British Smaller Companies VCT2 Plc 1st Quarter - Interim Management Statement (6138D)
April 30 2013 - 7:24AM
UK Regulatory
TIDMBSC
RNS Number : 6138D
British Smaller Companies VCT2 Plc
30 April 2013
British Smaller Companies VCT2 plc ("the Company")
Interim Management Statement
For the quarter ended 31 March 2013
British Smaller Companies VCT2 plc presents its interim
management statement for the period from 1 January 2013 to 31 March
2013, including relevant financial information from the end of that
period to 30 April 2013, being the date of this announcement. This
constitutes the Company's first interim management statement for
the financial year ending 31 December 2013, 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 31 March 2013, calculated by reference to
the net asset value per ordinary share and the cumulative dividends
paid per ordinary share, was 101.3 pence per ordinary share. In the
quarter there has been an increase of 1.3 pence per ordinary share
in the total return to shareholders (equivalent to 1.3%) mainly as
a result of the increase in valuation seen in the Company's
unquoted investment portfolio.
The unaudited net asset value per ordinary share as at 31 March
2013 was 66.8 pence representing an increase of 1.3 pence per
ordinary share (equivalent to 2%) from 65.5 pence per ordinary
share as at 31 December 2012. These figures are before any
provision for the proposed final dividend of 2.5 pence per ordinary
share in respect of the year to 31 December 2012. This level of
dividend is an increase of 0.5 pence per ordinary share on the 2011
final dividend. If the final dividend is approved at the Company's
Annual General Meeting on 20 May 2013 it will be paid on 5 June
2013 to shareholders on the register as at 3 May 2013.
The number of ordinary shares in issue at 31 March 2013 was
41,457,844 (31 December 2012: 41,457,844). In addition, at 31 March
2013, the Company held 1,252,761 ordinary shares in treasury (31
December 2012: 1,252,761).
Net assets at 31 March 2013 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 9,930 35.9
Quoted investments at
bid price 1,669 6.0
Gilt investments 915 3.3
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Total investments 12,514 45.2
------- ---------
Cash and cash equivalents 7,702 27.8
Cash on fixed term deposit 7,048 25.5
Other net current assets 414 1.5
------- ---------
Net assets 27,678 54.8
======= =========
The above cash balance includes GBP2.1 million relating to the
allotment of shares on 31 December 2012.
The ten largest investments by valuation at 31 March 2013 were
as follows:
% of net
GBP000 assets
Displayplan Holdings Limited 1,638 5.9
Seven Technologies Holdings
Limited 1,167 4.2
Digital Healthcare Limited 1,059 3.8
Immunobiology Limited 987 3.6
Deep-Secure Limited 983 3.6
Insider Technologies (Holdings)
Limited 806 2.9
Bluebell Telecoms Group
Limited 608 2.2
PowerOasis Limited 567 2.0
Waterfall Services Limited 434 1.6
Harvey Jones Holdings
Limited 419 1.5
8,668 31.3
Other investments 2,931 10.6
Gilt investments 915 3.3
------- ---------
Total investments 12,514 45.2
======= =========
During the three months ended 31 March 2013 the Company made one
follow-on investment of GBP0.07 million into existing portfolio
company PowerOasis Limited, a provider of energy management
solutions to telecoms infrastructure operators. This investment was
part of a significant $5 million investment round led by a
strategic trade investor.
In the 3 months to 31 March 2013 aggregate cash proceeds of
GBP0.41 million were received relating to the sale of the Company's
holdings in Tikit Group plc and May Gurney Integrated Services plc
generating a profit on cost of GBP0.07 million in the quarter.
Following the end of the quarter, on 5 April 2013 the Company
issued 4,428,298 new ordinary shares as part of the linked offer
with British Smaller Companies VCT plc, raising GBP2,907,109
million net of costs. Unquoted portfolio business Cambridge
Cognition Limited has also achieved a successful listing on the AiM
market raising GBP5m to fund sales growth of its cognitive testing
software.
On 18 April 2013 the Company purchased 279,961 ordinary shares
at a price of 59.20 pence per ordinary share. These shares are held
in treasury.
Performance
The portfolio value increased by 1.4 pence per ordinary share in
the quarter although growth in net asset value per ordinary share
was slightly lower at 1.3 pence including other costs. The majority
of this increase is attributed to the unquoted investments with
several investee companies reporting profit growth in the
period.
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. A number
of investment opportunities are currently being assessed for
investment and the Company is well placed to take advantage of
these following the recent new share issue.
30 April 2013
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 294 5039
Matt Thomas N+1 Singer Tel: 0207 496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
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