(Alliance News) - British Smaller Companies VCT PLC on Thursday said net asset value per share fell in the first half of its financial year following a share issue.
The venture capital trust posted a NAV per share of 72.4 pence as at September 30, the end of its first half, down from 74.3p on March 31 and from 78.6p the year before. While net assets increased to GBP1901.4 million from GBP85.2 million, the company allotted new shares in April when it raised GBP21.3 million net.
This was part of a new share offer with British Smaller Companies VCT2 PLC in which 28.8 million shares were allotted.
Total return increased by 2.1p to 223.8p in the first half.
The company paid a 4.0p per share interim dividend in June, taking cumulative dividends to date to 151.4p per share.
Chair Helen Sinclair said: "The level of political uncertainty remains high ahead of the General Election and there are already signs of some economic weakness. In the meantime the businesses in the portfolio continue to make the appropriate preparations in seeking to mitigate the impact of these uncertainties and the Brexit outcome.
Sinclair added: "I am pleased to note that the investment rate has maintained a good momentum, with a number of high quality and attractive opportunities in the pipeline."
Shares in British Smaller Companies closed up 3.0% at 68.50p in London on Thursday.
By Anna Farley; annafarley@alliancenews.com
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Br.smaller Cos. (BSV)