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Victory VCT PLC (VICT)

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Wednesday 15 December, 2010

Victory VCT PLC

Interim Management Statement

RNS Number : 0066Y
Victory VCT PLC
15 December 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 August 2010 to 31 October 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.



Performance and activity during the period


The net asset value per share of ViCTory VCT increased by 6.1% over the 3 months to 31 October 2010.  This compares to the FTSE AIM All-Share Total Return Index which rose 19.1% over the same period.  The portfolio has been going through a period of substantial change as discussed in the Company's annual report, which should be laying the foundations for improving performance.


The manager has been exiting from the weaker qualifying investments, with particular attention given to those with a market capitalisation below £15m.  As these stocks often have very limited liquidity finding an exit requires patience.  In the four months to the end of November around £1.3m was realised from the sale or partial sale of thirteen qualifying investments, all but one of which were in very small companies with an average market capitalisation of £9.3m.  Meanwhile £1.3m was invested in four new qualifying investments with an average market capitalisation following the fund raisings of £34.5m.  This puts the Company in a position where it has the required excess of qualifying holdings to be able to complete the remaining disposal programme of legacy investments as opportunities arise.  This should enable the qualifying portfolio to deliver stronger returns. 


The manager has also established a non-qualifying portfolio of small- and mid-cap investments which give the Company exposure to global investment themes rarely present in the past.  The remaining government bonds have now been sold, and a total of £3.8m has been invested in 15 non-qualifying investments, including one convertible loan, in the four months to the end of November.  One focus of these investments has been on exposure to the growth of the Far Eastern economies.  The investments include companies such as Asian Citrus, the largest independent orange grower in China, New Britain Palm Oil, which operates one of the best-run palm oil plantations in the world, supplying fully traceable palm oil to the UK, and Anglo Pacific, a company which owns a wide-ranging portfolio of mining royalties.  Another focus has been the energy sector, with investments made during the period in Cove Energy and Bowleven, both oil and gas explorers, and Hargreaves Services, a coal based business in the UK. 


The biggest contributions to performance in the period to the end of October came from Asian Citrus, the largest non-qualifying holding, and from Synergy Healthcare and Prezzo, two of the largest qualifying holdings.  On the negative side, the three largest detractors were Green Compliance, whose share price fell after a further fund raising, which we now believe sets the company up for substantial growth in the future; Mediwatch, which issued a profit warning during the period, and which the manager has been reducing, and Dods Group, which saw a bid fall away after a period of disappointing trading. 



As at 31 October 2010

As at 31 July 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 31 October 2010

Percentage of

the fund's net

asset value as at

31 October 2010

Synergy Health plc


Prezzo plc


Lo-Q plc


Fulcrum Utility Services Ltd


Tikit Group plc


Green Compliance plc


Asian Citrus Holdings Ltd


China Food Company plc Convertible 8% Loan Note


Kiotech International plc


Anglo Pacific Group 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


15 December 2010

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