Interim Results
2005年8月25日 - 5:00PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:4511Q
Thompson Clive Investments PLC
25 August 2005
Thompson Clive Investments plc
_____________________________________________________
CHAIRMAN'S STATEMENT
Contact : Colin Clive, Director, Thompson Clive & Partners Limited
Charles Fitzherbert, Director, Thompson Clive Investments plc
Telephone : (020) 7535 4900
At 30 June 2005, the net asset value per share of Thompson Clive Investments plc
("TCI") was 472.9p, a decrease of 12.3% from the net asset value at 31 December
2004. This is mainly due to a drop in price of Genitope. For the six months
to 30 June 2005, TCI earned a net profit of #123,000 (2004: #315,000) and the
retained profit for the period was also #123,000 (2004: #260,000). These
results should be seen in the light of TCI's reduced size, from total net assets
of #25,917,000 at 30 June 2004 to #11,890,000 at 30 June 2005, due principally
to the realisation policy and tender offers.
Following the policy adopted in previous years, the Directors do not recommend
the payment of an interim dividend.
In line with the Company's announcement on 28 October 2002 to realise the
unquoted portfolio by 31 December 2007, disposals continue to be made. On 26
January 2005, GFI Group Inc. floated on NASDAQ and TCI sold its entire holding
at the float. Together with the sale of N-Soft SA and a partial distribution
from Medicom International Ltd, the Company realised gains of #1,104,000 against
a cost of #364,000.
June 2005 saw TCI's seventh tender offer of #4.6m and a total of #52 million has
now been returned to shareholders by this means. In order to release reserves
for distribution, the Company sought and received shareholder consent to a
capital reduction whereby its shares of 50p were reduced to shares of 1p each.
The Board changes signalled in TCI's 2004 Annual Report took place on 21 June
2005. On that date Colin Clive (Chairman) and Richard Thompson resigned from
the Board of the Company and Christopher Jones (independent non-executive
director) became Chairman. Charles Fitzherbert (Director of the manager,
Thompson Clive & Partners) was appointed a Director.
Since 30 June 2005, Genitope (which at that date represented 56.9% of the
portfolio) has announced that its independent Data Safety Monitoring Board
reviewed the first planned interim analysis of data for efficacy in its pivotal
phase 3 clinical trials for treatment of follicular non-Hodgkin's Lymphoma and
recommended that the trial continue as planned. The next interim analysis is
scheduled to occur in mid-2006. Following the announcement, Genitope's share
price fell from its 30 June 2005 level of $12.72 per share to around $8 by
mid-August.
The Board is pursuing a course of action to liquidate its dormant subsidiary
before the year end and has therefore not adopted International Financial
Reporting Standards in preparing this interim report.
The Board continues to seek realisation opportunities, both public and private,
with the aim of maximising return to shareholders.
Christopher Jones
Chairman
24 August 2005
The interim report is being sent to shareholders and further copies are
available from the Company's registered office. The results will not be
advertised in any newspaper.
Thompson Clive Investments plc
________________________________________________________________________
UNAUDITED INTERIM REPORT
For the six months to 30 June 2005
________________________________________________________________________
Summarised Consolidated Statement of Total Return
Six months Six months Year ended
to 30 June to 30 June 31 December
2005 2004 2004
# 000 # 000 # 000
REVENUE RETURN
Revenue 169 407 603
Management expenses allocated to
revenue (46) (92) (160)
______ ______ ______
123 315 443
Tax on ordinary activities allocated
to revenue (37) (55) (100)
______ ______ ______
NET REVENUE RETURN AFTER
TAX 86 260 343
====== ====== ======
CAPITAL RETURN
Realised gain/(loss) on investments 1,104 795 113
Amount received on previously written
off investment - 99 107
Unrealised appreciation/(depreciation) (1,780) 334 3,324
Management expenses allocated to capital (260) (522 (907)
______ ______ ______
(936) 706 2,637
Tax on ordinary activities allocated
to capital 37 55 100
______ ______ ______
NET CAPITAL RETURN AFTER TAX (899) 761 2,737
TOTAL RETURN AFTER TAX (813) 1,021 3,080
====== ====== ======
Return per ordinary share:
Revenue 3.4p 3.4p 5.5p
Capital (35.9p) 9.9p 43.8p
Total (32.5p) 13.3p 49.3p
The above information does not comprise the group's statutory accounts. The
summarised financial information for the year ended 31 December 2004 is an
extract from the published accounts which received an unqualified audit report
and which have been delivered to the Registrar of Companies.
Thompson Clive Investments plc
________________________________________________________________________
UNAUDITED INTERIM REPORT
For the six months to 30 June 2005
________________________________________________________________________
Summarised Consolidated Balance Sheet
30 June 30 June 31 December
2005 2004 2004
# 000 # 000 # 000
FIXED ASSETS
Venture capital investments 9,143 17,973 12,409
Fixed interest investments 2,436 6,948 4,964
______ ______ _______
11,579 24,921 17,373
CURRENT ASSETS
Debtors 51 138 86
Cash at bank and in hand 299 913 1,329
______ ______ _______
350 1,051 1,415
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR (39) (55) (314)
______ ______ _______
NET CURRENT ASSETS 311 996 1,101
______ ______ _______
TOTAL ASSETS LESS CURRENT
LIABILITIES 11,890 25,917 18,474
====== ====== =======
NET ASSETS 11,890 25,917 18,474
====== ====== =======
CAPITAL AND RESERVES
Called up share capital 25 2,789 1,740
Special reserve 25 - -
Share premium account - 3,714 3,714
Capital redemption reserve - 4,233 5,282
Realised capital reserve 4,425 12,834 3,580
Unrealised capital reserve (1,074) (193) 1,828
Revenue reserve 8,489 2,540 2,330
______ ______ _______
Total shareholders' funds
attributable to equity shareholders 11,890 25,917 18,474
====== ====== =======
Net asset value per share 472.9p 464.6p 530.9p
Note 1
Basis of preparation
Thompson Clive Investments plc, ("the Company") is a 100% shareholder of
Thompson Clive Asset Management Ltd ("subsidiary" or "TCAM"), which has remained
dormant for the past several years. The interim report is prepared on the basis
of UK GAAP - generally accepted accounting practice in the United Kingdom and is
consistent with the accounting policies set out in the financial statements for
the year ended 31 December 2004.
EU law (IAS Regulation EC 1606/2002) requires that a listed company within the
EU region, presenting consolidated annual financial statements for the year
ending 31 December 2005, must prepare its consolidated annual financial
statements in accordance with International Financial Reporting Standards
(IFRSs) adopted for use in the EU ("adopted IFRSs"). Listed companies
presenting only individual financial statements are permitted to continue to
adopt UK GAAP.
The interim report of the Company has been prepared on the basis that the
Company's subsidiary, TCAM, will shortly be put into liquidation, and will
therefore make unnecessary the preparation of consolidated financial statements
for the year ended 31 December 2005. The Directors of the Company are confident
that the liquidation of the subsidiary will be complete by 31 December 2005 and
have therefore prepared the interim report of the Group in accordance with UK
GAAP, which they expect to be the basis that they will adopt in the preparation
of its individual annual financial statements. Were the liquidation not to be
complete by 31 December 2005, the Company would have to prepare consolidated
annual financial statements, in accordance with adopted IFRSs.
This information is provided by RNS
The company news service from the London Stock Exchange
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