24th Jan 2008 16:11
British Smaller Companies VCT PLC24 January 2008 BRITISH SMALLER COMPANIES VCT PLC ("the Company") INTERIM MANAGEMENT STATEMENT For the quarter ended 31 December 2007 British Smaller Companies VCT plc presents its interim management statement forthe quarter ended 31 December 2007. This is the Company's second interimmanagement statement for the financial year ending 31 March 2008. The unaudited net asset value per Ordinary share as at 31 December 2007 was100.74 pence per share. This compares to 100.70 pence per share at 30 September2007 after taking into account the dividend of 2 pence per share that was paidon 16 November 2007. Against a background of volatile markets the resultant total return at 31December 2007 rose to 140.74 pence per share compared to 136.3 pence per shareat 31 March 2007. The Company has continued to manage it's portfolio actively, having completed 7investments at a total cost of £3.8 million in the eight months since thefundraising closed on 30 April 2007. The quarter to 31 December 2007 saw the Company realise two of its investmentson the same day, 19 October 2007. These were the sale of Cozart plc to Concatenoplc realising £2.24 million (compared to a cost of £0.45 million) and thedisposal of RMF Limited realising £0.24 million (compared to a cost of £0.09million). The number of Ordinary shares in issue at 31 December 2007 was 25,935,718.During the three months ended 31 December 2007 40,000 shares were re-purchasedand held in Treasury by the Company at a price of 91.0 pence per share. In totalat 31 December 2007 the Company held 488,445 shares in Treasury. Net assets at 31 December 2007 comprised the following: £000 % of net assets Unquoted investments at fair value 8,278 31.7Quoted investments at bid price 4,370 16.7 -------- --------Total venture capital investments 12,648 48.4 -------- -------- Cash and cash equivalents 12,680 48.5Other net current assets 799 3.1 -------- --------Net assets 26,127 100.0 -------- -------- The ten largest investments by valuation at 31 December 2007 were as follows: £000 % of net assets GO Outdoors Limited 1,913 7.3Sheet Piling Limited 1,389 5.3Connaught plc 1,363 5.2Cater Plus Services Limited 1,000 3.8RMS Holdings Limited 900 3.5Harvey Jones Limited 777 3.0Mattioli Woods plc 658 2.5Able Care Limited 650 2.5Harris Hill Limited 600 2.3Pressure Technologies plc 553 2.1 -------- --------Top ten investments 9,803 37.5 Other investments 2,845 10.9 -------- --------Total venture capital investments 12,648 48.4 -------- -------- Quoted investments are carried at bid price at 31 December 2007. Unquotedinvestment are carried at fair value as at 31 December 2007 as determined by thedirectors. During the three months ended 31 December 2007 the following significantinvestment transactions took place (all companies are unquoted except whereotherwise indicated): New Investments in the three months to 31 December 2007: Name of company: Business activity: Amount invested £000 Connaught plc Support Services 225Able Care Limited Domicilliary Care 650Hargreaves plc Transport and coal mining 200 -------- 1,075 -------- Realisations in the three months to 31 December 2007: Name of company: Sale Original Carrying proceeds cost value at 30.09.2007 £000 £000 £000 Cozart plc 2,239 453 2,239Connaught plc 299 224 0RMF Engineering Limited 224 90 171Secure Mail Services Limited 119 0 0Denison Mayes Limited 5 5 5 --------- --------- --------- 2,886 772 2,415 --------- --------- --------- All of these realisations were a valuations above cost. In addition, there havebeen expressions of interest in other investments which may result in attractiveoffers. New investment opportunities have continued to be presented at anencouraging rate which has resulted in £1.1 million of new investments in thelast quarter. On 4 January 2008 the Company issued a prospectus seeking to raise up to £5.3million to continue to take advantage of the level of investment opportunitiespresented. This is subject to the approval of shareholders at an EGM to be heldon 6 February 2008. The board believes that a good level of liquidity at this time will bebeneficial affording the opportunity to take advantage of the investmentopportunities that are presented. 24 January 2008 For further information please contact: David Hall YFM Private Equity Tel: 0161 832 7603 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Br.smaller Cos.