Interim Results
Foresight Technology VCT PLC
26 June 2001
PART 1
CHAIRMAN'S STATEMENT
I have pleasure in enclosing the Interim Report of Foresight Technology VCT
plc for the period from 1 October 2000 to 31 March 2001. The results are set
out below:
The return (after tax) attributable to Ordinary Shareholders was a loss of
144.51 pence per Ordinary Share and the net asset value as at 31 March 2001
was 65.96 pence per Ordinary Share. Shareholders will recall that Foresight
paid a dividend equivalent to the starting capital of the Ordinary Shares
fund, 100 pence per share, to Ordinary Shareholders in May 2000. With regard
to the holders of 'C' Shares the attributable return was a loss of 4.06 pence
and the net asset value, after the interim dividend referred to below, as at
31 March 2001 was 87.47 pence per 'C' Share, which compares with an opening
net asset value of 94 pence per 'C' Share after allowing for issue costs.
Set out on the following pages are brief details of the investments within
the Ordinary Shares fund and the 'C' Shares fund. Your managers are
continuing to find attractive qualifying investments to add to the portfolio.
During the six month period to 31 March 2001, the Company made two
investments in the Ordinary Shares fund at a cost of £250,000 and seven
investments in the 'C' Shares fund at a cost of £4.8 million. Recent months
have seen a well publicised worldwide slowing in technology spending and,
while a number of the companies in the two funds continue to make progress,
some have begun to feel an adverse affect from this slow down. In particular
KeepAhead Limited, a 'C' Shares fund investment, has been making slower than
anticipated progress and a 50% provision on cost, as at 31 March 2001, has
been made. FFastFill plc, also a 'C' Shares fund investment, announced in
April 2001 that its sales roll out had been delayed by a technical issue.
While this is believed to have been resolved the FFastFill plc share price
fell following this announcement and the current valuation is £215,000 below
the figure contained in this report. Quoted company investments (UK Directory
(Holdings) Limited and themutual.net plc) are at a lower value than the year
end.
The current earnings outlook for technology companies remains at best unclear
and until this situation changes markets may not improve much. The new issue
market has also slowed dramatically and companies needing equity finance have
had to consider other avenues of fund raising. While this outlook may seem to
be an unattractive one, a natural result is that valuations for companies
contemplating fund raisings have fallen. This development is to Foresight's
benefit and it is thus encouraging to note that the Company is seeing a
strong flow of investment opportunities at the current time. Barring any
unseen adverse circumstances your advisers are therefore confident that the
'C' Shares fund should reach a fully invested position by September 2002.
On 14 March 2001 shareholders and warrrantholders were sent a circular giving
an update on the Ordinary Shares fund investment in e-district.net plc
following the discovery of certain financial irregularities in the company
and its shares being suspended from trading. The Board, taking a conservative
view, as no further information was then available, wrote down the investment
in e-district.net plc by 100% as at 31 March 2001.
Foresight noted the announcements released by e-district.net plc on 18 June
2001 in which e-district.net plc announced their preliminary results for the
year ended 31 December 2000. The suspension from dealings of e-district.net
plc's shares on AIM was also lifted on 18 June 2001. Foresight's remaining
investment of 14,245,954 ordinary shares in e-district.net plc is part of the
Ordinary Shares fund portfolio. The mid-market price of the ordinary shares
in e-district.net plc was 10p per share at the close of business on 25 June
2001, which equated to a net asset value per Foresight Ordinary Share of 10.6p
in respect of this holding.
Shareholders will recall that the 100 pence per Ordinary Share dividend paid
in May 2000 referred to above was entirely attributable to the partial
realisation of the original investment. No shares in e-district.net plc are
held in the 'C' Shares fund.
As previously announced, the public offer for subscription of new 'C' Shares
raised £859,466 (before expenses). In addition 493,600 Ordinary Warrants and
60,600 'C' Warrants were exercised in January 2001 raising a further £493,600
(before expenses) for the Ordinary Shares fund and £60,600 (before expenses)
for the 'C' Shares fund. The next warrant exercise date will be in January
2002 and details for this will be contained in the report and financial
statements for the year to 30 September 2001.
Shareholders and warrantholders approved a £10 million reduction of the share
premium account of the Company on 31 January 2001. This reduction was
sanctioned by the court on 7 March 2001 and the reduction became effective on
14 March 2001. A special reserve, the cancelled share premium account, has
been created by the reduction to which existing and future losses can be written
off. I am pleased to report that this will result in the Company being able to
pay a dividend of 2p per 'C' Share to shareholders on the register at the close
of business on 6 July 2001. This payment should be received on 26 July 2001.
I would like to take this opportunity of thanking all shareholders and
warrantholders for their continuing support of the Company.
Peter Dicks
Chairman
26 June 2001
Investment Summary
THE VENTURE CAPITAL FUNDS
VCF Partners advise the Company in respect of investments made within the
Ordinary Shares fund and the 'C' Shares fund. The full investment portfolio
of both funds as at 31 March 2001 is detailed below.
ORDINARY SHARES FUND
Sapphire International Limited
Owns the established 'DataEase' family of computer database software products
and has a worldwide base of several hundred thousand users. The company is
now introducing new technology that allows existing DataEase users to update
their applications for client/server operation and the internet.
Results from the latest audited accounts for the year ended 31 December 1999:
profit before tax £251,000, net assets £1,761,000.
Dates of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
including Rights Shares
Loan Stock Portfolio
July 1998 £1,170,000* Cost 18.6% £420,000 14.40%
& July 10%
2000 Unsecured Loan
Stock**
* including a further £150,000 equity investment completed in October 2000.
** A decision to capitalise unpaid interest of £20,000 on Loan Stock as
further Loan Stock made during the 6 month period to 31 March 2001 but
relates to interest due in July 2000.
Actimax plc
Supplies digital telecommunications systems to small and medium sized
customers. The company installs complex computer and telephone combined
systems using components from suppliers such as Ascom, Lucent and Intertel.
The company has also recently won the Comms dealer of the year award and is
now trading profitably.
Results from the latest audited accounts for the period ended 31 December
1999: loss before tax £235,411, net liabilities £412,509.
Dates of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
including Rights Shares
Loan Stock Portfolio
November £600,000 Cost 42% £120,000 7.30%
1998 & (plus 6% 10%
March 2000 warrants) Unsecured
Loan Stock
Survey and Development Services Limited
Is a specialist geo-spatial data software products and services company. It
serves the growing market for digital mapping and the building of
geographical information system databases. The products include a software
system which creates digital maps and a system that uses satellite
positioning in conjunction with video for recording facilities for utilities.
The company converts existing maps into digital format.
The company has secured a further funding in which Foresight invested a
£100,000 in loan stock in December 2000 and a further £100,000 in loan stock
in April 2001. The provision of 50% made against the cost of the original
investment of £500,000 continues.
Results from the latest audited accounts for the year ended 30 June 2000:
loss before tax £79,773, net assets £837,152.
Dates of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
including Rights Shares
Loan Stock Portfolio
December £600,000* £350,000 29.3% £100,000 4.26%
1998 Redeemable
*including a further investment of £100,000 loan stock made in December 2000
but excluding a further investment of £100,000 loan stock made in April 2001.
Creature Labs Limited
Is a leading artificial intelligence software company. The range of products
under development covers entertainment software (such as the computer game
'Creatures') and productivity tools. The technology also relates to new
platforms such as toys, mobile phones and digital television. The valuation
has been adjusted to reflect the further round of fundraising in September
2000.
Results from the latest draft accounts for the 16 months ended 31 December
2000: loss before tax £3,956,143, net liabilities £772,426.
Dates of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
including Rights Shares
Loan Stock Portfolio
January £1,500,000 £746,375 11.1% £500,000 9.19%
1999 & Convertable
September 2000
Advanced Composites Group Limited
Is a well established manufacturer of high technology carbon fibre composite
material, with factories in Heanor north of Derby, and Tulsa USA. Successful
markets include F1 racing cars, sports equipment, and aerospace applications.
The valuation has been adjusted to reflect the most recent round of
fundraising in July 2000.
Results from the latest consolidated audited accounts of the subsidiary
undertakings for the year ended 31 August 2000: profit before tax £1,522,000,
net assets £5,095,000.
Dates of Amount Valuation % Equity/Voting % of
investment invested Rights Ordinary
including Shares
Loan Stock Portfolio
March & £1,622,978 £2,372,978 27.5% 29.22%
October 1999
& July 2000
e-district.net plc (AIM listed)
Operates an internet portal site which provides a number of facilities
including online games, e-mail, personal home pages and chat and more
recently focusing on interactive television. The company was floated on the
AIM market in March 2000 at a valuation of £149.7 million. Foresight sold
6,623,030 shares (approximately one third of its initial investment of
£500,000) in the flotation at a placing price of 195p per share to raise
£12.39 million net of expenses. The company's shares were suspended from
trading on 16 February 2001 and the Board, taking a conservative view, wrote
down the investment by 100% as at 31 March 2001 pending the outcome of the
investigations following the discovery of financial irregularities. Since the
end of the period the suspension of the company's shares from trading has
been lifted and the results for the year ended 31 December 2000 announced.
Foresight currently holds 14,245,954 ordinary shares in the company.
Results from the latest audited accounts for the year ended 31 December 2000:
loss before tax £2,192,853, net assets £12,744,786.
Dates of Amount Valuation % Equity/Voting % of Ordinary
investment invested Rights Shares
including Portfolio
Loan Stock
March 1999 £341,319 £Nil 18.6% Nil
Telecom plus plc (listed on the London Stock Exchange)
Offers low cost telephone services to private subscribers using relationship
marketing as a means of obtaining new customers. Services currently offered
include the provision of fixed wire and cellular phone services with the
company acting as a switchless reseller. This business is now growing rapidly
and Telecom plus is currently running gas and electricity trials that will
result in allowing its customers to buy all major utilities from one source.
Foresight currently holds 1,250,000 ordinary shares in the company. Foresight
converted £250,000 of loan stock, part of it's original investment of
£475,000, into ordinary shares in December 2000.
Results from the latest unaudited accounts for the nine months ended 31
December 2000: profit before tax £1,632,000, net assets £7,155,000.
Dates of Amount Valuation % Equity/Voting % of Ordinary
investment invested Rights Shares
including Portfolio
Loan Stock
June 1999 £475,000 £1,687,500 2.5% 20.78%
Clarity Commerce Solutions plc (AIM listed)
Is part of a group of companies that provide EPOS solutions, CRM products and
services to the buoyant UK hospitality and leisure markets including the pub
market place and the restaurant and nightclub sector. The company
successfully completed a placing in July 2000 in which Foresight invested
£500,000. Foresight currently holds 400,000 ordinary shares in the company.
Results from the latest interim accounts for the period 24 January 2000 to 30
September 2000: loss before tax £502,000, net assets £5,007,000
Dates of Amount Valuation % Equity/Voting % of Ordinary
investment invested Rights Shares
including Portfolio
Loan Stock
July 2000 £500,000 £536,000 4.2% 6.60%
THE 'C' SHARES FUND
Travelstore.com plc
Provides an online service for making business travel arrangements. It offers
a range of features for corporate and small business travellers including 24
hour telephone support. The valuation of the investment has been adjusted to
reflect the most recent round of fundraising in November 2000.
Results from the latest audited accounts for the period ended 31 March 2000:
loss before tax £13,283,227, net assets £10,999,142.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Loan Portfolio
Stock
December 1999 £1,339,000* £853,000 3.5% 4.84%
* includes further investment of £339,000 in November 2000.
KeepAhead Limited
Despatches lifestyle email services (e.g. current affairs, astrology, sport)
which 200,000 registered users receive free of charge. Revenue is generated
from targeted e-mail advertising. The board believe it is prudent to write
down this investment by 50% due to the downturn in the internet sector.
No audited accounts produced since incorporation in May 1999. Audited
accounts for the period ending 31 March 2001 are expected shortly.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
April 2000 £1,000,000 £500,000 15% 1.81%
UK Directory (Holdings) Limited (OFEX Listed)
Offers over 45,000 hand-vetted UK web site listings on an internet directory
with a search engine and in a magazine which circulates copies each month
through distributors such as W.H.Smith, John Menzies, and J Sainsburys.
Revenue is generated from advertising and magazine sales. Foresight currently
holds 2,000,000 ordinary shares in the company.
Results from the latest audited accounts for the period ended 31 August 2000:
loss before tax £346,956, net assets £2,375,671.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
April 2000 £1,000,000 £310,000 10% 1.12%
themutual.net plc (AIM listed)
Operates a financial information website and sells targeted advertising by
email aimed at their online investors. Revenue is also generated from members
connectivity to the company's virtual ISP service. themutual.net's shares
were listed on the AIM market in June 2000 and all members receive Free
Shares on registration. There were approximately 190,000 registered users as
at 31 March 2001. Foresight currently holds 342,730,249 ordinary shares in
the company.
Results from the latest interim report for 6 months to 31 October 2000: loss
before tax £1,098,282, net assets £684,619.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
June 2000 £500,000 £445,549 9.3% 1.61%
FFastFill plc (AIM Listed)
Is a software company that develops sophisticated trading solutions for
futures and options traders, brokers and risk managers. Its system has three
key features; firstly, Windows NT trading screen with sophisticated
proprietary pricing calculation and strategy functions; secondly, N&K
management software allowing management to monitor, limit and even reverse
positions in real time; and thirdly, connectivity to exchanges. FFastFill was
listed on the AIM in November 2000. Foresight currently holds 914,070
ordinary shares in the company.
Results from the latest interim report for 6 months to 30 September 2000:
loss before tax £1,225,540, net assets £2,112,604.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
July 2000 £500,000 £379,339 2% 1.37%
Sarantel Limited
Seeks to become a market leader in the design and manufacture of a range of
mobility antenna products which include GPS antennas, BlueToothTM antennas
and 3 rd Generation UMTS antennas. Sarantel has technology for mobile phones
that reduces the amount of energy absorbed by body tissue.
No audited accounts produced since incorporation in September 2000.
Dates of Amount Valuation % Loan % of 'C'
investment invested Equity/Voting Stock Shares
including Rights Portfolio
Loan Stock
September £500,000* Cost 7.5% £400,000 1.81%
2000
*excluding a further investment of £166,667 in April 2001.
Mondas plc (AIM Listed)
Has developed e-Business technologies to allow Securities and Investment
houses to deploy new front and back office applications to facilitate
straight through processing. Customers benefit from improved content
management, document management, business process software and service
solutions. Foresight currently holds 200,000 ordinary shares in the company.
Results from the latest unaudited accounts for the six month interim period
ended 31 October 2000: loss before tax £23,877, net assets £4,480,095.
Dates of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
including Rights Shares
Loan Stock Portfolio
October £1,000,000 £997,500 7.7% £900,000 3.61%
2000 Convertible
Callserve Communications plc
Is a PC-to-phone telecoms network and service provider which enables
telephone calls to be made from a PC via the internet to any other phone
worldwide.
Results from the latest audited accounts for the period from 11 June 1999 to
31 March 2000: loss before tax £1,324,624, net assets £1,598,303.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
October 2000 £500,000 Cost 1.27% 1.81%
iDesk plc
Provides telcos, ISPs and other blue chip customers with outsourced technical
help desks, operated from a call centre in London. iDesk has recently
launched complementary new ASP services based on its proprietary and licensed
CRM and electronic billing software.
Results from the latest audited accounts for the period from 1 August 1998 to
31 December 1999: loss before tax £1,398,464, net liabilities £989,723
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
November 2000 £500,000 Cost 1.47% 1.81%
iCore Limited
Provides management, technology skills and training to support mission
critical applications. iCore aims to take particular advantage of the
opportunity presented by the convergence of mobile wireless technology and
the internet.
Results from the latest audited accounts for the year ended 30 June 2000:
loss before tax £270,217, net liabilities £10,781.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
December 2000 £750,000 Cost 16.7% 2.71%
Heritage Image Partnerships Limited
Is creating a library of images available to customers over the internet and
has exclusive access to the content from 5 heritage institutions including
The British Library and the Science Museum. The images will be sold to media
companies and to advertising and design companies.
No audited accounts produced since incorporation in May 2000.
Dates of Amount Valuation % Equity/Voting % of 'C'
investment invested Rights Shares
including Portfolio
Loan Stock
March 2001 £950,000 Cost 18.7% 3.43%
Xpert Client Systems Limited
Is a provider of software asset management tools with over 100 customers. The
company has developed software usage on a PC and compares this with the
inventory of software installed on each PC and the licences owned. As a
result, savings are achieved on licence costs by removing the unused
software, administration costs and IT support.
Results from the latest audited accounts for the year ended 31 July 2000:
loss before tax £320,800, net liabilities £287,249.
Dates of Amount Valuation % Loan Stock % of
investment invested Equity/Voting Ordinary
including Rights Shares
Loan Stock Portfolio
March 2001 £750,000 Cost 12.3% £375,000 2.71%
Unsecured
Administrative costs for Telecom Plus plc, themutual.net plc and FFastFill
plc were previously included in the amount invested. We believe it is more
accurate to show the investment as the figures shown in the investment
agreements. The differences shown in the amount invested to those within the
Report and Financial Statements for the year ended 30 September 2000 are
£758, £2,938 and £6,116 respectively, totalling £9,812.
THE FIXED INTEREST FUNDS
The Ordinary Shares fixed interest portfolio and the 'C' Shares fixed
interest portfolio contain the remainder of the net proceeds from the issues
of Ordinary Shares and 'C' Shares which are invested in fixed interest
securities and cash deposits and are managed by Cazenove Fund Management
Limited.
Unaudited Statement of Total Return
(incorporating the Revenue Account of the Company for the six months ended 31
March 2001)
Six months to 31 March 2001 Six months to 31 March 2000
(unauditied) (unauditied)
Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
Net
gains - (20,281,600) (20,281,600) - 30,181,102 30,181,102
and
losses on
investments
Income 959,671 - 959,671 589,152 - 589,152
Investment(169,893) (509,678) (679,571) (77,801) (233,405) (311,206)
management
fees
Other (271,847) - (271,847) (184,967) - (184,967)
expenses
--------- --------- ---------- ---------- ---------- ----------
Return
ordinary 517,931 (20,791,278) (20,273,347) 326,384 29,947,697 30,274,081
activities
before
taxation
Tax
on (101,936) - (97,916) 70,022 (27,894)
ordinary 101,936
activities
--------- ---------- ---------- ---------- ----------
----------Return
Attri- 415,995 (20,689,342) (20,273,347) 228,468 30,017,719 30,246,187
butable
to equity
Share
holders
Dividends
in (656,927) - (656,927) - (11,889,529)(11,889,529)
respect of
equity shares
------- ------ ------ ------ ------ ------
Transfer (240,932) (20,689,342) (20,930,274) 228,468 18,128,190 18,356,658
to
reserves
------- ------ ------ ------ ------ ------
Return
per Share:
Ordinary Shares
(0.19)p (144.32)p (144.51)p 0.84p 271.24p 272.08p
------- ------ ------ ------ ------ ------
'C' 1.36p (5.42)p (4.06)p 0.94p (0.78)p 0.16p
Shares
------- ------ ------ ------ ------ ------
Year ended 30 September 2000
(auditied)
Revenue Capital Total
£ £ £
Net gains and
losses on - 28,011,715 28,011,715
investments
Income 1,632,302 - 1,632,302
Investment
management (248,723) (746,169) (994,892)
fees
Other expenses (344,714) - (344,714)
--------------- -------------- --------------
Return on
ordinary
activities
before 1,038,865 27,265,546 28,304,411
taxation
Tax on
ordinary (207,773) 149,233 (58,540)
activities
---------------- ---------------- ----------------
Return
Attributable
to equity 831,092 27,414,779 28,245,871
Shareholders
Dividends in
respect of - (11,889,553) (11,889,533)
equity shares
---------------- ---------------- ----------------
Transfer to 831,092 15,525,226 16,356,318
reserves
---------------- ---------------- ----------------
Return per
Share:
Ordinary 1.07p 236.17p 237.24p
Shares
---------------- ---------------- ----------------
'C' Shares 2.73p (3.08)p (0.35)p
---------------- ---------------- ----------------
Analysis Between the Ordinary Shares and 'C' Shares funds (unaudited)
Six months to 31 March 2001 Six months to 31 March 2000
Ordinary Shares Fund 'C' Shares Fund
Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
Unrealised - (18,745,253) (18,745,253) - (1,536,347) (1,536,347)
gains
and
losses
on
investments
Income 87,355 - 87,355 872,316 - 872,316
Investment (75,302) (225,905) (301,207) (94,591) (283,773) (378,364)
management
fees
Other (43,787) - (43,787) (228,060) - (228,060)
expenses
------- ------ ------ ------ ------ ------
Return
on (31,734) (18,971,158)(19,002,892) 549,665 (1,820,120) (1,270,455)
ordinary
activities
before
taxation
Tax on 6,347 45,181 51,528 (108,283) 56,755 (51,528)
ordinary
activities
------- ------ ------ ------ ------ -----
Return (25,387) (18,925,977) (18,951,364) 441,382 (1,763,365) (1,321,983)
attributable
to equity
share
holders
Dividends - - - (656,927) - (656,927)
in respect
of equity
shares
------- ------ ------ ------ ------ ------
Transfer (25,387) (18,925,977) (18,951,364) (215,545) (1,763,365) (1,978,910
to
reserves
------- ------ ------ ------ ------ ------
Unaudited Balance Sheet as at 31 March 2001
31 March 2001 31 March 2000
(unaudited) (unaudited)
£ £ £ £
Fixed Assets
Investments 29,664,991 46,753,157
Monies 6,113,859 10,180,399
held on
deposit
pending investment
---------------- ----------------
35,778,850 56,933,556
Current assets
Debtors and 745,547 1,127,888
prepayments
Cash at bank 1,980,039 12,001,680
at bank
---------------- ----------------
2,725,586 13,129,568
Creditors:
amounts falling
due with in
one year
(899,566) (12,260,006)
---------------- ----------------
Net
current
assets 1,826,020 869,562
-------------- ----------------
Net assets 37,604,870 57,803,118
---------------- ----------------
Capital and
reserves
Called up 462,988 413,700
share capital
Share 31,168,442 38,485,364
premium
account
Cancelled 6,540,000 -
share premium
account
Capital reserves (1,177,509) 18,654,797
Revenue reserves 610,949 249,257
-------- --------
Equity shareholders'
funds 37,604,870 57,803,118
---------------- ----------------
For ordinary
shares of 1p each:
Net asset value per share
Ordinary Shares 65.96p 264.08p
'C' Shares 87.47p 94.07p
30 September 2000
(audited)
£ £
Fixed Assets
Investments 49,299,291
Monies held on
deposit pending 7,187,245
investment
------------------------
56,486,536
Current assets
Debtors and 1,350,245
prepayments
Cash at bank 237,690
------------------------
1,587,935
Creditors: amounts
falling due within
one year (182,322)
----------------
Net current assets 1,405,613
-------------------
Net assets 57,892,149
-------------------
Capital and
reserves
Called up share 455,653
capital
Share premium 40,532,782
account
Cancelled share -
premium account
Capital reserves 16,051,833
Revenue reserves 851,881
------------------------
Equity
shareholders' funds 57,892,149
------------------------
For ordinary shares
of 1p each:
Net asset value per
share
Ordinary Shares 210.71p
'C' Shares 93.50p
Analysis Between the Ordinary Shares and 'C' Shares funds (unaudited)
31 March 2001 31 March 2000
Ordinary Shares Funds 'C' Shares Fund
£ £ £ £
Fixed
Assets
Investments 7,948,503 21,716,488
Monies
held on 173,796 5,940,063
deposit
pending
investment
-------- --------
8,122,299 27,656,551
Current
assets
Debtors 416,400 476,495
and
prepayments
Cash 524,442 1,455,597
at bank
-------- --------
940,842 1,932,092
Creditors:
amounts falling
due with in
one year (190,523) (856,391)
-------- --------
Net 750,319 1,075,701
current assets
-------- --------
Net assets 8,872,618 28,732,252
-------- --------
Capital and
reserves
Called up share 134,524 328,464
capital
Share premium 5,695,887 25,472,555
account
Cancelled 2,285,921 4,254,079
share premium
account
Capital reserves 632,498 (1,810,007)
Revenue 123,788 487,161
reservess
-------- --------
Equity 8,872,618 28,732,252
shareholders'
funds
-------- --------
Shares in issue 13,452,424 32,846,353
Net 65.96p 87.47p
asset
value per share
The financial statements were approved by the Directors on 26 June 2001 and
are signed on their behalf by:
Peter Dicks )
Nigel Horne ) Directors
These interim accounts for the six months ended 31 March 2001 have been
prepared to confirm that the Company has sufficient distributable reserves to
support the interim dividend declared on 26 June 2001 which is payable on 26
July 2001.
They are interim accounts as required by section 272 of the Companies Act
1985 and are unaudited.
Unaudited Cash Flow Statement for the six months to 31 March 2001
Six months to Six months to
31 March 2001 31 March 2000
(unaudited) (unaudited)
£ £ £ £
Operating
activities
Deposit 1,407,545 192,532
and
similar
interest
Investment
management
fees paid (592,593) (377,534)
Other (215,409) (294,444)
cash
payments
--------- --------
Net
cash
inflow 599,543 (479,446)
/(outflow)
from
operating
activities
Servicing of
finance
Net - -
dividends
paid
Taxation
Tax 73,725 -
refund
Investing
activities
Purchase (14,859,279) (17,303,222)
of
fixed
income
investments
Purchase (5,066,094) (3,985,520)
of
other
investments
Sale 19,278,073 2,001,574
of
fixed
income
investments
Sale - 12,751,918
of
other
investments
--------------- ----------------
Net
cash (647,300) (6,535,250)
outflow
from
investing
activities
--------------- ----------------
Net
cash
inflow
/(outflow) 25,968 (7,014,696)
before
financing
and
liquid
resource
management
Management
of
liquid
resources
Movement
in 1,073,386 (9,461,367)
money
market
and
other
deposits
Financing
Purchase (218,863) -
of own
shares
Issue
of 861,858 28,445,806
ordinary
shares
net
of
expenses
--------------- ----------------
642,995 28,445,806
--------------- ----------------
Increase 1,742,349 11,969,743
in cash
--------------- ----------------
Year ended
30 September 2000
(audited)
£ £
Operating
activities
Deposit and similar 1,199,374
interest
Investment
management fees (1,245,699)
paid
Other cash payments (628,198)
------------------------
Net cash
inflow/(outflow)
from (674,523)
operating
activities
Servicing of
finance
Net dividends paid (11,889,553)
Taxation
Tax refund -
Investing
activities
Purchase of fixed
income investments (25,368,955)
Purchase of other
investments (7,714,447)
Sale of fixed
income investments 9,030,712
Sale of other 12,801,919
investments
------------------------
Net cash outflow
from investing (11,250,771)
activities
------------------------
Net cash
inflow/(outflow)
before financing
and liquid
resource management (23,814,847)
Management of
liquid resources
Movement in money
market and (6,468,213)
other deposits
Financing
Purchase of own (62,499)
shares
Issue of ordinary
shares net of 30,551,312
expenses
------------------------
30,488,813
------------------------
Increase in cash 205,753
------------------------
The Company holds gilts and bonds primarily as investments and not as liquid
resources. Accordingly, movements in the holdings of these investments are
shown within investing activities in the above statement rather than within
management of liquid resources.
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