Interim Management Statement

RNS Number : 0430S

Hygea VCT plc

12 May 2009

 



HYGEA VCT PLC

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED  31 MARCH 2009

Hygea vct plc ('the Company') presents its interim management statement for the quarter ended 31 March 2009. This constitutes the Company's first interim management statement for the financial year ending 31 December 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.

The unaudited net asset value per ordinary share and the number of shares in issue at 31 March 2009 were 69.1p and 7,788,191 respectively (31 December 2008: 66.2p and 7,788,191 respectively).  There were no shares held in Treasury at either date.

On 3 April 2009, a total of 185,185 new ordinary shares were allotted at a price of 54p and on 5 May 2009 a total of 67,000 new ordinary shares were allotted at a price of 54p pursuant to the 10% top-up offer announced on 19 March 2008.

During the three months ended 31 March 2009 the Company subscribed for a rights issue in Insense Ltd for the sum of £26,700 as well as a small further investment in Arecor Ltd. The Company made no disposals in the period.

The directors are pleased to report a modest increase in the net asset value in the period. The increase has resulted primarily from the uplift in carrying value of one investee company, offset by the decline in carrying value of the quoted portfolio and certain additional provisions against the unquoted portfolio. In view of the current market conditions, the directors are taking an increasingly stringent approach to the valuation of those portfolio companies which have yet to develop an income stream. As stated in the chairman's statement of the Company's 2008 annual report, the directors remain confident that the developments in the portfolio, together with the modest expense ratio, will allow a continuing increase in net asset value.

The directors are not aware of any events which have taken place between 31 March 2009 and the date of publication of this statement, which have had a material effect on the financial position of the Company.

Enquiries: James Otter, Hygea vct plc - [e-mail] 

Charles Breese, Hygea vct plc on 01280 703482 or [e-mail]

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

website: www.hygeavct.com

12 May 2009.

 

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