Second Interim Management Statement
14 Enero 2011 - 5:55AM
UK Regulatory
TIDMFAMT
Framlington AIM VCT 2 PLC
Second interim management statement for the year ending 28 February 2011
To the members of Framlington AIM VCT 2 PLC
This is the Company's second interim management statement for the year ending
28 February 2011 and covers the period to 30 November 2010. This statement has
been produced to comply with the requirements of the Disclosure and
Transparency Rules issued by the UKLA and should not be relied upon by any
other party or for any other purpose.
Investment objective
The Company's investment objective is to achieve long term capital growth
primarily through investment in a diversified portfolio of qualifying companies
quoted on AIM. It is expected that realised capital gains, along with income,
will be returned to the shareholders, at the discretion of the Directors,
through the payment of dividends. The Investment Manager may also invest the
assets of the Company in companies traded on the PLUS Market trading facility
and in unquoted stocks, although this is not currently expected to be
significant.
The majority of the Company's investments will be in newly issued shares, as it
is a VCT requirement that 70% of the funds raised pursuant to the offer be
invested in new issues of shares that qualify as qualifying holdings within
three years of the share issue. The Company had to meet this requirement by 28
February 2009 and now has to comply on an ongoing basis.
Qualifying holdings are defined as holdings of shares or securities in unquoted
(including AIM and PLUS Market companies) whose purpose is to carry on a
qualifying trade wholly or mainly in the UK. Sectors that are excluded include
property, financial services and commodities. Companies must not be controlled
by the VCT or any other company. At the end of three years, up to 30% of a
VCT's assets can be invested in non-qualifying investments such as bank
deposits, gilts and fixed interest stock. At least 30% of the VCT's qualifying
holdings must be ordinary shares with no preferential rights. The remainder can
be in loans of at least five years' duration, or preference shares.
The size of companies in which the Company may invest is limited by the VCT
rules. Qualifying holdings, as defined above, must have gross assets of GBP15
million or less immediately prior to investment and GBP16 million or less
immediately after investment. Although the companies in which the Company
invests are small, the risk that this entails is mitigated by the
diversification of holdings which results from the requirement to invest 70% of
funds raised in qualifying holdings.
The maximum exposure to any one stock or group, other than another VCT, is 15%
of the Company's investments.
The Company's borrowings must be restricted to an amount which is less than 10%
of the Company's issued share capital and reserves.
Capital structure
The Company has one class of share capital: ordinary shares of 10 pence each.
The Company's issued share capital at the date of this announcement is
29,486,299 ordinary shares of 10 pence each.
Material events and transactions
During the three months to 30 November 2010, a further GBP1,526,000 was invested
in qualifying holdings. GBP1,252,000 was raised through the disposal of
investments.
NAV and total assets at 30 November 2010
30 November 2010 31 August 2010 Increase
%
Net asset value per share 54.75 pence 47.66 pence 14.9
(investments at bid value,
including current year revenue)
Net asset value per share 74.75 pence 67.66 pence 10.5
including cumulative dividends
paid to date
Net assets GBP16.1 million GBP14.1 million 14.2
Share price (mid market) 40.50 pence 40.50 pence -
At 30 November 2010, 83% of the portfolio was invested in qualifying holdings.
The net asset value at 7 January 2011 was 56.15 pence per share.
Ten largest holdings at 30 November 2010
Value at % of net
30.11.10 assets
GBP000s at 30.11.10
Allied Domecq Finance PLC 6.625% (MTN) 12/06/14 1,516 9.39
Craneware PLC 1,458 9.03
AFC Energy PLC 958 5.94
London Italian Restaurants 6.5% 31/12/13 875 5.42
Treasury 4.25% 07/03/11 758 4.69
Brulines Group PLC 723 4.48
Locale Enterprises Ltd 540 3.35
EKF Diagnostics Hdgs PLC 513 3.18
IS Pharma PLC 474 2.94
Tristel PLC 394 2.44
Company information
Year end: 28 February
Results: Final results to 28 February 2011 announced June 2011
Interim results to 31 August 2011 announced October 2011
Dividend: Dividend payable August 2011
By order of the board
AXA Investment Managers UK Limited
Company Secretary to Framlington AIM VCT 2 PLC
14 January 2011
Further information on the Company, including the annual report and accounts
for the year ended 28 February 2010 and the interim report and accounts for the
six months ended 31 August 2010, is available from the Manager's website
www.axaframlington.com.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
END
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