Noble VCT plc - Foresight Group

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8 | NOBLE VCT PLC Adviser’s Review Continued Disposals from the unquoted portfolio During the period under review there were no unquoted exits. A number of portfolio companies undertook strategic reviews during the year to appraise whether they continue to grow as an independent company or seek further investment via an acquisition by a large corporate. NFM hope to have further news of developments within the portfolio later in the 2007/08 financial year. Earn-outs and Write offs Following the successful exit of DRI Limited in 2004, and as indicated in the financial statements for the year ended 31 March 2006, NFM expected Noble VCT to receive final milestone payments and warranty retentions during the year ended 31 March 2007. A total of £313k was received during the period in this regard. Further, Noble VCT also received a final warranty retention from Barco NV following the sale of portfolio company Voxar Limited in 2004. A total of £80k was received in this regard and a final sum is anticipated in the latter half of this final year. This was £69k less than previously indicated, however this amount was unaccounted for in the 2006 report and accounts. During the year, three companies which had previously been fully provided for were dissolved creating a transfer from unrealised to realised reserves of £900k. These companies were Elevation Events plc (£300k), IBase Ltd (£300k) and Yaba Ltd (£300k). Outlook NFM looks forward to extracting value from the portfolio over the coming 12 months in order to generate dividends for shareholders and converting the pipeline of unquoted opportunities into portfolio companies. Whilst a number of the portfolio holdings may require follow on investment to support their business growth, it is likely much of the £6m in cash will be used to build the unquoted portfolio. A small number of the quoted portfolio investments currently sit significantly below cost, most notably Aquilo plc and Vicorp Group plc. Where appropriate, NFM has developed action plans with relevant management teams, to rebuild value for shareholders. It is hoped this work will benefit shareholders in Noble VCT through NAV growth in the coming twelve months.
Investment Portfolio Summary NOBLE VCT PLC 9 Valuation Cost Valuation as % of £’000 £’000 portfolio Unquoted Babel Media Limited 563 563 2.79% Capital Pub Company 2 plc 500 512 2.54% High Integrity Solutions Limited 700 700 3.47% Integrated Environmental Solutions Limited 325 638 3.17% Lab901 Limited* 600 600 2.98% Meridian Technique Limited 567 567 2.81% Optasia Medical Limited* 650 650 3.23% Oxford Diffraction Limited 400 400 1.99% Procession plc 500 - 0.00% Radioscape plc* 400 149 0.74% The Message Pad Limited 1,374 1,197 5.95% TXT4 Ltd 700 700 3.48% Xention Discovery Limited 650 703 3.49% Quoted 1st Dental Laboratories plc 312 161 0.80% ADVFN plc* 250 221 1.10% All IPO plc 200 74 0.37% Appian Technology plc* 229 300 1.49% Aquilo plc 1,145 304 1.51% Brulines plc* 102 136 0.68% Business Control Solutions Group plc* 252 273 1.36% Business Direct Group plc 210 75 0.37% Cantono plc (Formerly Hamsard Group plc) 538 288 1.43% Cellcast plc 349 90 0.45% Citel plc 691 110 0.55% Corero plc (formerly Mondas plc) 303 315 1.56% Creative Education Limited 400 80 0.40% Croma Group plc 650 582 2.88% Cyan Holdings plc 145 86 0.43% DM plc* 128 137 0.68% Dowlis Corporate Solutions plc 300 350 1.74% Earthport plc* 281 354 1.76% e g Solutions plc 408 249 1.24% FDM Group plc 243 388 1.92% Financial Payment Systems Ltd* 200 67 0.33% Fountains plc 200 166 0.83% Fujin Technology plc (formerly Matrix Communications Group plc) 176 86 0.43% Genosis plc 302 41 0.20%
Page 1 and 2: Noble VCT plc Report & Accounts Yea
Page 3 and 4: Corporate Policy and Financial High
Page 5 and 6: NOBLE VCT PLC 3 VCT Legislation The
Page 7 and 8: Adviser’s Review NOBLE VCT PLC 5
Page 9: The quoted holdings sold during the
Page 13 and 14: Top 10 Equity Investments The Messa
Page 15 and 16: Integrated Environmental Solutions
Page 17 and 18: NOBLE VCT PLC 15 Audit Committee Th
Page 19 and 20: NOBLE VCT PLC 17 Review of Internal
Page 21 and 22: Results, Dividends and Performance
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Noble VCT plc - Foresight Group

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