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Victory VCT PLC (VICT)

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Wednesday 15 June, 2011

Victory VCT PLC

Interim Management Statement

RNS Number : 4932I
Victory VCT PLC
15 June 2011






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 2011 to 30 April 2011 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.


Results of Annual General Meeting


The Company gives notice that the following resolutions proposed in the Notice of Meeting dated 9 May 2011 were duly passed at the Annual General Meeting of the Company held on 14 June 2011:


·     To receive and adopt the Directors' Report and Accounts

·     To approve the Directors' Remuneration Report

·     To approve a final dividend of 2p per share payable to shareholders on the register at 24 June 2011.

·     To appoint PKF (UK) LLP as auditors

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

·     To re-elect Mr Christopher Moorsom as a Director

·     To re-elect Mr David Page as a Director

·     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


Performance during the period


The VCT gained 3.3% over the 3 month period to 30 April 2011.  This was a favourable result against the benchmark index (the FTSE AIM All-share Total Return) which ended the same period down 1.8%.  The negative index performance reflects the beginning of the weakness in the commodities sector at the end of April due to concerns over the durability of the global economic recovery.  Natural resource stocks have been the key driver behind AIM performance for over two years. 


The main contributors to the VCT's performance were Lo-Q, which announced strong results confirming its impressive growth and development; Tasty, which posted good like-for-like sales figures against a difficult economic backdrop for a restaurant chain; IDOX, following the acquisition of a licensing management software business; and Symphony Environmental, following full year results.  The most disappointing performer was AssetCo, which announced that it's recent fund raising had been insufficient to stem the cashflow pressures, and a serious fall-out between various stake-holders became public.  The company continues to trade but we have exited this position. Tristel also disappointed the market with a substantial downgrade to profit expectations. 


During the period, we completed qualifying deals in: Deltex Medical, a supplier of medical devices to monitor blood rate and flow during and after surgery, allowing fluid replacement to be optimised; Futura Medical, a developer of sexual health products that has signed three significant licensing deals with major distributors; and Microsaic, a designer of innovative mass spectrometry devices that are smaller, and quieter than their competitors' products, and will sell at about half the price.  We also added to the non-qualifying portfolio, acquiring, amongst others, holdings in EROS International, an Indian media business; and OPG, an Indian power generator.  We added to the VCT's holding in London Capital Group through participation in a placing at a valuation that we deemed to be compelling. 


The turnover of the qualifying portfolio has now slowed as most of the small, high risk holdings have been exited.  However, there were two further material qualifying sales during the period of ILX and the majority of the VCT's holding in Mediwatch. The limited liquidity afforded by small companies listed on AIM, particularly those with market capitalisations below £10m, made the qualifying portfolio reconstruction a slow process.  However, we feel more confident about the remaining constituents, which have been supplemented with some new qualifying investments.  In the non-qualifying portfolio, we sold NCC Group and Supergroup, both at acceptable profits, and took profits in Entertainment One and New Britain Palm Oil, although both remain material holdings.   



As at 30 April 2011

As at 31 January 2011



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 2011

Percentage of

the fund's net

asset value as


30 April 2011

Lo-Q plc


Synergy Health plc


Tikit Group plc


Fulcrum Utility Services Ltd


Prezzo plc


China Food Company plc Convertible 8% Loan Note


IDOX plc


Asian Citrus Holdings Ltd


Hargreaves Services plc


Symphony Environmental Technologies 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

[email protected].


15 June 2011

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

a d v e r t i s e m e n t