TIDMORT
RNS Number : 2716N
Ortus VCT PLC
08 June 2010
Ortus VCT PLC
Annual Financial Report for the year ended 28 February 2010
Chairman's Statement
After a difficult period for shareholders in the former Guinness Flight VCT and
Gateway VCT, I am pleased to report on a year of progress. A number of
corporate and portfolio initiatives were concluded during the year under review,
aimed at restoring value to shareholders over the medium term.
The major event of note was, of course, the merger and subsequent rebranding to
create Ortus VCT PLC. Prior to the merger both Guinness Flight VCT and Gateway
VCT had historical issues over performance and further suffered from either a
lack of scale or investment concentration. The merger transaction has created a
larger and more diversified VCT with improved liquidity and with running costs
spread across a larger asset base.
The new fund manager (appointed to Guinness Flight in December 2006 and Gateway
in March 2008) has also continued the process of restructuring the fund to
realise legacy assets and focus instead on later-stage, yielding private company
transactions. During the year the Manager was also able to generate sufficient
cash from within the portfolio to repay the Bank of Scotland loan facility in
full and complete a number of interesting new investments on behalf of the fund,
albeit at relatively modest levels given that the availability of cash remains
slightly constrained.
The main medium-term objective will be to continue this restructuring, with the
aims of reducing the concentration on a few key large holdings and releasing
sufficient cash to the Manager to invest more broadly in a wide range of lower
risk and income producing transactions sourced across its national network of
offices.
Performance
The net asset value (NAV) of the Company at 28 February 2010 was 42.7p per share
compared with 41.3p at 28 February 2009.
The Manager has continued to work closely with the portfolio of investee
companies to ensure that the Company maximises its return from each investment.
Interest and dividend income is now being received from a number of portfolio
companies in line with investment agreements and a number of repayments of loan
capital have also been received.
The Board is pleased to note that three new investments were added to the
portfolio during the year. These were: Intercede Scotland 1 Limited, the
holding company for a new oil services group formed through the acquisition and
merger of Electroflow Controls and Celeris Engineering; Torridon Capital, the
holding company of Litcomp plc, a speciality insurance business where the
Manager led a public to private transaction; and, through a holding in Tosca
Penta Insurance Limited Partnership, esure, the well known general and motor
insurance provider which was acquired from Lloyds Banking Group.
Pleasingly, there was a net gain of GBP47,000 on the revenue account for the
year compared to the net loss of GBP157,000 for the previous year. There was a
net gain of GBP19,000 on the capital account for the year compared to a net loss
before tax of GBP224,000 for the previous year.
A more detailed review of these developments and of the performance of the
portfolio is given in the Investment Manager's Review.
VCT Qualifying Status
The VCT qualifying status of your Company is monitored on a continuous basis and
I am pleased to confirm that all of the criteria required to maintain VCT status
are being achieved.
Dividends
As intimated in the Interim Report, the Board will not be recommending the
payment of a dividend. Although the borrowing facility with the Bank of
Scotland has been paid in full the board wish to reduce the deficit on the
Profit and Loss Account before considering the payment of a dividend.
Share buy-backs
A resolution to give the Board the necessary authority to continue the share
buy-back programme in appropriate circumstances is included in the notice of
meeting for the AGM. In determining whether it is appropriate to buy back shares
for cancellation, the Board has to bear in mind the interests of the company as
a whole. The considerations will include the fact that the portfolio is fully
invested and that it will be in the Company's continuing longer term interest to
use proceeds of sales when they do occur to make new investments in order to
revitalise the portfolio.
On 19 January 2010 the Company took the opportunity to purchase 2,000,000
ordinary shares from an institutional shareholder liquidating its investment
portfolio. The price paid was significantly discounted to the current NAV and
seen as beneficial to all shareholders.
Investment Strategy
The Manager's strategy is to build a diversified portfolio of later stage and
income producing private company investments that offer excellent growth
prospects and therefore the opportunity for capital gains. The value in the
inherited Guinness Flight portfolio remains concentrated in a small number of
relatively mature investments, which creates a risk profile at odds with the
strategy preferred by the Manager. The Manager expects, over time, to realise
the value from the larger exposures in the current portfolio and reinvest the
proceeds to give the fund a more diversified asset base. This process will take
some time as the date of realisation may be partially outside the control of the
Manager.
Valuation Process
Investments in unquoted companies are valued in accordance with the
International Private Equity and Venture Capital Association Guidelines.
Investments quoted or traded on a recognised stock exchange, including the
Alternative Investment Market (AIM), are valued at their bid prices.
Portfolio Developments
In addition to the new investments mentioned above there were three exits from
the unlisted portfolio during the course of the year. One unlisted investment,
Mawdsley (GNS) which was in administration and therefore fully provided against
was struck off the Register and the realised loss is shown in the table but had
no overall effect on NAV.
We are pleased to note that many portfolio companies have continued to focus on
controlling costs and conserving cash while maintaining profitability levels and
managing their debt downwards over the last year. This bodes well for the
equity sale proceeds achievable when these holdings mature and are realised at
exit.
Details of all investments and divestments during the course of the year are
shown in the table on pages 7 and 9.
The Manager and Change of Company Name
Following the management buy-out completed by the senior members of the
Manager's team in June 2009, the Company novated the investment management
agreement to Maven Capital Partners UK LLP as the team previously responsible
for managing the Company had migrated to Maven.
Recovery of VAT
The Company is entitled to recover VAT paid on management fees for the period
from inception until October 2008, when a European Court ruling dictated that
such fees were exempt from VAT.
Ortus has recently received an offer of GBP84,881 in respect of the repayment of
VAT paid by the Company (including Gateway VCT) to Aberdeen Asset Management for
the period 1 October 2005 to October 2008 and the Directors have accepted the
offer, subject to reserving the Company's rights in respect of sums unpaid.
Co-investment Scheme of the Manager
A co-investment scheme which allows executive members of the Manager to invest
alongside the Company continued to operate during the year. The scheme operates
through a nominee company which invests alongside the Company in each and every
transaction made by the Company, including any follow-on investments.
The scheme more closely aligns the interests of the executives and the Company's
shareholders while providing an incentive to enable the Manager to retain the
existing skills and capacity of the Manager's investment team in a highly
competitive market.
Articles of Association
Following the final implementation of the Companies Act 2006, it is advisable to
bring the Articles of Association up to date. A Resolution to amend the
Company's Articles of Association will be put to the Annual General Meeting and
the appendix to the Notice of Annual General Meeting explains the proposed
changes.
The Future
As the Company has now repaid the bank loan facility in full during the year,
the fund can now participate actively in new transactions alongside other
clients of the Manager. The improved yield from this portfolio should reduce and
eventually eliminate the deficit on the Profit and Loss Account and result in
revenue being available for distribution to Shareholders in due course.
However, liquidity remains constrained and the main objective over the coming
year will be to look for opportunities to realise cash from some of the larger,
legacy holdings to improve the availability of cash to invest in new VCT
qualifying transactions.
More generally, the board is encouraged by the quality of new deal flow the
Manager is seeing across its regional network. The effect of the current
economic conditions has been an increase in the range of companies seeking
capital from alternative sources such as VCTs, and your Company is well placed
to benefit from these market conditions.
Raymond Pierce
Chairman
8 June 2010
Investment Manager's Report
During the year ended 28 February 2010, three significant unlisted investments
were completed and a total of GBP0.5 million was invested. On 3 September 2009
GBP4.3 million of investments were transferred as a result of the merger with
Gateway VCT PLC. At the year end, the portfolio stood at 36 unlisted and AIM
investments at a total cost of GBP10.2 million.
The Manager also announced during the year its first public to private
transaction, forming Torridon Capital Limited to buy Litcomp PLC, an insurance
business quoted on AIM. The fund also invested in Tosca Penta Insurance LP, a
newly established private equity vehicle which acquired the esure group of
companies from Lloyds Banking Group. At the time of writing the Manager also has
several other well-priced and defensive transactions in advanced negotiation,
all of which offer an attractive running yield.
The following new investments have been completed during the year.
+----------------+--------+------------------+------------------+-----------------------------+
| Investment | Date | Activity | Investment | Website |
| | | | cost | |
| | | | GBP'000 | |
+----------------+--------+------------------+------------------+-----------------------------+
| Unlisted | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Churchyard | Apr-09 | Consultancy | 10 | No website |
| | | promoting | | available |
| | | tourism and | | |
| | | inward | | |
| | | investment. | | |
+----------------+--------+------------------+------------------+-----------------------------+
| | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Intercede | Dec-09 | Provider of | 99 | www.electroflowcontrols.com |
| (Scotland) | | integrated | | |
| 1 | | mechanical and | | |
| | | electrical | | |
| | | solutions to the | | |
| | | rig newbuild and | | |
| | | upgrade markets | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Torridon | Jan-10 | Provider of | 198 | No website |
| Capital | | specialist | | available |
| | | financial and | | |
| | | legal insurance | | |
| | | products and | | |
| | | litigation | | |
| | | services | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Tosca | Feb-10 | Provider of | 100 | No website |
| Penta | | insurance | | available |
| Insurance | | services | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Others | | | 2 | |
+----------------+--------+------------------+------------------+-----------------------------+
| Total | | | 409 | |
| unlisted | | | | |
| investment | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| AIM | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Chime | Nov-09 | Provider of PR, | 95 | www.chime.plc.uk |
| Communications | | advertising, | | |
| | | market research | | |
| | | and direct | | |
| | | marketing, | | |
| | | design and event | | |
| | | management | | |
| | | consultancy | | |
| | | services in the | | |
| | | UK and | | |
| | | internationally | | |
+----------------+--------+------------------+------------------+-----------------------------+
| | | | | |
+----------------+--------+------------------+------------------+-----------------------------+
| Total | | | 504 | |
+----------------+--------+------------------+------------------+-----------------------------+
Ortus VCT PLC has co-invested with Maven Income and Growth VCT, Maven Income and
Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and Growth VCT 4 and
Talisman First Venture Capital Trust in some or all of the above transactions
and is expected to continue to do so with these as well as other clients of the
Manager. The advantage is that, together, the funds are able to underwrite a
wider range and size of transaction than would be the case on a stand alone
basis.
Portfolio Developments
There were three realisations from the unlisted portfolio during the year.
Funeral Services Partnership Limited was sold for proceeds of GBP290,000 plus
income and redemption premium amounting to GBP30,000 and realising a gain of
GBP40,000 on exit, which is equivalent to 1.53 times subscription cost. In
addition the company retained a non-dilutive stake in the business which is set
to benefit from substantial investment from its new owners as it seeks to become
one of the largest independent operators of funeral services in the UK.
Following negotiation, the parent company of Fine Art Logistics completed the
acquisition of the Ortus holding with proceeds of GBP300,000 being received
during the year. This resulted in a realised loss of GBP313,000 but provided a
further boost to the cash position. The investment was non-yielding with little
prospect of growth or income. Mawdsley (GNS), another legacy investment, was
struck off during the year following a period when it was in administration
resulting in a realised loss of GBP536,000. Although realisations shown in the
list of disposals show significant losses, each investment had been fully
provided for in earlier periods and therefore the NAV was unaffected.
In addition repayments of loan stock were received from a number of investee
companies as shown on the table on page 9.
Opportunities to invest in new IPOs and on the AIM Market were significantly
reduced during the year and no such investments were made. The Manager has taken
the opportunity to sell holdings where he perceived there to be limited future
upside while in other cases sales were enforced by other corporate events.
Outlook
The early signs are that the assets acquired in 2009 will prove to be high
quality additions to the portfolio, both in terms of their yield and the
potential for medium term capital gain. Current market conditions are also
likely to prevail as debt remains scarce, helping to drive down prices for
private company assets. The lack of availability of debt remains a significant
challenge, an active banking market is important in order to allow leverage of
returns using prudent amounts of bank debt. As economic conditions improve we
anticipate a continuing increase in the number of private company investment
opportunities.
We will continue to select only those private companies which are well managed,
sensibly priced and are capable of providing a premium yield together with the
prospects of a capital gain in the medium to longer term. The opportunity will
be taken to exit AIM listed holdings on a case by case basis on the back of
price movements emanating from positive news flow or defined M&A activity.
+--------------------------+----------+-----------+----------+----------+----------------+
| Realisations during the | | | |
| financial year | | | |
+--------------------------+----------+-----------+--------------------------------------+
| | Date |Complete/ | Cost | Sales | Realised |
| | first | partial | of |proceeds | gain/loss |
| |invested | Exit | shares | | |
| | | |disposed | | |
| | | | of | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+----------+-----------+----------+----------+----------------+
| Unlisted | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| Ashford Colour Press | 2002 | Partial | 56 | 56 | |
| | | | | | - |
+--------------------------+----------+-----------+----------+----------+----------------+
| Fine Art Logistics | 2003 | Complete | 612 | 299 | (313) |
+--------------------------+----------+-----------+----------+----------+----------------+
| Funeral Services | 2007 | Complete | 250 | 290 | 40 |
| Partnership | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| Sports Holdings | 2003 | Complete | 50 | 64 | 14 |
+--------------------------+----------+-----------+----------+----------+----------------+
| Westway Services | 2009 | Partial | 12 | 12 | |
| | | | | | - |
+--------------------------+----------+-----------+----------+----------+----------------+
| Others | | | 536 | - | (536) |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | 1,516 | 721 | (795) |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| AIM | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| Essentially | 2007 | Complete | 71 | 95 | 24 |
+--------------------------+----------+-----------+----------+----------+----------------+
| OPG Power Ventures | 2008 | Partial | 2 | 3 | 1 |
+--------------------------+----------+-----------+----------+----------+----------------+
| Pilat Media | 2002 | Complete | 120 | 136 | 16 |
+--------------------------+----------+-----------+----------+----------+----------------+
| Sarantel | 2000 | Complete | 55 | 55 | |
| | | | | | - |
+--------------------------+----------+-----------+----------+----------+----------------+
| Vectura Group | 2004 | Partial | 265 | 286 | 21 |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | 513 | 575 | 62 |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| | | | | | |
+--------------------------+----------+-----------+----------+----------+----------------+
| Total | | | 2,029 | 1,296 | (733) |
+--------------------------+----------+-----------+----------+----------+----------------+
Maven Capital Partners UK LLP
Manager
Principal risks and uncertainties
The principal risks facing the Company relate to its investment activities and
include market price, interest rates, liquidity and credit. An explanation of
these risks and how they are managed is contained in Note 18 to the financial
statements on pages 43 to 45. Additional risks faced by the Company, and the
mitigation approach adopted by the Board, are as follows:
(i)
Investment objective: the Board's aim is to maximise absolute returns to
shareholders while managing risk by ensuring an appropriate diversification of
investments.
(ii) Investment policy: inappropriate stock selection leading to
underperformance in absolute and relative terms is a risk which the Board
mitigates by operating within investment guidelines and regularly monitoring
performance against the peer group.
(iii) Discount volatility: due to
lack of liquidity I the secondary market, venture capital trust shares tend to
trade at discounts to net asset values. When appropriate, the board makes
purchases of shares in the market and this can improve liquidity.
(iv)
Regulatory risk: the Company operates in a complex regulatory environment and
faces a number of related risks. A breach of section 274 of the Income Tax Act
2007 could result in the Company's being subject to capital gains tax on the
sale of its investments. A breach of the VCT Regulations could result in the
loss of VCT status and consequent loss of tax reliefs currently available to
shareholders. A serious breach of other regulations, such as the UKLA Listing
Rules and the Companies Act 2006, could lead to suspension from the Stock
Exchange and reputational damage. The Board receives quarterly reports from the
Manager in order to monitor compliance with regulations.
The Board considers risks and the measures in place to manage them and monitors
their management at each meeting.
Responsibility statement of the
Directors in respect of the Annual Report
We confirm that, to the best of our knowledge, the financial statements,
prepared in accordance with the applicable set of accounting standards and set
out on pages 32 to 45, give a true and fair view of the assets and liabilities,
financial position and profit or loss of the Company; and the Directors Report,
set out on pages 17 to 26, includes a fair review of the developments and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that they face.
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| 1 Accounting Policies - UK Generally Accepted Accounting |
| Practice |
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| |
+------------------------------------------------------------------+
| (a) Basis of preparation |
+------------------------------------------------------------------+
| The Financial Statements have been prepared under the historical |
| cost convention, modified to include the revaluations, eg |
| investments, and in accordance with the Statement of Recommended |
| Practice 'Financial Statements of Investment Trust Companies' |
| (the SORP) issued in 2005, amended 2006. The disclosures on |
| Going Concern on page 17 of the Directors' Report form part of |
| these financial statements. |
+------------------------------------------------------------------+
| (b) Income |
+------------------------------------------------------------------+
| Dividends receivable on equity shares and unit trusts are |
| treated as revenue for the period on an ex-dividend basis. |
| Where no ex-dividend date is available dividends receivable on |
| or before the year end are treated as revenue for the period. |
| Provision is made for any dividends not expected to be received. |
| The fixed returns on debt securities and non-equity shares are |
| recognised on a time apportionment basis so as to reflect the |
| effective interest rate on the debt securities and shares. |
| Provision is made for any fixed income not expected to be |
| received. Interest receivable from cash and short term deposits |
| and interest payable are accrued to the end of the year. |
+------------------------------------------------------------------+
| |
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| (c) Expenses |
+------------------------------------------------------------------+
| All expenses are accounted for on an accruals basis and charged |
| to the income statement. Expenses are charged through the |
| revenue account except as follows: |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| - expenses which are incidental to the acquisition and disposal |
| of an investment are charged to capital; and |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| - expenses are charged to realised capital reserves where a |
| connection with the maintenance or enhancement of the value of |
| the investments can be demonstrated. In this respect the |
| investment management fee has been allocated 25% to revenue and |
| 75% to realised capital reserves to reflect the Company's |
| investment policy and prospective income and capital growth. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| (d) Taxation |
+------------------------------------------------------------------+
| only being recognised if it is considered more likely than not |
| that there will be suitable profits from which the future |
| reversal of the underlying timing differences can be deducted. |
| Timing differences are differences arising between the Company's |
| taxable profits and its results as stated in the financial |
| statements which are capable of reversal in one or more |
| subsequent periods. Deferred tax is measured on a |
| non-discounted basis at the tax rates that are expected to apply |
| in the periods in which timing differences are expected to |
| reverse, based on tax rates and laws enacted or substantively |
| enacted at the balance sheet date. The tax effect of different |
| items of income/gain and expenditure/loss is allocated between |
| capital reserves and revenue account on the same basis as the |
| particular item to which it relates using the Company's |
| effective rate of tax for the period. |
+------------------------------------------------------------------+
| |
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| (e) Investments |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| In valuing unlisted investments the Directors follow the |
| criteria set out below. These procedures comply with the revised |
| International Private Equity and Venture Capital Valuation |
| Guidelines for the valuation of private equity and venture |
| capital investments. Investments are recognised at their trade |
| date and are valued at fair value, which represent the |
| Directors' view of the amount for which an asset could be |
| exchanged between knowledgeable willing parties in an arm's |
| length transaction. This does not assume that the underlying |
| business is saleable at the reporting date or that its current |
| shareholders have an intention to sell their holding in the near |
| future. |
+------------------------------------------------------------------+
| A financial asset or liability is generally derecognised when |
| the contract that gives rise to it is settled, sold, cancelled |
| or expires. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| 1. For Investments completed within the 12 months prior to the |
| reporting date and those at an |
| early stage in their development, fair value is determined |
| using the Price of Recent |
| Investment Method, except that adjustments are made when |
| there has been a material |
| change in the trading circumstances of the company or a |
| substantial movement in the |
| relevant sector of the stock market. |
+------------------------------------------------------------------+
| 2. Whenever practical, recent investments will be valued by |
| reference to a material arm's |
| length transaction or a quoted price. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| 3. Mature companies are valued by applying a multiple to their |
| fully taxed prospective |
| earnings to determine the enterprise value of the company. |
+------------------------------------------------------------------+
| 3.1 To obtain a valuation of the total ordinary share |
| capital held by management and |
| the institutional investors, the value of third party debt, |
| institutional loan stock, |
| debentures and preference share capital is deducted |
| from the enterprise value. The |
| effect of any performance related mechanisms is taken |
| into account when determining |
| the value of the ordinary share capital. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| 3.2 Preference shares, debentures and loan stock are valued |
| using the Price of Recent |
| Investment Method. When a redemption premium has |
| accrued, this will only be valued if |
| there is a reasonable prospect of it being paid. |
| Preference shares which carry a right to |
| convert into ordinary share capital are valued at the |
| higher of the Price of Recent |
| Investment Method basis and the price/earnings basis, |
| both described above. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| 4. Where there is evidence of impairment, a provision may be |
| taken against the previous |
| valuation of the investment. |
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| |
+------------------------------------------------------------------+
| 5. In the absence of evidence of a deterioration, or strong |
| defensible evidence of an increase |
| in value, the fair value is determined to be that reported |
| at the previous balance sheet date. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| 6. All unlisted investments are valued individually by Aberdeen |
| Private Equity's Portfolio |
| Management Team. The resultant valuations are subject to |
| detailed scrutiny and approval |
| by the Directors of the Company. |
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| |
+------------------------------------------------------------------+
| 7. In accordance with normal market practice, investments listed |
| on the Alternative Investment |
| Market or a recognised stock exchange are valued at their |
| bid market price. |
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| |
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| Fair value is defined as the price that the Company would |
| receive upon selling an investment in a timely transaction to an |
| independent buyer in the principal or the most advantageous |
| market of the investment. A three-tier hierarchy has been |
| established to maximise the use of observable market data and |
| minimise the use of unobservable inputs and to establish |
| classification of fair value measurements for disclosure |
| purposes. Inputs refer broadly to the assumptions that market |
| participants would use in pricing the asset or liability, |
| including assumptions about risk, for example, the risk inherent |
| in a particular valuation technique used to measure fair value |
| including such a pricing model and/or the risk inherent in the |
| inputs to the valuation technique. Inputs may be observable or |
| unobservable. Observable inputs are inputs that reflect the |
| assumptions market participants would use in pricing the asset |
| or liability developed based on market data obtained from |
| sources independent of the reporting entity. Unobservable |
| inputs are inputs that reflect the reporting entity's own |
| assumptions about the assumptions market participants would use |
| in pricing the asset or liability developed based on best |
| information available in the circumstances |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| The three-tier hierarchy of inputs is summarised in the three |
| broad levels listed below. |
+------------------------------------------------------------------+
| |
+------------------------------------------------------------------+
| - Level 1 - quoted prices in active markets for identical |
| investments |
+------------------------------------------------------------------+
| - Level 2 - other significant observable inputs (included |
| quoted prices for similar |
| investments, interest rates, prepayment speeds, credit |
| risk etc). |
+------------------------------------------------------------------+
| - Level 3 - significant observable inputs (including the |
| Company's own assumptions in |
| determining the fair value of investments). |
+------------------------------------------------------------------+
| |
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| (g) Gains and losses on investments |
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| |
+------------------------------------------------------------------+
| When the Company revalues its investments during the year, any |
| gains or losses arising are credited/charged to the Income |
| Statement |
+------------------------------------------------------------------+
| |
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+------------------+--------------------+--+----------------------+--+-----------------------------+
| 18 Derivatives and other financial instruments |
+--------------------------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------------------------+
| The Company's financial instruments comprise securities and |
| other investments, financial commitments and guarantees, cash |
| balances, overnight deposits and debtors and creditors that |
| arise directly from its operations, for example, in respect of |
| sales and purchases awaiting settlement, and debtors for |
| accrued income. The Company may not enter into derivative |
| transactions in the form of forward foreign currency contracts, |
| futures and options without the written permission of the |
| Directors. It is not the Company's policy to enter into |
| derivatives transactions. The purpose of these financial |
| instruments is efficient portfolio management. |
+--------------------------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------------------------+
| The main risks the Company faces from its financial instruments |
| are (i) market price risk, being the risk that the value of |
| investment holdings will fluctuate as a result of changes in |
| market prices caused by factors other than interest rate or |
| currency movement, (ii) interest rate risk and (iii) liquidity |
| risk. In line with the Company's investment objective, the |
| portfolio comprises UK securities and therefore has no exposure |
| to foreign currency risk. |
+--------------------------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------------------------+
| The Manager's policies for managing these risks are summarised |
| below and have been applied throughout the year. The numerical |
| disclosures below exclude short-term debtors and creditors |
| which are included in the balance sheet at fair value. |
+--------------------------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------------------------+
| (i) Market price risk |
+--------------------------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------------------------+
| The Company's investment portfolio is exposed to market price |
| fluctuations, which are monitored by the Manager in pursuance |
| of the investment objective as set out on page 1. Adherence to |
| investment guidelines and to investment and borrowing powers |
| set out in the Management Agreement mitigates the risk of |
| excessive exposure to any particular type of security or issuer |
| and, in particular, no purchase can be made in any one company |
| where this would result in a holding that would exceed 7.5% of |
| the Company's investments at the time the investment is made. |
| |
+--------------------------------------------------------------------------------------------------+
| These powers and guidelines include the requirement to invest |
| in a number of companies across a range of industrial and |
| service sectors at varying stages of development but with the |
| emphasis on well established businesses. The Company complied |
| with the stated investment guidelines and borrowing powers |
| throughout the year ended 28 February 2010. |
+--------------------------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------------------------+
| Further information on the investment portfolio (including |
| sector analysis, concentration and deal type analysis) is set |
| out in the Analysis of Unlisted and AIM/PLUS Portfolio, the |
| Investment Manager's Review, the Summary of Investment Changes, |
| the Investment Portfolio Summary and the Ten Largest Unlisted |
| and AIM Investments. |
+--------------------------------------------------------------------------------------------------+
| (ii) Interest | | | |
| rate risk | | | |
+------------------+--------------------+-------------------------+--------------------------------+
| | 28 February 2010 |
+------------------+-------------------------------------------------------------------------------+
| | | | Non-interest |
+------------------+-----------------------+-------------------------+-----------------------------+
| | Fixed | Floating | bearing |
| | interest | rate | |
+------------------+-----------------------+-------------------------+-----------------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------+-----------------------+-------------------------+-----------------------------+
| Sterling | | | |
+------------------+-----------------------+-------------------------+-----------------------------+
| Listed | | | 1,166 |
| | - | - | |
+------------------+-----------------------+-------------------------+-----------------------------+
| Unlisted and | 2,098 | | 11,218 |
| AIM/PLUS | | - | |
+------------------+-----------------------+-------------------------+-----------------------------+
| Cash | | 829 | |
| | - | | - |
+------------------+-----------------------+-------------------------+-----------------------------+
| Bank Overdraft | | | |
| | - | - | - |
+------------------+-----------------------+-------------------------+-----------------------------+
| | 2,098 | 829 | 12,384 |
+------------------+-----------------------+-------------------------+-----------------------------+
| | | | |
+------------------+-----------------------+-------------------------+-----------------------------+
| | 28 February 2009 |
+------------------+-------------------------------------------------------------------------------+
| | | | |
+------------------+-----------------------+-------------------------+-----------------------------+
| | | | Non-interest |
+------------------+-----------------------+-------------------------+-----------------------------+
| | Fixed | Floating | bearing |
| | interest | rate | |
+------------------+-----------------------+-------------------------+-----------------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------+-----------------------+-------------------------+-----------------------------+
| Sterling | | | |
+------------------+-----------------------+-------------------------+-----------------------------+
| Listed | | | 4 |
| | - | - | |
+------------------+-----------------------+-------------------------+-----------------------------+
| Unlisted and | 1,117 | | 10,761 |
| AIM/PLUS | | - | |
+------------------+-----------------------+-------------------------+-----------------------------+
| Cash | | 206 | |
| | - | | - |
+------------------+-----------------------+-------------------------+-----------------------------+
| Bank Overdraft | | (684) | |
| | - | | - |
+------------------+-----------------------+-------------------------+-----------------------------+
| | 1,117 | (478) | 10,765 |
+------------------+-----------------------+-------------------------+-----------------------------+
| | | | | | |
+------------------+--------------------+--+----------------------+--+-----------------------------+
+-------------+----------------+-+---------------+-+-+-+--------------+-+-+-+----------------+-----+-+-+----------------------+-+-------------------+-+----+-+----------+-+-+-+-+-+----------+----------+----------+----------+
| Derivatives and other financial | | | | |
| instruments (continued) | | | | |
+---------------------------------------------------------------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Maturity | | | | | | | |
| profile | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| The maturity profile of the Company's | | |
| financial assets at the Balance sheet date | | |
| was as follows: | | |
+-------------------------------------------------------------------------------------------------------------------------------+--------------------------+------------------------------------------------------------------+
| | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | Within | Within | Within | Within | Within | More | |
| | | | | | | than | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | 1 | 1-2 | 2-3 | 3-4 | 4-5 | 5 | |
| | year | years | years | years | years | years | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| At 28 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
| February | | | | | | | |
| 2010 | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Fixed | | | | | | | |
| Interest | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Listed | | | | | | | |
| | - | - | - | - | - | - | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Unlisted | 533 | | 98 | 885 | 581 | 1 | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | 533 | | 98 | 885 | 581 | 1 | |
| | | - | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | |
| Within "more than 5 years" there is a figure of | |
| GBP1,000 (2009: GBPnil ) In respect of preference | |
| shares which have no redemption date. | |
+----------------------------------------------------------------------------------------------------------------------------------------------------------+------------------------------------------------------------------+
| It is the Directors' opinion that the carrying | |
| amounts of these financial assets represent the | |
| maximum credit risk exposure at the balance sheet | |
| date. | |
+----------------------------------------------------------------------------------------------------------------------------------------------------------+------------------------------------------------------------------+
| | Within | Within | Within | Within | Within | More | |
| | | | | | | than | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | 1 | 1-2 | 2-3 | 3-4 | 4-5 | 5 | |
| | year | years | years | years | years | years | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| At 28 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
| February | | | | | | | |
| 2009 | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Fixed | | | | | | | |
| Interest | | | | | | | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Listed | | | | | | | |
| | - | - | - | - | - | - | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| Unlisted | 615 | 60 | | 353 | 89 | | |
| | | | - | | | - | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | 615 | 60 | | 353 | 89 | | |
| | | | - | | | - | |
+-------------+------------------+---------------------+--------------------+--------------------------+------------------------+--------------------------+------------------------------------------------------------------+
| | |
| It is the Directors opinion that the carrying amounts of these financial assets | |
| represent the maximum credit risk exposure at the balance sheet date. | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| (iii) Liquidy | | | | | | | | |
| risk | | | | | | | | |
+------------------------------------------------+--------------------+------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| Due to their nature, unlisted investments may not be readily realisable and | |
| therefore a portfolio of listed assets and cash is held to offset this liquidity | |
| risk. Note 8 details the three-tier hierarchy of inputs used as at 28 February 2010 | |
| in valuing the Company's investments carried at fair value. | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| | | | | | | | | |
+------------------------------------------------+--------------------+------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| Credit risk and interest rate risk are minimised by acquiring high quality | |
| government treasury stocks or other bonds which have a relatively short time to | |
| maturity (see Investment Portfolio Summary) | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| | | | | | | | | |
+------------------------------------------------+--------------------+------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| The company, generally, does not hold significant cash balances and any cash held | |
| is with reputable banks with high quality external credit ratings. | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| (iv) Credit risk | | | | | | | | |
+------------------------------------------------+--------------------+------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| it has entered into with the company. | | | | | | |
+----------------------------------------------------------------------------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| | | | | | | | | |
+------------------------------------------------+--------------------+------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| The Company's financial assets exposed to credit risk amounted | | | |
| to the following : | | | |
+-----------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------+----------+---------------------+
| | | | | | | | | |
+------------------------------------------------+--------------------+------------------------------+------------------------+------------------------------+----------+--------------------+----------+---------------------+
| | | | 28 | | 28 February 2009 | |
| | | | February | | | |
| | | | 2010 | | | |
+------------------------------+---------------------+--------------------+----------------------------+--------------------------------------------+-------------------------+-----------------------------------------------+
| | | | | Total | | | Total | |
| | | | | | | | | |
+------------------------------+---------------------+--------------------+------------------+---------+--------------------------------------------+-+-----------------------+-----------------------------------------------+
| | | | | GBP'000 | | | GBP'000 | |
+------------------------------+---------------------+--------------------+------------------+---------+--------------------------------------------+-+-----------------------+-----------------------------------------------+
| | | | | | | | | |
+------------------------------+---------------------+--------------------+------------------+---------+--------------------------------------------+-+-----------------------+-----------------------------------------------+
| Investments in unlisted debt | | 2,098 | | | 1,117 | |
| securities | | | | | | |
+-------------------------------------------------------------------------+------------------+---------+--------------------------------------------+-+-----------------------+-----------------------------------------------+
| Cash and cash | | | 829 | | | 206 | |
| equivalents | | | | | | | |
+----------------------------------------------------+--------------------+------------------+---------+--------------------------------------------+-+-----------------------+-----------------------------------------------+
| | | | | 2,927 | | | 1,323 | |
+------------------------------+---------------------+--------------------+------------------+---------+--------------------------------------------+-+-----------------------+-----------------------------------------------+
| | |
| Credit risk arising on fixed interest instruments is mitigated by investing in UK | |
| Government Stock. | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| | | | | | | | | |
+------------------------------+---------------------+--------------------+------------------------+---+--------------------------------------------------------------------+----------------+----------+---------------------+
| All fixed interest assets which are traded on a recognised exchange | | |
| and all the Company's cash balances are held by JP Morgan Chase (JPM), | | |
| the Company's custodian. Should the credit quality or the financial | | |
| position of JPM deteriorate significantly the Manager will move these | | |
| assets to another financial institution. | | |
| | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+------------+--------------------------------+
| The manager evaluates credit risk on unlisted debt securities and financial | |
| commitments and guarantees prior to quality of any security held. Typically, | |
| unlisted debt securities have a fixed charge over the assets of the investee | |
| company in order to mitigate the gross credit risk. The manager receives | |
| management accounts from investee companies, and members of the investment | |
| management team sit on the boards of investee companies; this enables the close | |
| identification, monitoring and management of investment specific credit risk. | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| | | | | | | | | |
+------------------------------+---------------------+--------------------+------------------------+---+--------------------------------------------------------------------+----------------+----------+---------------------+
| There were no significant concentrations of credit risk to counterparties at 28 | |
| February 2010 or 29 February 2009. | |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------+
| | | | | | | | | |
+------------------------------+---------------------+--------------------+------------------------+---+--------------------------------------------------------------------+----------------+----------+---------------------+
| (v) Price risk | | | | | | | | |
| sensitivity | | | | | | | | |
+--------------------------------------------------+--------------------+--------------------+---------+--------------------------------------------------------------------+----------------+----------+----------+----------+
| The following details the Company's sensitivity to a 10% | | | |
| increase or decrease in the market prices of AIM/PLUS quoted | | | |
| securities, with 10% being the Manager's assessment of a | | | |
| reasonable possible change in market prices. | | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------+-----+------------+--------------------------------+
| | | | | | | | | |
+------------------------------+---------------------+--------------------+------------------------+---+--------------------------------------------------------------------+----------------+----------+---------------------+
| At 28 February 2010, if market prices of listed or AIM/PLUS quoted | | |
| securities had been 10% higher or lower and with all other variables | | |
| held constant, the increase or decrease in net assets attributable to | | |
| Ordinary Shareholders for the year would have been GBP117,000 (2009: | | |
| Nil) due to the change on valuation of financial assets at fair value | | |
| through profit. | | |
+-------------+----------------+-+---------------+-+-+-+--------------+-+-+-+----------------+-----+-+-+----------------------+-+-------------------+-+----+-+----------+-+-+-+-+-+----------+----------+----------+----------+
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| ORTUS VCT | | | | | | | |
| PLC | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| INCOME | | | | | | | |
| STATEMENT | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| For the year | | | | | | | |
| ended 28 | | | | | | | |
| February | | | | | | | |
| 2010 | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | Year ended 28 | Year ended 28 |
| | | February 2010 | February 2009 |
+----------------+-------+-------------------------------------------------+-------------------------------------------------+
| |Notes | | |
+----------------+-------+-------------------------------------------------+-------------------------------------------------+
| | | Revenue | Capital | Total | Revenue | Capital | Total |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Gains/(losses) | 8 | | (67) | (67) | | (2,043) | (2,043) |
| on investments | | - | | | - | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Investment | 2 | 213 | | 213 | 120 | | 120 |
| income and | | | - | | | - | |
| deposit | | | | | | | |
| interest | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Investment | 3 | 34 | 102 | 136 | (36) | (107) | (143) |
| management | | | | | | | |
| fees | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Incentive | | (29) | | (29) | (24) | (16) | (40) |
| Fees | | | - | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Finance | | (5) | (16) | (21) | (19) | (58) | (77) |
| Costs | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Other | 4 | (166) | | (166) | (198) | | (198) |
| expenses | | | - | | | - | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Profit/(loss) on | 47 | 19 | 66 | (157) | (2,224) | (2,381) |
| ordinary | | | | | | |
| activities before | | | | | | |
| taxation | | | | | | |
+------------------------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Tax on | 5 | | | | | | |
| ordinary | | - | - | - | - | - | - |
| activities | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Profit/(loss) on | 47 | 19 | 66 | (157) | (2,224) | (2,381) |
| ordinary | | | | | | |
| activities after | | | | | | |
| taxation | | | | | | |
+------------------------+----------------+---------------+----------------+---------------+-----------------+---------------+
| | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
| Earnings per | 7 | 0.1 | (0.1) | (0.2) | (0.6) | (8.2) | (8.8) |
| share | | | | | | | |
| (pence) | | | | | | | |
+----------------+-------+----------------+---------------+----------------+---------------+-----------------+---------------+
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The
Company has only one class of business and derives its income from investments
made in shares, securities and bank deposits.
The total column of this Statement is the profit and loss account of the
Company.
+--------------------------+-------+-+------+----------------+-------+-------------+
| | | | Year ended | Year ended |
| | | | | |
+--------------------------+-------+-+-----------------------+---------------------+
| RECONCILIATION OF MOVEMENTS IN | 28 February | 28 February |
| SHAREHOLDERS' FUNDS | 2010 | 2009 |
+------------------------------------+-----------------------+---------------------+
| For the year ended 28 | | | | | | |
| February 2010 | | | | | | |
+--------------------------+-------+-+------+----------------+-------+-------------+
| |Notes | | | GBP'000 | | GBP'000 |
| | | | | | | |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Opening Shareholders' | | | | 11,209 | | 13,590 |
| funds | | | | | | |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Total profit/(loss) for | | | | 66 | | (2,381) |
| year | | | | | | |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Issue of new shares | 13 | | | 4,493 | | |
| | | | | | | - |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Merger costs | 13 | | | (135) | | |
| | | | | | | - |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Repurchase and | 13 | | | (202) | | |
| cancellation of shares | | | | | | - |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Dividends paid - revenue | 6 | | | | | |
| | | | | - | | - |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Dividends paid - capital | 6 | | | | | |
| | | | | - | | - |
+--------------------------+-------+-+------+----------------+-------+-------------+
| Closing Shareholders' | | | | 15,431 | | 11,209 |
| funds | | | | | | |
+--------------------------+-------+-+------+----------------+-------+-------------+
+--------------------------+----------+-------+---------+----------+--------+----------+-----------------+--+------------+--+
| BALANCE SHEET | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| As at 28 February 2010 | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | 28 February 2010 | 28 February 2009 | |
+--------------------------+------------------+-----------------------------+--------------------------------------------+--+
| | | | | |
+--------------------------+------------------+-----------------------------+--------------------------------------------+--+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Investments at fair | 8 | | 14,482 | | 11,882 | |
| value through profit or | | | | | | |
| loss | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Current assets | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Debtors | 10 | 259 | | 87 | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Cash and overnight | | 849 | | 206 | | |
| deposits | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | 1,108 | | 293 | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Creditors | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Amounts falling due | 11 | (159) | | (966) | | |
| within one year | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Net current assets | | | 949 | | (673) | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Net assets | | | 15,431 | | 11,209 | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Capital and reserves | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Called up share capital | 12 | | 3,611 | | 2,714 | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Special reserve | 13 | | 24,022 | | 24,022 | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Share premium reserve | 13 | | 3,261 | | | |
| | | | | | - | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Realised capital reserve | 13 | | (19,182) | | (18,523) | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Unrealised capital | 13 | | 4,319 | | 3,641 | |
| reserve | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Capital redemption | 13 | | 455 | | 255 | |
| reserve | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Profit and loss account | 13 | | (1,055) | | (900) | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | 15,431 | | 11,209 | |
| Net assets attributable to | | | | | |
| ordinary shareholders | | | | | |
+---------------------------------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| Net Asset Value per | 14 | | 42.7 | | 41.3p | |
| Ordinary share (pence) | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
+--------------------------+------------------+---------+-------------------+----------------------------+---------------+--+
| CASH FLOW STATEMENT | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| For the year ended 28 | | | | | |
| February 2010 | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | 28 February 2010 | 28 February 2009 |
+-------------------------------------+-------+----------------------------------------+------------------------------------+
| | | | |
+-------------------------------------+-------+----------------------------------------+------------------------------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Operating activities | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Investment income received | | 233 | | 209 | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Investment management fees | | (392) | | (240) | |
| paid | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| VAT received in respect of | | 216 | | 71 | |
| management fees | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Secretarial fees paid | | (43) | | (22) | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Directors expenses paid | | (52) | | (52) | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Other cash payments | | (59) | | (316) | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | 15 | | (97) | | (350) |
| Net cash outflow from | | | | | |
| operating activities | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Taxation | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Corporation tax paid | | | | | |
| | | - | | - | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | - | | |
| | | | | | - |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Financial investment | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Purchase of investments | | | (409) | (100) | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Sale of investments | | | 2,071 | 1,108 | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Net cash inflow from | | | 1,662 | | 1,008 |
| financial investment | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Equity dividends paid | | | - | | |
| | | | | | - |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Net cash inflow before | | | 1,565 | | 658 |
| financing | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Financing | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Merger cash received | | 158 | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Merger costs | | (167) | | | |
| | | | | - | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Bank Loan Interest paid | | (27) | | (111) | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Repurchase of Ordinary | | (202) | | | |
| shares | | | | - | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Net cash outflow from | | | (238) | | (111) |
| financing | | | | | |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| Increase in cash | 16 | | 1,327 | | 547 |
+-------------------------------------+-------+--------------------+-------------------+--------------------+---------------+
| | | | | | | | | | | |
+--------------------------+----------+-------+---------+----------+--------+----------+-----------------+--+------------+--+
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge:
· the Financial Statements have been prepared in accordance with the
applicable accounting standards and give a true and fair view of the assets,
liabilities and financial position of the Company as at 28 January 2009 and for
the year to that date; and
· the Directors' Report includes a fair review of the development and
performance of the Company, together with a description of the principal risks
and uncertainties that it faces.
Other information
The financial information contained within this Announcement does not constitute
the Company's statutory financial statements for the year ended 28 February 2010
and has not been delivered to the Registrar of Companies. The Annual Report for
the year ended 28 February 2010 will be issued to Shareholders and will shortly
be available on the Company's website at www.mavencp.com/ortusvct. This
Announcement has been prepared on the same basis as the Annual Report for the
year ended 28 February 2009 and the financial information for the year ended 28
February 2009 is derived from the statutory accounts for that period, which have
been delivered to the Registrar of Companies and which contained an unqualified
audit report.
The Annual General Meeting will be held on 6 July 2010, commencing at 11.00
a.m., at the Company's registered office.
MAVEN CAPITAL PARTNERS UK LLP
SECRETARY
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BSGDLUUGBGGI
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