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BSC British Smaller Companies Vct2 Plc

56.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
British Smaller Companies Vct2 Plc LSE:BSC London Ordinary Share GB0005001796 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% 56.50 55.50 57.50 56.50 56.50 56.50 3,564 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 8.95M 6.25M 0.0272 20.77 129.78M

British Smaller Companies VCT2 Plc Interim Management Statement (7229E)

10/05/2017 9:51am

UK Regulatory


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RNS Number : 7229E

British Smaller Companies VCT2 Plc

10 May 2017

British Smaller Companies VCT2 plc

Interim Management Statement

For the quarter ended 31 March 2017

British Smaller Companies VCT2 plc (the "Company") presents its interim management statement for the quarter ended 31 March 2017. The statement also includes relevant financial information between the end of the quarter and the date of this statement. A copy of this interim management statement can be found at www.bscfunds.com.

Overview

The Company has continued to make good progress in the quarter with total return rising to 112.9 pence per ordinary share. This is an increase of 0.7 pence per ordinary share in the first three months of the year; a return of 1.2% on the net asset value at 1 January 2017 equivalent to an annualised return of 4.8%.

It is pleasing that improved profitability across a number of investments contributed to the GBP0.7 million increase in NAV in the period. The performances from the investments in Mangar, Deep-Secure, Selima, Wakefield Acoustics and MacroArt in particular were strong contributors in the period. There were two investments Ness and Cambrian where losses were crystallised in the quarter. Both had been previously been fully provided against with a small recovery (GBP0.1m) made from Ness in the period.

Performance

 
                          31 March     Movement    31 December 
                             2017                      2016 
----------------------  ------------  ----------  ------------ 
 Net Assets (GBPm)          60.9          4.8         56.1 
----------------------  ------------  ----------  ------------ 
 NAV per share (PPS)        60.4p        0.7p         59.7p 
----------------------  ------------  ----------  ------------ 
 Cumulative dividends 
  paid (PPS)                52.5p          -          52.5p 
----------------------  ------------  ----------  ------------ 
 Total Return (PPS)        112.9p        0.7p        112.2p 
----------------------  ------------  ----------  ------------ 
 Shares in issue         100,761,545   6,787,231   93,974,314 
----------------------  ------------  ----------  ------------ 
 

The total return at 31 March 2017, calculated by reference to the NAV per ordinary share and the cumulative dividends paid per ordinary share, was 112.9 pence per ordinary share compared to 112.2 pence per ordinary share at 31 December 2016. Cumulative dividends paid were unchanged at 52.5 pence per ordinary share (31 December 2016: 52.5 pence per ordinary share).

The unaudited NAV per ordinary share as at 31 March 2017 was 60.4 pence per ordinary share (31 December 2016: 59.7 pence per ordinary share) representing an increase of 0.7 pence per ordinary share. The increase in NAV per ordinary share is due to the net upward movement in the overall portfolio valuation.

Dividends and shares in issue

On 10 February 2017 the Company issued 6,787,231 ordinary shares of 10p each at offer prices of 62.165 pence or 63.407 pence per ordinary share in relation to the Offer for Subscription dated 3 January 2017, raising net proceeds of GBP4.1 million.

The number of ordinary shares in issue at 31 March 2017 was 100,761,545 (31 December 2016: 93,974,314). In addition, at 31 March 2017 the Company held 2,545,746 ordinary shares in treasury (31 December 2016: 2,545,746).

Subsequent to the quarter end on 13 April 2017 the Company purchased 350,000 ordinary shares of 10p each at a price of 55.8 pence per ordinary share. These shares were placed in treasury.

Net assets

Net assets at 31 March 2017 comprised the following:

 
                                              % of 
                              GBP000    net assets 
 Unquoted investments 
  at fair value               37,458          61.5 
 Quoted investments 
  at bid price                 2,232           3.7 
                             -------  ------------ 
 Total investments            39,690          65.2 
 Cash and cash equivalents    20,244          33.3 
 Other net current 
  assets                         944           1.5 
                             -------  ------------ 
 Net assets                   60,878         100.0 
                             =======  ============ 
 

The investment portfolio at 31 March 2017 was comprised as follows:

 
                                             Valuation 
                                                  as a 
                               Valuation          % of 
                                  GBP000    net assets 
 ACC Aviation                      3,563           5.9 
 Intelligent Office                2,992           4.9 
 Mangar Health Limited             2,663           4.4 
 KeTech Enterprises Limited        2,012           3.3 
 DisplayPlan Holdings 
  Limited                          2,010           3.3 
 Business Collaborator 
  Limited                          1,751           2.9 
 Springboard Research 
  Holdings Limited                 1,727           2.8 
 Gill Marine Holdings 
  Limited                          1,683           2.8 
 GTK (Holdco) Limited              1,599           2.6 
 Immunobiology Limited             1,486           2.4 
                                  21,486          35.3 
 Other investments                18,204          29.9 
 Total investments                39,690          65.2 
                              ==========  ============ 
 

During the quarter to 31 March 2017 the Company made one follow-on investment of GBP0.1 million into PowerOasis Limited.

In the quarter to 31 March 2017 the realisation and repayment of investments generated cash proceeds of GBP0.3 million.

Portfolio Performance

Over the quarter to 31 March 2017 aggregate unrealised portfolio valuations have increased by GBP0.6 million.

The Board continues to follow its policy of maintaining a diversified portfolio. At 31 March 2017, only one investment represented more than 5 per cent of the Company's NAV.

Investor Workshop

On 3 May 2017 the Company held its annual Investor Workshop at the Connaught Rooms. Once again it was exceptionally well attended with approaching 200 attendees. There were presentations from 4 CEOs of investee companies and 3 members of YFM Private Equity Limited, the Investment Adviser.

Outlook

The investment pipeline now contains a number of attractive opportunities, and discussions are well advanced in a number of cases.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.

10 May 2017

For further information please contact:

   David Hall                YFM Private Equity Limited                          Tel:  0113 244 1000 
   Jonathan Becher     Panmure Gordon (UK) Limited                       Tel:  0207 886 2715 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

May 10, 2017 04:51 ET (08:51 GMT)

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