Interim Management Statement
July 31 2009 - 2:00AM
UK Regulatory
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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