Interim Results

Close Brothers Venture Cap Tst PLC 27 November 2007 27 November 2007 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC Announcement of half-yearly results for the six months ended 30 September 2007. Close Brothers Venture Capital Trust PLC ('the Company'), managed by Close Ventures Limited, today announces the results for the six months ended 30 September 2007. The announcement has been approved by the Board of Directors on 27 November 2007. FINANCIAL HIGHLIGHTS The following is an analysis of dividends paid in respect of each class of shares since their respective launches, together with net asset value. Six months ended Six months ended 30 September 2007 30 September 2006 Dividends paid per ordinary share (pence) 5.00 5.00 Revenue return per ordinary share (pence) 1.93 2.38 Capital return per ordinary share (pence) (1.11) 3.63 Net asset value per ordinary share (pence) 116.00 117.46 Ordinary shares C shares Shareholder value created per share since launch: (pence) (pence) Gross revenue dividends paid during the year ended 31 March 1997 2.00 - Gross revenue dividends paid during the year ended 31 March 1998 5.20 2.00 Gross interim dividends and net final dividend paid during the year ended 31 March 1999 11.05 8.75 Net revenue and capital dividends paid during the year ended 31 March 2000 3.00 2.70 Net revenue and capital dividends paid during the year ended 31 March 2001 8.55 4.80 Net revenue and capital dividends paid during the year ended 31 March 2002 7.60 7.60 Net revenue and capital dividends paid during the year ended 31 March 2003 7.70 7.70 Net revenue and capital dividends paid during the year ended 31 March 2004 8.20 8.20 Net revenue and capital dividends paid during the year ended 31 March 2005 9.75 9.75 Net revenue and capital dividends paid during the year ended 31 March 2006 11.75 11.75 Net revenue and capital dividends paid during the year ended 31 March 2007 10.00 10.00 Net revenue and capital dividends paid during the period ended 30 September 2007 5.00 5.00 Total dividends paid to date 89.80 78.25 Net asset value as at 30 September 2007 116.00 116.00 Total shareholder net asset value return to 30 September 2007 205.80 194.25 In addition to the above dividends, the Directors have declared a second dividend of 5.00 pence per Share (2.50 pence revenue and 2.50 pence paid out of realised gains). This dividend will be paid on 4 January 2008 to shareholders on the register on 7 December 2007. Notes: i) Dividends paid before 5 April 1999 were paid to qualifying shareholders inclusive of the associated tax credit. The dividends for the year to 31 March 1999 were maximised in order to take advantage of this tax credit. ii) A capital dividend of 2.55 pence in the year to 31 March 2000 enabled the Ordinary Shares and the 'C' Shares to merge on an equal basis. iii) All dividends paid by the Company are free of income tax. It is an Inland Revenue requirement that dividend vouchers indicate the tax element should dividends have been subject to income tax. Investors should ignore this figure on their dividend voucher and need not disclose any income they receive from a VCT on their tax return. iv) The net asset value of the Company is not its share price as quoted on the official list of the London Stock Exchange. The share price of the Company can be found in the Investment Companies section of the Financial Times on a daily basis. v) The apparent dividend reduction is due to the change in the accounting treatment of dividends, which was fully explained in last year's Report and Accounts. INTERIM MANAGEMENT REPORT Introduction I am pleased to say that at the Annual General Meeting in July of this year, approximately 99.7% of those voting approved the continuation of the Company for a further 5 years. In addition, the Company's strong record and stable, substantial dividend policy have led to it being one of the very few VCTs with an established secondary market in its shares. Investment progress The Company's investment portfolio continues to progress. Some £4.6 million were invested or committed for investment into new and existing asset based investee companies. The biggest investment was an investment and commitment to invest a total of £3.2 million in Sky Hotel Heathrow Limited to purchase The Stanwell Hall Hotel, a 19 bedroom hotel close to Heathrow's Terminal Five and to extend it to 50 bedrooms. We also disposed of our investment in The Bold Pub Company Limited, realising a profit of £589,000 on the investment of £1.39 million in addition to a running yield of over 10% on funds invested. Our existing investment portfolio continues to trade well with further improvements in the performance of our hotels and the build up of membership in our health and fitness club investments. Our residential development investments, however, have seen sales slow in line with the general housing market, which in turn has resulted in a decline in income over the period. Risks and uncertainties As required under the new Listing Rules under which your Company operates, we are required to comment on the potential risks and uncertainties which could have a material impact on the Company's performance over the remaining six months of the financial period. The key risk is the outlook for the UK economy which, while currently still growing, could be affected by the current unease in the wholesale financial and housing markets. While this could give rise to additional investment opportunities for a cash rich fund like ourselves, a downturn could affect existing investee companies and make it harder for the Manager to assess the prospects of new investment opportunities, as well as potentially affecting asset values. Results and Dividends As at 30 September 2007, the net asset value was £41.6 million or 116.0 pence per Share compared to £43.1 million or 120.17 pence per share as at 31 March 2007. Revenue return before taxation was £992,000 for the period compared to £1.2 million for the six months to September 2006, the reduction being due principally to the slow down in residential sales referred to above. The Board now declares a second dividend of 5 pence per Share, of which 2.5 pence is from revenue reserves and 2.5 pence from realised capital reserves. The dividend will be paid on 4 January 2008 to shareholders on the register on 7 December 2007. This is in line with the Board's policy of paying out a dividend of 10 pence per share per annum for the foreseeable future, subject to the availability of realised capital and revenue reserves. David Watkins Chairman 27 November 2007 INVESTMENT PORTFOLIO SUMMARY A summary of the Company's qualifying investments at 30 September 2007 is set out below: Investment Cumulative Total at cost movement in carrying/ carrying/ fair value fair value (i) £'000 £'000 £'000 Hotels Kew Green VCT (Stansted) Limited 5,000 4,335 9,335 The Crown Hotel Harrogate Limited 2,900 (458) 2,442 The Bear Hungerford Limited 2,088 (484) 1,604 The Place Sandwich VCT Limited 1,250 24 1,274 Sky Hotel Heathrow Limited 1,000 8 1,008 Churchill Taverns (Hotel) VCT Limited 850 23 873 The Rutland Pub Company (Hotels) Limited 1,138 (267) 871 Total investment in the hotel sector 14,226 3,181 17,407 Leisure City Screen (Cambridge) Limited 1,210 470 1,680 The Weybridge Club Limited 1,330 101 1,431 Kensington Health Club Limited 1,100 19 1,119 CS (Greenwich) Limited 1,005 (88) 917 Churchill Taverns VCT Limited 455 38 493 Bravo Inns Limited 450 (1) 449 Tower Bridge Health Club Limited 344 70 414 City Screen (Liverpool) Limited 200 113 313 Premier Leisure (Suffolk) Limited 380 (84) 296 CS (Brixton) Limited 250 16 266 The Pelican Inn Limited (formerly The Independent Pub Company (VCT) 359 (122) 237 Limited) GB Pub Company Limited 240 (49) 191 The Dunedin Pub Company VCT Limited 215 (34) 181 Novello Limited (formerly The Independent Beer Company Limited) 184 (61) 123 The Rutland Pub Company Limited 160 (41) 119 CS (Exeter) Limited 100 7 107 River Bourne Limited 70 2 72 CS (Norwich) Limited 50 - 50 Total investment in the leisure sector 8,102 356 8,458 Residential property development Country and Metropolitan VCT Limited 3,000 - 3,000 Prime VCT Limited 2,200 (100) 2,100 Chase Midland VCT Limited 1,600 - 1,600 Youngs VCT Limited 1,200 - 1,200 Total investment in the residential property development sector 8,000 (100) 7,900 Total qualifying investments 30,328 3,437 33,765 (1) Included in this movement is capital appreciation of equity instruments of £3,069,000 and movement in carrying value of loans and receivables of £368,000. INVESTMENT PORTFOLIO SUMMARY A summary of the Company's non-qualifying investments at 30 September 2007 is set out below: Investment Cumulative Total at cost movement in carrying/ carrying/ fair value fair value (i) £'000 £'000 £'000 Non-qualifying investments Nationwide Building Society FRN 1,497 - 1,497 Total non-qualifying investments 1,497 - 1,497 RESPONSIBILITY STATEMENT The Directors have chosen to prepare this Half-yearly Financial Report for the Company in accordance with United Kingdom Generally Accepted Accounting Practice ('UK GAAP'). In preparing these summarised financial statements for the period to 30 September 2007, we the Directors, confirm that to the best of our knowledge: (a) the summarised set of financial statements has been prepared in accordance with pronouncement on interim reporting issued by Accounting Standards Board; (b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); (c) the summarised set of financial statements give a true and fair view in accordance with UK GAAP of the state of affairs of the Company and of the profit and loss of the Company for that period and comply with UK GAAP and Companies Act 1985; and (d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). This Half-yearly Financial Report has not been audited nor reviewed by the auditors. By order of the Board David Watkins Chairman 27 November 2007 SUMMARY INCOME STATEMENT Unaudited Unaudited Audited Six months to Six months to Year to 30 September 2007 30 September 2006 31 March 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments 3 - (125) (125) - 1,548 1,548 - 3,374 3,374 Investment income 4 1,266 - 1,266 1,433 - 1,433 2,997 - 2,997 Investment management fees (131) (393) (524) (117) (351) (468) (232) (678) (910) Other expenses (143) - (143) (116) - (116) (220) - (220) Return/(loss) on ordinary activities before tax 992 (518) 474 1,200 1,197 2,397 2,545 2,696 5,241 Tax (charge)/credit on ordinary activities 5 (297) 118 (179) (359) 105 (254) (535) 203 (332) Return/(loss) attributable to shareholders 695 (400) 295 841 1,302 2,143 2,010 2,899 4,909 Basic and diluted return/ (loss) per share (pence) 7 1.9 (1.1) 0.8 2.4 3.6 6.0 5.6 8.1 13.7 The accompanying notes are an integral part of this Half-yearly Financial Report. The total column of this Summary Income Statement represents the profit and loss account of the Company. All of the Company's activities derive from continuing operations. The Company has no recognised gains or losses other than those disclosed above. Accordingly a statement of total recognised gains and losses is not required. Comparative figures have been extracted from the interim accounts for the period ended 30 September 2006 and the statutory accounts for the year ended 31 March 2007. SUMMARY BALANCE SHEET Unaudited Unaudited Audited 30 September 2007 30 September 2006 31 March 2007 Note £'000 £'000 £'000 Fixed asset investments Qualifying investments 33,765 35,918 32,264 Non-qualifying investments 1,497 2 - Total fixed asset investments 9 35,262 35,920 32,264 Current assets Debtors 98 138 180 Cash at bank 12 6,793 6,601 11,066 6,891 6,739 11,246 Creditors: amounts falling due within (536) (515) (394) one year Net current assets 6,355 6,224 10,852 Total assets less current liabilities 41,617 42,144 43,116 Capital and reserves Called up share capital 11 17,939 17,939 17,939 Special reserve 14,110 14,110 14,110 Capital redemption reserve 1,914 1,914 1,914 Realised capital reserve 3,210 2,135 4,021 Unrealised capital reserve 3,018 4,923 3,737 Revenue reserve 1,426 1,123 1,395 Total equity shareholders' funds 41,617 42,144 43,116 Net asset value per share (pence) 116.0 117.5 120.2 Comparative figures have been extracted from the interim accounts for the period ended 30 September 2006 and the statutory accounts for the year ended 31 March 2007. The half-yearly financial information was approved by the Board of Directors on 27 November 2007. Signed on behalf of the Board of Directors by David Watkins Chairman SUMMARY (UNAUDITED) RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Called up Capital Realised Unrealised share Special redemption capital capital Revenue capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 31 March 2007 17,939 14,110 1,914 4,021 3,737 1,395 43,116 Net realised gains on investments in the period - - - 594 - - 594 Capitalised investment management and performance fees - - - (393) - - (393) Tax relief on costs charged to capital - - - 118 - - 118 Movement in unrealised appreciation - - - - (719) - (719) Revenue return attributable to shareholders - - - - - 695 695 Dividends - - - (1,130) - (664) (1,794) As at 30 September 2007 17,939 14,110 1,914 3,210 3,018 1,426 41,617 AS at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 Net realised gains on investments in the period - - - 1,074 - - 1,074 Capitalised investment management and performance - - - (351) - - (351) fees Tax relief on costs charged to capital - - - 105 - - 105 Movement in unrealised appreciation - - - - 474 - 474 Revenue return attributable to shareholders - - - - - 841 841 Dividends - - - (897) - (897) (1,794) As at 30 September 2006 17,939 14,110 1,914 2,135 4,923 1,123 42,144 SUMMARY (UNAUDITED) RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Called up Capital Realised Unrealised share Special redemption capital capital Revenue capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 Net realised gains on investments in the period - - - 4,086 - - 4,086 Capitalised investment management and performance - - - (678) - - (678) fees Tax relief on costs charged to capital - - - 203 - - 203 Movement in unrealised appreciation - - - - (712) - (712) Revenue return attributable to shareholders - - - - - 2,010 2,010 Dividends - - - (1,794) - (1,794) (3,588) As at 31 March 2007 17,939 14,110 1,914 4,021 3,737 1,395 43,116 SUMMARY CASHFLOW STATEMENT Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Operating activities Investment income 917 1,079 2,410 Dividend income - 4 4 Interest 230 167 302 Investment management fees paid (537) (399) (798) Administrative expenses paid (125) (155) (235) Net cash inflow from operating activities 13 485 696 1,683 Taxation UK corporation tax credit/(paid) 64 (170) (447) VAT paid (13) (3) - Capital expenditure and financial investment Purchase of investments (4,994) (3,255) (5,343) Disposal of investments 1,979 5,285 12,919 Net cash (outflow)/inflow from (3,015) 2,030 7,576 investing activities Equity dividends paid Dividends paid on Ordinary shares (1,794) (1,794) (3,588) (Decrease)/increase in cash 12 (4,273) 759 5,224 NOTES TO THE SUMMARISED SET OF FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2007 1. Accounting convention The financial statements have been prepared in accordance with the historical cost convention, modified to include the revaluation of investments, in accordance with applicable United Kingdom law and accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' ('SORP') issued by the Association of Investment Trust Companies (' AITC') in January 2003 and revised in December 2005. True and fair override The Company is no longer an investment company within the meaning of s266 of the Companies Act 1985. However, it conducts its affairs as a venture capital trust for taxation purposes under s842AA of the Income and Corporation Taxes Act 1988. The absence of Section 266 status does not preclude the Company from presenting its accounts in accordance with the AITC's SORP and furthermore the Directors consider it appropriate to continue to present the accounts in accordance with the SORP. Under the SORP, the financial performance of the Company is presented in an Income Statement in which the total column is the profit and loss account of the Company. In the opinion of the Directors the presentation adopted enables the Company to report in a manner consistent with the sector within which it operates. The Directors therefore consider that these departures from the specific provisions of Schedule 4 of the Companies Act relating to the form and content of accounts for companies other than investment companies and these departures from accounting standards are necessary to give a true and fair view. The departures have no effect on the total return or balance sheet. 2. Accounting policies The accounting policies used in this Half-Yearly Financial report are consistent with the accounting policies adopted at the year end. The principal accounting policies are described below. Investments In accordance with FRS 26 'Financial Instruments Measurement', equity investments are designated as fair value through profit or loss ('FVTPL'). The total column of the Income Statement represents the Company's profit and loss account. Investments listed on recognised exchanges are valued at the closing bid prices at the end of the accounting period. Unquoted investments' fair value is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Fair value movements on equity investments and gains and losses arising on the disposal of investments are reflected in the capital column of the Income Statement in accordance with the AITC SORP. Unquoted loan stock is classified as loans and receivables in accordance with FRS 26 and carried at amortised cost using the Effective Interest Rate method (' EIR'). Movements in the amortised cost relating to interest income are reflected in the revenue column of the Income Statement and movements in respect of capital provisions are reflected in the capital column of the Income Statement. Loan stock accrued interest is recognised in the Balance Sheet as part of the carrying value of the loans and receivables at the end of each reporting period. Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment. It is not the Company's policy to exercise control or significant influence over investee companies. Therefore in accordance with the exemptions under FRS 9 ' Associates and joint ventures', those undertakings in which the Company holds more than 20% of the equity are not regarded as associated undertakings. Investment income Dividends receivable on equity investments are taken to revenue on an ex-dividend basis. Fixed returns on debt securities are recognised on a time apportionment basis using an effective interest rate over the life of the financial instrument. Investment management fees and other expenses All expenses have been accounted for on an accruals basis. Expenses are charged through the Income Statement except the following which are charged through the realised capital reserve: • 75% of Management fees and performance fees, net of corporation tax is allocated to the capital account, to the extent that these relate to an enhancement in the value of the investments and in line with the Board's expectation that over the long term 75% of the Company's investment returns will be in the form of capital gains; and • expenses which are incidental to the purchase or disposal of an investment are charged through the realised capital reserve. Debtors and creditors • Debtors are non-interest bearing and are short term in nature and are accordingly stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Directors consider that the carrying amount of debtors approximates their fair value. • Taxation and creditors are non-interest bearing and are stated at their nominal value. The Directors consider that the carrying amount of creditors approximates their fair value. Taxation Taxation is applied on a current basis in accordance with FRS 16 'Current tax'. Taxation associated with capital expenses is applied in accordance with the SORP. In accordance with FRS 19 'Deferred tax', deferred taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. The specific nature of taxation of venture capital trusts mean that it is unlikely that any deferred tax will arise. The Directors have considered the requirements of FRS 19 and do not believe that any provision should be made. Reserves Realised capital reserves The following are disclosed in this reserve: • gains and losses on the realisation of investments; • dividends paid; and • capitalised management and performance fees together with the related taxation effect, charged in accordance with the above policies. Unrealised capital reserves Increases and decreases in the valuation of investments held at the end of the accounting period are accounted for in this reserve. Special reserve This reserve is distributable and is primarily used for the cancellation of the Company's share capital. Dividends In accordance with FRS 21 'Events after the balance sheet date', interim dividends are not accounted for until paid, and final dividends are accounted for when approved by shareholders at an annual general meeting. 3. (Losses)/gains on investments Unaudited Unaudited Audited Six months to 30 Six months to 30 Year ended 31 September 2007 September 2006 March 2007 £'000 £'000 £'000 Realised gains 594 1,074 4,111 Unrealised (losses)/gains (719) 474 (712) Costs of disposal - - (25) Total (125) 1,548 3,374 4. Investment Income Unaudited Unaudited Audited Six months to 30 Six months to 30 Year ended 31 September 2007 September 2006 March 2007 £'000 £'000 £'000 Dividend income - 4 5 Loan stock income 965 1,207 2,546 Bank deposit interest 224 176 318 FRN interest 10 - - Other income 67 46 128 Total income 1,266 1,433 2,997 5. Tax (charge)/credit on ordinary activities The tax charge for the half-year is £179,420 (30 September 2006: £254,000) based on an estimated effective tax rate of 30% for the year ending 31 March 2008. 6. Dividends The amounts recognised as distributions to equity shareholders in the period were as follows: Unaudtied Unaudited Audited Six months to 30 September Six months to 30 September Year end to 31 March 2007 2006 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 First dividend of 5 pence per share paid on 5 April 2007 664 1,130 1,794 - - - - - - Second dividend of 5 pence per share paid on 5 January 2007 - - - - - - 897 897 1,794 Dividend of 5 pence per share paid on 4 August 2006 - - - 897 897 1,794 897 897 1,794 664 1,130 1,794 897 897 1,794 1,794 1,794 3,588 The Board has approved the second dividend of 5 pence per Ordinary Share (2.5 pence revenue and 2.5 pence capital), amounting to £1,793,911 (2006: 5 pence per share or £1,793,911) which will be paid on 4 January 2008 to shareholders registered on 7 December 2007. 7. Basic and diluted return per share Return per share has been calculated on 35,878,228 Ordinary Shares (2006: 35,878,228), being the weighted number of shares in issue for the period. There are no convertible instruments, derivatives or contingent share agreements in issue for Close Brothers Venture Capital Trust PLC hence there are no dilution effects to the return per share. The basic return per share is therefore the same as the diluted return per share. 8. Management fee and performance incentive fee A change to the calculation of the management fee and performance incentive fee was approved by shareholders at the Annual General Meeting on 6 August 2007 and became effective from 1 April 2007. 9. Fixed Asset Investments As at 30 September 2007, investments held at fair value through profit or loss account total £14,629,000 (30 September 2006: £14,418,000) and investments held at amortised cost total £20,633,000 (30 September 2006: £21,503,000). 10. Contingencies, guarantees and financial commitments As at 30 September 2007 the Company has granted a debenture to the Royal Bank of Scotland plc, the current amount outstanding is £nil. The Company has given two guarantees to the Royal Bank of Scotland plc and National Westminster Bank plc secured on deposit bank accounts. As at 30 September 2007, the maximum exposure under these guarantees amounted to £nil (30 September 2006: £500,000 to National Westminster Bank plc). 11. Called up share capital Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Authorised 68,000,000 shares of 50p each (2006: 68,000,000) 34,000 34,000 34,000 Allotted, called up and fully paid 35,878,228 shares of 50p each (2006: 35,878,228) 17,939 17,939 17,939 12. Analysis of change in cash during the year Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Opening cash balances 11,066 5,842 5,842 Net cash (outflow)/inflow (4,273) 759 5,224 Closing cash balances 6,793 6,601 11,066 13. Reconciliation of return on ordinary activities before tax to net cash inflow from operating activities Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 2007 30 September 2006 31 March 2007 £'000 £'000 £'000 Revenue return before tax 992 1,200 2,545 Investment management fees charged to capital (393) (299) (585) Performance incentive fees charged to capital - (52) (93) (Increase) in operating debtors (76) (219) (278) (Decrease)/increase in operating creditors (38) 66 94 Net cash inflow from operating activities 485 696 1,683 14. Related party transactions Close Ventures Limited, as Manager of the Company is considered to be a related party by virtue of its management contract with the Company. During the half-year, services of a total value of £524,000 (30 September 2006: £468,000) were purchased by the Company from Close Ventures Limited. At 30 September 2007, the amount due to Close Ventures Limited disclosed under creditors was £255,262. 15. Other information The information set out in this half-yearly financial report does not constitute statutory accounts within the terms of section 240 of the Companies Act 1985 for the six months to 30 September 2007 and 30 September 2006, and are unaudited. The information for the year ended 31 March 2007 does not constitute statutory accounts within the terms of section 240 of the Companies Act 1985 and is derived from the statutory accounts for that financial year, which have been delivered to the Registrar of Companies. The auditors reported on these accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 16. Publication This Half-yearly Financial Report is being sent to shareholders and copies will be made available electronically to the public at www.closeventures.co.uk, and on the London Stock Exchange RNS service. The Half-yearly Financial Report will also be made available to the public at the registered office of the Company and at Companies House. This information is provided by RNS The company news service from the London Stock Exchange

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