Interim Results

Close Brothers Aim Vct PLC 01 November 2006 CLOSE BROTHERS AIM VCT PLC INTERIM RESULTS 1 November 2006 Close Brothers AIM VCT PLC ('the Company'), which invests in companies listed on the Alternative Investment Market, across a variety of sectors, today announces interim results for the six months ended 31 August 2006. Chairman's statement The six months to 31st August 2006 was a volatile and challenging time for stockmarkets in general, and for small companies and AIM in particular. It is disappointing to have to report that net asset values for both the Ordinary and the D shares have fallen in this period by 7.1% and 2.5% respectively (after adding back the second interim dividend) thus undoing the gains of the second half of 2005. The AIM index fell by over 11% in the six months. An aversion to risk has also had an impact on the flow of qualifying new issues onto AIM. Consequently, the rate of investment slowed in the second half of the period, with the result that the Ordinary portfolio was 73% invested if top-up monies are included and the D portfolio was 47% invested at the end of August. There are some signs that the deal flow is belatedly picking up in a more stable stockmarket environment but the autumn remains quieter than your manager expected. Dividends Ordinary shares The Board has declared a total interim dividend of 2.5p per Ordinary share (2005 1.7p) which is made up of a revenue dividend of 0.4p and a dividend paid out of realised capital profits of 2.1p. D shares The Board has declared a total interim dividend of 1.3p per D share (2005 2.0p) which is made up of a revenue dividend of 1.0p and a dividend paid out of realised capital profits of 0.3p. The dividends paid out of realised capital profits are subject to HM Revenue & Customs approval. Market Background As reported in the last Report and Accounts to the end of February 2006, the market started 2006 in exuberant form, with the AIM Index in particular racing to catch up the other indices that it had underperformed in 2005. This continued into April, with the AIM Index showing gains from 1 January of over 20% at its peak at the beginning of May. Although many of the gains were in resource stocks which do not qualify for VCT investment, there was also a positive attitude to risk amongst investors at this time which was helpful to smaller company share prices in general. It also helped a record number of new issues to come to AIM in the first six months of the year, although many of these were at high valuations and non-VCT qualifying. In this period, both portfolios saw increases in their Net Asset Values. Unfortunately, all of this ended abruptly in May, when markets began to focus on the reality of high oil prices, the very real probability of higher interest rates and waning consumer confidence. The market suffered a sharp sell off, and smaller AIM companies were particularly affected as fund managers sought safety in larger and more liquid stocks. AIM fell more sharply than the rest of the UK indices as investors who had been increasing their exposure to this market over the previous twelve months, began to re-evaluate their strategy in the light of poor performance from recent flotations. The stocks which fell hardest were those which had risen the furthest previously, and as we have already said, these were non-VCT qualifying. However, sentiment has affected the ratings of all smaller AIM companies as the appetite for risk and growth has diminished. Volatility also increased with the result that shares reacted sharply to any piece of bad news. After a very turbulent summer there are some signs that stability is returning to the stockmarket, although price increases have been mostly at the larger end of the market. AIM has continued to perform very poorly, due to a combination of the size of the average company on AIM, its relatively higher rating (although this also reflects its higher than average growth rate) and specific problems in the gaming industry, to which AIM is very exposed. The latter is irrelevant for your Company and the NAVs have continued to outperform the index. Performance Ordinary share Portfolio The fall in the Ordinary share NAV was considerably less than that of the AIM Index which is still more than 30% made up from resource stocks. Nevertheless, this was a disappointing result. It was not helped by the market conditions described above, which meant that some of the larger holdings such as Mears and Imprint saw their share prices fall despite producing excellent figures and exceeding market expectations for growth. In more stable market conditions, this kind of share should be re-rated once more. There were three stocks which suffered from specific problems in the period which between them accounted for most of the fall in the NAV. The most serious fall was in the price of Interlink Foods, the portfolio's biggest holding at the time. It announced that its April trading had been affected by discounting from Mr Kipling, its larger competitor and consequently that it would miss market forecasts. The shares fell by 40%, despite the expectation that the Group would still report growth of 10% for the year. The company remains profitable, growing and dividend paying and has recently indicated that it has been in discussions with a Venture Capital backed bidder. At the end of the period the value of this investment was more than twice its cost. The other two shares showing a marked decline in value were Pipex, the broadband operator hit by increased competition in its market and Win, the deliverer of content over the mobile network which lost a very profitable customer. Both of these operate in markets which are expected to consolidate over the next year. During the period, MacLellan and Systems Union were both taken over, and profits were also taken in a number of other holdings. New investments totalling £843,000 were made, not enough to cover the realisations from sales and takeover bids. The HM Revenues & Customs Cover therefore remained fairly stable, ending the period at 73% if top-up monies are included, still below the target of 80%. D share Portfolio This portfolio performed better than both the AIM and the Small Cap Indices, helped by its high cash weightings. It was still disappointing to see the NAV per share go down, although much of this was due to the market conditions described above rather than any bad news from individual holdings in the portfolio, most of which have met or exceeded market expectations. The one notable exception was Win which lost a significant customer, and as a result this share price has been left very low. During the period, five new investments were made at a total cost of £1.2m. However, this was offset by the takeover of Legend Communications and profit taking in several other holdings totalling £884,000. At the end of the period, the portfolio was 47% invested for HM Revenue & Customs purposes, with eighteen months left to reach 70% under VCT regulations. Outlook The main challenge for the manager is finding enough new attractive VCT qualifying investments at the right price. Fortunately, your Company can invest in companies with up to £15 million of gross assets, rather than the new lower limit which was enshrined in the Finance Act this summer. It is the manager's view that this is not fully appreciated by market practitioners. The lack of demand for investment in AIM has resulted in some companies abandoning the flotation process and reducing prices to more realistic levels. The latter should be good news for the portfolios, if sufficient companies find that it is worthwhile to float. Stability in the market over the next three months will be important for this. It is encouraging that many of the companies in the portfolios have announced good results, and several have paid maiden dividends, for example Mattioli Woods, BBI and Cello. The wider stockmarket worries about inflation and slowing growth rates do not seem to have had a great impact on the performance of individual companies. If the stockmarket continues to recover, there should be room for growth stocks to be re-rated upwards, and this would have a positive impact on the performance of the portfolios. Michael Reeve Chairman 31 October 2006 Income Statement for the six months to 31 August 2006 Ordinary shares Unaudited Unaudited Audited Six months to Six months to Year to 31 August 2006 31 August 2005 28 February 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/ gains - (1,764) (1,764) - (254) (254) - 2,331 2,331 on investments Dividends and 208 - 208 229 - 229 406 - 406 interest Investment management (75) (225) (300) (79) (236) (315) (156) (469) (625) fee Performance fee - - - - - - - (9) (9) Other (62) - (62) (83) - (83) (142) - (142) expenses ------- ------ ------ ------- ------ ------ ------- ------ ------ Return on ordinary activities before tax 71 (1,989) (1,918) 67 (490) (423) 108 1,853 1,961 Tax on ordinary activities 2 - 2 2 18 20 1 13 14 ------- ------ ------ ------- ------ ------ ------- ------ ------ Return attributable to shareholders 73 (1,989) (1,916) 69 (472) (403) 109 1,866 1,975 ------- ------ ------ ------- ------ ------ ------- ------ ------ Basic and diluted return per share 0.2 (6.4) (6.2) 0.2 (1.5) (1.3) 0.3 5.8 6.1 (pence) ------- ------ ------ ------- ------ ------ ------- ------ ------ All of the Company's activities derive from continuing operations. No operations were acquired or discontinued during the period. 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. The total column of the Income Statement represents the profit and loss of the Ordinary shares. The supplementary revenue return and capital return columns have been prepared in accordance with the Association of Investment Companies' Statement of Recommended Practice. Income Statement for the six months to 31 August 2006 D shares Unaudited Unaudited Audited Six months to Six months to Year to 31 August 2006 31 August 2005 28 February 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/ gains - (447) (447) - 268 268 - 1,544 1,544 on investments Dividends 238 - 238 262 - 262 556 - 556 and interest Investment management (56) (168) (224) (35) (104) (139) (90) (271) (361) fee Performance fee - - - - - - - (50) (50) Other (44) - (44) (37) - (37) (80) - (80) expenses ------- ------ ------ ------- ------ ------ ------- ------ ------ Return on ordinary activities before tax 138 (615) (477) 190 164 354 386 1,223 1,609 Tax on ordinary activities (30) 28 (2) (46) 26 (20) (93) 79 (14) ------- ------ ------ ------- ------ ------ ------- ------ ------ Return attributable to shareholders 108 (587) (479) 144 190 334 293 1,302 1,595 ------- ------ ------ ------- ------ ------ ------- ------ ------ Basic and diluted return per share 0.7 (3.7) (3.0) 1.0 1.3 2.3 1.9 8.6 10.5 (pence) ------- ------ ------ ------- ------ ------ ------- ------ ------ All of the Company's activities derive from continuing operations. No operations were acquired or discontinued during the period. 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. The total column of the Income Statement represents the profit and loss of the D shares. The supplementary revenue return and capital return columns have been prepared in accordance with the Association of Investment Companies' Statement of Recommended Practice. Income Statement for the six months to 31 August 2006 Total Unaudited Unaudited Audited Six months to Six months to Year to 31 August 2006 31 August 2005 28 February 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/ gains - (2,211) (2,211) - 14 14 - 3,875 3,875 on investments Dividends and 446 - 446 491 - 491 962 - 962 interest Investment management (131) (393) (524) (114) (340) (454) (246) (740) (986) fee Performance fee - - - - - - - (59) (59) Other (106) - (106) (120) - (120) (222) - (222) expenses ------- ------ ------ ------- ------ ------ ------- ------ ------ Return on ordinary activities before tax 209 (2,604) (2,395) 257 (326) (69) 494 3,076 3,570 Tax on ordinary activities (28) 28 - (44) 44 - (92) 92 - ------- ------ ------ ------- ------ ------ ------- ------ ------ Return attributable to equity shareholders 181 (2,576) (2,395) 213 (282) (69) 402 3,168 3,570 ------- ------ ------ ------- ------ ------ ------- ------ ------ All of the Company's activities derive from continuing operations. No operations were acquired or discontinued during the period. 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. The total column of the Income Statement represents the profit and loss of the Ordinary shares. The supplementary revenue return and capital return columns have been prepared in accordance with the Association of Investment Companies' Statement of Recommended Practice. Balance Sheet as at 31 August 2006 Ordinary shares Unaudited Unaudited Audited 31 August 31 August 28 February 2006 2005 2006 £'000 £'000 £'000 Fixed asset investments - held at fair value through profit or loss Qualifying investments 19,543 19,831 22,035 Non-qualifying investments 4,112 3,638 3,925 ----------- ----------- ----------- 23,655 23,469 25,960 Current assets Debtors 117 158 1,100 Cash at bank 450 2,164 724 ----------- ----------- ----------- 567 2,322 1,824 Creditors: Amounts falling due within one year (69) (45) (842) Net current assets 498 2,277 1,000 ----------- ----------- ----------- Net assets 24,153 25,746 26,960 ----------- ----------- ----------- Capital and reserves Called up share capital 15,310 15,981 15,561 Share premium 1,450 1,440 1,450 Special reserve 8,182 9,180 8,547 Capital redemption reserve 3,021 2,350 2,770 Realised capital reserve (4,124) (2,218) (3,231) Unrealised capital reserve 184 (1,067) 1,806 Revenue reserve 130 80 57 ----------- ----------- ----------- Equity shareholders' funds 24,153 25,746 26,960 ----------- ----------- ----------- Net asset value per share (pence) 78.88 80.55 86.62 Balance Sheet as at 31 August 2006 D shares Unaudited Unaudited Audited 31 August 31 August 28 February 2006 2005 2006 £'000 £'000 £'000 Fixed asset investments - held at fair value through profit or loss Qualifying investments 8,774 5,198 8,857 Non-qualifying investments 7,009 12,005 7,009 ----------- ----------- ----------- 15,783 17,203 15,866 Current assets Debtors 78 147 5,071 Cash at bank 2,755 1,518 146 ----------- ----------- ----------- 2,833 1,665 5,217 Creditors: Amounts falling due within one year (44) (381) (1,678) Net current assets 2,789 1,284 3,539 ----------- ----------- ----------- Net assets 18,572 18,487 19,405 ----------- ----------- ----------- Capital and reserves Called up share capital 8,025 8,044 8,040 Share premium 39 38 39 Special reserve 9,341 9,395 9,373 Capital redemption reserve 57 38 42 Realised capital reserve (621) 230 (277) Unrealised capital reserve 1,561 587 1,965 Revenue reserve 170 155 223 ----------- ----------- ----------- Equity shareholders' funds 18,572 18,487 19,405 ----------- ----------- ----------- Net asset value per share (pence) 115.72 114.92 120.68 Balance Sheet as at 31 August 2006 Total Unaudited Unaudited Audited 31 August 31 August 28 February 2006 2005 2006 £'000 £'000 £'000 Fixed asset investments - held at fair value through profit or loss Qualifying investments 28,317 25,029 30,892 Non-qualifying investments 11,121 15,643 10,934 ----------- ----------- ----------- 39,438 40,672 41,826 Current assets Debtors 195 305 6,171 Cash at bank 3,205 3,682 870 ----------- ----------- ----------- 3,400 3,987 7,041 Creditors: Amounts falling due within one year (113) (426) (2,502) Net current assets 3,287 3,561 4,539 ----------- ----------- ----------- Net assets 42,725 44,233 46,365 ----------- ----------- ----------- Capital and reserves Called up share capital 23,335 24,025 23,601 Share premium 1,489 1,478 1,489 Special reserve 17,523 18,575 17,920 Capital redemption reserve 3,078 2,388 2,812 Realised capital reserve (4,745) (1,988) (3,508) Unrealised capital reserve 1,745 (480) 3,771 Revenue reserve 300 235 280 ----------- ----------- ----------- Equity shareholders' funds 42,725 44,233 46,365 ----------- ----------- ----------- Reconciliation of Movements in Shareholders' Funds for the six months to 31 August 2006 Ordinary shares Share Share Special Capital Realised Unrealised Revenue Total capital premium reserve redemption capital capital reserve reserve reserve reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 31 August 2006 As at 28 February 15,561 1,450 8,547 2,770 (3,231) 1,806 57 26,960 2006 Net return after taxation - - - - (367) (1,622) 73 (1,916) for the period Dividends - - - - (526) - - (526) Shares purchased for (251) - (365) 251 - - - (365) cancellation ------ ------- ------- -------- ------- -------- ------ ------ As at 31 August 2006 15,310 1,450 8,182 3,021 (4,124) 184 130 24,153 ------ ------ ------ -------- ------- -------- ------- ------ Six months ended 31 August 2005 As at 28 February 16,330 1,449 9,691 2,001 (1,220) (1,593) 158 26,816 2005 Net return after taxation - - - - (998) 526 69 (403) for the period Dividends - - - - - - (147) (147) Issue of shares net of - (9) 2 - - - - (7) expenses Shares purchased for cancellation (349) - (513) 349 - - - (513) ------ ------ ------- -------- ------- -------- ------- ------ As at 31 August 2005 15,981 1,440 9,180 2,350 (2,218) 1,067) 80 25,746 ------ ------ ------- -------- ------- -------- ------- ------ Year ended 28 February 2006 As at 28 February 2005 16,330 1,449 9,691 2,001 (1,220) (1,593) 158 26,816 Net return after taxation for the year - - - - (1,533) 3,399 109 1,975 Dividends - - - - (478) - (210) (688) Issue of shares net of expenses - 1 2 - - - - 3 Shares purchased for cancellation (769) - (1,146) 769 - - - (1,146) ------ ------- ------- -------- ------- -------- ------- ------ As at 28 February 2006 15,561 1,450 8,547 2,770 (3,231) 1,806 57 26,960 ------ ------- ------- -------- ------- -------- ------- ------ Reconciliation of Movements in Shareholders' Funds for the six months to 31 August 2006 D shares Share Share Special Capital Realised Unrealised Revenue Total capital premium reserve redemption capital capital reserve reserve reserve reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 31 August 2006 As at 28 February 2006 8,040 39 9,373 42 (277) 1,965 223 19,405 Net return after taxation for the period - - - - (183) (404) 108 (479) Dividends - - - - (161) - (161) (322) Shares purchased for cancellation (15) - (32) 15 - - - (32) ------ ------- ------- ------- ------- -------- ------- ------ As at 31 August 2006 8,025 39 9,341 57 (621) 1,561 170 18,572 ------ ------- ------- -------- ------- -------- ------- ------ Six months ended 31 August 2005 As at 28 February 2005 2,324 2,112 (66) 38 130 497 19 5,054 Net return after taxation for the period - - - - 100 90 144 334 Dividends - - - - - - (8) (8) Issue of shares net of 5,720 7,387 - - - - - 13,107 expenses Transfer of reserves - (9,461) 9,461 - - - - - ------ ------ ------- -------- ------- -------- ------- ------ As at 31 August 2005 8,044 38 9,395 38 230 587 155 18,487 ------ --- ------- -------- ------- -------- ------- ------ Year ended 28 February 2006 As at 28 February 2005 2,324 2,112 (66) 38 130 497 19 5,054 Net return after taxation for the year - - - - (166) 1,468 293 1,595 Dividends - - - - (241) - (89) (330) Issue of shares net of expenses 5,720 7,388 - - - - - 13,108 Shares purchased for cancellation (4) - (9) 4 - - - (9) Transfer of reserves - (9,461) 9,461 - - - - - Costs of cancelling share premium - - (13) - - - - (13) ------ ------- ------- ------- ------- ------- ------- ------ As at 28 February 2006 8,040 39 9,373 42 (277) 1,965 223 19,405 ------ ------- ------- -------- ------- -------- ------- ------ Reconciliation of Movements in Shareholders' Funds for the six months to 31 August 2006 Total Share Share Special Capital Realised Unrealised Revenue Total capital premium reserve redemption capital capital reserve reserve reserve reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 31 August 2006 As at 28 February 23,601 1,489 17,920 2,812 (3,508) 3,771 280 46,365 2006 Net return after taxation - - - - (550) (2,026) 181 (2,395) for the period Dividends - - - - (687) - (161) (848) Shares purchased for (266) - (397) 266 - - - (397) cancellation ------ ------ ------- -------- ------- -------- ------- ------ As at 31 August 2006 23,335 1,489 17,523 3,078 (4,745) 1,745 300 42,725 ------ ------- ------- -------- ------- -------- ------- ------ Six months ended 31 August 2005 As at 28 February 18,654 3,561 9,625 2,039 (1,090) (1,096) 177 31,870 2005 Net return after taxation - - - - (898) 616 213 (69) for the period Dividends - - - - - - (155) (155) Issue of shares net of 5,720 7,378 2 - - - - 13,100 expenses Shares purchased for (349) - (513) 349 - - - (513) cancellation Transfer of reserves - (9,461) 9,461 - - - - - ------ ------- ------- -------- ------- -------- ------- ------ As at 31 August 2005 24,025 1,478 18,575 2,388 (1,988) (480) 235 44,233 ------ ------- ------- -------- ------- -------- ------- ------ Year ended 28 February 2006 As at 28 February 18,654 3,561 9,625 2,039 (1,090) (1,096) 177 31,870 2005 Net return after taxation - - - - (1,699) 4,867 402 3,570 for the year Dividends - - - - (719) - (299) (1,018) Issue of shares net of 5,720 7,389 2 - - - - 13,111 expenses Shares purchased for (773) - (1,155) 773 - - - (1,155) cancellation Transfer of reserves - (9,461) 9,461 - - - - - Costs of cancelling share - - (13) - - - - (13) premium ------ ------- ------- -------- ------- -------- ------ ------ As at 28 February 23,601 1,489 17,920 2,812 (3,508) 3,771 280 46,365 2006 ------ ------- ------- -------- ------- -------- ------- ------ Cash Flow Statement for the six months to 31 August 2006 Ordinary shares Unaudited Unaudited Audited Six months to Six months to Year to 31 August 31 August 28 February 2006 2005 2006 £'000 £'000 £'000 Operating activities Dividend income received 61 65 109 Investment income received 102 165 263 Deposit interest received 30 18 74 Investment management fees paid (317) (321) (635) Other cash payments (41) (87) (117) ----------- ----------- ----------- Net cash outflow from operating activities (165) (160) (306) ----------- ----------- ----------- Servicing of finance Interest paid - (14) (14) ----------- ----------- ----------- Capital expenditure and financial investment Purchase of investments (1,391) (2,742) (6,457) Disposal of investments 1,484 5,612 9,899 ----------- ----------- ----------- Net cash inflow from investing activities 93 2,870 3,442 ----------- ----------- ----------- Equity dividends paid Revenue dividends paid - (147) (210) Capital dividends paid (526) - (478) ----------- ----------- ----------- Total equity dividends paid (526) (147) (688) ----------- ----------- ----------- Net cash (outflow)/inflow before financing (598) 2,549 2,434 ----------- ----------- ----------- Financing Intercompany account movement 986 - (997) Issue of equity net of expenses - (90) (88) Cancellation of shares (662) (515) (845) ----------- ----------- ----------- Net cash inflow/(outflow) from financing 324 (605) (1,930) ----------- ----------- ----------- (Decrease)/increase in cash (274) 1,944 504 ----------- ----------- ----------- Cash Flow Statement for the six months to 31 August 2006 D shares Unaudited Unaudited Unaudited Six months to Six months to Year to 31 August 31 August 28 February 2006 2005 2006 £'000 £'000 £'000 Operating activities Dividend income received 13 5 8 Investment income received 180 133 436 Deposit interest received 37 63 86 Investment management fees paid (278) (144) (370) Other cash payments (52) (14) (62) ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (100) 43 98 ----------- ----------- ----------- Capital expenditure and financial investment Purchase of investments (1,841) (12,588) (15,102) Disposal of investments 5,890 560 1,316 ----------- ----------- ----------- Net cash inflow/(outflow) from investing activities 4,049 (12,028) (13,786) ----------- ----------- ----------- Equity dividends paid Revenue dividends paid (161) (8) (89) Capital dividends paid (161) - (241) ----------- ----------- ----------- Total equity dividends paid (322) (8) (330) ----------- ----------- ----------- Net cash inflow/(outflow) before financing 3,627 (11,993) (14,018) Financing Intercompany account movement (986) - 997 Issue of equity net of expenses - 13,392 13,070 Cancellation of shares (32) - (22) ----------- ----------- ----------- Net cash (outflow)/inflow from financing (1,018) 13,392 14,045 ----------- ----------- ----------- Increase in cash 2,609 1,399 27 ----------- ----------- ----------- Cash Flow Statement for the six months to 31 August 2006 Total Unaudited Unaudited Audited Six months to Six months to Year to 31 August 31 August 28 February 2006 2005 2006 £'000 £'000 £'000 Operating activities Dividend income received 74 70 117 Investment income received 282 298 699 Deposit interest received 67 81 160 Investment management fees paid (595) (465) (1,005) Other cash payments (93) (101) (179) ----------- ----------- ----------- Net cash outflow from operating activities (265) (117) (208) ----------- ----------- ----------- Servicing of finance Interest paid - (14) (14) ----------- ----------- ----------- Capital expenditure and financial investment Purchase of investments (3,232) (15,330) (21,559) Disposal of investments 7,374 6,172 11,215 ----------- ----------- ----------- Net cash inflow/(outflow) from investing activities 4,142 (9,158) (10,344) ----------- ----------- ----------- Equity dividends paid Revenue dividends paid (161) (155) (299) Capital dividends paid (687) - (719) ----------- ----------- ----------- Total equity dividends paid (848) (155) (1,018) ----------- ----------- ----------- Net cash inflow/(outflow) before financing 3,029 (9,444) (11,584) Financing Issue of equity net of expenses - 13,302 12,982 Cancellation of shares (694) (515) (867) ----------- ----------- ----------- Net cash (outflow)/inflow from financing (694) 12,787 12,115 ----------- ----------- ----------- Increase in cash 2,335 3,343 531 ----------- ----------- ----------- Notes: 1. Details about the Manager Close Brothers AIM VCT PLC is managed by Close Investments Limited. Close Investments Limited is authorised and regulated by the Financial Services Authority and is a subsidiary of Close Brothers Group plc. 2. Statutory accounts The financial information set out in this announcement does not constitute the Company's statutory accounts for the six months ended 31 August 2006 or 31 August 2005. The figures and financial information for the year ended 28 February 2006 are derived from the statutory accounts delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either section 237(2) or 237 (3) of the Companies Act 1985. 3. Accounting Policies These accounts have been prepared on the basis of the accounting policies set out in the latest annual report for the year ended 28 February 2006. 4. Basic and diluted return per share Return per share has been calculated on 30,927,771 (2005: 32,285,865) Ordinary shares and 16,075,418 (2005: 14,276,246) D shares being the weighted average number of shares in issue for the period. There are no convertible instruments, derivatives or contingent share agreements in issue for Close Brothers AIM VCT 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. 5. Net assets per share Net assets per share has been calculated on 30,619,265 (2005; 31,961,329) Ordinary shares and 16,048,898 (2005: 16,087,283) D shares being the number of shares in issue at 31 August 2006. For further information, please contact: Andrew Buchanan / Kate Tidbury Despina Constantinides Close Investments Limited Polhill Communications Tel: 020 7426 4000 Tel: 020 7655 0500 This information is provided by RNS The company news service from the London Stock Exchange ND IR FSAFIFSMSEIF

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