Noble Health Fund VCT plc
Half-yearly Report
for the six months ended 31 July 2008
Overview
Objective of the Fund
The objective of the fund is to provide investors with an attractive return by
maximising the stream of dividend distributions from the capital gains and
income generated from a diversified portfolio of investments in the health
sector.
Investment Policy
* To create a balanced portfolio of growth companies in the health sector.
* To invest in companies which have proven management and technology or
business propositions which are protected by patents or know-how and where there
are barriers to entry for competitors.
* Investments may include unquoted early-stage companies, those requiring
development capital and companies raising money on AIM.
Key data
31/07/08 31/07/07 31/01/08
(unaudited) (unaudited) (audited)
Total Net Asset Value ("NAV") �13.3m �15.8m �14.5m
Shares in issue 19,307,784 18,822,500 18,837,545
NAV per share 68.8p 83.8p 77.0p
Share price 64.5p 72.5p 59.5p
Market capitalisation �12.5m �13.6m �11.2m
Ordinary share price discount to NAV 6.3% 13.5% 22.7%
NAV per share plus cumulative dividends 82.3p 95.8p 90.5p
paid to date
Cumulative dividends per ordinary share 13.5p 12.0p 13.5p
since inception
Highlights
* Investments totalling �1.2m made in seven companies (includes three follow
on investments) in the six months ended 31 July 2008.
* Top up offer launched in February 2008 which raised �561k.
Chairman's Statement
The past six months has provided an extremely challenging environment for
smaller companies to operate in and this has impacted the performance of the
fund. The net asset value per share fell by 10.6% to 68.8p with movements in
both quoted and unquoted portfolios. During this period the FTSE AIM All-Share
Total Return index fell 14.5%. Within the fund the quoted stocks held throughout
the six months fell by 16.3% and this was almost entirely due to one investment,
York Pharma, which is discussed in the Fund Manager's Review. It is encouraging
to report that the balance of this part of the portfolio fell by only 1.6%.
On the unquoted side progress continues to be made against the milestones we set
each investment. However these young companies now face a significantly tougher
environment in which to raise further funds. We have taken the decision to write
down the value of five of our investments, the material ones being Amura
Holdings and Inforsense, and this again is detailed in the Fund Manager's
Review. Both these investments had previously been written up and are now held
broadly at cost. The risk profiles of these companies have increased over the
past few months and the Board feels it is prudent to be more cautious in the
current environment. Due to the timing of these impairments, which have been
made since the half-year end and which reflect the Board's views on the
implications of events unfolding at this time, the NAV previously released to
the market on 5 August 2008 as at 31 July 2008 differed from that included in
this report. You will appreciate that the speed with which these events are
happening makes it inevitable that any comments made in this Statement are
likely to be out of date by the time it reaches you.
Despite market conditions we successfully raised �561k (before costs) in a top-
up offer and the closing cash and liquid resources available for investment sits
at �3.46m, which is of increased significance in the current credit crunch.
Within the fund we also made new investments during the half year totalling
�1.22m in seven companies. Three of which were follow on investments into
existing holdings of which two, Altacor and OmniDental Sciences are unquoted.
Of the four new investments, only Population Genetics is unquoted. There were no
divestments in the last six months.
In the current circumstances the Board feels it is not prudent to declare an
interim dividend to shareholders, but the payment of a dividend will be reviewed
later in the financial year. The Company operates a buy back policy purchasing
shares at a discount to NAV agreed by the Board. However, due to the
uncertainty created by the ongoing credit crunch, the Board has also decided to
postpone further buy backs of shares until later in the year. This is, we hope,
a temporary measure reflecting highly stressed market conditions.
We have continued to monitor the portfolio closely against the current VCT
legislation and I am pleased to report that we anticipate comfortably meeting
the relevant qualifying tests as they arise.
Gill Nott resigned as Chairman of the Board at the annual general meeting and I
was delighted to be appointed Gill's successor. I would like to thank Gill
personally for her hard work, dedication and enthusiasm which she brought to the
role over the many years she served the fund.
During the period there have also been some changes to the investment management
team at Noble Fund Managers Limited ("Noble"). Gerard Tardy, who was one of the
founders of the healthcare investment team, retired, His role was initially
taken by Paul Toon, who was Head of Unquoted Investments at Noble. However,
Paul Toon has since left Noble and the investment team is now led by Dr Paul
Jourdan, Head of Equity Investments at Noble, and also the manager of the Noble
AIM VCT plc.
The Board and Noble plan to conduct their annual review of strategy in October
this year. The current tough economic conditions raise some serious strategic
questions for the Company, in regard to how we maximise value from our portfolio
of investments, many of which are in fairly early-stage businesses. This review
will be the first which I shall attend as Chairman, and will be a substantial
exercise.
Charles Pinney
Chairman
29 September 2008
Fund Manager's Review
Performance
The first half of the year has been overshadowed by the credit crunch which, at
the time of writing, has just claimed another victim in the form of Bradford &
Bingley. There is a very high degree of uncertainty today about how far the
credit problems will damage the so-called "real" economy, in the form of
recession. What is clear, however, is that problems at the banks have made it
much more difficult for small companies to raise new funds, and created an
environment in which customers are tending to delay spending decisions and scale
down inventory levels. Against this backdrop it is perhaps not surprising that
several of the portfolio companies have seen difficult trading or funding
conditions.
Quoted Portfolio
The value of the quoted portfolio fell by 16.3% during the half year period,
which compares to a fall of 14.5% in the FTSE AIM All-Share Total Return Index
over the same period. The majority of the portfolio did much better than this.
However York Pharma, which had previously been a very profitable investment and
thus became a large holding, saw its share price retrench by 56% on further
delays to the licensing of its lead product, as well as embarking on an
ambitious programme of acquisitions, which left it needing to raise further
funds in an adverse funding climate. Excluding this factor the fall in the
quoted portfolio worked out at 1.6%.
Unquoted Portfolio
The principal issue for this part of the portfolio is the ongoing funding
requirement. Negotiating a way through these requirements, and achieving some
exits in the portfolio on good terms, are the principal challenges for the next
year in this tougher environment.
Provisions have been made on a number of holdings. The significant ones are
Inforsense and Amura Holdings. Inforsense is a software company which supplies
integrative analysis technology, which is the ability to spot trends in
otherwise uncorrelated data. Buoyed by its success in the healthcare sector it
sought to expand into the financial sector believing this sector would be keen
adopters of their technology. This move has coincided with the credit crunch and
has led to a retrenchment to its core business. This loss of momentum has caused
us to impair the holding valuation to �802k which is a write down of �616k when
compared to the valuation at the year end.
Amura Holdings is a drug discovery business, which has broadly continued to hit
its milestones. However, there was a delay to an anticipated commercial
agreement over the summer which has contributed to a mark down in the value of
the holding to �1,069k. The write down of these holdings has reduced their
value to broadly cost.
Transactions
Qualifying Portfolio
Four new qualifying investments totalling �848k were made during the period, of
which three were additional investments in portfolio companies Altacor, IS
Pharma and OmniDental Sciences.
One new investment of �347k, with a commitment to increase this depending on
achieving agreed milestones, was made in Population Genetics. Population
Genetics is an exciting start-up with a novel technology which will
significantly increase the capacity of genome sequencing machines.
Non-Qualifying Portfolio
Three new investments totalling �371k were made, reflecting the Board's desire
to build a non-qualifying portfolio of listed companies with a view to better
diversifying the Company's investment risk, and gain exposure to some larger
more mature companies.
PureCircle, the largest of these investments, is a pioneer in the production of
Rebaudioside-A (Reb A) from the Stevia plant. Reb A is being adopted by major
drinks companies as the most effective natural low calorie sweetener. Corin
Group, the next largest, is an orthopaedics company, best known for its large-
diameter cup, `metal-on-metal' hip replacement devices, and in particular for
its hip-resurfacing device known as Cormet. Having received approval in the US,
Cormet is being distributed by Stryker there. However, the shares fell by
around 75% after Stryker reported slow initial sales. We used this fall as an
opportunity to take a small position, believing Cormet to have a strategic value
to Stryker well in excess of Corin Group's current capitalisation. CustomVis is
an innovative company in the laser vision corrective industry, with a focus on
custom surgery, their flagship product is a solid state refractive laser that is
designed specifically for custom surgery, permitting an accurate approach to
correcting both standard and non-standard vision disorders.
Outlook
Unfortunately it looks as if the credit crunch has a good deal further to run.
There is a clear expectation of further trouble amongst the UK banks as the
economy slows and the housing market continues to fall. In this scenario the key
question for Noble is how and when to deploy the cash on the balance sheet. Much
of this has been kept aside for follow-on investments at present. We will need
to scrutinise this carefully with the Board, making sure that we are rigorous in
assessing the best risk-adjusted outcomes as funds are invested.
Noble Fund Managers Limited
29 September 2008
Investment Portfolio as at 31 July 2008
Cost Valuation Valuation
as % of
shareholders'
funds
� � %
Quoted investments
1st Dental Laboratories plc 289,000 52,568 0.4
Chromogenex plc* 253,000 40,250 0.3
Corin Group plc 148,008 144,750 1.1
Craneware plc* 139,302 221,197 1.7
CustomVis plc* 78,000 44,880 0.3
Genosis plc* 899,886 18,945 0.1
Immunodiagnostics Systems 42,351 212,795 1.6
Holdings plc
IS Pharma plc* 365,940 328,247 2.5
MediGene AG 639,173 237,434 1.8
Paion AG 200,000 51,898 0.4
PureCircle Limited* 145,223 202,938 1.5
Sinclair Pharma plc 219,219 76,394 0.6
Vectura Group plc 481,664 399,678 3.0
York Pharma plc 592,413 238,287 1.8
_________ _________ _________
Total quoted investments 4,493,179 2,270,261 17.1
_________ _________ _________
Unquoted investments
Altacor Limited 400,000 400,000 3.0
Amura Holdings Limited 987,150 1,069,250 8.1
BioVex Inc 763,885 645,854 4.9
deltaDot Limited 599,574 539,610 4.1
Digital Healthcare Limited 810,000 695,768 5.2
Inforsense Limited 1,020,000 801,922 6.0
OmniDental Sciences Limited 750,000 750,000 5.6
Onyx Scientific Limited 850,000 850,000 6.4
Optasia Medical Limited 650,000 650,000 4.9
Plum Baby Limited 749,148 749,148 5.7
Population Genetics Limited 346,667 346,667 2.6
_________ _________ _________
Total unquoted investments 7,926,424 7,498,219 56.5
_________ _________ _________
Total investments 12,419,603 9,768,480 73.6
_________ _________ _________
Net current assets 3,506,657 26.4
_________ _________ _________
Equity shareholders' funds 13,275,137 100.0
_________ _________ _________
* These investments are also held by other VCTs managed by Noble.
Principal Risks and Uncertainties
The Company's assets consist of equity and fixed interest investments, cash and
liquid resources. Its principal risks are therefore market risk, credit risk
and liquidity risk. Other risks faced by the Company include economic,
investment and strategic, regulatory, reputational, operational and financial
risks as well as the potential for loss of approval as a VCT. These risks, and
the way in which they are managed are described in more detail under the heading
Principal Risks and Uncertainties within the Directors' Report and Business
Review in the Company's Annual Report and Accounts for the year ended 31 January
2008. The Company's principal risks and uncertainties have not changed in their
nature since the date of that report, although in the current market the degree
to which the Company is subject to these risks has changed due to market
conditions.
Responsibility Statement of the Directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge:
- the condensed set of financial statements has been prepared in accordance
with the Statement "Half-yearly financial reports" issued by the UK Accounting
Standards Board;
- the Chairman's Statement (constituting the interim management report)
includes a fair review of the information required by DTR4.2.7R of the
Disclosure and Transparency Rules, being an indication of important events that
have occurred during the first six months of the financial year and their impact
on the condensed set of financial statements;
- the Statement of Principal Risks and Uncertainties above is a fair review
of the information required by DTR4.2.7R, being a description of the principal
risks and uncertainties for the remaining six months of the year; and
- the financial statements include a fair review of the information required
by DTR4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
Approved by the Board and signed for and on behalf of the Board
Charles Pinney
Chairman
29 September 2008
Income Statement for the six months ended 31 July 2008
Six months ended Six months ended Year ended
Note 31 July 2008 31 July 2007 31 January 2008
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
� � � � � � � � �
Gain on - - - - 57,010 57,010 - 30,067 30,067
disposal of
investments
Decrease in - (1,468,303) (1,468,303) - (145,785) (145,785) -(1,018,122)(1,018,122)
fair value
of investments
held
Income 6 121,293 - 121,293 175,061 - 175,061 340,652 - 340,652
Investment (32,907) (98,721) (131,628) (34,907) (104,720) (139,627) (66,751) (200,254) (267,005)
management fee
Other expenses (114,874) - (114,874)(118,423) - (118,423) (267,467) - (267,467)
(Loss)/return (26,488)(1,567,024) (1,593,512) 21,731 (193,495) (171,764) 6,434 (1,188,309) (1,181,875)
on
ordinary
activities
before taxation
Taxation on - - - - - - - - -
ordinary
activities
(Loss)/return (26,488) (1,567,024) (1,593,512) 21,731 (193,495) (171,764) 6,434 (1,188,309) (1,181,875)
on
ordinary
activities
after taxation
Return per 4 (0.14)p (8.16)p (8.30)p 0.13p (1.12)p (0.99)p 0.04p (6.58)p (6.54)p
ordinary share
- basic and
diluted
The total column is the profit and loss account of the Company.
The accompanying notes are an integral part of the statement.
All revenue and capital items derive from continuing operations.
No operations were acquired or discontinued during the period.
There were no other recognised gains or losses in the period.
Dividends Paid
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2008 2007 2008
(unaudited) (undaudited) (audited)
� � �
_____________________________________
Interim dividend for the year - - 943,913
ended 31 January 2008 of 5p per
ordinary share - paid on 14 May
2007
Interim dividend for the year - 281,719 281,719
ended 31 January 2008 of 1.5p per
ordinary share - paid on 30
November 2007
_____________________________________
- 281,719 1,225,632
_____________________________________
Reconciliation of Movements in Shareholders' Funds
for the six months ended 31 July 2008
Six months Six months Year
ended ended ended
31 July 2008 31 July 31 January
2007 2008
(unaudited) (unaudited) (audited)
� � �
_____________________________________
Opening shareholders' funds 14,497,689 12,137,079 12,137,079
Loss for the period (1,593,512) (171,764) (1,181,875)
Net increase in share capital in 370,960 4,753,577 4,768,117
issue
Dividends paid - (943,913) (1,225,632)
_____________________________________
Closing shareholders' funds 13,275,137 15,774,979 14,497,689
_____________________________________
The accompanying notes are an integral part of the statement.
Balance Sheet
as at 31 July 2008
31 July 31 July 31 January
2008 2007 2008
(unaudited) (unaudited) (audited)
Note � � �
____________________________________
Fixed assets
Investments held at fair 9,768,480 9,876,637 10,017,114
value
Current assets
Debtors 130,121 122,751 147,149
Cash at bank and on deposit 175,702 - 470,290
Investments - liquidity fund 3,287,370 6,031,299 3,943,498
____________________________________
3,593,193 6,154,050 4,560,937
Current liabilities
Creditors: amounts falling (86,536) (255,708) (80,362)
due within one year ____________________________________
Net current assets 3,506,657 5,898,342 4,480,575
____________________________________
Total assets less current 13,275,137 15,774,979 14,497,689
liabilities ____________________________________
Capital and reserves
Called up share capital 193,077 188,225 188,375
Share premium account* 8 6,931,312 6,352,776 6,403,631
Special distributable 8 8,458,244 8,940,718 8,622,048
reserve
Capital redemption reserve* 8 391,571 388,703 389,190
Capital reserve - realised 8 320,094 288,055 418,815
Capital reserve - unrealised 8 (2,651,121) (57,245) (1,182,818)
Revenue reserve 8 (368,040) (326,253) (341,552)
____________________________________
Equity shareholders' funds 13,275,137 15,774,979 14,497,689
____________________________________
Net asset value per share 5 68.8p 83.8p 77.0p
* These reserves are not distributable.
The accompanying notes are an integral part of the balance sheet.
Cash Flow Statement for the six months ended 31 July 2008
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2008 2007 2008
(unaudited) (unaudited) (audited)
Note � � �
____________________________________
Operating activities
Investment income received 151,238 143,296 299,398
Deposit interest received 7,240 7,636 16,039
Investment management fees (145,710) (139,627) (303,213)
Other operating costs (117,298) (168,713) (260,829)
____________________________________
Net cash outflow from 9 (104,530) (157,408) (248,605)
operating activities ____________________________________
Financial investment
Purchase of investments (1,219,669) (2,609,666) (4,129,602)
Disposal/(purchase) of 656,128 (4,443,597) (2,355,796)
liquidity funds
Disposals of investments - 690,025 1,170,205
____________________________________
Net cash outflow from (563,541) (6,363,238) (5,315,193)
financial investment ____________________________________
Dividends
Payment of dividends - (801,572) (1,031,799)
____________________________________
Net cash outflow before (668,071) (7,322,218) (6,595,597)
financing ____________________________________
Financing
Issue of shares 551,499 5,885,942 5,896,127
Expenses of the issue of (14,212) (104,570) (161,762)
shares
Buy back of shares (163,804) (191,657) (228,608)
____________________________________
Net cash inflow from 373,483 5,589,715 5,505,757
financing ____________________________________
Decrease in cash during the (294,588) (1,732,503) (1,089,840)
period ____________________________________
Reconciliation of net cash flow to movement in net cash
Net cash at start of period 470,290 1,560,130 1,560,130
Net cash at end of period 175,702 (172,373) 470,290
____________________________________
Decrease in cash during the (294,588) (1,732,503) (1,089,840)
period ____________________________________
The accompanying notes are an integral part of the statement.
Notes to the Financial Statements for the six months ended 31 July 2008
1. The unaudited half-yearly financial results cover the six months ended 31
July 2008 and have been prepared in accordance with applicable accounting
standards and adopting the accounting policies set out in the statutory
accounts for the year ended 31 January 2008 drawn up in accordance with
the Accounting Standard Board's (ASB) Statement on Half-yearly Financial
Reports (July 2007) and adopting the accounting policies set out in the
statutory accounts for the year ended 31 January 2008 which were prepared
under UK GAAP.
2. The financial information set out in this report has not been audited but
has been reviewed by the auditors and does not comprise full financial
statements within the meaning of Section 240 of the Companies Act 1985.
Statutory accounts for the year ended 31 January 2008, which were
unqualified, have been lodged with the Registrar of Companies. No
statutory accounts in respect of any period after 31 January 2008 have
been reported on by the Company's auditors or delivered to the Registrar
of Companies.
3. Copies of the half-yearly report are being sent to all shareholders.
Further copies are available free of charge from the Company's registered
office.
4. The return per ordinary share is based on the return attributable to
ordinary shareholders for the six months ended 31 July 2008 and the
weighted average number of shares in issue during the period of
19,214,346 (31 July 2007: 17,265,852, 31 January 2008: 18,052,613).
5. The net asset value per ordinary share is calculated based on net assets of
�13,275,137 (31 July 2007: �15,774,979, 31 January 2008: �14,497,689) and the
number of ordinary shares in issue of 19,307,784 (31 July 2007: 18,822,500, 31
January 2008: 18,837,545).
6. Income
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2008 2007 2008
(unaudited) (unaudited) (audited)
� � �
____________________________________
Income from investments:
Income from global liquidity funds 95,472 156,144 297,959
Dividends received - - 3,904
Interest on loan stock 18,581 11,281 22,750
Other income:
Deposit interest 7,240 7,636 16,039
____________________________________
121,293 175,061 340,652
____________________________________
7. The effective rate of tax for the six months ended 31 July 2008 is nil due
to the loss incurred in the period.
8. Unaudited reserves:
Share Special Capital
premium distributable redemption
account reserve reserve
� � �
_____________________________________
At 1 February 2008 6,403,631 8,622,048 389,190
Premium on allotment of ordinary shares 553,943 - -
Share issue expenses (26,262) - -
Shares repurchased and cancelled - (163,804) 2,381
_____________________________________
At 31 July 2008 6,931,312 8,458,244 391,571
_____________________________________
Capital Capital
reserve reserve Revenue
realised unrealised reserve
� � �
_____________________________________
At 1 February 2008 418,815 (1,182,818) (341,552)
Loss for period (98,721) (1,468,303) (26,488)
_____________________________________
At 31 July 2008 320,094 (2,651,121) (368,040)
_____________________________________
9. Reconciliation of net loss on ordinary activities to net cash outflow from
operating activities
Six months Six months Year
ended ended ended
31 July 2008 31 July 2007 31 January
2008
(unaudited) (unaudited) (audited)
� � �
______________________________________
Loss on ordinary activities before taxation (1,593,512) (171,764) (1,181,875)
Net loss and change in fair value of investments 1,468,303 88,775 988,055
Increase/(decrease) in creditors, excluding 6,174 (45,659) (4,149)
corporation tax payable
Decrease/(increase) in debtors 14,505 (28,760) (50,636)
______________________________________
Net cash outflow from operating activities (104,530) (157,408) (248,605)
______________________________________
10. Related Parties
Noble manages the investments of the Company. Noble also provides or
procures the provision of secretarial, administration and custodian
services to the Company. Management fee charges are restricted such that
total costs (excluding trail commission) do not exceed 3.6% of net assets
at the end of the accounting period.
During the period, the Company was charged sums by Noble Group companies.
The relationships and amounts charged during the period include:
Noble Fund Managers Limited charged the Company management fees of
�131,628 (31 July 2007: �139,627).
Noble Corporate Management Limited charged the Company administration fees
of �7,500 (31 July 2007: �7,500) excluding irrecoverable VAT and company
secretarial fees of �7,500 (31 July 2007: �7,500) excluding irrecoverable
VAT.
Noble & Company charge the Company broker fees of �4,000 (31 July 2007:
�4,000) excluding irrecoverable VAT.
11. VAT on management fees
As a result of an announcement by HM Revenue & Customs that it accepts
that the fund management of VCTs should have fallen within the VAT
exemption for fund management services introduced on 1 January 1990, HM
Revenue & Customs now invites claims for VAT charged retrospectively for
certain periods. The amount of VAT recoverable by the Company is yet to
be finalised however it is not expected to be material.
Independent Review Report to Noble Health Fund VCT Plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31 July
2008 which comprises the Income Statement, Reconciliation of Movements in
Shareholders' Funds, Balance Sheet, Cash Flow Statement and the related
explanatory notes. We have read the other information contained in the half-
yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed
set of financial statements.
This report is made solely to the Company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in the notes, the annual financial statements of the Company are
prepared in accordance with UK company law and the applicable accounting
standards ("UK GAAP"). The condensed set of financial statements included in
this half-yearly financial report has been prepared in accordance with the
Accounting Standard Board's Statement "Half-yearly Financial Reports".
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standards on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of half-yearly financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly we
do not express an audit opinion.
Review conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 July 2008 is not prepared, in all material
respects, in accordance with the Accounting Standards Board's Statement "Half-
yearly Financial Reports" and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
PKF (UK) LLP
London
29 September 2008
Shareholder Information
Share price
The Company's ordinary shares are listed on the London Stock Exchange. The mid-
price of the Company's ordinary shares is given daily in the Financial Times in
the Investment Companies section of the London Share Service. Share price
information can also be obtained from many financial websites including the
London Stock Exchange site: www.londonstockexchange.com.
Net asset value per share
The Company's net asset value per ordinary share as at 31 July 2008 was 68.8p.
The Company normally announces its net asset value per share on a weekly basis
to The London Stock Exchange. Monthly net asset value per share information can
be found on Noble Group's website:
www.noblegp.com/services/invest/health_fund.php .
Financial calendar
September 2008 Half-yearly report for the six months ended 31 July 2008
circulated to shareholders
November 2008 Interim Management Statement
31 January 2009 Year-end
April 2009 Results for the year ended 31 January 2009 announced and annual
report and review sent to shareholders
June 2009 Annual General Meeting
Further information
For further information regarding the Company please contact:
Kate Justham 0207 763 2200
Doreen Nic 0131 225 9677
Eddie Cheesman 0131 225 9677
For further information regarding the Company's buy-back policy please contact:
Kate Justham 0207 763 2200
Enquiries
Shareholders should contact the following regarding queries:
Basic contact details, ie change of address, queries regarding share and tax
certificates and dividend mandate forms:
Computershare (Company Registrar)
www.computershare.com/investor
Shareholder helpline
The Shareholder helpline is available on UK business days between Monday and
Friday, 8.30am to 5pm. The helpline contains automated self-service
functionality which is available 24 hours a day, 7 days a week. Using your
Shareholder Reference Number which is available on your share certificate or
dividend tax voucher, Computershare's self-service functionality will let you do
the following things:
Automated Functions
- confirm the latest share price
- confirm your current shareholding balance
- confirm payment history
- order a Change of Address, Dividend Mandate or Stock Transfer Form
email: web.queries@computershare.co.uk
Tel: 0870 703 0137 (calls charged at national rate)
Investors who hold ordinary shares in their own name can check their holdings on
Computershare's website www.computershare.com. Please note that to access this
facility investors will need to quote the reference number shown on their
certificate. Alternatively, by registering for the Investor's Centre facility
on Computershare's website, investors can view details of their holdings for
which Computershare is Registrar, as well as access additional facilities and
documentation. Please see www.computershare.com/investor for further
information.
Corporate Information
Directors
Charles Pinney (Chairman)
Peter Arthur
Ann Hacker
Frank Harding
All are non-executive Directors
Registered office
5th floor
120 Old Broad Street
London
EC2N 1AR
Broker VCT tax adviser
Noble & Company Limited PricewaterhouseCoopers
76 George Street 1 Embankment Place
Edinburgh London
EH2 3BU WC2N 6RH
Secretary Registrar
Noble Corporate Management Limited Computershare Investor Services PLC
76 George Street The Pavilions
Edinburgh Bridgwater Road
EH2 3BU Bristol
BS99 6ZZ
Fund Manager Solicitors
Noble Fund Managers Limited Martineau Johnson
5th floor No.1 Colmore Square
120 Old Broad Street Birmingham
London B4 6AA
EC2N 1AR
Auditors Bankers
PKF (UK) LLP NatWest Bank
Farringdon Place Financial Institutions Group
20 Farringdon Road 7th Floor, 280 Bishopsgate
London London
Noble Hlth FD. (LSE:NHF)
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