Unicorn Asset Management Regulatory News (UAV)

25 Jul 2012 10:00

Unicorn AIM VCT plc

Interim Management Statement

For the period from 31 March 2012 to 30 June 2012

Introduction

The Company has prepared this Interim Management Statement (IMS) in accordance with the Disclosure and Transparency Rules of the UK Listing Authority. The IMS covers the three month period ended 30 June 2012, together with relevant information up to the date of publication.

Investment Objective

The objective of the Company is to provide Shareholders with an attractive return from a diversified portfolio of investments, predominantly in the shares of AIM quoted companies, by maximising the stream of dividend distributions to Shareholders from the income and capital gains generated by the portfolio.

It is also the objective that the Company should continue to qualify as a

Venture Capital Trust, so that Shareholders benefit from the taxation advantages that this brings. To achieve this at least 70% of the Company's total assets are to be invested in qualifying investments of which 30% by value must be in ordinary shares carrying no preferential rights to dividends or return of capital and no rights to redemption.

Performance

UK equity indices registered declines in the three month period ended 30 June 2012. The FTSE All-Share Index (excluding investment trusts) was down 2.6% on a total return basis, the FTSE AIM All-Share Index on a similar basis fell by 14.8%, whilst the Numis Smaller Companies Index declined by 5.6%.

The Company outperformed during the period with Net Asset Value (NAV) increasing by 1.7%. NAV performance is calculated on a total return basis, after adding back dividends paid. No dividends were paid in the period.

As at 30 June 2012, the unaudited NAV was 99.1 pence per share, compared to an unaudited NAV of 97.4 pence per share as at 31 March 2012.

Material Transactions

There were a small number of material transactions during the period under review.

In the Company's qualifying portfolio, partial disposals were made in Abcam and Animalcare in order to maintain appropriate weightings following strong share price performance.

The qualifying holding in Prologic was sold in full after a recommended cash offer for the business was announced at the end of March 2012.

In the non-qualifying portfolio, a partial disposal was made in the Unicorn UK Smaller Companies Fund.

Net proceeds from these disposals amounted to just under £1.2m and the aggregate capital gain was £48,000.

There were no new investments and no other material transactions in the period under review.

Top 10 Equity Holdings at 30 June 2012, as a percentage (%) of the Fund

Abcam 16.0%

Unicorn UK Smaller Companies Fund 7.8%

Tracsis 3.6%Anpario 3.5%Mears Group 3.5%IDOX 3.5%Mattioli Woods 3.0%Unicorn Mastertrust Fund 3.0%Surgical Innovations 2.9%Animalcare Group 2.7%Total 49.5%Material Events

In the three month period ended 30 June 2012, a total of 87,149 Ordinary Shares were purchased for cancellation at an average price of 66.0 pence per share.

After the period end, a further 124,075 shares were purchased for cancellation at a price of 71 pence per share.

There were no other material events during the period under review.