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19 May 2008 12:09
Interim Management Statement
Introduction
I present your Company's interim management statement for the period from 1 January to 16 May 2008.
Performance and dividends
The Company's approximate unaudited net asset value (NAV) as at 31 March 2008 was 103.90 pence per share. This is before accounting for the first dividend for the year to 31 December 2008 of 2.5 pence per share (1.25 pence to be paid out of revenue profits and 1.25 pence out of realised capital gains), payable on 16 May 2008 to shareholders on the register on 18 April 2008. The net asset value has increased by 3% to £31.8 million, primarily due to increased investment revaluations as at 31 March 2008.
Share buybacks
During the period from 1 January 2008 to 16 May 2008, there were no buy-backs of ordinary shares.
Close period
The announcement of 30 April 2008 extended the Company's close period for the purchase of own shares, pending the sale of a substantial investment. This sale is still under negotiation, and therefore the close period will continue for the time being. A further announcement will be made at the earlier of the sale of the investment (or the termination of negotiations) and 31 May 2008.
Portfolio
There were no investments made during the period from 1 January 2008 to 16 May 2008.
Disposals
During the 3 month period to 31 March 2008, the loan stock held in Pelican Inn Limited was repaid realising proceeds of £230,000. There were no other disposals in the period from 1 April to 16 May 2008.
Top ten holdings (as at 31 March 2008)
|
Investee Company |
Carrying/fair value £000's |
|
Grosvenor Health Limited |
5,752 |
|
Evolutions Television Limited |
3,598 |
|
Citigroup FRN March 2009 |
2,958 |
|
Weybridge Limited |
1,610 |
|
Peakdale Limited |
1,463 |
|
Mears Group Plc |
1,226 |
|
Kensington Heath Clubs Limited |
1,113 |
|
Smiles Pub Company Limited |
944 |
|
Blackbay Limited |
933 |
|
Chichester Holdings Limited |
864 |
There have been no further significant events or transactions that the Board are aware of which would have a material impact on the financial position of the Company between the 1 January 2008 and 16 May 2008.
Information regarding historic and current financial performance and other useful shareholder information can be found on the Funds website under www.closeventures.co.uk /Our Funds/Close Brothers Development VCT PLC.
19 May 2008
For further information please contact:
Patrick Reeve, Close Ventures Limited - tel: 020 7422 7830
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