TIDMIPA
Invesco Perpetual AiM VCT plc
Unaudited Half-Yearly Financial Report for the Six Months to 30 November 2010
KEY FACTS
Invesco Perpetual AiM VCT plc (`the Company') is a Venture Capital Trust
(`VCT'). It was launched in August 2004 and is listed on the London Stock
Exchange.
Objective of the Company
The objective of the Company is to provide a tax free dividend return to
shareholders primarily through the realisation of capital gains while
maintaining the capital value of the shares. The Company is managed as a VCT in
order that shareholders may benefit from the tax reliefs available.
Investment Policy
The intention is that substantially all of the funds will be invested in a
spread of AIM-traded stocks and unquoted companies, with approximately 80% of
the Company's Qualifying Holdings comprising AIM-traded stocks, subject to
availability of suitable investment opportunities and market conditions. The
remaining investments will be split between PLUS Markets' stocks, fully listed
stocks, AIM-traded non-qualifying stocks or unquoted companies and cash.
The Manager adopts an active investment strategy and seeks to moderate risk by
careful stock selection and portfolio construction. The Manager tends to invest
relatively small amounts across a wide range of companies, to achieve the
appropriate balance between risk and reward for the overall portfolio.
Investment Limits
The Board has prescribed limits on investment policy, including:
- no investment will exceed 12.5% of gross assets when it is made;
- the Company will not invest more than 15% of the Company's gross assets in
collective investment schemes or investment companies; and
* borrowings are limited to 15% of gross assets.
Tax Benefits
Income tax relief of 40% was available on VCT shares subscribed for before 5
April 2006, provided these were held for three years. For the tax year 2006/07,
the income tax relief for shares acquired by subscription was decreased to 30%,
provided these were held for five years. This benefit was available on a
maximum aggregate investment in VCTs of GBP200,000 for each of the tax years 2004
/05 to 2006/07. In addition, dividends are tax free and profits from the
disposal of VCT shares are exempt from capital gains tax.
Share Capital
The Company's issued share capital on 30 November 2010 consisted of 43,526,171
ordinary shares of 10p each.
Financial Highlights
AT AT
30 NOVEMBER 31 MAY %
2010 2010 CHANGE
Assets
Net assets (GBP'000) 14,170 13,881 +2.1
Net asset value per +12.5
share - total
return*
Net asset value per 32.6p 31.9p +2.2
share
Share price 25.5p 27.0p -5.6
Discount 21.8% 15.4%
SIX MONTHS SIX MONTHS
ENDED ENDED
30 NOVEMBER 30 NOVEMBER
2010 2009
Returns per Share
Revenue return (0.1)p (0.1)p
Capital return 3.8p 2.8p
Total return 3.7p 2.7p
Interim dividend 2.0p 2.0p
* Source: Thomson Financial Datastream
Historical Record Since Launch on 2 August 2004
PERIOD ENDED DIVIDEND NET ASSETS SHARE
31 MAY RATE GBP`000 PRICE
2005 - 25,228 95.0p
2006 5p 45,790 101.0p
2007 5p 48,366 97.5p
2008 5p 28,350 46.0p
2009 5p 15,965 27.5p
2010 5p 13,881 27.0p
to 30 Nov 2010 2p 14,170 25.5p
INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT
Financial Markets and Performance
The six months under review have seen a degree of continued recovery in
confidence amongst financial market participants. That said, the market has in
large part been driven by the mining sector, and by companies exposed to
Emerging Market growth, many of which have become highly valued. The ongoing
fiscal consolidation in the UK and Europe, which will no doubt be repeated in
the US in due course, continues to weigh heavily on both government and
consumer spending - two sectors which together account for almost 90% of UK
GDP.
Over the six months, the FTSE All Share rose by 7.1% and the FTSE AIM Index
gained 24.1%, benefiting from resource stocks in particular. Over the period,
the Company's total return to shareholders was 12.5%.
Dividend
An interim dividend for the period ended 30 November 2010 of 2p per share will
be paid on 11 March 2011 to ordinary shareholders on the register on 4 February
2011. The shares will be quoted ex-dividend on 2 February 2011.
Portfolio
The Company has easily met the hurdle of 70% invested in VCT-qualifying
investments for some time, and therefore there has been relatively modest
turnover in the portfolio. New investments during the period included:
Easydate, which is an online dating business with a wide range of both
mainstream and niche brands, both in the UK and overseas; EKF Diagnostics,
which manufactures medical diagnostic products; Hangar8 which charters private
jets and Proteome Sciences which identifies protein markers for use in
diagnostic tests. The Company participated in follow-on fund raisings by
existing investments Antenova, Byotrol, Green Compliance, Tristel and Managed
Support Services.
Reference was made in the Annual Financial Report to the Board's confidence in
the prospects for holdings in the portfolio and it is pleasing to be able to
report that there were a number of strong returns from portfolio holdings in
the first half of the year. The Company benefited from the takeovers of Mount
Engineering, Innovision Research & Technology, Neutrahealth, and Telephonetics.
Holdings exited during the period were @UK, Invocas, Plethora Solutions,
Shieldtech and Synchronica. Additionally there were strong share price
performances over the six months from Staffline (+166%) and Software Radio
Technology (+86%) benefiting from strong trading. Performance was negatively
impacted by Sabien Technology, which fell 38.7% due to a number of orders for
its efficient boiler firing technology being delayed earlier in the period,
although trading has since improved. Inditherm struggled to generate sales for
its industrial heating polymers, and although the medical applications of its
technology made good progress, the business remains loss making and the stock
declined 49.9% over the period. A number of the larger holdings in the
portfolio are unquoted and have not been revalued during the year and have thus
not contributed to performance.
Change of Manager
Following the departure of the Company's portfolio manager from Invesco
Perpetual in November 2010, the Board announced on 17 December that it had
reviewed the Company's management arrangements and decided, subject to
finalisation of the necessary contracts, to appoint Amati Global Investors
Limited ("Amati") as the Company's new investment manager. In reviewing the
options the Board has been in contact with a number of potential fund managers,
and has taken into consideration the proposed investment strategy and the
options which might be put to shareholders at the time of the continuation vote
in October this year. We have concluded that shareholders' interests would be
best served by the appointment of Amati, and we look forward to working with
them over the coming months. Amati is working with Invesco Perpetual to oversee
the portfolio and it is expected that the transfer of the Company's management
and administration will be completed around mid-February. At the same date City
Partnership will be appointed to act as Company Secretary.
Notice of General Meeting
Accompanying the Half-Yearly Financial Report is a Letter from the Chairman and
Notice of a General Meeting to be held on Thursday 17 February 2011 at 12 noon
at the offices of Amati Global Investors Limited, 76 George Street, Edinburgh,
EH2 3BU. At the General Meeting a special resolution will be put to
shareholders to change the Company's name to Amati VCT 2 plc.
Julian Avery
Chairman
25 January 2011
Related Parties
Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco
Limited, acts as Manager, Company Secretary and Administrator to the Company.
Details of IAML's services and fees are given in the latest annual financial
report, which is available on the Company's website at
www.invescoperpetual.co.uk/investmenttrusts.
As indicated in the Chairman's Report, Amati Global Investors Limited will
shortly be appointed as the Company's new manager.
Principal Risks and Uncertainties
The principal risks and uncertainties that could affect the Company's business
can be divided into various areas:
* Investment Objective and Policy;
* Market Movements and Portfolio Performance;
* Regulatory and Tax Related; and
* Ordinary Shares.
A detailed explanation of these principal risks and uncertainties can be found
on pages 14 and 15 of the latest annual financial report, which is available on
the Manager's website.
In the view of the Board, these principal risks and uncertainties are equally
applicable to the remaining six months of the financial year as they were to
the six months under review.
Going Concern
The financial statements have been prepared on a going concern basis. The
Directors consider that this is appropriate as they have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future which, under accounting standards, is
deemed to be 12 months after the signing date of the balance sheet.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements contained within the half-yearly
financial report have been prepared in accordance with the Accounting Standards
Board`s Statement 'Half-Yearly Financial Report`;
- the interim management report includes a fair review of the information
required by the FSA`s Disclosure and Transparency Rules; and
- the interim management report includes a fair review of the information
required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the
Company's auditors.
Signed on behalf of the Board of Directors.
Julian Avery
Chairman
25 January 2011
TOP FIFTY INVESTMENTS AT 30 NOVEMBER 2010
All investments are ordinary shares and quoted on AIM unless otherwise
indicated.
COST VALUATION NET ASSETS
COMPANY NATURE OF BUSINESS GBP'000 GBP'000 %
Oxford Nanopore Healthcare, Equipment and 550 1,027 7.2
Technologies UQ Services
PQ
Software Radio Marine Radio Communications 1,013 999 7.1
Technology
Brooks Macdonald Financial Services 126 862 6.1
Tristel Infection Control in Hospitals 423 628 4.4
Energetix Alternative Energy Products 540 513 3.6
A J Bell UQ NQ Financial Services 251 500 3.5
Ilika Science Led Material Discovery 750 493 3.5
Technologies
Kiotech Pharmaceuticals 550 490 3.5
International
Staffline Blue Collar Recruitment 180 472 3.3
Recruitment
Landkom Food Producer/Processor 721 455 3.2
International NQ
Green Compliance Support Services 280 390 2.8
Byotrol PQ Infection Control Products 680 370 2.6
Brainjuicer Online Market Research 189 341 2.4
Futura Medical Innovative Products for the 150 328 2.3
Consumer Healthcare Market
Easydate Recreational Services 175 300 2.1
Infrared Digital Recognition System 300 300 2.1
Integrated
Systems
Proximagen Biotechnology 296 296 2.1
Neuroscience
Proactis Software and Computer Services 344 288 2.0
Brulines Beer Pump Monitors 323 284 2.0
Cohort PQ Defence Technical Services 443 274 1.9
Sabien Energy Efficient Boiler 416 270 1.9
Technology Technology
Antenova UQ - High Performance Antennae 625 269 1.9
ordinary and
preference
shares
Hangar8 Transportation Services 250 258 1.8
FfastFill Application Services Provider 182 221 1.6
for Trading
EKF Diagnostics Medical Equipment 150 220 1.6
System C Healthcare Software 324 219 1.5
Healthcare
Publishing Publishing Technology 442 217 1.5
Technology
Proteome Biotechnology 150 203 1.4
Sciences
Hasgrove Marketing and PR Consultancy 440 202 1.4
Managed Support Suppliers of Quality Building 225 177 1.2
Services Solutions
Cyan PQ Semi-conductor 830 170 1.2
Mears NQ Housing Maintenance and 140 166 1.2
Domiciliary Care
Bglobal Next Generation Electricity and 175 163 1.2
Gas Meters
DM Premium Rate Phone Based Games 357 141 1.0
Syntopix Drug Research 416 125 0.9
Netcall Software 268 125 0.9
Altona Energy NQ Coal to Liquids 104 125 0.9
Inditherm Manufacturer of High Technology
Temperature
Control 400 120 0.8
Materials
Sanderson Information Technology 200 104 0.7
Mission Regionally Based Advertising 760 88 0.6
Marketing PQ Services
Oxford Catalysts Clean Fuels Research 250 85 0.6
Getech PQ Oil Services 254 85 0.6
Adept Telecom PQ Telecom Services 397 65 0.5
Datong High Performance Surveillance 169 63 0.5
Equipment
Sarantel PQ Antennae for Mobile Devices 438 63 0.5
Angle Consulting 242 57 0.4
Zamano Mobile Telecommunication 398 50 0.4
Services
Augean Hazardous Waste Management 300 44 0.3
Enfis PQ Manufacturer of High Power LEDs 485 43 0.3
Synairgen Biotechnology 214 40 0.3
Top fifty 18,285 13,788 97.3
investments
Other 7,322 60 0.4
investments
Total value of 25,607 13,848 97.7
all investments
Net current 322 2.3
assets less
provisions
Net assets 14,170 100.0
NQ: Non-qualifying investments
PQ: Part-qualifying investments
UQ: Unquoted (excluding stocks
listed on AIM)
CONDENSED INCOME STATEMENT
YEAR TO
SIX MONTHS TO SIX MONTHS TO 31 MAY
30 NOVEMBER 2010 30 NOVEMBER 2009 2010
REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Losses on - (3,664) (3,664) - (1,904) (1,904) (1,861)
realisation of
investments
Movement in - 5,392 5,392 - 3,197 3,197 2,185
investment holding
gains
UK dividends 56 - 56 66 - 66 131
Overseas dividends 3 - 3 4 - 4 8
59 1,728 1,787 70 1,293 1,363 463
Investment (22) (66) (88) (29) (84) (113) (166)
management fee -
note 2
Other expenses (98) (6) (104) (87) (10) (97) (205)
(120) (72) (192) (116) (94) (210) (371)
Return on ordinary (61) 1,656 1,595 (46) 1,199 1,153 92
activities before
taxation
Tax on ordinary - - - - - - -
activities - note
3
Return on ordinary (61) 1,656 1,595 (46) 1,199 1,153 92
activities after
tax for the period
Return per share (0.1)p 3.8p 3.7p (0.1)p 2.8p 2.7p 0.2p
basic - note 4
The total column of this statement represents the Company's profit and loss
account. The supplementary revenue and capital columns are both prepared on a
memorandum basis by applying the principles of the Statement of Recommended
Practice, published by the Association of Investment Companies. All items in
the above statement derive from continuing operations. The Company has no other
gains or losses, hence no statement of total recognised gains and losses is
presented. No operations were acquired or discontinued in the period.
CONDENSED BALANCE SHEET
Registered Number 5121438 AT AT AT
30 NOVEMBER 30 NOVEMBER 31 MAY
2010 2009 2010
GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value 13,848 14,802 13,222
Current assets
Amounts due from brokers - 2 68
Prepayments and accrued income 23 25 27
Cash and short-term deposits 492 1,309 1,006
515 1,336 1,101
Creditors: amounts falling due
within one year
Amounts due to brokers - (48) (185)
Accruals and deferred income (104) (99) (119)
Trail commission payable (11) (11) (49)
(115) (158) (353)
Net current assets 400 1,178 748
Total assets less current 14,248 15,980 13,970
liabilities
Provisions - note 5 (78) (168) (89)
Net assets 14,170 15,812 13,881
Capital and reserves
Share capital 4,353 4,353 4,353
Capital redemption reserve 23 23 23
Special reserve 31,791 33,967 33,097
Profit and loss account (21,997) (22,531) (23,592)
Total Shareholders' funds 14,170 15,812 13,881
Net asset value per share - note 6 32.6p 36.3p 31.9p
CONDENSED CASH FLOW STATEMENT
SIX MONTHS SIX MONTHS FOR THE
ENDED ENDED YEAR ENDED
30 NOVEMBER 30 NOVEMBER 31 MAY
2010 2009 2010
GBP'000 GBP'000 GBP'000
Net return before finance costs
and taxation 1,595 1,153 92
Gains on investments (1,728) (1,293) (324)
Decrease in debtors 4 41 39
(Decrease)/increase in creditors
and
provisions (excluding trail (15) 5 (5)
commission)
Net cashflow from operating
activities (144) (94) (198)
Capital expenditure and financial
investment
Purchase of investments (1,293) (698) (1,389)
Sale of investments 2,278 2,377 3,750
Equity dividends paid (1,306) (1,306) (2,176)
(Decrease)/increase in cash before
financing (465) 279 (13)
Financing
Trail commission paid to IFAs (49) (49) (60)
Management of liquid resources 520 (235) 65
Movement in net funds in period 6 (5) (8)
Cash (outflow)/inflow from
movement in liquid resources (520) 235 (65)
Net funds at beginning of period 1,006 1,079 1,079
Net funds at end of period 492 1,309 1,006
Analysis of changes in net funds
Brought forward:
Cash 1 9 9
Short term deposits 1,005 1,070 1,070
Net funds brought forward 1,006 1,079 1,079
Movements in the period:
Cash outflow from bank 6 (5) (8)
Cash (outflow)/inflow from short
term deposits (520) 235 (65)
Net funds at end of period 492 1,309 1,006
CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
CAPITAL PROFIT
SHARE REDEMPTION SPECIAL AND LOSS
CAPITAL RESERVE RESERVE ACCOUNT TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the six months ended 30
November 2009
At 31 May 2009 4,353 23 35,273 (23,684) 15,965
Final dividend paid - - (1,306) - (1,306)
Return for the period from - - - 1,153 1,153
the income statement
At 30 November 2009 4,353 23 33,967 (22,531) 15,812
For the year ended 31 May
2010
At 31 May 2009 4,353 23 35,273 (23,684) 15,965
Dividends paid - - (2,176) - (2,176)
Return for the year from - - - 92 92
the income statement
At 31 May 2010 4,353 23 33,097 (23,592) 13,881
For the six months ended 30
November 2010
At 31 May 2010 4,353 23 33,097 (23,592) 13,881
Final dividend paid - - (1,306) - (1,306)
Return for the period from - - - 1,595 1,595
the income statement
At 30 November 2010 4,353 23 31,791 (21,997) 14,170
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Accounting Policies
The condensed financial statements use the same accounting policies as those
adopted in the 2010 annual financial report. They have been prepared under the
historical cost convention and are consistent with applicable UK Accounting
Standards. To reflect better the activities of the Company as a venture capital
trust, they are also consistent, wherever possible, with the Statement of
Recommended Practice: `Financial Statements of Investment Companies and Venture
Capital Trust Companies'.
2. Management Fees
The investment management fee is allocated 75% to capital and 25% to revenue.
3. Tax
The Company pays no UK tax.
4. Basis of Returns
SIX MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED
30 NOVEMBER 30 NOVEMBER 31 MAY
2010 2009 2010
Returns after tax:
Revenue (GBP61,000) (GBP46,000) (GBP93,000)
Capital GBP1,656,000 GBP1,199,000 GBP185,000
Total GBP1,595,000 GBP1,153,0000 GBP92,000
Number of ordinary
shares in issue
throughout the period 43,526,171 43,526,171 43,526,171
5. Provisions
a) Trail commission payable on the issue of the ordinary shares:
SIX MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED
30 NOVEMBER 30 NOVEMBER 31 MAY
2010 2009 2010
GBP'000 GBP'000 GBP'000
Opening provision 89 149 149
Charge for period (11) (11) (60)
Closing provision 78 138 89
b) Deferred management fee:
SIX MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED
30 NOVEMBER 30 NOVEMBER 31 MAY
2010 2009 2010
GBP'000 GBP'000 GBP'000
Opening provision - 19 19
Charge for period - 11 (19)
Closing provision - 30 -
Total provisions 78 168 89
As discussed in the 2010 annual financial report, no provision for deferred
management fees has been made as it is unlikely that this will become payable.
6. Basis of Basic Net Asset Values:
30 NOVEMBER 30 NOVEMBER 31 MAY
2010 2009 2010
Shareholders' funds GBP14,170,000 GBP15,812,000 GBP13,881,000
Ordinary shares in issue 43,526,171 43,526,171 43,526,171
7. Dividends
An interim dividend of 2p per share will be paid on 11 March 2011 to
shareholders on the register on 4 February 2011. A final dividend of 3p for the
year ended 31 May 2010, totalling GBP1,306,000, was paid on 22 October 2010.
8. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report, which has not
been audited nor reviewed by the auditors, does not constitute statutory
accounts as defined in section 434 of the Companies Act 2006. The financial
information for the half years ended 30 November 2010 and 30 November 2009 has
not been audited. The figures and financial information for the year ended 31
May 2010 are extracted and abridged from the latest published accounts. Those
accounts have been delivered to the Registrar of Companies and include the
Report of the Independent Auditors, which was unqualified and did not include a
statement under section 498 of the Companies Act 2006.
By order of the Board
Invesco Asset Management Limited,
Secretary
25 January 2011
DIRECTORS, INVESTMENT MANAGER AND
ADMINISTRATION
Directors
Julian Avery (Chairman)
Professor James MacLeod (Chairman of the Audit Committee)
Christopher Macdonald
Richard Martin
Manager, Company Secretary and Registered Office
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
Tel: 020 7065 4000
Company Secretarial contact: Kelly Nice
Company Number
Registered in England and Wales: No. 5121438
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
If you have any queries relating to your shareholding you should contact the
Registrars` call centre on: 0871 664 0300 between 8.30am and 5.30pm every
working day. Calls cost 10p per minute plus network extras
Shareholders can also access their holding details via Capita's website
www.capitaregistrars.com or www.capitashareportal.com.
The Registrars provide an on-line and telephone share dealing service to
existing shareholders who are not seeking advice on buying or selling. This
service is available at www.capitadeal.com or telephone 0871 664 0364. Calls
cost 10p per minute plus network extras. Lines are open from 8am to 4.30pm
every working day.
Stockbroker
Matrix Corporate Capital LLP
One Vine Street
London
W1J 0AH
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
020 7065 4000
The contents of websites referred to in this document, or accessible from links
within those websites are not incorporated into, nor do they form part of this
document.
Invesco Asset Management Limited is a wholly owned subsidiary of
Invesco Limited and is authorised and regulated by
the Financial Services Authority
Invesco Perpetual is a business name of Invesco Asset Management Limited
END
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