LONDON (Alliance News) - British Smaller Companies VCT2 PLC Friday said its total return on net asset value per share and cumulative dividends for the third quarter was higher than the same time last year.
The total return for the third quarter to September 30, including net asset value and cumulative dividends paid, was 104.6 pence per ordinary share, compared to 102.3 pence per ordinary share at 30 June 2013.
British Smaller Companies said its net asset value increased to 65.6 pence on September 30, up from 65.3 pence on June 30, primarily as a result of the net upward movement in both the AIM quoted and unquoted portfolio valuations seen during the quarter.
Over the 3 months to September 30 the portfolio saw an overall increase in unrealised valuations of GBP830,000, equating to a 6.7% increase.
"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. As a result a number of investment opportunities are currently being assessed and the company has recently announced its intention to increase its capacity to invest in these opportunities," the company said in a statement.
The fund made three investments valued at GBP2.5 million in third quarter, with the largest being new investment Douglas Gill International Limited, a specialist provider of clothing and equipment.
The fund also received GBP1.3 million from the sale of its holding in Digital Healthcare Limited, generating a profit on the previous quarter's carrying value of GBP300,000.
Since the end of the quarter the company has completed one further investment of GBP1.2 million into GTK Limited, a global provider and manufacturer of electronic solutions.
British Smaller Companies shares were Friday quoted at 59.00 pence, up 1.5%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Br.small Co.2 (BSC)