Baronsmead VCT 4 plc Interim Management Statement
18 Novembre 2013 - 6:20PM
UK Regulatory
TIDMBNS
Baronsmead VCT 4 plc
Interim Management Statement
For the three month period from 1 July 2013 to 30 September 2013
Headlines
* 4.0p second interim dividend declared, payable on 20 December to
shareholders on the register on 4 December 2013
* +3.4 per cent. increase in Net Asset Value per share
* GBP1.1 million invested in two unquoted and two quoted investments
Performance Summary
Capital return As at As at Movement
30 Sep 2013 30 Jun 2013
Total net assets GBP65.97m GBP65.76m
Net asset value per share 101.04p 97.71p* 3.4%
Share price 94.75p 96.88p (2.2%)
Discount to NAV (6.2%) (0.8%)
3 month (%) 1 year (%) 5 years (%) 10 years (%)
Net asset value 3.3 9.9 46.6 85.6
total return (1)
* Adjusted for 3.0p interim dividend for comparative purposes paid on 20
September 2013. NAV at 30 June 2013 excluding effect of dividend was 100.71p
per share.
Key:
(1) 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 front end income tax reliefs available at the time of subscription were 20
per cent. prior to the end of the 2003/04 tax years, 40 per cent. in the 2004/
05 and 2005/06 tax years and 30 per cent. since then, 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
In the three months to 30 September 2013, Baronsmead VCT 4's net asset value
per share increased by 3.4 per cent. When capitalised interest recognised as
income is included, the unquoted portfolio valuation increased by 0.4 per cent.
in the quarter and the AIM portfolio increased by 11.4 per cent.
The Company's net assets as at 30 September 2013 were GBP65.97 million. This
figure takes account of the valuation of the Company's investments as at 30
September 2013 and is stated after the payment of the interim dividend of 3.0p
per share paid on 20 September 2013 (GBP1.96 million).
Top Ten Investment Holdings
Position at Position at Company Percentage
30 Sep 2013 30 Jun 2013 of NAV
as at
30 Sep 2013
1 1 CableCom Networking Holdings 8.3
Limited
2 2 Nexus Vehicle Holdings Limited 7.2
3 3 CSC (World) Limited 4.3
4 4 Kafevend Holdings Limited 3.9
5 5 Crew Clothing Holdings Limited 3.0
6 7 Netcall plc 3.0
7 8 Inspired Thinking Group Limited 2.8
8 9 IDOX plc 2.7
9 10 Fisher Outdoor Leisure Holdings 2.6
Limited
10 6 Valldata Group Limited 2.5
Total 40.3
Analysis of Total Assets
Percentage of total Percentage of total
assets assets
30 Sep 2013 30 Jun 2013
% %
Unquoted investments 55 56
AIM & listed investments 32 28
Listed interest bearing 5 8
securities
Net current assets 8 8
Total cash portfolio 13 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 2013 30 Jun 2013
% %
Business Services 36 35
Consumer Markets 17 18
Financial Services 2 2
Healthcare & Education 12 12
Technology, Media & 33 33
Telecommunications
Total 100 100
Investment Activity
During the three months to 30 September 2013, Baronsmead VCT 4 invested a total
of approximately GBP1.13 million in one new and three follow on investments as
set out in the table below:
Investments Made
Company Date Cost (GBP'000)
EG Solutions plc Jul 2013 78
Key Travel Limited Jul 2013 954
Paragon Entertainment Limited Jul 2013 45
Valldata Group Limited Aug 2013 54
Total Investments 1,131
During the quarter, a new unquoted investment of GBP0.95 million was made in Key
Travel, a travel management company focused on the not-for profit sector.
Follow-on investments were made in one unquoted company, Valldata Group
Limited, and two quoted companies, EG Solutions plc and Paragon Entertainment
Limited, totalling GBP0.18 million.
After the end of the period, Baronsmead VCT 4 invested GBP0.95 million in an
unquoted investment, Carousel Logistics Limited, a provider of bespoke
logistics and supply chain solutions.
Realisations
During the period under review Baronsmead VCT 4 received a total of GBP0.71
million in proceeds as set out in the table below:
Company Date Cost Proceeds Multiple
(GBP'000) (GBP'000) on cost
Active Risk Group plc (Full trade sale) Sep 2013 159 126 0.8
Consumer Investment Partners Limited Jul 2013 45 45 1.0
(Loan Repayment)
Valldata Group Limited (Loan repayment) Aug 2013 450 540 1.2
Total Realisations 654 711
Following the period end, there has been a further significant realisation.
The unquoted investment in Cablecom has been sold via a secondary management
buy-out, realising 4.8 times the original cost of investment, an excellent
result. In addition, a GBP5m investment (GBP1.25k for BVCT 4) has been negotiated
in the new transaction on the same terms as the lead private equity buyer as
ISIS believes there is an opportunity for further growth.
Dividend Declaration
Following recent profitable sales of investments, the Directors have declared a
second interim dividend of 4.0p per share in lieu of a final dividend for the
year to 31 December 2013. This dividend will be paid on 20 December to
shareholders on the register as of 4 December 2013. Dividends totalling 7.0p
per share for the year to 31 December 2013 have either been paid or declared.
Net Asset Value as at 31 October 2013
The net asset value as at 31 October 2013 was 103.11p per share. This is stated
before taking account of the second interim dividend of 4.0p per share payable
on 20 December 2013.
Fundraising Update
An offer for subscription is currently expected to be launched in early 2014 to
raise gross proceeds of up to GBP5 million. The securities note, which will
contain the subscription form and the full terms and conditions, will be sent
to existing shareholders as soon as it is published.
Events after the period end
Other than the events described above, the Board is not aware of any
significant events or transactions which have occurred between 1 July 2013 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:
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
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of, this announcement.
END
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