Unaudited Interim Results
02 Ottobre 2007 - 7:48PM
UK Regulatory
Keydata AIM VCT 2 plc
KEYDATA AIM VCT 2 plc
Unaudited Interim Results for the period ending 31 August 2007
Chairman's Statement
This is my first statement as Chairman of Keydata AIM VCT 2 which covers the
period from date of incorporation on 20 September 2006 to 31 August 2007. I
would like to welcome you as a shareholder and thank you for your support in the
launch of the VCT.
The Offer for Subscription closed on 5 April 2007 with gross funds raised of
�4.6 million from 277 investors. The costs of the launch were set at 5% of gross
funds raised and the net proceeds retained by the company were �4.37 million
with an initial asset value per share of 95p. The company commenced trading on 6
April 2007.
Results
The net asset value per ordinary share increased by 3.9% to 98.71 pence during
the period. Earnings per ordinary share for the period were 3.71 pence per share
(comprising revenue earnings of 0.38 pence and capital earnings of 3.33 pence).
The Investment Manager invested �0.44 million in 5 qualifying AIM companies
during the period together with a further �1.7m in 20 non-qualifying equities,
16 of which were disposed (in full or in part) realising a net gain on sale of
�0.15 million in the period. The bid value of qualifying investments at 31
August 2007 was �0.43 million invested in 5 AIM companies. The bid value of
non-qualifying investments at 31 August 2007 was �0.44 million invested in 5
listed or AIM companies. �3.7 million was held on bank deposit. With respect to
the 70% investment test, as at 31 August 2007, 9.7% of the Company's investments
were in qualifying companies. We have until 28 February 2010 to meet the 70%
test.
Dividend
No interim dividend is proposed in respect of the period.
Outlook
We remain confident that we will achieve our required 70% investment in
qualifying companies by February 2010.
Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code "KEYT", or on our own dedicated website at
www.keydataaimvct2.co.uk
Sir Aubrey Brocklebank Bt
Chairman
2 October 2007
Income Statement for the period from 20 September 2006 to 31 August 2007
(unaudited)
For the period to
31 August 2007 (unaudited)
Revenue Capital Total
�000 �000 �000
Realised gains on investments 151 151
Unrealised gains on investments - 13 13
Income 94 94
-------- -------- --------
94 164 258
Management fee (5) (15) (20)
Other expenses (67) (67)
-------- -------- --------
(72) (15) (87)
-------- -------- --------
Profit before taxation 22 149 171
Taxation (4) 4 -
-------- -------- --------
Profit after taxation 18 153 171
-------- -------- --------
Earnings per share (Note 2) 0.38p 3.33p 3.71p
The total column of this statement is the income statement of the Company. All revenue and capital items in the above
statement derive from continuing operations.
Balance sheet as at 31 August 2007 (unaudited)
31
August
2007
(unaudited)
�000
Fixed assets
Investments 872
--------
Current assets
Prepayments and accrued income 20
Cash at bank and on deposit 3,707
--------
3,727
Creditors: amounts falling due within one year
Accruals and deferred income (58)
--------
Net current assets 3,669
--------
Net assets 4,541
--------
Capital and Reserves
Called up share capital 46
Share premium 4,325
Capital reserve - realised 140
Capital reserve - unrealised 13
Special reserve -
Revenue reserve 17
--------
Equity shareholders' funds 4,541
--------
Net asset value per share (Note 4) 98.71p
Cash flow statement for the period from 20 September 2006 to 31 August 2007
(unaudited)
�000
Profit before taxation 22
Management fee charged to capital (15)
Increase in debtors (20)
Increase in creditors 58
--------
Net cash outflow from operating activities
Financial investment 45
Purchase of investments (2,195)
Sale of investments 1,486
Financing
Net proceeds from issue of share capital 4,371
--------
Increase in cash 3,707
--------
Reconciliation of movements in shareholders' funds for the period from 20
September 2006 to 31 August 2007 (unaudited)
Share Capital Capital Special Revenue
Premium Reserve Reserve Reserve Reserve
Realised Unrealised
�000 �000 �000 �000 �000
At beginning of period - - - - -
Proceeds from issue of shares 4,555 - - - -
Costs related to issue of shares (230) - - - -
Realised gains on investments - 151 - - -
Unrealised gains on investments - - 13 - -
Management fee charged to capital - (15) - - -
Tax relief - 4 - - -
Profit after taxation for the period 17
------- -------- -------- ------- --------
At end of period 4,325 140 13 17
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Notes to the interim report
1 The accounts of the company are prepared in accordance with Accounting Standards applicable in the United Kingdom.
The accounting policies used in preparing this report are consistent with those to be adopted at the year end.
All AIM investments are valued at bid price.
2 The earnings per ordinary share of 3.71p is based on the profit after tax for the period of �171,000 and the
weighted average number of ordinary shares in issue over the period of 4,600,640.
3 The results should not be taken as a guide to the results for the financial period ending 28 February 2008.
4 The net asset value per ordinary share at 31 August 2007 of 98.71p is based on net assets of �4,541,000 and on
4,600,640 shares, being the number of ordinary shares in issue as at 31 August 2007.
5 The financial information contained in the 31 August 2007 income statement, balance sheet, cash flow statement and
reconciliation of movements in shareholders' funds does not constitute full financial statements and has not been
audited.
Investment portfolio summary as at 31 August 2007
Qualifying investments Book cost Valuation Valuation
�000 �000 %
Intercede 99 117 13.4
Image Scan 93 93 10.7
Clerkenwell 100 80 9.2
Mount Engineering 75 72 8.2
Mediasurface 75 65 7.4
-------- -------- --------
Total qualifying investments 442 427 48.9
Non-qualifying investments
Maxima 104 126 14.4
Energetix 100 103 11.8
Bovis Homes 98 96 11.0
You Gov 84 83 9.5
Axeon 32 38 4.4
-------- -------- --------
Total non-qualifying investments 418 446 51.1
-------- ------- --------
Total investments 860 873 100.0
-------- -------- --------
Qualifying investments at 31 August 2007 by valuation
1. Intercede 39p
--------------------------------------------------------------------------------------------
Investment date May 07 Unaudited results for 6 mths to 31 March 07
Equity held 0.8% Turnover (�'000) 2,620
Purchase Price 33p Profit before tax (�'000) (71)
Cost (�'000) 99 Net assets (�'000) (1,736)
Valuation (�'000) 117
Intercede Group plc is a leading developer and supplier of smart card and identity
credential management software. The company's principal product, MyID, is a software
solution that manages the secure registration, issuance and lifecycle of identity
credentials and devices.
2. Image Scan plc 15p
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Investment date Aug 07 Unaudited results for 6 mths to 31 March 07
Equity held 1.1% Turnover (�'000) 1,133
Purchase Price 15p Profit before tax (�'000) (60)
Cost (�'000) 93 Net assets (�'000) (203)
Valuation (�'000) 93
Image Scan has developed modular proprietary software and hardware to provide innovative
methods of acquiring, interpreting and presenting x-ray images in real time, bringing major
new benefits to security applications, product quality and industrial inspection
applications.
3. Clerkenwell 6p
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Investment date Aug 07 Unaudited results for 6 mths to 31 March 07
Equity held 1.6% Turnover (�'000) Nil
Purchase Price 7.5p Profit before tax (�'000) (31)
Cost (�'000) 100 Net assets (�'000) 4,252
Valuation (�'000) 80
Clerkenwell Ventures was formed in 2004 to acquire businesses in the leisure sector. Targets
are expected to meet the following criteria: potential for rapid growth and/or above
average cash flow; strong operational management; proven business model and attractive
returns on invested capital. The company is yet to make its first acquisition.
4. Mount Engineering 67p
---------------------------------------------------------------------------------------------
Investment date June 07 Unaudited results for 17 mths to 31 Dec 06
Equity held 0.4% Turnover (�'000) 7,219
Purchase Price 70p Profit before tax (�'000) 1,180
Cost (�'000) 75 Net assets (�'000) 3,244
Valuation (�'000) 72
Mount Engineering was established in April 2007 for the purpose of acquiring Mount York
Limited. The acquisition of Mount York Limited marks the first step in implementing a
strategy to grow the new group, both by selective acquisition and from the continual
expansion of the product range. Mount Engineering has three UK subsidiaries, each well
established within its industry, with a strong brand name and a recognition for quality
products. The major end user market for all three subsidiaries are the oil and gas and
petrochemical industries, however they also serve a range of other industrial markets
including mining, waste water and pharmaceuticals.
5. Mediasurface 20p
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Investment date Jul 07 Unaudited results for 6 mths to 31 March 07
Equity held 0.3% Turnover (�'000) 6,063
Purchase Price 23p Profit before tax (�'000) 402
Cost (�'000) 75 Net Assets (�'000) 2,403
Valuation (�'000) 65
Mediasurface develops, markets and implements Web Content Management software that helps
businesses take full advantage of the capabilities of the web by transforming the complex
task of managing websites into straightforward activities. The company recently acquired
Immediacy, one of the UK's leading content management vendors, allowing Mediasurface to
operate across the whole spectrum of website management for businesses.
2 October 2007
For further information please contact:
Craig McNeil
Company Secretary
Keydata AIM VCT 2 plc
0141 572 2300
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