TIDMMAV4
RNS Number : 1538R
Maven Income & Growth VCT 4 PLC
16 August 2010
Maven Income and Growth VCT 4 PLC
Interim Results
The Directors announce the unaudited interim results for the six months ended 30
June 2010.
Investment Manager's Review
Investment Activity
The period under review was characterised by the completion of a number of new
later stage private equity investments alongside a modest increase in the Total
Return being achieved by both the Ordinary Share Portfolio and the S Share
Portfolio.
During the six months ended 30 June 2010, four new unlisted investments and five
follow on investments were completed and a total of GBP1.4 million was invested.
At 30 June 2010, the portfolio stood at 65 unlisted and AIM investments at a
total combined cost of GBP12.1 million.
The following investments have been completed during the period.
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Investment | Date | Sector | Investment | Website |
| | | | cost | |
| | | | GBP'000 | |
+----------------+--------+-----------+--------------------------------------------+----------------------------+
| | | | Original | S | |
| | | | pool | Share | |
| | | | | Pool | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Unlisted | | | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Beckford | May-10 | Leisure | 160 | 160 | No website |
| Capital | | and | | | available |
| | | Hotels | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Camwatch | Jun-10 | Security | 32 | 19 | www.camwatch.co.uk |
| | | Services | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Countcar | May-10 | Oil | 24 | 13 | No website |
| | | and | | | available |
| | | gas | | | |
| | | | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Essential | Mar-10 | Computer | 5 | | www.essential-viewing.com |
| Viewing | | Software | | - | |
| Systems | | | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Lawrence | Apr-10 | Support | 36 | 24 | www.lawrenceskiphire.co.uk |
| Recycling & | | Services | | | |
| Waste | | | | | |
| Management | | | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Riverdale | Feb-10 | Support | 26 | | No website |
| Publishing | | Services | | - | available |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| TC | May-10 | Support | 40 | 25 | www.tccommunications.co.uk |
| Communications | | Services | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Torridon | Jan-10 | Financial | 253 | 198 | No website |
| Capital | | Services | | | available |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Tosca Penta | Feb-10 | Insurance | 88 | 87 | No website |
| Investments | | | | | available |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Venmar t/a | Jun-10 | Oil | 109 | 124 | No website |
| XPD8 | | and | | | available |
| Solutions | | Gas | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Total | | | 773 | 650 | |
| Unlisted | | | | | |
| investment | | | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| | | | | | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
| Total | | | 773 | 650 | |
+----------------+--------+-----------+----------------------+---------------------+----------------------------+
Four new substantial investments were added to the portfolio during the six
months ended 30 June 2010. These were Beckford Capital, a new company set up to
pursue acquisitions in the Leisure and Hotels industry; Torridon Capital, the
holding company of Litcomp plc, a speciality insurance business where the
Manager led a public to private transaction; Tosca Penta Investments, which
invests in esure, the well known general and motor insurance provider which was
acquired from Lloyds Banking Group; and lastly, XPD8 Solutions, which operates
in the condition monitoring and asset integrity segment of the oil and gas
industry.
All of these assets are forecast to generate substantial income mainly via
loan stock based structures. The continuation of this later stage and yield
based investment strategy using the Maven network of offices should ensure that
the Company is well placed to be able to support its long term dividend
programme.
In line with the strategy of reducing exposure to the AIM market in favour of
later stage private equity transactions, the Manager has continued to pursue the
structured realisation of the element of the investment portfolio.
The table on page 6 gives details of realisations during the reporting period.
Realisations
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | Ordinary Share | | S Share Pool | |
| | | | Pool | | | |
+----------------+----------+----------+--------------------------------+-----------+--------------------------------+-----------+
| | Date |Complete | Cost | Sales |Realised | Realised | Cost | Sales |Realised | Realised |
| | first |/Partial | of |Proceeds | Gain | Gain/ | of |Proceeds | Gain/ | Gain/ |
| |invested | | shares | | /Loss | Loss | shares | | Loss | Loss |
| | | Exit |disposed | | | over |disposed | | | over |
| | | | of | | | December | of | | | December |
| | | | | | | 2009 | | | | 2009 |
| | | | | | |Valuation | | | |Valuation |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Unlisted | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Cyclotech | 2007 | Complete | - | 11 | 11 | 11 | - | 4 | 4 | 4 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Torridon | 2010 | Partial | 150 | 150 | - | - | 110 | 110 | - | - |
| Capital | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | 150 | 161 | 11 | 11 | 110 | 114 | 4 | 4 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| AIM | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Animalcare | 2008 | Partial | - | - | - | - | 41 | 88 | 47 | 6 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Avanti | 2007 | Partial | 7 | 18 | 11 | 2 | - | - | - | - |
| Communications | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Litcomp | 2005 | Complete | 101 | 117 | 16 | - | | | - | |
| | | | | | | | - | - | | - |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| Melorio | 2007 | Complete | 148 | 227 | 79 | 6 | 90 | 139 | 49 | 4 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| OPG | 2008 | Partial | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 |
| Power | | | | | | | | | | |
| Ventures | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | 257 | 364 | 107 | 9 | 132 | 229 | 97 | 11 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
| | | | 407 | 525 | 118 | 20 | 242 | 343 | 101 | 15 |
+----------------+----------+----------+----------+----------+----------+-----------+----------+----------+----------+-----------+
Performance
The Total Return per Ordinary Share at 30 June 2010 was 103.4p, an increase of
0.9p or 0.9% over the equivalent figure at 31 December 2009. The Total Return
per S Share at 30 June 2010 was 101.05p, an increase of 1.6p or 1.6% over the
equivalent figure at 31 December 2009.
The Net Asset Value (NAV) per Ordinary share at 30 June 2010, after payment of
the final dividend of 2.5p in respect of the year ended 31 December 2009, was
88.1p compared with 89.7p at 31 December 2009. The NAV per S share at 30 June
2010, after payment of the final dividend of 0.5p in respect of the year ended
31 December 2009, was 95.5p compared with 94.4p at 31 December 2009.
Dividend policy
The Board continues to target regular annual dividend payments subject to the
availability of distributable reserves. The Board declares an interim dividend
of 1.0p per Ordinary share and 1.0p per S Share to be paid on 27 September 2010
to Shareholders on the Register at 27 August 2010.
The Company paid dividends totalling 3.5p per Ordinary Share and 1.5p per S
Share in respect of the year ended 31 December 2009 which is equivalent to 4.7p
and 2.0p gross from a taxable UK equity. This represents a yield of 5.8% per
annum on the Ordinary Shares and 2.1% per annum on the S Shares based on their
net cost after initial tax relief. Based on the mid-market price at 30 June
2010, the equivalent yields are 7.2% and 2.8% for a 40% rate taxpayer.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company
in the second half of its financial year: these are unchanged from those it
faced at the start of the year, which are set out in the annual report, and are
the risks involved in investment in small and unquoted companies.
In order to reduce exposure to investment risk, the Company has invested in a
broadly-based portfolio of investments in unlisted and AIM/PLUS quoted companies
in the United Kingdom. The VCT qualifying status of the Company is reviewed
regularly by your Board and monitored on a continuous basis by the Manager in
order to ensure that all of the criteria for VCT status continue to be met.
Recovery of VAT
The company received an offer from the former Manager Aberdeen Asset Managers to
refund GBP94,898 representing all VAT charged on investment management fees for
the period from 1 October 2005 to 1 October 2008. This offer was accepted by the
directors subject to reserving the Company's rights in respect of sums not
repaid for earlier periods. The amount received has been recognised within the
financial statements and allocated to revenue and capital in accordance with the
underlying accounting policy
Outlook
We will continue to select only those companies which are well managed, sensibly
priced and capable of providing a premium yield together with the prospects of a
capital gain in the medium to longer term.
As economic conditions stabilise we anticipate a continuing increase in the
number of private company investment opportunities. With a presence across the
UK regions, the manager is well placed to take advantage of these opportunities
as they arise.
Maven Capital Partners UK LLP
Manager
16 August 2010
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
· The Financial Statements have been prepared in accordance with applicable
accounting standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" issued in January 2009
· The Interim Management Report includes a fair review of the information
required by DTR 4.2.7 R in relation to the indication of important events during
the first six months, and of the principal risks and uncertainties facing the
Company during the second six months
· The Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8 R in relation to related party transactions
and any changes to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
16 August 2010
Income Statement
For the six months ended 30 June 2010 (unaudited)
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | Ordinary Shares | S Ordinary | TOTAL |
| | | Shares | |
+--------------+---------------------------------------------------+---------------------------------------------------+-------------------------------------------------+
| | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Gains | | 66 | 66 | | 117 | 117 | | 183 | 183 |
| on | - | | | - | | | - | | |
| investments | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Income | 83 | | 83 | 37 | | 37 | 120 | | 120 |
| from | | - | | | - | | | - | |
| investments | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Other | | | | | | | | | |
| income | - | - | - | - | - | - | - | - | - |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | (3) | (12) | (15) | (7) | (28) | (35) | (10) | (40) | (50) |
| Investment | | | | | | | | | |
| management | | | | | | | | | |
| fees | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Other | (79) | | (79) | (47) | | (47) | (126) | | (126) |
| expenses | | - | | | - | | | - | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Net | 1 | 54 | 55 | (17) | 89 | 72 | (16) | 143 | 127 |
| return | | | | | | | | | |
| on | | | | | | | | | |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Tax on | | | | | | - | | | |
| ordinary | - | - | - | - | - | | - | - | - |
| activities | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Return | 1 | 54 | 55 | (17) | 89 | 72 | (16) | 143 | 127 |
| attributable | | | | | | | | | |
| to equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
| Earnings | | 0.7 | 0.7 | (0.3) | 1.8 | 1.5 | (0.3) | 2.5 | 2.2 |
| per | - | | | | | | | | |
| share | | | | | | | | | |
| (pence) | | | | | | | | | |
+--------------+-----------------+----------------+----------------+-----------------+----------------+----------------+----------------+---------------+----------------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company has only one class of business
and derives its income from investments made in shares, securities and bank
deposits.
The total column of this statement is the Profit and Loss Account of the
Company.
+----------------------------------------+----------------+----------------+----------------+
| Reconciliation of movements in | Ordinary | S | |
| shareholders' funds | | Ordinary | |
+----------------------------------------+----------------+----------------+----------------+
| | Shares | Shares | Total |
+----------------------------------------+----------------+----------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+----------------+----------------+----------------+
| Opening Shareholders' funds | 6,996 | 4,693 | 11,689 |
+----------------------------------------+----------------+----------------+----------------+
| Net Return for year | 55 | 72 | 127 |
+----------------------------------------+----------------+----------------+----------------+
| Proceeds of share issue | 606 | | 606 |
| | | - | |
+----------------------------------------+----------------+----------------+----------------+
| Repurchase and cancellation of shares | (52) | (26) | (78) |
+----------------------------------------+----------------+----------------+----------------+
| Dividends paid - revenue | (42) | (25) | (67) |
+----------------------------------------+----------------+----------------+----------------+
| Dividends paid - capital | (169) | | (169) |
| | | - | |
+----------------------------------------+----------------+----------------+----------------+
| Closing Shareholders' funds | 7,394 | 4,714 | 12,108 |
+----------------------------------------+----------------+----------------+----------------+
The accompanying notes are an integral part of the financial statements.
Income Statement
For the six months ended 30 June 2009 (unaudited)
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| | Ordinary | S Ordinary | TOTAL |
| | Shares | Shares | |
+--------------+-----------------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Gains | | 219 | 219 | | 80 | 80 | | 299 | 299 |
| on | - | | | - | | | - | | |
| investments | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Income | 117 | | 117 | 76 | | 76 | 193 | | 193 |
| from | | - | | | - | | | - | |
| investments | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Other | 6 | | 6 | 2 | | 2 | 8 | | 8 |
| income | | - | | | - | | | - | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Investment | (11) | (44) | (55) | (8) | (30) | (38) | (19) | (74) | (93) |
| management | | | | | | | | | |
| fees | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Other | (51) | | (51) | (38) | | (38) | (89) | | (89) |
| expenses | | - | | | - | | | - | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Net | 61 | 175 | 236 | 32 | 50 | 82 | 93 | 225 | 318 |
| Return | | | | | | | | | |
| on | | | | | | | | | |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Tax on | (6) | 6 | | (3) | 3 | - | (9) | 9 | |
| ordinary | | | - | | | | | | - |
| activities | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Return | 55 | 181 | 236 | 29 | 53 | 82 | 84 | 234 | 318 |
| attributable | | | | | | | | | |
| to equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
| Earnings | 0.7 | 2.3 | 3.0 | 0.6 | 1.0 | 1.6 | 1.3 | 3.3 | 4.6 |
| per | | | | | | | | | |
| share | | | | | | | | | |
| (pence) | | | | | | | | | |
+--------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+-----------------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company has only one class of business
and derives its income from investments made in shares, securities and bank
deposits.
The total column of this statement is the Profit and Loss Account of the
Company.
+----------------------------------------+---------------+----------------+---------------+
| Reconciliation of movements in | Ordinary | S | |
| shareholders' funds | | Ordinary | |
+----------------------------------------+---------------+----------------+---------------+
| | Shares | Shares | Total |
+----------------------------------------+---------------+----------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+---------------+----------------+---------------+
| Opening Shareholders' funds | 6,647 | 4,750 | 11,397 |
+----------------------------------------+---------------+----------------+---------------+
| Net Return for year | 236 | 82 | 318 |
+----------------------------------------+---------------+----------------+---------------+
| Dividends paid - revenue | (102) | (89) | (191) |
+----------------------------------------+---------------+----------------+---------------+
| Dividends paid - capital | | | |
| | - | - | - |
+----------------------------------------+---------------+----------------+---------------+
| Closing Shareholders' funds | 6,781 | 4,743 | 11,524 |
+----------------------------------------+---------------+----------------+---------------+
The accompanying notes are an integral part of the financial statements.
Income Statement
For the year ended 31 December 2009
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | Ordinary Shares | S Ordinary | TOTAL |
| | | Shares | |
+--------------+-------------------------------------------------+----------------------------------------------------+--------------------------------------------------+
| | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Gains | | 459 | 459 | | 56 | 56 | | 515 | 515 |
| on | - | | | - | | | - | | |
| investments | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Income | 355 | - | 355 | 206 | - | 206 | 561 | - | 561 |
| from | | | | | | | | | |
| investments | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Other | 6 | - | 6 | 2 | - | 2 | 8 | - | 8 |
| income | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Investment | (24) | (95) | (119) | (16) | (66) | (82) | (40) | (161) | (201) |
| management | | | | | | | | | |
| fees | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Other | (127) | | (127) | (95) | | (95) | (222) | | (222) |
| expenses | | - | | | - | | | - | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Net | 210 | 364 | 574 | 97 | (10) | 87 | 307 | 354 | 661 |
| Return | | | | | | | | | |
| on | | | | | | | | | |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Tax on | (42) | 20 | (22) | (19) | 14 | (5) | (61) | 34 | (27) |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Return | 168 | 384 | 552 | 78 | 4 | 82 | 246 | 388 | 634 |
| attributable | | | | | | | | | |
| to equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
| Earnings | 2.1 | 4.9 | 7.0 | 1.6 | | 1.6 | 3.7 | 4.9 | 8.6 |
| per | | | | | - | | | | |
| share | | | | | | | | | |
| (pence) | | | | | | | | | |
+--------------+---------------+----------------+----------------+-----------------+-----------------+----------------+-----------------+----------------+---------------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company has only one class of business and
derives its income from investments made in shares, securities and bank
deposits.
The total column of this statement is the Profit and Loss Account of the
Company.
+----------------------------------------+----------------+---------------+---------------+
| Reconciliation of movements in | Ordinary | S | |
| shareholders' funds | | Ordinary | |
+----------------------------------------+----------------+---------------+---------------+
| | Shares | Shares | Total |
+----------------------------------------+----------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+----------------+---------------+---------------+
| Opening Shareholders' funds | 6,647 | 4,750 | 11,397 |
+----------------------------------------+----------------+---------------+---------------+
| Net Return for year | 552 | 82 | 634 |
+----------------------------------------+----------------+---------------+---------------+
| Repurchase and cancellation of shares | (23) | | (23) |
| | | - | |
+----------------------------------------+----------------+---------------+---------------+
| Dividends paid - revenue | (180) | (139) | (319) |
+----------------------------------------+----------------+---------------+---------------+
| Dividends paid - capital | | | |
| | - | - | - |
+----------------------------------------+----------------+---------------+---------------+
| Closing Shareholders' funds | 6,996 | 4,693 | 11,689 |
+----------------------------------------+----------------+---------------+---------------+
The accompanying notes are an integral part of the financial statements.
Balance Sheet
As at 30 June 2010
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | 30 June 2010 | 30 June 2009 | 31 December |
| | | | 2009 |
+---------------+------------------------------------------------------------+-----------------------------------------------------------+-------------------------------------------------------------+
| | (unaudited) | (unaudited) | (audited) |
+---------------+------------------------------------------------------------+-----------------------------------------------------------+-------------------------------------------------------------+
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | Ordinary | S | | Ordinary | S | | Ordinary | S | |
| | | Ord | | | Ord | | | Ord | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total |
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Fixed | | | | | | | | | |
| assets | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Investments | 6,470 | 3,265 | 9,735 | 6,193 | 3,857 | 10,050 | 6,156 | 2,841 | 8,997 |
| at fair | | | | | | | | | |
| value | | | | | | | | | |
| through | | | | | | | | | |
| profit or | | | | | | | | | |
| loss | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Current | | | | | | | | | |
| assets | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Debtors | 163 | 73 | 236 | 241 | 103 | 344 | 163 | 65 | 228 |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Cash | 819 | 1,407 | 2,226 | 422 | 864 | 1,286 | 756 | 1,832 | 2,588 |
| and | | | | | | | | | |
| overnight | | | | | | | | | |
| deposits | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | 982 | 1,480 | 2,462 | 663 | 967 | 1,630 | 919 | 1,897 | 2,816 |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Creditors: | (58) | (31) | (89) | (75) | (81) | (156) | (79) | (45) | (124) |
| amounts | | | | | | | | | |
| falling | | | | | | | | | |
| due within | | | | | | | | | |
| one year | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Net | 924 | 1,449 | 2,373 | 588 | 886 | 1,474 | 840 | 1,852 | 2,692 |
| current | | | | | | | | | |
| assets | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Total | 7,394 | 4,714 | 12,108 | 6,781 | 4,743 | 11,524 | 6,996 | 4,693 | 11,689 |
| net | | | | | | | | | |
| assets | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Capital | | | | | | | | | |
| and | | | | | | | | | |
| reserves | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Called | 840 | 494 | 1,334 | 784 | 497 | 1,281 | 780 | 497 | 1,277 |
| up | | | | | | | | | |
| share | | | | | | | | | |
| capital | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Share | 538 | 4,227 | 4,765 | | 4,227 | 4,227 | | 4,227 | 4,227 |
| premium | | | | - | | | - | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Distributable | 6,585 | (26) | 6,559 | 6,660 | | 6,660 | 6,637 | | 6,637 |
| reserve | | | | | - | | | - | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Capital | 12 | 3 | 15 | - | - | - | 4 | | 4 |
| Redemption | | | | | | | | - | |
| Reserve | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Capital | 1,286 | 159 | 1,445 | 1,033 | (52) | 981 | 1,349 | 86 | 1,435 |
| reserves | | | | | | | | | |
| - | | | | | | | | | |
| realised | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Capital | (2,042) | (176) | (2,218) | (1,877) | (5) | (1,882) | (1,990) | (192) | (2,182) |
| reserves | | | | | | | | | |
| - | | | | | | | | | |
| unrealised | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Revenue | 175 | 33 | 208 | 181 | 76 | 257 | 216 | 75 | 291 |
| reserve | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Net | 7,394 | 4,714 | 12,108 | 6,781 | 4,743 | 11,524 | 6,996 | 4,693 | 11,689 |
| assets | | | | | | | | | |
| attributable | | | | | | | | | |
| to Ordinary | | | | | | | | | |
| Shareholders | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
| Net | 88.1 | 95.5 | | 86.5 | 95.4 | | 89.7 | 94.4 | |
| asset | | | | | | | | | |
| value | | | | | | | | | |
| per | | | | | | | | | |
| ordinary | | | | | | | | | |
| share | | | | | | | | | |
| (pence) | | | | | | | | | |
+---------------+-------------------+--------------------+-------------------+-------------------+--------------------+------------------+--------------------+-------------------+--------------------+
The Financial Statements were approved by the Board of Directors and were signed
on its behalf by
ID Cormack
Director
16 August 2010
Cash Flow Statement
For the six months ended 30 June 2010
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | Six months to | Six months to | Year to 31 |
| | 30 June 2010 | 30 June 2009 | December 2009 |
+---------------------+----------------------------------------------------------+--------------------------------------------------------+-------------------------------------------------------+
| | (unaudited) | (unaudited) | (audited) |
+---------------------+----------------------------------------------------------+--------------------------------------------------------+-------------------------------------------------------+
| | Ordinary | S | | Ordinary | S | | Ordinary | S | |
| | | Ord | | | Ord | | | Ord | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Operating | | | | | | | | | |
| activities | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Investment | 87 | 33 | 120 | 107 | 93 | 200 | 397 | 268 | 665 |
| income | | | | | | | | | |
| received | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Deposit | | | | 6 | 2 | 8 | 8 | 3 | 11 |
| interest | - | - | - | | | | | | |
| received | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Investment | (36) | (49) | (85) | (16) | (10) | (26) | (90) | (62) | (152) |
| management | | | | | | | | | |
| fees paid | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Secretarial | (35) | (24) | (59) | (11) | (8) | (19) | (34) | (25) | (59) |
| fees paid | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Cash paid | (20) | (13) | (33) | (19) | (14) | (33) | (38) | (27) | (65) |
| to and on | | | | | | | | | |
| behalf of | | | | | | | | | |
| Directors | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Other | (48) | (27) | (75) | (45) | 6 | (39) | (52) | (37) | (89) |
| cash | | | | | | | | | |
| payments/receipts | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Net cash | (52) | (80) | (132) | 22 | 69 | 91 | 191 | 120 | 311 |
| (outflow)/inflow | | | | | | | | | |
| from operating | | | | | | | | | |
| activities | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Taxation | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Corporation | - | | | - | | | (12) | (15) | (27) |
| tax | | - | - | | - | - | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Financial | | | | | | | | | |
| investment | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Purchase | (773) | (650) | (1,423) | (629) | (400) | (1,029) | (1,617) | (1,028) | (2,645) |
| of | | | | | | | | | |
| investments | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Sale of | 525 | 341 | 866 | 855 | 1,194 | 2,049 | 2,121 | 2,804 | 4,925 |
| investments | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Net cash | (248) | (309) | (557) | 226 | 794 | 1,020 | 504 | 1,776 | 2,280 |
| (outflow)/inflow | | | | | | | | | |
| from financial | | | | | | | | | |
| investment | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Equity | (211) | (25) | (236) | (102) | (89) | (191) | (180) | (139) | (319) |
| dividends | | | | | | | | | |
| paid | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Net cash | (511) | (414) | (925) | 146 | 774 | 920 | 503 | 1,742 | 2,245 |
| (outflow)/inflow | | | | | | | | | |
| before financing | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Financing | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Issue of | 606 | - | 606 | | | | | | |
| ordinary | | | | - | - | - | - | - | - |
| shares | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Repurchase | (32) | (11) | (43) | - | | | (23) | | (23) |
| of | | | | | - | - | | - | |
| Ordinary | | | | | | | | | |
| Shares | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Net cash | 574 | (11) | 563 | | | | (23) | | (23) |
| inflow/(outflow) | | | | - | - | - | | - | |
| from financing | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
| Increase/(decrease) | 63 | (425) | (362) | 146 | 774 | 920 | 480 | 1,742 | 2,222 |
| in cash | | | | | | | | | |
+---------------------+--------------------+-----------------+-------------------+------------------+------------------+------------------+------------------+------------------+-----------------+
The accompanying notes are an integral part of the financial statements.
+----+--------------+-------------------+---------------------+-----------+--------+-----------------------+----------------------+--------------------+
| 1. | Accounting | | | | | |
| | Policies | | | | | |
+----+--------------+-------------------+---------------------------------+--------------------------------+----------------------+--------------------+
| | | | | | | |
+----+--------------+-------------------+---------------------------------+--------------------------------+----------------------+--------------------+
| | The financial information for the six months ended 30 June 2010 and the six |
| | months ended 30 June |
| | 2009 comprises non-statutory accounts within the meaning of section 435 of |
| | the Companies ACT 2006. |
| | The financial information contained in this report has been prepared on the |
| | basis of the accounting |
| | policies set out in the Annual Report and Financial Statements for the year |
| | ended 31 December |
| | 2009, which have been filed at Companies House and which contained an |
| | Auditors' Report which |
| | was not qualified and did not contain a statement under s498(2) or s498(3) of |
| | the Companies Act 2006. |
+----+ +
| | |
+----+ +
| | |
+----+ +
| | |
+----+ +
| | |
+----+ +
| | |
+----+-------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | Share | | Capital | Capital | Capital | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | Premium | Distributable | reserves | reserves | redemption | Revenue |
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| 2. | Movement in | Account | reserve | realised | unrealised | Reserve | reserve |
| | reserves | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | ORDINARY | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | SHARES | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | As at 31 | - | 6,637 | 1,349 | (1,990) | 4 | 216 |
| | December | | | | | | |
| | 2009 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Gains on | | | 118 | | | |
| | sales of | - | - | | - | - | - |
| | investments | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Decrease in | | | | (52) | | |
| | unrealised | - | - | - | | - | - |
| | appreciation | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Investment | | | (12) | | | |
| | management | - | - | | - | - | - |
| | fees | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Dividends | | | (169) | | | (42) |
| | paid | - | - | | - | - | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Tax effect | | | | | | |
| | of capital | - | - | - | - | - | |
| | items | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Share Issue | 398 | | | | | |
| | - 1 April | | - | - | - | - | - |
| | 2010 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Share Issue | 85 | | | | | |
| | - 5 April | | - | - | - | - | - |
| | 2010 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Share Issue | 55 | | | | | |
| | - 30 April | | - | - | - | - | - |
| | 2010 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Repurchase | | (52) | | | 8 | |
| | and | - | | - | - | | - |
| | cancellation | | | | | | |
| | of shares | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Retained | | | | | | 1 |
| | net revenue | - | - | - | - | - | |
| | for period | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | As at 30 | 538 | 6,585 | 1,286 | (2,042) | 12 | 175 |
| | June 2010 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | Share | | Capital | Capital | Capital | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | Premium | Distributable | reserves | reserves | redemption | Revenue |
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Movement in | Account | reserve | realised | unrealised | Reserve | reserve |
| | reserves | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | S ORDINARY | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | SHARES | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | As at 31 | 4,227 | | 86 | (192) | | 75 |
| | December | | - | | | - | |
| | 2009 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Gains on | | | 101 | | | |
| | sales of | - | - | | - | - | - |
| | investments | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Increase in | | | | 16 | | |
| | unrealised | - | - | - | | - | - |
| | appreciation | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Investment | | | (28) | | | |
| | management | - | - | | - | - | - |
| | fees | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Dividends | | | | | | (25) |
| | paid | - | - | - | - | - | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Tax effect | | | | | | |
| | of capital | - | - | - | - | - | - |
| | items | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Repurchase | | (26) | | | 3 | |
| | and | - | | - | - | | - |
| | cancellation | | | | | | |
| | of shares | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | Retained | | | | | | (17) |
| | net revenue | - | - | - | - | - | |
| | for period | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | As at 30 | 4,227 | (26) | 159 | (176) | 3 | 33 |
| | June 2010 | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | Six | |
| | | | | | | months | |
| | | | | | | ended | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| 3. | Return per | | | | | 30 June | |
| | ordinary | | | | | 2010 | |
| | share | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | ORDINARY | | | | | | |
| | SHARES | | | | | | |
+----+--------------+-------------------+---------------------+--------------------+-----------------------+----------------------+--------------------+
| | The returns per share have been based on the following | | |
| | figures: | | |
+----+-----------------------------------------------------------------------------------------------------+----------------------+--------------------+
| | Weighted average number of Ordinary shares | | 8,105,120 | |
+----+-----------------------------------------------------------------------------+-----------------------+----------------------+--------------------+
| | Revenue | | | | | GBP1,000 | |
| | Return | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | Capital | | | | | GBP54,000 | |
| | Return | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | S ORDINARY | | | | | | |
| | SHARES | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | The returns per share have been based on the following | | |
| | figures: | | |
+----+-----------------------------------------------------------------------------------------------------+----------------------+--------------------+
| | Weighted average number of S Ordinary shares | | 4,966,057 | |
+----+-----------------------------------------------------------------------------+-----------------------+----------------------+--------------------+
| | Revenue | | | | | (GBP17,000) | |
| | Return | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | Capital | | | | | GBP89,000 | |
| | Return | | | | | | |
+----+--------------+-------------------+---------------------------------+--------+-----------------------+----------------------+--------------------+
| | | | | | | | | |
+----+--------------+-------------------+---------------------+-----------+--------+-----------------------+----------------------+--------------------+
A summary of investment changes for the period under review and an investment
portfolio summary as at 30 June
2010 are attached.
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| SUMMARY OF INVESTMENT CHANGES (ORDINARY | | | |
| SHARES) | | | |
+---------------------------------------------------------------------+-----------------------+--------------+--------------+
| For the six months ended 30 | | | | |
| June 2010 | | | | |
+--------------------------------------------+------------------------+-----------------------+--------------+--------------+
| | | | | | | |
+ +--------------+---------------+------------------------+-----------------------+--------------+--------------+
| | Valuation | Net | Appreciation | Valuation |
| | | investment | | |
+ +------------------------------+------------------------+-----------------------+-----------------------------+
| | 31 December 2009 | (disinvestment) | (depreciation) | 30 June 2010 |
| | | | | |
+ +------------------------------+------------------------+-----------------------+-----------------------------+
| | GBP'000 | % | GBP'000 | GBP'000 | GBP'000 | % |
| | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Unlisted | | | | | | |
| investments | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Equities | 960 | 13.7 | 145 | 35 | 1,140 | 15.4 |
| | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Preference | 19 | 0.3 | | (1) | 18 | 0.2 |
| | | | - | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Loan | 3,942 | 56.3 | 467 | 30 | 4,439 | 60.0 |
| stocks | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| | 4,921 | 70.3 | 612 | 64 | 5,597 | 75.6 |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| AIM | | | | | | |
| investments | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Equities | 1,235 | 17.7 | (364) | 2 | 873 | 11.8 |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Listed | | | | | | |
| investments | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Fixed | | | | | | |
| income | - | - | - | - | - | - |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Total | 6,156 | 88.0 | 248 | 66 | 6,470 | 87.4 |
| investments | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Other net | 840 | 12.0 | 84 | | 924 | 12.6 |
| assets | | | | - | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
| Total | 6,996 | 100.0 | 332 | 66 | 7,394 | 100.0 |
| Assets | | | | | | |
+-------------+--------------+---------------+------------------------+-----------------------+--------------+--------------+
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| SUMMARY OF INVESTMENT CHANGES (S | |
| ORDINARY SHARES0 | |
+----------------------------------------------------------------------+ +
| For the six months ended 30 June 2010 | |
| | |
+----------------------------------------------------------------------+ +
| | | | |
+ +--------------------------------------------------------+--------------------------------------+--------------+
| | Valuation | Net | Appreciation | Valuation |
| | | investment | | |
+ +-------------------------------+------------------------+----------------------+------------------------------+
| | 31 December 2009 | (disinvestment) | (depreciation) | 30 June 2010 |
| | | | | |
+ +-------------------------------+------------------------+----------------------+------------------------------+
| | GBP'000 | % | GBP'000 | GBP'000 | GBP'000 | % |
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Unlisted | | | | | | |
| investments | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Equities | 273 | 5.8 | 121 | 51 | 445 | 9.4 |
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Preference | 2 | | | | 2 | |
| | | - | - | - | | - |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Loan | 2,044 | 43.6 | 415 | 44 | 2,503 | 53.1 |
| stocks | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| | 2,319 | 49.4 | 536 | 95 | 2,950 | 62.5 |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| AIM | | | | | | |
| investments | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Equities | 522 | 11.1 | (229) | 22 | 315 | 6.7 |
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Listed | | | | | | |
| investments | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Fixed | | | | | | |
| income | - | - | - | - | - | - |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Total | 2,841 | 60.5 | 307 | 117 | 3,265 | 69.2 |
| investments | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Other | 1,852 | 39.5 | (403) | | 1,449 | 30.8 |
| net | | | | - | | |
| assets | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
| Total | 4,693 | 100.0 | (96) | 117 | 4,714 | 100.0 |
| Assets | | | | | | |
+-------------+---------------+---------------+------------------------+----------------------+---------------+--------------+
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Investment | | | | | | | | |
| Portfolio | | | | | | | | |
| Summary | | | | | | | | |
| As at 30 | | | | | | | | |
| June 2010 | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Investment | |Ordinary | | | S | | % | % of |
| Name | | Pool | | |Share | | of | equity |
| | | | | | Pool | |equity | held |
| | | | | | | | held | by |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Unlisted |Valuation | Cost | % |Valuation | Cost | % | by | other |
| Investments | | | of | | | of | Fund |clients |
| | | | total | | | total | | |
| | | |assets | | |assets | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Camwatch | 293 | 293 | 3.9% | 167 | 168 | 3.5% | 4.7% | 51.9% |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Lawrence | 260 | 260 | 3.5% | 173 | 173 | 3.7% | 5.5% | 52.5% |
| Recycling | | | | | | | | |
| and Waste | | | | | | | | |
| Management | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Westway | 200 | 131 | 2.7% | 200 | 131 | 4.2% | 2.4% | 19.5% |
| Services | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Ailsa | 249 | 249 | 3.4% | 149 | 149 | 3.2% | 46.7% | 33.3% |
| Craig | | | | | | | | |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Dunning | 249 | 249 | 3.4% | 149 | 149 | 3.2% | 46.7% | 33.3% |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Shiskine | 249 | 249 | 3.4% | 149 | 149 | 3.2% | 46.7% | 33.3% |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Training | 170 | 149 | 2.3% | 199 | 174 | 4.2% | 3.7% | 26.3% |
| For Travel | | | | | | | | |
| Group | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| PSP/AHC | 244 | 316 | 3.3% | 123 | 158 | 2.6% | 7.6% | 67.4% |
| (Dalglen | | | | | | | | |
| 1148) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Armannoch | 225 | 225 | 3.0% | 125 | 125 | 2.7% | 24.9% | 53.7% |
| Investments | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Valkyrie | 225 | 225 | 3.0% | 125 | 125 | 2.7% | 24.9% | 53.7% |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Dalglen | 249 | 249 | 3.4% | 99 | 99 | 2.1% | 7.4% | 55.6% |
| 1150 | | | | | | | | |
| (Walker | | | | | | | | |
| Technical | | | | | | | | |
| Resources) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Homelux | 326 | 149 | 4.4% | | | | 3.0% | 37.0% |
| Nenplas | | | | - | - | - | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| TC | 199 | 199 | 2.7% | 124 | 124 | 2.6% | 10.9% | 50.5% |
| Communications | | | | | | | | |
| Holdings | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Nessco | 124 | 124 | 1.7% | 199 | 199 | 4.2% | 4.2% | 33.6% |
| Group | | | | | | | | |
| Holdings | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Steminic | 220 | 220 | 3.0% | 101 | 101 | 2.1% | 4.4% | 47.3% |
| (MS | | | | | | | | |
| Industrial | | | | | | | | |
| Services) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Beckford | 160 | 160 | 2.2% | 160 | 160 | 3.4% | 23.0% | 77.0% |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| THL | 192 | 259 | 2.6% | 115 | 155 | 2.4% | 4.6% | 67.2% |
| (Midlands) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Torridon | 159 | 103 | 2.2% | 135 | 88 | 2.9% | 2.1% | 31.0% |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Adler & | 187 | 187 | 2.5% | 93 | 93 | 2.0% | 1.0% | 5.6% |
| Allan | | | | | | | | |
| Holdings | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Oliver Kay | 272 | 209 | 3.7% | | | | 1.3% | 18.7% |
| Holdings | | | | - | - | - | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Atlantic | 253 | 199 | 3.4% | | | | 1.1% | 7.7% |
| Foods | | | | - | - | - | | |
| Group | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Venmar t/a | 109 | 109 | 1.5% | 124 | 124 | 2.6% | 3.6% | 31.4% |
| XPD8 | | | | | | | | |
| Solutions | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Martel | 227 | 227 | 3.1% | | | | 4.2% | 40.0% |
| Instruments | | | | - | - | - | | |
| Holdings | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Tosca | 88 | 88 | 1.2% | 87 | 87 | 1.8% | | 0.3% |
| Penta | | | | | | | - | |
| Investments | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Intercede | 70 | 70 | 0.9% | 99 | 99 | 2.1% | 1.9% | 26.6% |
| (Scotland) | | | | | | | | |
| 1 | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Essential | 166 | 192 | 2.2% | | | | 5.6% | 35.2% |
| Viewing | | | | - | - | - | | |
| Systems | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Enpure | 137 | 100 | 1.9% | | | | 0.4% | 1.9% |
| Holdings | | | | - | - | - | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Countcar | 64 | 30 | 0.8% | 36 | 17 | 0.8% | 6.1% | 47.0% |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Others | 31 | 865 | 0.3% | 19 | 42 | 0.3% | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| | 5,597 | 6,085 | 75.6% | 2,950 | 2,889 | 62.5% | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| AIM/PLUS | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Mount | 98 | 124 | 1.3% | 28 | 35 | 0.6% | 0.9% | 1.6% |
| Engineering | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| System C | 100 | 150 | 1.4% | | | - | 0.2% | 0.8% |
| Healthcare | | | | - | - | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Animalcare | - | - | - | 96 | 53 | 2.0% | 0.5% | 3.7% |
| Group | | | | | | | | |
| (formerly | | | | | | | | |
| Ritchey) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Chime | 70 | 71 | 0.9% | 25 | 26 | 0.5% | 0.1% | 0.3% |
| Communications | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Software | 94 | 138 | 1.3% | | | - | 0.4% | 2.2% |
| Radio | | | | - | - | | | |
| Technology | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Betbrokers | 30 | 66 | 0.4% | 60 | 132 | 1.3% | 0.6% | 1.3% |
| | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| OPG Power | 41 | 39 | 0.6% | 41 | 39 | 0.9% | 0.2% | 0.4% |
| Ventures | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| DM | 53 | 83 | 0.7% | 26 | 41 | 0.6% | 0.6% | 0.8% |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Plastics | 59 | 197 | 0.8% | 15 | 50 | 0.3% | 0.9% | 2.8% |
| Capital | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Hambledon | 60 | 83 | 0.8% | | | - | 0.2% | 0.1% |
| Mining | | | | - | - | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Datong | 40 | 151 | 0.5% | | | - | 0.9% | 1.1% |
| | | | | - | - | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Universe | 36 | 100 | 0.5% | | | - | 1.2% | 1.4% |
| Group | | | | - | - | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Neutrahealth | 32 | 89 | 0.4% | | | - | 0.6% | 1.3% |
| plc | | | | - | - | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Praesepe | 15 | 49 | 0.2% | 15 | 50 | 0.3% | 0.2% | 0.8% |
| (formerly | | | | | | | | |
| Aldgate | | | | | | | | |
| Capital) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| AMZ | 25 | 151 | 0.3% | | | - | 0.5% | 1.7% |
| Holdings | | | | - | - | | | |
| (formerly | | | | | | | | |
| Amazing | | | | | | | | |
| Holdings) | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Work Group | 23 | 151 | 0.3% | | | - | 0.7% | 2.6% |
| | | | | - | - | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Avanti | 20 | 10 | 0.3% | | | - | | 0.2% |
| Communications | | | | - | - | | - | |
| Group | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Others | 77 | 876 | 1.1% | 9 | 123 | 0.2% | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| | 873 | 2,528 | 11.8% | 315 | 549 | 6.7% | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| | | | | | | | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
| Total | 6,470 | 8,613 | 87.4% | 3,265 | 4,547 | 69.2% | | |
+----------------+-----------+----------+--------+-----------+-------+--------+--------+---------+
Other information
Copies of this announcement will be available to the public at the registered
office of the Company at 149 St Vincent Street, Glasgow, G2 5NW.
By Order of the Board
MAVEN CAPITAL PARTNERS UK LLP, SECRETARY
16 August 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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