15th Feb 2021 13:33
(Alliance News) - Crown Place VCT PLC on Monday said its net assets declined in the first half of its current financial year.
The UK-based venture capital trust said it has achieved a total return of 0.82 pence per share as at December 31, which is a 2.5% return on opening net asset value per share.
Following payment of dividends totalling 2.83p per share during the half-year period, the NAV as at the end of 2020 was 31.13p per share, lower than 33.14p per share recorded at the end of June 2020.
The company said it bought back and held in treasury 1.9 million shares at a total cost of GBP568,000, in-line with the share buy-back policy.
During the six month period, the company deployed GBP3.9 million into investments. Of this amount, GBP2.6 million was invested into The Voucher Market, Seldon Technologies, Threadneedle Software Holding, and uMedeor, all of which are likely to require further investment as they continue to grow, the trust noted.
The remaining proceeds were used to make further investments into existing portfolio companies to support their continuing growth, most notably: Quantexa, uMotif, Phrasee, and Limitless Technology.
There were two disposals in the half-year, the company said, G Network Communications and Clear Review.
Since the company's year end, many of its portfolio companies have demonstrated resilient growth, it noted.
The stock was down 5.2% at 27.50p on Monday.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Albion Crown