Interim Management Statement

RNS Number:8353B
Noble VCT PLC
09 August 2007


NOBLE VCT plc


INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 30 JUNE 2007


To the members of Noble VCT plc


This is the Company's first interim management statement and has been prepared
to provide additional information to the shareholders as a body to meet the
relevant requirements of the UK Listing Authority's Disclosure and Transparency
Rules, it should not be relied on by any other party or for any other purpose.


This statement includes consideration of the future of the fund and any
forward-looking opinions have been made by the Directors in good faith based on
the information available to them up to the time of their approval of the
statement. This statement should therefore be treated with due caution in view
of the inherent uncertainties in trying to anticipate the effect of economic and
business risk factors when considering forward-looking information.


The period covered by this interim management statement is from 1 April 2007 to
30 June 2007 and contains information that covers this period and up to the date
of signing of this interim management statement.


Our operations


The objectives of Noble VCT plc ("Noble" or "the Company") are to provide the
shareholders with (i) the benefits of a venture capital portfolio which
emphasises capital gains whilst seeking to lower risk by maintaining a balanced
and diverse portfolio of investments by both number and sector and (ii) the
personal tax benefits available through investment in a Venture Capital Trust
("VCT"). Noble will continue to make its investments in a way which the board
believes will meet the aims of the Chancellor of the Exchequer when he
introduced the concept of VCTs so as to generate investment in dynamic,
innovative and growing UK businesses.



Progress during the period


The net asset value (NAV) per share of the Company increased by 1.3% over the
three months to 30 June 2007. In the month of July the NAV of the Company
declined by a similar amount (1.3%) principally as a result of the general
deterioration which took place in capital markets worldwide.


We are pleased to announce that Noble, in conjunction with Sitka Health Fund
VCT, has recently backed the management buyout of Onyx Scientific, a
Sunderland-based business supplying a range of chemical services to the life
sciences industry.  Onyx has an enviable list of customers, an experienced
management team, and a history of solid revenue and profits growth since its
formation in 2000.  This investment of #700k is an excellent illustration of the
Company's continued move towards investing in more mature, profitable private
businesses operating in growth markets.  In addition to this new investment,
follow-on investments were also made in 3 existing unquoted investee companies,
Babel Media (current value - #625,000), The Message Pad (current value -
#1,264,848), and High Integrity Solutions (current value - #800,000).


In the quoted portfolio, six new investments were made, the most significant
being: eXpansys (current value - #317,440), a leading online retailer of
wireless technology; IDOX (current value - #283,900), a fast-growing information
and knowledge management company; Pressure Technologies (current value -
#265,335), a designer and manufacturer of high pressure cylinders; and Eaga, a
provider of residential energy efficiency solutions.  Eaga was subsequently sold
for a price representing a 23% uplift to cost.  The other additions continue to
be held and all trade at a premium to cost.





                              As at 30 June 2007         As at 31 March 2007
                                 ("unaudited")               ("audited")
Total Net Asset Value             #26 million              #25.71 million
NAV per Share                       83.80p                      82.70p



The Company's fund manager/adviser, Noble Fund Managers, has devoted
considerable resource to recovering value in Vicorp and Aquilo, two of Noble
VCT's largest quoted holdings.  At the time of writing, the value of our
investment in Vicorp has been substantially recovered following a fundraising
and admission to AIM.  Aquilo, however, continues to trade at a material
discount to cost. Noble Fund Managers Limited is reviewing a variety of
strategies with management to deliver value to all shareholders.


VCT qualifying status


The Fund continues to receive full Inland Revenue approval and had, as at 30
June 2007, invested 94% of the Fund's ordinary share capital in qualifying
companies, in addition to meeting the other tests necessary for maintaining VCT
qualifying status.


By order of the Board

John Gregory
Chairman


9 August 2007



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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