4 Sep 2015 09:51
4 September 2015
PEMBROKE VCT PLC
Quarterly Report
for the period from 1 April to 30 June 2015
Pembroke VCT plc (the "Company") presents its quarterly report for the period from 1 April to 30 June 2015.
· £1.0 million invested in follow-on and new investments
· 3.3 million new B Ordinary shares issued
This quarterly report contains information that covers the period up to the date of its publication.
Performance
The net asset value of the Company at 30 June 2015 was £24.1 million, up from £20.8 million at 31 March 2015, reflecting additional allotments of B Ordinary shares in the period. The net asset value equated to £18.9 million in respect of the Ordinary share class and £5.2 million in respect of the B Ordinary share class.
In total, an additional £0.8 million was invested in the quarter in follow-on investments into the existing portfolio and £0.2 million in new investments. Of the total, £0.2 million was made by the ordinary share class in follow on investments and all other investments were made by the B Ordinary share class.
Investments are held at fair value. During the quarter to 30 June 2015, there were no material changes to the assessments of fair values for the portfolio of investments.
Investments made in the period
In the quarter ended 30 June 2015, the Company invested a total of £1.0 million comprising follow-on investments in six portfolio companies, amounting to £0.8 million, and £0.2 million in one new investment.
Follow-on investments in the quarter ended 30 June 2015:
Ordinary share class:
· Rated People: Investment of £0.1 million in equity
· Boom Cycle: Investment of £0.02 million in equity as part of the original committed capital
· Bella Freud Perfume: Investment of £0.1 million in loan notes as part of the original committed capital
B Ordinary share class:
· Chucs Bar & Grill: Investment of £0.1 million in equity
· Second Home: Investment of £0.2 million in equity
· Penfield: Investment of £0.2 million in equity
New investments in the quarter ended 30 June 2015:
· cheekfrills: £0.2 million was invested in new equity from the B Ordinary share class in the period (Apparel and Accessories sector)
cheekfrills, founded in 2012, is a women's underwear brand which first launched with a range of knickers, and soon expanded to include other undergarments including; vests, pyjamas, bralets, robes, shorts and chemises. The cheekfrills brand is renowned for high quality, comfortable and fun knickers with bright hues, cheeky slogans and beautiful box sets.
Investments made post-period end
Post the period end, the Company issued a further 0.5 million new B Ordinary shares and invested a total of £0.8 million comprising £0.6 million in follow-on investments and £0.2 million in one new investment. All investments were made by the B Ordinary share class.
Follow-on investments:
· Plenish: Investment of £0.25 million in new equity
· Dilly & Wolf: Investment of £0.1 million in new equity
· La Bottega: Investment of £0.25 million in loan notes
New investments:
· ME+EM: £0.2 million was invested in new equity (Apparel and Accessories sector)
ME+EM, founded in 2008, is a contemporary womenswear brand founded by Clare Hornby designing and producing its collections primarily through catalogues and online, with one retail site in Connaught Street. The range now consists of dresses, knitwear, denim, separates and accessories, with clothing priced at the affordable/mass-market range.
About the Company
Pembroke VCT plc (the "Company") is a generalist VCT focused on private equity style investments in the leisure and premium 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 1 April 2015 and 28 August 2015 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