TIDMVICT
RNS Number : 4932I
Victory VCT PLC
15 June 2011
ViCTory VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 30 APRIL 2011
To the members of ViCTory 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
February 2011 to 30 April 2011 and contains information that covers
this period and up to the date of publication of this interim
management statement.
Our operations
The objective of ViCTory VCT PLC ("the Company") is to provide
shareholders with an attractive and competitive investment return
from a portfolio of companies whose shares are primarily traded on
the Alternative Investment Market ("AIM"). The Manager's continuing
objective is to manage the current portfolio so as to maximise
returns for investors for the qualifying period and beyond.
Results of Annual General Meeting
The Company gives notice that the following resolutions proposed
in the Notice of Meeting dated 9 May 2011 were duly passed at the
Annual General Meeting of the Company held on 14 June 2011:
-- To receive and adopt the Directors' Report and Accounts
-- To approve the Directors' Remuneration Report
-- To approve a final dividend of 2p per share payable to
shareholders on the register at 24 June 2011.
-- To appoint PKF (UK) LLP as auditors
-- To authorise the directors to determine the remuneration of
the auditors
-- To re-elect Mr Christopher Moorsom as a Director
-- To re-elect Mr David Page as a Director
-- To approve the Directors' authority to allot shares
-- To approve the Directors' authority to disapply statutory
pre-emption rights
-- To empower the Company to buy back its own shares
Performance during the period
The VCT gained 3.3% over the 3 month period to 30 April 2011.
This was a favourable result against the benchmark index (the FTSE
AIM All-share Total Return) which ended the same period down 1.8%.
The negative index performance reflects the beginning of the
weakness in the commodities sector at the end of April due to
concerns over the durability of the global economic recovery.
Natural resource stocks have been the key driver behind AIM
performance for over two years.
The main contributors to the VCT's performance were Lo-Q, which
announced strong results confirming its impressive growth and
development; Tasty, which posted good like-for-like sales figures
against a difficult economic backdrop for a restaurant chain; IDOX,
following the acquisition of a licensing management software
business; and Symphony Environmental, following full year results.
The most disappointing performer was AssetCo, which announced that
it's recent fund raising had been insufficient to stem the cashflow
pressures, and a serious fall-out between various stake-holders
became public. The company continues to trade but we have exited
this position. Tristel also disappointed the market with a
substantial downgrade to profit expectations.
During the period, we completed qualifying deals in: Deltex
Medical, a supplier of medical devices to monitor blood rate and
flow during and after surgery, allowing fluid replacement to be
optimised; Futura Medical, a developer of sexual health products
that has signed three significant licensing deals with major
distributors; and Microsaic, a designer of innovative mass
spectrometry devices that are smaller, and quieter than their
competitors' products, and will sell at about half the price. We
also added to the non-qualifying portfolio, acquiring, amongst
others, holdings in EROS International, an Indian media business;
and OPG, an Indian power generator. We added to the VCT's holding
in London Capital Group through participation in a placing at a
valuation that we deemed to be compelling.
The turnover of the qualifying portfolio has now slowed as most
of the small, high risk holdings have been exited. However, there
were two further material qualifying sales during the period of ILX
and the majority of the VCT's holding in Mediwatch. The limited
liquidity afforded by small companies listed on AIM, particularly
those with market capitalisations below GBP10m, made the qualifying
portfolio reconstruction a slow process. However, we feel more
confident about the remaining constituents, which have been
supplemented with some new qualifying investments. In the
non-qualifying portfolio, we sold NCC Group and Supergroup, both at
acceptable profits, and took profits in Entertainment One and New
Britain Palm Oil, although both remain material holdings.
As at 30 April 2011 As at 31 January 2011
("unaudited") ("audited")
----------------------- -------------------- ----------------------
Total Net Asset Value
("NAV") GBP19.7m GBP20.6m
----------------------- -------------------- ----------------------
Shares in issue 40,116,007 43,557,324
----------------------- -------------------- ----------------------
NAV per share * 49.1p 47.5p
----------------------- -------------------- ----------------------
* 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 April 2011
Percentage
of
the fund's
net
asset value
as
at
30 April
2011
Lo-Q plc 5.9
Synergy Health plc 5.4
Tikit Group plc 4.9
Fulcrum Utility Services Ltd 4.3
Prezzo plc 4.3
China Food Company plc Convertible 8% Loan Note 3.7
IDOX plc 3.6
Asian Citrus Holdings Ltd 3.0
Hargreaves Services plc 2.9
Symphony Environmental Technologies plc 2.7
40.7
------------
Detailed monthly updates on portfolio activity and performance
are posted on the Amati Global Investors website (see
http://www.amatiglobal.com).
For further information please contact Doreen Nic on 0131 243
7215 or email
vct-enquiries@amatiglobal.com.
15 June 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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