Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 31 March 2008
 
In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Elderstreet VCT plc presents an  Interim
Management Statement for the three month period ended 31 March 2008. 
The statement also  includes relevant  financial information  between
the end of the period and the date of this statement.
 
Dividends paid or declared in the period
No dividends were paid or declared in the period to 31 March 2008.
 
On 3 April 2008, the Board declared proposed final dividends in
respect of the year to 31 December 2007 as follows:
 
Ordinary Shares   3.5p per share
'C' Shares              1.5p per share
 
Subject to shareholder approval at the forthcoming Annual General
Meeting ("AGM"), both dividends will be paid on 17 June 2008 to
Shareholders on the registers at 9 May 2008.
 
 
Performance

                             31 March 31 December 30 June 31 December
                                 2008        2007    2007        2006
                                Pence       Pence   Pence       Pence
Ordinary Shares                                                      
Net Asset Value ("NAV")          86.9        81.9    81.9        76.1
Cumulative Dividends             36.5        36.5    35.0        31.5
Total Return *                  123.4       118.4   116.9       107.6
                                                                     
                                                                     
'C' Shares                                                           
Net Asset Value ("NAV")          89.0        90.4   102.5        98.6
Cumulative Dividends              4.5         4.5     4.5         1.0
Total Return *                   93.5        94.9   107.0        99.6
* NAV plus cumulative dividends paid                                 
since launch

 
Investment portfolio summary at 31 March 2008

                                                             Movement
Ordinary Pool                               Cost Valuation  in period
                                           £'000     £'000      £'000
Ten largest investments by   
value                                                                
Snacktime plc               Quoted on AIM  1,500     2,260      (168)
Wessex Advanced Switching                     56     2,245
Products Limited                                                  449
Baldwin      &      Francis                  690     1,719
(Holdings) Limited                                                399
Oldbury  Aluminium   Alloys                1,275     1,275
Group Limited                                                       -
Lyalvale Express Limited                     915       915          -
The Engine Group Limited                     600       725          -
Smart Education Limited                    1,150       660      (119)
Fords Packaging Systems                       83       542
Limited                                                             -
Wecomm Limited                               500       500          -
Interquest Group plc        Quoted on AIM    251       351       (36)
                                                                     
Subtotal                                   7,020    11,192        525
Other venture capital                    
investments                                5,532     2,414      (124)
Listed fixed income                      
securities                                 2,079     2,094          5
                                                                     
Total                                     14,631    15,700        406

 

                                                             Movement
'C' Share Pool                              Cost Valuation  in period
                                           £'000     £'000      £'000
Ten largest investments by    
value                                                                
Interquest Group plc         Quoted on AIM   100       141       (14)
Melorio plc                  Quoted on AIM   100       107          2
Snacktime plc                Quoted on AIM   125       106        (9)
Oldbury   Aluminium   Alloys                 100       100
Group Limited                                                       -
Wecomm Limited                               100       100          -
AngloINFO Limited                             78        78          -
Smart Education Limited                      165        74       (13)
Servoca plc                  Quoted on AIM    60        72       (24)
Infoserve plc                Quoted on AIM    60        33         10
MediaSurface plc             Quoted on AIM    84        26        (4)
                                                                     
Subtotal                                     972       837       (52)
                                                                     
Other venture capital         
investments                                    2         2          -
Listed fixed income                       
securities                                   486       498          2
                                                                     
Total                                      1,460     1,337       (50)

 
All investments are unquoted unless otherwise stated.
 
Investment additions during the 3 months ended 31 March 2008

                          Cost Ordinary    'C'
                                 Shares Shares
                         £'000    £'000  £'000
                                              
MediaSurface plc            35       31      4
Nucleus Cash Trust          69       69      -
Smart Education Limited    263      237     26
The Engine Group Limited   350      350      -
Treasury 8% 2013         1,421    1,421      -
                                              
                         2,138    2,108     30

 
There have been  no additions since  the period end  and the date  of
this report.
 
Investment disposals during the 3 months ended 31 March 2008

                               Market                                
                             value at            Gain/(loss)    Total
                            1 January  Disposal    in period realised
                       Cost      2008  proceeds against cost     gain
                      £'000     £'000     £'000        £'000    £'000
                                                                     
Nucleus Cash Trust        1         1         1            -        -
Treasury 5% 2008      1,469     1,470     1,470            1        -
Treasury 4% 2009        526       533       535            9        2
UM (Holdings) Limited    54       915     1,510        1,456      595
                                                                     
                      2,050     2,919     3,516        1,466      597

 
Since the period end, the Company disposed of its holding in Halifax
Industrial Limited receiving proceeds of £306,341.
 
Changes to share capital

                                 Ordinary Shares of  'C' Shares of
                                      5p each           5p each
                                      Shares  £'000    Shares £'000
As at 1 January 2008              20,227,504  1,011 1,542,202    77
Shares issued                                                      
Shares bought back and cancelled           -      -         -     -
As at 31 March 2008               20,227,504  1,011 1,542,202    77

 
The Company issued 858,665 Ordinary Shares of 5p each between 4 April
2008 and 7 April 2008 under Offers for Subscription dated 4 February
2008, at a price of 91.96p per Ordinary Share.
 
In addition, since the period end the Company has bought back 141,578
Ordinary Shares of 5p each and 25,562 'C' Shares of 5p each for
cancellation.
 
Material events
Other than described above, there were no material events during the
period from 1 January 2008 to 31 March 2008 or in the period from 1
April 2008 to the date of this announcement.
 

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