British Smaller Companies VCT2 Plc Interim Management Statement (0229R)
November 13 2012 - 9:27AM
UK Regulatory
TIDMBSC
RNS Number : 0229R
British Smaller Companies VCT2 Plc
13 November 2012
British Smaller Companies VCT2 plc ("the Company")
Interim Management Statement
For the quarter ended 30 September 2012
British Smaller Companies VCT2 plc presents its interim
management statement for the period from 1 July to the date of this
announcement, including the results for the quarter to 30 September
2012. This constitutes the Company's second interim management
statement for the financial year ending 31 December 2012, as
required by Rule 4.3 of the Disclosure and Transparency Rules. A
copy of this interim management statement can be found at
www.yfmep.com.
The total return at 30 September 2012, calculated by reference
to the net asset value per Ordinary share and the cumulative
dividends paid per Ordinary share, is 100.0 pence per Ordinary
share. In the quarter there has been no movement in the total
return to Shareholders.
The unaudited net asset value per Ordinary share as at 30
September 2012 was 68.0p (30 June 2012: 68.0p). Not included within
this value is the interim dividend of 2.0 pence per Ordinary share
and a Special Dividend of 0.5 per Ordinary share which were paid on
26 October 2012.
The number of Ordinary shares in issue at 30 September 2012 was
38,243,718 (30 June 2012: 38,243,718). In addition, at 30 September
2012, the Company held 1,178,356 Ordinary shares in Treasury (30
June 2012: 1,178,356).
Net assets at 30 September 2012 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 9,421 36.2
Quoted investments at
bid price 2,124 8.2
Gilt investments 919 3.5
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Total investments 12,464 47.9
------- ---------
Cash and cash equivalents 12,955 49.8
Other net current assets 583 2.3
------- ---------
Net assets 26,002 100.0
======= =========
The ten largest investments by valuation at 30 September 2012
were as follows:
% of net
GBP000 assets
Seven Technologies Limited 1,262 4.8
Displayplan Holdings Limited 1,244 4.8
Deep-Secure Ltd 1,055 4.1
Immunobiology Limited 987 3.8
Digital Healthcare Limited 921 3.6
Bluebell Telecom Group
Limited 545 2.1
Power Oasis Limited 500 2.0
Iomart Group plc 416 1.6
Bagel Nash Limited 400 1.5
Harvey Jones Limited 400 1.5
Top ten investments 7,730 29.8
Other investments 3,815 14.6
Gilt investments 919 3.5
------- ---------
Total investments 12,464 47.9
======= =========
During the three months ended 30 September 2012 the Company made
a total of 4 investments, two into new portfolio companies and two
follow-on investments into existing portfolio companies.
In August the Company invested GBP0.78 million into Insider
Technologies Limited, an established provider of monitoring and
scheduling software to the financial services and national security
sectors, as well as GBP0.125 million into Hargreaves Services plc,
Britain's largest bulk haulage company.
In addition, during the period, the Company made two additional
follow-on investments into existing portfolio companies. In July
the Company invested GBP0.16 million into Vianet Group plc
(formerly Brulines Group plc.) a leading provider of monitoring
dispense protection systems for draught alcoholic drinks in the UK
licensed on-trade. Whilst in August the Company invested GBP0.9
million into Immunobiology Limited, a company involved in the
development of high efficacy vaccines for infectious diseases
including influenza, tuberculosis, meningitis and hepatitis.
In the 3 months to September 2012 cash proceeds of GBP3.74
million have been received relating to the sale of the Company's
holdings in Primal Pictures Limited and Sirigen Group Limited as
well as from its part disposal of shares held in May Gurney
Integrated Services plc, in total representing a profit of GBP1.82
million on original cost.
Following the end of the period the Company has made part
disposals of two AIM listed investments, Brady Plc and Iomart Plc.
This raised cash proceeds of GBP190,000 compared to a carrying
value at 30 September 2012 of 178,000 giving rise to a return on
cost of 2.02 times.
Performance
Valuations have remained stable this quarter. The total return,
calculated by reference to the net asset value plus cumulative
dividends, has remained constant at 100.0 pence per Ordinary share,
with cumulative dividends now representing 32.0 pence per Ordinary
share. The Company has also paid an interim and special dividend
totalling 2.5 pence per Ordinary share on 26 October 2012.
Outlook
The Board believes that the current economic climate will
continue to create investment opportunities in the short to medium
term in well run and managed UK businesses that need capital to
expand but are facing a shortage of finance. History has shown us
that cautious investments made in the low point of the economic
cycle have resulted in the highest portfolio returns. Additionally
the investment limit applying to venture capital trusts has been
increased to GBP5 million per investment in any one year. To take
full advantage of this market opportunity the Board is seeking to
increase the investment capacity of the Company over the coming
months via a joint fund raising offer with British Smaller
Companies VCT to raise in aggregate up to GBP15 million in gross
proceeds.
13 November 2012
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 294 5039
Matt Thomas N+1 Singer Tel: 0203 205 7500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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