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1 Feb 2017 17:42
1 February 2017
PEMBROKE VCT PLC
Quarterly Report
for the period from 1 October to 31 December 2016
Pembroke VCT plc (the "Company") presents its quarterly report for the period from 1 October to 31 December 2016.
· £2.4 million invested in the quarter to 31 December
· Total investments of £28.3 million to date
· B Ordinary Share offer of up to £15 million open
· Pipeline of new investment opportunities for 2017
This quarterly report contains information that covers the period up to the date of its publication.
Performance
The unaudited net asset value of the Company at 31 December 2016 was £34.5 million, marginally down from £35.4 million (unaudited) at 30 September 2016, reflecting the payment of dividends to shareholders and adjustments to the value of portfolio investments in the period. The net asset value comprised £21.1 million in respect of the Ordinary Share class and £13.4 million in respect of the B Ordinary Share class.
This equates to an unaudited net asset value per share of 116.38 pence for the Ordinary Share class and 107.13 pence for the B Ordinary Share class.
Dividends of £0.2 million in respect of the Ordinary Share class and £0.4 million in respect of the B Ordinary Share class were paid to eligible shareholders on 31 October 2016, equating to 2 pence per share for both share classes.
In total, an additional £2.4 million was invested in the quarter in a mixture of follow-on and new investments. All investments were made by the B Ordinary Share class.
Investments are held at fair value. During the quarter to 31 December 2016, there was one change made to the assessment of fair values of investments in the portfolio, with the write-off of the Company's equity investment of £0.5 million in Zenos Cars Limited after the company entered administration in January 2017.
Investments made in the period
In the quarter ended 31 December 2016, the Company invested a total of £2.4 million. This comprised £1.1 million in follow-on investments in four portfolio companies to support their continued growth, in addition to investments of an aggregate £0.4 million in two new opportunities in the Media & Technology focus area of the Company:
· Wishi, an innovative fashion technology business that brings together a community of personal stylists and online wardrobe management functionality to help fully exploit an individual's current wardrobe and provide new clothing suggestions personalised to their look
· Unbolted, a platform for peer-to-peer secured lending, providing short term liquidity to individuals seeking bridging facilities or advance sale loans for personal or small business use
Investments made post-period end
Between the end of the period and the date of this announcement, £0.2 million has been invested in two follow-on investments within the portfolio. Of this £0.1 million is in the form of equity to ME+EM and £0.1 million in the form of loans to La Bottega.
B Ordinary Share Offer
On 30 November 2016 the Company published a prospectus in relation to an offer for subscription of up to £15 million of B Ordinary Shares of 1p each in the capital of the Company with an over-allotment facility for up to a further £10 million of B Ordinary Shares (the "Offer"). The Company confirms the Offer is underway with copies of the prospectus available at the Company's website as below.
About the Company
Pembroke VCT plc (the "Company") is a generalist VCT focused on private equity style investments in the leisure and premium consumer brands sectors. The Company seeks to invest in a diversified portfolio of small, principally unquoted companies, selecting those which Oakley Investment Managers LLP believes provide the opportunity for value appreciation.
The Company is not aware of any significant event or transaction which has occurred between 31 December 2016 and 1 February 2017 which has had a material effect on the financial position of the Company and has not been detailed above.
For further details about the Company please either visit the Company's website,
Pembroke VCT plc
www.pembrokevct.com
or contact:
Oakley Investment Managers LLP (Manager)
+44 20 7766 6900
Peter Dubens / Andrew Wolfson
The City Partnership (UK) Limited (Company Secretary)
0131 243 7210
Doreen Nic