Albion Crown Regulatory News (CRWN)

14 Nov 2007 15:33

Crown Place VCT PLC14 November 2007 Interim Management Statement Introduction I am pleased to present your Company's first interim management statement forthe period from 1 July to 14 November 2007. Performance The Company's approximate unaudited net asset value (NAV) as at 30 September2007 was 43.84 pence per share (excluding treasury shares). This is beforeaccounting for the first dividend for the year to 30 June 2008 of 1.25 pence pershare (0.8 pence to be paid out of revenue profits and 0.45 pence out ofrealised capital gains), subject to approval from HM Revenue & Customs. Thisnet asset value has decreased by 2.2% to £33.6 million or 43.84 pence per share,principally reflecting the decrease in price of AIM quoted stocks, whichcompares with a net asset value at 30 June 2007 of £34.4 million or 44.84 penceper share. On 7 November 2007, a cash offer for Synexus plc by Sigma Acquisitions Limitedwas announced. The offer consists of 78 pence in cash for each Synexus share.The impact of this offer on the net asset value of Crown Place VCT PLC, assumingsuccessful completion, would be an increase to £34.5m. The total value theholding would be £1.89m resulting in an increase of £920,000 or 1.2 pence pershare (excluding treasury shares). Dividends As stated above and in the Report and Financial Statements for the period to 30June 2007, the Directors have declared a first dividend of 1.25 pence per share(0.8 pence to be paid out of revenue profits and 0.45 pence out of realisedcapital gains), subject to approval from HM Revenue & Customs. The record dateand payment date for this dividend will be announced on the London StockExchange RNS Service. Share buybacks During the period from 1 July 2007 to 14 November 2007, the Company purchased776,180 shares at an average price of 39.4 pence for cancellation. Portfolio The following investments were made during the period from 1 July 2007 to 14November 2007: Name £000'sChurchill Taverns VCT Limited 82 Operator of 5 freehold village pubs in Central EnglandKensington Health Clubs Limited 750 The Company is undertaking development of a health and fitness club in West LondonXceleron Limited 50 Provides drug development services to the life-science industriesCS (Norwich) Limited 60 Operator of Cinema City in NorwichOxsensis Limited 145 Development and production of industrial sensors for use in super-high temperature environmentsResorthoppa Limited 125 Travel business providing shuttle and taxi transfer services at over 300 airports around the worldSky Hotel Heathrow Limited 1,000 Ownership and operation of the Stanwell HotelNationwide Floating Rate Note: Floating interest rate note held with Nationwide Buildingmaturity date 07/07/2009 Society 2,718Since 30 September 2007MiPay Limited 140 Provider of mobile payment servicesChurchill Taverns VCT Limited 20 Operator of 5 freehold village pubs in Central England Disposals During the 3 month period to 30 September 2007, the remainder of the portfolio'sholdings in Dobbies Garden Centres plc and Zetar plc were sold and furthershares in Cello Group plc were disposed of. The Group also disposed of holdingsin RMS Europe Group Limited and the Bold Pub Company Limited. Total equitydisposal proceeds amounted to £2,326,000. There were no disposals in the periodfrom 1 October to 14 November 2007. Top ten holdings (as at 30 September 2007) Investee Company Carrying/fair value £000's Nationwide Floating Rate Note: maturity date 07/07/ 2,721 2009 The Crown Hotel Harrogate Limited 2,345 ELE Advanced Technologies Limited 1,823 Kensington Health Clubs Limited 1,775 TLC (Tender Loving Childcare) Limited 1,533 Kew Green VCT (Stansted) Limited 1,137 House of Dorchester Limited 1,022 Sky Hotel Heathrow Limited 1,008 Synexus plc 969 Rutland Pub Company (Hotels) Limited 724 14 November 2007 This information is provided by RNS The company news service from the London Stock Exchange