Half-yearly Report -3-
November 27 2009 - 11:48AM
UK Regulatory
Total net assets 55,336 47,471 48,409
Share capital and reserves
Called up share capital (see note 6) 4,777 4,777 4,777
Share premium account 5,995 5,995 5,995
Capital redemption reserve 554 554 554
Special reserve 6,296 6,296 6,296
Capital reserve 41,558 33,320 33,960
Revenue reserve (3,844) (3,471) (3,173)
Equity shareholders' funds 55,336 47,471 48,409
Net asset value - pence per Ordinary share 289.58p 248.42p 253.33p
including
current period revenue (see note 3)
Statement of cash flows
for the six months ended 30 September 2009
Six months Six months Year ended
ended 30 ended 30 31 March
September 2009 September 2009
(unaudited) 2008 (audited)
(unaudited)
GBP'000 GBP'000 GBP'000
Operating activities
Investment income received 229 69 208
Deposit interest received 1 33 45
Other income received - - 10
Investment management fees paid (340) (485) (799)
Secretarial fees paid (29) (28) (56)
Other cash payments (167) (141) (349)
Net cash outflow from operating (306) (552) (941)
activities
Servicing of finance
Loan interest paid (6) (54) (91)
Taxation
Irrecoverable overseas tax (18) (1) (1)
Total taxation paid (18) (1) (1)
Capital expenditure and financial
investment
Purchases of investments (5,184) (9,837) (13,940)
Sales of investments 7,382 6,767 10,946
Purchase of treasury bills - - (4,430)
Sales of treasury bills - - 4,742
Net cash inflow/(outflow) from 2,198 (3,070) (2,682)
capital expenditure
and financial investment
Net cash inflow/(outflow) before 1,868 (3,677) (3,715)
financing
Financing
Repurchase of Ordinary shares for - (125) (125)
cancellation
Loan margin facility - 3,928 4,347
Loan margin repayment (1,331) - (3,016)
Net cash (outflow)/inflow from (1,331) 3,803 1,206
financing
Increase/(decrease) in cash 537 126 (2,509)
Notes
for the six months ended 30 September 2009
1. Basis of preparation
This financial information has been prepared under the historical cost
convention as modified by the revaluation of fixed asset investments and in
accordance with the Accounting Standard Board's ("ASB") Statement on Half
Yearly Financial Reports, applicable accounting standards in the United Kingdom
and with the Statement of Recommended Practice "Financial Statements of
Investment Trust Companies and Venture Capital Trusts" ("SORP") issued by the
Association of Investment Companies ("AIC") in January 2009 and in accordance
with the accounting policies set out in the statutory accounts for the year
ended 31 March 2009. All of the Company's activities are continuing and the
accounts are prepared on a going concern basis.
2. Return per Ordinary share
The calculations of return per Ordinary share are based on 19,109,008 Ordinary
shares being the weighted average number of shares in issue during the six
months ended at 30 September 2009 (six months ended 30 September 2008:
19,109,008 and year ended 31 March 2009: 19,109,008).
3. Net asset value per Ordinary share
The calculations of net asset value per Ordinary share are based on 19,109,008
Ordinary shares being in issue at 30 September 2009 (30 September 2008:
19,109,008 Ordinary shares and 31 March 2009: 19,109,008 Ordinary shares).
4. Income
Six months to Six months to Year to
30 September 30 September 31 March
2009 2008 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Income from US
investments:
Government stocks - - 1
Convertible debenture 96 78 205
stocks-unlisted
Convertible debenture 5 75 176
stocks-unlisted
(reinvested)
Convertible 130 13 60
preference
shares-unlisted
231 166 442
Other income:
Other income - - 10
receivable
Bank interest 1 25 33
receivable
232 191 485
5. Investment Management fee
The Investment Management fee is charged 100% to revenue. Investment Management
fees of GBP363,000 (six months ended 30 September 2008: GBP408,000; year ended 31
March 2009: GBP766,000) have been charged to the Income statement. At 30
September 2009, GBP199,000 (six months ended 30 September 2008: GBP189,000; year
ended 31 March 2009: GBP176,000) was due for payment to the Investment Manager in
respect of Investment Management fees.
A performance fee may also become payable at the end of each year and this is
charged 100% to capital. No performance fee has been accrued (30 September
2008: nil; year ended 31 March 2009: nil) based on the best estimate of the fee
that would be due at the balance sheet date.
6. Called up share capital
30 September 30 September 31 March
2009 2008 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Authorised: 10,000 10,000 10,000
40,000,000 Ordinary
shares of 25p
Allotted, called up and 4,777 4,777 4,777
fully paid: 19,109,008
(Sept 2008: 19,109,008,
March 2009: 19,109,008)
Ordinary Shares of 25p
7. Share buybacks
During the period, no Ordinary shares were repurchased for cancellation or for
holding in Treasury.
8. Effective tax rate
The tax charge for the six months ended 30 September 2009 is nil (six months
ended 30 September 2008: nil; year ended 31 March 2009: nil) based on an
effective tax rate of 0% for the year ending 31 March 2009. The estimated
effective tax rate is 0% as investment gains are exempt from tax owing to the
company status as an Investment Trust and there is expected to be an excess of
management expenses over taxable income.
The charge in the Income statement is irrecoverable withholding tax suffered.
9. Reconciliation of net return before finance costs and taxation to net cash
outflow from operating activities
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2009 2009 2008
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net return before finance 7,889 (7,798) (8,699)
costs and taxation
Net capital return (8,238) 7,369 8,009
Stock dividends/interest (7) (83) (226)
received
Increase/(decrease) in 38 (38) (29)
creditors and accruals
Decrease/(increase) in 12 (2) 4
prepayments and accrued
income
Net cash outflow from (306) (552) (941)
operating activities
10. Reconciliation of net cashflow to net funds
Six months Six months Year ended
ended ended
31 March 2009
30 September 30 September
2009 2008 (audited)
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Increase/(decrease) in cash 537 126 (2,509)
in period/year
Effect of movement in 74 (153) (829)
exchange rate
Movement in net funds 611 (27) (3,338)
Net funds at beginning of 164 3,502 3,502
period/year
Net funds at end of period/ 775 3,475 164
year
11. Related party transactions
The Investment Manager RENN Capital Group Inc., is regarded as a related party
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