Crown Place VCT PLC Crown Place Vct Plc : Annual -11-
02 Oktober 2014 - 6:08PM
UK Regulatory
offer
price
Recent investment price to Cost (reviewed for 62 More
impairment) relevant
valuation
methodology
The valuation method used will be the most appropriate valuation
methodology for an investment within its market, with regard to the
financial health of the investment and the IPEVCV Guidelines. The
Directors believe that, within these parameters, there are no other
possible methods of valuation which would be reasonable as at 30 June
2014.
10. Significant interests
The principal activity of the Group is to select and hold a portfolio of
investments in unquoted securities. Although the Company, through the
Manager, will, in some cases, be represented on the board of the
portfolio company, it will not take a controlling interest or become
involved in the management of a portfolio company. The size and
structure of the companies with unquoted securities may result in
certain holdings in the portfolio representing a participating interest
without there being any partnership, joint venture or management
consortium agreement.
The Company has interests of greater than 20 per cent. of the nominal
value of any class of the allotted shares in the portfolio companies as
at 30 June 2014 as described below:
% total
Country of % class and voting
Company incorporation Principal activity share type rights
ELE Advanced Manufacturer of precision engineering components for
Technologies the industrial gas turbine, aerospace and automotive 74.3% B
Limited Great Britain markets Ordinary 41.9%
House of
Dorchester 33.0% B
Limited Great Britain Chocolate manufacturer Ordinary 22.2%
56.7% B
Ordinary/A
Preference
and B
Uctal Limited Great Britain TV production company Preference 24.2%
The investments listed above are held as part of an investment portfolio
and therefore, as permitted by IAS 28 and FRS 9, they are measured at
fair value and not accounted for using the equity method.
11. Investments in subsidiary undertakings
30 June 2014
CP1 VCT PLC CP2 VCT PLC Total
GBP'000 GBP'000 GBP'000
Carrying value as at 1 July 2013 7,299 9,281 16,580
Movement in subsidiary net assets (677) (808) (1,485)
Carrying value as at 30 June 2014 6,622 8,473 15,095
30 June 2013
CP1 VCT PLC CP2 VCT PLC Total
GBP'000 GBP'000 GBP'000
Carrying value as at 1 July 2012 6,820 8,740 15,560
Movement in subsidiary net assets 479 541 1,020
Carrying value as at 30 June 2013 7,299 9,281 16,580
The subsidiary companies currently hold cash and intercompany balances.
Both CP1 VCT PLC and CP2 VCT PLC are wholly owned by Crown Place VCT PLC
as follows:
30 June 2014
CP1 VCT PLC CP2 VCT PLC
Nominal value of shares held GBP6,382,746 GBP8,219,350
Percentage of total voting rights held 100% 100%
30 June 2013
CP1 VCT PLC CP2 VCT PLC
Nominal value of shares held GBP6,382,746 GBP8,219,350
Percentage of total voting rights held 100% 100%
12. Trade and other receivables/debtors and current asset investments
30 June 2014 30 June 2013
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Trade and other receivables/debtors less than one
year 74 74 17 17
30 June 2014 30 June 2013
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Contingent future receipts on disposal of fixed asset
investments 42 42 21 21
The fair value hierarchy applied to contingent future receipts on
disposal of fixed asset investments is Level 3. The only movement in the
contingent future receipts is an unrealised increase in the fair value.
13. Trade and other payables/creditors
30 June 2014 30 June 2013
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Amounts falling due within one year:
Amounts due to subsidiary undertakings - 15,039 - 16,523
Other payables 21 21 28 28
Accruals 200 200 191 191
221 15,260 219 16,742
Interest is chargeable on intercompany balances at a rate of 12 per
cent. per annum. Intercompany balances are payable on demand. The
subsidiaries' current business is to hold cash and intercompany
balances.
14. Ordinary share capital
30 June 2014 30 June 2013
GBP'000 GBP'000
Allotted, called up and fully paid
100,057,224 Ordinary shares of 10p each (2013:
92,999,904) 10,006 9,300
Voting rights
90,680,814 Ordinary shares of 10p each (2013:
84,205,494)
The Company purchased 1,317,000 Ordinary shares for cancellation (2013:
1,407,000) during the year at a total cost of GBP395,000 (2013:
GBP416,000).
The Company purchased 582,000 Ordinary shares for treasury (2013:
728,000) during the year at a total cost of GBP174,000 (2013:
GBP206,000). The Company did not cancel any Ordinary shares from
treasury during the year (2013: 769,500).
The total number of shares held in treasury as at 30 June 2014 was
9,376,410 (2013: 8,794,410) representing 9.4 per cent. of the shares in
issue as at 30 June 2014.
Under the terms of the Dividend Reinvestment Scheme Circular dated 26
February 2009, the following Ordinary shares of nominal value 10 pence
were allotted during the year:
Number
of
Allotment shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment
date allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
29
November
2013 257,201 26 31.01 77 30.00
31 March
2014 294,674 29 30.91 89 30.00
551,875 55 166
Under the terms of the Albion VCTs Top Up Offers 2013/2014, the
following Ordinary shares of nominal value 10 pence were issued during
the year:
Number of
Allotment shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment
date allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
31 January
2014 1,597,074 160 32.60 506 30.00
31 January
2014 1,063,942 106 32.40 339 30.00
31 January
2014 46,728 5 32.10 15 30.00
5 April
2014 1,294,447 129 31.90 401 30.00
5 April
2014 39,411 4 31.60 12 30.00
5 April
2014 42,765 4 31.70 13 30.00
4,084,367 408 1,286
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