24th Jun 2014 09:35
LONDON (Alliance News) - Chrysalis VCT PLC Tuesday said it will pay a 7.5 pence per share special dividend in the wake of the sale of its stake in Wessex Advanced Switching Products.
Chrysalis invested in Wessex in 1999 and said the GBP8.9 million proceeds from the sale were more than double the investment's carrying value, resulting in a GBP8.85 million profit on the original GBP50,000 cost paid by Downing Classic VCT PLC, one of the VCTs which merged to create the Chrysalis VCT.
In conjunction with the regular interim dividend, this means shareholders will receive a total of 9.25 pence per share in July.
Chrysalis shares were Tuesday quoted up 10.6% at 70.79 pence.
"Our experience is that the economy and, in particular, the SME sector, in which we operate, continues its slow but steady improvement. We believe there will be good investment opportunities for your Fund and our investment team, led by Chris Kay with his usual diligence and skill, is in active pursuit of some opportunities which appear to have potential, Chairman Peter Harkness said in a statement.
The company was reporting half-yearly results for the six months ended April 30. It recent performance summary is as follows.
| 4/30/2014 | 10/31/2013 | 4/30/2013 | |
| NAV per Share | 93.8 | 83.5 | 82.5 |
| Cumulative dividends paid per share | 44 | 40.7 | 39 |
| Total return | 137.8 | 124.2 | 121.5 |
By Samuel Agini; [email protected]; @samuelagini
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