TIDMEDGC
RNS Number : 9626V
Edge Performance VCT PLC
20 January 2012
Edge Performance VCT plc ("Edge" or the "Company")
INTERIM MANAGEMENT STATEMENT
for the period from 1 September 2011 to 19 January 2012.
In accordance with Rule 4.3 of the UK Listing Authority's
Disclosure and Transparency Rules, Edge presents an Interim
Management Statement for the period from 1 September 2011 to 19
January 2012
"H" and "I" Share Offers
On 25 November 2011, the Company opened its offers for
subscription for H & I Shares. It is envisaged that the first
allotment of H & I Shares will take place in early March
2012
New Investments
In the period from 1 September 2011 to 19 January 2012 the
Company made 10 VCT-qualifying investments, at a total cost of
GBP9.7 million with further VCT-qualifying investments totalling
GBP12 million progressing towards completion, and expected to be
completed during the Company's current financial year, which ends
on 29 February 2012.
Included among the investments completed during the period
were:
-- A further GBP1m invested in North Promotions plc, an existing
portfolio company, which made an offer in November 2011 to acquire
the entire issued share capital of AIM-listed Coolabi plc. On 5
December 2011, North Promotions' board announced that it had
received acceptances of the offer in respect of in excess of 95% of
the issued share capital of Coolabi, and the offer was therefore
declared unconditional at that point. The offer closed on 16
December 2011, and Coolabi's shares were cancelled from AIM on 6
January 2012.
-- GBP1m was invested in Black Sheep Music Limited, a live
events promotions company founded by noted producer and songwriter,
Grant Black.
-- GBP1m was invested in Handmade Mobile Entertainment Limited,
whose business is the development of mobile applications ('apps'),
including the popular 'Flirtomatic' app.
-- GBP675,889 was invested in Chapman Entertainment (Pavilion)
Limited, a children's television production, licensing and
distribution company founded by Bob The Builder creator, Keith
Chapman, and which counts Roary The Racing Car and Fifi and The
Flowertots amongst its properties.
-- GBP1m was invested in Daydream Believer Limited, another live
events promotions business, which was founded by Gordon Charlton,
an entertainment industry veteran with more than 30 years'
experience in the sector, as a journalist, music publisher, artist
manager and record company executive.
These completed investments, together with the further new
investments referred to above and planned to be completed shortly,
represent the continuation of the Company's strong investment
programme.
As a result of the investments mentioned above, the Company's
"E" Share fund is now fully invested as required under venture
capital trust rules.
Dividends
On 23 November 2011, the Company paid dividends of 7p per C
Share, 7p per D Share, 7p per E Share and 7p per F Share. These
payments bring the total dividends paid to date by the Company to
28p per C Share, 21p per D Share, 14p per E Share and 7p per F
Share, continuing the Company's record of paying its shareholders a
yield of at least 10% per annum of their net cost of investment in
the Company (assuming income tax relief was obtained at 30% of the
amount invested).
Net Asset Values per Share
as at 30 November 2011
Share Class Net Assets Shares in Net Asset Value Net Asset Value
(GBP000) Issue per Share Total Return per
(p) Share
(Net Asset Value
plus dividends paid)
(p)
------------- ---------- ----------- --------------- ---------------------
C 9,810 13,294,697 73.60 101.60
------------- ---------- ----------- --------------- ---------------------
D 15,025 19,228,838 78.14 99.14
------------- ---------- ----------- --------------- ---------------------
E 7,572 9,813,732 77.16 91.16
------------- ---------- ----------- --------------- ---------------------
F 25,259 29,411,437 85.88 92.88
------------- ---------- ----------- --------------- ---------------------
G 22,169 24,153,303 91.79 91.79
------------- ---------- ----------- --------------- ---------------------
Totals 79,835 95,902,007
------------- ---------- ----------- --------------- ---------------------
In accordance with the Company's approach to valuation, unquoted
VCT-qualifying investments are valued on a six-monthly basis, and
the above net assets and net asset values therefore include the
valuations of the unquoted qualifying portfolio companies unchanged
from those as at 31 August 2011
The initial net asset value per share for each class of share
was 94.5p (excluding the impact of any dilution attributable to the
issue of additional shares under early subscription incentive
schemes) and income tax relief of up to 30p per GBP1 invested was
available for each class of allotted shares.
The Company is not aware of any significant event or transaction
which has occurred between 1 September 2011 and 19 January 2012
which has had a material effect on the financial position of the
Company and which has not been detailed above.
20 January 2012
For further information, please contact:
-- Robin Smeaton, City Partnership, Company Secretary: 0131 243 7210
-- Alasdair George, Edge Investment Management, Investment Manager: 0207 317 1300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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