Sign In
Last checked at 
20 Jan 2009 09:50
ο»ΏBRITISH SMALLER COMPANIES VCT PLC ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 December 2008
British Smaller Companies VCT plc presents its interim management statement for the quarter ended 31 December 2008. This constitutes the Company's second interim management statement for the financial year ending 31 March 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. A copy of this interim management statement can be found at www.yfmgroup.co.uk.
The unaudited net asset value per Ordinary share as at 31 December 2008 wasΒ 88.4p (30 September 2008: 95.8p). The net asset valueΒ is stated after taking accountΒ of the interim dividend of 2.0p per Ordinary share in respect of the period ended 30 September 2008, which will be paid on 11 February 2009.
The total return at 31 December 2008, calculated by reference to the net asset value perΒ OrdinaryΒ share and the cumulative dividends paid and proposed, wasΒ 133.4p perΒ OrdinaryΒ share compared to 138.8p at 30 September 2008.
The number of Ordinary shares in issue at 31 December 2008 was 30,752,447. In addition, the Company heldΒ 1,050,955Β shares in Treasury. There were no shares purchasedΒ or issuedΒ by the Company during the quarter.
Net assets at 31 December 2008 comprised the following:
|
Β£000 |
% of net assets |
|
|
Unquoted investments at fair value |
6,919 |
25.4% |
|
Quoted investmentsΒ at bid price |
3,607 |
13.3% |
|
Total venture capital investments |
10,526 |
38.7% |
|
Cash and cash equivalents |
16,643 |
61.2% |
|
Other net current assets |
31 |
0.1% |
|
Net assets |
27,200 |
100.0% |
The ten largest investments by valuation at 31 December 2008 were as follows:
|
Β£000 |
% of net assets |
|
|
GoOutdoorsΒ Limited |
1,491Β |
5.5% |
|
WaterfallΒ Services Limited |
1,272Β |
4.7% |
|
ConnaughtΒ plc |
1,107Β |
4.1% |
|
EllfinΒ Home Care Limited |
769Β |
2.8% |
|
Pressure Technologies plc |
680Β |
2.5% |
|
Sheet PilingΒ Limited |
679Β |
2.5% |
|
RMSΒ Group HoldingsΒ Limited |
678Β |
2.5% |
|
MattioliΒ Woods plc |
506Β |
1.9% |
|
FishawackΒ Limited |
500Β |
1.8% |
|
Harvey JonesΒ Limited |
494Β |
1.8% |
|
Top ten investments |
8,176 |
30.1% |
|
Other investments |
2,350 |
8.6% |
|
Total venture capital investments |
10,526 |
38.7% |
Quoted investments are carried at bid price at 31 December 2008. Unquoted investment are carried at fair value as at 31 December 2008 as determined by the directors.
In general the performance of the portfolio has been relatively robust, theΒ widely reportedΒ fall inΒ equityΒ markets and consequent reduction in price earnings ratios has tended to feed through to the portfolioΒ which hasΒ had a consequential impact on the valuationΒ of the portfolio.
During the three months ended 31 December 2008 the following significant investment transactions took place (allΒ companiesΒ are unquoted except where otherwise indicated):
Follow-on Investments:
|
Name of company: |
Business activity: |
Amount invested Β£000 |
|
Ellfin Home Care Limited |
Domiciliary care businessΒ |
119 |
Disposals:
|
Name of company: |
SaleΒ proceeds Β£000 |
OriginalΒ cost Β£000 |
Carrying value at 30Β SeptΒ 2008 Β£000 |
|
RMS Group HoldingsΒ Limited |
9 |
9 |
9 |
|
Denison Mayes Limited |
5 |
5 |
5 |
|
14 |
14 |
14 |
Disposals during the quarter relate to scheduled loan repayments.
During the quarter, theΒ movement in net asset value comprised theΒ recognitionΒ ofΒ anΒ interim dividend of 2.0 pence per shareΒ and anΒ underlyingΒ decrease in its investment portfolio ofΒ 5.4Β pence per share.Β The total returnΒ was 133.4 pence per share (30 SeptemberΒ 2008:Β 138.8 pence per share), which includesΒ cumulative dividendsΒ ofΒ 45 pence per share.
The net asset value currently comprisesΒ 61.2% in cash and gilts and as such the Company is well placed to take advantage of selective investment opportunities as they arise. It is pleasing to report a marked increase in the number of these opportunities being presented.Β
Shareholder Relations
Dividend Re-investment Scheme
The Company recently introduced a dividend re-investment scheme. The first dividend eligible to be re-invested is payable on 11 February. The board is pleased that approximately 10% of shareholders have taken the option to re-invest their dividends.
Share Buy Back Policy
The board of directors continually monitors the share buy back policy of the Company.Β Whilst there remains a need to provide support to those shareholders wishing to dispose of their shares,Β in these uncertain times the boardΒ have reviewedΒ carefully the appropriate level of share buybacks to the advantage of the shareholder base as a whole. Consequently for the foreseeable futureΒ theyΒ have determinedΒ that shares will be acquired at a discount ofΒ 15%Β to the net asset value which isΒ more in line withΒ currentΒ marketΒ practice.Β This is effective from the date of this announcement.
Shareholder Workshop
The Company's next shareholder workshop is being held at theΒ ImperialΒ WarΒ MuseumΒ at 11.00 am on 29 January 2009.Β
20Β January 2009
For further information please contact:
David Hall YFM Private Equity Tel: 0161 832 7603
David Hart Teathers Tel:Β Β 020 7426Β 9000
Follow the stocks
