NOA Noble Aim

 
TIDMNOA 
 
NOBLE AIM VCT plc 
 
INTERIM MANAGEMENT STATEMENT 
FOR THE 3 MONTHS TO 30 NOVEMBER 2009 
 
To the members of Noble AIM VCT plc 
 
This interim management statement has been prepared solely to provide additional 
information  to the shareholders as a body to meet the relevant requirements  of 
the UK Listing Authority's Disclosure and Transparency Rules, and should not  be 
relied on by any other party or for any other purpose. 
 
This interim management statement considers the future of the fund and, as such, 
forward-looking assertions have been made by the Directors in good  faith  based 
on  the  information available to them up to the time of their approval of  this 
report.  This statement should therefore be treated with due caution due to  the 
inherent uncertainties of the effect of both economic and business risk  factors 
in considering forward-looking information. 
 
This interim management statement relates to the period from 1 September 2009 to 
30  November 2009 and contains information that covers this period and up to the 
date of publication of this interim management statement. 
 
Our operations 
 
The  objective of Noble AIM VCT plc ("the Company") is to provide an  attractive 
return to shareholders.  The Company generates tax-free capital gains and income 
by  building and maintaining a well-balanced portfolio of qualifying investments 
and  non-qualifying investments, for the purposes of the tax  legislation  under 
which the Company operates.  The qualifying investments are predominantly in AIM 
traded companies or companies to be traded on AIM.  The Company is managed as  a 
venture capital trust in order that shareholders in the Company may benefit from 
the tax reliefs available. 
 
 
Performance during the period 
 
During  the three month period to 30 November 2009 the NAV of your VCT increased 
by  7.7%.   This positive performance trailed the benchmark AIM All Share  Index 
rise  of 10.6%, partly due to the fund's exposure to protected, convertible bond 
instruments,  and also due to the continued advance of the Basic  Resources  and 
Oil  and  Gas  sectors,  which represent 40% of the benchmark  index  by  value. 
Although we have deliberately sought to hold stocks within these sectors through 
the non-qualifying portion of the portfolio our overall portfolio weighting will 
always be below that of the benchmark given that qualifying investments are very 
rarely found in this sector. 
 
All of the gain over the period came in September, when markets rallied strongly 
on  a  high level of earnings upgrades and advancing lead indicators.   The  NAV 
then  lost  some ground in October and November, when a negative 3rd quarter  UK 
GDP movement surprised commentators, but has since risen to higher levels. 
 
VCT  qualifying deal flow reappeared during this quarter and two substantial new 
qualifying  investments  were made.  Firstly, GBP483,000 was  invested  in  Sabien 
Technology,  a  designer of energy saving devices for commercial  boilers.   The 
company  has  an  effective product with an attractive payback period  and  high 
quality  distribution  partners.  Secondly, GBP701,713 was  invested  in  Tristel, 
which  has  developed a range of sterilisation products for hospitals and  other 
environments.   Tristel is a growing, profitable business that was  looking  for 
working capital to expand into overseas markets. 
 
The  largest non-qualifying deal of the quarter was a GBP500,000 convertible  loan 
to  China  Food  Company  (CFC),  an AIM-listed  manufacturer  and  supplier  of 
condiments.   CFC  is  a mature, profitable business that  was  seeking  working 
capital  funding  to  produce a new range of premium soy  sauce  products.   The 
exposure  to  the  domestic  Chinese economy and the  protected  nature  of  the 
instrument were major attractions of this deal. 
 
 
                       As at 30 Nov 2009    As at 31 Aug 2009 
                         ("unaudited")        ("unaudited") 
Total Net Asset             GBP24.5m                GBP23.3m 
Value ("NAV") 
Shares in issue           35,713,980            35,743,209 
NAV per share *              68.7p                65.4p 
 
* taking account of amounts receivable or chargeable to the VCT's income 
account. 
 
The top ten investments in the Company's portfolio are listed below. 
 
Top ten holdings as at 30 Nov 2009 
 
                                                  Percentage of 
                                                 the fund's net 
                                              asset value as at 
                                                   30  Nov 2009 
  Deltex Medical Group Plc                                  5.5 
  Hardide                                                   4.4 
  Brulines Group                                            4.2 
  Kiotech International Plc                                 4.1 
  Craneware Plc                                             3.5 
  Tristel                                                   3.0 
  IS Pharma                                                 2.8 
  Hargreaves Services                                       2.6 
  XP Power Ltd                                              2.4 
  TMO Renewables Ltd                                        2.2 
                                                           34.7 
 
Detailed monthly updates on portfolio activity and performance are posted on the 
Noble Group website (see http://www.noblegp.com/services/invest/aim_vct.php). 
 
For further information please contact Rachel LeDerf on 0131 225 9677 or email 
VCTenquiries@noblegp.com. 
 
15 January 2010 
 

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