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LONDON (Alliance News) - Foresight VCT PLC said Friday its net asset value per share increased in the first half of the year before dividend payments were made but fell once these were deducted, which it attributed to the increasingly restrictive nature of venture capital trusts.
Before its 5.0 pence per share dividend payment on May 4 the company's net asset value was 81.2p per share, 1.5% ahead of 80.0p at the end of 2017. However, by June 30 its net asset value was 76.2 pence per share, a fall of 4.7% from December 31.
"The rate of increase in net asset value per share is still somewhat behind that envisaged in the corporate strategy. The board and manager believe this should improve when investments made over the past few years mature and cash currently held for future investment is more fully deployed," said Chairman John Gregory.
"The increasing complexity surrounding qualification for venture capital trust investment inevitably limits the opportunity for the company to make new investments and the manager's ability to source new deals is pivotal to the company's future performance," Gregory added.
The company said it is working to increase its net assets and currently has GBP483 million of funds available to invest, adding that it does not intend any near-term fundraising.
The company's total gain on investments in the first six months of 2018 was GBP2.2 million, a swing from its GBP1.9 million loss on investments the year before.
Total return per share rose 5.6% to 219.2p per share at the end of June from 207.5p per share on January 1.
"The board and the manager believe that the value of investments currently held within the portfolio should grow further through 2018 and that the current pipeline will provide worthwhile new investment opportunities in the months ahead. Provided the current level and quality of new investment is maintained, the board believes that the company will be well positioned to meet its key objectives and provide shareholders with regular dividends and maintained capital growth," said Gregory.
The company's shares were untraded at 68.50p on Friday.
