Acuity VCT 3 PLC : Interim Management Statement
December 22 2011 - 2:01AM
UK Regulatory
TIDMAQT3
Acuity VCT 3 plc
Interim Management Statement for the Quarter Ended 30 September 2011
Acuity VCT 3 plc presents its interim management statement for the quarter ended
30 September 2011. This constitutes the company's third interim management
statement for the financial period ending 30 November 2011, as required by the
UK Listing Authority's Disclosure and Transparency Rule 4.3.
The unaudited net asset value (NAV) per Ordinary Share as at 30 September 2011
was 22.7p (30 June 2011: 18.2p). The Board is not aware of any significant
events or transactions between the date of the NAV and the date of publication
of this Interim Management Statement.
Portfolio Review
The unaudited results for the quarter to 30 September 2011 show a substantial
increase of 24.7% in net asset value (NAV) per Ordinary Share to 22.7p per Share
as at 30 September 2011 from 18.2p per Share as at 30 June 2011 (31 March
2011: 18.6p per Share).
This increase in NAV reflects increased valuations for Factory Media Limited and
The Fin Machine Company Limited based on their improving performances and a
stable performance by Defaqto Limited during this period. However, the
valuation of Connect2 Media Limited was reduced as a result of its disappointing
performance during the period.
Since June, when the results for the Half Year to 31 March 2011 were announced,
the overall performance of the portfolio has been relatively positive. Factory
Media continues to trade well, which is reflected in an increase in valuation of
GBP885,005. The new management team at The Fin Machine have made good progress in
turning round this substantial engineering business, which is similarly
reflected by an increased valuation of GBP1,207,000. Defaqto is trading in line
with budget in its current financial year. However, a relatively poor
performance by Connect2 Media has resulted in reduction in valuation of GBP282,025
since 30 June 2011. A net provision of GBP92,415 has been made for Acuity VCT
3's share of the costs of the proposed merger with Foresight 5 VCT, Foresight
Clearwater and Foresight 4 VCT.
As a result of poor trading conditions and so failing to meet its banking
covenants, Red Reef Media was placed into administration in September with no
prospect of any recovery. This investment was previously valued at zero as at
30 June 2011. The investment in AIM listed Zamano, the only remaining AIM
listed investment, was sold in October realising GBP31,250 which compared to its
carrying value of GBP73,125 as at 30 June 2011. Partially reflecting recent
volatility in the public markets, the investment in PFS Downing Active
Management (a specialist investment fund with a concentrated portfolio of UK
smaller companies with market capitalisations between GBP20 million and GBP150
million) decreased slightly by GBP10,388 from GBP216,781 as at 30 June 2011 to
GBP206,392 as at 30 September 2011.
One follow-on investment was made, namely GBP250,000 in The Fin Machine Company in
October 2011.
Share Capital
At 30 September 2011, there were 34,337,164 Ordinary Shares in issue. There were
no issues of shares during the three months ended 30 September 2011. During the
period, no shares were repurchased by the company for cancellation.
The net assets of the Ordinary Shares at 30 September 2011 comprised the
following:
GBP'000 % of Net Assets
Unquoted Investments at fair value as determined by the
Directors 7,627 97.8
Quoted investments at bid price 31 0.4
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Total venture capital investments 7,658 98.2
Net Current Assets 144 1.8
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Net Assets 7,802 100.0
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Quoted investments are stated at bid price as at 30 September 2011. Unquoted
investments are stated at fair value as at 30 September 2011 as determined by
the Directors.
During the three months ended 30 September 2011 there were no follow on
investments or disposals.
For further information please contact:
Gary Fraser, Foresight Group: 01732 471 800
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Acuity VCT 3 PLC via Thomson Reuters ONE
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