Br.smaller Cos. Regulatory News (BSV)

9 Aug 2007 09:53

British Smaller Companies VCT PLC09 August 2007 BRITISH SMALLER COMPANIES VCT PLC ("the Company") INTERIM MANAGEMENT STATEMENT For the quarter ended 30 June 2007 British Smaller Companies VCT plc presents its interim management statement forthe quarter ended 30 June 2007. This constitutes the Company's first interimmanagement statement for the financial year ending 31 March 2008, as required bythe UK Listing Authority's Disclosure and Transparency Rule 4.3. The unaudited net asset value per Ordinary share as at 30 June 2007 was 98.4p(101.4 pence per share before taking account of the proposed dividend). Thiscompares to 101.3 pence per share at 31 March 2007. The dividend was paidon 8 August 2007 following approval by the shareholders at the annual generalmeeting on 1 August 2007. The successful fundraising has increased the investment capacity albeit withsome small dilution to the net asset value as a result of the bonus offer toshareholders. The last three months have seen further growth from the investmentportfolio which has increased by £0.8 million in value resulting at 30 June 2007in an overall increase in total return to 136.4 pence per share from 136.3 penceas at 31 March 2007. The Company has already begun to take advantage of the increased investmentcapacity completing three transactions at a cost of £1.8 million in the twomonths since the fundraising closed. The number of Ordinary shares in issue at 30 June 2007 was 26,109,189. Duringthe three months ended 30 June 2007 9,802,240 shares were issued at a price of102.5p per share raising an aggregate of £9,182,909 net of expenses and 300,000shares were re-purchased by the Company at a price of 87p per share. Theseshares are held in Treasury. During the quarter the C shares were converted into Ordinary shares. Theconversion, in accordance with the Articles of Association, was by reference toa conversion formula based on the relative net assets of the Company on 30 April2007, being the calculation date. The 1,258,676 C shares were converted into1,415,585 new Ordinary shares and 4,877,795 deferred shares. The deferred sharesso issued were immediately purchased by the Company for an aggregateconsideration of 5p and cancelled. Net assets at 30 June 2007 comprised the following: % of net £000 assets Unquoted investments at fair value 7,086 27.6Quoted investments at bid price 6,653 25.9 -------- --------Total venture capital investments 13,739 53.5 -------- -------- Cash and cash equivalents 12,070 47.0Other net current assets (128) (0.5) -------- --------Net assets 25,681 100.0 -------- -------- The ten largest investments by valuation at 30 June 2007 were as follows: % of net £000 assets GO Outdoors Limited 1,913 7.4Cozart plc 1,714 6.7Sheet Piling Limited 1,389 5.4Connaught plc 1,353 5.3Cater Plus Services Limited 1,000 3.9Oasis Healthcare plc 839 3.3Harvey Jones Limited 777 3.0Mattioli Woods plc 678 2.6Harris Hill Limited 600 2.3Tikit plc 580 2.3 -------- --------Top ten investments 10,843 42.2 Other investments 2,896 11.3 -------- --------Total venture capital investments 13,739 53.5 -------- -------- Quoted investments are carried at bid price at 30 June 2007. Unquoted investmentare carried at fair value as at 30 June 2007 as determined by the directors. During the three months ended 30 June 2007 the following significant investmenttransactions took place (all companies are unquoted except where otherwiseindicated): New Investments: Amount investedName of company: Business activity: £000 Harris Hill Limited Specialist recruitment business 600Harvey Jones Limited Fitted kitchen specialist 777Pressure Technologies plc (AiM) Designs, manufactures and services high pressure seamless steel gas cylinders 425 -------- 1,802 -------- Disposals: Name of company: Sale Original Carrying value proceeds cost at 31 March 2007 £000 £000 £000 Oasis Healthcare plc 200 118 192Denison Mayes Limited 5 5 -The JDA Group Limited 320 35 300 -------- -------- -------- 525 158 492 -------- -------- -------- In this period the Company has increased its net asset value to £25.7 millionfrom £15.4 million. There has been a continuation of the realisationsexperienced in recent years and with further interest expressed in a number ofinvestments the board expect this pattern to continue throughout the first halfof this financial year. New investment opportunities have been presented at anencouraging rate which has resulted in £1.8 million of new investments in thelast quarter. The board remains confident in the outlook for the currentfinancial year both in terms of new investment performance and continuingrealisations. 09 August 2007 For further information please contact: David Hall YFM Private Equity Tel: 0161 832 7603 This information is provided by RNS The company news service from the London Stock Exchange