British Smaller Companies VCT2 Plc Interim Management Statement to 31 March 2014 (4863H)
May 19 2014 - 9:21AM
UK Regulatory
TIDMBSC
RNS Number : 4863H
British Smaller Companies VCT2 Plc
19 May 2014
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 31 March 2014
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 31 March 2014.
The statement also includes relevant financial information between
the end of the quarter and the date of this statement. This
constitutes the Company's first interim management statement for
the financial year ending 31 December 2014, 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 31 March 2014, calculated by reference to
the Net Asset Value (NAV) per ordinary share and the cumulative
dividends paid per ordinary share, was 105.3 pence per ordinary
share compared to 104.6 pence per ordinary share at 31 December
2013. Cumulative dividends represent 39.0 pence per ordinary share
(31 December 2013: 39.0 pence per ordinary share).
The unaudited NAV per ordinary share as at 31 March 2014 was
66.3 pence (31 December 2013: 65.6 pence per ordinary share)
representing an increase of 0.7 pence per ordinary share. The
increase in NAV per ordinary share is principally due to the net
upward movement, in both the AIM quoted and unquoted portfolio
valuations.
The number of ordinary shares in issue at 31 March 2014 was
57,923,961 (31 December 2013: 46,443,563). In addition, at 31 March
2014, the Company held 1,777,722 ordinary shares in treasury (31
December 2013: 1,777,722).
Share Issues
During the period the Company has issued 11,480,398 ordinary
shares between 68.00 to 71.19 pence per share, pursuant to the
Company's joint offer for Subscription with British Smaller
Companies VCT plc.
Net assets at 31 March 2014 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 15,084 39.29
Quoted investments at
bid price 2,575 6.71
Gilt investments 890 2.31
------- ---------
Total investments 18,549 48.31
------- ---------
Cash and cash equivalents 15,349 39.98
Cash on fixed term deposit 4,500 11.72
Other net current assets (4) (0.01)
------- ---------
Net assets 38,394 100.00
======= =========
The investment portfolio at 31 March 2014 was comprised as
follows:
Valuation
as a %
Valuation of net
GBP000 assets
DisplayPlan Holdings Limited 2,075 5.40
Gill Marine Holdings Limited 1,870 4.87
Mangar Health Limited 1,640 4.27
Seven Technologies Holdings
Limited 1,628 4.24
GTK (UK) Limited 1,113 2.90
Immunobiology Limited 987 2.57
Leengate Holdings Limited 934 2.43
Deep-Secure Ltd 875 2.28
Callstream Group Limited 751 1.96
Pressure Technologies plc 682 1.78
---------- ----------
12,555 32.70
Other investments 5,104 13.29
Gilt investments 890 2.32
---------- ----------
Total investments 18,549 48.31
========== ==========
During the three months ended 31 March 2014 the Company made two
investments totalling GBP1.70 million. These comprised one new
investment of GBP1.64 million into Mangar Health Limited, a world
leader in inflatable lifting, handling and bathing equipment for
the elderly, disabled and emergency services markets, and GBP0.06
million of follow- on investment into EKF Diagnostics plc.
In the 3 months to 31 March 2014 cash proceeds of GBP0.31
million were received relating to the repayment of capital from the
Company's loan portfolio, including GBP0.05 million of redemption
premiums following the early repayment of capital by DisplayPlan
Holdings Limited. In addition the Company received GBP0.35 million
from the sale of shares from its AIM quoted investment portfolio.
In total these disposals generated a profit on the previous
quarter's carrying value of GBP0.05 million.
Since the end of the quarter the Company has completed one
further investment of GBP1.96 million into Intelligent Office
Limited, a global provider and manufacturer of electronic
solutions. In addition it has approved, but not yet completed, a
further two investments totalling GBP1.55 million.
Portfolio Performance
Over the 3 months to 31 March 2014 the portfolio saw an overall
increase in unrealised valuations of GBP0.30 million. This
comprised an increase in the value of a number of portfolio
companies following strong trading results including Pressure
Technologies plc (up GBP0.25 million), DisplayPlan Holdings Limited
(up GBP0.16 million), and Callstream Group Limited (up GBP0.11
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 31 March 2014 there was only one
investment representing more than 5 per cent each of the NAV of the
Company.
Outlook
The Board believes that the current economic climate continues
to create investment opportunities in the short to medium term in
well managed UK businesses that need capital to expand. 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. Since the period end the Company has
completed and approved investments of GBP3.51 million..
19 May 2014
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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