Final Results

Keydata AIM VCT KEYDATA AIM VCT plc Preliminary Announcement of Final Results for the year ending 30 September 2007 Financial Highlights -0- *T Ordinary shares 2007 2006 %Change Net asset value per share 104.48p 107.04p -2.4% Cumulative distributions paid since launch 10.00p 5.00p Net asset value total return 114.48p 112.04p +2.2% Net asset value total return since launch at 95p 114.48p N/A +20.2% Share price (mid) 100p 106p -5.7% Discount to net asset value 4.06% 0.98% Returns per share: Revenue return 0.40p 0.33p Capital return 2.04p 8.00p 2.44p 8.33p Dividends per share: Interim paid 5.0p 5.0p Final proposed - - Total dividend for year 5.0p 5.0p +0% *T -0- *T C Ordinary shares 2007 2006 %Change Net asset value per share 96.07p 96.19p -0.1% Cumulative distributions paid since launch 1.75p 0.00p Net asset value total return 97.82p 96.19p +1.7% Net asset value total return since launch at 95p 97.82p N/A +3.0% Share price (mid) 93p 100p -7.0% Discount (premium) to net asset value 3.43% (3.96%) Returns per share: Revenue return 1.63p 1.16p Capital return 0.00p 0.73p 1.63p 1.89p Dividends per share: Interim paid 0.75p - Final proposed 0.75p 1.0p Total dividend for year 1.5p 1.0p Company Total expense ratio 2.33% 2.09% +50.0% *T Chairman's Statement I am pleased to report that your Company continued to make good progress in the year ended 30 September 2007. Results - Ordinary Fund The net asset value per ordinary share decreased by 2.4% to 104.48 pence during the year After adjusting for the interim ordinary dividend paid in June 2007 of 5 pence per share, the underlying increase in NAV was 2.2% in the year. Earnings per ordinary share for the year were 2.44 pence per share (comprising revenue earnings of 0.40 pence and capital earnings of 2.04 pence). The Investment Manager, Hargreave Hale, invested a further Â£4.0 million in 20 qualifying AIM companies during the year and made disposals or part disposals of five of the AIM investments, realising a net gain on sale of Â£0.61 million in the year. The main contributors to this realised gain were Ascribe, Egdon Resources and Internet Business Group. The bid value of qualifying investments at 30 September 2007 was Â£11.6 million invested in 47 AIM companies. With respect to the 70% investment test, as at 30 September 2007, 81.9% of the Company's investments were in qualifying companies, comfortably ahead of the required 70% level. The balance was held in non-qualifying AIM stocks and short dated Treasury gilts. Results - C Fund The net asset value per C share decreased by 0.1% to 96.07 pence during the year. After adjusting for the interim C dividend paid of 0.75 pence per share and the final dividend for 2006 of 1 pence per share, the underlying increase in NAV was 1.7% in the year. Earnings per C share for the year were 1.63 pence per share (comprising revenue earnings of 1.63 pence and capital earnings of 0.00 pence). The Investment manager invested Â£5.1 million in 25 AIM investments during the year. The bid value of qualifying investments at 30 September 2007 was Â£6.3 million invested in 29 AIM companies. With respect to the 70% investment test, as at 30 September 2007, 39.6% of the Company's investments were in qualifying companies. The balance was held in short dated Treasury gilts. We have until 30 September 2008 to meet the 70% test in relation to the combined fund (ordinary and C together). As at 30 September 2007, the combined fund was 60.1% invested in qualifying companies. Dividend An interim dividend of 5 pence was paid on 20 June 2007 (2006 - 5 pence) to ordinary shareholders on the share register on 8 June 2007. No final dividend is proposed on the Ordinary shares (2006- Nil). An interim dividend of 0.75 pence was paid on 20 June 2007 (2006 - nil) to C shareholders on the share register on 8 June 2007. A final dividend of 0.75 pence is proposed on the C shares, payable on 31 January 2008, subject to AGM approval, to C shareholders on the register on 4 January 2008. Outlook In the last few months the fallout from the US sub-prime mortgage sector and in September, the Northern Rock saga 'rocked' public confidence in the banking system with a consequent knock on effect in the stock markets. Confidence will only return when the extent of the subprime related exposure and subsequent losses is known. Until that point, the impact on the wider financial equity markets will remain unclear. Although there has been a period of economic uncertainty and a weakening of the pipeline of new issues on the AIM market over the summer, we remain confident that we will achieve the required 70% investment in qualifying companies for the C share fund on or before 30 September 2008. Shareholder Communication The Company's daily share price can be found on various financial websites under the EPIC code 'KEY' for ordinary shares and 'KEYC' for C shares, or on our own dedicated website at www.keydataaimvct.co.uk Sir Aubrey Brocklebank Bt Chairman 21 November 2007 Income Statement for the year ended 30 September 2007 - Ordinary Shares -0- *T For the year ended 30 September 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 609 609 Unrealised gains on investments - (229) (229) Income 315 315 -------- ---------- -------- 315 380 695 Management fee (44) (120) (164) Other expenses (216) (216) -------- ---------- -------- (260) (120) (380) -------- -------- -------- Profit before taxation 55 260 315 Taxation 1 34 35 -------- -------- -------- Profit after taxation 56 294 350 -------- -------- -------- Earnings per share (Note 2) 0.40p 2.04p 2.44p *T Income Statement for the year ended 30 September 2007 - C shares -0- *T For the year ended 30 September 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - - - Unrealised gains on investments - 112 112 Income 661 661 -------- ---------- -------- 661 112 773 Management fee (46) (139) (185) Other expenses (254) (254) -------- ---------- -------- (300) (139) (439) -------- -------- -------- Profit before taxation 361 (27) 334 Taxation (69) 28 (41) -------- -------- -------- Profit after taxation 292 1 293 -------- -------- -------- Earnings per share (Note 2) 1.63p 0.00p 1.63p *T Income Statement for the year ended 30 September 2007 - Company -0- *T For the year ended 30 September 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 609 609 Unrealised gains on investments - (117) (117) Income 976 976 -------- ---------- -------- 976 492 1,468 Management fee (90) (259) (349) Other expenses (470) (470) -------- ---------- -------- (560) (259) (819) -------- -------- -------- Profit before taxation 416 233 649 Taxation (68) 62 (6) -------- -------- -------- Profit after taxation 348 295 643 -------- -------- -------- 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. *T Income Statement for the year ended 30 September 2006 - Ordinary Shares -0- *T For the year ended 30 September 2006 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 785 785 Unrealised gains on investments - 474 474 Income 374 374 -------- ---------- -------- 374 1,259 1,633 Management fee (41) (123) (164) Other expenses (276) (276) -------- ---------- -------- (317) (123) (440) -------- -------- -------- Profit before taxation 57 1,136 1,193 Taxation (11) 11 - -------- -------- -------- Profit after taxation 46 1,147 1,193 -------- -------- -------- Earnings per share (Note 2) 0.33p 8.00p 8.33p *T Income Statement for the year ended 30 September 2006 - C shares -0- *T For the year ended 30 September 2006 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - - - Unrealised gains on investments - 142 142 Income 356 356 -------- ---------- -------- 356 142 498 Management fee (27) (80) (107) Other expenses (136) (136) -------- ---------- -------- (163) (80) (243) -------- -------- -------- Profit before taxation 193 62 255 Taxation (37) 37 - -------- -------- -------- Profit after taxation 156 99 255 -------- -------- -------- Earnings per share (Note 2) 1.16p 0.73p 1.89p *T Income Statement for the year ended 30 September 2006 - Company -0- *T For the year ended 30 September 2006 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 785 785 Unrealised gains on investments - 616 616 Income 730 730 -------- ---------- -------- 730 1,401 2,131 Management fee (68) (203) (271) Other expenses (412) (412) -------- ---------- -------- (480) (203) (683) -------- ------- -------- Profit before taxation 250 1,198 1,448 Taxation (48) 48 - -------- -------- -------- Profit after taxation 202 1,246 1,448 -------- -------- -------- 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. *T Balance sheet as at 30 September 2007 (Unaudited) -0- *T As at 30 September 2007 Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Fixed assets Investments at fair value through profit or 14,624 16,918 31,542 loss -------- -------- -------- Current assets Debtors 12 37 49 Cash at bank and on deposit 354 374 728 ------- -------- -------- 366 411 777 Creditors: amounts falling due within one (11) (104) (115) year ------- ------- -------- Net current assets 355 307 662 ------- ------- -------- Net assets 14,979 17,225 32,204 ------- ------- -------- Capital and Reserves Called up share capital 143 897 1,040 Share premium - - - Capital reserve - realised 128 (154) (26) Capital reserve - unrealised 1,593 254 1,847 Special reserve 12,999 16,094 29,093 Revenue reserve 116 134 250 -------- -------- -------- Equity shareholders' funds 14,979 - 14,979 Rights of C shareholders - 17,225 17,225 -------- ------- --------- Equity shareholders' funds and 14,979 17,225 32,204 rights of C shareholders -------- -------- -------- Net asset value per share (Note 3) 104.48p 96.07p *T Balance sheet as at 30 September 2006 (Unaudited) -0- *T As at 30 September 2006 Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Fixed assets Investments at fair value through profit or 14,516 16,747 31,623 loss -------- -------- -------- Current assets Debtors 23 49 72 Cash at bank and on deposit 860 499 1,359 ------- -------- -------- 883 548 1,431 Creditors: amounts falling due within one (52) (50) (102) year ------- ------- -------- Net current assets 831 498 1,329 ------- ------- -------- Net assets 15,347 17,245 32,592 ------- ------- -------- Capital and Reserves Called up share capital 143 897 1,040 Share premium - 16,094 16,094 Capital reserve - realised 322 (43) 279 Capital reserve - unrealised 1,823 141 1,964 Special reserve 12,999 - 12,999 Revenue reserve 60 156 216 -------- -------- -------- Equity shareholders' funds 15,347 - 15,347 Rights of C shareholders - 17,245 17,245 -------- ------- --------- Equity shareholders' funds and 15,347 17,245 32,592 rights of C shareholders -------- -------- -------- Net asset value per share (Note 3) 107.04p 96.19p *T Cash flow statement for the year ended 30 September 2007 -0- *T For the year 30 September 2007 (unaudited) Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Net cash (outflow) inflow from operating activities (60) 248 188 Net financial investment 271 (59) 212 Equity dividends paid (717) (314) (1,031) ------- ------- -------- Cash outflow before management of liquid resources (506) (125) (631) Financing - - - --------- -------- -------- (Decrease)/increase in cash (506) (125) (631) --------- -------- -------- *T Cash flow statement for the year ended 30 September 2006 -0- *T For the year 30 September 2006 (unaudited) Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Net cash (outflow) inflow from operating activities (36) 114 78 Net financial investment (3,755) (16,606) (20,361) Equity dividends paid (717) - (717) ------- ------- -------- Cash outflow before management of liquid resources (4,508) (16,492) (21,000) Financing - 16,991 16,991 --------- -------- -------- (Decrease)/increase in cash (4,508) 499 (4,009) --------- -------- -------- *T Reconciliation of movements in shareholders' funds for the year ended 30 September 2007 (unaudited) -0- *T Ordinary Shares Share Share Capital Capital Special Revenue Total Capital Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2006 143 - 322 1,823 12,999 60 15,347 Previously recognised gains now realised - - 609 (609) - - - Unrealised gains on investments - - - 379 - - 379 Management fee charged to capital - - (120) - - - (120) Tax relief - - 34 - - - 34 Transfer between reserves - - - - - - - Equity dividends paid - - (717) - - - (717) Profit after tax 56 56 -------- -------- -------- -------- ---------- -------- -------- At 30 September 143 128 1,593 12,999 116 14,979 2007 ------ -------- ------ ------ -------- -------- -------- *T -0- *T C Shares Share Share Capital Capital Special Revenue Total Capital Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2006 897 16,094 (43) 141 - 156 17,245 Equity dividends paid - - - - - (314) (314) Transfer between reserves - (16,094) - - 16,094 - - Realised gains on investments - - - - - - - Unrealised gains on investments - - - 113 - - 113 Management fee charged to capital - - (139) - - - (139) Tax relief - - 28 - - - 28 Profit after tax 292 292 -------- -------- -------- -------- ---------- -------- -------- At 30 September 897 (154) 254 16,094 134 17,225 2007 ------ -------- ------ ------ -------- -------- -------- *T Reconciliation of movements in shareholders' funds for the year ended 30 September 2006 (unaudited) -0- *T Ordinary Shares Share Share Capital Capital Special Revenue Total Capital Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2005 143 - (113) 1,348 13,478 14 14,870 Previously recognised gains now realised - - 785 (785) - - - Unrealised gains on investments - - - 1,260 - - 1,260 Management fee charged to capital - - (123) - - - (123) Tax relief - - 11 - - - 11 Transfer between reserves - - 479 - (479) - - Equity dividends paid - - (717) - - - (717) Profit after tax 46 46 -------- -------- -------- -------- --------- -------- -------- At 30 September 2006 143 322 1,823 12,999 60 15,347 ------ -------- ------ ------ -------- -------- -------- *T -0- *T C Shares Share Share Capital Capital Special Revenue Total Capital Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2005 - - - - - - - Proceeds from issue of shares 897 17,032 - - - - 17,929 Costs related to issue of shares - (938) - - - - (938) Realised gains on investments - - - - - - - Unrealised gains on investments - - - 141 - - 141 Management fee charged to capital - - (80) - - - (80) Tax relief - - 37 - - - 37 Profit after tax 156 156 -------- -------- -------- -------- --------- -------- -------- At 30 September 2006 897 16,094 (43) 141 156 17,245 ------ ------ ------ ------ --------- -------- -------- *T Notes to the preliminary announcement -0- *T 1 The financial information above has been prepared in accordance with UK GAAP and with the Statement of Recommended Practice (SORP) for 'Financial Statements of Investment Trust Companies' issued in December 2005. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 September 2007. The full statutory annual accounts will be delivered to shareholders in December 2007 and delivered to the Registrar of Companies following the Company's.AGM. Copies may in due course be obtained during normal business hours from Keydata Investment Services Limited, One Angel Court, London EC2R 7HJ. Statutory accounts for the year ended 30 September 2006 have been delivered to the Registrar of Companies and contained an unqualified audit report. The Annual general meeting of the Company will be held at the Company's registered office at 19 Cavendish Square, London W1A 2AW on 22 January 2008 at 11.00am. 2 Revenue return per ordinary share is based on a net revenue profit on ordinary activities after tax of Â£56,000 (2006 Â£46,000) and on 14,337,731 (2006 14,337,731) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The comparative figures for the C ordinary shares are Â£292,000 (2006 Â£156,000) and 17,928,720 (2006 17,928,720) C ordinary shares. Capital return per ordinary share is based on a net capital profit on ordinary activities after tax of Â£294,000 (2006 Â£1,147,000) and on 14,337,731 (2006 14,337,731) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The comparative figures for the C ordinary shares are Â£1,000 (2006 Â£99,000) and 17,928,720 (2006 13,488,186) C ordinary shares. 3 The net asset value per ordinary share at 30 September 2007 of 104.48p (2006 107.04p) is based on net assets of Â£14,979,000 (2006 Â£15,347,000) and on 14,337,731 shares, being the number of ordinary shares in issue as at 30 September 2007 (2006 14,337,731). The net asset value per C share at 30 September 2007 of 96.07p (2006 96.19p) is based on net assets of Â£17,225,000 (2006 Â£17,245,000) and on 17,928,720 shares, being the number of C shares in issue as at 30 September 2007 (2006 17,928,720). *T Investment portfolio summary as at 30 September 2007 - Ordinary Share Fund -0- *T Qualifying investments Book cost Valuation Valuation Â£000 Â£000 % Cohort 451 570 3.9 Jelf Group 250 562 3.8 K3 Business Technology Group 270 555 3.8 Egdon Resources 75 552 3.8 Maxima Holdings 251 468 3.2 Abcam 250 457 3.1 FDM Group 250 406 2.8 Hardide 396 405 2.8 Neutra Health 315 360 2.5 St Helens Capital 211 336 2.3 Mama 300 330 2.3 Axeon 200 321 2.2 Vertu Motors 300 310 2.1 Vicorp Group 250 292 2.0 Brulines 270 292 2.0 Work Group 300 287 2.0 Optimisa 202 287 2.0 York Pharma 250 283 1.9 Clerkenwell Ventures 250 267 1.8 Energetix Group 250 256 1.8 Pressure Technologies 170 249 1.7 BBI 139 233 1.6 Intercede 231 231 1.6 Gourmet Holdings 300 225 1.5 Internet Business Group 173 206 1.4 Expansys 194 201 1.4 Autoclenz 256 199 1.4 Universe Group 193 193 1.3 Idox 150 190 1.3 Sectorguard 250 179 1.2 Rotala 200 176 1.2 EBTM 184 174 1.2 Mount Engineering 180 170 1.2 Tasty 140 165 1.1 Invocas Group 169 160 1.1 Darwen 150 150 1.0 Tangent Communications 150 147 1.0 Sports Media Group 150 142 1.0 Enfis 146 138 0.9 Zenith Hygiene Group 277 125 0.9 Reneuron 168 104 0.7 Mediasurface 120 96 0.7 Centrom 400 80 0.5 Debts.co.uk 150 78 0.5 Plethora Solutions 44 23 0.2 Accuma 50 13 0.1 -------- -------- -------- Total qualifying investments 10,025 11,643 79.6 Non-qualifying investments Non-qualifying AIM investments 29 28 0.2 Treasury 4% Stock 2009 2,977 2,953 20.2 -------- -------- -------- Total non-qualifying investments 3,006 2,981 20.4 -------- ------- -------- Total investments 13,031 14,624 100.0 -------- -------- -------- *T Investment portfolio summary as at 30 September 2007 - C Ordinary Share Fund -0- *T Qualifying investments Book cost Valuation Valuation Â£000 Â£000 % Cohort 351 416 2.5 CBG Group 204 370 2.2 Clerkenwell Ventures 300 320 1.9 Vertu Motors 300 310 1.8 Hexagon Human Capital 300 300 1.8 Brulines 270 292 1.7 Optimisa 203 287 1.7 Intercede 287 287 1.7 Energetix Group 250 256 1.5 Darwen 250 250 1.5 Pressure Technologies 170 249 1.5 BBI 139 232 1.4 Mount Engineering 220 207 1.2 Expansys 194 201 1.2 Universe Group 193 193 1.1 Invu 200 180 1.1 Craneware 150 178 1.1 Rotala 200 176 1.0 EBTM 184 174 1.0 Vicorp Group 150 169 1.0 Feedback 201 168 1.0 Infoserve 200 160 0.9 Debts.co.uk 300 157 0.9 Tasty 149 149 0.9 Tangent Communications 150 147 0.9 Sports Media Group 150 142 0.8 Business Direct 150 137 0.8 Innovision Research & Technology 174 136 0.8 Mediasurface 120 97 0.6 -------- -------- -------- Total qualifying investments 6,109 6,340 37.5 Non-qualifying investments Non-qualifying AIM investments 4 4 0.0 Treasury 5% Stock 2008 6,381 6,390 37.8 Treasury 4% Stock 2009 4,170 4,184 24.7 -------- -------- -------- Total non-qualifying investments 10,555 10,578 62.5 -------- ------- -------- Total investments 16,664 16,918 100.0 -------- -------- -------- *T 21 November 2007 For further information please contact: Craig McNeil Company Secretary Keydata AIM VCT plc 0141 572 2300

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