TIDMBSC
RNS Number : 6747P
British Smaller Companies VCT2 Plc
21 June 2022
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 31 March 2022
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 31 March 2022.
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 2022 was unchanged at
139.5 pence per ordinary share. During the same period the FTSE
Small Cap Market Overview fell by 6.8 per cent.
In the quarter the Company made one new investment, providing
GBP2.0 million of funding to Relative Insight, a company which
delivers scenario planning and forecasting solutions for supply
chain, finance and operations. The investment enables the business
to continue its global expansion strategy and product development.
Two follow-on investments were also made in the period, into Arraco
and Sipsynergy, totalling GBP0.5 million.
Following the quarter end one new investment and two follow-on
investments totalling GBP1.3 million have been completed.
Performance
The movement in Total Return in pence per ordinary share is set
out in the table below:
31 December Increase Issue/Buyback Movement 31 March
2021 in Value of shares In Period 2022
Net Assets (GBPm) 87.4 0.6 23.5 24.1 111.5
------------ ---------- -------------- ----------- ------------
NAV per share
(PPS) 61.5p 0.3p (0.3p) - 61.5p
------------ ---------- -------------- ----------- ------------
Cumulative dividends
paid (PPS) 78.0p - - - 78.0p
------------ ---------- -------------- ----------- ------------
Total Return
(PPS) 139.5p 0.3p (0.3p) - 139.5p
------------ ---------- -------------- ----------- ------------
Shares in issue 142,155,199 - 39,041,964 39,041,964 181,197,163
------------ ---------- -------------- ----------- ------------
The unaudited NAV per ordinary share was unchanged at 61.5 pence
per share (31 December 2021: 61.5 pence per ordinary share).
The movements in NAV per ordinary share are set out in the table
below:
GBPm Pence per
ordinary share
NAV at 31 December 2021 87.4 61.5
Increase in portfolio value 1.0 0.6
Net operating costs (0.4) (0.3)
Issue/buy-back of shares 23.5 (0.3)
------ ---------
24.1 -
------ -------
NAV at 31 March 2022 111.5 61.5
------ ------ --------- -------
Following payment of an interim dividend of 1.5 pence per
ordinary share for the year ending 31 December 2022 on 6 May 2022,
the unaudited net asset value is 60.0 pence per ordinary share.
Dividends and shares in issue
On 7 January 2022, the Company issued 40,224,521 ordinary shares
arising from the 2021/22 fundraising, at offer prices between 61.74
pence and 66.16 pence per ordinary share.
On 29 March 2022, the Company purchased 1,182,557 ordinary
shares of 10 pence each at a price of 58.93 pence per ordinary
share. These shares were placed in treasury.
The number of ordinary shares in issue at 31 March 2022 was
181,197,163 (31 December 2021: 142,155,199). In addition, at 31
March 2022 the Company held 17,112,331 ordinary shares in treasury
(31 December 2021: 15,929,774)
Following payment of the first interim dividend for the year
ending 31 December 2022 of 1.5 pence per ordinary share on 6 May
2022, the Company issued 903,714 ordinary shares under the DRIS,
taking cumulative dividends paid to 79.5 pence per ordinary share
and the number of ordinary shares in issue to 182,100,877 at that
date.
Net assets
Net assets at 31 March 2022 comprised the following:
% of net
GBP000 assets
Unquoted investments at fair
value 73,569 66.0%
Cash and cash equivalents 41,721 37.4%
Other net current liabilities (3,782) (3.4%)
-------- ---------
Net assets 111,508 100.0%
======== =========
Investments
The investment portfolio at 31 March 2022 comprised:
Cumulative
valuation
as a %
Valuation of net
GBP000 assets
Matillion 23,696 21.3%
Springboard Research 4,425 25.2%
Unbiased 4,153 28.9%
Wooshii 3,399 32.0%
Intelligent Office UK 3,368 35.0%
Elucidat 3,084 37.8%
SharpCloud 2,865 40.3%
Force24 2,665 42.7%
ACC Aviation 2,436 44.9%
DisplayPlan 2,366 47.0%
52,457 47.0%
Other investments 21,112 66.0%
Total investments 73,569 66.0%
========== ===========
Shareholder relations
We are pleased to confirm the return of an in-person Investor
Workshop for 2022. This will be held jointly with British Smaller
Companies VCT plc on 29 June 2022 at 1 Great George Street,
Westminster, London SW1P 3AA. After the success of the webinars
over the past couple of years, we will also continue providing
these once per year, with the next event planned for December
2022.
Ukraine
During the build up to and subsequent to the recent invasion of
Ukraine by Russia, we have been closely monitoring the impact of
the war on your portfolio. There is minimal direct impact, which
has principally been in a small number of cases where portfolio
company software development teams have been based in Ukraine. From
a business perspective, continuity of supply and service has been
secured, although we are aware of a small number of developers who
we believe are directly caught in the conflict and our thoughts are
with them and all those suffering the humanitarian impact of the
war.
Outlook
Whilst the current UK and global economic backdrop presents an
overall challenging environment the search for those smaller higher
growth businesses that can develop and adapt over the medium term
continues with the characteristics sought unchanged. In all the
businesses there will be an even greater emphasis on focussing
capital on those areas delivering a shorter term impact, but we
believe that the requirement and demand for equity from the UK's
smaller businesses is likely to be heightened over the coming
months which will give your Company opportunity to add to its
portfolio.
Following the recent fundraise we are well placed to take
advantage of this opportunities as they arise.
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.
21 June 2022
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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