TIDMEDGC
RNS Number : 9938X
Edge Performance VCT PLC
17 January 2014
Edge Performance VCT plc (the "Company")
INTERIM MANAGEMENT STATEMENT
for the period from 1 September 2013 to 17 January 2014
In accordance with Rule 4.3 of the UK Listing Authority's
Disclosure and Transparency Rules, the Company presents an Interim
Management Statement for the period from 1 September 2013 to 17
January 2014.
Further H Share Offer
An offer for subscription of up to 7.5 million H Shares of 10p
each in the capital of the Company was launched on 8 November
2013.
As at 17 January 2014, applications for a total of 1.3 million H
Shares (assuming an issue price of 95.50p per share) had been
received by the Company.
Dividends
On 15 November 2013, the Company paid dividends totalling
GBP5.53 million, as follows:
-- 7p per E Share, bringing total cumulative dividends per E Share to 28p;
-- 7p per F Share, bringing total cumulative dividends per F Share to 21p;
-- 7p per G Share, bringing total cumulative dividends per G Share to 14p; and
-- a maiden dividend of 7p per I Share.
On 13 December 2013, the Company paid an interim dividend of 31p
per D Share. This brought the total dividends paid in respect of D
Shares to 59p per D Share, representing a cumulative cash
distribution to holders of C Shares of 84% of their net cost of
investment (assuming income tax relief was obtained at 30% of the
amount originally invested).
On 4 November 2013, the board of directors of the Company
announced that an interim dividend of 3.5p per H Share will be paid
on 2 May 2014.
New Venture Capital Investments
VCT-Qualifying Investments
During the period, the Company invested GBP350,000, by way of
follow-on investment in MirriAd Limited, an existing portfolio
company. This investment was part of a larger fundraising round
undertaken by MirriAd and which was led by a third party investor.
For the purposes of the round, the value placed on MirriAd was some
26% higher than the value at which the Company originally invested
in MirriAd; consequently, the Company has revalued upwards its
existing holding in MirriAd, and that revised valuation is
reflected in the net asset values of the F, G, H and I Shares shown
in the table below.
The Company also invested GBP125,000 on a VCT-qualifying basis
in existing investee company Intent HQ Limited, as part of a larger
third party-led fundraising round by Intent HQ.
As a consequence of the disposal of its investments in WP
Acquisitions Limited and Beast Quest Acquisitions Limited, as
referred to below, the Company's holding in North Promotions
Limited increased.
Non-Qualifying Investments
In addition to the VCT-qualifying investment referred to above,
the Company invested GBP139,000 on a non-qualifying basis in Intent
HQ Limited, by way of a short term loan, which is to be repaid on
the completion of its fundraising round.
Realisation of Venture Capital Investments
During the period, the Company realised, for cash, its
investments in Challi Productions Limited, HTM Promotions Limited,
Rose Promotions Limited, TRP 2009 Limited and Granon Entertainment
Limited. The total proceeds of those realisations amounted to
GBP6.54 million, the proportion of which attributable to the D
Share fund was included in the 31p dividend paid on 13 December
2013.
During the period, the Company also sold its entire holdings in
WP Acquisitions Limited and Beast Quest Acquisitions Limited, to
North Promotions Limited, on a share-for-share basis. The price at
which those holdings were sold represented a gain of GBP1.7 million
over the Company's cost of investment of GBP5.4 million. These
acquisitions by North Promotions form part of its broader growth
strategy, and will, in the investment manager's view, position the
company well to deliver returns to the Company's shareholders.
Net Asset Values per Share
as at 30 November 2013
Share Net Assets Shares in Net Asset Net Asset
Class (GBP'000) Issue Value per Value Total
Share (p) Return per
Share (p)
-------- ----------- ----------- ------------- -------------
C 2,965 9,330,098 31.78 99.78
-------- ----------- ----------- --------- -------------
D 13,758 19,172,500 71.76 * 99.76
-------- ----------- ----------- --------- -------------
E 6,253 9,801,952 63.79 91.79
-------- ----------- ----------- --------- -------------
F 21,648 29,379,532 73.68 94.68
-------- ----------- ----------- --------- -------------
G 18,639 24,056,803 77.48 91.48
-------- ----------- ----------- --------- -------------
H 6,283 6,924,978 90.73 94.23
-------- ----------- ----------- --------- -------------
I 14,046 15,766,414 89.09 96.09
-------- ----------- ----------- --------- -------------
* As the net asset values shown in the table
above are as at 30 November 2013, the net
asset value per D Share above is prior to
the payment on 13 December 2013 of the dividend
of 31p per D Share. The adjusted net asset
value per D Share, following that dividend
payment, is therefore 40.76p.
Valuation of Portfolio
Under the Company's valuation policy, venture capital
investments in the Company's portfolio are normally valued at cost
for the first 12 months from the date of investment. Thereafter, an
appropriate basis of valuation will be used, in line with the
International Private Equity and Venture Capital Valuation
Guidelines. Unquoted investments in the portfolio are normally
valued bi-annually, as at the Company's half-year end (31 August)
and the Company's year end (28 February). The net asset values
shown in the table above therefore reflect the valuation of the
Company's venture capital investments as at 31 August 2013 save in
any instance where there has been, in the Board's opinion, a
material change in the position of the relevant investee company
since that date.
The valuation of the Company's holding in Intent HQ Limited
continues, as before, to be based on the assumption that the
fundraising round referred to above will close in full, and that
Intent HQ will have sufficient working capital to meet its costs
until such time as it is profitable.
The Company is not aware of any significant event or transaction
which has occurred between 1 September 2013 and 17 January 2014 not
detailed above which has had a material effect on the financial
position of the Company.
17 January 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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