Interim Management Statement
May 19 2008 - 11:00AM
UK Regulatory
RNS Number : 7993U
Leisure & Media VCT PLC
19 May 2008
LEISURE & MEDIA VCT PLC
INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 MARCH 2008
Investment Objective
The objective of Leisure & Media VCT PLC ("the Company") is to maximise tax-free capital and income distributions to shareholders,
principally from the successful realisation of its investments in the leisure and media sectors.
Financial Highlights
At 31 March At 31 December
2008 2007
Total assets less current £8,664,000 £8,658,000
liabilities
Net current assets £8,094,000 £8,246,000
Net asset value per Ordinary Share 88.4p 90.0p
Revenue dividend paid 2001 0.8p 0.8p
Capital dividend paid 2004 14.0p 14.0p
Capital dividend paid 2006 5.0p 5.0p
Total cumulative return per Ordinary share 108.2p 109.8p
Initial placing price net of issue costs 95.0p 95.0p
Increase in total cumulative return since launch (%) 13.9% 15.6%
Middle market quotation per Ordinary share 44.0p 60.0p
Market discount to net asset value (%) 50.2% 33.3%
Material Events
There were no material events during the quarter ended 31 March 2008.
Material Transactions
On the 13th of February 2008, the Company committed to fund, by way of convertible loan note, up to £100,000 to The Creative Experience
Company Limited of which £73,000 was drawn in the quarter. The remaining £27,000 was funded in April 2008.
During the quarter ended 31 March 2008, a further £175,000 was drawn down under the revolving credit facility. Since that date, as
detailed in the 2007 Annual Report, the Company has negotiated an increase in the maximum amount available under the loan facility from
£500,000 to £600,000.
At this time a total of £525,000 is drawn down under the loan facility.
There were no other material transactions during the quarter ended 31 March 2008.
Investment Portfolio at 31 March 2008
Cost Valuation Cost Valuation
31 March 31 March 31 December 31 December
2008 2008 2007 2007
£ £ £ £
Audio Network plc 251,000 834,000 251,000 834,000
Audio Network plc* 16,000 60,000 16,000 60,000
Balance Leisure 500,000 333,000 500,000 333,000
Limited
Balance Leisure 205,000 @ 205,000 205,000 @ 205,000
Limited*
The Bar Group 787,000 @ 501,000 787,000 @ 501,000
Limited
The Bar Group 150,000 150,000 150,000 150,000
Limited*
British Country Inns 502,000 600,000 502,000 600,000
plc
The Creative Experience Company 500,000 500,000 500,000 500,000
Limited
The Creative Experience Company 73,000 73,000 - -
Limited
Cross-Border 250,000 582,000 250,000 582,000
Publishing Limited
Cross-Border 9,000 18,000 9,000 18,000
Publishing Limited*
Echo Publishing 328,000 - 328,000 -
Limited
Echo Publishing 212,000 @ - 212,000 @ -
Limited*
Fitspace Limited 670,000 670,000 670,000 670,000
Kidspace Adventures 708,000 @ 901,000 708,000 @ 901,000
Limited
Nu Nu plc 628,000 741,000 628,000 741,000
Nu Nu plc* 31,000 38,000 31,000 38,000
Odyssey Group 394,000 @ 394,000 380,000 @ 380,000
Holdings Limited*
Somethin' Else Sound 750,000 750,000 750,000 750,000
Directions Limited
Tomahawk Pubs plc 901,000 1,135,000 901,000 1,135,000
Top Ten Holdings plc 250,000 40,000 250,000 75,000
Top Ten Holdings 265,000 50,000 265,000 94,000
plc*
TSE Group plc * 300,000 17,000 300,000 25,000
Total 8,680,000 8,592,000 8,593,000 8,592,000
@ Including
capitalised interest
* Non-qualifying
investment
AIM quoted
The financial information for the quarter ended 31 March 2008 contained within this Interim Management Statement has not been audited.
Annual General Meeting
The next Annual General Meeting of the Company will be held on Friday 30 May 2008 at 3.00 pm in the Board Room, Ground Floor, Ryder
Court, 14 Ryder Street, London SW1Y 6QB.
By order of the Board
Bonita Guntrip, for and on behalf of
J O Hambro Capital Management Limited as Company Secretary
19 May 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSKGGMKDLNGRZM
Leisure & Media (LSE:LEM)
Historical Stock Chart
From May 2024 to Jun 2024
Leisure & Media (LSE:LEM)
Historical Stock Chart
From Jun 2023 to Jun 2024
