9 Aug 2013 08:30
9 August 2013
Pembroke VCT plc
Interim Management Statement
for the period from 5 April 2013 to 30 June 2013
Pembroke VCT plc (the "Company") presents its first interim management statement for the period from 5 April 2013 to 30 June 2013, as required by the UK Listing Authority's Disclosure and Transparency Rules.
·; Over £14 million raised to-date, offer remains open to investors
·; £2.8 million already invested
Offer for subscription
The offer for subscription was launched by the Company on 15 February 2013. To 30 June the Company had raised a total of £12.2 million under the offer. Up to the date of this statement, the Company has allotted a further £2.0 million, making the total raised £14.1 million.
The offer is capped at £20.0 million and will remain open until no later than 31 January 2014, subject to earlier closure at the discretion of the directors.
Investments
As at the date of this statement, the Company has invested £2.8 million, and committed £4.2 million, including:
·; Boom Cycle Limited (30/4/2013): Investment of ~£430,000 (20% currently drawn-down ~£86,000) in new equity
BOOM! Cycle is a single studio based in Shoreditch, London where they combine indoor spin cycling with various exercise classes for both upper and lower body work-outs. The purpose built studio combines pumping music, with an intensive all-body work out, conducted by a professional fitness instructor. The investment will be used to roll-out the concept across London with plans to develop another 10 studios by 2015.
·; Plenish Limited (24/6/2013): Investment of £225,000 in new equity
Plenish is leading fresh pressed juice company in the UK. Plenish juice is 100% raw (unpasteurised) and cold-pressed. The company is currently selling via 2 main channels: www.plenishcleanse.com and through account sales via retailers (e.g. Harvey Nichols, Natural Kitchen). Online sales consist of 3 day or 5 day cleanse options, and account sales consist of smaller 250ml juice bottles. The investment will be used to purchase new industrial scale juicers and fund short term working capital requirements.
·; Kat Maconie Limited (24/6/2013): Investment of £320,000 in new equity
Kat Maconie, founded in 2008, designs and manufactures ladies shoes which are sold online, in department stores and boutiques globally. The range consists of 5 distinct varieties crossing 3 product groups; Treasures, Essentials and Wardrobe Pieces at a range of different price points from £85 to £210 per pair of shoes. Kat Maconie and her team design the shoes in-house and they are produced in Brazil. The investment will be used to expand the main line collections, enhance sales and marketing efforts, and develop an e-commerce platform for the business.
·; La Bottega (01/8/2013): Investment of £960,000 (first tranche of £690,000) in new equity and £1m mezzanine debt
La Bottega is a small family run chain of Italian delicatessens in London, which serve high quality authentic Italian food and coffee. The food is sourced either locally (cold meats, pastries, drinks and other grocery items) or directly from Italy. Currently there are 6 shops trading in London in Chelsea, Belgravia, South Kensington, Ryder Street, Berners Street and Pont Street. The investment will be used to provide expansion capital to open multiple new sites across selected neighbourhoods in London.
Performance
The net asset value of the Company at 30 June was £11.8 million. This is a very modest decline of £0.3 million from the proceeds raised from the offer and is principally represented by the issue costs of the offer, which were capped at 2%. The Company made its first allotment of shares in April 2013 and started investing at the end of that month. As a consequence, investments are being held at their acquisition cost to the Company. The Company considers that only in exceptional circumstances is it likely to re-assess the fair value of its investments within its first 12 months of ownership.
About the Company
Pembroke VCT plc is a new venture capital trust (VCT) which is seeking to raise £20 million to invest in a diversified portfolio of smaller companies, being principally unquoted companies, with the object of generating significant capital appreciation whilst enabling Investors to benefit from substantial tax benefits.
The Company offers a differentiated investment strategy with a principal focus on making investments in consumer-facing businesses capable of building a brand in their chosen marketplaces.
For further details about the Company please contact:
Pembroke VCT plc
www.pembrokevct.com
+44 20 7766 6900
Peter Dubens / Andrew Wolfson
The City Partnership (UK) Limited (Company Secretary)
0131 243 7210
Doreen Nic