Interim Results
December 08 2005 - 6:12AM
UK Regulatory
RNS Number:3581V
Arc Growth Company VCT plc
08 December 2005
Interim Statement to 31 August 2005
ARC Growth Company VCT plc (the "Company")
Chairman's Statement
I am pleased to present the first interim report to shareholders and to formally
welcome all shareholders. Although the Company was incorporated in January
2005, it was only admitted to the Official List of the UKLA on 30 June 2005.
Consequently, at the half year date of 31 August 2005, there is a limited amount
to report.
Fund launch
The Company was launched in February 2005 which was, with hindsight, late in the
seasonal cycle of Venture Capital Trust marketing, especially in a year which
was flooded with VCT offerings from both established players and new entrants
like ourselves. As a result, a number of VCT offerings were pulled but we did
manage to raise sufficient to close above the minimum amount stated in the
prospectus which we issued in February 2005.
Net Asset Value ('NAV')
At 31 August 2005, the Company had only been in existence a few weeks and no
investments had been made. The NAV per share of 94.58p reflects the fundraising
costs of 5.5% and a small net return in the period of 0.08p per share.
Dividends
The Company's policy is to maximise dividends to its shareholders. One of the
benefits of the Company's structure is that these dividends are paid tax-free
whether they arise from income or capital gains. We are not declaring a
dividend for the initial period to 31 August 2005.
The Company's qualifying status
As you may be aware, the Company must be 70% invested in qualifying companies by
the end of its third accounting period to comply with VCT regulations. The
board of the Company is conscious of this absolute rule and will monitor
progress towards this rule regularly.
Outlook
At this very early stage the Company's Investment Manager, Arc Fund Management
Limited, has reviewed a number of investment opportunities but none of the
investment opportunities have been considered to be of sufficient merit to make
an investment until very recently when a #50,000 investment was made in Talisker
Pharma Limited. The board has requested that the Investment Manager be very
conservative in its proposed investment approach.
Richard Hargreaves
Chairman
STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)
For the period 31 August 2005
Period to 31 August 2004
Revenue Capital Total
#000 #000 #000
Investment management fee (clawback) 21 - 21
Bank interest 7 - 7
Other expenses (27) - (27)
Return on ordinary activities before and after 1 - 1
taxation
Transfer to reserves 1 - 1
Return per ordinary share 0.08p - 0.08p
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 31 August 2005
31 August 2005
#000 #000
Fixed asset investments
Current Assets -
Investments -
Debtors 35
Cash at bank 1,061
1,096
Creditors: amounts falling due within one year (24)
Net current assets 1,072
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 94.58p
CASH FLOW STATEMENT For the period ended 31 August 2005
#000 #000
Net cash outflow from operating activities (10)
Net cash outflow from financial investment -
Financing:
Issue of own shares 1,133
Share issue expenses (62)
Net cash inflow from financing 1,071
_____
Increase in cash resources 1,061
_____
Notes
1 This interim financial information and the audited interim accounts for the
period ended 31 August 2005 from which it has been extracted, which are the
responsibility of the directors and were approved by them on 1 December
2005, do not constitute statutory accounts within the meaning of Section
240 of the Companies Act 1985 and have not been delivered to the Registrar
of Companies. The audit report on these financial statements was
unqualified.
2 The Company is an investment company as defined in Section 266 of the
Companies Act 1985. The financial statements have been prepared under the
historical cost convention, modified to include the revaluation of fixed
asset investments, and in accordance with applicable accounting standards
in the UK and with the Statement of Recommended Practice "Financial
statements and investment trust companies" issued in January 2003.
3 Copies of the Interim Report to Shareholders have been sent to shareholders
and are available at the Company's Registered Office: 22 Lovat Lane, London
EC3R 8EB or from Woodside Corporate Services, 21-22 Grosvenor Street,
London W1K 4QJ.
4 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 the same
number of shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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