Half-yearly report
(Thomson Reuters ONE) - Pennine AIM VCT plcHalf Yearly Report for the six months ended 31 July 2009Recent performance summary 2009 2009 2008 31 Jul 31 Jan 31 Jul pence Pence penceNet asset value per Ordinary Share 34.8 33.6 44.1Cumulative distributions per Ordinary Share 88.1 88.1 88.1Total return per Ordinary Share 122.9 121.7 132.2Net asset value per 'D' Share 84.8 86.4 86.7Cumulative dividends per 'D' Share 1.0 1.0 1.0Total return per 'D' Share 85.8 87.4 87.7CHAIRMAN'S STATEMENTThe six months ended 31 July 2009 have seen a change in marketconditions with less volatility than we have seen for some time andsteady increases in market indices over the latter half of theperiod. However, the general economic conditions continue to have anegative impact on many company valuations which has resulted inthere being little movement in your Company's net asset values overthe period.Net Asset ValueAt 31 July 2009, the Net Asset Value ("NAV") per Ordinary Share stoodat 34.8p, an increase of 1.2p or 3.6% since 31 January 2009.The NAV per 'D' Share stood at 84.8p at 31 July 2009, a decrease of1.6p or 1.9% since 31 January 2009.Venture capital investmentsOrdinary Share poolDuring the period, the Ordinary Share pool invested £55,000 in twonew investments and three small follow-on investments. £40,000 wasinvested into Financial News Publishing Limited, a financialpublisher which has arisen from Sanastro plc, a previous investmentwhich had failed during the period. £13,000 was also invested intoTristel plc, a manufacturer of infection control products.There have been a small number of realisations in the period.Clerkenwell Ventures plc was unable to find suitable restaurantbusinesses to acquire in line with its plans and returned most of itssurplus funds to shareholders. The Ordinary Share portfolio received£150,000, realising a gain of £24,000.Sanastro (as mentioned above) and Forward Media Limited both wentinto liquidation in the period, producing total realised losses of£53,000.Over the period the majority of the Ordinary Share pool's AIM-quotedand main market investments showed small increases in value and therewere no changes to the valuation of any of the Company's unquotedinvestments. Unrealised gains for the six-months were £190,000.'D' Share poolDuring the period, the 'D' Share pool invested a further £50,000 inTristel plc.The 'D' Share pool had one realisation, with cash being returned byClerkenwell Ventures plc as described above. The pool receivedproceeds of £73,000, realising a gain of £12,000.As with the Ordinary Share pool, the quoted investments within theportfolio mostly increased in value. However, a provision of £50,000was made against the unquoted investment in the Thames Club Limited.The Company has been refurbishing the health club it owns in Staines,which has unsurprisingly reduced trading performance temporarily.Additionally, FSG Security plc was placed into administration inAugust and has therefore been devalued to £nil. Overall the 'D'Share portfolio showed unrealised losses of £8,000.Details of both portfolios and movements thereon are shown below.Fixed income and other investmentsOrdinary Share poolThe Ordinary Share pool holds a small proportion of its funds inlisted fixed income investments and hedge funds. The portfolio showeda small unrealised gain over the period of £18,000 and a realisedloss of £1,000.'D' Share poolThe 'D' Share pool holds a portfolio of non-VCT qualifyinginvestments which comprise of a gilt and a FTSE index tracker. Theportfolio showed a small unrealised loss over the period of £29,000and a realised loss of £2,000. The unrealised loss primarily arisesfrom the expectation of future rises in interest rates.Revenue and dividendThe return for the period was £104,000 (2008 loss: £1,178,000),comprising a revenue loss of £20,000 and a capital gain of £124,000.In line with the Company's normal practice, no interim dividend willbe paid for either class of share.Shares buybacksThe Company has currently suspended its share buyback policy while itis in the process of cancelling its Share Premium account to createmore distributable reserves. Once this is complete, the Board willgive consideration to the Company's future share buyback policy.Risk and uncertaintiesUnder the Disclosure and Transparency Directive, the Board is nowrequired in the Company's half year results, to report on principalrisks and uncertainties facing the Company over the remainder of thefinancial year.The Board has concluded that the key risks facing the Company overthe remainder of the financial period are as follows:(i) investment risk associated with investing in small and immaturebusinesses; and(ii) failure to maintain approval as a VCT.In both cases the Board continues to be satisfied with the Company'sapproach to these risks. Although the Company has significantexposure to the relatively immature businesses quoted on AIM, theCompany seeks to mitigate risk associated with this as far it can byholding a well-diversified portfolio.The Company's compliance with the VCT regulations is continuallymonitored by the Administration Manager, who regularly reports to theBoard on the current position. The Company also retainsPricewaterhouseCoopers to provide regular reviews and advice in thisarea. The Board considers that this approach reduces the risk of abreach of the VCT regulations to a minimal level.OutlookMarket indices have generally continued to rise since the period end,leading to small increases in the NAV of both the Ordinary Share andD Shares. However, despite improved market performance in recentmonths, the FTSE AIM All-Share Index remains substantially below itslevels of two years ago. Accordingly the Board believes it isunrealistic to expect the Company's Ordinary Share pool to recoverthe ground it has lost in the short or medium-term.The 'D' Share pool raised its funds approximately two and half yearago and has not been so badly affected by the declining markets.This pool may be in a better position to benefit from improvingmarkets.The Board is conscious that, with net assets of less than £7 million,the Company is small for a VCT. As a result, running costs are now attheir maximum level of 3.5% of net asset per annum, with any surpluscosts being borne by the Investment and Administration Managers. TheBoard is considering options for the future of the Company that canreduce the burden of annual running costs on Shareholders and meetother Shareholder requirements such as strong dividend and sharebuyback policies. Naturally, I shall be in touch with Shareholdersif and when there are any significant developments.Hugh GillespieChairman28 September 2009UNAUDITED SUMMARISED BALANCE SHEETas at 31 July 2009 As at As at 31 Jul 2008 31 Jan As at 31 Jul 2009 2009 Ordinary 'D' Shares Shares Total Total Total £'000 £'000 £'000 £'000 £'000Investments 3,795 1,773 5,568 8,083 6,576Current assetsDebtors 41 27 68 78 116Cash at bank and in 732 619 1,351 217 211hand 773 646 1,419 295 327Creditors: amountsfalling (18) (13) (31) (83) (51)due within one yearNet current assets 755 633 1,388 212 276Net assets 4,550 2,406 6,956 8,295 6,852Capital and reservesCalled up share 1,308 284 1,592 1,607 1,592capitalCapital redemption 299 - 299 284 299reserveSpecial reserve - 2,396 2,396 - 2,396Share premium account 4,984 - 4,984 7,380 4,984Capital reserve - 959 (71) 888 2,171 1,724realisedInvestment holding (3,696) (205) (3,901) (3,896) (4,861)lossesRevenue reserve (492) 2 (490) (490) (470)Merger reserve 1,188 - 1,188 1,239 1,188Equity shareholders' 4,550 2,406 6,956 8,295 6,852fundsNet asset value per:Ordinary Share 34.8p 44.1p 33.6p'D' Share 84.8p 86.7p 86.4pRECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 Jul 2009 31 Jul 31 Jan 2008 2009 Ordinary 'D' Shares Shares Total Total Total £'000 £'000 £'000 £'000 £'000Opening Shareholders' funds 4,403 2,449 6,852 10,063 10,063Repurchase of own shares - - - (162) (213)Total recognised 147 (43) 104 (1,178) (2,570)gains/(losses) for theperiodDividends paid in period - - - (428) (428)Closing Shareholders' funds 4,550 2,406 6,956 8,295 6,852UNAUDITED INCOME STATEMENTfor the six months ended 31 July 2009 Six months ended 31 Jul 2009 Revenue Capital TotalCompany position £'000 £'000 £'000Income 77 - 77Gains/(losses) on investments - 153 153 77 153 230Investment management fees (10) (29) (39)Other expenses (87) - (87)Return/(loss) on ordinary activities (20) 124 104Taxation - - -Return/(loss) attributable to Equity (20) 124 104ShareholdersReturn per Ordinary Share (0.1p) 1.2p 1.1pReturn per 'D' Share (0.2p) (1.3p) (1.5p) Six months ended Year ended 31 Jul 2008 31 Jan 2009 Revenue Capital Total TotalCompany position £'000 £'000 £'000 £'000Income 112 - 112 234Gains/(losses) on - (1,084) (1,084) (2,495)investments 112 (1,084) (972) (2,261)Investment management fees (22) (66) (88) (90)Other expenses (115) (3) (118) (219)Return/(loss) on ordinary (25) (1,153) (1,178) (2,570)activitiesTaxation - - - -Return/(loss) attributable (25) (1,153) (1,178) (2,570)to Equity ShareholdersReturn per Ordinary Share (0.1p) (7.5p) (7.6p) (18.0p)Return per 'D' Share (0.4p) (5.0p) (5.4p) (5.8p)Split as: Six months ended 31 Jul 2009 Revenue Capital Total £'000 £'000 £'000Ordinary SharesIncome 49 - 49Gains/(losses) on investments - 180 180 49 180 229Investment management fees (6) (19) (25)Other expenses (57) - (57)Return/(loss) on ordinary activities (14) 161 147Taxation - - -Return/(loss) attributable to Equity (14) 161 147Shareholders Six months ended Year ended 31 Jul 2008 31 Jan 2009 Revenue Capital Total TotalOrdinary Shares £'000 £'000 £'000 £'000Income 83 - 83 162Gains/(losses) on - (963) (963) (2,356)investments 83 (963) (880) (2,194)Investment management fees (16) (48) (64) (61)Other expenses (79) (2) (81) (151)Return/(loss) on ordinary (12) (1,013) (1,025) (2,406)activitiesTaxation - - - -Return/(loss) attributable (12) (1,013) (1,025) (2,406)to Equity Shareholders Six months ended 31 Jul 2009 Revenue Capital Total £'000 £'000 £'000'D' SharesIncome 28 - 28Losses on investments - (27) (27) 28 (27) 1Investment management fees (4) (10) (14)Other expenses (30) - (30)Loss on ordinary activities (6) (37) (43)Taxation - - -Loss attributable to Equity Shareholders (6) (37) (43) Six months ended Year ended 31 Jul 2008 31 Jan 2009 Revenue Capital Total Total'D' Shares £'000 £'000 £'000 £'000Income 29 - 29 72Losses on investments - (121) (121) (139) 29 (121) (92) (67)Investment management fees (6) (18) (24) (29)Other expenses (36) (1) (37) (68)Loss on ordinary activities (13) (140) (153) (164)Taxation - - - -Loss attributable to Equity (13) (140) (153) (164)ShareholdersUNAUDITED CASH FLOW STATEMENTfor the six months ended 31 July 2009 Six months ended Six months Year 31 Jul 2009 ended ended Ordinary 'D' 31 Jul 2008 31 Jan 2009 Shares Share Total Note £'000 £'000 £'000 £'000 £'000Net cash outflowfrom operating 1 (1) (13) (14) (19)activities (71)CapitalexpenditurePurchase of (55) (50) (105) (2,517) (2,779)investmentsProceeds on 595 670 1,265 3,295 3,647disposal ofinvestmentsNet cash inflow 540 620 1,160 778 868from capitalexpenditureEquity dividends - - - (430) (428)paidNet cash inflow before 539 607 1,146 329 369financingFinancingPurchase of own (6) - (6) (162) (208)sharesNet cash outflow from (6) - (6) (162) (208)financingIncrease in cash 2 533 607 1,140 167 161Notes to the cashflow statement:1 Cash (outflow)/inflow fromoperating activitiesReturn/(loss) onordinary activities 147 (43) 104 (1,178) (2,570)before taxation(Gains)/losses on (180) 27 (153) 1,084 2,495investmentsDecrease in other 35 13 48 79 46debtorsDecrease inaccruals and (3) (10) (13) (42)deferred income (4)Net cash outflowfrom operating (1) (13) (14) (19) (71)activities2 Analysis ofnet fundsBeginning of 199 12 211 50 50periodNet cash inflow 533 607 1,140 167 161End of period 732 619 1,351 217 211SUMMARY OF INVESTMENT PORTFOLIOas at 31 July 2009 Unrealised gain/(loss) in % ofORDINARY SHARE POOL Cost Valuation the period portfolio £'000 £'000 £'000Top ten venture capitalinvestmentsConnaught plc ** 40 575 29 12.7%Spice plc ** 249 323 (31) 7.1%Cadbury House Limited * 289 289 - 6.4%FDM Group plc 200 282 90 6.2%Synergy Health plc ** 145 240 45 5.3%Hoole Hall Country Club 200 200 - 4.4%Holdings Limited *Aero Inventory plc 230 167 (26) 3.7%Ludorum plc 63 131 66 2.9%Interserve plc ** 102 118 - 2.6%Straight plc 179 107 51 2.4% 1,697 2,432 224 53.7%Other venture capital 5,067 664 (34) 14.7%investmentsOther investments 727 699 18 15.4%Total investments 7,491 3,795 208 83.8%Cash at bank and in hand 732 16.2%Total investments 4,527 100.0%(including cash)'D' SHARE POOLTop ten venture capitalinvestmentsAnimalcare Group plc 101 147 9 6.1%Tristel plc 113 112 8 4.7%IS Pharma plc 100 103 19 4.3%Cadbury House Limited * 100 100 - 4.2%Ludorum plc 35 72 37 3.0%Hoole Hall Country Club 50 50 - 2.1%Holdings Limited *Hoole Hall Spa and 50 50 - 2.1%Leisure Limited *The Thames Club Limited 100 50 (50) 2.1%*Plastics Capital plc 100 25 (5) 1.1%Clerkenwell Ventures plc 9 5 (2) 0.2% 758 714 16 29.9%Other venture capital 100 - (24) -investmentsOther investmentsTreasury 8% Stock 2009 531 575 (19) 24.0%Barclays Bank FTSE 155% (10) 20.2%16/03/2012 589 484Total investments 1,978 1,773 (37) 74.1%Cash at bank and in hand 619 25.9%Total investments 2,392 100.0%(including cash)All venture capital investments are listed on AIM unless otherwisestated* Unquoted** Listed on London Stock Exchange Main MarketSUMMARY OF INVESTMENT MOVEMENTSfor the six months ended 31 July 2009Additions 'D' Ordinary Share pool Share pool £'000 £'000Venture Capital investmentsFinancial News Publishing Limited 40 -Tristel plc 13 50Sundry investments 2 -Total 55 50Disposals Market value at Total 1 February Disposal Profit/(loss) realised Cost 2009 * proceeds vs cost gain/(loss) £'000 £'000 £'000 £'000 £'000ORDINARY POOLPartial disposalLudorum plc 2 2 4 2 2RestructuringClerkenwellVentures plc 158 126 150 (8) 24Liquidations 788 53 - (788) (53)RedemptionsBarclays Bank plcGAM DiversityTracker 108 93 93 (15) -Treasury 4%Stock 07/03/09 346 349 348 2 (1) 1,402 623 595 (807) (28)'D' SHARE POOLRestructuringClerkenwellVentures plc 77 61 73 (4) 12RedemptionsTreasury 4%Stock 07/03/09 593 599 597 4 (2) 670 660 670 - 10* After adjusting for purchases in the period.NOTES TO THE UNAUDITED FINANCIAL STATEMENTS1. The unaudited half yearly results cover the six months to 31 July2009 and have been prepared in accordance with Statement ofRecommended Practice "Financial Statements of Investment TrustCompanies and Venture Capital Trusts" revised January 2009 ("SORP")and in accordance with the accounting policies set out in thestatutory accounts for the year ended 31 January 2009, which wereprepared under UK Generally Accepted Accounting Practice ("UK GAAP").2. All revenue and capital items in the Income Statement derive fromcontinuing operations.3. The Company has only one class of business and derives its incomefrom investments made in shares, securities and bank deposits.4. The comparative figures were in respect of the period ended 31July 2008 and the year ended 31 January 2009 respectively.5. Net Asset Value per share calculations are based on the following: Ordinary Shares 'D' SharesNet Asset Value per share based on:Net Assets (£'000) 4,550 2,406Number of shares in issue at period end 13,086,372 2,836,2696. Return per share calculations are based on the following: Ordinary Shares 'D' SharesRevenue loss per share based on:Net revenue loss after taxation (£'000) (14) (6)Capital return per share based on:Net capital gain/(loss) for the period 161 (37)(£'000)Weighted average number of shares in 13,086,372 2,836,269issue7. DividendsPaid in the period 31 Jul 2009 31 Jan 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Ordinary Shares:2008 Final - 1.0p - - - 400'D' Shares:2008 Final - 1.0p - - - 288. Reserves Capital Special Share Capital Investment Revenue Merger redemption reserve premium reserve holding reserve reserve reserve account - losses realised £'000 £'000 £'000 £'000 £'000 £'000 £'000CompanypositionAt 1 February 299 2,396 4,984 1,724 (4,861) (470) 1,1882009Capital - - - (29) - - -expensesGains/(losses) - - - (18) 171 - -on investmentsTransfer - - - (789) 789 - -betweenreservesRetained net - - - - - (20) -lossAt 31 July 299 2,396 4,984 888 (3,901) (490) 1,1882009The Special Reserve, Capital Reserve - Realised, the Merger Reserveand the Revenue Reserve are all distributable. Investment HoldingLosses Reserve included losses of £3,901,000 which are distributable.Reserves available for distribution at the period end amounted to£81,000.9. The unaudited financial statements set out herein do notconstitute statutory accounts within the meaning of Section 240 ofthe Companies Act 1985 and have not been delivered to the Registrarof Companies. The figures for the year ended 31 January 2009 havebeen extracted from the financial statements for that year, whichhave been delivered to the Registrar of Companies; the auditors'report on those financial statements was unqualified.10.The Directors confirm that, to the best of their knowledge, thehalf-yearly financial statements have been prepared in accordancewith the "Statement: Half-Yearly Financial Reports" issued by the UKAccounting Standards Board and the half-yearly financial reportincludes a fair review of the information required by:a) DTR 4.2.7R of the Disclosure and Transparency Rules, being anindication of important events that have occurred during the firstsix months of the financial year and their impact on the condensedset of financial statements, and a description of the principal risksand uncertainties for the remaining six months of the year; andb) DTR 4.2.8R of the Disclosure and Transparency Rules, being relatedparty transactions that have taken place in the first six months ofthe current financial year and that have materially affected thefinancial position or performance of the entity during that period,and any changes in the related party transactions described in thelast annual report that could do so.11.Copies of the unaudited half yearly financial reports will be sentto Shareholders shortly. Further copies can be obtained from theCompany's Registered Office and will be available for download fromwww.downing.co.uk.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.09.2009 - 19:53 Uhr
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