TIDMAMD 
 
The AIM Distribution Trust plc 
Half-Yearly Report for the six months ended 30 September 2009 
 
PERFORMANCE SUMMARY 
 
                                      30      31      30 
                                    Sept     Mar    Sept 
                                    2009    2009    2008 
                                   Pence   Pence   Pence 
 
Net asset value per share           39.5    33.6    42.5 
Cumulative distributions per share  55.8    55.8    55.8 
Total return per share              95.3    89.4    98.3 
 
 
CHAIRMAN'S STATEMENT 
Introduction 
The six-months ended 30 September 2009 has seen fairly steady general 
increases in  share prices,  including  AIM-quoted stocks.  This  has 
helped your Company to achieve a reasonable increase in its Net Asset 
Value per share ("NAV") over the period.  However, the increases seen 
recently are small compared to  the level of falls which  accumulated 
in the AIM market since autumn 2007. 
 
Net Asset Value 
As at  30  September 2009,  the  Company's  NAV stood  at  39.5p,  an 
increase of 5.9p, equivalent to 17.6%, since 31 March 2009. 
 
VCT Investment Portfolio 
There was a limited amount of investment activity during the  period. 
The Company invested GBP92,000 in two new investments and one follow-on 
investment of  GBP20,000  was also  made.   GBP50,000 was  invested  into 
Financial News Publishing  Limited, a financial  publisher which  has 
arisen from Sanastro Limited, a previous investment which  eventually 
failed.  An investment  of GBP42,000 was  also made in  Tristel plc,  a 
manufacturer of infection control products.  The follow-on investment 
was made in Hoole Hall Spa and Leisure Limited. 
 
There were a small number  of realisations in the period,  generating 
proceeds of GBP151,000 and realised losses of GBP14,000. 
 
The existing quoted portfolio showed a increase in value over the six 
months of  GBP531,000.  The  most notable  risers were  Connaught  plc, 
Printing.com plc and Spice plc. 
 
As usual,  the Board  also  reviewed the  valuation of  the  unquoted 
investments the period  end and  made a  small number  of changes  to 
previous  carrying  values.   The   net  movement  on  the   unquoted 
valuations was an  increase of GBP161,000,  such that total  unrealised 
gains across the VCT portfolio for the six-months were GBP692,000. 
 
Summary details  of the  portfolio together  with the  additions  and 
disposals in the period are shown below. 
 
Other investments 
The Company holds a small portfolio of non-VCT-qualifying investments 
comprising two  hedge  funds  and a  holding  of  permanent  interest 
bearing shares (PIBS).  At the  period end, the portfolio was  valued 
at GBP726,000 with unrealised gains over the period of GBP123,000. 
 
Results 
The return on ordinary activities  after taxation for the period  was 
GBP774,000 comprising a revenue loss of GBP1,000 and a capital return  of 
GBP775,000. 
 
Dividend 
Shareholders will be aware of the fact that the Company had  intended 
to pay a  dividend of 2p  per share  on 27 March  2009.  However  the 
Board had to  cancel the dividend  as the fall  in the Company's  NAV 
would have resulted in the Company having insufficient  distributable 
reserves. 
 
I am pleased to report that the increase in NAV experienced over  the 
last  6  months  has,  to  some  extent,  corrected  this  position. 
Accordingly, the Company  is declaring an  interim dividend of  1.75p 
per share  to be  paid on  23 December 2009  to Shareholders  on  the 
register at 11 December 2009. 
 
Shares buybacks 
The Company has currently suspended its share buyback policy while it 
reviews its future plans. 
 
Future 
The Board has spent some considerable time reviewing options for  the 
future of the  Company and  believes that  it has  identified a  path 
which best satisfies the needs of a wide range of Shareholders. 
 
The Company has today  announced it has,  in principle, agreed  terms 
for a merger with two other VCTs  (Pennine AIM VCT 6 plc and  Pennine 
AIM VCT 5 plc).  If the merger proceeds it will be effected by way of 
a scheme of reconstruction (which would  be outside the City Code  on 
Takeovers and Mergers) and will be subject to Shareholder  approval. 
Full details  will be  sent to  Shareholders as  soon as  any  formal 
proposals are available. 
 
Risk and Uncertainties 
Under  the  Disclosure  and  Transparency  Directive,  the  Board  is 
required, in the Company's half year results, to report on  principal 
risks and uncertainties facing the Company over the remainder of  the 
financial year. 
 
The Board has concluded that the key risks are: 
(i) investment risk associated with investing in small businesses; 
(ii) investment risk arising from market volatility; and 
(iii) failure to maintain approval as a VCT. 
 
In the case of (i) and (ii) the Board is satisfied with the Company's 
approach to  these risks.   As an  AIM-focused VCT,  the Company,  by 
definition,  has  significant  exposure   to  the  relatively   small 
businesses  quoted  on   AIM.   However,   by  seeking   to  hold   a 
well-diversified  portfolio  of  businesses  with  strong  management 
teams,  the  impact  of  falling  markets  and  challenging  economic 
conditions  should  be  mitigated  as  much  as  possible  given  the 
Company's status as a VCT and its investment policy. 
 
The Company's  compliance with  the  VCT regulations  is  continually 
monitored by the Administrator, who regularly reports to the Board on 
the    current     position.      The    Company     also     retains 
PricewaterhouseCoopers to provide regular reviews and advice in  this 
area.  The Board considers that this  approach reduces the risk of  a 
breach of the VCT regulations to a minimal level. 
 
Outlook 
The improved market  conditions have been  a welcome relief,  however 
the Company's NAV, much like the  FTSE AIM All-Share Index, is  still 
well below its levels  of two years ago.   The Company remains at  an 
uneconomic size for a VCT and accordingly the Board believes that the 
merger  discussions  mentioned  above  may  lead  to  a  satisfactory 
solution. 
 
Since  the  period  end,  one  of  the  Company's  investments,  Aero 
Inventory plc, announced that it had identified some stock  valuation 
issues whilst preparing to move from  AIM to the Official List.  Very 
shortly afterwards, the Company was forced to appoint  administrators 
after  losing  the   support  of   its  bankers.   This   is  a   big 
disappointment and illustrates how vulnerable even relatively  strong 
companies can be in  the current climate.   A full provision  against 
this investment will be equivalent to a fall in NAV of  approximately 
1p per share. 
 
Although the general economic  outlook is brighter  than it has  been 
for some time,  there are still  concerns that there  may be  further 
difficulties ahead.  A merger, such as the one being discussed, would 
not necessarily  provide Shareholders  with protection  from  further 
falls in stock prices should they arise, however, as part of a larger 
entity, the Board believes the Company would be better positioned  to 
endure difficult conditions.  For this reason  among several  others, 
the Board hopes to be able to put formal proposals to Shareholders in 
the very near future. 
 
Sir Aubrey Brocklebank 
Chairman 
 
INCOME STATEMENT 
for the six months ended 30 September 2009 
 
                                                Six months ended 
                                                30 September 2009 
 
                                            Revenue   Capital   Total 
                                              GBP'000     GBP'000   GBP'000 
 
Income                                           87         -      87 
 
Gains/(losses) on investments                     -       801     801 
 
                                                 87       801     888 
 
Investment management fees                      (8)      (26)    (34) 
Other expenses                                 (80)         -    (80) 
 
Return/(loss) on ordinary activities before     (1)       775     774 
taxation 
 
Taxation                                          -         -       - 
 
Return/(loss)   attributable   to    equity     (1)       775     774 
shareholders 
 
Return per share                                  -      5.9p    5.9p 
 
 
 
 
                                 Six months ended          Year ended 
                                 30 September 2008      31 March 2009 
 
                            Revenue   Capital     Total     Total 
                              GBP'000     GBP'000     GBP'000         GBP'000 
 
Income                           85         -        85           146 
 
Gains/(losses)           on       -     (996)     (996)       (2,121) 
investments 
 
                                 85     (996)     (911)       (1,975) 
 
Investment management fees     (13)      (39)      (52)          (90) 
Other expenses                 (80)         -      (80)         (155) 
 
Return/(loss)  on  ordinary     (8)   (1,035)   (1,043)       (2,220) 
activities before taxation 
 
Taxation                          -         -         -             - 
 
Return/(loss)  attributable     (8)   (1,035)   (1,043)       (2,220) 
to equity shareholders 
 
Return per share             (0.1p)    (7.7p)    (7.8p)       (16.7p) 
 
 
 
All Revenue  and Capital  items in  the above  statement derive  from 
continuing operations. The total  column within the Income  Statement 
represents the profit and loss account of the Company. 
 
A Statement of Total Recognised Gains and Losses has not been 
prepared as all gains and losses are recognised in the Income 
Statement as noted above. 
 
UNAUDITED SUMMARISED BALANCE SHEET 
as at 30 September 2009 
 
                            30 Sept 2009   30 Sept 2008   31 Mar 2009 
                                   GBP\'000          GBP'000         GBP'000 
Fixed assets 
Investments                        4,369          5,264         3,978 
 
Current assets 
Debtors                               53            196            53 
Cash at bank and in hand             812            183           435 
                                     865            379           488 
Creditors: amounts  falling  due    (47)           (53)          (53) 
within one year 
 
Net current assets                   818            326           435 
 
Net assets                         5,187          5,590         4,413 
 
Capital and reserves 
Called up share capital            3,285          3,285         3,285 
Capital redemption reserve         1,126          1,126         1,126 
Share premium                        348            348           348 
Investment holding losses        (4,671)        (5,052)       (5,825) 
Capital reserve - realised         5,075          5,835         5,454 
Revenue reserve                       24             48            25 
 
Equity shareholders' funds         5,187          5,590         4,413 
 
Basic  and  diluted  net   asset   39.5p          42.5p         33.6p 
value per share 
 
 
 
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 
 
                            30 Sept 2009   30 Sept 2008   31 Mar 2009 
                                   GBP'000          GBP'000         GBP'000 
 
Opening shareholders' funds        4,413          6,832         6,832 
Purchase of own shares                 -          (199)         (199) 
Total  recognised   gains/(losses)   774        (1,043)       (2,220) 
for the period 
 
Closing shareholders' funds        5,187          5,590         4,413 
 
 
UNAUDITED CASH FLOW STATEMENT 
for the six months ended 30 September 2009 
 
                                              Six       Six 
                                           months    months      Year 
                                            ended     ended     ended 
                                          30 Sept   30 Sept    31 Mar 
                                             2009      2008      2009 
                             Note           GBP'000     GBP'000     GBP'000 
Cash outflow from operating activities 
and returns on investments              1    (33)      (79)     (129) 
 
Capital expenditure 
Purchase of investments                       523     (201)     (201) 
Sale of investments                         (113)       703     1,005 
Net cash inflow from capital                  410       502       804 
expenditure 
 
Equity distributions paid                       -         -         - 
 
Net cash inflow before financing              377       423       675 
 
Financing 
Purchase of own shares                          -     (199)     (199) 
Net cash outflow from financing                 -     (199)     (199) 
 
Increase in cash                        2     377       224       476 
 
Notes to the cash flow statement: 
 
1    Cash outflow from operating 
activities and returns on investments 
Return/(loss)  on  ordinary  activities 
before taxation                               774   (1,043)   (2,220) 
(Gains)/losses on investments               (801)       996     2,121 
Decrease/(increase) in other debtors            1      (17)      (16) 
Decrease in other creditors                   (7)      (15)      (14) 
Net   cash    outflow   from    operating    (33)      (79)     (129) 
activities 
 
2  Analysis of net funds 
Beginning of period                           435      (41)      (41) 
Net cash inflow                               377       224       476 
End of period                                 812       183       435 
 
 
SUMMARY OF INVESTMENT PORTFOLIO 
as at 30 September 2009 
 
                                               Unrealised 
                                               gain/(loss)       % of 
                               Cost  Valuation  in period   portfolio 
                               GBP'000    GBP'000      GBP'000     by value 
Top ten largest VCT investments (by 
value) 
ANS Group plc **                 201       511          52       9.7% 
Connaught plc ***                 30       485         123       9.4% 
Doubletake Portraits Limited *   250       358         108       6.9% 
Cadbury House Limited *          319       319           -       6.2% 
Spice plc                        256       296          95       5.7% 
Printing.com plc                 178       240          85       4.6% 
Atlantic Global plc              310       198        (50)       3.8% 
Aero Inventory plc               115       137          67       2.6% 
Hoole Hall Spa and Leisure       120       120           -       2.3% 
Limited * 
Supporta plc                     250       105           7       2.0% 
 
                               2,029     2,769         487      53.2% 
 
Other VCT investments          6,050       874         205      17.1% 
 
Listed fixed income securities   558       287          42       5.5% 
Other investments                403       439          81       8.5% 
 
                               9,040     4,369         815      84.3% 
 
Cash at bank and in hand                   812                  15.7% 
 
Total investments                        5,181                 100.0% 
 
 
All VCT investments are quoted on AIM unless otherwise stated. 
 
* Unquoted 
** Quoted on the PLUS Market 
*** Listed on the Main Market of the London Stock Exchange 
 
SUMMARY OF INVESTMENT MOVEMENTS 
for the six months ended 30 September 2009 
 
Additions 
 
                                   GBP'000 
VCT investments 
Financial News Publishing Limited     50 
Hoole Hall Spa and Leisure Limited    20 
Tristel plc                           42 
Sundry investments                     1 
                                     113 
 
 
Disposals 
 
                                  Market               Gain/ Realised 
                                value at           (loss) in    gain/ 
                                 1 March  Disposal    Period   (loss) 
                          Cost      2009  proceeds   vs cost 
                         GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
Disposals in the market 
ANS Group plc               51       114       127        76       13 
Ludorum plc                  2         2         2         -        - 
The Medical House plc       52        13        22      (30)        9 
 
Liquidations and 
dissolutions 
Dipford Group plc          136         -         -     (136)        - 
Sanastro Limited           200        36         -     (200)     (36) 
 
Other investments 
Barclays Bank GAM 
Tracker                    435       372       372      (63)        - 
 
 
                           876       537       523     (353)     (14) 
 
 
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 
1. The unaudited half yearly  financial results cover the six  months 
to 30 September 2009  and have been prepared  in accordance with  the 
accounting policies set out  in the statutory  accounts for the  year 
ended 31 March 2009 which  were prepared under UK Generally  Accepted 
Accounting  Practice  and  in   accordance  with  the  Statement   of 
Recommended  Practice  "Financial  Statements  of  Investment   Trust 
Companies and Venture Capital Trusts" January 2009. 
 
2. All revenue and capital items in the Income Statement derive  from 
continuing operations. 
 
3. The Company has only one class of business and derives its  income 
from investments made in shares, securities and bank deposits. 
 
4. The comparative figures were in respect of the year ended 31 March 
2009 and the six months ended 30 September 2008 respectively. 
 
5. Return per share for the period has been calculated on  13,140,436 
shares, being the weighted average  number of shares in issue  during 
the period. 
 
6. Net Asset Value  per share for the  period has been calculated  on 
13,140,436 shares, being the number of shares in issue at the  period 
end. 
 
7. No dividends were paid or declared in the period under review. 
 
8. Reserves 
 
                Capital                 Unrealised    Capital 
             Redemption   Share Special    holding    reserve Revenue 
                reserve premium reserve     losses - realised reserve 
                  GBP'000   GBP'000   GBP'000      GBP'000      GBP'000   GBP'000 
 
At 1 April 2009   1,126     348       -    (5,825)      5,454      25 
Expenses              -       -       -          -       (26)       - 
capitalised 
Gains on              -       -       -        815       (14)       - 
investments 
Transfer between      -       -       -        339      (339)       - 
reserves 
Retained net revenue  -       -       -          -          -     (1) 
loss 
At 30 September   1,126     348       -    (4,671)      5,075      24 
2009 
 
 
The special  reserve  is  available  to the  Company  to  enable  the 
purchase of  its  own shares  in  the market  without  affecting  its 
ability to pay dividends/capital distributions. 
 
Distributable reserves comprise the special reserve, capital  reserve 
-  realised,  revenue  reserve  and  investment  holding  losses   of 
GBP4,779,000.  At  the  period  end there  were  GBP320,000  of  reserves 
available for distribution. 
 
9.  The  unaudited  financial  statements  set  out  herein  do   not 
constitute statutory accounts  within the meaning  of Section 434  of 
the Companies Act 2006 and have  not been delivered to the  Registrar 
of Companies.  The figures for the year ended 31 March 2009 have been 
extracted from the  financial statements  for that  year, which  have 
been delivered to the Registrar of Companies; the auditors' report on 
those financial statements was unqualified. 
 
10. The Directors confirm that, to  the best of their knowledge,  the 
half yearly financial report has been prepared in accordance with the 
"Statement:  Half  Yearly  Financial   Reports"  issued  by  the   UK 
Accounting Standards  Board  and  the half  yearly  financial  report 
includes a fair review of the information required by: 
 
(a) DTR 4.2.7R  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, and a description of the principal risks 
and uncertainties for the remaining six months of the year; and 
 
(b) DTR  4.2.8R  of  the Disclosure  and  Transparency  Rules,  being 
related party transactions that have taken place during 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. 
 
11. Copies of  the unaudited  half yearly financial  results will  be 
sent to Shareholders shortly. Further copies can be obtained from the 
Company's Registered Office and will  be available for download  from 
www.downing.co.uk. 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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