Baronsmead VCT 4 PLC Interim Management Statement (1336X)
14 Novembre 2014 - 6:21PM
UK Regulatory
TIDMBNS
RNS Number : 1336X
Baronsmead VCT 4 PLC
14 November 2014
Baronsmead VCT 4 plc
Interim Management Statement
For the 3 month period from 1 July 2014 to 30 September 2014
Headlines
-- 0.5% increase in underlying Net Asset Value per share
-- 2.9% increase in the value of the unquoted portfolio
-- 0.8% decrease in the value of the quoted portfolio
-- GBP1.5 million realised from the sale of investments
.
Performance Summary
As at As at
30 September 30 June 2014 Movement
Capital return 2014
Total net assets GBP71.42m GBP73.26m
Net asset value
per share 95.21p 94.76p* 0.5%
Share price 90.00 92.75 (3.0%)
Total return 3 months 1 year (%) 5 years 10 years Since launch
(%) (%) (%) (%)
Net asset value
(1) 0.5 7.4 56.5 93.0 109.1
* Adjusted for 3.0p interim dividend for comparative purposes
paid on 19 September 2014. NAV at 30 June 2014 excluding the effect
of the dividend was 97.76p per share.
(1) NAV total return = NAV + reinvested dividends; Source: ISIS
VC 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 varied between 20% and 40%, so any adjusted
performance measure including this relief will vary depending on
the date of subscription. There is also the additional benefit of
receiving VCT dividends tax free.
Investment Performance
In the three months to 30 September 2014, Baronsmead VCT 4's
underlying net asset value per share increased by 0.5%. Over the
quarter, the unquoted portfolio valuation increased by 2.9%, the
quoted portfolio decreased by 0.8%.
The Company's net assets as at 30 September 2014 were GBP71.4
million. This figure takes into account the valuation of the
Company's investments as at 30 September 2014 and is stated after
the payment of the interim dividend of 3.0p per share paid on 19
September 2014 (GBP2.25m).
Top Ten Investments
Position at Position at Percentage of NAV
30 September 2014 30 June 2014 Company as at 30 September 2014
1 1 Nexus Vehicle Holdings Limited 7.5
------------------ ------------- --------------------------------------------- ------------------------
2 2 Netcall plc 4.2
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3 3 Crew Clothing Holdings Limited 3.4
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4 4 IDOX plc 2.7
------------------ ------------- --------------------------------------------- ------------------------
5 6 Accumuli plc 2.4
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6 7 Independent Community Care Management Limited 2.2
------------------ ------------- --------------------------------------------- ------------------------
7 8 Create Health Limited 2.1
------------------ ------------- --------------------------------------------- ------------------------
8 10 Jelf Group plc 2.1
------------------ ------------- --------------------------------------------- ------------------------
9 12 Tasty plc 2.1
------------------ ------------- --------------------------------------------- ------------------------
10 9 TLA Worldwide plc 1.9
------------------ ------------- --------------------------------------------- ------------------------
Total 30.6
------------------ ------------- --------------------------------------------- ------------------------
Analysis of Total Assets
Percentage of Percentage of
total assets at total assets at
30 September 2014 30 June 2014
Unquoted investments 35 37
AIM, listed, ISDX & Collective Investment vehicle 35 36
Listed interest bearing securities 14 14
Net current assets 16 13
Total liquid assets 30 27
Total assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of Percentage of
total investments at total investments at
30 September 2014 30 June 2014
Business Services 42 44
Consumer Markets 16 13
Healthcare & Education 11 13
Technology, Media & Telecommunications 31 30
Total 100 100
Investment Activity
In the three months to 30 September 2014, Baronsmead VCT 4
invested GBP1,254,000 in 2 new and 3 follow on investments as set
out in the table below.
Company Date Cost (GBP'000)
---------------------------- ---------- ---------------
CR7 Services Limited Aug 2014 949
----------------------------- ----------- ---------------
Crawshaw Group plc Jul 2014 200
----------------------------- ----------- ---------------
Daily Internet plc* Aug 2014 90
----------------------------- ----------- ---------------
Independent Community Care
Management Limited* Jul 2014 12
----------------------------- ----------- ---------------
Pho Holdings Limited* Sep 2014 3
----------------------------- ----------- ---------------
Total investments 1,254
------------------------------------------ ---------------
*Follow on investments
Realisations
During the period under review Baronsmead VCT 4 received a total
of GBP1.5 million in proceeds as set out in the table below.
Cost Proceeds Multiple
Company Date (GBP'000) (GBP'000) (X)
---------------------- ---------- ----------- ----------- ---------
Vectura Group plc Jul 2014 245 721 2.9
---------------------- ---------- ----------- ----------- ---------
Chime Communications
plc Aug 2014 369 560 1.5
---------------------- ---------- ----------- ----------- ---------
GB Group plc Sep 2014 42 159 3.7
---------------------- ---------- ----------- ----------- ---------
Inspired Energy plc Sep 2014 13 49 3.9
---------------------- ---------- ----------- ----------- ---------
Total realisations 669 1,489
---------------------------------- ----------- ----------- ---------
Three acquisition vehicles have also been dissolved within the
period which resulted in a total payment of GBP3million to
Baronsmead VCT 4.
There were also two write offs during the period of the
investments in Music Festivals plc and Bglobal plc.
Fundraising Update
The Company raised GBP9.7 million net of expenses earlier in the
year and realised GBP9.0 million from the sale of investments and
winding up of acquisition vehicles in the nine months to 30
September 2014. As a result, it is unlikely that the Company will
seek to raise new funds in the current tax year, preferring to
continue investing from the Company's currently available cash
resources.
Net Asset Value as at 31 October 2014
The net asset value as at 31 October 2014 was 94.00p per
share
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
30 September 2014 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 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 VC LLP as follows:
Email: baronsmeadvcts@isisep.com
Telephone: 020 7506 5717
Facsimile: 020 7506 5718
Post: 100 Wood Street, London, EC2V 7AN
This information is provided by RNS
The company news service from the London Stock Exchange
END
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