British Smaller Companies VCT PLC Interim Management Statement (7741F)

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RNS Number : 7741F

British Smaller Companies VCT PLC

23 February 2018

British Smaller Companies VCT plc

Interim Management Statement

For the quarter ended 31 December 2017

British Smaller Companies VCT plc (the "Company") presents its interim management statement for the quarter ended 31 December 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 with total return rising to 214.8 pence per ordinary share; Net Asset Value ("NAV") stood at 78.4 pence per ordinary share. This is an increase of 1.4 pence per ordinary share in the quarter equivalent to 1.8% growth in the period.

Performance

 
                         31 December   Movement    30 September 
                             2017                      2017 
----------------------  ------------  ----------  ------------- 
 Net Assets (GBPm)          85.1          1.1          84.0 
----------------------  ------------  ----------  ------------- 
 NAV per share (PPS)        78.4p        1.4p         77.0p 
----------------------  ------------  ----------  ------------- 
 Cumulative dividends 
  paid (PPS)               136.4p          -          136.4p 
----------------------  ------------  ----------  ------------- 
 Total Return (PPS)        214.8p        1.4p         213.4p 
----------------------  ------------  ----------  ------------- 
 Shares in issue         108,607,183   (500,000)   109,107,183 
----------------------  ------------  ----------  ------------- 
 

The total return at 31 December 2017, calculated by reference to the NAV per ordinary share and the cumulative dividends paid per ordinary share, was 214.8 pence per ordinary share compared to 213.4 pence per ordinary share at 30 September 2017.

The unaudited NAV per ordinary share as at 31 December 2017 was 78.4p pence per ordinary share (30 September 2017: 77.0 pence per ordinary share). Cumulative dividends paid were unchanged at 136.4 pence per ordinary share (30 September 2017: 136.4 pence per ordinary share).

Shares in issue

On 19 December 2017 the Company purchased 500,000 ordinary shares of 10 pence each at a price of 73.65 pence per ordinary share. These shares were placed in treasury.

The number of ordinary shares in issue at 31 December 2017 was 108,607,183 (30 September 2017: 109,107,183). In addition, at 31 December 2017 the Company held 4,807,999 ordinary shares in treasury (30 September 2017: 4,307,999).

Net assets

Net assets at 31 December 2017 comprised the following:

 
                                               % of 
                               GBP000    net assets 
 Unquoted investments 
  at fair value                54,459          64.0 
 Quoted investments at 
  bid price                     2,205           2.6 
                              -------  ------------ 
 Total investments             56,664          66.6 
 Fixed income government 
  securities                      708           0.8 
 Quoted funds                   1,893           2.2 
 Cash and cash equivalents     24,378          28.6 
 Other net current assets       1,477           1.8 
                              -------  ------------ 
 Net assets                    85,120         100.0 
                              =======  ============ 
 
 

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

 
                                             Valuation 
                                                  as a 
                               Valuation          % of 
                                  GBP000    net assets 
 Intelligent Office                4,960           5.8 
 ACC Aviation                      4,672           5.5 
 Mangar Health Limited             3,962           4.7 
 GTK (Holdco) Limited              2,964           3.5 
 Springboard Research 
  Holdings Limited                 2,896           3.4 
 Matillion Limited                 2,728           3.2 
 Business Collaborator 
  Limited                          2,703           3.2 
 Gill Marine Holdings 
  Limited                          2,569           3.0 
 Deep-Secure Limited               2,550           3.0 
 KeTech Enterprises Limited        2,336           2.7 
                                  32,340          38.0 
 Other investments                24,324          28.6 
                              ----------  ------------ 
 Total investments                56,664          66.6 
                              ==========  ============ 
 

There were no investments during the period.

In the quarter to 31 December 2017 the realisation and repayment of investments generated proceeds of GBP1.4 million.

Portfolio Performance

Over the quarter to 31 December 2017 aggregate unrealised portfolio valuations have increased by GBP1.6 million. There were strong performances in the quarter from the investments in GTK, Matillion, Deep-Secure and Business Collaborator, offset by reductions from RMS, Sipsynergy and DisplayPlan.

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

Outlook

Your Board remains encouraged by the increase in investment opportunities that it is seeing, although the conversion of this pipeline to new investments continues to be hampered by the slow granting of advance assurance from HMRC. The Company has just received advance assurances for two new investments (GBP3.3 million) which it is hoped will complete in the near future, and is awaiting assurance on one further investment of GBP1.3 million.

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.

23 February 2018

For further information please contact:

   David Hall                YFM Private Equity Limited                          Tel:  [phone] 
   Jonathan Becher     Panmure Gordon (UK) Limited                       Tel:  [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 23, 2018 04:06 ET (09:06 GMT)