RNS Number:0094Z
Eclipse VCT plc
27 February 2006
Eclipse VCT plc
27 February 2006
Unaudited interim results for the 6 months to 30 November 2005
Financial highlights 30 November 2005 30 November 2004 31 May 2005
(restated)** (restated)**
* Net assets #29,449,000 #24,386,000 #30,264,000
* Net asset value per share 94.2p 95.8p 96.8p
* Revenue return after tax #134,000 #196,000 #495,000
* Revenue return per share* 0.4p 1.4p 2.4p
* Total (loss)/return per share* (1.1)p 1.5p 2.7p
*Based on a weighted average of 31,264,560 shares in issue during the period
(13,629,300 : 30 November 2004 and 20,396,980 : 31 May 2005).
**Comparative figures have been extracted from the unaudited interim results for
the period ended 30 November 2004 and the statutory accounts for the period
ended 31 May 2005 and have been restated in accordance with FRS 21 in respect of
declared dividends and FRS 26 in respect of the valuation of quoted investments
as disclosed in note 2 to the interim results.
For further information, please contact:
Simon Rogerson
Chief Executive
Octopus Asset Management 020 7710 2800
Chairman's Statement
I am pleased to present the interim results for the six months to 30 November
2005. As a team we continue to be delighted with the positive feedback we have
received since the launch of the Fund and would like to thank all of our
shareholders for their support.
Eclipse VCT ('Eclipse') was one of the most successful Venture Capital Trusts ('
VCT') launched in 2004 (by funds raised), raising over #30 million by December
2004. Since then, the Manager has launched three further Eclipse funds (Eclipse
2, 3 and 4). The new funds should benefit all shareholders as it will enable the
Manager to invest up to #4 million per company (i.e. #1 million from each of the
four VCTs). This will allow the Manager to invest in more developed, lower-risk
companies than typical VCTs. Each of the Eclipse funds will invest in deals
pro-rata to the respective fund size.
Net Asset Value per share ("NAV")
The NAV at 30 November 2005 was 94.2p. During the period under review, 10
further investments were made in unquoted and AIM listed companies. This meant
that at 30 November 2005, Eclipse had a portfolio of 20 investments in
qualifying companies, representing just over 40% of the Fund by NAV. The
unquoted companies have been valued in accordance with British Venture Capital
Association ("BVCA") guidelines and, with the exception of one investment, are
all held at cost. As set out in the BVCA guidelines, valuations of unquoted
investments are usually not changed for at least twelve months from the date of
investment unless the investee company has performed significantly behind plan
(in which case the investment is written down in value), or we have participated
in a follow-on fundraising for the company. The investment in The Capital Pub
Company 2 has been written up slightly to reflect our participation in a
follow-on fundraising which occurred at a higher valuation than the original
investment.
The overall value of the portfolio of AIM investments was #3,312,000 compared
with a cost of #3,248,000. This includes the impact of the change in accounting
rules, which now requires us to value our holdings in AIM companies using
bid-prices rather than mid-prices. As bid-prices are lower than the mid-prices,
this accounting change means that the value of the AIM portfolio at 30 November
2005 was #94,000 lower than it would have been under the previous accounting
rules.
In addition, the income generated by the Fund in the period under review was
insufficient to cover the overall running costs. This was because of the
substantial number of investments that have now been made in qualifying holdings
(and the reduction in the proportion of the Fund that was held in income
generating assets such as money market securities).
The Manager reports it is pleased with the portfolio that has been created and
believes that a number of investments will see uplifts in due course. Further
information on portfolio holdings can be found in the Manager's review.
Dividend
The Fund is at an early stage in its investment cycle and dividends are largely
derived from interest earned on money market securities. In the medium term, we
aim to produce a regular tax-free income stream for shareholders and, as such,
we will realise profits for distribution on holdings which we believe have
reached a fair value. Due to the early stage of the Fund no interim dividend is
proposed.
Share Price and Buy-Back Facility
Eclipse has a share buy-back facility, proposing to buy-back shares at no more
than a 10% discount to the prevailing NAV. This should assist the marketability
of the shares and help prevent the shares from trading at a wide discount to
NAV.
The Fund's mid market share price currently stands at 85p compared to the NAV of
94.2p. This is primarily due to the small number of transactions which took
place when the fund was in a close period and, therefore, unable to utilise its
buy back facility. Once the close period has ended any shares in the market will
be bought back and cancelled which should narrow the discount to NAV.
In the period under review, Eclipse repurchased 12,000 shares at a price of 85p.
Shareholders should note that if they sell their shares within three years of
the original purchase they forfeit any income tax relief obtained. If you need
to sell your shares, please contact Octopus Asset Management on 020 7710 2800.
VCT Qualifying Status
As you may be aware, Eclipse must be 70% invested in qualifying companies by 31
May 2007 in order to comply with VCT regulations. At 30 November 2005, Eclipse
was approximately 40% invested (by net asset value) in qualifying holdings
slightly ahead of our target.
The Directors will continue to monitor the Fund's progress towards meeting HM
Revenue and Customs conditions for VCT approval and have retained
PricewaterhouseCoopers LLP, one of the UK's leading firms of accountants, to
advise in this area. In light of the current deal flow, we are confident that
Eclipse will meet the relevant conditions by its deadline of 31 May 2007.
Outlook
Most of the fundamentals for the UK economy remain favourable. The prospect of
higher interest rates seems to have receded and inflation and unemployment
remain low, providing a positive environment in which to invest in UK smaller
companies.
However, some concerns remain about the general level of consumer debt, which
may have a dampening effect on the UK economy and some weakness has been seen in
consumer spending. The Manager is conscious of these factors and will continue
to be rigorous in its approach to assessing companies.
The Manager continues to see a healthy pipeline of investment opportunities and
anticipates making several additional investments in the forthcoming months.
Christopher Lyttelton
Chairman
27 February 2006
Investment Manager's Review
Personal Service
At Octopus, we pride ourselves not only on our team's track record but also on
our personalised customer service. We believe in open communication and our
regular updates are designed to keep you involved and informed.
If you have any questions about this review, or if it would help to speak to one
of the fund managers, please do not hesitate to contact us on 020 7710 2800.
Introduction
We are pleased with the progress made by the Fund since launch. Over the six
months to 30 November 2005 the fund invested #5.2 million in 10 companies
bringing the total invested to almost #11.6 million.
Qualifying Status
VCTs have three years to invest 70% of their money into qualifying companies.
We're pleased to say that, as at 30 November 2005, halfway through the three
year period, Eclipse was 40% invested (by net asset value) in qualifying
companies, slightly ahead of our expectations.
Review of Investments
The Eclipse portfolio comprised 10 AIM listed and 10 unquoted investments at 30
November 2005. We expect that approximately 20% of the Fund will be invested in
AIM listed companies when the fund is fully invested. Since 30 November 2005
the Fund has invested #837,500 in two further investments.
Once we have made an investment, we take an active approach in monitoring its
performance. This includes regular meetings with management teams and, in the
case of most unquoted investments, attending board meetings of the portfolio
companies.
In keeping with our patient and low risk approach, the remainder of the Fund has
been earning invested in the money market securities.
Portfolio Activity
During the period under review, a total of #4.9 million was invested in eight
new companies and a further #300,000 in two follow-on investments. These
investments are discussed below.
Lilestone Holdings Ltd
Branded consumer goods
In September 2005, Eclipse invested #470,000 alongside other Octopus managed
funds and a syndicate of third party investors in the acquisition and funding of
Lilestone plc, the holding company for the Myla brand. Myla is a luxury brand
selling premium priced lingerie together with bedroom accessories to style and
fashion conscious women.
Belgravium Technologies plc
Information Technology
Eclipse invested #45,000 in the AIM flotation of Belgravium in October 2005.
Belgravium designs, develops and installs real time data capture systems aimed
at the logistics, fuel distribution and airline industries.
Abcam plc
Healthcare
Eclipse invested #89,000 in the AIM flotation of Abcam in October 2005. Abcam
is an internet based company focussed on the development and distribution of
high quality antibodies to universities, research institutes and pharmaceutical
companies.
Healthcare Locums plc
Recruitment in healthcare industry
In November 2005, Eclipse invested #300,000 in the AIM flotation of Healthcare
Locums ('HCL'). HCL is a specialist player in the healthcare staffing market,
targeting the niche markets for the supply of temporary doctors, GPs, social
workers and other healthcare professionals.
The Kendal Group Ltd
Branded consumer goods
Eclipse invested #1 million alongside Eclipse VCT 2 in a #1.6 million funding
round for the Kendal Group in November 2005. The majority of the funding is
being used to support the growth of the swim equipment, swimwear and active wear
brands, Zoggs and PureLime.
Plastics Capital Ltd
Niche plastics engineering business
In November 2005 Eclipse invested #1 million as part of an #11 million
transaction to support the acquisition of two companies by Plastics Capital.
Part of the funding was also provided from Eclipse VCT 2. Plastics Capital was
set up to build a group of niche plastics manufacturing companies, each with a
strong market position and good cash generation characteristics.
James Harvard International Ltd
Recruitment in the pharma and IT sectors
Eclipse invested #1 million in November 2005 in James Harvard. This was part of
a #2.5 million investment by Octopus managed funds to support an acquisition in
November 2005. James Harvard is one of the leading recruitment agencies in the
growing European clinical trials market.
Luther Pendragon Ltd
PR services
In November 2005, Eclipse invested #1 million as part of a #2 million investment
by Octopus managed funds in the management buy out of Luther Pendragon. Luther
provides a fully integrated corporate PR service specialising in 'issues
management'.
Portfolio Valuation
At 30 November 2005, the Fund's unquoted and AIM portfolio comprised 20
companies with a total cost of #11.6 million and a value of #11.7 million. The
Fund also held #17.3 million in money market securities awaiting investment in
qualifying holdings.
Top Ten Holdings
The Kendal Group Limited
The Kendal Group is the holding company for the Zoggs and PureLime brands.
Zoggs is a leading swim equipment and swimwear brand, founded in Australia and
well known for its swim goggles and flotation aids. It has recently introduced
swimwear to the range. Further information is available at www.zoggs.com
PureLime is a ladies fitness and active wear brand, originally from Denmark.
Further information is available at www.purelime.com
The company has a high proportion of sales through fitness centres and swimming
pool locations and is starting to gain distribution through retail outlets. The
Zoggs brand has a significant presence in Australia and plans to grow through
licensing in other countries.
Further information can be found at the company's website,
www.thekendalgroup.com
Investment date 18 November 2005
Equity held 11.5%
Cost #1,024,456
Valuation #1,024,456
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts December 2004
Net Assets #1,300,000
Profit/(loss) before taxation n/a
Gyro Group plc
Gyro, which was founded in 1991, provides an integrated suite of marketing
services including brand strategy, direct marketing, web marketing and event
management. The company focuses primarily on technology and financial services
companies, and clients include Sony, Sun Microsystems, Orange and Deutsche Bank.
Gyro has offices in London, Geneva, Stockholm, Amsterdam, New York and San
Francisco and has recently opened in Dublin and Hamburg. Revenues have grown
from #11 million in 2004 to more than #17 million in 2005 and Gyro was ranked
the No.1 B2B agency in the UK in 2005.
Further information can be found at the company's website, www.gyrogroup.com.
Investment date 10 February 2005
Equity held 10.6%
Cost #1,000,000
Valuation #1,000,000
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts October 2004
Net Assets #21,000
Profit/(loss) before taxation: #707,000
Reading Room Limited
Reading Room designs, develops and maintains websites for its clients. The
company is known for its integrated approach to digital communications, media
and marketing and has a broad client base including GlaxoSmithKline, Royal
Worcester Porcelain, Business Links and Cancer Research UK.
Reading Room has offices in London, Manchester and Sydney and has increased its
staffing level from 53 to 83 since our investment.
Further information can be found at the company's website www.readingroom.com.
Investment date 7 April 2005
Equity held 26.7%
Cost #1,000,000
Valuation #1,000,000
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts April 2005
Net Assets #1,600,000
Profit/(loss) before taxation #80,000
Plastics Capital Limited
Plastics Capital was set up to build a group of niche plastics manufacturing
companies, each with a strong market position and good cash generation
characteristics. The group currently comprises three separate businesses with
factories located in Knaresborough, Leicester, Dartford and Poole with an
aggregate turnover in excess of #15 million.
The first company acquired was Bell Plastics, which manufactures plastic
mandrels for use in the manufacturing process for high pressure hoses. Our
funding was used to acquire Trimplex, a company that manufactures creasing
matrices for cardboard box manufacturing, and BNL, which manufactures plastic
ball bearing components.
Investment date 30 November 2005
Equity held 11.8%
Cost #1,000,000
Valuation #1,000,000
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts March 2005
Net Assets #826,000
Profit/(loss) before taxation #68,000
James Harvard International Limited
James Harvard is one of the leading recruitment agencies in the growing, but
fragmented, European clinical trials market. The funds raised were used to
acquire EXCO, thereby extending the range of functional areas covered by James
Harvard as well as providing access to a broader range of clients.
Further information can be found at the company's website www.jamesharvard.com.
Investment date 30 November 2005
Equity held 10%
Cost #1,000,000
Valuation #1,000,000
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts December 2004
Net Assets #550,000
Profit/(loss) before taxation n/a
Luther Pendragon Limited
Luther provides a fully integrated corporate PR service specialising in 'issues
management', which involves developing communications strategies to combat any
potential risks to a client's reputation or to influence public perception to
achieve a strategic goal. The company was established in 1992 and has grown to
45 partners and staff. The company has a range of public sector and blue chip
private sector clients from a range of industries.
Further information can be found at the company's website www.luther.co.uk.
Investment date 30 November 2005
Equity held 19.2%
Cost #1,000,000
Valuation #1,000,000
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts December 2004
Net Assets #1,500,000
Profit/(loss) before taxation #759,000
Covion Limited
Covion provides a full range of support services, including cleaning, security
and maintenance work for clients such as LogicaCMG, Sara Lee and Anglian
Windows.
The company has annualised sales of more than #16 million, making it the fastest
growing business in the Thames Valley region in 2004 (source: BDO). Covion came
fourth in a Fastrak 100 survey of the fastest growing companies in the UK
(October 2005) and 39th fastest growing in Europe. Two founder directors, David
Steventon and Frank Rodrigues have also received an Entrepreneur of the Year
award sponsored by Ernst & Young.
Further information can be found at the company's website www.covion.co.uk.
Investment date 27 May 2005
Equity held 10.1%
Cost #844,083
Valuation #844,083
Valuation basis Cost (New Investment)
Dividends/Interest received during the year Nil
Last Audited Accounts December 2004
Net Assets #728,000
Profit/(loss) before taxation #329,000
Cello Group plc
Cello Group was created as a vehicle to identify and acquire well-established
media services companies operating in niche markets. In October 2004, the
company's flotation on AIM raised #15 million in order to acquire three
businesses and provide working capital. Cello has subsequently made a number of
further acquisitions.
Further information can be found at the company's website www.cellogroup.co.uk.
Investment date 9 November 2004
Equity held 2.3%
Cost #750,000
Valuation #877,000
Valuation basis Bid price
Dividends/Interest received during the year Nil
Last Audited Accounts December 2004
Net Assets #33,500,000
Profit/(loss) before taxation #1,300,000
The Capital Pub Company 2 plc
Capital Pub Company 2 plc is the latest pub investment vehicle set up by David
Bruce, who has a long and successful track record in the brewing and leisure
industry. Bruce has set up and successfully sold a number of similar companies,
including the Firkin and Slug and Lettuce chains of pubs.
In total, more than #10 million was initially raised for the company which is
developing a portfolio of freehold public houses in the Greater London area.
These are unbranded, un-themed and have no tie to a particular brewery. To date,
seven sites have been acquired and more are in the pipeline.
Further information can be found at the company's website
www.capitalpubcompany2.com.
Investment date 31 January and 30 June 2005
Equity held 3.8%
Cost 599,500
Valuation 619,500
Valuation basis Latest round of finance
Dividends/Interest received during the year Nil
Last Audited Accounts September 05
Net Assets #10,500,000
Profit/(loss) before taxation #68,000
The Tanfield Group plc
Tanfield Holdings supplies assembly and technical engineering services and owns
Smith Electric Vehicles, which manufactures zero emission vehicles for the
dairy, airport and delivery markets.
Further information can be found at the company's website www.tanfieldgroup.com.
Investment date 26 May 2005
Equity held 1.3%
Cost #500,000
Valuation #487,000
Valuation basis Bid price
Dividends/Interest received during the year Nil
Last Audited Accounts 31 December 2004
Net Assets #5.9 million
Profit/(loss) before taxation #(6 million)
Recent Transactions
Since the end of the period under review, we have completed two further
investments.
Autoclenz Holdings plc
Autoclenz, founded in 1990, is the UK's leading provider of valeting services to
automotive retailers, auction houses, rental companies and car supermarkets. The
company has recently floated on AIM having previously been a subsidiary of Yule
Catto, the chemical company.
The fastest growing division of Autoclenz is REACT, a Home Office approved
specialist cleaning and decontaminating service. REACT carries out work on
behalf of the emergency services, prison service and local authorities.
Further information can be found at the company's web site www.autoclenz.co.uk.
Red-M Group Limited
In December 2005, Eclipse invested #500,000 in Red-M as part of a #4.6 million
development capital funding round.
Red-M provides software products and services for the wireless market and
designs, deploys and manages wireless networks across the spectrum of
commercially used radio frequencies for blue chip clients. The company was
formed in April 2005 by the merger of Cellular Design Services (CDS), a wireless
consulting services provider, and Red-M Communications, a vendor of wireless
security probes and monitoring software.
Further information can be found at the company's web site, www.red-m.com.
Outlook
The challenge for all venture capital funds is to attract a strong flow of good
investment opportunities.
At Octopus, we have spent a considerable amount of time and effort over the last
few years in establishing and developing our network of deal introducers. The
number and the quality of the investment opportunities we are currently seeing
is testament to this hard work and we are confident that we will build an
attractive portfolio of investments for Eclipse. We are pleased that, with the
increase in funds under management in Eclipse VCT 2, Eclipse VCT 3 and Eclipse
VCT 4, we are now able to invest up to #4 million per company. This allows us
to invest in later stage and lower risk companies than typical VCTs.
If you have any questions on any aspect of your investment, please call one of
the team on 020 7710 2800.
Simon Rogerson
Chief Executive
Statement of Total Return (incorporating the
revenue account)
or the six months ended 30 November 2005
6 Months to Period to Period to
30 November 2005 30 November 2004 31 May 2005
(restated)* (restated)*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Unrealised (loss)/gain on - (279) (279) - 126 126 - 363 363
investments
Income 463 - 463 298 - 298 901 - 901
Investment management fees (87) (263) (350) (39) (119) (158) (123) (370) (493)
Other expenses (184) - (184) (63) - (63) (168) (168)
------- ------- ------- ------ ------ ------ ------ ------ ------
Return on ordinary activities 192 (542) (350) 196 7 203 610 (7) 603
before tax
Tax (58) 58 - - - - (115) 70 (45)
------- ------- ------- ------ ------ ------ ------ ------ ------
Return on ordinary activities 134 (484) (350) 196 7 203 495 63 558
after tax
==== ==== ==== === === === === === ===
Return per share 0.4p (1.5)p (1.1)p 1.4p 0.1p 1.5p 2.4p 0.3p 2.7p
==== ==== ==== === === === === === ===
*Comparative figures have been extracted from the unaudited interim results for
the period ended 30 November 2004 and the statutory accounts for the period
ended 31 May 2005 and have been restated in accordance with FRS 21 in respect of
declared dividends and FRS 26 in respect of the valuation of quoted investments
as disclosed in note 2 to the Interim Results.
Balance Sheet as at
30 November 2005 30 November 2005 30 November 2004 31 May 2005
(restated)* (restated)*
#'000 #'000 #'000
Fixed asset investments 11,670 1,116 6,722
Current assets
Investments 16,010 22,171 23,299
Debtors 515 72 148
Cash 1,328 1,049 167
-------- --------- ---------
17,853 23,292 23,614
Creditors (amounts falling due within one year) (74) (22) (72)
-------- --------- ---------
Net current assets 17,779 23,270 23,542
-------- --------- ---------
Net assets 29,449 24,386 30,264
===== ===== =====
Share capital 3,126 2,470 3,127
Share premium - 21,006 26,603
Special distributable reserve 26,603 - -
Shares awaiting issue - 713 -
Capital redemption reserve 4 1 3
Capital reserve realised (505) - (300)
Capital reserve unrealised 84 8 363
Revenue reserve 137 188 468
--------- --------- ---------
Total equity shareholders' funds 29,449 24,386 30,264
===== ===== =====
Net asset value per share 94.2p 95.8p 96.8p
*Comparative figures have been extracted from the unaudited interim results for
the period ended 30 November 2004 and the statutory accounts for the period
ended 31 May 2005 and have been restated in accordance with FRS 21 in respect of
declared dividends and FRS 26 in respect of the valuation of quoted investments
as disclosed in note 2 to the Interim Results.
Cash Flow Statement 30 November 2005 30 November 2004 31 May 2005
For the six months ended 30 November 2005 #'000 #'000 #'000
Net cash (outflow)/inflow from operating (436) 28 119
activities
Financial investment (purchase of investments) (5,228) (990) (6,359)
--------- --------- ---------
Net cash outflow from financial investment (5,228) (990) (6,359)
Management of liquid resources decrease/ 7,289 (22,170) (23,299)
(increase) in cash deposits
Dividends paid - equity (453) - -
Financing:
Issue of own shares - 24,272 30,802
Share issue expenses - (796) (1,069)
Purchase of own shares (11) (8) (27)
Shares awaiting issue - 713 -
--------- --------- ---------
Total financing (11) 24,181 29,706
--------- --------- ---------
Increase in cash resources 1,161 1,049 167
===== ===== =====
Reconciliation of operating profit to net cash 30 November 2005 30 November 2004 31 May 2005
inflow from operating activities
#'000 #'000 #'000
Profit on ordinary activities before tax 192 196 610
Increase in debtors (366) (72) (148)
Increase in creditors 1 22 27
Management fees charged to capital account (263) (118) (370)
------- ------- -------
Net cash (outflow)/inflow from operating activities (436) 28 119
==== ==== ====
Notes to the interim results
1. Investment portfolio as at 30 November 2005
Cost Valuation
#'000 #'000
Unlisted investments:
The Kendal Group Ltd 1,024 1,024
Plastics Capital Ltd 1,000 1,000
Gyro Group plc 1,000 1,000
Reading Room Ltd 1,000 1,000
James Harvard International Ltd 1,000 1,000
Luther Pendragon Ltd 1,000 1,000
Covion Ltd 844 844
Capital Pubs Company 2 plc 600 620
Lilestone Holdings Ltd 470 470
TDX Group Ltd 400 400
------- -------
8,338 8,358
AIM-listed investments:
Cello Group plc 750 878
Tanfield Group plc 500 488
Augean plc 500 403
Zetar plc 237 308
Healthcare Locums plc 300 300
InterQuest plc 341 279
fountains plc 240 253
Tissue Science Laboratories plc 246 238
Abcam plc 89 106
Belgravium plc 45 59
------- -------
3,248 3,312
------- -------
Total 11,586 11,670
==== ====
2. Principal accounting policies
The Company is required to comply with a number of new UK Financial Reporting
Standards (FRSs) in presenting its financial statements for the year ending 31
May 2006. These standards have been introduced as part of the process of
converging UK standards with International Financial Reporting Standards (IFRS).
The financial information provided in the unaudited interim results for the
six months ended 30 November 2005 has been prepared on a consistent basis with
the accounting policies as disclosed in the Company's annual report and accounts
for the period ended 31 May 2005 except for such changes as are required by the
new FRSs. These changes arise from the adoption of FRS 21 "Events after the
Balance Sheet Date" and FRS 26 "Financial Instruments: Measurement".
The nature and effect of these changes are explained below and the comparative
figures for the period ended 30 November 2004 and the year ended 31 May 2005
have been restated accordingly.
Under FRS 21, dividends to shareholders are accounted for in the period in which
the company is liable to pay them rather than in the period in respect of which
they are declared. Therefore, the dividend of #453,000 that was shown as
proposed in the 2005 Annual Report and Accounts has been added back to the
profit and loss account and deducted from creditors in the comparative figures
for the period ended 31 May 2005, and has been recognised as paid in the six
months ended 30 November 2005.
Under FRS 26, quoted investments are valued at bid price rather than mid-market
price. The effect of this is to decrease the valuations at which such
investments are stated in the balance sheet and to decrease the unrealised gains
on investments shown in the capital column of the statement of total return.
This change resulted in reductions of #11,000 and #100,000 in the valuation of
fixed asset investments at 30 November 2004 and 31 May 2005 respectively and a
corresponding decrease in the unrealised capital reserve at those dates.
The restatements described above have a consequential effect on the net assets
and net asset values per share, as previously stated, which have been reduced by
#10,000 (0.1 pence) at 30 November 2004 and increased by #353,000 (1.2 pence) at
31 May 2005.
The unaudited interim results for the six months ended 30 November 2005 and the
period ended 30 November 2004 do not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985 and have not been delivered to
the Registrar of Companies. The comparative figures for the period ended 31 May
2005 have been extracted, before restatement, from the audited financial
statements for that year, which have been delivered to the Registrar of
Companies. The independent auditors' report on those financial statements under
Section 235 of the Companies Act 1985 was unqualified.
3. The calculation of the revenue and capital return per share is based on
the return on ordinary activities after tax for the period and on 31,264,560
ordinary shares, being the weighted average number of shares in issue during the
period from 1 June 2005 to 30 November 2005. (November 2004: 13,629,300 and May
2005: 20,396,980).
4. The calculation of net asset value per share is based on the net assets
at 30 November 2005 and on 31,256,780 (November 2004: 24,704,107 and May 2005:
31,268,780) being the number of shares in issue at the same date. It should be
noted that the value of shares awaiting issue are excluded from this
calculation.
5. Debtors
#'000
Prepayments 8
Accrued Income 507
515
Accrued income comprises interest earned but not yet received on bonds
and floating rate notes.
6. Revenue Reserve
#'000
Revenue reserve at 31 May 2005 as previously 15
stated
Adjustment for dividend under FRS 21 453
Revenue reserve at 31 May 2005 as restated 468
Dividend paid (453)
Revenue return for six months ended 30 November 134
2005
Purchase of own shares (12)
Revenue reserve at 30 November 2005 137
7. Copies of this statement are being sent to all shareholders. Copies are
available from the registered office of the Company at 8 Angel Court, London,
ECR2 7HP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TRMFTMMATBIF
Eclipse Vct (LSE:ECL)
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