TIDMIPA
Invesco Perpetual AiM VCT plc
Annual Financial Report Announcement
for the Financial Year Ended 31 May 2010
Financial Information AND PERFORMANCE STATISTICS
Performance Statistics
At At
31 May 31 May %
2010 2009 change
Net assets GBP'000 13,881 15,965 -13.1
Net asset value per share - -1.2
total return*
Share price 27.0p 27.5p -1.8
Discount 15.4% 25.1%
Returns per share
Revenue return (0.2)p 0.2p
Capital return 0.4p (23.7)p
Total return 0.2p (23.5)p
Total expense ratio 2.5% 2.3%
Dividends
Interim paid 2.0p 2.0p
Final proposed 3.0p 3.0p
Total 5.0p 5.0p
* Source: Thomson Datastream.
Chairman's Statement
The year under review saw world stock markets begin to recover from the slump
in prices caused by the global economic crisis and recession. With
unprecedented - and now well documented - fiscal and monetary assistance,
governments and central banks around the world ensured that the global economy
avoided a 1930's style depression. However, the tax increases and spending cuts
which governments now have to introduce to rebalance public finances are likely
to undermine economic growth in the near term. It will be a long and slow
recovery.
Whilst this difficult economic background has undoubtedly had a material impact
on investment returns, the fact remains that the absolute level of performance
since the launch of the Company has been poor. The Board and the Manager, of
course, accept responsibility for this poor performance and, being reasonably
significant shareholders in the company ourselves, I and my fellow directors
share investors' disappointment at the returns which have been delivered over
the Company's life thus far. It has been difficult for the Manager to generate
positive returns and despite the more recent rise in stock markets, the level
of investor interest in very small companies quoted on AiM remains low.
Investors, in aggregate, have withdrawn cash from UK small companies and this
has created an unhelpful backdrop, particularly at the smaller end of the
sector. However, as explained below and also in the Manager's report, there are
good reasons to believe that the Company's portfolio is through the worst.
Indeed there are some positive signs for better returns in the future.
Performance and Dividend
The net asset value per ordinary share ('NAV') of the Company was marginally
down over the year under review, after taking account of the dividends paid.
The Company's share price was broadly unchanged over the period at 27p but the
discount narrowed to 15.4% from 25.1%. The Board is recommending a final
dividend of 3p which will be paid on 22 October 2010 to shareholders on the
register on 24 September 2010. If approved, this will bring the total for the
year to 5p per share. As stated previously your Board is committed to paying 5p
per share annually at least until the continuation vote, if necessary drawing
on distributable reserves to maintain the payout at that level. VCT dividends
are tax-free so an annual distribution of 5p per share equates to 10p for those
paying the 50% marginal tax rate.
Outlook and the Future of the Company
As shareholders will be aware, your Company has invested in early-stage,
start-up companies, with approximately 80% of the Company's Qualifying Holdings
comprising AiM-traded stocks in accordance with its original investment
objectives and VCT rules. This investment approach differs from that of many
other VCTs launched at the same time - which invested initially in larger and
non-qualifying holdings - and this has been a significant factor in the poor
relative performance of the Company. A number of companies in which the Manager
invested have failed and disappeared from the portfolio and a number of others
are languishing on very low valuations. However the remaining companies in the
list are reaching the stage where their prospects are more apparent and their
potential is closer to being realised.
These more successful businesses have been growing and therefore now represent
a larger proportion of the portfolio; a process which the Manager covers in
greater detail in his report.
The Board and Manager have recently conducted a thorough analysis of the
largest 15 holdings in the Company's portfolio (accounting for over 50% by
value). The Board believes that the prospects for these companies are good, and
in some cases outstanding, but it is inevitable that the success of many of
them will not be fully realised within the initial 7-year lifespan of this
Company. As a result of this analysis, I and my Board colleagues believe that
your Company is probably in better shape than it has been for some time and
that the prospects for generating good returns from the current low base are
good - albeit that these returns will probably not be fully realised before
next year's continuation vote. Meantime we expect to continue with our policy
of paying out a tax free annual dividend of 5p.
At the 2011 AGM, shareholders will have the opportunity to decide whether or
not the Company should continue - possibly for a further, fixed period of three
years. The procedure for the continuation vote is set out in more detail in the
Annual Financial Report.
The Board is keen to learn shareholders' views ahead of this very important
vote and so, with this in mind, we have included with this annual financial
report a short survey seeking shareholder's views on the future of the Company.
I do hope that as many of you as possible will complete and return the survey
in the envelope provided as this will greatly assist the Board's planning for
the future of your Company.
Annual General Meeting
The Annual General Meeting of the Company will be held at the Offices of
Invesco Asset Management Limited, 30 Finsbury Square, London, EC2A 1AG on 12
October 2010 at 11.30 am. I hope that shareholders will be able to attend as
this will be an opportunity to meet Directors and to hear the latest report
from the Manager.
Thank you for your continued support of the Company.
Julian Avery
Chairman
8 September 2010
Manager's Report
Introduction
The smaller end of the UK smaller companies market has continued to be
characterised by a broad lack of investor interest, steady redemptions from UK
small company investment vehicles and a continuing migration by small company
fund managers away from the smallest companies into larger companies whose
shares are more liquid. The area of very small companies where there has been
investor interest in recent years has been in the resource sectors, an area
where VCTs are generally unable to invest. Furthermore, the recession and the
weak nature of the recovery have created an unhelpful economic environment for
small companies, which tend to be more domestically focused than their larger
counterparts which are more internationally focused.
Portfolio
The Company has for some time comfortably exceeded the 70% minimum in VCT
qualifying investments and therefore new investment activity during the year
has been modest. Furthermore, with the continuation vote due in a little over a
year's time, purchases have been made only where there is a realistic prospect
of a good, realisable return being made before then. The larger new investments
made during the year have performed well and include Green Compliance, a
company involved in the provision of compliance related business support
services to companies, specifically water, fire, pest and energy. This
acquisitive company is run by an experienced management team, led by Bob Holt
who successfully built Mears plc. Bglobal is a leader in the rapidly growing
market of supplying next generation electricity and gas meters in the UK, and
Rockhopper Exploration, a non qualifying investment, trebled from purchase
after drilling a successful oil well in the North Falkland Basin.
The biggest sale over the year was Healthcare Locums, the temporary medical
staffing business, which has been a highly successful investment for the
Company. FDM, the IT staffing business, and Research Now, the on line market
researcher, were both taken over, again producing excellent profits.
In terms of performance, Rockhopper, mentioned above, produced an excellent
return. The shares in Sabien Technology, which supplies devices which makes
heating boilers more efficient, and Software Radio Technology, which makes
maritime radio identification products, were up 778% and 671% respectively.
Brooks Macdonald, the wealth manager and a large holding for the Company, was
an important contributor, with its share price rising from 301p to 779p over
the twelve months. It has continued to win large amounts of new business on the
back of strong investment performance and excellent service. The largest
unquoted holding, Oxford Nanopore, continued to make good progress, and raised
further funds in January, at a premium to the price paid by the Company for its
holding. This company uses a "nanopore" or very small hole for the direct
electrical detection and analysis of single molecules and is working with its
partner Illumina on producing a desk top machine to sequence DNA. The
successful development of such a product would enable the human genome to be
sequenced cheaply and quickly and could revolutionise heathcare.
As is to be expected in a portfolio holding a number of young and early stage
businesses some performed disappointingly. Amongst these was Spinvox, the voice
to text business, which historically had been an important investment. Spinvox
was taken over at a price which generated no return for the Company. The
investment had been written down by 90% prior to the period under review, but
the balance was written off during the year. The Mission Marketing Group was
another poor performer, as its debt-funded acquisition strategy unravelled in
the economic down turn. However, after a change of management and a
restructuring of the balance sheet, recovery is now possible. Illika, the
advanced materials technology business, which had been an unquoted investment
for the Company, successfully floated towards the end of the year. While the
IPO price was disappointing and below the value that the pre-float rounds had
put on the business, the company is now well funded and has continued to make
good commercial progress since float. The quality of Illika's partners and
customers including Toyota, Shell, Johnson Matthey and NXP are testament to the
value of its technology.
Outlook
The portfolio has become more concentrated over time, as the successful
investments have grown and the less successful ones shrunk as a proportion of
the whole. The five largest investments make up almost a quarter of the
portfolio and the top fifteen over half, so the outlook for the Company is
dependent on the success or otherwise of these businesses. I am confident that
these holdings represent real value, and that this value will become evident
over the coming year. For example, Brooks Macdonald continues to exceed market
expectation for growth in profits and Oxford Nanopore is developing world
leading technology and could be worth a multiple of our carrying value if
technical milestones are reached. Given the prospects for the larger holdings
in the Company, I am reasonably confident about the outlook for the portfolio.
Andy Crossley
Investment Manager
8 September 2010Investments in Order of Valuation
At 31 May 2010
All investments are Ordinary Shares and quoted on AiM unless otherwise
indicated.
Cost Valuation % Net
Company Nature Of Business GBP'000s GBP'000s Assets
Oxford Nanopore
Technologies UQ Healthcare, Equipment and 550 1,027 7.4
Services
Brooks Macdonald Financial Services 126 691 5.0
Software Radio Technology Marine Radio Communications 1,077 574 4.1
A J Bell UQ NQ Financial Services 251 500 3.6
Landkom International NQ Food Producer/Processor 721 490 3.5
Kiotech International Pharmaceuticals 550 475 3.4
Ilika Materials Discovery 750 468 3.4
Sabien Technology Energy Efficient Boiler 439 465 3.4
Technology
Tristel Infection Control in Hospitals 350 434 3.1
Energetix Alternative Energy Products 600 420 3.0
Rockhopper Exploration NQ Oil Exploration 127 393 2.8
Green Compliance Support Services 180 360 2.6
Cohort PQ Defence Technical Services 443 334 2.4
Brainjuicer Online Market Research 212 333 2.4
Brulines Beer Pump Monitors 323 302 2.2
Infrared Integrated
Systems UQ Digital Recognition System 300 300 2.2
Antenova UQ - ords High Performance Antennae 525 168 1.2
- `A' prefs 100 100 0.7
Proactis Software and Computer Services 344 264 1.9
Mount Engineering Industrial Machinery 350 250 1.8
Inditherm Manufacturer of High
Technology
Temperature Control 400 240 1.7
Materials
Publishing Technology Publishing Technology 442 236 1.7
System C Healthcare Healthcare Software 324 234 1.7
DM Premium Rate Phone Based Games 357 228 1.6
Byotrol PQ Infection Control Products 545 223 1.6
Innovision Research & RFID Chips Supplier 538 208 1.5
Technology
Telephonetics Software and Computer Services 625 203 1.5
Staffline Recruitment Blue Collar Recruitment 200 195 1.4
Ffastfill Application Services Provider 182 188 1.3
for Trading
Futura Medical Medical Devices 150 185 1.3
Hasgrove Marketing and PR Consultancy 440 183 1.3
Mears Housing Maintenance and 140 173 1.2
Domiciliary Care
Proximagen
Neuroscience Biotech 296 172 1.2
Bglobal Next Generation Electricity 175 163 1.2
and Gas Meters
Syntopix Drug Research 416 163 1.2
Altona Energy Coal to Liquids 104 160 1.1
Cyan Holdings PQ Semi-conductor 830 150 1.1
Managed Support
Services Suppliers of Quality Building 150 127 0.9
Solutions
Neutrahealth Dietary Supplements 289 119 0.9
Sarantel PQ Antennae for Mobile Devices 438 113 0.8
Getech PQ Oil Services 254 104 0.8
Oxford Catalysts Clean Fuels Research 250 98 0.7
Petards Electronic Security Products 158 91 0.7
Sanderson Information Technology 200 84 0.6
Zamano Mobile Telecommunication 398 83 0.6
Services
Mission Marketing Regionally Based Advertising 760 81 0.6
Services
Angle Consulting 242 78 0.6
Shieldtech Manufacture of Detection and
Protection Equipment 650 78 0.6
Legions Manned Security 300 69 0.5
Adept Telecom PQ Telecom Services 397 57 0.4
Plethora Solutions Pharmaceuticals 370 56 0.4
Datong High Performance Surveillance 169 50 0.4
Equipment
Brookwell NQ Value Realisation Fund 319 49 0.4
Enfis PQ Manufacturer of High Power 485 48 0.3
LEDs
Synchronica Mobile Telecommunication 59 41 0.3
Services
Augean Hazardous Waste Management 300 38 0.3
Synairgen Biotechnology 214 38 0.3
Allergy Therapeutical Biotechnology Focusing on 194 27 0.2
Allergies
Invocas PQ Personal and Corporate Debt 202 25 0.2
Solutions
Invu PQ Electronic Document Management 321 13 0.1
@UK Local Government Procurement 165 3 -
Intercytex PQ Research in Woundcare and
Aesthetic
Medicine 796 - -
SpinVox UQ Voice Mail Conversion to Text 759 - -
Vivomedica Medical Devices Company 151 - -
23,472 13,222 95.3
Investments written off 6,902 - -
in full in previous years
Total investments 30,374 13,222 95.3
Net current assets less 659 4.7
provisions
Net assets 13,881 100.0
NQ: Non-qualifying investments
PQ: Part-qualifying investments
UQ: Unquoted investments
Related Party Transactions
Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco
Ltd, acts as Manager, Company Secretary and Administrator to the Company.
Details of IAML's services and fees are given in note 3 and in the Report of
the Directors in the Annual Financial Report. Full details of Directors'
interests are set out in the Report of the Directors in the Annual Financial
Report. There are no other related party transactions.
Principal Risks and Uncertainties
The Board has an ongoing process for identifying, evaluating and managing
significant risks. This process is regularly reviewed by the Board and was in
place throughout the period under review. The principal risk factors relating
to the Company can be divided into the following areas:
Investment Risk
The Company's investment objective is described in the Annual Financial Report.
There can be no guarantee that the Company's investment objectives will be
achieved. Investment in the Company should be regarded as long-term in nature.
Market Movements and Portfolio Performance Risk
The Company's investment portfolio consists mainly of securities traded on AiM.
The principal risk for investors in the Company is therefore a significant fall
or a prolonged period of decline in the market relative to other forms of
investment. Investment in AiM-traded and unquoted companies involves a higher
degree of risk than investment in companies traded on the main market of the
London Stock Exchange. In particular, smaller companies often have limited
product lines, markets or financial resources and may be dependent for their
management on a smaller number of key individuals. In addition, the market for
securities in smaller companies is often less liquid than that for securities
in larger companies, bringing with it potential difficulties in acquiring,
valuing and disposing of such securities. Smaller companies are less likely to
have multinational markets for their products or services than larger companies
and, as a result, may be more exposed to national economic cycles rather than
to global economic cycles.
Other significant risks include consistent underperformance by the Manager or
the market rating of the Company's shares failing to reflect net asset value
performance.
The performance of the Manager is carefully monitored by the Board, and the
continuation of the management contract is reviewed each year.
Regulatory and Tax Related Risks
The Company is subject to various laws and regulations under the Companies Act
2006 and the Income Tax Act 2007.
Although the Board conducts the affairs of the Company so as to ensure VCT
status is retained, there can be no guarantee that this status will be
maintained. Following a loss of VCT status a shareholder will be taxed on
dividends paid by the Company and a liability to capital gains tax may arise on
any subsequent disposal of shares. In addition, a loss of VCT status could lead
to the Company being subject to capital gains tax on the sale of the
investments in the portfolio.
Share Price Risk
The market price of shares in the Company may be less than their underlying net
asset value and there is no certainty that any dividends will be paid. The
value of an investment in the Company and the income derived from it may go
down as well as up and an investor may not get back the amount invested.
While it is the intention of the Directors to pay dividends to ordinary
shareholders, the ability to do so will depend upon the level and timing of
income and realised gains from securities, and on the amount of distributable
reserves.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
in respect of the preparation of the annual financial report
Directors are responsible for preparing the annual financial report in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under the law the Directors have elected to prepare financial
statements in accordance with United Kingdom Generally Accepted Accounting
Practice. Under company law, the Directors must not approve the accounts unless
they are satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent; and
* state whether applicable accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements.
The Directors are responsible for keeping adequate accounting records which are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and which
enable them to ensure that the financial statements comply with the Companies
Act 2006. They have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Company and to prevent
and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Directors' Report, a Directors' Remuneration Report and a Corporate
Governance Statement that comply with that law and those regulations.
The Directors of the Company each confirm to the best of their knowledge that:
* the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit of the Company; and
* this annual financial report includes a fair review of the development and
performance of the business and the position of the Company together with a
description of the principal risks and uncertainties that it faces.
Signed on behalf of the Board of Directors
Julian Avery
Chairman
8 September 2010
INCOME STATEMENT
for the year ended 31 May
2010 2009
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss on realisation of - (1,861) (1,861) - (3,490) (3,490)
investments
Movement in investment holding - 2,185 2,185 - (6,852) (6,852)
gains/(losses)
Income - see note 2 139 - 139 325 - 325
Investment management fee - (42) (124) (166) (65) (194) (259)
see note 3
VAT recovered on management - - - 79 238 317
fees - see note 3
Other expenses (190) (15) (205) (236) (14) (250)
Return on ordinary (93) 185 92 103 (10,312) (10,209)
activities before taxation
Tax on ordinary activities - - - - - -
Return on ordinary activities (93) 185 92 103 (10,312) (10,209)
after tax for the financial
year
Return per share - basic - see (0.2)p 0.4p 0.2p 0.2p (23.7)p (23.5)p
note 4
The total column of this statement represents the Company's profit and loss
account prepared in accordance with the accounting policies detailed in note 1
to the financial statements. The supplementary revenue and capital columns are
presented for information purposes in accordance with the Statement of
Recommended Practice issued by the Association of Investment Companies. All
items in the above statement derive from continuing operations and the Company
has no other gains or losses, therefore no statement of total recognised gains
and losses is presented. No operations were acquired or discontinued in the
year.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Share Capital Profit
Share Premium Redemption Special And Loss
Capital Account Reserve Reserve Account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 May 2008 4,353 19,525 23 17,924 (13,475) 28,350
Cancellation of share
premium - (19,525) - 19,525 - -
Dividends paid - see note - - - (2,176) - (2,176)
5
Return for the year from
the income statement - - - - (10,209) (10,209)
At 31 May 2009 4,353 - 23 35,273 (23,684) 15,965
Dividends paid -see note - - - (2,176) - (2,176)
5
Return for the year from
the
income statement - - - - 92 92
At 31 May 2010 4,353 - 23 33,097 (23,592) 13,881
Balance Sheet
at 31 May
Notes 2010 2009
GBP'000 GBP'000
Fixed assets
Investments held at fair value 13,222 14,997
Current assets
Debtors 95 211
Cash and short-term deposits 1,006 1,079
1,101 1,290
Creditors: amounts falling due (353) (154)
within one year
Net current assets 748 1,136
Total assets less current 13,970 16,133
liabilities
Provisions
Trail commission (89) (149)
Deferred management fee - (19)
Net assets 13,881 15,965
Capital and reserves
Share capital - see note 6 4,353 4,353
Capital redemption reserve - see 23 23
note 6
Special reserve - see note 6 33,097 35,273
Profit and loss account - see note (23,592) (23,684)
6
Total Shareholders' funds 13,881 15,965
Net asset value per share
- basic - see note 7 31.9p 36.7p
These financial statements were approved and authorised for issue by the Board
of Directors on
8 September 2010.
Julian Avery
Chairman
Signed on behalf of the Board of Directors.Cash Flow Statement
for the year ended 31 May
2010 2009
GBP'000 GBP'000
Net cash (outflow)/inflow from operating (198) 83
activities
Capital expenditure and financial 2,361 1,962
investment
Equity dividends paid -see note 5 (2,176) (2,176)
Cash outflow before management of liquid (13) (131)
resources and financing
Financing (60) (61)
Management of liquid resources 65 175
Decrease in cash (8) (17)
Reconciliation of net cash flow to
movement in net funds
Decrease in cash (8) (17)
Cash outflow from movement in liquid (65) (175)
resources
Movement in net funds in the year (73) (192)
Net funds at beginning of year 1,079 1,271
Net funds at end of year 1,006 1,079
Notes to the Financial Statements
1. Accounting Policies
(a) Basis of Accounting
The financial statements have been prepared in accordance with applicable
United Kingdom Accounting Standards and with the Statement of Recommended
Practice (`SORP') `Financial Statements of Investment Trust Companies and
Venture Capital Trusts', issued by the Association of Investment Companies in
January 2009.
2. Income
2010 2009
GBP'000 GBP'000
Income from investments
UK dividends 131 245
Overseas dividends 8 56
139 301
Other income
Interest on VAT recovered on management - 23
fees
Deposit interest - 1
Total income 139 325
3. Investment Management Fees
2010 2009
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment management fee 42 124 166 65 194 259
Details of the Investment Management Agreement are shown in the Report of the
Directors in the Annual Financial Report. At 31 May 2010, GBP44,000 (2009: GBP
41,000) was owed in respect of investment management fees.
From 1 January 2009 20% of the management fee was deferred until the date of
the 2011 AGM and its payment is dependent on total return to shareholders
exceeding 60p per share. The total return at 31 May 2010 was 53.9p and the
deferred amount was GBP65,000. No provision has been made as it is unlikely that
this will become payable (2009: total return was 53.7p and a provision of GBP
19,000 was made).
VAT recovered on management fees
The recovery of VAT suffered on management fees was recognised in the year
ended 31 May 2009.
4. Return per Share
2010 2009
Revenue Capital Total Revenue Capital Total
Return per share: - basic (0.2)p 0.4p 0.2p 0.2p (23.7)p (23.5)p
Basic revenue, capital and total returns per ordinary share are based on the
respective net return on ordinary activities after tax and on 43,526,171 (2009:
43,526,171) shares being the number of shares in issue during the year.
5. Dividends
Subject to shareholder approval at the forthcoming AGM, a final dividend of 3p
per share will be paid on 22 October 2010 to shareholders on the register on 24
September 2010.
2010 2009
Rate GBP'000 Rate GBP'000
(a) Dividends paid in year:
Final dividend in respect of the 3p 1,306 3p 1,306
previous year
Interim dividend for the current year 2p 870 2p 870
5p 2,176 5p 2,176
(b) Dividends declared in respect of the
year:
- Interim 2p 870 2p 870
- Final 3p 1,306 3p 1,306
5p 2,176 5p 2,176
6. Share Capital and Reserves
2010 2009
GBP'000 GBP'000
Authorised:
100,000,000 ordinary shares of 10p each (2009: 10,000 10,000
100,000,000)
Allotted, called-up and fully paid:
43,526,171 ordinary shares of 10p each (2009: 4,353 4,353
43,526,171)
On 5 February 2009 the Company successfully applied to the High Court to cancel
the share premium account. Subsequently, the balance of GBP19,525,000 on this
account was transferred to the special reserve, which is a distributable
reserve.
The capital redemption reserve maintains the equity share capital from the buy
back and cancellation of shares. The capital redemption reserve and share
capital are non-distributable.
Movements in the share capital and reserves are shown in the Reconciliation of
Movements in Shareholders' Funds.
The profit and loss account is a distributable account and arises from both
capital and revenue items as shown in the following analysis:
The profit and loss account is represented by:
Profit
Capital Revenue And Loss
Account Account Account
GBP'000 GBP'000 GBP'000
At 31 May 2009 (23,702) 18 (23,684)
Movement in investment
holding gains 2,185 - 2,185
Loss on realisation of investments (1,861) - (1,861)
Expenses charged to capital (139) - (139)
Revenue returns for the year - (93) (93)
At 31 May 2010 (23,517) (75) (23,592)
7. Net Asset Value per Ordinary Share
The net asset value per ordinary share and the net assets attributable at the
year end calculated in accordance with the Articles of Association were as
follows:
2010 2009
Net Net
Asset Value Net Assets Asset Value Net Assets
Per Share Attributable Per Share Attributable
p GBP'000 p GBP'000
Ordinary shares
- basic 31.9 13,881 36.7 15,965
Net asset value per ordinary share is based on net assets at the year end and
on 43,526,171 (2009: 43,526,171) ordinary shares, being the number of ordinary
shares in issue at the year end.
This Announcement does not constitute the Company's statutory accounts. It is
an abridged version of the audited Annual Report and Accounts of the Company
for the year ended 31 May 2010. The opinion of the auditors on the 2010 Annual
Report and Accounts is unqualified, and the auditors have not drawn attention
to any matter, nor have they sought to make a statement under section 498 of
the Companies Act 2006. Information relating to the year ended 31 May 2009 is
taken from the audited Annual Report and Accounts for that year which have been
delivered to the Registrar of Companies. The Annual Report and Accounts for
2010, once approved by shareholders, will be delivered to the Registrar in due
course.
The audited Annual Financial Report will be posted to shareholders shortly.
Copies may be obtained during normal business hours from the Company's
Registered Office, 30 Finsbury Square, London EC2A 1AG. A copy of the Annual
Financial Report will be available shortly from Invesco Perpetual on the
following website:
www.invescoperpetual.co.uk/investmenttrusts
The Annual General Meeting will be held at the Company's Registered Office on
12 October 2010 at 11.30am.
By order of the Board
Invesco Asset Management Limited, Secretaries
8 September 2010
END
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