RNS Number:5087D
Keydata AIM VCT PLC
24 May 2006
KEYDATA AIM VCT plc
Unaudited Interim Results for the six months ending 31 March 2006
Chairman's Statement
I am pleased to report that your Company continued to make good progress in the
six month period ended 31 March 2006.
Funding
The 2005/6 C share offer for subscription closed on 5 April 2006 with gross
funds raised of around #17.9 million from 1,077 investors. The costs of the
launch were set at 5 per cent of the gross funds raised and the net proceeds
retained by the company will be #17.0 million, with an initial asset value per C
share of 95p. The net assets stated in the balance sheet reflect allotment
proceeds received as at 31 March 2006. Including the #13.6 million of net funds
raised in 2004/5 from the ordinary share offer for subscription, the Company has
raised #30.6 million of net funds in total. Your board believes that the fund is
now an optimum size and will benefit through a reduced total expense ratio.
Results - Ordinary Fund
The net asset value per ordinary share increased by 7.95 per cent to 111.96
pence during the period. Earnings per ordinary share for the period were 8.26
pence per share (comprising revenue earnings of 0.13 pence and capital earnings
of 8.13 pence).
The Investment Manager, Hargreave Hale, invested a further #2.8 million in
eleven qualifying AIM companies during the period and made part disposals of
seven of the AIM investments, realising a net gain on sale of #0.6 million in
the period. The main contributors to this realised gain were Egdon Resources and
Accuma. The bid value of qualifying investments at 31 March 2006 was #8.35
million invested in 25 AIM companies. With respect to the 70 per cent investment
test, as at 31 March 2006, 45.9 per cent of the Company's investments were in
Qualifying companies. The balance was held in short dated Treasury gilts. We
have until 30 September 2007 to meet the 70 per cent test.
Results - C Fund
The net asset value per C share at 31 March 2006 was 95 pence per share.
Earnings per C share were 0.02 pence per share. No investments were made prior
to the Offer closing on 5 April 2006. We have until 30 September 2008 to meet
the 70 per cent test.
Dividend
We are delighted to declare a tax free capital dividend payable to ordinary
shareholders of 5 pence per share. This interim dividend will be payable on 14
July 2006 to ordinary shareholders on the share register on 16 June 2006. On 23
May 2006, the Company revoked investment company status to facilitate the
payment of dividends out of capital profits. The dividend policy is to
distribute realised capital profits to shareholders as they arise, therefore
dividend payments will not be predictable or regular in nature. A final dividend
will only be payable if we make sufficient capital profits in the second half of
the year.
No dividend is proposed on the C shares in respect of the period.
VCT Rules
The changes to the VCT rules announced in the Budget on 22 March 2006 do not
have any impact on funds already raised by the Company. They do however require
that any funds raised by the Company through an allotment of shares on or after
6 April 2006 (including any dividends re-invested in the Company under the terms
of its Dividend Reinvestment Schemes) will need to be administered in accordance
with new rules which have yet to be clarified in detail. In particular, the
proposed changes to the gross assets test for qualifying holdings (reduced from
#15 million to #7 million) will substantially reduce the universe of qualifying
companies. If we were to raise new funds from now on, these funds would have to
be invested using the new rules which might preclude co-investment with the
existing funds and would have to be accounted for separately.
As a result, the Directors have decided to suspend the operation of the Dividend
Reinvestment Schemes. All shareholders will therefore receive dividends in cash
without the option of reinvesting that amount in shares of the company.
Outlook
We remain confident that we will achieve our required 70% investment in
qualifying companies within the three year period.
The AIM market remains very active and we continue to experience a good pipeline
of investment opportunities from which we can select those which we believe have
significant growth potential.
Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code "KEY" for ordinary shares and "KEYC" for C shares, or on our own
dedicated website at www.keydataaimvct.co.uk
Sir Aubrey Brocklebank Bt
Chairman
23 May 2006
Income Statement for the six months to 31 March 2006 - Ordinary Shares
For the six months to
31 March 2006 (unaudited)
Revenue Capital Total
#000 #000 #000
Realised gains on investments - 609 609
Unrealised gains on investments 614 614
Income 209 - 209
-------- -------- --------
209 1,223 1,432
Management fee (21) (62) (83)
Other expenses (165) - (165)
-------- -------- --------
(186) (62) (248)
-------- -------- --------
Profit before taxation 23 1,161 1,184
Taxation (5) 5 -
-------- -------- --------
Profit after taxation 18 1,166 1,184
-------- -------- --------
Earnings per share (Note 2) 0.13p 8.13p 8.26p
Income Statement for the six months to 31 March 2006 - C shares
For the six months to
31 March 2006 (unaudited)
Revenue Capital Total
#000 #000 #000
Realised gains on investments - - -
Unrealised gains on investments - - -
Income 9 - 9
-------- -------- --------
9 - 9
Management fee (1) (3) (4)
Other expenses (5) - (5)
-------- -------- --------
(6) (3) (9)
-------- -------- --------
Profit before taxation 3 (3) -
Taxation - - -
-------- -------- --------
Profit after taxation 3 (3) -
-------- -------- --------
Earnings per share (Note 2) 0.12p (0.10)p 0.02p
Income Statement for the six months to 31 March 2006 - Company
For the six months to
31 March 2006 (unaudited)
Revenue Capital Total
#000 #000 #000
Realised gains on investments - 609 609
Unrealised gains on investments 614 614
Income 218 - 218
-------- -------- --------
218 1,223 1,441
Management fee (22) (65) (87)
Other expenses (170) - (170)
-------- -------- --------
(192) (65) (257)
-------- -------- --------
Profit before taxation 26 1,158 1,184
Taxation (5) 5 -
-------- -------- --------
Profit after taxation 21 1,163 1,184
-------- -------- --------
The total column of this statement is the income statement of the Company. All revenue and
capital items in the above statement derive from continuing operations.
Income Statement for the period 16 August 2004 to 31 March 2005 - Company
For the period 16 August 2004
to 31 March 2005 (unaudited)
Revenue Capital Total
#000 #000 #000
Realised gains on investments - - -
Unrealised gains on investments - 468 468
Income 66 - 66
-------- -------- --------
66 468 534
Management fee (16) (47) (63)
Other expenses (77) - (77)
-------- -------- --------
(93) (47) (140)
-------- -------- --------
Profit before taxation (27) 421 394
Taxation - - -
-------- -------- --------
Profit after taxation (27) 421 394
-------- -------- --------
Earnings per share (0.37)p 5.93p 5.56p
The total column of this statement is the income statement of the Company. All revenue and
capital items in the above statement derive from continuing operations. These figures relate
solely to ordinary shares as the C shares were issued from January 2006.
Income Statement for the period 16 August 2004 to 30 September 2005 - Company
For the period 16 August 2004
to 30 September 2005 (audited)
Revenue Capital Total
#000 #000 #000
Realised losses on investments - (32) (32)
Unrealised gains on investments - 1,348 1,348
Income 303 - 303
-------- -------- --------
303 1,316 1,619
Management fee (28) (84) (112)
Other expenses (258) - (258)
-------- -------- --------
(286) (84) (370)
-------- -------- --------
Profit before taxation 17 1,232 1,249
Taxation (3) 3 -
-------- -------- --------
Profit after taxation 14 1,235 1,249
-------- -------- --------
Earnings per share 0.14p 12.15p 12.29p
The total column of this statement is the income statement of the Company. All revenue and
capital items in the above statement derive from continuing operations. These figures relate
solely to ordinary shares as the C shares were issued from January 2006.
Balance sheet as at 31 March 2006
As at 31 March 2006
(unaudited)
Ordinary Shares C Shares Total
#000 #000 #000
Fixed assets
Investments 15,316 - 15,316
-------- -------- --------
Current assets
Prepayments and accrued income 64 - 64
Cash at bank and on deposit 751 11,508 12,259
------- -------- --------
815 11,508 12,323
Creditors: amounts falling due within one year
Accruals and deferred income (78) (9) (87)
------- ------- --------
Net current assets 737 11,499 12,236
------- ------- --------
Net assets 16,053 11,499 27,552
------- ------- --------
Capital and Reserves
Called up share capital 143 121 264
Share premium - 11,378 11,378
Capital reserve - realised 439 (3) 435
Capital reserve - unrealised 1,962 - 1,963
Special reserve 13,477 - 13,477
Revenue reserve 32 3 35
-------- -------- --------
Equity shareholders' funds 16,053 11,499 27,552
-------- ------- --------
Net asset value per share (Note 4) 111.96p 95.0p
Balance sheet as at 31 March 2005 - Ordinary shares only
As at 31 March 2005
(unaudited)
#000
Fixed assets
Investments 2,630
-------
Current assets
Prepayments and accrued income 2
Cash at bank and on deposit 5,842
--------
5,844
Creditors: amounts falling due within one year
Accruals and deferred income (65)
--------
Net current assets 5,779
--------
Net assets 8,409
--------
Capital and Reserves
Called up share capital 84
Share premium 7,931
Capital reserve - realised (47)
Capital reserve - unrealised 468
Revenue reserve (27)
--------
Equity shareholders' funds 8,409
--------
Net asset value per share 99.67p
Balance sheet as at 30 September 2005 - Ordinary shares only
As at 30 September 2005
(audited)
#000
Fixed assets
Investments 9,501
-------
Current assets
Prepayments and accrued income 45
Cash at bank and on deposit 5,368
--------
5,413
Creditors: amounts falling due within one year
Accruals and deferred income (44)
--------
Net current assets 5,369
--------
Net assets 14,870
--------
Capital and Reserves
Called up share capital 143
Share premium -
Capital reserve - realised (113)
Capital reserve - unrealised 1,348
Special reserve 13,478
Revenue reserve 14
--------
Equity shareholders' funds 14,870
--------
Net asset value per share 103.71p
Cash flow statement for the six months to 31 March 2006
For the six months to
31 March 2006
(unaudited)
Ordinary Shares C Shares Total
#000 #000 #000
Profit before taxation 23 3 26
Management fee charged to capital (62) (3) (65)
Increase in debtors (19) - (19)
Increase in creditors 34 9 43
------- ------- --------
Net cash outflow from operating activities (24) 9 (15)
Financial investment
Purchase of investments (5,773) - (5,773)
Sale of investments 1,181 - 1,181
Financing
Net proceeds from issue of share capital - 11,498 11,498
--------- -------- --------
(Decrease)/increase in cash (4,616) 11,507 6,891
--------- -------- --------
Cash flow statement for the period 16 August 2004 to 31 March 2005 - Ordinary
shares only
For the period 16 August 2004
to 31 March 2005
(unaudited)
#000
Profit before taxation (27)
Management fee charged to capital (47)
Increase in debtors (2)
Increase in creditors 65
--------
Net cash outflow from operating activities (11)
Financial investment
Purchase of investments (2,162)
Financing
Net proceeds from issue of ordinary share capital 8,015
--------
Increase in cash 5,842
--------
Cash flow statement for the period 16 August 2004 to 30 September 2005 -
Ordinary shares only
For the period 16 August 2004
to 30 September 2005
(audited)
#000
Profit before taxation 17
Management fee charged to capital (84)
Increase in debtors (45)
Increase in creditors 44
--------
Net cash outflow from operating activities (68)
Financial investment
Purchase of investments (8,228)
Sale of investments 43
Financing
Net proceeds from issue of ordinary share capital 13,621
--------
Increase in cash 5,368
--------
Reconciliation of movements in shareholders' funds for the six months to 31
March 2006 (unaudited)
Ordinary Shares
Share Capital Capital Special Revenue
Premium Reserve Reserve Reserve Reserve
Realised Unrealised
#000 #000 #000 #000 #000
At 1 October 2005 - (113) 1,348 13,477 14
Realised gains on investments - 609 - - -
Unrealised gains on investments - - 614 - -
Management fee charged to capital - (62) - - -
Tax relief - 5 - - -
Profit after taxation for the period - - - - 18
------ ------ ------ -------- --------
At 31 March 2006 - 439 1,962 13,477 32
------ ------ ------ -------- --------
C Shares
Share Capital Capital Special Revenue
Premium Reserve Reserve Reserve Reserve
Realised Unrealised
#000 #000 #000 #000 #000
At 1 October 2005 - - - - -
Proceeds from issue of shares 11,983 - - - -
Costs related to issue of shares (605) - - - -
Realised gains on investments - - - - -
Unrealised gains on investments - - - - -
Management fee charged to capital - (4) - - -
Tax relief - 1 - - -
Profit after taxation for the period - - - - 3
------ ------ ------ -------- --------
At 31 March 2006 11,378 (3) - - 3
------ ------ ------ -------- --------
Notes to the interim report
1 The accounts of the company are prepared in accordance with Accounting Standards applicable in the United
Kingdom. The accounting policies used in preparing this report are consistent with those adopted at the
year end. All AIM investments are valued at bid price.
2 The earnings per ordinary share of 8.26p is based on the profit after tax for the period of #1,183,583 and
the weighted average number of ordinary shares in issue over the period to 31 March 2006 of 14,337,731.
The earnings per C share of 0.02p is based on the profit after tax for the period of #378 and the
weighted average number of C shares in issue over the period to 31 March 2006 of 2,478,928.
3 The results should not be taken as a guide to the results for the period ending 30 September 2006
4 The net asset value per ordinary share at 31 March 2006 of 111.96p is based on net assets of #16,053,179
and on 14,337,731 shares, being the number of ordinary shares in issue as at 31 March 2006.
The net asset value per C share at 31 March 2006 of 95.0p is based on net assets of #11,498,884 and on
12,103,691 shares, being the number of C shares in issue as at 31 March 2006.
5 The financial information contained in the 31 March 2006 income statement, balance sheet, cash flow
statement and reconciliation of movements in shareholders' funds does not constitute full financial
statements and has not been audited. The foregoing information at 30 September 2006 is an abridged and
revised version of the Company's full accounts which carry an unqualified Auditor's report and have been
filed with Registrar of Companies.
Investment portfolio summary as at 31 March 2006 - Ordinary Share Fund
Qualifying investments Book cost Valuation Valuation
#000 #000 %
Accuma 285 813 5.3
Internet Business Group 259 630 4.1
Egdon Resources 128 599 3.9
Hardide 396 531 3.5
Ascribe 250 458 3.0
Zenith Hygiene Group 281 435 2.8
Jelf Group 250 380 2.5
Abcam 250 363 2.4
Cohort 301 350 2.3
Neutra Health 315 345 2.3
Mama 300 330 2.1
Work Group 300 306 2.0
K3 Business Technology Group 270 294 1.9
Sectorguard 250 268 1.8
Autoclenz 256 267 1.7
Invocas Group 169 266 1.7
Axeon 200 252 1.6
FDM Group 250 250 1.6
Maxima Holdings 250 246 1.6
Gourmet Holdings 300 234 1.5
York Pharma 250 198 1.3
Centrom 300 195 1.3
Transense Technologies 200 165 1.1
Sarantel Group 302 129 0.8
Plethora Solutions 44 40 0.3
Mama warrants - 8 0.1
-------- -------- --------
Total qualifying investments 6,356 8,352 54.5
Non-qualifying investments
Treasury 4.5% Stock 2007 4,020 4,003 26.1
Treasury 4% Stock 2009 2,977 2,961 19.4
-------- -------- --------
Total non-qualifying investments 6,997 6,964 45.5
-------- ------- --------
Total investments 13,353 15,316 100.0
-------- -------- --------
Top ten investments at 31 March 2006 by valuation
1. Accuma Group PLC
Investment date March 2005 & Audited figures for year to July 2005
August 2005
Equity held 1.18% Turnover (#'000) 2,846
Purchase price per share 82p & 155p Loss before tax (#'000) (473)
Cost (#'000) 285 Retained loss (#'000) (398)
Valuation (#'000) 813 Net assets(#'000) 3,838
Accuma advises on debt solutions, in particular, Individual Voluntary Arrangements. This is a fragmented
but rapidly growing market in which Accuma has grown its share to 12% through organic growth and the
acquisition of Wilson Phillips. Unlike many debt solutions, an Accuma IVA is free to the debtor, runs
for a finite period, is legally binding and affords the creditor above average recovery rates. A further
investment was made via a secondary placing on 31 August 2005. The company reported strong H1 2006
figures on 28th March 2006. 50% of our holding was sold in May 2006.
2. Internet Business Group Plc
Investment date July 2005 Audited figures for year to October 2005
Equity held 3.10% Turnover (#'000) 6,322
Purchase price per share 11.5p Loss before tax (#'000) 413
Cost (#'000) 259 Retained loss (#'000) 441
Valuation (#'000) 630 Net assets (#'000) 1,490
Internet Business Group PLC ("IBG") focuses on enabling e-commerce through the application of
specialised marketing and technology. IBG's business to business operations include AffiliateFuture, a
leading performance marketing network, web hosting, and web development. IBG's business to consumer
activities lie with its e-commerce properties retailing some 2,000 lines across several sectors within
sports and lifestyle. Plentypoints.com, providing consumer rewards for online activities, links these
e-commerce properties to AffiliateFuture.
3. Egdon Resources PLC
Investment date December 2004 Audited figures for year to July 2005
Equity held 0.22% Turnover (#'000) 11
Purchase price per 30p Loss before tax (#'000) (421)
share
Cost (#'000) 128 Retained loss (#'000) (421)
Valuation (#'000) 599 Net assets (#'000) 5,584
Egdon is an independent UK based energy company with over 50 oil and gas prospects spread over 20
exploration licenses in the UK and France. Management's intention is to become a significant and
profitable oil and gas producer through an active and focused exploration and appraisal programme. The
company is currently developing plans for a 36 billion cubic feet underground gas storage facility at
Portland.
4. Hardide PLC
Investment date March 2005 Proforma figs for year to September 2005
Equity held 2.68% Turnover (#'000) 1,088
Purchase price per 10p Loss before tax (#'000) (701)
share
Cost (#'000) 396 Retained loss (#'000) (701)
Valuation (#'000) 531 Net assets (#'000) 2,056
Hardide was incorporated in August 2000 to develop and commercialise Hardide technology jointly
developed by the University of Moscow and the Russian Academy of Science Institute of Physical
Chemistry. Hardide is a patented surface coating technology which combines ultra-hardness, low friction
and chemical resistance for use with steel, hard alloys and other materials. When applied via chemical
vapour deposition to components, the tungsten carbide coating typically extends the component's useful
life. The company moved to Oxfordshire in 2003 where it has 3 coating machines in a 12,500 sq. ft.
facility. The company raised an additional #796,209 in December 2005 to cover the start up costs of a
U.S manufacturing facility in Houston, Texas.
5. Ascribe PLC
Investment date December 2004 Audited figures for year to June 2005
Equity held 1.30% Turnover (#'000) 5,347
Purchase price per 18p Profit before tax (#'000) 794
share
Cost (#'000) 250 Retained profit (#'000) 445
Valuation (#'000) 458 Net Assets (#'000) 6,370
Ascribe is a health IT group focusing on medicine management through the development and marketing of
software solutions supporting patient, clinical and business processes to the international healthcare
market. Ascribe is aiming to provide a centralised database of prescriptions available to all healthcare
professionals. The company now has over 300 customer sites worldwide, including installations throughout
the UK, Australia, New Zealand, Hong Kong and Malaysia.
6. Zenith Hygiene Group plc
Investment date January 2005 Audited figures for year to August 2005
Equity held 1.83% Turnover (#'000) 24,519
Purchase price per 100p Profit before tax (#'000) 967
share
Cost (#'000) 281 Retained profit (#'000) 360
Valuation (#'000) 435 Net assets (#'000) 5,273
Zenith Hygiene manufactures, and supplies cleaning and non food ancillary products to the restaurant,
hospitality, healthcare and leisure markets. Although growing organically, the company has made five
acquisitions to gain market share, established its own manufacturing capability and developed regional
hubs.
7. Jelf Plc
Investment date February 2006 Audited figures for year to September 2005
Equity held 0.97% Turnover (#'000) 11,501
Purchase price per 106 Profit before tax (#'000) 1,011
share
Cost (#'000) 250 Retained profit (#'000) 663
Valuation (#'000) 380 Net assets (#'000) 4,432
Jelf Group is a broker of corporate services, with separate divisions in Healthcare, Insurance, and
Financial Services. Customers are in the corporate and private client sectors. The business has grown
acquisitively since it started in 1989 and has bought 11 companies in the last five years. The market is
very fragmented, with smaller players unable to compete due to rising costs of training and compliance.
Acquisitions are earnings enhancing as back office costs can be easily stripped out. Furthermore, there
are also additional cross selling opportunities to the acquired customer base. We acquired shares in a
recent #4m fund raising to acquire Goss Group Ltd.
8. Abcam plc
Investment date October 2005 Audited figures for year to June 2005
Equity held 0.43% Turnover (#'000) 12,135
Purchase price per 167p Profit before tax (#'000) 2,977
share
Cost (#'000) 250 Retained profit (#'000) 964
Valuation (#'000) 363 Net assets (#'000) 3,215
Abcam is a global distributor of research-grade antibodies to bioscientists and intends to build the
largest online catalogue of the best available antibodies. Whilst they manufacture many of their own
lines of antibodies, they also source others from institutes, academic laboratories and primary
manufacturers around the world. The company is headquartered in Cambridge, where it was founded in 1998,
and maintains a US office in Massachusetts.
9. Cohort Plc
Investment date February 2006 Audited figures for year to April 2005
Equity held 1.11% Turnover (#'000) 14,432
Purchase price per 123p Profit before tax (#'000) 1,391
share
Cost (#'000) 301 Retained profit (#'000) 730
Valuation (#'000) 350 Net Assets (#'000) 2,163
Systems Consultants Services (SCS) provides independent consultancy support which combines technical
expertise with practical experience and domain knowledge, primarily but not exclusively to the defence
sector. Initially focusing on operational and non-operational strategy and projects, especially in the
Land Systems area, the company has expanded into a range of complementary business areas. The company
has an impressive client base that includes the MOD and its agencies, NATO, and major defence
contractors such as BAE, EDS, General Dynamics and Lockheed Martin.
10. Neutrahealth PLC
Investment date August 2005 Audited figures for year to December 2005
Equity held 2.26% Turnover (#'000) 2,419
Purchase price per 10.5p Profit before tax (#'000) 363
share
Cost (#'000) 315 Retained profit (#'000) 250
Valuation (#'000) 345 Net Assets (#'000) 13,275
Neutrahealth was formed in November 2004 as a cash shell to acquire SMEs in the growing nutraceutical
industry and thereby build a group focused on the production and distribution of VMS (vitamins and
mineral supplements) and probiotic products through retail and other distribution channels. Neutrahealth
acquired BioCare in August 2005 for #16.1m and then Nutrigold for #0.8m in February 2006.
23 May 2006
For further information please contact:
Roddi Vaughan-Thomas
Head of Corporate Communications
Keydata Investment Services
020 7710 6923
Craig McNeil
Company Secretary
Keydata AIM VCT plc
0141 572 2300
This information is provided by RNS
The company news service from the London Stock Exchange
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