Interim Management Statement
July 09 2010 - 7:08AM
UK Regulatory
TIDMAEV1
RNS Number : 1244P
Acuity Environmental VCT PLC
09 July 2010
Acuity Environmental VCT Plc ("the Company")
Interim Management Statement
For the quarter ended 30 June 2010
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Acuity Environmental VCT presents its first Interim
Management Statement for the quarter ended 30 June 2010. The statement also
includes relevant financial information between the end of the period and the
date of this statement.
Unaudited Net Asset Value Per Ordinary Share and A Share as at 30 June 2010
The unaudited net asset value at 30 June 2010 was 93.3 per Ordinary Share. This
compares to the initial NAV per Ordinary Share of 94.5p on subscription before
the impact of issuing early subscription shares and bonus shares issued to
shareholders due to IFAs' waiving commission. The Company has issued 125,677
early subscription and bonus Ordinary Shares, representing 2.4% of total shares
currently issued.
The decrease of 1.3% is due primarily to the issue of the early subscription
Ordinary Shares and to operating costs incurred by the Company. These costs do
not include Board and Investment Management costs. On 6 April 2010, the Company
announced that the Board and Investment Manager had agreed to waive all the
respective director, investment management and administration fees due from the
Company until such time as total funds raised by the Company exceed GBP8
million.
The unaudited Net Asset Value per A Share at 30 June 2010 remained unchanged at
0.1p per A Share.
At 30 June 2010, the Company had raised GBP5.0 million under the Prospectus
dated 19 November 2009 before an initial capital raising fee of 5.5% of the
gross proceeds subscribed.
Investments and Realisations
As at 30 June 2010, no investment had been made by the Company.
During the three months to 30 June 2010, the Company had made no realisations.
Since the quarter end to the date of publication of this statement the Company
has made no further investments or realisations.
Investment Pipeline
Working with operating and financial partners, the Investment Manager has
continued to identify potential investments with the value of such projects
increasing to over approximately GBP100 million. The Board has noted with
enthusiasm the Coalition Government's endorsement of anaerobic digestion in its
Agreement dated 11 May 2010 in which it stated that the parties agree to
implement "measures to promote a huge increase in energy from waste through
anaerobic digestion".
Other than described above, the Board is not aware of any events during the
period from 1 April 2010 to the date of this statement which would have had a
material impact on the financial position of the Company.
At the date of this statement, the number of shares in issue was 5,177,727
Ordinary Shares and 6,527,727 A shares.
Ends
For information please contact:
Nick Ross, Director,
Acuity Environmental VCT Plc
020 7306 3901
This statement aims to give an indication of material events and transactions
that have taken place during the period from 1 April 2010 to the date of
publication of this statement and their impact of the financial position of
Acuity Environmental VCT Plc. These indications reflect the Board's current
view. They are subject to a number of risks and uncertainties and could change.
Factors which could cause or contribute to such difficulties include, but are
not limited to, general economic and market conditions and specific factors
affecting the financial prospects or performance of individual investments
within the Company's portfolio.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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