TIDMEDGC
RNS Number : 7500M
Edge Performance VCT PLC
18 July 2014
18 July 2014
Edge Performance VCT plc (the "Company")
INTERIM MANAGEMENT STATEMENT
for the period from 1 March 2014 to 18 July 2014
In accordance with Rule 4.3 of the UK Listing Authority's
Disclosure and Transparency Rules, Edge presents an Interim
Management Statement for the period from 1 March 2014 to 18 July
2014.
Fundraising
On 8 November 2013, the Company published a prospectus for a
further offer for subscription for H Shares, its 'evergreen' share
class. The offer closed on 6 June 2014. By the closing date,
applications had been received under the offer for a total of 2.55
million H Shares, resulting in additional funds (before the costs
of the offer) of GBP2.4 million, and bringing the total size of the
H Share class to just under 9.5 million H Shares.
All new H Shares issued under the above offers have been
admitted to the premium segment of the Official List of the UK
Listing Authority and to trading on the main market of the London
Stock Exchange.
Dividends
On 13 June 2014, the Company paid a second dividend to holders
of H Shares, of 3.5p per H Share, bringing cumulative dividends
paid per H Share to 7p.
The directors of the Company have now recommended the following
final dividends in respect of the Company's financial year ended 28
February 2014, for payment on 7 November 2014:
-- 7p per F Share, bringing total cumulative dividends paid per F Share to 28p;
-- 7p per G Share, bringing total cumulative dividends paid per G Share to 21p; and
-- 7p per I Share, bringing total cumulative dividends paid per I Share to 14p.
These dividends are subject to the approval of the Company's
shareholders at its forthcoming annual general meeting.
Assuming that they are approved at the annual general meeting,
these dividends will bring the Company's cumulative total
distributions to shareholders to more than GBP43 million since the
Company's inception in 2006.
Portfolio
New investments
During the period from 1 March 2014 to 18 July 2014, the Company
made no new VCT-qualifying investments.
Realisations
In April 2014, loans made in 2012 to 20 different investee
companies, across the E, F and G Share funds, and totalling
GBP468,740, were repaid in full with interest.
On 7 July 2014, the Company realised the remainder of its
investment in Granon Entertainment Limited (D Share fund) for
GBP223,240, bringing the total proceeds of realisation of that
investment to GBP1,470,240, against a cost of investment, made in
2010 and 2011, of GBP1,735,000. The proceeds of the initial partial
realisation of the Company's investment in Granon Entertainment
were distributed to D shareholders in December 2013.
Treasury holdings
As at 18 July 2014, the Company held GBP8,624,769 in cash and
near-cash, in accordance with the Company's investment policy.
Net asset values per share
as at 31 May 2014
Share Net assets Shares in Net asset Net asset
class (GBP'000) issue value per value total
share (p) return per
share (p)
-------- ----------- ---------------- ----------- -------------
C 2,287 9,330,098 24.51 92.51
-------- ----------- ------------ ----------- -------------
D 7,012 19,172,500 36.57 95.57
-------- ----------- ------------ ----------- -------------
E 5,924 9,801,952 60.43 88.43
-------- ----------- ------------ ----------- -------------
F 20,746 29,379,532 70.61 91.61
-------- ----------- ------------ ----------- -------------
G 17,457 24,056,803 72.57 86.57
-------- ----------- ------------ ----------- -------------
H 8,415 9,216,763 * 91.30 94.80
-------- ----------- ------------ ----------- -------------
I 13,580 15,766,414 86.13 93.13
-------- ----------- ------------ ----------- -------------
Total 75,422 116,724,062 *
-------- ----------- ------------ ----------- -------------
* On 6 June 2014, the final allotment under
the H Share offer referred to above took place,
with 257,754 further H Shares being allotted
and issued. Consequently, as at 18 July 2014,
there are 9,474,517 H Shares in issue, and
the total issued share capital of the Company
is therefore 116,981,816 ordinary shares,
across its seven classes of ordinary share.
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
revalued 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 28 February 2014. The
process of valuing those investments as at 31 August 2014 will
commence shortly.
Annual general meeting
The Company's eighth annual general meeting will be held at
10.00 am on 7 August 2014, at the offices of Dickson Minto W.S.,
Broadgate Tower, 20 Primrose Street, London EC2A 2EW, and will be
followed by separate meetings of the holders of each class of
share.
The notices of the annual general meeting and of each class
meeting, setting out the business to be considered at each meeting,
can be downloaded from the Company's website at
http://www.edge.uk.com/Shareholder-Relations. For those
shareholders unable to attend the meetings, proxy forms can also be
downloaded from the same page of the Company's website.
Board
On 26 June 2014, the Company announced that Michael Eaton will
not be standing at the forthcoming annual general meeting for
re-election as a director of the Company; he will therefore retire
as a director of the Company with effect from 7 August 2014.
The Company is not aware of any significant event or transaction
which has occurred between 1 March 2014 and 18 July 2014 which has
had a material effect on the financial position of the Company and
which has not been detailed above.
18 July 2014
For further information, please contact:
-- City Partnership, Company Secretary: 0131 243 7210
-- Edge Investments, Investment Manager: 0207 317 1300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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