TIDMBVT
RNS Number : 3554I
Baronsmead Venture Trust PLC
02 December 2022
Baronsmead Venture Trust plc
Annual Report and Audited Financial Statements
for the year ended 30 September 2022
The Directors of Baronsmead Venture Trust plc are pleased to
announce the Annual Financial Report for the year ended 30
September 2022. The Annual Report and Financial Statements can be
obtained from the following website: www.baronsmeadvcts.co.uk
Financial Highlights
-- Net Asset Value ("NAV") per share decreased 18.5 per cent to
64.3p, before the deduction of dividends, for the financial year
ended 30 September 2022.
-- NAV total return of 405.2p to shareholders for every 100.0p
invested at launch (April 1998).
-- Annual tax free dividend yield of 7.3 per cent based on 5.75p
dividends paid (including proposed final dividend of 2.75p) and
opening NAV of 78.9p.
-- GBP21.5million of investments made into nine new investments
and eleven follow-on opportunities during the year.
Our investment objective
Baronsmead Venture Trust plc (the "Company") is a tax efficient
listed company which aims to achieve long-term investment returns
for private investors, including tax-free dividends.
Investment policy
-- To invest primarily in a diverse portfolio of UK growth
businesses, whether unquoted or traded on AIM.
-- Investments are made selectively across a range of sectors in
companies that have the potential to grow and enhance their
value.
Dividend policy
-- The Board will, wherever possible, seek to pay two dividends
to shareholders in each calendar year, typically an interim in
September and a final dividend following the Annual General Meeting
in February/March.
-- The Board will use, as a guide, when setting the dividends
for a financial year, a sum representing 7 per cent of the opening
net asset value of that financial year.
Key elements of the business model
Access to an attractive, diverse portfolio
The Company gives shareholders access to a diverse portfolio of
growth businesses.
The Company will make investments in growth businesses, whether
unquoted or traded on AIM, which are substantially based in the UK
in accordance with the prevailing VCT legislation. Investments are
made selectively across a range of sectors.
The Manager's approach to investing
The Manager endeavours to select the best opportunities and
applies a distinctive selection criteria based on:
-- Primarily investing in parts of the economy which are
experiencing long term structural growth
-- Businesses that demonstrate, or have the potential for, market leadership in their niche
-- Management teams that can develop and deliver profitable and sustainable growth
-- Companies with the potential to become an attractive asset
appealing to a range of buyers at the appropriate time to sell
In order to ensure a strong pipeline of opportunities, the
Manager invests in building deep sector knowledge and networks and
undertakes significant proactive marketing to target companies in
preferred sectors. This approach generates a network of potentially
suitable businesses with which the Manager maintains a relationship
ahead of possible investment opportunities.
The Manager as an influential shareholder
The Manager is an engaged and supportive shareholder (on behalf
of the Company) in both unquoted and significant quoted
investments.
For unquoted investments, representatives of the Manager often
join the investee board.
The role of the Manager with investees is to ensure that
strategy is clear, the business plan can be implemented and the
management resources are in place to deliver profitable growth. The
aim is to build on the business model and grow the company into an
attractive target which can be sold or potentially floated in the
medium term.
A more detailed explanation of how the investment policy and
business model are applied, along with the full text of the
investment policy, can be found in the Annual Report.
STRATEGIC REPORT
CHAIRMAN'S STATEMENT
The economic environment over the past year has become highly
volatile. Concerns around inflationary pressures and interest
rates, exacerbated by the conflict in Ukraine and political
instability particularly in the second half of the financial year
weighed on the value of the Company's unquoted and AIM-traded
investments. As a result, the Company's NAV per share decreased
14.6p per share (18.5 per cent) before dividend payments for the
year ended 30 September 2022.
The Company aims to achieve long-term returns for its
shareholders from a diverse portfolio of investments in UK growth
companies. Consequently, despite the drop in the value of the
portfolio over the period, the Board continues to believe that in
aggregate, the fundamentals of the large majority of portfolio
companies remain robust. The Company is also in a position to
support those investee companies where the Manager believes there
is a strong prospect of providing good investment returns for
shareholders over the medium to longer term. This is illustrated by
the impressive returns realised during the year, from the full or
partial realisations of investments in Ideagen, Cerillion and
Carousel at 13.5x, 11.4x and 5.0x cost respectively. The Company
first invested in these companies in January 2013, July 2015 and
October 2013 respectively.
Additionally, the Board believes that the Manager's acquisition
of the Mobeus VCTs in September 2021 has enhanced the Manager's
ability to identify and manage attractive early-stage unquoted
investments. Through the combined investment firepower of the funds
available from the Baronsmead and Mobeus VCTs the Company and its
co-investors can be a more influential investor. In addition, the
Baronsmead VCTs benefit from a larger portfolio of investments,
thereby benefiting from greater diversification.
Results
Pence
per ordinary
share
NAV as at 1 October 2021 (after final dividend) 78.90
--------------
Valuation decrease (-18.5 per cent) (14.61)
--------------
NAV as at 30 September 2022 before dividends 64.29
--------------
Less:
Interim dividend paid on 9 September 2022 (3.00)
--------------
Proposed final dividend of 2.75p payable, after shareholder
approval, on 3 March 2023 (2.75)
--------------
Illustrative NAV as at 30 September 2022 after proposed
dividend 58.54
--------------
Portfolio review
At 30 September 2022, the Company's investment portfolio was
valued at GBP105 million and comprised direct investments in a
total of 87 companies of which 39 are in unquoted and 48 are in
quoted companies. The Company's investments in the LF Gresham House
UK Micro Cap Fund ("Micro Cap"), LF Gresham House UK Multi Cap
Income Fund ("Multi Cap") and LF Gresham House UK Smaller Companies
Fund ("Small Cap"), (together the "Equity Funds") were valued at
GBP49 million at 30 September 2022. These investments provide
investment exposure to an additional 75 AIM-traded and fully listed
companies spreading investment risk across a highly diversified
portfolio of 162 companies.
The difficult economic and political environment noted in my
opening remarks were reflected in the conditions experienced within
the wider equity markets during the year. As a result, the unquoted
and quoted portfolios decreased in value by 18 per cent and 20 per
cent respectively. This is clearly a disappointing result. To put
this in context, however, the FTSE AIM All Share Index decreased by
35 per cent over the period.
Investments and divestments
The Board is pleased to report that the Company has continued to
see attractive opportunities and make new investments investing a
total of GBP12 million in nine companies during the year. Further
details of the new investments made are included in the Manager's
review. As we have said to shareholders previously, the requirement
to make investments in earlier stage companies may result in
greater volatility of returns over time. The priority for portfolio
companies is to face difficult market conditions in a controlled
way. The Company has the resources to support new and existing
portfolio companies and the Manager will focus on their investment
fundamentals.
There have been several realisations in both the quoted and
unquoted portfolio during the year. For example, the Company
realised its investment in Ideagen, in the quoted portfolio, which
delivered proceeds of GBP7.7 million for a total gross money
multiple of 13.5x. The Company's sale of Carousel, in the unquoted
portfolio, delivered total proceeds of GBP7.6 million for a gross
money multiple of 5.0x cost. The Manager has also continued its
approach of profitable partial realisations of Cerillion plc,
resulting in the receipt of proceeds of GBP1.2 million at an
aggregate of 11.4x original invested cost in this AIM-listed
company during the year.
Dividends
The Board is pleased to declare a final dividend of 2.75p per
share for the year to 30 September 2022, payable on 3 March 2023.
This is in addition to the 3.00p interim dividend paid in September
and means that the total dividends for the year are 5.75p. This is
a 7.3 per cent yield based on the opening NAV of 78.9p and meets
the target policy of 7 per cent of the NAV at the start of the
year. Including the proposed final dividend of 2.75p per share, tax
free dividends paid to founder shareholders now total 179.65p per
share, 86.25p of which has been paid over the past 10 years.
Realised distributable reserves remain at good levels to fund
future dividends and the Manager continues to focus on consistently
selling investments and generating realised profits across the
portfolio which help to sustain future dividends.
Environmental, Social and Governance ("ESG") matters
Environmental, social and governance analysis is embedded into
the Company's investment processes by the Manager in order to build
and protect long-term value for investors. A framework based on ten
key ESG themes in each portfolio is used to structure analysis,
monitor and report on ESG risks and opportunities across their
lifecycle. Further information in relation to the Manager's
integration of ESG factors in the management of the Company's
portfolio is set out in the full Strategic Report.
Sunset Clause
When EU State Aid approval of the UK's VCT and EIS schemes was
given in 2015 legislation was introduced for the schemes, which
means if the legislation is not renewed investors will no longer be
able to claim initial tax relief on investments made after 5 April
2025 "the Sunset Clause".
On 23 September 2022 the Government announced as part of a
"mini-budget" that "the government remains supportive of the
Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT)
and sees the value of extending them in the future". Additionally,
on 7 November 2022, as part of its Autumn Statement, the Government
said "the Government remains supportive of the Enterprise
Investment Scheme and Venture Capital Trusts and sees the value of
extending them in the future". Given these statements, the general
consensus in the VCT industry is that the Government will extend
the provisions of the Sunset Clause. However, no further details
have been provided as yet on the length of that extension, or any
conditions or variations to the current VCT scheme that may be
attached to any such extension.
During the year and prior to the Government's recent
announcements, the Board engaged Howard Kennedy to provide a
strategic review of its options should the Sunset Clause become
effective. The Board will continue to monitor the strategic options
available to the Company in order to best prepare for and react to
future changes in VCT rules to see how we can best protect
shareholders' interests value in the face of regulatory
uncertainty.
Fundraising
In August 2022, the Board announced its intention to raise new
funds to increase the Company's resources available for new and
follow-on investments over the next two to three years. The Company
expects to launch an offer for subscription in January 2023.
Investing throughout an economic cycle is a key part of the
Company's investment strategy, with the additional funds raised
being deployed in smaller UK companies at what the Board and the
Manager believe will be at an advantageous time.
Annual General Meeting ("AGM")
I look forward to meeting as many shareholders as possible at
the next AGM, to be held on 1 February 2023, at Saddlers' Hall, 40
Gutter Lane, London, EC2V 6BR. The Manager will deliver a
presentation at 11.30am, followed by some light refreshments at
12.30pm, after which I will present my own review of the year at
1.00pm. The Company intends to hold this AGM in person, however, we
will also live stream the event for any shareholders who do not
wish, or are unable, to attend in person. Registration details for
the live stream will be included in the Notice of AGM and on the
Baronsmead website.
Outlook
The economic outlook continues to exhibit elevated levels of
uncertainty. We are moving from a period of low inflation and
interest rates to a sustained period of increasing rates, combined
with the unwinding Government stimulus.
We anticipate these forces will continue to drive periods of
sentiment driven volatility in equity markets well into next year.
While we view this outlook with suitable caution, we also expect
heightened volatility to create attractive long-term investment
opportunities.
The Board believe it is a good time to be investing in earlier
stage, innovative and high growth potential businesses. The Manager
will be looking to take advantage of changes in consumer behaviour
and the disruption of traditional supply chains being driven by
technology. We remain confident that the Manager is suitably
positioned to provide the necessary levels of support to the
portfolio companies and remains focused on retaining, recovering
and helping to grow value in existing and future investee
companies.
Fiona Miller Smith
Chairman
1 December 2022
MANAGER'S REVIEW
This year has seen a prolonged period of weakness in the public
and private equity markets brought about by macroeconomic
uncertainty and global events. Against this backdrop, the
portfolio, whilst well diversified, with exposure to over 160
quoted and unquoted companies, has delivered a decrease in net
asset value total return of 18.5 per cent over the year.
PORTFOLIO REVIEW
Overview
The net assets of GBP194 million were invested as follows:
NAV % of Number % return
(GBPm) NAV* of investees** in the
Asset class year***
Unquoted 48 25 39 (18)
-------- ------ ---------------- ---------
AIM-traded companies 57 29 48 (20)
-------- ------ ---------------- ---------
LF Gresham House UK Micro Cap
Fund 27 14 50 (32)
-------- ------ ---------------- ---------
LF Gresham House UK Multi Cap
Income Fund 8 4 41 (10)
-------- ------ ---------------- ---------
LF Gresham House UK Smaller Companies
Fund 14 7 38 (16)
-------- ------ ---------------- ---------
Liquid assets 40 21 N/A -
-------- ------ ---------------- ---------
Totals 194 100 216
-------- ------ ---------------- ---------
* By value as at 30 September 2022.
** Includes investee companies with holdings by more than one
fund. Total number of individual companies held is 162.
*** Return includes interest received on unquoted realisations during the year.
# Represents cash, OEICs and net current assets.
The tables below show the breakdown of new investments and
realisations over the course of the year and below is a commentary
on some of the key highlights in both the unquoted and quoted
portfolios.
Investment activity - unquoted and quoted
The Company's investment strategy is primarily focused on
companies operating in parts of the economy that we believe are
benefiting from long-term structural growth trends and in sectors
where we have deep expertise and network. The amount of capital
invested in each business is matched to the scale, maturity and
underlying risk profile of the company seeking investment.
During the year, GBP21.5 million was invested into 19 companies
including nine new additions to the portfolio and eleven follow on
investments in ten existing portfolio companies.
Six new unquoted investments were completed during the year into
Popsa Holdings Ltd, Proximity Insight Holdings Ltd, Bidnamic, Fu3e
Ltd, Focal Point Positioning Ltd and Orri Ltd. Below are
descriptions of the new investments made:
-- Popsa is a photobook mobile app which utilises proprietary
machine learning ("ML") algorithms to dramatically shorten the time
of creation
-- Proximity Insight provides a cloud-based app for retail sales
associates to engage and transact with customers in-store or
online
-- Bidnamic is a Google Shopping bid optimisation platform
-- Fu3e is a collaborative project management and real time reporting platform for real estate
professionals
-- Focal Point utilises proprietary ML algorithms to
significantly improve satellite-based location sensitivity
-- Orri is a clinically-led provider of eating disorder services
Three new AIM quoted investments were made during the year into
Skillcast, Aptamer Group and Oberon Investments:
-- Skillcast is a vendor of financial risk and compliance software
-- Aptamer is a developer of a platform technology with
applications in the therapeutic and diagnostic areas of
healthcare
-- Oberon Investments is a wealth management and financial advisory firm
The Company made additional investments in ten existing
portfolio companies, one quoted and nine unquoted, across the year.
This is consistent with the investment strategy of continuing to
back our high potential assets with further capital to support
future growth. We anticipate the level of follow-on investment will
continue to grow as the earlier stage portfolio continues to
mature.
Unquoted portfolio
Performance
The unquoted portfolio decreased in value by 18 per cent during
the year. Our portfolio companies have faced a challenging
macroeconomic environment, including rising levels of inflation and
interest rates and continued supply chain disruption relating to
both the ongoing effects of the COVID-19 pandemic and the impact of
conflict in Ukraine. In particular, this has started to impact the
consumer facing businesses in the portfolio. Whilst the fall in
value was predominantly as a result of declines in comparative
benchmarks rather than any underlying trading performance, we have
seen robust performance from many of our technology, healthcare and
services companies which continue to grow recurring or contracted
revenues, albeit, in general, at a slower pace than has been
forecast.
As Investment Manager we remain highly engaged with the
management teams within the portfolio, sharing insight and best
practice to help them both manage risk and spot opportunities in a
quickly changing environment. We have continued to invest in our
portfolio and in-house talent teams, which alongside our extensive
network of earlier stage, high growth company experts, ensure we
are well positioned to help the companies we invest in to navigate
the challenges they face whilst also continuing to develop and
scale.
Divestments
The Company successfully realised its investment in Carousel
Logistics in February 2022, delivering GBP7.6 million in proceeds
and an initial investment return of 5.0x. Carousel is a
pan-European logistics specialist, delivering high-value parts and
products for performance and life-critical industries. The business
grew significantly during the investment period, including
expanding their international footprint both organically and
through acquisition. In addition, the Company also successfully
realised its investment in Happy Days in July 2022, delivering
GBP2.6 million in proceeds and an initial investment return of
0.8x.
Also, during the year, the Company fully divested its holding in
Rainbird Technologies for no return on investment.
Quoted portfolio (AIM-traded investments)
Performance
The quoted portfolio decreased in value by 20 per cent during
the year, giving up some of the strong gains made for shareholders
in the prior year. This performance should be viewed in the context
of a challenging equity market environment globally driven by
macroecomic and geopolitical uncertainty and headwinds which have
resulted in de-ratings across most asset classes. For reference the
AIM market in the UK fell 35 per cent over the same period. Despite
the adverse share price performances from many of the portfolio
companies the majority of the AIM portfolio remains in good
financial health and is exposed to structural growth areas
providing some insulation from the deteriorating economic
conditions.
The best performing investments all sit in the software sector
with two benefitting from the elevated level of takeover activity
in the UK public markets for much of the financial year. Cerillion,
a provider of billing and charging software to the telecoms
industry continued to deliver strong revenue and profit growth and
upgraded expectations on the back of strong contract win momentum.
Ideagen, a governance, risk and compliance software provider saw
its share price increase by 10 per cent over the year driven in the
main by a takeover approach from a vehicle backed by private equity
firm Hg Capital at a substantial premium. The takeover resulted in
a full exit for Baronsmead funds at a multiple of 13.5 times
original cost. Cloudcall, an internet telephony software company,
also received a takeover approach from US private equity firm
Xplorer Capital Management LLC resulting in a strong recovery in
value following a period of operational underperformance, realising
a return of 0.9 times original cost.
The largest detractors from performance were Netcall, a provider
of cloud contact centre and business process automation software
which was derated despite strong growth in revenue and profit
during the period; TPXImpact which again was derated during the
period although we note the business has subsequently downgraded
its market estimates resulting in the CEO stepping down post year
end; and Inspired, an energy procurement and optimisation
consultancy which de-rated during the year despite delivering
results in line with expectations and seeing strong increased
demand for its services resulting from elevated energy prices
following the conflict in Ukraine.
We closely monitor our AIM portfolio with a rolling programme of
independent reviews of top AIM holdings and broadly continue to be
positive on the long-term investment prospects of these companies.
Many of the larger quoted investments have been long-term holdings.
These companies are typically profitable, cash generative
businesses with low levels of financial gearing and continue to
have attractive long-term growth prospects.
Divestments
Proceeds totalled GBP11.2 million during the year following
three full and one partial realisation. Ideagen was fully realised
following a takeover by private equity firm Hg Capital, returning
13.5x cost in July 2022. The Company's investment in Cloudcall
Group was also fully realised returning 0.9x cost. The opportunity
to crystallise some more profits was taken for Cerillion plc; over
the course of the year proceeds of GBP1.2 million were realised at
11.4x cost.
Collective Investment Vehicles
The Manager believes that the Company's investments in the LF
Gresham House UK Micro Cap Fund ("Micro Cap"), LF Gresham House UK
Multi Cap Income Fund ("Multi Cap"), and LF Gresham House UK
Smaller Companies Fund ("Small Cap") are a core component of the
Company's portfolio construction. These investments provide
shareholders with additional diversification through exposure to an
additional 75 underlying companies, as well as access to the
potential returns available from a larger and more established
group of companies that fall within the Manager's core area of
expertise.
Over the year Micro Cap delivered a return of -32 per cent,
Multi Cap delivered a return of -10 per cent and the Small Cap fund
delivered -16 per cent.
Micro Cap and Multi Cap continue to be both highly rated by
independent ratings agencies. Micro Cap's cumulative performance is
currently top quartile within the IA UK Smaller Companies sector
and is the fourth best performing fund over the past 10 years.
Multi Cap's cumulative performance has been the top performing fund
within the IA UK Equity Income sector over three years, five years
and since launch in June 2017. Small Cap has also achieved top
quartile cumulative performance since launch in 2019 and is the
fourth best performing fund over the past three years and second
best since launch.
Liquid assets (cash and near cash)
The Company had cash and liquidity OEICs of approximately GBP41
million at the year-end. This asset class is
conservatively managed to take minimal or no capital risk.
ESG highlights
During the year we have conducted our second ESG survey of our
unquoted portfolio companies, to identify how these companies think
about ESG and which ESG data is already being reported and
monitored. Further details on our ESG approach and policies can be
found in the strategic report.
Outlook
Despite the current macroeconomic headwinds, the opportunity to
invest and support growth in entrepreneurial earlier-stage
businesses remains strong. Our focus on investing in parts of the
economy which are experiencing structural growth and in sectors
where we have extensive talent networks and domain expertise
continues to identify attractive investment opportunities. With our
support and guidance, many of our portfolio management teams
continue to innovate to take advantage of the disruption in the
market as a result of the economic downturn. We anticipate the rate
of follow-on investment to increase across the portfolio as we
support our successful companies to trade through the cycle and to
continue to scale.
Several parts of the portfolio have faced challenges due to the
macroeconomic environment, most notably our investments in
companies that rely on consumer sentiment. Our investee companies
are having to navigate the impact of wage inflation, rising energy
prices and supply chain disruption. However, the portfolio
continues to be highly diversified and overall is defensively
positioned.
The Gresham House Ventures team, which consists of 21 investment
professionals is well placed to take advantage of the opportunities
that an uncertain economic environment will present. Our
experienced portfolio and in-house talent teams continue to add
value to our portfolio companies post investment. We remain
confident in the ability of more agile, fast moving earlier stage
companies to perform well in the current economic environment and
in our ability to invest capital and deliver attractive long-term
returns for the Company.
Gresham House Asset Management Ltd
Investment Manager
1 December 2022
Investments in the year
Book cost
Company Location Sector Activity GBP'000
Unquoted investments
New
Popsa Holdings Mobile-first photobook
Ltd Surrey Technology app provider 3,120
----------------- -------------- ---------------------------------- ---------
Real-estate development
Fu3e Ltd Sussex Technology project management platform 1,680
----------------- -------------- ---------------------------------- ---------
Platform for front-line
sales associates of omni-channel
Proximity Insight retailers to engage with
Holdings Ltd London Technology customers 1,148
----------------- -------------- ---------------------------------- ---------
Google shopping bid-optimisation
Bidnamic Yorkshire Technology software 949
----------------- -------------- ---------------------------------- ---------
Research and development
Focal Point focused technology business
Positioning focusing on global navigation
Ltd Cambridgeshire Technology and satellite systems 905
----------------- -------------- ---------------------------------- ---------
Provider of intensive
Healthcare day care treatments for
Orri Ltd London & Education eating disorders 792
----------------- -------------- ---------------------------------- ---------
Follow-on
Panthera Biopartners Healthcare Recruitment services
Ltd Yorkshire & Education for clinical trials 2,399
----------------- -------------- ---------------------------------- ---------
Provides real time life
Healthcare science intelligence
Airfinity Ltd London & Education as a subscription service 1,248
----------------- -------------- ---------------------------------- ---------
Online consultation provider
eConsult Health Healthcare used by GP practices
Ltd Surrey & Education and hospitals 1,200
----------------- -------------- ---------------------------------- ---------
Consumer Supplier of customisable
Yappy Ltd Lancashire Markets pet products 940
----------------- -------------- ---------------------------------- ---------
Leading integration platform
Patchworks Integration for fast-growing retail
Ltd Nottinghamshire Technology and ecommerce businesses 720
----------------- -------------- ---------------------------------- ---------
AI platform using advanced
behavioural analytics
to deliver tailored promotions
RevLifter Ltd London Technology to users 719
----------------- -------------- ---------------------------------- ---------
Custom Materials Retailer of customisable
Ltd London Technology products 536
----------------- -------------- ---------------------------------- ---------
Business
Glisser Ltd London Services Audience response software 293
----------------- -------------- ---------------------------------- ---------
Tribe Digital
Holdings Pty Influencer marketing
Ltd London Technology platform 252
----------------- -------------- ---------------------------------- ---------
Total unquoted investments 16,901
---------
AIM-traded investments
New
Platform providing antibody
Aptamer Group Healthcare alternatives to the pharma
plc Yorkshire & Education industry 2,206
----------------- -------------- ---------------------------------- ---------
Compliance e-learning
Skillcast Group Healthcare and regulatory technology
plc London & Education services 753
----------------- -------------- ---------------------------------- ---------
Oberon Investments Business
Group plc London Services Corporate advisory business 658
----------------- -------------- ---------------------------------- ---------
Follow-on
Commercialisation of
university research-based
Crossword Cybersecurity cyber security software
plc London Technology and consulting 960
----------------- -------------- ---------------------------------- ---------
Total AIM-traded investments 4,577
---------
Total investments in the year 21,478
---------
Realisations in the year
Original Overall
First Investment book cost(#) Proceeds++ multiple
Company date GBP'000 GBP'000 return
Unquoted realisations
------------- ----------------- ---------------------------- ---------- -----------
Carousel Logistics Full Trade
Ltd Sale Oct 13 1,910 7,636 5.0*
------------- ----------------- ---------------------------- ---------- -----------
Happy Days Consultancy Full Trade
Ltd Sale Apr 12 3,420 2,605 0.8
------------- ----------------- ---------------------------- ---------- -----------
Rainbird Technologies Full Trade
Ltd Sale Feb 19 700 0 0.0
------------- ----------------- ---------------------------- ---------- -----------
Total unquoted realisations 6,030 10,241
---------------------------- ---------- -----------
AIM-traded realisations
------------- ----------------- ---------------------------- ---------- -----------
Ideagen plc Takeover Jan 13 565 7,656 13.5
------------- ----------------- ---------------------------- ---------- -----------
Cloudcall Group plc Takeover Apr 14 2,630 2,373 0.9
------------- ----------------- ---------------------------- ---------- -----------
Cerillion plc Market sale Nov 15 106 1,206 11.4
------------- ----------------- ---------------------------- ---------- -----------
Mi-Pay Group plc Liquidated Dec 05 800 11 0.0
------------- ----------------- ---------------------------- ---------- -----------
Total AIM-traded realisations 4,101 11,246
---------------------------- ---------- -----------
Total realisations in the year 10,131 21,487
---------------------------- ---------- -----------
# Residual book cost at realisation date.
++ Proceeds at time of realisation including interest.
* Includes interest/dividends received, loan note redemptions
and partial realisations accounted for in prior periods
Final Dividend
Subject to shareholder approval at the AGM, a final dividend of
2.75p per share will be paid on 3 March 2023 to shareholders on the
register at 3 February 2023. The ex-dividend date will be 2
February 2023.
Annual General Meeting
The AGM will be held on 1 February 2023 at Saddlers' Hall, 40
Gutter Lane, London, EC2V 6BR. The Manager will deliver a
presentation at 11.30am, followed by some light refreshments at
12.30pm, after which the Chairman will present a review of the year
at 1.00pm. The Company intends to hold this AGM in person, however,
we will also live stream the event for any shareholders who do not
wish, or are unable, to attend in person. A separate Notice
convening the AGM will be posted to shareholders and will be
separate to the Annual Report. The Notice will include an
explanation of the items to be considered at the AGM and will be
uploaded to the Company's website in due course.
Further Information
The Annual Report and Accounts for the year ended 30 September
2022 will be available today on www.baronsmeadvcts.co.uk .
It will also be submitted shortly in full unedited text to the
Financial Conduct Authority's National Storage Mechanism and will
be available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
LEI: 213800VQ1PQHOJXDDQ88
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