TIDMBSV
RNS Number : 2320J
British Smaller Companies VCT PLC
15 August 2019
British Smaller Companies VCT plc
Interim Management Statement
For the quarter ended 30 June 2019
British Smaller Companies VCT plc (the "Company") presents its
interim management statement for the quarter ended 30 June 2019.
The statement also includes relevant financial information between
the end of the quarter and the date of this statement. A copy of
this interim management statement can be found at
www.bscfunds.com.
Overview
Total Return was unchanged in the quarter at 221.7 pence per
ordinary share.
The Company made three new and one follow-on investments of
GBP7.8 million in the quarter, and on 12 June 2019 paid an interim
dividend of 4.0 pence per ordinary share. In April 2019 the Company
issued 28,769,702 ordinary shares relating to the fundraising with
British Smaller Companies VCT2 plc receiving net proceeds of
GBP21.3 million.
30 June 2019 Movement 31 March
2019
Net Assets (GBPm) 98.7 16.7 82.0
------------- ----------- ------------
NAV per share (PPS) 70.3p (4.0p) 74.3p
------------- ----------- ------------
Cumulative dividends paid
(PPS) 151.4p 4.0p 147.4p
------------- ----------- ------------
Total Return (PPS) 221.7p - 221.7p
------------- ----------- ------------
Shares in issue 140,535,138 30,177,340 110,357,798
------------- ----------- ------------
Performance
The movement in Total Return in pence per ordinary share is set
out in the table below:
Pence per
ordinary share
Cumulative dividends to 31 March 2019 147.4
Net Asset Value ("NAV") at 31 March 2019 74.3
--------
Total Return at 31 March 2019 221.7
Net underlying increase in portfolio 0.1
Net income after expenses / share issues (0.1)
--------
Change in Total Return -
------------------------------------------ ---------- ------- -------- --------
Total Return at 30 June 2019 221.7
------------------------------------------------ ------------ -------- --------
The Total Return at 30 June 2019, calculated by reference to the
NAV per ordinary share and the cumulative dividends paid per
ordinary share, was 221.7 pence per ordinary share compared to
221.7 pence per ordinary share at 31 March 2019. As a result of the
payment of the annual dividend in the quarter, cumulative dividends
paid increased by 4.0 pence per ordinary share to 151.4 pence per
ordinary share (31 March 2019: 147.4 pence per ordinary share).
The unaudited NAV per ordinary share as at 30 June 2019 was 70.3
pence per ordinary share (31 March 2019: 74.3p pence per ordinary
share), unchanged prior to the payment of the dividend of 4.0 pence
per ordinary share on 12 June 2019.
The movement in NAV per ordinary share and the dividends paid
are set out in the table below:
GBPm Pence per
ordinary share
NAV at 31 March 2019 82.0 74.3
Net underlying increase in portfolio 0.1 -
Net income after expenses (0.1) -
Issue of shares/buybacks 22.3 -
Increase 22.3 -
NAV before the payment of dividends 104.3 74.3
Dividends paid (5.6) (4.0)
----------------------------------------------- ------ ---- ------------
NAV at 30 June 2019 98.7 70.3
----------------------------------------------- ------ ---- ------------
Shares in issue
On 1 April 2019 the Company issued 28,769,702 ordinary shares
relating to the fundraising at offer prices ranging between 76.00p
and 77.52p per ordinary share, receiving net proceeds of GBP21.3
million.
Pursuant to its dividend re-investment scheme on 12 June 2019
the Company issued 2,397,364 ordinary shares at a price of 66.60
pence per ordinary share.
On 26 June 2019 the Company purchased 989,726 ordinary shares of
10 pence each at a price of 70.90 pence per ordinary share. These
shares were placed in treasury.
The number of ordinary shares in issue at 30 June 2019 was
140,535,138 (31 March 2019: 110,357,798). In addition, at 30 June
2019 the Company held 8,964,899 ordinary shares in treasury (31
March 2019: 7,975,173).
Net assets
Net assets at 30 June 2019 comprised the following:
% of net
GBP000 assets
Unquoted investments at
fair value 58,914 59.6
Quoted investments at
bid price 1,348 1.4
------- ---------
Total investments 60,262 61.0
Listed investment funds 2,566 2.6
Cash and cash equivalents 34,547 35.0
Other net current assets 1,351 1.4
------- ---------
Net assets 98,726 100.0
======= =========
The investment portfolio at 30 June 2019 was comprised as
follows:
Valuation
as a %
Valuation of net
GBP000 assets
ACC Aviation Group Limited 9,267 9.4
Matillion Limited 6,118 6.2
Intelligent Office UK 4,454 4.5
Business Collaborator Limited 3,941 4.0
Deep-Secure Limited 3,571 3.6
Eikon Holdco Limited 3,513 3.5
Tonkotsu Limited 2,388 2.4
Arcus Global Limited 2,378 2.4
Springboard Research Holdings
Limited 2,162 2.2
Wooshii Limited 2,160 2.2
39,952 40.4
Other investments 20,310 20.6
Total investments 60,262 61.0
========== ==========
During the quarter to 30 June 2019 the Company made three new
investments of GBP6.7 million into Tonkotsu Limited (a ramen
restaurant chain), Wooshii Limited (a disruptive video agency) and
Elucidat Limited (a business with an e-learning software platform)
and one follow-on investment of GBP1.1 million into Arcus Global
Limited.
In the quarter to 30 June 2019 the realisation and repayment of
investments and loans generated cash proceeds of GBP4.7 million.
The proceeds included GBP1.9 million from the full realisation of
the investment in Leengate Holdings Limited. In May 2019 Matillion
Limited successfully raised $35 million to support its continued
international expansion. At the same time the Company realised part
of its investment for GBP2.1 million ($2.8 million) at an
attractive valuation of $160 million. The proceeds received equate
to the cost of the first investment in November 2016 while
retaining just under 5 per cent of the ordinary share capital.
Portfolio Performance
The Board continues to maintain a diversified portfolio and at
30 June 2019 two investments represented more than 5 per cent of
the Company's NAV, the largest being 9.4 per cent.
Fundraising
On 27 November 2018 the Company launched a new share offer with
British Smaller Companies VCT2 plc. The offer closed on 11 February
2019 raising total gross proceeds for both companies of GBP35
million. The allotment of 28,769,702 new ordinary shares took place
on 1 April 2019, subsequent to which the Company received net
proceeds of GBP21.3 million.
Board Composition
Following Edward Buchan's decision to retire from the Board at
the Annual General Meeting on 11 September 2019 the Board has
completed a successful recruitment process.
Adam Bastin, who will join the Board at the Annual General
Meeting on 11 September 2019, is currently VP of Corporate
Development at ARM Limited, where he leads acquisitions and
investments on behalf of Arm. He also holds non-executive positions
at a number of growing technology businesses.
Jonathan Cartwright, who will join the Board on 1 October 2019,
has held a number of non-executive positions in private and public
companies and has extensive experience of investment trusts and
VCTs. He is currently Chairman of Blackrock Income & Growth
Investment Trust plc and is a non-executive director of Income
& Growth VCT plc.
Outlook
The recent changes to HMRC's advance assurance process have
helped to deliver an encouraging level of investment in the first
quarter of the financial year with three new investments totalling
GBP6.7 million, across a range of sectors.
The new investment pipeline remains strong with several
attractive opportunities currently under review and opportunities
to realise the value of some of the more mature investments are
being considered.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
15 August 2019
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Robert Naylor Panmure Gordon (UK) Limited Tel: 0207 886 2768
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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