Half Yearly Report -6-
July 06 2010 - 4:45AM
UK Regulatory
| Financing | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Purchase of Ordinary Shares for | | | | | |
| cancellation and held in | (1,399) | | (682) | | (1,118) |
| treasury | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Drawdown of loan | - | | - | | 2,993 |
+----------------------------------+----------+----------+----------+----------+----------+
| Net cash (outflow) inflow from | (1,399) | | (682) | | 1,875 |
| financing | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Increase (Decrease) in cash | 458 | | 1,687 | | (382) |
+----------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Reconciliation of Return on | | | | | |
| Ordinary Activities before | | | | | |
| Taxation to Net Cash Flow from | | | | | |
| Operating Activities | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Total Return before taxation | (773) | | 8,310 | | 17,229 |
+----------------------------------+----------+----------+----------+----------+----------+
| Add: Finance costs: interest | | | | | |
| payable and similar charges | 12 | | 1 | | 2 |
+----------------------------------+----------+----------+----------+----------+----------+
| Less: Net losses (gains) on | 1,620 | | (7,496) | | (16,596) |
| investments at fair value | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Less: Net losses (gains) on | 37 | | - | | (27) |
| foreign currencies | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Less: Net (gains) losses on | (235) | | (2) | | 65 |
| foreign currency loan | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Less: Overseas tax suffered | (149) | | (144) | | (181) |
+----------------------------------+----------+----------+----------+----------+----------+
| | 512 | | 669 | | 492 |
+----------------------------------+----------+----------+----------+----------+----------+
| (Increase) Decrease in debtors | (195) | | 28 | | 219 |
+----------------------------------+----------+----------+----------+----------+----------+
| (Decrease) Increase in creditors | (210) | | (77) | | 146 |
+----------------------------------+----------+----------+----------+----------+----------+
| Net cash inflow from operating | 107 | | 620 | | 857 |
| activities | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Reconciliation of net cash flow | | | | | |
| to movement in net debt | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Net cash inflow (outflow) | 458 | | 1,687 | | (382) |
+----------------------------------+----------+----------+----------+----------+----------+
| Drawdown of Euro loan | - | | - | | (2,993) |
+----------------------------------+----------+----------+----------+----------+----------+
| Foreign currency movements | 198 | | 2 | | (38) |
+----------------------------------+----------+----------+----------+----------+----------+
| Movement in net funds | 656 | | 1,689 | | (3,413) |
+----------------------------------+----------+----------+----------+----------+----------+
| Net (debt) funds brought forward | (1,884) | | 1,529 | | 1,529 |
+----------------------------------+----------+----------+----------+----------+----------+
| Net (debt) funds carried forward | (1,228) | | 3,218 | | (1,884) |
+----------------------------------+----------+----------+----------+----------+----------+
Notes
Note 1
The return per Ordinary Share is based on a weighted average number of shares in
issue of 23,537,659 (31st May 2009: 24,061,696; 30th November 2009: 23,922,184).
Note 2
The total return column of this statement is the profit and loss account of the
Company.
All revenue and capital items derive from continuing operations. No operations
were acquired or discontinued in the period.
A Statement of Total Recognised Gains and Losses is not required as all gains
and losses of the Company have been reflected in the Income Statement.
Included in the cost of investments are transaction costs on purchases which
amounted to GBP55,002 (31st May 2009 - GBP57,183; 30th November 2009 -
GBP97,194) and transaction costs on sales which amounted to GBP34,400 (31st May
2009 - GBP38,527; 30th November 2009 - GBP65,917).
Note 3
Investments are designated as held at fair value through profit or loss in
accordance with FRS 26 'Financial Instruments: Recognition and Measurement'.
Listed investments are valued at bid market prices.
Note 4
In accordance with FRS 21 'Events after the Balance Sheet Date', the final
dividend payable on Ordinary Shares is recognised as a liability when approved
by shareholders. Interim dividends are recognised only when paid.
Dividends paid on Ordinary Shares in respect of earnings for each period are as
follows:
+----------------------------------+-------------+-+--------------+-----------------+
| | Six months | | Six months | Year to |
| | to | | to | |
+----------------------------------+-------------+-+--------------+-----------------+
| | 31st May | | 31st May | 30th November |
| | 2010 | | 2009 | 2009 |
| | GBP'000s | | GBP'000s | GBP'000s |
+----------------------------------+-------------+-+--------------+-----------------+
| Interim dividend 1.40p paid 25th | - | | - | 334 |
| August 2009 | | | | |
+----------------------------------+-------------+-+--------------+-----------------+
| Final dividend 2.65p paid 1st | 626 | | 637 | 637 |
| April 2010 (2009- 2.65p) | | | | |
+----------------------------------+-------------+-+--------------+-----------------+
| Special dividend nil (2009 - | - | | 60 | 60 |
| 0.25p) | | | | |
+----------------------------------+-------------+-+--------------+-----------------+
| | 626 | | 697 | 1,031 |
+----------------------------------+-------------+-+--------------+-----------------+
The above dividends are after adjusting for dividends proposed but not paid, due
to share buy backs.
Dividends payable at the period end are not recognised as a liability under FRS
21 'Events after the Balance Sheet Date'. Details of these dividends are set
out below.
+--------------------------------+--------------+-------------+-----------------+
| | Six months | Six months | Year to |
| | to | to | 30th November| |
| | 31st May | 31st May | 2009 |
| | 2010 | 2009 | GBP'000s |
| | GBP'000s | GBP'000s | |
+--------------------------------+ + + +
| | | | |
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