TIDMBSC
RNS Number : 9761B
British Smaller Companies VCT2 Plc
15 June 2021
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 31 March 2021
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 31 March 2021.
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 31 March 2021 was 126.8 pence per
ordinary share, representing an increase of 1.8 pence per ordinary
share over the Total Return of 125.0 pence per ordinary share as at
31 December 2020.
The fundraising in the quarter was fully subscribed and raised
net proceeds of GBP6.8 million.
Performance
The movement in Total Return in pence per ordinary share is set
out in the table below:
Share
issues
including
DRIS /
31 December Increase buyback Movement 31 March
2020 in Value of shares Dividends In Period 2021
Net Assets (GBPm) 70.9 2.5 6.4 (1.9) 7.0 77.9
------------ ---------- ----------- ---------- ----------- ------------
NAV per share
(PPS) 55.0p 1.9p (0.1p) (1.5p) 0.3p 55.3p
------------ ---------- ----------- ---------- ----------- ------------
Cumulative dividends
paid (PPS) 70.0p - - 1.5p 1.5p 71.5p
------------ ---------- ----------- ---------- ----------- ------------
Total Return
(PPS) 125.0p 1.9p (0.1p) - 1.8p 126.8p
------------ ---------- ----------- ---------- ----------- ------------
Shares in issue 128,956,091 - 12,011,378 - 12,011,378 140,967,469
------------ ---------- ----------- ---------- ----------- ------------
The unaudited NAV per ordinary share increased from 55.0 pence
per share to 56.9 pence per share, equivalent to 3.5 per cent in
the period. Of this increase 1.5 pence per ordinary share was paid
as an interim dividend on 5 March 2021, taking cumulative dividends
paid at 31 March 2021 to 71.5 pence per ordinary share (31 December
2020: 70.0 pence per ordinary share). The resultant Net Asset Value
at the end of the period is 55.3 pence per share.
The Company's Total Return over five years is 23.9 per cent.
The movements in NAV per ordinary share are set out in the table
below:
GBPm Pence per
ordinary share
NAV at 31 December 2020 70.9 55.0
Increase in portfolio value 2.8 2.1
Net operating costs (0.3) (0.2)
Issue/buy-back of shares 6.4 (0.1)
------ --------
8.9 1.8
------ --------
NAV before payment of dividend 79.8 55.8
Dividend paid (1.9) (1.5)
NAV at 31 March 2021 77.9 55.3
------ ------ --------
Dividends and shares in issue
Following the payment of the interim dividend of 1.5 pence per
share on 5 March 2021 the Company issued 742,805 ordinary shares
under the DRIS.
The Company issued 12,756,951 ordinary shares on 11 March 2021
following the closure of the non-prospectus offer.
On 25 March 2021 the Company purchased 1,488,378 ordinary shares
of 10 pence each at a price of 51.33 pence per ordinary share.
These shares were placed in treasury.
The number of ordinary shares in issue at 31 March 2021 was
140,967,469 (31 December 2020: 128,956,091). In addition, at 31
March 2021 the Company held 13,864,815 ordinary shares in treasury
(31 December 2020: 12,376,437).
Investments
The investment portfolio at 31 March 2021 comprised:
Valuation
as a %
Valuation of net
GBP000 assets
Matillion Limited 14,053 18.0%
Intelligent Office UK Limited 3,132 4.0%
Springboard Research Holdings
Limited 2,787 3.6%
KeTech Enterprises Limited 2,725 3.5%
Unbiased EC1 Limited 2,684 3.4%
Elucidat Limited 2,389 3.1%
ACC Aviation Group Limited 2,206 2.8%
Arcus Global Limited 2,096 2.7%
Deep-Secure Limited 2,062 2.7%
Force24 Ltd 1,934 2.5%
36,068 46.3%
Other investments 17,710 22.7%
Total investments 53,778 69.0%
========== ==========
Investments made prior to the November 2015 Budget represented
32 per cent of the value of the unquoted portfolio at 31 March
2021.
Following the period end three follow-on investments totalling
GBP1.4 million have been completed.
Portfolio performance
Over the quarter to 31 March 2021 the aggregate portfolio
valuation has increased by GBP2.8 million.
The Company has exchanged contracts for the sale of its
shareholding in Deep-Secure Ltd. The transaction is subject to
regulatory review and customary closing conditions and is expected
to close in or before August 2021. If the transaction completes it
would result in an uplift in the Company's unaudited NAV per
ordinary share as at 31 March 2021 of 0.9 pence per ordinary share,
an increase of 1.6 per cent.
Shareholder relations
Your Company will be holding an on-line version of the investor
workshop on 25 June 2021, details of which have been communicated
to shareholders.
Outlook
This year's lockdown seems to have had less impact on the
economy than those in 2020. The demand for capital from the UK's
small businesses shows no signs of slowing down and this should see
an increasing numbers of investment opportunities through the rest
of the year.
Your Board is therefore reviewing its plans for fundraising and
intends to raise further capital later this year and will be
announcing more details in due course.
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.
15 June 2021
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRFGPUPGQUPGGPA
(END) Dow Jones Newswires
June 15, 2021 08:30 ET (12:30 GMT)
British Smaller Companie... (LSE:BSC)
Historical Stock Chart
From Apr 2024 to May 2024
British Smaller Companie... (LSE:BSC)
Historical Stock Chart
From May 2023 to May 2024