TIDMBSC
RNS Number : 9912K
British Smaller Companies VCT2 Plc
29 August 2012
British Smaller Companies VCT 2 plc
Unaudited Interim Results and Interim Management Statement
For the 6 months ended 30 June 2012
British Smaller Companies VCT 2 plc ("the Company") today
announces its unaudited interim results for the six months to 30
June 2012.
Chairman's Statement
I am pleased to report another very strong trading period for
your Company in the six months to 30 June 2012 with further
portfolio value growth of 8.6% and GBP10.1 million of new funds
raised through a new share subscription.
On 13 August 2012 we reported the successful trade sale of
Primal Pictures to an undisclosed buyer which delivered a value
uplift of GBP0.95 million since 31 December 2011 and an overall
cash return of 2.2 times original investment cost.
I am pleased to follow this with news of another successful exit
from the portfolio, with Sirigen Group Limited completing a trade
sale to Becton, Dickinson & Company on 24 August 2012, which
has resulted in crystallised additional value growth of GBP0.66
million since the start of the year and an overall cash return of
2.8 times original investment cost. These results are particularly
pleasing in light of the challenging economic times and prove that
it is still possible to make strong returns by backing small
businesses with a competitive advantage in their niche market.
The recent Offer for Subscription which closed on 5 April 2012
raised a total of GBP10.1 million net of costs, consequently the
Company remains well placed to take advantage of the growing
investment activity levels
The Total Return to Shareholders as at 30 June 2012 is100.0
pence per Ordinary share, representing a year to date increase of
1.5 pence from the 98.5 pence per Ordinary share at 31 December
2011 and an increase of 4.1 pence over the 12 month period since 30
June 2011. Total Return to Shareholders includes cumulative
dividends paid which now stands at 32.0 pence per Ordinary
share.
The Net Asset Value at 30 June 2012 is 68.0 pence per Ordinary
share (68.5 pence per Ordinary share at 31 December 2011), which
reflects an increase in the portfolio value of 2.3 pence per
Ordinary share and gains on disposals of 0.2 pence per Ordinary
share offset by the payment of a 2.0 pence per Ordinary share final
dividend paid in May 2012 and the dilutive impact of new shares
issued.
Interim Management Report
Over the six month period to 30 June 2012 the Company has seen
an increase in investment levels with a total of GBP2.5 million
invested (compared to GBP1.2 million in the 6 months to 30 June
2011), GBP2.3 million into 3 new opportunities and GBP0.21 million
into 2 existing portfolio companies. The first of the new
opportunities was GBP0.70 million invested in January 2012 as part
of the management buyout of the retail display group Displayplan
Holdings Limited from its US parent company. In March 2012 GBP0.3
million was invested as part of the GBP2 million buyout of Selima
Limited, a supplier of payroll and expenses software predominantly
to public sector customers. Finally in April 2012 GBP1.26 million
was invested into Seven Technologies holdings Limited, a Northern
Irish engineering business that specialises in developing and
manufacturing bespoke electronics and communications applications
for operation in inhospitable environments.
The first follow-on deal was a GBP0.06 million investment into
the fluorescent labelling technology group, Sirigen Group Limited,
as part of a GBP1 million internal growth round in February 2012.
Secondly, GBP0.15 million was invested into AIM-listed EKF
Diagnostics Holdings plc in March 2012, which reported strong
progress towards building a profitable international diagnostics
group.
Investment rates have continued to increase following the period
end, with an additional GBP1.97 million having been invested to
date. A follow-on investment of GBP0.9 million has been made into
Immunobiology Limited, as part of a GBP3.0 million round, including
new external investors, to take its innovative vaccine programme
into human clinical trials. An additional GBP0.16 million has been
invested into Vianet Group plc which has made good progress in
diversifying its remote monitoring solutions for the brewing, fuel
solution and remote vending sectors. A new investment of GBP0.13
million has been made into Hargreaves Services plc which is
involved in sourcing and supply of solid fuel for the UK power
industry. A new investment of GBP0.78 million has been made into
Insider Technologies Limited to fund the buyout of the company,
which provides monitoring and scheduling software for the financial
service and security sectors.
Against the backdrop of on-going economic challenges, the
Company remains focused on building a strong and diversified
portfolio, whilst also looking to improve levels of portfolio
income. Significant positive steps have been made in this regard.
Excluding the new investments and a slight decrease in the value of
gilts, the underlying value of the opening portfolio has grown by
GBP0.93 million (8.6%) over the six months to 30 June 2012.
Whilst there were no significant realisations from the portfolio
in the year, the Company has received GBP0.54 million of proceeds
following the full and partial disposal of investments in 5
portfolio companies and an additional GBP0.05 million of deferred
consideration in relation to the sale of DXS Limited in 2009.
Following the period end the Company has however completed two
significant realisation through the trade sales of Primal Pictures
Limited and Sirigen Group Limited. Primal Pictures Limited, a
supplier of 3D human anatomical images and training materials, has
been sold to an undisclosed international publishing group. This
has resulted in GBP1.82 million, at completion, of cash proceeds to
the Company, a profit of GBP0.95 million over the 31 December 2011
valuation and resulting in a cash multiple of 2.2 on cost over the
life of the investment. Sirigen Group Limited, a supplier of
innovative fluorescent marking technology, has been sold to the
US-based diagnostics group Becton, Dickinson & Company. At
completion this delivered GBP1.45 million of cash proceeds, an
increase of GBP0.66 million on the 31 December 2011 value and a
cash multiple of 2.8x cost, with further deferred consideration
anticipated.
Other portfolio companies have made good progress. Digital
Healthcare Limited has made positive progress in integrating its
2011 acquisition of retinal screening supplier, Orion Imaging
Limited, and has started to deliver the expected synergy benefits.
Port operator RMS Group Holdings Limited has completed the
refinancing of all remaining institutional loans ahead of schedule.
Strong progress has been made for the Company's two retail rollout
investments with branded kitchen manufacturer Harvey Jones Limited
increasing to 25 stores and coffee bar operator Bagel Nash Limited
completing a profitable first year and highlighting locations for
its first new shops. The GBP3.0 million further funding round into
Immunobiology Limited is a significant positive step in
commercialising its vaccine technology although the low pricing of
this round (from which the Company has also benefited through its
recent investment) has resulted in a value fall of GBP0.51 million
for the existing holding.
There has been no change to the principal risks and
uncertainties facing the Company since the publication of the
financial statements for the year ended 31 December 2011. In
summary, the principal risks are:
-- Investment and strategic;
-- Loss of approval as a Venture Capital Trust;
-- Regulatory;
-- Reputational;
-- Operational;
-- Financial;
-- Market risk; and
-- Liquidity risk.
Full details of the principal risks can be found in the
financial statements for the year ended 31 December 2011 on page
24, a copy of which can be found at www.yfmep.com
Financial Results
The result for the six months ended 30 June 2012 produced a
revenue profit before tax of GBP47,000 and a capital profit before
tax of GBP802,000 (2011: profit of GBP2,000 and profit of
GBP473,000 respectively). It is pleasing to see a strong
improvement in the aggregate value of investments over the six
months to 30 June 2012 of GBP881,000. The income from the portfolio
of GBP258,000 also represents an increase of GBP80,000 on the same
period in 2011 and the Fund Manager will continue to make
investments to gradually improve the income generation from the
portfolio.
The movement in Net Asset Value per Ordinary share is as
follows:
Pence/Ordinary
share
31 December 2011 68.5
Dividends paid in period (2.0)
Net Increase in value 1.5
-------------------------- ---------------
30 June 2012 68.0
-------------------------- ---------------
Following the new funds raised this year, cash and investment in
gilts at 30 June 2012 totalled GBP13.0 million (June 2011: GBP6.85
million), representing 50% (June 2011: 43%) of Net Asset Value
before taking account of any interim dividend. The Board considers
that in the short term this is sufficient to support the current
portfolio and to continue its investment strategy in selective new
opportunities.
Shareholder Relations
The last six months has seen the Company's investment capacity
increase through the issue of 14,983,236 shares pursuant to the
recently closed "Offer for Subscription", raising GBP10.1 million
net of costs. In addition the Company issued 20,611 shares as part
of the dividend reinvestment scheme on 22 May 2012. The Board
believes that the coming 12-24 months will see increasing
investment opportunities and will continue to consider the
opportunity to raise further funding in the months ahead to enable
the Company to take advantage of this and continue to build a
strong, balanced portfolio.
The Board remains committed to the objective of achieving a
consistent dividend stream. Following the 2011 year end a dividend
of 2.0 pence per Ordinary share was paid on 22 May 2012, this
commitment has been continued in these interim results with your
Board determining that an interim dividend of 2.5 pence per
Ordinary share will be paid on 26 October 2012 to Shareholders on
the register as at 28 September 2012.
Regulatory and Other Matters
Following the issue of the Draft Finance Bill 2012 on 29 March
2012 investments undertaken by the Company will be subject to new
legislation.
Following EU approval and the Finance Bill gaining Royal Assent,
changes have been made to the "qualifying company" limits effective
from 6 April 2012. These are summarised as follows:
-- the employee limit will increase from 50 to 250 for investee companies;
-- an increase in the size threshold of gross assets to GBP15
million before investment from GBP7 million; and
-- that the maximum amount that an investee company can receive
from VCTs and other State Aid sources will now be GBP5 million.
Funds raised by VCTs after 5 April 2012 may not be used to
finance buy-outs or otherwise to acquire existing shares.
The Company does not currently have any funds to which the
buy-outs rule applies.
Overall the Board believes these changes are a positive step and
are expected to significantly increase the level and scale of
investment opportunities available to the Company over the coming
years.
Outlook
The last six months have seen a continuation of the difficult
market conditions of recent years and it is likely that the UK
economy will experience a sustained period of very low growth. In
spite of this many of the portfolio companies have delivered
improved results and have been able to take advantage of changes in
their markets. We hope to see this trend continue as economic
conditions gradually improve.
Whilst the year ahead will continue to present challenges we are
optimistic about the Company's ability to take advantage of the
upcoming opportunities. The hesitant approach from the banks and
changes in EU restrictions on qualifying investments should both
lead to an increase in the volume and scale of investment
opportunities in the future.
The Board remains of the opinion that the forthcoming period
will see many good investment opportunities, both for the portfolio
businesses and for new investments. It was with this in mind that
we increased the investment capacity of the Company and we will
consider the opportunity to further increase funds in the coming
months.
Richard Last
29 August 2011
Statement of Comprehensive Income
For the 6 months ended 30 June 2012
Unaudited Unaudited
6 months ending 6 months ending 30
30 June 2012 June 2011
Notes Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain on disposal of investments - 76 76 - 7 7
Gains on investments held
at fair value - 876 876 - 576 576
Income 2 258 - 258 178 - 178
Administrative expenses:
---------- ---------- --------- ---------- ---------- ---------
Fund Management fee (50) (150) (200) (36) (110) (146)
Other expenses (161) - (161) (140) - (140)
---------- ---------- --------- ---------- ---------- ---------
(211) (150) (361) (176) (110) (286)
Profit before taxation 47 802 849 2 473 475
Taxation 3 - - - - - -
Profit for the period attributable
to equity Shareholders 47 802 849 2 473 475
------------------------------------ -------- ---------- ---------- --------- ---------- ---------- ---------
Total comprehensive income
for the period attributable
to equity Shareholders 47 802 849 2 473 475
------------------------------------ -------- ---------- ---------- --------- ---------- ---------- ---------
Basic and diluted earnings
per Ordinary share 5 0.13p 2.24p 2.37p 0.01p 2.32p 2.33p
------------------------------------ -------- ---------- ---------- --------- ---------- ---------- ---------
The Total column of this statement represents the Company's
Statement of Comprehensive Income, prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ('IFRSs'). The supplementary Revenue and Capital
columns are prepared under the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture
Capital Trusts' ('SORP') 2009 published by the Association of
Investment Companies.
Balance Sheet
As at 30 June 2012
Unaudited Unaudited Audited
6 months 6 months year
ended 30 ended ended
June 30 June 31 December
2012 2011 2011
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Investments 13,044 8,684 10,209
Fixed income government securities 918 2,839 1,618
------------------------------------ -------- ---------- ---------- -------------
Financial assets at fair value
through profit or loss 13,962 11,523 11,827
Trade and other receivables 68 281 65
------------------------------------ -------- ---------- ---------- -------------
14,030 11,804 11,892
Current assets
Trade and other receivables 315 173 242
Cash and cash equivalents 12,085 4,009 4,076
12,400 4,182 4,318
Liabilities
Current liabilities
Trade and other payables (426) (98) (228)
Net current assets 11,974 4,084 4,090
Net assets 26,004 15,888 15,982
------------------------------------ -------- ---------- ---------- -------------
Shareholders' equity
Share capital 3,942 2,412 2,426
Share premium 12,993 4,346 4,427
Capital redemption reserve 88 88 88
Merger reserve 5,525 5,525 2
Other reserve 2 2 5,525
Capital reserve 2,120 2,964 2,630
Investment holding losses (2,778) (4,135) (3,665)
Special reserve 4,112 4,352 4,255
Revenue reserve - 334 294
Total Shareholders' equity 26,004 15,888 15,982
------------------------------------ -------- ---------- ---------- -------------
Net Asset Value per Ordinary
share 6 68.0p 68.0p 68.5p
------------------------------------ -------- ---------- ---------- -------------
Signed on behalf of the Board
Richard Last
Chairman
29 August 2012
Unaudited Statement of Changes in Equity
For the 6 months ended 30 June 2012
Investment
Share holding
Share premium Merger *Other gains Total
capital account reserve reserves Capital (losses) Special Revenue equity
reserve reserve reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 December
2010 1,785 810 5,525 90 3,587 (4,763) 4,463 332 11,829
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Revenue return
for the
period - - - - - - - 2 2
Capital
expenses - - - - (110) - - - (110)
Investment
holding
loss on
investments
held at fair
value - - - - - 576 - - 576
Realisation of
investments
in
the period - - - - 7 - - - 7
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Total
comprehensive
income for
the
period - - - - (103) 576 - 2 475
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Issue of share
capital 627 3,582 - - - - - - 4,209
Issue costs - (46) - - - - - - (46)
Purchase of
own
shares - - - - - - (111) - (111)
Dividends - - - - (468) - - - (468)
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Total
transactions
with
shareholders 627 3,536 - - (468) - (111) - 3,584
Realisation of
prior year
investment
holding
losses - - - - (52) 52 - - -
At 30 June
2011 2,412 4,346 5,525 90 2,964 (4,135) 4,352 334 15,888
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Revenue return
for the
period - - - - - - - (40) (40)
Capital
expenses - - - - (149) - - - (149)
Investment
holding
gain on
investments
held at fair
value - - - - - 536 - - 536
Gain on
disposal
of
investments
in the period - - - - 218 - - - 218
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Total
comprehensive
income for
the
period - - - - 69 536 - (40) 565
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Issue of share
capital 13 280 - - - - - - 293
Issue costs - (204) - - - - - - (204)
Purchase of
own
shares - - - - - - (97) - (97)
Issue of
Shares
- DRIS 1 5 - - - - - - 6
Dividends - - - - (469) - - - (469)
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Total
transactions
with
shareholders 14 81 - - (469) - (97) - (471)
Realisation of
prior year
investment
holding gains - - - - 66 (66) - - -
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
At 31 December
2011 2,426 4,427 5,525 90 2,630 (3,665) 4,255 294 15,982
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Unaudited Statement of Changes in Equity
For the 6 months ended 30 June 2012
Investment
Share holding
Share premium Merger *Other gains Total
capital account reserve reserves Capital (losses) Special Revenue equity
reserve reserve reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 December
2011 2,426 4,427 5,525 90 2,630 (3,665) 4,255 294 15,982
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Revenue profit
for the
period - - - - - - - 47 47
Capital
expenses - - - - (150) - - - (150)
Investment
holding
gain on
investments
held at fair
value - - - - - 876 - - 876
Gain on
disposal
of
investments
in the period - - - - 76 - - - 76
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Total
comprehensive
income for
the
period - - - - (74) 876 - 47 849
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Issue of
ordinary
Share capital 1,514 9,149 - - - - - - 10,663
Issue of
Shares
- DRIS 2 11 - - - - - - 13
Issue costs of
Ordinary
shares - (594) - - - - - - (594)
Purchase of
own
shares - - - - - - (143) - (143)
Dividends - - - - (425) - - (341) (766)
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
Total
transactions
with
Shareholders 1,516 8,566 - - (425) - (143) (341) 9,173
Realisation of
prior year
investment
holding
losses - - - - (11) 11 - - -
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
At 30 June
2012 3,942 12,993 5,525 90 2,120 (2,778) 4,112 - 26,004
--------------- --------- --------- --------- ---------- --------- ----------- --------- ---------- ---------
* Other reserves include the capital redemption reserve and
treasury reserve, which are non-distributable.
Statement of Cash Flows
For the 6 months ended 30 June 2012
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Net cash inflow (outflow) from operating
activities 17 (40) (174)
--------------------------------------------------------------- -------------- ------------ --------------
Cash flows from investing activities
Purchase of financial assets at fair
value through profit or loss (2,467) (2,352) (3,970)
Proceeds from sale of financial assets at fair
value through profit or loss 1,238 2,307 4,276
Deferred consideration 48 - 322
Net cash (used in) from investing activities (1,181) (45) 628
--------------------------------------------------------------- -------------- ------------ --------------
Cash flows from financing activities
Issue of Ordinary shares 10,663 4,210 4,502
Cost of Ordinary shares (594) (46) (250)
Purchase of own shares (143) (111) (208)
Dividends paid (753) (468) (931)
Net cash from financing activities 9,173 3,585 3,113
--------------------------------------------------------------- -------------- ------------ --------------
Net increase in cash and cash equivalents 8,009 3,500 3,567
Cash and cash equivalents at the beginning
of the period 4,076 509 509
Cash and cash equivalents at the end
of the period 12,085 4,009 4,076
--------------------------------------------------------------- -------------- ------------ --------------
Notes to the Unaudited Financial Statements
1. General information, basis of preparation and principal accounting policies
These half year statements have been approved by the directors
whose names appear at note 8, each of whom has confirmed that to
the best of his knowledge:
-- The Interim Management Report includes a fair review of the
information required by rules 4.2.7 and 4.2.8 of the Disclosure
Rules and the Transparency Rules.
-- The half year statements comply with IAS 34 'Interim
financial reporting' and the Disclosure and Transparency Rules of
the Financial Services Authority.
The half year statements are unaudited and have not been
reviewed by the auditors pursuant to the Auditing Practices Board
(APB) guidance on Review of Interim Financial Information. They do
not constitute full financial statements as defined in section 435
of the Companies Act 2006. The comparative figures for the year
ended 31 December 2011 do not constitute full financial statements
and have been extracted from the Company's financial statements for
the year ended 31 December 2011. Those accounts were reported upon
without qualification by the auditors and have been delivered to
the Registrar of Companies.
The accounting policies and methods of computation followed in
the half year statements are the same as those adopted in the
preparation of the audited financial statements for the year ended
31 December 2011, except as noted below.
The financial statements for the year ended 31 December 2011
were prepared in accordance with the International Financial
Reporting Standards (IFRSs) as adopted by the European Union and
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS. Where guidance set out in the Statement of
Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' issued by the Association of
Investment Companies in January 2009 ("SORP") is consistent with
the requirements of IFRS, the financial statements have been
prepared in compliance with the recommendations of the SORP.
Other standards and interpretations have been issued which will
be effective for future reporting periods but have not been adopted
early in these financial statements. These include IFRS9, IFRS10,
IFRS11, IFRS12, IFRS13, and IFRIC20. A full impact assessment has
not yet been completed in order to assess whether these new
standards will have a material impact on the financial
statements.
Notes to the Unaudited Financial Statements
2. Income
Unaudited Unaudited
6 months 6 months
ended ended
30 June 30 June
2012 2011
GBP000 GBP000
Income from investments
- Dividends from unquoted companies 3 3
- Dividends from AIM quoted companies 22 20
-------------------------------------------- ---------- ----------
25 23
- Interest on loans to unquoted companies 147 77
- Fixed interest Government securities 11 69
Income from investments held at fair value
through profit or loss 183 169
Interest on bank deposits 75 9
258 178
Notes to the Unaudited Financial Statements
3. Taxation
Unaudited 6 months Unaudited 6 months
ended 30 June 2012 ended 30 June 2011
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Profit before taxation 47 802 849 2 473 475
-------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
Profit before taxation
multiplied by standard
small company rate of corporation
tax in UK of 20% (2010:
20%) 9 160 169 - 95 95
Effect of:
UK dividends received (5) - (5) (5) - (5)
Non taxable profits on
investments - (200) (200) - (117) (117)
Excess management expenses (4) 40 36 5 22 27
Tax (credit)/ charge - - - - - -
The Company has no provided, or unprovided, deferred tax
liability in either year.
Deferred tax assets in respect of losses have not been
recognised as management do not currently believe that it is
probable that sufficient taxable profits will be available against
which the assets can be recovered.
Due to the Company's status as a venture capital trust, and the
continued intention to meet the conditions required to comply with
Chapter 3 Part 6 of the Income Tax Act 2007, the Company has not
provided deferred tax on any capital gains or losses arising on the
revaluation or realisation of investments.
Notes to the Unaudited Financial Statements
4. Dividends
Amounts recognised as distributions to equity holders in the
period:
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June 2012 30 June 2011 31 December
2011
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Final paid - 2.0p
per share paid
22
May 2012 341 425 766 - - - - - -
Final paid - 2.0p
per share paid
10
June 2011 - - - - 468 468 - 468 468
Interim paid -
2.0p
per share paid
30
September 2011 - - - - - - - 469 469
341 425 766 - 468 468 - 937 937
An interim dividend of 2.5 pence per Ordinary Share, amounting
to GBP956,093, is proposed. The dividend has not been recognised in
these half year financial statements as the obligation did not
exist at the balance sheet date.
5. Basic and Diluted Earnings per Ordinary Share
The basic and diluted earnings per Ordinary Share is based on
the profit after tax attributable to equity Shareholders of
GBP849,000 (30 June 2011: profit of GBP475,000) and 35,885,606 (30
June 2011: 20,367,889) Ordinary shares being the weighted average
number of Ordinary shares in issue during the period.
The basic and diluted revenue return per Ordinary Share is based
on the revenue profit attributable to equity Shareholders of
GBP47,000 (30 June 2011: GBP2,000) and 35,885,606 (30 June 2011:
20,367,889) Ordinary shares being the weighted average number of
Ordinary shares in issue during the period.
The basic and diluted capital return per Ordinary Share is based
on the capital profit attributable to equity Shareholders of
GBP802,000 (30 June 2011: profit of GBP473,000) and 35,885,606 (30
June 2011: 20,367,889) Ordinary shares being the weighted average
number of Ordinary shares in issue during the period.
During the period the Company allotted 20,611 new Ordinary
shares in respect of its dividend reinvestment scheme and 5,080,416
new Ordinary shares under the "Offer for Subscription". A further
158,303 new Ordinary shares were allotted to an existing individual
Shareholder.
The Company has repurchased 249,234 of its own shares in the
period and these shares are held in treasury. The total of
1,178,356 treasury shares has been excluded in calculating the
weighted average number of Ordinary shares during the year. The
Company has no securities that would have a dilutive effect and
hence basic and diluted earnings per Ordinary Share are the
same.
6. Basic and Diluted Net Asset Value per Ordinary Share
The basic and diluted Net Asset Value per Ordinary Share is
calculated on attributable assets of GBP26,004,000 (30 June 2011
and 31 December 2011: GBP15,888,000 and GBP15,982,000 respectively)
and 38,243,718 (30 June 2011 and 31 December 2011: 23,359,278 and
23,330,802 respectively) Ordinary shares in issue at the year
end.
The 1,178,356 (30 June 2011: 757,380) treasury shares have been
excluded in calculating the number of Ordinary shares in issue at
30 June 2012. The Company has no securities that would have a
dilutive effect and hence basic and diluted Net Asset Value per
Ordinary share are the same.
7. Total Return
Total Return per share is calculated on cumulative dividends
paid of 32.0 pence per Ordinary Share (30 June 2011: 28.0 pence per
Ordinary share and 31 December 2011: 30.0 pence per Ordinary share)
plus the Net Asset Value as calculated in note 6.
8. Directors
The directors of the Company are: Mr R Last, Mr R M Pettigrew,
and Mr P C Waller.
9. Other Information
Copies of the interim report can be obtained from the Company's
registered office: Saint Martins House, 210-212 Chapeltown Road,
Leeds, LS7 4HZ or from the fund manager's website:
www.yfmep.com.
Advisers to the Company
Directors Registrars Stockbrokers
Richard Last Singer Capital Markets
Robert Martin Pettigrew One Hanover Street
Peter Charles Waller London
W1S 1AX
Fund Manager Fixed Interest Securities Adviser
YFM Private Equity Limited Brewin Dolphin Securities Limited
Saint Martins House 34 Lisbon Street
210-212 Chapeltown Road Leeds
Leeds LS1 4LX
LS7 4HZ
Registrars Independent Auditor
Capita Registrars Grant Thornton UK LLP
The Registry 2 Broadfield Court
34 Beckenham Road Sheffield
Beckenham S8 0XF
Kent
BR3 4BR
Solicitors VCT Status and Tax Adviser
hlw Keeble Hawson LLP PricewaterhouseCoopers LLP
Protection House 1 Embankment Place
16-17 East Parade London
Leeds WC2N 6RH
LS1 2BR
Secretary and Registered Office Bankers
KHM Secretarial Services Limited The Royal Bank of Scotland plc
Old Cathedral Vicarage 27 Park Row
St James Row Leeds
Sheffield LS1 5QB
S1 1XA
This information is provided by RNS
The company news service from the London Stock Exchange
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