Baronsmead VCT PLC Interim Management Statement (3178P)
15 Agosto 2014 - 10:20AM
UK Regulatory
TIDMBDV
RNS Number : 3178P
Baronsmead VCT PLC
15 August 2014
Baronsmead VCT plc
Interim Management Statement
For the 3 month period from 1 April 2014 to 30 June 2014
Headlines
-- GBP1.1 million realised from the sale of investments in three quoted companies
-- GBP0.4 million invested in four companies
-- 0.1% increase in Net Asset Value per share
Performance Summary
As at As at
30 June 2014 31 March Movement
Capital return 2014
Total net assets GBP82.77m GBP82.65m
Net asset value
per share 78.77p 78.66p 0.14%
Share price 75.25p 73.50p 2.4%
Discount to NAV (4.5%) (6.6%)
Total return 3 months 1 year (%) 5 years 10 years Since launch
(%) (%) (%) (%)
Net asset value
(1) 0.14 15.35 73.55 121.24 242.27
Key:
(1) NAV total return = NAV + reinvested dividends; Source: ISIS
VC LLP
These total returns are stated before the inclusion of VCT tax
reliefs which are designed to mitigate the higher risks and costs
associated with investing in smaller companies and the constraints
of the VCT legislation. The tax reliefs given at the time of
subscription have varied between 20% and 40%, so any adjusted
performance measure including this relief will vary depending on
the date of subscription. There is also the additional benefit of
receiving VCT dividends tax free.
Investment Performance
In the three months to 30 June 2014, Baronsmead VCT's net asset
value per share increased by 0.1%. Over the quarter, the unquoted
portfolio valuation increased by 1.9%, the quoted portfolio
(including Wood Street Microcap Fund) decreased by 0.4%.
The Company's net assets as at 30 June 2014 were GBP82.8
million. This figure takes into account the valuation of the
Company's investments as at 30 June 2014.
Top Ten Investments
Position at Position at Percentage of NAV
30 June 2014 31 March 2014 Company as at 30 June 2014
1 1 Nexus Vehicle Holdings Limited 6.4
------------- -------------- --------------------------------------------- -------------------
2 3 Staffline Group plc 3.6
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3 2 Netcall plc 3.6
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4 4 Crew Clothing Holdings Limited 2.9
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5 5 Valldata Group Limited 2.2
------------- -------------- --------------------------------------------- -------------------
6 10 Accumuli plc 2.1
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7 6 Independent Community Care Management Limited 1.9
------------- -------------- --------------------------------------------- -------------------
8 8 Create Health Limited 1.8
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9 13 TLA Worldwide plc 1.7
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10 11 Jelf Group plc 1.6
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Total 27.8
------------- -------------- --------------------------------------------- -------------------
Analysis of Total Assets
Percentage of Percentage of
total assets at total assets at
30 June 2014 31 March 2014
Unquoted investments 33 32
AIM, listed, ISDX & Collective Investment vehicle 43 44
Listed interest bearing securities 13 -
Net current assets 11 24
Total liquid assets 24 24
Total assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of Percentage of
total investments at total investments at
30 June 2014 31 March 2014
Business Services 49 47
Consumer Markets 12 13
Healthcare & Education 14 16
Technology, Media & Telecommunications 25 24
Total 100 100
Investment Activity
In the three months to 30 June 2014, Baronsmead VCT invested
approximately GBP360,000 in 1 new and 3 follow on investments as
set out in the table below.
Investments made Date Cost (GBP'000)
--------------------------------- ---------- ---------------
One Media iP Group plc* Apr 2014 57
--------------------------------- ---------- ---------------
Synety Group plc Apr 2014 113
--------------------------------- ---------- ---------------
Happy Days Consultancy Limited* May 2014 180
--------------------------------- ---------- ---------------
Nexus Vehicle Holdings Limited* May 2014 8
--------------------------------- ---------- ---------------
Total investments 358
--------------------------------------------- ---------------
*Follow on investments
Realisations
In the three months to 30 June 2014, Baronsmead VCT realised
total proceeds of approximately GBP1.1 million from the sale of
investments in three AIM-traded companies as set out in the table
below.
Realisations
-----------------------------------------------------------------------------
Company Date Cost Proceeds Multiple
(GBP'000) (GBP'000)
------------------------ -------------- ----------- ----------- ---------
Anpario plc Apr/Jun 2014 69 284 4.1
------------------------ -------------- ----------- ----------- ---------
Sinclair IS Pharma plc May 2014 524 546 1.0
------------------------ -------------- ----------- ----------- ---------
Tristel plc Jun 2014 217 281 1.3
------------------------ -------------- ----------- ----------- ---------
Total realisations 810 1,111
---------------------------------------- ----------- ----------- ---------
Dividend
Following an exceptional period of divestments, an interim
dividend of 6p per share was paid on 7 March 2014. In the absence
of unforeseen circumstances, it is anticipated that a second
interim dividend will be paid in September 2014.
Net Asset Value as at 31 July 2014
The net asset value as at 31 July 2014 was 78.96p per share.
Investment Objective
Baronsmead VCT is a tax efficient listed company which aims to
achieve long-term investment returns for private investors,
including tax free dividends.
Events after the Period End
Other than the events described above, the Board is not aware of
any significant events or transactions which have occurred between
30 June 2014 and the date of publication of this statement which
would have a material impact on the financial position of the
Company.
Further Information
Further information regarding the Company, including net asset
values published since the end of the period and quarterly
factsheets, can be found at the Company's website
www.baronsmeadvct.co.uk
Contact
For further information please contact the Company's Investment
Manager, ISIS VC LLP as follows:
Email: baronsmeadvcts@isisep.com
Telephone: 020 7506 5717
Facsimile: 020 7506 5718
Post: 100 Wood Street, London, EC2V 7AN
This information is provided by RNS
The company news service from the London Stock Exchange
END
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