Mar 2007 Financial News

FNCU Releases Year End Results

Mar 28, 2007

Results for the Year Ended December 31, 2006

FNCU-Venture Capital Company Limited (FNCU) reported an increase in Net Asset Value from $1.04 in 2005 to $1.05 for the year ended December 31, 2006. Over this period the Company’s assets grew by 2.90 per cent to $4,797,822.

FNCU’s bottom line however, fell considerably (74.65 per cent) from $94,727 to $24,017. This fall resulted largely from a decline in the Company’s income as Investment Income fell 16.55 per cent to $323,864. In addition, FNCU’s Expenses increased thereby further eroding the bottom line; Fund Management Expenses moved up 1.89 per cent to $135.205 million while Operating Expenses rose 2.48 per cent to $164,642. Hence Expenses totalled $299,847, up 2.21 per cent from $293,350 in 2005.

The Chairman commented that the establishment of the Company’s first Qualifying Investee Company (QIC) was subject to hurdles which impacted earlier identified timelines. However, the Company was granted Investment Approval from the Venture Capital Incentive Programme (VCIP) on January 28, 2007. He further stated that this approval marks a historical milestone for FNCU-VCCL as it represents the first investment into a QIC.

The shares of FNCU are currently listed at $1.05.

Sreshtha Tewari
WISE Research Team