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  Print      Mail a friend       Annual reports

Wednesday 20 September, 2006


Interim Results

                               Quester VCT 5 plc                               

            Interim statement for the six months ended 30 June 2006            

Financial highlights

Per ordinary share (pence)                   30 June   31 December      30 June
                                                2006                       2005
Capital values                                                                 
Net asset value                                 85.9          88.6         89.2
Share price                                     77.0          78.0         84.5
Return and dividends                                                           
Dividend*                                        1.0             -            -
Cumulative dividend                              2.5           1.5          1.5
Total return**                                  88.4          90.1         90.7
* The interim dividend of 1p per share was paid on 15 May 2006                 
** Net asset value plus cumulative dividend per share                          

Interim Report


Four new investments have been added to the portfolio during an active
investment period. Additional funding has also been provided for five existing

The venture capital portfolio has performed much as expected and positive
progress has been made by a number of companies. Quester VCT 5's investments
are largely unquoted and net asset value will not generally move in line with
quoted markets, which rose during the period. Net asset value has fallen, which
although unsatisfactory, is not unexpected for a fund of this type at this
stage. We remain confident of the potential of the portfolio to deliver future
growth in value.

Net assets and dividends

                                                     £'000      Pence per
Net asset value at 31 December 2005                 21,760           88.6
Income                                                 145            0.6
Operating expenses, including interest payable       (434)          (1.8)
Net realised gain on investments                        59            0.2
Net unrealised loss on investments                   (227)          (0.9)
Net assets before dividends and buy-backs           21,303           86.7
Dividend paid, net of amounts reinvested             (230)          (1.0)
Share buy-backs                                      (320)            0.2
Net asset value at 30 June 2006                     20,753           85.9

The interim dividend paid on 15 May 2006 was declared following the prior
year's gain of £808,000 realised on the sale of Footfall. As reported in the
2005 Annual Report, this required the Company to revoke its investment company
status and these interim accounts have been restated accordingly. The directors
have resolved not to pay a second interim dividend in respect of the half year.

Venture capital portfolio: investment activity

During the period, £1.2million was committed to four new and five follow-on
investments. The four new investments are:

Haemostatix Limited                   Biotechnology                          50
Ovum plc                              Other services                        125
Perpetuum Limited                     Electronics                           185
Vivacta Limited                       Diagnostics & devices                 104

Ovum is revenue generating and profitable. Perpetuum has some modest revenues
but is essentially a pre-revenue, early stage investment. The investments in
Haemostatix and Vivacta are both early stage and pre-revenue. The initial
investments in the latter three companies are deliberately small, with further
investment to be made on an agreed future milestone related basis, the
objective being to manage Quester VCT 5's exposure to these exciting, but early
stage and therefore higher risk, investments.

The development of Haemostatix's lead product, HaemoPlax™ artificial platelets,
has been driven by a need to find a safer, virus-free and more cost effective
alternative to blood Platelet Transfusion for the treatment of potentially life
threatening bleeding in patients with platelet deficiency. In excess of 5
million platelet transfusions are performed worldwide per annum. The only
treatment currently available is the transfusion of platelets prepared from
blood donations, which is an expensive and labour intensive process. In May,
Quester VCT 5 together with the investment syndicate provided further planned
funding to Haemostatix, which had successfully achieved its initial scientific

Ovum plc is a leading provider of ICT research and consulting services. Ovum
provides industry data, knowledge and expertise on the commercial impact of
technology, regulatory and market changes to retained and project clients
including many major international blue-chip clients. The company raised £
10.2million when it was admitted to trading on AIM in March, which will allow
Ovum to progress its strategy of international growth through new product
development and acquisition.

Vivacta is an in vitro diagnostic company with novel technology designed to
enable rapid, reliable and highly sensitive tests to be performed at the
point-of-care. Point-of-care testing allows blood tests to take place in a
doctor's surgery or at the bedside, removing the need for blood samples to be
despatched to laboratories for analysis. This testing is a fast growing market
sector and the company's core technology is applicable to a wide variety of
tests. The company raised £3million in February, through a funding round led by
Quester and is at an exciting stage in the optimisation and commercialisation
of its patented piezofilm technology. Quester led a £2.2million funding round
for Perpetuum in February, which will enable the company to move to the point
of commercialising its technology. Perpetuum has developed the technology to
allow energy to be generated or "harvested" from moving or vibrating objects,
such as working plant and machinery, removing the need for batteries and
external wiring. This energy can be harnessed to power wireless sensor systems,
which are increasingly used to monitor the condition of equipment and machinery
in a wide range of applications often in remote locations. This offers
significant cost advantages.

With the exception of Ovum, which is an AIM-traded company, these new
investments are shared with Quester's institutional fund, the Quester Venture
Partnership, and were also seed funded by the Quester managed university funds,
as part of Quester's proactive deal sourcing strategy.

Quester VCT 5 invested a further £0.7million in five existing portfolio

Advanced Valve Technologies Limited   Industrial products & services         66
Allergy Therapeutics plc              Biotechnology                         200
Azea Networks, Inc.                   Communications                        112
Celona Technologies Limited           Software                              193
Workshare Limited                     Software                              157

Venture capital portfolio: valuation changes

The values of the unquoted investments remained unchanged, except to reflect
the cost of any further investments made.

In the AIM portfolio there were two significant valuation changes during the
period. Firstly, there was an unrealised loss of £484,000 on the investment in
Genosis. The company focuses on developing consumer products for reproductive
health and its first product, Fertell, is a combined male and female home
fertility test available exclusively at Boots. As can often be the case with
AIM traded stocks with limited liquidity, the company's share price fell
disproportionately on the announcement of results that were behind
expectations. Fertell continues to have considerable potential, with the
possibility of expansion into Europe and the US.

Secondly, there was an unrealised gain of £162,000 on the investment in Allergy
Therapeutics, the specialist pharmaceutical company focused on the development
of innovative therapies for the treatment and prevention of allergy-related
conditions. Quester invested a further £200,000 in this company in April 2006.
Allergy Therapeutics has made progress internationally with their Pollinex
Quattro vaccine platform. The company has growing commercial product sales and
an advanced product pipeline, with two pivotal clinical studies commencing in
the current financial year.

Listed equity portfolio

The listed equity portfolio has continued to perform well, generating a total
rate of return of 8.2% over the half year on assets valued at £3.6million at
the start of the period.


We expect to make four to five new investments over the coming months,
increasing the venture capital portfolio to some 36 companies and providing
investors with a good level of diversity.

We anticipate an increasing rate of realisations from the portfolio as it
matures over the coming years. These realisations, balanced by possible
under-performance of some companies, should flow through to support a recovery
in net asset value and create a dividend flow to shareholders over the medium


On behalf of the Board

20 September 2006

Fund summary

as at 30 June 2006

                             Industry Sector  Original Valuation Equity % % of  
                                                Cost £     £'000     held fund  
                                                  '000                    by    
Quoted venture capital                                                          
Allergy Therapeutics plc     Biotechnology         700       876     1.1% 4.2%  
Cyclacel Group plc           Biotechnology         500       142     0.5% 0.7%  
Genosis UK plc               Diagnostics &         599       112     3.4% 0.6%  
Ovum plc                     Other services        125       109     0.5% 0.5%  
Polaron plc                  Industrial            250       112     1.2% 0.6%  
                             products &                                         
Portrait Software plc        Software              565       265     1.5% 1.3%  
Public Recruitment Group plc Industrial            250        68     0.6% 0.3%  
                             products &                                         
Quadnetics Group Plc         Electronics            57        46     0.1% 0.2%  
Total quoted venture capital                     3,046     1,730          8.4%  
Unquoted venture capital                                                        
Advanced Valve Technologies  Industrial            673       402    11.9% 1.9%  
Limited                      products &                                         
Antenova Limited             Communications        402       402     2.2% 1.9%  
Arithmatica Limited          Semiconductors        287       184     2.5% 0.9%  
Avidex Limited               Biotechnology         571       261     1.3% 1.3%  
Azea Networks, Inc.          Communications        639       639     2.4% 3.1%  
Celona Technologies Limited  Software              531       531     5.5% 2.6%  
Cluster Seven Limited        Software              316       316     4.0% 1.5%  
Global Silicon Limited       Semiconductors        333       333     4.2% 1.6%  
Haemostatix Limited          Biotechnology          50        50     3.1% 0.2%  
HTC Healthcare Group plc     Consumer goods &      285       170     3.5% 0.8%  
Identum Limited              Software              394       394     5.5% 1.9%  
Lectus Therapeutics Limited  Biotechnology         106       106     3.0% 0.5%  
Level Four Software Limited  Software              414       414     4.1% 2.0%  
Lorantis Holdings Limited    Biotechnology         400       400     0.9% 1.9%  
Mesophotonics Limited        Electronics           357       268     3.0% 1.3%  
Nanotecture Group Limited    Industrial             88        88     0.8% 0.4%  
                             products &                                         
Oxford Immunotec Limited     Diagnostics &         536       624     3.7% 3.0%  
Oxxon Therapeutics Holdings, Biotechnology         367       183     1.3% 0.9%  
Perpetuum Limited            Electronics           185       185     3.4% 0.9%  
Pelikon Limited              Hardware              373       373     2.9% 1.8%  
Vivacta Limited              Diagnostics &         104       104     4.0% 0.5%  
Workshare Limited            Software              613       653     2.7% 3.1%  
Xention Discovery Limited    Biotechnology         455       492     3.4% 2.4%  
Total unquoted venture                           8,479     7,572          36.4% 
capital investments                                                             
Total venture capital                           11,525     9,302          44.8% 
Listed fixed interest                            2,821     2,817          13.6% 
Listed equity investments                        2,554     3,478          16.8% 
Total investments                               16,900    15,597          75.2% 
Cash and other net assets                        5,156     5,156          24.8% 
Net assets                                      22,056    20,753          100.0%

Unaudited financial statements

Profit and loss account

                                     Note    6 months     6 months   Year ended
                                            ended 30      ended 30  31 December
                                            June 2006    June 2005         2005
                                          Total £'000  Total £'000        Total
Net losses on fair value through                (168)        (365)        (303)
profit or loss on investments                                                  
Income                                            145          180          408
Investment management fee                       (277)        (274)        (534)
Other expenses                                  (156)        (165)        (361)
Loss on operating activities                    (456)        (624)        (790)
Interest payable on loan notes                    (1)          (1)          (2)
Loss on ordinary activities                     (457)        (625)        (792)
before taxation                                                                
Tax on ordinary activities                          -            -            -
Loss on ordinary activities after               (457)        (625)        (792)
Basic and diluted profit/(loss)         3      (1.9)p       (2.6)p       (3.2)p
per share                                                                      

Statement of historical cost profits and losses

                                             6 months     6 months   Year ended
                                            ended 30      ended 30  31 December
                                          June 2006 £  June 2005 £   2005 £'000
                                                 '000         '000             
Loss on ordinary activities before              (457)        (625)        (792)
Realisation of prior years' net                   148         (23)          (2)
unrealised gains/(losses) on investments                                       
Historical cost loss on ordinary                (309)        (648)        (794)
activities before taxation                                                     
Historical cost loss for the period             (309)        (648)        (794)

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.

Balance sheet

                                           Note  30 June          31    30 June
                                                   2006 £   December       2005
                                                     '000       2005 (restated)
                                                          (restated)      £'000
Fixed assets                                                                   
Investments                                        15,597     15,026     15,171
Current assets                                                                 
Debtors                                               101        179        413
Cash at bank                                        5,365      6,776      6,829
                                                    5,466      6,955      7,242
Creditors (amounts falling due within one           (264)      (175)      (270)
Net current assets                                  5,202      6,780      6,972
Creditors (amounts falling due in over one           (46)       (46)       (46)
Net assets                                         20,753     21,760     22,097
Capital and reserves                                                           
Called-up equity share capital                        242        246        248
Capital redemption reserve                             10          6          4
Share premium account                               5,982      5,966      5,966
Special reserve                                    15,323     15,643     16,375
Fair value reserve                                (1,303)      (928)      (212)
Profit and loss account                               499        827      (284)
Total equity shareholders' funds                   20,753     21,760     22,097
Net asset value per share                           85.9p      88.6p      89.2p

December 2005 and 30 June 2005 have been restated to reflect the revocation of
the Company's investment company status. Further details are provided in note

Summarised cash flow statement

                                      6 months ended Year ended       6 months
                                      30 June 2006   31 December      ended 30
                                                     2005            June 2005
                                      £'000          £'000               £'000
Net cash outflow from operating       (91)           (450)               (299)
Net capital expenditure and financial (770)          (2,795)           (3,063)
Dividends paid                        (246)          -                       -
Issue of shares under the dividend    16             -                       -
reinvestment scheme                                                           
Buy-back of ordinary shares           (320)                 (337)        (167)
Issue of shares pursuant under the    -              985                   985
offers for subscription                                                       
Decrease in cash for the period       (1,411)        (2,597)           (2,544)
Reconciliation of net cash flow to                                            
movement in net funds                                                         
Decrease in cash for the period       (1,411)        (2,597)           (2,544)
Net funds at the start of the period  6,776          9,373               9,373
Net funds at the end of the period    5,365          6,776               6,829

Reconciliation of movement in shareholders' funds

                           Share    Capital   Share Special  Capital    Fair  Profit
                         capital redemption premium reserve  reserve   value     and
                         account    reserve account   £'000 realised reserve    loss
                                              £'000            £'000   £'000 account
                           £'000      £'000                                    £'000
At 1 January 2006            246          6   5,966  15,643      973   (928)   (146)
Effect of revoking             -          -       -       -    (973)       -     973
investment company                                                                  
At 1 January 2006            246          6   5,966  15,643        -   (928)     827
Shares purchased for         (4)          4       -   (320)        -       -       -
Shares issued under the        -          -      16       -        -       -       -
terms of the dividend                                                               
reinvestment scheme                                                                 
Transfer of net                -          -       -       -        -   (227)     227
unrealised loss on                                                                  
revaluation of                                                                      
investments to fair                                                                 
value reserve                                                                       
Realisation of prior           -          -       -       -        -   (148)     148
years' net unrealised                                                               
gains on investments                                                                
Dividends paid (note 2)        -          -       -       -        -       -   (246)
Profit on ordinary             -          -       -       -        -       -   (457)
activities after                                                                    
At 30 June 2006              242         10   5,982  15,323        - (1,303)     499

Notes to the unaudited financial statements

1. As a result of the Directors' decision to enable dividends from capital
profits to be paid to shareholders, the Company applied on 14 March 2006 for
its investment company status, as defined under Section 266(3) of the Companies
Act 1985, to be revoked.

Consequently, the financial statements have been prepared to include a
statutory profit and loss account in accordance with Schedule 4 of the
Companies Act 1985 and Financial Reporting Standard.3 (Reporting Financial
Performance). These statements differ from the Statement of Total Return
presented in prior periods as follows:

(a) Both realised and unrealised gains on investments are now recognised
through the profit and loss account. Any gains or losses not considered to be
permanent are subsequently transferred to the fair value reserve, as a movement
on reserves.

(b) The full amount of the investment management fee is now charged to the
profit and loss account.

The effect of the restatement has been to increase the loss on ordinary
activities after taxation by £307,000 in respect of the period.

In the balance sheet, the opening revenue reserve, which was showing a loss of
£146,000, and the opening credit balance of the realised capital reserve of £
973,000 have been combined to form the profit and loss account with an opening
balance of £827,000. The fair value reserve records revaluation amounts
previously included in the unrealised capital reserve.

2. On 15 March 2006 the directors resolved to pay an interim dividend of 1p per
share. This was paid on 15 May 2006.

3. The calculation of loss per share for the period is based on the net loss
after tax of £457,000 divided by the weighted average number of shares in issue
during the period of 24,443,013.

4. The unaudited financial statements set out above do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
statutory accounts for the period ended 28 February 2006 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain any statements under s.237 (2) and (3) of the Companies Act

5. Copies of the unaudited interim results are expected to be sent to
shareholders on 20 September 2006. 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 registered office of the
Company at 29 Queen Anne's Gate, London, SW1H 9BU and 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


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