CEV Close Ent.

 

TIDMCEV 
 
RNS Number : 8081M 
Close Enterprise VCT PLC 
04 February 2009 
 

Interim Management Statement 
 
 
Introduction 
Close Enterprise VCT PLC today presents the interim management statement for the 
period from 1 October 2008 to 4 February 2009 as required by the UK Listing 
Authority's Disclosure and Transparency Rule 4.3. 
 
 
Financial position, performance and dividends 
The Company's approximate unaudited net asset value (NAV) as at 31 December 2008 
was GBP27.5 million or 90.5 pence per share. This is before accounting for the 
second dividend for the year to 31 March 2009 of 1.25 pence per share (paid on 
9 January 2009 to shareholders on the register at 5 December 2008). The net 
asset value has decreased compared to the net asset value at 30 September 2008 
of GBP28.1 million or 92.5 pence per share. 
 
 
The three month period from the half-yearly financial report has been a 
difficult one for the UK economy as a whole, and your Company's investment 
portfolio has not been immune from its effects, although your Company's high 
level of cash has provided a strong degree of protection from the worst effects. 
 
 
The Board is not aware of any significant events or transactions which have 
occurred, between the date of the net asset value and the date of this interim 
management statement which would have a material impact on the net asset value 
of the Company. 
 
 
Share buybacks 
During the period from 1 October 2008 to 4 February 2009, the Company purchased 
33,000 shares at an average price of 70.9 pence, to be held in treasury. 
Buybacks of Ordinary shares during the period were transacted through 
Winterflood Securities Limited, a subsidiary of Close Brothers Group plc, who, 
at the time of the first transaction, were the ultimate parent company of the 
Manager. 
 
 
 
Portfolio 
The following investments have been made during the period from 1 October 2008 
to 4 February 2009: 
 
 
+------------------------------+----------+--------------------------------------+ 
| Name                         | GBP000's |                                      | 
+------------------------------+----------+--------------------------------------+ 
| Droxford Hospital Limited    | 1,000    | Operator of psychiatric hospital     | 
| (new investment)             |          |                                      | 
+------------------------------+----------+--------------------------------------+ 
| Bravo Inns II Limited        | 600      | Freehold pub owner and operator      | 
| (follow-on investment)       |          |                                      | 
+------------------------------+----------+--------------------------------------+ 
| Forth Photonics Limited (new | 555      | Developer of medical imaging         | 
| investment)                  |          | software                             | 
+------------------------------+----------+--------------------------------------+ 
| Ivivo Limited (new           | 167      | Developer of medical imaging         | 
| investment)                  |          | software                             | 
+------------------------------+----------+--------------------------------------+ 
| MiPay Limited (follow-on     | 151      | Provider of mobile payment services  | 
| investment)                  |          |                                      | 
+------------------------------+----------+--------------------------------------+ 
| Vibrant Energy Surveys       | 65       | Energy performance certificate       | 
| Limited (follow-on           |          | provider                             | 
| investment)                  |          |                                      | 
+------------------------------+----------+--------------------------------------+ 
| The Clear Pub Company VCT    | 3        | Freehold pub owner and operator      | 
| Limited (follow-on           |          |                                      | 
| investment)                  |          |                                      | 
+------------------------------+----------+--------------------------------------+ 
 
 
No investments were sold during this period. 
 
 
Top ten holdings (as at 31 December 2008) 
 
 
+-------------------------------------+-------------------------------------+ 
| Investee Company                    | Carrying/fair value                 | 
|                                     | GBP000's                            | 
+-------------------------------------+-------------------------------------+ 
| 4% Treasury stock March 2009        | 8,048                               | 
+-------------------------------------+-------------------------------------+ 
| Lloyds TSB Bank plc Euro commercial | 3,898                               | 
| paper (30/06/2009)                  |                                     | 
+-------------------------------------+-------------------------------------+ 
| Barclays Bank Floating rate note    | 2,258                               | 
| (02/07/2010)                        |                                     | 
+-------------------------------------+-------------------------------------+ 
| Bank of Nova Scotia Floating rate   | 2,124                               | 
| note (22/09/2010)                   |                                     | 
+-------------------------------------+-------------------------------------+ 
| Nationwide Floating rate note       | 1,833                               | 
| (07/06/2010)                        |                                     | 
+-------------------------------------+-------------------------------------+ 
| Droxford Hospital Limited           | 1,007                               | 
+-------------------------------------+-------------------------------------+ 
| Bravo Inns II Limited               | 918                                 | 
+-------------------------------------+-------------------------------------+ 
| Bravo Inns Limited                  | 537                                 | 
+-------------------------------------+-------------------------------------+ 
| Bank of Scotland Floating rate note | 434                                 | 
| (17/12/2009)                        |                                     | 
+-------------------------------------+-------------------------------------+ 
| Dexela Limited                      | 430                                 | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
Material events and transactions 
The business of Close Ventures Limited, the manager of the Company, has been 
acquired by Albion Ventures LLP ("Albion Ventures") from Close Brothers Group 
plc ("Close"). 
 
 
The Company's management contract has been novated from Close Ventures to Albion 
Ventures under exactly the same terms as the current agreement. The investment 
approach of Albion Ventures and the investment policy of the Company are also 
unchanged, with a continued emphasis on building up a broad portfolio of 
investee companies with no bank borrowings and the maintenance of a strong 
dividend yield. 
 
 
A General Meeting will be convened shortly to seek shareholder approval to 
change the Company's name from Close Enterprise VCT PLC to Albion Enterprise VCT 
PLC. 
 
 
As shareholders will appreciate, the significant reduction in interest rates 
will result in a decline in income going forwards. 
 
 
Information regarding historic and current financial performance and other 
useful shareholder information can be found on the Fund's website under 
www.albion-ventures.co.uk/Our Funds/Close Enterprise VCT PLC. 
 
 
 
 
 
 
Patrick Reeve 
Director 
4 February 2009 
 
 
 
 
For further information please contact: 
Patrick Reeve 
Albion Ventures LLP 
Tel: 020 7422 7830 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSUUUBCPUPBGAC 
 

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