Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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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
 

ViCTory VCT PLC

 

INTERIM MANAGEMENT STATEMENT

FOR THE 3 MONTHS TO 30 APRIL 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


("unaudited")

("audited")

Total Net Asset Value ("NAV")

£18.5

£17.8m

Shares in issue

41,958,437

41,958,437

NAV per share *

44.0p

42.4p

 

* 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


at


30 April 2010

Treasury 2.25% Stock 7/3/2014

18.4

Synergy Health plc

5.5

Lo-Q plc

5.3

Green Compliance plc

4.3

Mediwatch Plc

3.7

Prezzo plc

3.6

Tikit Group plc

3.1

Kiotech International plc

2.9

Zytronic plc

2.7

Connaught plc

2.5


52.0

 

Detailed monthly updates on portfolio activity and performance are posted on the Amati Global Investors website (see http://www.amatiglobal.com).   

 

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

vct-enquiries@amatiglobal.com.

 

17 June 2010


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