We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Baronsmead Venture Trust Plc | LSE:BVT | London | Ordinary Share | GB0002631934 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 52.50 | 51.00 | 54.00 | 52.50 | 52.50 | 52.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | -942k | -5.14M | -0.0147 | -35.71 | 183.61M |
From Apr 2019 to Apr 2024
TIDMBVT
RNS Number : 0287G
Baronsmead Venture Trust PLC
24 May 2017
Baronsmead Venture Trust plc
Half-Yearly report for the six months ended
31 March 2017
The Directors announce the unaudited half-yearly financial report for the six months to 31 March 2017.
Copies of the half-yearly report can be obtained from the following website: www.baronsmeadvcts.co.uk.
Our Investment Objective
Baronsmead Venture Trust is a tax efficient listed company which aims to achieve long-term investment returns for private investors, including tax free dividends.
Investment Policy
-- To invest primarily in a diverse portfolio of UK growth businesses, whether unquoted or traded on AIM.
-- Investments are made selectively across a range of sectors in companies that have the potential to grow and enhance their value.
Dividend Policy
The Board of Baronsmead Venture Trust aims to sustain a minimum annual dividend level at an average of 6.5p per ordinary share, mindful of the need to maintain net asset value. The ability to meet these twin objectives depends significantly on the level and timing of profitable realisations and cannot be guaranteed. There will be variations in the amount of dividends paid year on year.
Shareholder choice
The Board wishes to provide shareholders with a number of choices that enable them to utilise their investment in Baronsmead Venture Trust in ways that best suit their personal investment and tax planning requirements and in a way that treats all shareholders equally.
-- Fund raising | From time to time the Company seeks to raise additional funds by issuing new shares at a premium to the latest published net asset value to account for issue costs. This enables shareholders seeking additional investments to do so with taxation relief.
-- Dividend Reinvestment Plan | The Company offers a Dividend Reinvestment Plan which enables shareholders to purchase additional shares through the market in lieu of cash dividends. Approximately 638,000 shares were bought in this way during the six months to 31 March 2017.
-- Buy back of shares | From time to time the Company buys its own shares through the market in accordance with its share price discount policy. Subject to certain conditions, the Company seeks to maintain a mid market share price discount of approximately 5 per cent. to net asset value.
-- Secondary market | The Company's shares are listed on the London Stock Exchange and can be bought or sold by shareholders using a stockbroker or authorised share dealing service in the same way as shares of any other listed company. Approximately 2,980,000 shares were bought by investors in the Company's existing shares in the six months to 31 March 2017.
Financial Headlines
-- + 4.8% - Net asset value ("NAV") per share increased 4.8 per cent. to 91.23p in the six months to 31 March 2017, before deduction of dividends.
-- 380.6p - NAV total return to shareholders for every 100.0p invested at launch. -- 3.0p - Dividends totalled 3.0p in the six month period ended 31 March 2017.
Cash returned to shareholders by date of investment
The table below shows the cash returned to shareholders that invested in Baronsmead Venture Trust plc (formerly known as Baronsmead VCT 2 plc) dependent on their subscription cost, including the income tax available to be reclaimed on the subscription.
Hot Features
Premium
Cumulative Return
Cash Income Net cash dividends on cash
invested tax reclaim invested paid invested
Year subscribed (p) (p) (p) (p) (%)
================= ========= ============ ========== ========== =========
1998 (April) 100.0 20.0 80.0 143.4 163.4
================= ========= ============ ========== ========== =========
1999 (May) 102.0 20.4 81.6 139.9 157.2
================= ========= ============ ========== ========== =========
2000 (February) 137.0 27.4 109.6 136.7 119.8
================= ========= ============ ========== ========== =========
2000 (March) 130.0 26.0 104.0 136.7 125.2
================= ========= ============ ========== ========== =========
2004 (October) -
C* 100.0 40.0 60.0 93.2 133.2
================= ========= ============ ========== ========== =========
2009 (April) 91.6 27.5 64.1 75.5 112.4
================= ========= ============ ========== ========== =========
2012 (December) 111.8 33.5 78.3 50.0 74.7
================= ========= ============ ========== ========== =========
2014 (March) 103.8 31.1 72.7 32.5 61.3
================= ========= ============ ========== ========== =========
2016 (February) 102.8 30.8 72.0 18.0 47.5
================= ========= ============ ========== ========== =========
* Share dividend calculated using conversion ratio of 0.9657, which is the rate the C shares were converted into ordinary shares.
Chairman's Statement
I am pleased to report a 4.8 per cent. (4.1p) increase in NAV per share for the six months to 31 March 2017 before dividend payments. An interim dividend of 3.0p per share was paid on 31 March 2017 in lieu of the dividend that would have otherwise been paid in June 2017 following the publication of these results.
Results
During the six months to 31 March 2017, the Company's NAV per share increased 4.8 per cent. from 87.1p to 91.2p before dividends.
Pence
per
ordinary
share
----------------------- ----------
NAV as at 1 October
2016 87.1
----------------------- ----------
Valuation uplift (4.8
per cent.) 4.1
----------------------- ----------
NAV as at 31 March
2017 before dividends 91.2
----------------------- ----------
Less:
Interim dividend paid
to the shareholders
on 31 March 2017 (3.0)
----------------------- ----------
NAV as at 31 March
2017 after dividends 88.2
----------------------- ----------
The increase in NAV of 4.8 per cent. was the result of steady progress across our investment portfolio. Over the six months to 31 March 2017, our unquoted investments delivered an increase in their valuations of 3.0 per cent. Despite the continued volatility of the quoted markets, the value of our AIM-traded investments increased by 8.1 per cent. and our investment in CF Livingbridge UK Micro Cap Fund ("Micro Cap Fund", previously Wood Street Microcap Investment Fund) increased by 9.2 per cent.
Portfolio Review
At 31 March 2017, the Company's investment portfolio was valued at GBP118m and comprised investments in 73 unquoted and AIM-traded companies. In addition, the Company's investment in the Micro Cap Fund provides investment exposure to a further GBP20m in 44 AIM-traded and fully listed companies.
Investment and Divestments
The Company's investments and divestments during the period are set out in the tables below.
The new VCT rules introduced in November 2015 have required the Investment Manager to adapt its investment strategy to focus on the provision of development capital to younger companies to enable them to grow their businesses organically rather than through acquisition. This transition has taken time to achieve as the Manager has had to consider how best to deploy funds in generally, earlier stage companies whilst maintaining its investment quality standards and this has resulted in fewer new investments than in prior years. The Board has been supportive of a cautious approach during this transition as a hasty or imprudent deployment of funds could have proved expensive in terms of a loss of capital and a reduction in the long-term return to shareholders.
I am now pleased to report that either side of the period end the Company made two new unquoted investments as well as three investments in AIM-traded companies for a total investment of GBP1.9m during the period under review and GBP2.7m subsequently. The Board is also encouraged to note that the pipeline of potential new investments is improving and anticipates the investment of further funds over the course of the Summer.
Dividends
An interim dividend of 3.0p per share was paid on 31 March 2017 in lieu of the dividend that would otherwise have been paid in June 2017, following the publication of the Company's results for the six months to 31 March 2017. The Board aims to sustain a minimum annual dividend level at an average of 6.5p per ordinary share and therefore in the ordinary course of events, would expect to declare a further final dividend for the financial year to 30 September 2017 which would be paid following shareholder approval at the Company's next AGM. The timing and level of future dividends depends significantly on the level and timing of profitable realisations and rate of investment. Inevitably, as these cannot be guaranteed, there will be variations in the amounts and dates that dividends are paid.
Fundraising
The Board will be considering whether to raise new funds in the 2017/18 tax year which will be determined by the Company's cashflow and its anticipated requirements to fund new investments over the next two years. The Board appreciates that shareholders would like as much notice as possible of its fundraising intentions so that they can plan their financial affairs accordingly. Ordinarily, the Board would seek to raise funds during January and February, having informed shareholders of its fundraising intentions in November when its annual results are published. However, if it becomes appropriate to raise new funds earlier, the Board will ensure that shareholders are informed as soon as possible.
VCT Legislation and Policy Review
Legislative changes to VCTs included in the March 2017 Budget were limited to technical changes to the rules concerning the restructuring of investments. In addition, the Government's venture capital schemes (SEIS, EIS and VCTs) will be included in the recently announced Patient Capital Review which aims "to ensure that high growth businesses can access the long-term capital that they need to fund productivity enhancing investment". This will provide the VCT industry with the opportunity to demonstrate that the existing tax reliefs encourage investment and entrepreneurship and are effective, well targeted and provide excellent value for money for UK taxpayers. The Manager and Board will be fully engaged throughout this process, with a view to informing you of the conclusions of the Review and any policy recommendations that might be brought forward.
Outlook
Despite signs of a slowdown in the wider economy, as the impact of a much-weakened sterling finally begins to work its way through to the consumer, there are no signs yet of a deterioration in performance in the Company's portfolio.
The outlook for the rest of 2017 remains uncertain, with the potential for macro and geopolitical events to impact sentiment and create market volatility. However, the Manager continues to focus on areas of sectoral growth and companies that have the potential to grow profits even without a tailwind from the wider economy.
This is reflected in the valuation of the Company's investments in the NAV at 30 April 2017 which has grown by a further 1.6p per share, to 89.8p per share. Whilst changes in market sentiment may impact the valuation of investments in the short term and the general election may result in a slowdown of business transactions over the coming weeks, the diversity and quality of the Company's portfolio should continue to deliver consistent returns for shareholders over the medium to long term.
Peter Lawrence
Chairman
24 May 2017
Investment Diversification at 31 March 2017
Sector by value Percentage
------------------------ -------------
Business Services 31%
------------------------ -------------
Consumer Markets 17%
------------------------ -------------
Healthcare & Education 13%
------------------------ -------------
Technology, Media &
Telecommunications
("TMT") 39%
------------------------ -------------
Total assets by value Percentage
------------------------- -------------
Unquoted - loan stock 25%
------------------------- -------------
Unquoted - equity 8%
------------------------- -------------
AIM 44%
------------------------- -------------
Collective investment
vehicles 21%
------------------------- -------------
Net current assets
(principally cash) 2%
------------------------- -------------
Time investments held Percentage
by value
------------------------- -------------
Less than 1 year 2%
------------------------- -------------
Between 1 and 3 years 24%
------------------------- -------------
Between 3 and 5 years 35%
------------------------- -------------
Greater than 5 years 39%
------------------------- -------------
Investments in the period
Book
cost
Company Location Sector Activity GBP'000
==================== ================ ============ =========================== ========
Unquoted investments
New
===========================================================================================
Custom Materials Consumer Retailer of customisable
Ltd London Markets products 225
==================== ================ ============ =========================== ========
Total unquoted investments 225
================================================================================= ========
AIM-traded investments
New
===========================================================================================
FreeAgent Holdings Online accounting
plc Edinburgh TMT* software 788
==================== ================ ============ =========================== ========
Healthcare
Collagen Solutions & Develops and manufactures
plc London Education medical grade collagen 337
==================== ================ ============ =========================== ========
Follow on
==================== ================ ============ =========================== ========
CloudCall Group Cloud based telephony
plc Leicestershire TMT* platform 599
==================== ================ ============ =========================== ========
Total AIM-traded investments 1,724
================================================================================= ========
Total investments in the period 1,949
================================================================================= ========
* Technology, Media & Telecommunications ("TMT").
Realisations in the period
First Overall
investment Proceeds multiple
Company date GBP'000 return
==================== ============= ============ ======== =========
Unquoted realisations
=======================================================================
CR7 Services Part trade
Ltd sale Aug 14 11 0.0
===================== ============= =========== ======== =========
Total unquoted
realisations 11
================================================== ======== =========
AIM-traded realisations
=======================================================================
Ubisense Group Part market
plc sale Jun 11 22 0.3
===================== ============= =========== ======== =========
Total AIM-traded
realisations 22
================================================== ======== =========
Total realisations
in the period 33
================================================== ======== =========
Deferred consideration of GBP60,000 was received in
respect of Kingsbridge Risk Solutions, which had been
sold in a prior period.
=======================================================================
Independent Review Report to Baronsmead Venture Trust plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2017 which comprises the Condensed Income Statement, Condensed Balance Sheet, Condensed Statement of Changes in Equity, Condensed Statement of Cash Flows and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with FRS 104 Interim Financial Reporting.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2017 is not prepared, in all material respects, in accordance with FRS 104 Interim Financial Reporting and the DTR of the UK FCA.
John Waterson
for and on behalf of KPMG LLP
Chartered Accountants
Saltire Court
20 Castle Terrace
Edinburgh EH1 2EG
24 May 2017
Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared in accordance with FRS 104 Interim Financial Reporting
-- the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
On behalf of the Board,
Peter Lawrence
Chairman
24 May 2017
Condensed Income Statement
For the six months to 31 March 2017
Six months to Year to
31 March 2017 Six months to 30 September
31 March 2016 2016
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unrealised
gains on
movement
in fair value
of
investments 7 - 8,161 8,161 - 3,870 3,870 - 3,190 3,190
Realised gains
on disposal
of
investments 7 - 64 64 - 1,438 1,438 - 2,931 2,931
Income 1,037 - 1,037 1,140 - 1,140 2,115 - 2,115
Investment
management
fee (370) (1,370) (1,740) (277) (938) (1,215) (650) (1,949) (2,599)
Other expenses (284) - (284) (712) - (712) (990) - (990)
Profit on
ordinary
activities
before
taxation 383 6,855 7,238 151 4,370 4,521 475 4,172 4,647
Taxation on
ordinary
activities - - - - - - - - -
Profit for
the period,
being total
comprehensive
income for
the period 383 6,855 7,238 151 4,370 4,521 475 4,172 4,647
Return per
ordinary
share:
Basic and
Diluted 2 0.22p 3.96p 4.18p 0.14p 4.02p 4.16p 0.34p 2.98p 3.32p
All items in the above statement derive from continuing operations.
There are no recognised gains and losses other than those disclosed in the Income Statement.
The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the realised and unrealised profit or loss on investments and the proportion of the management fee charged to capital.
The total column of this statement is the Statement of Total Comprehensive Income of the Company prepared in accordance with the Financial Reporting Standard ("FRS"). The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice issued in November 2014 and updated in January 2017 by the Association of Investment Companies ("AIC SORP").
Condensed Statement of Changes in Equity
For the six months to 31 March 2017
Distributable
Non-distributable reserves reserves
------------------------ ----- --------------------------------------- ------------------------------ --------
Called-up Share Revaluation Revenue
share capital premium reserve Capital reserve Total
Notes GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000
------------------------ ----- --------------- --------- ----------- ---------------- ------------ --------
At 1 October 2016 18,412 96,515 25,238 10,089 304 150,558
------------------------ ----- --------------- --------- ----------- ---------------- ------------ --------
Profit/(loss)
on ordinary activities
after taxation - - 8,196 (1,341) 383 7,238
Net proceeds of
share issue &
buybacks 4 - - - 1,033 - 1,033
Dividends paid 6 - - - (4,862) (347) (5,209)
------------------------ ----- --------------- --------- ----------- ---------------- ------------ --------
At 31 March 2017 18,412 96,515 33,434 4,919 340 153,620
------------------------ ----- --------------- --------- ----------- ---------------- ------------ --------
Distributable
Non-distributable reserves reserves
------------------- --------
Called-up Share Revaluation Revenue
For the six months share capital premium reserve Capital reserve Total
to 31 March 2016 Notes GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000
------------------- ----- --------------- --------- ----------- ---------------- ------------ --------
At 1 October 2015 9,497 16,561 24,820 34,152 102 85,132
Profit on ordinary
activities after
taxation - - 734 3,636 151 4,521
Shares issued
following the
acquisition of
Baronsmead VCT
plc 7,942 71,227 - - - 79,169
Net proceeds of
share issue &
buybacks 973 8,727 - (1,683) - 8,017
Dividends paid 6 - - - (2,905) - (2,905)
------------------- ----- --------------- --------- ----------- ---------------- ------------ --------
At 31 March 2016 18,412 96,515 25,554 33,200 253 173,934
------------------- ----- --------------- --------- ----------- ---------------- ------------ --------
Distributable
Non-distributable reserves reserves
------------------- --------
Called-up Share Revaluation Revenue
For the year to share capital premium reserve Capital reserve Total
30 September 2016 Notes GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000
------------------- ----- --------------- --------- ----------- ---------------- ------------ --------
At 1 October 2015 9,497 16,561 24,820 34,152 102 85,132 Profit on ordinary activities after taxation - - 418 3,754 475 4,647 Shares issued following the acquisition of Baronsmead VCT plc 7,942 71,227 - - - 79,169 Net proceeds of share issues, share buybacks & sale of shares from treasury 973 8,727 - 422 - 10,122 Dividends paid 6 - - - (28,239) (273) (28,512) ------------------- ----- --------------- --------- ----------- ---------------- ------------ -------- At 30 September 2016 18,412 96,515 25,238 10,089 304 150,558 ------------------- ----- --------------- --------- ----------- ---------------- ------------ --------
Condensed Balance Sheet
As at 31 March 2017
As at As at As at
31 March 31 March 30 September
2017 2016 2016
Notes GBP'000 GBP'000 GBP'000
Fixed assets
Unquoted investments 7 50,908 53,182 49,286
Traded on AIM 7 67,342 62,555 60,575
Collective investment vehicles 7 32,092 17,748 18,400
Listed interest bearing securities - 20,985 -
Investments 7 150,342 154,470 128,261
Current assets
Debtors 174 490 1,770
Cash at bank and on deposit 4,329 32,391 21,591
4,503 32,881 23,361
Creditors (amounts falling due
within one year) (1,225) (13,417) (1,064)
Net current assets 3,278 19,464 22,297
Net assets 153,620 173,934 150,558
Capital and reserves
Called-up share capital 18,412 18,412 18,412
Share premium 96,515 96,515 96,515
Capital reserve 4,919 33,200 10,089
Revaluation reserve 7 33,434 25,554 25,238
Revenue reserve 340 253 304
Equity shareholders' funds 153,620 173,934 150,558
As at As at As at
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Net asset value per share 88.23 p 102.09 p 87.09 p
Number of ordinary shares in
circulation 174,120,866 170,380,866 172,870,866
Treasury net asset value per
share 88.00 p 101.49 p 86.80 p
Number of ordinary shares held
in treasury 10,003,819 13,743,819 11,253,819
Number of listed ordinary shares
in issue 184,124,685 184,124,685 184,124,685
--------------------------------- ----------- ------------ -------------
Condensed Statement of Cash Flows
For the six months to 31 March 2017
Six Six
months months Year
to to to
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Net cash outflow from operating
activities (798) (655) (1,518)
Net cash (outflow)/ inflow from
investing activities (13,856) 864 15,998
Equity dividends paid (5,209) (2,905) (28,512)
Net cash outflow before financing
activities (19,863) (2,696) (14,032)
Net cash inflow from financing activities 2,601 24,380 24,916
(Decrease)/increase in cash (17,262) 21,684 10,884
Reconciliation of net cash flow
to movement in net cash
(Decrease)/increase in cash (17,262) 21,684 10,884
Opening cash position 21,591 10,707 10,707
Closing cash at bank and on deposit 4,329 32,391 21,591
Reconciliation of profit on ordinary
activities before taxation to net
cash outflow from operating activities
Profit on ordinary activities before
taxation 7,238 4,521 4,647
Gains on investments (8,225) (5,308) (6,121)
Changes in working capital and other
non-cash items 189 132 (44)
Net cash outflow from operating
activities (798) (655) (1,518)
Notes
1. The condensed financial statements for the six months to 31 March 2017 comprise the statements set out above together with the related notes below. The Company applies FRS 102 and the AIC's Statement of Recommended Practice issued in November 2014 and updated in January 2017 ('the SORP') for its annual financial statements. The condensed financial statements for the six months to 31 March 2017 have therefore been prepared in accordance with FRS 104 'Interim Financial Reporting' and the principles of the SORP. The accounts have been prepared on the same basis as the accounting policies set out in the Company's Annual Report and Financial Statements for the year ended 30 September 2016.
2. Return per share is based on a weighted average of 173,351,635 ordinary shares in issue (31 March 2016 - 108,808,998 ordinary shares; 30 September 2016 - 139,821,872 ordinary shares).
3. Earnings for the first six months to 31 March 2017 should not be taken as a guide to the results of the full financial year to 30 September 2017.
4. During the six months to 31 March 2017 the Company sold 1,250,000 shares out of treasury. At 31 March 2017, the Company held 10,003,819 ordinary shares in treasury. Shares may be sold out of treasury below Net Asset Value as long as the discount at issue is narrower than the average discount at which the shares were bought into treasury.
5. Excluding treasury shares, there were 174,120,866 ordinary shares in issue at 31 March 2017 (31 March 2016 - 170,380,866 ordinary shares; 30 September 2016 - 172,870,866 ordinary shares).
6. The interim dividend of 3.00p per share (2.80p capital, 0.20p revenue) was paid on 31 March 2017 to shareholders on the register on 10 March 2017. The ex-dividend date was 9 March 2017.
During the year to 30 September 2016, the Company paid a first interim dividend on 18 December 2015 of 3.50p per share (3.50p capital, nil revenue), a second interim dividend on 3 June 2016 of 6.50p per share (6.45p capital, 0.05p revenue) and a third interim dividend on 30 September 2016 of 8.50p per share (8.39p capital, 0.11p revenue).
7. All investments are initially recognised and subsequently measured at fair value. Changes in fair value are recognised in the Income Statement.
The methods of fair value measurement are classified into a hierarchy based on reliability of the information used to determine the valuation.
-- Level 1 - Fair value is measured based on quoted prices in an active market.
-- Level 2 - Fair value is measured based on directly observable current market prices or indirectly being derived from market prices.
-- Level 3 - Fair value is measured using a valuation technique that is not based on data from an observable market.
Level 1 Level 2 Level 3
Collective
Traded investment
on AIM vehicles Unquoted Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening book cost 50,409 12,451 40,163 103,023
Opening unrealised
appreciation 10,166 5,949 9,123 25,238
---------------------------------------- -------- ----------- -------- --------
Opening valuation 60,575 18,400 49,286 128,261
---------------------------------------- -------- ----------- -------- --------
Movements in the
period:
Purchases at cost 1,724 12,000 225 13,949
Sale - proceeds (22) - (71) (93)
* realised gains on sales 3 - 61 64
Unrealised losses
realised during
the period (34) - (1) (35)
Increase in unrealised
appreciation 5,096 1,692 1,408 8,196
---------------------------------------- -------- ----------- -------- --------
Closing valuation 67,342 32,092 50,908 150,342 ---------------------------------------- -------- ----------- -------- -------- Closing book cost 52,080 24,451 40,377 116,908 Closing unrealised appreciation 15,262 7,641 10,531 33,434 ---------------------------------------- -------- ----------- -------- -------- Closing valuation 67,342 32,092 50,908 150,342 ---------------------------------------- -------- ----------- -------- -------- Equity shares 67,342 - 12,952 80,294 Loan notes - - 37,956 37,956 Collective investment vehicles - 32,092 - 32,092 ---------------------------------------- -------- ----------- -------- -------- Closing valuation 67,342 32,092 50,908 150,342 ---------------------------------------- -------- ----------- -------- --------
There has been no significant change in the risk analysis as disclosed in the Company's Annual Report and Accounts to 30 September 2016.
8. The financial information contained in this half-yearly financial report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The information for the year to 30 September 2016 has been extracted from the latest published audited financial statements. The audited financial statements for the year to 30 September 2016, which were unqualified, have been filed with the Registrar of Companies. No statutory accounts in respect of any period after 30 September 2016 have been reported on by the Company's auditors or delivered to the Registrar of Companies.
9. The Company has one reportable segment being investing in primarily a portfolio of UK growth businesses, whether unquoted or traded on AIM.
10. Copies of the half-yearly financial report have been made available to shareholders and are available from the Registered Office of the Company at 100 Wood Street, London EC2V 7AN.
Principal Risks and Uncertainties
The Company's assets consist of equity and fixed interest investments, shares in collective investment schemes, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include loss of approval as a Venture Capital Trust, legislative, investment performance, economic, political and other external factors, regulatory and compliance and operational risks. These risks, and the way in which they are managed, are described in more detail in the Principal Risks & Uncertainties table within the Strategic Report section in the Company's Report and Accounts for the year to
30 September 2016. The Company's principal risks and uncertainties have not changed materially since the date of that report.
Related Parties
Livingbridge VC LLP ('the Manager') manages the investments of the Company. The Manager also provides or procures the provision of secretarial, administrative and custodian services to the Company. Under the management agreement, the Manager receives a fee of 2.0 per cent. per annum of the net assets of the Company. This is described in more detail under the heading 'The Investment Management Agreement' within the Strategic Report in the Company's Annual Report and Accounts for the year to 30 September 2016. During the period the Company has incurred management fees of GBP1,480,000 (31 March 2016 - GBP1,108,000; 30 September 2016 - GBP2,599,000) and secretarial fees of GBP72,000 (31 March 2016 - GBP75,000; 30 September 2016 - GBP147,000) payable to the Manager. A performance fee of GBP260,000 (31 March 2016 - GBP107,000; 30 September 2016 - GBPnil) has been accrued at 31 March 2017. This is described in more detail under the heading 'Performance fees' within the Strategic Report in the Company's Annual Report and Accounts for the year to 30 September 2016.
Going Concern
After making enquiries, and bearing in mind the nature of the Company's business and assets, the Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this conclusion the Directors have considered the liquidity of the Company and its ability to meet obligations as they fall due for a period of at least twelve months from the date that these financial statements were approved. As at 31 March 2017 the Company held cash and readily realisable securities totalling GBP16,329,000 including GBP12,000,000 in JPMorgan Sterling Liquidity Fund. Cash flow projections have been reviewed and show that the Company has sufficient funds to meet both its contracted expenditure and its discretionary cash outflows in the form of the share buyback programme and dividend policy. The Company has no external loan finance in place and therefore is not exposed to any gearing covenants.
Corporate Information
Directors Registrars and Transfer Office
Peter Lawrence (Chairman) Computershare Investor Services
Valerie Marshall PLC
Les Gabb The Pavilions
Christina McComb Bridgwater Road
Bristol BS99 6ZZ
Secretary Tel: 0800 923 1533
Livingbridge VC LLP
Brokers
Registered Office Panmure Gordon & Co
100 Wood Street One New Change
London EC2V 7AN London EC4M 9AF
Tel: 020 7886 2500
Investment Manager
Livingbridge VC LLP Auditors
100 Wood Street KPMG LLP
London EC2V 7AN Saltire Court
020 7506 5717 20 Castle Terrace
Edinburgh EH1 2EG
Registered Number
03504214 Solicitors
Dickson Minto W.S.
Broadgate Tower
20 Primrose Street
London EC2A 2EW
VCT Status Adviser
PricewaterhouseCoopers LLP
1 Embankment Place
London WC2N 6RH
Website
www.baronsmeadvcts.co.uk
National Storage Mechanism
A copy of the Half-Yearly Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at: www.morningstar.co.uk/uk/NSM.
END
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSRESIVFID
(END) Dow Jones Newswires
May 24, 2017 02:00 ET (06:00 GMT)
1 Year Baronsmead Venture Chart |
1 Month Baronsmead Venture Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
