Interim Results
September 03 2007 - 2:00PM
UK Regulatory
RNS Number:1908D
Thompson Clive Investments PLC
03 September 2007
Thompson Clive Investments plc
Contact : Charles Fitzherbert, Director; Susan Thompson, Company Secretary
Telephone : (020) 7535 4900
________________________________________________
Chairman's Statement
________________________________________________
At 30 June 2007, the net asset value per share of Thompson Clive Investments plc
("TCI") was 132.6p, a decrease of 2.6% from the net asset value at 31 December
2006. This lower asset value is accounted for by the conservative valuation
placed on the unquoted portfolio, given the limited time left to realise it. At
30 June the company had liquid funds of #977,000.
For the six months to 30 June 2007, TCI made a net loss of #700 (2006: net
profit of #35,000) after providing for #50,000 of liquidation costs due before
the end of the year. These results should also be seen in the light of TCI's
continuing reduction in size during its last year as a going concern, from total
net assets of #7,472,000 at 30 June 2006 to #3,335,000 at 30 June 2007. During
2006 #2.26 million was distributed as dividends.
Following the policy adopted in previous years, the Directors do not recommend
the payment of an interim dividend.
There were no disposals of investments during the six months to 30 June 2007.
However on 9 August, TCI realised its holding in Sifam Instruments Ltd in a
trade sale for proceeds of #493,000 (a gain of #440,000), with a further
#130,000 held in escrow for 12 months against any claims. The portfolio is down
to 10 active companies (excluding Sifam) and the board is seeking realisation of
them before the end of the year with the aim of maximising return to
shareholders.
As previously reported to shareholders, on 28 October 2002 the board of TCI
announced that at the request of some major shareholders who wanted liquidity in
the medium term, and following discussions with the holders of the majority of
shares, the company would be wound down over the period to 31 December 2007. It
is therefore the board's intention to seek shareholder consent to put TCI into
members' voluntary liquidation before 31 December 2007.
Christopher Jones
Chairman
3 September 2007
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.
UNAUDITED INTERIM REPORT
For the six months to 30 June 2007
Summarised Statement of Total Return
Six months Six months Year ended
to 30 June to 30 June 31 December
2007 2006 2006
# 000 # 000 # 000
REVENUE RETURN
Revenue 22 65 134
Management expenses allocated to revenue (23) (30) (55)
(1) 35 79
Tax on ordinary activities allocated
to revenue - - (33)
NET REVENUE RETURN AFTER TAX (1) 35 46
CAPITAL RETURN
Amount received on investments previously
written off
- 319 319
Unrealised appreciation/(depreciation) 42 (2,191) (4,131)
Management expenses allocated to capital (127) (172) (313)
(85) (2,044) (4,125)
Tax on ordinary activities allocated to capital - - 24
NET CAPITAL RETURN AFTER TAX (85) (2,044) (4,101)
TOTAL RETURN AFTER TAX (86) (2,009) (4,055)
Return per ordinary share:
Revenue (0.0p) 1.4p 1.8p
Capital (3.5p) (81.3p) (163.1p)
Total (3.5p) (79.9p) (161.3p)
The above information does not comprise the company's statutory accounts. The summarised financial
information for the year ended 31 December 2006 is an extract from the published accounts which
received an unqualified audit report and which have been delivered to the Registrar of Companies.
UNAUDITED INTERIM REPORT
For the six months to 30 June 2007
Summarised Balance Sheet
30 June 30 June 31 December
2007 2006 2006
# 000 # 000 # 000
FIXED ASSETS
Venture capital investments 2,420 4,317 2,377
Fixed interest investments 933 2,993 994
3,353 7,310 3,371
CURRENT ASSETS
Debtors 8 16 2
Cash at bank and in hand 44 175 92
52 191 94
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR (70) (29) (44)
NET CURRENT (LIABILITIES)/
ASSETS (18) 162 50
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,335 7,472 3,421
NET ASSETS 3,335 7,472 3,421
CAPITAL AND RESERVES
Called up share capital 25 25 25
Special reserve 25 25 25
Realised capital reserve 1,182 1,485 1,310
Unrealised capital reserve (4,137) (2,274) (4,180)
Revenue reserve 6,240 8,211 6,241
Total shareholders' funds
attributable to equity shareholders 3,335 7,472 3,421
Net asset value per share 132.6p 297.2p 136.1p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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