Interim Management Statement
17 Novembre 2009 - 7:06PM
UK Regulatory
TIDMBNS
Baronsmead VCT 4 plc
Interim management statement
For the three month period from 1 July 2009 to 30 September 2009
Financial Headlines
* 1.5% (1.3p per share) increase in underlying Net Asset Value (NAV) per
share
* 3.0p interim dividend paid on 7 September 2009
* 10.0% increase in the valuation of the AIM-traded portfolio
Investment Objective and Dividend Policy
Baronsmead VCT 4 plc is a tax efficient listed company which aims to achieve
long-term investment returns for private investors.
The Board wishes to sustain a progressive dividend policy for ordinary
shareholders but this depends primarily on the level of profitable realisations
and it cannot be guaranteed. There will be variations in the amount of
dividends paid year on year.
Performance Summary
Capital return As at As at Movement
30 September 30 June %
2009 2009
Ordinary shares
Total net assets GBP48.01m GBP48.9m
Net asset value per 92.25p 90.92p* 1.5%
share
Share price 81.00p 84.00p (3.6%)
Premium/(Discount) to (12.2%) (10.6%)
NAV
*Adjusted for 3.0p
interim dividend for
comparative purposes
Total return 3 months to 1 year to 5 years to Since launch
in December
30 Sept 30 Sept 30 Sept
2001
2009 2009 2009
Ordinary shares
Net asset value 1 1.5% 0.6% 23.3% 33.6%
Share price2 0.0% (4.6%) 24.2% 16.6%
FTSE All-share3 22.4% 10.8% 38.4% 36.8%
1 NAV Total return = NAV + reinvested dividends; Source: ISIS EP LLP
2 Share price Total return = mid to mid share price + reinvested dividends;
Source: AIC
3 FTSE All-share = FTSE All-share Index + reinvested dividends; Source: AIC
InvestmentPerformance
The underlying NAV per share of the Company increased by 1.5% over the quarter
with the unquoted portion of the portfolio holding its value. Upward
revaluations of the unquoted investments in Cablecom, Nexus and Scriptswitch
were broadly offset by further provisions taken on the investments in Occam and
downward revaluations in Credit Solutions and ILS. The AIM portion increased by
10.0%. Within the AIM portfolio, which now represents 21% of the total NAV, the
quarter saw welcome positive movement as equity markets continued to rally.
Investment Activity
Five AIM traded investments totalling GBP0.51m were completed in four existing
portfolio companies and one new company, Clarity Commerce Solutions plc.
During the period Baronsmead VCT 4's investment in Concateno was realised after
that company was acquired by Inverness Medical Inc. The return on the Company's
investment in Concateno, in the form of paper and cash, is approximately 1.32
times the initial cost.
Two further trade sales of Claimar Care Group plc and MBL Group plc were made
in the period realising GBP0.52m. The overall portfolio consisted of 65 companies
at the period end.
Investment
Company Date Cost (GBP'000) VCT status
Clarity Commerce Sep 09 50 Qualifying
Solutions
Electric Word Sep 09 200 Qualifying
Ffastfill July 09 34 Non Qualifying
Inverness Medical Inc* Aug 09 180 Part Qualifying
Kiotech Sep 09 75 Qualifying
Win July 09 150 Non Qualifying
Total investment 689
*NYSE traded
Top ten investment holdings
Position as at Position as Company Percentage of
at net assets as at
30 September 30 September
30 June 2009
2009
2009
1 1 Reed and Mackay 6.21%
2 2 Scriptswitch 6.16%
3 4 Nexus Vehicle 5.26%
4 3 Carnell Contractors 5.14%
5 6 Cablecom 3.84%
6 7 Quantix 3.75%
7 5 ILS 3.26%
8 8 Fisher Outdoor 2.98%
9 9 Kafévend 2.80%
10 10 Crew Clothing 2.68%
Total 42.08%
Sector breakdown
(excluding cash and interest bearing securities)
Percentage of total Percentage of total
investments at investments at
30 September 2009 30 June 2009
Business Services 34 33
Consumer Markets 13 14
IT & Media 29 28
Healthcare & Education 18 19
Financial Services 6 6
Total 100 100
Fundraising
The Board's current intention is that there will be a significant fundraising
in the current tax year in conjunction with Baronsmead VCT 3 plc. The
documentation associated with this fundraising is currently being prepared and
at this stage it is anticipated that this fundraising would commence in January
2010. Shareholders will automatically receive a copy of the fundraising
documentation when it is published and further announcements will be made in
due course.
ISIS portfolio company award
We are pleased to report that Mike Washburn, CEO of ScriptSwitch, has been
awarded the "Venture Capital backed CEO of the Year" by the British Venture
Capital Association and Private Equity News. ScriptSwitch has already delivered
results for more than 115 NHS Primary care organisations with significant cost
savings to the NHS.
Events since 30 September 2009
Other than as disclosed in this statement the Board is not aware of any
significant events or transactions which have occurred between 30 September
2009 and the date of publication of this statement which would have a material
impact on the financial position of the Company.
Sale of ScriptSwitch
ScriptSwitch, an investment made in May 2007, was subject to a bid that
completed shortly after the quarter end resulting in a return, including
expected future payments, approaching four times the initial cost.
Net Asset Value as at 31 October 2009
The NAV per share at 31 October 2009 was 92.61p.
Further information
Information regarding the Company, including latest financial statements or
quarterly factsheets, can be found at the Company's website
www.baronsmeadvct4.co.uk.
For further information please contact:
Michael Probin, VCT Investor Relations, ISIS EP LLP on 020 7506 5796 or
michael.probin@isisep.com.
Paul Forster, Company Secretary, on 020 7506 5652 or paul.forster@isisep.com.
END
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