Baronsmead VCT 4 plc Interim Management Statement
16 Novembre 2012 - 5:14PM
UK Regulatory
TIDMBNS
Baronsmead VCT 4 plc
Interim Management Statement
For the three month period from 1 July 2012 to 30 September 2012.
Headlines-
0.8% increase in underlying Net Asset Value per share
GBP1.2m invested in one new and three follow on investments
Performance Summary
Capital return As at As at Movement
30 Sep 2012 30 Jun 2012
Total net assets GBP60.78m GBP62.28m
Net asset value per share 98.42p 97.68p* 0.8%
Share price 87.25p 88.75p (1.7%)
Discount to NAV 11.3% 9.1%
3 month (%) 1 year (%) 5 years (%)10 years (%)
Net asset value 0.7 7.7 10.6 76.8
total return
* Adjusted for 3.0p interim dividend for comparative purposes paid on 21
September 2012. NAV at 30 June 2012 excluding effect of dividend was 100.68p
per share.
Key:
NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP
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 by 0.7% during the
quarter. The unquoted portfolio valuation increased by 1.4% in the quarter and
the AIM portfolio increased by 0.5%.
Top Ten Investments
Position at Position at Percentage of NAV
30 Sep 2012 30 Jun 2012 Company as at 30 Sep 2012
1 1 Nexus Vehicle Holdings Limited 7.8
2 2 CableCom Networking Holdings 6.8
Limited
3 3 IDOX plc 5.3
4 4 Crew Clothing Holdings Limited 5.0
5 8 Kafévend Holdings Limited 4.8
6 6 Independent Living Services Limited 4.5
7 5 Fisher Outdoor Leisure Holdings 3.8
Limited
8 7 CSC (World) Limited 3.8
9 9 Valldata Group Limited 2.9
10 10 Inspired Thinking Group Limited 2.6
Total 47.3
Analysis of Total Assets
Percentage of total Percentage of total
assets assets
30 Sep 2012 30 Jun 2012
Unquoted investments 60 57
AIM & listed investments 28 27
Interest bearing securities 6 11
Net current assets 6 5
Total cash portfolio 12 16
Total assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of total Percentage of total
investments at investments at
30 Sep 2012 30 Jun 2012
Business Services 30 31
Consumer Markets 21 20
Financial Services 2 2
Healthcare & Education 15 14
Technology, Media & 32 33
Telecommunications
Total 100 100
Investment Activity
During the period under review the company invested a total of GBP1,212,000 in
one new and three follow on investments.
The unquoted investments during the period consisted of a new investment of
GBP987,000 in Pho, a group of traditional Vietnamese restaurants based in London
and a further investment of GBP75,000 in Impetus.
A total of GBP150,000 was invested in two follow on investments in AIM traded
companies: GBP70,000 invested in Accumuli plc and GBP80,000 invested in Electric
Word plc.
Investments made
Company Date Cost (GBP'000)
Accumuli plc Aug/Sep 2012 70
Electric Word plc Sep 2012 80
Impetus Holdings Limited Aug 2012 75
Pho Holdings Limited Jul 2012 987
Total investments 1,212
Realisations
During the period under review total of the Company received GBP178,000 from its
unquoted investment in MLS relating to a partial loan note redemption. The
Company's investment in AIM-traded Adventis Group plc was written off during
the period.
Company Date Cost Proceeds Multiple
(GBP'000) (GBP'000) (X)
Adventis Group plc (written Sep 2012 291 - 0.0
off)
MLS Limited (partial loan Jul/Aug/Sep 2012 178 178 1.0
redemption)
Total realisations 469 178
Events after the period end
Other than the event described above, the Board is not aware of any significant
events or transactions which have occurred between 1 October 2012 and the date
of publication of this statement which would have a material impact on the
financial position of the Company.
Share Price Discount Policy
In further support for the Company's shareholders, the Directors will seek to
narrow the share price discount to net asset value of the Company's shares by
buying back shares through the market at a 5 per cent. discount to net asset
value. This share price discount policy will be kept under review based on the
number of shares bought back over the next 12 months and may be subject to
revision. Shares will be bought back depending on market conditions at the
time and only where the Directors believe that it will be in the best interests
of shareholders as a whole.
Fundraising
The Directors have announced that they intend to launch an Offer for
Subscription ("the Offer") to raise up to GBP5 million. The funds raised by the
Company pursuant to its Offer will be added to the liquid resources available
for investment so as to put the Company into a position to take advantage of
attractive investment opportunities over the next two to three years. Full
details of the Offer will be contained in a prospectus that is expected to be
published in due course.
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:
The Company's Investment Manager, ISIS EP LLP as follows:
Email: baronsmeadvcts.isisep.com
Telephone: 020 7506 5717
Facsimile: 020 7506 5718
Post: 100 Wood Street, London, EC2V 7AN
END
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