EDGE_G_4 12-59-34_Layout 1 - The Tax Shelter Report

22 Edge Performance VCT plc
The issued share capital of the Company is 13,328,599 C Shares, 19,228,838 D Shares, 9,813,732 E Shares and
29,611,437 F Shares. The 6,400,640 Ordinary Shares issued by the Company in 2006 were converted into Deferred
Shares in December 2009, repurchased by the Company and cancelled.
Financial Highlights
Audited financial information for Edge Performance for the years ended 29 February 2008, 28 February 2009 and 28
February 2010 and the unaudited half-year accounts for the six months ended 31 August 2010 are incorporated by
reference in Part 4 of this document. Key financial highlights as extracted from these accounts are as follows:
As at 28 February 2010 (audited)
As at 31 August 2010 (unaudited)
- the Company’s most recent announced
unaudited net asset value
C D E C D E F
Capital Values Shares Shares Shares Shares Shares Shares Shares
Net asset value per share 75.8p 85.45p 91.68p 74.99p 85.44p 91.49p 93.48p
NAV total return per share 89.8p 92.45p 91.68p 88.99p 92.44p 91.49p 93.48p
Share price 71.5p 77.5p 85p 71.5p 77.5p 85p 100p
Net assets, £’000 10,102 16,431 8,998 9,995 16,429 8,979 27,679
Qualifying Holdings, £’000 6,328 4,750 - 7,069 9,313 - -
I:3.1
I:3.2
XV:8.2
XV:8.3
Year ended 28 February 2010 (audited)
6 months ended 31 August 2010 (unaudited)
C D E C D E F
Revenue Returns Shares Shares Shares Shares Shares Shares Shares
Revenue return per share (0.65)p (1.23)p (1.24)p (0.37)p 0.51p (0.28)p 0.35p
Capital return per share (2.36)p (0.79)p (0.62)p (0.44)p (0.52)p 0.08p (0.17)p
Total return per share (3.01)p (2.02)p (1.86)p (0.81)p (0.01)p (0.20)p 0.18p
I:20.7.1
Overview of activities
Ordinary Share Fund
Between November 2006 and September 2007, five Qualifying Investments were made at a total cost of approximately
£4.3 million, at which point the Ordinary Share Fund had invested more than the required minimum of its net assets in
Qualifying Investments. In May and June 2009, those Qualifying Investments were disposed of, realising a total amount
of £4.12 million; those proceeds were distributed to the Ordinary Shareholders on 30 June 2009. Consequently, the total
return to Ordinary Shareholders was 85p per Ordinary Share (equivalent to a return of 125p per 100p invested for those
who obtained the full 40% income relief on their subscription), significantly higher than the targeted total return of 75
pence per Ordinary Share. In December 2009 all of the Ordinary Shares were converted into Deferred Shares and
immediately repurchased by the Company and then cancelled. The Company was, thereby, able to avoid any cost
associated with continuing to maintain the Ordinary Share class.
I: 9.1
XV:8.2
C Share Fund
Qualifying Investments, totalling £7.74 million, have been made from the C Share Fund in seven companies, and the C
Share Fund has reached the minimum level of Qualifying Investments required under VCT rules.
The activities of the companies in which Qualifying Investments have been made from the C Share Fund are described
below.
Non-qualifying investments from the C Share Fund have been made in a series of liquidity funds arranged through
Rothschild.
D Share Fund
Qualifying Investments, totalling £9.84 million, have been made from the D Share Fund in nine companies. The Company
intends shortly to exercise an option to make a further investment in a company, at which point the D Share Fund will
have reached the minimum level of Qualifying Investments required under VCT rules.