Crown Place VCT PLC Crown Place Vct Plc: Half-yearly Report
19 Februar 2016 - 12:02PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency
Rule 4.2, Crown Place VCT PLC today makes public its information
relating to the Half-yearly Financial Report (which is unaudited) for
the six months to 31 December 2015. This announcement was approved by
the Board of Directors on 19 February 2016.
The full Half-yearly Financial Report (which is unaudited) for the
period to 31 December 2015, will shortly be sent to shareholders. Copies
of the full Half-yearly Financial Report will be shown via the Albion
Ventures LLP website by clicking
www.albion-ventures.co.uk/ourfunds/CRWN.htm.
Investment objective
The investment objective and policy of the Company* is to achieve long
term capital and income growth principally through investment in smaller
unquoted companies in the United Kingdom.
In pursuing this policy, the Manager aims to build a portfolio which
concentrates on two complementary investment areas.
The first are more mature or asset-based investments that can provide a
strong income stream combined with a degree of capital protection. These
will be balanced by a lesser proportion of the portfolio being invested
in higher risk companies with greater growth prospects.
*The "Company" is Crown Place VCT PLC. The "Group" is the Company
together with its subsidiaries CP1 VCT PLC and CP2 VCT PLC.
Financial calendar
Record date for second dividend 4 March 2016
Payment of second dividend 31 March 2016
Financial year end 30 June 2016
Financial highlights
Six months ended Six months ended Year ended
31 December 2015 31 December 2014 30 June 2015
(pence per share) (pence per share) (pence per share)
Opening net asset
value 30.97 32.04 32.04
Revenue return 0.29 0.42 0.73
Capital return 0.25 1.07 0.67
Total return 0.54 1.49 1.40
Dividends paid (1.25) (1.25) (2.50)
Impact from issue of
share capital - - 0.03
Closing net asset
value 30.26 32.28 30.97
Shareholder returns and shareholder value
Crown Place VCT PLC*
(pence per share)
Shareholder return from launch to April 2005 (date
that Albion Ventures was appointed investment manager):
Total dividends paid to 6 April 2005 (i) 24.93
Decrease in net asset value (56.60)
Total shareholder return to 6 April 2005 (31.67)
Shareholder return from April 2005 to 31 December
2015:
Total dividends paid 25.55
Decrease in net asset value (13.14)
Total shareholder return from April 2005 to 31 December
2015 12.41
Shareholder value since launch:
Total dividends paid to 31 December 2015 (i) 50.48
Net asset value as at 31 December 2015 30.26
Total shareholder value as at 31 December 2015 80.74
Current dividend objective:
Pence per share (per annum) 2.50
Dividend yield on net asset value as at 31 December
2015 8.3%
Notes
(i) Prior to 6 April 1999, venture capital trusts were able to
add 20 per cent. to dividends and figures for the period up until 6
April 1999 are included at the gross equivalent rate actually paid to
shareholders.
* Formerly Murray VCT 3 PLC
The above financial summary is for the Company, Crown Place VCT PLC
only. Details of the financial performance of CP1 VCT PLC (previously
Murray VCT PLC) and CP2 VCT PLC (previously Murray VCT 2 PLC) which have
been merged into the Company, can be found at the bottom of the
annoucement.
Total shareholder value since launch:
31 December 2015
(pence per share)
Total dividends paid during the period from launch
to 6 April 2005 (prior to change of manager) 24.93
Total dividends paid during:
the year ended 28 February 2006 1.00
the period ended 30 June 2007 3.30
the year ended 30 June 2008 2.50
the year ended 30 June 2009 2.50
the year ended 30 June 2010 2.50
the year ended 30 June 2011 2.50
the year ended 30 June 2012 2.50
the year ended 30 June 2013 2.50
the year ended 30 June 2014 2.50
the year ended 30 June 2015 2.50
the six months ended 31 December 2015 1.25
Total dividends paid to 31 December 2015 50.48
Net asset value as at 31 December 2015 30.26
Total shareholder value as at 31 December 2015 80.74
In addition to the dividends paid above, the Board has declared a second
dividend for the year ending 30 June 2016 of 1.25 pence per Crown Place
VCT PLC share, to be paid on 31 March 2016 to shareholders on the
register as at 4 March 2016.
Interim management report
Results
In the six month period to 31 December 2015, the Company achieved a
total return of 0.54 pence per share (31 December 2014: 1.49 pence per
share) equivalent to an annualised return of 3.5% on opening net assets
(31 December 2014: 9.3%). Following payment of the first dividend for
the year of 1.25 pence per share on 30 November 2015, the net asset
value as at 31 December 2015 was 30.26 pence per share (30 June 2015:
30.97 pence per share). The total return for the period was GBP576,000,
compared to GBP1,366,000 at 31 December 2014, of which the revenue
profit was GBP314,000 and the capital profit was GBP262,000. Investment
income and deposit interest were GBP530,000 and realised and unrealised
net gains on investments totalled GBP481,000. Total expenses, including
Investment management fees, were GBP435,000 (31 Dec 2014: GBP400,000),
equivalent to an ongoing total expense ratio of 2.6% (31 December 2014:
2.7%).
Portfolio review
During the six month period, the Company continued its rate of
investment deploying a total of GBP1,964,000 into qualifying investments,
(31 December 2014: GBP2,261,000). Of this amount, GBP77,000 related to
two new investments and GBP1,887,000 in several existing portfolio
companies to support their continuing growth. The new investments are
Panaseer Limited, a cybersecurity company offering a visualisation and
data integration platform to the financial services sector and Dickson
Financial Services Limited (trading as Innovation Broking), a commercial
insurance broking business. Further investments in existing portfolio
companies included a total of GBP735,000 to fund the continued
construction of three care homes; Active Lives Care, Ryefield Court Care
and Shinfield Lodge Care and GBP585,000 to fund the purchase and
development of Combe Bank School in Sevenoaks, Kent, by Radnor House
School (Holdings).
Investments realised during the period totalled GBP3,079,000, of which
GBP1,771,000 related to the sale of the Company's investment in
Kensington Health Club, achieving return, including interest, of 1.4
times cost and GBP767,000 of proceeds from the sale of Lowcosttravel, an
element of which is deferred, against a cost price of GBP455,000,
achieving a return of 1.7 times cost. The other GBP541,000 was mainly
made up of loan stock repayments and more details can be found in the
realisations table below.
The portfolio remains well diversified and benefits from a high
proportion of asset-based investments (57% at the period end) with no
external gearing. Radnor House School (Holdings) continues to grow
profitably and saw a further increase in valuation in the period. The
three care home investments based in Middlesex, Berkshire and
Oxfordshire are in their construction phase and progressing well, and
are all expected to be completed and commence trading within the next
six months. The asset-based businesses in the renewable energy sector
as well as the healthcare, education and leisure sectors continued to
generate a good level of income for the Company.
In the growth portfolio, Abcodia, Egress and Masters Pharmaceuticals
have continued to grow strongly resulting in an increase in their
valuations and are well positioned to deliver further value. Exco
Intouch, a relatively new investment in the portfolio, also made
excellent progress. Against this, the valuations in Blackbay, Dysis
Medical and Proveca were reduced in the period as a result of their
current trading levels. Several companies in the growth portfolio are
young and, while they show good potential in exciting, fast growing
markets, their growth trajectory is not always smooth and predictable.
This results in some volatility in the individual valuations, although
the impact on the overall portfolio is small, given its diversification.
The investment portfolio by sector chart at the bottom of the
February 19, 2016 06:02 ET (11:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Net asset value as at 31 December 2015 21.53 25.75
Total shareholder value as at 31 December 2015 70.36 78.56
Current dividend objective:
Pence per share (per annum) 1.78 2.13
Dividend yield on net asset value as at 31 December
2015 8.3% 8.3%
Notes
1. The proforma shareholder returns presented above are based on the
dividends paid to shareholders before the merger and the pro-rata net
asset value per share and pro-rata dividends per share paid to 31
December 2015 since the merger. This pro-forma is based upon the
proportion of shares received by Murray VCT PLC (now renamed CP1 VCT PLC)
and Murray VCT 2 PLC (now renamed CP2 VCT PLC) shareholders at the time
of the merger with Crown Place VCT PLC on 13 January 2006.
2. Prior to 6 April 1999, venture capital trusts were able to add 20 per
cent. to dividends and figures for the period up until 6 April 1999 are
included at the gross equivalent rate actually paid to shareholders.
Crown Place VCT PLC Split of investment portfolio by sector:
http://hugin.info/141806/R/1987437/729472.pdf
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Crown Place VCT PLC via Globenewswire
HUG#1987437
http://www.closeventures.co.uk
(END) Dow Jones Newswires
February 19, 2016 06:02 ET (11:02 GMT)
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