18 Nov 2021 15:41
Edge Performance VCT plc (the "Company")
I Share interim dividend and conversion
An interim dividend of 3.39p per I share will be paid on 6 December 2021. The ex-dividend date is 25 November 2021, and the associated record date is 26 November 2021.
This dividend represents the full balance of I share net asset value.
Following payment of this dividend, the board of directors of the Company (the "Board") will invoke the conversion mechanism in the Company's articles of association, converting the I shares into H shares and deferred shares.
The Company's Annual Report and Accounts for the year ended 28 February 2021 stated that the Company's board intended to distribute the proceeds of all I share realisations as soon as practical, and following this to immediately proceed with an orderly closure of the I share class. This interim dividend and conversion will complete that process.
All I shareholders will be notified separately of their shareholdings in the Company as a result of the conversion.
H share portfolio update
As was reported in a separate RNS the Company has realised approximately 90% of its holding in Unity Software Inc. This followed a significant rise of c40% in the Unity Software Inc share price over the last two weeks. This has significantly reduced the Company's exposure to this stock, although the company has retained 10% of its holding as at 31 August in Unity Software Inc. The Investment Manager is confident that it can identify suitable attractive opportunities to invest these cash proceeds in accordance with the Company's investment policy.
Following closure of the I share class, the Company's board plans to continue with a capital reduction process which will, following the approval of the Company's shareholders and the High Court in London, provide sufficient distributable reserves to pay future H share dividends from 2022 onwards and to reinstate an H share buy-back programme
Board change
Robin Goodfellow, who joined the Board on 31 July 2020 to help oversee the successful exit of Coolabi and the return of funds from the I share class to I shareholders left the Board on 18 November 2021.
Valuation Movements
The Board of directors, as advised by the Company's Investment Manager, announces that it estimates that, as at 17 November 2021, the unaudited net asset value per share of the Company's H share class has increased by approximately 2.8% since the last published unaudited net asset value as at 11 November 2021.
The estimated unaudited net asset value per H share as at 17 November 2021 is approximately 173p (11 November 2021, 169p).
The estimated unaudited net asset value total return per H share as at 17 November 2021 is approximately 215p (11 November 2021, 211p).
The Board emphasises that the NAV per H share as recalculated above is unaudited and reflects only the movements in the Company's listed shareholdings and an estimated movement in the Company's net current assets attributed to the H shares. It does not reflect a full revaluation of unquoted investments.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
Edge Investments Limited, Investment Manager: info@edge.vc
The City Partnership (UK) Limited, Company Secretary: enquiries@city.uk.com