Elderstreet VCT plc : Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 31 March 2012

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 2012.  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 2012.

On 27 April 2012, the Board declared a final dividend in respect of the year to 31 December 2011 at 2.0p per Ordinary Share. Subject to shareholder approval at the Annual General Meeting on 14 June 2012, the dividend will be paid on 22 July 2012 to Shareholders on the register at 25 May 2012.

Performance

	31 March  2012	31 December 2011
	Unaudited	Audited
	Pence	Pence
Net Asset Value ("NAV")	66.8	65.7
Cumulative Dividends	54.0	54.0
Total Return *	120.8	119.7

* NAV plus cumulative dividends paid since launch

Investment portfolio summary at 31 March 2012

Ordinary Pool	Cost	Valuation	Movement  in period
	£'000	£'000	£'000
Ten largest investments by value
Access Intelligence plc *	1,633	1,854	612
Fords Packaging Systems Limited	1,047	1,845	-
Wessex Advanced Switching Products Limited	60	1,799	-
Smart Education Limited	1,142	1,636	-
AngloINFO Limited	1,108	1,483	-
Lyalvale Express Limited	915	1,256	-
Snacktime plc *	1,375	858	(359)
Fulcrum Utility Services Limited *	500	792	83
B & F Management Limited	700	700	-
Baldwin & Francis (Holdings) Limited	690	690	-
Subtotal	9,170	12,913	336
Other venture capital investments	4,128	1,638	19
Listed fixed income securities	1,431	1,483	(9)
Total	14,729	16,034	346

All investments are unquoted unless otherwise stated.
* Quoted on AIM

Investment additions during the 3 months ended 31 March 2012

	Cost
	£'000
AngloINFO Limited B & F Management Limited	446     700
S & W Investment Funds	24
	1,170

Since the period end, the Company has made a new investment of £500,000 in Concorde Solutions Limited.

Investment disposals during the 3 months ended 31 March 2012

	Cost	Market value at 1 January  2012	Disposal  proceeds	Gain  in period against cost	Total realised gain
	£'000	£'000	£'000	£'000	£'000
Aconite Technology Limited	100	100	110	10	10
Smart Education Limited	133	265	265	132	-
Wecomm Limited	-	-	113	113	113
	233	365	488	255	123

There have been no disposals between 1 April 2012 and the date of this report.

Changes to share capital

 

	Ordinary Shares of 5p each
	Shares	£'000
As at 1 January 2012	28,701,675	1,435
Shares issued	-	-
Shares bought back and cancelled	-	-
As at 31 March 2012	28,701,675	1,435

 

 

On 5 April 2012, the Company allotted 1,238,457 Ordinary Shares of 5p each, under the terms of a prospectus dated 9 December 2011, at an average price of 70.7p per share.

At the date of this report the total number of Ordinary Shares of 5p each in issue was 29,940,132.

No shares have been bought back for cancellation since the period end.

Material events
Other than described above, there were no material events during the period from 1 January 2012 to 31 March 2012 or in the period from 1 April 2012 to the date of this announcement.

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This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Elderstreet VCT plc via Thomson Reuters ONE

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