Elderstreet VCT Plc Draper Esprit Vct Plc: Reduced Discount On Share Buybacks And Unaudited Net Asset Value ("Nav")

 
TIDMEDV 
 
 
 
 
   Draper Esprit VCT plc 
 
   Reduced discount on Share Buybacks and Unaudited Net Asset Value ("NAV") 
 
 
   Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97 
 
   2 April 2019 
 
 
 
   Increasing access to Draper Esprit Knowledge Intensive investments. 
 
 
 
   As announced by the Company on 28 March 2019, the Board of Draper Esprit 
VCT plc is pleased to report that, with effect from 1 April 2019, the 
discount to NAV of the target price at which the Company seeks to 
acquire its own shares under the Company's Share Buyback Policy has been 
reduced from 7.5% to 5.0%. The Board believes this keeps the Company in 
line with what is developing as best practice in the VCT sector. 
 
 
 
   The Company further announces that the unaudited NAV at 22 March 2019 
was 58.6p per share, a 4.6% increase since 31 March 2018 after adding 
back the tax-free dividends paid in the year. 
 
 
 
   The Board is also pleased to say that the Company's portfolio continues 
to grow through more Knowledge Intensive investments, this being a 
category recognised by the Government and HMRC as of particular 
importance and in receipt of Government incentives and investment 
advantages. The portfolio now holds 14 investments sourced by Draper 
Esprit plc, which has transformed the Company into a VCT with an 
increasing emphasis on knowledge intensive companies. Those 14 
investments account for approximately 30% of the net assets of the 
Company, with cash (before the current funding round) accounting for a 
further 29%. The Company is seeking to raise a further GBP7 million 
under the current funding round, which will also be invested alongside 
Draper Esprit plc. At the time of writing this announcement 
approximately GBP6 million had been raised. 
 
 
 
   David Brock, Chairman of Draper Esprit VCT plc, said "This is a 
transformed VCT. Investors can look forward to a strong flow of 
investment opportunities from a manager with an excellent track record. 
Draper Esprit VCT is set apart by its ability to co-invest alongside 
Draper Esprit plc which has a track record of delivering returns 
(realised and unrealised) in excess of 20% per annum over the last 9 
years and that gives access to opportunities normally only available to 
institutions and individuals who wish to invest relatively large sums. 
We are also delighted with the recent report published by M J Hudson 
Allenbridge which has recognised the recent progress of the VCT by 
giving it a top scoring of 86/100. 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 02, 2019 09:36 ET (13:36 GMT)

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