RNS Number:1221J
Neptune-Calculus Income &Growth VCT
18 September 2006
Interim Results for the six months ended 30 June 2006
Performance summary
Ordinary Shares C Shares
6 months to Period to
30 June 2006 30 June 2006
Revenue return per share 0.82p 0.43p
Net asset value per share 104.60p 92.05p
As at As at
14 September 2006 14 September 2006
Net asset value per share 106.08p 94.49p
Being the latest practicable date prior to publication and excluding net revenue
after 30 June 2006
Corporate policy
The Neptune-Calculus Income and Growth VCT is a generalist VCT which has the
objective of providing investors with both capital growth and income.
It is intended that approximately 75 per cent. of the funds raised will be
invested over a three year period in a diversified portfolio of holdings in
qualifying investments including AIM companies. The Company does not invest in
start-up and seed capital situations. The balance of the Company's investments
will be invested in a combination of Neptune income funds and a portfolio of
similar income generating UK listed shares and money market instruments.
Managers
Qualifying investments are managed by Calculus Capital Limited and
non-qualifying investments are managed by Neptune Investment Management Limited.
Chairman's Statement
I am delighted to present our interim results for the Company for the six months
ended 30 June 2006 and I am pleased to report that there has been good progress
in the period.
During the period, the Company undertook a successful fundraising of C Ordinary
Shares (the "C Share Fund") which raised #8.4 million before costs of #457,000.
The fundraising, which closed on 5th April 2006, will enable growth and
diversification of the Company's investment portfolio and create greater
economies of scale for all shareholders. The C Share Fund will be managed and
invested as a separate pool of funds until April 2009 when both classes will be
merged at their respective net asset values. Until that time, we are required to
report separately on the performance of each class of shares.
The C Share Fund is being invested following a similar investment strategy to
the funds raised by the issue of Ordinary shares (the "Ordinary Share Fund")
last year. In our prospectus, we stated our intention to be a generalist VCT
company investing in a diversified portfolio of unquoted companies in the UK
including AIM stocks. The objective is to avoid investing in companies where the
risk profile is unacceptably high or where the prospective time to realisation
is unacceptably long. The aim is to provide shareholders with both long term
capital growth and income. Initially, all the funds raised are invested in the
Neptune Income Fund, the Neptune Quarterly Income Fund, a portfolio of income
orientated stocks and other cash holdings pending investment in VCT qualifying
investments. At the end of the investment process, approximately 25 per cent. of
the funds will remain invested in the Neptune funds.
Initially, any income is likely to come from the funds invested in non-VCT
qualifying investments managed by Neptune. In the longer term, returns are
expected to be derived from the underlying capital growth of the portfolio of
VCT qualifying investments managed by Calculus Capital and dividends will be
paid out of capital profits realised.
A report from each of the Investment Managers is given below.
As you may be aware, the Ordinary Share Fund is required to have invested at
least 70 per cent of its funds in VCT qualifying investments by 31 December 2007
and the C Share Fund at least 70 per cent. of its funds by 31 December 2008.
At 30 June 2006, the respective percentages were 26.53 per cent. and 9.66 per
cent. The Board continues to monitor progress towards meeting H M Revenue &
Customs requirements and remains confident of achieving the required
percentages.
Total income attributable to the Ordinary Share Fund for the period was #68,000
and total income attributable to the C Share Fund was #72,000. This was largely
derived from interest on uninvested funds and from dividends from holdings in
the Neptune Income Fund, the Neptune Quarterly Income Fund, a portfolio of
income orientated quoted equities and other liquid holdings.
In the period to 30 June 2006, a further #815,000 was invested in 6 qualifying
investments on behalf of the Ordinary Share Fund and one investment, Debtmatters
Group plc, was partially realised, achieving a return to date on initial cost of
241 per cent. In the same period, #780,000 was invested in 3 investments on
behalf of the C Share Fund.
The net asset value per share (NAV) for the Ordinary Share Fund at 30 June 2006
was 104.60 pence. Since 31 December 2005, the NAV of the Ordinary Share Fund
has increased by 2.84 per cent. from 101.71 pence per share. Since the listing
of the Ordinary shares in February 2005, the NAV has increased by 10.69 per cent.
whilst the FTSE AIM All Share Index has gone down by 1.3 per cent.
The NAV for the C Share Fund at 30 June 2006 was 92.05 pence.
The Board is declaring an interim dividend in respect of the Ordinary shares of
0.8 pence per share and the Directors also envisage recommending a final
dividend when they announce the Company's full year results. The interim
dividend is payable on 20 October 2006 to Ordinary shareholders on the register
on 29 September 2006. As the C Share Fund fundraising only closed on 5th April,
the Board is not recommending an interim dividend to C Share Fund Shareholders
as it concluded that it would not be cost effective.
As you may be aware, the share premium account attributable to the Ordinary
Share Fund was cancelled last year. The cancellation of the share premium
account attributable to the C Share Fund has now been confirmed and registered
by the Registrar of Companies. The cancellation of the share premium account
creates a special reserve that can be used, amongst other things, to fund
buy-backs of the Company's shares when the Directors consider that it is in the
best interests of the Company to do so.
The Investment Managers are continuing to see a healthy pipeline of investment
opportunities. The Board is confident that the combination of identifying
qualifying investments in well managed companies led by entrepreneurs who have
the ability to build strong businesses and investment in the Neptune income
funds will provide an attractive return for investors.
We look forward to reporting further progress when we publish our accounts for
the year ending 31 December 2006 in March 2007. Meanwhile I would like, on
behalf of the Board, to thank all shareholders for their continuing support.
Philip Stephens
Chairman
18 September 2006
Investment Managers' Reviews
Investment Manager (Qualifying investments)
Calculus Capital Limited advises the Company in respect of qualifying
Investments made by the Company.
The deal flow of potential VCT qualifying investments remains strong. In line
with our patient and risk averse approach, we will only invest in qualifying
companies when we are confident we have found the right investment
opportunities. We have set out below a review of the Ordinary Share Fund's
qualifying investment portfolio, including details of new investments, and then
give an equivalent review of the C Share Fund's qualifying investment portfolio.
Review of the Ordinary Share Fund qualifying investment portfolio
As at 30 June 2006, the Ordinary Share Fund portfolio comprised investments
in nine companies. During the period, we took advantage of the appreciation in
the share price to sell the majority of our holding in Debtmatters plc. Six new
investments were made during the period.
Cagney Plc
Cagney was incorporated with an experienced management team to acquire marketing
services businesses as part of a broad based strategy of becoming a fully
integrated marketing services group, principally servicing the UK domestic
market. The first acquisitions cover businesses in the following sectors:
promotional marketing, PR consultancy, brand consultancy and advertising. The
VCT subscribed as part of Cagney's initial public offering on AIM. The finance
was raised to part fund the first acquisitions.
Croma Group Plc
Croma designs, manufactures and supplies surveillance and defence related
products to the UK, the Ministry of Defence, the armed forces, government
agencies, the police, customs and coastguard and similar organisations. The
changing nature of "conflict" presents an opportunity for Croma. The distinction
between warfare, anti-terrorism and drug enforcement measures is blurring so
that the potential market covers anti-guerrilla warfare, urban terrorism,
surveillance, border and customs security, drug surveillance, large scale asset
protection (e.g. oil fields, pipelines, nuclear plants), and search and rescue.
The VCT participated in a fundraising to finance the acquisition of Vigilant, a
specialist asset protection company, and Photobase, a designer of biometric
identification products.
Interactive World Plc
Interactive World sells digital media content to mobile telephone customers. It
does not create its own content but has a number of relationships with content
providers. The market for content and services for mobile phone users has grown
rapidly, driven by increasing numbers of mobile phones which enable connection
to the internet. The VCT subscribed for shares at the time of Interactive
World's initial public offering on AIM. The initial public offering was
undertaken to provide additional working capital and a platform for future
growth.
Quintus Management Holdings Limited
Quintus has three main areas of activity: ownership and management of sporting
and entertainment events, sports marketing consultancy and provision of 3D
advertising signage for sports events. Quintus' portfolio of events includes the
BlackRock Masters Tennis at the Royal Albert Hall, the Marsh Classic at the
Hurlingham Club and the London Bierfest. Quintus also owns a series of triathlon
events including the London Triathlon, which is the world's largest, and
Challenger World, a series of team-building events for corporates in the UK,
Europe and USA. Quintus is unquoted and the investment by the VCT was to provide
additional working capital.
Debts.co.uk plc
Debts.co.uk, through its subsidiaries, provides a range of solutions, including
Individual Voluntary Arrangements (IVAs), debt management programmes and secured
loans or second mortgages to over-indebted individuals. The Group is also
planning to introduce mortgage broking services in 2007. The UK's total consumer
debt rose past #1 trillion in 2004 and as of February 2006 stood at
approximately #1.174 trillion, an increase of 10.3 percent over the previous 12
months. Of this, approximately #192.6 billion was consumer credit not secured
over dwellings, an increase of 8.7 per cent over the previous 12 months. The VCT
subscribed for shares in Debts.co.uk's initial public offering on AIM which was
undertaken to provide additional working capital.
Worthington Nicholls Group Plc
Worthington Nicholls is one of the UK's leading suppliers of air conditioning
systems' design, installation and maintenance services. The company believes it
is the leading supplier to the hotel industries in the UK and is developing its
services to the retail sector. The UK market for new air conditioning units was
estimated at #650 million in 2005. The VCT subscribed for shares in Worthington
Nicholls' initial public offering which was undertaken to provide additional
working capital and a platform for future growth.
The combined cost of these six investments was #815,000 and the market value as
at 30 June 2006 was #787,000.
As at 30 June 2006, #1,097,467 had been invested in qualifying holdings and the
Ordinary Share Fund's qualifying investment portfolio is at an investment level
of 26.53 per cent.
A full list of the Ordinary Share Fund's portfolio of qualifying investments
as at 30 June 2006 is set out below.
+-----------------------------+----------+------------------+
| | Cost| Valuation|
| | #| #|
+-----------------------------+----------+------------------+
|Debtmatters Group plc | 11,700| 61,740|
+-----------------------------+----------+------------------+
|PharmaSmart Limited | 50,000| 50,000|
+-----------------------------+----------+------------------+
|PharmaSmart Limited loan | 75,000| 75,000|
|stock | | |
+-----------------------------+----------+------------------+
|Cellcast plc | 145,753| 41,057|
+-----------------------------+----------+------------------+
|Cagney Plc | 125,000| 105,469|
+-----------------------------+----------+------------------+
|Croma Group Plc | 125,000| 93,750|
+-----------------------------+----------+------------------+
|Interactive World Plc | 145,000| 162,877|
+-----------------------------+----------+------------------+
|Quintus Management Holdings | 150,013| 150,013|
|Limited | | |
+-----------------------------+----------+------------------+
|Debts.co.uk plc | 120,001| 124,667|
+-----------------------------+----------+------------------+
|Worthington Nicholls Group | 150,000| 150,000|
|Plc | | |
+-----------------------------+----------+------------------+
All valuations are at AIM bid price with the exceptions of PharmaSmart Limited
and Quintus Management Holdings Limited which are unquoted holdings valued at
cost.
Review of the C Share Fund's qualifying investment portfolio
The C Share Fund fundraising closed for subscriptions on 5 April 2006. As at
30 June 2006, the C Share Fund's qualifying investment portfolio comprised three
investments made during the period. These were Interactive World Plc, Quintus
Management Holdings Limited and Worthington Nicholls Group Plc, which are
discussed under the review of the Ordinary Share Fund's qualifying investment
portfolio above. No disposals of investments were made during the period.
The combined cost of these three investments was #780,000 and the market value
as at 30 June 2006 was #802,000.
The C Share Fund's qualifying investment portfolio is at an investment level of
9.66 per cent.
A full list of the C Share Fund's portfolio of qualifying investments
is set out below.
+------------------------+------------------+------------------+
| | Cost| Valuation|
| | #| # |
+------------------------+------------------+------------------+
|Interactive World Plc | 180,000| 202,192|
+------------------------+------------------+------------------+
|Quintus Management
Holdings Limited | 250,000| 250,000|
+------------------------+------------------+------------------+
|Worthington Nicholls | 350,000| 350,000|
|Group Plc | | |
+------------------------+------------------+------------------+
Interactive World Plc and Worthington Nicholls Group Plc are valued at AIM bid
price. Quintus Management Holdindg Limited, which is unquoted, is valued at
cost.
Developments since the period end
Since the period end, the Company has committed to invest a further #10,000 in
Cellcast plc for the Ordinary Share Fund, pursuant to a placing of new ordinary
shares in Cellcast plc conditional on the admission of these shares to trading
on AIM.
Outlook
The Manager continues to see a healthy pipeline of qualifying unquoted and AIM
companies raising funds at reasonable valuations. The Company is building a
diversified portfolio of good quality qualifying investments which the Manager
believes will deliver sustained long term performance in due course.
John Glencross
Calculus Capital Limited
18 September 2006
Investment manager (non-qualifying investments)
Portfolio developments
Neptune invests in four separate portfolios on behalf of the Company. These are
the Neptune Income Fund, the Neptune Quarterly Income Fund and two segregated
portfolios which broadly follow the aforementioned Funds.
Towards the end of last year we began moving the Funds and portfolios out of
FTSE 250 stocks and increasingly into the FTSE 100. This is where we foresaw the
best value in 2006 and it was also crucial positioning during the market
sell-off that began in May 2006. Over the first half of the year, we have seen a
number of our holdings at the lower end of the FTSE 100 being undervalued and
subject to takeover bids, including BOC and BAA. This has boosted the
performance of the portfolios over a difficult period.
In the six months to 30 June 2006, despite market volatility in the second
quarter of 2006, the Income Fund outperformed its benchmark, the FTSE All-Share,
returning 6.5 per cent. against the benchmark return of 6.1 per cent. and the
Quarterly Income Fund returned 5.7 per cent.. Both the Income Fund and the
Quarterly Income Fund outperformed their peer group, the IMA UK Equity Income
Sector, which returned an average of 5.2 per cent., placing both Funds
comfortably inside the top half of their peer group.
Under recent market conditions, the Funds have benefited from having no exposure
to the metals and mining sectors, or to any tech stocks. We have taken profits
from our previous utilities weighting and now have our lowest weighting in that
sector. We believe that the consumer sectors are currently the most undervalued
and therefore we have taken a heavier weighting in these areas.
Outlook
There are good yields attainable on quality companies in the FTSE 100, so we do
not see merit in investing heavily in mid cap companies. We expect a
fourth quarter recovery in the market led by large caps and we are well
positioned to benefit from this.
Performance figures sourced from Lipper; based in Sterling; net income
reinvested.
Robin Geffen
Neptune Investment Management Limited
18 September 2006
Investment Portfolio
Ordinary Share Fund portfolio
The ten largest holdings by value are included below:
As at 30 June 2006
Cost Valuation Percentage
of
portfolio
# # %
AIM investments (quoted equity)
Interactive World Plc 145,000 162,877 4.30
Worthington Nicholls Group Plc 150,000 150,000 3.96
Debts.co.uk plc 120,001 124,667 3.29
Cagney Plc 125,000 105,469 2.79
Croma Group Plc 125,000 93,750 2.48
Other AIM investments 157,453 102,797 2.71
Unquoted equity investments
Quintus Management Holdings Limited 150,013 150,013 3.96
Other unquoted investments 50,000 50,000 1.32
Unquoted bond
PharmaSmart loan stock 75,000 75,000 1.98
Total qualifying investments 1,097,467 1,014,573 26.79
Quoted funds
Capita Financial Managers CF Neptune 520,000 616,980 16.29
Neptune Investment Management Income A 520,000 615,905 16.26
Shares
Quoted equity
Drax Group PLC 50,319 66,582 1.76
Other quoted equity 1,455,176 1,472,901 38.90
Total non-qualifying investments 2,545,495 2,772,368 73.21
Total investments 3,642,962 3,786,941 100.00
Investment Portfolio
C Share Fund portfolio
The ten largest holdings by value are included below:
As at 30 June 2006
Cost Valuation Percentage
of
portfolio
# # %
AIM investments (quoted equity)
Worthington Nicholls Group plc 350,000 350,000 4.77
Interactive World Plc 180,000 202,192 2.76
Unquoted equity investments
Quintus Management Holdings Limited 249,991 249,991 3.41
Total qualifying investments 779,991 802,183 10.94
Quoted funds
Neptune Investment Management Income A 825,000 802,111 10.94
Shares
Capita Financial Managers CF Neptune 810,000 769,160 10.49
Quoted equity
BT Group PLC 131,077 145,943 1.99
Other quoted equity 3,772,062 3,610,774 49.22
Unquoted funds
Goldman Sachs Sterling Liquid Reserve 302,633 302,633 4.12
Fund
Fidelity Sterling Fund distributing 302,463 302,463 4.12
shares class A
BGI Liquidity First Fund 300,000 300,000 4.09
SWIP Global Liquidity Fund Sterling 300,000 300,000 4.09
sub Fund
Total non-qualifying investments 6,743,235 6,533,084 89.06
Total investments 7,523,226 7,335,267 100.00
Unaudited Income Statement
for the six months to 30 June 2006
Ordinary Share Fund
Six months to 30 June 2006 Period to 30 June 2005* Period to 31 December 2005*
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Gains on - 112 112 - 8 8 - 303 303
investments
at fair value
Investment 48 - 48 16 - 16 18 - 18
income
Other 20 - 20 37 - 37 86 - 86
income
Investment (11) (33) (44) - - - (11) (33) (44)
management
fee
Other (26) - (26) (24) - (24) (80) - (80)
expenses
Return on ordinary 31 79 110 29 8 37 13 270 283
activities before
taxation
Taxation on - - - (2) - (2) - - -
ordinary
activities
Return 31 79 110 27 8 35 13 270 283
attributable to
equity shareholders
Return per 4 0.82p 2.07p 2.89p 1.10p 0.33p 1.43p 0.41p 8.49p 8.90p
ordinary
share
Notes
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
* The Company was incorporated on 30 November 2004 and commenced investing on 22
June 2005.
The notes below form part of these accounts.
Unaudited Income Statement
for the period to 30 June 2006
C Share Fund
Note Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (202) (202)
at fair value
Investment Income 39 - 39
Other income 33 - 33
Investment management (12) (35) (47)
fee
Other expenses (33) - (33)
Return on ordinary activities 27 (237) (210)
before taxation
Taxation on ordinary - - -
activities
Return attributable to 27 (237) (210)
equity shareholders
Return per C share 4 0.43p (3.84p) (3.41p)
Notes
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
The first allotment of C shares took place on 8 February 2006. See note 5.
The notes below form part of these accounts.
Unaudited Income Statement
for the six months to 30 June 2006
Total
Six months to 30 June 2006 Period to 30 June 2005* Period to 31 December 2005*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
(Losses)/gains on investments
at fair value - (90) (90) - 8 8 - 303 303
Investment income 87 - 87 16 - 16 18 - 18
Other income 53 - 53 37 - 37 86 - 86
Investment management fee (23) (68) (91) - - - (11) (33) (44)
Other expenses (59) - (59) (24) - (24) (80) - (80)
Return on ordinary activities
before taxation 58 (158) (100) 29 8 37 13 270 283
Taxation on ordinary activities - - - (2) - (2) - - -
Return attributable to
equity shareholders 58 (158) (100) 27 8 35 13 270 283
Notes
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
* The Company was incorporated on 30 November 2004 and commenced investing on 22
June 2005.
The notes below form part of these accounts.
Unaudited Reconciliation of Movements in Shareholders'
Funds for the six months to 30 June 2006
Ordinary Share Fund
Share Share Special Capital Revenue Total
capital premium reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
For the period 1 January 2006 to 30 June 2006
1 January 2006 379 21 3,187 270 1 3,858
Net return after taxation for the - - - 79 31 110
period
Dividends paid - - - - - -
30 June 2006 379 21 3,187 349 32 3,968
For the period 30 November 2004 to 30 June 2005
30 November 2004 - - - - - -
Issue of shares 377 - - - - 377
Premium on issue of shares - 3,392 - - - 3,392
Expenses of share issue - (205) - - - (205)
Net return after taxation for the - - - 8 27 35
period
Dividends paid - - - - - -
30 June 2005 377 3,187 - 8 27 3,599
For the period 30 November 2004 to 31 December 2005
30 November 2004 - - - - - -
Issue of shares 379 - - - - 379
Premium on issue of shares - 3,413 - - - 3,413
Expenses of share issue - (205) - - - (205)
Transfer to special reserve - (3,187) 3,187 - - -
Net return after taxation for the - - - 270 13 283
period
Dividends paid - - - - (12) (12)
31 December 2005 379 21 3,187 270 1 3,858
The notes below form part of these accounts.
Unaudited Reconciliation of Movements in Shareholders' Funds
for the period to 30 June 2006
C Share Fund Share Share Special Capital Revenue Total
capital premium reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
For the period 8 February 2006 to 30
June 2006
8 February 2006 - - - - - -
Issue of shares 839 - - - - 839
Premium on issue of shares - 7,554 - - - 7,554
Expenses of share issue - (457) - - - (457)
Net return after taxation for the period - - - (237) 27 ( 210)
Dividends paid - - - - - -
30 June 2006 839 7,097 - (237) 27 7,726
The notes below form part of these accounts.
Unaudited Reconciliation of Movements in Shareholders'
Funds for the six months to 30 June 2006
Total
Share Share Special Capital Revenue Total
capital premium reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
For the period 1 January 2006 to 30 June 2006
1 January 2006 379 21 3,187 270 1 3,858
Issue of shares 839 - - - - 839
Premium on issue of shares - 7,554 - - - 7,554
Expenses of share issue - (457) - - - (457)
Net return after taxation for the - - - (158) 58 (100)
period
Dividends paid - - - - - -
30 June 2006 1,218 7,118 3,187 112 59 11,694
For the period 30 November 2004 to 30 June 2005
30 November 2004 - - - - - -
Issue of shares 377 - - - - 377
Premium on issue of shares - 3,392 - - - 3,392
Expenses of share issue - (205) - - - (205)
Net return after taxation for the - - - 8 27 35
period
Dividends paid - - - - - -
30 June 2005 377 3,187 - 8 27 3,599
For the period 30 November 2004 to 31 December 2005
30 November 2004 - - - - - -
Issue of shares 379 - - - - 379
Premium on issue of shares - 3,413 - - - 3,413
Expenses of share issue - (205) - - - (205)
Transfer to special reserve - (3,187) 3,187 - - -
Net return after taxation for the - - - 270 13 283
period
Dividends paid - - - - (12) (12)
31 December 2005 379 21 3,187 270 1 3,858
The notes below form part of these accounts.
Unaudited Balance Sheet
as at 30 June 2006
Ordinary Share Fund
30 June 2006 30 June 2005 31 December 2005
Note #'000 #'000 #'000
Fixed Assets
Investments at fair value 3,787 588 1,739
Current Assets
Debtors 61 28 95
Cash at bank 220 3,030 2,208
281 3,058 2,303
Creditors: Amounts falling due
within one year
Creditors (100) (47) (184)
Net Current Assets 181 3,011 2,119
Net Assets 3,968 3,599 3,858
Represented by:
CALLED UP SHARE CAPITAL AND RESERVES
Share capital 5 379 377 379
Share premium 21 3,187 21
Special reserve 3,187 - 3,187
Capital reserve realised 205 - (33)
Capital reserve unrealised 144 8 303
Revenue reserve 32 27 1
Total equity shareholders' funds 3,968 3,599 3,858
Net asset value per Ordinary share 6 104.60p 95.50p 101.71p
The notes below form part of these accounts.
Unaudited Balance Sheet
as at 30 June 2006
C Share Fund
30 June 2006
Note #'000
Fixed Assets
Investments at fair value 7,335
Current Assets
Debtors 138
Cash at bank 560
698
Creditors: Amounts falling due
within one year
Creditors (307)
Net Current Assets 391
Net Assets 7,726
Represented by:
CALLED UP SHARE CAPITAL AND RESERVES
Share capital 5 839
Share premium 7,097
Special reserve -
Capital reserve realised (49)
Capital reserve unrealised (188)
Revenue reserve 27
Total equity shareholders' funds 7,726
Net asset value per C share 6 92.05p
The notes below form part of these accounts.
Unaudited Balance Sheet
as at 30 June 2006
Total
30 June 2006 30 June 2005 31 December 2005
Note #'000 #'000 #'000
Fixed Assets
Investments at fair value 11,122 588 1,739
Current Assets
Debtors 199 28 95
Cash at bank 780 3,030 2,208
979 3,058 2,303
Creditors: Amounts falling due
within one year
Creditors (407) (47) (184)
Net Current Assets 572 3,011 2,119
Net Assets 11,694 3,599 3,858
Represented by:
CALLED UP SHARE CAPITAL AND RESERVES
Share capital 5 1,218 377 379
Share premium 7,118 3,187 21
Special reserve 3,187 - 3,187
Capital reserve realised 156 - (33)
Capital reserve unrealised (44) 8 303
Revenue reserve 59 27 1
Total equity shareholders' funds 11,694 3,599 3,858
The notes below form part of these accounts.
Unaudited Cash Flow Statement
for the six months to 30 June 2006
Ordinary Share Fund
Six months to Period to Period to
30 June 2006 30 June 2005 31 December 2005
#'000 #'000 #'000
Operating activities
Investment income received 38 - 16
Deposit interest received 21 31 86
Investment management fees paid (66) - -
Administration fees paid (3) - -
Other cash payments (40) (15) (49)
Net cash (outflow)/inflow from operating activities (50) 16 53
Investing activities
Purchase of investments (2,323) (580) (1,436)
Sale of investments 386 - -
Net cash outflow from investing activities (1,937) (580) (1,436)
Financing
Equity dividends paid - - (12)
Proceeds of share issue - 3,769 3,792
Cost of share issue (1) (175) (189)
Net cash (outflow)/inflow from financing (1) 3,594 3,591
(Decrease)/increase in cash (1,988) 3,030 2,208
The notes below form part of these accounts.
Unaudited Cash Flow Statement
for the period to 30 June 2006
C Share Fund
Period
to 30 June 2006
#'000
Operating activities
Investment income received 22
Deposit interest received 33
Investment management fees paid -
Other cash payments (19)
Net cash inflow from operating activities 36
Investing activities
Purchase of investments (7,537)
Sale of investments -
Net cash outflow from investing activities (7,537)
Financing
Equity dividends paid -
Proceeds of share issue 8,393
Cost of share issue (332)
Net cash inflow from financing 8,061
Increase in cash 560
The notes below form part of these accounts.
Unaudited Cash Flow Statement
for the six months to 30 June 2006
Total
Six months to Period to Period to
30 June 2006 30 June 2005 31 December 2005
#'000 #'000 #'000
Operating activities
Investment income received 60 - 16
Deposit interest received 54 31 86
Investment management fees paid (66) - -
Administration fees paid (3) - -
Other cash payments (59) ( 15) (49)
Net cash (outflow)/inflow from operating activities (14) 16 53
Investing activities
Purchase of investments (9,860) (580) (1,436)
Sale of investments 386 - -
Net cash outflow from investing activities (9,474) (580) (1,436)
Financing
Equity dividends paid - - (12)
Proceeds of share issue 8,393 3,769 3,792
Cost of share issue (333) (175) (189)
Net cash inflow from financing 8,060 3,594 3,591
(Decrease)/increase in cash (1,428) 3,030 2,208
The notes below form part of these accounts.
Notes to the Financial Statements
1 Nature of Financial Information
The unaudited interim financial information does not constitute statutory
financial statements as defined in Section 240 of the Companies Act 1985.
This information has been prepared on the basis of the accounting policies used
in the statutory financial statements of the Company for the period ended
31 December 2005, with the exception of the changes stated below. The statutory
financial statements for the period ended 31 December 2005, which contained an
unqualified auditors' report, have been lodged with the Registrar of Companies
and did not contain a statement under either Section 237(2) or Section 237(3) of
the Companies Act 1985.
2 Changes in accounting Policies
This Interim Report has been prepared using new accounting standards that have
been issued to begin the process of converging UK standards with International
Financial Reporting Standards ("IFRS") and are in compliance with the Statement
of Recommended Practice ("SORP") regarding Investment Trust Companies issued in
January 2003 (revised December 2005). The changes in accounting standards and
the revised SORP have had no effect on the net asset values or comparative
figures of the Company.
With effect from 1 January 2006 the Company has adopted the following Financial
Reporting Standards ("FRS"):
FRS 21 Events after the balance sheet date
Dividends payable to shareholders are recognised as a liability in the period in
which they are paid or approved in general meetings. Previously, dividends paid
by the Company were accounted for in the period in which the dividend had been
declared.
FRS 25 Financial Instruments: Disclosure and Presentation and
FRS 26 Financial Instruments: Measurement
All investments held by the Company are classified as 'fair value through profit
or loss'. For investments actively traded in organised financial markets, fair
value is generally determined by reference to Stock Exchange quoted market bid
prices at the close of business on the balance sheet date. Although not a
requirement until now, the Company had previously valued its investments at bid
value to be consistent with the basis of valuation required in its financial
statements for the year ending 31 December 2006.
3 Dividends
The directors have declared an interim dividend of 0.8 pence per Ordinary share
payable on 20 October 2006 to Ordinary shareholders on the register on 29
September 2006. No dividend has been declared on the C shares.
4 Return per share
Six months to 30 June Period to 30 June Period to 31 December
2006 2005 2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Ordinary 0.82 2.07 2.89 1.10 0.33 1.43 0.41 8.49 8.90
shares
C shares 0.43 (3.84) (3.41) - - - - - -
Ordinary shares
Revenue return per ordinary share is based on the net revenue on ordinary
activities attributable to the Ordinary shares of #31,000 (30 June 2005:
#27,000, 31 December 2005: #13,000) and on 3,793,562(30 June 2005: 2,436,529, 31
December 2005: 3,177,455) Ordinary shares, being the weighted average number of
Ordinary shares in issue during the period.
Capital return per ordinary share is based on the net capital gain for the
period of #79,000 (30 June 2005: #8,000, 31 December 2005: # 270,000) and on
3,793,562 (30 June 2005: 2,436,529, 31 December 2005: 3,177,455)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the period.
C shares
Revenue return per C share is based on the net revenue on ordinary activities
attributable to the C shares of #27,000 and on 6,162,283 C shares, being the
weighted average number of C shares in issue during the period.
Capital return per C share is based on the net capital loss for the period of
#237,000 and on 6,162,283 C shares, being the weighted average number of C
shares in issue during the period.
5 Called up share capital
30 June 2006 #'000
Authorised:
50,000,000 Ordinary shares of 10p each 5,000
15,000,000 C shares of 10p each 1,500
Alloted, issued and fully paid:
3,793,562 Ordinary shares of 10p each 379
8,393,209 C shares of 10p each 839
During the period 8,393,209 C shares of
10p each were allotted between 8 February and 5 April 2006.
6 Net asset value per share
30 June 2006 30 June 2005 31 December 2005
pence pence pence
Ordinary shares 104.60 95.50 101.71
of 10p each
C shares 92.05 - -
of 10p each
The basic net asset value per Ordinary share is based on net assets (including
current period revenue) of #3,968,000 (30 June 2005: #3,599,000, 31 December
2005: # 3,858,000) and on 3,793,562 (30 June 2005: 3,768,562, 31 December 2005:
3,793,562 Ordinary shares, being the number of shares in issue at the end of
the period.
The basic net asset value per C share is based on net assets (including current
period revenue) of #7,726,000 and on 8,393,209 C shares, being the number of
shares in issue at the end of the period.
7 Copies of the interim report
Copies of the interim report are being posted to shareholders and are
available from the registered office of the Company at 11 Lees Place, London
W1K 6LN
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DVLFFQKBBBBL
Neptune-calculus Inc&growth Vct (LSE:NEPC)
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