Pembroke VCT PLC Quarterly Report (2219Q)

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RNS Number : 2219Q

Pembroke VCT PLC

08 September 2017

8 September 2017

PEMBROKE VCT PLC

Quarterly Report

for the period from 1 April to 30 June 2017

Pembroke VCT plc (the "Company") presents its quarterly report for the period from 1 April to 30 June 2017.

   --     GBP0.7 million invested in the quarter to 30 June 2017 

-- Total investments of GBP28.8 million to date, including GBP1.5m in investments which have been exited

   --     Interim dividend of 1p per Ordinary Share and 1p per B Ordinary Share paid on 7 June 2017 

This quarterly report contains information that covers the period up to the date of its publication.

Performance

The unaudited net asset value of the Company at 30 June 2017 was GBP46.0 million, up from GBP36.4 million (audited) at 31 March 2017, reflecting additional subscriptions to the Company in the period less the payment of the interim dividend and other movements in the reserves of the Company. The net asset value was GBP20.5 million in respect of the Ordinary Share class and GBP25.5 million in respect of the B Ordinary Share class, and equates to an unaudited net asset value per share of 113.31 pence for the Ordinary Share class and 103.30 pence for the B Ordinary Share class.

In total, an additional GBP0.7 million was invested in the quarter in follow-on investments. All investments were made by the B Ordinary Share class.

Investments are held at fair value. During the quarter to 30 June 2017, the value of Zenos cars was increased from GBPnil to GBP45,000 to reflect amounts recovered from administration. There were no other changes made to the assessment of fair values of investments in the portfolio.

Investments made in the period

In the quarter ended 30 June 2017, the Company invested a total of GBP0.7 million in follow-on investments in 2 portfolio companies to support their continued growth: GBP0.3 million was invested in the form of equity to Alexa Chung and GBP0.4 million was in the form of a loan to Sourced Market.

Investments made post-period end

Between the end of the period and the date of this announcement, GBP1.1 million has been invested in 2 follow-on investments within the portfolio and 1 new investment. The follow on investments were GBP0.2 million in the form of equity to Plenish and GBP0.2 million in the form of a convertible loan to Boom Cycle. The new investment was an GBP0.7 million equity investment in Carousel Ventures Limited, the holding company for Heist Studios, an innovative maker of premium hosiery.

B Ordinary Share Offer

The Company's B Ordinary Share Offer closed on 30 June 2017 having raised a total of GBP13.9m.

About the Company

Pembroke VCT plc (the "Company") is a generalist VCT focused on early stage investments in the leisure and luxury brands sectors. The Company invests in a diversified portfolio of small, principally unquoted companies, and selects those which Oakley Investment Managers LLP believes provide the opportunity for value appreciation.

The Company is not aware of any significant event or transaction which has occurred between 1 April 2017 and 7 September 2017 which has had a material effect on the financial position of the Company and has not been detailed above.

For further information, please contact:

Pembroke VCT plc

[phone]

Peter Dubens

Cornerstone Communications

[phone]

Richard Acworth

Oakley Investment Managers LLP (Manager)

[phone]

Andrew Wolfson/Simon Male

The City Partnership (UK) Limited (Company Secretary)

[phone]

Doreen Nic

This information is provided by RNS

The company news service from the London Stock Exchange

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September 08, 2017 04:43 ET (08:43 GMT)