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  Print      Mail a friend       Annual reports

Thursday 16 September, 2004


Interim Results

                               Quester VCT 5 plc                               

            Interim statement for the six months ended 30 June 2004            

Financial highlights

Per ordinary share (pence)              6 months to    Year to 31   6 months to
                                       30 June 2004 December 2003  30 June 2003
Capital values                                                                 
Net asset value                                92.9          92.7          93.3
Share price                                    97.5          96.0          96.0
Return and dividends                                                           
Dividend                                          -           1.0             -
Cumulative dividend                             1.5           1.5           0.5
Total return*                                  94.4          94.2          93.8

*Net asset value plus cumulative dividend per share

Highlights from the Chairman's statement and Investment manager's report

• Total return of £6,000 (0.02p per share) for the six months to 30 June 2004

• Two profitable partial realisations from the venture capital portfolio

• The portfolio now comprises six AIM traded and 17 unquoted companies

• The 2003/04 top-up issue of shares closed during the period having raised a
further £1.7million for the Company

• It is the intention that there will be a further offer for shares in autumn

• The Directors do not propose to pay a dividend



During the six months ended 30 June 2004 further progress has been made towards
completion of the initial phase of the Company's investment programme. There
has been modest increase in net asset value of 0.2p per share and two early
part-realisations from the venture capital portfolio have been achieved.


The Statement of Total Return shows a total return of £6,000 (0.02p per share)
for the six months to 30 June 2004. Of this, a profit of £56,000 is
attributable to the Revenue Account, which is in effect the Company's profit
and loss account. This is partially offset by a net capital loss of £50,000
arising during the period. The directors are not declaring an interim dividend.

As at 30 June 2004, the share price stood at a premium of 5.0% to net asset
value. Subsequent to the year end, the share price has fallen to stand at a
modest discount to net asset value.


During the half year, five further venture capital investments were made taking
the number of such investments held as at 30 June 2004 to 23, with an aggregate
cost of £6.7million. The portfolio now comprises six AIM traded and 17 unquoted
companies. This represents a diversified portfolio of companies operating in a
wide range of markets with high growth potential. The recent AIM investments
have also resulted in a broadening of both the spread of investment stages and
the profile of the portfolio. Taking reserves for follow-on investments into
account, the fund is now considered to be approximately 50% invested.

Investment performance itself over the period has generally been good and there
have been two successful part realisations from the venture capital portfolio.
Further details on investment progress and portfolio performance are provided
in the Investment Manager's report.


The 2003/04 top-up issue of shares closed during the period having raised a
further £1.7million for the Company. Of this, £1.4million was raised during the
current period.

Following the recent changes announced in the 2004 Budget, the income tax
advantages for private investors who subscribe for shares in a VCT have been
enhanced with income tax relief of up to 40% being available. However, it is
now no longer possible for investors to shelter current capital gains tax
liabilities; previously sheltered gains remain unaffected.

Provided that the directors consider it to be in the best interests of
shareholders and the Company, it is the intention that there will be a further
offer for shares in autumn 2004 during this favourable environment for


It is currently expected that the venture capital portfolio will expand to
approximately 30 investments, although this number may vary depending upon any
future fundraisings. Reserves will be retained to cover the future potential
funding requirements of these investments.

Given the nature of the Company's investments, the payment of a final dividend
for the current year and for future years will largely be dependent upon the
future realisation of capital profits from the investment portfolio.

Whilst it has been encouraging to have been able to report the two partial
realisations achieved during the period, it should be appreciated that the
unquoted investments held by the Company are, in most cases, still at an early
stage and will take time to mature. However, we believe that the portfolio
holds attractive investments with the potential to produce good future returns
to shareholders.

WW Passmore


16 September 2004



The six months to 30 June 2004 have seen two profitable partial realisations
from the venture capital portfolio, an increase in the number of venture
capital investments held and a small net gain in net asset value on the back of
unrealised gains in investments.

Steady progress has been made towards completion of Quester VCT 5's initial
investment phase and, taking reserves for follow-on investments into account,
the fund is now considered to be approximately 50% allocated to venture capital

The opportunity was taken during the period to broaden the spread of investment
stages represented within the portfolio by investing in a number of companies
raising capital on AIM, which has seen increasing levels of new issue activity.


During the six months ended 30 June 2004, four new investments were made at an
initial cost of £732,000. Each of these investments are traded on AIM. In
addition, a further £509,000 was invested in six existing unquoted portfolio
companies, either as further tranches of originally agreed commitment or as
follow-on investment. As can be seen in the table below these investments cover
a range of different sectors.

                                      Sector                             £'000
New investments                                                               
Offshore Hydrocarbon Mapping plc      Industrial products                  175
Polaron plc                           Industrial products                  250
Public Recruitment Group plc          Business services                    250
Quadnetics Group plc                  Industrial products                   57
Follow-on investments                                                         
Advanced Valve Technologies Limited   Industrial products                    8
Anadigm Limited                       Semiconductors                       150
Antenova Limited                      Communications                        75
HTC Healthcare Group plc              Consumer services                    214
Mesophotonics Limited                 Electronics                           53
REQIO Limited                         Software                               9
Total                                                                    1,241

The portfolio so far established is balanced by sector and well spread. A
summary of the sectors covered by the portfolio at 30 June 2004 is provided in
the table below:

Sector                      Percentage of venture   Valuation at      Number of
                             capital portfolio at   30 June 2004    investments
                                                          £ `000               
Healthcare & life sciences                   29.4          2,051              6
Software                                     23.3          1,622              4
Communications                               10.0            698              2
Electronics                                   9.5            660              2
Business services                             9.2            643              2
Industrial products                           8.0            556              4
Semiconductors                                7.5            524              2
Consumer services                             3.1            214              1
                                            100.0          6,968             23

The VCT legislation requires that by 31 December 2004 at least 70% of the net
funds raised up to and including 31 December 2002, which amounted to £
18.7million, must be invested in qualifying holdings (within the definitions
laid down by the Inland Revenue). In order to satisfy this rule and also to
retain sufficient investment reserves to meet the likely requirements of the
venture capital portfolio, it is intended that part of the Company's funds
should be switched into non-interest bearing cash accounts, which do not
represent investments within the relevant definition.


We are pleased to be able to report two successful part realisations effected
during the half year.

Thirty six percent of the holding of Amino Technologies plc was sold following
its admission to trading on AIM. This sale resulted in a realised gain of £
91,000 on a cost of £51,000. In addition, the residual holding of this company
was valued at £303,000 at the period end, giving rise to an unrealised gain of
£212,000. Subsequent to the period end, 39% of the remaining holding has been
sold generating further profits of £114,000.

Fifty seven percent of the holding of Offshore Hydrocarbon Mapping plc, a new
investment made in the period, was also sold generating a realised gain of £
26,000 on a cost of £99,000. The remaining holding, which was showing an
unrealised gain of £30,000 as at 30 June 2004, was sold in full post the half
year generating cash proceeds of £104,000. In aggregate, the total realised
gain from this investment amounted to £54,000 on an original cost of £175,000.


During the six months to 30 June 2004, there was a net unrealised gain of £
15,000 in the value of the company's venture capital investments. This
comprises net gains of £336,000 in the value of the Company's investments
traded on AIM, offset by provisions totalling £321,000.

As at 15 September 2004, the mid-market price of AIT Group plc had fallen by
48% since 30 June 2004 causing the valuation of this investment to fall by £

Of the Company's 23 venture capital investments, four are valued at above cost,
15 at cost and four at below cost. The Company's unquoted venture capital
investments are valued in line with the current BVCA valuation guidelines.


The listed equity portfolio was showing an unrealised gain of £64,000 as at 30
June 2004 on a cost of £2.4million. In total, £3.2million has been set aside
for investment in listed equities, with the currently uninvested balance of £
800,000 being held in bonds.

The listed fixed interest portfolio into which funds awaiting investment in the
venture capital portfolio have been invested was showing a loss of £13,000 as
at the half year. A proportion of this portfolio will be switched into venture
capital investments during the remainder of the current year and in coming
years. In order to ensure that the 70% qualifying holdings test, as referred to
above, is satisfied, part of the remaining bond portfolio will be switched into
non-interest bearing bank deposits with effect from 31 December 2004. As a
result, there will be a reduction in the level of interest income for the
Company over the remainder of the current year and for the following years.


Promising progress has continued to be made in the initial investment phase
with the creation of a portfolio containing 23 venture capital investments. It
is envisaged that the portfolio will increase to approximately 30 investments.
However, this number may vary subject to any further fundraising activity by
the Company.

It has been pleasing to see some early profitable realisations from the
portfolio and its continued evolution on the back of additional investment
activity. We continue to believe that the portfolio contains a number of
investments with promise and we remain optimistic about long term future
performance and upside potential.

Quester Capital Management Limited


16 September 2004


As at 30 June 2004

                                       Cost       Valuation % equity  % of fund
                                       £'000      £'000     held      by value 
Quoted venture capital investments                                             
AIT Group plc                          565        882       2.9%      4.0%     
Amino Technologies plc                 91         303       0.8%      1.4%     
Offshore Hydrocarbon Mapping plc       76         106       0.2%      0.5%     
Polaron plc                            250        262       1.2%      1.2%     
Public Recruitment Group plc           250        243       0.8%      1.1%     
Quadnetics Group plc                   57         55        0.2%      0.2%     
Total quoted venture capital           1,289      1,851               8.4%     
Unquoted venture capital investments                                           
Advanced Valve Technologies Limited    267        134       10.2%     0.6%     
Anadigm Limited                        237        237       1.7%      1.1%     
Antenova Limited                       300        300       2.7%      1.4%     
Arithmatica Limited                    287        287       2.5%      1.3%     
Avidex Limited                         367        367       1.1%      1.6%     
Azea Networks Inc.                     398        398       2.0%      1.8%     
Cyclacel Limited                       500        500       0.6%      2.2%     
Digital Union UK Limited               214        214       5.3%      1.0%     
Footfall Limited                       400        400       3.1%      1.8%     
HTC Healthcare Group plc               214        214       3.5%      1.0%     
Lorantis Holdings Limited              400        400       0.9%      1.8%     
Mesophotonics Limited                  357        357       2.4%      1.6%     
Oxford Immunotec Limited               250        250       3.9%      1.1%     
Oxxon Therapeutics Limited             367        367       3.5%      1.6%     
REQIO Limited                          242        125       1.3%      0.6%     
Workshare Limited                      400        400       2.6%      1.8%     
Xention Discovery Limited              167        167       2.4%      0.7%     
Total unquoted venture capital         5,367      5,117               23.0%    
Total venture capital investments      6,656      6,968               31.4%    
Listed fixed interest investments      10,484     10,471              47.1%    
Listed equity investments              2,364      2,428               10.9%    
Total investments                      19,504     19,867              89.4%    
Cash and other net assets              2,347      2,347               10.6%    
Net assets                             21,851     22,214              100.0%   



Incorporating the revenue account of the Company

                        6 months ended 30 June  6 months ended 30 June Year    
                                          2004                    2003 ended 31
                 Note Revenue  Capital   Total Revenue Capital Total   Total   
                        £'000    £'000   £'000 £'000   £'000   £'000   £'000   
Profit/(loss) on         -       82       82      -       (27)    (27)    64      
Income                  317     -        317     340     -       340     647     
Investment            (132)   (132)    (264)   (93)    (93)    (186)   (392)   
management fee                                                                 
Other expenses        (131)   -        (131)   (144)   -       (144)   (227)   
Return/(loss) on      54      (50)     4       103     (120)   (17)    92      
before taxation                                                                
Tax on ordinary       2       -        2       -       -       -       -       
Return/(loss) on      56      (50)     6       103     (120)   (17)    92      
activities after                                                               
Proposed              -       -        -       -       -       -       (221)   
Transfer to/          56      (50)     6       103     (120)   (17)    (129)   
(from) reserves                                                                
Earnings/(loss)     3 0.24p   (0.22)p  0.02p   0.49p   (0.57)p (0.08)p 0.43p   
per share                                                                      

The revenue column of this statement is the profit and loss account of the

All revenue and capital items in the above statement derive from continuing

The Company has only one class of business and derives its income from
investments made in shares and securities and from bank deposits.


                               Note   30 June       31 December   30 June      
                                      2004                        2003         
                                      £'000         £'000         £'000        
Fixed assets                                                                   
Investments                           19,867        18,288        16,931       
Current assets                                                                 
Debtors                               273           627           346          
Cash at bank                          2,447         2,354         3,600        
                                      2,720         2,981         3,946        
Creditors (amounts falling            (327)         (362)         (172)        
due within one year)                                                           
Net current assets                    2,393         2,619         3,774        
Creditors (amounts falling            (46)          (46)          (46)         
due in over one year)                                                          
Net assets                            22,214        20,861        20,659       
Capital and reserves                                                           
Called-up equity share                239           225           221          
Share premium account           1     4,992         3,580         3,260        
Special reserve                 1     17,311        17,390        17,400       
Capital reserve - realised      1     (556)         (527)         (24)         
- unrealised                    1     163           184           (307)        
Revenue reserve                 1     65            9             109          
Total equity shareholders'            22,214        20,861        20,659       
Net asset value per share             92.9p         92.7p         93.3p        


                                            6 months   Year ended     6 months
                                               ended                     ended
                                                      31 December             
                                        30 June 2004 2003         30 June 2003
                                        £'000        £'000               £'000
Net cash inflow/(outflow) from          394          92                   (58)
operating activities                                                          
Corporation tax paid                    -            (2)                     -
Net capital expenditure and financial   (1,427)      (2,732)           (1,038)
Dividends paid                          (221)        (93)                 (79)
Financing                               1,347        2,743               2,429
Increase in cash for the period         93           8                   1,254
Reconciliation of net cash flow to                                            
movement in net funds                                                         
Increase in cash for the period         93           8                   1,254
Net funds at the start of the period    2,354        2,346               2,346
Net funds at the end of the period      2,447        2,354               3,600


1. Movement in reserves

                               Share   Special    Capital     Capital   Revenue
                             premium   reserve    reserve     reserve   reserve
                             account             realised  unrealised          
                                         £'000                            £'000
                               £'000                £'000       £'000          
At 1 January 2004               3,580     17,390    (527)      184         9        
Share issues pursuant to        1,432     -         -          -           -        
the offers for                                                                 
Expenses of share issues        (53)      -         -          -           -        
Shares allotted under the       33        -         -          -           -        
terms of the dividend                                                          
reinvestment scheme                                                            
Share buy back and              -         (79)      -          -           -        
Net gain on realisation of      -         -         102        -           -        
Net unrealised loss             -         -         -          (20)        -        
on investments                                                                 
Transfer from unrealised        -         -         1          (1)         -        
Investment management fee        -         -         (132)      -           -        
charged to capital                                                             
Net revenue retained for         -         -         -          -           56       
the period                                                                     
At 30 June 2004                  4,992     17,311    (556)      163         65       

 2. The financial information contained in this report has been prepared on the
    basis of the accounting policies set out in the 2003 Annual Report.
 3. The calculation of the revenue profit and capital loss per share for the
    period is based respectively on the net profit after tax of £56,000 and the
    net capital loss after tax of £50,000 divided by the weighted average
    number of shares in issue during the period of 23,247,562.
 4. The unaudited financial statements set out above do not constitute
    statutory accounts within the meaning of Section 240 of the Companies Act
 5. Copies of the unaudited interim results are expected to be sent to
    shareholders on 20 September 2004. Further copies can be obtained from the
    Company's registered office.
A copy of the above document is to be submitted to the UK Listing Authority,
and will shortly be available for inspection at the UK Listing Authority's
Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS


a d v e r t i s e m e n t