British Smaller Companies VCT2 Plc Interim Management Statement to 30 September 2013 (3654R)
October 25 2013 - 2:00AM
UK Regulatory
TIDMBSC
RNS Number : 3654R
British Smaller Companies VCT2 Plc
25 October 2013
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 30 September 2013
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 30 September
2013. The statement also includes relevant financial information
between the end of the quarter and the date of this statement. This
constitutes the Company's second 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.
Performance
The total return at 30 September 2013, calculated by reference
to the Net Asset Value (NAV) per ordinary share and the cumulative
dividends paid per ordinary share, was 104.6 pence per ordinary
share compared to 102.3 pence per ordinary share at 30 June 2013.
Cumulative dividends represent 39.0 pence per ordinary share (30
June 2013: 37.0 pence per ordinary share).
The unaudited NAV per ordinary share as at 30 September 2013 was
65.6 pence (30 June 2013: 65.3 pence per ordinary share)
representing an increase of 2.3 pence per ordinary share prior to
the payment of the interim dividend of 2.0 pence per ordinary share
on 27 September 2013. The increase in NAV per ordinary share is
principally due to the net upward movement, in both the AIM quoted
and unquoted portfolio valuations seen during the quarter.
The number of ordinary shares in issue at 30 September 2013 was
46,588,563 (30 June 2013: 46,371,537). In addition, at 30 September
2013, the Company held 1,632,722 ordinary shares in treasury (30
June 2013: 1,632,722).
Share Issues
During the period the Company has issued 217,026 ordinary shares
at a price of 60.14 pence per share, pursuant to the Company's
Dividend Re-investment Scheme (DRIS).
Net assets at 30 September 2013 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 12,064 39.5%
Quoted investments at
bid price 2,403 7.9%
Gilt investments 898 2.9%
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Total investments 15,365 50.3%
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Cash and cash equivalents 6,926 22.6%
Cash on fixed term deposit 8,000 26.2%
Other net current assets 275 0.9%
------- ---------
Net assets 30,566 100%
======= =========
The investment portfolio at 30 September 2013 was comprised as
follows:
Valuation
Carrying as a %
cost Valuation of net
GBP000 GBP000 assets
Displayplan Holdings Limited 700 2,119 6.93%
Douglas Gill International
Limited 1,870 1,870 6.12%
Seven Technologies Holdings
Limited 1,238 1,548 5.06%
Deep-Secure Ltd 500 1,000 3.27%
Immunobiology Limited 1,932 987 3.23%
Insider Technologies (Holdings)
Limited 780 806 2.64%
Bagel Nash Group Limited 807 757 2.48%
Bluebell Telecom Group Limited 484 721 2.36%
Waterfall Services Limited 192 587 1.92%
PowerOasis Limited 567 567 1.86%
Iomart Group plc 149 514 1.68%
Pressure Technologies plc 201 454 1.49%
Harvey Jones Holdings Limited 389 443 1.45%
Hargreaves Services plc 325 350 1.15%
RMS Group Holdings Limited 70 324 1.06%
Selima Limited 300 270 0.88%
EKF Diagnostics Holdings
plc 224 248 0.81%
AB Dynamics plc 149 220 0.72%
Vianet Group plc 242 165 0.54%
Cambridge Cognition Holdings
plc 240 149 0.49%
Brady Public Limited Company 134 134 0.44%
Optos Public Limited Company 80 128 0.42%
Tissuemed Limited 48 60 0.20%
Allergy Therapeutics plc 350 41 0.13%
Ellfin Home Care Limited 317 5 0.02%
TeraView Limited 375 - 0.00%
Total Quoted and Unquoted 12,663 14,467 47.3%
Gilt investments 888 898 2.9%
----------- ---------- ----------
Total investments 13,551 15,365 50.3%
=========== ========== ==========
During the three months ended 30 September 2013 the Company made
three investments totalling GBP2.47 million. These comprised one
new investment of GBP1.87 million into Douglas Gill International
Limited, a specialist provider of sailing clothing and equipment,
and GBP0.6 million of follow- on investment into two existing
portfolio companies, Bagel Nash Group Limited and Hargreaves
Services plc.
In the 3 months to 30 September 2013 cash proceeds of GBP1.28
million were received relating to the sale of the Company's holding
in Digital Healthcare Limited, generating a profit on the previous
quarter's carrying value of GBP0.3 million. In addition GBP0.2
million of proceeds were received from the part disposal of the
Company's holding in Pressure Technologies plc which gave rise to a
profit on cost of GBP0.09 million in the quarter
Since the end of the quarter the Company has completed one
further investment of GBP1.15 million into GTK Limited, a global
provider and manufacturer of electronic solutions.
Portfolio Performance
Over the 3 months to 30 September 2013 the portfolio saw an
overall increase in unrealised valuations of GBP0.83 million
equating to a 6.7% increase. This comprised an increase in the
value of a number of portfolio companies following strong trading
results including Displayplan Holdings Limited (up GBP0.285
million), Pressure Technologies plc (up GBP0.27 million) and Seven
Technologies Holdings Limited (up GBP0.17 million) together with
resilient performances across much of the Company's remaining
unquoted and AIM portfolio.
The Board continues to follow a policy of maintaining a
diversified portfolio: as at 30 September 2013 only three
investments represented more than 5 per cent each of the NAV of the
Company with the largest investment comprising 6.9 per cent.
Outlook
The Board believes that the current economic climate continues
to create investment opportunities in the short to medium term in
well run and managed UK businesses that need capital to expand.
Experience suggests that cautious investments made in the low point
of the economic cycle have resulted in the highest portfolio
returns. Following the increase in the investment limit applying to
venture capital trusts to GBP5 million per investment in any one
year there has been an increase in the number of investment
opportunities presented to the Company. As a result a number of
investment opportunities are currently being assessed and the
Company has recently announced its intention to increase its
capacity to invest in these opportunities.
25 October 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
END
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