TIDMBSV
RNS Number : 1138S
British Smaller Companies VCT PLC
12 March 2021
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 31 December 2020
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 31 December
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
As announced on 28 January 2021, Total Return increased by 5.3
pence per ordinary share in the quarter to 231.0 pence per ordinary
share, representing an increase of 7.8 per cent over the opening
Net Asset Value per ordinary share ("NAV"), adjusted for the
interim dividend of 2.0 pence per ordinary share paid on 5 October
2020.
During the quarter to 31 December 2020 the Company made two new
investments of GBP4.7 million into Force24 Ltd and Arraco Global
Markets Limited and two follow-on investments of GBP0.7 million
into Elucidat Ltd and Ncam Technologies Limited.
Subsequent to the quarter end the Company made two new
investments totalling GBP3.0 million into Vypr Validation
Technologies Limited and Outpost VFX Limited.
31 December Movement 30 September
2020 2020
Net Assets (GBPm) 101.6 4.6 97.0
------------ --------- -------------
NAV per share (PPS) 73.6p 3.3p 70.3p
------------ --------- -------------
Cumulative dividends paid
(PPS) 157.4p 2.0p 155.4p
------------ --------- -------------
Total Return (PPS) 231.0p 5.3p 225.7p
------------ --------- -------------
Shares in issue 138,108,258 174,014 137,934,244
------------ --------- -------------
Performance
The Total Return at 31 December 2020, calculated by reference to
the NAV per ordinary share and the cumulative dividends paid per
ordinary share, was 231.0 pence per ordinary share compared to
225.7 pence per ordinary share at 30 September 2020. Following the
payment of the interim dividend of 2.0 pence per ordinary share on
5 October 2020 cumulative dividends paid increased by 2.0 pence to
157.4 pence per ordinary share (30 September 2020: 155.4 pence per
ordinary share).
In the nine months to 31 December 2020 Total Return has
increased by 13.1 pence per ordinary share, which is an increase of
20.3 per cent over the NAV per ordinary share of 64.5 pence at 31
March 2020.
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 September 2020 155.4
Net Asset Value at 30 September 2020 70.3
--------
Total Return at 30 September 2020 225.7
Net underlying increase in portfolio 5.5
Net income after expenses (0.2)
--------
Change in Total Return 5.3
------------------------------------------------------ -------- --------
Total Return at 31 December 2020 231.0
-------------------------------------------- ------- -------- --------
The unaudited NAV per ordinary share as at 31 December 2020
increased by 3.3 pence per ordinary share to 73.6 pence per
ordinary share (30 September 2020: 70.3 pence per ordinary
share).
The movement in NAV is set out in the table below:
GBPm Pence per
ordinary share
NAV at 30 September 2020 97.0 70.3
Net underlying increase in portfolio 7.6 5.5
Net income after expenses (0.2) (0.2)
Increase in NAV prior to payment of dividends 7.4 5.3
------ --------
NAV before dividends 104.4 75.6
Dividends paid (2.8) (2.0)
------ --------
NAV at 31 December 2020 101.6 73.6
------ ------ -------- --------
Shares in issue
Following the payment of the interim dividend of 2.0 pence per
ordinary share on 5 October 2020 the Company issued 1,265,695
ordinary shares under the Company's dividend re-investment
scheme.
On 14 December 2020 the Company purchased 1,091,681 ordinary
shares of 10 pence each at a price of 65.39 pence per ordinary
share. These shares were placed in treasury.
The number of ordinary shares in issue at 31 December 2020 was
138,108,258 (30 September 2020: 137,934,244). In addition, at 31
December 2020 the Company held 13,911,498 ordinary shares in
treasury (30 September 2020: 12,819,817).
Net assets
Net assets at 31 December 2020 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 67,377 66.3
Listed investment funds 4,997 4.9
Cash and cash equivalents 28,035 27.6
Other net current assets 1,183 1.2
-------- ---------
Net assets 101,592 100.0
======== =========
The investment portfolio at 31 December 2020 was comprised as
follows:
Valuation
as a %
Valuation of net
GBP000 assets
Matillion Limited 14,144 13.9
Intelligent Office UK 4,733 4.7
ACC Aviation Group Limited 4,483 4.4
Springboard Research Holdings
Limited 4,017 3.9
Deep-Secure Ltd 3,929 3.8
Unbiased EC1 Limited 3,768 3.7
Arcus Global Limited 3,212 3.2
Elucidat Ltd 3,048 3.0
KeTech Enterprises Limited 2,601 2.6
Force24 Ltd 2,400 2.4
46,335 45.6
Other investments 21,042 20.7
Total investments 67,377 66.3
========== ==========
Portfolio Performance
The quarter saw a continuing recovery in valuations, reflecting
the underlying trading performances of the investment portfolio and
a recovery in equity market benchmark multiples.
Investments made since the VCT rule changes in November 2015 now
make up 62 per cent of the portfolio by value.
Dividends paid
On 5 October 2020 the Company paid an interim dividend for the
year ending 31 March 2021 of 2.0 pence per ordinary share to
shareholders on the register as at 21 August 2020, taking
cumulative dividends to 157.4 pence per ordinary share.
Fundraising
On 22 February 2021 the Company announced that its offer for
subscription to raise up to GBP7.05 million, pursuant to an offer
document issued on 2 February 2021 was fully subscribed and was
closed to further applications. On 8 March 2021 the Company
announced that its offer had raised net proceeds of GBP6.84 million
and that it had allotted 9,291,092 shares at prices between 75.487
and 75.590 pence per ordinary share.
Outlook
Throughout 2020 many portfolio companies have delivered trading
growth despite the challenges of Covid-19. The recent announcements
of a roadmap out of lockdown and a sustained vaccination programme
are very welcome and it is to be hoped that these positive
developments continue. There do remain some frictions around
trading with the EU and it is to be hoped that these are short-term
in nature and that working practices and protocols emerge that
reduce some of these trading frictions. Nonetheless investment
demand from UK small businesses seeking to grow has remained strong
and it is pleasing that a number of the existing portfolio continue
to operate in innovative ways and in many cases are looking to
accelerate their expansion 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.
12 March 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
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