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Sgr & Frdlndr AIM 3 (VICT)

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Monday 15 June, 2009

Sgr & Frdlndr AIM 3

Interim Management Statement

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 £3.5m after these purchases and also has Government securities valued at £4.2mtogether 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 Healthcare

3.8%

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


£000's



AIM Quoted Companies


£000's

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
 
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