TIDMBSV
RNS Number : 5131F
British Smaller Companies VCT PLC
28 July 2016
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 30 June 2016
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 30 June 2016.
The statement also includes relevant financial information between
the end of the quarter and the date of this statement. A copy of
this interim management statement can be found at
www.bscfunds.com.
Overview
The Company has continued to make good progress in the quarter
with the net asset value increasing by 1.5% to 101.5 pence per
ordinary share, taking the total return to 210.2 pence per ordinary
share.
The portfolio delivered a total return of GBP1.45 million in the
quarter, equivalent to 2.4% of its value at 1 April 2016. Improved
profitability in a number of investments contributed to a GBP1.13
million return from the portfolio in the quarter with a GBP0.32
million surplus on income.
The Company completed one new investment during the quarter; on
30 June 2016 it invested GBP1.35 million into Hosted Network
Solutions Limited, trading as Sipsynergy.
It will be some time before we know the real impact of the
recent vote to leave the European Union on the Company's ability to
make new investments, realise existing investments and on its
current portfolio and the Board will keep this under constant
review.
The Company has adapted its investment strategy to the new VCT
legislation and is now seeing a number of high quality investment
opportunities, the first of which completed on 30 June 2016.
Performance
30 June Movement 31 March
2016 2016
---------------------- ----------- ---------- -----------
Net Assets (GBPm) 97.1 1.4 95.7
---------------------- ----------- ---------- -----------
NAV per share (PPS) 101.5 1.5 100.0
---------------------- ----------- ---------- -----------
Cumulative dividends
paid (PPS) 108.7 - 108.7
---------------------- ----------- ---------- -----------
Total Return (PPS) 210.2 1.5 208.7
---------------------- ----------- ---------- -----------
Shares in issue 95,639,906 (115,764) 95,755,670
---------------------- ----------- ---------- -----------
The total return at 30 June 2016, calculated by reference to the
NAV per ordinary share and the cumulative dividends paid per
ordinary share, was 210.2 pence per ordinary share compared to
208.7 pence per ordinary share at 31 March 2016. Cumulative
dividends paid were unchanged at 108.7 pence per ordinary share (31
March 2016: 108.7 pence per ordinary share).
The unaudited NAV per ordinary share as at 30 June 2016 was
101.5 pence per ordinary share (31 March 2016: 100.0 pence per
ordinary share) representing an increase of 1.5 pence per ordinary
share. The increase in NAV per ordinary share is primarily due to
the net upward movement in the overall portfolio valuation.
Dividends and shares in issue
The Company has announced the payment of an interim dividend of
2.0 pence per ordinary share for the year ending 31 March 2017.
This dividend will be paid on 5 August 2016 to those shareholders
on the Company's register at close of business on 1 July 2016.
The number of ordinary shares in issue at 30 June 2016 was
95,639,906 (31 March 2016: 95,755,670). In addition, at 30 June
2016 the Company held 3,705,429 ordinary shares in treasury (31
March 2016: 3,589,665). On 17 June 2016 the Company purchased
115,764 ordinary shares at a cost of GBP0.1 million. These shares
are held in Treasury.
On 6 July 2016 the Company purchased 217,570 ordinary shares at
a cost of GBP0.2 million. These shares are held in Treasury.
Net assets
Net assets at 30 June 2016 comprised the following:
% of
GBP000 net assets
Unquoted investments
at fair value 2,240 2.3
Quoted investments
at bid price 58,335 60.1
------- ------------
Total private equity
investments 60,575 62.4
Fixed income securities 1,454 1.5
------- ------------
Total Investments 62,029 63.9
Cash and short term
deposits 34,622 35.7
Other net current
assets 413 0.4
------- ------------
Net assets 97,064 100.0
======= ============
The investment portfolio at 30 June 2016 was comprised as
follows:
Valuation
as a
Valuation % of
GBP000 net assets
GO Outdoors 10,708 11.0
Intelligent Office 4,895 5.0
Mangar Health Limited 3,410 3.5
ACC Aviation 3,408 3.5
DisplayPlan Holdings
Limited 3,399 3.5
GTK (Holdco) Limited 2,802 2.9
Springboard Research
Holdings Limited 2,469 2.6
Gill Marine Holdings
Limited 2,296 2.4
Business Collaborator
Limited 2,251 2.3
Leengate Holdings Limited 2,058 2.1
37,696 38.8
Other investments 22,879 23.6
Total investments 60,575 62.4
========== ============
During the quarter to 30 June 2016 the Company made one
investment of GBP1.35 million into Hosted Network Solutions
Limited, trading as Sipsynergy.
In the quarter to 30 June 2016 the realisation and repayment of
investments generated proceeds of GBP0.7 million.
Portfolio Performance
Over the quarter to 30 June 2016 aggregate unrealised portfolio
valuations have increased by GBP1.1 million.
The Board continues to follow its policy of maintaining a
diversified portfolio. At 30 June 2016, only two investments
represented more than 3.5 per cent of the Company's NAV.
Outlook
The investment pipeline now contains a number of attractive
opportunities, and discussions are well advanced in a number of
cases. The Board expects the level of investment to build gradually
over the rest of the year as the impact of the operation of the new
rules becomes clearer.
28 July 2016
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Gillian Martin Nplus1 Singer Advisory LLP Tel: 0207 496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFPGUCAMUPQUMR
(END) Dow Jones Newswires
July 28, 2016 03:56 ET (07:56 GMT)
British Smaller Companie... (LSE:BSV)
Historical Stock Chart
From Apr 2024 to May 2024
British Smaller Companie... (LSE:BSV)
Historical Stock Chart
From May 2023 to May 2024