TIDMBSV
RNS Number : 7741F
British Smaller Companies VCT PLC
23 February 2018
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 31 December 2017
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 31 December
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
The Company has continued to make good progress with total
return rising to 214.8 pence per ordinary share; Net Asset Value
("NAV") stood at 78.4 pence per ordinary share. This is an increase
of 1.4 pence per ordinary share in the quarter equivalent to 1.8%
growth in the period.
Performance
31 December Movement 30 September
2017 2017
---------------------- ------------ ---------- -------------
Net Assets (GBPm) 85.1 1.1 84.0
---------------------- ------------ ---------- -------------
NAV per share (PPS) 78.4p 1.4p 77.0p
---------------------- ------------ ---------- -------------
Cumulative dividends
paid (PPS) 136.4p - 136.4p
---------------------- ------------ ---------- -------------
Total Return (PPS) 214.8p 1.4p 213.4p
---------------------- ------------ ---------- -------------
Shares in issue 108,607,183 (500,000) 109,107,183
---------------------- ------------ ---------- -------------
The total return at 31 December 2017, calculated by reference to
the NAV per ordinary share and the cumulative dividends paid per
ordinary share, was 214.8 pence per ordinary share compared to
213.4 pence per ordinary share at 30 September 2017.
The unaudited NAV per ordinary share as at 31 December 2017 was
78.4p pence per ordinary share (30 September 2017: 77.0 pence per
ordinary share). Cumulative dividends paid were unchanged at 136.4
pence per ordinary share (30 September 2017: 136.4 pence per
ordinary share).
Shares in issue
On 19 December 2017 the Company purchased 500,000 ordinary
shares of 10 pence each at a price of 73.65 pence per ordinary
share. These shares were placed in treasury.
The number of ordinary shares in issue at 31 December 2017 was
108,607,183 (30 September 2017: 109,107,183). In addition, at 31
December 2017 the Company held 4,807,999 ordinary shares in
treasury (30 September 2017: 4,307,999).
Net assets
Net assets at 31 December 2017 comprised the following:
% of
GBP000 net assets
Unquoted investments
at fair value 54,459 64.0
Quoted investments at
bid price 2,205 2.6
------- ------------
Total investments 56,664 66.6
Fixed income government
securities 708 0.8
Quoted funds 1,893 2.2
Cash and cash equivalents 24,378 28.6
Other net current assets 1,477 1.8
------- ------------
Net assets 85,120 100.0
======= ============
The investment portfolio at 31 December 2017 was comprised as
follows:
Valuation
as a
Valuation % of
GBP000 net assets
Intelligent Office 4,960 5.8
ACC Aviation 4,672 5.5
Mangar Health Limited 3,962 4.7
GTK (Holdco) Limited 2,964 3.5
Springboard Research
Holdings Limited 2,896 3.4
Matillion Limited 2,728 3.2
Business Collaborator
Limited 2,703 3.2
Gill Marine Holdings
Limited 2,569 3.0
Deep-Secure Limited 2,550 3.0
KeTech Enterprises Limited 2,336 2.7
32,340 38.0
Other investments 24,324 28.6
---------- ------------
Total investments 56,664 66.6
========== ============
There were no investments during the period.
In the quarter to 31 December 2017 the realisation and repayment
of investments generated proceeds of GBP1.4 million.
Portfolio Performance
Over the quarter to 31 December 2017 aggregate unrealised
portfolio valuations have increased by GBP1.6 million. There were
strong performances in the quarter from the investments in GTK,
Matillion, Deep-Secure and Business Collaborator, offset by
reductions from RMS, Sipsynergy and DisplayPlan.
The Board continues to follow its policy of maintaining a
diversified portfolio. At 31 December 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, although the conversion of this
pipeline to new investments continues to be hampered by the slow
granting of advance assurance from HMRC. The Company has just
received advance assurances for two new investments (GBP3.3
million) which it is hoped will complete in the near future, and is
awaiting assurance on one further investment of GBP1.3 million.
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 February 2018
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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