TIDMBSV
RNS Number : 5620T
British Smaller Companies VCT PLC
20 March 2023
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 31 December 2022
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 31 December
2022. 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
In the quarter to 31 December 2022 the Company generated a Total
Return of 4.3 pence per ordinary share, a 5.1 per cent increase on
the net asset value (NAV) at the beginning of the quarter of 85.0
pence per share. The Company is now ranked first across all
generalist VCTs when considering a blended average performance
ranking over 1, 3, 5 and 10 years. Total Return is now 257.7 pence
per share.
Performance
The table below sets out movements in key metrics for the
Company.
Dividends
30 September Increase paid/shares Buyback Movement 31 December
2022 in Value issued of shares In Period 2022
Net Assets (GBPm) 158.1 8.0 (2.8) (0.6) 4.6 162.7
------------- ---------- ------------- ----------- ----------- ------------
NAV per share
(PPS) 85.0 4.3 (2.0) - 2.3 87.3
------------- ---------- ------------- ----------- ----------- ------------
Cumulative dividends
paid (PPS) 168.4 - 2.0 - 2.0 170.4
------------- ---------- ------------- ----------- ----------- ------------
Total Return
(PPS) 253.4 4.3 - - 4.3 257.7
------------- ---------- ------------- ----------- ----------- ------------
Shares in issue 186,112,757 - 1,054,908 (775,240) 279,668 186,392,425
------------- ---------- ------------- ----------- ----------- ------------
The unaudited NAV per ordinary share increased in value by 4.3
pence; after payment of 2.0 pence of dividends, NAV per ordinary
share stood at 87.3 pence per share at the period end. Cumulative
dividends paid at 31 December 2022 were 170.4 pence per ordinary
share (30 September 2022: 168.4 pence per ordinary share).
The movements in NAV and NAV per ordinary share are set out in
the table below:
GBPm Pence per
ordinary share
NAV at 30 September 2022 158.1 85.0
Increase in portfolio value 7.5 4.0
Net operating income 0.5 0.3
---- -------
8.0 4.3
Issue/buy-back of shares 0.3 -
---- -------
Total Return in the period 8.3 4.3
---- ------ ------- ---------
NAV before the payment of dividends 166.4 89.3
Dividends paid (3.7) (2.0)
---- ------ ------- ---------
NAV at 31 December 2022 162.7 87.3
------------------------------------- ---- ------ ------- ---------
Post-period end, on 11 January 2023, a special dividend of 4.5
pence per ordinary share for the year ending 31 March 2023 was
paid, resulting in a corresponding reduction to the 31 December
2022 unaudited NAV, to 82.8 pence per ordinary share.
Net assets
Net assets at 31 December 2022 comprised the following:
GBP000 % of net
assets
Unquoted investments at fair
value 114,101 70.1
Listed investment funds 4,269 2.6
Cash and cash equivalents 42,687 26.3
Other net assets 1,599 1.0
-------- ---------
Net assets 162,656 100.0
======== =========
Investments
Over the quarter to 31 December 2022, the aggregate unquoted
portfolio valuation increased by GBP7.5 million. In December 2022,
the Company completed the partial exit of its investment in
planning and forecasting software and services business, Vuealta,
through the sale of its fast-growing software division to
long-standing partner, Anaplan. The sale generated proceeds of
GBP4.6 million, 1.5x cost, and an uplift of 45 per cent, or GBP1.4
million, on the carrying value at the beginning of the year
(including further investments made in the financial year prior to
sale). The Company remains invested in the core Vuealta consulting
business to support its next phase of growth.
During the quarter, the Company deployed GBP7.7 million into
four new investments: AutomatePro (automated software testing),
Biorelate (data curation software), Plandek (a software development
analytics platform) and Summize (digital contracting software).
A number of investments within the portfolio are seeking to
extend or accelerate their growth plans, which has resulted in
further investment of GBP4.5 million into four portfolio companies
in the period, including GBP2.7 million into Unbiased, to help the
company's overseas expansion plans.
Subsequent to the period end, a further GBP3.6 million has also
been invested into new investment DrDoctor, a patient engagement
and communications software platform, taking the total invested so
far this year to GBP24.2 million, following the GBP9.7 million
invested in the full year to 31 March 2022.
The investment portfolio at 31 December 2022 comprised:
Cumulative
valuation
as a %
Valuation of net
GBP000 assets
Matillion Limited 25,895 15.9%
Outpost VFX Limited 9,302 21.6%
Unbiased EC1 Limited 9,107 27.2%
Displayplan Holdings Limited 7,630 31.9%
Wooshii Limited 6,296 35.8%
Elucidat Ltd 6,058 39.5%
ACC Aviation Group Limited 5,340 42.8%
Force24 Ltd 4,636 45.7%
Vypr Validation Technologies
Limited 3,897 48.1%
SharpCloud Software Limited 3,763 50.4%
81,924 50.4%
Other investments 32,177 70.1%
Total investments 114,101 70.1%
========== ===========
Investments made since November 2015 represented 84 per cent of
the value of the unquoted portfolio at 31 December 2022.
Shares in issue
The Company issued 1,054,908 ordinary shares under the Company's
Dividend Re-investment Scheme (DRIS) following the payment of the
interim dividend on 3 October 2022.
Under its standing buyback authority, on 16 December 2022 the
Company purchased 775,240 shares at 75.08 pence at a cost of
GBP0.58 million. These shares are held in treasury.
Subsequent to the quarter end, on 11 January 2023 the Company
issued 2,507,454 shares under the DRIS following the payment of a
special dividend, taking the number of shares in issue at that date
to 188,899,879, with a further 20,787,165 shares held in
treasury.
Fundraising
On 30 November 2022, the Company announced a new share offer,
alongside British Smaller Companies VCT2 plc, with the intention of
raising up to GBP75 million in aggregate, which included an
over-allotment facility of GBP25 million. Gross Applications
exceeding GBP62.5 million have been received as at the date of this
report, of which GBP39 million relate to the Company. The related
allotment will take place in early April 2023.
Outlook
The positive performance of the portfolio in the quarter is
pleasing in what remains a tough economic environment. Portfolio
companies continue to show great resilience, with key investments
demonstrating robust revenue growth.
We thank both existing and new shareholders for their support of
the Company's current fundraising. We are continuing to see
promising new investment prospects, as well as opportunities to
deploy funds into the existing portfolio to help them accelerate
their growth plans. We look forward to updating investors on our
progress in investing the funds raised in the coming quarters.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
20 March 2023
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (UK) Limited Tel: 0207 886 2767
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