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Rensburg AIM VCTPlc (RSB)

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Monday 01 June, 2015

Rensburg AIM VCTPlc

Final Results

RNS Number : 8295O
Rensburg AIM VCT Plc
01 June 2015
 



RENSBURG AIM VCT PLC

 

 

Preliminary results for the year ended 28 February 2015

 

Rensburg Aim VCT plc ("the Company"), the venture capitaltrust specialising in investing in companies trading on the Alternative InvestmentMarket of the London Stock Exchange("AIM"), today announces its preliminary results for the year ended 28 February 2015.

 

FINANCIAL HIGHLIGHTS


 Year ended 28 February

2015

Year ended 28 February

2014

Net assets

£16,958,000

£18,769,000

Net asset value (NAV) per share

44.60p

48.52p

Profit on ordinary activities after taxation as per Income Statement

     £60,000

£3,393,000

Profit per share as per Income Statement

0.16p

8.69p

Dividends paid during the year

£1,483,000

£1,559,000

Dividends paid per share during the year

4.00p

4.00p

Total dividends per share paid since inception

62.25p

58.25p

 

Commenting on the results,Richard Battersby, Chairman, said:

 

"NAV at 28 February 2015 was 44.60 pence per share (2014: 48.52 pence per share), a 0.2% increase (2014: 18.0% increase) after adjusting for dividends of 4.00 pence per share (2014: 4.00 pence) paid during the year.

 

"The Board has decided that the point has been reached where the interests of shareholders are best served by recommending a voluntary winding up of the Company and the return of funds to shareholders once the Company's portfolio of AIM and other investments has been realised."

 

"In view of the proposal to wind up the company (see below), no final dividend (2014: 2.50 pence per share) will be proposed; however, the Board have declared a further interim dividend of 2.50 pence per share (which is therefore equivalent to the 2014 final dividend) payable on 30 June 2015 to shareholders on the register at the close of business on 12 June 2015. Including both the special dividend (2.00 pence per share) paid shortly after the year end and the proposed interim dividend the Company will have paid a total of 66.75 pence per share to shareholders since the inception of the VCT."

 

 

 

For furtherinformation please contact:

 

Barry Anysz                                   RensburgAim VCT plc                                    0113 245 4488

 

 

 

 

 

 

Strategic Report

 

This Strategic Report has been prepared in accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

 

This Strategic Report comprises the Chairman's Statement and the Manager's Report and has been prepared in accordance with the requirements of section 414 of the Companies Act 2006 and best practice. Its purpose is to inform the members of the Company and help them to assess how the Directors have performed their duty to promote the success of the Company, in accordance with section 172 of the Companies Act 2006.

 

R. G. Battersby

Chairman

1 June 2015


Chairman's Statement

 

Introduction

 

I am pleased to present my fourth report as Chairman of the Company. Absolute net asset value per share ('NAV') improved marginally during the year to 28 February 2015 after adjusting for dividends paid.  In the same period, the Total Return FTSE AIM All-Share Index decreased by 19.0%. However, as we have stated before, measuring our performance against this index can be misleading as some 40% of AIM companies by market value included in this index are from the Resources, Financial and Property sectors, in which a Venture Capital Trust ('VCT'), generally, cannot invest.

 

With 44.9% of net assets in London Stock Exchange (LSE) main market equity investments and a mid-cap open ended investment company, our performance is also heavily influenced by companies in the Total Return FTSE 100 and Total Return FTSE All-Share indices, which both increased by 5.6% during the year.

 

Net Asset Value (NAV)

 

NAV at 28 February 2015 was 44.60 pence per share (2014: 48.52 pence per share), a 0.2% increase (2014: 18.0% increase) after adjusting for dividends of 4.00 pence per share (2014: 4.00 pence) paid during the year.

 

Investments

 

At the year end, the Company had 27 qualifying investments in AIM and unquoted companies which had an aggregate cost of £6.7m and were valued at £7.9m.

 

The Company also held non qualifying investments, costing £6.7m and valued in aggregate at £8.4m at the year end. These comprised LSE main market equities (£6.6m), Open Ended Investment Companies (£1.0m), fixed interest securities (£0.6m) and other assets (£0.2m).

 

During the year, the Company sold £1.4m of qualifying investments and £0.7m of non qualifying investments realising net gains over historic cost of £0.7m and £0.1m respectively.

 

The Company invested £0.4m in non qualifying investments but did not make any qualifying investments during the year.

 

The profit on ordinary activities before tax for the year was £0.1m (2014: profit of £3.4m). Profits per share were 0.16 pence (2014: profit per share of 8.69 pence). It is important to note that most investments are classed as "fair value through profit and loss" and therefore unrealised gains and losses are included within the income statement.

 

Dividend

 

The Board continues to pay dividends from realised profits, and also distributes some of the proceeds from the sale of holdings in investee companies when reinvestment opportunities in qualifying investments that meet the Company's criteria are not available.

 

During the year the Company paid out dividends of £1,483,000 (2014: £1,559,000), which equates to 4.00 pence per share (2014: 4.00 pence). In March 2015 the Board proposed and the Company paid a special dividend of a further 2.00 pence per share.

 

In view of the proposal to wind up the company (see below), no final dividend (2014: 2.50 pence per share) will be proposed; however, the Board have declared a further interim dividend of 2.50 pence per share (which is therefore equivalent to the 2014 final dividend) payable on 30 June 2015 to shareholders on the register at the close of business on 12 June 2015. Including both the special dividend (2.00 pence per share) paid shortly after the year end and the proposed interim dividend the Company will have paid a total of 66.75 pence per share to shareholders since the inception of the VCT.

 

Shareholders in Rensburg VCT plc, which merged with the Company in December 2005, will have received dividends of 90.83 pence per share, assuming they subscribed to the initial public offering in 1996. It is important to note that all dividends are tax free in the hands of most shareholders.

 

Business model

 

Rensburg Aim VCT plc is a Venture Capital Trust ('VCT'), established to provide individual investors with an opportunity to invest in companies which are primarily traded on the Alternative Investment Market ('AIM') of the London Stock Exchange ('LSE') and which meet the qualifying company requirements of the VCT legislation. By subscribing or purchasing shares in the Company, investors are able to take advantage of tax benefits available from investing in VCTs.

 

Proposed Members' Voluntary Liquidation ("MVL")

 

As announced on 3 March 2015, the Board has now concluded its review of the business following the shareholder consultation conducted last year.  In that survey the largest proportion of shareholders expressed the view that the Company should continue the strategy of maximising returns from existing investments, whilst being open to suitable new investment opportunities, until such time as the size of the portfolio made the strategy no longer viable.  As stated above, the Company made no investments during the year, as the Board felt those offered to the Company did not meet its selective criteria. The Board believes that the overall standard of new AIM issues is unlikely to improve in the near future and consequently, following a number of successful realisations, the Board has decided that the point has been reached where the interests of shareholders are best served by recommending a voluntary winding up of the Company and the return of funds to shareholders as the Company's portfolio of AIM and other investments are realised.

 

The Company has made a number of substantial realisations in recent years, partially reflecting voluntary de-risking of the portfolio but also as a result of "forced sales" where maturing investee companies have been bought out by larger concerns. While mostly welcome from a pure investment stand-point, this places greater pressure on the Company to identify suitable reinvestment opportunities and, in the absence of such opportunities, increases the risk that the Company will not be able to maintain the required proportion of its assets in qualifying investments.

The Board believes that making further qualifying VCT investments in the present circumstances without shareholders benefiting from personal income tax relief (which is only available on the initial investment in a VCT), is likely to increase overall portfolio risk, reduce liquidity and is unlikely to produce short term gains.

 

Should the Company cease to qualify as a VCT, all previous Capital Gains Tax deferral relief will be withdrawn as will the ability for shareholders to receive tax free dividends. Although this position has not yet been reached, the Board is mindful of this danger and therefore intends to convene a separate General Meeting ("GM") of the Company, to follow the Annual General Meeting ("AGM"), at which resolutions will be proposed to place the Company into Members' Voluntary Liquidation.

 

Trading in the Company's shares is expected to be suspended at close of business on the day before the General Meeting. If the MVL resolution is passed, a liquidator will be appointed and the Company will apply to the Financial Conduct Authority to have the listing of its shares on the Official List cancelled. At the same time, the Company will notify HMRC that it is entering into members' voluntary liquidation. Under the Venture Capital Trust ("VCT") rules, a liquidation period of up to three years is allowed where the Company will still be treated as a VCT, but the qualifying conditions applicable to VCTs can be disregarded. During this period, the Company can realise its assets in an orderly manner without the requirement to make further investments.

 

The Company has investigated the possibility of a merger with other VCTs and has held a number of discussions with potential merger partners. However, no suitable merger partnerhas been identified which the Directors have felt able to recommend to shareholdersand the Board believes the proposal to wind up the Company is the best option.

 

The winding up of the Company could have tax consequences for some shareholders and the Board advises any shareholder who is in doubt as to those consequences to seek advice from a qualified independent financial adviser or tax specialist, particularly if Capital Gains Tax deferral relief was utilised at the time of investment.

 

Further information concerning the proposed winding up of the Company will be set out in a circular which is expected to be sent to shareholders by 20 June 2015 and shareholders are advised to consider this important decision carefully.

 

Strategy

 

Up until the point at which it decided to propose a MVL, the Board continued to implement its stated investment policy of maximising the returns from current investments, whilst being open to new investment opportunities from both the existing portfolio and other AIM companies. However, during the year the Board felt that there have been few suitable investment opportunities as it had concerns that some Initial Public Offer (IPO) valuations are excessive. In many cases the Board's caution has been justified as the potential investee company's share price has fallen below the IPO price. Having already exceeded the minimum VCT qualifying holding requirement the Board only invests selectively to maintain VCT status, without significantly increasing overall portfolio risk.

 

Should shareholders decide not to support the MVL resolution the Board will initially continue with the strategy, detailed above but will then have to reconsider alternative strategies for the future of the Company.

 

VCT Status

 

As stated above, the Board continues to be mindful of achieving and maintaining its VCT qualifying status. At the year end, the Company had satisfied all the relevant qualifying tests and, in the absence of the approval of the resolution to wind up the Company, the Board needs to ensure that it continues to do so in the future. Our qualifying percentage in accordance with the Income Tax Act 2007 (s.274) shows 75% invested, which is excess of the minimum, being 70%.

 

Share Buy-Backs

 

The Board has maintained the share buy-back policy during the year and has repurchased for cancellation 655,000 shares at a cost of £274,000, an average of 41.89 pence per share compared to the year end NAV of 44.60 pence per share. At 28 February 2015, the middle share price was 39.50 pence per share, representing a discount of 11% (28 February 2014: 10%) to NAV at that date. As stated previously, it is important to point out that all share buy-back trades are transacted via the LSE through a stockbroker or investment adviser as the Company does not purchase shares directly from shareholders. However, the buy-back policy can only operate within the restrictions of, currently, up to 10% of the share capital annually as approved by shareholders and subject to the UK Listing Authority's Listing Rules.

 

In March 2015, the Company announced that, at the discretion of the Board, it will continue making purchases of its own shares during close periods. The Company will not however make purchases of its own shares during any period when the Board is aware of material, price sensitive information until such information has been publicly announced. Within the constraints detailed above, the Board has acted to increase shareholder flexibility which has previously been restricted during closed periods where the Company did not purchase its own shares.

 

At the AGM we will be asking shareholders to renew the Board's power to purchase the Company's shares in the market for cancellation.  Clearly this will only apply if the shareholders decide not to proceed with an MVL.

 

Share Issues

 

Although the Board does not currently propose to issue any new shares, the Board is also seeking shareholder approval to do so in the future if shareholders decide not to proceed with a Members' Voluntary Liquidation.

 

Shareholder Communications

 

Shareholders wishing to keep in touch with our progress should visit our website at www.rensburgaimvct.co.uk. This contains publicly available information including annual accounts, half-yearly accounts, dividend payment history and also the latest NAV and share price. Those shareholders who wish to keep up to date with our performance should visit the AIC website at www.theaic.co.uk and refer to the statistics section on AIM VCTs.

 

Significant Risks and Uncertainties

 

The Directors believe that the principal risk faced by the Company is the loss of its approval as a VCT arising from a breach of the requirements of section 274 of the Income Tax Act 2007. This would mean that the Company would lose its exemption from corporation tax on capital gains. For shareholders, it would result in dividend distributions becoming taxable and, for those shareholders that deferred capital gains on their initial investment, they would be brought back into charge. The Manager reports to the Board at each meeting on the Company's compliance with section 274 of the Income Tax Act 2007 and the Board is advised on VCT compliance issues by PricewaterhouseCoopers LLP.

 

Other significant risks include a serious or prolonged fall in either individual investments or the wider stock market which would affect the Company's performance and value; consistent underperformance by the Manager; and the Company's shares failing to achieve a rating which reflects performance. The Board seeks to mitigate these risks by monitoring the Manager's performance at each Board meeting and discussing appropriate action where considered necessary. The Board considers the two most appropriate key performance indicators for the Company are its compliance with the requirements of section 274 of the Income Tax Act 2007, in order to maintain approval as a VCT and the net asset value per share. A five year summary of the net asset value per share is provided in the full Report and Financial Statements.

 

Liquidity risk includes the fact that a share traded on AIM does not guarantee liquidity.

 

The Company is required to comply with the Companies Act 2006, the Listing Rules of the UK Listing Authority and United Kingdom Accounting Standards. Breach of any of these might lead to suspension of the Company's Stock Exchange listing, financial penalties or a qualified audit report. Financial risks include inappropriate accounting policies leading to misreporting or breaches of regulations. The Company monitors these requirements in order to mitigate such risk.

 

Operational risks include failure of the Manager's accounting systems or disruption to its business which might lead to an inability to provide accurate reporting and monitoring. The Manager has a formal disaster recovery policy to mitigate such risks.

 

Environmental, Human Rights, Employee, Social and Community Issues

 

The Board recognises the requirement under section 414 of the Companies Act 2006 to detail information about environmental, employee, human rights, social and community issues including information on policies it has in relation to these matters.

 

As described in the Corporate Governance Report of the full Report and Financial Statements, the day to day running of the Company is delegated to the investment manager and there are no employees. For these reasons the Company has not disclosed information regarding company employees, environmental matters or social and community issues. The Board operates on an equal opportunities basis and currently comprises three male Directors.

 

Outlook

 

As at 30 April 2015 (the last month end prior to the publication of this announcement), the NAV of the Company was 43.12 pence per share, a 1.2% increase on the year end figure. On a Total Return basis the FTSE AIM All-Share Index, FTSE All-Share and FTSE 100 Indices increased by 5.7%, 1.3% and 1.1% respectively in the two months to 30 April 2015. The majority of our investee companies are soundly financed and are, therefore, well placed to benefit from any improvement in the UK and global economies. Clearly, the decisive result of the General Election does provide a favourable background for UK companies to develop and grow.

 

If the resolutions to place the Company into an MVL are  not passed at the GM then the Company has sufficient critical mass in the short-term to support the continued active nurturing of the qualifying portfolio and making selective investments, in accordance with the current strategy.

 

Finally, on behalf of all shareholders I would like to thank my fellow Directors, our Manager, Investec Wealth & Investment Limited, and our professional advisers for their continued contributions over the past year.

 

R. G. Battersby

 

Chairman

 

1 June 2015

 

 


Manager's Report

 

Introduction

 

The Company now has a portfolio of maturing qualifying investments complemented by diversified holdings of mid-cap and blue chip UK equities, together with some fixed interest securities. At the year end, the qualifying portfolio comprised, as a percentage of net assets, 44.5% in shares in qualifying AIM companies and 1.8% in qualifying unquoted investments.

 

The non-qualifying portfolio comprised, as a percentage of net assets, 38.8% in UK Main List (predominantly "Blue Chip") holdings, 6.1% in UK mid-cap holdings via an investment in the Franklin Templeton UK Mid Cap Open Ended Investment Company and 4.8% in other non-qualifying investments.

 

Investment Policy

 

As indicated in the Chairman's Statement, the Company has reached its required level of qualifying investment, which needs to be maintained. We are therefore actively managing the portfolio with a view to returning optimum tax-free returns to shareholders, whilst taking advantage of suitable new investment opportunities. In addition, the non-qualifying investments are designed to provide lower risk diversified equity exposure and liquidity.

 

Members' Voluntary Liquidation

 

As reported by the Chairman, the Board has decided to propose at the forthcoming GM, that the Company should be wound up and the net assets distributed to shareholders. Should the necessary resolutions be passed we have indicated that we would be prepared to work with the Liquidator to supervise the disposal of all investments so as to maximise value for shareholders.

 

New Qualifying Investments

 

As the Chairman has already reported, the Company has not made any new qualifying investments during the year but has instead managed the existing portfolio with a view to extracting value whilst maintaining VCT qualifying status.

 

Qualifying Portfolio

 

At the year end, the qualifying portfolio comprised 24 AIM Company holdings and three unquoted investments, two of which were formerly on AIM. An analysis of the portfolio as at 28 February 2015 is provided in the notes to the Report and Financial Statements.

 

During the year the Company realised £1.4m (2014: £2.4m) from the disposal of its entire holding in Straight plc and the partial sale of eight other qualifying investments. Overall this realised a net profit on historic cost of £0.7m (2014: net profit on historic cost of £1.1m) and a £0.3m profit over their value as at 28 February 2014 (2014: net profit of £0.6m over the value as at 28 February 2013).

 

Shortly after the year end a notable success came as a consequence of Vista Equity Partners acquiring Advanced Computer Software plc. The Company received proceeds of £846,000, realising a gain over historic cost of £739,000. The original qualifying investment was made in 2008 at a cash cost of £500,000 and has returned total proceeds of £1,818,000 including multiple partial sales over the period of investment. This represents a return of some 3.6 times the original investment. 

 

The eight partial realisations referred to above included investments in Quixant plc, Tracsis plc, Pressure Technologies plc, Animalcare Group plc, Plastics Capital plc, Advanced Computer Software plc, Epistem Holdings plc and Primal Pictures Limited giving a total gain on historic cost of £902,000. This was partly offset by a realised loss of £251,000 on the disposal of the Company's investment in Straight plc.

 

Details of the investment sales and a three year summary of investments written off or impaired can be found in the notes to the full Report and Financial Statements.

 

Non-Qualifying Investments

 

As shareholders will be aware, under the VCT legislation the Company is allowed to invest a proportion of its funds in non qualifying companies. Accordingly, as well as the qualifying investments it holds a substantial portfolio of predominantly 'blue chip' companies managed by Investec Wealth & Investment Limited and mid-cap holdings within an OEIC managed by Franklin Templeton Investments. The 'blue-chip' companies include many household names such as Shell, GlaxoSmithKline and Prudential providing income and liquidity whilst reducing overall portfolio risk. Details of the 10 largest holdings can be found in the notes to the full Report and Financial Statements. The Company also holds a small portfolio of fixed interest securities.

 

During the year the Company realised £0.8m (2014: £1.3m) from the sale of part of the quoted equity portfolio, fixed interest securities and non-qualifying AIM investments, realising a net profit on historic cost of £0.1m (2014: Profit of £0.4m). This non-qualifying portfolio also contributed £302,000 of income during the year.

 

Outlook

 

Until we know the result of the GM and whether or not the resolutions to place the Company into an MVL are approved by shareholders, we will not be making any new investments but we will continue to manage the portfolio and administer the Company, to maximise shareholder value.

 

B A Anysz

 

Divisional Director

 

Investec Wealth & Investment Limited

 

1 June 2015

 

 

 

 

 

Investment Portfolio Summary as at 28 February 2015


Qualifying Investments

 

 

Book


% of total

net

 

 

Unrealised


cost*

£000

Valuation

£000

assets (by value)

gain/(loss)

£000

Ten largest qualifying investments

Advanced Computer Software Group plc

 

 

102

 

 

837

 

 

4.93

 

 

735

Animalcare Group plc

234

828

4.88

594

Plastics Capital plc

690

775

4.57

  85

Tracsis plc

  77

650

3.83

573

Quixant plc

184

587

3.46

403

Idox plc

107

585

3.45

478

Belvoir Lettings plc

425

513

3.03

  88

AB Dynamics plc

217

459

2.71

242

Sanderson Group plc

350

415

2.45

  65

Getech Group plc

234

-------- 2,620

281

-------- 5,930

1.66

-------- 34.97

  47

-------- 3,310

Other qualifying investments

4,069

--------

1,916

--------

11.30

--------

(2,153)

--------

Total qualifying investments

6,689

--------

7,846

--------

46.27

--------

1,157

--------

Non-qualifying investments





 

Other non-qualifying investments

Main Market quoted equities

 

 

4,705

 

 

6,586

 

 

38.83

 

 

1,881

Franklin Templeton Mid Cap OEIC

302

        1,024

6.04

722

Fixed Interest Securities

653

627

3.70

          (26)

Non-qualifying AIM and unquoted investments

1,061

           190

1.12

        (871)

 

 

Total non-qualifying investments Total investments

--------

6,721

--------

13,410

--------

--------

8,427

--------

16,273

--------

--------

49.69

--------

95.96

--------

--------

1,706

--------

2,863

--------

Net other assets

 

Net assets


685

--------

16,958

--------

4.04

--------

100.00

--------


* Historic cost of investments less write offs for permanentdiminutions in value


 



2015

2015

2015

2014

2014

2014


£000

£000

£000

£000

£000

£000


Revenue

Capital

Total

Revenue

Capital

Total

Income

467

-

467

423

-

423

Unrealised (loss)/gain on fair value investments

-

  (115)

 (115)

-

     2,778

2,778

Realised gain on fair value investments

-

219

219

-

720

720

Realised gain/(loss) on available-for-sale investments

-

         51

 51

-

   (8)

  (8)

Investment management fee

(92)

(275)

(367)

(92)

(277)

(369)

Other expenses

(146)

(49)

(195)

(113)

(38)

(151)


--------

--------

--------

--------

--------

--------

Profit/(loss) on ordinary activities before taxation

229

(169)

    60

218

 3,175

   3,393

Taxation

-

-

-

-

-

-


--------

--------

--------

--------

--------

--------

Profit/(loss) on ordinary activities after taxation

229

(169)

    60

218

3,175

3,393


--------

--------

--------

--------

--------

--------

Return per ordinary share

0.60p

    (0.44)p

0.16p

0.56p

8.13p

8.69p


--------

--------

--------

--------

--------

--------


Statement of Total Recognised Gainsand Losses for the year ended 28 February2015

 

2015

£000

Revenue

2015

£000

Capital

2015

£000

Total

2014

£000

Revenue

2014

£000

Capital

2014

£000

Total

Profit/(loss) on ordinary activities after taxation

229

  (169)

     60

218

3,175

3,393

Available-for-sale reserve movement

-

 (114)

(114)

-

(301)

(301)


--------

--------

--------

--------

--------

--------

Total recognised gain/(loss) during the year

229

  (283)

   (54)

218

2,874

3,092


--------

--------

--------

--------

--------

--------

Total recognised gain/(loss) per ordinary share

0.60p

(0.74)p

(0.14)p

0.56p

7.36p

7.92p


--------

--------

--------

--------

--------

--------


 

Reconciliation of Movements in Shareholders' Funds for the year ended 28 February 2015



2015

2014


£000

£000

Opening shareholders' funds

18,769

17,531

Profit on ordinary activities after taxation

     60

3,393

Dividendspaid

(1,483)

(1,559)

Share Capital re-purchases

(274)

(295)

Available-for-sale reserve movement

 

Closing shareholders' funds

(114)

-------- 16,958

--------

(301)

-------- 18,769

--------


 

Balance Sheet

as at 28 February 2015



2015

2014


£000

£000

Investments

Fair value through profit and loss account

 

 

16,013

 

 

17,567

Available-for-sale assets

260

--------

16,273

412

--------

17,979

Current assets

Debtors

 

 

60

 

 

137

Cash at bank and in hand

777

--------

837

   796

--------   933

Creditors (amounts falling due within one year)

 

Net current assets

(152)

--------

685

--------

--------

(143)

--------   790

--------

--------

Net assets

 

Capital and reserves

16,958

--------

18,769

--------

Called-up share capital

1,901

1,934

Special reserve

5,476

5,476

Capital redemption reserve

433

400

Available-for-sale reserve

111

225

Other reserves

754

1,006

Profit and loss account

 

Shareholders' funds

 

Net asset value per share

8,283

--------

16,958

--------

44.60p

--------

9,728

--------

18,769

--------

48.52p

--------


 Cash Flow Statement

 for the year ended 28 February 2015



2015

2014


£000

£000

 Net cash outflow from operating activities

(9)

   (128)


    


 Capital expenditure and financial investment

 



 Purchases of fair value investments

(386)

        (2,624)

 Proceeds from disposals of fair value investments

2,044

         3,574

 Proceeds from the disposals of available-for-sale investments

 

Net cash inflow from capital expenditure and financial investment

89

-------- 1,747

--------

 161

  ------       1,111

--------

Dividends

 


        

Dividends paid

 

(1,483)

        (1,559)

 

Financing



Buy-back of ordinary shares

 

(274)

           (295)

 

Decrease in cash

 

--------

(19)

--------

 

   ------           (871)

--------







 

 

 

 

 

 

Notes to the Cash Flow Statement




2015

        2014


£000

        £000

1)   Analysis of changes in net funds






Opening net cash

796

        1,667

Net cash outflow for the year

(19)

(871)

--------

--------

Closing net cash

777

    796

--------

--------

 

 

 

 





2015

        2014


£000

        £000

    2) Reconciliation of operating profit to net cash outflow from operating activities




Profit on ordinary activities before tax

60

        3,393

Decrease/ (increase) in debtors

77

(18)

Increase/ (decrease) in creditors

9

(13)

Unrealised loss/ (gain) on fair value investments

115

      (2,778)

Realised gain on fair value investments

(219)

(720)

Realised (gain)/ loss on available-for-sale investments

(51)

       8

--------

--------

Net cash outflow from operating activities

  (9)

  (128)

--------

--------

 

 

 

 

 


Notes to the Preliminary Statement:

 

1.

Profit per share of 0.16p (2014: Profit of 8.69p) is based on the profit on ordinary activities after tax of

£60,000 (2014: Profit of £3,393,000) and on 38,334,556 (2014: 39,027,284) ordinary shares, being the weighted average number of shares in issue during the year.

 

Total recognised losses per share of 0.14p (2014: Profit of 7.92p) is based on total recognised losses for the year of £54,000 (2014: Profit of £3,092,000) and on 38,334,556 (2014: 39,027,284) ordinary shares, being the weighted average number of shares in issue during the year.

 

The net asset value per share at 28 February 2015 is based on net assets of £16,958,000 (2014:

£18,769,000) and on 38,025,405 (2014: 38,680,405) ordinary shares, being the number of ordinary shares in issue on that date.

2.

The preliminary figures for the year ended 28 February 2015 are based on the full accounts of the Company. These figures have not yet been filed with the Registrar of Companies. The auditor has reported on these figures and it's report was unqualified and contained an Emphasis of Matter disclosure in relation to the material uncertainty on the going concern basis as a result of the potential Members' Voluntary Liquidation disclosed in the Chairman's Statement.

3.

The comparative figures for the year ended 28 February 2014 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for that period have been delivered to the Registrar of Companies. The audit report on those accounts was unqualified and did not contain a statement under Section 498 of the Companies Act 2006.

4.

Copies of the annual report and accounts will be sent to shareholders on 19 June 2015 and will be available from the Company's registered office at Quayside House, Canal Wharf, Leeds, LS11 5PU from this date.

5.

The Annual General Meeting will be held at 11:00 am on 22 July 2015 at Quayside House, Canal Wharf, Leeds, LS11 5PU. The AGM will be followed by a further General Meeting at 11:30 a.m. (or as soon afterwards as the Company's 2015 AGM which has been convened for the same date has been concluded or adjourned).

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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