RNS Number:4684M
Crown Place VCT PLC
21 November 2006
21 November 2006
CROWN PLACE VCT PLC
Preliminary announcement of final results for the six months ended 31 August
2006.
Crown Place VCT PLC ("the Company"), managed by Close Ventures Limited, today
announces the preliminary results for the six months ended 31 August 2006. The
announcement has been approved by the Board of Directors on 21 November 2006.
Financial Highlights
Shareholder value since launch
Previous holders of shares Proforma (i) Proforma (i) Crown Place
in: Murray VCT Murray VCT 2 VCT PLC *
PLC PLC
Dividends per share paid to
31 August 2006 (pence per
share) (ii) 31.36 31.91 25.93
Net asset value (pence per
share) as at 31 August
2006 (i) 31.32 37.44 44.00
----------- ----------- ----------
62.68 69.35 69.93
----------- ----------- ----------
(i) The proforma shareholder value is based on the dividends paid to 31 August
2006 for a share, with a pro-rata net asset value per share based upon the
proportion of shares received by Murray VCT PLC (now renamed CP1 VCT PLC) and
Murray VCT 2 PLC (now renamed CP2 VCT PLC) shareholders at the time of the
merger.
(ii) Prior to 6 April 1999, venture capital trusts were able to add 20% to
dividends, and figures for the period until 6 April 1999 are included at the
gross equivalent rate actually paid to shareholders.
* Formerly Murray VCT 3 PLC
In addition to the dividends paid above, the Company paid a dividend of 1.25
pence per Crown Place VCT PLC share on 22 September 2006. The Directors have
also declared a second dividend of 1.25 pence per Crown Place VCT PLC share,
subject to approval from HM Revenue & Customs, (comprising 0.8 pence per share
from revenue and 0.45 pence per share paid out of realised capital gains). The
record date and payment date of this dividend will be announced on the London
Stock Exchange RNS Service.
For further information, please contact:
Patrick Reeve/ Emil Gigov Clemmie Carr
Close Ventures Limited Tavistock Communications
Tel: 020 7422 7830 Tel: 020 7920 3150 07788 971 403
www.closeventures.co.uk
CHAIRMAN'S STATEMENT
Overview
I am pleased to report an increase in the Company's net asset value to 44.0
pence per share as at 31 August 2006, compared to 43.0 pence per share reported
as at 28 February 2006. The Company reports a revenue profit after tax for the
six month period of #796,000 and a capital loss of #107,000 which combined
represents the total profit for the period of #689,000 or 0.85 pence per share.
The revenue profit reflects the Company's strategy of concentrating a
substantial portion of the portfolio in investments which provide an income
return to the Company and which should therefore improve the predictability of
dividends to shareholders.
Shareholders should note that following the merger of CP1 VCT PLC (formerly
Murray VCT PLC), CP2 VCT PLC (formerly Murray VCT 2 PLC) and Crown Place VCT PLC
(formerly Murray VCT 3 PLC) on 13th January 2006, the accounts reflect the
consolidated position of the merged entities, while the comparative figures for
the six month period to 31 August 2005 relate to Murray VCT 3 PLC prior to the
merger and renaming of the fund to Crown Place VCT PLC. The merger has resulted
in a reduction in the running costs of the enlarged Company and will continue
to have a positive effect on the results of future periods.
As announced in the annual report, the Board has decided to change the
accounting year end from 28 February to 30 June. The next period end will be 30
June 2007 with a second interim report due for the four month period ending 31
December 2006.
Portfolio review
The value of the AIM portfolio increased in the period. In particular, the share
prices of Tanfield Group PLC and Dobbies Garden Centres PLC had a strong
increase.
In the unquoted portfolio, House of Dorchester Ltd has traded well in the
period, securing strong sales for the Christmas trading season, while
Lowcosttravelgroup Ltd, the provider of online travel services, has seen
spectacular growth since our investment in September of last year. In addition,
Citel PLC floated on AIM in July 2006.
The Company also benefited from strong income from interest and redemption
premium receipts. Against this positive performance, disappointing trading at
Unique Communications and J&S Marine has resulted in a reduction of the carrying
value of these investments, and contributed to the slight decrease in the
overall valuation of the unquoted investment portfolio.
New investments
During the period the Company made 8 investments totalling #1.9 million, as
described below. Shareholders requiring detailed information on the individual
companies are advised to visit the Manager's website (www.closeventures.co.uk)
and the individual portfolio company websites, where available. The investments
made in the period were:
* A further investment of #625,000 in The Rutland Pub Company Limited to
facilitate the acquisition of two further pubs (www.rutlandpubco.net);
* A further investment of #500,000 in The Crown Hotel Harrogate Limited;
* A #410,000 investment in Blackbay Limited, a provider of technology and
services allowing mobile workers, such as delivery drivers and field
engineers, to connect to their central IT systems in real time. (
www.blackbay.com);
* A further investment of #130,000 in Churchill Taverns Limited, a pub
operator;
* An investment of #110,000 in Dexela Limited, a company developing
accurate and sensitive 3-D breast imaging methods for the early detection of
breast cancer (www.dexela.co.uk);
* A #50,000 investment in Evolutions Television Limited, a television post
production business servicing a broad range of TV production companies and
operating from its own freehold premises north of Oxford Street in London;
* A further investment of #41,000 in Tower Bridge Health Clubs Limited, a
health and fitness club adjacent to Tower Bridge on London's South Bank,
offering a gym, swimming pool, indoor golf centre, hair and beauty clinic
and a medical centre (www.thirtysevendegrees.co.uk);
* A further investment of #34,250 in Palm Tree Technology PLC, which
offers solutions in security, digital rights management, multimedia
compression and identity theft protection (www.palmtreetechnology.com).
Following the period end the Company invested #210,000 in Helveta Limited, a
company enabling sustainable forestry management of the world's tropical
hardwood resources through the provision of seamless traceability, improved
production efficiency and compliance checking across extended supply chains (
www.helveta.com).
Disposals
During the period approximately #3.25 million of proceeds were received from the
full exit of GW1016 Limited, Inhoco 3106 Limited and Sequoia Limited, and the
partial exit of the following investments: Clamonta Limited, ELE Advanced
Technologies Limited, Enterprise Foods Limited and First Line Limited. Following
the period end, your Company sold its investment in Heathcote Restaurants
Limited.
Bank guarantees
Following the period end, the bank guarantees provided by the Company to secure
the bank facilities of two investee companies were called. The guarantees were
given by the Company prior to the appointment of Close Ventures Limited and were
fully provided for, as shown on the balance sheet as at 31 August 2006. The
Company has not given any other bank guarantees or made similar commitments.
Dividends and dividend policy
In my last report, I announced the Board's intention to pay three dividends in
the period 1 March 2006 to 30 June 2007. The first dividend of 1.25 pence per
share was paid on 22 September 2006. A second dividend of 1.25 pence per share
is expected to be paid to shareholders in January 2007. This comprises 0.8 pence
per share revenue dividend and 0.45 pence per share paid out of realised capital
gains. A third dividend, the amount of which is yet to be determined, is
anticipated in the spring of 2007. All dividends are subject to HM Revenue &
Customs approval, and the record date and dividend payment date will be
announced on the London Stock Exchange RNS service as soon as clearance has been
obtained from HM Revenue & Customs.
Buy back policy
It is the Company's policy to continue to buy back shares in the market, subject
to the overall constraint of ensuring that such purchases are in the Company's
interest, including the maintenance of sufficient resources for investment in
existing and new investee companies. The Board believes that this policy
improves liquidity in the shares and has the effect of reducing the discount
between the market price and the net asset value, and thus is to the benefit of
shareholders as a whole. During the period, approximately 1.7m Ordinary Shares
were bought back by the Company. These shares are held in Treasury and may be
re-issued at a later date. The total number of Ordinary Shares held in Treasury
at the period end was 6,472,653.
Outlook
The portfolio rationalisation since Close Ventures Limited was appointed Manager
in April 2005 continues. The majority of investments made by Close Ventures
Limited to date are performing in accordance with expectations and the Board
remains positive about the future prospects of the Company.
Geoffrey Vero
Director
21 November 2006
Consolidated Income Statement
for the six months ended 31 August 2006
Six months to 31 August 2006 Six months to 31 August 2005 Year ended 28 February 2006
(unaudited) (unaudited) (audited)
----------- --------------- --------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
--------- ------- ------ ------- ------ ------ ------- ------ ------
Investment
income and
deposit
interest 1,168 - 1,168 658 - 658 1,073 - 1,073
------- ------ ------- ------ ------ ------- ------ ------ ------
Investment
management
fees (90) (272) (362) (30) (90) (120) (160) (481) (641)
------- ------ ------- ------ ------ ------- ------ ----- ------
Other
expenses (193) 24 (169) (156) - (156) (351) (955) (1,306)
Non-recurring
operating
expenses (4) - (4) (1,468) - (1,468) (749) - (749)
------- ------- ------ ------ ------- ------ ------ ------- ------
Operating
profit/(loss) 881 (248) 633 (996) (90) (1,086) (187) (1,436) (1,623)
------- ------ ------- ------ ------ ------- ------ ------- ------
Profit on
investments - 56 56 - 500 500 - 2,504 2,504
------- ------ ------ ------- ------ ------ ------- ------ -------
Profit/(loss)
before
taxation 881 (192) 689 (996) 410 (586) (187) 1,068 881
------- ------ ------- ------ ------ ------- ------ ------ ------
Taxation (85) 85 - - - - 42 - 42
------- ------ ------ ------- ------ ------ ------- ------ ------
Profit/(loss)
for the
period 796 (107) 689 (996) 410 (586) (145) 1,068 923
------- ------ ------ ------- ------ ------ ------- ------ ------
Basic and
diluted
return
per Ordinary
share (pence) 0.85 (1.50) 2.03
------- ------ -------
The total column of this statement represents the Group's income statement,
prepared in accordance with International Financial Reporting Standards
("IFRS"). The supplementary revenue and capital reserve columns are prepared
under guidance published by the Association of Investment Companies.
The consolidated income statement includes the results of the subsidiaries CP1
VCT PLC and CP2 VCT PLC following the merger.
The profit/ (loss) for the six months to 31 August 2005 was for the Company,
prior to the merger with CP1 VCT PLC and CP2 VCT PLC. The profit/ (loss) for the
year ended 28 February 2006 includes results from the subsidiaries CP1 VCT PLC
and CP2 VCT PLC from the date of merger on 13 January 2006.
Consolidated Balance Sheet
as at 31 August 2006
31 August 2006 31 August 2005 28 February 2006
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Non-current assets
Investments 28,929 13,053 30,969
Current assets
Trade and other receivables 1,548 403 1,496
Cash and cash equivalents 6,522 3,812 4,846
------ ----- ------
8,070 4,215 6,342
Total assets 36,999 17,268 37,311
Current liabilities
Trade and other payables (325) (353) (694)
Total assets less current
liabilities 36,674 16,915 36,617
------ ------ -------
Non-current liabilities
Provision for bank
guarantees (1,662) (171) (1,662)
------ ---- ------
Total liabilities (1,987) (524) (2,356)
------ --- ------
Net assets 35,012 16,744 34,955
------ ------ -------
Equity attributable to equity
shareholders
Ordinary share capital 8,610 3,995 8,610
Share premium 14,422 - 14,422
Capital redemption
reserve 250 250 250
Own shares held (2,540) - (1,908)
Retained earnings 14,270 12,499 13,581
------- ------ -------
Equity 35,012 16,744 34,955
------- ------ -------
Net asset value per
Ordinary share
(excluding treasury shares) 44.0p 41.9p 43.0p
------- ------ -------
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS').
The consolidated balance sheets as at 31 August 2006 and 28 February 2006
include the results of the subsidiaries CP1 VCT PLC and CP2 VCT PLC following
the merger on 13 January 2006.
The balance sheet as at 31 August 2005 was for the Company prior to the merger
with CP1 VCT PLC and CP2 VCT PLC.
Company Balance Sheet
as at 31 August 2006
31 August 2006 31 August 2005 28 February 2006
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Fixed asset investments 28,929 13,053 30,969
Investment in subsidiary
undertakings 17,851 - 17,506
------ ----- ------
46,780 13,053 48,475
Current assets
Debtors 667 403 806
Cash at bank 3,155 3,812 1,327
------ ----- ------
3,822 4,215 2,133
Total assets 50,602 17,268 50,608
Creditors : amounts falling due
within one year (15,003) (353) (15,066)
------ ----- ------
Total assets less current
liabilities 35,599 16,915 35,542
Provision for bank
guarantees (587) (171) (587)
------ ----- ------
Total liabilities (15,590) (524) (15,653)
------ ----- ------
Net assets 35,012 16,744 34,955
------ ----- ------
Capital and reserves
Called up share capital 8,610 3,995 8,610
Share premium 14,422 - 14,422
Capital redemption
reserve 250 250 250
Own shares held (2,540) - (1,908)
Retained earnings 14,270 12,499 13,581
------ ----- ------
Equity shareholders' funds 35,012 16,744 34,955
------ ----- ------
Net asset value per
Ordinary share
(excluding treasury shares) 44.0p 41.9p 43.0p
------ ----- ------
The Company Balance sheet has been prepared in accordance with UK GAAP.
Consolidated Statement of Changes in Equity
for the six months ended 31 August 2006 (unaudited)
-------------- ------- ------- -------- -------- ------- ------- -------
Ordinary Share Revaluation Capital Own Retained Total
share premium reserve redemption shares earnings
capital reserve held
#'000 #'000 #'000 #'000 #'000 #'000 #'000
As at 28
February 2006 8,610 14,422 - 250 (1,908) 13,581 34,955
Net profit for
the period - - - - - 689 689
Costs of
treasury
shares
repurchased - - - - (632) - (632)
------- ------- -------- -------- ------- ------- -------
As at 31
August 2006 8,610 14,422 - 250 (2,540) 14,270 35,012
======= ======= ======== ======== ======= ======= =======
As at 28
February 2005
(restated) 3,995 - (15,287) 250 - 28,389 17,347
Adjustment in
respect of IAS
39 - - - - - (17) (17)
Reclassification
of revaluation
reserve - - 15,287 - - (15,287) -
------- ------- -------- -------- ------- ------- -------
As at 1 March
2005 (restated
and adjusted) 3,995 - - 250 - 13,085 17,330
Net loss for
the period - - - - - (586) (586)
------- ------- -------- -------- ------- ------- -------
As at 31
August 2005 3,995 - - 250 - 12,499 16,744
======= ======= ======== ======== ======= ======= =======
As at 28
February 2005
(restated) 3,995 - (15,287) 250 - 28,389 17,347
Adjustment in
respect of IAS
39 - - - - - (17) (17)
Revised
adjustment in
respect of IAS
39 - - - - - (27) (27)
Reclassification
of revaluation
reserve - - 15,287 - - (15,287) -
------- ------- -------- -------- ------- ------- -------
As at 1 March
2005 (restated
and adjusted) 3,995 - - 250 - 13,058 17,303
Net profit for
the year - - - - - 923 923
Costs of
treasury
shares
repurchased - - - - (1,908) - (1,908)
Shares issued
in year 4,615 14,422 - - - - 19,037
Dividends paid
in year - - - - - (400) (400)
------- ------- -------- -------- ------- ------- -------
As at 28
February 2006 8,610 14,422 - 250 (1,908) 13,581 34,955
======= ======= ======== ======== ======= ======= =======
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS').
Consolidated Cash Flow Statement
for the six months to 31 August 2006
------------ ----------- -----------
Six months to Six months to Year ended
31 August 2006 31 August 2005 28 February
(unaudited) (unaudited) 2006 (audited)
#'000 #'000 #'000
------------ ----------- -----------
Cash flows from operating
activities
Investment
income received 1,162 535 1,087
Deposit interest
received 115 14 30
Investment management
fees paid (646) (107) (694)
Secretarial fees paid (36) (20) (91)
Other cash payments (320) (765) (1,324)
------------ ----------- -----------
Cash generated/(expended) from
operations 275 (343) (992)
Tax recovered 1,431 78 90
------------ ----------- -----------
Net cash flows from/(used in)
operating activities 1,706 (265) (902)
Cash flows from investing activities
Purchases of investments (2,094) (605) (2,169)
Sales of investments 4,122 4,608 6,349
Payment to solicitors re loan
guarantees (1,406) - -
------------ ----------- -----------
Net cash flows from investing
activities 622 4,003 4,180
--- --- ---
Cash flows from financing activities
Equity dividends paid - - (400)
Cash acquired from subsidiaries
at date of merger - - 3,791
Repurchase of Ordinary shares - (140) (140)
Purchase of Ordinary shares for
treasury (652) - (1,897)
------------ ----------- -----------
Net cash flows (used in)/from
financing activities (652) (140) 1,354
Increase in cash and cash
equivalents 1,676 3,598 4,632
------------ ----------- -----------
Cash and cash equivalents at
start of period 4,846 214 214
------------ ----------- -----------
Cash and cash equivalents at
end of period 6,522 3,812 4,846
---------------------- ------------ ----------- -----------
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS').
The consolidated cash flow statements for the six months to 31 August 2006 and
the year ended 28 February 2006 include the transactions of the subsidiaries CP1
VCT PLC and CP2 VCT PLC from the date merger on 13 January 2006.
The cash flow statement for the six months to 31 August 2005 was for the Company
prior to the merger with CP1 VCT PLC and CP2 VCT PLC.
Notes to the announcement
1. Details about the Investment Manager
Crown Place VCT PLC is managed by Close Ventures Limited. Close Ventures Limited
is a subsidiary of Close Brothers Group plc and is authorised and regulated by
the Financial Services Authority.
2. Statutory accounts
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the periods ended 31 August 2006 and 31 August
2005, as defined in Section 240 of the Companies Act 1985.
Statutory accounts for the year ended 28 February 2006 have been delivered to
the Registrar of Companies. The Auditors have reported on those accounts; their
report was unqualified and did not contain statements under section 237(2) or
(3) of the Companies Act 1985.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient information to
comply with IFRSs. The Company expects to publish full financial statements
that comply with IFRSs within the next two weeks.
3. Accounting policies
The accounts have been prepared on the basis of the accounting policies set out
in the latest annual report for the year ended 28 February 2006.
4. Basic and diluted return per share
Return per share has been calculated on 80,824,690 Ordinary shares (2005:
39,952,670) being the weighted average number of shares in issue in the period
(excluding Treasury shares).
There are no convertible instruments, derivatives or contingent share agreements
in issue for the Company hence there are no dilution effects to the return per
share. The basic return per share is therefore the same as the diluted return
per share.
5. Net asset value
The net asset value per share is based on net assets of #35,012,000 and on
79,627,220 Ordinary shares being the number of Ordinary shares in issue
(excluding Treasury shares) at the period end.
6. Contingencies
After the period end, the Company met its obligations to make payments under
bank guarantees to the value of #1.4 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBBFTMMJTBJF
Albion Crown Vct (LSE:CRWN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Albion Crown Vct (LSE:CRWN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
