RNS Number:2111M
Close Second AIM VCT PLC
16 November 2006
CLOSE SECOND AIM VCT PLC
INTERIM RESULTS
16 November 2006
Close Second AIM VCT PLC ("the Company"), which invests in companies listed on
the Alternative Investment Market, across a variety of sectors, today announces
interim results for the six months ended 31 August 2006.
Chairman's statement
The six months to 31 August 2006 was a volatile and challenging time for
stockmarkets in general and in particular for AIM. Over the period the AIM Index
fell by 11.1% and the FTSE Small Cap Index fell by 3.5%. This compared to a fall
of only 1.2% in the Net Asset Values ("NAV") of the Ordinary shares portfolio
and a fall of 0.2% for the C and D shares portfolio.
The C and D share offers closed on 5 April and, as stated in the prospectus, the
funds raised were invested in non-qualifying investments, namely floating rate
securities and money market deposits pending investment in VCT qualifying
companies. Between the closing of the offers and the end of August, the C and D
shares portfolio made three qualifying investments.
Due to market sentiment, the rate of new issues slowed down considerably during
the period. Encouragingly, there are some signs that the deal flow is picking up
in the current more stable stockmarket environment for small companies. The
Manager will continue to make new investments in both portfolios that fit its
investment criteria.
On 31 August, the NAVs per share of the Ordinary shares and C and D shares
portfolios were 61.73p and 94.50p respectively. The NAVs per share on 8 November
were 64.02p for the Ordinary shares portfolio and 94.31p for the C and D
shares portfolio.
Dividends
Ordinary shares
In accordance with our stated policy of paying dividends to Ordinary
shareholders with each set of interim results, and following the successful
realisation of a substantial capital gain from the takeover of Neutec Pharma,
the Board has declared an interim dividend out of realised capital profits of 7p
per Ordinary share.
The dividend is subject to HM Revenue & Customs approval. The Company will
announce the record date and the dividend payment date in due course following
HM Revenue & Customs approval.
C and D shares
As noted above, the funds raised from the C and D share offers have mainly been
invested in interest bearing non-qualifying investments during the period. As
noted in the prospectus, the Company must pay out most of the income it receives
and, therefore, the Board has declared an interim revenue dividend of 0.75p per
C and D share. This will be paid on 14 December 2006 to all C and D shareholders
on the register on 24 November 2006.
Share buy-back policy and discount
The Company has a share buy-back policy for shareholders wishing to sell their
shares.
During the period under review, the Company repurchased 174,930 Ordinary shares
at an average price of 54.4p. The total value of shares repurchased over the
period was #93,445. At the end of August 2006, the discount of the share price
to NAV per Ordinary share was 9.3% compared to 7.9% at the end of August 2005.
The Company will endeavour to maintain the discount at 10% or below. The share
price for the C and D shares was 100p at the end of August 2006 and no shares
were repurchased during the period.
Shareholders intending to sell their shares might wish to contact the Manager,
Close Investments Ltd.
Market background
The market started 2006 in exuberant form, with the AIM Index in particular
racing to catch up with the other indices that it had underperformed in 2005.
This continued into April, with the AIM Index showing gains of over 20% at its
peak at the beginning of May. Although many of the gains were in resource stocks
which do not qualify for VCT investment, there was also a positive attitude to
risk amongst investors at this time which was helpful to smaller company share
prices in general. It also helped a record number of new issues to come to AIM
in the first six months to June, although many of these were at high valuations
and non-VCT qualifying.
Unfortunately, all of this ended abruptly in May, when markets began to focus on
the reality of high oil prices, falling commodity prices, the very real
probability of higher interest rates and waning consumer confidence. The market
suffered a sharp sell off, and smaller companies were particularly affected as
some fund managers sought safety in larger and more liquid stocks. AIM fell more
sharply than the rest of the UK indices as investors who had been increasing
their exposure to this market over the previous twelve months began to
re-evaluate their strategy in the light of poor performance from recent
flotations. It is worth noting that AIM, being heavily distorted by the
performance of mining and oil stocks, also found itself at the mercy of falling
commodity prices at this time.
The change in sentiment affected the ratings of all smaller companies as the
appetite for risk diminished. Volatility also increased with the result that
shares tended to over-react to any piece of bad news. Moreover, at the end of
the summer market sentiment was not helped, first, by the decision by the US
Congress to ban online gaming and, second, the quicker than expected rise in
interest rates in August. The portfolios were not exposed to the online gaming
sector as these companies are not VCT qualifying investments. However, the
performance of AIM suffered greatly in August and September as they represented
some of AIM's largest companies. The actual decision by the Monetary Policy
Committee to increase interest rates was not a surprise as rising inflation has
continued to be a threat. The more hawkish City economists predict further
interest rate rises this year in order to push inflation back down to the
Monetary Policy Committee target of 2%.
Since the period end, volatility in the small company market has begun to calm
down, with stability gradually returning as sentiment is slowly beginning to
pick up and corporate activity remains strong. Consequently, we are seeing an
increasing number of flotations and secondary placings on AIM, which is
encouraging after the quiet summer. Although the valuations of some new issues
are still relatively high, there are some coming at attractive valuations and
the Manager still expects to continue to make new investments in the portfolios
at sensible valuations.
Performance
Ordinary share portfolio
In the period, the NAV per Ordinary share fell by 1.2% outperforming both the
AIM and Small Cap Index over the period which fell by 11.1% and 3.5%
respectively. The performance of the portfolio was not helped by market
sentiment, which meant that some of the larger holdings such as Imprint saw
their share prices fall despite producing excellent figures and exceeding
market expectations for growth. In more stable market conditions, one would
expect that profitable, more established businesses, like Imprint, to be
re-rated once more.
There were three stocks which suffered from specific problems which cost the
fund some performance in the period - Pipex, Win and Careforce. Pipex, the
broadband operator, was hit by increased competition in its market; and Win, the
deliverer of content over the mobile network lost a very profitable customer.
Careforce suffered lower than expected demand for its domiciliary care services
from Local Authority Social Services departments. All three companies operate in
markets which have begun to consolidate.
However, over the period there were several holdings in the portfolio that
produced good results including Pilat Media, Clapham House, Talarius and Zetar.
The exciting news over the period was the takeover of one of the fund's largest
holdings at the time, Neutec Pharma. In July, a cash offer for Neutec Pharma
came from Novartis at 1050p, which was seven times the original price paid for
the shares.
There were no new investments made in the Ordinary shares portfolio over the
period but profits were taken in several holdings including Mattioli Woods,
Huveaux, PM Group and Strategic Thought. The portfolio's holding in Sovereign
Oilfield Services was sold. Since the period end, the Manager has invested in
Brulines, a leading provider of data systems (including hardware, software and
analysis) that monitor the through-flow of beer in pubs. The company floated
on AIM in October, raising #8m to expand into new vertical markets and
strengthen the balance sheet. Its main customers include Punch Taverns,
Enterprise Inns and Wolverhampton and Dudley Breweries. Brulines is a profitable
company and is expected to pay a dividend in its financial year to the end of
March 2007.
Since the period end, the NAV per share has been positively affected by
continued corporate activity. Both Talarius and Ovum in the Ordinary shares
portfolio have had bid approaches. Talarius had an approach from a third party
that may lead to an offer. Talarius is the portfolio's largest holding and the
share price has performed strongly. Datamonitor, Ovum's main UK competitor,
announced a cash offer for Ovum, which entitles Ovum shareholders to 300p per
Ovum share. This price represents a 58% premium to the price paid for the
shares. As a result of the above coupled with recent market recovery, the NAV
on 8 November was up 3.7% from the end of August 2006 to 64.02p compared to a
2.4% fall in the AIM Index over the same period.
At the period end, the Ordinary shares portfolio was 75.9% invested in
qualifying investments for HM Revenue & Customs purposes.
C and D shares portfolio
During the period there were three new investments - BBI, Telephonetics and
Twenty. Cardiff based BBI Holdings develops and manufactures rapid result
non-invasive diagnostic tests for the point of care market; Telephonetics
develops and distributes advanced speech recognition product and services mainly
to the cinema industry and Twenty provides a range of media and marketing
services to a variety of sectors including charities, retail and leisure. Since
the period end, we have invested in two more VCT qualifying investments -
Brulines (described above) and Hatpin. Hatpin is a profitable recruitment
services business, specialising in public sector and advertising recruitment.
The company floated on AIM in September, raising #5.5m to purchase Alexander
Mann, a recruitment business specialising in the financial markets industry. The
company intends to continue to grow its business both organically and through
acquisition.
At the period end, the C and D shares portfolio was 5.4% invested in qualifying
investments for HM Revenue & Customs purposes. The portfolio has two and a half
years to reach the 70% required under VCT regulations.
Directors
Julian Fosh resigned from the Board in July. The Board wishes to thank Julian
for his contribution to the Company over the years and wishes him well for the
future.
Outlook
There is no doubt that the aversion to risk since the beginning of the summer
had an impact on the flow of qualifying new issues onto AIM and consequently,
the rate of investment slowed in the second half of the period. With the market
beginning to stabilise, the main challenge for the Manager remains finding
enough new attractive VCT qualifying investments at the right price. The effect
of the summer has been twofold, first to put some companies off the whole
flotation process, and second to bring back some flotation prices to more
realistic levels. The latter is good news for the Company, but only if
sufficient companies find that it is worthwhile to float. Stability in the
market over the next three months will be important for this and the rate of
flotations on AIM is slowly beginning to pick up. However, with the Ordinary
portfolio invested over 70% in VCT qualifying companies and the C and D shares
with over 2 years to go to reach this level, we will continue to concentrate
on quality and value.
It is encouraging that many of the companies in which the portfolios are
invested have announced good figures, and several have paid maiden dividends,
for example, Mattioli Woods, BBI Holdings, Bond International and Cello. The
wider stockmarket worries about inflation (particularly rising utility prices),
further interest rates hikes and slowing growth rates do not seem to have had a
negative effect on the trading performance of companies in the portfolios.
Corporate activity is expected to continue in a variety of sectors and if the
small company market continues to recover, there should be room for growth
stocks to be re-rated upwards. This would have a positive impact on the
performance of the portfolios, which is already evident with the recent bid
approaches for both Talarius and Ovum in the Ordinary shares portfolio.
Elizabeth Kennedy
Chairman
16 November 2006
Income Statement
for the six months to 31 August 2006
Ordinary shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 2006 31 August 2005 28 February 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
(Losses)/
gains - (31) (31) - (162) (162) - 330 330
on
investments
Investment
Income
Investment 34 - 34 24 - 24 35 - 35
management (14) (43) (57) (14) (44) (58) (29) (87) (116)
fee
Other (37) - (37) (52) - (52) (141) - (141)
expenses ------- ------- ------ ------- ------- ------ ------- ------- ------
Return on
ordinary
activities
before tax (17) (74) (91) (42) (206) (248) (135) 243 108
Tax on
ordinary
activities 7 8 15 - - - - - -
------- ------- ------ ------- ------- ------ ------- ------- ------
Return
attributable
to
shareholders (10) (66) (76) (42) (206) (248) (135) 243 108
------- ------- ------ ------- ------- ------ ------- ------- ------
Basic and
diluted
return
per share (0.13) (0.82) (0.95) (0.49) (2.42) (2.91) (1.61) 2.90 1.29
(pence) ------- ------- ------ ------- ------- ------ ------- ------- ------
All of the Company's activities derive from continuing operations.
No operations were acquired or discontinued during the period.
The Company has no recognised gains or losses other than those disclosed above,
accordingly a statement of total recognised gains and losses is not required.
The total column of the Income Statement represents the profit and loss of the
Ordinary shares. The supplementary revenue return and capital return columns
have been prepared in accordance with the Association of Investment Trust
Companies' Statement of Recommended Practice.
Income Statement
for the six months to 31 August 2006
C & D shares
Unaudited
Six months to
31 August 2006
Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (48) (48)
Invesment income 340 - 340
Investment management fee (56) (167) (223)
Other expenses (55) - (55)
------- ------- ------
Return on ordinary activities before tax 229 (215) 14
Tax on ordinary activities (53) 38 (15)
------- ------- ------
Return attributable to shareholders 176 (177) (1)
------- ------- ------
Basic and diluted return per share (pence) 1.04 (1.04) -
------- ------- ------
All of the Company's activities derive from continuing operations.
No operations were acquired or discontinued during the period.
The Company has no recognised gains or losses other than those disclosed above,
accordingly a statement of total recognised gains and losses is not required.
The total column of the Income Statement represents the profit and loss of the C
& D shares. The supplementary revenue return and capital return columns have
been prepared in accordance with the Association of Investment Trust Companies'
Statement of Recommended Practice.
Income Statement
for the six months to 31 August 2006
Total
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 2006 31 August 2005 28 February 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
(Losses)/
gains - (79) (79) - (162) (162) - 330 330
on
investments
Investment
income 374 - 374 24 - 24 35 - 35
Investment
management (70) (210) (280) (14) (44) (58) (29) (87) (116)
fee
Other (92) - (92) (52) - (52) (141) - (141)
expenses ------- ------- ------ ------- ------- ------ ------- ------- ------
Return on
ordinary
activities
before tax 212 (289) (77) (42) (206) (248) (135) 243 108
Tax on
ordinary
activities (46) 46 - - - - - - -
------- ------- ------ ------- ------- ------ ------- ------- ------
Return
attributable
to
shareholders 166 (243) (77) (42) (206) (248) (135) 243 108
------- ------- ------ ------- ------- ------ ------- ------- ------
All of the Company's activities derive from continuing operations.
No operations were acquired or discontinued during the period.
The Company has no recognised gains or losses other than those disclosed above,
accordingly a statement of total recognised gains and losses is not required.
The total column of the Income Statement represents the profit and loss of the
Company. The supplementary revenue return and capital return columns have been
prepared in accordance with the Association of Investment Trust Companies'
Statement of Recommended Practice.
Balance Sheet
as at 31 August 2006
Ordinary shares
Unaudited Unaudited Audited
31 August 31 August 28 February
2006 2005 2006
#'000 #'000 #'000
Fixed asset investments
-at fair value through profit or loss
Qualifying investments 3,813 4,482 4,546
Non-qualifying investments 355 68 367
---------- ----------- -----------
4,168 4,550 4,913
Current assets
Debtors 9 38 41
Cash at bank 749 378 177
----------- ----------- -----------
758 416 218
Creditors: amounts falling due within
one year (46) (25) (81)
----------- ----------- -----------
Net current assets 712 391 137
----------- ----------- -----------
Net assets 4,880 4,941 5,050
----------- ----------- -----------
Capital and reserves
Called up share capital 395 419 404
Special reserve 7,470 7,728 7,564
Capital redemption reserve 49 25 40
Realised capital reserve (3,370) (3,866) (3,849)
Unrealised capital reserve 751 947 1,296
Revenue reserve (415) (312) (405)
----------- ----------- -----------
Equity shareholders' funds 4,880 4,941 5,050
----------- ----------- -----------
Net asset value per share (pence) 61.73 58.91 62.50
Balance Sheet
as at 31 August 2006
C & D shares
Unaudited
31 August
2006
#'000
Fixed asset investments
-at fair value through profit or loss
Qualifying investments 977
Non-qualifying investments 14,998
-----------
15,975
Current assets
Debtors 164
Cash at bank 3,019
-----------
3,183
Creditors: amounts falling due within one year (31)
-----------
Net current assets 3,152
-----------
Net assets 19,127
-----------
Capital and reserves
Called up share capital 1,012
Share premium 18,116
Realised capital reserve (111)
Unrealised capital reserve (66)
Revenue reserve 176
-----------
Equity shareholders' funds 19,127
-----------
Net asset value per share (pence) 94.50
Balance Sheet
as at 31 August 2006
Total
Unaudited Unaudited Audited
31 August 31 August 28 February
2006 2005 2006
#'000 #'000 #'000
Fixed asset investments
-at fair value through profit or loss
Qualifying investments 4,790 4,482 4,546
Non-qualifying investments 15,353 68 367
----------- ----------- -----------
20,143 4,550 4,913
Current assets
Debtors 173 38 41
Cash at bank 3,768 378 177
----------- ----------- -----------
3,941 416 218
Creditors: amounts falling due within
one year (77) (25) (81)
----------- ----------- -----------
Net current assets 3,864 391 137
----------- ----------- -----------
Net assets 24,007 4,941 5,050
----------- ----------- -----------
Capital and reserves
Called up share capital 1,407 419 404
Share premium 18,116 - -
Special reserve 7,470 7,728 7,564
Capital redemption reserve 49 25 40
Realised capital reserve (3,481) (3,866) (3,849)
Unrealised capital reserve 685 947 1,296
Revenue reserve (239) (312) (405)
----------- ----------- -----------
Equity shareholders' funds 24,007 4,941 5,050
----------- ----------- -----------
Reconciliation of Movements in Shareholders' Funds
for the six months to 31 August 2006
Ordinary shares
Share Special Capital Realised Unrealised Revenue Total
capital reserve redemption capital capital reserve
reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Six months
ended 31
August 2006
As at
28 February
2006 404 7,564 40 (3,849) 1,296 (405) 5,050
Net return
after
taxation - - - 479 (545) (10) (76)
for the
period
Shares
purchased
for (9) (94) 9 - - - (94)
cancellation ------ ------- --------- ------- -------- ------- ------
As at
31 August 395 7,470 49 (3,370) 751 (415) 4,880
2006 ------ ------- --------- ------- -------- ------- ------
Six months
ended 31
August 2005
As at
28 February
2005 430 7,846 14 (2,344) (369) (270) 5,307
Net return
after
taxation - - - (1,522) 1,316 (42) (248)
for the
period
Shares
purchased
for (11) (118) 11 - - - (118)
cancellation ------ ------- --------- ------- -------- ------- ------
As at
31 August 419 7,728 25 (3,866) 947 (312) 4,941
2005 ------ ------- --------- ------- -------- ------- ------
Year ended
28 February
2006
As at
28 February
2005 430 7,846 14 (2,344) (369) (270) 5,307
Net return
after
taxation - - - (1,422) 1,665 (135) 108
for the year
Dividends - - - (83) - - (83)
Shares
purchased
for (26) (282) 26 - - - (282)
cancellation ------ ------- --------- ------- -------- ------- ------
As at
28 February
2006 404 7,564 40 (3,849) 1,296 (405) 5,050
------ ------- --------- ------- -------- ------- ------
C & D shares
Share Share Realised Unrealised Revenue Total
capital premium capital capital reserve
reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
Six months ended
31 August 2006
as at
28 February 2006 - - - - - -
Net return
after taxation
for the period - - (111) (66) 176 (1)
Issue of
shares net of
expenses 1,012 18,116 - - - 19,128
------ ------- ------- -------- ------- -------
As at
31 August 2006 1,012 18,116 (111) (66) 176 19,127
------ ------- ------- -------- ------- -------
Reconciliation of Movements in Shareholders' Funds
for the six months to 31 August 2006
Total
Share Share Special Capital Realised Unrealised Revenue Total
capital premium reserve redemption capital capital reserve
reserve reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Six months
ended 31
August 2006
As at
28 February
2006 404 - 7,564 40 (3,849) 1,296 (405) 5,050
Net return
after
taxation - - - - 368 (611) 166 (77)
for the
period
Issue of
shares net
of 1,012 18,116 - - - - - 19,128
expenses
Shares
purchased
for (9) - (94) 9 - - - (94)
cancellation ------ ------- ------- --------- ------- -------- ------- -------
As at
31 August 1,407 18,116 7,470 49 (3,481) 685 (239) 24,007
2006 ------ ------- ------- --------- ------- -------- ------- -------
Six months
ended 31
August 2005
As at
28 February
2005 430 - 7,846 14 (2,344) (369) (270) 5,307
Net return
after
taxation - - - - (1,522) 1,316 (42) (248)
for the
period
Shares
purchased
for (11) - (118) 11 - - - (118)
cancellation ------ ------- ------- --------- ------- -------- ------- -------
As at
31 August 419 - 7,728 25 (3,866) 947 (312) 4,941
2005 ------ ------- ------- --------- ------- -------- ------- -------
Year ended
28 February
2006
As at
28 February
2005 430 - 7,846 14 (2,344) (369) (270) 5,307
Net return
after
taxation - - - - (1,422) 1,665 (135) 108
for the year
Dividends - - - - (83) - - (83)
Shares
purchased
for (26) - (282) 26 - - - (282)
cancellation ------ ------- ------- --------- ------- -------- ------- -------
As at
28 February
2006 404 - 7,564 40 (3,849) 1,296 (405) 5,050
------ ------- ------- --------- ------- -------- ------- -------
Cash Flow Statement
for the six months to 31 August 2006
Ordinary shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2006 2005 2006
#'000 #'000 #'000
Operating activities
Dividend income received 13 14 16
Investment income received 7 11 11
Deposit interest received 13 3 9
Investment management fees paid (70) (63) (107)
Other cash payments (90) (63) (110)
----------- ----------- -----------
Net cash outflow from operating
activities (127) (98) (181)
----------- ----------- -----------
Investing activities
Purchase of investments (60) (1,037) (1,807)
Disposal of investments 808 1,701 2,592
----------- ----------- -----------
Net cash inflow from investing
activities 748 664 785
----------- ----------- -----------
Equity dividends paid
Dividends paid out of realised
capital gains - - (83)
----------- ----------- -----------
Total equity dividends paid - - (83)
----------- ----------- -----------
Net cash inflow before financing 621 566 521
----------- ----------- -----------
Financing
Intercompany account movement 43 - -
Cancellation of shares (92) (174) (330)
----------- ----------- -----------
Net cash outflow from financing (49) (174) (330)
----------- ----------- -----------
Increase in cash 572 392 191
----------- ----------- -----------
Cash Flow Statement
for the six months to 31 August 2006
C & D shares
Unaudited
Six months to
31 August
2006
#'000
Operating activities
Investment income received 148
Deposit interest received 73
Investment management fees paid (217)
Other cash payments (41)
-----------
Net cash outflow from operating activities (37)
-----------
Investing activities
Purchase of investments (16,207)
Disposal of investments 184
-----------
Net cash outflow from investing activities (16,023)
-----------
Net cash outflow before financing (16,060)
-----------
Financing
Intercompany account movement (43)
Issue of equity net of expenses 19,122
-----------
Net cash inflow from financing 19,079
-----------
Increase in cash 3,019
-----------
Cash Flow Statement
for the six months to 31 August 2006
Total
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2006 2005 2006
#'000 #'000 #'000
Operating activities
Dividend income received 13 14 16
Investment income received 155 11 11
Deposit interest received 86 3 9
Investment management fees paid (287) (63) (107)
Other cash payments (131) (63) (110)
----------- ----------- -----------
Net cash outflow from operating
activities (164) (98) (181)
----------- ----------- -----------
Investing activities
Purchase of investments (16,267) (1,037) (1,807)
Disposal of investments 992 1,701 2,592
----------- ----------- -----------
Net cash (outflow)/inflow from
investing activities (15,275) 664 785
----------- ----------- -----------
Equity dividends paid
Dividends paid out of realised
capital gains - - (83)
----------- ----------- -----------
Total equity dividends paid - - (83)
----------- ----------- -----------
Net cash (outflow)/inflow before
financing (15,439) 566 521
----------- ----------- -----------
Financing
Issue of equity net of expenses 19,122 - -
Cancellation of shares (92) (174) (330)
----------- ----------- -----------
Net cash inflow/(outflow) from
financing 19,030 (174) (330)
----------- ----------- -----------
Increase in cash 3,591 392 191
----------- ----------- -----------
Notes:
1. Details about the Investment Manager
Close Second AIM VCT PLC is managed by Close Investments Limited. Close
Investments Limited is authorised and regulated by the Financial Services
Authority and is a subsidiary of Close Brothers Group plc.
2. Statutory accounts
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the six months ended 31 August 2006 or 31
August 2005. The financial information for the year ended 28
February 2006 is derived from the statutory accounts delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under either section 237(2) or 237(3) of the
Companies Act 1985.
3. Accounting Policies
These accounts have been prepared on the basis of the accounting policies set
out in the latest annual report for the year ended 28 February 2006.
4. Basic and diluted return per share
Return per share has been calculated on 8,005,007 (2005: 8,491,787) Ordinary
shares and 16,993,107 (2005: nil) C & D shares being the weighted average number
of shares in issue for the period.
There are no convertible instruments derivatives or contingent share agreements
in issue for Close Second AIM VCT PLC hence there are no dilution effects to the
return per share. The basic return per share is therefore the same as the
diluted return per share.
5. Net assets per share
Net assets per share has been calculated on 7,905,818 (2005:8,387,080) Ordinary
shares and 20,240,793 (2005: nil) C & D shares being the number of shares in
issue at 31 August.
For further information, please contact:
Andrew Buchanan / Freda Isingoma
Close Investments Limited
Tel: 020 7426 4000
Clemmie Carr
Tavistock Communications
Tel: 020 7655 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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