20th May 2014 15:13
LONDON (Alliance News) - Unicorn AIM VCT PLC Tuesday reported a net asset value total return and said its net assets increased due to a capital gain generated by its portfolio.
The venture capital trust, which has an objective of providing shareholders with an attractive return from a diversified portfolio investments, mainly in AIM companies, said its net asset value total return for the six months ended March 31 was up 15% after adding back dividends paid of 6 pence a share.
Over the period, the company's NAV increased to 142.8 pence from 129.8 pence. Its shares were quoted at 125.50p, down 0.4% Tuesday afternoon.
Net assets increased by GBP12.6 million to GBP86.3 million, due to a strong investment performance and its offer for subscription, the company said. The investment portfolio generated a GBP11.1 million capital gain during the period, while new shares allotted under a subscription added GBP6.7 million.
"The board is pleased with the positive development of the company in the period and remains optimistic that, if relatively benign trading and market conditions prevail in the second half of the financial year, then further progress should be made. In recent weeks, however, equity markets in general have experienced increased volatility, with the more highly rated technology and biotechnology sectors suffering in particular. At the time of writing, the company's net asset value remains largely unaffected," Peter Dicks, chairman, said in a statement.
"The majority of our investee companies appear to be in good health and the Investment Manager remains confident that, in most cases, growth forecasts for these businesses will be met or even exceeded. With substantial new capital available, the manager is also seeking to make new investments in promising businesses," Dicks added.
By Samuel Agini; [email protected]; @samuelagini
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