RNS Number:9025W
Singer & Friedlander AIM 3 VCT PLC
18 May 2007
Singer & Friedlander AIM 3 VCT plc
Preliminary Announcement for the year ended 31 January 2007
Performance Summary
31 January 2007 31 January 2006
Total net assets #44,349,018 #27,515,787
Net asset value per share 93.44p 88.42p
Net dividends for the year (proposed) #949,240 #0.00
Dividend per ordinary share (proposed for the year) 2.00p 0.00p
Qualifying investments of the current investment portfolio 80.07% 80.60%
Total dividends paid and recommended to date 5.25p 3.25p
Board Review of the Year
Introduction
Your Company has enjoyed a successful year. The merger of the three Singer &
Friedlander AIM VCTs was completed in February 2006, enabling us to benefit from
economies of scale. It is pleasing to note our expense ratio is below that
forecast in the merger documents and compares favourably with other VCTs. Our
investment performance improved as the year progressed with this improvement
continuing into our new financial year. Your Directors view the future with
guarded optimism.
Performance
During the second half of our financial year the AIM Index increased by 3.6%.
Over the same period your Net Asset Value ("NAV") at 93.44p increased by 11.6%.
For the year as a whole your NAV increased by 5.7% whilst the AIM Index fell by
4.6%. As was reported at the Interim stage the Company had to bear the costs of
the merger during the early part of the year and the subsequent portfolio
restructuring, therefore the Directors consider this outcome to be more than
satisfactory.
Since launch in February 2001 shareholders in the Singer & Friedlander AIM 3 VCT
have seen an increase in NAV of 1.8% (after allowing for dividend payments to
date of 3.25 pence) compared to a fall of 16.8% in the AIM Index.
Shareholders who invested in the 'C' Share issue of Singer & Friedlander AIM 3
VCT in April 2005, adjusted for the ratio used upon conversion in December 2005,
have seen an increase in their effective NAV of 11.8%. During the same period
the AIM Index has risen by 0.8%.
Shareholders who originally invested in the Singer & Friedlander AIM 2 VCT in
April 2000 (after allowing for dividend payments of 5.25 pence and the relevant
merger conversion ratio) have seen an effective decline in NAV of 21.9%. Over
the same period the AIM Index has fallen by 44.1%.
Shareholders in the Singer & Friedlander AIM VCT, launched in late 1998, after
accounting for dividends totalling 32.4 pence and following conversion, have
seen a decline of 24.6%.
The results for the year include a gain of #1,017,855 attributable to the
merger. This gain derives from accounting standards and arises from the fact
that the shares of the Company, Singer & Friedlander AIM plc and Singer and
Friedlander AIM 2 plc were trading at discounts to attributable net asset value
at the time of the merger. As the portfolios of AIM and AIM 2 have now been
subsumed within the AIM 3 portfolio this discount has been released in the
Company's financial statements. In order to understand the underlying portfolio
investment performance, this gain should be deducted from the results of the
year of the Company.
This gain has no impact on the performance of the Company as recorded and
described above in terms of the increase in net asset value per share.
The above returns do not take into account any tax relief which may have been
received by shareholders.
Portfolio commentary and developments
The merged portfolio continues to comply with the HM Revenue & Customs' criteria
for VCT qualification and now consists of 73 investments, 68 of these are quoted
on AIM, 1 fully listed and 4 are unquoted. Unquoted investments represent 7.17%
of the portfolio whilst fixed interest investments and cash account for 14.83%.
Following the merger the combined portfolio contained nearly 120 investments.
The Manager has subsequently reduced that number to a more manageable level.
Since our year end a number of our investee companies have received take-over
approaches. We expect some of these take-overs to be completed resulting in an
increase in our liquidity. Our Manager will then proactively seek new investment
opportunities.
Newsflow from most of our investee companies continues to improve supporting a
gradual recovery in share prices.
During the year we have seen particularly good share price performance from the
AIM quoted Tanfield Group, Oasis Healthcare, Blooms of Bressingham Holdings,
Synergy Healthcare, Music Copyright Solutions and The Clapham House Group. We
have also been able to increase the valuations of the unquoted investments
Flexbenefits and Lilestone Holdings following further fundraisings above the
level of our previous carrying valuations.
Merger Completion and Running Costs
The merger of the three Singer & Friedlander AIM VCTs was completed in February
2006. Whilst this exercise incurred considerable costs which are reflected in
these results, the benefits have lately begun to flow through. We have made
progress in reducing the ongoing costs of the Company, with the annualised
running costs being 2.4% of the value of the fund (excluding option costs) and
the total annualised running costs (including option costs) of 2.8%. The
expense ratio is below that forecast in the merger documents.
Dividends
During the second half of the year the company revoked its investment company
status and is therefore in a position to distribute its capital profits as part
of the year end dividend. The Board is recommending a final dividend of 2.0
pence per share payable on 3 July 2007 to shareholders on the register as at 8
June 2007.
Share Repurchases
During the year we repurchased 4,936,584 ordinary shares representing 9.4% of
our post-merger issued share capital. As mentioned in the Interim Report, the
Company had been in an extended "closed period" due to the merger and this led
to an increase in demand for share buy-backs. These shares were bought at a 10%
discount to the NAV prevailing at the time thereby enhancing the NAV for
remaining shareholders. The Company will continue to repurchase its own shares
from time to time as appropriate and within the powers granted at the Annual
General Meeting. These transactions are handled by our stockbroker, Teather &
Greenwood.
Outlook
Your Board believes that the benefits of the merger have begun to accrue as
indicated by the improvement in the NAV and the reduction in the expense ratio.
Since the year end the NAV, excluding current period revenue, has further
improved to 99.27 pence as at 10 May 2007. As ever, making economic forecasts is
difficult and considerable risks to financial markets remain which could result
in further stock market volatility. However, your Manager is confident in the
underlying quality of the portfolio and believes there is potential for further
gains to be made in the foreseeable future.
Christopher Moorsom (Chairman)
James Hambro
Mike Killingley
David Page
Dominic Wheatley
Singer & Friedlander AIM 3 VCT plc
18 May 2007
AIM Quoted Sector Nature of business Purchase Valuation Percentage Percentage
Companies cost at 31 of net of company
January assets managed by
2007 Investment
Manager
# # % %
1st Dental Healthcare Manufacture of dental 450,000 273,000 0.62 4.13
Laboratories equipment & appliances
services
Aero Inventory Aerospace & defence Procurement and inventory 1,289,924 1,667,325 3.76 1.81
management for the
aerospace industry
Aquilo Support services Specialist insurance claims 397,282 84,138 0.19 8.78
management and advisory
group
Asfare Group Industrial Supplying specialist 370,835 549,399 1.24 16.67
engineering equipment in support of the
Homeland Security market
ATA Group Support services Services encompassing 220,375 286,219 0.65 7.72
assessment services in the
contingency database and
advertising selection
recruitment businesses
Autoclenz Support services Car valeting and vehicle 131,440 106,934 0.24 3.40
Holdings preparation services
Avingtrans Industrial Provider of precision 443,333 787,499 1.78 4.93
engineering engineering components and
services
BBI Holdings Pharmaceuticals & Development and manufacture 239,708 684,698 1.54 3.24
biotechnology of non invasive lateral
flow tests
Blooms of General retailers Operation of retail garden 102,033 145,839 0.33 5.08
Bressingham centre
Holdings
Bright Things Leisure goods Development and commercial 452,500 97,543 0.22 12.06
exploitation of an
educational childrens games
platform associated
software
Camaxys Software & computer Provision of health and 254,825 23,874 0.05 15.83
(suspended) services safety software supply,
consultancy and maintenance
Cello Group Media Core activities of market 257,625 287,438 0.65 1.45
research, brand advertising
and direct marketing and
database management
Charteris Software & computer Provide consultancy 84,500 40,950 0.09 0.60
services services which help clients
improve business
performance and create new
business opportunities
through information
technology
Chromogenex Healthcare Design, manufacture and 27,750 24,747 0.06 1.25
equipment & distribute aesthetic and
services therapeutic laser and
aesthetic light based
technology devices
Clerkenwell General financial Investing company formed to 190,489 169,296 0.38 6.18
Ventures acquire businesses in the
leisure sector
CMS Webview Media Provision of data 401,674 60,211 0.14 5.02
dissemination facilities
and software
Investment Portfolio Summary
AIM Quoted Sector Nature of business Purchase Valuation Percentage of Percentage of
Companies cost at 31 net assets company
January managed by
2007 Investment
Manager
# # % %
Conder Industrial Provision of data 385,241 166,912 0.38 6.24
Environmental engineering dissemination facilities
and software
Corpora Software & computer Create, sell and support 945,280 428,732 0.97 5.16
services knowledge discovery
technologies
Eagle Eye Industrial A vehicle communication 3,830 3,828 0.01 0.12
Telematics transportation gateway which offers
fleet/asset management
and driver/vehicle
security capabilities
First Artist Media Management and 704,265 540,375 1.22 4.53
Corporation representation business
for personalities in the
football and television
market
Fountains Support services An environmental services 155,852 143,136 0.32 4.22
business undertaking
vegetation management and
forest management
Fujin Software & computer Consultancy, design, 217,758 121,417 0.27 1.07
Technology services supply, implementation
and ongoing support of IT
networks
Fulcrum Pharma Pharmaceuticals & Offering global virtual 279,532 115,435 0.26 2.12
biotechnology drug development and
strategic outsourcing
services to the
pharmaceutical industry
Glisten Food producers The manufacture and sale 220,000 1,097,938 2.48 3.82
of confectionery,
ingredients and snacking
products to retailers,
manufacturers, organic
market and food service
sector
Huveaux Media The creation, development 595,868 1,035,000 2.33 3.13
and distribution of
information to business
and professional markets
ID Data Electronic & Provision of secure 939,736 487,776 1.10 5.47
electrical card-based transaction
equipment systems and services
using a range of smart
and magnetic card
solutions
ILX Group Support services Providers of financial 374,960 542,793 1.22 5.21
training through
traditional courses,
paper-based training and
innovative electronic
based training
Imagesound Media Suppliers of in-store 92,188 243,750 0.55 2.38
music, radio and TV
services to the branded
retail and leisure
sectors
Imprint Support services Provision of executive 360,062 1,055,000 2.38 1.53
search and selection
services
Individual Travel & leisure Operation of large 143,145 258,685 0.58 0.49
Restaurant stylish brassserie type
Company restaurants
Intelligent Software & computer Provision of online 116,123 358,428 0.81 10.18
Environments services software products for the
Group credit card and
investment markets
Inter Link Food producers Manufacture and sale of 629,000 337,663 0.76 1.06
Foods cakes and pastry products
Just Car General retailers Owns car repair centres 95,865 148,731 0.34 2.12
Clinics Group
AIM Quoted Sector Nature of business Purchase Valuation Percentage of Percentage of
Companies cost at 31 net assets company
January managed by
2007 Investment
Manager
# # % %
Knowledge Media Development and sale of 191,362 159,575 0.36 6.33
Technology proprietary software and
Solutions publishing financial
information service
across the Internet
Lo-Q Travel & leisure Development and 760,000 188,100 0.42 5.62
application of virtual
queuing technologies
Medal Media Acquiring and exploiting 51,170 41,388 0.09 8.24
Entertainment & intellectual property
Media rights in the areas of
TV, video and DVD
Mediwatch Healthcare Development and supply of 1,146,144 1,167,939 2.63 8.87
equipment & primary care products
services used in the diagnosis of
urological disorders and
prostate cancer detection
Music Copyright Media Music copyright 311,250 755,239 1.70 3.73
Solutions administration and the
exploitation of musical
compositions
Neutrahealth Food producers Sale and distribution of 279,470 273,741 0.62 6.01
nutraceutical products
Oasis Healthcare Operation of dental 914,525 1,331,431 3.00 5.92
Healthcare equipment & practices
services
Petards Group Support services Development and provision 82,860 104,846 0.24 1.74
of security systems and
monitoring equipment,
CCTV, visual alarm
systems, mobile data
terminals
Pixology Software & computer Development and sale of 399,000 71,963 0.16 1.41
services software and services to
facilitate the printing
of digital photographs
Playgolf Travel & leisure Golf course and driving 255,000 123,735 0.28 2.65
Holdings range management
PM Group Support services Design, manufacture and 524,232 614,662 1.39 4.15
service of vehicle
mounted weighing systems
Prezzo Travel & leisure Restaurant operators 249,814 1,613,125 3.64 2.06
Pubs 'n' Bars Travel & leisure Operation of 95 pubs in 281,813 300,265 0.68 5.71
London and the West of
England
Quadnetics Support services Development, design, 341,381 522,108 1.18 1.62
Group integration and
management of advanced
surveillance technology
and security networks
Red Squared Software & computer Provider of complete 57,292 69,887 0.16 3.23
services hosting and managed
service solutions for
companies wishing to
outsource their IT
requirements
Revenue General financial Supply of revenue 297,500 288,125 0.65 0.59
Assurance assurance services and
Services business enterprise
software and solutions
Smallbone Household goods Design, manufacture, sale 293,220 307,627 0.69 2.84
and installation of
fitted kitchens, bedrooms
and bathrooms
Symphony General industrials Supply of environmental 460,339 331,289 0.75 4.31
Plastic polythene products
Technologies
AIM Quoted Sector Nature of business Purchase Valuation Percentage of Percentage of
Companies cost at 31 net assets company
January managed by
2007 Investment
Manager
# # % %
Synergy Healthcare Provision of healthcare 297,267 1,425,900 3.21 0.67
Healthcare equipment & products and services
services
Tanfield Group Support services Engaged in the 585,438 1,620,000 3.65 0.91
engineering and electric
vehicle industries
Tasty Travel & leisure Restaurant operator 72,377 130,140 0.29 1.08
The Clapham Travel & leisure Operation of restaurants 395,992 1,150,244 2.59 1.56
House Group and food delivery outlets
The Food & Travel & leisure Restaurant and bar 59,851 97,407 0.22 1.05
Drink Group proprietor
The Real Good Food producers Manufacturer and supplier 596,112 393,961 0.89 1.01
Food Company of prepared foods
Thomson Media Provide marketing 729,005 474,199 1.07 1.10
Intermedia services via innovative
systems and consultancy
Tikit Group Software & computer Provision and maintenance 400,000 1,013,043 2.28 2.79
services of information technology
products and solutions
Tissue Science Healthcare Development of medical 706,267 464,141 1.05 1.71
Laboratories equipment & device products for
services surgical implant and
wound management
therapies
Torex Retail Software & computer Independent provider of 694,691 292,220 0.66 0.32
(suspended) services point of sale software,
systems and services and
productivity tools
TripleArc Support services Provision of print 84,814 94,574 0.21 3.81
management services and
e-procurement solutions
for the print industry
UBC Media Group Media Provision of audio and 663,754 403,225 0.91 1.29
data services to the
radio industry
Vianet Group Technology hardware Developed a system which 969,989 752,351 1.70 9.57
& equipment facilitates the
collection, management,
processing and control of
data from remote sources
Xpertise Group Support services Operates IT training 573,508 213,450 0.48 17.70
centres which can lead to
industry recognised
qualifications
Zytronic Electronic & Manufacture of optical 610,958 558,790 1.26 5.28
electrical filters to enhance
equipment electronic display
performance
25,909,393 29,723,399 67.03
All investments are in ordinary shares unless otherwise stated
Fully Listed Sector Nature of business Purchase Valuation Percentage Percentage
Companies cost at 31 of net of company
January assets managed by
2007 Investment
Manager
# # % %
Connaught Support services Provision of integrated 421,685 626,326 1.41 0.44
asset management and
compliance services
421,685 626,326 1.41
Private Sector Nature of business Purchase Valuation Percentage Percentage
Companies cost at 31 of net of company
January assets managed by
2007 Investment
Manager
# # % %
Flexbenefits Software & computer Employee benefits and 681,828 757,125 1.71 7.70
services financial services
Lilestone General retailers Lingerie design and retail 648,175 292,187 0.66 6.63
Holdings
Sportsweb.com Support services Healthcare recruitment 352,128 352,128 0.79 11.36
company
U4EA Technology hardware Data transfer management 399,126 60,337 0.14 1.49
&
equipment
U4EA Technology hardware Data transfer management 1,403,995 1,406,995 3.17 11.66
(Preference & equipment
Shares)
U4EA Loan Stock Technology hardware Data transfer management 250,000 250,000 0.56 4.72
& equipment
3,735,252 3,118,772 7.03
All investments are in ordinary shares unless otherwise stated
Other Sector Nature of business Purchase Valuation Percentage Percentage
qualifying cost at 31 of net of company
investments January assets managed by
2007 Investment
Manager
# # % %
Aquilo Loan Support services Specialist insurance claims 112,500 112,500 0.25 33.33
Stock management and advisory
group
Xpertise Group Support services Operates IT training 200,000 200,000 0.45 100.00
Loan Stock centres which can lead to
industry recognised
qualifications
312,500 312,500 0.70
Other fixed interest securities Purchase Valuation Percentage Percentage
cost at 31 of net of company
January assets managed by
2007 Investment
Manager
# # % %
Debentures and loan stocks
Financial Objects VAR RTE Unsecured Loan Notes 2007 9,304 10,150 0.02 2.73
9,304 10,150 0.02
UK Government loans
Treasury 4.75% Stock 7/6/2010 498,891 490,204 1.11 0.02
Treasury 4.5% Stock 7/3/2007 3,547,095 3,546,567 8.00 0.11
Treasury 4% Stock 7/3/2009 1,832,300 1,797,009 4.05 0.09
5,878,286 5,833,780 13.16
Other Sector Nature of business Purchase Valuation Percentage Percentage
non-qualifying cost at 31 of net of company
investments January assets managed by
2007 Investment
Manager
# # % %
Aquilo Support services Specialist insurance claims 1,340,441 283,886 0.64 8.78
management and advisory
group
Blooms of General retailers Operation of retail garden 941,180 1,345,255 3.03 5.08
Bressingham centre
Holdings
Cardpoint Support services Owns and/or operates 645,994 1,100,770 2.48 1.09
independent automated
teller machines (ATMs) and
mobile phone e-topup
terminals
Formation Group Media Provision of management and 519,751 642,246 1.45 2.70
marketing services in the
football sector, and the
provision of worldwide
hospitality and event
management
Medal Media Acquiring and exploiting 602,509 487,326 1.10 8.24
Entertainment & intellectual property
Media rights in the areas of TV,
video and DVD
The Food & Drink Travel & leisure Restaurant and bar 18,662 30,372 0.07 1.05
Group proprietor
4,068,537 3,889,855 8.77
Investments Sector Nature of business Purchase Valuation Percentage Percentage
held at nil cost at 31 of net of company
valuation* January assets managed by
2007 Investment
Manager
# # % %
Adval Group Support services On-line training company 287,265 - - -
Award Media Suppliers of promotional 209,990 - - -
International goods and services,
Holdings corporate hospitality,
event management and
corporate travel
Coinmaster Travel & leisure Production of electronic 350,000 - - -
Gaming gaming machines
Disperse Group Personal goods The research, design 315,104 - - -
development formulation and
manufacture of high quality
health and beauty products
Flying Scotsman Travel & leisure Owner of a steam locomotive 400,800 - - -
Global Money Speciality & other Money transfer service 300,000 - - -
Transfer (Loan finance
Notes)
Laminate General retailers Specialise in supplying 450,000 - - -
Flooring real wood and laminate
flooring
Monotub Household goods Washing machine 260,000 - - -
Industries manufacturer
NWD Group Media Marketing services group 518,312
Recycled Waste Support services Environmental control 374,994 - - -
Ringprop Industrial Exploitation of the 366,999 - - -
engineering potential of marine
propeller technology
Stanhope Telecommunications Telecom products 500,000 - - -
Telecom
4,333,464 - -
*These companies are in liquidation and, with the exception of Global Money
Transfer, they are shown within the Investment Portfolio Summary since they
count towards the VCT investment test which states that 70% of the Company's
assets will be invested in VCT qualifying investments by January 2004.
All investments listed on pages 6 to 12 are incorporated and quoted within the
UK.
Summary
Purchase Valuation at Percentage
cost 31 January of net
2007 assets
# # %
Total qualifying portfolio* 30,378,830 33,780,997 76.17
Fixed interest/non-qualifying 9,956,127 9,733,785 21.95
portfolio
Investments held at nil valuation 4,333,464 - -
Subtotal 44,668,421 43,514,782 98.12
Net current assets - 834,236 1.88
Total 44,668,421 44,349,018 100.00
*The figure of 76.17% simply shows the share of total market values represented
by qualifying holdings. The figure calculated in accordance with the
requirements of the VCT legislation is 80.07% (2006: 80.60%).
Table of largest ten investments by value
Name of company Percentage of Percentage Profit/(loss) Retained profit Net asset Accounting
net assets held by before tax / (accumulated value reference
Company loss) date
% % #000's #000's #000's
Treasury 4.5% Stock 7/3/2007 8.00 - - - - -
Treasury 4% Stock 7/3/2009 4.05 - - - - -
Aero Inventory 3.76 1.81 10,501 10,996 135,077 30/06/2006
Tanfield Group 3.65 0.91 2,000 8,339 23,926 31/12/2005
Prezzo 3.64 2.06 6,436 7,204 32,015 01/01/2006
Blooms of Bressingham Holdings 3.36 5.08 3,556 14,524 23,191 29/01/2006
Synergy Healthcare 3.21 0.67 10,299 13,962 73,795 02/04/2006
U4EA (Preference Shares) 3.17 11.66 (4,324) (24,585) 499 31/03/2006
Oasis Healthcare 3.00 5.92 (366) (5,479) 8,906 31/03/2006
Mediwatch 2.63 8.87 (1,056) (10,601) 2,840 30/04/2005
The figures relating to profit/(loss) before tax; retained profit/(accumulated
loss) and net asset value are taken from the most recently available audited
accounts of the underlying companies.
The aggregate value of these top ten holdings is #17,067,385
Sector analysis
Purchase cost Valuation at 31 Percentage
January 2007 of net
assets
# # %
Aerospace & defence 1,289,924 1,667,325 3.76
Electronic & electrical equipment 1,550,694 1,046,566 2.36
Fixed interest 5,887,590 5,843,930 13.18
Food producers 1,724,582 2,103,303 4.75
General financial 487,989 457,421 1.03
General industrials 460,339 331,289 0.75
General retailers 1,787,253 1,932,012 4.36
Healthcare equipment & services 2,835,686 4,223,017 9.52
Household goods 293,220 307,627 0.69
Industrial engineering 1,199,409 1,503,810 3.40
Industrial transportation 3,830 3,828 0.01
Leisure goods 452,500 97,543 0.22
Media 5,120,421 5,129,972 11.57
Pharmaceuticals & biotechnology 519,240 800,133 1.80
Software & computer services 3,851,297 3,177,639 7.16
Support services 6,904,952 8,063,470 18.17
Technology hardware & equipment - - -
Travel & leisure 2,236,654 3,892,073 8.77
Investments held at nil valuation 4,333,464 - -
Subtotal 40,939,044 40,580,958 91.50
Net current assets - 834,236 1.88
Total 40,939,044 41,415,194 93.38
1st Dental Laboratories 1st Dental is the UK's largest provider
of services and products to the dental
industry. The company has 15
laboratories and further acquisitions
are expected.
Aero Inventory The company is a provider of e-based
procurement and inventory management
solutions to the aerospace industry. The
company raised significant further funds
last year to exploit new customer
prospects and has subsequently signed a
major new contract with Qantas.
Aquilo Aquilo provides support services to the
insurance industry. Services include
claims management and consultancy.
Asfare Group Asfare is a specialist supplier of
products and services for the emergency
services and homeland security markets.
It is the UK's leading manufacturer of
ladders for the rescue services. It is
also involved in the manufacture of
gantries and ancillary equipment to both
UK and overseas customers. With the
acquisition of Todd, the company has
added X-ray scanners to the product
range.
ATA Group ATA Group's principal activities are in
recruitment and training services. The
recruitment division is focussed on the
technical engineering sector throughout
the UK. The training company specialises
in the provision of services and audits
of training standards to the railway
industry.
Autoclenz Holdings Autoclenz is the UK's leading outsourced
car valeting and vehicle preparation
services providers, and one of the
leading specialist providers of rapid
response deep cleaning and emergency
decontamination services.
Avingtrans Avingtrans is involved in the production
of precision engineered components used
in medical and scientific devices (e.g.
MRI scanners) and industrial machinery
(e.g. ballscrews, speed camera stands).
BBI Holdings BBI is a Cardiff-based rapid-test
diagnostics company using gold conjugate
technology. The company generates
revenues from the manufacture of gold
colloids and conjugates, from bespoke
contract product development and from
its own tests.
Blooms of Bressingham Blooms operates 8 retail garden centres.
The company has been redeveloping and
Holdings extending existing centres as well as
opening new sites where opportunities
arise.
Bright Things Bright Things has developed an
educational games console called
'Bubble' and associated software aimed
at the pre-school market. It has also
developed interactive DVD games based on
popular licences and has also sold
rights to use it's proprietary
technology.
Camaxys (suspended) Following the disposal of it's trading
subsidiary Camaxys is an AIM listed cash
shell company looking to acquire a
suitable new business.
Cardpoint Cardpoint is the UK's leading
independent owner and operator of ATMs.
The company levies a modest charge for
cash withdrawals with the customer's
permission. The group is a member of
LINK and its machines are located in
areas not typically served by the banks.
The company also deploys mobile phone
'top-up' machines.
Cello Group Cello has rapidly established itself as
a leading marketing services business.
The company is involved in market
research, direct marketing and brand
advertising. Further acquisitions by
the experienced management team are
expected.
Charteris Charteris is an IT management
consultancy specialising in e-business
integration and related services to
'blue chip' clients.
Chromogenex Chromogenex designs, manufactures and
distributes aesthetic and therapeutic
laser and light based technology devices.
Clerkenwell Ventures Clerkenwell quoted on AIM with the
specific objective of acquiring
established, high growth businesses in
the leisure sector. The company was
established by the former Pizza Express
management team.
CMS Webview CMS has developed extensive expertise
in the area of real-time data
dissemination facilities and software to
financial market customers.
Conder Environmental Following the disposal of it's Vikoma
division, Conder is now involved solely
in manufacturing of pollution control
tanks and sewage treatment systems.
Connaught Connaught is a facilities management
group providing a range of services to
the owners and occupiers of property
across mainland UK. The services include
maintenance, refurbishment, cleaning
and industrial and commercial gas
appliance testing and servicing. The
company's order book continues to grow
strongly as local authorities outsource
their requirements.
Corpora Corpora's principal activity is the
research, development and sale of the
document navigation software, jump!
The core of jump! is an in-document
navigation tool enabling users to search
within and between multiple documents to
find information pertinent to them. The
company has added additional
functionality to its product suite with
the acquisition of several complementary
businesses.
Eagle Eye Telematics Eagle Eye has developed a vehicle
tracking system offering both fleet/
asset management and driver/vehicle
security services. The system, designed
on scaleable open platforms and
architecture, incorporates a mobile
vehicle unit containing a GPS chip and
GSM modem linked to base station
software for monitoring and remote
control of the vehicle.
First Artist Corporation First Artist is a leading European
management and representation company
looking after the commercial interests of
footballers and other high profile
personalities in the football and
television market. The group also offers
wealth management and marketing services.
Flexbenefits (unquoted) Flexbenefits has developed a system for
the management, delivery and
communication of employee benefits and
financial services information. These
services enable employers and financial
institutions to reduce costs and improve
communication and understanding. The
shares are valued on the basis of a
fundraising carried out last summer.
Formation Group Formation is a leading sports and wealth
management business looking after many
high profile sporting personalities with
a particular emphasis on football.
Fountains The company provides a range of
environmental services in the UK,
Ireland and the US. It has a strong
position in the provision of vegetation
management and allied maintenance
services to rail and utility companies
as well as local authorities and
corporates.
Fujin Technology Fujin is engaged in the design, provision
and support of bespoke technology
solutions for mobile phone service
providers.
Fulcrum Pharma Fulcrum Pharma offers global virtual
drug development and strategic
outsourcing services to the
pharmaceutical and biotechnology
industries. The company has offices in
the UK, USA and Japan offering global
solutions across the full length of the
drug development value chain.
Glisten The company was admitted to AIM in June
2002 with the objective of building a
food group focusing on niche sectors.
The acquisition of Glisten Confectionery
based in Blackburn was made at this time.
It is a manufacturer of chocolate and
sugar based confectionery, snack bars,
edible decorations and ingredients. It
serves a wide range of customers including
many high street retailers and the
foodservice and export sectors. The company
has made various successful acquisitions
since admission and more are anticipated.
Huveaux Huveaux quoted on AIM in December 2001
with the intention of making acquisitions
in the media sector. The experienced
management team acquired Vacher Dodd, the
leading publisher of parliamentary directories
in July 2002 and has since purchased Lonsdale and
Fenman, both of whom are involved in educational
publishing. It has also added to its political
publishing business with the purchase of
Parliamentary Communications Limited.
ID Data ID Data is a supplier of secure transaction
systems and services to the international
telephone, banking and retail industries.
Exporting to more than 30 countries, ID Data
is a leading UK based manufacturer of smart cards.
It also has manufacturing capability in
Poland.
ILX Group ILX is a financial training company involved
in financial awareness training for non-financial
managers. The company has a 'blue chip' client
base from the UK, USA and Europe and has an
extensive library of e-learning courseware.
Several acquisitions have been made
including that of Corporate Training Group.
Imagesound Imagesound is the UK's leading supplier of
in-store music, radio and TV services. It
supplies over 40 leading retail and leisure
chains, with an aggregate 10,000 stores, with
bespoke music and TV programming.
Imprint Imprint is a multi-disciplinary recruitment
business. Services provided include search,
selection and value added personnel services to
companies of varying sizes in many different industries.
Individual Restaurant Company An operator of branded restaurants including
Piccolinos, Bank and Zinc.
Intelligent Environments Group Intelligent Environments is a leading provider of
integrated e-finance products for the payment card
and retail investment markets and has an excellent
list of 'blue chip' clients. Market conditions
have recently improved and the company has a good
pipeline of prospects which it hopes to convert to
firm orders in due course.
InterLink Foods Interlink Foods is a Lancashire based supplier of
cakes to the major supermarket chains. Interlink has
consistently grown via both organic and acquisitive means.
Just Car Clinics Group The company owns a network of car repair centres and works
with several major insurance and car dealership
companies to fulfil their repair requirements. The company
has been consistently profitable and cash generative over
the last few years.
Knowledge Technology Solutions KTS is a software company using proprietary
technology to develop and provide real-time interactive
market data in a reliable, cost effective manner primarily
over the internet. In contrast to other providers, the system
does not require any dedicated hardware, software or
infrastructure but will work on a standard PC. The service is
aimed mainly at the professional user but is also affordable
for private investors wanting a more sophisticated service.
Lilestone Holdings (unquoted) Lilestone has established the Myla brand of lingerie. The
company is designing its own brand products as well as sourcing
product from other designers throughout the world. The products
are being sold via mail order, the internet and through
conventional retail channels such as Selfridges and the
company's own stores both in the UK and overseas. The shares
are valued on the basis of the last funding round in 2006.
Lo-Q Lo-Q has developed a queue management system that places
visitors to theme parks in "virtual queues",
reducing the time that customers spend physically waiting
in line for key rides to a few minutes, enabling them to
enjoy, and spend money on the other attractions in the park.
Medal Entertainment & Media Medal was established by an experienced management team to
build a group actively participating in the creation,
exploitation and ownership of audio-visual copyrights. The
company currently has 2 main subsidiaries, a specialist
video/DVD publisher and a TV production
company.
Mediwatch Mediwatch is a medical diagnostic equipment company that is
developing high speed urological screening equipment.
The company's products are designed to enable early detection
of prostate and bladder cancers for the fast growing primary care market.
Music Copyright Solutions MCS is a music publisher principally focusing on the
management of music library assets, music copyright
licensing and royalty administration, collection and
payment. The company has been building its portfolio via
the acquisition of libraries of rights and sees
numerous further opportunities in this area.
Neutrahealth Neutrahealth was established and quoted on AIM to
acquire businesses in the growing vitamin and mineral
supplements market. The company has made 3 significant
acquisitions in this area to date.
Oasis Healthcare Oasis has built up an estate of dental practices in the
UK primarily by acquisition and now has over 120 sites
and 500 clinicians serving some 800,000 patients. The
company is now experiencing the benefits of scale and has
annualised turnover of about #80m.
Petards Group Petards is a leading provider of advanced security and
communication systems focused on homeland security. It is
focused on the growing surveillance, emergency services and
defence markets and has a high quality customer base.
Pixology Pixology is a provider of innovative imaging software in the
rapidly expanding market of digital photography. The company
has developed technology to enable consumers to easily
print (at home, on-line or in-store), organise and share their
digital pictures. The company has also developed a solution to
"red-eye" which is being sold to camera manufacturers.
Playgolf Holdings Playgolf is an owner and operator of golfing facilities in
London, Glasgow and Manchester. The facilities are located
in high-density urban areas and include driving ranges and high
quality 'urban' golf courses based on the theme 'golf in an hour'.
PM Group The group is a leader in the design, manufacture and service
of onboard weighing systems and associated software for the
bulk haulage and waste management industries. The company has a
significant market position in the bulk haulage market but due to
the introduction of new legislation in the waste management sector
expects to see good growth here also.
Prezzo Prezzo owns and operates a chain of restaurants based in and
around London and trading in 2 main formats, Jonathans and Prezzo.
The food offering consists of pizza and pasta with Prezzo also
selling rotisserie chicken. The company has approximately 100 sites
and is operating profitably.
Pubs 'n' Bars Pubs 'n' Bars is a chain of community style pubs primarily in the
London area but also with several units in the West Country. The
company manages over 90 pubs following the deal to manage the
Community Taverns chain on behalf of Bank of Scotland.
Quadnetics Group Quadnetics is a leader in the design, integration and control
of advanced CCTV and networked video systems. The
company has a strong position in the casino market where it has
a technological advantage and a significant market share.
Red Squared Red Squared is an IBM hosting and managed services company with
a capability to provide secure and scaleable
internet hosting solutions. Utilising IBM servers and storage
systems, Red Squared provides its customers with services such
as web hosting, co-location and managed services, all of which
are delivered to specific customer service levels.
Revenue Assurance Services Revenue Assurance specialises in revenue assurance and debt
management for non-residential utility customers.
Smallbone Smallbone's main business is the manufacture and installation
of luxury kitchens, bathrooms and bedroom furniture
in the UK. It also sells specialised stone floors and tiles,
mainly in the US.
Sportsweb.com (unquoted) Sportsweb is a specialist recruitment agency to the fitness
and leisure industries. The company has an established traditional
recruitment business and has extended this to the internet.
Sportsweb has several major clients who are actively using the
website to successfully recruit staff achieving significant
benefits over traditional methods. The company is trading
profitably and is likely to seek a trade sale in
due course.
Symphony Plastic Technologies Symphony is a specialist technology company
concerned with degradable plastic packaging products. Symphony's
"d2wTM" technology has been licensed to several overseas partners
and production for UK customers is sub-contracted to manufacturing partners.
Synergy Healthcare Synergy is a specialist provider of out-sourced medical support
services to the NHS. It is the largest private
sector provider of sterile instrumentation services and linen
products. The company has several long term contracts with different
NHS Trusts and hospitals around the UK. The company has just
acquired Isotron which adds depth to the product and customer range.
Tanfield Group Tanfield is involved in specialist manufacturing and provision
of technical and assembly solutions to a wide range
of sectors. Activities include specialist electric vehicles,
aerial access equipment and other purpose built vehicles and
added value products.
Tasty Tasty is engaged in the operation of restaurants and was
established by the Kaye family who are successful serial
entrepreneurs in this sector. The offering is in Oriental food
with a focus on "dim sum".
The Clapham House Group Clapham House was admitted to AIM to exploit acquisition opportunities
within the UK restaurant sector. The experienced management team
initially acquired Greek restaurant and bar chain The Real Greek
and has subsequently bought the Bombay Bicycle Indian restaurant
business, the Gourmet Burger Kitchen and Tootsies. All formats
appear to have significant rollout and growth potential.
The Food & Drink Group Food & Drink operates a portfolio of restaurants and bars within
London and the Home Counties. The acquisition of Henry J Bean's
has enhanced the growth potential of the group.
The Real Good Food Company RGF manufactures and supplies chilled and ambient products in
niche areas to food retailers. The business has been built
by acquisition and organic growth. The purchases of Five Star Fish
and Napier Brown Foods have significantly increased the scale
of the business in the last year or so.
Thomson Intermedia Thomson provides media monitoring services, accessed by or
delivered to subscribers via the internet. By
superseding paper based information systems with its proprietary
software and delivery over the web, Thomson enables subscribers to
enjoy more up-to-date and timely information than traditional methods
allow. The customer can also analyse, search and manipulate the data
provided and as such it is far more useful.
Tikit Group The company is a provider of consultancy services and software
solutions primarily to the legal profession. The company concentrates
on the top 200 law firms in the UK and has a very good reputation for
quality of service and "best of breed" solutions. Applications
cover time recording, document management, customer relationship
management and knowledge management. The company
has also entered the Spanish and French markets via acquisition.
Tissue Science Laboratories Tissue Science is a medical devices company specialising in
human tissue replacement and repair products derived from
porcine dermis. The company has proprietary core technology,
which has many applications in a rapidly growing market. It has
marketing agreements with several partners to sell products
in different territories.
Torex Retail (suspended) Torex is a leading supplier of IT and software products to retailers
worldwide. This holding resulted from the takeover of unquoted company XN
Checkout.
TripleArc TripleArc is a provider of technology led procurement solutions
to the fast growing print management sector. The merger with
Access Plus has created critical mass and given the
company a 'blue chip' customer base with several important new
contracts having been signed in the last year.
U4EA (unquoted) U4EA is a specialist provider of solutions for data transfer
management by large corporates. This has particular implications
in improving the performance of transfers of large amounts of data
across networks. The shares are currently unquoted and are valued
on the basis of a funding round carried out in November 2006.
UBC Media Group UBC is a content and programme producer for the radio, internet and
digital television industries. It is the largest independent supplier of
programming to the BBC. It supplies entertainment and traffic news services
to commercial radio and owns the Classic Gold radio
channel as well as other digital radio licences.
Vianet Group Vianet is a provider of telemetry-based solutions for maintaining
and supplying automatic vending machines. The company offers the
machine operators and brand owners a data management service to
improve machine usage and profitability. The product is
now being rolled out by several customers including Glaxo Smith Kline.
Xpertise Group Xpertise is a leader in providing accredited technical IT training to
business customers from centres in the North West, the North East,
the Midlands and London.
Zytronic Zytronic's business has traditionally been as a manufacturer and
distributor of optical filters, shielded filters and specialist
light diffusers. The company's customers have included Alcatel,
NCR, Corning and many other international OEM based
manufacturers. More recently Zytronic has entered the touchscreen
technology market which significantly increases its growth
potential through its existing distribution partners.
Financial Statements
Income Statement
for the year ended 31 January 2007
Year ended Year ended
31 January 2007 31 January 2006
Notes Revenue Capital Total Revenue Capital Total
# # # # # #
Net gains/(losses) on investments at 10 - 2,731,638 2,731,638 - (3,318,759) (3,318,759)
fair value
Gain on acquisition and liquidation of 11 - 1,017,855 1,017,855 - - -
subsidiaries (net of costs)
Income 2 556,956 - 556,956 263,590 - 263,590
Administrative expenses
Investment management fees 3 (184,861) (554,582) (739,443) (141,312) (423,937) (565,249)
Cost of share options 4 (39,794) (119,383) (159,177) - - -
Other expenses 5 (338,198) - (338,198) (304,617) - (304,617)
Total administrative expenses (562,853) (673,965) (1,236,818) (445,929) (423,937) (869,866)
Return on ordinary activities before (5,897) 3,075,528 3,069,631 (182,339) (3,742,696) (3,925,035)
taxation
Tax on ordinary activities 7 - - - - - -
Return on ordinary activities after (5,897) 3,075,528 3,069,631 (182,339-) (3,742,696) (3,925,035)
taxation for the financial year
Basic and diluted return per ordinary 9 (0.01)p 6.29p 6.28p (0.59)p (12.06)p (12.65)p
share
Adjusted return per ordinary share 9 (0.01)p 4.21p 4.20p (0.59)p (12.06)p (12.65)p
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
There are no gains or losses other than shown in the income statement.
Balance Sheet
as at 31 January 2007
Notes As at As at
31 January 31 January
2007 2006
# #
Fixed assets
Investments at fair value
Qualifying investments 33,780,997 22,926,971
Fixed interest securities and other non-qualifying investments 9,733,785 4,273,246
10 43,514,782 27,200,217
Current assets
Debtors 12 557,004 264,325
Cash at bank 716,918 412,435
1,273,922 676,760
Creditors: amounts falling due within one year
Other creditors and accruals 13 (439,686) (361,190)
Net current assets 834,236 315,570
Net assets 44,349,018 27,515,787
Capital and reserves
Called-up share capital 15 2,373,099 1,555,894
Share premium account 16 2,954,794 3,121,068
Merger reserve 16 16,492,539 -
Special reserve 16 21,296,977 25,082,853
Capital redemption reserve 16 363,329 116,500
Share options reserve 16 159,177 -
Capital reserve - realised 16 1,985,278 1,568,267
Capital reserve - unrealised 16 (1,153,639) (3,812,156)
Revenue reserve 16 (122,536) (116,639)
Equity shareholders' funds 44,349,018 27,515,787
Net asset value per ordinary share 17 93.44p 88.42p
Cash Flow Statement
for the year ended 31 January 2007
Notes Year ended Year ended
31 January 31 January
2007 2006
# #
Operating activities
Investment income received 543,145 265,600
Deposit interest received 43,951 18,064
Investment management fees paid (1,048,725) (587,355)
Other expenses paid (435,567) (306,893)
Net cash outflow from operating activities 18 (897,196) (610,584)
Taxation
Corporation tax paid - -
Net cash outflow from taxation - -
Capital expenditure and financial investment
Purchases of investments (1,983,485) (2,959,275)
Disposals of investments 6,309,897 4,235,693
Cash received from subsidiary undertakings 1,008,376 -
Share issue costs paid (166,274) -
Merger costs paid (343.930) -
Net cash inflow from capital expenditure and financial investment 4,824,584 1,276,418
Equity dividends paid - (155,304)
Net cash inflow before financing 3,927,388 510,530
Financing
Proceeds of C share issue - 397,000
Cost of C share issue (5,869) (8,958)
Cost of ordinary shares purchased for cancellation (3,617,036) (914,354)
Net cash outflow from financing (3,622,905) (526,312)
Increase/(decrease) in cash for the year 19 304,483 (15,782)
Notes to the Financial Statements
1. Accounting policies
A summary of the principal accounting policies is set out below.
a) Basis of accounting
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset investments. The
financial statements have been prepared in accordance with the Companies Act
1985 and with applicable accounting standards in the United Kingdom, and are in
compliance with the revised December 2005 Statement of Recommended Practice
'Financial Statements of Investment Trust Companies' ("SORP").
b) Investments
All investments held by the Company are classified "at fair value through profit
or loss". Investments are initially recognised at cost, being the fair value of
consideration given. Interest accrued on fixed interest rate securities at the
date of purchase or sale is accounted for separately as accrued income, so that
the value or purchase price or sale proceeds is shown net of such items.
After initial recognition, investments are measured at fair value, with
unrealised gains and losses on investments and impairment of investments
recognised in the income statement and allocated to capital. Realised gains and
losses on investments sold are calculated as the difference between sales
proceeds and cost.
For investments actively traded in organised financial markets, fair value is
generally determined by reference to Stock Exchange quoted market bid prices at
the close of business on the balance sheet date, without adjustment for
transaction costs necessary to realise the asset.
Where trading in the securities of an investee Company is suspended, the
investment is valued at the Board's estimate of its net realisable value.
Unquoted investments are stated at the fair value with reference to the
International Private Equity and Venture Capital Valuation ("IPEVCV") guidelines
where appropriate.
Capital gains and losses on investments, whether realised or unrealised, are
dealt with in the capital reserve.
c) Investment in subsidiaries
Investments in subsidiaries are recorded at cost less amounts written off.
On 22 February 2006 the Company issued 21,280,696 ordinary 5p shares to acquire
the entire share capital of Singer & Friedlander AIM VCT plc ("AIM") and Singer
& Friedlander AIM 2 VCT plc ("AIM 2"). These shares were issued at a fair value
of #17,556,573 with the excess of this amount (#16,492,539) over the nominal
value of the shares issued (#1,064,034) being treated as a merger reserve in
accordance with s131 of the Companies Act 1985. The investments in AIM and AIM
2 were initially recorded at cost of #17,556,573 which represented a discount to
their underlying attributable net asset value.
Following the acquisitions, the underlying assets and liabilities of AIM and AIM
2 were transferred to the Company at their fair value. AIM and AIM 2 were
liquidated returning to the Company its investments in AIM and AIM 2 and giving
rise to a gain in the Company's profit and loss account being the amount of the
discount to the net asset value attributable to the Company's shares issued on
22 February 2006 less the merger costs. This gain of #1,017,855, which is
non-recurring, has been recorded in the capital column of the income statement.
d) Income
Dividends receivable on listed and quoted equity shares are brought into account
on the ex-dividend date. Dividends receivable on unquoted equity shares are
brought into account when the Company's right to receive payment is established
and there is no reasonable doubt that payment will be received. Fixed returns on
non-equity shares and debt securities are recognised on a time apportionment
basis so as to reflect the effective yield, provided there is no reasonable
doubt that payment will be received in due course. Interest receivable is
included in the accounts on an accruals basis.
e) Expenses
All expenses are accounted on an accruals basis. Expenses are charged through
the revenue account in the income statement except as follows:
* expenses which are incidental to the acquisition of an investment are
included within the cost of the investment;
* expenses which are incidental to the disposal of an investment are
deducted from the disposal proceeds on an investment.
* expenses are charged to capital reserve - realised where a connection with
the maintenance or enhancement of the value of the investments can be
demonstrated. In this respect the investment management fee has been
allocated 75% to capital reserve and 25% to revenue account, in line with
the Board's expected long-term split of returns, in the form of capital
gains and income respectively, from the investment portfolio of the
Company.
f) Taxation
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more tax in the future have occurred
at the balance sheet date. This is subject to deferred tax assets only being
recognised if it is considered more likely than not that there will be suitable
profits from which the future reversals of the underlying timing differences can
be deducted. Timing differences are differences between the Company's taxable
profits and its results as stated in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in
the periods in which the timing differences are expected to reverse based on tax
rates and laws that have been enacted or substantially enacted by the balance
sheet date. Deferred tax is measured on a non-discounted basis.
Any tax relief obtained in respect of management fees allocated to capital is
reflected in the capital reserve - realised and a corresponding amount is
charged against revenue. The tax relief is the amount by which corporation tax
payable is reduced as a result of these capital expenses.
g) Capital reserve
Realised
The following are accounted for as realised returns:
* Gains and losses on realisation of investments;
* Realised exchange differences of a capital nature;
* Expenses and finance costs, together with the related tax effect to this
reserve in accordance with the policies; and
* Realised gains and losses on transactions undertaken to hedge an
exposure of a capital nature.
Unrealised
The following are accounted for as unrealised returns:
* Increases and decreases in the valuation of investments held at the year
end;
* Unrealised exchange differences of a capital nature; and
* Unrealised gains and losses on transactions undertaken to hedge an
exposure of a capital nature.
h) Share based payments
In accordance with FRS 20: Share Based Payments, an expense is now recognised in
the financial statements relating to the value of the share options awarded to
the Managers under the arrangements agreed on the merger of the Company with AIM
and AIM 2.
The accounting charge is based on the fair value of each grant. The fair value
of the Managers' option is determined at the date of grant and is expensed on a
straight-line basis over the vesting period based on the Company's estimate of
shares that will eventually vest. In the case of the options granted, fair
value is measured by a Black-Scholes pricing model, further details of which
are set out in note 4. The deemed expense is transferred to the share options
reserve.
i) Dividends payable to shareholders
Interim dividends are not accounted for until paid and final dividends are
accounted for when approved by the members in the general meeting.
2 Dividends
The Board is recommending a final dividend of 2.0 pence per share payable on 3
July 2007 to shareholders on the register as at 8 June 2007 (2006: nil)
3 Earnings per share
Basic and diluted revenue return per ordinary share is based on the net loss on
ordinary activities after taxation of #5,897 (2006: loss #182,339) and on
48,906,148 (2006: 31,025,626) ordinary shares, being the weighted average number
of ordinary shares in issue during the year.
Basic and diluted capital return per ordinary share is based on net capital gain
for the year of #3,075,528 (2006: loss #3,742,696) and 48,906,148 (2006:
31,025,626) ordinary shares, being the weighted average number of ordinary
shares in issue during the year.
4 Annual General Meeting
The Annual General Meeting of the Company will be held at One Hanover Street,
London W1S 1AX on Tuesday 26 June 2007 at 11.30 am.
5 Statutory Report and Accounts
The financial information set out above does not constitute the Company's
statutory records for the year ended 31 January 2007. Statutory accounts for
2007 will be finalised on the basis of the financial information presented by
the Directors in this announcement and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
The information for the year ended 31 January 2007 does not comprise the full
financial statements within the meaning of Section 240 of the Companies Act
1985.
The Company will be circulating the full Report and Accounts to shareholders
shortly and copies will be available from the Registered Office of the Company
at One Hanover Street, London, W1S 1AX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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