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LONDON (Alliance News) - British Smaller Companies VCT2 Monday reported an increase in its total return since the start of the year.
In a statement, the VCT said its total return, calculated by reference to net asset value per share and cumulative dividends per share, was 105.3 pence, an increase from the 104.6 pence at the end of 2013. Cumulative dividends represent 39.0 pence per ordinary share for each calculation.
The unaudited NAV per ordinary share as of March 31 was 66.3 pence, rising from 65.6 pence at the end of 2013, representing an increase of 0.7 pence per share. The increase in NAV per ordinary share is principally due to the net upward movement, in both the AIM quoted and unquoted portfolio valuations.
"The board believes that the current economic climate continues to create investment opportunities in the short to medium term in well managed UK businesses that need capital to expand. Following the increase in the investment limit applying to venture capital trusts to GBP5 million per investment in any one year there has been an increase in the number of investment opportunities presented to the company," the VCT said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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