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Rensburg AIM VCTPlc (RSB)

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Friday 30 October, 2015

Rensburg AIM VCTPlc

Half Yearly Report

RNS Number : 0671E
Rensburg AIM VCT Plc
30 October 2015
 



RENSBURG AIM VCT PLC

 

Half-Yearly Financial Report for the six months ended 31 August 2015

 

Rensburg Aim VCT plc ("the Company"), the venture capital trust specialising in investing in companies trading on the Alternative Investment Market of the London Stock Exchange ("AIM"), today announces its Half-Yearly Financial Report for the six months ended 31 August 2015.

 

Financial Highlights

6 months

ended

31 August

2015

 

6 months

ended

31 August

2014

 

12 months

ended

28 February

2015

 

Net assets

£14,641,000

£17,916,000

£16,958,000

Net asset value ("NAV") per share

39.31p

46.84p

44.60p

Income Statement (loss)/ profit on ordinary activities after tax

£(263,000)

£299,000

£60,000

(Loss)/ profit per share as per Income Statement

(0.70)p

0.78p

0.16p

Dividends per share paid during the period

4.50p

2.50p

4.00p

Dividends paid during the period

£1,690,000

£914,000

£1,483,000

Total dividends per share paid since inception

66.75p

60.75p

62.25p

Total dividends per share proposed since inception

66.75p

62.25p

62.25p

 

Commenting on the six month period, Richard Battersby, Non-Executive Chairman, said:

 

"After careful consideration, the Board agreed proposals with Unicorn AIM VCT plc (UAVCT) for a merger by way of a scheme of reconstruction (the Scheme) whereby, following a tender offer by the Company to its shareholders of up to £5 million (the Tender Offer), the remaining assets and liabilities of the Company will be transferred to UAVCT in exchange for new ordinary shares to be issued by UAVCT."

 

The NAV as at 31 August 2015 was 39.31 pence per share, a decrease of 1.8% over the past six months, before the special and interim dividends of 2.00 pence and 2.50 pence per share respectively that were paid during the period."  

 

For further information contact:

 

Barry Anysz

Rensburg Aim VCT plc

0113 245 4488




Interim Management Report

 

Introduction

Given the back drop of headline falls in the main market indices combined with increased volatility the results for the first half of this year to 31 August 2015 proved to be relatively satisfactory with Net Asset Value ("NAV") per share decreasing by 1.8% (before dividend payments), which compares favourably with the Total Return FTSE All-Share Index and FTSE 100 Index, which decreased by 6.2% and 7.9% respectively. However, the Total Return FTSE AIM All-Share Index increased by 3.5% during the same period. As I have stated previously, none of these indices are perfect benchmarks for our own performance as so few of the size and type of company in which we can invest are represented in them.

 

Net Asset Value

The NAV as at 31 August 2015 was 39.31 pence per share, a decrease of 1.8% over the past six months, before the special and interim dividends of 2.00 pence and 2.50 pence per share respectively that were paid during the period.

 

Results

The loss on ordinary activities after tax for the six months to 31 August 2015 was £263,000 (31 August 2014: profit of £299,000). The loss was 0.70 pence per share (31 August 2014: profit of 0.78 pence per share). It is important to realise that the profit or loss figures reflect the requirement to recognise the majority of unrealised gains and losses in the Income Statement. During times of volatile share price movements, this results in large swings between profits and losses which do not always reflect cash movements.

 

Qualifying Investments

The Company made one full and one partial realisation of qualifying investments during the period, resulting in total proceeds of £881,000 and a net profit of £775,000 over historic cost.

 

The qualifying portfolio, which cost £6.6 million, was valued at £7.3 million at 31 August 2015 and represents 50.0% of the net assets of the Company. Included in the above figures was a notable success as a consequence of Vista Equity Partners acquiring Advanced Computer Software plc. The Company received proceeds of £840,000, realising a gain over historic cost of £738,000. The original qualifying investment was made in 2008 at a cash cost of £500,000 and has returned total proceeds of £1,811,000 including multiple partial sales over the period of investment. This represents a return of some 3.6 times the original investment.

 

An investment portfolio summary is provided in note 10 to this announcement.

 

Strategy

 

Earlier this year the Board announced proposals to wind up the Company by way of a Members' Voluntary Liquidation (MVL). However, following that announcement the Board was approached by a number of

other VCTs and their managers with a view to a merger, which it believed would result in better value for the Company's shareholders. After careful consideration, the Board agreed proposals with Unicorn AIM VCT plc (UAVCT) for a merger by way of a scheme of reconstruction (the Scheme) whereby, following a tender offer by the Company to its shareholders of up to £5 million (the Tender Offer), the remaining assets and liabilities of the Company will be transferred to UAVCT in exchange for new ordinary shares to be issued by UAVCT.

 

These proposals were put to the Company's Annual General Meeting and Shareholders approved a resolution which authorised and instructed your Board to proceed. Whilst this resolution indicated shareholder support it had no formal legal effect and on 27 October 2015 a circular was posted to Shareholders which convenes two further General Meetings of the Company to approve the tender and the merger (by way of the Scheme) as well as the ultimate voluntary winding up of the Company, once all its assets and liabilities have been distributed to UAVCT. At these meetings shareholders will be able to vote on the formal resolutions to implement the proposals.  A copy of the circular is also available on the Company's website www.rensburgaimvct.co.uk.

 

The Board believes that the Tender Offer and the Scheme are in the best interests of shareholders generally and will maximise shareholder value. They offer more attractive options to shareholders than any other approach received by the Company and in particular the potential to retain deferred capital gains tax relief for shareholders wishing to do so. The Board had received approaches from other AIM-focused and also 'Generalist' VCTs but it believed the proposals from UAVCT offer greatest shareholder value.

 

UAVCT is the largest AIM-focused VCT with similar objectives to those of the Company. As at 31 August 2015, UAVCT had unaudited net assets of £124.1 million, which affords it significantly greater scale than RAVCT, with £14.6 million of unaudited net assets at the same date. UAVCT has a strong record over the past few years and is rated by the Association of Investment Companies as one of the best performing AIM VCTs over one, three and five years in terms of both NAV and share price performance. Shareholders in the Company who continue as shareholders of UAVCT will therefore be continuing with a similar investment.

 

The proposals agreed with UAVCT give shareholders the opportunity to consider the action they wish to take; to

exit (to the extent which will be available under the Tender Offer) if they so desire at minimal discount to NAV

or to continue to hold shares in a VCT with an investment strategy very similar to that of the Company. It is

important to note that most of the costs of the Scheme will not be paid by either the Company or UAVCT, as

UAVCT's investment manager, Unicorn Asset Management Limited, has agreed to pay (subject to the Scheme

being implemented) all of the costs, save for any termination payment due to Investec Wealth & Investment

Limited, the managers of the Company. The costs of the tender offer will be borne by the Company. These costs and the termination payment are disclosed in the circular.

 

Should shareholders decide not to support the proposals the Board will initially continue with the previously stated strategy as detailed in the Annual Report and Financial statements 2015 but will then have to reconsider alternative strategies for the future of the Company.

 

Non-Qualifying Investments

During the six months to 31 August 2015, £22,000 of non-qualifying investments were acquired and £421,000 of non-qualifying investments were sold, realising a loss over historic cost of £651,000.

 

The non-qualifying portfolio, which cost £5.7 million, was valued at £7.4 million at 31 August 2015 and represents 50.3% of the net assets of the Company.

 

Other net current liabilities make up 0.3% of the total net assets of the Company at 31 August 2015 and include £231,000 of cash.

 

Dividend

As a result of the proposals described in the strategy section the Company does not intend to pay an ordinary interim dividend. The Company has distributed a total of 66.75 pence per share since it was established.

 

VCT Status

The Board continues to be mindful of maintaining the Company's VCT qualifying status. H.M. Revenue and Customs has confirmed that the Company has full approval and the Company continues to meet the relevant conditions to maintain full approval. The net funds raised in any one accounting period are disregarded in assessing whether the Company has satisfied the requirement that at least 70% of its total investments are qualifying investments until the first accounting period that ends three years after the raising of the additional funds. In the Company's case, all funds have now reached this point and your Board, therefore, expects that the Company should maintain its VCT qualifying status in the future and until such time as the Scheme is implemented.

 

Share Buy-Backs

During the half year the Company has repurchased for cancellation 780,000 (2.1% of equity at 28 February 2015) shares at a cost of £296,673, an average cost of 38.0 pence per share.

 

At 31 August 2015, the middle share price was 35.0 pence per share, representing a discount of 11.0% (28 February 2015: 11.4%) to NAV at that date.

 

Annual General Meeting

The Board are pleased to report that all resolutions were passed at the Annual General Meeting held in August 2015.

 

Risks and Uncertainties

In accordance with DTR 4.2.7R of the Disclosure and Transparency Rules, the directors have considered the principal risks and uncertainties for the remaining six months of the year.

 

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 shareholders might have to repay Capital Gains tax deferment relief they obtained on their investment in the Company and that the Company would lose its exemption from tax on any capital gains. 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 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.

 

Shareholder Communications

Our website at www.rensburgaimvct.co.uk provides shareholders with information on the Company, including the latest announced NAV, share price, statutory accounts and dividend history. Shareholders should note that we report (with an announcement on the Regulatory News Service 'RNS') the month end NAV figure shortly after the commencement of the following month. 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.

 

Outlook

In the month to 30 September 2015, the Total Return FTSE AIM All-Share Index decreased by 1.2% whilst the Total Return FTSE 100 and Total Return FTSE All-Share Indices decreased by 2.9% and 2.7% respectively. The NAV of the Company was 38.01 pence per share as at 30 September 2015, a 3.3% decrease on the half-year figure.

 

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.

 

 

Richard Battersby - Non-Executive Chairman                                                                    30 October 2015

 



Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report

 

We confirm that to the best of our knowledge:

 

The condensed set of financial statements has been prepared in accordance with FRS 104 "Interim Financial Reporting" issued by the Financial Reporting Council and the Half-Yearly Financial Report includes a fair review of the information required by:

 

(a)

DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

 

(b)

DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

 

Richard Battersby (Non-Executive Director)

 

Peter C. Smart (Non-Executive Director)

 

Barry A. Anysz (Non-Executive Director)

 

30 October 2015

 

 



Income Statement

for the six months ended 31 August 2015


6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 

Income

           292

           282

467 

Unrealised (loss)/gain on fair value through profit and loss investments

         (236)

         100

  (115) 

Realised gain on fair value through profit and loss investments

             2

        146

            219

Realised gain on available-for-sale investments

45 

51 

Investment management fee

        (166)

        (186)

(367)

Other expenses

       (155)

         (88)

(195)


--------

--------

--------

(Loss)/ profit on ordinary activities before tax

         (263)

           299

60

 

Taxation


--------

--------

--------

(Loss)/ profit on ordinary activities after tax

         (263)

         299

60


--------

--------

--------

(Loss)/return per ordinary share

(0.70)p

0.78p

0.16p


--------

--------

--------

 

Statement of comprehensive income

for the six months ended 31 August 2015


6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 

(Loss)/ profit on ordinary activities after tax

          (263) 

         299

60

Available-for-sale reserve movement

           (68)

(54)

(114)


--------

--------

--------

Total comprehensive income the period

      (331)

      245

(54)


--------

--------

--------

Total comprehensive income per ordinary share

(0.88)p

0.64p

(0.14)p


--------

--------

--------

 

Statement of changes in equity

for the six months ended 31 August 2015


6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 

Opening shareholders' funds

      16,958

      18,769

18,769 

(Loss)/ profit on ordinary activities after tax

(263)

299

60 

Dividends paid

(1,690)

(914)

         (1,483)

Share Capital re-purchases

(296)

(184)

          (274)

Available-for-sale reserve movement

(68)

(54)

            (114)





 

--------

--------

--------

Closing shareholders' funds

 14,641

 17,916

16,958 

 

--------

--------

--------

 

 



Statement of financial position

as at 31 August 2015


31 August

2015

£000

 

31 August

2014

£000

 

28 February

2015

£000

 

Investments




Fair value through profit and loss account assets

14,500 

16,921 

16,013 

Available-for-sale assets

192 

320 

               260 


--------

--------

--------


14,692 

17,241 

16,273 

Current assets




Debtors

72 

99 

60 

Cash at bank and in hand

231 

720 

777 


--------

--------

--------


303 

819 

837 

Creditors




Amounts falling due within one year

(354)

(144)

(152)


--------

--------

--------

Net current assets

         (51)

         675

            685

 

--------

--------

--------

 

 

--------

--------

--------

Net assets

 14,641 

 17,916 

16,958 

 

-------

-------

--------

 

Capital and reserves




Called up share capital

       1,862 

       1,913 

1,901 

Capital redemption reserve

          470 

          421 

433 

Available-for-sale reserve

            44 

          171 

111 

Other reserves

          754 

          754 

754 

Profit and loss account

6,035 

9,181 

8,283 

Special reserve

5,476 

5,476 

5,476 


--------

--------

--------

Shareholders' funds

14,641 

17,916 

16,958 

 

--------

 

--------

 

--------

 

Net asset value per share

39.31p

46.84p

44.60p

 

--------

--------

--------

 

 



Statement of Cash Flows

for the six months ended 31 August 2015


6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 





Net cash inflow/ (outflow) from operating activities

                161

                47

               (9)

 

 

 

 

 

 

 

Investing activities




Purchases of fair value investments

                (22)                         

              (346)                          

(386)

Proceeds from the disposal of fair value investments

              1,301 

              1,238 

2,044 

Proceeds from the disposal of available-for-sale investments

83 

89 


--------

--------

--------

Net cash inflow from investing activities

1,279 

975 

1,747 

 

--------

 

--------

 

--------

 

Financing activities




Dividends paid

(1,690)

(914)

(1,483)

Buy-back of ordinary shares

(296)

(184)

(274)


--------

--------

--------

Net cash inflow from financing activities

 (1,986) 

  (1,098) 

(1,757) 

 

--------

 

--------

 

--------

 

 Decrease in cash and cash equivalents

(546)

(76)

(19)


--------

--------

--------

 

 



Notes to the Cash Flow Statement

 


6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 

Analysis of change in net funds




Opening cash and cash equivalents

777 

796 

 796 

Net cash outflow for the period

             (546)

             (76)

              (19)


--------

--------

--------

Closing cash and cash equivalents

231 

            720

777 

 

--------

--------

--------

 

Notes to the Condensed Financial Statements

 

1.

Basis of Preparation


The financial statements have been prepared on a going concern basis and in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ''The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (''FRS 102'') and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ("SORP") for investment trust companies and venture capital trusts issued by the Association of Investment Companies ("AIC") in November 2014 and on the assumption that the Company maintains VCT status. The Company adopted FRS 102 from 1 March 2015, this has not resulted in an adjustment to the prior year results except in respect of certain presentational reclassifications. In accordance with Section 405(2) of the Companies Act 2006, the Company is exempt from preparing consolidated financial statements. As such, the Company is not required to prepare its financial statements in accordance with International Financial Reporting Standards as adopted by the European Union.

 

The Board has agreed proposals with Unicorn AIM VCT plc (UAVCT) for a scheme of reconstruction (the Scheme) whereby, following a tender offer by the Company to its shareholders of up to £5 million (the Tender Offer), the remaining assets and liabilities of the Company will be transferred to UAVCT in exchange for new ordinary shares to be issued by UAVCT. These proposals, if approved and implemented will ultimately lead to the Company entering into a Members' Voluntary Liquidation.

 

However, the Board recognises that this requires shareholder approval and that, whilst the Company may enter voluntary liquidation in the coming twelve months, there is a material uncertainty. They therefore believe it is appropriate to retain the Going Concern assumption.

 

2.

Related Party Transactions


As shown in the Income Statement, fees incurred by this Company for investment management services provided by Investec Wealth & Investment Limited  ("IW&I"), a company for which Barry Anysz is an employee,  amounted to £165,770 (2014: £186,140) in the half-year. The outstanding balance accruing to IW&I at 31 August 2015 was £228,027 (2014: £92,571).  Further analysis of the IW&I fee structure and incentive can be found in note 3 to the accounts.

 

During the half-year, Walker Morris LLP, a law firm for which Peter Smart acts as consultant, provided legal services to the Company totalling £47,400 (2014: £3,300) including VAT. The outstanding balance at 31 August 2015 was £47,400 (31 August 2014: £Nil) including VAT.

 

3.

Investment Management Fees


6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 


Investment management fees

166 

186 

367 



--------

--------

--------

 

 

166 

186 

367 

 

 

--------

--------

--------

 


Throughout the half-year IW&I has provided investment management and secretarial services to the Company.

 

Under the Investment Management Agreement, IW&I receives an annual fixed fee of £45,000 along with a quarterly fee based upon 0.375% of the quarter end NAV, prior to the fee itself and after adding back dividends paid during the year to date.

 

A further provision of the agreement obliges IW&I to rebate to the Company annual running costs (as defined in the Investment Management Agreement) if they exceed 3.5% per year of the Funds under Management after adding back the value of dividends paid during the year, to the extent of the excess. The repayment will be limited to the total amount that would have been payable to IW&I in that financial year. The agreement is terminable on twelve months' notice by IW&I or the Company.

 

In addition to the main fee structure explained above, IW&I has charged £18,403 in the six months to 31 August 2015 (6 months to 31 August 2014: £20,927) for the management of the non-qualifying Main List quoted equities based on 0.15% per quarter of market value.

 

The Ongoing Charges percentage for Rensburg Aim VCT plc in the year to 31 August 2015 was 3.19% (2014: 2.92%). The calculations have been made by reference to the Association of Investment Companies recommended methodology except that the underlying costs incurred by the investment in the Franklin Templeton Mid Cap OEIC which represented 7.19% of net assets at 31 August 2015 (2014: 5.12%) have not been included.

 

4.

Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities

 

 

 

6 months

ended

31 August

2015

£000

 

6 months

ended

31 August

2014

£000

 

12 months

ended

28 February

2015

£000

 


(Loss)/ profit on ordinary activities before tax

              (263)

 299

60


(Increase)/ decrease in debtors

               (12)

38

77

 

Increase in creditors

                202

                  1

9

 

Unrealised loss/ (gain) on fair value through profit and loss investments                                                                        

                236

            (100)

             115

 

Realised gain on fair value through profit and loss investments

                (2)

(146)

            (219)

 

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

                 0

(45)

(51)



--------

--------

--------

 

 

161 

47 

(9)

 

 

--------

--------

--------

 

5.

Earnings per Share


The losses per share of 0.70p (year ended 28 February 2015: earnings of 0.16p; 6 months ended 31 August 2014: earnings of 0.78p) are based on the net loss after tax of £263,000 (year ended 28 February 2015: profit of £60,000; 6 months ended 31 August 2014: profit of £299,000) and on 37,420,731 (year ended 28 February 2015: 38,334,556; 6 months ended 31 August 2014: 38,541,927) ordinary shares, being the weighted average number of shares in issue during the period.

 

6.

Total Recognised Returns per Share


Total recognised losses per share of 0.88p (year ended 28 February 2015: losses per share of 0.14p; 6 months ended 31 August 2014: gains per share of 0.64p) are based on total recognised losses for the period of £331,000 (year ended 28 February 2015: losses of £54,000; 6 months ended 31 August 2014: gains of £245,000) and on 37,420,731 (year ended 28 February 2015: 38,334,556; 6 months ended 31 August 2014: 38,541,927) ordinary shares, being the weighted average number of shares in issue during the period.

 

7.

Net Asset Value per Share


The net asset value per share at 31 August 2015 of 39.31p is based on net assets of £14,641,000 (year ended 28 February 2015: net assets of £16,958,000; 6 months ended 31 August 2014: net assets of £17,916,000) and on 37,245,405 (year ended 28 February 2015: 38,025,405; 6 months ended 31 August 2014: 38,250,405) ordinary shares, being the number of ordinary shares in issue on that date.

 

8.

Extraction of Financial Information


The information contained in the 28 February 2015 Income Statement, Balance Sheet and Cash Flow statement does not constitute full financial statements and has been extracted from the financial statements for the year ended 28 February 2015 which have been delivered to the Registrar of Companies. The report of the auditor on these financial statements was unqualified. The Income and Cash Flow statements for the six month periods and the Balance Sheets as at 31 August 2015 and 31 August 2014 are unaudited and do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The Half-Yearly Financial Report was approved by the Board of Directors on 30 October 2015.

 

9.

Information Availability


This report is available on our website at www.rensburgaimvct.co.uk.

 

10.        Investment Portfolio Summary as at 31 August 2015

 

Qualifying Investments

Book

cost*

£000

 

Valuation

£000

% of total

net assets

(by value)

Unrealised

gain/(loss)

£000

Ten largest qualifying investments





Animalcare Group plc

234 

866 

5.91

632 

Plastics Capital plc

690 

740 

5.05

50 

Tracsis plc

72 

728 

4.97

656 

Quixant plc

184 

597 

4.08

413 

Idox plc

107 

588 

4.02

481 

Belvoir Lettings plc

425 

545 

           3.72

120 

AB Dynamics plc

217 

           522

3.57

305 

Sanderson Group plc

350 

418 

2.85

68 

Hasgrove Ltd

500 

           354

2.42

(146) 

Getech Group plc

234 

318 

2.17

84 


--------

--------

--------

--------


3,013 

 

5,676 

38.76

2,663 

Other qualifying investments

3,570 

1,648 

11.26

(1,922)

 

--------

--------

--------

--------

Total qualifying investments

6,583 

7,324 

50.02

741


--------

--------

--------

--------

 

Non-qualifying investments





Main Market quoted equities

4,246 

5,521 

37.71

         1,275

Franklin Templeton Mid Cap OEIC

302 

1,053 

7.19

751 

Fixed interest securities

653 

597 

4.08

(56)

Non-qualifying AIM and unquoted investments

471 

198 

1.35

(273)


--------

--------

--------

--------

Total non-qualifying investments

5,672 

7,369 

50.33

1,697

 

--------

--------

--------

--------

Total investments

12,255 

14,693 

100.35

2,438

 

--------



--------

Net other assets


(52) 

(0.35)




--------

--------


Net assets


14,641 

100.00




--------

--------

 


* Historic cost of investment less amounts written off which represent permanent diminutions in value.

 

 



 

11.        Investment Additions and Disposals in the Half-Year to 31 August 2015

 

 

 

Cost





£000




Additions










Non-qualifying investments

22 





--------




Total additions

22 





--------


 

 


 

Book

cost

(Note a)

Disposal proceeds

 

Income Statement gain/(loss)

(Note b)

Gain/(loss) over historic cost

(Note c)


£000

£000

£000

£000

Disposals










Qualifying fair value through profit and loss investments





Advanced Computer Software plc

102 

840 

              2

           738

Tracsis plc

41 

              3

              37 

 

--------

--------

--------

--------

Total qualifying investments disposals

106 

881 

            775






Non-qualifying investments

1,072 

           421

              (3)

          (651) 

 

--------

--------

--------

--------

Total disposals

1,178 

         1,302 

              2

           124

 

--------

--------

--------

--------


 

Note a - Historic cost of investments less amounts previously written off for permanent diminutions in value.

Note b - For fair value through profit and loss investments the Income statement gain represents the differential between the sale price and the value of the investment at the previous year end. For Available-for-sale investments the Income statement gain represents the gain over historic cost less write offs for permanent diminutions in value.

Note c - The gain/ (loss) over historic cost represents the differential between disposal proceeds and historic cost of investments less write offs for permanent diminutions in value.




 


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