Preliminary Results - Part 1
Foresight Technology VCT PLC
21 December 2000
PART 1
Foresight Technology VCT plc
Preliminary Announcement of Results for the year ended 30 September 2000
CHAIRMAN'S STATEMENT
Introduction
It is a pleasure to present the third Annual Report and Financial Statements
of Foresight Technology VCT plc for the year ended 30 September 2000.
In May, Foresight became the first venture capital trust to pay a dividend to
Ordinary Shareholders equivalent to the starting capital of the Ordinary
Share funds: 100 pence per share. This was entirely attributable to the
partial realisation of just one of the Company's investments; e-district.net
plc, which raised £12.39 million (net of expenses) on a cost of £158,681. As
a result of this distribution the hurdle on the performance related carried
interest arrangements relating to the Ordinary Shares fund was also met.
Pursuant to the public offer of 'C' Shares launched on 14 October 1999 the
Company raised, before expenses, £32,566,496.
We have also had some losses within the Ordinary Shares fund. Aran Software
plc went into receivership in June 2000 and The e-Exchange Limited went into
administrative receivership in September 2000. This resulted in write offs of
£1.4 million and £1.03 million respectively. It is not expected that
Foresight will receive more than nominal proceeds from the eventual
liquidation of either company. Our fund advisers, VCF Partners, worked hard
to help the boards of both companies resolve their difficulties but it was
not possible to effect a turnaround in their fortunes. It is a feature of
investing in unquoted companies that there will be losses as well as profits.
As a consequence of the decision to distribute a capital dividend of 100
pence to Ordinary Shareholders in May 2000 the Company ceased to be an
investment company within the meaning of section 266 of the Companies Act
1985. This means that at the moment we are obliged as a matter of company law
to take account of capital losses when determining our ability to make a
distribution of revenue profits to Ordinary Shareholders and 'C'
Shareholders. The losses attributable to Aran Software plc and The e-Exchange
Limited, and the fact that, in accordance with the accounting policy of the
Company, a proportion of management expenses are charged to the capital
account of each fund, mean that the Company will not be in a position to pay
a dividend from revenue reserves at the end of January 2001.
However, the Company intends to apply, subject to the approval of
shareholders and warrantholders, to the Court to cancel a proportion of the
share premium account in both the Ordinary Shares fund and the 'C' Shares
fund. This will set free reserves in each fund against which losses can then
be written off. In due course this should allow a distribution to
shareholders following the publication of our results for the half year
ending 31 March 2001. I urge all shareholders and warrantholders to vote in
favour of the resolution to be proposed at this year's Annual General Meeting
to effect this reduction of share capital.
Results for the year
The results for the year from 1 October 1999 to 30 September 2000 are set out
in the following pages. The total return (after tax) attributable to the
Ordinary Shareholders before the payment of dividends during the year was
£28,335,728 (1999: £568,477) and the net asset value per Ordinary Share at 30
September 2000 was 210.71p (1999: 99.03p). With regard to the holders of 'C'
Shares the attributable loss was £89,857 and the net asset value per 'C'
Share at 30 September 2000 was 93.50p.
Dividend
In relation to the Ordinary Shares fund, the Company paid an interim dividend
in May 2000 of 100p net per share (1999: 1.00p per share) on the basis of the
results for the six months ended 31 March 2000. The after tax revenue return for
the year (before capital losses) per Ordinary Share was 1.07p and 2.73p per 'C'
Share for the period to 30 September 2000.
Investment position
Your managers have continued to find attractive qualifying investments to add
to the portfolio and following the successful performance of the Ordinary
Shares fund the Board has revised its investment policy. It now intends that
up to 100% of the Ordinary Shares fund should be invested in UK based venture
capital investments primarily in the technology sector.
As at 30 September 2000 £9.7 million had been approved for investment or
invested in eleven companies, £3 million of which had been realised or written
off. This represented approximately 90% of the Company's investments, the
balance being invested in fixed interest securities and cash deposits. As noted
earlier, Foresight realised part of its investment in e-district.net plc when
the company floated on the Alternative Investment Market ('AIM') in March 2000
at a price of 195p per share raising £12.39 million (net of expenses) on a cost
of £158,681. The Company's advisers, VCF Partners, are encouraged by the
progress being made by a number of the other companies in which the Ordinary
Shares fund holds investments. As at 30 September 2000, the capital reserves
show, on a capital base of £10.5 million, a capital gain of £16.8 million which
is net of provisions in respect of the investments in Survey and Development
Services Limited and CyberLife Technology Limited, the write offs attributable
to the The e-Exchange Limited and Aran Software plc and capitalised management
expenses (net of tax relief).
As regards the 'C' Shares fund and, in accordance with the Company's
prospectus published in October 1999, it is the intention to invest up to 80%
of the 'C' Shares fund in UK based venture capital investments primarily in
the technology sector. As at 30 September 2000 £4.5 million had been approved
for investment or invested in six companies. This represented approximately 15%
of the Company's investments, the balance being invested in fixed interest
securities and cash deposits. Several further potential investments are also
being considered for investment. The Company's advisers, VCF Partners, are
encouraged by the progress being shown by a number of the companies in which the
'C' Shares fund holds investments. As at 30 September 2000, the capital reserves
currently show, on a capital base of £30.5 million, a capital loss of £0.8
million, which is net of provisions in respect of the investments in
Travelstore.com plc, and UK Directory (Holdings) Limited and capitalised
management expenses (net of tax relief).
The investments held by the Company have been valued in accordance with the
British Venture Capital Association guidelines under which unquoted
investments are not normally revalued above cost for at least 12 months after
the date of acquisition. The investments which are traded on AIM, OFEX or the
London Stock Exchange and the fixed interest securities are carried at market
value. The Board and the Advisers, in any event, always attempt to follow a
consistent and prudent valuation policy.
Recent investments
A further investment of £150,000 was completed in Sapphire International
Limited in early October 2000 from the Ordinary Shares fund.
In the 'C' Shares fund the Company invested £1 million in Mondas plc in
October 2000. Mondas' e-Business technologies 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.
Also, in October 2000, the Company invested £500,000 from the 'C' Shares fund
in Callserve Communications plc. Callserve is a PC-to-phone telecoms network
and service provider which enables telephone calls to be made from a PC via
the Internet to any other phone worldwide.
In November 2000, the Company invested £500,000 in iDesk plc from the 'C'
Shares fund. This company provides telcos, ISPs and other blue chip customers
with outsourced technical help desks, operated from a call centre in London.
iDesk has recently launched complementary new ASP services based on its
proprietary and licensed CRM and electronic billing software.
A further investment of £333,000 from the 'C' Shares fund was made in
Travelstore.com plc in November 2000 alongside several new investors in a
financing round that raised an additional £7 million for the company.
CREST
The Directors consider that shareholders should have the ability to make
their shares eligible to be held in uncertified form and settled in CREST, a
paperless settlement system, should they so wish. Crest is a voluntary system
and those shareholders who wish to retain their share certificates may do so.
Accordingly, the Board take this opportunity to give notice, in accordance
with the Uncertificated Securities Regulations 1995 ('the Regulations'), that
the Company intends to pass a resolution of its Directors that title to
shares in the capital of the Company, in issue or to be issued, may be
transferred by means of the CREST system. This resolution will enable the
Company's shares to be held in an electronic form in CREST making it
unnecessary for share certificates to be issued. In respect of ordinary
shares, the Directors' resolution will disapply those provisions of the
Company's Articles of Association that are inconsistent with the holding and
transfer of shares in an electronic form in CREST. Assuming the resolution is
passed and the permission of the operator of the system, CRESTCo Limited, has
been obtained, the Company's shares will enter CREST. It is anticipated that
this will be in February 2001.
I would like to take this opportunity to thank all shareholders and
warrantholders for their continued support and I look forward to welcoming
you at the Annual General Meeting on 30 January 2001.
Peter Dicks
Chairman
21 December 2000
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 year ended 30
September 2000, Foresight made 6 investments in the Ordinary Shares fund at a
cost of £3,205,396 and 6 investments in the 'C' Shares fund at a cost of
£4,509,051. The full investment portfolio of both funds as at 30 September
2000 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 is
now introducing new technology that allows existing DataEase users to update
their applications for client/server operation and the internet.
Results from the latest audited accounts for the year ended 31 December 1999:
profit before tax £251,000 net assets £1,761,000.
Date of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
Including Rights Shares
Loan Stock Portfolio
July 1998 £1,000,000* Cost 17.6% £400,000 3.72%
10%
Unsecured
Loan Stock
* excluding £150,000 further equity investment completed in October 2000.
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.
Since Foresight's investment the company has progressively reduced its
trading losses but has not yet achieved sustained profitability.
Results from the latest audited accounts for the period ended 31 December
1999: loss before tax £235,411, net liabilities £412,509.
Date of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
Including Rights Shares
Loan Stock Portfolio
November £600,000* Cost 42% (plus 6% £120,000 2.23%
1998 warrants) 10%
Unsecured
Loan Stock
* including further equity investment of £100,000 in March 2000.
Survey and Development Services Limited
Is a specialist geo-spatial data software products and services company. It
serves the growing market for digital mapping and the building of
geographical information system databases. The products include a software
system which creates digital maps and a system that uses satellite
positioning in conjunction with video for recording facilities for utilities.
The company converts existing maps into digital format.
The company is currently seeking further funding. The provision made at the
end of last year against the cost of the investment continues.
Results from the latest unaudited accounts for the year ended 30 June 2000:
loss before tax £79,773, net assets £837,152.
Date of Amount Valuation % Equity/Voting % of
investment invested Rights Ordinary
Shares
Portfolio
December 1998 £500,000 £250,000 29.3% 0.93%
CyberLife Technology Limited
Is a leading artificial intelligence software company. The range of products
under development covers entertainment software (such as the computer game
'Creatures') and productivity tools. The technology also relates to new
platforms such as toys, mobile phones and digital television. Foresight
invested a further £500,000 alongside another shareholder in a second round
of equity fund raising in September 2000.
The valuation of the investment has been adjusted to reflect the recent round
of fundraising
Results from the latest unaudited accounts for the year ended 31 August 1999:
loss before tax £1,239,537, net assets £3,178,459.
Date of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
Including Rights Shares
Loan Stock Portfolio
January £1,500,000* £746,375 11.1% £500,000 2.78%
1999 Convertible
* includes further investment of £500,000 loan stock in September 2000.
Advanced Composites Group Limited
Is a well 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.
Foresight supported the buyout team.
Results from the latest consolidated unaudited accounts of the subsidiary
undertakings for the year ended 31 August 2000: profit before tax £1,522,000,
net assets £5,171,000.
Date of Amount invested Valuation % Equity/Voting % of
investment Rights Ordinary
Shares
Portfolio
March 1999 £1,622,978* £2,372,978 27.5% 8.84%
* includes further investments of £500,000 and £122,978 in October 1999 and
July 2000 respectively.
e-district.net plc (AIM listed)
Operates an internet portal site with an international community of over 2.2
million users which generated approximately 349 million page views in
November 2000. The site provides an increasing number of facilities including
online games, e-mail, personal home pages and chat, with e-commerce being
introduced. The company was floated on the AIM market in March 2000 at a
valuation of £149.7 million. Foresight sold 6,623,030 shares (approximately
one third of its initial investment amounting to £158,681) in the flotation
at a placing price of 195p per share to raise £12.39 million (net of
expenses).
Results from the latest unaudited interim accounts for the six month period
to 30 June 2000: loss before tax £46,676; net assets £15,263,420.
Date of Amount Valuation % Equity/Voting % of
investment invested Rights Ordinary
Shares
Portfolio
March 1999 £341,319 £17,949,902 18.6% 66.87%
Telecom plus plc (listed on the London Stock Exchange)
Offers low cost telephone services to private subscribers using relationship
marketing as a means of obtaining new customers. Services currently offered
include the provision of fixed wire and cellular phone services with the
company acting as a switchless reseller. This business is now growing rapidly
and Telecom plus are currently running gas and electricity trials that will
result in allowing its customers to buy all major utilities from one source.
Results from the latest unaudited accounts for the six months ended 30
September 2000: profit before tax £527,000; net assets £6,456,000.
Date of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
Including Rights Shares
Loan Portfolio
Stock
June 1999 £475,758 £2,456,250 1.5% £250,000 9.15%
Convertible
Clarity Commerce Solutions plc (AIM listed)
Is part of a group of companies that provide EPOS solutions, CRM products and
services to the buoyant UK hospitality and leisure markets including the pub
market place and the restaurant and nightclub sector. The company
successfully completed a placing in July 2000 in which Foresight invested
£500,000.
Results from the latest unaudited accounts for the period from 24 January
2000 to 30 September 2000; loss before tax £502,000; net assets £5,007,000.
Date of Amount Valuation % Equity/Voting % of
investment invested Rights Ordinary
Shares
Portfolio
July 2000 £500,000 £550,000 4.2% 2.05%
THE 'C' SHARES FUND
Travelstore.com plc
Provides an online service for making business travel arrangements. It offers
a range of features for corporate and small business travellers including 24
hour telephone support. Foresight invested £333,000 in a further round of
funding in November 2000.
The valuation of the investment has been adjusted to reflect the recent round
of fundraising.
Results from the latest audited accounts for the period ended 31 March 2000:
loss before tax £13,283,227, net assets £10,999,142.
Date of Amount invested Valuation % Equity/Voting % of 'C'
investment Rights Shares
Portfolio
December 1999 £1,000,000* £513,506 3.3% 1.73%
* excluding £339,000 further, investment completed in November 2000
KeepAhead Limited
Despatches lifestyle email services (e.g. current affairs, astrology, sport)
which 205,000 registered users receive free of charge. Revenue is generated
from advertising, and longer term from e-commerce.
No audited accounts produced since incorporation in May 1999.
Date of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
Portfolio
April 2000 £1,000,000 Cost 15% 3.37%
UK Directory (Holdings) Limited (OFEX Listed)
Offers over 45,000 hand-vetted UK web site listings on an internet directory
with a search engine and in a magazine which circulates copies each month
through distributors such as W.H.Smith, John Menzies, and J Sainsburys.
Revenue is generated from advertising and magazine sales.
Results from the latest audited accounts for the period ended 31 August 2000:
loss before tax £347,000, net assets £2,375,671.
Date of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
Portfolio
April 2000 £1,000,000 £490,000 10% 1.65%
themutual.net plc (AIM listed)
Operates expert sites which are created and run by members of themutual.net
who want to share their knowledge with other members. Each site features
articles, relevant links plus the opportunity to talk to the experts and
other members using the discussion forums and chat rooms. The company also
owns Freequotes which provides financial information to online investors.
Revenue is generated from advertising and members connectivity to the
themutual.net ISP. themutual.net's shares were listed on the AIM market in
June 2000 and all members receive Free Shares on registration. There were
over 130,000 registered users on 27 September 2000.
Results from the latest audited accounts for the period ended 30 April 2000;
loss before tax £716,338; net liabilities £61,505.
Date of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
Portfolio
June 2000 £502,938 £1,062,464 9.98% 3.58%
FFastFill plc (Listed on AIM in November 2000)
Is a software company which develops sophisticated trading solutions for
futures and options traders, brokers and risk managers. Its system has three
key features; firstly, Windows NT trading screen with sophisticated
proprietary pricing calculation and strategy functions; secondly, N&K
management software allowing management to monitor, limit and even reverse
positions in real time; and thirdly, connectivity to exchanges. FFastFill was
listed on the AIM in November 2000.
Results from the latest audited accounts for the period from 1 April 2000 to
30 September 2000; loss before tax £1,225,540; net assets £2,112,604.
Date of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
Portfolio
July 2000 £506,113 £499,996 3.33% 1.69%
Sarantel Limited
Seeks to become a market leader in the design and manufacture of a range of
mobility antenna products which include GPS antennas, BlueToothTM antennas
and 3rd Generation UMTS antennas. Sarantel has technology for mobile antennas
that reduces the amount of energy absorbed by body tissue.
No audited accounts produced since incorporation in September 2000.
Date of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
Portfolio
September 2000 £500,000 Cost 7.5% 1.69%
INVESTMENTS MADE SINCE YEAR END - 'C' SHARES FUND
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 services
solutions.
Results from the latest unaudited interim accounts for the six months ended
31 October 2000: loss before tax £23,877, net assets £4,480,095.
Date of investment Amount invested % Equity/Voting Rights
October 2000 £1,000,000 7.7%
Callserve Communications plc
Is a PC-to-phone telecoms network and service provider which enables
telephone calls to be made from a PC via the internet to any other phone
worldwide.
Results from the latest audited accounts for the period from 11 June 1999 to
31 March 2000: loss before tax £1,352,203, net assets £1,598,303.
Date of investment Amount invested % Equity/Voting Rights
October 2000 £500,000 1.27%
iDesk plc
Provides telcos, ISPs and other blue chip customers with outsourced technical
help desks, operated from a call centre in London. iDesk has recently
launched complementary new ASP services based on its proprietary and licensed
CRM and electronic billing software.
Results from the latest audited accounts for the period from 1 August 1998 to
31 December 1999: loss before tax £1,398,464, net liabilities £989,723.
Date of investment Amount invested % Equity/Voting Rights
November 2000 £500,000 1.59%
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, which are invested in fixed interest
securities and cash deposits by Cazenove Fund Management Limited.
STATEMENT OF TOTAL RETURN
Year ended 30 September 2000
Revenue Capital Total
£ £ £
Net gains and losses - 28,011,715 28,011,715
on investments
Income 1,632,302 - 1,632,302
Investment management (248,723) (746,169) (994,892)
fees
Other expenses (344,714) - (344,714)
-------- -------- --------
Return on ordinary
activities
before taxation 1,038,865 27,265,546 28,304,411
Tax on ordinary (207,773) 149,233 (58,540)
activities
-------- -------- --------
Return attributable to
equity shareholders 831,092 27,414,779 28,245,871
Dividends in respect of
equity shares - (11,889,553) (11,889,553)
-------- -------- --------
Transfer to reserves 831,092 15,525,226 16,356,318
-------- -------- --------
Return per share:
Ordinary Shares 1.07p 236.17p 237.24p
-------- -------- --------
'C' Shares 2.73p (3.08)p (0.35)p
-------- -------- --------
Year ended 30 September 1999
Revenue Capital Total
£ £ £
Net gains and losses on - 593,243 593,243
investments
Income 437,381 - 437,381
Investment management fees (64,627) (193,881) (258,508)
Other expenses (174,030) - (174,030)
-------- -------- --------
Return on ordinary
activities
before taxation 198,724 399,362 598,086
Tax on ordinary activities (69,355) 39,746 (29,609)
-------- -------- --------
Return attributable to
equity shareholders 129,369 439,108 568,477
Dividends in respect of
equity shares (110,295) - (110,295)
-------- -------- --------
Transfer to reserves 19,074 439,108 458,182
-------- -------- --------
Return per share:
Ordinary Shares 1.17p 4.00p 5.17p
-------- -------- --------
'C' Shares - - -
-------- -------- --------
The Statement of Total Return incorporates the profit and loss account of the
Company.
All revenue and capital items in the Statement of Total Return derive from
continuing operations.
The Company has only one class of business and derives its income from
investments in shares, securities, loans and bank deposits.
Analysis Between Ordinary Shares and 'C' Shares funds
Year ended 30 September 2000
Ordinary Shares Fund
Revenue Capital Total
£ £ £
Net gains and losses - 28,475,495 28,475,495
on investments
Income 369,189 - 369,189
Investment management (111,730) (335,191) (446,921)
fees
Other expenses (96,976) - (96,976)
-------- -------- --------
Return on ordinary
activities
before taxation 160,483 28,140,304 28,300,787
Tax on ordinary (32,097 67,038 34,941
activities
-------- -------- --------
Return attributable to
equity shareholders 128,386 28,207,342 28,335,728
Dividends in respect of
equity shares - (11,889,553) (11,889,553)
-------- -------- --------
Transfer to reserves 128,386 16,317,789 16,446,175
-------- -------- --------
Period ended 30 September 2000 'C'
Shares fund
Revenue Capital Total
£ £ £
Net gains and losses on - (463,780) (463,780)
investments
Income 1,263,113 - 1,263,113
Investment management fees (136,993) (410,978) (547,971)
Other expenses (247,738) - (247,738)
-------- -------- --------
Return on ordinary
activities
before taxation 878,382 (874,758) 3,624
Tax on ordinary activities (175,676) 82,195 (93,481)
-------- -------- --------
Return attributable to
equity shareholders 702,706 (792,563) (89,857)
Dividends in respect of
equity shares - - -
-------- -------- --------
Transfer to reserves 702,706 (792,563) (89,857)
-------- -------- --------
BALANCE SHEET
2000 £ 1999 £
£ £
Fixed assets
Investments 49,299,291 10,036,805
Monies held pending 7,187,245 719,032
investment
---------- ----------
56,486,536 10,755,837
Current assets
Debtors 1,350,245 315,873
Cash at bank 237,690 31,937
---------- ----------
1,587,935 347,810
Creditors: amounts (182,322) (102,993)
falling due within
one year
---------- ----------
Net current assets 1,405,613 244,817
---------- ----------
Net assets 57,892,149 11,000,654
---------- ----------
Capital and
reserves
Called up share 455,653 111,085
capital
Share premium 40,532,782 10,342,173
account
Capital reserves 16,051,833 526,607
(realised and
unrealised)
Revenue reserves 851,881 20,789
---------- ----------
Equity 57,892,149 11,000,654
shareholders' funds
---------- ----------
Net asset value per
share of 1 pence
each:-
Ordinary Shares 210.71p 99.03p
'C' Shares 93.50p
-
Analysis Between the Ordinary Shares and the 'C' Shares funds
30 September 2000 30 September 2000
Ordinary Shares fund 'C' Shares fund
Fixed assets £ £ £ £
Investments 26,477,650 22,821,641
Monies held 367,178 6,820,067
pending
investment
---------- ----------
26,844,828 29,641,708
Current assets
Debtors 679,402 670,843
Cash at bank 40,423 197,267
---------- ----------
719,825 868,110
Creditors: (80,394) (101,928)
amounts falling
due within one
year
---------- ----------
Net current 639,431 766,182
assets
---------- ----------
Net assets 27,484,259 30,407,890
---------- ----------
Capital and
reserves
Called up share 130,438 325,215
capital
Share premium 10,360,250 30,172,532
account
Capital 16,844,396 (792,563)
reserves
(realised and
unrealised)
Revenue reserves 149,175 702,706
---------- ----------
27,484,259 30,407,890
Equity ---------- ----------
shareholders'
funds
CASHFLOW STATEMENT
Year ended Year ended
30 September 2000 30 September 1999
£ £ £ £
Operating
activities
Dividends - 1,200
received
Deposit and 1,199,374 264,909
similar
interest -
non-qualifying
Investment (1,245,699) (259,131)
management fees
paid
Other cash (628,198) (159,832)
payments
---------- ----------
Net cash (674,523) (152,855)
outflow from
operating
activities
Servicing of
finance
Net dividends (11,889,553) (427,720)
paid
Taxation
ACT paid - (79,357)
Investing
activities
Purchase of (25,368,955) (9,099,950)
fixed income
investments
Purchase of (7,714,447) (4,975,758)
other
investments
Sale of fixed 9,030,712 6,010,146
income
investments
Sale of other 12,801,919 360,000
investments
---------- ----------
Net cash (11,250,771) (7,705,563)
outflow from
investing
activities
---------- ----------
Net cash
outflow before
financing and
liquid resource (23,814,847) (8,365,495)
management
Management of
liquid
resources
Movement in (6,468,213) 8,577,055
money market
and other
deposits
Financing
Issue of 30,551,312 177,800
ordinary shares
net of expenses
Purchase of own (62,499) (13,500)
shares
---------- ----------
30,488,813 164,300
---------- ----------
Increase in 205,753 375,860
cash
---------- ----------
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.
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