TIDMBSV
RNS Number : 2903M
British Smaller Companies VCT PLC
13 September 2023
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 30 June 2023
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 30 June 2023.
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 30 June 2023, the Company's Net Asset Value
per share return was unchanged at 83.7 pence. In comparison, the
FTSE Small Cap Index fell by 0.4 per cent during the period. AIC
data ranks the Company first across all generalist VCTs when
considering a blended average performance ranking over 1, 3, 5, 7
and 10 years.
The Company's Total Return at 30 June 2023 was unchanged at
258.6 pence per ordinary share.
During the quarter, the Company invested GBP2.6 million into
Workbuzz, an employee insights and engagement settlement platform.
The Company also invested a further GBP0.8 million into Relative
Insight.
The Company realised its investment in Ncam in April, generating
initial proceeds of GBP1.4 million. There is the potential for
additional receipts of up to GBP1.2 million depending on the
achievement of certain milestones over the coming years, which
would see the Company fully recover its investment; GBP0.3 million
of deferred proceeds have been recognised at the period end.
Subsequent to the period end, the Company has made a further
investment of GBP0.3 million into Elucidat.
Performance
The table below sets out movements in key metrics for the
Company.
31 March Increase Shares Buyback Movement 30 June
2023 in Value issued of shares In Period 2023
Net Assets (GBPm) 157.0 0.4 44.4 (0.4) 44.4 201.4
------------ ---------- ----------- ----------- ----------- ------------
NAV per share
(PPS) 83.7 0.2 (0.2) - - 83.7
------------ ---------- ----------- ----------- ----------- ------------
Cumulative dividends
paid (PPS) 174.9 - - - - 174.9
------------ ---------- ----------- ----------- ----------- ------------
Total Return
(PPS) 258.6 0.2 (0.2) - - 258.6
------------ ---------- ----------- ----------- ----------- ------------
Shares in issue 187,679,279 - 53,559,905 (451,965) 53,107,940 240,787,219
------------ ---------- ----------- ----------- ----------- ------------
Cumulative dividends paid at 30 June 2023 were unchanged at
174.9 pence per ordinary share (31 March 2023: 174.9 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 31 March 2023 157.0 83.7
Increase in portfolio value 0.6 0.3
Net operating costs (0.2) (0.1)
------ ---------
0.4 0.2
Issue/buy-back of shares* 44.0 (0.2)
------ ---------
Total Return in the period 44.4 -
------ -------
NAV at 30 June 2023 201.4 83.7
------ ------ --------- -------
* The allotment of shares from the 2022/23 fundraising reduced
total return per ordinary share as the fundraising was priced at
the last reported NAV at the time of the allotment of 82.8 pence
per ordinary share, being the NAV as at 31 December 2022 of 87.3
pence per ordinary share, adjusted for the special interim dividend
of 4.5 pence per ordinary share paid on 11 January 2023.
Post-period end, on 28 July 2023, a dividend of 2.0 pence per
ordinary share for the year ending 31 March 2024 was paid,
resulting in a corresponding reduction to the 30 June 2023
unaudited NAV, to 81.7 pence per ordinary share.
Dividends and shares in issue
On 4 April 2023, the Company allotted 53,559,905 shares
following the close of its 2022/23 fundraising.
Under its standing buyback authority, on 26 June 2023 the
Company purchased 451,965 shares at 80.02 pence at a cost of
GBP0.36 million. These shares are held in treasury.
Subsequent to the quarter end, on 28 July 2023 the Company
issued 1,270,231 shares under the Company's Dividend Re-investment
Scheme (DRIS) following the payment of the interim dividend, taking
the number of shares in issue at that date to 242,057,450, with a
further 22,459,730 shares held in treasury.
Net assets
Net assets at 30 June 2023 comprised the following:
% of net
GBP000 assets
Unquoted investments at fair
value 125,850 62.5
Listed investment funds 3,745 1.9
Cash and cash equivalents 69,854 34.7
Other net assets 1,993 0.9
-------- ---------
Net assets 201,442 100.0
======== =========
Investments
The investment portfolio at 30 June 2023 comprised:
Cumulative
valuation
as a %
Valuation of net
GBP000 assets
Matillion 24,886 12.4%
Unbiased 10,511 17.6%
Displayplan 8,829 22.0%
Outpost 8,680 26.3%
Wooshii 6,981 29.7%
Elucidat 6,226 32.8%
Force24 4,758 35.2%
Vypr 4,159 37.2%
ACC Aviation 4,095 39.3%
Quality Clouds 4,032 41.3%
83,157 41.3%
Other investments 42,693 21.2%
Total investments 125,850 62.5%
========== ===========
Portfolio performance
Over the quarter to 30 June 2023, the aggregate unquoted
portfolio valuation has increased by GBP0.8 million.
Fundraising
On 4 April 2023 the Company allotted shares from its fully
subscribed 2022-23 share offer. GBP44.4 million was raised by the
Company, resulting in the allotment of 53,559,905 ordinary
shares.
On 2 August 2023, the Company announced its intention to launch
a joint offer for subscription for the 2023-24 tax year later this
year, alongside British Smaller Companies VCT2 plc. A prospectus
with full details of the proposed Offer is expected to be published
in mid-to-late September.
Outlook
Portfolio companies continue to show resilience in navigating a
challenging macro environment, charting a path that balances
continued growth with a move towards profitability. While rising
interest rates will slow economic growth, a more capital
constrained environment reduces competition and alternative funding
sources, providing opportunities for further deployment of capital
for the Company, in both new and existing portfolio companies. In
this vein, the Company continues to see a healthy pipeline of
opportunities in which to invest in fast growing British
businesses.
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.
13 September 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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