Interim Results
October 14 2005 - 6:31AM
UK Regulatory
Keydata Income VCT 2
KEYDATA INCOME VCT 2 plc
Unaudited Interim Results for the period ending 31 August 2005
Chairman's Statement
Introduction
This is my first statement as Chairman of Keydata Income VCT 2 which covers the
period from date of incorporation on 16 February 2005 to 31 August 2005. I would
like to welcome you as a shareholder and thank you for your support in the
launch of the VCT.
The Offer for Subscription closed on 30 June 2005 with gross funds raised of
around �4.51 million from 575 investors. The costs of the launch were set at 5
per cent of the gross funds raised and the net proceeds retained by the company
were �4.28 million with an initial asset value per share of 95p.
Results and Investments
The Investment Manager, Green Power 2 has not made any investments during the
period.
The revenue loss in the period was 0.18p per share. As there was no capital
profit or loss, the total return for the period was a loss of 0.18p per share.
The net asset value per share at 31 August 2005 was 94.85p.
The directors do not propose to recommend an interim dividend for the period. A
final dividend is anticipated however this will be dependant on the timing and
income profile of investments made in the second half.
Outlook
Although no investments have been made to date, the investment manager has
identified a number of suitable investment opportunities and we expect to
announce details of the first investments in the near future.
Shareholder Communication
I look forward to reporting further progress in the Annual Report and Accounts
that will be sent to you in June 2006.
The Company's daily share price can be found on various financial websites under
the EPIC code "KIV2" or on our own dedicated website at
www.keydataincomevct.co.uk
Stephen Oxenbridge
Chairman
13 October 2005
Statement of total return for the period ending 31 August 2005
For the period 16 February 2005
to 31 August 2005 (unaudited)
Revenue Capital Total
�000 �000 �000
Gains on investments - - -
Investment income 37 37
-------- ---------- --------
37 - 37
Management fees - - -
Other expenses (44) (44)
-------- ---------- --------
(44) - (44)
-------- -------- --------
Return on ordinary activities before taxation (7) - (7)
Tax on ordinary activities - - -
-------- -------- --------
Return for the period attributable to equity (7) (7)
shareholders -------- ---------- --------
Return per share (Note 2) 0.18p - 0.18p
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period
Balance sheet as at 31 August 2005
As at 31 August 2005
(unaudited)
�000
Fixed assets
Investments -
Current assets
Prepayments and accrued income 31
Cash 4,254
--------
4,285
Creditors: amounts falling due within one year
Accruals and deferred income (4)
--------
Net current assets 4,281
--------
Net assets 4,281
--------
Capital and Reserves
Called up share capital 45
Share premium 4,243
Capital reserve - realised -
Capital reserve - unrealised -
Revenue reserve (7)
--------
Equity shareholders' funds 4,281
--------
Net asset value per share (Note 4) 94.85p
Cash flow statement for the period ending 31 August 2005
For the period 16 February 2005
to 31 August 2005
(unaudited)
�000
Net return on ordinary activities before taxation (7)
Investment management fee charged to capital -
Increase in debtors (31)
Increase in creditors 4
--------
Net cash outflow from operating activities (34)
Financial investment
Purchase of investments -
Financing
Net proceeds from issue of ordinary share capital 4,288
--------
Increase in cash 4,254
--------
Reconciliation of movement in shareholders' funds
For the period 16 February 2005
to 31 August 2005
(unaudited)
�000
Revenue return for period (7)
Capital return for the period -
(7)
Issue of ordinary shares 4,288
--------
Closing shareholders' funds 4,281
--------
Notes to the interim report
1 The accounts of the company are prepared in accordance with Accounting Standards
applicable in the United Kingdom. The accounting policies used in preparing this
report are consistent with those which will be adopted at the year end.
2 The total return per share of 0.18 pence is based on the loss after tax for the period
of �6,821 and the weighted average number of shares in issue over the period to 31
August 2005 of 3,780,373.
3 The results should not be taken as a guide to the results for the period ending 28
February 2006.
4 The net asset value per ordinary share is based on net assets of �4,281,124 and on
4,513,628 shares, being the number of shares in issue as at 31 August 2005.
5 The financial information contained in the 31 August 2005 statement of total return,
balance sheet and cash flow statement does not constitute full financial statements
and has not been audited.
For further information please contact:
Roddi Vaughan-Thomas
Head of Corporate Communications
Keydata Investment Services Ltd
020 7710 6923
Craig McNeil
Company Secretary
Keydata Income VCT 1 plc
0141 572 2300
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