Interim Management Statement

16 Aug 2007 16:12

Close Brothers Venture Cap Tst PLC16 August 2007 Close Brothers Venture Capital Trust PLC Interim Management Statement Introduction I am pleased to present your Company's first interim management statement forthe period from 1st April to 16 August 2007 as required by the UK ListingAuthority's Disclosure and Transparency Rule 4.3. Financial Position and Performance The Company's approximate unaudited net asset value (NAV) as at 30 June 2007 was116 pence per share. This is after accounting for a dividend of 5 pence pershare which was paid on 5 April 2007. If a Shareholder requires information regarding the current NAV please refer towww.closeventures.co.uk or the London Stock Exchange RNS service. Portfolio In the period from 1 April 2007 to 16 August 2007 Close Brothers Venture CapitalTrust PLC have made five investments, two being in existing investments andthree in new investments. These are as follows: Investment Existing/New investee company £'000sB & B Sky (Heathrow) Limited New 1,000The Crown Hotel Harrogate Limited Existing 900Churchill Taverns VCT (Hotels) New 850LimitedBravo Inns Limited New 450Churchill Taverns VCT Limited Existing 130 The new investee companies are as follows: B & B Sky (Heathrow) Limited: purchase of the 19 bedroom Stanwell Hall Hotelnear to Heathrow's Terminal 5. Churchill Taverns VCT (Hotels) Limited: purchase of the Lion Hotel inHuntingdon. Bravo Inns Limited: is a newly formed company to purchase and operate 6 freeholdpubs in the North West of England. Top Ten Qualifying Holdings (as at 30 June 2007) Holding Carrying Value £'000sKew Green VCT (Stanstead) Limited 9,225 Country and Metropolitan VCT Limited 3,013 The Crown Hotel Harrogate Limited 2,428 Prime VCT Limited 2,200 The Bold Pub Company Limited 1,724 City Screen (Cambridge) Limited 1,711 The Bear Hungerford Limited 1,615 Chase Midland VCT Limited 1,598 The Weybridge Club Limited 1,416 The Place Sandwich VCT Limited 1,266 Material Events and Transactions As mentioned above, a dividend of 5 pence per share was paid on 5 April 2007. In a Circular dated 29 June 2007, Shareholders were asked to consider thecontinuation of Close Brothers Venture Capital Trust PLC, amendments to theManager's remuneration and an increase in the Directors' remuneration. At theAGM on 6 August 2007, Shareholders accepted these resolutions, with theresolution for the continuation of Close Brothers Venture Capital Trust PLCbeing passed by a majority vote of over 99.74%. In the period from 1 April 2007 to 16 August 2007, your Company did notre-purchase any shares. On 8 August the Company sold its investment in The Bold Pub Company Limited.The proceeds of this sale were £1.98m and this realised a profit of £589,147. There have been no further material events or transactions that the Board areaware of between the 30 June 2007 and 16 August 2007. 16 August 2007For further information, please contact:Patrick ReeveClose Ventures LimitedTel: 020 7422 7830 This information is provided by RNS The company news service from the London Stock Exchange