Correction: Half-yearly report
The Issuer wishes to notify that the record date stated for the next dividend
payment in the below announcement was incorrect. The record date for the next
dividend payment is 17 June 2011, not 14 June 2011 as previously stated.
Hargreave Hale AIM VCT 1 Plc
Unaudited Interim Results for the six month period ending 31 March 2011
Chairman's Statement
Introduction
In the first half of the financial year the NAV rose from 62.67p to 67.60p, a
rise of 11.1% taking into account the 2p dividend distribution in February
2011. Â During the same period the FTSE AIM All Share Index rose by 15.2%, which
whilst the only sensible benchmark, is not wholly comparable as it is has a high
proportion of large mining and commodities stocks in which a VCT cannot invest.
Results
At 31 March 2011 the NAV was 67.60 pence which after adjusting for the dividends
paid gives a total return of 88.60 pence. The gain per ordinary share for the
six month period was 6.74 pence per share (comprising revenue losses of 0.16
pence and capital gains of 6.90 pence).
Investments
The Investment Manager, Hargreave Hale Limited, invested a further £1.37 million
in 9 qualifying companies during the period and 2 companies were taken over
resulting in cash offers realising a net loss of £51,429. The Fair Value of
qualifying investments at 31 March 2011 was £11.9 million invested in 43 AIM
companies and 4 unquoted companies (Mexican Grill Ltd, IS E&P Ltd, IS NV Ltd and
TMO Renewables Ltd), the balance was held in non-qualifying AIM stocks and
Gilts.
Dividend
A final dividend for the year ended 30 September 2010 of 2 pence was paid on 14
February 2011.
An interim dividend of 2 pence will be paid on 14 July 2011, with an Ex date of
15 June 2011 and record date of 17 June 2011. A final dividend will be
considered at the year end.
Buybacks
We are able to maintain our policy of offering our shareholders an efficient
exit route through the buyback scheme. Â In total, 716,175 Shares were purchased
during the period at an average price of 61.2 pence per share.
Joint Offer for Subscription of Ordinary Shares
The Offer closed on 8 March 2011 and since commencement on 20 March 2010, the
Offer resulted in funds being received of £1.47 million and 2.16 million shares
were issued in respect of Hargreave Hale AIM VCT 1 plc.
New Joint Offer for Subscription of Ordinary Shares
On the 9 March 2011 a new joint offer for subscription of Ordinary Shares was
opened to raise approximately £2.65 million, in aggregate, in New Ordinary
Shares for Hargreave Hale AIM VCT 1 plc and Hargreave Hale AIM VCT 2 plc. To
date the Offer has resulted in funds being received of £372,000 and 456,700
shares have been issued for Hargreave Hale AIM VCT 1 plc with £52,000 of the
funds received to be allotted. The offer will close on the earlier of 29 July
2011 or the date on which the maximum is reached.
Outlook
The economy in general made an early recovery in 2010, but the question is can
this upturn be sustained in 2011,. The VAT rise in January 2011 and the
significant public spending cuts being introduced from April 2011 could
potentially lead to a double dip recession.
I am hopeful that we will see continued recovery but there is little doubt that
we live in uncertain economic times. If the market suffers a reversal we will
see share prices go lower. As a VCT has to maintain 70 per cent. of its assets
in qualifying companies the manager would have little scope to sell assets in
such circumstances. However, whilst we may see a short term drop in Net Asset
Value, I believe that your portfolio is largely comprised of robust companies
with competent management and good growth plans and will be well placed to
weather any such storm.
Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code 'HHV', or on our own dedicated website atwww.hargreave-
hale.co.uk/VCT/aimvct.
Sir Aubrey Brocklebank Bt
Chairman
Date: 31 May 2011
Investment Managers Report
Market Commentary
The stock markets have proven to be more resilient than many have feared. The
bull trend remained intact in the first half of this financial year, despite a
large spike in volatility in March. The Arab Spring, disaster in Japan,
inflation fears, further European sovereign downgrades and persistent hikes in
the oil prices all failed to register a larger impact on the positive equity
market sentiment and, although there were two significant retracements within
the period, the FTSE All-share rose by another 7.0% and FTSE AIM All-Share
gained a further 15.2%. Economic surveys have generally been positive,
particularly in core Europe, the US and EM. Â Sadly, the same cannot be said of
the UK, which continues to struggle in the face of fiscal retrenchment, high
levels of inflation and falling disposable incomes.
Investment Report
In the first half of the financial year the NAV rose from 62.67p to 67.60p, a
rise of 11.1% taking into account the 2p dividend distribution in February
2011.
We have seen substantial increased levels of qualifying issuance and have
continued to make selective investments in qualifying companies. Â We added
positions in Corac (direct drive turbo machinery), Omega Diagnostics (medical
diagnostics, follow up investment), IS E&P and IS NV (UK onshore E&P), IS Pharma
(hospital medicines in critical care, neurology and oncology), Instem Life
(software application for life sciences R&D) and TMO (renewables). We lost two
qualifying investments, Mount Engineering and Neutrahealth, to cash bids.
Net realised and unrealised gains in the qualifying investments totalled £1.7m,
equivalent to 6.51 pence per share. 22 out of the 47 investments increased in
value. Intercede was by far the largest contributor to NAV appreciation (2.35p
per share, £0.628m) as strong trading and positive updates resulted in a 100%
increase in the share price. Animalcare (1.33p per share, £0.355m) was another
significant driver of performance after the disposal of their agricultural
business in October 2010 triggered a significant re-rating. Â K3 also contributed
a noteworthy 0.63p per share, £0.168m. There were no significant losses,
realised or unrealised, in the period.
Portfolio Structure
The non-qualifying strategy has seen a small net realised and unrealised gain of
£0.14m, or 0.53p per share.  This was a disappointing outcome and reflected some
weak performance in Q2 following a respectable Q1. Â The sum invested fell from
£1.5m to £1.1m as we reduced exposure in Q2 in anticipation of weaker markets.
 The weighting to non-qualifying equities fell from 9.2% to 6.0%, the effect
slightly magnified by the dilution that arose from the share issuance.
Fixed income exposure fell from £4.1m to £3.1m, from 25.0% to 17.1% of net
assets as a result of some disposals.  The cash position increased from £1.1m to
£2.0m, from 6.5% to 11.2%, as a result of new share issuance, the reduced
allocation to non-qualifying equities and the disposal of some fixed income.
Investment Test
The total number of qualifying investment has grown from 42 to 47 and the fund
finished the period at 85.4% invested, as measured by HMRC, 5.3% higher than it
was at the year end. We have since made two subsequent qualifying investments in
Microsaic (mass spectrometry) and Indeed (online property conveyancing service)
whilst also completing the disposal of Rotala. Enfis acquired Photonstar via a
reverse takeover.
Hargreave Hale Limited
Date: 31 May 2011
Income Statement for the six month period to 31 March 2011 (unaudited)
 For the six month period to
 31 March 2011 (unaudited)
 Revenue Capital Total
 £000 £000 £000
Realised gains on investments - 504 504
Unrealised gains on investments - 1,409 1,409
Income 144 - 144
 ----------- ----------- -----------
 144 1,913 2,057
Management fee (33) (100) (133)
Other expenses (152) Â (152)
 ----------- ----------- -----------
 (185) (100) (285)
 ----------- ----------- -----------
Profit/(loss) before taxation (41) 1,813 1,772
Taxation - - -
 ----------- ----------- -----------
Profit/(loss) after taxation (41) 1,813 1,772
 ----------- ----------- -----------
Earnings/(loss) per share (Note 2) Â Â Â Â (0.16)p 6.90p 6.74p
The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing
operations.
Income Statement for the six month period to 31 March 2010 (unaudited)
 For the six month period to
 31 March 2010 (unaudited)
 Revenue Capital Total
 £000 £000 £000
Realised gains on investments - (762) (762)
Unrealised losses on investments - 811 811
Income 152 - 152
 ----------- ----------- -----------
 152 49 201
Management fee (18) (56) (74)
Other expenses (176) - (176)
 ----------- ----------- -----------
 (194) (56) (250)
 ----------- ----------- -----------
Profit/(loss) before taxation (42) (7) (49)
Taxation - - -
 ----------- ----------- -----------
Profit/(loss) after taxation (42) (7) (49)
 ----------- ----------- -----------
Earnings/(loss) per share (Note 2) Â Â Â Â (0.16)p (0.02)p (0.18)p
The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing
operations.
Balance sheet as at 31 March 2011 (unaudited)
 31 March 31 March
 2011 2010
 (unaudited) (unaudited)
 £000 £000
Fixed assets
Investments 16,085 15,629
 ----------- -----------
Current assets
Prepayments and accrued income 44 58
Cash at bank and on deposit 2,029 1,079
 ----------- -----------
 2,073 1,137
Creditors: amounts falling due within one year
Accruals and deferred income (140) (193)
 ----------- -----------
Net current assets 1,933 944
 ----------- -----------
Net assets 18,018 16,573
 ----------- -----------
Capital and Reserves
Share capital redemption reserve 769 756
Called up share capital 294 286
Capital reserve - realised (3,233) (3,689)
Capital reserve - unrealised (903) (2,322)
Special reserve 19,486 21,291
Share Premium 1,461 126
Revenue reserve 144 125
 ----------- -----------
Equity shareholders' funds 18,018 16,573
 ----------- -----------
Net asset value per share (Note 4) 67.60p 64.06p
Cash flow statement for the six month period to 31 March 2011 (unaudited)
 2011 2010
 £000 £000
Profit on ordinary activities before taxation 1,772 (49)
Realised (gains)/losses on investments (504) 762
Unrealised (profit) on investments (1,409) (811)
Decrease in debtors 50 37
(Decrease)/Increase in creditors (20) 66
 ----------- -----------
Net cash (outflow)/inflow from operating activities (111) 5
Financial investment:
Purchase of investments (3,080) (2,274)
Sale of investments 4,438 2,770
 ----------- -----------
Net financial investment 1,358 496
Dividends paid (526) 0
 ----------- -----------
Cash inflow before management of liquid resources 721 501
 ----------- -----------
Financing
Purchase of shares for cancellation   (439) (610)
Net Proceeds from issue of share capital 659 128
 ----------- -----------
Net financing       220 (482)
 ----------- -----------
Increase in cash 941 19
 ----------- -----------
Reconciliation of movements in shareholders' funds for the six month period to
31 March 2011 (unaudited)
 Share Capital Capital Capital Special Share Revenue
 Capital Redemption Reserve Reserve Reserve Premium Reserve Total
  Reserve Realised Unrealised
 £000 £000 £000 £000 £000 £000 £000 £000
At beginning 291 762 (3,637) (2,312) 20,451 812 185 16,552
of period
Realised - - 504 - - - - 504
gains on
investments
Unrealised - - - 1,409 - - - 1,409
profit on
investments
Management - - (100) - - - - (100)
fee charged
to capital
Equity - - - - (526) - - (526)
dividends
paid
Shares (7) 7 - - (439) - - (439)
repurchased
for
cancellation
Profit after - - - - - - (41) (41)
taxation for
the period
Subscription 10 - - - Â 649 - 659
 ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------
At end of 294 769 (3,233) (903) 19,486 1,461 144 18,018
period
 ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------
Reconciliation of movements in shareholders' funds for the six month period to
31 March 2010 (unaudited)
 Share Capital Capital Capital Special Share Revenue
 Capital Redemption Reserve Reserve Reserve Premium Reserve Total
  Reserve Realised Unrealised
 £000 £000 £000 £000 £000 £000 £000 £000
At beginning 746 - 17,104
of period   294 (2,871) (3,133) 21,901 167
Realised - - (762) - - - - (762)
gains on
investments
Unrealised - - - 811 - - - 811
gains on
investments
Management - - (56) - - - - (56)
fee charged
to capital
Equity - - - - - - - -
dividends
paid
Shares (10) 10 - - (610) - - (610)
repurchased
for
cancellation
Subscriptions 2 - - - - 126 - 128
Profit after - - - - - - (42) (42)
taxation for
the period
 ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------
At end of 286 756 (3,689) (2,322) 21,291 126 125 16,573
period
 ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------
Notes to the interim report
1. The accounts of the company are prepared in accordance with Accounting
Standards applicable in the United Kingdom. The accounting policies used in
preparing this report are consistent with those to be adopted at the year
end. All AIM investments are valued at bid price. Unquoted companies are
included at fair value. The Company uses a valuation technique to arrive at
the fair value, including the use of prices obtained in recent arms length
transactions, discounted cash flow analysis and other valuation techniques
commonly used by market participants. The fair value of such assets or
liabilities will be reviewed on a 6 monthly basis and more frequently if
events occur that could have a material impact on the investment.
2. The profit per ordinary share of 6.74p is based on the profit after tax for
the period of £1,771,813 and the weighted average number of ordinary shares
in issue over the period of 26,303,312.
3. The results should not be taken as a guide to the results for the financial
period ending 31 September 2011.
4. The net asset value per ordinary share at 31 March 2011 of 67.60p after
deducting the 2p dividend paid in February 2011 is based on net assets of
£18,018,217 and on 26,655,036 shares, being the number of ordinary shares in
issue as at 31 March 2011.
5. The financial information contained in the 31 March 2011 income statement,
balance sheet, cash flow statement and reconciliation of movements in
shareholders' funds does not constitute full financial statements and has
not been audited.
Investment portfolio summary as at 31 March 2011
 Book Cost Valuation Valuation
Qualifying investments £000 £000 %
Intercede Group 518 1,255 7.8
Abcam Plc 100 1,130 7.0
Animal Care 300 845 5.3
Advanced Computer Software 400 824 5.1
Craneware 150 621 3.9
K3 Business Tech Group 270 579 3.6
Pressure Technologies 340 510 3.2
EKF (formerly IBL) 300 440 2.7
Cohort plc 800 399 2.5
Instem Life 297 371 2.3
IS Pharma 350 367 2.3
I-Dox 150 355 2.2
Brulines Holdings 386 289 1.8
Vertu Motors 600 275 1.7
Egdon Resources plc 158 254 1.6
Bglobal 258 248 1.5
Chime (formerly Essentially Group) 220 237 1.5
Keycom 300 225 1.4
Plastics Capital 250 208 1.3
TMO Renewables (unquoted) 200 200 1.2
Mexican Grill A Preference (unquoted) 185 185 1.1
Omega Diagnostics 150 181 1.1
Rotala 372 179 1.1
Reneuron Group 298 177 1.1
Richoux 365 164 1.0
Corac 150 145 1.0
Maxima Holdings 251 137 0.9
Tangent Communications 300 127 0.8
Advanced Power Components 148 113 0.7
CBG Group 534 95 0.6
Jelf Group 174 95 0.6
Feedback 201 84 0.5
Universe Group 385 83 0.5
Autoclenz Holdings 256 78 0.5
Energetix Group 380 76 0.5
Tasty plc 288 68 0.4
Progressive Digital 173 55 0.3
IS E&P (unquoted) 50 50 0.3
IS NV (unquoted) 50 50 0.3
Infrastrata (formerly Portland Gas) 46 37 0.2
Hardide 396 25 0.2
Mexican Grill (unquoted) 20 21 0.1
Expansys 331 16 0.1
Invocas Group 169 12 0.1
Photonstar (formerly Enfis) 146 10 0.1
Invu 200 4 0.0
Sports Media Group 300 3 0.0
Infoserve Group 200 1 0.0
 -------- --------- -------
Total qualifying investments 12,865 11,903 74.0
 Book Cost Valuation Valuation
Non-Qualifying investments £000 £000 %
UK Treasury 2.25% 2014 978 1,012 6.3
UK Treasury 2.5% 2016 491 558 3.5
 -------- --------- -------
Total - UK gilts 1,469 1,570 9.8
Nationwide 3.75% 2011 1,018 1,017 6.3
Scot Amicable 8.5% 2049 256 261 1.6
Nationwide 7.971% 2049 242 250 1.6
 -------- --------- -------
Total - UK corporate bonds 1,516 1,528 9.5
Brady 136 172 1.1
Anglo Pacific 167 170 1.1
Cove Energy plc 35 94 0.6
BP 100 91 0.6
Communisis 105 87 0.5
Immunodiagnostic 84 83 0.5
Skill P&L 100 80 0.5
Optare plc 103 62 0.4
OPG 43 52 0.3
Acta 94 47 0.3
DDD 34 40 0.2
Chariot 33 33 0.2
Cap-XX 30 32 0.2
Expansys 60 29 0.2
Abcam Plc 4 4 0.0
Animalcare Group plc 2 2 0.0
K3 2 2 0.0
Corac 1 1 0.0
Intercede 1 1 0.0
Egdon Resources 1 1 0.0
IS Pharma 1 1 0.0
Richoux 1 0 0.0
EKF 0 0 0.0
Photonstar (formerly Enfis) 0 0 0.0
Tasty Plc 1 0 0.0
 -------- --------- -------
Total - non-qualifying equities 1,138 1,084 6.7
 -------- --------- -------
Total - non-qualifying investments 4,123 4,182 26.0
 --------- --------- -------
Total investments 16,988 16,085 100.0
 --------- --------- -------
The top 10 equity investments are shown below, each is valued by reference to
the bid price.
Intercede plc                    80p
--------------------------------------------------------------------------------
Investment date May 2007 Â Â Â Â Â Unaudited results for September 2010
6 months to
Equity held 3.25% Turnover (£'000) 3,506
Purchase Price 33p Profit before tax 1,225
(£'000)
Cost (£'000) 518 Net assets (£'000) 4,367
Valuation (£'000) 1,255
Intercede is an international developer and supplier of software for identity
and credential management. This software is branded as the Intercede MyID®
Identity and Credential Management System. MyID is a commercial-off-the-shelf
product that Intercede has licensed the use of to governments, public
authorities and companies around the world to improve the level of identity
assurance of their citizens and employees.
Abcam plc   376.75p
--------------------------------------------------------------------------------
Investment date October 2005 Unaudited results for December 2010
6 months to
Equity held 0.17% Turnover (£'000) 39,353
Purchase Price 34.8p Profit before tax 15,152
(£'000)
Cost (£'000) 104 Net assets (£'000) 60,355
Valuation (£'000) 1,134
Abcam is a producer and distributor of research-grade antibodies headquartered
in Cambridge, UK, with offices in Cambridge, Massachusetts, USA and Tokyo,
Japan. Â The Company produces and distributes its own and third party produced
antibodies to academic and commercial users throughout the world.  Product
ordering is available through the Company's website where customers are also
able to access up-to-date and detailed technical product data sheets. All the
antibodies are sold under the Abcam brand name and the Company's vision is to
build the world's largest online resource of high quality and commercially
viable antibodies.
Animalcare Group plc  155p
--------------------------------------------------------------------------------
Investment date December 2007 Unaudited results for December 2010
6 months to
Equity held 2.68% Turnover (£'000) 5,986
Purchase Price 55.2.p Profit before tax 1,441
(£'000)
Cost (£'000) 302 Net assets (£'000) 14,587
Valuation (£'000) 847
Animalcare plc has operated through two trading division, Animalcare and
Ritchey. Animalcare develops, markets and supplies a range of licensed
veterinary medicines, companion animal identification microchips and other
animal welfare products to veterinary surgeons and other veterinary
professionals within the UK and Europe, whilst Ritchey manufactures and supplies
livestock identification and other products to agricultural retailers in the UK
and Republic of Ireland.  On 20 September 2010, Animalcare sold its Agriculture
businesses, including Ritchey, for £3.25m cash. The company will now focus on
its core veterinary medicines business.
Advanced Computer Software plc  35p
--------------------------------------------------------------------------------
Investment date July 2008 Unaudited results for August 2010
6 months to
Equity held 0.66% Turnover (£'000) 47,314
Av. Purchase Price 17p Profit before tax 1,917
(£'000)
Cost (£'000) 400 Net Assets (£'000) 81,110
Valuation (£'000) 824
Advanced Computer Software Group plc is a supplier of software and IT services
to the healthcare and commercial sectors with a primary focus on delivering high
quality products and services to enable first class delivery of care in the
community. Advanced additionally delivers back-office systems for NHS trusts,
local authorities and care providers and is further strengthening its position
in the health checks and pharmacy services markets. Working with partners in the
NHS, local government and the private sector, Advanced delivers IT in support of
safe and efficient care delivery and greater information for both the
commissioner and care provider. The company offers a range of integrated health
and care solutions from patient-facing IT systems through to back-end
operational systems and services. Advanced is also a leading supplier of
software and IT services to the commercial sector, which represents 35% of the
company's revenues.
Craneware   530p
--------------------------------------------------------------------------------
Investment date September 2007 Unaudited results for December 2010
6 months to
Equity held 0.44% Turnover ($'000) 16,560
Av. Purchase Price 128p Profit before tax 4,334
($'000)
Cost (£'000) 150 Net assets ($'000) 25,005
Valuation (£'000) 621
Craneware provides proprietary software solutions that improve the financial
performance of US hospitals and healthcare organisations through strategic
pricing, revenue cycle and supply management solutions. The Group's main
product, Chargemaster Toolkit(TM) ("CMT"), assists US healthcare providers in
reducing billing errors, ensuring accurate submission of claims and managing
compliance risk. CMT is designed to help hospital finance departments maintain
accurate and up-to-date information, increase operational efficiency and
increase reimbursement related to outpatient items. Craneware was founded in
1999 and currently maintains its corporate headquarters in Livingston, Scotland,
with offices in Florida, Arizona and Kansas.
K3 Business Technology Group       193p
--------------------------------------------------------------------------------
Investment date September 2005 Â Â Unaudited results for December 2010
6 months to
Equity held 1.16% Turnover (£'000) 24,671
 Purchase Price 90.3p Profit before tax 4,233
(£'000)
Cost (£'000) 272 Net assets (£'000) 25,005
Valuation (£'000) 581
K3 supplies and installs Microsoft based enterprise resource planning software
solutions for the supply chain around the world. The company focuses on the
retail, manufacturing and distribution markets. Â ERP software is business
critical and provides companies with an integrated software solution to manage
inventory, resources and business processes. Once installed these software
systems remain in place typically 12 years or more. Â K3's customers are
primarily mid-tier retailers, manufacturers or distributors but also include
larger companies within these sectors. In total, the Company has installed and
now supports its Microsoft based software solutions in c1,500 customers
operating across 30 countries.
Pressure Technologies plc            225p
--------------------------------------------------------------------------------
Investment date May 2007 Â Â Â Â Audited results for October 2010
52 weeks to
Equity held 2.00% Turnover (£'000) 21,714
Purchase Price 150p Profit before tax 3,486
(£'000)
Cost (£'000) 340 Net assets (£'000) 15,907
Valuation (£'000) 510
Pressure Technologies is the holding company for Chesterfield Special Cylinders
("CSC") and Chesterfield BioGas. CSC designs, manufactures and offers retesting
and refurbishment services for a range of specialty high pressure, seamless
steel gas cylinders for global energy and defense markets. Chesterfield BioGas,
formed in November 2008 following the signing of a co-operation agreement with
Greenlane® Biogas Limited, gives Pressure Technologies exclusive rights to
market Greenlane® equipment in the UK and Eire. Chesterfield BioGas will provide
turnkey solutions for the cleaning, storage and dispensing of biomethane,
produced from waste water treatment and anaerobic digestion of organic waste.
Pressure Technologies has also acquired Al-Met Limited in Feb 2010 and Hydratron
in October 2010.
EKF Diagnostics Holdings plc  22p
--------------------------------------------------------------------------------
Investment date June 2010 No financial
information available
Equity held 1.19% Turnover (£'000) -
Av. Purchase Price 15p Profit before tax -
(£'000)
Cost (£'000) 300 Net assets (£'000) -
Valuation (£'000) 440
The EKF Group is a leading diagnostic business with its head office in the UK
and operations in Germany, Poland and Russia. The business is focused on the
development, production and worldwide distribution of blood analysers.
Established in manifold applications, the products are sold into hospitals,
universities, laboratories, blood donor centres, for industrial use and point of
care testing. Â Â International Brand Licensing acquired EKF Diagnostics in August
2010 by reverse takeover. The new management team, which has strong credentials
in the life sciences arena, intends to develop a meaningful life sciences
business through a combination of organic and acquisitive growth. Â EKF has
completed its aquisition of Quotient Diagnostics in October 2010 and Argutus
Medical Limited in December 2010. Quotient has subsequently obtained FDA
approval for Quo-Test in China.
Cohort plc          65p
--------------------------------------------------------------------------------
Investment date February 2006 Unaudited results for December 2010
6 months to
Equity held 1.51% Turnover (£'000) 32,720
Purchase Price 130.2p Profit before tax 721
(£'000)
Cost (£'000) 800 Net assets (£'000) 46,340
Valuation (£'000) 399
Cohort was established to capitalise on consolidation and organic growth
opportunities primarily in the defence market. The group provides an environment
in which complementary companies can grow and cooperate to provide technical
advice, managed services, niche products and software across the wider defence,
security and associated sectors. Cohort's trading subsidiaries, MASS, SCS and
SEA, are leading independent service providers, working for defence, wider
government and industry clients.
Instem plc         218p
--------------------------------------------------------------------------------
Investment date October 2010 Unaudited results for December 2010
52 weeks to
Equity held 1.45% Turnover (£'000) 10,001
Purchase Price 175p Profit before tax 1,415
(£'000)
Cost (£'000) 297 Net assets (£'000) 4,548
Valuation (£'000) 371
Instem is a leading supplier of IT solutions (pre-clinical study management
solutions) to the early development healthcare market. It has customers in North
America, Europe, China, India and Japan, including sixteen of the top twenty
pharmaceutical and biotech companies such as GlaxoSmithKline and AstraZeneca. It
is estimated that approximately half of the world's pre-clinical drug safety
data has been collected over the last 20 years via Instem software.
Date: 31 May 2011
For further information please contact:
Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT 1 plc
0207 009 4900
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Hargreave Hale AIM VCT 1 plc via Thomson Reuters ONE
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