Final Results
27 Juni 2006 - 2:21PM
UK Regulatory
RNS Number:2233F
Arc Growth Company VCT plc
27 June 2006
ARC Growth Company VCT plc (the "Company")
Preliminary announcement of results for the period ended 28 February 2006
ARC Growth Company VCT plc announces preliminary results for the period ended 28
February 2006.
Date of issue: 27 June 2006.
Chairman's Statement
As the VCT only started investing in December 2005, there is a limited amount to
report.
Fund launch
The VCT was Listed in June 2005 and has raised #1.651 million to date.
Net Asset Value ('NAV')
At 28 February 2006, the VCT had made two investments. Thus, the net asset
value per share of 94.63p primarily reflects the VCT's cash balances after the
fundraising costs of 5.5% and running costs which are capped at the rate of 3.6%
per annum.
Dividends
The VCT's policy is to maximise dividends to its shareholders. One of the
benefits of the VCT structure is that these dividends are paid tax-free whether
they arise from income or capital gains. However, we are not proposing to
recommend declaring a dividend for the initial period to 28 February 2006 but it
is hoped to commence such payments next year.
VCT qualifying status
The VCT must be 70% invested in qualifying companies by the end of its third
accounting period to comply with VCT regulations. The Board is conscious of
this absolute rule and will monitor progress towards it as time goes by. As at
28 February 2006, the VCT had invested just under 10% in qualifying companies.
Rosenblatts, Solicitors, have been appointed to monitor progress against this
requirement.
Share price and buy-back facility
The VCT's mid-market share price currently stands at 100p and, as is normal with
a VCT in its early stages, there have been no transactions. We will be asking
shareholders at the annual general meeting to grant the Board the power to
purchase shares in the market for cancellation. This would allow us to buy-back
shares at no more than a 10% discount to the prevailing NAV. This should assist
the marketability of the shares and help prevent the shares from trading at a
wide discount to NAV.
Second Offer and fundraising
The directors launched a second offer for the tax year 2005/06 in December 2005.
This raised #517,000 when it closed. Thus, the total amount of money raised
by the VCT was #1.651 million. .
Under the powers delegated to the Board to raise up to 10% of the current issued
share capital, we will be announcing shortly a further offer of shares at a
price of #1 per share to raise #165,000, which will close on or before 11 August
2006.
Outlook
During the first accounting period ended 28 February 2006, we have adopted a
cautious investment approach and made only two investments.
Since the year end, the Investment Manager has been more actively seeking
suitable investment opportunities and three further investments have been made
recently in Simultane Limited (to be renamed Sarah Arnett Limited), Traction
Technology Holdings plc and Consolidated Vending plc.
Further investments are expected to be made shortly and details of such
investments made since year end will be given in our interim report for the half
year ending 31 August 2006, which will be published in November.
Your Board remains committed to its objective of maximising capital returns for
its shareholders over the longer term.
Richard Hargreaves
Chairman
27 June 2006
STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)
for the period ended 28 February 2006
Period to 28 February 2006
Revenue Capital Total
#000 #000 #000
Investment management fee (clawback) 37 - 37
Bank interest 27 - 27
Other expenses (63) - (63)
Return on ordinary activities before and after 1 - 1
taxation
Transfer to reserves 1 - 1
Return per ordinary share 0.13p - 0.13p
* The revenue column of this statement is the profit and
loss account of the Company.
* The accompanying notes are an integral part of the
financial statements
* All revenue and capital items in the above statement
derive from continuing operations
* The company has only one class of business and derives its
income from investments made in shares and securities and from bank and money
market funds.
BALANCE SHEET as at 28 February 2006
#000 #000
110
Fixed asset investments
Current Assets
Investments -
Debtors 140
Cash at bank 898
1,038
Current liabilities
Creditors (76)
Net current assets 962
Net assets 1,072
Called up equity share capital 113
Share premium 958
Revenue reserve 1
Total equity shareholders' funds 1,072
Net asset value per share 94.63p
CASH FLOW STATEMENT
for the period ended 28 February 2006
#000 #000
Net cash outflow from operating activities (63)
Net cash outflow from financial investment (110)
Financing:
Issue of own shares 1,133
Share issue expenses (62)
Net cash inflow from financing 1,071
_____
Increase in cash resources 898
_____
Notes
1 Revenue return per share
Basic and diluted
The revenue return per share is based on profit from ordinary
activities after tax of #905 and on 1,133,497 ordinary shares of 10p, being the
weighted average number of shares in issue during the period. The net assets per
share is based on total net assets of #1,072,059 and 1,133,497 ordinary shares.
There are no potentially dilutive capital instruments in issue.
2 Dividend
The directors are not proposing a dividend for the period ending 28
February 2006.
3 Accounts
The results set out above are not full accounts within the meaning of
s.240 of the Companies Act 1985 and have not been reported on but have been
agreed with the company's auditors.
The Annual Report and Accounts for the period ended 28 February 2006
will be filed at the Registrar of Companies following the annual general meeting
and will be posted to shareholders shortly.
4 Announcement
A copy of this announcement will be available at the offices of the
Company for 14 days from the date of this announcement. This preliminary
announcement is not being posted to shareholders.
Directors
Richard Hargreaves
Kevin Morley
Renwick Haddow
Details of advisers
Secretary and Registered Office
Graham K Urquhart FCIS
21-22 Grosvenor Street
London W1K 4QJ
Solicitors and VCT Status Advisers
Rosenblatt, Solicitors
9-13 St Andrew Street
London EC4A 3AY
Company Registered Number
05323692
Investment Manager
Arc Fund Management Limited ("AFM")
22 Lovat Lane
London EC3R 8EB(HG1)
Sponsor, Financial Adviser and Stockbrokers
Corporate Synergy plc
3rd Floor
30 Old Broad Street
London EC2N 1HT
Bankers
Barclays Bank plc
United Kingdom House
180 Oxford Street
London W1D 1EA
Registrars
Park Circus Registrars Limited
2nd Floor, 144 West George Street
Glasgow G2 2HG
--------------------------
(HG1)We have deleted the reference to us as auditors as the preliminary
announcement is not audited, therefore we would be unable to comment on the
information contained therein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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