Final Results
Keydata AIM VCT
KEYDATA AIM VCT plc
Preliminary Announcement of Final Results for the year ending 30 September 2006
Financial Highlights
Ordinary shares:
5 pence interim dividend paid in July 2006.
Net asset value (NAV) per share increased by 8 % to 112.04p before deduction of
dividends.
After dividends of 5.0p per share for the year, the NAV is 107.04p at 30
September 2006.
Since launch in 2004, the total return to ordinary shareholders is 17.9%
C shares:
1 pence final dividend proposed
Net asset value (NAV) per share increased by 1.25% to 96.19p from opening NAV on
close of C share offer in April 2006.
TER
Total expense ratio reduced from 2.49% to 2.09% during the year.
Chairman's Statement
I am pleased to report that your Company continued to make good progress in the
year ended 30 September 2006.
Funding
The 2005/6 C share offer for subscription closed on 5 April 2006 with gross
funds raised of £17.9 million from 1,077 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 was £17.0 million, with an initial asset value per C share of 95p.
Including the £13.6 million of net funds raised in 2004/5, the Company has
raised £30.6 million of net funds in total. Your board believes that the fund is
now an optimum size with a reduced total expense ratio of 2.09%.
Results - Ordinary Fund
The net asset value per ordinary share increased by 3.2 per cent to 107.04 pence
during the year
Equivalent to an 8.0 per cent increase after adjusting for the interim ordinary
dividend paid of 5p. Earnings per ordinary share for the year were 8.33 pence
per share (comprising revenue earnings of 0.33 pence and capital earnings of
8.00 pence).
The Investment Manager, Hargreave Hale, invested a further £3.9 million in 15
qualifying AIM companies during the year and made disposals or part disposals of
seven of the AIM investments, realising a net gain on sale of £0.79 million in
the year. The main contributors to this realised gain were Egdon Resources and
Accuma. The bid value of qualifying investments at 30 September 2006 was £8.4
million invested in 27 AIM companies. With respect to the 70 per cent investment
test, as at 30 September 2006, 48.04 per cent of the Company's investments were
in Qualifying companies. The balance was held in short dated Treasury gilts. We
have until 30 September 2007 to meet the 70 per cent test.
Results - C Fund
The net asset value per C share at 30 September 2006 was 96.19 pence per share.
Earnings per C share were 1.89 pence per share. The Investment manager invested
£1.0million in 4 AIM investments during the year equivalent to 5.81 per cent
invested in qualifying companies. We have until 30 September 2008 to meet the 70
per cent test.
Dividend
An interim dividend of 5p was paid on 14 July 2006 to ordinary shareholders on
the share register on 16 June 2006. On 23 May 2006, the Company revoked
investment company status to facilitate the payment of dividends out of capital
profits. No final dividend is proposed on the Ordinary shares.
A final dividend of 1 pence per C share is proposed, payable on 31 January 2007,
subject to AGM approval, to C shareholders on the share register on 5 January
2007. This dividend will be paid out of revenue reserves to comply with the VCT
tax requirement that the Company distribute at least 85% of its income.
VCT Rules
The changes to the VCT rules announced in the Budget on 22 March 2006 do not
have any impact on funds already raised by the Company. They do however require
that any funds raised by the Company through an allotment of shares on or after
6 April 2006 (including any dividends re-invested in the Company under the terms
of its Dividend Reinvestment Schemes) will need to be administered in accordance
with new rules.
As a result of the complexity of these new rules, the Directors have decided to
suspend the operation of the Dividend Reinvestment Schemes. All shareholders
will therefore receive dividends in cash without the option of reinvesting that
amount in shares of the company.
Outlook
Although there has been a weakening of the pipeline of new issues on the AIM
market over the summer, we remain confident that we will achieve our required
70% investment in qualifying companies for each portfolio within the respective
three year periods.
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
13 December 2006
Income Statement for the year ended 30 September 2006 - Ordinary Shares
-0-
*T
For the year ended
30 September 2006 (unaudited)
Revenue Capital Total
£000 £000 £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
£000 £000 £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
£000 £000 £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
Income Statement for the period 16 August 2004 to 30 September 2005 - Company
-0-
*T
For the period 16 August 2004
to 30 September 2005 (audited)
Revenue Capital Total
£000 £000 £000
Realised losses on investments - (32) (32)
Unrealised gains on investments - 1,348 1,348
Income 303 303
-------- ---------- --------
303 1,316 1,619
Management fee (28) (84) (112)
Other expenses (258) (258)
-------- ---------- --------
(286) (84) (370)
-------- -------- --------
Profit before taxation 17 1,232 1,249
Taxation (3) 3 -
-------- -------- --------
Profit after taxation 14 1,235 1,249
-------- -------- --------
Earnings per share 0.14p 12.15p 12.29p
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. These figures relate solely to ordinary shares as the C shares were
issued from January 2006.
*T
Balance sheet as at 30 September 2006 (Unaudited)
-0-
*T
As at 30 September 2006
Ordinary Shares C Shares Total
£000 £000 £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
Balance sheet as at 30 September 2005 - Ordinary shares only
-0-
*T
As at 30 September 2005
(audited)
£000
Fixed assets
Investments at fair value through profit or loss 9,501
-------
Current assets
Debtors 45
Cash at bank and on deposit 5,368
--------
5,413
Creditors: amounts falling due within one year (44)
--------
Net current assets 5,369
--------
Net assets 14,870
--------
Capital and Reserves
Called up share capital 143
Share premium -
Capital reserve - realised (113)
Capital reserve - unrealised 1,348
Special reserve 13,478
Revenue reserve 14
--------
Equity shareholders' funds 14,870
--------
Net asset value per share 103.71p
*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
£000 £000 £000
Net cash outflow 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
Cash flow statement for the period 16 August 2004 to 30 September 2005 -
Ordinary shares only
-0-
*T
For the period 16 August 2004
to 30 September 2005
(audited)
£000
Net cash outflow from operating activities (68)
Net financial investment (8,185)
Equity dividends paid -
-------
Cash outflow before management of liquid resources (8,253)
Financing 13,621
--------
Increase in cash 5,368
--------
*T
Reconciliation of movements in shareholders' funds for the year ended 30
September 2006 (unaudited)
-0-
*T
Ordinary Shares
Share Capital Capital Special Revenue
Premium Reserve Reserve Reserve Reserve
Realised Unrealised
£000 £000 £000 £000 £000
At 1 October 2005 - (113) 1,348 13,478 14
Realised gains on investments - 785 - - -
Unrealised gains on investments - - 475 - -
Management fee charged to capital - (123) - - -
Tax relief - 11 - - -
Transfer between reserves - 479 - (479) -
Equity dividends paid - (717) - - -
Profit after taxation for the period 46
-------- -------- ----------------- --------
At 30 September 2006 322 1,823 12,999 60
-------- ------ ------ -------- --------
*T
-0-
*T
C Shares
Share Capital Capital Special Revenue
Premium Reserve Reserve Reserve Reserve
Realised Unrealised
£000 £000 £000 £000 £000
At 1 October 2005 - - - - -
Proceeds from issue of shares 17,032 - - - -
Costs related to issue of shares (938) - - - -
Realised gains on investments - - - - -
Unrealised gains on investments - - 141 - -
Management fee charged to capital - (80) - - -
Tax relief - 37 - - -
Profit after taxation for the period 156
-------- -------- ----------------- --------
At 30 September 2006 16,094 (43) 141 156
------ ------ ------ --------- --------
*T
Reconciliation of movements in shareholders' funds for the period ended 30
September 2005 (audited)
-0-
*T
Ordinary Shares
Share Capital Capital Special Revenue
Premium Reserve Reserve Reserve Reserve
Realised Unrealised
£000 £000 £000 £000 £000
At 1 October 2004 - - - - -
Proceeds from issue of shares 14,194 - - - -
Costs related to issue of shares (716) - - - -
Cancellation of share premium (13,478) - - 13,478 -
Realised gains on investments - (32) - - -
Unrealised gains on investments - - 1,348 - -
Management fee charged to capital - (84) - - -
Tax relief - 3 - - -
Profit after taxation for the period 14
-------- -------- ----------------- --------
At 30 September 2006 (113) 1,348 13,478 14
-------- ------ ------ -------- --------
*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
2006. The full statutory annual accounts will be delivered to shareholders in
December 2006 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 2005 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 23 January 2007 at 11.00am.
2 Revenue return per ordinary share is based on a net revenue profit on ordinary
activities after tax of £46,000 and on 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 £156,000 and 13,488,186 C ordinary shares.
Capital return per ordinary share is based on a net capital profit on ordinary
activities after tax of £1,147,000 and on 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 £99,000 and 13,488,186 C ordinary shares.
3 The net asset value per ordinary share at 30 September 2006 of 107.04p is based on net
assets of £15,347,000 and on 14,337,731 shares, being the number of ordinary shares
in issue as at 30 September 2006.
The net asset value per C share at 30 September 2006 of 96.19p is based on net assets
of £17,245,000 and on 17,928,720 shares, being the number of C shares in issue as at
30 September 2006.
*T
Investment portfolio summary as at 30 September 2006 - Ordinary Share Fund
-0-
*T
Qualifying investments Book cost Valuation Valuation
£000 £000 %
Internet Business Group 253 605 4.2
Egdon Resources 90 564 3.9
Cohort 451 545 3.8
Zenith Hygiene Group 281 529 3.6
Ascribe 250 500 3.4
Hardide 396 441 3.0
Accuma 142 432 3.0
Jelf Group 250 425 2.9
Abcam 250 392 2.7
Neutra Health 315 360 2.5
K3 Business Technology Group 270 309 2.1
Work Group 300 291 2.0
Invocas Group 169 281 1.9
FDM Group 250 256 1.8
Sectorguard 250 250 1.7
Maxima Holdings 251 239 1.6
Gourmet Holdings 300 225 1.6
Autoclenz 256 223 1.5
York Pharma 250 219 1.5
Optimisa 202 211 1.5
Mama 300 210 1.4
BBI 140 200 1.4
Axeon 200 200 1.4
Debts.co.uk 150 170 1.2
Centrom 400 160 1.1
Tasty 140 147 1.0
Plethora Solutions 44 36 0.2
Mama warrants 8 0.1
---------- -------- --------
Total qualifying investments 6,550 8,428 58.1
Non-qualifying investments
Treasury 4.5% Stock 2007 3,166 3,144 21.6
Treasury 4% Stock 2009 2,977 2,944 20.3
-------- -------- --------
Total non-qualifying investments 6,143 6,088 41.9
-------- ------- --------
Total investments 12,693 14,516 100.0
-------- -------- --------
*T
Investment portfolio summary as at 30 September 2006 - C Ordinary Share Fund
-0-
*T
Qualifying investments Book cost Valuation Valuation
£000 £000 %
Cohort 351 398 2.4
Debts.co.uk 300 340 2.0
Optimisa 202 211 1.3
BBI 140 200 1.2
-------- -------- --------
Total qualifying investments 993 1,149 6.9
Non-qualifying investments
Treasury 4.5% Stock 2007 11,442 11,428 68.2
Treasury 4% Stock 2009 4,170 4,170 24.9
-------- -------- --------
Total non-qualifying investments 15,612 15,598 93.1
-------- ------- --------
Total investments 16,605 16,747 100.0
-------- -------- --------
*T
13 December 2006
For further information please contact:
Craig McNeil
Company Secretary
Keydata AIM VCT plc
0141 572 2300
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