TIDMFAME
Framlington AIM VCT PLC
Announcement of results for the year ended 30 September 2011
Chairman's Statement
The year to 30 September 2011 saw large swings in sentiment and huge volatility
in equity markets. The Sovereign Debt Crisis in the Eurozone has worsened.
Large budget deficits in many European countries led to painful cuts in public
spending, which together with tax increases threaten to tip many countries back
into recession.
After the good rises in equity markets in the first quarter of the financial
year, the second half of the year saw equity markets fall. Slowing growth rates
brought commodity prices down (with oil being relatively unscathed) which
adversely affected the AIM market with its high resource weighting. In
addition, as investors became more risk averse small companies in the main
underperformed. In particular early stage companies were not given the benefit
of any doubt with many having to raise additional capital normally to the
detriment of existing holders.
During the year the Company's net asset value fell from 44.22p to 41.82p. After
allowing for the payment of the dividend of 3.5p the total return for the year
was +1.1p or 2.5%. This compares with a fall in the AIM Index (total return) of
9.8%. Within the portfolio, Brooks Macdonald continued to perform well while
AFC Energy, Angle, Noble Group and Plastics Capital all made good progress.
Companies that needed to raise additional capital and performed poorly were
Energetix, Plethora and Tristel. Other poor performers included BGlobal,
T.Clarke, Hightex and Nanoco. Further details are included in the fund
manager's report as are details of new purchases.
It is hard to see an easy recovery in the AIM market given the turbulent global
economic conditions. Your Board has, given the disappointing performance of the
AIM market, been considering for some time a new strategic direction for the
Company. Experience over the last few years has shown that AIM is not
necessarily the best place for VCT funds with VCTs specialising in unquoted
investments in general having offered better returns.
We have therefore decided to change the manager of the Company to a manager
that specialises in managing both AIM and unquoted investments. After
considerable analysis, which is detailed later in this Report, your Board has
decided to appoint Downing LLP as the new Manager of the Company. Following
this appointment, the name of the Company will be changed to Downing Income VCT
4 PLC.
As part of this agreement, Downing has committed to conduct an additional
fundraising for the Company which should make the running of the Company more
economic and provide additional funds for investment. This will also enable the
Company to operate a share buy back policy nearer to net asset value, which may
also have a positive impact on the Company's share price.
Downing has also agreed to manage the Company for a lower annual fee of 1.8%,
and to institute a lower overall cost cap of 3%, which is one of the lowest in
the VCT industry.
Shareholders have the opportunity to vote at the AGM that the Company shall
continue in being as a venture capital trust. If shareholders were instead to
decide that the Company should be wound up, it should be noted that due to the
illiquid nature of the Company's investments, and as the market would know that
the Company is a forced seller, there is a good chance that total proceeds from
a wind up may be considerably below current net asset value and possibly not
much above the current depressed share price.
For this reason your Board recommends that the Company continue as a venture
capital trust with a change of Manager, and recommends that shareholders vote
in favour of the resolution to amend the Company's investment policy at the
forthcoming AGM. More detail is given in the following section about the
proposed changes.
I am pleased to report that the Board is recommending a final capital dividend
of 2.50 pence per share. This will take total dividends paid to shareholders by
the Company since launch to 31.00 pence per share. If approved by shareholders
at the AGM, the dividend will be paid on 20 March 2012 to shareholders on the
register at 24 February 2012. Dividends paid by the Company are exempt from
income tax.
Continuation vote and change of manager
The Company's Articles of Association require the Board to propose an ordinary
resolution at the AGM to be held in 2012 to the effect that the Company shall
continue in being as a venture capital trust. Accordingly, a resolution to this
effect is included in the notice of AGM which is included in the Report and
Accounts for the year ended 30 September 2011. If the resolution is not passed
at the AGM, the Directors must convene a general meeting of the Company within
nine months at which a special resolution shall be proposed requiring the
Company to be wound up voluntarily. Further details of the resolution are
included in the Report of the Directors in the Report and Accounts.
In preparation for this resolution, the Board has reviewed the performance of
the Company since its launch in 2004 and, as noted above, has concluded that,
it would be in the best interests of shareholders to change the investment
manager of the Company. The Board therefore invited a number of experienced
investment managers to submit their proposals for taking over the management of
the Company and after due consideration, has decided to appoint Downing LLP as
the Company's investment manager. The appointment of Downing LLP is currently
expected to be effective from 1 March 2012.
Downing LLP is an experienced and successful VCT manager with funds under
management of approximately GBP285m. It proposes, subject to shareholder approval
and the passing of the continuation vote, to follow a different investment
strategy. Downing will, over time, transfer around half of the qualifying
investments into unquoted companies which have the ability to generate
attractive returns. It will in the process manage a careful selling programme
of a number of the Company's AIM stocks and will focus upon the AIM stocks
where it believes there is the most opportunity for upside. This change of
strategy will reduce the Company's exposure to the AIM market, which has been
volatile, and broaden the investments in the portfolio to include private
equity backed businesses. A resolution to amend the Company's investment policy
to reflect this change of strategy will be put to shareholders at the
forthcoming AGM.
The Board would like to thank AXA Framlington for its work as investment
manager to the Company since launch and for its co-operation in the change of
investment manager. The Board gave 12 months' notice to AXA Framlington under
its investment management agreement in October 2011. AXA Framlington has kindly
agreed to waive payment of the final seven months' worth of its fee due to 31
October 2012.
The AGM will be held at 12.30 pm on 13 March 2012 at 25 Southampton Buildings,
London WC2A 1AL.
Finally, I would like to take this opportunity to thank shareholders for their
continued support.
Tim How
Chairman
31 January 2012
Investment manager's report
Once again there has been a wide diversity in performance. Well established and
more substantial companies that have continued to deliver good growth have
performed well. Inevitably with the qualifying investment rules these types of
holdings are in the minority. Brooks Macdonald performed well as they continued
to see good growth in funds under management. Craneware saw continued strong
growth bolstered by the successful acquisition of ClaimTrust. Another strong
stock was Noble Investments who specialise in trading in ancient coins.
Business benefited from the financial stress as investors sought alternative
assets. Prospects look good for this year as they won the right to auction one
of the world's most important collections - The Prospero Collection - in the
new year in New York.
The second category of holding is smaller profitable businesses. Many of these
companies saw their share price suffer from a lack of investor interest
irrespective of how the underlying trading was. Plastics Capital performed well
as stronger trading and good cash flow reduced debt enabling the shares to be
modestly rerated. Cohort rallied after the problems of the prior year as the
directors embarked on a strategic review to try and narrow the discount between
the share price and the fundamental value.
As always any disappointing trading saw share prices fall sharply. In this
category there were very poor performances from Hightex who saw cost overruns
and an absence of new contracts, T Clarke on margin pressure and Imagelinx who
lost their biggest customer - Procter and Gamble.
The final category of holding is earlier stage companies. Performance was very
mixed depending on progress. AFC Energy performed well in the early part of the
Company's year as they made good progress on commercialising their low cost
alkaline fuel cell system. Some profits were taken at the higher levels before
the shares fell back in the summer's market malaise. Despite this pull back
they were still well up in the year. The major success was Angle whose 90%
owned subsidiary successfully demonstrated the ability to separate breast and
prostate cancer cells from the bloodstream opening up a large potential market.
This development was funded by a placing at 25p in which we participated. They
closed the year at 68p and some profits have been taken.
Poor performers in this category included BGlobal whose business was adversely
affected by the government's decision to defer the national roll out of smart
meters until 2014. Nanoco's shares were weak despite making good commercial
progress with their global multinational partners. Companies that had to raise
further capital to help them reach sustainable positive cash flows again
suffered. These included Tristel, Cyan Holdings and 3D Diagnostics. The latter
was particularly disappointing as the holding was a new holding from earlier in
the year. The company has an innovative technology which enables dentists to
detect dental cavities earlier. They experienced difficulties in receiving
consistent parts from a subcontractor which caused cash levels to become very
tight. However, they have been very successful in appointing quality
distributors around the world.
Other new qualifying purchases were made in Instem Life Science Systems, Brady,
Manroy, Music Festivals and Wheelsure. Further profits were taken in Brooks
Macdonald and Craneware while Allied Domecq bonds, Chime Communications,
Powerflute and GTL Resources were sold. In addition the proceeds from the
takeovers of Neutrahealth, Mount Engineering and System C Software were
received.
As detailed earlier in this report, investment wholly in AIM companies has not
been a successful strategy for this Company. For this reason your Board has
reviewed alternative strategic directions for the Company and AXA Framlington
has agreed to stand down as the fund manager. We wish shareholders every
success in the future and are confident that Downing will work hard to recover
value for shareholders.
George Luckraft
AXA Framlington
31 January 2012
Income Statement
For the year ended 30 For the year ended 30
September 2011 September 2010 (as restated
*)
Revenue Capital Total Revenue Capital Total
Return Return Return Return
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
Realised gains on - 371 371 - 468 468
investments
Unrealised (losses)/ - (48) (48) - 259 259
gains on investments
Income 132 - 132 185 - 185
Investment management (51) (152) (203) (47) (141) (188)
fee
Other expenses (151) - (151) (159) - (159)
Net (loss)/return on (70) 171 101 (21) 586 565
ordinary activities
before taxation
Taxation on ordinary - - - - - -
activities
(Loss)/return on (70) 171 101 (21) 586 565
ordinary activities
after tax for the year
(Loss)/return per (0.32)p 0.78p 0.46p (0.09)p 2.55p 2.46p
ordinary share: Basic
and diluted
The total column of this statement represents the Company's statutory profit
and loss account.
All items in the above statement derive from continuing operations and the
Company has no other gains and losses, hence no Statement of Total Recognised
Gains and Losses is presented. No operations were acquired or discontinued in
the year.
The supplementary revenue and capital columns are both prepared on a memorandum
basis by applying the principles of the Statement of Recommended Practice
("SORP"), published by the Association of Investment Companies in January 2009.
Other than revaluation movements arising on investments held at fair value
through the Income Statement, there were no differences between the return/
(loss) as stated above and at historical cost.
* The comparative figures for realised and unrealised gains have been restated.
The change is purely presentational and has not resulted in a change of
previously reported results.
Reconciliation of movement in shareholders' funds
Distributable Capital
Share Share Special Redemption Retained
Capital Premium Reserve Reserve Earnings Total
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 30 September 2,321 117 17,823 190 (9,667) 10,784
2009
Share buybacks (56) - (179) 56 - (179)
Transfer from - - (575) - 575 -
distributable
special reserve
Dividends paid in - - - - (1,155) (1,155)
respect of the year
ended 30 September
2009
Return on ordinary - - - - 565 565
activities
At 30 September 2,265 117 17,069 246 (9,682) 10,015
2010
Share buybacks (124) - (385) 124 - (385)
Transfer from - - (3,116) - 3,116 -
distributable
special reserve
Dividends paid in - - - - (779) (779)
respect of the year
ended 30 September
2010
Return on ordinary - - - - 101 101
activities
At 30 September 2,141 117 13,568 370 (7,244) 8,952
2011
Balance sheet as at 30 September
2011 2010
GBP000s GBP000s
Fixed assets 8,851 9,740
Fixed asset investments held at fair value
through profit or loss
Current assets
Debtors 68 71
Cash at bank 157 286
225 357
Creditors: amounts falling due within one year (124) (82)
Net current assets 101 275
Net assets 8,952 10,015
Capital and reserves
Called up share capital 2,141 2,265
Capital redemption reserve 370 246
Share premium account 117 117
Distributable special reserve 13,568 17,069
Retained earnings (7,244) (9,682)
Equity shareholders' funds 8,952 10,015
Net asset value per share
Basic and diluted 41.82p 44.22p
Cash Flow Statement
For the year For the year
ended 30 ended 30
September 2011 September 2010
GBP000s GBP000s
Operating activities
Cash received from investments 153 204
Interest received 1 1
Revenue investment management fee (50) (47)
Cash paid to and on behalf of directors (44) (44)
Other cash payments (92) (132)
Net cash outflow from operating activities (32) (18)
Servicing of finance
Interest paid - -
Taxation
Taxation recovered - -
Capital expenditure and financial investment
Net sales of investments 1,218 1,271
Capital investment management fee (151) (141)
Equity dividends
Dividends paid (779) (1,155)
Net cash inflow/(outflow) before financing 256 (43)
Financing
Cost of shares re-purchased (385) (179)
Net cash outflow from financing (385) (179)
Decrease in cash (129) (222)
Notes:
1 The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 30 September 2011 or 2010.
The statutory accounts for the year ended 30 September 2011 have been prepared
on the basis of the financial information presented by the directors in this
announcement and will be delivered to the Registrar of Companies following the
Company's annual general meeting. The financial information for the year ended
30 September 2010 is derived from the statutory accounts for that year which
have been delivered to the Registrar of Companies. The auditors reported on
those accounts; their report was unqualified and did not contain any emphasis
of matter or a statement under s498 Companies Act 2006.
The financial information has been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 30
September 2010 which are also adopted in the financial statements for the year
ended 30 September 2011.
2 Income
Year ended Year ended
30 September 2011 30 September 2010
GBP000s GBP000s
Income from investments
UK Dividend income 110 118
Unfranked investment income 22 66
132 184
Other income
Interest earned - 1
Total income 132 185
Income from investments
Listed UK 19 75
AIM traded 105 106
PLUS market 8 -
Unlisted - 3
132 184
3 Investment management fee
Year ended Year ended
30 September 30 September 2010
2011
GBP000s GBP000s
Investment management fee charged to 51 47
revenue (25%)
Investment management fee charged to 152 141
capital (75%)
Total investment management fee 203 188
The management fees paid have been allocated 25% to revenue and 75% to capital.
The balance due to AXA IM UK at the year end was GBP21,000 (2010: GBP19,000). No
performance fee is payable in respect of the year.
4 The board recommends the payment of a final capital dividend of 2.50 pence
per share in respect of the year ended 30 September 2011. Subject to approval
by shareholders at the annual general meeting on 13 March 2012, the dividend
will be paid on 20 March 2012 to shareholders on the register on 24 February
2012.
5 (Loss)/return per ordinary share
Year to Year to
30 September 2011 30 September 2010
Revenue loss GBP(70,000) GBP(21,000)
Capital return GBP171,000 GBP586,000
Total return GBP101,000 GBP565,000
Weighted average number of 22,026,742 22,951,907
ordinary shares in issue during
the period
Revenue loss ordinary share (0.32)p (0.09)p
Capital return per ordinary share 0.78p 2.55p
Total return per ordinary share 0.46p 2.46p
6 Called up share capital
During the twelve months ended 30 September 2011, the Company repurchased
1,224,000 shares for a total consideration of GBP385,000 (2010: 562,250 shares
for a total consideration of GBP179,000). The number of ordinary shares in issue
at 30 September 2011 was 21,405,778.
7 Net asset value per share
The net asset value per share and the net assets attributable to the ordinary
shares at the period end calculated in accordance with the Articles of
Association were as follows:
As at As at
30 September 2011 30 September 2010
Net assets attributable to GBP8,952,000 GBP10,015,000
ordinary shareholders
Ordinary shares in issue 21,405,778 22,649,778
Net asset value per share 41.82p 44.22p
8 Related Parties Transactions
AXA Investment Managers UK Limited (the "Manager" or "AXA IM UK"), is appointed
as manager to manage and advise the Company including the provision of
accounting, secretarial, office and administrative services.
The Manager is paid an investment management fee at the rate of 2.0% of the Net
Asset Value of the company accrued and calculated weekly but paid monthly. The
Manager is also paid a fee of 0.25% of the Net Asset Value in respect of
secretarial and administration fees.
A performance fee is payable in respect of any financial year of the Company in
respect of which aggregate dividends to Shareholders exceed five pence per
Share and is equal to 20 per cent of the excess so that for every 1p per Share
distributed over and above the hurdle of 5p per Share, 0.2p per Share shall be
paid by way of Performance Fee. However, (i) no Performance fee will be payable
in respect of the first three financial years of the Company, (ii) if and in so
far as dividends in respect of any previous years have been less than 5p per
Share, any shortfall must first be made up before calculating the excess in
respect of which a Performance fee is payable and (iii) no Performance fee will
be payable if, after adding back all the dividends previously made in respect
of each Share, the net asset value per Share would thereby be less than the
initial net asset value per Share of 95p.
The investment manager agreement is terminable on one year's notice.
As at 31 January 2012, the directors had the following interests in the
Company's shares:
T How 42,004
C Kay 50,600
H Sinclair 14,382
There have not been any other related party transactions during the year.
9 Principal risks and uncertainties
The directors believe that the following are the principal risks faced by the
Company:
Economic risk: events such as those seen in the global financial markets over
the last three years affect the share prices of all companies and hence the
value of the Company's investments. Smaller companies, such as those in which
the Company invests, tend to be affected more significantly than larger
companies. Such events also affect trading conditions for companies, which also
affects share prices.
Investment and strategic risk: an inappropriate strategy and/or the selection
of poor investments might lead to underperformance and poor returns to
shareholders.
Asset liquidity risk: the Company's investments may be difficult to realise in
the current economic climate.
Market liquidity risk: Shareholders may find it difficult to sell their shares
at a price close to net asset value.
Venture Capital Trust approval risk: Loss of approval as an Venture Capital
Trust arising from a breach of the requirements of Section 274 of ITA would
mean that the Company would lose its exemption from tax on any capital gains.
The Company's policies and procedures for the management of the risks inherent
in its investment objective are included in the financial statements. The Board
relies upon the skills and expertise of the Manager, which has significant
experience in investing in smaller companies. The Board reviews performance at
each board meeting and discusses appropriate action where considered necessary.
The Board uses share buy backs to try and mitigate market liquidity risk. The
Manager reports to the Board at each meeting on the Company's compliance with
Section 274 and the Board is advised on VCT issues by PricewaterhouseCoopers
LLP.
10 The 2011 annual report and accounts will be sent to all shareholders on the
share register. Copies of the annual report and accounts, the interim report
and accounts to 31 March 2011 and the interim management statements are
available from the Company's registered office, 7 Newgate Street, London EC1A
7NX.
Investment portfolio summary as at 30 September 2011
VCT qualifying investments at 30 September 2011
Security Sector Holding Original Bid value
cost
AIM GBP GBP
Brooks Ord 1p Financial Services 75,000 105,413 927,000
Macdonald Group
Craneware Ord 1p Software & Computer 150,000 192,000 885,000
Services
Angle Ord Support Services 675,000 430,037 459,000
10p
Noble Ord 1p Financial Services 200,000 116,000 356,000
Investments
(UK)
Instem Life Ord Software & Computer 143,448 251,034 315,586
Science Systems 10p Services
Kiotech Ord Pharmaceuticals & 362,318 250,000 297,101
International 23p Biotechnology
AFC Energy Ord Alternative Energy 855,511 86,862 286,596
0.1p
PhotonStar LED Ord Household Goods & Home 1,390,666 321,932 250,320
Group 10p Construction
EKF Diagnostics Ord 1p Health Care Equipment & 1,000,000 150,000 250,000
Holdings Services
Sinclair IS Ord 1p Pharmaceuticals & 997,952 260,000 244,498
Pharma Biotechnology
Manroy Ord 5p Aerospace & Defence 247,368 195,000 235,000
Vertu Motors Ord General Retailers 833,333 500,000 204,167
10p
Tristel Ord 1p Health Care Equipment & 502,504 239,464 201,002
Services
Sanderson Group Ord Software & Computer 700,000 350,000 189,000
10p Services
Nanoco Group Ord Technology Hardware & 368,025 533,985 184,013
10p Equipment
Interquest Ord 1p Support Services 363,636 200,000 181,818
Group
Energetix Group Ord 5p Electronic & Electrical 600,000 240,000 177,000
Equipment
Cohort Ord Aerospace & Defence 190,700 241,618 167,816
10p
Getech Group Ord Oil Equipment, Services & 925,000 360,750 166,500
0.25p Distribution
EG Solutions Ord 1p Software & Computer 235,294 200,000 145,882
Services
Music Festivals Ord Travel & Leisure 230,769 150,000 136,154
10p
Avacta Group Ord Health Care Equipment & 15,000,000 150,000 132,000
0.1p Services
Corero Network Ord 1p Software & Computer 350,241 363,635 126,087
Security Services
Brulines Group Ord Support Services 131,667 161,950 122,450
10p
Active Risk Ord 1p Software & Computer 317,277 116,451 120,565
Group Services
Dillistone Ord 5p Software & Computer 159,444 87,500 119,583
Group Services
Plastics Ord 1p Chemicals 150,000 150,000 105,000
Capital
Brady Ord 1p Software & Computer 147,000 86,730 102,900
Services
Suretrack Ord Electronic & Electrical 22,380,952 120,000 89,524
Monitoring 0.05p Equipment
Belgravium Ord 5p Technology Hardware & 1,250,000 175,000 87,500
Technologies Equipment
Surface Ord 1p Automobiles & Parts 883,125 150,131 79,481
Transforms
3D Diagnostic Ord Health Care Equipment & 4,166,667 150,000 79,167
Imaging 0.1p Services
Theo Fennell Ord 5p Personal Goods 370,625 140,838 72,272
Accumuli Ord Software & Computer 950,700 674,997 71,302
0.25p Services
Maxima Holdings Ord 1p Software & Computer 290,000 478,500 69,600
Services
VSA Capital Ord Financial Services 1,000,000 100,000 60,000
Group 0.2p
Tangent Ord 1p Support Services 1,153,846 150,000 57,692
Communications
@UK Ord 1p Software & Computer 416,666 250,000 53,125
Services
Pressure Ord 5p Industrial Engineering 36,000 54,000 48,960
Technologies
Byotrol Ord Chemicals 472,500 283,500 41,344
0.25p
PHSC Ord Support Services 229,110 121,428 38,949
10p
Hot Tuna Ord Personal Goods 49,600,000 148,800 34,720
(International) 0.01p
Ant Ord 5p Software & Computer 145,000 182,700 31,900
Services
Datong Ord Electronic & Electrical 117,187 149,999 31,640
0.5p Equipment
Cyan Holdings Ord Technology Hardware & 4,576,923 170,000 26,546
0.2p Equipment
Corac Group Ord Industrial Engineering 225,000 94,500 22,500
10p
Bglobal Ord 1p Support Services 213,333 106,667 19,200
Hightex Group Ord 1p Construction & Materials 1,428,571 100,000 17,857
Savile Group Ord 3p Support Services 150,000 100,500 15,000
Plethora Ord 1p Pharmaceuticals & 478,535 675,000 11,963
Solutions Biotechnology
Holdings
Imagelinx Ord Support Services 4,000,000 200,000 10,000
0.1p
Managed Support Ord 1p Support Services 500,000 254,217 6,250
Services
Travelzest Ord 2p Travel & Leisure 79,365 100,000 6,151
Media Square Ord Media 100,000 250,000 3,250
10p
Green Ord Support Services 4,029 91,236 2,417
Compliance 50p
Total AIM 11,962,374 8,176,348
PLUS Market
Wheelsure Ord 1p Industrial Engineering 1,000,000 50,000 32,500
Holdings
Total PLUS Market 50,000 32,500
Non-index
Invocas Group Ord Financial Services 137,150 152,236 13,715
0.25p
Western & Ord Travel & Leisure 1,000,000 100,000 100
Oriental 0.5p
AT Ord 1p Software & Computer 1,242,857 522,000 -
Communications Services
Group
Bioganix Ord Support Services 210,000 253,267 -
10p
Fishworks Ord 1p Travel & Leisure 750,000 247,500 -
Hat Pin Ord Support Services 234,375 168,750 -
2.5p
Hexagon Human Ord 1p Support Services 180,303 297,500 -
Capital
Legion Group Ord Support Services 10,000,000 350,000 -
0.5p
Relax Group Ord Financial Services 55,555 99,999 -
10p
Sovereign Ord 1p Oil Equipment, Services & 144,000 201,600 -
Oilfield Group Distribution
Sport Media Ord Media 333,333 250,000 -
Group 0.25p
Total Non-index 2,642,852 13,815
Total VCT qualifying investments 14,655,226 8,222,663
VCT non-qualifying investments at 30 September
2011
Security Sector Holding Original Bid value
cost
AIM GBP GBP
Digital Ord 1p Support Services 200,000 200,000 266,000
Barriers
Tawa Ord Non-life Insurance 114,675 143,344 63,071
10p
Lidco Group Ord Health Care Equipment & 475,000 95,000 59,375
0.5p Services
Orosur Mining Com Mining 50,000 140,763 25,625
Shs
NPV
Interquest Ord 1p Support Services 36,364 17,926 18,182
Group
Nanoco Group Ord Technology Hardware & 25,725 40,687 12,862
10p Equipment
Pure Wafer Ord 2p Technology Hardware & 269,225 175,291 8,077
Equipment
Porta Ord Media 2,500,000 150,000 2,750
Communications 0.1p
Maxima Holdings Ord 1p Software & Computer 10,000 28,125 2,400
Services
Green Ord Support Services 15 1,859 9
Compliance 50p
Total AIM 992,995 458,351
Fixed Interest
Stocks
Rivington 8% Cnv Fixed Interest Stocks 125,000 136,365 100,000
Street Holdings Uns
Red Ln
Stk
2015
Rivington Zero Fixed Interest Stocks 7,986 - -
Street Holdings Coupon
Ln Stk
2013
Total Fixed 136,365 100,000
Interest
FTSE Small Cap
Alterian Ord Software & Computer 10,568 22,400 6,552
25p Services
Total Small Cap 22,400 6,552
FTSE Fledgling
Clarke (T.) Ord Construction & Materials 100,000 248,460 40,750
10p
Total Fledgling 248,460 40,750
Non-index
Consolidated Ord 1p Mining 100,000 110,871 23,000
General
Minerals
Rok Ord 2p Construction & Materials 17,000 33,165 -
Total Non-index 144,036 23,000
Total VCT non-qualifying investments 1,544,256 628,653
Total 16,199,482 8,851,316
investments
Statement under the Disclosure & Transparency Rules 4.1.12
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Report and Accounts.
The directors are responsible for preparing the directors' report, the
directors' remuneration report and the financial statements in accordance with
applicable law and regulations. They are also responsible for ensuring that the
annual report includes information required by the Listing Rules of the
Financial Services Authority.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law, the directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss of the Company for that
period. In preparing these financial statements the directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments and accounting estimates that are reasonable and prudent;
* state whether applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained in the financial
statements;
* prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the company's transactions, to disclose with
reasonable accuracy at any time the financial position of the Company and to
enable them to ensure that the financial statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom governing the preparation and dissemination
of the financial statements and other information included in annual reports
may differ from legislation in other jurisdictions.
The Directors confirm, to the best of their knowledge, that:
* the financial statements, which have been prepared in accordance with UK
Generally Accepted Accounting Practice, including the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies
and Venture Capital Trusts" issued in January 2009, give a true and fair
view of the assets, liabilities, financial position and profit of the
Company; and
* the management report comprising directors' report and other information
cross-referenced from the business review section of the directors' report
include a fair review of the development and performance of the business
and the position of the Company, together with a description of the
principal risks and uncertainties that it faces.
ENDS
The 2011 annual report and accounts will also be available on the Manager's
website at www.axa-im.com. Neither the contents of this website nor the
contents of any website accessible from hyperlinks on this website (or any
other website) is incorporated into, or forms part of, this announcement.
END
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