FAME Fram. Aim Vct

 
TIDMFAME 
 
Framlington AIM VCT PLC 
 
Second interim management statement for the year ending 30 September 2009 
 
To the members of Framlington AIM VCT PLC 
 
This is the Company's second interim management statement for the year ending 
30 September 2009 and covers the period to 30 June 2009. This statement has 
been produced to comply with the requirements of the Disclosure and 
Transparency Rules issued by the UKLA and should not be relied upon by any 
other party or for any other purpose. 
 
Investment objective 
 
The Company's investment objective is to achieve long term capital growth 
primarily through investment in a diversified portfolio of qualifying companies 
quoted on AIM. It is expected that realised capital gains, along with income, 
will be returned to the shareholders, at the discretion of the Directors, 
through the payment of dividends. The Investment Manager may also invest the 
assets of the Company in companies traded on the PLUS Market trading facility 
and in unquoted stocks, although this is not currently expected to be 
significant. 
 
The majority of the Company's investments will be in newly issued shares, as it 
is a VCT requirement that 70% of the funds raised pursuant to the offer be 
invested in new issues of shares that qualify as qualifying holdings within 
three years of the share issue. The Company had to achieve this requirement by 
30 September 2007 and now has to comply on an on-going basis. 
 
Qualifying holdings are defined as holdings of shares or securities in unquoted 
(including AIM and PLUS Market companies) whose purpose is to carry on a 
qualifying trade wholly or mainly in the UK. Sectors that are excluded include 
property, financial services and commodities. Companies must not be controlled 
by the VCT or any other company. At the end of three years, up to 30% of a 
VCT's assets can be invested in non-qualifying investments such as bank 
deposits, gilts and fixed interest stock. At least 30% of the VCT's qualifying 
holdings must be ordinary shares with no preferential rights. The remainder can 
be in loans of at least five years' duration, or preference shares. 
 
The size of companies in which the Company may invest is limited by the VCT 
rules. Qualifying holdings, as defined above, must have gross assets of GBP15 
million or less immediately prior to investment and GBP16 million or less 
immediately after investment. Although the companies in which the Company 
invests are small, the risk that this entails is mitigated by the 
diversification of holdings which results from the requirement to invest 70% of 
funds raised in qualifying holdings. 
 
The maximum exposure to any one stock or group, other than another VCT, is 15% 
of the Company's investments. 
 
The Company's borrowings must be restricted to an amount which is less than 10% 
of the Company's issued share capital and reserves. 
 
Capital structure 
 
The Company has one class of share capital: ordinary shares of 10 pence each. 
The Company's issued share capital at the date of this announcement is 
23,542,028 ordinary shares of 10 pence each. 
 
Material events and transactions 
 
During the period to 30 June 2009, a further GBP11,000 was invested in qualifying 
holdings. There were no disposals. 
 
NAV and total assets at 30 June 2009 
 
                                    30 June 2009     31 March 2009     Increase 
 
                                                                              % 
 
Net asset value per share            40.27 pence       33.96 pence         18.6 
 
(investments at bid value, 
including current year 
revenue) 
 
Net asset value per share            60.27 pence       53.96 pence         11.7 
including cumulative 
dividends paid to date 
 
Net assets                          GBP9.5 million      GBP8.0 million         18.3 
 
Share price (mid market)             35.00 pence       28.50 pence         22.8 
 
At 30 June 2009, 84.1% of the portfolio was invested in qualifying holdings. 
 
The net asset value at 24 July 2009 was 39.04 pence per share. 
 
Ten largest holdings at 30 June 2009 
 
                                            Value at     % of net 
                                            30.06.09      assets 
                                                         30.06.09 
                                             GBP000s 
 
Allied Domecq Financial Service 6.625%        971          10.2 
NTS 12/06/14 
 
FDM Group                                     808          8.5 
 
Craneware                                     403          4.2 
 
Vertu Motors                                  342          3.6 
 
Cohort                                        336          3.5 
 
System C Healthcare                           318          3.4 
 
Brooks MacDonald Group                        316          3.3 
 
IS Pharma                                     301          3.2 
 
Concateno                                     299          3.2 
 
Maxima Holdings                               264          2.8 
 
Company information 
 
Year end: 30 September 
 
Results: final results to 30 September 2009 announced December 2009 
 
interim results to 31 March 2010 announced May 2010 
 
Dividend: Final dividend payable February 2010 
 
Further information on the Company, including the annual report and accounts 
for the year ended 30 September 2008, the interim report for the six months 
ended 31 March 2009, the weekly net asset value and the share price, is 
available from the Manager's website www.axaframlington.com 
 
By order of the board 
 
AXA Investment Managers UK Limited 
 
Company Secretary to Framlington AIM VCT PLC 
 
30 July 2009 
 
 
 
END 
 

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