Half-yearly Report

Keydata AIM VCT KEYDATA AIM VCT plc Unaudited Interim Results for the six months ending 31 March 2008 Chairman's Statement During the six month period, small cap equities were marked down significantly and indiscriminately. Against this backdrop, the Company performed broadly in line with its benchmark, the FTSE AIM All Share index. Results - Ordinary Fund The net asset value per ordinary share decreased by 15.3% to 88.52 pence during the period. In the same period, the FTSE AIM All Share index fell 14.2%. Adjusted for dividends paid, the total return is 98.52 pence, a 3.7% uplift since launch. The loss per ordinary share for the period was 17.21 pence per share (comprising revenue loss of 0.14 pence and capital loss of 17.07 pence). The Investment Manager invested a further Â£0.1 million in one qualifying AIM company during the period and made full or part disposals of six of the AIM investments, realising a net gain on sale of Â£0.33 million in the period. The main contributors to this realised gain were BBI Holdings and Portland Gas. The bid value of qualifying investments at 31 March 2008 was Â£8.69 million invested in 45 AIM companies. With respect to the 70% investment test, as at 31 March 2008, 85% of the Company's investments were in Qualifying companies. The balance was held in short dated Treasury gilts. During the period, 1,789,202 ordinary shares were bought back for cancellation at a total cost of Â£1,520,727. Results - C Fund The net asset value per C share at 31 March 2008 decreased by 6.5% to 89.12 pence per share adjusted for the 0.75 pence final dividend paid in January 2008. The loss per C share was 6.32 pence per share (comprising revenue earnings of 0.64 pence and capital losses of 6.96 pence). A further Â£0.8 million was invested in four qualifying AIM companies during the period The bid value of qualifying investments at 31 March 2008 was Â£5.5 million invested in 31 AIM companies. With respe ct to the 70% investment test, as at 31 March 2008, 43.1% of the Company's investments were in Qualifying companies. The balance was held in short dated Treasury gilts or in cash following a large maturity of short dated Treasury gilts prior to 31 March 2008. We have until 30 September 2008 to meet the 70% test in relation to the combined fund. As at 31 March 2008, the combined fund was 65.9% invested in qualifying investments. During the period, 209,000 C ordinary shares were bought back for cancellation at a total cost of Â£167,407. In accordance with the terms of issue of the C shares in 2006, the C ordinary shares will be converted to ordinary shares based on the respective net asset values on 30 September 2008. From that date, the combined fund will be managed as one single fund. We will notify shareholders of the conversion terms at the appropriate time. Dividend We are delighted to declare an interim dividend payable to ordinary shareholders of 4 pence per share (2007 -5 pence). This interim dividend will be payable on 23 June 2008 to ordinary shareholders on the share register on 9 June 2008. An interim dividend of 0.7 pence will also be payable to C shareholders in respect of the period (2007 - 0.75 pence). This interim dividend will be payable on 23 June 2008 to C shareholders on the share register on 9 June 2008. Outlook The market for new equity issues on the AIM market has been quiet in the last 6 months but has picked up slightly in April. We remain confident that we will achieve our required 70% investment in qualifying companies in the combined fund by 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.keydata.co.uk/aimvct Sir Aubrey Brocklebank Bt Chairman 30 April 2008 Income Statement for the six months to 31 March 2008 - Ordinary Shares -0- *T For the six months to 31 March 2008 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments 332 332 Unrealised losses on investments - (2,622) (2,622) Income 94 94 -------- ---------- -------- 94 (2,290) (2,196) Management fee (17) (50) (67) Other expenses (96) (96) -------- ---------- -------- (113) (50) (163) -------- -------- -------- Loss before taxation (19) (2,340) (2,359) Taxation - - - -------- -------- -------- Loss after taxation (19) (2,340) (2,359) -------- -------- -------- Loss per share (Note 2) (0.14)p (17.07)p (17.21)p *T Income Statement for the six months to 31 March 2008 - C shares -0- *T For the six months to 31 March 2008 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 233 233 Unrealised losses on investments - (1,412) (1,412) Income 257 257 -------- ---------- -------- 257 (1,179) (922) Management fee (22) (65) (87) Other expenses (121) (121) -------- ---------- -------- (143) (65) (208) -------- -------- -------- Profit (loss) before taxation 114 (1,244) (1,130) Taxation - - - -------- -------- -------- Profit (loss) after taxation 114 (1,244) (1,130) -------- -------- -------- Earnings (loss) per share (Note 2) 0.64p (6.96)p (6.32)p *T Income Statement for the six months to 31 March 2008 - Company -0- *T For the six months to 31 March 2008 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments 565 565 Unrealised losses on investments - (4,034) (4,034) Income 351 351 -------- ---------- -------- 351 (3,469) (3,118) Management fee (39) (115) (154) Other expenses (217) (217) -------- ---------- -------- (256) (115) (371) -------- -------- -------- Profit (loss) before taxation 95 (3,584) (3,489) Taxation - - - -------- -------- -------- Profit (loss) after taxation 95 (3,584) (3,489) -------- -------- -------- The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. *T Income Statement for the six months to 31 March 2007 - Ordinary Shares -0- *T For the six months to 31 March 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments 542 542 Unrealised gains on investments - 33 33 Income 177 177 -------- ---------- -------- 177 575 752 Management fee (20) (61) (81) Other expenses (110) (110) -------- ---------- -------- (130) (61) (191) -------- -------- -------- Profit before taxation 47 514 561 Taxation (3) 3 - -------- -------- -------- Profit after taxation 44 517 561 -------- -------- -------- Earnings per share (Note 2) 0.31p 3.60p 3.91p *T Income Statement for the six months to 31 March 2007 - C shares -0- *T For the six months to 31 March 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 5 5 Unrealised gains on investments - 287 287 Income 342 342 -------- ---------- -------- 342 292 634 Management fee (23) (69) (92) Other expenses (122) (122) -------- ---------- -------- (145) (69) (214) -------- -------- -------- Profit before taxation 197 223 420 Taxation (37) 37 - -------- -------- -------- Profit after taxation 160 260 420 -------- -------- -------- Earnings per share (Note 2) 0.89p 1.45p 2.34p *T Income Statement for the six months to 31 March 2007 - Company -0- *T For the six months to 31 March 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 547 547 Unrealised gains on investments - 320 320 Income 519 519 -------- ---------- -------- 519 867 1,386 Management fee (43) (130) (173) Other expenses (232) (232) -------- ---------- -------- (275) (130) (405) -------- -------- -------- Profit before taxation 244 737 981 Taxation (40) 40 - -------- -------- -------- Profit after taxation 204 777 981 -------- -------- -------- The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. *T Balance sheet as at 31 March 2008 -0- *T As at 31 March 2008 (unaudited) Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Fixed assets Investments 10,719 9,771 20,490 -------- -------- -------- Current assets Prepayments and accrued income 8 26 34 Cash at bank and on deposit 376 6,086 6,462 ------- -------- -------- 384 6,112 6,496 Creditors: amounts falling due within one year Accruals and deferred income (3) (91) (94) ------- ------- -------- Net current assets 381 6,021 6,402 ------- ------- -------- Net assets 11,100 15,792 26,892 ------- ------- -------- Capital and Reserves Called up share capital 125 894 1,019 Capital redemption reserve 18 2 20 Capital reserve - realised 411 13 424 Capital reserve - unrealised (1,029) (1,158) (2,187) Special reserve 11,478 15,927 27,405 Revenue reserve 97 114 211 -------- -------- -------- Equity shareholders' funds 11,100 15,792 26,892 -------- ------- -------- Net asset value per share (Note 4) 88.52p 89.12p *T Balance sheet as at 31 March 2007 -0- *T As at 31 March 2007 (unaudited) Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Fixed assets Investments 15,481 16,981 32,462 -------- -------- -------- Current assets Prepayments and accrued income 20 45 65 Cash at bank and on deposit 453 512 965 ------- -------- -------- 473 557 1,030 Creditors: amounts falling due within one year Accruals and deferred income (47) (52) (99) ------- ------- -------- Net current assets 426 505 931 ------- ------- -------- Net assets 15,907 17,486 33,393 ------- ------- -------- Capital and Reserves Called up share capital 143 896 1,039 Share premium - 16,094 16,094 Capital reserve - realised 806 (70) 736 Capital reserve - unrealised 1,855 429 2,284 Special reserve 12,999 - 12,999 Revenue reserve 104 137 241 -------- -------- -------- Equity shareholders' funds 15,907 17,486 33,393 -------- ------- -------- Net asset value per share (Note 4) 110.95p 97.53p *T Cash flow statement for the six months to 31 March 2008 (unaudited) -0- *T Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Profit (loss) before taxation (19) 114 95 Management fee charged to capital (50) (65) (115) Decrease in debtors 4 11 15 Decrease in creditors (7) (14) (21) ------- ------- -------- Net cash (inflow) outflow from operating activities Financial investment (72) 46 (26) Purchase of investments (112) (838) (950) Sale of investments 1,727 6,805 8,532 Dividends paid Financing - (134) (134) Purchase and cancellation of share (1,521) (167) (1,688) capital --------- -------- -------- Increase in cash 22 5,712 5,734 --------- -------- -------- *T Cash flow statement for the six months to 31 March 2007 (unaudited) -0- *T Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Profit before taxation 47 197 244 Management fee charged to capital (61) (69) (130) Decrease in debtors 2 4 6 (Decrease)/increase in creditors (5) 1 (4) ------- ------- -------- Net cash outflow from operating activities Dividends paid (17) 133 116 Financial investment - (179) (179) Purchase of investments (4,479) (11,389) (15,868) Sale of investments 4,088 11,448 15,536 Financing Net proceeds from issue of share capital ----------- ---------- ---------- (Decrease)/increase in cash (408) 13 (395) --------- -------- -------- *T Reconciliation of movements in shareholders' funds for the six months to 31 March 2008 (unaudited) -0- *T Ordinary Shares Share Capital Capital Capital Special Revenue Capital Redemption Reserve Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2007 143 - 128 1,593 12,999 116 Previously recognised gains now realised - - 333 (333) - - Unrealised loss on investments - - - (2,289) - - Management fee charged to capital - - (50) - - - Cancellation of shares (18) 18 -` - (1,521) - Profit after taxation for (19) the period -------- --------- -------- -------- --------- -------- At 31 March 2008 125 18 411 (1,029) 11,478 97 ------ ------- ------ ------ -------- -------- *T -0- *T C Shares Share Capital Capital Capital Special Revenue Capital Redemption Reserve Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2007 896 - (154) 254 16,094 134 Previously recognised gains now realised - - 232 (232) - - Unrealised loss on investments - - - (1,180) - - Management fee charged to capital - - (65) - - - Cancellation of shares (2) 2 - - (167) - Equity dividends paid - - - - - (134) Profit after taxation for 114 the period -------- --------- -------- -------- --------- -------- At 31 March 2008 894 2 13 (1,158) 15,927 114 ------ ------- ------ ------ -------- -------- *T Reconciliation of movements in shareholders' funds for the six months to 31 March 2007 (unaudited) -0- *T Ordinary Shares Share Capital Capital Special Revenue Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2006 - 322 1,823 12,999 60 Realised gains on investments - 542 - - - Unrealised gains on investments - - 33 - - Management fee charged to capital - (61) - - - Tax relief - 3 - - - Profit after taxation for the period 44 -------- -------- -------- --------- -------- At 31 March 2007 806 1,856 12,999 104 -------- ------ ------ -------- -------- *T -0- *T C Shares Share Capital Capital Special Revenue Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2006 16,094 (43) 141 - 156 Proceeds from issue of shares - - - - - Dividends paid - - - - (179) Realised gains on investments - 5 - - - Unrealised gains on investments - - 287 - - Management fee charged to capital - (69) - - - Tax relief - 37 - - - Profit after taxation for the period 160 -------- -------- -------- --------- -------- At 31 March 2007 16,094 (70) 428 137 ------ ------ ------ --------- -------- *T Notes to the interim report -0- *T 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 adopted at the year end. All AIM investments are valued at bid price. 2 The loss per ordinary share of 17.21p (2007 - profit of 3.91p) is based on the loss after tax for the period of Â£2,358,578 (2007 - profit of Â£560,942) and the weighted average number of ordinary shares in issue over the six month period of 13,711,673 (2007 - 14,337,731). The loss per C share of 6.32p (2007 - profit of 2.34p) is based on the loss after tax for the period of Â£1,130,148 (2007 - profit of Â£419,785) and the weighted average number of C shares in issue over the six month period of 17,859,053 (2007 - 17,928,720). 3 The results should not be taken as a guide to the results for the year ending 30 September 2008 4 The net asset value per ordinary share at 31 March 2008 of 88.52p (2007 - 110.95p) is based on net assets of Â£11,100,050 (2007 - Â£15,907,556) and on 12,539,529 (2007 - 14,337,731) shares, being the number of ordinary shares in issue as at 31 March 2008. The net asset value per C share at 31 March 2008 of 89.12p (2007 - 97.53p) is based on net assets of Â£15,792,363 (2006 - Â£17,485,923) and on 17,719,720 (2007 - 17,928,720) shares, being the number of C shares in issue as at 31 March 2008. 5 The financial information contained in the 31 March 2008 income statement, balance sheet, cash flow statement and reconciliation of movements in shareholders' funds does not constitute full financial statements and has not been audited. *T Investment portfolio summary as at 31 March 2008 - Ordinary Share Fund -0- *T Qualifying investments Book cost Valuation Valuation Â£000 Â£000 % Cohort 451 605 5.6 Portland Gas 54 562 5.2 Abcam 250 504 4.7 Jelf Group 174 410 3.8 K3 Business Technology Group 270 396 3.7 Darwen Holdings 150 337 3.1 Mama 300 315 2.9 FDM Group 250 314 2.9 Brulines 270 308 2.9 St Helens Capital 211 273 2.5 Neutra Health 315 255 2.4 Pressure Technologies 170 249 2.3 Work Group 300 235 2.2 Hardide 396 225 2.1 Maxima Holdings 251 220 2.1 Optimisa 202 202 1.9 TMN Group 173 199 1.9 Mount Engineering 180 190 1.8 Axeon 200 190 1.8 Rotala 200 182 1.7 Intercede Group 231 182 1.7 Idox 150 180 1.7 Clerkenwell Ventures 250 167 1.6 Sectorguard 250 161 1.5 Vertu Motors 300 140 1.3 Gourmet Holdings 300 133 1.2 Universe Group 193 131 1.2 Vicorp 250 130 1.2 Invocas Group 169 122 1.1 York Pharma 250 118 1.1 Enfis 146 116 1.1 Debts.co.uk 250 104 1.0 Tangent Communications 150 104 1.0 Energetix Group 130 98 0.9 Centrom 400 96 0.9 Autoclenz 256 94 0.9 Tasty 139 83 0.8 Sports Media Group 150 80 0.7 EBTM 184 77 0.7 Reneuron 168 60 0.6 Egdon Resources 8 46 0.4 Expansys 194 44 0.4 Zenith Hygiene Group 277 30 0.3 Mediasurface 120 21 0.2 Accuma 50 6 0.1 Total qualifying investments 9,732 8,694 81.1 Non-qualifying investments Treasury 4% Stock 2009 1,985 1,999 18.7 Non-qualifying AIM investments 31 26 0.2 -------- -------- -------- Total non-qualifying investments 2,016 2,025 18.9 -------- ------- -------- Total investments 11,748 10,719 100.0 -------- -------- -------- *T Investment portfolio summary as at 31 March 2008- C Share Fund -0- *T Qualifying investments Book cost Valuation Valuation Â£000 % Â£000 Darwen Holdings 199 446 4.6 Cohort 351 442 4.5 CBG 204 310 3.2 Brulines 270 308 3.2 Animalcare 300 300 3.1 Pressure Technologies 170 249 2.5 Mount Engineering 220 233 2.4 Intercede 287 226 2.3 Hexagon Human Capital 300 218 2.2 Plastics Capital 250 212 2.2 Optimisa 202 202 2.1 Clerkenwell Ventures 300 200 2.0 Craneware 150 188 1.9 Energetix Group 250 188 1.9 Rotala 200 182 1.9 Fishworks 186 178 1.8 Feedback 201 151 1.5 Invu 200 143 1.5 Vertu Motors 300 140 1.4 Debts.co.uk 400 132 1.4 Universe Group 193 131 1.3 Infoserve 200 111 1.1 Tangent Communications 150 104 1.1 Innovision Research 175 91 0.9 Sports Media 150 80 0.8 EBTM 184 77 0.8 Vicorp 150 75 0.8 Tasty 149 74 0.8 Business Direct 150 63 0.6 Expansys 194 44 0.5 Mediasurface 120 21 0.2 -------- -------- -------- Total qualifying investments 6,755 5,519 56.5 Non-qualifying investments Treasury 4% Stock 2009 4,170 4,248 43.5 Non-qualifying AIM investments 5 4 0.0 -------- -------- -------- Total non-qualifying investments 4,175 4,252 43.5 -------- ------- -------- Total investments 10,930 9,771 100.0 -------- -------- -------- *T Top ten investments at 31 March 2008 by valuation -0- *T 1. Cohort plc 170p ------------------------------------------------------------------------------- ----------------- Investment date Feb & July 2006 6 months to October 2007 Equity held 1.53% Turnover (Â£'000) 20,902 Purchase Price 123p & 135p Profit before tax (Â£'000) 1,306 Cost (Â£'000) 802 Net Assets (Â£'000) 37,372 Valuation (Â£'000) 1,053 Cohort provides independent consultancy support combining technical expertise with practical experience and domain knowledge to the defence sector. Initially focusing on operational and non-operational CIS strategy and projects, especially in the Land Systems area, the company has expanded into a range of complementary business areas. The company's two trading divisions, SCS and MASS, have an impressive client base that includes the MOD and its agencies, NATO, and major defence contractors such as BAE, EDS, General Dynamics and Lockheed Martin. Cohort recently acquired SEA Ltd for an initial consideration of Â£20.7m. The earnings enhancing acquisition brings with it additional expertise in systems engineering and product development in the maritime and space industries. *T -0- *T 2. Darwen plc 33p ----------------------------------------------------------------------------- ------------------- Investment date September 07 3 months to October 2007 Equity held 4.81% Turnover (Â£'000) Purchase Price 14.7p Profit before tax (Â£'000) Cost (Â£'000) 349 Proforma Net assets (Â£'000) 4,507 Valuation (Â£'000) 783 Darwen Holdings plc specializes in the design, assembly and supply of single and double deck buses through its subsidiary Darwen Ltd. Darwen Ltd was established in August 2007 from the business and assets of East Lancashire Coachbuilders Ltd. The company went on to acquire specialist design, manufacturing and product development consultancy skills with the addition of Leyland product Developments in November 2007. *T -0- *T 3. Brulines plc 140p ----------------------------------------------------------------------------- ------------------- Investment date October 2006 6 months to September 2007 Equity held 1.82% Turnover (Â£'000) 8,059 Purchase Price 123p Profit before tax (Â£'000) 2,184 Cost (Â£'000) 541 Net assets (Â£'000) 12,598 Valuation (Â£'000) 622 Brulines is a leading provider of volume and revenue protection systems for draught alcoholic drinks for the UK Licensed on-trade, in particular the tenanted pub sector. The Dispense Monitoring Division, which represents the Group's core product, measures the actual volume of liquid dispensed each hour against legitimate deliveries and protects the pub owners from the potential loss of revenue from 'buying out'. The Group also has a Brand Quality Monitoring solution undergoing commercial trials with a number of customers. *T -0- *T 4. Portland Gas plc 280p ---------------------- ------------------------------------------------------ ------------------- Investment date December 2004 6 Months to January 2008 Equity held 0.37% Turnover (Â£'000) 0 Purchase Price 26.9p Profit before tax (Â£'000) (798) Cost (Â£'000) 54 Net assets (Â£'000) 14,579 Valuation (Â£) 562 Portand Gas demerged from Egdon Resources on 17 Jan 2008. The company has submitted a planning application for a 36 bcf underground gas storage facility at Portland, Dorset. Weymouth and Portland Borough voted unanimously in favour of the project on 6 Feb 2008 and the application now sits with Dorset District Council who are expected to vote on the project shortly. Portland Gas plc has a subsidiary in Northern Ireland that is currently working towards a planning application for a 18 bcf subsurface salt cavern gas storage facility at Larne Lough. Portland NI reported encouraging seismic data in March 2008 which it will seek to confirm through the drilling of a borehole later this year. *T -0- *T 5. Abcam plc 337p --------------------------------------------------------------------------- --------------------- Investment date October 2005 6 months to December 2007 Equity held 0.43% Turnover (Â£'000) 15,318 Purchase Price 167p Profit before tax (Â£'000) 2,736 Cost (Â£'000) 250 Net assets (Â£'000) 19,768 Valuation (Â£'000) 504 Abcam is a producer and distributor of research-grade antibodies headquartered in Cambridge, UK, with offices in Cambridge, Massachusetts, USA and Tokyo, Japan. The Company produces and distributes its own and third party produced antibodies to academic and commercial users throughout the world. Product ordering is available through the Company's website where customers are also able to access up-to-date and detailed technical product data sheets. All the antibodies are sold under the Abcam brand name and the Company's vision is to build the world's largest online resource of high quality and commercially viable antibodies. *T -0- *T 6. Pressure Technologies plc 220p ------------------------------------------------------------------------------- ----------------- Investment date May 2007 Year to September 2007 Equity held 1.77% Turnover (Â£'000) 15,124 Purchase Price 150p Profit before tax (Â£'000) 1,409 Cost (Â£'000) 340 Net Assets (Â£'000) 7,865 Valuation (Â£'000) 498 Pressure Technologies plc designs, manufactures and offers testing and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy, defence and industrial gases markets. The business is conducted under the 'Chesterfield' brand which is a long established name in the cylinders and specialised pressure vessel market. The company is aiming to grow the business through a mixture of organic growth, diversification and acquisition of complementary business to achieve a GBP 40 million turnover business within five years. *T -0- *T 7. Mount Engineering 74p ---------------------- ----------------------------------------------------- -------------------- Investment date June 07 Proforma 12 months to December 07 Equity held 0.4% Turnover (Â£'000) 10,825 Purchase Price 70p Profit before tax (Â£'000) 2,551 Cost (Â£'000) 400 Net assets (Â£'000) 16,722 Valuation (Â£'000) 422 Mount Engineering was established in April 2007 for the purpose of acquiring Mount York Limited. The acquisition of Mount York Limited marks the first step in implementing a strategy to grow the new group, both by selective acquisition and from the continual expansion of the product range. Mount Engineering has three UK subsidiaries, each well established within its industry, with a strong brand name and a recognition for quality products. The major end user market for all three subsidiaries are the oil and gas and petrochemical industries, however they also serve a range of other industrial markets including mining, waste water and pharmaceuticals. *T -0- *T 8. Jelf plc 250p ---------------------- ------------------------------------------------------ ------------------- Investment date February 2006 Year to September 2007 Equity held 0.33% Turnover (Â£'000) 40,556 Purchase Price 106 Profit before tax (Â£'000) 2,515 Cost (Â£'000) 174 Net Assets (Â£'000) 20,029 Valuation (Â£'000) 410 Jelf Group is a broker of corporate services, with separate divisions in Healthcare, Insurance, and Financial Services. Customers are in the corporate and private client sectors. The business has grown acquisitively since it started in 1989 and has bought numerous companies in the last five years. The market is very fragmented, with smaller players unable to compete due to rising costs of training and compliance. Acquisitions are earnings enhancing as back office costs can be easily stripped out. Acquisitions normally present additional cross selling opportunities to the acquired customer base. *T -0- *T 9. Intercede plc 26p ---------------------- ------------------------------------------------------ ------------------- Investment date May 2007 6 months September 2007 Equity held 4.35% Turnover (Â£'000) 1,546 Purchase Price 33p Profit before tax (Â£'000) 45 Cost (Â£'000) 518 Net Assets (Â£'000) (956) Valuation (Â£'000) 408 Intercede Group plc is a leading developer and supplier of smart card and identity credential management software. The company's principal product, MyID, is a software solution that manages the secure registration, issuance and lifecycle of identity credentials and devices. *T -0- *T 10. Optimisa plc 150p -------------------------------------------------------------------------------- ---------------- Investment date May 2006 Year to December 2007 Equity held 5.08% Turnover (Â£'000) 11,415 Purchase Price 150p Profit before tax (Â£'000) 1,257 Cost (Â£'000) 405 Net assets (Â£'000) 12,653 Valuation (Â£'000) 405 The Optimisa Group has four subsidiaries that provide market research along with consultancy advice in strategic marketing, business strategy and media analysis. The Group is positioned between large management consultancies and the traditional market research, market intelligence and business intelligence providers. Optimisa has made a Â£7.4m offer for EQ Group plc, an AIM listed marketing services vehicle. Optimisa will also inherit Â£5.8m of debt. The acquisition is expected to be earnings enhancing in its first full year. *T 30 April 2008 For further information please contact: Craig McNeil Company Secretary Keydata AIM VCT plc 0141 228 6310

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