25 Aug 2016 16:29
25 August 2016
PEMBROKE VCT PLC
Quarterly Report
for the period from 1 April to 30 June 2016
Pembroke VCT plc (the "Company") presents its quarterly report for the period from 1 April to 30 June 2016.
· £2.0 million invested in the quarter to 30 June
· Total investments of £21.8 million to date
· B Ordinary Share offer of up to £15 million remains open
· Current subscribers remain eligible for final dividend
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 2016 was £31.9 million, up from £28.7 million at 31 March 2016, reflecting additional subscriptions to the Company in the period. The net asset value was £20.2 million in respect of the Ordinary Share class and £11.7 million in respect of the B Ordinary Share class.
This equates to a net asset value per share of 111.50 pence for the Ordinary Share class and 104.41 pence for the B Ordinary Share class.
In total, an additional £2.0 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 30 June 2016, there were no changes made to the assessment of fair values of investments in the portfolio.
Investments made in the period
In the quarter ended 30 June 2016, the Company invested a total of £2.0 million. This comprised £1.6 million in follow-on investments in nine portfolio companies to support their continued growth, in addition to investments of an aggregate £0.4 million in two exciting opportunities in the premium lunchtime dining and accessible fashion spaces:
· Bel-Air Inc., a Californian-styled café offering distinctive fresh meats, fish and salads to the premium London lunchtime market, incorporating innovative technology to enhance the customer satisfaction and retention
· Alexa Chung, the iconic model and designer has founded her own fashion label to be named Alpha Charlie. It will offer accessible luxury womenswear and already boasts a substantial pre-collection order book. Its first collection is expected to launch in early 2017
Investments made post-period end
Between the end of the period and the date of this announcement, £1.7 million has been invested in six follow-on investments within the portfolio. Of this £0.7 million is in the form of equity (to Second Home, Penfield and Alpha Charlie) and £0.9 million in the form of loans (Five Guys, Bella Freud Parfum and ME+EM).
B Ordinary Share Offer
On 29 October 2015 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").
Following an announcement on 26 April 2016 the closing date for the Offer was extended to 30 September 2016.
The Company confirms that subscribers to the current Offer will be eligible for receipt of the proposed final dividend for the year ending 31 March 2016 of 2 pence per B Ordinary Share upon receipt by the Registrars of completed subscriptions by 10am on 30 September 2016, provided the proposed dividend is approved at the Company's annual general meeting to be held on 29 September 2016. Copies of the Offer document are 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 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 2016 and 25 August 2016 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