18th May 2016 09:21
LONDON (Alliance News) - Unicorn AIM VCT PLC on Wednesday said its current financial year is shaping up to be one of consolidation, having enjoyed "several years" of strong performance, amid uncertainty due to slowing global growth and the UK's June 23 referendum on whether to remain a member of the European Union or leave.
"Total returns in the first half of the period were 1% and the outlook for the remainder of the year remains clouded by referendum uncertainty and a slowing global economy," Chairman Peter Dicks said in a statement.
The venture capital trust, which merged with Rensburg AIM VCT in January and raised GBP10 million in an offer for subscription the following month later, said it invested GBP5.7 million in the six months ended March 31, marking the first half of its financial year.
As of March 31, the company's net asset value - the difference between its assets and liabilities - amounted to GBP139.5 million, an increase of GBP40.4 million when compared with the end of the same period a year earlier GBP14.9 million since the start of the current financial year.
"This growth in total net assets has arisen through a combination of well-supported offer for subscription, the successful completion of the acquisition of the assets of Rensburg AIM VCT and a period of solid, if unspectacular, performance from the existing portfolio," Dicks said.
The company's net asset value per share fell to 150.9 pence from 155.6p over the course of the six months. After taking into account the 2014/2015 final dividend of 6.25 pence per share, which was paid in February 2016, this represents a positive total return for the period of 1%, measuring up favourably to the total return of -1.3% generated by the FTSE AIM All-Share Index over the same period.
Dicks said that boutique investment manager Unicorn Asset Management, a specialist in managing funds investing in UK quoted small to mid-cap companies, has been able to deploy a significant proportion of the GBP10 million raised under the subscription offer into VCT qualifying companies.
The chairman said the company comfortably meets the criteria required to remain a venture capital trust, a status which provides it with tax advantages.
Shares in Unicorn AIM VCT were untraded on Wednesday, having closed at 132.75 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Unicorn Asset Management