BRITISH SMALLER COMPANIES VCT PLC
16 July 1999
BRITISH SMALLER COMPANIES VCT plc
AGM Statement
Demand remains healthy
Stronger performance expected
British Smaller Companies VCT plc ('BSC') held its Annual General Meeting
at 12 noon today. All the resolutions were duly passed, including the
proposed cancellation of the share premium account.
The Chairman, Sir Andrew Hugh Smith, explained that subject to court
approval, this move would allow the company to buy back its own shares
without reducing its ability to pay dividends.
'Our ability to buy back our shares will be helpful to individual
shareholders who may need to sell their shares and avoid pressure in
the market on our share price,' he said.
Commenting on current activity, he said: 'Demand for risk capital
remains healthy. On average we are in discussions with some 20 or
so investee companies seeking about £15m at any one time. We have also
begun to see an increase in the number of companies seeking to raise
money via the Alternative Investment Market.
'I am pleased to announce that the company has agreed to invest £200,000
in Landround PLC, the AIM-quoted travel promotions company, which
recently announced a 25 per cent increase in pre-tax profits for the
six months to March 31st 1999.
'This is an exciting investment as Landround continues to realise
its potential for attracting clients with innovative and cost-effective
travelthemed promotions.'
Looking ahead, he said: 'Economic indicators continue to look positive,
with further signs of economic growth. We look forward, therefore, to a
stronger performance by our existing portfolio of investments and to
making further successful investments in the current year.'
For further information, please contact
Phil Cammerman, Yorkshire Fund Managers Tel: 0113 294 5050
Simon Mountford, Simon Mountford Communications Tel: 01347 848 609
David Hardy/ Simon Ellis, Binns & Co Tel: 0171 786 9600
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