Interim Results
Murray VCT 4 PLC
14 October 2005
Murray VCT 4 PLC
Interim Announcement for the six months ended 31 August 2005 (unaudited)
The Directors announce the unaudited Interim Results for the six months ended 31
August 2005.
Highlights
• 11 new unlisted and AIM investments made during the period under
review.
• Net Asset Value of 76.1p per Ordinary share at 31 August 2005;
compared to 75.9p (restated) at 28 February 2005.
• Interim dividend of 2.5p per share declared, including 2.0p per share
in respect of capital gains achieved.
• Unrealised gain on the AIM portfolio of £1,037,000 as at 31 August
2005, representing a 16% uplift over cost.
• 2 successful realisations made from unlisted portfolio.
Investment activity
The following new investments have been made since publication of the Annual
Report:
Talarius PLC* (March 2005) £353,000 Talarius is a newly incorporated company
established for the purpose of acquiring, or making investments in, companies or
businesses engaged primarily in the 'high street' gaming market, with associated
property assets and related opportunities for differentiation.
(www.talarius.com)
Inspicio PLC* (April 2005) £125,000 Inspicio is a newly incorporated company,
established to acquire and manage companies and businesses in the UK and
international testing, inspection and performance conformity markets. The
company's initial objective is to acquire one or more attractive, profitable
businesses and then use these as a platform to increase shareholder value by
acquiring and consolidating further businesses in the same sector. (no website
available)
Spectrum Interactive PLC* (April 2005) £250,000. Spectrum Interactive is the
second largest operator of payphones in the UK and provides internet access
through terminals located in public areas in both the UK and Germany.
(www.spectruminteractive.co.uk)
Elevation Events Group PLC* (May 2005) £200,000. Elevation Events intends to
buy, invest in and develop events management, corporate hospitality and related
niche supplier businesses to form an integrated event marketing service group.
(www.elevationevents.co.uk)
Original Shoe Company Limited (May 2005) £750,000 Original Shoe Company is one
of the leading branded clothing and footwear retailers in the UK. It currently
employs around 550 staff and has 43 stores and intends to use the development
capital provided to fund the geographic expansion of the business.
(www.originalshoe.biz)
United Clearing PLC* (May 2005) £468,000 United Clearing is a support services
company which provides software based solutions to mobile communications
operators. It also offers a financial clearing service, which provides
settlement of international mobile telephone roaming traffic.
(www.unitedclearing.com)
Axeon PLC* (June 2005) £250,000 Axeon is a developer of semiconductor
intellectual properties specifically focussed on the automotive industry. Major
customers and development contracts include Clarion, General Motors and Ford.
Axeon's products can be implemented in a microprocessor, enabling high
performance real time solutions to complex problems in a variety of different
industry sectors. (www.axeon.com)
Leisure & Gaming PLC* (June 2005) £187,000 Leisure & Gaming's strategy is to
acquire businesses in the on-line gaming sector. It has already identified a
predominantly US focussed business with an embryonic European operation, a
recently launched poker product and an overall product suite that comprises
sports betting, horse racing and casino games. (www.lngplc.com)
System C Healthcare PLC* (June 2005) £311,000 System C Healthcare provides
information services and IT systems and also develops and provides healthcare
related software applications to the healthcare sector in England.
(www.systemc.com)
Kingsley Cards Limited (July 2005) £750,000 Kingsley Cards Limited is engaged in
the design and production of greeting cards and the supply of these products to
many of the main high street retailers and to trade distributors.
(www.kingsley-cards.co.uk)
NeutraHealth PLC* (August 2005) £154,000 NeutraHealth operates in the highly
fragmented nutriceutical sector and has acquired BioCare, a leading provider of
vitamins, mineral supplements, probiotics and other food supplements to health
practitioners and specialist retailers. (www.biocare.co.uk)
* quoted on the Alternative Investment Market ('AIM').
Co-investment
Murray VCT 4 has co-invested with Aberdeen Development Capital, Aberdeen Growth
Opportunities VCT, Aberdeen Growth Opportunities VCT 2, Aberdeen Growth VCT I,
Talisman First Venture Capital Trust and West Yorkshire Pension Fund in some or
all of the above transactions and is expected to continue to do so. The
advantage of this arrangement is that, together, the funds are able to
underwrite a wider range and size of transaction than would be the case on a
stand-alone basis.
Portfolio developments
The increasing maturity of some of the unquoted investments made by the Company
is now leading to an improved level of exit opportunities. Two holdings, Black
Teknigas and ScotNursing were realised during the period, resulting in gains
over their cost of £131,000 and £188,000 respectively. The holdings in First
Line were also realised during the period but resulted in a loss of £167,000
compared to cost. Partial repayments of loan stocks, all at par, were made
during the six months by ELE, PSCA and TMI Foods totalling £598,000; redemption
premiums on these stocks were also received and have been included in the income
received by the Company for the period under review. On the last day of the
reporting period, the business and trade of Room 2 was sold to Strategic Retail,
an AIM quoted company, for a consideration of ordinary shares and convertible
loan stock with a value equivalent to the original cost of the investment. The
Manager remains actively engaged in portfolio management to improve the
performance of investee companies and to determine which businesses justify
further support where that is necessary.
The AIM portfolio has been actively traded and, during the reporting period,
substantial realisations were made from seven companies resulting in a net gain
of £279,000. At the period end, the remaining AIM portfolio had achieved an
uplift over cost of £1,037,000 (16.4%). The Board, having initially sanctioned a
lower level of exposure to AIM quoted companies, has now resolved to increase
the maximum exposure to this market to 25% of the total book cost of the
investment portfolio (18.9% at 31 August 2005). This is due to a shift in the
market dynamics of AIM, which is now consistently attracting earlier stage
companies that previously would have used private equity funding directly, and
in recognition of the success that the Manager has achieved with this part of
the portfolio and the prospects that the Manager believes continue to exist.
Year Original Sales Realised
acquired cost proceeds gain
£'000 £'000 £'000
Unlisted
Black Teknigas 2002 180 311 131
ScotNursing 2002 750 938 188
First Line 2000 595 428 (167)
ELE Advanced Technologies* 2000 149 149 -
PSCA International* 2002 90 90 -
TMI Foods* 2003 359 359 -
2,123 2,275 152
AIM
1st Dental 2004 60 84 24
Augean 2004 342 415 73
Avanti ScreenMedia 2004 38 49 11
Careforce Group 2004 227 284 57
Leisure & Gaming 2005 16 28 12
Talarius 2005 5 7 2
Tanfield 2004 133 233 100
821 1,100 279
Total Total 2,944 3,375 431
* Repayment of loan stock
Valuation policy
The unlisted companies in which Murray VCT 4 is invested are valued in
accordance with the British Venture Capital Association guidelines. Investments
are normally valued at cost until they have been held for at least one year;
thereafter investments are valued by reference to their underlying performance
and future prospects.
Revised UK Financial Reporting Standards are being introduced for the current
financial year and the introduction of these standards requires that listed
holdings, including quoted AIM stocks, are valued at their closing bid price
where previously they would have been valued at their mid-market price. The
effect of this change has been to reduce the value of the quoted portfolio by
£176,000, representing 0.5p per share, at 31 August 2005.
Net Asset Value
Following on from the increase in Net Asset Value ('NAV') over the year ended 28
February 2005, and notwithstanding the required change in valuation policy
referred to above, the Company has still achieved a modest improvement in NAV
since the publication of the Annual Report, with a NAV per share at 31 August
2005 of 76.1p compared with 75.9p at 28 February 2005, as restated. Whilst this
slight increase in NAV per share partly reflects the benefit of buying back the
Company's shares at a discount to NAV, there has also been an improvement in the
performance of the underlying portfolio.
Dividends
The Board is pleased to declare an interim dividend of 2.5p per Ordinary share,
payable on 9 December 2005 to Shareholders on the register at close of business
on 11 November 2005. The dividend includes an amount of 2.0p per Ordinary share
in respect of capital gains from realisations made during the period and in the
previous year. The Board intends to distribute such gains when meaningful
amounts have been accumulated, in addition to paying dividends arising from the
revenue account.
Returns to date
Since the Company's launch, and including the forthcoming payment of the interim
dividend declared above, most Shareholders will have received 13.1p per share
('pps') in tax-free dividends. To an investor who took advantage of the initial
income tax relief and who therefore has an effective initial investment cost of
80pps, the tax free dividends represent a return of 16.4% of that cost. The
total return, being 10.6p of dividends paid to date plus NAV at 31 August 2005,
is 86.7pps, representing 108.4% of the effective initial investment cost. The
Board is confident that the Manager is working to an agreed strategy to increase
this figure. In the short-term, NAV on its own is a less important measure of
performance as the underlying investments are long-term in nature and not
readily realisable. The most important measures for a VCT are the long-term
record of dividend payments and the timing of those payments over the life of
the Company.
Share buy-back policy
Purchases of shares, which will be funded from distributable reserves, will be
effected at prices below the prevailing NAV per Ordinary share and in accordance
with the rules of the UK Listing Authority and within guidelines established
from time to time by the Board. The Board is continually reviewing these
guidelines and will make such changes as it sees fit throughout the Company's
financial year.
The effect of share buy-backs during the period has been to reduce total assets
by £460,000 and by £1,080,000 over the life of the Company. However, it should
be noted that, to the extent that shares are purchased at a discount, the NAV of
the remaining shares has increased.
Investment strategy
The Manager is pursuing a strategy of investing in larger, more profitable
businesses where there is a greater likelihood of them being able to meet their
yield obligations, even if the business plan projections are not achieved, thus
protecting the Company's ability to continue to pay revenue dividends.
Outlook
The Company has a broad spread of investments and the immediate priority of the
Manager is to concentrate efforts with a view to continuing the improvement in
performance. Where the Manager believes that the prospects for an investment do
not justify further support, a number of exits will be actively pursued in the
short to medium term, which may result in a failure to recover the full cost of
the investment. This will allow the release of funds for re-investment in new
investments in line with the strategy mentioned above and thereby improve
prospects in the longer term. Deal flow has increased and new investments will
be made on a selective basis. The primary focus is to ensure that the Company
builds a properly diversified portfolio of good quality assets which will
deliver sustained long term performance.
MURRAY VCT 4 PLC
SUMMARY OF INVESTMENT CHANGES
For the six months ended 31 August 2005
Valuation
28 February 2005 Net investment/ Appreciation/ Valuation
(as restated) (disinvestment) (depreciation) 31 August 2005
£'000 % £'000 £'000 £'000 %
Unlisted investments
Equities 4,197 14.6 (95) 122 4,224 15.0
Preference shares 792 2.8 (9) (323) 460 1.6
Loan stock 10,930 38.2 (877) (212) 9,841 35.0
15,919 55.6 (981) (413) 14,525 51.6
AIM investments
Equities 5,044 17.6 1,904 409 7,357 26.2
Listed investments
Fixed income 6,273 21.9 (1,441) 46 4,878 17.4
Total investments 27,236 95.1 (518) 42 26,760 95.2
Other net assets 1,396 4.9 (51) - 1,345 4.8
Total assets* 28,632 100.0 (569) 42 28,105 100.0
*Total assets represents Equity Shareholders' funds.
MURRAY VCT 4 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 31 August 2005
31 August 2005
Valuation % of net Book
cost
Investment Nature of business £'000 assets £'000
Unlisted
Transys Projects Engineering services to the rail industry 1,789 6.4 825
TLC (Tender Loving Operator of daycare nurseries 1,516 5.4 1,516
Childcare)
PSCA International Producer of publications aimed at public
sector officials 1,031 3.7 660
Synexus Management of clinical trials 927 3.3 927
RMS Europe Provider of stevedoring and ships agency
services 771 2.7 771
Kingsley Cards Design and production of greeting cards 750 2.7 750
Original Shoe Company Branded clothing and footwear retailer 750 2.7 750
Sanastro Business to business financial publishing 750 2.7 750
Heathcotes Restaurants Restaurant chain and providers of outside
catering 726 2.6 975
ELE Advanced Technologies Precision engineering 616 2.2 491
Astraeus Charter airline 616 2.2 616
Enterprise Food Group Supply chain and management services
bakery 598 2.1 598
House of Dorchester Chocolate manufacturer 585 2.1 910
Mining Communications Publisher of specialist trade journals 562 2.0 750
Transrent Holdings Rental and sale of trailers 519 1.8 721
GW 1016 Operator of managed public houses 429 1.5 590
PLM Dollar Group On-shore helicopter services 402 1.4 402
TMI Foods Manufacturer of cooked bacon and
vegetable products 346 1.1 391
Voxsurf Software development 221 0.8 662
Link Up Mitaka Language management business 199 0.7 398
Driver Hire Supplier of temporary drivers 171 0.6 171
Citel Technologies Integrated solutions for the telephony &
communications sector 75 0.3 156
Unique Communications Group TV production and communications
consultancy 66 0.2 798
First Line Automotive aftermarket parts 62 0.2 46
Conveco Convenience stores 48 0.2 758
Other unlisted investments - - 5,830
14,525 51.6 22,212
AIM
Cello Group Marketing and media services 953 3.4 751
Strategic Retail Retailer of homeware 702 2.5 702
Tanfield Group Technical solutions and manufacturing 681 2.4 369
group
United Clearing Provider of software based solutions to 625 2.2 468
mobile communications operators
Bond International Software Human resources software 487 1.7 186
Public Recruitment Group Public sector staffing in healthcare and 453 1.6 467
education
Talarius High street gambling 389 1.4 347
Careforce Group Provider of domiciliary care services 350 1.2 275
System C Healthcare Provider of information services and IT 323 1.1 311
systems to the healthfood sector
1st Dental Laboratories Provider of dental laboratory services 278 1.0 242
Leisure & Gaming On-line gaming 273 1.0 170
Axeon Developer of semi conductor intellectual 268 1.0 250
properties
Fountains Land management services 258 0.9 252
Neutrahealth Provider of biocare products to health 249 0.9 154
practitioners and specialist retailers
Spectrum Interactive Provider of payphones and internet access 239 0.9 250
throughout the UK
Elevation Events Group Events management 217 0.8 200
Asfare Manufacture and supply of equipment for 159 0.6 187
the emergency services
Augean Waste management 146 0.5 160
Avanti Screenmedia Provider of screens and media advertising 138 0.5 104
Inspicio Acquisition and management of businesses 125 0.4 125
in the inspection and testing sector
Award International Holdings Sourcing and delivery of merchandising 44 0.2 350
materials
7,357 26.2 6,320
Listed fixed income
Treasury 4.5% 2007 1,579 5.6 1,566
Treasury 7.5% 2006 1,457 5.2 1,452
Treasury 7.25% 2007 1,099 3.9 1,090
Treasury 8.5% 2005 743 2.7 739
4,878 17.4 4,847
Total investments 26,760 95.2 33,379
MURRAY VCT 4 PLC
Income Statement
Six months to 31 August 2005 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Investment income and deposit income 494 - 494
Investment management fees (59) (235) (294)
Other expenses (86) - (86)
Operating profit/(loss) 349 (235) 114
Increase in fair value of investments - 20 20
held
Increase in fair value of investments - 22 22
realised
Amounts written off investments - - -
Profit on ordinary activities before 349 (193) 156
taxation
Tax on ordinary activities (110) 110 -
Profit on ordinary activities after 239 (83) 156
taxation
Return per share (pence) (Note 4) 0.4
Amounts recognised as distributions
to Equity Shareholders in the period
Interim dividend for the year ended - - -
28 February 2005 of 0.5p per share
Final dividend for the year ended 28 223 - 223
February 2005 of 0.6p (2004 - 1.2p)
per share
223 - 223
Proposed distributions to Equity
Shareholders at period end
Interim dividend for the year ended 185 - 185
28 February 2006 of 0.5p (2005 -
0.5p) per share
Capital dividend for the year ended - 739 739
28 February 2006 of 2.0p (2005 - nil)
per share
Final dividend for the year ended 28 - - -
February 2005 of 0.6p (2004 - 1.2p)
per share
185 739 924
The total column of this statement is the Profit and Loss Account of the Company.
MURRAY VCT 4 PLC
Income Statement
Six months to 31 August 2004 (unaudited)
(restated*)
Revenue Capital Total
£'000 £'000 £'000
Investment income and deposit 600 - 600
income
Investment management fees (168) (251) (419)
Other expenses (99) - (99)
Operating profit/(loss) 333 (251) 82
Increase in fair value of - 457 457
investments held
Increase in fair value of - 398 398
investments realised
Amounts written off investments - (569) (569)
Profit on ordinary activities 333 35 368
before taxation
Tax on ordinary activities (78) 78 -
Profit on ordinary activities 255 113 368
after taxation
Return per share (pence) (Note 1.0
4)
Amounts recognised as
distributions to Equity
Shareholders in the period
Interim dividend for the year - - -
ended 28 February 2005 of 0.5p
per share
Final dividend for the year 459 - 459
ended 28 February 2005 of 0.6p
(2004 - 1.2p) per share
459 - 459
Proposed distributions to
Equity Shareholders at period
end
Interim dividend for the year 187 - 187
ended 28 February 2006 of 0.5p
(2005 - 0.5p) per share
Capital dividend for the year - - -
ended 28 February 2006 of 2.0p
(2005 - nil) per share
Final dividend for the year - - -
ended 28 February 2005 of 0.6p
(2004 - 1.2p) per share
187 - 187
The total column of this statement is the Profit and Loss Account of the Company.
*These Financial Statements have been restated to reflect the change to financial
reporting practices as set out in Note 2.
MURRAY VCT 4 PLC
Income Statement
Year ended 28 February 2005 (audited)
(restated*)
Revenue Capital Total
£'000 £'000 £'000
Investment income and deposit 1,093 - 1,093
income
Investment management fees (284) (426) (710)
Other expenses (220) - (220)
Operating profit/(loss) 589 (426) 163
Increase in fair value of - 552 552
investments held
Increase in fair value of - 714 714
investments realised
Amounts written off investments - (569) (569)
Profit on ordinary activities 589 271 860
before taxation
Tax on ordinary activities (158) 132 (26)
Profit on ordinary activities 431 403 834
after taxation
Return per share (pence) (Note 4) 2.2
Amounts recognised as
distributions to Equity
Shareholders in the period
Interim dividend for the year 190 - 190
ended 28 February 2005 of 0.5p
per share
Final dividend for the year 459 - 459
ended 28 February 2005 of 0.6p
(2004 - 1.2p) per share
649 - 649
Proposed distributions to
Equity Shareholders at period
end
Interim dividend for the year - - -
ended 28 February 2006 of 0.5p
(2005 - 0.5p) per share
Capital dividend for the year - - -
ended 28 February 2006 of 2.0p
(2005 - nil) per share
Final dividend for the year 223 - 223
ended 28 February 2005 of 0.6p
(2004 - 1.2p) per share
223 - 223
The total column of this statement is the Profit and Loss Account of the Company.
*These Financial Statements have been restated to reflect the change to financial
reporting practices as set out in Note 2.
MURRAY VCT 4 PLC
Balance Sheet
As at 31 August 2005
31 August 31 August 28 February
2005 2004 2005
(unaudited) (unaudited) (audited)
(restated*) (restated*)
£'000 £'000 £'000
Fixed assets
Investments 26,760 22,645 27,236
Current assets
Debtors 963 1,369 1,382
Cash and overnight deposits 503 4,737 260
1,466 6,106 1,642
Creditors
Amounts falling due within one year 121 279 246
Net current assets 1,345 5,827 1,396
Net assets 28,105 28,472 28,632
Capital and reserves
Called up share capital 3,694 3,801 3,774
Share premium 17,235 17,236 17,235
Revaluation reserve (5,946) (5,933) (5,364)
Capital redemption reserve 191 82 111
Profit and loss account 12,931 13,286 12,876
Equity Shareholders' funds 28,105 28,472 28,632
Net Asset Value per Ordinary share 76.1 74.6 75.9
(pence)
*These Financial Statements have been restated to reflect the change to financial reporting practices
as set out in Note 2.
MURRAY VCT 4 PLC
Cash Flow Statement
For the six months ended 31 August 2005
Six months to Six months to Year ended
31 August 2005 31 August 2004 28 February 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Investment income received 947 494 1,007
Deposit interest received 14 5 13
Miscellaneous income received 19 12 -
Investment management fees paid (377) (177) (627)
Secretarial fees paid (41) (19) (50)
Cash paid to and on behalf of Directors (35) (25) (53)
Other cash payments (56) (106) (94)
Net cash inflow from operating activities 471 184 196
Financial investment
Purchase of investments (5,405) (3,774) (11,834)
Sale of investments 5,960 3,574 7,387
Net cash inflow/(outflow) from financial 555 (200) (4,447)
investment
Equity dividends paid (223) (459) (649)
Net cash inflow/(outflow) before financing 803 (475) (4,900)
Financing
Issue of Ordinary shares - - (1)
Repurchase of Ordinary shares (560) (249) (300)
Net cash outflow from financing (560) (249) (301)
Increase/(decrease) in cash 243 (724) (5,201)
MURRAY VCT 4 PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 August 2005 and the six
months ended 31 August 2004 comprises non-statutory accounts within the meaning
of Section 240 of the Companies Act 1985. The financial information contained in
this report has been prepared on the basis of the accounting policies set out in
the Annual Report and Financial Statements for the year ended 28 February 2005,
with the exception of the items set out in Note 2. The results for the year
ended 28 February 2005 are extracted from the full accounts for that year,
subject to the adjustments detailed in Note 2, which received an unqualified
report from the Auditors and have been filed with the Registrar of Companies.
For the current financial year, the Board has changed the allocation of the
investment management fee between revenue and capital. The allocation to capital
has changed from 60% to 80%, representing the proportion of the investment
management fee attributable to the enhancement of the value of the investments
of the Company; the balance is charged to revenue. This does not represent a
change in accounting policy, but reflects the Board's expected long-term split
of returns, in the forms of capital gains and income respectively.
2. Basis of restatement
During the six months ended 31 August 2005, the Company became subject to new
Financial Reporting Standards issued as part of the programme to converge UK
GAAP with International Financial Reporting Standards. As a consequence of this,
the results for the year ended 28 February 2005 and the six months ended 31
August 2004 have been restated to reflect the changes of accounting practice in
relation to the following:
• investments are measured initially at cost and are recognised at trade
date; for financial assets acquired, the cost is the fair value of the
consideration. Subsequent to initial recognition, investments are valued at
fair value;
• in accordance with FRS25 (Financial Instruments: Disclosure and
Presentation) and FRS26 (Financial Instruments: Measurement), investments quoted
on AIM or listed on a recognised stock exchange are now valued at their closing
bid, instead of mid-market, prices. As a result of this change, the Company's
NAV at 31 August 2005 has reduced by £176,000;
• unlisted investments are valued by the Directors at fair value, in
line with the guidelines of the British Venture Capital Association; and
• in accordance with FRS 21 (Events after the Balance Sheet Date),
dividends are not accrued in the Financial Statements unless they have been
declared before the Balance Sheet Date. Dividends are therefore recognised in
the period in which they are declared and paid. As a result of this change, the
Company's NAV at 31 August 2005 has increased by £924,000 (being the 0.5p per
share interim dividend and the 2.0p per share capital dividend, both to be paid
on 9 December 2005).
The impact of these changes is shown below:
Reconciliation of Balance Sheets
28 February 2005 31 August 2004 29 February 2004
(audited) (unaudited) (audited)
£'000 £'000 £'000
Net assets as previously reported 28,556 28,354 28,367
Restatement of investments at bid value (150) (69) (12)
Reversal of provision for interim - 187 -
dividend
Reversal of provision for final dividend 226 - 462
Restated net assets 28,632 28,472 28,817
Reconciliation of the Profit and Loss Account
Year ended Six months ended
28 February 2005 31 August 2004
(audited) (unaudited)
£'000 £'000
Total transfer to reserve per originally reported Profit and (131) (276)
Loss Account
Add final dividends on Ordinary shares 413 187
Change from mid to bid basis at 29 February 2004 12 12
Change from mid to bid basis at 28 February 2005 (150) -
Change from mid to bid basis at 31 August 2004 - (69)
Add unrealised gain on revaluation of investments 690 514
Profit on ordinary activities after tax per restated Income 834 368
Statement
3. Statement of changes in Equity Shareholders' funds
Share Share Revaluation Capital Profit and loss
capital reserve redemption account
premium reserve
account
£'000 £'000 £'000 £000 £'000
At 29 February 2004 3,849 17,236 (6,952) 36 14,198
Effect of restatement - - (12) - 462
At 29 February 2004 (as 3,849 17,236 (6,964) 36 14,660
restated)
Repurchase and cancellation (1) - 75 (395)
of shares
(75)
Transfer of realised losses - - 1,331 - (1,331)
to profit and loss account
Tax effect of transfer of - - (309) - 309
losses to profit and loss
account
Taxation attributable to - - 26 - -
unrealised loss on
investments
Net increase in value of - - 552 - (552)
investments
Equity dividends - - - - (649)
Net return on ordinary - - - - 834
activities
At 28 February 2005 (as 3,774 17,235 (5,364) 111 12,876
restated)
Repurchase and cancellation (80) - - 80 (460)
of shares
Transfer of realised - - (602) - 602
profits to profit and loss
account
Net increase in value of - - 20 - (20)
investments
Equity dividends - - - - (223)
Net return on ordinary - - - - 156
activities
At 31 August 2005 3,694 17,235 (5,946) 191 12,931
4. Returns per Ordinary share
The returns per Ordinary share are based on the following figures:
Six months ended Six months ended Year ended
31 August 2005 31 August 2004 28 February 2005
(restated) (restated)
£'000 £'000 £'000
Revenue return 239 255 431
Capital return (83) 113 403
Total return 156 368 834
Weighted average number of Ordinary 36,942,839 38,262,927 38,172,746
shares in issue
Revenue return per Ordinary share 0.6p 0.7p 1.1p
Capital return per Ordinary share (0.2p) 0.3p 1.1p
Return per Ordinary share 0.4p 1.0p 2.2p
The NAV per Ordinary share has been calculated using the number of Ordinary
shares in issue at 31 August 2005 of 36,942,839.
A summary of investment changes for the six months under review and an
investment portfolio summary as at 31 August 2005 are attached.
A full copy of the Interim Report and Financial Statements will be printed and
issued to Shareholders.
Copies of this announcement will be available to the public at the registered
office of the Company, One Bow Churchyard, Cheapside, London; at the office of
Aberdeen Asset Management PLC, 123 St Vincent Street, Glasgow; and, in due
course, on the website of Aberdeen Asset Management PLC at
www.aberdeen-asset.com.
By Order of the Board
MURRAY JOHNSTONE LIMITED
SECRETARY
14 October 2005
This information is provided by RNS
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