TIDMBSV
RNS Number : 7784O
British Smaller Companies VCT PLC
23 August 2017
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 30 June 2017
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 30 June 2017.
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
During the quarter the Company has maintained its total return
at 213.00 pence per ordinary share.
In May the Company realised its investment in Selima Holding
Company Ltd generating initial proceeds of GBP2.0 million. This
takes the total return from this investment to GBP2.2 million, a
multiple of 3.7x cost. There is the potential for additional
contingent consideration of up to a maximum of GBP1.4m million,
subject to the achievement of milestones over the period to
November 2019.
Performance
30 June 2017 Movement 31 March
2017
--------------------------- ------------- ---------- ------------
Net Assets (GBPm) 83.71 (4.36) 88.07
--------------------------- ------------- ---------- ------------
NAV per share (PPS) 76.55p (5.75p) 82.30p
--------------------------- ------------- ---------- ------------
Cumulative dividends paid
(PPS) 136.45p 5.75p 130.70p
--------------------------- ------------- ---------- ------------
Total Return (PPS) 213.00p - 213.00p
--------------------------- ------------- ---------- ------------
Shares in issue 109,367,183 2,407,686 106,959,497
--------------------------- ------------- ---------- ------------
The total return at 30 June 2017, calculated by reference to the
NAV per ordinary share and the cumulative dividends paid per
ordinary share, was 213.00 pence per ordinary share compared to
213.00 pence per ordinary share at 31 March 2017.
The unaudited NAV per ordinary share as at 30 June 2017 was
76.55 pence per ordinary share (31 March 2017: 82.30 pence per
ordinary share). The movement in NAV per ordinary share reflects
the interim dividend of 5.75 pence per ordinary share paid on 26
May 2017. Following payment of this interim dividend cumulative
dividends paid were 136.45 pence per ordinary share (31 March 2017:
130.70 pence per ordinary share).
Shares in issue
Pursuant to its dividend re-investment scheme on 26 May 2017 the
Company issued 2,407,686 ordinary shares at a price of 72.53 pence
per ordinary share.
The number of ordinary shares in issue at 30 June 2017 was
109,367,183 (31 March 2017: 106,959,497). In addition, at 30 June
2017 the Company held 4,047,999 ordinary shares in treasury (31
March 2017: 4,047,999).
Net assets
Net assets at 30 June 2017 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 51,756 61.8
Quoted investments at
bid price 2,498 3.0
------- ---------
Total investments 54,254 64.8
Fixed income government
securities 1,440 1.7
Cash and cash equivalents 28,238 33.7
Other net current liabilities (225) (0.2)
------- ---------
Net assets 83,707 100.0
======= =========
The investment portfolio at 30 June 2017 was comprised as
follows:
Valuation
as a %
Valuation of net
GBP000 assets
ACC Aviation 5,340 6.4
Intelligent Office 4,634 5.5
Mangar Health Limited 4,187 5.0
DisplayPlan Holdings Limited 2,893 3.5
Springboard Research Holdings
Limited 2,835 3.4
Business Collaborator Limited 2,716 3.2
GTK (Holdco) Limited 2,530 3.0
Gill Marine Holdings Limited 2,253 2.7
Leengate Holdings Limited 2,238 2.7
Matillion Limited 2,100 2.5
31,726 37.9
Other investments 22,528 26.9
---------- ----------
Total investments 54,254 64.8
========== ==========
During the quarter to 30 June 2017 the Company made one
follow-on investment of GBP0.4 million into Sipsynergy (via Hosted
Network Services Limited).
In the quarter to 30 June 2017 the realisation and repayment of
investments generated proceeds of GBP2.7 million, including GBP2.0
million arising from the realisation of Selima Holdings Company
Ltd, generating a multiple of 3.7x original cost.
Subsequent to the period end, in July, the Company invested
GBP1.8 million into Friska Limited, a Bristol based chain of
food-to-go restaurants.
Portfolio Performance
The portfolio generated realised gains of GBP0.6 million in the
quarter to 30 June 2017. However, these were offset by an overall
decrease of GBP0.6 million in unrealised portfolio valuations.
While there were strong performances in the quarter from the
investments in Springboard; Deep Secure; Mangar and Intelligent
Office these were more than offset with downgrades from DisplayPlan
and Heritage Windows.
The Board continues to follow its policy of maintaining a
diversified portfolio. At 30 June 2017, only two investments
represented more than 5 per cent of the Company's NAV.
Outlook
Your Board remains encouraged by the increase in investment
opportunities that it is seeing. Despite the slowdown that has been
seen in gaining advance assurances we remain hopeful that this
enquiry rate will continue to translate into increasing the size
and diversity of the investment portfolio. We also note the launch
of the Patient Capital Review by the Government and will be
responding to the calls for consultation and await its outcome with
interest.
Retirement of Philip Cammerman
As shareholders will note, Philip Cammerman retired at the
Company's AGM on 1 August 2017 and the Board would like thank him
for his critical contribution to the Company over the 21 years
since it was formed.
When the VCT legislation was introduced back in 1995, by the
then Chancellor Ken Clarke, Phil made the decision for YFM to raise
a VCT and came up with the name British Smaller Companies VCT.
Advertising in some of the dailies with the slogan 'Nicer than an
ISA' helped raise some funds and by April 1996, with GBP4.6 million
raised, the Company was formed. The first investment was GBP160,000
into Freshroast Coffee Co and that has since been followed by 95
others.
Under Phil's stewardship YFM and the VCT grew into one of the
most successful fund managers and VCT performers. The fundraisings
that were so hard and difficult at the start turned into
oversubscriptions and equivalent amounts are now raised in a matter
of days.
Colleagues at YFM and on the Board, who have worked with Phil
for many years, have enjoyed his company, his good humour and his
business acumen. Combining his engineering training with a
financial services career has brought a rare blend of skills to his
role on the Board which has significantly contributed to the
Company's development.
The Board and all at YFM thank Phil for his immense contribution
to the Company, and wish him all the best for a long and healthy
retirement.
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.
23 August 2017
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Jonathan Becher Panmure Gordon (UK) Limited Tel: 0207 886 2715
This information is provided by RNS
The company news service from the London Stock Exchange
END
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