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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Phoenix Vct | LSE:PHX | London | Ordinary Share | GB0032362997 | 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% | 35.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPHX Phoenix VCT plc ("Phoenix" or "Fund") 20 February 2009 Interim Management Statement For the period from 1 November 2008 to 31 January 2009 In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Phoenix VCT plc presents an Interim Management Statement for the period 1 November 2008 to 31 January 2009. The statement also includes relevant financial information between the end of the period and the date of this statement. Financial highlights Ordinary Shares Three months ended 31 Year ended 31 January 2009 October 2008 Total net assets (GBP'000s) 4,413 4,824 Net asset value per share ("NAV") 39.7p 43.4p Net revenue loss after tax (GBP'000s) (24) (39) Share price 45.0p 45.0p Cumulative dividend - paid and proposed since launch 33.0p 33.0p 'C' Shares Three months ended 31 Year ended 31 January 2009 October 2008 Total net assets (GBP'000s) 2,989 3,141 Net asset value per share ("NAV") 55.8p 58.6p Net revenue loss after tax (GBP'000s) (18) (28)p Share price 51.0p 51.0p Cumulative dividend - paid and proposed since launch 12.0p 12.0p Investment performance The unaudited NAV at 31 January 2008 was 39.7p for Ordinary shares and 55.8p for 'C' shares, compared to a year-end NAV at 31 October 2008 of 43.4p and 58.6p respectively. The economic outlook continued to deteriorate throughout the period placing further pressure on the valuations of small companies. Looking forward to 2009 we expect the equity market to start discriminating between those companies that are financially sound and have a sensible investment proposition and those that are going to either require further funding assistance from shareholders or have been exposed as lacking a competitive edge. This should benefit the Fund, which has historically focused on established profitable companies. However despite these turbulent times, the Board, as mentioned in the annual report, has proposed payment of a final dividend of 5p per Ordinary share and 2p per 'C' share. These dividends will be paid out of the realised capital reserves. Further details are shown towards the end of this statement. Investment Activity No new investments or disposals were made in the three month period ended 31 January 2009. Ten largest qualifying holdings Ordinary Shares % equity held by Carrying value Phoenix (Ord Company Sector GBP'000 shares) Specialty & Other CBG Group plc Finance 351 1.8% Brooks Macdonald Specialty & Other plc Finance 268 1.1% Media & Hasgrove plc Entertainment 257 1.6% Pressure Engineering & Technologies plc Machinery 237 1.0% Specialty & Other Relax Group plc Finance 168 1.3% Media & Cello Group plc Entertainment 160 1.1% Aerospace and Cohort plc Defence 152 0.3% Augean plc Support Services 128 0.4% Clarity Commerce Software & Computer plc Services 123 2.3% Construction & Northern Bear plc Building Materials 116 1.1% 'C' Shares Carrying % equity held by Company Sector value GBP'000 Phoenix ('C' shares) Aerospace and Cohort plc Defence 329 0.6% Media & CBG Group plc Entertainment 199 1.0% Specialty & Other Jelf Group plc Finance 193 0.9% Media & Optimisa plc Entertainment 151 0.6% Specialty & Other Relax Group plc Finance 128 0.8% Brulines (Holdings) plc Support Services 104 0.4% Pressure Engineering & Technologies plc Machinery 84 0.6% Concateno plc Support Services 82 0.1% Media & Vitesse Media Entertainment 72 1.6% Clarity Commerce Software & Computer plc Services 62 1.1% Dividends The final dividend of 5p per Ordinary share and 2p per 'C' share is to be paid to shareholders for the year ended 31 October 2008. This will be paid on 3 April 2009 to those shareholders who were on the register on 13 February 2009. 'C' Share Conversion The 'C' share conversion, as mentioned in the annual report, will take place in the first quarter of 2009, when 'C' shares will convert into Ordinary shares. The number of Ordinary shares that 'C' shareholders will receive will be calculated on the basis of the ratio of the audited NAV of each of the two share types as at 31 October 2008. The two portfolios are set to be combined, meaning shareholders will benefit from investment in a larger and more diversified portfolio. The investment manager will be writing to all 'C' shareholders in the near future informing them of the conversion details. Investment objective The objective of the Company is to invest in a range of AIM-quoted companies in order to generate income and capital growth over the long-term. The Company's investment strategy is designed to deliver absolute returns on its investments rather than a performance measured against the market indices. On an ongoing basis, it is intended that approximately 80-90% of the Company will be invested in qualifying holdings across a range of sectors, with the remainder held in cash and money market securities. Material events and transactions The Fund's Board is not aware of any other significant event or transaction which has occurred between the 1 February 2009 and the date of publication of this statement which would have a material impact on the financial position on the Fund, and has not been detailed above. For further information please contact: Richard Power - Fund Manager Octopus Investments Limited - 020 7710 2800 ENDS =--END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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