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Victory VCT PLC (VICT)

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Thursday 17 June, 2010

Victory VCT PLC

Interim Management Statement

RNS Number : 8205N
Victory VCT PLC
17 June 2010






To the members of ViCTory VCT PLC


This interim management statement has been prepared solely to provide additional information to the shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules, and should not be relied on by any other party or for any other purpose.


This interim management statement considers the future of the fund and, as such, forward-looking assertions have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report.  This statement should therefore be treated with due caution due to the inherent uncertainties of the effect of both economic and business risk factors in considering forward-looking information.


This interim management statement relates to the period from 1 February 2010 to 30 April 2010 and contains information that covers this period and up to the date of publication of this interim management statement.


Our operations


The objective of ViCTory VCT PLC ("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").  The Manager's continuing objective is to manage the current portfolio so as to maximise returns for investors for the qualifying period and beyond.


Fund manager


On 22 March 2010, towards the end of the three month period under review, the board announced the appointment of Amati Global Investors as fund manager.  Further details of this appointment have been provided in the Company's recently published Annual Report and Financial Statements for the year ended 31 January 2010.


Results of Annual General Meeting


The Company gives notice that the following resolutions proposed in the Notice of Meeting dated 19 May 2010 were duly passed at the Annual General Meeting of the Company:


·     To receive and adopt the Directors' Report and Accounts

·     To approve the Directors' Remuneration Report

·     To re-elect Mr J Hambro as a Director

·     To re-elect Mr M Killingley as a Director

·     To re-appoint PricewaterhouseCoopers LLP as auditors

·     To authorise the directors to determine the remuneration of the auditors

·     To approve the Directors' authority to allot shares

·     To approve the Directors' authority to disapply statutory pre-emption rights

·     To empower the Company to buy back its own shares


Following consultation with the UKLA shortly before the AGM, the Company considered that it would be appropriate to give shareholders further information about the proposed change to the Company's investment policy before inviting shareholders to vote on its adoption.  Accordingly, the AGM was adjourned without proposing the associated resolution.  The Company will in due course send to shareholders further details of the proposed revisions to the Company's investment policy and particulars of the time and place of the re-convened AGM at which the associated resolution will be put to shareholders.


Performance during the period


The net asset value of ViCTory VCT increased by 3.77% over the 3 months to 30 April 2010.  This compares to the FTSE AIM All-Share index which rose 9.69% over the same period.  The underperformance against the index is largely a result of weak performance from some of the Company's larger holdings, namely Connaught (down 6%) and Mediwatch (down19%) and flat performance from other major holdings over the period. 


There were, however, recommended offers for two qualifying holdings at substantial premiums.  In February Glisten, a health food manufacturer, received a cash offer from Raisio, a publically listed Finish food group, at a price representing a 61% premium to the pre-announcement share price.  In April, Fulcrum Pharma, a therapeutic products business, received a cash offer from Gold Medal Acquisitions.  The offer represented a premium of 73% to the pre-bid share price of Fulcrum.   Other positive contributions over the period came from Lo-Q, a developer of a virtual queuing technology for theme parks, and Prezzo, the Italian restaurant chain, which both saw gains on strong results. 


As at 30 April 2010

As at 31 January 2010



Total Net Asset Value ("NAV")



Shares in issue



NAV per share *




* taking account of amounts receivable or chargeable to the VCT's income account.


 The top ten investments in the Company's portfolio are listed below.

Top ten holdings as at 30 April 2010

Percentage of

the fund's net

asset value as


30 April 2010

Treasury 2.25% Stock 7/3/2014


Synergy Health plc


Lo-Q plc


Green Compliance plc


Mediwatch Plc


Prezzo plc


Tikit Group plc


Kiotech International plc


Zytronic plc


Connaught plc




Detailed monthly updates on portfolio activity and performance are posted on the Amati Global Investors website (see   


For further information please contact Doreen Nic on 0131 243 7215 or email


17 June 2010

This information is provided by RNS
The company news service from the London Stock Exchange