Final Results

Hargreave Hale AIM VCT1 plc (formerly Keydata AIM VCT1 plc) Preliminary Announcement of Final Results for the year ending 30 September 2009. FINANCIAL HIGHLIGHTS Ordinary Shares: 2009 2008 Net asset value per share 63.98p 66.21p Cumulative distributions paid since launch 17.00p 14.00p Net asset value total return 80.98p 80.21p Discount to Net Asset ValueÂ Â 22.6% 8.62% (based on mid-market price at balance sheet date) Returns per share: Revenue return (0.31)p 0.38p Capital return (1.27)p (36.01)p Total return (1.58)p (35.63)p Dividends: Interim paid 2.0p 4.0p Final proposed - 1.0p* Total dividend for year 2.0p 5.0p *Dividend paid on 26 January 2009 C Ordinary Shares: 2009 2008 Net asset value per share - 82.06p Cumulative distributions paid since launch - 3.20p Net asset value total return - 85.62p Net asset value total return since launch at 95p - 85.62p Share price (mid) - 77.5p Discount to Net Asset Value - 5.56% (based on mid-market price at balance sheet date) Returns per share: Revenue return - 1.24p Capital return - (13.92)p Total return - (12.68)p Dividends: Interim paid - 0.7p Final proposed - - Total dividend for year - 0.7p CHAIRMAN'S STATEMENT Introduction The financial results for the year to 30 September 2009 reflect the difficult economic environment in the UK during this period. At 30th September the NAV was 63.98 pence which after adjusting for the dividends paid represents an effective 1.0% increase for the period. This compares with a 6.1% rise in the all-share index and a 3.9% rise in the AIM index during the same period. Losses per ordinary share for the year were 1.58 pence per share (comprising revenue losses of 0.31 pence and capital losses of 1.27 pence). Following the appointment of Administrators to Keydata Investment Services Limited your Board has appointed Hargreave Hale Limited to take over the administrative services in respect of the Company and Giles Hargreave, CEO of Hargreave Hale Limited has joined the Board as a non-executive director to replace Stewart Ford who resigned. Conversion of C shares On 7 October 2008, in accordance with the Articles of Association, the C shares were converted into new Ordinary shares based on the respective net asset value per share of each fund at 30 September 2008. The conversion ratio was 1.23935 new ordinary shares for each C share held on 7 October 2008. The 17,719,270 C shares in issue were converted into 21,959,891 new ordinary shares which rank pari passu with the existing ordinary shares. The two investment funds combined from this date. Investment The Investment Manager, Hargreave Hale, invested a further Â£340,000 in 2 qualifying companies during the year and made disposals or part disposals of 14 of the AIM investments, realising a net loss on sale of Â£3,199K. Â The bid value of qualifying investments at 30 September 2009 was Â£10.3 million invested in 47 AIM companies, the balance was held in non-qualifying AIM stocks. Tender Offer At the EGM, held on 19th May, a special resolution was passed by shareholders to give approval for a tender offer of up to 8,000,000 ordinary shares at a price of 52 pence per share. Valid acceptances were received by the closing date of 30 April 2009 from 179 shareholders for 5,076,447 ordinary shares which were repurchased for cancellation (2,365,313 shares) and holding in treasury for issue by the company at a future date (2,711,134 shares). Change of name At the general meeting on 30 September 2009 it was approved that the Company name be changed to "Hargreave Hale AIM VCT1 Plc" to more closely reflect the new arrangements and its relationship with Hargreave Hale Limited. I am pleased to report that this change of name is now completed. Dividend An interim dividend of 2 pence was paid on 30 June 2009. It is not proposed to declare a dividend at this time but your board is committed to paying regular dividends and will keep the matter under review. Outlook The UK economic cycle is now at a critical point. The 2008-09 recession, which was much deeper than most people envisaged, now appears to be abating albeit that it has not yet technically ended. The CBI stated that the UK economy was expected to emerge from recession through modest growth in the third and fourth quarters of 2009. However we remain cautious as we believe the economy is still fragile and that any growth in the immediate future will be slow and modest. Sir Aubrey Brocklebank Bt Chairman 31 December 2009 INCOME STATEMENT For the year ended 30 September 2009 Â Ordinary Shares Â Â Revenue Capital Total Â Â Â£000 Â£000 Â£000 Net loss on investments held at fair value Â - (266) (266) through profit or loss Income Â 362 - 362 Â Â -------- -------- -------- Â Â 362 (266) 96 Â Â -------- -------- -------- Management fee Â (39) (118) (157) Other expenses Â (415) - (415) Â Â -------- -------- ------- Â Â (454) (118) (572) Â Â -------- -------- ------- Loss on ordinary activities before taxation Â (92) (384) (476) Taxation Â 0 0 0 Â Â -------- -------- -------- Loss after taxation Â (92) (384) (476) Â Â -------- -------- -------- Losses per share Â (0.31)p (1.27)p (1.58)p On 7 October 2008, in accordance with the Articles of Association, the C shares were converted into new Ordinary shares based on the respective net asset value per share of each fund at 30 September 2008. The two investment funds were combined from this date forward. INCOME STATEMENT For the year ended 30 September 2008 Â Ordinary Shares C Shares Company Â Â Revenue Capital Total Revenue Capital Total Revenue Capital Total Â Â Â Â£000 Â£000 Â£000 Â Â£000 Â£000 Â£000 Â Â£000 Â£000 Â£000 Net (loss) on investments held at fair value through - (4,441) (4,441) Â - (2,379) (2,379) Â - (6,820) (6,820) profit or loss Income Â Â 179 - 179 Â 482 - 482 Â 661 - 661 Â Â Â --------- ---------- ---------- Â -------- ---------- ---------- Â -------- ---------- ---------- Â Â Â 179 (4,441) (4,262) Â 482 (2,379) (1,897) Â 661 (6,820) (6,159) Â Â Â --------- ---------- ---------- Â -------- ---------- ---------- Â -------- ---------- Management Â Â (28) (83) (111) Â (40) (121) (161) Â (68) (204) (272) fee Other Â Â (113) - (113) Â (175) - (175) Â (288) - (288) expenses Â Â Â --------- ---------- ---------- Â -------- ---------- ---------- Â -------- ---------- ---------- Â Â Â (141) (83) (224) Â (215) (121) (336) Â (356) (204) (560) Â Â Â --------- ---------- ---------- Â -------- ---------- ---------- Â -------- ---------- ---------- Profit (loss on ordinary activities before taxation) 38 (4,524) (4,486) Â 267 (2,500) (2,233) Â 305 (7,024) (6,719) Taxation Â Â 9 16 25 Â (47) 22 (25) Â (38) 38 - Â Â Â --------- ---------- ---------- Â -------- ---------- ---------- Â -------- ---------- ---------- Profit (loss) 47 (4,508) (4,461) Â 220 (2,478) (2,258) Â 267 (6,986) (6,719) after taxation Â Â Â --------- ---------- ---------- Â -------- ---------- ---------- Â -------- ---------- ---------- Earnings (losses 0.38p (36.01)p (35.63)p Â 1.24p (13.92)p (12.68)p per share) 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. There are no recognised gains or losses other than the loss for the year. BALANCE SHEET As at 30 September 2009 Â Â 2009 2008 2008 2008 Â Â Ordinary Ordinary C Ordinary Total Â Â Â Â£000 Â Â£000 Â£000 Â£000 Fixed assets Investments at fair value Â Â 16,079 Â 6,393 14,301 20,694 through profit or loss Â Â Â --------- Â --------- --------- --------- Current assets Debtors Â Â 95 Â 68 88 156 Cash at bank Â Â 1059 Â 385 224 609 Â Â Â --------- Â --------- --------- --------- Â Â Â 1,154 Â 453 312 765 Creditors: amounts falling due Â Â (129) Â (8) (73) (81) within one year Â Â Â --------- Â --------- --------- --------- Net current assets Â Â 1,025 Â 445 239 684 Â Â Â --------- Â --------- --------- --------- Net assets Â Â 17,104 Â 6,838 14,540 21,378 Â Â Â --------- Â --------- --------- --------- Capital and Reserves Called up share capital Â Â 294 Â 103 886 989 Special reserve Â Â 22,765 Â 9,772 15,927 25,699 Capital reserveÂ - realised Â Â (3,735) Â 61 (21) 40 Capital reserveÂ - unrealised Â Â (3,133) Â (3,301) (2,359) (5,660) Revenue reserve Â Â 167 Â 163 96 259 Capital redemption reserve Â Â 746 Â 40 11 51 Â Â Â --------- Â --------- --------- --------- Equity shareholders' funds Â Â 17,104 Â 6,838 - 6,838 Rights of C shareholders Â Â - Â - 14,540 14,540 Â Â --------- Â --------- --------- --------- Equity shareholders' funds and rights of C shareholders Â Â - Â 6,838 14,540 21,378 Â Â --------- Â --------- --------- --------- Net asset value per share Â Â 63.98p Â 66.21p 82.06p On 7 October 2008, in accordance with the Articles of Association, the C shares were converted into new Ordinary shares based on the respective net asset value per share of each fund at 30 September 2008. The two investment funds were combined from this date forward. CASH FLOW STATEMENT For the year ending 30 September 2009 Â Â 2009 2008 2008 2008 Â Â Ordinary Ordinary C Ordinary Total Â Â Â Â£000 Â Â£000 Â£000 Â£000 Net cash (outflow)/inflow from Â Â (101) Â (78) 37 (41) operating activities Net financial investment Â Â 4,349 Â 3,791 238 4,029 Dividends paid Â Â (864) Â (454) (258) (712) Â Â Â --------- Â --------- --------- --------- Cash outflow before management Â Â 3,384 Â 3,259 17 3,276 of liquid resources Financing (share buy backs) Â Â (2,934) Â (3,228) (167) (3,395) Â Â Â --------- Â --------- --------- --------- Increase/(Decrease) in cash Â Â 450 Â 31 (150) (119) Â Â Â --------- Â --------- --------- --------- On 7 October 2008, in accordance with the Articles of Association, the C shares were converted into new Ordinary shares based on the respective net asset value per share of each fund at 30 September 2008. The two investment funds were combined from this date forward. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Â Â Capital Capital Capital Ordinary Share Redemption Reserve Reserve Special Revenue Total Shares Capital Reserve Realised Unrealised Reserve Reserve Â Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 103 40 61 (3,301) 9,772 163 6,838 2008 (Ord shares) At 1 October 2008 (C shares 886 11 (21) (2,359) 15,927 96 14,540 transferred) Transfer of (666) 666 - - - - - conversion of C shares Â ------ ------ --------- --------- --------- ------ --------- Â 323 717 40 (5,660) 25,699 259 21,378 Previously - (2,793) - - - (2,793) recognised gains now realised Â Â Â Â Â - Unrealised Â Â Â Â - - 2,527 - - 2,527 losses on Â Â - investments Management Â Â Â Â - (118) - - - (118) fee charged - to capital Share (29) 29 - - (2,934) - (2,934) buybacks Equity Â Â Â Â Â - (864) - - - (864) dividends Â Â - paid Revenue (loss) after - - - - (92) (92) taxation for the period Â Â Â - Â ------ ------ --------- --------- --------- ------ --------- At 30 294 746 (3,735) (3,133) 22,765 167 17,104 September 2009 Â ------ ------ --------- --------- --------- ------ --------- For the year ending 30 September 2009 Reserves available for distribution are capital reserve realised, special reserve and revenue reserve. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS For the year ending 30 September 2008 Â Â Capital Capital Capital Ordinary Share Redemption Reserve Reserve Special Revenue Total Shares Capital Reserve Realised Unrealised Reserve Reserve Â Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 143 - 128 1,593 12,999 116 14,979 October 2007 Previously - 454 (454) - - - recognised gains now realised - Unrealised Â Â Â Â - - (4,440) - - (4,440) losses on - investments Management Â Â Â Â - (83) - - - (83) fee charged - to capital Tax relief Â Â Â Â - 16 - - - 16 - Share (40) 40 - - (3,227) - (3,227) buybacks Equity Â Â Â Â - (454) - - - (454) dividends - paid Revenue profit - - - - 47 47 after taxation for the year Â Â Â - Â ------ ------ --------- --------- --------- ------ --------- At 30 103 40 61 (3,301) 9,772 163 6,838 September 2008 Â ------ ------ --------- --------- --------- ------ --------- C Shares At 1 897 - (154) 254 16,094 134 17,225 October 2007 Unrealised Â Â Â Â - Â (2,379) - - (2,379) losses on Â - investments Previously - 234 (234) - - - recognised gains now realised - Share (11) 11 - - (167) - (167) buybacks Management - - (121) - - - (121) fee charged to capital Tax relief - - 20 - - - 20 Equity - - - - - (258) (258) dividends paid Revenue (loss) - - - - 220 220 after taxation for the year Â Â Â - Â ------ ------ --------- --------- --------- ------ --------- At 30 886 11 (21) (2,359) 15,927 96 14,540 September 2008 Â ------ ------ --------- --------- --------- ------ --------- Notes to the preliminary announcement 1. The financial information set out in this preliminary announcement does not constitute the Company's statutory accounts for the years ended 30 September 2009 or 30 September 2008. Statutory accounts for the year ended 30 September 2008 have been filed with the Registrar of Companies and those of the year ended 30 September 2009 will be delivered to the Registrar in due course; both have been reported on by the Independent Auditors. The independent auditors' report on the Financial Statements for the year ended 30 September 2008 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 237(2) or 237(3) of the Companies Act 1985. The independent auditors' report on the Financial Statements of the year ended 30 September 2009 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. The financial information in this preliminary announcement has been prepared under the historical cost convention, except for the revaluation of certain financial instruments, and in accordance with UK GAAP and with the Statement of Recommended Practice (SORP) for Financial Statements of Investment Trust Companies issued in December 2005. The accounting policies adopted in these preliminary results have been consistently applied to all the years presented and are consistent with the policies used in the preparation of the statutory accounts for the year ended 30 September 2009. The full statutory annual accounts will be published in January 2010. Copies may in due course be obtained during normal business hours from Hargreave Hale Limited, 9-11 Neptune Court, Whitehills, Blackpool, FY4 5LZ. Â Â Â Â Â The Annual general meeting of the company will be held at the Company's registered office on 11 February 2010 at 11.00am. 2. Revenue return per ordinary share is based on a net revenue loss on ordinary activities after tax of Â£92,000 (2008 Â£47,000) and on 29,963,737 (2008 12,520,138) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The comparative figures for the C ordinary shares are Â£Nil (2008 Â£220,000) and Nil (2008 17,789,162) C ordinary shares. Capital return per ordinary share is based on a net capital loss on ordinary activities after tax of Â£384,000 (2008 Â£4,508,000 loss) and on 29,963,737 (2008 12,520,138) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The comparative figures for the C ordinary shares are Â£Nil (2008 Â£2,478,000 loss) and Nil (2008 17,789,162) C ordinary shares. 3. The net asset value per ordinary share at 30 September 2009 of 63.98p (2008 66.21p) is based on net assets of Â£17,104,000 (2008 Â£6,838,000) and on 26,733,966 shares, being the number of ordinary shares in issue as at 30 September 2009 (2008 10,327,905). The net asset value per C share at 30 September 2009 of Nil (2007 82.06p) is based on net assets of Â£Nil (2008 Â£14,540,000) and on Nil shares, being the number of C shares in issue as at 30 September 2009 (2008 17,719,270). INVESTMENT PORTFOLIO SUMMARY Ordinary Share Fund As at 30 September 2009 Â Book Cost Valuation Valuation Qualifying investments Â£000 Â£000 % Cohort 800 982 6.1 Advanced Computer Software 400 882 5.5 Abcam 167 870 5.4 Intercede 518 628 3.9 Brulines 541 506 3.2 Pressure Technologies 340 499 3.1 Animal Care 300 436 2.7 Vertu Motors 600 430 2.7 FDM 249 394 2.5 Craneware 150 379 2.4 Mount Engineering 400 331 2.1 MAMA 300 270 1.7 Rotala 400 262 1.6 CBG 534 238 1.5 K3 270 249 1.5 Universe 385 247 1.5 Keycom 300 225 1.4 Portland Gas 46 201 1.3 Idox 150 195 1.2 Energetix 380 168 1.0 Maxima 251 163 1.0 Essentially 220 147 0.9 Feedback 201 151 0.9 Tangent Communications 300 150 0.9 Neutrahealth 315 120 0.7 Jelf 174 98 0.6 Legion Group 250 89 0.6 Tasty 288 100 0.6 Autoclenz 256 86 0.5 Innovision 175 81 0.5 Plastics Capital 250 80 0.5 Relax 650 83 0.5 Advanced Power 148 70 0.4 Hexagon Human 300 58 0.4 Progressive Digital 173 58 0.4 Richoux 300 67 0.4 Enfis 146 52 0.3 Expansys 331 40 0.3 Invocas 169 41 0.3 Egdon Resources 8 30 0.2 Hardide 396 25 0.2 Infoserve 200 27 0.2 Reneuron 168 34 0.2 St Helen's Capital 211 31 0.2 Invu 200 22 0.1 Sport Media Group 300 16 0.1 Accuma 49 5 0.0 Â --------- --------- ------- Total qualifying investments 13,659 10,316 64.2 Â --------- --------- ------- Book Cost Valuation Valuation Non-Qualifying investments Â£000 Â£000 % Treasury 2.25% 2014 1,467 1,479 9.2 UKTI 2.5% 2016 491 503 3.1 UKTI 2.5% 2020 482 497 3.1 Â ------- ------- ------ TotalÂ - UK gilts 2,440 2,479 15.4 Â ------- ------- ------ Lloyds 4% Nov 11 1,024 1,042 6.5 Nationwide 3.75% Nov 11 1,018 1,037 6.4 Â ------- ------- ------ TotalÂ - UK corporate bonds 2,042 2,079 12.9 Â ------- ------- ------ Optare 200 250 1.6 Hargreaves 131 189 1.2 Marstons 103 122 0.8 Cove 100 120 0.7 Lookers 124 119 0.7 Qinetiq 118 105 0.7 Cineworld 81 80 0.5 Prostrakan 83 85 0.5 Clerkenwell 47 35 0.2 OPG Group 25 30 0.2 Renew Group 28 35 0.2 UK Coal 16 25 0.2 Abcam 1 1 0.0 Advanced Computer Software 2 2 0.0 Craneware 4 5 0.0 Enfis 1 1 0.0 Hexagon 2 0 0.0 St Helen's Capital 2 0 0.0 Tasty 1 0 0.0 Vertu Motors 3 1 0.0 Â -------- --------- ------- TotalÂ - non-qualifying equities 1,072 1,205 7.5 Â -------- --------- ------- TotalÂ - non-qualifying investments 5,554 5,763 35.8 Â --------- --------- ------- Total investments 19,213 16,079 100.0 Â --------- --------- ------- 31 December 2009 For further information please contact: Stuart Brookes Company Secretary Hargreave Hale AIM VCT1 plc 0207 009 4900 [HUG#1369471]

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