Interim Management Statement

 

TIDMSFA 
 
RNS Number : 9064T 
Singer & Friedlander AIM 3 VCT PLC 
15 June 2009 
 

Singer & Friedlander AIM 3 VCT plc 
 
 
 
 
INTERIM MANAGEMENT STATEMENT 
For the period 31st January 2009 to 15th June 2009 
 
 
 
 
Introduction 
 
 
This is the Interim Management Statement from the Board under the Disclosure and 
Transparency Rules. 
 
 
 
 
Investment Strategy 
 
The objective of the Company is to provide shareholders with an attractive and 
competitive investment return from a portfolio of companies whose shares are 
primarily traded on the Alternative Investment Market (AIM). Returns will be 
enhanced as a consequence of dividends and capital gains being free of tax for 
private investors. 
 
 
 
 
Material Events plus financial implications 
 
 
The Board does not consider that there are any material events giving rise to 
financial implications that are not covered in the following sections. 
 
 
 
 
Material Transactions plus financial implications 
 
 
Since our Annual Report for the financial year to 31 January 2009 the market 
initially weakened further until late March since when it has seen something of 
a recovery. There has also been an increase in the number of companies seeking 
to raise VCT qualifying funds enabling us to consider investing in some of these 
opportunities as we envisaged at the time of the Annual Report. Details of the 
investments made so far in this period are shown below. 
 
 
The Company retains significant cash balances of some GBP3.5m after these 
purchases and also has Government securities valued at GBP4.2m, together 
representing in total about 38% by value of the portfolio. 
 
 
We have purchased 175,000 of the Trust's own shares during this period. The 
Board's current policy is to repurchase shares at a discount to net asset value 
of 20%. 
 
 
Change in Net Asset Value 
 
 
The company's NAV per share has increased from 44.46 pence at 31 January 2009 to 
48.52 pence today, an increase  of 9.13%, compared with an increase in the AIM 
Index of some 35%. This increase reflects the recent recovery in the AIM market 
but is limited by the fact that, as mentioned above, we have a significant 
proportion of our assets in fixed interest securities, cash and unquoted 
investments, and by the significant improvement in resource shares, in which 
VCTs are not permitted to invest. 
 
 
The Trust's NAV is calculated weekly and reported in the Financial Times. 
 
 
Portfolio Movements 
 
 
Top ten equity holdings 
 
 
+----------------+--------------+ 
|                |  Percentage  | 
|                |of Portfolio  | 
+----------------+--------------+ 
| Relax Group    |    3.9%      | 
+----------------+--------------+ 
| Synergy        |    3.8%      | 
| Healthcare     |              | 
+----------------+--------------+ 
| Aero Inventory |    3.6%      | 
+----------------+--------------+ 
| Mediwatch      |    3.4%      | 
+----------------+--------------+ 
| Lilestone      |    3.3%      | 
+----------------+--------------+ 
| Connaught      |    3.3%      | 
+----------------+--------------+ 
| Lo-Q           |    2.8%      | 
+----------------+--------------+ 
| U4EA           |    2.3%      | 
+----------------+--------------+ 
| Prezzo         |    2.3%      | 
+----------------+--------------+ 
| Tikit Group    |    2.2%      | 
+----------------+--------------+ 
Additions during the period    Disposals during the period 
 
 
+-----------------------+----------+-------------+--------------------+----------+ 
| AIM Quoted Companies  | GBP000's |             | AIM Quoted         | GBP000's | 
|                       |          |             | Companies          |          | 
+-----------------------+----------+-------------+--------------------+----------+ 
| Bright Things         | 75       |             | Lo-Q               | 8        | 
+-----------------------+----------+-------------+--------------------+----------+ 
| LIDCO                 | 185      |             |                    |          | 
+-----------------------+----------+-------------+--------------------+----------+ 
| Lipoxen               | 238      |             |                    |          | 
+-----------------------+----------+-------------+--------------------+----------+ 
|                       |          |             |                    |          | 
+-----------------------+----------+-------------+--------------------+----------+ 
| Private Companies     |          |             |                    |          | 
+-----------------------+----------+-------------+--------------------+----------+ 
| Lilestone             | 50       |             |                    |          | 
+-----------------------+----------+-------------+--------------------+----------+ 
 
 
 
 
Change of Name 
 
 
As mentioned in our Annual Report for the financial year to 31 January 2009, 
approval is being sought at the Annual General Meeting tomorrow for the change 
of the Company's name to "ViCTory VCT PLC." 
 
 
 
 
 
 
 
 
For further information contact: 
Andrew Banks on 020 7847 8146 or Kirsty George on 020 7847 8145. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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