Interim Results

Northern Venture Trust PLC 09 May 2007 9 MAY 2007 NORTHERN VENTURE TRUST PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2007 Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by NVM Private Equity (formerly Northern Venture Managers). The trust was one of the first VCTs launched on the London Stock Exchange in 1995. It invests mainly in unquoted venture capital holdings and aims to provide high long-term tax-free returns to shareholders through a combination of dividend yield and capital growth. Financial highlights: (comparative figures as at 31 March 2006, in italics) 2007 2006 ORDINARY SHARES â€¢ Net assets Â£33.2m Â£32.1m â€¢ Net asset value per share 85.9p 82.4p â€¢ Return per share Revenue 1.1p 1.2p Capital 5.1p 1.2p Total 6.2p 2.4p â€¢ Interim dividend per share proposed in respect of the period Revenue 1.0p 1.0p Capital 2.0p 2.0p Total 3.0p 3.0p â€¢ Cumulative return to shareholders since launch Net asset value per share 85.9p 82.4p Dividends paid per share* 62.0p 53.0p Net asset value plus dividends paid per share 147.9p 135.4p â€¢ Share price at end of period 70.0p 72.0p *Excluding proposed interim dividend 2007 2006 C SHARES â€¢ Net assets Â£19.2m Â£15.0m â€¢ Net asset value per share 93.0p 94.5p â€¢ Return per share Revenue 1.1p 0.2p Capital (1.8)p (0.3)p Total (0.7)p (0.1)p â€¢ Interim dividend per share proposed in respect of the period Revenue 1.0p - Capital - - Total 1.0p - â€¢ Cumulative return to shareholders since launch Net asset value per share 93.0p 94.5p Dividends paid per share* 1.0p - Net asset value plus dividends paid per share 94.0p 94.5p â€¢ Share price at end of period 84.5p 95.0p *Excluding proposed interim dividend For further information, please contact: NVM Private Equity Limited Christopher Mellor, Director 0191 244 6000 Website: www.nvm.co.uk Lansons Communications Karen Mignon 020 7294 3685 NORTHERN VENTURE TRUST PLC CHAIRMAN'S STATEMENT The Chairman of Northern Venture Trust PLC, Professor Sir Frederick Holliday CBE FRSE, included the following points in his statement to shareholders: I am pleased to report on a period of further progress for our company. Since closing the successful C share issue a year ago we have been able to concentrate our attention on investment matters in the knowledge that the company has ample liquidity available for investment. This is particularly important as the Government has announced various measures which may well have the overall effect of reducing investor demand for new VCT issues. Results - ordinary shares The net asset value (NAV) per ordinary share at 31 March 2007 was 85.9p, compared with 82.4p a year earlier. As dividends totalling 9.0p per share have been paid over the past 12 months, the total return generated for shareholders is 12.5p per share which is equivalent to 15.2% of the opening NAV. The revenue return per ordinary share for the six months to 31 March 2007 was 1.1p, down from 1.2p in the corresponding period. The directors propose an unchanged interim dividend of 3.0p per ordinary share, comprising 1.0p revenue and 2.0p capital distribution, which will be paid on 15 June 2007 to shareholders on the register on 18 May 2007. This will take the cumulative ordinary dividends paid by the company to 65p per share. Results - C shares The net asset value per C share at 31 March 2007 was 93.0p, a fall of 1.5p from the corresponding figure at 31 March 2006. This reflects a reduction in the directors' valuation of the investment portfolio, which at this early stage is not unusual. The revenue return per C share for the half year was 1.1p, compared with 0.2p for the shortened period to 31 March 2006. The directors are pleased to declare a maiden C share interim dividend of 1.0p, also payable on 15 June 2007 to shareholders on the register on 18 May 2007. Investments During the six months to 31 March 2007 the following new investments were acquired: â€¢ Brulines (Holdings) (Â£182,000) - provider of revenue protection systems for the licensed trade, Stockton-on-Tees â€¢ Product Support (Holdings) (Â£1,000,000) - logistics services contractor to the defence industry, Kingswinford â€¢ Gentronix (Â£203,000) - drug development support services, Manchester â€¢ Promanex Group Holdings (Â£1,000,000) - engineering and maintenance services contractor, Nuneaton In addition the ordinary share investment portfolio acquired a new investment valued at Â£182,000 in Vastox, an AIM-quoted provider of drug discovery services based in Abingdon, in a share-for-share exchange for the former holding in Daniolabs which cost Â£120,000 in February 2005. Proceeds of disposals from the ordinary share venture capital portfolio during the half year totalled Â£2.6 million. The company's shareholding in Union Snack was sold to the German group Intersnack for Â£1.4 million, generating a realised gain of Â£1.3 million, and a number of smaller exits were also achieved. Since 31 March an agreed cash bid for Computer Software Group has been declared unconditional, giving rise to proceeds of Â£1.1 million and a realised gain of Â£0.9 million which will be reflected in our full year accounts. A number of other investments are currently the subject of discussions with a view to exit. We noted with interest recent press speculation concerning a possible sale of CGI Group, currently our largest investment. The venture capital portfolio is generally making satisfactory progress and a more detailed report will as usual be made at the year end. However we must draw attention to two holdings which have experienced difficulties. IRIS Technology, a developer of sophisticated remote data monitoring systems for the offshore and automotive industries which we backed as an early-stage investment in 2002, has suffered continuing delays in the build-up of sales revenues and during the half year reached the point where a substantial additional investment would have been required to enable a continuation of trading. Our managers recommended that no further commitment be made and consequently the investment has been written off at a cost of Â£948,000. Nightingales Holdings, the mail order and internet retailer of women's clothing, has found trading conditions very difficult over the past 12 months and a 50% provision has been made against the cost of the investment to reflect this, although our managers are working closely with the company as it seeks to improve performance. Shareholder issues The company has continued to provide shareholder liquidity by re-purchasing its shares in the market for cancellation. In the half year to 31 March 2007 a total of 329,800 ordinary shares, representing approximately 0.9% of the issued ordinary capital, were re-purchased at a cost of Â£240,000. No C shares have been re-purchased. There has been relatively little trading activity in the company's ordinary shares in the past three years. Your directors believe that the market has been slow to recognise the intrinsic potential attraction of the shares: not only is there a strong and consistent dividend yield, but also the shares are not affected by the Government's progressive tightening of the investment criteria for VCTs in recent years, as this does not have a retrospective impact. However there are some signs that investors are beginning to appreciate the merits of ' second-hand' VCT shares in general and those of Northern Venture Trust in particular. We are keen to encourage the development of a secondary market as we do not consider it is in the long-term interests of shareholders as a whole that funds should be permanently lost to the company through extensive share buy-backs. The annual general meeting this year will be held in London on 13 December and your directors look forward to meeting as many shareholders as possible on that occasion. VCT qualifying status The company has continued to retain PricewaterhouseCoopers LLP as advisers on matters relating to VCT status and the directors are satisfied that the qualifying conditions for VCT approval laid down by HM Revenue & Customs have been met throughout the period. The 2007 Budget announcement contained some useful guidance as to the future application of the relevant legislation. The company has until 30 September 2008 to meet the qualifying requirements in relation to the proceeds of the C share issue and we are monitoring progress carefully. Outlook With a maturing ordinary share fund and a liquid C share fund, we expect to be busy with both disposals and new investments for the foreseeable future. Although the market for new transactions is competitive, our managers have continued to strengthen their investment team in order to maintain their capacity for winning deals. The exit opportunities currently being developed should lead to the realisation of further capital gains for distribution to ordinary shareholders. The UK economy continues to achieve steady if modest growth and against this background our company can be expected to make good progress over the remainder of the financial year. PROFESSOR SIR FREDERICK HOLLIDAY Chairman The unaudited interim financial statements for the six months ended 31 March 2007 are set out below. INCOME STATEMENT (unaudited) for the six months ended 31 March 2007 Ordinary shares C shares ---------------------------------------------------- ---------------------------------------------------- Revenue Capital Total Revenue Capital Total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Gain/(loss) on disposal of investments - 310 310 - (3) (3) Unrealised adjustments to fair value of investments - 1,888 1,888 - (267) (267) ---------- ---------- ---------- ---------- ---------- ---------- - 2,198 2,198 - (270) (270) Income 684 - 684 469 - 469 Investment management fee (97) (292) (389) (58) (172) (230) Other expenses (92) - (92) (87) - (87) ---------- ---------- ---------- ---------- ---------- ---------- Return on ordinary activities before tax 495 1,906 2,401 324 (442) (118) Tax on return on ordinary (85) 81 (4) (97) 62 (35) activities ---------- ---------- ---------- ---------- ---------- ---------- Return on ordinary activities after tax 410 1,987 2,397 227 (380) (153) ---------- ---------- ---------- ---------- ---------- ---------- Return per share 1.1p 5.1p 6.2p 1.1p (1.8)p (0.7)p Company ---------------------------------------------------- Revenue Capital Total Â£000 Â£000 Â£000 Gain on disposal of investments - 307 307 Unrealised adjustments to fair value of investments - 1,621 1,621 ---------- ---------- ---------- - 1,928 1,928 Income 1,153 - 1,153 Investment management fee (155) (464) (619) Other expenses (179) - (179) ---------- ---------- ---------- Return on ordinary activities before tax 819 1,464 2,283 Tax on return on ordinary (182) 143 (39) activities ---------- ---------- ---------- Return on ordinary activities after tax 637 1,607 2,244 ---------- ---------- ---------- Return per share 1.1p 2.7p 3.8p INCOME STATEMENT (unaudited) for the six months ended 31 March 2006 Ordinary shares C shares ---------------------------------------------------- ---------------------------------------------------- Revenue Capital Total Revenue Capital Total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Loss on disposal of - (490) (490) - - - investments Unrealised adjustments to fair value of investments - 1,164 1,164 - - - ---------- ---------- ---------- ---------- ---------- ---------- - 674 674 - - - Income 806 - 806 37 - 37 Investment management fee (92) (276) (368) (7) (21) (28) Other expenses (113) - (113) (15) - (15) ---------- ---------- ---------- ---------- ---------- ---------- Return on ordinary activities before tax 601 398 999 15 (21) (6) Tax on return on ordinary (134) 86 (48) (5) 5 - activities ---------- ---------- ---------- ---------- ---------- ---------- Return on ordinary activities after tax 467 484 951 10 (16) (6) ---------- ---------- ---------- ---------- ---------- ---------- Return per share 1.2p 1.2p 2.4p 0.2p (0.3)p (0.1)p Company ---------------------------------------------------- Revenue Capital Total Â£000 Â£000 Â£000 Loss on disposal of investments - (490) (490) Unrealised adjustments to fair value of investments - 1,164 1,164 ---------- ---------- ---------- - 674 674 Income 843 - 843 Investment management fee (99) (297) (396) Other expenses (128) - (128) ---------- ---------- ---------- Return on ordinary activities before tax 616 377 993 Tax on return on ordinary (139) 91 (48) activities ---------- ---------- ---------- Return on ordinary activities after tax 477 468 945 ---------- ---------- ---------- Return per share 1.1p 1.0p 2.1p INCOME STATEMENT (unaudited) for the year ended 30 September 2006 Ordinary shares C shares ---------------------------------------------------- ---------------------------------------------------- Revenue Capital Total Revenue Capital Total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Loss on disposal of investments - (431) (431) - - - Unrealised adjustments to fair value of investments - 3,065 3,065 - (78) (78) ---------- ---------- ---------- ---------- ---------- ---------- - 2,634 2,634 - (78) (78) Income 1,754 - 1,754 512 - 512 Investment management fee (183) (548) (731) (64) (191) (255) Other expenses (200) - (200) (90) - (90) ---------- ---------- ---------- ---------- ---------- ---------- Return on ordinary activities before tax 1,371 2,086 3,457 358 (269) 89 Tax on return on ordinary (281) 169 (112) (107) 59 (48) activities ---------- ---------- ---------- ---------- ---------- ---------- Return on ordinary activities after tax 1,090 2,255 3,345 251 (210) 41 ---------- ---------- ---------- ---------- ---------- ---------- Return per share 2.8p 5.8p 8.6p 1.6p (1.3)p 0.3p Company ---------------------------------------------------- Revenue Capital Total Â£000 Â£000 Â£000 Loss on disposal of investments - (431) (431) Unrealised adjustments to fair value of investments - 2,987 2,987 ---------- ---------- ---------- - 2,556 2,556 Income 2,266 - 2,266 Investment management fee (247) (739) (986) Other expenses (290) - (290) ---------- ---------- ---------- Return on ordinary activities before tax 1,729 1,817 3,546 Tax on return on ordinary (388) 228 (160) activities ---------- ---------- ---------- Return on ordinary activities after tax 1,341 2,045 3,386 ---------- ---------- ---------- Return per share 2.5p 3.7p 6.2p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months ended 31 March 2007 Ordinary shares C shares Company Â£000 Â£000 Â£000 Equity shareholders' funds at 1 October 2006 33,118 19,571 52,689 Return on ordinary 2,397 (153) 2,244 activities after tax Dividends recognised in (2,319) (207) (2,526) the period Net proceeds of share 268 - 268 issues Shares purchased for (240) - (240) cancellation Expenses charged to - - - capital reserve ---------- ---------- ---------- Equity shareholders' funds at 31 March 2007 33,224 19,211 52,435 ---------- ---------- ---------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months ended 31 March 2006 Ordinary shares C shares Company Â£000 Â£000 Â£000 Equity shareholders' funds at 1 October 2005 33,532 - 33,532 Return on ordinary 951 (6) 945 activities after tax Dividends recognised in (2,340) - (2,340) the period Net proceeds of share 254 15,026 15,280 issues Shares purchased for (344) - (344) cancellation ---------- ---------- ---------- Equity shareholders' funds at 31 March 2006 32,053 15,020 47,073 ---------- ---------- ---------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the year ended 30 September 2006 Ordinary shares C shares Company Â£000 Â£000 Â£000 Equity shareholders' funds at 1 October 2005 33,532 - 33,532 Return on ordinary 3,345 41 3,386 activities after tax Dividends recognised in (3,492) - (3,492) the period Net proceeds of share 371 19,530 19,901 issues Shares purchased for (623) - (623) cancellation Expenses charged to (15) - (15) capital reserve ---------- ---------- ---------- Equity shareholders' funds at 30 September 2006 33,118 19,571 52,689 ---------- ---------- ---------- BALANCE SHEET (unaudited) as at 31 March 2007 Ordinary shares C shares Company Â£000 Â£000 Â£000 Fixed asset investments: Venture capital investments Unquoted 24,633 3,172 27,805 Quoted 3,639 633 4,272 ---------- ---------- ---------- Total venture capital 28,272 3,805 32,077 investments Other quoted investments - 14,320 14,320 ---------- ---------- ---------- Total fixed asset 28,272 18,125 46,397 investments ---------- ---------- ---------- Current assets: Debtors 920 340 1,260 Cash at bank 4,124 833 4,957 ---------- ---------- ---------- 5,044 1,173 6,217 Creditors (amounts falling (92) (87) (179) due within one year) ---------- ---------- ---------- Net current assets 4,952 1,086 6,038 ---------- ---------- ---------- Net assets 33,224 19,211 52,435 ---------- ---------- ---------- Capital and reserves: Called-up equity share 9,666 15,500 25,166 capital Share premium 8,997 2,030 11,027 Capital redemption reserve 1,854 - 1,854 Capital reserve - realised 5,084 1,755 6,839 Capital reserve - unrealised 6,720 (345) 6,375 Revenue reserve 903 271 1,174 ---------- ---------- ---------- Total equity shareholders' 33,224 19,211 52,435 funds ---------- ---------- ---------- Net asset value per share 85.9p 93.0p 88.4p BALANCE SHEET (unaudited) as at 31 March 2006 Ordinary shares C shares Company Â£000 Â£000 Â£000 Fixed asset investments: Venture capital investments Unquoted 23,736 198 23,934 Quoted 4,467 198 4,665 ---------- ---------- ---------- Total venture capital 28,203 396 28,599 investments Other quoted investments - 3,074 3,074 ---------- ---------- ---------- Total fixed asset 28,203 3,470 31,673 investments ---------- ---------- ---------- Current assets: Debtors 250 33 283 Cash at bank 3,815 11,945 15,760 ---------- ---------- ---------- 4,065 11,978 16,043 Creditors (amounts falling (215) (428) (643) due within one year) ---------- ---------- ---------- Net current assets 3,850 11,550 15,400 ---------- ---------- ---------- Net assets 32,053 15,020 47,073 ---------- ---------- ---------- Capital and reserves: Called-up equity share 9,720 11,926 21,646 capital Share premium 16,736 3,100 19,836 Capital redemption reserve 1,676 - 1,676 Capital reserve - realised 515 (16) 499 Capital reserve - unrealised 2,570 - 2,570 Revenue reserve 836 10 846 ---------- ---------- ---------- Total equity shareholders' 32,053 15,020 47,073 funds ---------- ---------- ---------- Net asset value per share 82.4p 94.5p 85.9p BALANCE SHEET (unaudited) as at 30 September 2006 Ordinary shares C shares Company Â£000 Â£000 Â£000 Fixed asset investments: Venture capital investments Unquoted 24,577 1,593 26,170 Quoted 3,771 299 4,070 ---------- ---------- ---------- Total venture capital 28,348 1,892 30,240 investments Other quoted investments - 13,885 13,885 ---------- ---------- ---------- Total fixed asset 28,348 15,777 44,125 investments ---------- ---------- ---------- Current assets: Debtors 417 467 884 Cash at bank 4,523 3,401 7,924 ---------- ---------- ---------- 4,940 3,868 8,808 Creditors (amounts falling (170) (74) (244) due within one year) ---------- ---------- ---------- Net current assets 4,770 3,794 8,564 ---------- ---------- ---------- Net assets 33,118 19,571 52,689 ---------- ---------- ---------- Capital and reserves: Called-up equity share 9,663 15,500 25,163 capital Share premium 8,814 2,030 10,844 Capital redemption reserve 1,772 - 1,772 Capital reserve - realised 6,946 1,868 8,814 Capital reserve - unrealised 4,850 (78) 4,772 Revenue reserve 1,073 251 1,324 ---------- ---------- ---------- Total equity shareholders' 33,118 19,571 52,689 funds ---------- ---------- ---------- Net asset value per share 85.7p 94.7p 88.8p CASH FLOW STATEMENT (unaudited) for the six months ended 31 March 2007 Ordinary shares C shares Company Â£000 Â£000 Â£000 Net cash inflow from 245 305 550 operating activities Taxation: Corporation tax paid (112) (48) (160) Financial investment: Purchase of investments (859) (3,774) (4,633) Sale/repayment of 2,618 1,156 3,774 investments Net cash inflow/(outflow) from financial investment 1,759 (2,618) (859) Equity dividends paid (2,319) (207) (2,526) ---------- ---------- ---------- Net cash outflow before (427) (2,568) (2,995) financing Financing: Issue of shares 273 - 273 Share issue expenses (5) - (5) Purchase of ordinary shares (240) - (240) for cancellation Net cash inflow/(outflow) 28 - 28 from financing ---------- ---------- ---------- Decrease in cash at bank (399) (2,568) (2,967) ---------- ---------- ---------- Reconciliation of return before tax to net cash flow from operating activities Return on ordinary 2,401 (118) 2,283 activities before tax (Gain)/loss on disposal of investments held at fair (310) 3 (307) value Unrealised adjustments to fair value of investments (1,888) 267 (1,621) Decrease in debtors 12 127 139 Increase in creditors 30 26 56 ---------- ---------- ---------- Net cash inflow from 245 305 550 operating activities ---------- ---------- ---------- Analysis of movement in net funds 1 October 31 March 2006 Cash flows 2007 Â£000 Â£000 Â£000 Cash at bank 7,924 (2,967) 4,957 ---------- ---------- ---------- CASH FLOW STATEMENT (unaudited) for the six months ended 31 March 2006 Ordinary shares C shares Company Â£000 Â£000 Â£000 Net cash inflow from 250 389 639 operating activities Taxation: Corporation tax paid - - - Financial investment: Purchase of investments (765) (3,470) (4,235) Sale/repayment of 3,704 - 3,704 investments Net cash inflow/(outflow) from financial investment 2,939 (3,470) (531) Equity dividends paid (2,340) - (2,340) ---------- ---------- ---------- Net cash inflow/(outflow) 849 (3,081) (2,232) before financing Financing: Issue of shares 264 15,901 16,165 Share issue expenses (10) (875) (885) Purchase of ordinary shares (344) - (344) for cancellation Net cash (outflow)/inflow (90) 15,026 14,936 from financing ---------- ---------- ---------- Increase in cash at bank 759 11,945 12,704 ---------- ---------- ---------- Reconciliation of return before tax to net cash flow from operating activities Return on ordinary 999 (6) 993 activities before tax Loss/(gain) on disposal of investments held at fair 490 - 490 value Unrealised adjustments to fair value of investments (1,164) - (1,164) Increase in debtors (85) (47) (132) Increase in creditors 10 442 452 ---------- ---------- ---------- Net cash inflow from 250 389 639 operating activities ---------- ---------- ---------- Analysis of movement in net funds 1 October 31 March 2005 Cash flows 2006 Â£000 Â£000 Â£000 Cash at bank 3,056 12,704 15,760 ---------- ---------- ---------- CASH FLOW STATEMENT (unaudited) for the year ended 30 September 2006 Ordinary shares C shares Company Â£000 Â£000 Â£000 Net cash inflow/(outflow) 662 (274) 388 from operating activities Taxation: Corporation tax paid (11) - (11) Financial investment: Purchase of investments (1,654) (15,855) (17,509) Sale/repayment of 6,214 - 6,214 investments Net cash inflow/(outflow) from financial investment 4,560 (15,855) (11,295) Equity dividends paid (3,492) - (3,492) ---------- ---------- ---------- Net cash outflow before 1,719 (16,129) (14,410) financing Financing: Issue of shares 385 20,667 21,052 Share issue expenses (14) (1,137) (1,151) Purchase of ordinary shares (623) - (623) for cancellation Net cash (outflow)/inflow (252) 19,530 19,278 from financing ---------- ---------- ---------- Increase in cash at bank 1,467 3,401 4,868 ---------- ---------- ---------- Reconciliation of return before tax to net cash flow from operating activities Return on ordinary 3,457 89 3,546 activities before tax Loss on disposal of investments held at fair value 431 - 431 Unrealised adjustments to fair value of investments (3,065) 78 (2,987) Increase in debtors (141) (467) (608) (Decrease)/increase in (5) 26 21 creditors Expenses charged to capital (15) - (15) reserve ---------- ---------- ---------- Net cash inflow from 662 (274) 388 operating activities ---------- ---------- ---------- Analysis of movement in net funds 1 October 30 September 2005 Cash flows 2006 Â£000 Â£000 Â£000 Cash at bank 3,056 4,868 7,924 ---------- ---------- ---------- INVESTMENT PORTFOLIO SUMMARY as at 31 March 2007 ORDINARY SHARES Cost Valuation % of net assets Â£000 Â£000 by valuation Fifteen largest venture capital investments: CGI Group 2,325 5,096 15.3 TFB Group 1,000 1,698 5.1 Weldex (International) Offshore 200 1,609 4.8 Envirotec 812 1,499 4.5 John Laing Partnership 356 1,340 4.0 Barony Universal Products 184 1,217 3.7 Alaric Systems 1,578 1,184 3.6 DxS 1,105 1,070 3.2 Computer Software Group* 220 1,064 3.2 Pivotal Laboratories Holdings 714 849 2.6 KCS Global Holdings 572 839 2.5 Ithaca Holdings 492 783 2.4 Arleigh International 375 733 2.2 Direct Valeting 732 732 2.2 Abermed Group 600 720 2.2 ---------- ---------- ---------- 11,265 20,433 61.5 Other venture capital investments 10,287 7,839 23.6 ---------- ---------- ---------- Total fixed asset investments 21,552 28,272 85.1 ---------- Net current assets 4,952 14.9 ---------- ---------- Net assets 33,224 100.0 ---------- ---------- C SHARES Cost Valuation % of net assets Â£000 Â£000 by valuation Promanex Group Holdings 801 801 4.2 Touchstone Asset Management 800 800 4.2 Product Support (Holdings) 800 800 4.2 Nightingales Holdings 596 298 1.5 Wear Inns 270 270 1.4 Brulines (Holdings)* 182 244 1.3 Hat Pin* 149 231 1.2 Gentronix 203 203 1.0 Twenty* 198 158 0.8 ---------- ---------- ---------- Total venture capital investments 3,999 3,805 19.8 Listed fixed interest investments 14,471 14,320 74.5 ---------- ---------- ---------- Total fixed asset investments 18,470 18,125 94.3 ---------- Net current assets 1,086 5.7 ---------- ---------- Net assets 19,211 100.0 ---------- ---------- *Quoted on Alternative Investment Market The above summary of results for the six months ended 31 March 2007 does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. The figures for the year ended 30 September 2006 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 was unqualified. The proposed interim ordinary share dividend of 3.0p per share for the year ending 30 September 2007 will be paid on 15 June 2007 to ordinary shareholders on the register at the close of business on 18 May 2007. The proposed interim C share dividend of 1.0p per share for the year ending 30 September 2007 will be paid on 15 June 2007 to ordinary shareholders on the register at the close of business on 18 May 2007. A copy of the interim report for the six months ended 31 March 2007 is expected to be posted to shareholders on 18 May 2007 and will be available to the public at the registered office of the company at Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER. ENDS This information is provided by RNS The company news service from the London Stock Exchange

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