TIDMEDGC
RNS Number : 7737J
Edge Performance VCT PLC
19 July 2013
Edge Performance VCT plc (the "Company")
Interim Management Statement
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 March 2013 to 19 July
2013.
Fundraising
On 18 January 2013, the Company opened an enhanced share
buy-back offer to holders of C Shares, enabling them to sell their
C Shares back to the Company at 100% of the then current net asset
value per C Share, on condition that the proceeds of sale were
applied in subscribing for new C Shares. The final closing date of
the offer was 26 April 2013. The offer resulted in the repurchase
of 2.4 million C Shares, representing a total reinvestment by the
participating shareholders of GBP0.83 million.
On 18 February 2013, the Company published a prospectus for a
further offer for subscription for H Shares, its 'evergreen' share
class. The offer closed on 14 June 2013. By the closing date,
applications had been received under the offer for a total of 4.69
million H Shares, bringing the total size of the H Share class to
just under 7 million H Shares.
All new C Shares and H Shares issued under the above 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.
Dividends
On 19 April 2013, the Company paid a maiden dividend to holders
of H Shares, of 3.5p per H Share.
The directors of the Company have now recommended the following
dividends, for payment on 15 November 2013:
-- 7p per E Share, bringing total cumulative dividends paid per E Share to 28p;
-- 7p per F Share, bringing total cumulative dividends paid per F Share to 21p;
-- 7p per G Share, bringing total cumulative dividends paid per G Share to 14p; and
-- a maiden dividend of 7p per I Share.
These dividends are subject to the approval of the Company's
shareholders at its forthcoming annual general meeting.
Assuming that they are approved at the annual general meeting,
these dividends will bring the Company's cumulative total
distributions to shareholders to GBP31.9 million since the
Company's inception in 2006.
New investments
In the period from 1 March 2013 to 19 July 2013, the Company
invested a total of GBP1.85 million, by way of further investment
in three existing portfolio companies.
VCT-qualifying investments
In April 2013, GBP300,000 was invested by the I Share fund in
Intent HQ Limited (formerly Global Dawn Limited), for secured loan
notes.
In April 2013, the H and I Share funds between them invested
GBP531,843 in North Promotions Limited in the form of preference
shares.
In April 2013, a total of GBP371,863 was invested across the F,
G, H and I Share Funds in WP Acquisitions Limited, for ordinary
shares and secured loan notes.
Non-qualifying investments
In March 2013, a non-qualifying loan of GBP150,000 was advanced
to North Promotions Limited, which is currently expected to be
repaid in August 2013.
In June, a non-qualifying loan of GBP500,000 was made to WP
Acquisitions Limited; this is also currently expected to be repaid
in August 2013.
Treasury holdings
As at 31 May 2013, the Company held GBP14.1 million in a number
of cash and near-cash funds, in accordance with the Company's
investment policy.
Net Asset Values
as at 31 May 2013
Share Net Assets Shares in Issue Net Asset Net Asset
Class (GBP'000) Value per Value Total
Share Return per
(p) Share (p)
-------- ----------------- ------------------ ----------- -------------
C 2,846 9,336,026 30.49 98.49
-------- ----------------- -------------- ----------- -------------
D 13,151 19,172,500 68.59 96.59
-------- ----------------- -------------- ----------- -------------
E 6,212 9,801,952 63.38 84.38
-------- ----------------- -------------- ----------- -------------
F 22,578 29,379,532 76.85 90.85
-------- ----------------- -------------- ----------- -------------
G 19,749 24,056,803 82.09 89.09
-------- ----------------- -------------- ----------- -------------
H 5,753 6,546,943 * 87.88 91.38
-------- ----------------- -------------- ----------- -------------
I 14,206 15,766,414 90.10 90.10
-------- ----------------- -------------- ----------- -------------
Total 84,496 114,060,170 *
-------- ----------------- -------------- ----------- -------------
* On 1 July 2013, the final allotment under
the H Share offer referred to above took place,
with 378,035 further H Shares being allotted
and issued. Consequently, as at 19 July 2013,
there are 6,924,978 H Shares in issue, and
the total issued share capital of the Company
is therefore 114,438,205 ordinary shares,
across its seven classes of ordinary share.
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 ne+t asset values shown in
the table above therefore reflect the valuation of the Company's
venture capital investments as at 28 February 2013. The process of
valuing those investments as at 31 August 2013 will commence
shortly.
Annual general meeting
The Company's seventh annual general meeting will be held at
4:00pm on 31 July 2013, at the offices of Dickson Minto W.S.,
Broadgate Tower, 20 Primrose Street, London EC2A 2EW, and will be
followed by separate meetings of the holders of each class of
share. The notices of the annual general meeting and of each class
meeting, setting out the business to be considered at each meeting,
can be downloaded from the Company's website at
http://www.edge.uk.com/Shareholder-Relations. For those
shareholders unable to attend the meetings, proxy forms can also be
downloaded from the same page of the Company's website.
The Company is not aware of any significant event or transaction
which has occurred between 1 March 2013 and 19 July 2013 which has
had a material effect on the financial position of the Company and
which has not been detailed above.
19 July 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
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