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8 Aug 2008 09:33
BRITISH SMALLER COMPANIES VCT PLC ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2008
British Smaller Companies VCT plc presents its interim management statement for the quarter ended 30 June 2008. This constitutes the Company's first 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 30 June 2008 was 97.8p (31 March 2008: 102.1p). The net asset value is stated after taking account of the proposed final dividend of 3.0p per Ordinary share in respect of the year ended 31 March 2008, which will be paid on 8 August 2008 following approval by shareholders at the Annual General Meeting on 6 August 2008.
The total return at 30 June 2008, calculated by reference to the net asset value per share and the cumulative dividends paid and proposed, was 140.8p per share compared to 142.1p at 31 March 2008.
The number of Ordinary shares in issue at 30 June 2008 was 31,050,600. In addition, the Company held 752,802 shares in Treasury. During the three months ended 30 June 2008 5,379,239 shares were issued at a price of 106.25p per share raising an aggregate of £5,212,689 net of expenses. There were no shares purchased by the Company during the quarter. Subsequent to the quarter end 110,081 shares were re-purchased by the Company at a price of 89.5p per share. These shares are held in Treasury.
Net assets at 30 June 2008 comprised the following:
|
£000 |
% of net assets |
|
|
Unquoted investments at fair value |
8,994 |
29.6 |
|
Quoted investment at bid price |
5,009 |
16.5 |
|
Total venture capital investments |
14,003 |
46.1 |
|
Cash and cash equivalents |
17,097 |
56.3 |
|
Other net current assets |
(743) |
(2.4) |
|
Net assets |
30,357 |
100.0 |
The ten largest investments by valuation at 30 June 2008 were as follows:
|
£000 |
% of net assets |
|
|
GO Outdoors Limited |
1,572 |
5.2 |
|
Cater Plus Services Limited |
1,410 |
4.6 |
|
Sheet Piling Limited |
1,389 |
4.6 |
|
Connaught plc |
1,348 |
4.4 |
|
RMS Group Holdings Limited |
1,050 |
3.5 |
|
Pressure Technologies plc |
737 |
2.4 |
|
Harvey Jones Limited |
699 |
2.3 |
|
Ellfin Home Care Limited |
650 |
2.1 |
|
Mattioli Woods plc |
621 |
2.1 |
|
Harris Hill Limited |
600 |
2.0 |
|
Top ten investments |
10,076 |
33.2 |
|
Other investments |
3,927 |
12.9 |
|
Total venture capital investments |
14,003 |
46.1 |
Quoted investments are carried at bid price at 30 June 2008. Unquoted investment are carried at fair value as at 30 June 2008 as determined by the directors.
During the three months ended 30 June 2008 the following significant investment transactions took place (all companies are unquoted except where otherwise indicated):
New Investments:
|
Name of company: |
Business activity: |
Amount invested £000 |
|
Darwin Rhodes Limited |
Specialist in professional financial services and insurance recruitment |
444 |
|
K3 Business Technology Group plc (AiM) |
Software - providers of Microsoft based business solutions for the supply chain |
402 |
|
846 |
Follow-on Investments:
|
Name of company: |
Business activity: |
Amount invested £000 |
|
RMS Group Holdings Limited |
Provider of stevedoring and logistics services on the Humber Estuary |
150 |
Disposals:
|
Name of company: |
Sale proceeds £000 |
Original cost £000 |
Carrying value at 31 March 2008 £000 |
|
Connaught plc |
158 |
11 |
151 |
|
SMS Limited - deferred proceeds |
24 |
- |
- |
|
Denison Mayes Limited |
5 |
5 |
5 |
|
187 |
16 |
156 |
On 30 June 2008 Steve Noar resigned as a non-executive director. Steve has recently relocated overseas and consequently he and the board agreed it was appropriate for him to step down. Steve had been a non-executive director of the Company since May 2005 and the board would like to thank him for his considerable contribution during his time as a member of the board. There are no current plans to appoint a replacement.
At the AGM on 6 August 2008 Sir Andrew Hugh Smith stepped down from the board relinquishing his role as Chairman. Helen Sinclair has been appointed in his place.
The board thanks Sir Andrew for his immense contribution over the years in his role as Chairman, his leadership and support have been exceptional and the board wish him every success in the future.
This quarter has seen the company complete a further successful fundraising which improves its liquidity to be able to take advantage of investment opportunities as they arise over the next two to three years. Whilst there is clearly a hardening of the economic climate, with a strong balance sheet the company is well placed to add to its investment portfolio.
For further information please contact:
David Hall YFM Private Equity Tel: 0161 832 7603
08 August 2008
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