Interim Results

Close IHT AIM VCT PLC
09 August 2006



                               CLOSE IHT VCT PLC

               PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS

             FOR THE PERIOD FROM 4 AUGUST 2005 TO 31 MAY 2006





Close IHT 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 period from incorporation on 4 August 2005 to 31 May
2006. The Company commenced activities on 24 January 2006.  This announcement
was approved by the Board of Directors on 9th August 2006.


                       Chairman's statement



I would like to welcome new shareholders to the Company and am pleased to
present your Company's first report. These accounts relate to a period from
inception of the company on 4th August 2005 to 31 May 2006. The year-end of the
Company is November, so the next formal report to shareholders will be the
annual report and accounts to 30 November 2006.



Between January and March 2006, your Company raised £25 million (£23.63 million
net of expenses) via three allotments of shares. These share issues were split
7.32 million A shares and 17.68 million B shares. The A share class follow the
traditional AIM VCT structure, whereas the novel B share class (with a minimum
investment of £50,000) offer investors the opportunity to obtain inheritance tax
relief under present legislation.





Performance



From launch to 31 May 2006, the VCT completed six investments in qualifying AIM
listed companies, totalling £2.88million, and in line with its prospectus
invested £3.25million in the Close Special Situations Fund. Further details of
these investments can be found in the Investment Manager's report. I am pleased
to say that, in aggregate, these investments are showing a modest premium to
book cost at 31 May 2006.



As a result of this, the VCT's net asset value has risen from its initial 94.5p
(net of issue costs) to 95.39p at 31 May 2006.





Dividends



Your directors believe in maximising tax free dividends to shareholders and the
Company intends to pay dividends twice a year. The directors have declared a
first interim dividend of 1.4p. In accordance with its prospectus, this dividend
is payable to shareholders from the initial allotment on 24 January 2006, of
3,133,767 A Ordinary shares and 8,126,550 B Ordinary shares.





Buy-back Policy



The Board has adopted a share buy-back policy whereby the Company, when able,
will buy-back shares at around an 8% discount to the prevailing net asset value.
This is designed to improve the marketability of the shares and prevent the
shares from trading at a wide discount to their underlying worth.



Shareholders wishing to sell their shares should first contact the Investment
Manager, Close Investment Limited on 020 7426 4059. Shareholders should note
that if they sell their shares within three years of the original purchase, they
would lose any tax advantages that have been obtained.


Outlook



Recent months have seen a global market correction. A number of related factors
have prompted this setback, but in particular concerns about commodity prices
and other inflationary pressures have led to fears that global interest rates
might have to rise further than previously thought. In addition the current
worsening of the situation in the Middle East has contributed to the general
unease. However, as far as the UK economy is concerned, although consumer
spending remains subdued by the pressure on household disposable incomes, near
trend GDP growth is still expected this year, with low inflation and relatively
full employment.



The investment manager continues to see a healthy pipeline of new and existing
qualifying AIM companies raising money at reasonable valuations and hence
anticipates making several new investments in forthcoming months. I look forward
to updating you on their progress.






Keith Mullins
Chairman
9 August 2006







                                Income statement

                for the period from 4 August 2005 to 31 May 2006




                                          Revenue       Capital         Total
                                            £'000         £'000         £'000
   Gains on investments                         -           137           137
                                              

   Investment Income                          310             -           310

                                        

   Investment management fees                (42)         (124)         (166)

                                             

   Other expenses                            (40)             -          (40)

                                              

   Return on ordinary
   activities before taxation                 228            13           241

                                             

   Taxation on ordinary
   activities                                (20)             -          (20)

                                              

   Return attributable to
   equity shareholders                        208            13           221

                                             

   Basic and diluted return per
   ordinary share (pence per
   share)                                    1.51          0.10          1.61





                                 Balance Sheet

                               as at 31 May 2006


                                                                                           £'000
Investments -  at fair value through profit or loss
Qualifying investments                                                                     3,021
Non-qualifying investments                                                                 3,193

                                                                                           6,214


Current assets
Debtors                                                                                      165
Cash at bank                                                                              17,549

                                                                                          17,714
Creditors: amounts falling due
 within one year                                                                            (81)


Net current assets                                                                        17,633


Net assets                                                                                23,847

Shareholders' funds
Called up share capital                                                                        3
Share premium                                                                             23,623
Capital reserve - realised                                                                  (73)
Capital reserve - unrealised                                                                  86
Revenue reserve                                                                              208

Total shareholders' funds                                                                 23,847


Net asset value per ordinary share (pence)                                                 95.39







               Reconciliation of movements in Shareholders' funds

                For the period from 4 August 2005 to 31 May 2006




                           Called up share     Share Capital reserve -   Capital reserve -       Revenue         Total
                                   capital   premium          realised          unrealised       reserve
                                     £'000     £'000             £'000               £'000         £'000         £'000
As at 4 August 2005                      -         -                 -                   -             -             -
Issue of equity                          3    24,998                 -                   -             -        25,001
Issue costs of equity                    -   (1,375)                 -                   -             -       (1,375)
Gains on sales of                        -         -                51                   -             -            51
investments
Capitalised management                   -         -             (124)                   -             -         (124)
fees
Unrealised appreciation                  -         -                 -                  86             -            86
of investments
Revenue return                           -         -                 -                   -           208           208

As at 31 May 2006                        3    23,623              (73)                  86           208        23,847



                              Cash Flow Statement

                for the period from 4 August 2005 to 31 May 2006




                                                                                       £'000
Operating activities
                                                                                          

Investment income received                                                               144
Investment management fees paid                                                         (143)
Other expenses paid                                                                       (1)
                                                                                           

Net cash inflow from operating activities
                                                                                           -



Capital expenditure and financial investment
Purchase of qualifying investments                                                    (3,160)

Purchase of non-qualifying investments                                                (3,250)

Disposal of qualifying investments                                                        333

Net cash inflow from investing activities                                             (6,077)



Financing

Issue of equity net of expenses                                                        23,626

Net cash inflow from financing                                                         23,626

Increase in cash                                                                       17,549






Notes:



1. Details about the Investment Manager

Close IHT AIM VCT PLC is managed by Close Investment Limited. Close Investment
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 period ended 31 May 2006, but is derived
from those accounts.


3. Return per share

The revenue return per Ordinary share is based on the net revenue return on
ordinary activities after taxation of £208,000 in respect of the weighted
average number of shares in issue during the period from commencement of
activities, being 13,738,016 shares.

The capital return per Ordinary share is based on the net capital return on
ordinary activities after taxation of £13,000 in respect of the same weighted
average number of shares in issue as stated above.



There are no dilutive elements and hence the basic return per share is the same
as the diluted return per share.



4. Net asset value per share

Net asset value per share is based on net assets attributable to Ordinary
shareholders of £23,847,000 and on 25,000,511 Ordinary shares in issue at 31 May
2006.


For further information, please contact:


Andrew Buchanan / Justin Jordan                   Karen Brunskill / Laura Cronin
Close Investment Limited                          Lansons
Tel: [phone]                                Tel: [phone] 7294 3607












                      This information is provided by RNS
            The company news service from the London Stock Exchange