Interim Management Statement
19 Maggio 2011 - 3:09PM
UK Regulatory
TIDMBNS
Baronsmead VCT4 plc
Interim Management Statement
For the three month period from 1 January 2011 to 31 March 2011.
Headlines-
3.1% increase in underlying Net Asset Valueper share
GBP1.6 million investment in Valldata Group Limited
Performance Summary
Capital return As at As at Movement
31Mar 31Dec
2011 2010
Total net assets GBP57.71m GBP56.33m*
Net asset value (NAV) per share 98.07p 95.09p* 3.1%
Share price 86.13p 87.50p (1.6%)
Discount to NAV (12.2%) (8.0%)
Total return 3 month (%) 1 year (%) 3year 5 year (%) Since
(%) launch (%)
Net asset value( 3.0 14.2 11.3 15.4 59.4
1)
Share price(2) 3.0 13.6 4.3 22.1 39.4
FTSE All-share(3 1.0 8.7 17.0 20.0 66.9
)
*Adjusted for 4.0p final dividend for comparative purposes paid on 13 April
2011. NAV at 31st December 2010 excluding effect of dividend was 99.09p per
share.
Key:
(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
These total returns are stated before the inclusion of VCT tax
reliefs which are designed to mitigate the higher risks and costs associated
with investing in smaller companies and the constraints of the VCT legislation.
The tax reliefs given at the time of subscription have been 20%, 40%
and later 30%, so any adjusted performance measure including this relief will
vary depending on the date of subscription. There is the additional benefit of
receiving VCT dividends tax free.
Investment Performance
Unquoted valuations have increased by 5.5% in the period bringing an uplift to
the NAV per share and AIM-traded valuations increased by 1%. This compares
favourably with the FTSE All-share index which increased by 1%.
Top ten Investments
Position Position at Percentage
at of NAV
31 Dec2010 Company
31 Mar 2011 as at 31 Mar20
11
1 1 Reed & Mackay 8.3
2 2 Nexus Vehicle Holdings Limited 7.8
3 4 CableCom Networking Holdings Ltd 4.4
4 3 Crew Clothing Company Ltd 4.3
5 6 Quantix Limited 3.9
6 5 Kafevend Holdings Ltd 3.5
7 7 Independent Living Services 3.3
8 9 CSC (World) Ltd 3.2
9 8 Fisher Outdoor Leisure Holdings Ltd 3.1
10 - Getting Personal 3.1
Total 44.9
Analysis of Total Assets
Percentage of Percentage of
total assets at total assets at
31 Mar 2011 31 Dec2010
Unquoted investments 58 52
AIM & listed investments 20 20
Interest bearing securities 16 26
Cash 6 2
Total cash portfolio 22 28
Total assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of Percentage of
total investments total investments
at at
31 Mar 2011 31 Dec2010
Business Services 37 36
Healthcare & Education 10 10
IT & Media 32 32
Financial Services 2 3
Consumer Markets 19 19
Total 100 100
Investment Activity
During the quarter GBP1.62m was invested in a new unquoted company, Valldata
Group Limited and further investment was made into three existing portfolio
AIM-traded companies of GBP0.16m.
Wiltshire based Valldata is the UK's leading provider of outsourced donation
processing and fulfilment services for the UK not-for-profit market. It uses
its advanced technology and IT systems to handle large volumes of transactions
covering paper based donations, donations via telephone and on-line services.
Investmentsmade Date Cost (GBP'000)
Company
Valldata Group Ltd Jan 2011 1,616
Driver Group plc* Jan/Feb 2011 64
Netcall plc* Mar 2011 80
STM Group plc* Jan 2011 22
Total Investment 1,782
*Follow on investments
Realisations
Company Date Cost Proceeds Multiple
(GBP'000) (GBP'000) x
Craneware plc Mar 2011 72 298 4.2
Microlibrarian Systems Feb/Mar 2011 42 42 1.0
Limited*
Reed & Mackay Limited* Mar 2011 182 182 1.0
Total realisations 296 522
* Loan repayment
Net Asset Value
The NAV per share at 30 April 2011 was 98.87p representing an increase of 1%
since the quarter end driven largely by an increase in the value of the AIM
portfolio.
Events after the period end
Baronsmead VCT 4 is pleased to announce the sale of Reed & Mackay in April
2011. Reed & Mackay is the leading Strategic Travel Management business,
providing business travel services to many of the City's top legal firms and
companies within the finance and insurance sectors.
The Baronsmead VCTs invested GBP4.8 million in 2005 for a significant minority
stake, and this successful exit yields a multiple of 4.76 times original cost.
Fundraising
The Company will write to shareholders in the half yearly accounts to 30 June
2011, which are published in August, to advise on whether a fundraising
opportunity will be provided in the 2011/2012 tax year.
Investment objective
Baronsmead VCT 4 plc is a tax efficient listed company which aims to achieve
long-term investment returns for private investors.
Further information
Further information regarding the Company, including net asset values published
since the end of the period and quarterly factsheets, can be found at the
Company's website www.baronsmeadvct4.co.uk
Contact
For further information please contact:
Michael Probin Investor Relations Manager 020 7506 5600
michael.probin@isisep.com
END
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