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Victory VCT PLC (VICT)

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Wednesday 16 December, 2009

Victory VCT PLC

Interim Management Statement

RNS Number : 2008E
Victory VCT PLC
16 December 2009
 



ViCTory VCT plc


Interim Management Statement


For the period 31 July 2009 to 16 December 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 performance of the portfolio continues to disappoint. The Board has therefore decided to appoint a new fund manager. Further details will be provided as soon as possible. 


The Board does not consider that there are any other material events giving rise to financial implications that are not covered in the following sections.


Material transactions plus financial implications


Since our Interim Report for the period to 31 July 2009 the market generally has made further progress although the impact on our portfolio has been tempered by a number of factors including our significant cash and fixed interest balances, the performance of VCT non-qualifying sectors such as natural resources and the failure of Aero Inventory, one of our largest investments, due to the withdrawal of banking support


On the positive side there has been a further increase in the number of companies seeking to raise VCT qualifying funds enabling us to make further investments, as listed below, thereby reducing our cash and fixed interest balances. 


The new investments made since our interim report total some £1.5m. The Company still maintains good liquidity with cash and UK Government securities totalling some £4.6m representing in total about 25% (33.6% as at 31 July) by value of the portfolio.


We have purchased 669,312 of the Trust's own shares during this period. The current discount to net asset value at which we are prepared to repurchase shares is 20%.


Change in Net Asset Value


The company's NAV per share has decreased from 45.09 pence at 31 July 2009 to 43.97 pence as at 30 November, a decrease of 2.4%, compared with an increase in the AIM Index of some 21.2%. This decrease reflects the factors referred to above. 


The Trust's NAV is calculated weekly and reported in the Financial Times.




Portfolio Movements


Top ten equity holdings



Percentage of Portfolio

Synergy Health

6.7%

Connaught

4.8%

Lilestone

4.1%

Mediwatch

3.7%

Intelligent Environments

3.0%

LoQ

2.7%

AssetCo

2.7%

Synchronica

2.5%

Tikit Group

2.4%

Prezzo

2.2%





Additions during the period                       Disposals during the period



AIM Quoted Companies


Arcontech


£000's


101



AIM Quoted Companies


£000's

Bright Things

159


Xploite

102

Coolabi

151




Intelligent Environments

14




Kiotech

402




Mediwatch

62




Omega Diagnostics

200




Savile Group

402





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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