RNS Number:2600E
Neptune-Calculus Income &Growth VCT
21 September 2007
Interim results for the six months ended 30 June 2007
Corporate policy and financial highlights
Objective
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 Company's funds 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.
Financial Highlights
* NAV per Ordinary Share increased by 4.9% to 118.97p (before payment of a
3.2p final dividend in May) from 113.37p at the last year end.
* NAV per C Share increased by 4.7% to 108.43p (before payment of a 1p final
dividend in May) from 103.61p at the last year end.
* After dividend payments, the NAV at 30 June 2007 per Ordinary Share was
115.77p and per C Share was 107.43p.
* The total return of the Ordinary Shares, since launch in 2005, is 27.8%
(net of launch costs) and for the C Shares, since launch in 2006, is 14.7%
(net of launch costs).
Performance summary
Ordinary Shares C Shares
Six months to Six months to
30 June 2007 30 June 2007
Revenue return per share 0.60p 0.61p
Net asset value per share 115.77p 107.43p
Cumulative dividends paid and proposed 6.0p 2.0p
As at As at
14 September 2007* 14 September 2007*
Unaudited net asset value per share 102.22p 94.49p
*Being the latest practicable date prior to publication and excluding net
revenue after 30 June 2007.
Chairman's Statement
I am delighted to present our interim results for the Company for the six months
ended 30 June 2007 and I am pleased to report that there has been further good
progress in the period.
The Company's aim is to achieve long term growth in the net assets of the
Company and maintain a consistent level of tax free dividends each year. In our
original prospectus we stated our intention to be a generalist VCT company
investing in a diversified portfolio of both unquoted companies and AIM stocks.
As you may be aware, the Company is required to have invested at least 70 per
cent. (calculated on an H.M. Revenue & Customs basis) of its Ordinary Shares'
funds in VCT qualifying investments by 31 December 2007 and the C Shares' funds
by 31 December 2008 and must maintain this level thereafter.
At 30 June 2007, in the Ordinary Share Fund, #2,355,753 had been invested in
qualifying holdings representing 63.81 per cent. (calculated on an H.M. Revenue
& Customs basis). In the C Share Fund, #2,983,702 had been invested representing
42.69 per cent. (calculated on an H.M. Revenue & Customs basis). Further details
of these investments and the investment performance are given in the Investment
Manager's review.
Since the period end, both the Ordinary Share Fund and the C Share Fund have
invested #495,000 and #905,000 respectively in a further three qualifying
investments. This brings the percentages invested in qualifying holdings to
approximately 75 per cent. and approximately 54 per cent. respectively. The
Board remains confident of achieving the H.M. Revenue & Customs required
percentages within the timescale.
The balance of the funds raised described as non-qualifying investments has been
managed by Neptune Investment Management Limited. We are invested in the Neptune
Income Fund A Income Class (the Income Fund), the Neptune Quarterly Income Fund
Income Units (the Quarterly Fund) and a range of individual FTSE 100/FTSE 250
companies with a view to generating income in the portfolio. Further details of
these investments and the investment performance are given in the Investment
Manager's review.
Total income attributable to the Ordinary Share Fund for the period was #64,000
and total income attributable to the C Share Fund was #137,000. This was largely
derived from dividends from holdings in the Neptune Income Fund, the Neptune
Quarterly Income Fund and the portfolios of income orientated quoted equities
and other liquid holdings. Gains on investments in the six months amounted to
#227,000 (realised: #132,000, unrealised: #95,000) on the Ordinary Share Fund
and #431,000 (realised: #275,000, unrealised: #156,000) on the C Share Fund. The
Directors' policy is to pay, when possible, dividends out of income and realised
gains and the Board is declaring an interim dividend in respect of the Ordinary
Shares and the C Shares of 1 pence per Share. Both dividends are payable on 26
October 2007 to Shareholders on the register on 5 October 2007.
The Chancellor of the Exchequer made a number of changes to the qualification
rules for VCTs in his 2007 Budget, some of which are welcome. However, the new
rules for investing money raised in future tax years will make it less
attractive for existing VCTs to raise significant further new money from
investors. Specifically, restricting investment into companies with less than 50
employees and limiting the overall amount invested in any company to no more
than #2 million in the year ending on the date of investment, will materially
alter the risk profile of future VCTs. These changes do not apply to shares
issued before 6 April 2007, so do not apply to the shares which the Company has
issued to date and its current investment policy.
As I mentioned, the Company's aim is to achieve long term growth in the net
assets of the Company. This is based on a belief in the benefits to Shareholders
from spreading operating costs over a larger base and having a minimum size of
portfolio from which to generate a regular flow of realised profits. Further
significant growth in net assets is unlikely to come from raising new funds. The
most desirable way of increasing net assets is by continuing to make successful
investments. The Board has reviewed its policy for share buy-backs and considers
it in the best interests of all Shareholders if the Board uses these powers
sparingly.
We continue to believe that the outlook for the Company is excellent. Good
progress has been achieved in our investment programme. We have enjoyed some
success in the portfolio of qualifying investments, our investments in the
Neptune Income Fund, Neptune Quarterly Fund and our managed portfolio of UK
income generating shares.
As announced on 2 July 2007, Robin Geffen resigned from the Board due to the
pressure of other business commitments. I would like to record, on behalf of our
Board, our thanks to him for his help and support in the successful
establishment of the Company.
We look forward to reporting further progress when we publish our accounts for
the year ending 31 December 2007 in March 2008. Meanwhile I would like, on
behalf of the Board, to thank all Shareholders for their continuing support.
Philip Stephens
Chairman
21 September 2007
Investment Managers' Reviews
Investment Manager's Review (Qualifying Investments)
Calculus Capital Limited advises the Company in respect of qualifying
investments made by the Company. The Manager is committed to building a
portfolio of diversified investments for the Company.
The deal flow of potential VCT qualifying investments remains strong. We have
set out below a review of the Ordinary Share qualifying investment portfolio,
including details of new investments made in the period, and then give an
equivalent review of the C Share qualifying investment portfolio.
Review of the Ordinary Share Fund qualifying investment portfolio
During the period we invested in eight companies, disposed of our entire
holdings in two companies and partially realised one holding. As at 30 June
2007, the Ordinary Share Fund qualifying portfolio comprised investments in
eighteen companies. During the period, Quintus Group Limited, in which we held
an investment, was sold to a private buyer. Furthermore, we sold our entire
position in Cellcast plc and approximately ten per cent. of our holding in
Worthington Nicholls Group plc to take advantage of the share price at the time.
Eight new investments were made during the period.
The investments made were #175,000 in Cater Plus Services Limited, which is a
management buy-in of an established company providing catering services to
retirement and other care homes; #160,000 in Triage Holdings Limited, which is
the management buy-out of the UK's leading independent provider of outsourcing
and managed repair solutions to the IT service sector; #139,999 in AIM quoted
Hexagon Human Capital plc, an executive recruitment company with a particular
strength in the interim executive sector; #150,000 in PLUS Markets traded FSG
Security plc, a company in the manned security sector; #125,000 in the AIM IPO
of Epistem Holdings plc, which provides contract research services to the
bio-tech and pharmaceutical industries and is developing its own novel
therapies; #150,000 in the AIM IPO of eXpansys plc, a leading retailer of
smartphones and handheld devices with wireless connectivity; #99,999 in the AIM
IPO of Pressure Technologies plc, which designs and manufactures a range of
speciality high pressure, seamless steel gas cylinders for global energy and
defence markets and #150,000 in the AIM IPO of Mount Engineering plc, which
manufactures and distributes small, high value items such as thread conversion
products and connectors for hazardous industries such as the oil and gas
industry.
The total cost of the qualifying investments is #2,355,753 and the market value
as at 30 June 2007 was #2,566,878. The Ordinary Share Fund's qualifying
investment portfolio is at an investment level of 63.81 per cent. (calculated on
an H.M. Revenue & Customs basis).
A full list of the Ordinary Share Fund's portfolio of qualifying investments as
at 30 June 2007 is set out below.
Sector Cost Valuation
# #
Debtmatters Group plc General financial 11,700 20,700
PharmaSmart Limited* Support services 50,000 60,000
PharmaSmart Limited loan stock* Support services 75,000 75,000
Cagney plc Media 125,000 70,313
Croma Group plc Aerospace & defence 125,000 93,750
Sport Media Group plc (formerly Interactive Software & computer
World plc) services
145,000 160,890
Debts.co.uk plc General financial 120,001 54,667
Worthington Nicholls Group plc General retailers 134,914 313,200
Brulines (Holdings) plc Support services 194,340 263,860
Egdon Resources plc Oil & gas producers 174,800 220,340
Aquilo plc Support services 50,000 18,856
Hexagon Human Capital plc Support services 139,999 159,514
FSG Security plc Support services 150,000 122,500
Cater Plus Services Limited* Support services 58,333 58,333
Cater Plus Services Limited loan stock* Support services 116,667 116,667
Triage Holdings Limited* Support services 135,240 135,240
Triage Holdings Limited loan stock* Support services 24,760 24,760
Pharmaceuticals &
biotechnology
Epistem Holdings plc 125,000 168,346
eXpansys plc General retailers 150,000 173,276
Pressure Technologies plc Industrial engineering 99,999 106,666
Mount Engineering plc Industrial engineering 150,000 150,000
All valuations are at AIM bid price with the exceptions of those marked * which
are unquoted holdings valued at fair value.
Review of the C Share Fund qualifying investment portfolio
As at 30 June 2007, the C Share Fund qualifying investment portfolio comprised
thirteen investments. As with the Ordinary Share Fund, the C Share Fund also had
a holding in Quintus Group Limited, which was sold in the period, and we sold
approximately 10 per cent. of our holding in Worthington Nicholls Group plc to
take advantage of the share price at the time. Eight new investments were made
during the period.
The eight new investments were made alongside the Ordinary Share Fund as
mentioned above and the amounts were as follows; #325,000 in Cater Plus Services
Limited; #320,000 in Triage Holdings Limited; #250,000 in Hexagon Human Capital
plc; #250,000 in FSG Security plc; #125,001 in Epistem Holdings plc; #299,500 in
eXpansys plc; #100,001 in Pressure Technologies and #150,000 in Mount
Engineering plc.
The total cost of the qualifying investments is #2,983,702 and the market value
as at 30 June 2007 was #3,525,602. The C Share Fund's qualifying investment
portfolio is at an investment level of 42.69 per cent. (calculated on an H.M.
Revenue & Customs basis).
A full list of the C Share Fund's portfolio of qualifying investments as at 30
June 2007 is set out below.
Sector Cost Valuation
# #
PharmaSmart Limited* Support services 250,000 250,000
Sport Media Group plc (formerly Interactive Software & computer
World plc) services
180,000 199,726
Worthington Nicholls Group plc General retailers 315,000 730,800
Egdon Resources plc Oil & gas producers 319,200 402,360
Aquilo plc Support services 100,000 37,712
Hexagon Human Capital plc Support services 250,000 284,848
FSG Security plc Support services 250,000 204,167
Cater Plus Services Limited* Support services 108,334 108,334
Cater Plus Services Limited loan stock* Support services 216,666 216,666
Triage Holdings Limited* Support services 270,480 270,480
Triage Holdings Limited loan stock* Support services 49,520 49,520
Pharmaceuticals &
biotechnology
Epistem Holdings plc 125,001 168,348
eXpansys plc General retailers 299,500 345,974
Pressure Technologies plc Industrial engineering 100,001 106,667
Mount Engineering plc Industrial engineering 150,000 150,000
All valuations are at AIM bid price with the exceptions of those marked * which
are unquoted holdings valued at fair value (equal to cost).
Developments since the period end
Since the period end, #495,000 has been invested in three companies for the
Ordinary Share Fund's qualifying investment portfolio increasing the investment
percentage for qualifying investments to approximately 75 per cent. (calculated
on an H.M. Revenue & Customs basis). The Company has also invested #905,000 in
the same three companies for the C Share Fund's qualifying investment portfolio
increasing the investment percentage for qualifying investments to approximately
54 per cent. (calculated on an H.M. Revenue & Customs basis). The three
companies are RMS Europe Group Limited, which operates port facilities in the
Humber and Trent regions; a follow-on investment in Sport Media Group plc
(formerly Interactive World plc); and Heritage House Group Limited, a media
group serving the heritage market and which publishes Hudson's Historic Houses
and Gardens, the UK's leading trade guide to historic houses. The period since
30 June has seen a material fall in the value of the Funds' investment in
Worthington Nicholls Group plc, following a fall in the company's share price.
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
21 September 2007
Investment Manager's Review (Non-qualifying investments)
Portfolio developments
The Neptune-Calculus Income and Growth VCT invests in the Neptune Income Fund
and the Neptune Quarterly Income Fund along with a portfolio of individual
stocks that broadly follows the aforementioned funds.
Breaking down the FTSE All-Share index's performance by different sub-indices
clearly illustrates that it was the large cap stocks which drove the UK market
higher over the six months to 30 June 2007. The FTSE 100, 250 and SmallCap
indices rose by 8.29%, 4.39% and 4.04% respectively. In terms of sectors, the
FTSE All-Share was predominantly driven by three sectors: mining, oil & gas
producers and mobile telecommunications.
The portfolio was well positioned to benefit from these trends with a heavy bias
towards large cap stocks, an overweight position in oil & gas producers and the
introduction of two well diversified global mining companies at the start of the
second quarter, Rio Tinto and Anglo American. The addition of these stocks
allows the portfolio to benefit from higher commodity prices driven by strong
global demand, especially from the emerging Asian economies.
The other main change made to the portfolio was a reduction in financials
exposure. With two 0.25% interest rate increases in the period under review and
a further interest rate hike to 5.75% looking imminent at the period end, we
decided to reduce our exposure to the UK mortgage market. At the same time we
increased our weighting in pharmaceuticals and hold both AstraZeneca and
GlaxoSmithKline. The sector is unloved and undervalued and we felt those
companies represent very good value, both on relative and absolute levels.
Outlook
Looking forward to the year end, we feel that the UK market will make modest
gains from the halfway point, although there may well be further volatility
along the way. We believe that the portfolio will benefit from its high exposure
to large cap stocks which continue to offer good value, with good dividend
yields and strong balance sheets.
Performance figures sourced from Lipper; based in Sterling; net income
reinvested.
Robin Geffen
Neptune Investment Management Limited
21 September 2007
Investment Portfolios
Ordinary Share Fund portfolio
The ten largest holdings by value are included below:
As at 30 June 2007
Cost Valuation Percentage of
portfolio
# # %
AIM investments (quoted equity)
Worthington Nicholls Group plc* 134,914 313,200 7.23
Brulines (Holdings) plc* 194,340 263,860 6.09
Egdon Resources plc* 174,800 220,340 5.09
eXpansys plc* 150,000 173,276 4.00
Epistem Holdings plc* 125,000 168,346 3.89
Sport Media Group plc (formerly Interactive World plc)* 145,000 160,890 3.72
Other AIM investments 821,699 646,966 14.94
Unquoted equity investments
Other unquoted investments 393,573 403,573 9.32
Unquoted bonds
Other unquoted loan stocks 216,427 216,427 5.00
Total qualifying investments 2,355,753 2,566,878 59.28
Quoted funds
Neptune Quarterly Income Fund Income Units 520,000 709,254 16.38
The Neptune Income Fund Income A Class 520,000 693,235 16.01
Quoted equity
Other quoted equities 6,961 6,293 0.15
Unquoted funds
Fidelity Sterling Fund distributing shares class A 189,205 189,205 4.37
BGI Liquidity First Fund 165,000 165,000 3.81
Total non-qualifying investments 1,401,166 1,762,987 40.72
Total investments 3,756,919 4,329,865 100.00
The valuations of the Ordinary Share Fund investments in companies marked *
exclude small purchases made during this and prior periods which are included as
non-qualifying investments.
C Share Fund portfolio
The ten largest holdings by value are included below:
As at 30 June 2007
Cost Valuation Percentage of
portfolio
# # %
AIM investments (quoted equity)
Worthington Nicholls Group plc 315,000 730,800 8.14
Egdon Resources plc 319,200 402,360 4.48
eXpansys plc 299,500 345,974 3.85
Hexagon Human Capital plc 250,000 284,848 3.17
Other AIM investments 755,002 716,620 7.99
Unquoted equity investments
PharmaSmart Limited 250,000 250,000 2.78
Triage Holdings Limited 270,480 270,480 3.01
Other unquoted investments 258,334 258,334 2.88
Unquoted bonds
Cater Plus Services Limited loan stock 216,666 216,666 2.41
Other unquoted loan stocks 49,520 49,520 0.55
Total qualifying investments 2,983,702 3,525,602 39.26
Quoted funds
Neptune Quarterly Income Fund Income Units 825,000 902,821 10.06
The Neptune Income Fund Income A Class 810,000 884,193 9.85
Quoted equity
Other quoted equities 2,885,706 3,110,476 34.64
Unquoted funds
Fidelity Sterling Fund distributing shares class A 555,390 555,390 6.19
Total non-qualifying investments 5,076,096 5,452,880 60.74
Total investments 8,059,798 8,978,482 100.00
Unaudited Income Statements
for the six months to 30 June 2007
Ordinary Share Fund
Six months to Six months to Year to
30 June 2007 30 June 2006 31 December 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Gains on investments
at fair value - 227 227 - 112 112 - 479 479
Investment income 61 - 61 48 - 48 114 - 114
Other income 3 - 3 20 - 20 25 - 25
Investment management fee (13) (38) (51) (11) (33) (44) (23) (68) (91)
Other expenses (27) - (27) (26) - (26) (51) - (51)
Return on ordinary activities
before taxation 24 189 213 31 79 110 65 411 476
Taxation on ordinary
activities (1) - (1) - - - (3) - (3)
Return attributable to
equity shareholders 23 189 212 31 79 110 62 411 473
Return per Ordinary Share 0.60p 5.00p 5.60p 0.82p 2.07p 2.89p 1.65p 10.82p 12.47p
C Share Fund
Six months to Period to Period to
30 June 2007 30 June 2006* 31 December 2006*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Gains/(losses) on
investments at - 431 431 - (202) (202) - 778 778
fair value
Investment income 134 - 134 39 - 39 180 - 180
Other income 3 - 3 33 - 33 43 - 43
Investment management fee (26) (77) (103) (12) (35) (47) (34) (103) (137)
Other expenses (59) - (59) (33) - (33) (102) - (102)
Return/(deficit) on ordinary
activities 52 354 406 27 (237) (210) 87 675 762
before taxation
Taxation on ordinary
activities (1) - (1) - - - (2) - (2)
Return/(deficit)
attributable to 51 354 405 27 (237) (210) 85 675 760
equity shareholders
Return per C Share 0.61p 4.22p 4.83p 0.43p (3.84)p (3.41)p 1.14p 9.10p 10.24p
*The first allotment of C Shares took place on 8 February 2006 and the first C
Share investment was made on 20 April 2006.
Total
Six months to Six months to Year to
30 June 2007 30 June 2006* 31 December 2006*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Gains/(losses) on
investments at - 658 658 - (90) (90) - 1,257 1,257
fair value
Investment income 195 - 195 87 - 87 294 - 294
Other income 6 - 6 53 - 53 68 - 68
Investment management fee (39) (115) (154) (23) (68) (91) (57) (171) (228)
Other expenses (86) - (86) (59) - (59) (153) - (153)
Return/(deficit) on ordinary
activities before taxation 76 543 619 58 (158) (100) 152 1,086 1,238
Taxation on ordinary
activities (2) - (2) - - - (5) - (5)
Return/(deficit) attributable
to equity shareholders 74 543 617 58 (158) (100) 147 1,086 1,233
*The first allotment of C Shares took place on 8 February 2006 and the first C
Share investment was made on 20 April 2006.
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.
Unaudited Reconciliations of Movements in Shareholders' Funds
for the six months to 30 June 2007
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 2007 to 30 June 2007
1 January 2007 379 21 3,187 681 33 4,301
Net return after taxation for the period - - - 189 23 212
Dividends paid - - - (91) (30) (121)
30 June 2007 379 21 3,187 779 26 4,392
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 period - - - 79 31 110
30 June 2006 379 21 3,187 349 32 3,968
For the year 1 January 2006 to 31 December 2006
1 January 2006 379 21 3,187 270 1 3,858
Net return after taxation for the year - - - 411 62 473
Dividends paid - - - - (30) (30)
31 December 2006 379 21 3,187 681 33 4,301
C Share Fund
Share Share Special Capital Revenue Total
capital premium reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
For the period 1 January 2007 to 30 June 2007
1 January 2007 839 - 7,097 675 85 8,696
Net return after taxation for the period - - - 354 51 405
Dividends paid - - - - (84) (84)
30 June 2007 839 - 7,097 1,029 52 9,017
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 (deficit)/return after taxation for - - - (237) 27 (210)
the period
30 June 2006 839 7,097 - (237) 27 7,726
For the period 8 February 2006 to 31 December 2006
8 February 2006 - - - - - -
Issue of shares 839 - - - - 839
Premium on issue of shares - 7,554 - - - 7,554
Expenses of share issue - (457) - - - (457)
Transfer to special reserve - (7,097) 7,097 - - -
Net return after taxation for the period - - - 675 85 760
31 December 2006 839 - 7,097 675 85 8,696
Total
Share Share Special Capital Revenue Total
capital premium reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
For the period 1 January 2007 to 30 June 2007
1 January 2007 1,218 21 10,284 1,356 118 12,997
Net return after taxation for the period - - - 543 74 617
Dividends paid - - - (91) (114) (205)
30 June 2007 1,218 21 10,284 1,808 78 13,409
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 (deficit)/return after taxation for - - - (158) 58 (100)
the period
30 June 2006 1,218 7,118 3,187 112 59 11,694
For the year 1 January 2006 to 31 December 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)
Transfer to special reserve - (7,097) 7,097 - - -
Net return after taxation for the year - - - 1,086 147 1,233
Dividends paid - - - - (30) (30)
31 December 2006 1,218 21 10,284 1,356 118 12,997
UNAUDITED BALANCE SHEETS
as at 30 June 2007
Ordinary Share Fund
30 June 2007 30 June 2006 31 December 2006
Note #'000 #'000 #'000
Fixed Assets
Investments at fair value
through profit or loss 4,330 3,787 4,272
Current Assets
Debtors 46 61 9
Cash at bank 27 220 59
73 281 68
Creditors: Amounts falling due
within one year
Creditors (11) (100) (39)
Net Current Assets 62 181 29
Net Assets 4,392 3,968 4,301
Represented by:
CALLED UP SHARE CAPITAL AND RESERVES
Share capital 4 379 379 379
Share premium 21 21 21
Special reserve 3,187 3,187 3,187
Capital reserve realised 206 205 204
Capital reserve unrealised 573 144 477
Revenue reserve 26 32 33
Total equity shareholders' funds 4,392 3,968 4,301
Net asset value per Ordinary Share 5 115.77p 104.60p 113.37p
C Share Fund
30 June 2007 30 June 2006 31 December 2006
Note #'000 #'000 #'000
Fixed Assets
Investments at fair value through
profit or loss 8,978 7,335 8,707
Current Assets
Debtors 23 138 18
Cash at bank 39 560 160
62 698 178
Creditors: Amounts falling due
within one year
Creditors (23) (307) (189)
Net Current Assets/(Liabilities) 39 391 (11)
Net Assets 9,017 7,726 8,696
Represented by:
CALLED UP SHARE CAPITAL AND RESERVES
Share capital 4 839 839 839
Share premium - 7,097 -
Special reserve 7,097 - 7,097
Capital reserve realised 110 (49) (88)
Capital reserve unrealised 919 (188) 763
Revenue reserve 52 27 85
Total equity shareholders' funds 9,017 7,726 8,696
Net asset value per C Share 5 107.43p 92.05p 103.61p
Total
30 June 2007 30 June 2006 31 December 2006
#'000 #'000 #'000
Fixed Assets
Investments at fair value through
profit or loss 13,308 11,122 12,979
Current Assets
Debtors 69 199 27
Cash at bank 66 780 219
135 979 246
Creditors: Amounts falling due
within one year
Creditors (34) (407) (228)
Net Current Assets 101 572 18
Net Assets 13,409 11,694 12,997
Represented by:
CALLED UP SHARE CAPITAL AND RESERVES
Share capital 1,218 1,218 1,218
Share premium 21 7,118 21
Special reserve 10,284 3,187 10,284
Capital reserve realised 316 156 116
Capital reserve unrealised 1,492 (44) 1,240
Revenue reserve 78 59 118
Total equity shareholders' funds 13,409 11,694 12,997
UNAUDITED CASH FLOW STATEMENTS
for the six months to 30 June 2007
Ordinary Share Fund
Six months to Six months to Year to
30 June 2007 30 June 2006 31 December 2006
#'000 #'000 #'000
Operating activities
Investment income received 51 38 110
Deposit interest received 3 21 25
Investment management fees paid (66) (66) (118)
Administration fees paid (9) (3) (10)
Other cash payments (30) (40) (57)
Net cash outflow from operating activities (51) (50) (50)
Taxation (1) - (3)
Investing activities
Purchase of investments (1,919) (2,323) (3,140)
Sale of investments 2,064 386 1,086
Net cash inflow/(outflow) from investing activities 145 (1,937) (2,054)
Equity dividends paid (121) - (30)
Financing
Cost of share issue (4) (1) (12)
Net cash outflow from financing (4) (1) (12)
Decrease in cash (32) (1,988) (2,149)
C Share Fund
Six months to Period to Period to
30 June 2007 30 June 2006 31 December 2006
#'000 #'000 #'000
Operating activities
Investment income received 133 22 167
Deposit interest received 4 33 43
Investment management fees paid (141) - (92)
Administration fees paid (19) - (14)
Other cash payments (64) (19) (58)
Net cash (outflow)/inflow from
operating activities (87) 36 46
Taxation (1) - (2)
Investing activities
Purchase of investments (2,459) (7,537) (8,767)
Sale of investments 2,619 - 838
Net cash inflow/(outflow) from
investing activities 160 (7,537) (7,929)
Equity dividends paid (84) - -
Financing
Proceeds of share issue - 8,393 8,393
Cost of share issue (109) (332) (348)
Net cash (outflow)/inflow from financing (109) 8,061 8,045
(Decrease)/increase in cash (121) 560 160
Total
Six months to Six months to Year to
30 June 2007 30 June 2006 31 December 2006
#'000 #'000 #'000
Operating activities
Investment income received 184 60 277
Deposit interest received 7 54 68
Investment management fees paid (207) (66) (210)
Administration fees paid 28) (3) (24)
Other cash payments (94) (59) (115)
Net cash outflow from operating activities (138) (14) (4)
Taxation (2) - (5)
Investing activities
Purchase of investments (4,378) (9,860) (11,907)
Sale of investments 4,683 386 1,924
Net cash inflow/(outflow) from
investing activities 305 (9,474) (9,983)
Equity dividends paid (205) - (30)
Financing
Proceeds of share issue - 8,393 8,393
Cost of share issue (113) (333) (360)
Net cash (outflow)/inflow from financing (113) 8,060 8,033
Decrease in cash (153) (1,428) (1,989)
Notes
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 year ended 31 December 2006. The statutory financial statements
for the year ended 31 December 2006, 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 Dividends
The Directors have declared an interim dividend of 1 pence per Ordinary Share
and per C Share. Both dividends are payable on 26 October 2007 to Ordinary and C
Shareholders on the register on 5 October 2007.
3 Return per share
Six months to Six months to Year to
30 June 2007 30 June 2006 31 December 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Ordinary 0.60 5.00 5.60 0.82 2.07 2.89 1.65 10.82 12.47
Shares
C Shares 0.61 4.22 4.83 0.43 (3.84) (3.41) 1.14 9.10 10.24
Ordinary Shares
Revenue return per Ordinary Share is based on the net revenue on ordinary
activities attributable to the Ordinary Shares of #23,000 (30 June 2006:
#31,000, 31 December 2006: #62,000) and on 3,793,562 (30 June 2006: 3,793,562,
31 December 2006: 3,793,562) 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 #189,000 (30 June 2006: #79,000, 31 December 2006: #411,000) and on
3,793,562 (30 June 2006: 3,793,562, 31 December 2006: 3,793,562) Ordinary
Shares, being the weighted average number of Ordinary Shares in issue during the
period.
Total return per Ordinary Share is based on the total return on ordinary
activities attributable to the Ordinary Shares for the period of #212,000 (30
June 2006: #110,000, 31 December 2006: #473,000) and on 3,793,562 (30 June 2006:
3,793,562, 31 December 2006: 3,793,562) 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 #51,000 (30 June 2006: #27,000, 31 December
2006: #85,000) and on 8,393,209 (30 June 2006: 6,162,283, 31 December 2006:
7,417,605) 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 gain for the period of
#354,000 (30 June 2006: loss #237,000, 31 December 2006: gain #675,000) and on
8,393,209 (30 June 2006: 6,162,283, 31 December 2006: 7,417,605) C Shares, being
the weighted average number of C Shares in issue during the period.
Total return per C Share is based on the total return on ordinary activities
attributable to the C Shares for the period of #405,000 (30 June 2006: loss
#210,000, 31 December 2006: gain #760,000) and on 8,393,209 (30 June 2006:
6,162,283, 31 December 2006: 7,417,605) C Shares, being the weighted average
number of C Shares in issue during the period.
4 Called up share capital
30 June 2007
#'000
Authorised:
50,000,000 Ordinary Shares of 10p each 5,000
15,000,000 C Shares of 10p each 1,500
Allotted, issued and fully paid:
3,793,562 Ordinary Shares of 10p each 379
8,393,209 C Shares of 10p each 839
5 Net asset value per share
30 June 2007 30 June 2006 31 December 2006
pence pence pence
Ordinary Shares of 10p each 115.77 104.60 113.37
C Shares of 10p each 107.43 92.05 103.61
The basic net asset value per Ordinary Share is based on net assets (including
current period revenue) of #4,392,000 (30 June 2006: #3,968,000, 31 December
2006: #4,301,000) and on 3,793,562 (30 June 2006: 3,793,562, 31 December 2006:
3,793,562) Ordinary Shares, being the number of Ordinary 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 #9,017,000 (30 June 2006: #7,726,000, 31 December 2006:
#8,696,000) and on 8,393,209 (30 June 2006: 8,393,209, 31 December 2006:
8,393,209) C Shares, being the number of C Shares in issue at the end of the
period.
6 Copies of the Interim Report
Copies of the Interim Report will be posted to shareholders shortly and will
also shortly be 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 BFLFLDKBEBBD
Neptune-calculus Inc&growth Vct (LSE:NEPC)
過去 株価チャート
から 5 2024 まで 6 2024
Neptune-calculus Inc&growth Vct (LSE:NEPC)
過去 株価チャート
から 6 2023 まで 6 2024
