Pembroke VCT PLC Quarterly Report (8034V)
February 01 2017 - 11:42AM
UK Regulatory
TIDMPEMV TIDMPEMB
RNS Number : 8034V
Pembroke VCT PLC
01 February 2017
1 February 2017
PEMBROKE VCT PLC
Quarterly Report
for the period from 1 October to 31 December 2016
Pembroke VCT plc (the "Company") presents its quarterly report
for the period from 1 October to 31 December 2016.
-- GBP2.4 million invested in the quarter to 31 December
-- Total investments of GBP28.3 million to date
-- B Ordinary Share offer of up to GBP15 million open
-- Pipeline of new investment opportunities for 2017
This quarterly report contains information that covers the
period up to the date of its publication.
Performance
The unaudited net asset value of the Company at 31 December 2016
was GBP34.5 million, marginally down from GBP35.4 million
(unaudited) at 30 September 2016, reflecting the payment of
dividends to shareholders and adjustments to the value of portfolio
investments in the period. The net asset value comprised GBP21.1
million in respect of the Ordinary Share class and GBP13.4 million
in respect of the B Ordinary Share class.
This equates to an unaudited net asset value per share of 116.38
pence for the Ordinary Share class and 107.13 pence for the B
Ordinary Share class.
Dividends of GBP0.2 million in respect of the Ordinary Share
class and GBP0.4 million in respect of the B Ordinary Share class
were paid to eligible shareholders on 31 October 2016, equating to
2 pence per share for both share classes.
In total, an additional GBP2.4 million was invested in the
quarter in a mixture of follow-on and new investments. All
investments were made by the B Ordinary Share class.
Investments are held at fair value. During the quarter to 31
December 2016, there was one change made to the assessment of fair
values of investments in the portfolio, with the write-off of the
Company's equity investment of GBP0.5 million in Zenos Cars Limited
after the company entered administration in January 2017.
Investments made in the period
In the quarter ended 31 December 2016, the Company invested a
total of GBP2.4 million. This comprised GBP1.1 million in follow-on
investments in four portfolio companies to support their continued
growth, in addition to investments of an aggregate GBP0.4 million
in two new opportunities in the Media & Technology focus area
of the Company:
-- Wishi, an innovative fashion technology business that brings
together a community of personal stylists and online wardrobe
management functionality to help fully exploit an individual's
current wardrobe and provide new clothing suggestions personalised
to their look
-- Unbolted, a platform for peer-to-peer secured lending,
providing short term liquidity to individuals seeking bridging
facilities or advance sale loans for personal or small business
use
Investments made post-period end
Between the end of the period and the date of this announcement,
GBP0.2 million has been invested in two follow-on investments
within the portfolio. Of this GBP0.1 million is in the form of
equity to ME+EM and GBP0.1 million in the form of loans to La
Bottega.
B Ordinary Share Offer
On 30 November 2016 the Company published a prospectus in
relation to an offer for subscription of up to GBP15 million of B
Ordinary Shares of 1p each in the capital of the Company with an
over-allotment facility for up to a further GBP10 million of B
Ordinary Shares (the "Offer"). The Company confirms the Offer is
underway with copies of the prospectus available at the Company's
website as below.
About the Company
Pembroke VCT plc (the "Company") is a generalist VCT focused on
private equity style investments in the leisure and premium
consumer brands sectors. The Company seeks to invest in a
diversified portfolio of small, principally unquoted companies,
selecting those which Oakley Investment Managers LLP believes
provide the opportunity for value appreciation.
The Company is not aware of any significant event or transaction
which has occurred between 31 December 2016 and 1 February 2017
which has had a material effect on the financial position of the
Company and has not been detailed above.
For further details about the Company please either visit the
Company's website,
Pembroke VCT plc
www.pembrokevct.com
or contact:
Oakley Investment Managers LLP (Manager)
+44 20 7766 6900
Peter Dubens / Andrew Wolfson
The City Partnership (UK) Limited (Company Secretary)
0131 243 7210
Doreen Nic
This information is provided by RNS
The company news service from the London Stock Exchange
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