Trading Update
October 25 2010 - 6:51AM
UK Regulatory
TIDMAQT2 TIDMAQ2C
RNS Number : 9533U
Acuity Growth VCT PLC
25 October 2010
Acuity Growth VCT Plc ("the Company")
25th October 2010
Trading Update
As part of its preparation of the Annual Report and Accounts for the period to
30th September 2010, the Company has commenced the review of the valuations of
the unquoted companies contained in its investment portfolio. The valuation
process is extensive and comprises preparation by the Investment Manager and a
review by the independent members of the Investment Committee before, as part of
the audit process, being reviewed by the Company's auditors, KPMG, and finally
reviewed and approved by the Directors. This process will not be finalised until
the board meeting scheduled to take place in mid December 2010. An initial
review of the portfolio has indicated that whilst the majority of investee
companies has performed satisfactorily, as a result of the impact of trading
conditions on the valuations of 4 unquoted portfolio companies, the Board
expects the NAV per Ordinary Share as at 30th September to be materially lower
than the last published NAV of 87.2p as at 30th June 2010.
While the Board has welcomed the recent successful realisation of Amber Taverns
Limited, one of the Company's largest holdings, at an uplift of 2.9x on cost and
which provides a significant liquidity event for the Company, the Board is
currently reviewing various options for the Company and will make a further
statement in due course.
Enquiries:
Acuity Capital Management Limited
020 706 3901
This information is provided by RNS
The company news service from the London Stock Exchange
END
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