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British Smaller Cos VCT Hikes Dividend Despite Fall In Net Asset Value

Wed, 26th Jun 2019 14:36

(Alliance News) - British Smaller Cos VCT PLC on Wednesday reported a 6.7% decline in net asset value in its most recently ended financial year.

The investment company reported NAV per share as at March 31 was 74.3 pence, down from 79.6p reported a year earlier.

British Smaller Cos VCT paid a total dividend of 11.0 pence for the year, almost doubled from 5.75p paid the year prior.

Three new investments and three follow-on investments totalling GBP5.7 million were completed during the year, the trust said.

There were also three realisations completed during the period, delivering a gain of GBP3.4 million over the opening value, and a GBP7.9 million gain over cost, British Smaller Cos VCT said.

In the financial year-to-date, three further new investments and one follow-on investment totalling GBP7.8 million have been completed by the company.

"While resolution of the UK's withdrawal from the EU has been further delayed this appears to have had limited impact on your company's activities," noted Chair Helen Sinclair.

"The three realisations in December 2018 demonstrate that there are a variety of potential buyers of good quality assets in the market," added Sinclair.

British Smaller Cos VCT shares were untraded on Wednesday, last closing at 66.00 pence each in London.

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