Br.smaller Cos. Regulatory News (BSV)

28 Jul 2005 09:13

British Smaller Companies VCT PLC28 July 2005 ANNUAL GENERAL MEETING AND NET ASSET VALUE The Company announces that the Annual General Meeting was held on 26 July 2005 and all the resolutions proposed were passed. The final dividend for the year of 2.2 pence per share will be paid to eligible shareholders on 5 August 2005. The Chairman, Sir Andrew Hugh Smith, commented that the year to 31 March 2005 had been one of significant growth in the net asset value of the Company. Since the year end, the Company has successfully sold its investment in Harlands of Hull Limited for proceeds representing 3.1 times the original investment. He said that the remaining portfolio continued to perform to the Board's satisfaction. Given a favourable economic climate over the coming year he expected further realisation opportunities to present themselves. Sir Andrew said that the amount of money raised in the recent C share issue wasrather disappointing, but, given the current liquid resources available fromrealisations, the Company has adequate cash in the short term to meet anysuitable investment opportunities that may arise. The C share monies will beinvested alongside the existing cash and will convert to Ordinary shares once70% of C share funds have been utilised. He said that the Board is keeping allfuture fund raising options under review. Sir Andrew concluded by saying, "The focus over the coming year is both to takeadvantage of an increasing number of good quality investment opportunities andto continue to enhance shareholder value from the existing portfolio." The Company reported that, at 30 June 2005, the net asset value per Ordinaryshare was 84.3 pence (31 March 2005: 84.4 pence) and the net asset value per Cshare was unchanged at 95 pence. ---ENDS--- This information is provided by RNS The company news service from the London Stock Exchange