Elderstreet VCT plc : Interim Management Statement
Elderstreet VCT plc
Interim Management Statement
for the three months ended 31 March 2013
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 2013. 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 2013.
On 24 April 2013, the Board declared a final dividend in respect of the year to 31 December 2012 of 2.0p per Ordinary Share. Subject to shareholder approval at the Annual General Meeting on 5 June 2013, the dividend will be paid on 28 June 2013 to Shareholders on the register at 24 May 2013.
Performance
| 31 March 2013 | 31 December 2012 | |
| Unaudited | Audited | |
| Pence | Pence | |
| Net Asset Value ("NAV") | 67.5 | 68.9 |
| Cumulative Dividends | 58.0 | 58.0 |
| Total Return * | 125.5 | 126.9 |
* NAV plus cumulative dividends paid since launch
Investment portfolio summary at 31 March 2013
| Cost | Valuation | Movement in period | |
| £'000 | £'000 | £'000 | |
| Ten largest investments by value | |||
| Smart Education Limited | 761 | 2,471 | - |
| Wessex Advanced Switching Products Limited | 60 | 2,313 | - |
| Fords Packaging Systems Limited | 1,047 | 2,272 | - |
| Access Intelligence plc * | 1,633 | 1,519 | (335) |
| AngloINFO Limited | 1,108 | 1,483 | - |
| Lyalvale Express Limited | 915 | 1,255 | - |
| B&F Management Limited | 700 | 700 | - |
| Baldwin & Francis (Holdings) Limited | 690 | 690 | - |
| Concorde Solutions Limited | 500 | 500 | - |
| Aconite Technology Limited | 462 | 493 | - |
| Subtotal | 7,876 | 13,696 | (335) |
| Other venture capital investments | 5,541 | 2,085 | (51) |
| Fixed income securities | 1,454 | 1,493 | 2 |
| Total | 14,871 | 17,274 | (384) |
All investments are unquoted unless otherwise stated.
* Quoted on AIM
Investment additions during the three months ended 31 March 2013
There were no additions between 1 January 2013 and 31 March 2013. Since the period end the Company invested a further £400,000 in Snacktime plc.
Investment disposals during the three months ended 31 March 2013
There have been no disposals between 1 January 2013 and the date of this report.
Changes to share capital
| Ordinary Shares of 5p each | ||
| Shares | £'000 | |
| As at 1 January 2013 | 29,873,533 | 1,494 |
| Shares issued | - | - |
| Shares bought back and cancelled | - | - |
| As at 31 March 2013 | 29,873,533 | 1,494 |
Between 3 April 2013 and 30 April 2013, the Company allotted 1,291,055 Ordinary Shares of 5p each under the terms of an offer document dated 14 January 2013, at an average price of 67.5p per share, with gross proceeds received thereon of £871,000.
At the date of this report the total number of Ordinary Shares of 5p each in issue was 31,164,588.
No shares have been bought back for cancellation since the period end.
Share premium account
On 27 February 2013, the Company obtained court approval to cancel £9.8 million of the Company's share premium account.
Material events
Other than described above, there were no material events during the period from 1 January 2013 to 31 March 2013 or in the period from 1 April 2013 to the date of this announcement.
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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