Interim Management Statement
16 Diciembre 2009 - 2:58PM
UK Regulatory
TIDMPAV
Company: Pennine AIM VCT plc
TIDMs: PAV, PAVD
Headline: Interim Management Statement
Pennine AIM VCT plc
Interim Management Statement
for the three months ended 31 October 2009
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Pennine AIM VCT presents an Interim Management Statement for
the three month period ended31 October 2009. The statement also includes
relevant financial information between the end of the period and the date of
this statement.
Dividends paid or declared in the period
There were no dividends paid or declared in the period under review.
Performance
Ordinary shares
31 October 2009 31 July 31 January
2009 2009
Pence Pence Pence
Net Asset Value (?NAV?) 36.4 34.8 33.6
Cumulative Dividends 88.1 88.1 88.1
Total Return * 124.5 122.9 121.7
*NAV plus cumulative dividends paid since launch
?D? Shares
31 October 2009 31 July 31 January
2009 2009
Pence Pence Pence
Net Asset Value (?NAV?) 88.1 84.8 86.4
Cumulative Dividends 1.0 1.0 1.0
Total Return * 89.1 85.8 87.4
*NAV plus cumulative dividends paid since issue
Investment portfolio summary at 31 October 2009
Ordinary share pool - Ten largest investments by value
Valuation
movement
since 31 July
Cost Valuation 2009
GBP?000 GBP?000 GBP?000
Connaught plc ** 40 620 45
Spice plc ** 249 349 26
FDM Group plc 200 318 36
Synergy Health plc ** 145 292 52
Cadbury House Limited * 289 289 -
Hoole Hall Country Club Holdings Ltd * 240 240 -
Ludorum plc 64 147 16
Straight plc 179 130 23
Supporta plc 302 130 50
Interserve plc ** 60 81 12
Other venture capital investments 4,769 712 (58)
Other investments 385 412 47
Total investments 6,922 3,720 249
*Unquoted
**Main market
All investments are quoted on AIM unless otherwise stated.
D share pool ? All investments
Valuation
movement
since 31 July
Cost Valuation 2009
GBP?000 GBP?000 GBP?000
Animalcare Group plc 102 165 17
Tristel plc 113 154 42
IS Pharma plc 100 121 18
Cadbury House Limited * 100 100 -
Ludorum plc 35 81 9
Hoole Hall Country Club Holdings Ltd * 60 60 -
Hoole Hall Spa and Leisure Limited * 60 60 -
The Thames Club Limited * 100 50 -
Plastics Capital plc 100 38 13
Clerkenwell Ventures plc 9 5 -
Other venture capital investments 100 - -
Protected plans 531 508 24
Total investments 1,410 1,342 123
* Unquoted
Investment additions during the 3 months ended 31 October 2009
Total Ordinary ?D? Share
pool pool
GBP?000 GBP?000 GBP?000
Financial News Publishing Limited 10 10 -
Hoole Hall Country Club Holdings Limited 50 40 10
Hoole Hall Spa and Leisure Limited 20 10 10
Sundry additions 1 - 1
--------------------------------
81 60 21
After the period end, the Company invested GBP504,000 in Cadbury House Holdings
Limited, split between a re-investment of GBP389,000 from the investment in
Cadbury House Limited and a new investment of GBP115,000 (split between the
Ordinary pool, GBP55,000, and ?D? Share pool, GBP60,000).
Investment disposals during the 3 months ended31 October 2009
OrdinaryShare pool
Market
value at Total
1 February Disposal Gain/(loss) realised
Cost 2009 proceeds in period gain/(loss)
GBP?000 GBP?000 GBP?000 GBP?000 GBP?000
Dipford Group plc 245 - - (245) -
Interserve plc 42 49 60 18 11
Treasury 8% Stock 2009 342 345 331 (11) (14)
----------------------------------------------------
629 394 391 (238) (3)
?D? Share pool
Market
value at Total
1 February Disposal Gain/(loss) realised
Cost 2009 proceeds in period gain/(loss)
GBP?000 GBP?000 GBP?000 GBP?000 GBP?000
Treasury 8% Stock 2009 589 594 569 (20) (25)
Other than the re-investment noted above, there were no disposals between 1
November 2009 and the date of this report.
Changes toshare capital
Ordinary Shares of D Shares of
10p each 10p each
Shares GBP?000 Shares GBP?000
As at 31 July2009 13,086,372 1,308 2,836,269 284
Shares bought back and cancelled - - -
------------------------------------------
As at 31 October 2009 13,086,372 1,308 2,836,269 284
There were no shares purchased by the Company for cancellation between 1
November2009 and the date of this report.
Mergerdiscussions
On 30 November 2009, the Company announced that it is in merger discussions with
Pennine Downing AIM VCT 2 plc and that any merger is expected to be by way
of a "scheme of reconstruction" pursuant to S.110 of the Insolvency Act
1986. Merger discussions are ongoing.
Materialevents
Other than describedabove, there were no material events during the period from
1 August 2009 to 31 October 2009 or in the period from 1 November 2009 to the
date of this announcement.
[HUG#1363392]
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