Interim Management Statement
28 November 2007 - 12:35PM
UK Regulatory
SITKA HEALTH FUND VCT plc
INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 31 OCTOBER 2007
To the members of Sitka VCT plc
This interim management statement has been prepared solely to provide additional
information to the shareholders as a body to meet the relevant requirements of
the UK Listing Authority's Disclosure and Transparency Rules, and should not be
relied on by any other party or for any other purpose.
This interim management statement considers the future of the fund and, as such,
forward-looking assertions have been made by the Directors in good faith based
on the information available to them up to the time of their approval of this
report. This statement should therefore be treated with due caution due to the
inherent uncertainties of the effects of both economic and business risk factors
in considering forward-looking information.
This interim management statement relates to the period from 1 August 2007 to 31
October 2007 and contains information that covers this period and up to the date
of publication of this interim management statement.
Our operations
Sitka Health Fund VCT plc provides investors with a return by maximising the
stream of dividend distributions from the capital gains and income generated
from a diversified portfolio of investments.
Our investment policy
* To create a balanced portfolio of growth companies predominantly in the
health sector
* To invest in companies which have proven management and technology or
business propositions which are protected by patents or know-how and where there
are barriers to entry for competitors
* Investments may include unquoted early-stage companies, those requiring
development capital and companies raising money on AIM
Performance summary
As at As at Movement
31 October 31 July 2007
2007
Total net assets �15.78m �15.77m +�0.1m
Net asset value 84.03p 83.80p +0.27%
per share
Share price 72.50p 72.50p Unchanged
Discount to NAV 13.72% 13.48% -0.24%
Dividend
The Company will be paying an interim dividend for the year ending 31 January
2008 of 1.5p per Ordinary share to shareholders on the register at 9 November
2007.
Progress during the period
There was a 0.27% growth in net asset value per Ordinary share from 83.8p per
share at 31 July 2007 to 84.03p per share at 31 October 2007.
At 31 October 2007 the portfolio consisted of 20 companies diversified across
the health sector and at different stages of development. Of these companies, 10
are quoted and 10 are unquoted.
�326,452 was invested during the period from 1 August 2007 to 31 October 2007.
A further investment of �750,000 was made on November 16 in Plum Baby Limited,
a specialist organic baby food producer, together with Noble VCT plc which also
invested �750,000.
Further realisations of shares in Immunodiagnostics plc were undertaken during
the quarter, resulting in the realisation of gains of �226,000.
Top ten investment holdings as at 31 October 2007
Percentage of
the fund's
net asset
value as at
31 October
2007
Amura Holdings Ltd (Osteoporosis 11.0
products)
Inforsense Ltd (Data management 9.0
software)
Onyx Scientific Ltd (Contract 5.4
research)
Digital Healthcare Ltd (Diabetic 4.9
retinopathy diagnosis)
York Pharma plc (Dermatology 4.9
products)
Optasia Medical Ltd (Diagnosis of 4.1
bone disease)
Biovex Ltd (Cancer therapeutics) 4.1
Delta Dot Ltd (Analytical 3.8
instruments)
Omni Dental Sciences Ltd (Dental 3.2
products)
Vectura plc (Inhaled drug 2.6
delivery)
53.0
VCT qualifying status
The Fund continues to receive full HMRC approval and has already surpassed the
level of qualifying investments needed to be made by February 2008 and 2009, in
addition to meeting the other tests necessary for maintaining VCT qualifying
status.
Fundraising
As mentioned in the Interim Report at 31 July 2007, the Board is aiming to
increase the size of the fund by up to Euro2.5m, equivalent to �1.69m. Prior to
this there will be an Extraordinary General Meeting ("EGM") to extend the life
of the Company to ensure any funds raised may obtain full VCT tax relief. The
EGM is expected to take place in December and documentation relating to the fund
raising will be issued in January.
Further information regarding the Company, including monthly net asset values
can be found at Noble Group's website at www.noblegp.com/nfm/npe/funds/sitka.
For further information please contact :
Gerard Tardy 0207 763 2200
Doreen Nic 0131 225 9677
120 Old Broad Street By order of the Board
London
EC2N 1AR Gill Nott (OBE)
Director
28 November 2007
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