RNS Number:8355P
Thompson Clive Investments PLC
22 August 2000
Contact : Colin Clive, Chairman, Thompson Clive Investments plc
Nat Hone, Director, Thompson Clive & Partners Ltd
Charles Fitzherbert, Director, Thompson Clive & Partners Ltd
Telephone : 020-7491 4809
UNAUDITED INTERIM REPORT FOR THE 6 MONTHS TO 30 JUNE 2000
CHAIRMAN'S STATEMENT
At 30 June 2000 the unaudited net asset value per share of Thompson Clive
Investments plc ('TCI') was 954.1p, a decrease of 33% over the net asset value
at 31 December 1999 as a result of the sharp correction in quoted technology
stock prices. For the six months to 30 June 2000, TCI earned a net profit
before taxation of #233,000 (1999: #388,000). After taxation, the retained
profit for the period was #230,000 (1999: #314,000).
Following the policy adopted in previous years, the directors do not recommend
the payment of an interim dividend. Subject to unforeseen circumstances, it
is their intention to recommend that the dividend for the full year should at
least be maintained at 3.8p per share.
During the six months TCI made three new investments totalling #1,768,000. In
the UK it invested in Bioquell plc, a quoted designer and manufacturer of
contamination control and sterilisation equipment for the pharmaceutical and
healthcare sectors, and in Commodity Systems Ltd, an early stage business-to-
business internet portal for the global sugar industry. Its largest
investment in the period was in iProgress SA, a French provider of software
and internet based training solutions for end-users of IT applications.
Follow-on investments of #8,094,000 were made in eight companies.
Three part realisations and one trade sale (Geoconference Ltd) were made
during the period, two in the US and two in the UK, for a total of #5,125,000
against an original cost of #502,000.
Of the portfolio companies listed after the summarised balance sheet, 85% by
value are in quoted stocks; 66% in the UK and Continental Europe and 34% in
the USA.
There has been a claim on the vendors from the acquiror of Sorediv SA, a
portfolio company where TCI's minority interest was sold for #267,000 in May
1999. The directors know of no justification for the claim and consequently
no provision has been made.
TCI continues to look for interesting investment opportunities, particularly
in the life sciences, healthcare, information technology and communications
sectors. A review of all the companies in the portfolio will be available at
the year end.
Colin Clive, Chairman
22 August 2000
The Interim Report is being sent to shareholders and further copies are
available from the Company's registered office. The results will not be
advertised in any newspaper
SUMMARISED STATEMENT OF TOTAL RETURN
Six months Six months Year ended
30 June 30 June 31 December
#000 2000 1999 1999
REVENUE RETURN
Revenue 669 559 1,645
Management expenses allocated to (436) (171) (380)
revenue --- --- -----
233 388 1,265
Tax on ordinary activities allocated (3) (74) (28)
to revenue --- --- -----
NET REVENUE RETURN AFTER TAX 230 314 1,237
=== === ===
CAPITAL RETURN
Realised gains on investments 74 1,959 13,919
Unrealised appreciation/depreciation (64,677) 21,318 113,131
Management expenses allocated to (2,469) (971) (2,152)
capital ------ ------ ------
(67,072) 22,306 124,898
Tax on ordinary activities allocated 3 21 28
to capital ------ ----- ------
NET CAPITAL RETURN AFTER TAX (67,069) 22,327 124,926
====== ====== ======
TOTAL RETURN AFTER TAX (66,839) 22,641 126,163
====== ====== ======
Return per ordinary share:
Revenue 1.6p 2.2p 8.8p
Capital (477.5p) 159.0p 889.5p
Total (475.9p) 161.2p 898.3p
The summarised financial information for the year ended 31 December 1999 is an
extract from the published accounts which received an unqualified audit report
and which have been delivered to the Registrar of Companies.
SUMMARISED BALANCE SHEET
30 June 30 June 31 December
#000 2000 1999 1999
FIXED ASSETS
Venture capital investments 123,530 89,178 183,417
Fixed interest investments 8,424 5,758 14,950
------ ------ ------
131,954 94,936 198,367
CURRENT ASSETS
Debtors 282 1,855 2,180
Cash at bank and in hand 1,817 1,572 1,342
------ ------ ------
2,099 3,427 3,522
CREDITORS:AMOUNTS FALLING DUE WITHIN
ONE YEAR (53) (46) (1,050)
------ ------ ------
NET CURRENT ASSETS 2,046 3,381 2,472
------ ------ ------
TOTAL ASSETS LESS CURRENT LIABILITIES 134,000 98,317 200,839
------- ------ -------
NET ASSETS 134,000 98,317 200,839
====== ====== ======
CAPITAL & RESERVES
Called up share capital 7,022 7,022 7,022
Share premium account 3,714 3,714 3,714
Realised capital reserve 40,806 25,000 38,651
Unrealised capital reserve 80,347 60,688 149,571
Revenue reserve 2,111 1,893 1,881
------ ------ -------
Total shareholders' funds attributable 134,000 98,317 200,839
to equity shareholders ======= ====== =======
Net asset value per share 954.1p 700.0p 1430.0p
CASH FLOW STATEMENT
6 months 6 months Year ended
to 30 June to 30 June 31 December
2000 1999 1999
#000 #000 #000
OPERATING ACTIVITIES
Investment income received 547 538 1,600
Deposit interest received 25 11 22
Investment management fees and other (2,994) (1,141) (2,509)
expenses paid ------ ------ ------
Net Cash Outflow from Operating (2,422) (592) (887)
Activities ------ ------ ------
FINANCIAL INVESTMENTS
Purchase of investments (54,012) (23,330) (60,469)
Disposal of investments 57,908 25,160 62,364
------ ------ ------
3,897 1,830 1,895
------ ------ ------
EQUITY DIVIDENDS PAID
Dividends paid on ordinary shares (1,000) (534) (534)
------ ------ ------
INCREASE IN CASH 475 704 474
====== ====== ======
RECONCILIATION OF NET CONSOLIDATED RETURN BEFORE TAXATION TO NET CASH OUTFLOW
FROM OPERATING ACTIVITIES
6 months 6 months Year ended
to 30 June to 30 June 31 December
2000 1999 1999
#000 #000 #000
Net consolidated return before taxation 233 388 1,265
Managemt fees charged to capital reserve(2,469) (971) (2,152)
Decrease/(increase) in accrued income (87) 40 (11)
(Decrease)/increase in other creditors 2 1 19
Tax on investment income (10) (53) (15)
Decrease/(increase) in other debtors (91) 3 7
----- ---- -----
(2,422) (592) (887)
===== ==== =====
INVESTMENTS Cost Valuation
#000 30 June 2000
Acal plc* 2,151 5,184
Aenix Informatique SA 1,696 1,439
Applied Imaging Corporation* 356 295
Artios Inc (formerly Ecom Inc) 750 814
Bioquell plc* 341 600
Chattanooga Group Inc 603 293
Cider Sante SA* 832 490
Commodity Systems Limited (t/a Sugaronline) 333 333
Data Conversion Systems Limited 519 94
Davin Group Limited 1,774 1,039
DynEd International Inc 494 -
Esker SA* 160 711
FENICS Limited 739 739
Financial Objects plc* 2,475 4,047
Genitope Corporation 1,349 2,211
Geoconference Limited - 73
ImageCom Limited 1,375 382
Infotel SA* 549 4,653
inventure.com Inc 295 -
iProgress SA 1,094 1,102
Isotron plc* 285 5,434
Mantix Systems Limited 253 477
Medicom International Limited 1,957 3,391
NETTEC plc 400 3,123
N-Soft SA 167 617
Oxford Molecular Group PLC* 1,099 620
Oxygen Solutions Limited 537 513
PAREXEL International Corporation* 5,750 2,306
Persistence Software Inc* 1,054 24,111
PowerQuest Corporation 282 1,792
Quintiles Transnational Corporation* 5,964 7,837
RAMAR Technology Limited 300 167
Roster Control Systems Limited 285 285
Sifam Limited 365 488
Sifam Instruments Limited 1,785 1,785
Stedim SA* 171 370
Telespree Communications Inc 58 63
The Terence Chapman Group Plc* 3,378 27,741
Visual Networks Inc* 327 2,749
William Demant Holding A/S* 881 15,162
------ ------
43,183 123,530
*Quoted companies ====== ======
INDEPENDENT REVIEW REPORT BY KPMG AUDIT PLC TO THOMPSON CLIVE INVESTMENTS PLC
INTRODUCTION
We have been instructed by the Company to review the financial information set
out on pages 2 to 6 and we have read the other information contained in the
Interim Report and considered whether it contains any apparent misstatement or
material inconsistencies with the financial information.
DIRECTORS' RESPONSIBILITIES
The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where they are
to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.
REVIEW WORK PERFORMED
We conducted our review in accordance with guidance contained in Bulletin
1999/4 : Review of interim financial information issued by the Auditing
Practices Board. A review consists principally of making enquiries of
management and applying analytical procedures to the financial information and
underlying financial data and, based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on
the financial information.
REVIEW CONCLUSION
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2000.
KPMG Audit Plc
Chartered Accountants
Registered Auditor
London
22 August 2000
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