18th May 2012 14:43
Baronsmead VCT 3 plc Interim Management Statement
For the three month period from 1 January 2012 to 31 March 2012.
Headlines-
+5.3% increase in underlying net asset value per share +17.1% growth in the AIM & listed portfolio £3.9m raised (net of expenses) from 561 shareholders
Performance SummaryCapital return As at As at Movement 31 Mar 2012 31 Dec 2011 Total net assets £66.91m £60.10m Net asset value per share 105.49p 100.16p 5.3% Share price 92.75p 91.25p 1.6% Discount to NAV (12.1%) (8.9%) 3 month 1 year 5 years 10 years Net asset value total 5.3% 7.7% 15.9% 93.0%return (1)
Share price total return(2) 1.6% 7.8% 18.5% 97.0% FTSE All-share total return 6.1% 1.4% 9.5% 65.5%(3) Key:
(1) NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP
(2) Share price total return = Mid to mid share price + reinvested dividends; Source: AIC
(3) FTSE All-share = FTSE All-share Index + reinvested dividends; Source: AIC
These total returns are stated before the inclusion of VCT taxreliefs which are designed to mitigate the higher risks and costs associatedwith investing in smaller companies and the constraints of the VCT legislation.The tax reliefs given at the time of subscription have been 20%, 40%and later 30%, so any adjusted performance measure including this relief willvary depending on the date of subscription. There is the additional benefit ofreceiving VCT dividends tax free.
Investment Performance
The net asset value total return of the company increased 5.3% during the quarter compared to an increase of 6.1% in the FTSE All Share Total Return over the same period. The unquoted portfolio valuation increased by 2.8% in the quarter and the AIM portfolio increased by 17.1%.
Top Ten Investments Position Position Percentage at at of NAV
31 Mar 2012 31 Dec 2011 Company
as at 31 Mar 2012 1 1 Nexus Vehicle Holdings Limited 7.7 2 2 CableCom Networking Holdings 5.8 Limited 3 4 IDOX plc 4.9 4 3 Crew Clothing Holdings Limited 4.0 5 6 CSC (World) Limited 3.3 6 7 Fisher Outdoor Leisure Holdings 3.3 Limited 7 5 Kaf©vend Holdings Limited 3.2 8 12 Independent Living Services Limited 3.1 9 8 Valldata Group Limited 2.6 10 9 Inspired Thinking Group Limited 2.1 Total 40.0Analysis of Total Assets Percentage of total Percentage of total assets assets 31 Mar 2012 31 Dec 2011 Unquoted investments 45 51 AIM, Listed & Collective 32 31Investments Interest Bearing 33 17 Securities Net current (10) 1 (liabilities)/assets* Total cash portfolio 23 18 Total Assets 100 100
*Cash less investments awaiting settlement
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of total Percentage of total investments at 31 Mar investments at 31 Dec 2012 2011 Business Services 32 34 Consumer Markets 18 18 Financial Services 2 2 Healthcare & Education 14 13 Technology, Media and 34 33Telecommunications Total 100 100Investment Activity
During the quarter a total of £0.1m was invested in two AIM quoted stocks, Accumuli plc & Driver Group plc.
Shortly after the period end a further four unquoted investments werecompleted. On 4 April 2012, £0.8m was invested in Happy Days, a day nurseryoperator based in the South West of England. On 3 and 4 April 2012, £3.0m wasinvested in three companies formed to enable investment into establishedtrading entities, each led by an experienced Chairman. All three Chairmen workwith ISIS as operating partners.
After the period end, a further investment of £1.0m was also made in Wood Street Microcap Investment Fund and £1.1m was invested in one new and two follow-on AIM traded investments.
Investments madeCompany Date Cost (£'000) Accumuli plc Feb 2012 6 Driver Group plc Jan/Feb 2012 61 Total investments 67RealisationsA total of £1.53m was realised from the sale or partial sale of two unquotedinvestments and three quoted investments. These sales realised a net capitalloss of £0.6m.Company Date Cost Proceeds Multiple (£'000) (£'000) Clarity Commerce Solutions Jan 2012 50 31 0.63plc (full trade sale) MLS Limited (partial loan Feb/Mar 2012 99 99 1.00redemption) Real Good Food Company Mar 2012 273 120 0.44(The) plc (partial sale) TVC Group Limited Mar 2012 1,233 1,275 ^ Colliers CRE (written off) Mar 2012 470 0 N/A Total realisations 2,125 1,525†^Not disclosed
†Proceeds of £8,000 were also received in respect of Getting Personal Limited, which had been sold in the year ended 31 December 2011.
Events after the period endNew investments
As noted above, since 31 March 2012 the Company invested a total of £5.93m infour new unquoted, one new and two follow-on quoted investments and a furtherinvestment in Wood Street Microcap Investment Fund. The Company has nowinvested in 72 companies, 25 unquoted and 47 quoted investments.
Other than the events described above, the Board is not aware of any significant events or transactions which have occurred between 31 March 2012 and the date of publication of this statement which would have a material impact on the financial position of the Company.
Investment objective
Baronsmead VCT 3 plc is a tax efficient listed company which aims to achieve long-term investment returns for private investors.
Further information
Further information regarding the Company, including net asset values published since the end of the period and quarterly factsheets, can be found at the Company's website www.baronsmeadvct3.co.uk
Contact
For further information please contact:
Michael Probin Investor Relations Manager 020 7506 5600 [email protected]
XLONRelated Shares:
Baronsmead 2vt