Interim Management Statement
18 Maggio 2012 - 3:46PM
UK Regulatory
TIDMBNS
Baronsmead VCT 4 plc
Interim Management Statement
For the three month period from 1 January 2012 to 31 March 2012.
Headlines-
+ 4.5% increase in underlying net asset value per share
+ 16.8% growth in the AIM & listed portfolio
GBP3.9m raised (net of expenses) from 548 shareholders
Performance Summary
Capital return As at As at Movement
31 Mar 2012 31 Dec 2011
Total net assets GBP61.03m GBP54.79m
Net asset value per share 98.27p 94.01p 4.5%
Share price 86.25p 84.25p 2.4%
Discount to NAV (12.2%) (10.4%)
3 month (%) 1 year (%) 5 years (%) 10 years
(%)
Net asset valuetotal return 4.5 7.7 12.3 71.7
(1)
Share pricetotal return(2) 2.4 8.5 16.2 51.3
FTSE All-sharetotal return 6.1 1.4 9.5 65.5
(3)
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
The net asset value total return of the company increased 4.5% during the
quarter compared to an increase of 6.1% in the FTSE All Share Total Return over
the same period. The unquoted portfolio valuation increased by 2.8% in the
quarter and the AIM portfolio increased by 16.8%.
Top ten Investments
Position at Position at Percentage
of NAV
31 Mar 2012 31 Dec 2011 Company
as at 31 Mar
2012
1 1 Nexus Vehicle Holdings Limited 8.4
2 2 CableCom Networking Holdings Limited 6.4
3 3 Crew Clothing Holdings Limited 4.4
4 4 IDOX plc 4.1
5 6 CSC (World) Limited 3.6
6 7 Fisher Outdoor Leisure Holdings 3.6
Limited
7 5 Kafévend Holdings Limited 3.5
8 12 Independent Living Services Limited 3.4
9 8 Valldata Group Limited 2.9
10 9 Inspired Thinking Group Limited 2.3
Total 42.6
Analysis of Total Assets
Percentage of total Percentage of total assets
assets
31 Mar 2012 31 Dec 2011
Unquoted investments 49 56
AIM & listed investments 25 24
Interest Bearing 34 15
Securities
Net current (liabilities) (8) 5
/assets*
Total cash portfolio 26 20
Total Assets 100 100
*Cash less investments waiting settlement
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of total Percentage of total
investments at 31 Mar 2012 investments at 31 Dec 2011
Business Services 32 34
Consumer Markets 18 18
Financial Services 2 3
Healthcare & Education 14 12
Technology, Media and 34 33
Telecommunications
Total 100 100
Investment Activity
A total of GBP0.1m was invested during the period under review in two follow on
AIM traded investments.
Shortly after the period end a further four unquoted investments were
completed. On 4 April 2012, GBP0.8m was invested in Happy Days, a day nursery
operator based in the South West of England. On 3 and 4 April 2012, GBP3.0m was
invested in three acquisition companies, each led by an experienced Chairman.
All three Chairman work with ISIS as operating partners.
After the period end a total of GBP1.1m was also invested in one new and two
follow-on AIM traded investments.
Investments made
Company Date Cost (GBP'000)
Accumuli plc Feb 2012 6
Driver Group plc Jan/Feb 2012 61
Total investments 67
Realisations
A total of GBP1.48m was realised from the sale or partial sale of two unquoted
investments and two quoted investments. These sales realised a net capital loss
of GBP0.1m.
Company Date Cost Proceeds Multiple
(GBP'000) (GBP'000) X
Clarity Commerce Solutions Jan 2012 50 31 0.63
plc (full trade sale)
MLS Limited (partial loan Feb/Mar 2012 99 99 1.00
redemption)
Real Good Food Company Mar 2012 172 76 0.44
(The) plc (partial sale)
TVC Group Limited Mar 2012 1,233 1,275 ^
Total realisations 1,554 1,481|
^Not disclosed
|Proceeds of GBP7,000 were also received in respect of Getting Personal Limited,
which had been sold in the year ended 31 December 2011.
Events after the period end
New investments
As noted above, since 31 March 2012 the Company invested a total of GBP4.93m in
four new unquoted, and one new and two follow-on quoted investments. The
Company has now invested in 68 companies, 23 unquoted and 45 quoted
investments.
Other than the events described above, the Board is not aware of any
significant events or transactions which have occurred between 31 March 2012
and the date of publication of this statement which would have a material
impact on the financial position of the Company.
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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