Noble VCT plc - Foresight Group

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6 | NOBLE VCT PLC Adviser’s Review Continued Additions to the unquoted portfolio Over the past 12 months the NFM team has invested considerable time marketing to intermediaries whilst researching the market for direct introductions to investment opportunities. As a result of this, NFM has seen a rise in the number and quality of unquoted opportunities. NFM believe this will benefit Noble VCT in the 2007/08 financial year. At the year end NFM were working on a number of unquoted investment opportunities which it hopes to complete in mid 2007. NFM anticipate this being a major stepping stone in increasing the unquoted portfolio to a level comparable to the quoted portfolio. Additions in the year totalled £2.3m (2006: £2.3m) in 7 businesses. Of these investments 3 were in new businesses (£1.65m) and 4 were in follow on investment situations (£0.65m). The additions to the unquoted portfolio during the year ended 31 March 2007 were as follows: Amount Company Type of investment £’000 Babel Media Ltd Convertible loan stock follow on 63 High Integrity Solutions Ltd Convertible loan stock and equity follow on 200 Lab901 Ltd Equity 600 Optasia Medical Ltd Equity 650 Radioscape Ltd Equity 400 TXT4 Ltd Equity follow on 200 Xention Ltd Equity follow on 163 Total 2,276 Radioscape is operating in an extremely dynamic market. This caused uncertainties in the marketplace leading to its flotation being delayed. The company then raised capital at a level below NVCT’s entry cost causing the holding to be revalued in line with BVCA guidelines. NFM anticipates value being realised in Radioscape in the final quarter of 2007. IES has been revalued upwards and now stands at a premium to cost due to both profitable trading and corporate action. This is a vindication of both management and NFM’s belief in this company which had previously been fully provided for. Disposals from the quoted portfolio Noble VCT enjoyed a series of profitable exits from its quoted holdings generating combined gains of £1.0m (2006: £1.6m) on a cost of £4.4m (2006: £2.4m). Three historical, underperforming investments (Asterand plc, Cytomyx plc and Deltex Medical plc) were sold at a combined loss of £1m on a cost of £1.1m. The other quoted disposals generated a combined gain of £2m on a cost of £3.3m. This was achieved through investing at sensible valuations and taking advantage of strong market conditions, where appropriate, to sell down full or partial shareholdings.
The quoted holdings sold during the year to 31 March 2007 were: NOBLE VCT PLC 7 Cost Proceeds Profit/(loss) Company Disposal type £’000 £’000 £’000 Sold: Accuma Group plc Full 121 187 66 Aquilo Group plc Partial 391 391 - Asterand plc Full 413 36 (377) Brulines plc Partial 54 67 13 Careforce Group plc Full 229 329 100 Concateno Group plc Full 152 218 66 Cytomyx plc Full 250 12 (238) Deltex Medical Group plc Full 415 34 (381) FDM Group plc Partial 78 85 7 Fujin Group plc Return of capital 74 74 - Global Marine Energy plc Partial 125 133 8 Greatfleet plc Partial 145 149 4 Healthcare Locums plc Full 68 71 3 Immunodiagnostics Holdings Group plc Partial 105 170 65 Jelf Group plc Partial 123 281 158 Myhome International plc Full 215 321 106 Neutec Pharma plc Full 498 1,025 527 Optos plc Full 378 564 186 Osmetech Group plc Partial 70 104 34 SirvisIT plc Partial 150 99 (51) Tanfield Group plc Partial 190 633 443 Worthington Nicholls plc Partial 153 427 274 Total 4,397 5,410 1,013 Holdings provisioned in prior years written off during the year to 31 March 2007 were: Elevation Events Group plc (quoted) Full 300 - (300) IBase Image Systems Limited (unquoted) Full 300 - (300) Yaba Limited (unquoted) Full 300 - (300) Total 900 - (900)
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: Adviser’s Review NOBLE VCT PLC 5
Page 11 and 12: Investment Portfolio Summary NOBLE
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
Page 23 and 24: NOBLE VCT PLC 21 Directors The dire
Page 25 and 26: NOBLE VCT PLC 23 Special Business R
Page 27 and 28: NOBLE VCT PLC 25 Tom Maxwell was ap
Page 29 and 30: Income Statement (incorporating the
Page 31 and 32: Cash Flow Statement for the year en
Page 33 and 34: NOBLE VCT PLC 31 g) Deferred Tax De
Page 35 and 36: 5. Tax on ordinary activities Based
Page 37 and 38: 10. Creditors: amounts falling due
Page 39 and 40: NOBLE VCT PLC 37 19. Market price r
Page 41 and 42: NOBLE VCT PLC 39 (v) the Company ma
Page 44: Noble VCT plc No.1 Colmore Square B

Noble VCT plc - Foresight Group

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