Interim Results

Foresight Technology VCT PLC 28 August 2003 Foresight Technology VCT plc Interim Results for the six months ended 30 June 2003 Chairman's Statement Introduction I have pleasure in enclosing the Interim Report for Foresight Technology VCT plc for the six month period from 1 January 2003 to 30 June 2003. The results are set out in the following pages. Although market conditions have continued to be difficult during this period there are signs of improvement. Activity and share prices have increased in the AIM market in the first half of this year and, although it might take some time for similar activity to be seen in the unquoted market our investment advisers, VCF Partners, and the Board are encouraged by the progress being made by a number of the companies in both portfolios. Interim Results The total return (after tax) attributable to Ordinary Shareholders was a gain of 1.50p per Ordinary Share (30 June 2002: loss of 8.10p). The net asset value as at 30 June 2003 was 98.59p per Ordinary Share (30 June 2002: 93.15p). The total return (after tax) attributable to 'C' Shareholders was a loss of 2.23p per 'C' Share (30 June 2002: loss of 4.14p) and the net asset value, after the interim dividend referred to below, as at 30 June 2003 was 69.60p per 'C' Share (30 June 2002: 74.71p). Special Ordinary Share Dividend and Interim 'C' Share Dividend On 8 July 2003 approximately 40% of the Company's holding in Telecom plus Plc was sold, realising a profit of £900,000 above the average cost of those shares. As a result of this sale I am pleased to report that the Company will pay a capital dividend to Ordinary Shareholders of 8p per Ordinary Share from the proceeds of the partial disposal of this investment. Payment of this dividend will be made to Ordinary Shareholders on the register on 5 September 2003 and should be received on 22 September 2003. No dividend is to be paid on the Ordinary Shares based on the results for period to 30 June 2003. As investments are realised the Board hopes to be in a position to pursue a more regular dividend policy in respect of the Ordinary Shares fund. The Company will also pay a 0.75p dividend (net) per 'C' Share, based on the results for the six month period to 30 June 2003, to 'C' Shareholders on the Register on 5 September 2003. This payment should also be received on 22 September 2003. Ordinary Shares fund The Board is particularly pleased with the progress being made by Telecom plus Plc and Advanced Composites Group Limited. The latter is currently considering opportunities including a flotation at a valuation of up to £50 million (source: Financial Times - 16 August 2003). It is also pleasing to see an increase in the share price of YooMedia Plc in which a further investment was made by Foresight in May 2003. 'C' Shares fund The investments in the 'C' Shares fund have been held for a much shorter time than those in the Ordinary Shares fund and there have, as yet, been no realisations from this fund. The Board is, however, pleased with the progress of a number of the investments, particularly Sarantel Limited, Oxonica Limited and themutual.net plc. With regard to themutual.net plc the share price has increased significantly following the results for the year to 30 April 2003 having been announced in July 2003. An investment was made within the period in Broadreach Networks Limited, a public access Wi-Fi hotspot company. Other investors in the company include Virgin and British Telecom who are providing valuable strategic input to the company. In addition, further investments were also made in Sarantel Limited, Monactive Limited and ANT Limited. A number of new investments for the 'C' Share fund are also currently under review. New Offer of 'Ordinary' Shares and 'C' Shares I am also pleased to report that the Board has decided to raise additional capital for both funds by way of a new issue of 'Ordinary' Shares and 'C' Shares representing, respectively, under 10% of the current issued share capital in each fund. On full subscription, and based on the net asset value of each fund as at 30 June 2003, approximately £3.5 million (net of issue costs) will be raised by the issue. The Board believes that raising additional capital should enable Foresight to: take advantage of the encouraging investment opportunities currently under review (which should provide shareholders with a greater spread of risk from a larger and more diverse portfolio of technology investments in each fund); spread administrative costs across a larger capital base; and make second round 'follow on' investments in existing portfolio companies when attractive opportunities arise. Investors will be invited to subscribe for packages of shares each comprising one new Ordinary Share and three new 'C' Shares. Packages of shares will be allotted at an offer price based on the net asset value of the shares in each fund as at the end of the latest month prior to an allotment. Existing Shareholders will be given priority in the offer. Full details of the offer, including a notice of an Extraordinary General Meeting, are expected to be posted in September 2003. Supplemental Investment Advisers Agreement and New Carried Interest Agreement In connection with the arrangements for the enlarged funds, the Company proposes to enter into the following new agreements: a new agreement with VCF Partners, which is supplemental to the existing Investment Advisers Agreement dated 14 October 1999 ('the Supplemental Investment Advisers Agreement'); and a new conditional warrant rights agreement ('the New Carried Interest Agreement') providing for a carried interest incentive to VCF Partners, and Matrix Securities Limited in respect of the new funds to be raised under the offer for the 'C' Shares fund and to VCF Partners, Matrix Securities Limited and Martineau Johnson in respect of the new funds to be raised under the offer for the Ordinary Shares fund. Pursuant to the Supplemental Investment Advisers Agreement VCF Partners have been appointed to advise the Board in respect of the new capital raised for the Ordinary Shares fund, all of which will all be invested in venture capital investments, and also in respect of the new capital raised for the 'C' Shares fund, 80% of which will be invested in venture capital investments with the remaining 20% being invested in fixed interest securities. The new monies raised under the offer will be added to the existing net assets of each fund for the purposes of calculating a continuing annual management fee to VCF Partners for the duration of their appointment of 2 per cent of the net assets in each fund. This is the level of fee the Board has agreed to maintain since September 2002 when the fee was due to reduce. Pursuant to the New Carried Interest Agreement, carried interest arrangements similar to those previously entered into are to be granted in respect of the investment of the monies raised under the new offer. VCF Partners and Matrix Securities will be entitled to be issued with performance warrants granting the right to subscribe at par for a number of 'C' Shares (the 'C' Number) representing 15% of the sum of the number of 'C' Shares allotted pursuant to the offer plus the 'C' Number if: • before 5 April 2007 cumulative dividends on each 'C' Share now in issue and issued pursuant to the offer are not less than 80 pence on 5 April 2007 ('the 'C' Hurdle Date'); or • on the 'C' Hurdle Date cumulative dividends together with net realisations (after deducting losses) not yet distributed amount to at least 80 pence per share. If neither of these conditions has been achieved by the 'C' Hurdle Date then VCF Partners and Matrix Securities will be entitled to be issued with performance warrants granting the right to subscribe a reduced number of 'C' Shares ('the Reduced 'C' Number) representing 12.5% of the sum of the number of 'C' Shares allotted pursuant to the offer plus the Reduced 'C' Number provided cumulative dividends together with net realisations (after deducting losses) not yet distributed amount to not less than £1.25 on each 'C' Share now in issue and issued pursuant to the offer. A similar carried interest arrangement is granted to VCF Partners, Matrix Securities Limited and Martineau Johnson in respect of the new monies raised for the Ordinary Shares fund provided however that, as the original Ordinary Shares fund performance warrant rights have already been exercised by the Ordinary Shares fund carried interest holders when cumulative dividends exceeding 80p per share were paid to Ordinary Shareholders in 2000, no entitlement to additional carried interest will arise in respect of the new monies until a new hurdle across the whole of the Ordinary Shares fund has been achieved. This new hurdle requires cumulative dividends of 80 pence per share (or as the case may be of £1.25 per share) to be paid on each Ordinary Share now in issue and issued pursuant to the offer disregarding the cumulative dividends paid by the Ordinary Shares fund to date. I would emphasise that no additional carried interest is being granted in respect of Ordinary Shares fund monies subscribed for Ordinary Shares currently in issue but only in respect of the new monies raised for the Ordinary Shares fund under this new offer. The relevant hurdle date for the achievement of the new 80 pence hurdle will be the seventh anniversary of the close of the offer. The Investments Set out on the following pages are brief details of the investments within the Ordinary Shares fund and the 'C' Shares fund. During the six months to 30 June 2003, the Company made one follow-on investment from the Ordinary Shares fund at a total cost of £375,000 and one new investment and five follow-on investments from the 'C' Shares fund at a total cost of £1.4 million. I would like to take this opportunity to thank all shareholders and warrant holders for their continuing support. Peter Dicks Chairman 28 August 2003 ADVISERS' AND MANAGERS' REPORT THE VENTURE CAPITAL FUNDS VCF Partners advise the Company in respect of investments made within the Ordinary Shares fund and the 'C' Shares fund. During the 6 months to 30 June 2003 one follow on investment was made from the Ordinary Shares fund at a cost of £375,000 and one new investment and four further investments were made from the 'C' Shares fund at a cost of £1.4 million. The full investment portfolio of both funds as at 30 June 2003 is detailed below. ORDINARY SHARES FUND Sapphire International Limited Owns the established 'DataEase' family of computer database software products and has a worldwide base of 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 significant order from the North American market, the company is trading profitably. Foresight holds 1,803,396 shares in the company. Results from the latest audited accounts for the year ended 31 December 2001: profit before tax £113,000, retained loss £3,412,000, net liabilities £799,000. Amount % of Invested % Equity/ Ordinary Dates of (including Voting Loan Investor Shares Investment Loan Stock) Valuation Rights Stock Director Portfolio Jul 98, Jun 00, £400,000 Bernard Oct 00 & Jun 01 £1,150,000 Cost 18.6 10% Fairman 9.32 (Unsecured) 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, Lucent and Intertel. The company won the Integrated Dealer of the Year Award 2001 and is trading profitably. The Ordinary Shares fund holds 300,868 shares and 34,615 warrants in the company. Results from the latest audited accounts for the period ended 31 December 2002: profit before tax £35,191, retained loss £1,269,941, net liabilities £488,941. Amount % of Invested % Equity/ Ordinary Dates of (including Voting Loan Investor Shares Investment Loan Stock) Valuation Rights Stock Director Portfolio Nov 98, Mar 00 £120,000 Peter & Jun 03 £600,001* Cost 37.9* (Unsecured) English 4.86 * the Company also holds warrants DSM Geo-Data Limited ('DSM')/Survey & Development Services Limited ('SDS') DSM was formed to acquire certain parts of the business of 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. SDS was put into liquidation in 2002 and therefore the Board believes it prudent to write down the investment by 100%. Foresight continues to hold 170,408 shares in SDS. DSM has not produced audited accounts since incorporation on 12 December 2001. % of % Equity/ Ordinary Date of Amount Voting Shares Investment Invested Valuation Rights Portfolio Aug 02 £1 £132,911 0.0 1.08 Entraline Limited Was formed following the Administration of Creature Laboratories Limited in June 2002 and Foresight was issued with 11,765 shares in the new company. Entraline had a range of entertainment software products under development. The technology also related to new platforms such as toys, mobile phones and digital television. The company was put into liquidation in April 2003 and therefore the Board believes it prudent to write down the investment by 100%. The company has not produced audited accounts since incorporation on 2 May 2002. % of % Equity/ Ordinary Date of Amount Voting Shares Investment Invested Valuation Rights Portfolio Jun 02 £1,500,000 Nil 0.5 - 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. After three years of profits, the company has been valued on an average 12 month historic PE basis, using an index of comparable companies after applying a 25% discount. This valuation is in accordance with BVCA guidelines and will change at the next valuation date in line with revised BVCA guidelines. Foresight holds 3,163,971 shares in the company. The company is currently considering opportunities including a flotation at a valuation of up to £50 million (source: The Financial Times: 16 August 2003). Results from the latest consolidated audited accounts for the year ended 31 August 2002: profit before tax £2,272,000, retained profit £3,695,000, net assets £8,030,000. % of % Equity/ Ordinary Dates of Amount Voting Investor Shares Investment Invested Valuation Rights Director Portfolio Mar 99, Oct 99 Peter & Jul 00 £1,622,978 £6,565,876 27.5 English 53.21 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 was floated on the AIM market in March 2000 at a valuation of £149.7 million. At that time Foresight sold 6,623,030 shares to raise £12.4 million net of expenses. The company has signed a contract with Sky to provide BSkyB's wholly owned channel with a comprehensive enhanced TV chat solution and also provides interactive content via Telewest. Foresight made a further investment of £375,000 by way of convertible loan stock in May 2003 and holds 14,260,000 shares in the company. Results from the latest audited accounts for the year ended 31 December 2002: loss before tax £7,037,986, retained loss £13,397,592, net assets £1,766,717. Amount % of Invested Valuation % Equity/ Ordinary Dates of (including (Mid- Voting Loan Investor Shares Investment Loan Stock) market) Rights Stock Director Portfolio Mar 99, Nov 02, £375,000 Bernard & May 03 £717,302 £1,016,700 18.58 (Convertible Fairman 8.24 and Secured) Telecom plus plc (listed on the London Stock Exchange) Offers low cost telephone and energy services to private subscribers. The company's penetration of its telephone subscriber base with energy services is at 10% and increasing. The share price increased substantially during the quarter ended 30 June 2003 and Foresight sold 500,000 shares at a price of £2.18 (ex-div) per share compared to an average subscription cost of 38p per share. Foresight held 1,251,000 shares in the company prior to the sale. Results from the latest audited accounts for the year ended 31 March 2003: profit before tax £5,588,000, retained profit £1,760,000, net assets £10,618,100. % of Valuation % Equity/ Ordinary Dates of Amount (Mid- Voting Shares Investment Invested market) Rights Portfolio Jun 99 & Dec 02 £476,519 £2,639,610 2.1 21.39 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 markets including the pub market place and the restaurant and nightclub sector. Foresight holds 400,000 shares in the company. The company completed a further round of funding of £750,000 in July 2003. Results from the latest audited accounts for the year ended 31 March 2003: profit before tax £315,000, retained loss £1,144,000, net assets £7,749,000. % of Valuation % Equity/ Ordinary Date of Amount (Mid- Voting Shares Investment Invested market) Rights Portfolio Jul 00 £500,000 £234,000 4.2 1.90 'C' SHARES FUND Travelstore.com plc Sold its business last year to On-line Travel Limited, a company which provides on-line services for travel arrangements and had synergies with Travelstore's business. Travelstore currently holds 7.2% of the shares in On-line Travel Limited, for the benefit of its shareholders, which were subject to a lock-up that expired in June 2003. Foresight holds 4,265,000 shares in the company. Results from the latest audited accounts for the year ended 31 March 2002: loss before tax £3,566,381, retained loss £29,254,676, net assets £2,420,845. % of % Equity/ 'C' Dates of Amount Voting Shares Investment Invested Valuation Rights Portfolio Dec 99, Nov 02 & Dec 02 £1,339,000 £59,220 3.5 0.42 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. The Board believes it prudent to write down this investment to reflect the current values of companies relying on the on-line advertising market. Foresight holds 25,248 shares and 7,631 warrants in the company. Results from the latest audited accounts for the year ended 31 March 2002: loss before tax £186,505, retained loss £896,320, net assets £12,251. % of % Equity/ 'C' Date of Amount Voting Shares Investment Invested Valuation Rights Portfolio Apr 00 £1,000,000 £50,000 15.0 0.35 UK Directory (Holdings) Limited (OFEX Listed) Operated an internet based directory of business websites, available on-line and offline via the publication of a nationally distributed magazine available from WH Smith. UK Directory (Holdings) Limited's shares were suspended from trading on OFEX in November 2001 and liquidators were appointed in May 2003. Foresight holds 2 million shares in the company. Results from the latest audited accounts for the year ended 31 August 2002: loss before tax £287,306, retained loss £2,565,537, net assets £201,414. % of % Equity/ 'C' Date of Amount Voting Shares Investment Invested Valuation Rights Portfolio Apr 00 £1,000,000 £13,200 10.0 0.09 themutual.net plc (AIM Listed) Operates a financial information website and sells targeted advertising by email aimed at their subscriber base. themutual.net's shares were listed on the AIM market in June 2000. The company's share price has increased by 60% since the audited accounts for the period ended 30 April 2003 were announced in July 2003. Foresight holds 342,730,249 shares in the company. Results from the latest audited accounts for the year ended 30 April 2003: profit before tax £557,950, retained loss £1,407,935, net assets £1,091,772. % of Valuation % Equity/ 'C' Date of Amount (Mid- Voting Shares Investment Invested market) Rights Portfolio Jun 00 £500,000 £411,276 9.3 2.89 FfastFill plc (AIM Listed) Is a software company that develops sophisticated trading solutions for futures and options traders, brokers and risk managers. The management team was strengthened last year and the company recently secured a £1.2m funding package to help execute its applications services strategy. Foresight holds 914,070 shares in the company. Results from the latest audited accounts for the year ended 31 March 2003: loss before tax £4,926,000 retained loss £18,202,000, net assets £189,000. % of Valuation % Equity/ 'C' Date of Amount (Mid- Voting Shares Investment Invested market) Rights Portfolio Jul 00 £500,000 £45,704 2.0 0.32 Sarantel Limited Owns proprietary antenna technology with applications in mobile phone 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 proto types for Wi-Fi and 3G applications. Foresight holds 6,999,179 shares in the company. Results from the latest audited accounts for the year ended 30 September 2002: loss before tax £2,821,417, retained loss £4,179,590, net assets £3,695,798. % of % Equity/ 'C' Dates of Amount Voting Investor Shares Investment Invested Valuation Rights Director Portfolio Sep 00, Apr 01, Jun 01, Mar 02, £2,213,404 Cost 34.6 Matt 15.57 Aug 02, Sep 02, Taylor Nov 02 & Feb 03 Mondas plc (AIM Listed) Has developed e-Business technologies to 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 2,289,855 shares in the company. Results from the latest audited accounts for the year ended 30 April 2003: loss before tax £2,224,645, retained loss £7,880,966, net liabilities £421,349. Amount % of Invested Valuation % Equity/ 'C' Dates of (including (Mid- Voting Loan Investor Shares Investment Loan Stock) market) Rights Stock Director Portfolio Oct 00& £900,000 Bernard Dec 02 £1,068,116 £976,551 10.9 (Unsecured) Fairman 6.87 Callserve Communications plc Is a voice over IP telecoms network and service provider which enables telephone calls to be made from a PC via the internet to any phone worldwide. The company has grown substantially over the last 18 months. Foresight holds 222,222 shares in the company. The company completed a further round of fundraising from existing investors in February and June 2003. The Board believes it is prudent to write down this investment by 50% to reflect the fact that other financial instruments rank ahead of Foresight. Results from the latest audited accounts for the year ended 31 March 2002: loss before tax £4,885,152, retained loss £12,017,562, net liabilities £363,814. % of % Equity/ 'C' Date of Amount Voting Shares Investment Invested Valuation Rights Portfolio Oct 00 £500,000 £224,999 1.27 1.58 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. The company is now trading profitably. Foresight holds 201,176 shares in the company. Results from the latest audited accounts for the year ended 30 June 2002: profit before tax £542,252, retained loss £197,460, net assets £564,205. % of % Equity/ 'C' Date of Amount Voting Investor Shares Investment Invested Valuation Rights Director Portfolio Peter Dec 00 £750,000 Cost 16.7 English 5.28 Heritage Image Partnership Limited Is building an online library of high-resolution images from exclusive access to the content of heritage institutions, principally museums and libraries, and sells directly to business customers. The investment has been written down because the business is trading below expectations. Foresight holds 68,898 shares in the company. Other opportunities are currently being considered to generate value from this investment including an offer from Sarantel Limited to the shareholders of the company to purchase all the shares in the company. Results from the latest audited accounts for the year ended 31 December 2001: loss before tax £1,697,469, retained loss £3,074,466, net assets £1,256,977. % of % Equity/ 'C' Date of Amount Voting Investor Shares Investment Invested Valuation Rights Director Portfolio Matt Mar 01 £950,000 £300,000 28.0 Taylor 2.11 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 their 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. Results from the latest audited accounts for the year ended 31 July 2002: loss before tax £982,394, retained loss £2,274,425, net liabilities £893,077. Amount % of Invested Valuation % Equity/ 'C' Dates of (including (Mid- Voting Loans Investor Shares Investment Loans) Market) Rights Director Portfolio Mar 01 £553,572 Matt & Jan 03 £1,017,858 Cost 22.2 (Secured) Taylor 7.16 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 first licensed its software to Symbian (one of the leading software platforms for PDAs) in May 1998. It now has a leading position in the market for integrated digital TVs, TV over internet protocol and enhanced DVDs. Foresight holds 21,800 shares in the company and warrants over a further 7% of the equity. The Board believes it prudent to write down the investment to £491,590 because the business is trading below expectation. Results from the latest audited accounts for the year ended 31 December 2002: loss before tax £2,001,995, retained loss £7,851,080, net liabilities £5,379,661. Amount % of Invested Valuation % Equity/ 'C' Dates of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio Jul 01 £981,000 Matt & Feb 03 £1,090,000 £491,590 0.3 (Secured) Taylor 3.46 Blue Curve Research.net Limited Is a software company that sells its products and services to investment banks and fund managers to automate the production and distribution of research material. Analysis is a key customer retention tool for investment banks but is also a major cost. The company's software cuts costs which is in demand, particularly when investment bank spending is under pressure. Foresight holds 367 shares in the company. Results from the latest audited accounts for the year ended 31 December 2002: loss before tax £534,058, retained loss £410,658, net liabilities £410,558. Amount % of Invested Valuation % Equity/ 'C' Date of (including (Mid- Voting Loans Investor Shares Investment Loans) Market) Rights Director Portfolio £666,667 Peter Oct 01 £1,000,000 Cost 23.7 (Secured) English 7.03 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 and invested further in the company by way of a £200,000 loan in April 2003. Results from the latest audited accounts for the period from 26 June 2001 to 31 December 2002: loss before tax £1,216,413, retained loss £1,147,035, net liabilities £574,983. Amount % of Invested Valuation % Equity/ 'C' Dates of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio Oct 01 £866,667 Donald & Apr 03 £1,200,000 Cost 33.3 (Secured) Maclennan 8.44 SmartFocus 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 and presenting the results in an easily understandable graphic way. Foresight holds 398,667 shares in the company. Results from the latest audited accounts for the year ended 31 December 2002: loss before tax £59,610, retained loss £75,040, net liabilities £461,823. Amount % of Invested Valuation % Equity/ 'C' Date of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio £666,667 Matt Dec 01 £1,000,000 Cost 22.5 (Secured) Taylor 7.03 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 mathematical modelling techniques for card payments and other fraud detection. Foresight holds 2,141,075 shares in the company. Results from the latest audited accounts for the year ended 31 March 2002: profit before tax £2,120,960, retained loss £2,185,293, net assets £1,626,614. Amount % of Invested Valuation % Equity/ 'C' Dates of (including Voting Investor Shares Investment Loans) Rights Director Portfolio Feb 02, Oct 02 Donald & Dec 02 £1,254,179 Cost 16.8 Maclennan 8.82 Oxonica Limited Provides 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 since the investment both in terms of product development and investor interest. Foresight holds 1,395 shares in the company and 1,769 warrants. Results from the latest audited accounts for the year ended 31 December 2002: loss before tax £2,119,506, retained loss £3,617,773, net assets £73,467. Amount % of Invested Valuation % Equity/ 'C' Dates of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio Jun 02 & £524,000 Bernard Dec 02 £999,999 Cost 10.0 (Secured) Fairman 7.03 Wire-e Limited Provides directory messaging services to corporates and SMEs. The service enables users on the move to access phone numbers, send emails, text messages and voice broadcasts to multiple contacts from a mobile phone or desktop browser. The audited accounts information shown below is pre-investment and not indicative of expected future performance. Foresight holds 6,666,666 shares in the company. Results from the latest audited accounts for the year ended 30 June 2002: loss before tax £837,031, retained loss £1,670,086, net liabilities £520,172. Amount % of Invested Valuation % Equity/ 'C' Date of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio £900,000 Jamie Sep 02 £1,000,000 Cost 28.0 (Secured) Richards 7.03 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, Lucent and Intertel. The company won the Integrated Dealer of the Year Award 2001 and is trading profitably. The company repaid the £1 million loan made to the company in December 2002. Foresight also invested a further £200,000 by way of loans and shares in June 2003. The 'C' Shares fund holds 79,440 shares in the company. Results from the latest audited accounts for the period ended 31 December 2002: profit before tax £35,191, retained loss £1,269,941, net liabilities £488,941. Amount % of Invested Valuation % Equity/ 'C' Date of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio £133,333 Peter Jun 03 £200,000 Cost 10.0 (Secured) English 1.41 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 or via the user's own portable device. Other investors include Virgin, Intel and British Telecom who add considerable strategic value. Results for the year ended 31 October 2002: loss before tax £163,810, retained loss £331,140, net assets £2,208. Amount % of Invested Valuation % Equity/ 'C' Date of (including Voting Loans Investor Shares Investment Loans) Rights Director Portfolio £400,000 Jamie Feb 03 £500,000 Cost 21.1 (Secured) Richards 3.52 VCF PARTNERS VCF Partners LLP, trading as VCF Partners, are regulated by the Financial Services Authority and the team includes four partners, Bernard Fairman, Peter English, Donald Maclennan and Matt Taylor, an investment manager, Jamie Richards, and an associate, 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 and providing 'hands on' assistance to the company. THE FIXED INTEREST FUNDS The Ordinary Shares fixed interest portfolio and the 'C' Shares fixed interest portfolio constitute the balance of the net proceeds from the issues of Ordinary Shares and 'C' Shares. These funds have been invested in fixed interest securities and cash deposits by Cazenove Fund Management Limited and the Ordinary Shares and 'C' Shares portfolio percentage invested in the company detailed in the above tables excludes funds held in cash deposits. Since the end of the 6 month period ended 30 June 2003, the Board has decided to invest these funds in money market funds managed by Meryll Lynch Investment Managers and the Royal Bank of Scotland to try and provide a more attractive return. ASSOCIATED FUNDS VCF Partners also advise TriVest VCT plc in respect of investments. As at 30 June 2003 TriVest had invested the following amounts in companies where Foresight is also an investor: Heritage Image Partnership Limited (£300,000), Monactive Limited (£339,286), ANT Limited (£1,090,000), Blue Curve Research.net Limited (£500,000), Aquasium Technology Limited (£600,000), SmartFocus Limited (£500,000), Alaric Systems Limited (£557,413), Sarantel Limited (£1,175,405), Oxonica Limited (900,033), Wire-e Limited (£500,000), and Broadreach Networks Limited (£250,000). UNAUDITED NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY SHARES AND 'C' SHARES FUNDS Statements of Total Return for the six month period ended 30 June 2003 Ordinary Shares fund 'C' Shares fund Revenue Capital Total Revenue Capital Total £ £ £ £ £ £ Gains and losses on investments - 306,389 306,389 - (741,610) (741,610) Income 83,133 - 83,133 462,312 - 462,312 Investment management fees (37,639) (112,919) (150,558) (73,862) (221,586) (295,448) Other expenses (46,062) - (46,062) (162,808) - (162,808) ----------- ----------- ----------- ----------- ----------- ----------- Return on ordinary activities before taxation (568) 193,470 192,902 225,642 (963,196) (737,554) Tax on ordinary activities 206 565 771 (42,872) 42,101 (771 ----------- ----------- ----------- ----------- ----------- ----------- Return attributable to equity shareholders (362) 194,035 193,673 182,770 (921,095) (738,325) Dividends in respect of equity shares 801 - 801 (247,107) - (247,107) ----------- ----------- ----------- ----------- ----------- ----------- Transfer to/(from) reserves 439 194,035 194,474 (64,337) (921,095) (985,432) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Return per share 0.00p 1.50p 1.50p 0.55p (2.78)p (2.23)p ----------- ----------- ----------- ----------- ----------- ----------- Balance Sheets as at 30 June 2003 Ordinary Shares fund 'C' Shares fund Revenue Capital Total Revenue Capital Total £ £ £ £ £ £ Fixed assets Investments 12,339,097 14,217,231 Current assets Debtors and prepayments 372,185 1,121,266 Cash at bank 7,787 8,189,560 ----------- ----------- 379,972 9,310,826 Creditors: amounts falling due within one year (39,102) (497,489) ----------- ----------- Net current assets 340,870 8,813,337 ----------- ----------- Net assets 12,679,967 23,030,568 ----------- ----------- Capital and Reserves Called up share capital 128,614 330,894 Cancelled share premium account 7,230,628 28,525,725 Revaluation reserve 5,069,587 (5,869,073) Profit and loss account 251,138 43,022 ----------- ----------- Equity Shareholders' funds 12,679,967 23,030,568 ----------- ----------- Number of shares in issue: 12,861,379 33,089,386 Net asset value per share 98.59p 69.60p Unaudited Profit and Loss Account for the six month period ended 30 June 2003 Six months to 30 June 2003 (unaudited) Revenue Capital Total £ £ £ (Losses)/gains on realisation of investments - (156,628) (156,628) 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 255,074 (491,133) (266,059) taxation Tax on ordinary activities (42,666) 42,666 - ----------- ----------- ----------- Profit/(loss) on ordinary activities after 182,408 (448,467) (266,059) 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 Six months to 30 June 2002 (unaudited) Revenue Capital Total £ £ £ (Losses)/gains on realisation of investments - (16,813) (16,813) Income 655,756 - 655,756 Investment management fees (121,915) (365,745) (487,660) Other expenses (214,986) - (214,986) ----------- ----------- ----------- Profit/(loss) on ordinary activities before 318,855 (382,558) (63,703) taxation Tax on ordinary activities (46,629) 46,629 - ----------- ----------- ----------- Profit/(loss) on ordinary activities after 272,226 (335,558) (63,703) taxation Dividends (332,862) - (332,862) ----------- ----------- ----------- Retained profit/(loss) for the period transferred to/(from) reserves (60,636) (335,929) (396,565) ----------- ----------- ----------- ----------- ----------- ----------- Earnings per share: Ordinary Shares (1.49)p 'C' Shares 0.40p Three months to 31 December 2002 (audited) Revenue Capital Total £ £ £ (Losses)/gains on realisation of investments - 3,800 3,800 Income 535,282 - 535,282 Investment management fees (55,641) (166,925) (222,566) Other expenses (144,326) - (144,326) ----------- ----------- ----------- Profit/(loss) on ordinary activities before 365,315 (163,125) 202,190 taxation Tax on ordinary activities (28,458) 28,458 - ----------- ----------- ----------- Profit/(loss) on ordinary activities after 336,857 (134,667) 202,190 taxation Dividends (313,450) - (313,450) ----------- ----------- ----------- Retained profit/(loss) for the period transferred to/(from) reserves 23,407 (134,667) (111,260) ----------- ----------- ----------- ----------- ----------- ----------- Earnings per share: Ordinary Shares 1.22p 'C' Shares 0.13p 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) (226,059) 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 Six months to 30 June 2002 (unaudited) Revenue Capital Total £ £ £ Profit/(loss) for the period 272,226 (335,929) (63,703) Unrealised gains/(losses) on revaluation of investments - (2,393,373) (2,393,373) ----------- ----------- ----------- Total recognised gains and losses during the period 272,226 (2,729,302) (2,457,076) ----------- ----------- ----------- Return per share: Ordinary Shares (0.61)p (7.49)p (8.01)p 'C' Shares 1.06p (5.20)p (4.14)p Three months to 31 December 2002 (audited) Revenue Capital Total £ £ £ Profit/(loss) for the period 336,857 (134,667) 202,190 Unrealised gains/(losses) on revaluation of investments - (488,306) (488,306) ----------- ----------- ----------- Total recognised gains and losses during the period 336,857 (662,973) (286,116) ----------- ----------- ----------- Return per share: Ordinary Shares 1.56p (2.52)p (0.96)p 'C' Shares 0.40p (0.88)p (0.48)p Note on Historical Cost Profits and Losses for the six month period ended 30 June 2003 Six months to Six months to Three months to 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £ £ £ (Loss)/profit on ordinary activities before taxation (266,059) (63,703) 202,190 Realisation of revaluation (losses)/gains of previous years (349,050) (66,050) (45,240) ----------- ----------- ----------- Historical cost (loss)/profit on ordinary activities before taxation (615,109) (129,753) 156,950 ----------- ----------- ----------- ----------- ----------- ----------- Historical cost loss for the period after taxation and dividends (861,415) (462,615) (156,500) ----------- ----------- ----------- 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 35,756,353 (distribitable) 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 30 June 2002 (unaudited) £ £ £ Fixed assets Investments 32,941,077 Current assets Debtors and prepayments 625,376 Cash at bank 3,807,246 ----------- 4,432,622 Creditors: amounts falling due within one year Corporation tax 62,147 Proposed dividend - Other creditors 44,029 Accurals 91,647 ----------- (197,823) ----------- Net current assets 4,234,799 ----------- Net assets 37,175,876 ----------- Capital and reserves Called up share capital 465,012 Share premium account 31,518,276 Cancelled share premium account 5,862,241 (distributable) Capital reserve - unrealised (864,382) Revenue reserves 194,729 ----------- Equity shareholders' funds 37,175,876 ----------- Net asset value per share: Ordinary Shares 93.15p 'C' Shares 74.71p 31 December 2002 (audited) £ £ £ Fixed assets Investments 34,435,175 Current assets Debtors and prepayments 626,721 Cash at bank 2,432,997 ----------- 3,059,718 Creditors: amounts falling due within one year Corporation tax 1,727 Proposed dividend 562,384 Other creditors 19,545 Accurals 158,788 ----------- (742,444) ----------- Net current assets 2,317,274 ----------- Net assets 36,752,449 ----------- Capital and reserves Called up share capital 463,396 Share premium account - Cancelled share premium account 36,800,938 (distributable) Capital reserve - unrealised (869,943) Revenue reserves 358,058 ----------- Equity shareholders' funds 36,752,449 ----------- Net asset value per share: Ordinary Shares 96.48p 'C' Shares 72.5p Unaudited Cashflow Statement for the period ended 30 June 2003 Six months to Six months to Three months to 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £ £ £ £ £ £ Operating activities Dividends received - - 189,838 Deposit and similar interest 590,267 724,793 473,349 Other cash receipts - - 35,704 Investment management fees paid (436,612) (481,317) (227,205) Other cash payments (306,184) (260,374) (74,901) ----------- ----------- ----------- Net cash inflow from operating activities (152,529) (16,898) 396,785 Taxation Corporation tax refunded/(paid) 9,012 66,960 (7,693) Investing activities Purchase of fixed income investments - (1,995,240) - Purchase of other investments (1,518,753) (1,569,126) (2,095,617) Sale of fixed income investments 8,507,250 2,558,700 2,445,307 Sale of other investments - 2,837 42,800 ----------- ----------- ----------- Net cash outflow from investing activities 6,988,497 (1,002,829) 392,490 Equity dividends Equity dividends paid (561,816) (1,166,533) - ----------- ----------- ----------- Net cash outflow before financing and liquid resource management 6,283,164 (2,119,300) 781,582 Management of liquid resources Movement in money held on escrow (267,858) 2,271,235 - Financing Purchase of own shares (253,956) (149,504) - Issue of shares 3,000 29,000 - ----------- ----------- ----------- (250,956) (117,504) - ----------- ----------- ----------- Net increase in cash 5,764,350 34,431 781,582 ----------- ----------- ----------- The company holds gilts and bonds primarily as investments and not as liquid resources. Accordingly, movements in the holdings of these investments are shown within investing activities in the Cashflow Statement rather than within management of liquid resources. Unaudited Notes to the Interim Report 1. All revenue and capital items in the Profit and Loss account derive from continuing operations. 2. In accordance with the policy statement published under ' Management 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 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 re-applied 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 have been invested in fixed interest securities and cash deposits by Cazenove Fund Management Limited during the period. The Board agreed to terminate the appointment of Cazenove Fund Management Limited and, following the maturity in June 2003 of Treasury Stock, the funds were transferred for investment in four Dublin based OEIC money market funds managed by Merrill Lynch Investment Managers and Royal Bank of Scotland in July 2003. 7. Total earnings after taxation for the period showed a loss of £266,059 (30 June 2002: £634,703) comprising a loss on the Ordinary Shares fund after taxation of £112,716 (30 June 2002: loss of £198,024) and a loss after taxation on the 'C' Shares fund of £153,343 (30 June 2002: profit of £134,231). The basic earnings per Ordinary Share is based on the net loss from Ordinary Shares fund activities and on 12,593,009 Ordinary Shares (30 June 2002: 13,299,238), being the weighted average number of Ordinary Shares in issue during the period. There is no difference between the basic earnings per share and diluted earnings per share as the Ordinary Warrants are not considered to be dilutive. The basic earnings per 'C' Share is based on the net loss from 'C' Shares fund activities and on 33,106,097 'C' Shares (30 June 2002: 33,297,269), 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 as the 'C' Warrants are not considered to be dilutive. The revenue return per Ordinary Share is based on the net loss from Ordinary Shares fund activities after taxation of £362 (30 June 2002: £80,531) and on 12,953,009 Ordinary Shares (30 June 2002: 13,299,238), 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 £182,770 (30 June 2002: £352,757) and on 33,106,097 'C' Shares (30 June 2002: 33,297,269), 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 loss of £112,919 (30 June 2002: losses of £117,493), on net unrealised capital gains of £306,389 (30 June 2002: losses of £878,735) on the Ordinary Shares fund and on 12,953,009 Ordinary Shares (30 June 2002: 13,299,238). The capital return per 'C' Share is based on the net realised capital losses of £156,628 (30 June 2002: £218,436), on net unrealised capital losses of £584,952 (30 June 2002: losses of £1,514,638) on the 'C' Shares fund and on 33,106,097 'C' Shares (30 June 2002: 32,297,369). 8. The net asset value per share for both the Ordinary Shares and the 'C' Shares has been calculated on the appropriate allocation 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 2003 has been allocated to the Ordinary Shares fund. 9. The financial information for the six months ended 30 June 2003 and 30 June 2002 has not been audited or previously published and are now published due to the change in the Company's year-end at the end of 2002. The information for the quarter ended 31 December 2002 does not comprise full financial statements within the meaning of section 240 of the Companies Act 1985. The financial statements for the quarter ended 31 December 2002 have been filed with the Registrars of Companies. The auditors have reported on those financial statements and the 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 Three months to 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £ £ £ Ordinary Shares Interim dividend proposed/paid - - - Final dividend paid - - 65,107 Over-accrued in previous period (801) - - ----------- ----------- ----------- (801) 65,107 'C' Shares Interim dividend proposed/paid 247,870 332,862 - Final dividend paid - - 248,343 Over-accrued in previous period (764) - - ----------- ----------- ----------- 247,107 332,862 248,343 Total dividends for period 246,306 332,862 313,450 ----------- ----------- ----------- An interim dividend of 0.75p per 'C' Share will be payable on 22 September 2003 to 'C' Shareholders on the register on 5 September 2003 from the revenue reserves of the 'C' shares fund. No dividend is payable on the Ordinary Shares for the interim period. A special dividend will be payable on 22 September 2003 to Ordinary Shareholders on the register on 5 September from the proceeds of the partial realisation of the investment in Telecom plus Plc after 30 June 2003. 11. Capital and reserves Called Cancelled up share share premium Revaluation Revenue capital account reserve Reserve Total £ £ £ £ £ Total At 1 January 2003 463,398 36,800,938 (869,943) 358,058 36,752,499 Shares issued/ (bought back) (3,888) (247,068) - - (250,956) Write off to cancelled share premium account - (797,517) - 797,517 - Realisation of previously unrealised appreciation - - 349,050 (349,050) - Net capital reduction in the period - - (278,593) - (278,593) Proposed dividends - - - (247,870) (247,870) Retained net revenue for the period - - - (264,495) (264,495) ----------- ----------- ----------- ----------- ----------- At 30 June 2003 459,508 35,756,353 (799,486) 294,160 35,710,535 ----------- ----------- ----------- ----------- ----------- Ordinary Shares fund At 1 January 2003 131,484 7,539,740 4,763,198 250,699 12,685,121 Shares issued/ (bought back) (2,870) (196,758) - - (199,628) Write off to Cancelled share premium account - (112,354) - 112,354 - Realisation of previously unrealised appreciation - - - - - Net capital increase in the period - - 306,389 - 306,389 Proposed dividends - - - - - Retained net revenue for the period - - - (111,915) (111,915) ----------- ----------- ----------- ----------- ----------- At 30 June 2003 128,614 7,230,628 5,069,587 251,138 12,679,967 ----------- ----------- ----------- ----------- ----------- 'C' Shares fund At 1 January 2003 331,912 29,261,198 (5,633,141) 107,359 24,067,328 Shares issued/ (bought back) (1,018) (50,310) - - (51,328) Write off to Cancelled share premium account - (685,163) - 685,163 - Realisation of previously unrealised appreciation - - 349,050 (349,050) - Net capital reduction in the period - - (584,982) - (584,982) Proposed dividends - - - (247,870) (247,870) Retained net revenue for the period - - - (152,580) (152,580) ----------- ----------- ----------- ----------- ----------- At 30 June 2003 330,894 28,525,725 (5,869,073) 43,022 23,030,568 ----------- ----------- ----------- ----------- ----------- 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 2002 11,128,915 1,601,084 12,979,045 8,726,131 34,435,175 Purchases at cost - - 2,215,026 1,436,883 3,651,909 Disposals at cost/ 2002 valuations (8,657,400) - - (2,594,763) (11,252,163) Increase/(decrease) in unrealised gains/(losses) 677,345 (101,853) (368,169) (485,916) (278,593) ----------- ----------- ----------- ----------- ----------- Cost/valuation at 30 June 2003 3,148,860 1,499,231 14,825,902 7,082,335 26,556,328 ----------- ----------- ----------- ----------- ----------- Book cost at 30 June 2003 964,877 2,019,525 16,121,953 8,249,459 27,355,814 Unrealised gains/ (losses) at 30 June 2003 21,183,983 (520,294) (1,296,051) (1,167,124) (799,486) ----------- ----------- ----------- ----------- ----------- 3,148,860 1,499,231 14,825,902 7,082,335 26,556,328 ----------- ----------- ----------- ----------- ----------- Summary of Investments during the period Ordinary Shares fund Cost/valuation at 31 December 2002 1,957,815 1,133,600 7,928,500 637,792 11,657,707 Purchases at cost - - 1 375,000 375,001 Disposals at cost/ 2002 valuations - - - - - Increase/(decrease) in unrealised gains/(losses) 681,795 (257,900) (113,090) (4,416) 306,389 ----------- ----------- ----------- ----------- ----------- Cost/valuation at 30 June 2003 2,639,610 875,700 7,815,411 1,008,376 12,339,097 ----------- ----------- ----------- ----------- ----------- Book cost at 30 June 2003 477,277 842,357 4,354,876 1,595,000 7,269,510 Unrealised gains/ (losses) at 30 June 2003 2,162,333 33,343 3,460,535 (586,624) 5,069,587 ----------- ----------- ----------- ----------- ----------- 2,639,610 875,700 7,815,411 1,008,376 12,339,097 ----------- ----------- ----------- ----------- ----------- Summary of Investments during the period 'C' Shares fund Cost/valuation at 31 December 2002 9,171,100 467,484 5,050,545 8,088,339 22,777,468 Purchases at cost - - 2,215,025 1,061,883 3,276,908 Disposals at cost/ 2002 valuations (8,657,400) - (2,594,763) (11,252,163) Increase/(decrease) in unrealised gains/(losses) (4,450) 156,047 (255,079) (481,500) (584,982) ----------- ----------- ----------- ----------- ----------- Cost/valuation at 30 June 2003 509,250 623,531 7,010,491 6,073,959 14,217,231 ----------- ----------- ----------- ----------- ----------- Book cost at 30 June 2003 487,600 1,177,168 11,767,077 6,654,459 20,086,304 Unrealised gains/ (losses) at 30 June 2003 21,650 (553,637) (4,756,586) (580,500) (5,869,073) ----------- ----------- ----------- ----------- ----------- 509,250 623,531 7,010,491 6,073,959 14,217,231 ----------- ----------- ----------- ----------- ----------- 13. Reconciliation of movements in equity shareholders' funds Six months to Six months to Three months to 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £ £ £ (Loss)/profit for the period (266,059) (63,703) 202,190 Dividends on equity shares (246,306) (332,862) (313,450) ----------- ----------- ----------- (512,365) (396,565) (111,260) Other recognised gains and losses (278,593) (2,393,373) (488,306) New share capital subscribed (net) (250,956) (92,110) - ----------- ----------- ----------- Net (reduction in)/addition to shareholders' funds (1,041,914) (2,882,048) (599,566) Total net assets attributable to equity shareholders at beginning of the period 36,752,449 40,057,924 37,352,015 ----------- ----------- ----------- Total net assets attributable to equity shareholders at end of period 35,710,535 37,175,876 36,752,449 ----------- ----------- ----------- 14. A copy of this interim results will be sent to all shareholders in September and copies can be obtained from the Company's registered address free of charge This information is provided by RNS The company news service from the London Stock Exchange

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