Interim Management Statement
16 Aprile 2008 - 11:30AM
UK Regulatory
RNS Number:4454S
Bluehone AIM VCT PLC
16 April 2008
Bluehone AIM VCT plc
Interim management statement
For the three month period from 1 December 2007 to 29 February 2008
Investment objective
The investment objective of the Company is to achieve long term capital growth
primarily through investment in a diversified portfolio of companies raising new
capital on AiM.
Performance Summary
As at As at
29 February 2008 30 November 2007 Movement
Net asset value �12.0m �12.5m
Net asset value per share 56.93p 59.04p (3.6)%
Share price 38.0p 47.5p (20.0)%
Discount to NAV 33.3% 19.5%
FTSE AIM 1,020.33 1,053.41 (3.1)%
FTSE Small Cap (exit) 2,907.68 3,132.29 (7.2)%
3 months to 29 For the year ended Since launch to 29
Total return February 2008 29 February 2008 February 2008
Ordinary shares
Net asset value 1 + (2.3)% (14.8)% (10.17)%
FTSE AIM Index2 (2.8)% (6.3)% 35.5%
Share Price (16.8)% (37.3)% (47.1)%
C shares *
Net asset value 1 (2.3)% (15.1)% (57.6)%
FTSE AIM Index2 (2.8)% (6.3)% (38.3)%
Share Price (16.8)% (37.3)% (71.0)%
1 NAV Total return = NAV + reinvested dividends; Source: F&C Asset Management
plc
2 Source: Datastream
+ The Company commenced trading on 8 December 1998.
* Calculation date 28 April 2000, net asset value 207.36p per share.
Investment Performance
The first quarter of the year has seen the difficult market conditions
experienced towards the end of last year continue, with only some respite during
February. We now appear to be well and truly in bear market territory with the
small company markets showing many of the characteristics we last saw during the
2001-03 bear market. Investors have continued to shun this end of the market and
share prices have fallen in individual stocks on little or no news but in
anticipation of possible worse news to come.
Once again the FTSE AiM All-Share index has proved an unreliable benchmark for
what is actually being experienced by the majority of the companies on the
market as the index is supported by the larger resource stocks. The index fell
by just 3.1% over the period, however the resource sector, which accounts for
17% of the market, increased by more than 10% over the period. This compares
with the FTSE Small Cap (ex-IT) index and the FTSE All-Share index which were
down 7.2% and 8.2% respectively and which reflect more closely what has been
happening to valuations generally.
The NAV per share decreased by 3.6% over the quarter, from 59.0p to 56.9p. The
value of the portfolio was helped by the strong performance from Portland Gas
which joined the market in January following its successful de-merger from Egdon
Resources.
Due to reduced liquidity and more difficult trading conditions across the AiM
market, there was very little portfolio activity over the quarter. No new
investments were made due to a lack of available cash.
Only two realisations were made during the quarter, totalling just over �147k.
In January, the Board of Tellings Golden Miller recommended a takeover approach
from Arriva at 45p per share (a valuation of �10.3m), realising �107k for the
Company. The total realised proceeds on this holding was �250k from an initial
investment of �167k, as shareholders also received a special dividend of 60p per
share in August 2005, following the divestment of the London Bus Division to
National Express Group. Prior to the de-merger of Portland Gas in January, a
tranche of shares in Egdon Resources was sold realising just under �40k for the
Fund.
There were no share buybacks during the quarter.
Top ten investment holdings
Position as at Position as at Percentage of net assets
as at
29 February 2008 30 November 2007 29 February 2008
Company
1 (-) Portland Gas + 30.9
2 (3) Vectura 5.0
3 (2) Alizyme 4.1
4 (4) Build Store 4.0
5 (7) Jelf Group 3.3
6 (6) K3 Business Technology 3.1
7 (9) Concurrent Technologies 3.1
8 (5) Quadnetics 2.9
9 (8) TEG Group 2.9
10 (10) Healthcare Locum 2.8
Total 62.1
+ During January 2008 Egdon Resources de-merged and floated its gas storage
business under the name of Portland Gas. As at 30 November 2007 Egdon Resources
was 19.4% of net assets.
Sector breakdown
(excluding cash and interest bearing securities)
Percentage of total Percentage of total
investments at investments at
29 February 2008 30 November 2007
Oil & Gas 33.2 20.0
Basic Materials 0.3 0.2
Industrials 20.6 23.8
Consumer Goods 1.8 2.9
Health Care 12.5 18.1
Consumer Services 2.9 4.9
Financials 5.3 5.8
Technology 23.4 24.3
Total 100.0 100.0
The Board is not aware of any significant events or transactions which have
occurred between 29 February 2008 and the date of publication of this statement
which would have a material impact on the financial position of the Company.
Daily and key information
Further information regarding the Company, including daily net asset values
published since the end of the period and quarterly factsheets, can be found at
the Company's website www.bluehoneaimvct.co.uk
Year end: 30 November 2008
Date of incorporation 8 December 1998
Dividends paid: Total dividend of 3.0 pence per share for the year to
30 November 2007.
Total dividends since launch of 32.9 pence
Issued Share Capital: 21,103,696 ordinary shares of 10p each as at 29 February
2008
Future contact
For further information please contact:
Robert Mitchell 020 7496 8911 robert@bluehone.com
Sally Mills 020 7496 8914 sally@bluehone.com
Rhonda Nicoll 0131 718 1074 rhonda.nicoll@fandc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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