RNS Number:9693W
Thompson Clive Investments PLC
25 March 2004
Thompson Clive Investments plc
___________________________________________________________________________
Chairman's Statement
Contact : Colin Clive, Chairman, Thompson Clive Investments plc
Charles Fitzherbert, Director, Thompson Clive & Partners Limited
Telephone : (020) 7535 4900
Results
At 31 December 2003 the net asset value per share of Thompson Clive Investments
plc ('TCI') was 449.1p, an increase of7.8% over the net asset value at 31
December 2002, largely by an improvement in the market for quoted healthcare and
technology stocks. This increase in net asset value looks low compared to the
rise in the FTSE 100 index of 14% over the same period, but TCI is no longer
investing and was not, therefore, able to take advantage of the market rebound
and invest further in stocks such as Infotel SA, for example, which went up 140%
in the year. A cautious view continues to be taken of the valuation of the
unquoted companies in the portfolio.
TCI has been selling stock in a rising market, notably Quintiles Transnational
Corporation (#7,204,000), Isotron plc (#4,936,000), PAREXEL International
Corporation (#1,929,000), PowerQuest Corporation(#1,821,000) and Infotel SA
(#1,064,000). At 31 December 2003, it had liquid funds of #15,200,000 in
preparation for a substantial tender offer in May 2004.
The gross revenue (inclusive of VAT reclaimed) for the year under review was
#1,055 ,000. Realised and unrealised gains during the year on investments
totalled #3,879,000. Profits after tax were #714,000 and earnings per share
were 7.1p. Comparisons with last year are not meaningful because of substantial
reductions in share capital and assets as a consequence of tender offers.
The slight fall in revenue and profits in 2003 from 2002 was caused mainly by
the reduction in dividends received now that a number of quoted investments has
been realised. As a result of such realisations, #24.77 million has been
returned to shareholders by way of tender offers.
Dividend
The board recommends a dividend of 7.83p per share payable on 2 June 2004 to all
shareholders on the register on 30 April 2004.
Revised Investment Strategy
On 28 October 2002, the board of Thompson Clive Investments announced that at
the request of some major shareholders who wanted liquidity in the medium term
and following discussions with the holders of the majority of shares, Thompson
Clive Investments would be wound down over the period to 31 December 2007 in the
following way:
* There will be no further investment after June 2003.
* The board will aim to realise the quoted portfolio by 31 December 2004.
* The board will aimto realise the unquoted portfolio by 31 December 2007.
Review of the Year
In line with the board's stated intention to wind down Thompson Clive
Investments over the next four years, there was no new investment in quoted
companies during 2003, nor in unquoted companies after June 2003. During the
first half of the year, one follow-on investment of #177,000 was made in a US
company, Ealing Catalog Inc, a buyer and reseller of optical and opto-mechanical
products.
Disposals were made of all or part of TCI's holdings in 14 companies. The
proceeds amounted to #20,649,000.
Tender Offers
During the year TCI made two tender offers under which it repurchased 2,547,891
shares at the net asset value applying at the date of each offer and thereby
returned #10.49 million in cash to shareholders, in addition to the #14.28
million in 2002.
The board proposes a further tender offer of up to #14 million worth of shares,
planned for May 2004. An Extraordinary General Meeting to approve this will be
held on 6 May 2004.
Events since the Year End and Future Prospects
Shareholders are aware that under the revised portfolio strategy there will be
no new investment. The realisation of both the quoted portfolio during 2004 and
ofthe unquoted portfolio within four years, to the best advantage of
shareholders, is now the principal aim of the board. In the course of this
process and when sufficient liquid resources have been accumulated there will be
further tender offers.
Colin Clive
Chairman
25 March 2004
Thompson Clive Investments plc
Consolidated Statement of Total Return
(incorporating the Consolidated Revenue Account*)
for the year ended 31 December 2003
2003 2002
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Realised gain/(loss) on investments 0 1,983 1,983 0 (660) (660)
Amount received on previously written off 0 71 71 0 0 0
investment
Decrease /(increase) in unrealised 1,825 1,825 (20,234) (20,234)
depreciation
0 3,879 3,879 0 (20,894) (20,894)
Income 791 0 791 1,456 0 1,456
VAT reclaimed 264 0 264 0 0 0
Expenses (214) (1,160) (1,374) (330) (1,775) (2,105)
RETURN ON ORDINARY ACTIVITIES BEFORE
TAXATION 841 2,719 3,560 1,126 (22,669) (21,543)
Tax on ordinary activities (127) 127 0 (158) 158 0
RETURN ON ORDINARY ACTIVITIES AFTER
TAXATION 714 2,846 3,560 968 (22,511) (21,543)
Proposed dividend of 7.83p (2002: 11.0p)
per
share (666) 0 (666) (1,215) 0 (1,215)
TRANSFER TO RESERVES 48 2,846 2,894 (247) (22,511) (22,758)
RETURN PER ORDINARY SHARE 7.1p 28.4p 35.5p 7.6p (177.1p) (169.5p)
*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.
Balance Sheet of the group and of the
company as at 31 December 2003
Group Group Company Company
2003 2002 2003 2002
#000 #000 #000 #000
FIXED ASSETS
Investments :
Venture capital investments 23,599 40,006 23,599 40,006
Gilts and UK treasury bills 14,857 6,466 14,857 6,466
Subsidiary undertaking 3,388 3388
38,456 46,472 41,844 49,860
CURRENT ASSETS
Debtors 548 113 548 113
Cash at bank and in hand 647 1,440 647 1,440
1,195 1,553 1,195 1,553
CREDITORS : AMOUNTS FALLINGDUE
WITHIN ONE YEAR (1,471) (1,997) (4,859) (5,385)
(276) (444) (3,664) (3,832)
TOTAL ASSETS LESS CURRENT
LIABILITIES 38,180 46,028 38,180 46,028
NET ASSETS 38,180 46,028 38,180 46,028
CAPITAL AND RESERVES
Called-up share capital 4,251 5,525 4,251 5,525
Share premium 3,714 3,714 3,714 3,714
Other reserves :
Capital redemption reserve 2,771 1,497 2,771 1,497
Realised capital reserve 25,325 45,097 22,504 42,276
Unrealised capital reserve (129) (12,005) 2,759 (9,117)
Revenue reserve 2,248 2,200 2,181 2,133
Total shareholders' funds attributable to equity 38,180 46,028 38,180 46,028
shareholders
Net assets per share 449.1p 416.6p 449.1p 416.6p
1. 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 between capital and revenue in
accordance with the directors' expected long term split of returns, inthe form
of capital gains and income respectively, from the investment portfolio of the
company. 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 2002 or 2003 but is derived
from these accounts. Statutory accounts for 2002 have been delivered to the
Registrar of Companies whereas those for 2003 will be delivered following the
company's Annual General Meeting. The audit report on the 2002 and 2003
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 W1S 4AW. The results will not be published in any newspaper.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FRUVAKRSKROUAR
Thompson Clive (LSE:TCI)
過去 株価チャート
から 6 2024 まで 7 2024
Thompson Clive (LSE:TCI)
過去 株価チャート
から 7 2023 まで 7 2024
