RNS Number:1273C
Baronsmead VCT 4 PLC
15 August 2007
THE FOLLOWING REPLACES THE INTERIM RESULTS RELEASED AT 7 30 AM UNDER RNS NO.
0912C. UNDER NOTE NO. 5 ON THE FINAL PAGE THE RECORD DATE FOR THE DIVIDEND HAS
BEEN AMENDED TO 24 AUGUST 2007.
Baronsmead VCT 4 plc
To: Company Announcements
From: Baronsmead VCT 4 plc
Date: 15 August 2007
Interim Results for the period to 30 June 2007
Highlights
* NAV per ordinary share increased by 7.4% to 128.56p, before payment of a
3.0p interim dividend.
* NAV per C share increased by 3.0% to 99.01p, before payment of a 1.5p
interim dividend.
* Interim ordinary dividend increased by 20% to 3.0p from 2.5p. First
interim C share dividend of 1.5p per share.
* Total return to ordinary shareholders since inception in 2001 and the C
shares since launch in 2005 has increased to 58.2% and 5.8% respectively.
* New investment totalled #5.5 million in the period and sales from the
ordinary share portfolio amounted to #3.9 million, of which #2.5 million was
realised profit.
The Chairman, Philip Dunne, said
"The period has seen a steady pace of investment, strong gains in the portfolio
and a healthy level of realisations. Proceeds from Ordinary share investments
sold in the period were #3.9 million, which included profits of #2.5 million,
whilst profits of over #0.4 million were generated from investments held by the
C shares.
The Company has achieved a share price total return of 50.5% over the last three
years, and the Board is encouraged to consider the development of a secondary
market.
RESULTS
In the six months to 30 June 2007, the Net Asset Value (NAV) per ordinary share
increased by 7.4% from 119.71p to 128.56p before payment of the 3.0p interim
dividend, on 28 September 2007. This resulted from a number of realisations
sold at significant uplifts over cost, notably Martin Audio, Americana, Talarius
and Worthington Nicholls.
The NAV of the C shares increased by 3.0% from 96.11p to 99.01p per share before
payment of the 1.5p interim dividend, again payable on 28 September 2007.
The six VCT tests were met during the period. At the period end, over 80% of
the ordinary capital raised (net of launch costs) prior to 31 December 2005 was
invested in VCT qualifying investments.
LONG TERM PERFORMANCE
The NAV total return since inception is 58.2% for the ordinary shares and 5.8%
for the C shares. These returns are stated net of running costs but prior to
launch costs being taken into account. The annual growth in NAV total returns
since December 2001 and February 2006 for the two share classes is 8.7% and 4.5%
respectively.
Both the dividend paid as pence per ordinary share and dividend yield have
steadily increased since inception. At 31 December 2006, the tax-free yield for
qualifying shareholders increased to 5.5% per annum, which if grossed up for
higher rate tax payers represents 8.1% per annum. The 3.0p interim dividend
declared in 2007 represents an increase of 20% over the 2.5p interim paid in
2006.
The Fact Sheet sent to shareholders for the quarter to 31 March 2007 introduced
the measure of share price total return, which combines the increase in share
price with dividends paid. The Board believes this a more appropriate measure
for purchasing shareholders who did not benefit from the original income tax
relief available on subscription. Individual purchasers, aged 18 and over who
are tax resident in the UK, can benefit from tax-free income and capital growth
when buying existing shares in VCTs.
The returns over 1, 3 and 5 years for the periods to 30 June 2007 are detailed
below. The 5 year statistic includes the initial period after the Company had
been established, when much of the asset base was invested in cash and there was
no dealing in the Company's shares.
Ordinary Shares (%growth) One year Three years Five years
BVCT 4 NAV total return 13.5 46.3 58.5
Share price total return 13.7 50.5 44.2
FTSE All-Share total return 18.4 68.2 77.5
Gross equivalent returns 21.2 77.4 66.1
(source F&C Asset Management plc and Datastream)
As noted above, VCTs are tax efficient investments that pay tax-free dividends
with any increase in the share price also being free of capital gains tax (CGT)
on sale. For instance, the ordinary mid share price has increased from 86.5p to
113.5p in the three years to 30 June 2007, an annual compound increase of 9.5%,
which is CGT free.
The gross equivalent share price total return shown above represents the maximum
return that a higher rate tax payer would need to make on an alternative
investment (with no tax advantages) to be in an equivalent position to having
invested in Baronsmead VCT 4 plc over the last 1,3, and 5 years. For the
purposes of this calculation it is assumed that the taxpayer has utilised their
capital gains tax allowance.
THE PORTFOLIO
In the six months under review, nine new investments were made and
after the sale of six investments the portfolio increased to 60 companies. The
level of investment at #5.5 million has never been higher for a six month
period. A continuing priority is to ensure that the relatively new C share
capital continues to be invested in appropriate qualifying opportunities.
Over the last six months, the level of unquoted and AiM-traded company
investments has risen from 57% to 63% as a percentage by value of NAV.
The Board reviews the relative health of portfolio companies quarterly in terms
of profitability as well as other non-financial benchmarks. At the period-end,
85% of the portfolio companies were reporting better or steady progress.
Good progress was evident across most of the unquoted portfolio with an overall
gain of 9% and good up lifts in value at a number of newer investments,
Independent Living Services, Empire World Trade and Fisher Outdoor Leisure as
well as further progress at Hawksmere. There was a reduction in value at The Art
Group following lower trading profits.
Public markets showed a degree of volatility in the first half of 2007 with the
Ordinary and C share AiM portfolios finishing ahead. The increases were mainly
due to some newer AiM investments made in Claimar, Concateno and Worthington
Nicholls where the remaining stake was sold during the period. The biggest
falls were in Debtmatters where the debt management sector is under scrutiny and
Huveaux following a profits warning.
Six cash realisations in both the AiM and unquoted portfolios showed some strong
outcomes, of which Americana and Martin Audio have already been reported. In
aggregate the multiple for unquoted investments was 3.3 times their cost and
illustrates the disciplines of private equity in the identification of
opportunities and their active management prior to exit. The AiM realisations
yielded a positive multiple of 2.2 times their cost for the Ordinary shares.
Profits were also generated for C shares though investments held in Worthington
Nicholls amounting to #401,000 representing 3.2 times cost.
INVESTMENT MANAGEMENT
As shareholders will know the Baronsmead funds managed by ISIS have grown
substantially over the last 10 years from under #10 million to a current level
of approximately #290 million.
The senior VCT team at ISIS has been reinforced in recent years. Andrew Garside
joined in 2005 with a 14 year private equity track record from 3i to support
David Thorp, and has since led the unquoted VCT investment team of 7 executives
delivering the last 12 unquoted transactions which have been of key importance
to recent performance. Andrew will increasingly contribute to the overall
investment management of the four generalist Baronsmead VCTs.
Henrietta Marsh joined in 2005 with 14 years' quoted fund management and private
equity experience at 3i and Unicorn to lead the AiM investing for all the
Baronsmead VCTs. Henrietta is now the fund manager of Baronsmead AIM VCT plc
and is responsible for the performance of the whole Baronsmead family AiM
portfolio.
Prem Mohan Raj has recently been promoted within ISIS to Chief Financial
Officer, Funds and his main role is to lead the administration and operations of
the Baronsmead VCTs. Prem has 15 years' accounting experience predominantly in
the financial services arena and will be responsible for continually improving
back office systems in conjuction with F&C Asset Management plc.
David Thorp continues his role at ISIS, providing strategic direction to the VCT
business. David is also Chairman of the AIC VCT Forum and chairman of the VCT
Managers Committee, two groups that are instrumental in the development of
initiatives across the VCT industry.
ABILITY TO ACQUIRE FURTHER SHARES IN BARONSMEAD VCT 4
The record of share price total returns and the availability of ISA style tax
reliefs illustrate some of the merits for private investors of acquiring
existing shares. The Board is aware from both the recent surveys across the '
Baronsmead' family of VCTs that some 15% of existing shareholders may be
interested in purchasing more shares. The Manager is sending a brochure to all
shareholders shortly giving more detail about this as well as the differences
between this option and subscribing for more shares in top up offers
Following revisions to VCT legislation in the Finance Acts 2006 and 2007 the
detailed way in which new share capital can be deployed has now become clearer
and as a consequence the Board is able to increase the financial planning
opportunities for both ordinary and C Shareholders by offering them the ability
to subscribe for new 'top up' shares.
The Directors have decided to offer for subscription up to Euro2.5 million
(equivalent to #1.7 million at 30 June 2007), in accordance with the Prospectus
Directive 2005, to each pool of ordinary and C shareholders, at the same time as
the interim and final statutory reports are sent to all shareholders. Any offer
over Euro2.5 million requires the publication of a full prospectus, the cost of
which makes larger top up offers too costly.
Shareholders are invited to subscribe for New Shares in the knowledge that the
next time shareholders will be asked to confirm that the Company should continue
as a Venture Capital Trust will be in 2013. Income tax relief of 30 per cent.
can be claimed on the subscription cost and retained as long as shareholders
hold these shares for five years or more. If more subscription monies are
received than the upper limit of Euro2.5 million, subscription levels will be
scaled back accordingly.
OUTLOOK
The investment portfolio has enjoyed a strong performance in the first half of
the year. Since 30 June 2007, the AiM portfolio has been marked down as the
recent market correction occurred, although to a lesser extent than the decline
in the FTSE All-Share Index.
The trading performance of the unquoted equity portfolio remains encouraging and
ISIS continues to pursue the realisation of selected investments. The level of
appropriate new investment opportunities remains firm.
The market is now experiencing a tightening of credit markets since the period
end, prompted by sub-prime mortgage defaults in the US. At the time of writing
it is not possible to predict what impact, if any, these will have on Private
Equity or Mergers & Acquisitions activities.
The Private Equity sector has this year received unaccustomed scrutiny from
political, media and other commentators. However, the market segment in which
VCTs managed by ISIS operate is quite distinct from the larger Private Equity
market. Typically, investments are in smaller more rapidly growing companies
with lower levels of borrowings than for these bigger transactions, although
they would not be immune from a downturn in the UK economy should this occur.
The Board takes considerable pride in the achievements of the investee companies
which it has supported over the past five years in growing their businesses."
David Thorp, ISIS EP LLP: 0207 506 5631
Rhonda Nicoll, F&C Asset Management plc: 0131 718 1074
Unaudited Income Statement
Ordinary Shares
Six months to 30 June 2007
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 2,546 2,546
Realised gains on investments - 300 300
Income 674 - 674
Investment management fee (145) (542) (687)
Other expenses (138) - (138)
---------- ----------- -----------
Profit on ordinary activities before taxation 391 2,304 2,695
Tax on ordinary activities (81) 95 14
---------- ----------- -----------
Profit on ordinary activities after taxation 310 2,399 2,709
---------- ---------- -----------
Return per ordinary share 0.98p 7.56p 8.54p
---------- ---------- -----------
Unaudited Reconciliation of Movement in Shareholders' Funds
Six months to 30 June 2007
Ordinary
Shares
#'000
Opening shareholders' funds 39,361
Profit for the period 2,709
Purchase of shares for Treasury (750)
Dividends paid (1,118)
Closing shareholders' funds 40,202
Unaudited Income Statement
C Shares
Six months to 30 June 2007
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 348 348
Realised gains on investments - 171 171
Income 431 - 431
Investment management fee (58) (223) (281)
Other expenses (74) - (74)
---------- ----------- -----------
Profit on ordinary activities before taxation 299 296 595
Tax on ordinary activities (77) 63 (14)
---------- ----------- -----------
Profit on ordinary activities after taxation 222 359 581
---------- ---------- -----------
Return per C share 1.11p 1.80p 2.91p
---------- ---------- -----------
Unaudited Reconciliation of Movement in Shareholders' Funds
Six months to 30 June 2007
C Shares
#'000
Opening shareholders' funds 19,421
Profit for the period 581
Dividends paid (200)
Closing shareholders' funds 19,802
Unaudited Income Statement
Total Shares
Six months to 30 June 2007
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 2,894 2,894
Realised gains on investments - 471 471
Income 1,105 - 1,105
Investment management fee (203) (765) (968)
Other expenses (212) - (212)
---------- ----------- -----------
Profit on ordinary activities before taxation 690 2,600 3,290
Tax on ordinary activities (158) 158 -
---------- ----------- -----------
Profit on ordinary activities after taxation 532 2,758 3,290
---------- ---------- -----------
Return per share 1.03p 5.33p 6.36p
---------- ---------- -----------
Unaudited Reconciliation of Movement in Shareholders' Funds
Six months to 30 June 2007
Total
Shares
#'000
Opening shareholders' funds 58,782
Profit for the period 3,290
Purchase of shares for Treasury (750)
Dividends paid (1,318)
Closing shareholders' funds 60,004
Unaudited Income Statement
Ordinary Shares
Six months to 30 June 2006
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains in investments - 3,553 3,553
Realised losses on investments (342) (342)
Income 611 - 611
Investment management fee (140) (750) (890)
Other expenses (97) - (97)
---------- ----------- -----------
Profit on ordinary activities before taxation 374 2,461 2,835
Tax on ordinary activities (96) 114 18
---------- ----------- -----------
Profit on ordinary activities after taxation 278 2,575 2,853
---------- ---------- -----------
Return per ordinary share 0.86p 7.99p 8.85p
---------- ---------- -----------
Unaudited Reconciliation of Movement in Shareholders' Funds
Six months to 30 June 2006
Ordinary
Shares
#'000
Opening shareholders' funds 36,367
Profit for the period 2,853
Increase in share capital in issue 189
Purchase of shares (602)
Dividends paid (809)
Closing shareholders' funds 37,998
Unaudited Income Statement
C Shares
Six months to 30 June 2006
Revenue Capital Total
#'000 #'000 #'000
Unrealised losses on investments - (14) (14)
Income 277 - 277
Investment management fee (35) (103) (138)
Other expenses (46) - (46)
---------- ----------- -----------
Profit/(loss) on ordinary activities before taxation 196 (117) 79
Tax on ordinary activities (44) 26 (18)
---------- ----------- -----------
Profit/(loss) on ordinary activities after taxation 152 (91) 61
---------- ---------- -----------
Return per C share 0.76p (0.46)p 0.30p
---------- ---------- -----------
Unaudited Reconciliation of Movement in Shareholders' Funds
Six months to 30 June 2006
C Shares
#'000
Opening shareholders' funds -
Profit for the period 61
Increase in share capital in issue 19,012
Closing shareholders' funds 19,073
Unaudited Income Statement
Total Shares
Six months to 30 June 2006
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 3,539 3,539
Realised losses on investments - (342) (342)
Income 888 - 888
Investment management fee (175) (853) (1,028)
Other expenses (143) - (143)
---------- ----------- -----------
Profit on ordinary activities before taxation 570 2,344 2,914
Tax on ordinary activities (140) 140 -
---------- ----------- -----------
Profit on ordinary activities after taxation 430 2,484 2,914
---------- ---------- -----------
Return per share 0.82p 4.76p 5.58p
---------- ---------- -----------
Unaudited Reconciliation of Movement in Shareholders' Funds
Six months to 30 June 2006
Total
Shares
#'000
Opening shareholders' funds 36,367
Profit for the period 2,914
Increase in share capital issue 19,201
Purchase of shares (602)
Dividends paid (809)
Closing shareholders' funds 57,071
Audited Income Statement
Ordinary Shares
Year to 31 December 2006
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 5,678 5,678
Realised gains on investments - 506 506
Income 1,299 - 1,299
Investment management fee (290) (1,964) (2,254)
Other expenses (240) - (240)
---------- ----------- -----------
Profit on ordinary activities before taxation 769 4,220 4,989
Tax on ordinary activities (146) 172 26
---------- ----------- -----------
Profit on ordinary activities after taxation 623 4,392 5,015
---------- ---------- -----------
Return per ordinary share 1.94p 13.69p 15.63p
---------- ---------- -----------
Audited Reconciliation of Movement in Shareholders' Funds
Year to 31 December 2006
Ordinary
Shares
#'000
Opening shareholders' funds 36,367
Profit for the year 5,015
Increase in share capital in issue 189
Purchase of shares (603)
Dividends paid (1,607)
Closing shareholders' funds 39,361
Audited Income Statement
C Shares
Year to 31 December 2006
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 346 346
Realised gains on investments - 64 64
Income 693 - 693
Investment management fee (92) (343) (435)
Other expenses (124) - (124)
---------- ----------- -----------
Profit on ordinary activities before taxation 477 67 544
Tax on ordinary activities (136) 110 (26)
---------- ----------- -----------
Profit on ordinary activities after taxation 341 177 518
---------- ---------- -----------
Return per C share 1.71p 0.88p 2.59p
---------- ---------- -----------
Audited Reconciliation of Movement in Shareholders' Funds
Year to 31 December 2006
C Shares
#'000
Opening shareholders' funds -
Profit for the year 518
Increase in share capital in issue 19,003
Dividends paid (100)
Closing shareholders' funds 19,421
Audited Income Statement
Total
Year to 31 December 2006
Revenue Capital Total
#'000 #'000 #'000
Unrealised gains on investments - 6,024 6,024
Realised gains on investments - 570 570
Income 1,992 - 1,992
Investment management fee (382) (2,307) (2,689)
Other expenses (364) - (364)
---------- ----------- -----------
Profit on ordinary activities before taxation 1,246 4,287 5,533
Tax on ordinary activities (282) 282 -
---------- ----------- -----------
Profit on ordinary activities after taxation 964 4,569 5,533
---------- ---------- -----------
Return per share 2.00p 9.47p 11.47p
---------- ---------- -----------
Audited Reconciliation of Movement in Shareholders' Funds
Year to 31 December 2006
Total
Shares
#'000
Opening shareholders' funds 36,367
Profit for the year 5,533
Increase in share capital in issue 19,192
Purchase of shares (603)
Dividends paid (1,707)
Closing shareholders' funds 58,782
Unaudited Balance Sheet
As at 30 June 2007
Ordinary Shares C
Shares Total
#'000 #'000 #'000
Fixed Assets
Traded on AiM 12,060 1,644 13,704
Unquoted investments 20,667 3,482 24,149
Interest bearing securities 6,618 14,135 20,753
_______ _______ _______
39,345 19,261 58,606
Net current assets 857 541 1,398
______ ______ ______
Total assets less current liabilities 40,202 19,802 60,004
______ ______ ______
Financed by:
Shareholders' funds 40,202 19,802 60,004
______ ______ ______
Net asset value per ordinary/C share: 128.56p 99.01p
Ordinary/C shares in issue 31,270,938 20,000,000
Treasury net asset value per share+ 128.15p
Number of ordinary shares in issue 31,270,938
Number of ordinary shares held in Treasury 880,000
yNumber of listed ordinary shares 32,150,938
+ At the AGM held on 27 March 2007, shareholders renewed the existing authority to disapply
pre-emption rights in relation to the allotment or sale from Treasury of up to 10 per cent of the
listed share capital. The Board is now mandated to sell Treasury shares at a discount to the prevailing
NAV. Treasury shares will be valued at the lower of the prevailing NAV or middle market price.
Unaudited Balance Sheet
As at 30 June 2006
Ordinary Shares C
Shares Total
#'000 #'000 #'000
Fixed Assets
Traded on AiM 10,854 481 11,335
Unquoted investments 15,483 - 15,483
Interest bearing securities 10,219 15,177 25,396
_______ _______ _______
36,556 15,658 52,214
Net current assets 1,442 3,415 4,857
______ ______ ______
Total assets less current liabilities 37,998 19,073 57,071
______ ______ ______
Financed by:
Shareholders' funds 37,998 19,073 57,071
______ ______ ______
Net asset value per ordinary/C share: 118.95p 95.36p
Ordinary/C shares in issue 31,945,938 20,000,000
Treasury net asset value per share 118.86p
Number of ordinary shares in issue 31,945,938
Number of ordinary shares held in Treasury 205,000
Number of listed ordinary shares 32,150,938
Audited Balance Sheet
As at 31 December 2006
Ordinary C Total
Shares Shares
#'000
Fixed Assets
Traded on AiM 12,235 993 13,228
Unquoted investments 19,286 948 20,234
Interest bearing securities 6,678 16,423 23,101
______ ______ ______
38,199 18,364 56,563
Net current assets 1,162 1,057 2,219
______ ______ ______
Total assets less current liabilities 39,361 19,421 58,782
______ ______ ______
Financed by:
Shareholders' funds 39,361 19,421 58,782
______ ______ ______
Net asset value per ordinary/C share: 123.21p 97.11p
Ordinary/C shares in issue 31,945,938 20,000,000
Treasury net asset value per share 123.12p
Number of ordinary shares in issue 31,945,938
Number of ordinary shares held in Treasury 205,000
Number of listed ordinary shares 32,150,938
Summarised Unaudited Statement of Cash Flows
Six months to 30 June 2007
Ordinary C Total
Shares Shares
#'000 #'000 #'000
Net cash (outflow)/inflow from operating activities (1,147) 92 (1,055)
Capital expenditure and financial investment 1,496 (69) 1,427
Equity dividends paid (1,118) (200) (1,318)
-------- -------- --------
Net cash outflow before financing (769) (177) (946)
Net cash outflow from financing (439) - (439)
-------- -------- --------
Decrease in cash (1,208) (177) (1,385)
-------- -------- --------
Reconciliation of net cash flow to movement in net cash
Decrease in cash (1,208) (177) (1,385)
Opening net cash 2,365 1,031 3,396
-------- -------- --------
Net cash at end of period 1,157 854 2,011
-------- -------- --------
Reconciliation of operating profit before taxation to net cash flow from
operating activities
Profit on ordinary activities before taxation 2,695 595 3,290
Unrealised gains on investments (2,546) (348) (2,894)
Realised gains on investments (300) (171) (471)
Changes in working capital and other non-cash items (996) 16 (980)
-------- -------- --------
Net cash (outflow)/inflow from operating activities (1,147) 92 (1,055)
-------- -------- --------
Summarised Unaudited Statement of Cash Flows
Six months to 30 June 2006
Ordinary C Total
Shares Shares
#'000 #'000 #'000
Net cash inflow from operating activities 20 17 37
Capital expenditure and financial investment 439 (15,672) (15,233)
Equity dividends paid (809) - (809)
-------- -------- --------
Net cash outflow before financing (350) (15,655) (16,005)
Net cash (outflow)/inflow from financing (413) 19,137 18,724
-------- -------- --------
(Decrease)/increase in cash (763) 3,482 2,719
-------- -------- --------
Reconciliation of net cash flow to movement in net cash
(Decrease)/increase in cash (763) 3,482 2,719
Opening net cash 2,645 - 2,645
-------- -------- --------
Net cash at end of period 1,882 3,482 5,364
-------- -------- --------
Reconciliation of operating profit before taxation to net cash flow from operating activities
Profit on ordinary activities before taxation 2,835 79 2,914
Unrealised (gains)/losses on investments (3,553) 14 (3,539)
Realised losses on investments 342 - 342
Changes in working capital and other non-cash items 396 (76) 320
-------- -------- --------
Net cash inflow from operating activities 20 17 37
-------- -------- --------
Summarised Audited Statement of Cash Flows
Year to 31 December 2006
Ordinary C Total
Shares Shares
#'000 #'000 #'000
Net cash (outflow)/inflow from operating activities (62) 82 20
Capital expenditure and financial investment 1,803 (17,954) (16,151)
Equity dividends paid (1,607) (100) (1,707)
-------- -------- --------
Net cash inflow/(outflow) before financing 134 (17,972) (17,838)
Net cash (outflow)/inflow from financing (414) 19,003 18,589
-------- -------- --------
(Decrease)/increase in cash (280) 1,031 751
-------- -------- --------
Reconciliation of net cash flow to
movement in net cash
(Decrease)/increase in cash (280) 1,031 751
Opening net cash 2,645 - 2,645
-------- -------- --------
Net cash at end of period 2,365 1,031 3,396
-------- -------- --------
Reconciliation of operating profit before taxation to net cash flow from operating activities
Profit on ordinary activities before taxation 4,989 544 5,533
Unrealised gains on investments (5,678) (346) (6,024)
Realised gains on investments (506) (64) (570)
Changes in working capital and other non-cash items 1,133 (52) 1,081
-------- -------- --------
Net cash (outflow)/inflow from operating activities (62) 82 20
-------- -------- --------
Notes
1. The unaudited interim results which cover the six months to 30 June 2007
have been drawn up in accordance with the applicable accounting standards
and adopting the accounting policies set out in the statutory accounts for
the year ended 31 December 2006.
2. Return per ordinary share is based on a weighted average of 31,740,718
ordinary shares in issue (31 December 2006 - 32,088,009; 30 June 2006 -
32,231,641). Return per C share is based on a weighted average of 20,000,000
C shares in issue (31 December 2006 - 20,000,000; 30 June 2006 -
20,000,000).
3. Earnings for the six months to 30 June 2007 should not be taken as a
guide to the results for the full year.
4. During the six months to 30 June 2007 the Company bought back 675,000
ordinary shares at a cost of #750,000 to be held in Treasury. At 30 June
2007 the Company held 880,000 ordinary shares in Treasury. These shares
may be re- issued below Net Asset Value as long as the discount at issue
is narrower than the average discount at which the shares were bought back.
There were 31,270,938 ordinary shares in issue at 30 June 2007 (31 December
2006 - 31,945,938; 30 June 2006 - 31,945,938).
During the six months ended 30 June 2007 the Company did not issue or buy
back any C shares. There were 20,000,000 C shares in issue at 20 June 2007
(31 December 2006 - 20,000,000; 30 June 2006 - 20,000,000).
5. The interim dividends of 3.0p per ordinary share (comprising 0.8p revenue
dividend and 2.2p capital dividend) and 1.5p per C share (comprising 1.0p
revenue dividend and 0.5p capital dividend) will be paid on 28 September
2007 to shareholders on the register on 24 August 2007.
6. These are not statutory accounts in terms of Section 240 of the Companies
Act 1985 and are unaudited. The full audited accounts for the period to 31
December 2006, which were unqualified, have been lodged with the Registrar
of Companies. No statutory accounts in respect of any period after 31
December 2006 have been reported on by the Company's auditors or delivered
to the Registrar of Companies.
7. Copies of the interim report have been mailed to shareholders and are
available from the Registered Office of the Company at 100 Wood Street,
London, EC2V 7AN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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