Thompson Clive Inv - Final Results

RNS Number:6579I
Thompson Clive Investments PLC
7 April 2000

Contact : Colin Clive, Chairman, Thompson Clive Investments plc
          Nat Hone, Director, Thompson Clive & Partners Ltd
          Charles Fitzherbert, Director, Thompson Clive & Partners Ltd
Telephone : 0171-491 4809

CHAIRMAN'S STATEMENT

Results

At 31 December 1999 the net asset value per share of Thompson Clive
Investments plc ('TCI') was #14.30, an increase of 165.4% over the net asset
value ("nav") at 31 December 1998.  At the year end in various tables, TCI
emerged as the best performing investment trust in nav terms over 5 years and
the second best performing over 10 years.

The gross revenue for the year under review was #1,645,000 compared to
#1,078,000 in 1998.  Realised and unrealised gains during the year on
investments totalled #127,050,000 as against #13,264,000 in 1998.

Profit after tax was #1,237,000 compared to #652,000 in 1998 and earnings per
share rose from 4.6p to 8.8p.  At December 1999 TCI had liquid funds available
for investment of #16,292,000.

Dividend
The board recommends an ordinary dividend of 3.8p per share, the same as for
1998, payable on 5 June 2000 to all shareholders on the register at 8 May
2000. In addition, it is recommended that a special dividend of 3.32p per
share be paid on that date to reflect the exceptional dividend received from
The Terence Chapman Group prior to its flotation.

Review of the Year
During the year to 31 December 1999 eight new investments were made, totalling
#4,680,000, of which four were in the UK, three in the USA and one in France. 
The new investments were :

- ECom Inc, an application services provider for exchanging information/data
between businesses.

- inventure.com Inc(formerly Inventure Technologies Limited), a buy out from
an existing portfolio company to develop and market software for financial
analysts.

- NETTEC plc, an internet solutions company quoted on OFEX.

- Oxford Molecular Group PLC, a provider of information technology and drug
discovery research services to the biotechnology and pharmaceutical
industries.

- RAMAR Technology Limited, a specialist in the design and supply of
radio-based automatic meter reading solutions.

- Sifam Instruments Limited, a management buy-in of the non-fibre optics
business of TCI's existing portfolio company, Sifam Limited.

- Stedim SA, a market leader in the manufacture and distribution of bio-
pharmaceutical products.

- Telespree Communications Inc, a provider of prepaid, disposable mobile
telephones to the mass market.

During the year #1,477,000 of follow-on investments were made, four in the UK,
one in the USA and one in France.  Investments having a cost of #3,188,000 and
a carrying value of #4,671,000 were realised for #18,590,000.

On 25 June 1999 Persistence Software Inc was floated on NASDAQ.  Its value in
TCI's portfolio at the half year was #17,600,000 and #32,302,000 at the year
end, against a cost of #1,211,000.

On 30 June 1999 The Terence Chapman Group plc was floated on the London Stock
Exchange.  TCI sold 1,375,629 shares at the float for proceeds of #1,831,000,
realising a gain of #1,512,000.  It continues to hold 14,600,791 shares,
valued at #83,115,000 at the year end, being a 10% discount to the market
price owing to restrictions on sale until the announcement of the company's
results to 29 February 2000.  This compares to a cost of #3,377,000.

On 1 October 1999 Inverse Network Technology Inc ("Inverse") was acquired by
Visual Networks Inc ("Visual"), a NASDAQ quoted company, as a result of which
TCI acquired 200,998 shares of Visual common stock in place of all its stock
in Inverse.  Following a part disposal of Visual stock in December 1999 for
#2,086,000, TCI retains 145,998 shares valued at #6,994,000 at the year end,
15,074 of which are held in escrow and discounted by 25% to market price.  The
cost of the residual holding was #327,000.

Buy Back of Own Shares
The Directors' Report contains a proposal to continue to enable the company to
buy back a proportion of its own shares when the directors consider it
appropriate.  The board feels it is advantageous to have the flexibility to do
this in order better to address any marked imbalance between supply and demand
for shares that may be reflected in a marked difference between the published
net asset value and the price quoted on the London Stock Exchange.  Further
details are contained in the Directors' Report.

Events since the Year End & Future Prospects
There have been three follow-on investments since the year end for a cost of
#5,013,000 and two part realisations, realising gains of #2,957,000.

On 29 February 2000 NETTEC suspended the trading of its shares on OFEX while
the directors seek a listing of the company's shares on the Official List of
the London Stock Exchange. 

There is the prospect of several companies in the portfolio achieving a
listing during 2000 or 2001 and for others to be the subject of a trade sale
during the period.  Meanwhile TCI continues actively to look at interesting
investment opportunities.

Colin Clive, Chairman
6 April 2000

CONSOLIDATED STATEMENT OF TOTAL RETURN (incorporating the Consolidated Revenue
Account*) for the Year ended 31 December 1999

                                    1999                    1998
#000                       Revenue Capital  Total  Revenue Capital  Total
                                                   ----- as restated ----

Realised gains on investments       13919   13919            (88)      (88) 
Increase in unrealised             113131  113131           13352    13352
  appreciation              ------  ------ ------  ------   -----   -----
Gains on investments               127050  127050           13264    13264
Income                        1645    -      1645     1078     -      1078
Expenses                      (380) (2152)  (2532)    (296) (1735)   (2031)
RETURN ON ORDINARY           -----  -----   -----   ------- ------  ------
  ACTIVITIES BEFORE TAXATION  1265 124898  126163      782  11529    12311
Tax on ordinary activities     (28)    28     -       (130)   123       (7)
                              ----  -----   -----    ------ ------  ------
RETURN ON ORDINARY ACTIVITIES
  AFTER TAXATION FOR THE      1237 124926  126163      652  11652    12304 
FINANCIAL YEAR
Special dividend of 3.32p     (466)          (466)
  (1998: nil)per share
Proposed dividend of 3.8p     (534)    -     (534)    (534)    -      (534)
  (1998:3.8p) per share       ----  -----   -----     ----- ------  ------
TRANSFER TO RESERVES           237 124926  125163      118  11652    11770
                              ====  =====   =====      ====  ====    =====
RETURN PER ORDINARY SHARE      8.8p 889.5p  898.3p     4.6p  83.0p   87.6p
                              ====  =====   =====      ====  =====   =====

*The revenue column of this statement is the profit and loss account of the
group.  All revenue and capital items in the above statement derive from
continuing operations.

Following the publication of FRS 16 "Current Taxation", UK dividends are
accounted for net of any related tax credit with a corresponding reduction in
the tax charge.  The 1998 figures have been restated to comply with FRS 16. 
The effect of this change in policy is to decrease franked investment income
and the tax charge by equal amounts of #153,771 (1998 : #96,000).  The change
in accounting policy has no effect on net asset value or return per share.

BALANCE SHEETS of the Group and of the Company as at 31 December 1999

                                           Group          Company
#000                                  1999    1998     1999     1998
FIXED ASSETS
Investments :
  Venture capital investments       183417   68800    183417   68800
  Gilts & UK treasury bills          14950    6524     14950    6524
  Subsidiary undertaking               -       -        3388    3388
                                     -----   -----     -----   -----
                                    198367   75324    201755   78712
CURRENT ASSETS                       -----   -----     -----   -----
Debtors                               2180      64      2180      64
Cash at bank and in hand              1342     868      1342     868  
                                     -----   -----     -----   -----
                                      3522     932      3522     932
CREDITORS: AMOUNTS FALLING DUE       (1050)   (580)    (4438)  (3968)
  WITHIN ONE YEAR                    -----   -----     -----   -----
NET CURRENT ASSETS/(LIABILITIES)      2472     352      (916)  (3036)
                                     -----   -----     -----   -----
TOTAL ASSETS LESS CURRENT           200839   75676    200839   75676
  LIABILITIES                        -----   -----     -----   -----          
  
NET ASSETS                          200839   75676    200839   75676
                                     =====   =====     =====   =====

CAPITAL AND RESERVES
Called up share capital               7022    7022      7022    7022
Share premium account                 3714    3714      3714    3714
Other reserves :
  Realised capital reserve           38651   25373     35829   22551
  Unrealised capital reserve        149571   37923    152459   40811
Revenue reserve                       1881    1644      1815    1578
Total shareholders' funds            -----   -----     -----   -----
  attributable to equity share-     200839   75676    200839   75676
  holders                            =====   =====     =====   =====

Net asset value per share           1430.0p  538.8p   1430.0p  538.8p
                                     ======  =====     ======  =====
Notes
1.  Expenses
All expenses are accounted for on an accruals basis and are shown inclusive of
irrecoverable VAT.  Except as stated below all expenses are charged to the
revenue account.

Expenses are charged to realised capital reserve where a connection with the
maintenance or enhancement of the value of investments can be demonstrated. 
Investment management fees have been allocated 95% to capital and 5% to
revenue in accordance with the directors' expected long term split of returns,
in the form of capital gains and income respectively, from the investment
portfolio of the company.  Certain other direct expenses of investment
management are also charged in part to realised capital reserve.  The
application of these principles produces an allocation of 85% of total
expenses to realised capital reserve.

Expenses which are incidental to the acquisition of an investment are included
within the cost of the investment.  Expenses which are incidental to the
disposal of an investment are deducted from the disposal proceeds of the
investment.

2.  The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 1998 or 1999 but is derived
from these accounts.  Statutory accounts for 1998 have been delivered to the
Registrar of Companies whereas those for 1999 will be delivered following the
company's Annual General Meeting.  The audit report on the 1998 and 1999
accounts was unqualified.

3.  Copies of the annual accounts will be sent to all shareholders.  Extra
copies of the accounts will be available from the Company Secretary, 24 Old
Bond Street, London WIX 4JD.  The results will not be published in any
newspaper.


END

FR UNUVRRRRSRAR
Thompson Clive (LSE:TCI)
過去株価チャート
から 6 2024 まで 7 2024