TIDMBSC
RNS Number : 5251G
British Smaller Companies VCT2 Plc
25 November 2020
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 30 September 2020
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 30 September
2020. The statement also includes relevant financial information
between the end of the quarter and the date of this statement. A
copy of this interim management statement can be found at
www.bscfunds.com .
Overview
The Company's Total Return at 30 September 2020 was 120.6 pence
per ordinary share, representing an increase of 3.7 pence per
ordinary share over the Total Return of 116.9 pence per ordinary
share as at 30 June 2020.
Performance
The movement in Total Return in pence per ordinary share is set
out in the table below:
Pence per
ordinary share
Cumulative dividends to 30 June 2020 68.5
Net Asset Value ("NAV") at 30 June 2020 48.4
---------
Total Return at 30 June 2020 116.9
Increase in portfolio value 3.9
Value realised as income (1.5)
Net movement in portfolio value 2.4
Net income after expenses / share buy-backs 1.3
---------
Increase in Total Return 3.7
------------------------------------------------------------------ --------- -------
Total Return at 30 September 2020 120.6
--------------------------------------------------- ---- ------- --------- -------
The value of the portfolio increased by 3.9 pence per share,
equivalent to 8.1 per cent of the Net Asset Value at 30 June 2020.
Of this increase GBP1.9 million from ACC Aviation was crystalised
as a dividend payment to the Company which is shown in the net
income after expenses.
30 June Increase Issue Dividends Movement 30 September
2020 in Value under In Period 2020
DRIS /
buyback
of shares
Net Assets
(GBPm) 62.6 4.8 0.2 (1.9) 3.1 65.7
------------ ---------- ----------- ---------- ----------- -------------
NAV per share
(PPS) 48.4p 3.7p - (1.5p) 2.2p 50.6p
------------ ---------- ----------- ---------- ----------- -------------
Cumulative
dividends
paid (PPS) 68.5p - - 1.5p 1.5p 70.0p
------------ ---------- ----------- ---------- ----------- -------------
Total Return
(PPS) 116.9p 3.7p - - 3.7p 120.6p
------------ ---------- ----------- ---------- ----------- -------------
Shares in
issue 129,373,784 - 481,632 - 481,632 129,855,416
------------ ---------- ----------- ---------- ----------- -------------
The Total Return at 30 September 2020, calculated by reference
to the NAV per ordinary share and the cumulative dividends paid per
ordinary share, was 120.6 pence per ordinary share compared to
116.9 pence per ordinary share at 30 June 2020.
The unaudited NAV per ordinary share increased from 48.4 pence
per share to 52.1 pence per share, equivalent to 7.6 per cent in
the period. Of this increase 1.5 pence per ordinary share was paid
as an interim dividend on 21 September 2020, taking cumulative
dividends paid at 30 September 2020 to 70.0 pence per ordinary
share (30 June 2020: 68.5 pence per ordinary share). The resultant
Net Asset Value at the end of the period is 50.6 pence per
share.
The movements in NAV per ordinary share are set out in the table
below:
GBPm Pence per
ordinary share
NAV at 30 June 2020 62.6 48.4
Increase in portfolio value 5.0 3.9
Value realised as income (1.9) (1.5)
------ --------
Net movement in portfolio 3.1 2.4
Net income after expenses 1.7 1.3
Issue/buy-back of shares 0.2 -
------ --------
5.0 3.7
------ --------
NAV before payment of dividend 67.6 52.1
Dividend paid (1.9) (1.5)
NAV at 30 September 2020 65.7 50.6
------ ------ --------
Dividends and shares in issue
On 25 September 2020 the Company purchased 441,258 ordinary
shares of 10 pence each at a price of 45.00 pence per ordinary
share. These shares were placed in treasury.
Following the payment of the interim dividend of 1.5 pence per
share on 21 September 2020 the Company issued 922,890 ordinary
shares under the DRIS.
The number of ordinary shares in issue at 30 September 2020 was
129,855,416 (30 June 2020: 129,373,784). In addition, at 30
September 2020 the Company held 11,477,112 ordinary shares in
treasury (30 June 2020: 11,035,854).
Dividend Re-Investment Scheme
Following a review of market practice the Board has decided that
future issues of shares under the Company's DRIS will be
re-invested at the last reported net asset value, as adjusted for
the relevant dividend in question if this has not already been
recognised. The Company will be writing to shareholders to give
them the required one month's notice of this change.
Net assets
Net assets at 30 September 2020 comprised the following:
% of net
GBP000 assets
Unquoted investments 39,911 60.7%
Cash and cash equivalents 25,277 38.5%
Other net current assets 547 0.8%
------- ---------
Net assets 65,735 100%
======= =========
The investment portfolio at 30 September 2020 comprised:
Valuation
as a %
Valuation of net
GBP000 assets
Matillion Limited 8,895 13.5%
Intelligent Office UK Limited 3,185 4.8%
ACC Aviation Group Limited 3,060 4.7%
Unbiased EC1 Limited 2,449 3.7%
Springboard Research Holdings
Limited 2,424 3.7%
KeTech Enterprises Limited 2,283 3.5%
Arcus Global Limited 2,136 3.2%
Deep-Secure Limited 1,698 2.6%
Elucidat Limited 1,580 2.4%
Wooshii Limited 1,519 2.3%
29,229 44.4%
Other investments 10,682 16.3%
Total investments 39,911 60.7%
========== ==========
Investments made prior to the November 2015 Budget represented
41 per cent of the value of the unquoted portfolio at 30 September
2020.
On 20 November 2020 the Company invested GBP1.6 million into
Leeds based marketing automation software business Force24.
Portfolio performance
Over the quarter to 30 September 2020 the aggregate unrealised
portfolio valuation has increased by GBP5.0 million prior to
recognising the GBP1.9 million ordinary dividend received from ACC
Aviation.
Board composition
As previously announced Barbara Anderson joined the Board as an
independent non-executive director with effect from 1 October 2020,
and Robert Pettigrew will resign as a director on 31 December
2020.
Shareholder relations
Your Company will be holding an on-line version of the investor
workshop on 14 December 2020, details of which have been
communicated to shareholders.
Outlook
The portfolio has adapted well to the various restrictions
imposed as a result of the coronavirus pandemic and valuations have
continued to recover. Demand for growth capital continues, as the
recent investment in Force24 shows and the Company continues to
look for opportunities in innovative businesses and growing
sectors. The Company is well positioned to provide further funding
for these opportunities and to the portfolio as its investments
seek to further expand and, where appropriate, accelerate their
growth plans.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
25 November 2020
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (UK) Limited Tel: 0207 886 2767
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END
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