Elderstreet VCT plc
Interim Management Statement
for the three months ended 31 March 2008
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Elderstreet VCT plc presents an Interim Management Statement for the three month period ended 31 March 2008. The statement also includes relevant financial information between the end of the period and the date of this statement.
Dividends paid or declared in the period
No dividends were paid or declared in the period to 31 March 2008.
On 3 April 2008, the Board declared proposed final dividends in respect of the year to 31 December 2007 as follows:
Ordinary Shares 3.5p per share
'C' Shares 1.5p per share
Subject to shareholder approval at the forthcoming Annual General Meeting ("AGM"), both dividends will be paid on 17 June 2008 to Shareholders on the registers at 9 May 2008.
Performance
|
|
|
31 March
2008 |
31 December
2007 |
30 June
2007 |
31 December
2006 |
|
|
|
Pence |
Pence |
Pence |
Pence |
|
Ordinary Shares |
|
|
|
|
|
|
Net Asset Value ("NAV") |
|
86.9 |
81.9 |
81.9 |
76.1 |
|
Cumulative Dividends |
|
36.5 |
36.5 |
35.0 |
31.5 |
|
Total Return * |
|
123.4 |
118.4 |
116.9 |
107.6 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
'C' Shares |
|
|
|
|
|
|
Net Asset Value ("NAV") |
|
89.0 |
90.4 |
102.5 |
98.6 |
|
Cumulative Dividends |
|
4.5 |
4.5 |
4.5 |
1.0 |
|
Total Return * |
|
93.5 |
94.9 |
107.0 |
99.6 |
|
* NAV plus cumulative dividends paid since launch |
|
|
| ||
Investment portfolio summary at 31 March 2008
|
Ordinary Pool |
|
Cost |
Valuation |
Movement
in period |
|
|
|
£'000 |
£'000 |
£'000 |
|
Ten largest investments by value |
|
|
|
|
|
Snacktime plc |
Quoted on AIM |
1,500 |
2,260 |
(168) |
|
Wessex Advanced Switching Products Limited |
|
56 |
2,245 |
449 |
|
Baldwin & Francis (Holdings) Limited |
|
690 |
1,719 |
399 |
|
Oldbury Aluminium Alloys Group Limited |
|
1,275 |
1,275 |
- |
|
Lyalvale Express Limited |
|
915 |
915 |
- |
|
The Engine Group Limited |
|
600 |
725 |
- |
|
Smart Education Limited |
|
1,150 |
660 |
(119) |
|
Fords Packaging Systems Limited |
|
83 |
542 |
- |
|
Wecomm Limited |
|
500 |
500 |
- |
|
Interquest Group plc |
Quoted on AIM |
251 |
351 |
(36) |
|
|
|
|
|
|
|
Subtotal |
|
7,020 |
11,192 |
525 |
|
Other venture capital investments |
|
5,532 |
2,414 |
(124) |
|
Listed fixed income securities |
|
2,079 |
2,094 |
5 |
|
|
|
|
|
|
|
Total |
|
14,631 |
15,700 |
406 |
|
'C' Share Pool |
|
Cost |
Valuation |
Movement
in period |
|
|
|
£'000 |
£'000 |
£'000 |
|
Ten largest investments by value |
|
|
|
|
|
Interquest Group plc |
Quoted on AIM |
100 |
141 |
(14) |
|
Melorio plc |
Quoted on AIM |
100 |
107 |
2 |
|
Snacktime plc |
Quoted on AIM |
125 |
106 |
(9) |
|
Oldbury Aluminium Alloys Group Limited |
|
100 |
100 |
- |
|
Wecomm Limited |
|
100 |
100 |
- |
|
AngloINFO Limited |
|
78 |
78 |
- |
|
Smart Education Limited |
|
165 |
74 |
(13) |
|
Servoca plc |
Quoted on AIM |
60 |
72 |
(24) |
|
Infoserve plc |
Quoted on AIM |
60 |
33 |
10 |
|
MediaSurface plc |
Quoted on AIM |
84 |
26 |
(4) |
|
|
|
|
|
|
|
Subtotal |
|
972 |
837 |
(52) |
|
|
|
|
|
|
|
Other venture capital investments |
|
2 |
2 |
- |
|
Listed fixed income securities |
|
486 |
498 |
2 |
|
|
|
|
|
|
|
Total |
|
1,460 |
1,337 |
(50) |
All investments are unquoted unless otherwise stated.
Investment additions during the 3 months ended 31 March 2008
|
|
Cost |
Ordinary
Shares |
'C'
Shares |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
MediaSurface plc |
35 |
31 |
4 |
|
Nucleus Cash Trust |
69 |
69 |
- |
|
Smart Education Limited |
263 |
237 |
26 |
|
The Engine Group Limited |
350 |
350 |
- |
|
Treasury 8% 2013 |
1,421 |
1,421 |
- |
|
|
|
|
|
|
|
2,138 |
2,108 |
30 |
There have been no additions since the period end and the date of this report.
Investment disposals during the 3 months ended 31 March 2008
|
|
Cost |
Market
value at
1 January 2008 |
Disposal
proceeds |
Gain/(loss)
in period
against cost |
Total
realised
gain |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
Nucleus Cash Trust |
1 |
1 |
1 |
- |
- |
|
Treasury 5% 2008 |
1,469 |
1,470 |
1,470 |
1 |
- |
|
Treasury 4% 2009 |
526 |
533 |
535 |
9 |
2 |
|
UM (Holdings) Limited |
54 |
915 |
1,510 |
1,456 |
595 |
|
|
|
|
|
|
|
|
|
2,050 |
2,919 |
3,516 |
1,466 |
597 |
Since the period end, the Company disposed of its holding in Halifax Industrial Limited receiving proceeds of £306,341.
Changes to share capital
|
|
Ordinary Shares of
5p each |
'C' Shares of
5p each | ||
|
|
Shares |
£'000 |
Shares |
£'000 |
|
As at 1 January 2008 |
20,227,504 |
1,011 |
1,542,202 |
77 |
|
Shares issued |
|
|
|
|
|
Shares bought back and cancelled |
- |
- |
- |
- |
|
As at 31 March 2008 |
20,227,504 |
1,011 |
1,542,202 |
77 |
The Company issued 858,665 Ordinary Shares of 5p each between 4 April 2008 and 7 April 2008 under Offers for Subscription dated 4 February 2008, at a price of 91.96p per Ordinary Share.
In addition, since the period end the Company has bought back 141,578 Ordinary Shares of 5p each and 25,562 'C' Shares of 5p each for cancellation.
Material events
Other than described above, there were no material events during the period from 1 January 2008 to 31 March 2008 or in the period from 1 April 2008 to the date of this announcement.