TIDMBSC
RNS Number : 3151N
British Smaller Companies VCT2 Plc
15 May 2015
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 31 March 2015
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 31 March 2015.
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 2015. A copy of this interim
management statement can be found at www.yfmep.com.
Performance
The total return at 31 March 2015, calculated by reference to
the Net Asset Value (NAV) per ordinary share and the cumulative
dividends paid per ordinary share, was 107.8 pence per ordinary
share compared to 106.4 pence per ordinary share at 31 December
2014. Cumulative dividends represent 43.5 pence per ordinary share
(31 December 2014: 43.5 pence per ordinary share).
The unaudited NAV per ordinary share as at 31 March 2015 was
64.3 pence (31 December 2014: 62.9 pence per ordinary share)
representing an increase of 1.4 pence per ordinary share. The
improvement in NAV per ordinary share is principally due to the
increase in the value of the unquoted portfolio.
Share Issues and buy-back
The number of ordinary shares in issue at 31 March 2015 was
85,080,271 (31 December 2014: 62,556,876). In addition, at 31 March
2015, the Company held 1,910,022 ordinary shares in treasury (31
December 2014: 1,910,022).
During the period the Company has issued 22,523,395 ordinary
shares at prices ranging from 63.25 to 69.13 pence per share,
pursuant to the Company's offer for Subscription with British
Smaller Companies VCT plc.
Subsequent to the quarter end, a further 1,141,754 shares were
issued as the final allotment from the fundraising, at prices
ranging from 64.84 to 66.29 pence per share.
The Company and British Smaller Companies VCT plc received an
excellent response to the offers, which were fully subscribed on 24
March 2015 raising GBP40 million in aggregate, of which GBP15.4m
was raised by the Company.
On 6 May 2015 the Company purchased 103,845 ordinary shares at a
price of 56.86 pence per share. These shares were placed in
treasury.
Net assets
Net assets at 31 March 2015 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 27,908 51.00
Quoted investments at
bid price 2,770 5.07
Total investments 30,678 56.07
------- ---------
Cash and cash equivalents 23,660 43.24
Other net current assets 380 0.69
------- ---------
Net assets 54,718 100.00
======= =========
The investment portfolio at 31 March 2015 was comprised as
follows:
Valuation
as a %
Valuation of net
GBP000 assets
IO Outsourcing Limited 2,600 4.75
Mangar Health Limited 2,186 4.00
Gill Marine Holdings Limited 1,781 3.25
DisplayPlan Holdings Limited 1,770 3.23
ACC Aviation (via Newacc (2014)
Limited) 1,379 2.52
GTK (Holdco) Limited 1,371 2.51
Business Collaborator Limited 1,340 2.45
The Heritage Window Company
Holdco Limited 1,268 2.32
Harvey Jones Holdings Limited 1,206 2.20
Springboard Research Holdings
Limited 1,186 2.17
------- ----------
16,087 29.40
Other investments 14,591 26.67
Total investments 30,678 56.07
======= ==========
During the three months ended 31 March 2015 the Company made
three investments totalling GBP1.66 million. These comprised one
new investment of GBP1.00 million into Ness (Holdings) Limited, a
womenswear lifestyle retail brand, GBP0.40 million into Gooch &
Housego plc, a company specialising in the design, manufacture and
supply of fibre optic solutions, and GBP0.26 million of follow- on
investment into Brady plc.
In the 3 months to 31 March 2015 cash proceeds of GBP0.46
million were received relating to the repayment of capital from the
Company's loan portfolio, including GBP0.03 million of redemption
premiums following the early repayment of capital by DisplayPlan
Holdings Limited. In total these disposals generated a profit on
the previous quarter's carrying value of GBP0.03 million.
Portfolio Performance
Over the 3 months to 31 March 2015 the portfolio saw an overall
increase in unrealised valuations of GBP1.23 million. This
comprised an increase in the value of a number of portfolio
companies following strong trading results including Teraview
Limited (up GBP0.50 million) and IO Outsourcing Limited (up GBP0.25
million) together with resilient performances across much of the
Company's remaining portfolio.
The Board continues to follow a policy of maintaining a
diversified portfolio: as at 31 March 2015 no individual investment
represented more than 5 per cent of the NAV of the Company, with
the largest investment representing just 4.75%.
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 and after the success of the recent
fundraising the Company is well placed to take advantage of these
opportunities.
15 May 2015
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
James Maxwell 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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