CPV Close BR.PR.Vct

 

TIDMCPV 
 
RNS Number : 2464N 
Close Brothers Protected VCT PLC 
12 February 2009 
 

Close Brothers Protected VCT PLC 
Interim Management Statement 
Introduction 
 
 
I am pleased to present your Company's interim management statement for the 
period from 1 October 2008 to 12 February 2009, (as required by the UK Listing 
Authority's Disclosure and Transparency Rule 4.3). 
 
 
Financial Position and Performance 
 
 
The Company's unaudited estimated net asset value (NAV) as at 31 December 2008 
was 74.97 pence per share, after providing for a dividend of 2.0 pence per share 
which was paid to Shareholders on 9 January 2009. 
 
 
Investment Portfolio 
 
 
In the period from 1 October 2008 to 12 February 2009 your Company made 
additional investments in six investee companies and an investment in a new 
investee company. The total investments are as follows: 
 
 
+---------------------------+-------------------------+----------------------+ 
|        Investment         |  Existing/New Investee  |      GBP'000s        | 
|                           |        Company          |  as at 12 February   | 
|                           |                         |        2009          | 
+---------------------------+-------------------------+----------------------+ 
| Droxford Hospital Limited |          New            |         300          | 
+---------------------------+-------------------------+----------------------+ 
| Bravo Inns II Limited     |        Existing         |         100          | 
+---------------------------+-------------------------+----------------------+ 
| The Charnwood Pub Company |        Existing         |          60          | 
| (Hotels) Limited          |                         |                      | 
+---------------------------+-------------------------+----------------------+ 
| Kensington Health Clubs   |        Existing         |          24          | 
| Limited                   |                         |                      | 
+---------------------------+-------------------------+----------------------+ 
| GB Pub Company Limited    |        Existing         |          14          | 
+---------------------------+-------------------------+----------------------+ 
| Clear Pub Company         |        Existing         |          12          | 
| (Hotels) Limited          |                         |                      | 
+---------------------------+-------------------------+----------------------+ 
| Clear Pub Company Limited |        Existing         |          4           | 
+---------------------------+-------------------------+----------------------+ 
 
 
Top Ten Qualifying Holdings 
 
 
+------------------------------------------+--------------------------------+ 
|            Investee Company              |    Carrying Value GBP'000s     | 
|                                          |    as at 31 December 2008      | 
+------------------------------------------+--------------------------------+ 
| Kew Green VCT (Stansted) Limited         |             4,178              | 
+------------------------------------------+--------------------------------+ 
| Sky Hotel Heathrow Limited               |             1,605              | 
+------------------------------------------+--------------------------------+ 
| The Crown Hotel Harrogate Limited        |             1,258              | 
+------------------------------------------+--------------------------------+ 
| The Bear Hungerford Limited              |              934               | 
+------------------------------------------+--------------------------------+ 
| The Weybridge Club Limited               |              870               | 
+------------------------------------------+--------------------------------+ 
| Kensington Health Clubs Limited          |              831               | 
+------------------------------------------+--------------------------------+ 
| The Place Sandwich VCT Limited           |              782               | 
+------------------------------------------+--------------------------------+ 
| The Charnwood Pub Company (Hotels)       |              701               | 
| Limited                                  |                                | 
+------------------------------------------+--------------------------------+ 
| Youngs VCT Limited                       |              450               | 
+------------------------------------------+--------------------------------+ 
| CS (Greenwich) Limited                   |              333               | 
+------------------------------------------+--------------------------------+ 
 
 
 
 
 
 
 
 
Material Events and Transactions 
 
 
The business of Close Ventures Limited, the Company's manager, was acquired by 
Albion Ventures LLP ("Albion Ventures") from Close Brothers Group ("Close") on 
23 January 2009. 
 
 
The Company's management contract has been novated from Close Ventures to Albion 
Ventures unchanged. The investment approach of Albion Ventures and the 
investment policy of the Company are also unchanged, with a continued objective 
on building up a broad portfolio of investments in companies with no cash 
borrowing. This is intended to allow the Company to maintain a strong dividend 
yield. 
 
 
A General Meeting will be convened shortly to seek shareholder approval to 
change the Company's name from Close Brother Protected VCT PLC to Albion 
Protected VCT PLC. 
 
 
As Shareholders will appreciate, the significant reduction in interest rates is 
likely to result in a decline in income over the period. 
 
 
As reported above, a dividend of 2.0 pence per share was paid on 9 January 2009 
to Shareholders on the register on 5 December 2008. Details of the Dividend 
Reinvestment Scheme, as described in the circular sent to shareholders on 11 
July 2008, and mandate forms for shareholders to apply for the reinvestment of 
future dividends can be found under www.albion-ventures.co.uk/Our Funds/Close 
Brothers Protected VCT PLC, for the time being. 
Movements in Share Capital 
In the period from 1 October 2008 to 12 February 2009, your Company cancelled 
81,675 Ordinary shares. Of these, 71,675 Ordinary shares were purchased for 
cancellation at an average price of 59 pence per share. These purchases for 
cancellation represent 0.3% of the total number of voting rights in the Company 
at 31 December 2008. In addition, 10,000 Ordinary shares were cancelled from the 
Company's holding of its own shares held in Treasury leaving 2,322,955 Treasury 
shares remaining. 
Buy-backs of shares for cancellation during the period were transacted through 
Winterflood Securities Limited, a subsidiary of Close, which was also the 
ultimate parent company of the Manager, Close Ventures Limited, during the 
period. 
There have been no further significant events or transactions that the Board are 
aware of which would have a material impact on the financial position of the 
Company between the 1 October 2008 to 12 February 2009. 
Information regarding historic and current financial performance and other 
useful shareholder information can be found on the Fund's website under 
www.albion-ventures.co.uk/Our Funds/Close Brothers Protected VCT PLC for the 
time being. 
 
 
12 February 2009 
 
 
For further information, please contact: 
Patrick Reeve 
Albion Ventures LLP 
Tel: 020 7422 7830 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSGUUPWPUPBGAP 
 

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