Trading Update (7756U)
October 21 2010 - 6:18AM
UK Regulatory
TIDMAQT3
RNS Number : 7756U
Acuity VCT 3 PLC
21 October 2010
Acuity VCT 3 Plc ("the Company")
21st October 2010
Trading Update
As part of its preparation of the Annual Report and Accounts for
the period to 30 September 2010, the Company has commenced the
review of the valuations of the unquoted companies contained in its
investment portfolio. The valuation process is extensive and
comprises preparation by the Investment Manager and a review by the
independent members of the Investment Committee before, as part of
the audit process, being reviewed by the Company's auditors, KPMG,
and finally reviewed and approved by the Directors. This process
will not be finalised until the board meeting scheduled to take
place in mid December 2010. An initial review of the portfolio has
indicated that whilst the majority of investee companies has
performed satisfactorily, as a result of the impact of trading
conditions on the valuations of 4 unquoted portfolio companies, the
Board expects the NAV per ordinary share as at 30th September to be
materially lower than the last published NAV of 83.9p as at 30th
June 2010.
Since the end of September, the Company has executed the
successful realisation of its investment in Amber Taverns Limited
at an 83% uplift on cost and another portfolio company, Mount
Engineering plc, is subject to a recommended cash offer from Cooper
Controls (U.K.) Limited, which should be completed by December
2010.
Accordingly, the Directors have determined that that no further
Ordinary Shares will be issued under the Top-up offer prior to
publication of the annual results.
Enquiries:
Acuity Capital Management Limited
020 7306 3901
This information is provided by RNS
The company news service from the London Stock Exchange
END
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