Interim Management Statement

RNS Number : 3179P
Baronsmead VCT 2 PLC
15 August 2014
 



Baronsmead VCT 2 plc

 

Interim Management Statement

 

For the 3 month period from 1 April 2014 to 30 June 2014.

 

Headlines 

 

·    £1.8 million realised from the sale of investments in four quoted companies

 

·    £0.4 million invested in 1 new and 3 follow-on investments

 

  

Performance Summary

 

 

Capital return

As at

30 June 2014

As at

31 March 2014

 

Movement




Total net assets

£86.63m

£86.50m

Net asset value per share

102.56p

102.19p

0.4%

Share price

97.75p

95.75p

2.1%

Discount to NAV

(4.7%)

(6.3%)

Total Return

3 month (%)

1 year (%)

5 year (%)

10 year (%)

Since launch (%)

Net asset value total return (1)

0.4

15.5

 

75.0

 

123.9


217.1








 

Key:

(1) NAV total return = NAV + reinvested dividends; Source: ISIS VC LLP

 

These total returns are stated before the inclusion of VCT tax reliefs which are designed to mitigate the higher risks and costs associated with investing in smaller companies and the constraints of the VCT legislation. The tax reliefs given at the time of subscription have varied between 20% and 40%, so any adjusted performance measure including this relief will vary depending on the date of subscription. There is also the additional ongoing benefit of receiving VCT dividends tax free.

 

 

Investment Performance  

 

In the three months to 30 June 2014, Baronsmead VCT 2's net asset value per share increased by 0.4%. Over the quarter, the unquoted portfolio valuation increased by 1.9%, the quoted portfolio increased by 1.3% and Wood Street Microcap Fund decreased by 4.4%.

 

The Company's net assets as at 30 June 2014 were £86.6 million.  This figure takes into account the valuation of the Company's investments as at 30 June 2014.

 

 



Top Ten Investments 

 

Position at 

30 June 2014

Position at 

31 March 2014

 

 Company

Percentage of NAV 

as at 30 June 2014

1

1

Nexus Vehicle Holdings Limited

6.1

2

3

Staffline Group plc

3.5

3

2

Netcall plc

3.4

4

4

IDOX plc

3.2

5

5

Crew Clothing Holdings Limited

2.8

6

7

Valldata Group Limited

2.1

7

14

Accumuli plc

2.0

8

6

Vectura Group plc

1.8

9

8

Independent Community Care Management Limited

1.8

10

12

Create Health Limited

1.8

Total



28.5

 

Analysis of Total Assets


Percentage of total assets at

30 June 2014

Percentage of

total assets at

31 March 2014








Unquoted investments

31

31

AIM, listed, ISDX & collective investment vehicle

46

 

48

Listed interest bearing securities

12       

-          

Net current assets

11       

21         

Total liquid assets

23

21

Total assets



100



100

 

 

Analysis of Investment Portfolio by Sector

(excluding cash and interest bearing securities)

 


Percentage of

Total investments at

30 June 2014

Percentage of

 total investments at 

31 March 2014

Business Services

47

46

Consumer Markets

11

12

Healthcare & Education

14

15

Technology, Media & Telecommunications

28

27

Total

100

100

 

 

 

Investment Activity

 

In the three months to 30 June 2014, Baronsmead VCT 2 invested approximately £0.4 million in 1 new and 3 follow on investments as set out in the table below.

 

Investments made

Date

Cost (£'000)

One Media iP Group plc*

Apr 2014

57

Synety Group plc

Apr 2014

113

Happy Days Consultancy Limited*

May 2014

180

Nexus Vehicle Holdings Limited*

May 2014

8

Total investments

358

*Follow on investments

Realisations

 

In the three months to 30 June 2014, Baronsmead VCT 2 realised total proceeds of £1.8 million from the sale of four quoted investments.  Details are set out in the table below.

 

 

Realisations

Company

Date

Cost

(£'000)

Proceeds

(£'000)

Multiple

 

Anpario plc

Apr/Jun 2014

69

284

           4.1

Sinclair IS Pharma plc

May 2014

524

546

           1.0

Murgitroyd Group plc

May/Jun 2014

130

707

           5.4

Tristel plc

Jun 2014

217

281

           1.3






Total realisations


940

1,818


 

 

Dividend

 

Following an exceptional period of divestments, an interim dividend of 6p per share was paid on 7 March 2014. In the absence of unforeseen circumstances, it is anticipated that a second interim dividend will be paid in September 2014.

 

Net Asset Value as at 31 July 2014

 

The net asset value as at 31 July 2014 was 102.82p per share.

                                                                                                             

 

Investment objective

 

Baronsmead VCT 2 is a tax efficient listed company which aims to achieve long-term investment returns for private investors, including tax free dividends.

 

 

Events after the period end

 

Other than the events described above, the Board is not aware of any significant events or transactions which have occurred between 30 June 2014 and the date of publication of this statement which would have a material impact on the financial position of the Company.

 

 

Further information 

 

Further information regarding the Company, including net asset values published since the end of the period and quarterly factsheets, can be found at the Company's website www.baronsmeadvct2.co.uk

 

 

Contact

 

For further information please contact the Company's Investment Manager, ISIS VC LLP as follows:

Email:               baronsmeadvcts@isisep.com

Telephone:        020 7506 5717

Facsimile:         020 7506 5718

Post:                100 Wood Street, London, EC2V 7AN


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