TCI Thompson Clive

RNS Number:0725C
Thompson Clive Investments PLC
18 August 2004

Thompson Clive Investments plc


___________________________________________________________________________


Chairman's Statement

Contact : Colin Clive, Chairman, Thompson Clive Investments plc
          Charles Fitzherbert, Director, Thompson Clive & Partners Limited

Telephone : (020) 7535 4900

At 30 June 2004, the net asset value per share of Thompson Clive Investments plc
('TCI') was 464.6p, an increase of 3.5% over the net asset value at 31 December
2003.  For the six months to 30 June 2004, TCI earned a net profit of #315,000
(2003 : #620,000) and the retained profit for the period was #260,000 (2003 :
#574,000).  These results should be seen in the light of TCI's reduced size, due
to its realisation policy, from total net assets of #40,204,000 at 30 June 2003
to #25,917,000 at 30 June 2004, and there being no further exceptional VAT to
reclaim from prior years.

Following the policy adopted in previous years, the directors do not recommend
the payment of an interim dividend.

In line with the Company's announcement on 28 October 2002 to aim to realise the
(then) quoted portfolio by 31 December 2004, in the first half of 2004 TCI sold
its investments in Cider Sante SA, Infotel SA and Parexel International
Corporation, and made a partial realisation in Isotron plc.  Realisations from
Medicom International Limited, OM 2000 plc, Sifam Instruments Limited and the
Terence Chapman Group plc have contributed to total sales proceeds of
#6,515,000.

Genitope Corporation, unquoted in October 2002, must be realised by the end of
2007.  It went public in October 2003 as a requirement of some of its new
shareholders, although it was still an early stage venture capital investment at
least two years away from having its first product on the market.  It has
approximately $70 million cash in its balance sheet, which Genitope believes
should give it the resources to finish its phase III clinical trials and have
its first product on the market by the end of 2006.  The Board will aim to
maximise the return to shareholders before the end of 2007 as agreed.

May 2004 saw the Company's fifth tender offer and a total of #38 million, at net
asset value, has now been returned to shareholders by this means.  A further
tender offer of at least #6 million, subject to realisation proceeds, is planned
for October 2004.

In 2000 a provision was made in respect of Sorediv SA, a former portfolio
company which was the subject of a claim.  The claim has now been settled for
#35,000, allowing the release of the balance  (#701,000) of the provision.

GFI Group Inc filed for an initial public offering in July 2004.  The Board
continues to seek realisation opportunities, both public and private, with the
aim of maximising return to shareholders.


Colin Clive
Chairman

17 August 2004

The Interim Report is being sent to shareholders and further copies are
available from the Company's registered office.  The results will not be
advertised in any newspaper.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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