TIDMBDV
RNS Number : 6786N
Baronsmead VCT PLC
19 May 2015
Baronsmead VCT plc
Half-Yearly Financial Report
31 March 2015
The Directors announce the unaudited half-yearly financial
report for the six months to 31 March 2015 as follows:-
Copies of the half-yearly report can be obtained from the
following website: www.baronsmeadvct.co.uk.
Our Investment Objective
The investment objective of the Company is 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 wishes to maintain a minimum dividend level of around
5.5p per ordinary share if possible, but this depends primarily on
the level of realisations achieved and it cannot be guaranteed.
There will be variations in the amount of dividends paid year on
year.
Shareholder choice
The Board wishes to provide shareholders with a number of
choices that enable them to utilise their investment in Baronsmead
VCT in ways that best suit their personal investment and tax
planning and in a way that treats all shareholders equally.
-- Fund raising | From time to time the Company seeks to raise
additional funds by issuing new shares at a premium to the
latest published net asset value to account for issue costs.
-- Dividend Reinvestment Plan | The Company offers a Dividend
Reinvestment Plan which enables shareholders to purchase
additional shares through the market in lieu of cash
dividends.
-- Buy back of shares | From time to time the Company buys its
own shares through the market in accordance with its share
price discount policy. Subject to certain conditions, the
Company seeks to maintain a mid market share price discount of
approximately 5 per cent. to net asset value. In the six months
to 31 March 2015, 745,000 shares were bought back
representing 0.7 per cent. of the shares in issue at 31 March
2015 at prices which represent an average of 5.2 per cent.
discount to the latest published net asset values at the time
the shares were bought back.
-- Secondary market | The Company's shares are listed on the
London Stock Exchange and can be bought using a
stockbroker or authorised share dealing service in the same way
as shares of any other listed company. Approximately
392,000 existing shares were bought by investors in the six
months to 31 March 2015.
Financial Headlines
-- + 1.9% - Net asset value ("NAV") per share increased 1.9 per
cent. to 77.26p in the six months to 31 March 2015.
-- 351.2p - NAV total return to shareholders for every 100.0p
invested at launch in November 1995.
-- 2.0p - Interim dividend of 2.0p for the six month period to
31 March 2015 to be paid on 19 June 2015.
-- GBP5.2m - Invested GBP3.9m in unquoted and GBP1.3m in quoted
investments in six months to 31 March 2015.
Cash Returned to Shareholders
The table below shows the cash returned to shareholders,
dependent on their subscription cost, including the income tax
available to be reclaimed on the subscription in respect of the
various prospectuses issued by the Company between 1995 and
2014.
Return
Cash Income Cumulative on cash
invested tax reclaim dividends invested
Year subscribed (p) (p) (p)* %
======================= ========= ============ ========== =========
1995 (November) 100.00 20.00 137.55 157.6
======================= ========= ============ ========== =========
1997 (April) 104.00 20.80 132.73 147.6
======================= ========= ============ ========== =========
2003 (April) - C share 100.00 20.00 99.08 119.1
======================= ========= ============ ========== =========
2005 (March) - C share 100.00 40.00 70.57 110.6
======================= ========= ============ ========== =========
2009 (April) 75.70 22.70 43.50 87.5
======================= ========= ============ ========== =========
2012 (December) 83.20 25.00 17.50 51.1
======================= ========= ============ ========== =========
2014 (March) 79.70 23.90 5.50 36.9
======================= ========= ============ ========== =========
Note - The total return could be higher for those shareholders
who were able to defer a capital gain on subscription and the net
sum invested may be less.
Dividends paid to 2003 C shareholders post conversion have been
adjusted by the conversion ratio (1.1044001).
Dividends paid to 2005 C shareholders post conversion have been
adjusted by the conversion ratio (1.1286715).
* Includes 2.0p interim dividend payable 19 June 2015
Chairman's Statement
The six months to 31 March 2015 was an active period of
investment with four new unquoted and four new quoted investments
helping to further refresh the portfolio following the significant
divestments of some older investments.
The Board has declared an interim dividend of 2.0p per
share.
Pence
per
ordinary
share
========================== =========
NAV as at 1 October
2014 75.83
========================== =========
Valuation uplift (1.9
per cent.) 1.43
========================== =========
NAV as at 31 March
2015 before dividend 77.26
========================== =========
Less:
Interim dividend payable
on 19 June 2015
(to shareholders on
the register on
29 May 2015) (2.00)
========================== =========
NAV as at 31 March
2015 after accounting
for interim dividend 75.26
========================== =========
In the six months to 31 March 2015, Baronsmead VCT's net asset
value per share increased by 1.9 per cent. The unquoted portfolio
valuation increased by 6.6 per cent. (including capitalised
interest and redemption premium income received on the sale of
investments) with steady progress being made by most of the mature
investments. However, this was offset primarily by the reduction in
the value of Impetus Automotive. The value of the quoted portfolio
(comprising AIM-traded and other listed investments as well as Wood
Street Microcap Investment Fund) increased by 0.1 per cent.
PORTFOLIO REVIEW
At 31 March 2015, the portfolio comprised 66 companies: 21
unquoted and 45 quoted companies. In addition, the Company has
invested in Wood Street Microcap, a fund giving investment exposure
to a further 39 AIM-traded and fully listed companies. The
direction of travel, showing the trading and profitability of these
companies, is recorded quarterly so that the Board can monitor the
state of the portfolio. At 31 March 2015, 88 per cent. of portfolio
companies were progressing steadily or better.
The net assets of GBP80.5 million were invested in:
Per cent.
of net
Asset class assets
====================== =========
Unquoted companies 31
====================== =========
AIM-traded 31
====================== =========
Wood Street Microcap
Investment Fund 10
====================== =========
Other net assets,
primarily cash and
fixed interest 28
====================== =========
Total 100
====================== =========
Over the past two years, realisations of unquoted investments
and the increase in the value of quoted investments have had a
significant impact on the Company's asset mix. In particular, the
proportion of the Company's assets in unquoted investments is now
considered to be at a cyclical low. It is expected that a
rebalancing should occur over the medium term as the value of the
newer unquoted investments grows. Over 72 per cent. of the
Company's new and follow on investments over this two year period
were in unquoted companies.
Investment and Divestment Activity
This has been a busy six months for new investment activity with
a total of GBP5.2m invested in 8 new investments as well as a
number of follow on funding rounds. The Company invested GBP4.4m in
four new unquoted and four new quoted companies. Smaller follow-on
investments in one unquoted company and three quoted companies
totalled GBP0.8m.
A total of GBP7.7m was realised from the full or partial sale of
investments and from loan note redemptions. Notably, the sale of
the Company's investment in Luxury for Less generated a return of
2.0 times its original cost within a relatively short investment
period of only 20 months. The Company de-risked its position in
Nexus Vehicle Holdings, its largest investment at the beginning of
the period, through the redemption of loan notes which provided a
return of approximately 1.4 times cost. The Company retained its
equity stake, which is currently valued at approximately 12 times
cost.
Against these successes, losses were realised on other
investments, notably Playforce Holdings, Surgi C and Impetus, which
resulted in returns of 0.5, 0.3 and 0.0 times original cost
respectively. While it was disappointing to have three poor
realisations in the period, it is in the nature of investing in
small companies that some investments will fail to achieve their
full potential. However, the impact of these realisations on the
NAV as at 31 March 2015 was limited, as the Board had previously
made a provision against the value of these investments. On a more
positive note, the Investment Manager has continued consolidating
the gains achieved in the quoted portfolio with partial
realisations from a number of quoted companies, realising an
average return of approximately 2.1 times the cost of these
investments.
Full details regarding the investments and divestments during
the period are set out below.
LONG TERM PERFORMANCE
The Company's investment objective continues to be focused on
generating consistent returns over the long-term through investing
in a portfolio of unquoted and AIM-traded companies with strong
growth prospects.
Baronsmead VCT has been investing funds for shareholders for
almost twenty years and, despite the inherent risk of investing in
small companies, the trust has delivered consistently good returns
for investors. In addition, whilst VCT tax reliefs do not change
the underlying risks associated with investing in smaller
companies, the upfront tax relief and the payment of tax free
dividends help to lessen the amount of shareholders' original
investment cost which remains "at risk".
As shown in the table above those shareholders who subscribed
for shares in any of the Company's various fundraisings between
November 1995 and March 2005 have had their entire investment
returned in dividends and reliefs. For instance, since investing
100p in 1995, founder shareholders have received cash payments
totalling 157.6p (being 20p VCT income tax relief and 137.6p in
dividends) and they still have an investment in the trust with a
NAV of 75.26p per share (after accounting for the interim
dividend). Those shareholders who subscribed to the Company's more
recent fundraisings in April 2009 and December 2012 have had 87.5
per cent. and 51.1 per cent. of their investment returned to them
respectively.
However, this table does not take account of the on-going value
of the tax free nature of VCT dividends, which is a continuing long
term benefit to shareholders. Nevertheless, this analysis serves as
a useful indicator of investment performance over the long term and
the cumulative cash that has been returned to shareholders.
The ten year record of performance and full record is set out on
our website, www.baronsmeadvct.co.uk.
VCT LEGISLATION
In the March 2015 Budget, the Chancellor announced changes that
are designed to ensure that VCTs continue to be effective in giving
small and growing businesses access to finance and ensuring that
the VCT regime remains within EU rules on State Aid. The UK
government has proposed introducing new criteria with respect to
the age of companies that will be eligible as qualifying
investments for the purposes of tax advantaged venture capital
schemes (EIS, SEIS and VCTs), as well as a lifetime cap on the
total amount of state aided investment that a company may receive.
If these proposals gain EU State aid approval and come into law, it
is expected that it will still be possible for the Investment
Manager to continue sourcing suitable VCT qualifying investments in
a similar manner to that under the current regime.
MANAGEMENT ARRANGEMENTS
During the course of the period, the Company's Investment
Manager changed its name to Livingbridge VC LLP (formerly ISIS VC
LLP). This explains the reference to Livingbridge VC LLP in the
Corporate Information below. This change of name has no impact on
the day to day investment activities carried out on the Company's
behalf by the Investment Manager.
OUTLOOK
The UK economy now appears to be on an improving trend. However,
it does not operate in isolation and the external environment
remains uncertain. Concerns exist over the ongoing issues related
to Greece and the Euro, slower growth in China and continued
political instability in various regions. The outcome of the
General Election in the UK now may be less of a concern to the
growing and diverse companies in our portfolio, many of which carry
low levels of debt and are well positioned to take advantage of any
increase in confidence.
Peter Lawrence
Chairman
19 May 2015
Table of Investments and Realisations
Investments in the period
Book
cost
Company Location Sector Activity GBP'000
======================== ================ =============== ================================ ========
Unquoted investments
New
=======================================================================================================
Provider of Field Force
Automation software
Kirona Ltd Cheshire TMT* and services 955
======================== ================= ============== ================================ ========
Provider of software
Business testing services, primarily
Centre4 Testing Ltd Sussex Services through use of contractors 954
======================== ================= ============== ================================ ========
Unified communications
IP Solutions Ltd London TMT* provider 954
======================== ================= ============== ================================ ========
Upper Street Events Consumer Consumer events owner
Ltd London Markets and operator 953
======================== ================= ============== ================================ ========
Follow on
======================== ================= ============== ================================ ========
Provider of nursery
Happy Days Consultancy Healthcare based childcare in
Ltd Cornwall & Education the South West of England 39
======================== ================= ============== ================================ ========
Total unquoted investments 3,855
============================================================================================= ========
AIM-traded investments
New
=======================================================================================================
Clinical Research organisation
providing consulting
Venn Life Sciences Healthcare and clinical trial
Holdings plc London & Education services 225
======================== ================= ============== ================================ ========
Business
Plant Impact plc Hertfordshire Services Crop enhancing products 189
======================== ================= ============== ================================ ========
Castleton Technology Public sector IT managed
plc Cambridgeshire TMT* services and software 67
======================== ================= ============== ================================ ========
Gresham House plc London TMT* Investment Trust vehicle 56
======================== ================= ============== ================================ ========
Follow on
======================== ================= ============== ================================ ========
Compliance software
Ideagen plc Derbyshire TMT* solutions 450
======================== ================= ============== ================================ ========
Back office optimisation
EG Solutions plc(#) Staffordshire TMT* software 228
======================== ================= ============== ================================ ========
Business Specialist plastic
Plastics Capital plc London Services products buy and build 131
======================== ================= ============== ================================ ========
Total AIM-traded investments 1,346^
============================================================================================= ========
Total investments in the period 5,201
============================================================================================= ========
* Technology, Media & Telecommunications ("TMT").
# During the period, the EG Solutions plc Loan note
and capitalised interest was converted into Ordinary
shares.
^ Fulcrum Utility Services Ltd and Paragon Entertainment
Ltd shares were received in exchange for Marwyn Value
Investor Ltd shares following a Scheme of Arrangement.
=======================================================================================================
Realisations in the period
First Overall
investment Book cost Proceeds++ multiple
Company date GBP'000 GBP'000 return*
==================== ================ ============ ========= ========== =========
Unquoted realisations
======================================================================================
Nexus Vehicle
Holdings Ltd Loan repayment Feb 08 2,130 3,082 1.4
==================== ================ ============ ========= ========== =========
Luxury For Less Full trade
Ltd sale Jul 13 955 1,787 2.0
==================== ================ ============ ========= ========== =========
Playforce Holdings Full trade
Ltd sale Jan 08 1,196 380 0.5
==================== ================ ============ ========= ========== =========
Full trade
Surgi C Ltd sale Apr 10 1,102 325 0.3
==================== ================ ============ ========= ========== =========
Eque2 Ltd Loan Repayment Apr 13 111 124 1.1
==================== ================ ============ ========= ========== =========
Kingsbridge Ltd Loan Repayment Jan 14 53 96 1.8
==================== ================ ============ ========= ========== =========
Impetus Holdings Full trade
Ltd sale Apr 12 1,305 0 0.0
==================== ================ ============ ========= ========== =========
Total unquoted realisations 6,852 5,794
==================================================== ========= ========== =========
AIM-traded realisations
======================================================================================
Jelf Group plc Market sale Oct 04 210 737 3.5
==================== ================ ============ ========= ========== =========
Full market
GB Group plc sale Nov 11 108 384 3.6
==================== ================ ============ ========= ========== =========
Full market
RTC Group plc sale Jun 98 374 310 0.8
==================== ================ ============ ========= ========== =========
Full market
Cohort plc sale Oct 07 178 285 1.7
==================== ================ ============ ========= ========== =========
Anpario plc Market sale Nov 06 54 235 4.3
==================== ================ ============ ========= ========== =========
Total AIM-traded realisations 924^ 1,951
==================================================== ========= ========== =========
Total realisations in the period 7,776 7,745
==================================================== ========= ========== =========
++ Proceeds at time of realisation including redemption
premium and interest.
* Includes interest/dividends received, loan note redemptions
and partial realisations accounted for in prior periods.
^ Fulcrum Utility Services Ltd and Paragon Entertainment
Ltd shares were received in exchange for Marwyn Value
Investor Ltd shares following a Scheme of Arrangement.
Deferred consideration of GBP195,000 was also received
in respect of MLS Ltd.
======================================================================================
Summary Investment Portfolio
Investment Classification at 31 March 2015
Sector by value Percentage
----------------------------- -------------
Business Services 41%
----------------------------- -------------
Technology, Media &
Telecommunications ("TMT") 31%
----------------------------- -------------
Consumer Markets 16%
----------------------------- -------------
Healthcare & Education 12%
----------------------------- -------------
Total Assets by value Percentage
-------------------------------- -------------
AIM & collective investment
vehicle 41%
-------------------------------- -------------
Unquoted - loan note 22%
-------------------------------- -------------
Net current assets principally
cash 16%
-------------------------------- -------------
Interest bearing securities 12%
-------------------------------- -------------
Unquoted - equity 9%
-------------------------------- -------------
Time Investments Held Percentage
by value
------------------------- -------------
Less than 1 year 11%
------------------------- -------------
Between 1 and 3 years 31%
------------------------- -------------
Between 3 and 5 years 23%
------------------------- -------------
Greater than 5 years 35%
------------------------- -------------
Responsibility Statement of the Directors in respect of the
Half-Yearly Financial Report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with the Statement 'Half-Yearly Financial
Reports' issued by the UK Accounting Standards Board;
-- the Chairman's Statement (constituting the interim management
report) includes a fair review of the information required by
DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements;
-- the Statement of Principal Risks and Uncertainties below is a
fair review of the information required by DTR 4.2.7R being a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the financial statements include a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that
have materially affected the financial position or performance
of the Company during that period; and any changes in the
related party transactions described in the last annual report
that could do so.
On behalf of the Board
Peter Lawrence
Chairman
19 May 2015
Unaudited Income Statement
For the six months to 31 March 2015
Six months to Year to
31 March 2015 Six months to 30 September
31 March 2014 2014*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unrealised gains
on movements
in fair value
of investments - 776 776 - 7,935 7,935 - 7,538 7,538
Realised (losses)/gains
on
disposal of
investments - (80) (80) - (963) (963) - 447 447
Income 1,720 - 1,720 1,490 - 1,490 2,037 - 2,037
Investment management
fee (184) (550) (734) (175) (1,144) (1,319) (363) (1,608) (1,971)
Other expenses (222) - (222) (235) - (235) (440) - (440)
Profit on ordinary
activities before
taxation 1,314 146 1,460 1,080 5,828 6,908 1,234 6,377 7,611
Taxation on
ordinary activities (207) 207 - (181) 181 - (174) 174 -
Profit on ordinary
activities after
taxation 1,107 353 1,460 899 6,009 6,908 1,060 6,551 7,611
Return per ordinary
share
Basic 1.06p 0.34p 1.40p 0.96p 6.41p 7.37p 1.06p 6.59p 7.65p
* Figures as at 30 September 2014 are audited.
Unaudited Reconciliation of Movements in Shareholders' Funds
For the six months to 31 March 2015
Six Six Year
months months to
to to 30
31 March 31 September
2015 March 2014*
GBP'000 2014 GBP'000
GBP'000
Opening shareholders' funds 79,582 71,706 71,706
Profit on ordinary activities after
taxation 1,460 6,908 7,611
Net proceeds of share issues & costs
of buybacks (534) 9,583 9,486
Dividends paid - (5,543) (9,221)
Closing shareholders' funds 80,508 82,654 79,582
* Figures as at 30 September 2014 are audited.
Notes
1. The unaudited interim results which cover the six months to
31 March 2015 have been prepared in accordance with
applicable accounting standards and adopted the accounting
policies set out in the statutory accounts of the Company for
the year to 30 September 2014.
2. Return per share is based on a weighted average of
104,684,680 ordinary shares in issue (30 September 2014 -
99,430,657
ordinary shares; 31 March 2014 - 93,748,547 ordinary
shares).
3. Earnings for the first six months should not be taken as a
guide to the results of the financial year to 30 September
2015.
4. During the period, the Company purchased 745,000 shares to be
held in treasury. At 31 March 2015 the Company held
7,483,751 ordinary shares in treasury. These shares may be
re-issued below Net Asset Value as long as the discount at
issue is narrower than the average discount at which the shares
were bought back.
5. Excluding treasury shares, there were 104,202,454 ordinary
shares in circulation at 31 March 2015 (30 September 2014 -
104,947,454 ordinary shares; 31 March 2014 - 105,082,454 ordinary
shares).
6. The interim dividend of 2.0p per share (0.95p capital, 1.05p
revenue) will be paid on 19 June 2015 to shareholders on the
register on 29 May 2015. The ex-dividend date is 28 May
2015.
7. The financial information contained in this half-yearly
report does not constitute statutory accounts as defined in section
434
of the Companies Act 2006. The information for the year to 30
September 2014 has been extracted from the latest published
audited financial statements. The audited financial statements
for the year to 30 September 2014, which were unqualified,
have been filed with the Registrar of Companies. No statutory
accounts in respect of any period after 30 September 2014
have been reported on by the Company's auditors or delivered to
the Registrar of Companies.
8. Copies of the half-yearly report have been made available to
shareholders and are also available from the Registered Office
of
the Company at 100 Wood Street, London EC2V 7AN.
Unaudited Balance Sheet
As at 31 March 2015
As at
As at As at 30
31 March 31 September
2015 March 2014*
GBP'000 2014 GBP'000
GBP'000
Fixed assets
Unquoted investments 24,785 26,363 24,988
Traded on AIM 25,389 26,455 25,736
Traded on ISDX - 511 485
Listed on LSE - 1,841 24
Collective investment vehicle 7,930 7,883 7,608
Listed interest bearing securities 9,995 - 10,996
Investments 68,099 63,053 69,837
Current assets
Debtors 3,030 3,584 1,318
Cash at bank and on deposit 10,132 17,097 9,557
13,162 20,681 10,875
Creditors (amounts falling due within
one year) (753) (1,080) (1,130)
Net current assets 12,409 19,601 9,745
Net assets 80,508 82,654 79,582
Capital and reserves
Called-up share capital 11,169 11,169 11,169
Share premium 20,101 20,101 20,101
Capital reserve 30,924 35,550 32,943
Revaluation reserve 16,865 15,653 15,027
Revenue reserve 1,449 181 342
Equity shareholders' funds 80,508 82,654 79,582
* Figures as at 30 September 2014 are audited.
As at
As at As at 30 September
31 March 31 March 2014*
2015 2014 GBP'000
GBP'000 GBP'000
Net asset value per share 77.26p 78.66p 75.83p
Number of ordinary shares in circulation 104,202,454 105,082,454 104,947,454
Treasury net asset value per share 76.96p 78.35p 75.58p
Number of ordinary shares in circulation 104,202,454 105,082,454 104,947,454
Number of ordinary shares held
in treasury 7,483,751 6,603,751 6,738,751
Number of listed ordinary shares
in issue 111,686,205 111,686,205 111,686,205
* Figures as at 30 September 2014 are audited.
Unaudited Cash Flow Statement
For the six months to 31 March 2015
Six Six
months months Year to
to 31 to 30 September
March 31 2014*
2015 March GBP'000
GBP'000 2014
GBP'000
Net cash inflow/(outflow) from operating
activities 317 (100) (150)
Net cash inflow from financial investment 888 10,048 6,236
Equity dividends paid - (5,543) (9,221)
Net cash inflow/(outflow) before
financing 1,205 4,405 (3,135)
Net cash (outflow)/inflow from financing (630) 9,583 9,583
Increase in cash 575 13,988 6,448
Reconciliation of net cash flow
to movement in net cash
Increase in cash 575 13,988 6,448
Opening cash position 9,557 3,109 3,109
Closing cash at bank and on deposit 10,132 17,097 9,557
Reconciliation of profit on ordinary
activities before taxation to net
cash inflow/(outflow) from operating
activities
Profit on ordinary activities before
taxation 1,460 6,908 7,611
Gains on investments (696) (6,972) (7,985)
Changes in working capital and other
non-cash items (447) (36) 224
Net cash inflow/(outflow) from operating
activities 317 (100) (150)
* Figures as at 30 September 2014 are audited.
Principal Risks and Uncertainties
The Company's assets consist of equity and fixed interest
investments, cash and liquid resources. Its principal risks are
therefore market risk, credit risk and liquidity risk. Other risks
faced by the Company include loss of approval as a Venture Capital
Trust, investment performance, regulatory and compliance,
legislative, economic, political and external factors and
operational risks. These risks, and the way in which they are
managed, are described in more detail in the Risk Matrix within the
Strategic Report in the Company's Annual Report and Accounts for
the year to 30 September 2014. The Company's principal risks and
uncertainties have not changed materially since the date of that
report.
Related Parties
Livingbridge VC LLP ("the Manager") manages the investments of
the Company. The Manager also provides or procures the provision of
secretarial, administrative and custodian services to the Company.
Under the management agreement, the Manager receives a fee of 2 per
cent. per annum of the net assets of the Company. This is described
in more detail under the heading The Investment Management
Agreement within the Strategic Report in the Company's Annual
Report and Accounts for the year to 30 September 2014. During the
period the Company has incurred management fees of GBP734,000 and
secretarial fees of GBP55,000 payable to the Manager. No
performance fee has been accrued at 31 March 2015.
Going Concern
After making enquires, and bearing in mind the nature of the
Company's business and assets, the Directors consider that the
Company has adequate resources to continue in operational existence
for the foreseeable future. In arriving at this conclusion the
Directors have considered the liquidity of the Company and its
ability to meet obligations as they fall due for a period of at
least twelve months from the date that these financial statements
were approved. As at 31 March 2015 the Company held cash and
readily realisable securities totalling GBP20,127,000. Cash flow
projections have been reviewed and show that the Company has
sufficient funds to meet both its contracted expenditure and its
discretionary cash outflows in the form of the share buyback
programme and dividend policy. The Company has no external loan
finance in place and therefore is not exposed to any gearing
covenants.
Corporate Information
Directors Registrars and Transfer Office
Peter Lawrence++ Computershare Investor Services
Valerie Marshall* PLC
Susannah Nicklin The Pavilions
Les Gabb Bridgwater Road
Bristol BS99 6ZZ
Secretary Tel: 0800 923 1532
Livingbridge VC LLP
Brokers
Registered Office Panmure Gordon & Co
100 Wood Street One New Change
London EC2V 7AN London EC4M 9AF
Tel: 020 7886 2500
Investment Manager
Livingbridge VC LLP Auditor
100 Wood Street KPMG LLP
London EC2V 7AN Saltire Court
020 7506 5717 20 Castle Terrace
Edinburgh EH1 2EG
Registered Number
03035709 Solicitors
Dickson Minto W.S.
Broadgate Tower
20 Primrose Street
London EC2A 2EW
VCT Status Adviser
RobertsonHare LLP
4-6 Staple Inn
Holborn
London WC1V 7QN
Website
www.baronsmeadvct.co.uk
++ Chairman
* Senior Independent Director,
Audit Committee Chairman,
Nomination Committee Chairman
and Management Engagement
and Remuneration Committee
Chairman
National Storage Mechanism
A copy of the Half-Yearly Report will be submitted shortly to
the National Storage Mechanism ("NSM") and will be available for
inspection at the NSM, which is situated at:
www.hemscott.com/nsm.do.
END
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on this announcement (or
any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BSGDUUSBBGUC
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