St Helens Private Equity Plc

May 25, 2010 05:41 ET

Unaudited Interim Results for the six months ended 31 March 2010

25 May 2010
                                   ST HELEN'S PRIVATE EQUITY PLC
                                     ("SHPE" or "the Company")
                                           (PLUS: SHPE)

St Helen's Private Equity plc, the 'Small-cap', Pre-IPO and Special Situations Investment Company,
announces unaudited interim results for the six months ended 31 March 2010.


*       Total recognised gains before tax: GBP35,371 (2009: loss of GBP87,239)
*       Shareholder Funds: GBP783,967 (2009: GBP721,074)
*       Recognised gain per share: 1.57p (2009: loss of 5.2p)
*       Net Asset Value per share: 34.8p (2009; 42.8p)
*       Cash resources: £252,247 (2009: £130,369)
*       Number of Investments: 33 (2009: 32)


I  am  pleased  to report the Company's unaudited results for the half year ended 31  March  2010,
during its fifth full year of operation.

The  Company made a total recognised gain before tax of GBP35,371 (2009: Loss of GBP (87,239)  for
the  half year, to show a 1.57p increase in NAV per share for the period, which compares well with
the 5.2p reduction during the same 6 month period in the previous year.

Shareholder  funds increased by 4.72% during the six months to GBP783,967  The first  increase  in
NAV  for two years, a two year period which has proved to be an exceptionally challenging one  for
many of our investee companies.

Market Review

For  most  of  the  period the economic outlook continued to improve as concerns over  the  global
banking system receded, the newsflow of economic data improved, and all the major economies of the
world including the UK came out of recession.

Against  the general improvement in the world economy, there were still worries about the weakness
of  the  UK  recovery, and the level of sovereign debt in a number of Eurozone countries  such  as
Greece,  Portugal,  Spain and Ireland. Overall, however, market sentiment  was  positive  for  the
period  (a  trend  which has reversed since the period end) and there were further  gains  in  the
indices we track the performance of our Net Asset Value against, as follows:

FTSE 100 Index   + 10.63%
AIM UK 50 Index  +   0.71%
AIM All-share Index  +   8.79%

The  market preference for larger lower risk companies was reflected in the better performance  of
the  FTSE  index.  For smaller companies, raising debt funding from the banks remained  difficult.
Although  market sentiment and valuations did improve, raising equity funding on reasonable  terms
was  still  challenging. The market did see the return of IPO's and trade sales. The former  were,
however,  few in number and the latter tended to be at depressed prices. So the main  exit  routes
for our investee companies remained very limited.

Investment Performance Review

We  benchmark  the performance of the portfolio versus the FTSE 100, AIM UK 50 and  AIM  All-share

During the period the total portfolio increased in value by 4.72% which was better than the AIM UK
50 index but not as good as the FTSE 100 and AIM All-share indices.

In  line  with  our  valuation policy we reviewed the cost based valuations of  all  our  unquoted
holdings at the half year date and we have written down those where we believed it was prudent  to
do  so. On this basis we have written down our unquoted holdings by GBP 33,415 representing  9.54%
of their former value.

In  summary the Company's NAV per share rose for the period and its investment performance was  in
line with its benchmark indices.


During  the  period  three  new  investments and one follow on investment  were  made,  the  final
liquidation  monies from Indago Petroleum were received, 50% of our short term  loan  facility  to
Lab21  was rolled over into a new loan, and Petro-Kamchatka achieved a public quote of its  shares
on  the Toronto Stock Venture Stock Exchange. Towards the end of the period we liquidated our bond
portfolio, which over the seven month holding period produced a total return of 23% equating to an
annual equivalent return of 39%.

At  the  end of the period the Company held thirty three investments, one was listed on  the  main
market, five were listed on AIM, one was listed in the Toronto Stock Venture Stock Exchange, seven
were  listed  on  PLUS, and the balancing nineteen were unquoted. The Company  had  in  excess  of
GBP252,257  of  cash resources and its top twenty investments in the portfolio by  value  were  as
       Company           Date of        Market                        Activity
 Kromek                August 2006     Unquoted     Technology company developing Cadmium
 (Durham Scientific     and July                    Telluride, a valuable specialist industrial
 Crystals)                2007                      material, for the Security, Inspection and
                                                    Defence markets
 Quercus               August 2006       PLUS       Publisher, winner of small publisher of the
                                                    year award
 Angel Mining           June 2008         AIM       Gold producer, Zinc and Lead mining explorer
                                                    with properties in Greenland
 Relay Station          November       Unquoted     Mass broadcaster of voice and text messages
 Karus Therapeutics     June 2007      Unquoted     Developer of pharmaceuticals for treatment
                                                    of chronic diseases such as cancer and
 Site Intelligence     August 2005     Unquoted     Web Analytics software
 Neutrahealth          April 2007         AIM       Manufacturer and distributor of
                                                    nutraceutical products with a 'buy and
                                                    build' consolidation strategy
 Robotic Technology   October 2009        AIM       High technology engineer of automated
                                                    products and solutions for the life science
                                                    and other industries
 Myconostica           April 2008      Unquoted     Developer and distributor of molecular
                                                    diagnostic products to aid the rapid and
                                                    accurate diagnosis of life threatening
                                                    fungal infections
 Lab21                  November       Unquoted     Medical diagnostic business
                          2009        (Loan Note)

 Southern Bear          December          AIM       Group of support services, engineering and
                          2009       (Convertible   industrial businesses
                                      Loan Note)    
TMORenewables          March 2007      Unquoted     'Disruptive' technology provider to the
                                                    Biofuel sector
 Hartfield             March 2007        PLUS       Investment vehicle seeking a reverse
 Securities                                         takeover opportunity
 Rainbow Rewards       Sept 2009      Unquoted      US based, Cash back rewards scheme
 Datum                May 2005           PLUS       Developer   and  distributor  of   Enterprise
                      Sept 2007                     Content Management software
 Twenty                 June 2005         AIM       Marketing services business with a buy and
                           and                      build strategy
                       March 2007                   
 Cap Energy            April 2005        PLUS       Explorer and producer of oil and gas in
 Synapse               March 2006      Unquoted     Developer of micro-current tendon repair and
                                                    wound-care solutions
 M2M Imaging          July 2006        Unquoted     Developer  of technology for high performance
 Petro-Kamchatka      April 2008         TSXV       Oil and Gas explorer in Eastern Russia

Share Price Performance

During  the  period the Company's share price declined by 43% from 35p to 20p. At the end  of  the
period the share price of 20p stood at a discount of over 42% to the Net Asset Value per share  of


In  summary the value of the portfolio has stabilised after an exceptionally challenging two  year

We  believe  we have a number of investments in the portfolio which have the potential to  deliver
above  average returns and it is encouraging to report that two of the companies in our  portfolio
have  ambitions to IPO during 2010 and another one in 2011. The critical success factors  for  our
future  performance,  however,  remain twofold. Firstly, we do  not  lose  any  of  our  potential
outperformers.  Secondly,  that market sentiment and valuations for  small  companies  strengthens
significantly, resulting in re-vitalised IPO and trade sale markets.

Our  cash  resources provide us with the opportunity to invest at a time when  we  anticipate  the
market will still present the Company with a number of good value investment opportunities.

On  the  basis of the current share price and Net Asset Value per share, and subject to no further
material  deterioration in the economic outlook, we believe the Company is  reasonably  positioned
for the future and continue to actively seek good investment proposals.

Jon Pither


PROFIT & LOSS ACCOUNT                                                                                                
                                                                          Unaudited          Unaudited        Audited
                                                                   Six Months ended         Six Months           Year
                                                                                                 ended          ended
                                                                         31/03/2010         31/03/2009     30/09/2009
                                                                                GBP                GBP            GBP
Turnover                                                                      6,389                  -            965
Administrative expenses                                                    (31,344)           (29,852)       (67,595)
Operating profit /(loss)                                                   (24,955)           (29,852)       (66,630)
Other income                                                                 40,601             67,682          2,013
Amounts written back/(off) investments                                        8,917          (172,549)      (300,802)
Profit/ (loss) on ordinary activities before taxation                        24,563          (134,719)      (296,268)
Taxation                                                                          -                  -              -
Profit/ (loss) on ordinary activities after taxation                         24,563          (134,719)      (296,268)
Retained(loss) /profit brought forward                                    (639,756)          (343,488)      (343,488)
Net surplus or deficit for the period                                        24,563          (134,719)      (296,268)
Retained loss carried forward                                             (615,193)          (478,207)      (639,756)
Earnings/(loss) per share (pence)                                              1.09             (8.00)        (14.61)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES                                                                       
FOR THE SIX MONTHS ENDED 31 MARCH 2010                                                                               
                                                                          Unaudited          Unaudited        Audited
                                                                   Six Months ended         Six Months           Year
                                                                                                 ended          ended
                                                                         31/03/2010         31/03/2009     30/09/2009
Profit/(loss) for the financial period                                       24,563          (134,719)      (296,268)
Unrealised surplus on revaluation of listed Investments                      10,808             47,480         45,353
Total recognised gains and losses relating to the period                     35,371           (87,239)      (250,915)
Earnings/(loss) per share (pence)                                              1.09             (8.00)        (14.61)
Total recognised gain / (loss) per share (pence)                               1.57             (5.20)        (12.38)
BALANCE SHEET AS AT 31 MARCH 2010                                                                                    
                                                                          Unaudited          Unaudited        Audited
                                                                              As at              As at          As at
                                                                         31/03/2010         31/03/2009     30/09/2009
Fixed assets                                                                                                         
Investments                                                                 547,111            590,899        633,731
Current assets                                                                                                       
Debtors                                                                       7,195             10,502         10,147
Cash at bank and in hand                                                    239,647            130,369        119,379
                                                                            246,842            140,871        129,526
Current liabilities                                                         (9,986)           (10,696)       (14,661)
Net current assets                                                          236,856            130,175        114,865
Total assets less current liabilities                                       783,967            721,074        748,596
Capital and reserves                                                                                                 
Called up share capital                                                     135,171            101,378        135,171
Share premium account                                                     1,190,328          1,032,923      1,190,328
Revaluation reserve                                                          73,661             64,980         62,853
Profit and loss account                                                   (615,193)          (478,207)      (639,756)
Shareholder Funds                                                           783,967            721,074        748,596

Notes to the unaudited interim results

    1.      The figures have not been reviewed by the Company's auditors
    2.      No dividend is being paid
    3.      There have been no changes in accounting policies in the period


             The Directors of the issuer accept responsibility for this announcement.


ST HELEN'S PRIVATE EQUITY PLC                            TEL: 020 7628 5582
Hamish Williams - Director

FISHER CORPORATE PLC                                     TEL: 020 7388 7000
Gary Miller

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