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LONDON (Alliance News) - British Smaller Companies VCT2 said on Wednesday both its net asset per share as well as its total return rose in the first quarter of 2018.
Its net asset value per share at the end of the quarter was 59.20 pence per share, an increase from the 58.80p reported at the end of December.
The UK-based venture capitalist trust said over its most recent quarter total returns had risen to 114.70p per share, an increase of 0.4p per share. The net asset value increase from its portfolio for that period was GBP500,000.
British Smaller Companies' net assets had risen to GBP63.6 million in the quarter ended March. This is up from GBP59.1 million in the quarter ended December.
The company's value increase was largely the result of top-up fundraising in January, which was fully subscribed by shareholders and raised net proceeds of GBP4.3 million from the 7.4 million shares issued.
The trust said while UK economic performance remained "subdued" the recently revised guidance from Her Majesty's Revenue and Customs on its advance assurance process has the potential to improve the speed of investments. Delays in the advanced assurance process held up investments in the quarter ended December, it said.
The company said it was moving towards investments in earlier stage, younger businesses.
British Smaller Companies VCT2 shares were untraded on Wednesday having last closed down 1.8% at 53.50p each.