between new and follow on investments. There were four significant disappointments in the performance of the portfolio over the year, offset by two significant uplifts in value, as the hard work put into longer standing investments such as Nomad, were reflected in write backs. Overall, the Manager has constructed a well balanced portfolio with a pipeline of lower risk investments and potential exits in the near term and higher reward, capital consuming high risk investments for the longer term. It is worth noting that 23% of the venture capital portfolio is quoted, partly because of opportunities for new investment in the AIM market, and partly as a result of the sale of investments to larger quoted companies, in exchange for paper. It is still too early to be able to identify any startling performers in the portfolio, and inevitably there will continue to be occasional disappointments. The quoted investments outside the venture capital portfolio have had a satisfactory performance. There is no reason to believe that SPARK will make any substantial changes to the risk/reward profile of the portfolio, and we look forward to developing a productive relationship with the merged team. Board At least, during a transitional period, it is expected that Andrew Holmes will continue on the Board, as he will continue to provide significant input into the merged team's work. It is the intention to invite Andrew Carruthers, the CEO of SPARK, to join the Board in due course. Dividends Although the rate of reinvestment has been in excess of realisations and reserves will continue to build to ensure that follow on investments can be made, there is substantial liquidity in the portfolio. This enables us to continue with a healthy dividend policy. An interim dividend of 1.4p per share, was followed by a second interim of 2.8p, declared and paid before HMRC rules on maintaining 70% of the portfolio invested came into effect on 6 April 2007. This represented an increase of 12%. There will be no final dividend. Total dividends amounting to 7.95 pence per share have been returned to shareholders since the merger and for the moment, the intention is to continue to pay healthy dividends. Jock Birney Chairman 23 May 2007 INVESTMENT MANAGER'S REPORT Introduction During the year, twenty three investments aggregating £8.8 million were made; £ 4.1 million in eight new companies and £4.7 million in companies already in the portfolio. Four realisations were completed delivering sales proceeds of £4.9 million with a further £0.5 million received from the repayment of loan stock. We expect the pace of realisation to reduce in 2007/08 given the stage of companies in the portfolio, but to improve thereafter. Venture capital portfolio: investment New investments Eight new investments were made totalling £4.1 million. Company Industry sector £'000 Keronite Limited Chemicals & materials 947 Landround plc Other services 178 Ovum plc Other services 375 Phoqus Group plc Biotechnology services 355 Secerno Limited Software 266 Uniservity Limited Software 1,000 We7 Limited Software 249 Workshare Limited Software 694 4,064 The investments in Keronite, Ovum and Secerno were reported in the 2006 Interim Report. New investments made since the 2006 Interim Report was issued are: Landround Landround is an AIM traded company focussed on travel, leisure and lifestyle promotion. Quester VCT invested as part of a £1.6 million funding round in December. Landround runs innovative voucher based promotions for customer campaigns, trade incentives, staff motivation and reward programmes. In the UK, Landround operates Discover Promotions, the Buy and Fly loyalty reward programme and Travel Offers. The company has offices across Europe and works in partnership with 19 of the world's leading airlines and other major travel and leisure operators. Phoqus Phoqus is a drug delivery company providing a range of innovative drug delivery systems based on electrostatic dry powder deposition technology. The Company invested as part of a £3 million AIM placing. The technology allows very precise deposition of coating powder on to the surface of tablets, with benefits including improved performance and the controlled release of a drug into the body. The technology can also be used to create novel images on tablets as a means of brand enhancement and protection against counterfeiting. We7 The Company's investment was part of a £1.5 million first funding round. We7's technology inserts targeted adverts on to audio and video content which can then be legally downloaded for free by the consumer with the content being paid for by the advertiser. The company is at an early and exciting stage in developing advertising supported internet content in the fast growing downloads market. Uniservity Quester VCT invested £1 million of a £2.4 million first funding round of which the remaining £1.4 million was provided by other Quester managed funds, Quester VCT 4 and Quester VCT 5. Uniservity is a leading provider of web-based learning platforms to the education sector, enhancing communication and collaboration between schools, teachers, pupils and the community. The company's learning platforms provide schools with a customised online suite of tools to support innovative new ways of teaching and learning, extending the classroom to the internet. Workshare Workshare is an established company that develops and markets products that provide secure production and exchange of business documents, enabling users to assemble and verify document content and record who has viewed documents. The company has a strong position in a growing market and continues to focus on reinforcing and broadening its position as the leading provider of outbound content security software applications for professionals. Quester VCT participated in a December 2006, $23 million syndicated funding led by a US venture capital firm. Quester managed funds, Quester VCT 5 and Quester Venture Partnership, had already invested in the company and also participated in this round. Follow-on investments Fifteen follow-on investments totalling £4.7 million were made. These investments, a number of them relatively small, generally were made as part of previously agreed funding plans linked to the achievement of milestones. Name Industry sector £'000 Advanced Valve Technologies Industrial products & 22 Limited services Allergy Therapeutics plc Biotechnology 200 Antenova Limited Communications 130 Anthropics Technology Limited Communications 20 Arithmatica Limited Semiconductors 78 Cluster Seven Limited Software 454 Haemostatix Limited Biotechnology 64 Imagesound plc Industrial products & 1,000 services Lectus Therapeutics Limited Biotechnology 606 Level Four Software Limited Software 208 MediGene AG Biotechnology 56 Nomad Software Limited Software 858 Sift Group Limited Internet 136 Teraview Limited Diagnostics and devices 198 Vivacta Limited Diagnostics and devices 675 4,705 Quoted venture capital investments: valuation changes The quoted venture capital portfolio saw an overall 4.1% fall in valuation of £ 269,000 to £6.3 million. These movements in valuation are symptomatic of the volatility of AIM traded stocks that have limited liquidity. Two companies in the healthcare sector, Genosis and Vernalis, fell by £920,000 and £287,000 respectively. Genosis was punished hard for falling short on early sales perceptions; however a recent announcement of a channel for entry to the US market for the sale of its male and female fertility testing kits suggests that there is the potential for recovery. On the positive side, Imagesound rose by £728,000, Allergy Therapeutics by £ 206,000 and MediGene by £116,000. We supported Imagesound, a leading supplier of in-store music, radio and TV services to the branded retail and leisure sectors, with a further £1 million investment and advanced £200,000 to the specialist pharmaceutical company, Allergy Therapeutics. Unquoted venture capital investments: valuation changes The unquoted portfolio fell in value by £132,000 during the year. Nomad Software was written up to its original cost by £1.9 million to reflect the progress made by its card payments processing business. The valuation of Elateral Holdings, which provides an internet based solution to companies whose distribution channels require customised marketing material, was increased by £ 763,000 reflecting stronger trading results. The £600,000 investment in Global Silicon was written off following its failure to achieve significant sales traction despite having a proven product. Two investments have been written down by an aggregate of £1.5 million reflecting slower than anticipated progress. The investment in Antenova, a leading developer of high performance antenna solutions for mobile handsets, portable devices and laptop computers, is valued at the firm pricing of a recent funding round which has resulted in a downwards revaluation of £115,000. We remain positive about the company's prospects. The residual holding in Opsys has been written down to nil following the weak stock price performance of its NASDAQ listed parent. There is the possibility of it being written back up if the price improves. Sector spread Industry sector Percentage of venture capital portfolio at valuation Valuation Number of % £'000 Investments Software 37.4 10,125 11 Biotechnology 15.3 4,154 8 Internet 10.6 2,883 2 Industrial products & 10.4 2,829 3 services Diagnostics & devices 10.1 2,743 4 Communications 3.9 1,064 2 Chemicals & materials 3.8 1,034 2 Hardware 2.6 708 1 Consumer goods & services 1.8 480 1 Electronics 1.6 435 2 Semiconductors 1.5 416 1 Other services 1.0 204 1 100.0 27,075 38 The sector balance is sensible; although not overly prescriptive because we believe that most companies are impacted by company specific micro issues, such as management, markets and product development and not the wider macro issues of the industry sector. Nonetheless, the weight of investment tends towards a balance between Healthcare, ICT and Software, which reflects the structure of the Quester fund management team, deal flow and capacity to make and manage investments. Listed equity and bond portfolios The value of the listed equity portfolio at 28 February 2007 stood at £12.8 million. Emphasis has been on UK mid and small cap companies, which have performed well over the year, with the portfolio increasing in value by £1.5 million (13.1%). The Company also holds a bond portfolio valued at £2.8 million, generating an effective yield of 4.9%. Outlook We are continuing to build a portfolio with a balance of later as well as early stage investments, to realise mature investments and to support companies within the portfolio. Since the merger with Quester VCT 2 and Quester VCT 3 in June 2005, in line with the merger objectives, we have continued to increase the range and diversity of the venture capital portfolio. Exits this year realised £5.4 million and running costs are lower (comparative figures exclude pre merger costs of Quester VCT 2 and Quester VCT 3) with a full year's management fee at the reduced rate of 2.0% and economies achieved from combining general overheads. On 11 May 2007, Quester was acquired by NewMedia SPARK plc, the AIM traded, early stage venture capital specialist. SPARK has a focus on digital media, software applications, technology and communications and the combined group will manage funds of over £275 million. The new management group will have access to a broader range of early stage investors and investment opportunities and the benefits derived from the synergy between Quester and SPARK will be passed on to shareholders as the combined management team pool resources to deliver shareholder value. Quester Manager 23 May 2007 FUND SUMMARY AS AT 28 FEBRUARY 2007 Industry sector Original Valuation Equity % of Cost * £'000 % held fund by £'000 value Quoted venture capital investments Allergy Therapeutics Biotechnology 772 1,009 1.1% 2.1% plc Cyclacel Biotechnology 800 329 1.1% 0.7% Pharmaceuticals, Inc. Genosis plc Diagnostics & 1,140 192 6.5% 0.4% devices Imagesound plc Industrial products 2,848 2,269 11.8% 4.7% & services Landround plc Other services 178 204 6.3% 0.4% MediGene AG ** Biotechnology 659 449 0.5% 0.9% Phoqus Group plc Biotechnology 355 292 1.0% 0.6% Revenue Assurance Software 611 658 1.4% 1.4% Services plc (formerly XKO) Sopheon plc Software 178 50 0.2% 0.1% Vernalis plc Biotechnology 886 879 0.5% 1.8% Total quoted venture capital investments 8,427 6,331 13.1% Unquoted venture capital investments Advanced Valve Industrial products 2,773 450 12.8% 0.9% Technologies Limited & services Antenova Limited Communications 1,134 1,019 4.7% 2.1% Anthropics Technology Communications 115 45 7.0% 0.1% Limited Arithmatica Limited Semiconductors 416 416 12.5% 0.8% Artisan Software Tools Software 2,100 673 23.4% 1.4% Limited Casella Group Limited Industrial products 902 110 15.8% 0.2% & services Celldex Therapeutics Biotechnology 625 225 1.7% 0.5% Inc (formerly Lorantis) Cluster Seven Limited Software 1,196 1,196 11.1% 2.4% Community Internet Internet 1,015 634 17.4% 1.3% Europe Limited Elateral Holdings Software 2,126 1,009 24.4% 2.1% Limited Haemostatix Limited Biotechnology 117 117 5.9% 0.2% HTC Healthcare Group Consumer goods & 2,208 480 36.7% 1.0% plc services International Diagnostics & 1,176 690 23.9% 1.4% Diagnostics Group plc devices Keronite Limited Chemicals & 947 947 7.1% 2.0% materials Lectus Therapeutics Biotechnology 854 854 7.0% 1.8% Limited Level Four Software Software 725 725 5.1% 1.5% Limited Nanotecture Limited Chemicals & 87 87 0.8% 0.2% materials Nomad Software Limited Software 2,675 3,605 18.7% 7.5% Opsys Management Electronics 1,562 - 13.6% - Limited Pelikon Limited Hardware 708 708 5.5% 1.5% Perpetuum Limited Electronics 435 435 8.0% 0.9% Secerno Limited Software 266 266 4.2% 0.5% Sift Group Limited Internet 2,395 2,249 19.8% 4.7% Teraview Limited Diagnostics & 1,056 947 5.4% 2.0% devices Uniservity Limited Software 1,000 1,000 16.5% 2.1% Vivacta Limited Diagnostics & 914 914 12.9% 1.9% devices We7 Limited Software 249 249 9.6% 0.5% Workshare Limited Software 694 694 1.9% 1.4% Total unquoted venture capital investments 30,470 20,744 42.9% Total venture capital 38,897 27,075 56.0% investments Listed fixed interest 2,832 2,821 5.8% investments Listedequityinvestments 10,015 12,763 26.4% Total investments 51,744 42,659 88.2% Cash and other net 5,669 5,669 11.8% current assets Net assets 57,413 48,328 100.0% *The cost of investment shown above represents the post merger cost to Quester VCT plc, which is the original cost to the Company immediately prior to the merger with Quester VCT 2 plc and Quester VCT 3 plc together with the merger value of those investments assumed from Quester VCT 2 and Quester VCT 3. **Shares in MediGene AG were received on MediGene's purchase of Avidex Limited on 29 September 2006. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2007 Note 2007 2006 £'000 £'000 Gain on investments at fair value 1 1,712 3,056 through profit or loss Income 2 909 1,070 Investment management fee 3 (1,183) (882) Other expenses 4 (455) (382) Profit on ordinary activities before 983 2,862 taxation Tax on profit on ordinary activities 6 - - Profit on ordinary activities after 983 2,862 taxation Basic earnings per share 8 0.8p 3.2p All items in the above statement derive from continuing operations. The Company has only one class of business and derives its income from investments made in shares and securities and from bank deposits. There are no gains and losses for the year other than those passing through the profit and loss account of the Company NOTE OF HISTORICAL COST PROFITS AND LOSSES FOR THE YEAR ENDED 28 FEBRUARY 2007 2007 2006 £'000 £'000 Reported profit on ordinary activities 983 2,862 before taxation Realisation of prior years' net unrealised (228) 429 (losses)/gains on investments Historical cost profit on ordinary 755 3,291 activities before taxation Historical cost profit for the period 755 3,291 BALANCE SHEET AS AT 28 FEBRUARY 2007 2007 2006 Note £'000 £'000 Fixed assets Investments at fair value through 42,659 37,105 profit or loss Current assets Debtors 989 852 Cash at bank 5,014 15,693 6,003 16,545 Creditors: amounts falling due within (334) (315) one year Net current assets 5,669 16,230 Net assets 48,328 53,335 Capital and reserves Called-up equity share capital 5,805 5,992 Share premium account 51 37,359 Capital redemption reserve 465 260 Special reserve 38,820 4,348 Fair value reserve (1,102) (2,477) Profit and loss account 4,289 7,853 Total equity shareholders' funds 48,328 53,335 Net asset value per share 9 41.6p 44.5p CASHFLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2007 2007 2006 £'000 £'000 Cash (outflow)/inflow from operating (828) 96 activities Financial investment Purchase of venture capital investments (8,769) (6,001) Purchase of listed equities and fixed interest (4,083) (1,508) investments Sale of venture capital investments 5,409 9,868 Sale/redemption of listed equity and fixed 3,572 8,190 interest investments Amounts recovered from investments previously 10 166 written off Total net financial investment (3,861) 10,715 Mergers and acquisitions Funds received as part of the merger - 6,141 Merger costs - (220) Total mergers and acquisitions - 5,921 Equity dividends paid (4,669) (1,529) Financing Buy-back of ordinary shares (1,471) (1,077) Issue of shares under the terms of the 150 49 dividend reinvestment scheme Total financing (1,321) (1,028) (Decrease)/increase in cash for the period (10,679) 14,175 Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash for the period (10,679) 14,175 Net funds at the start of the period 15,693 1,518 Net funds at the end of the period 5,014 15,693 In June 2005 the Company merged, by means of a Scheme of Arrangement ("Scheme"), with Quester VCT 2 plc and Quester VCT 3 plc. Under the Scheme, all the shares of Quester VCT 2 and Quester VCT 3 (excluding one share in each company) were cancelled and new shares in the Company were issued to shareholders of Quester VCT 2 and Quester VCT 3. The assets and liabilities of Quester VCT 2 and Quester VCT 3 were transferred to the Company, following the merger, for cash on completion. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 28 FEBRUARY 2007 Share Share Capital Special Fair Profit Total capital premium redemption reserve value and £'000 £'000 account reserve £'000 reserve loss £'000 £'000 £'000 account £'000 At 1 March 2006 5,992 37,359 260 4,348 (2,477) 7,853 53,335 Shares issued under 18 132 - - - - 150 the Dividend Reinvestment Scheme Cancellation of - (37,440) - 37,440 - - - Share Premium account Shares purchased (205) - 205 (1,471) - - (1,471) for cancellation Realisation of - - - - 228 (228) - prior years' net unrealised losses on investments Transfer from - - - (1,497) - 1,497 - Special Reserve to profit and loss account Unrealised gain on - - - - 1,147 (1,147) - revaluation of investments Profit on ordinary - - - - - 983 983 activities after taxation Dividends - - - - - (4,669) (4,669) At 28 February 2007 5,805 51 465 38,820 (1,102) 4,289 48,328 NOTES TO THE FINANCIAL STATEMENTS 1. Profit on investments at fair value through profit or loss 2007 2006 £'000 £'000 Realised net gain on disposal 1,155 4,193 Write-off of investments (600) (729) Recoveries made in respect of investments previously 10 166 written off Net unrealised gain/(loss) on revaluation of 1,147 (574) investments 1,712 3,056 2. Income 2007 2006 £'000 £'000 Dividend income Unlisted companies 67 228 Listed companies 368 405 Interest receivable Listed fixed interest securities 106 162 Loans to venture capital companies 60 124 Bank deposits 90 82 Other income 218 69 909 1,070 3. Investment management fee Quester Capital Management Limited ("QCML") provides investment management services to the Company under an amended and restated agreement dated 20 May 2005. QCML is a wholly owned subsidiary of Querist Limited, a company in which APG Holmes is a beneficial shareholder. APG Holmes is an executive director of QCML. QCML is entitled to receive a management fee, determined quarterly in arrears, at the annual rate of 2.0% on the value of the Company's net assets at the end of each quarter. The annual rate in 2006 was 2.5% until the date of the merger of Quester VCT plc, Quester VCT 2 plc and Quester VCT 3 plc on 29 June 2005 and 2.0% thereafter. The fee is capped to ensure that the Company's running costs do not exceed 3.25% of closing net asset value. The comparative management fee of £778,000 excludes £319,000 relating to Quester VCT 2 and Quester VCT 3 prior to the merger. Upon the Company having paid or declared cash dividends (excluding 1.0p of the special interim dividend paid post the merger) of an aggregate amount equal to 20% or more of the Company's Formula Asset Value (FAV) by 28 February 2009, the Manager will become entitled to an additional performance incentive fee of 2% of the FAV. The performance fee will be increased by a further 1% should cash dividends paid or declared by the same date equal to 40% or more of the FAV. At 28 February 2007, £5 million (9% of the FAV) had been paid to shareholders as dividend counting against the target. QCML also provides administrative and secretarial services to the Company for which it was entitled to a fee of £61,000 for the year (2006: £55,000) adjusted annually in line with changes in the RPI. 4. Other expenses 2007 2006 £'000 £'000 Administration and secretarial services 61 55 Directors' remuneration (note 5) 57 52 Auditor's remuneration Fees payable to the Company's auditor for the 14 14 audit of the financial statements Fees payable to the Company's auditor and its 16 9 associates for other services relating to taxation Legal and professional expenses 48 47 Insurance 35 32 UKLA, LSE and registrar's fees 26 38 Management fees payable to OLIM Limited 64 44 Transaction costs 7 20 Irrecoverable VAT 52 42 Other 75 29 455 382 5. Directors' remuneration 2007 2006 £'000 £'000 Fees paid to directors - 4 Amounts paid to third parties, excluding VAT, in 57 48 consideration for the services of directors 57 52 6. Tax on ordinary activities 2007 2006 £'000 £'000 Corporation tax - - Reconciliation of profit on ordinary activities to taxation Profit on ordinary activities before tax 983 2,862 Tax on profit on ordinary activities at standard 295 859 UK corporation tax rate of 30% (2006: 30%) Effects of: Non taxable items - UK dividends and net gains on (644) (1,107) investments Unutilised management expenses 349 248 Corporation tax payable - - 7. Dividends paid 2007 2006 £'000 £'000 Interim dividend: 1.25p per share paid 11 November - 1,529 2005 Final dividend: 2.5p per share paid 3 July 2006 3,006 - Interim dividend: 1.4p per share paid 22 December 1,663 - 2006 4,669 1,529 The directors declared a second interim dividend of 2.8 pence per share, equivalent to £3,299,000, in respect of the year ending 28 February 2007 that was paid on 21 March 2007 and consequently has not been recognised in these accounts. 8. Earnings per share The profit per share of 0.8p (2006: 3.3p) is based on the profit on ordinary activities after tax of £983,000 (2006: £2,862,000) and on the weighted average number of ordinary shares in issue during the year of 118,098,926 (2006: 85,789,025). There is no dilution effect in respect of the period ended 28 February 2007 (28 February 2006: nil). 9. Net asset value The net asset value per share as at 28 February 2007 of 41.6p (2006: 44.5p) is based on net assets of £48,328,000 (2006: £53,335,000) divided by the 116,108,239 ordinary shares in issue at that date (2006: 119,848,625). There is no dilution effect in respect of the year ended 28 February 2007 (2006: nil). 10. Financial information This preliminary statement, which has been agreed with the auditors, was approved by the Board on 23 May 2007. It is not the Company's statutory accounts. The statutory accounts for the financial year ended 28 February 2006 have been delivered to the Registrar of Companies and received an audit report which was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 237(2) and (3) of the Companies Act 1985. The statutory accounts for the financial year ended 28 February 2007 have not yet been approved, audited or filed. A copy of the Company's statutory accounts will be submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Copies of the full financial statements for the period ended 28 February 2007 are expected to be posted to shareholders on 24 May 2007 and will be available to the public at the registered office of the Company at 29 Queen Anne's Gate, London, SW1H 9BU.

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