TIDMEDGC
RNS Number : 4344W
Edge Performance VCT PLC
25 January 2013
Edge Performance VCT plc (the "Company")
INTERIM MANAGEMENT STATEMENT
for the period from 1 September 2012 to 25 January 2013
In accordance with Rule 4.3 of the UK Listing Authority's
Disclosure and Transparency Rules, the Company presents an Interim
Management Statement for the period from 1 September 2012 to 25
January 2013.
H and I Share Offers
On 25 November 2011, the Company opened offers for subscription
for H and I Shares. Both offers closed on 21 November 2012.
By the closing date, applications had been received under the
offers for a total of 2,219,750 H Shares and 12,738,859 I
Shares.
All H and I Shares issued under the offers have been admitted to
the premium segment of the Official List of the UK Listing
Authority and to trading on the main market of the London Stock
Exchange.
Enhanced Share Buy-back Offers
On 10 July 2012, the Company opened an enhanced share buy-back
offer, under which shareholders were entitled to tender their
existing C Shares for sale back to the Company, on condition that
the proceeds of sale would be reinvested by the shareholders for
new C Shares in the Company, and with those new C Shares then to be
converted to I Shares. The offer closed on 20 October 2012.
By the closing date, applications had been received in respect
of 3,754,208 existing C Shares (representing approximately 29 per
cent. of the C Shares in issue at the time), which were repurchased
by the Company on 23 October 2012 and subsequently cancelled. On
the same day, 3,670,974 new C Shares were issued by the Company
under the terms of the offer, with those new C Shares being
converted to 2,971,333 I Shares on 29 October 2012. Those I Shares
have also been admitted to the premium segment of the Official List
of the UK Listing Authority and to trading on the main market of
the London Stock Exchange.
On 19 January 2013, the Company opened a further enhanced share
buy-back offer, under which shareholders are entitled to tender
their existing C Shares for sale back to the Company, on condition
that the proceeds of sale are reinvested by the shareholders for
new C Shares in the Company, but with no subsequent conversion of
those new C Shares to another class of share.
Dividends
On 8 November 2012, the Company paid dividends totalling GBP5.8
million, as follows:
-- 7p per D Share, bringing total cumulative dividends paid per D Share to 28p;
-- 7p per E Share, bringing total cumulative dividends paid per E Share to 21p;
-- 7p per F Share, bringing total cumulative dividends paid per F Share to 14p; and
-- a maiden dividend of 7p per G Share.
On 14 December 2012, the Company paid an interim dividend of 40p
per C Share. This brought the cumulative dividends paid in respect
of C Shares to 68p per C Share, representing a cumulative cash
distribution to holders of C Shares of 97% of their net cost of
investment (assuming income tax relief was obtained at 30% of the
amount originally invested).
On 10 December 2012, the board of directors of the Company
announced that an interim dividend of 3.5p per H Share will be paid
on 19 April 2013 to all holders of H Shares who are on the
Company's register of members as at 12 April 2013.
New Venture Capital Investments
In the period from 1 September 2012 to 25 January 2013, the
Company invested a total of GBP765,000, by way of follow-on
investments in two existing portfolio companies.
Across November and December 2012, GBP165,000 was invested from
the G Share fund in Global Dawn Limited, for secured loan
notes.
In November 2012, the I Share fund invested GBP600,000 in North
Promotions Limited in the form of a short term loan. This loan is
intended to be repaid, and the proceeds reinvested in North
Promotions for a mix of loan notes and equity, within the next six
months.
New Non-qualifying Investments
At 30 November 2012, the Company invested GBP12 million in a
number of cash and near-cash funds, in accordance with the
Company's investment policy.
Realisation of Venture Capital Investments
During the period covered by this statement, the Company
realised its investments in three portfolio companies, B & W
Events Limited, MK Ultrasound Limited and Saravid Promotions
Limited, with the total proceeds of realisation amounting to
GBP4.52 million. Those three investments were originally held
entirely by the C Share fund, but, following completion of the
enhanced share buy-back, became held partly by the C Share fund and
partly by the I Share fund. The C Share fund's share of the
proceeds of those realisations was distributed to C Shareholders as
part of the 40p dividend described above. The I Share fund's share
of those proceeds will be reinvested by the Company.
Net Asset Values per Share
as at 30 November 2012
Share Net Assets Shares in Issue Net Asset Net Asset
Class (GBP'000) Value per Value Total
Share Return per
(p) Share (p)
-------- ----------- ---------------- ------------- -------------
C 6,980 9,393,438 74.31 * 102.31
-------- ----------- ---------------- --------- -------------
D 13,611 19,172,500 70.99 98.99
-------- ----------- ---------------- --------- -------------
E 6,724 9,801,952 68.60 89.60
-------- ----------- ---------------- --------- -------------
F 23,567 29,379,532 80.21 94.21
-------- ----------- ---------------- --------- -------------
G 20,989 24,056,803 87.25 94.25
-------- ----------- ---------------- --------- -------------
H 2,090 2,239,100 93.35 93.35
-------- ----------- ---------------- --------- -------------
I 15,147 15,766,414 96.07 96.07
-------- ----------- ---------------- --------- -------------
* As the net asset values shown in the table above are as
at 30 November 2012, the net asset value per C Share above
is prior to the payment on 14 December 2012 of the dividend
of 40p per C Share. The adjusted net asset value per C Share,
following that dividend payment, is therefore 34.31p.
Valuation of Portfolio
Under the Company's valuation policy, venture capital
investments in the Company's portfolio are normally valued at cost
for the first 12 months from the date of investment. Thereafter, an
appropriate basis of valuation will be used, in line with the
International Private Equity and Venture Capital Valuation
Guidelines. Unquoted investments in the portfolio are valued
bi-annually, as at the Company's half-year end (31 August) and the
Company's year end (28 February). The net asset values shown in the
table above therefore reflect the valuation of the Company's
venture capital investments as at 31 August 2012. The process of
valuing those investments as at 28 February 2013 will commence
shortly.
The Company is not aware of any significant event or transaction
which has occurred between 1 September 2012 and 25 January 2013
which has had a material effect on the financial position of the
Company and has not been detailed above.
25 January 2013
For further information, please contact:
Robin Smeaton, City Partnership, Company Secretary: 0131 243
7210
Edge Investment Management, Investment Manager: 020 7317
1300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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