Interim Management Statement (1961F)
2011年4月19日 - 10:54PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMBHN
RNS Number : 1961F
Bluehone AIM VCT2 PLC
19 April 2011
Maven Income and Growth VCT 5 PLC
(formerly Bluehone AiM VCT2 plc)
Interim Management Statement
For the three month period from 1 December 2010 to 28 February
2011
Change of Manager and Investment Policy
In line with its strategy for improving investment performance,
the Board appointed Maven Capital Partners as Manager with effect
from 10 February 2011. At the General Meeting held on 30 March
2011, Shareholders voted to change the Company's investment policy
to that set out in Part B of Section II of the Circular issued on 7
March 2011. The Company now aims to achieve long-term capital
appreciation and generate maintainable levels of income by
investing the majority of its funds in a diversified portfolio of
shares and securities in smaller, unquoted UK companies and
AIM/PLUS quoted companies which meet the criteria for VCT
qualifying investments and have strong growth potential.
Change of Company Name
As indicated in the Circular to Shareholders issued on 7 March,
and following the receipt of Shareholder approval for the change in
investment policy, the name of the Company has been changed to
Maven Income and Growth VCT 5 PLC with effect from 15 April
2011.
Performance Summary
As at 28 As at 30
February November
Capital return 2011 2010 Movement
Net assets GBP22.7m GBP21.3m 6.6%
Net asset value per
share 38.3p 36.0p 6.4%
Share price 22.8p 23.3p (2.1)%
Discount to NAV 40.6% 35.4%
For the three
month period
ended 28 February
Total return 2011
Net asset value (1) 6.4%
Share price(2) (2.2)%
FTSE AIM(3) 9.1%
(1) NAV total return = NAV + reinvested dividends; Source:
F&C Asset Management
(2) Share price total return = mid to mid share price +
reinvested dividends; Source: Datastream
(3) Source: Datastream
Market Background
Overall, conditions in the UK and global quoted markets remain
challenging. Investors and businesses are cautious about the
prospects for recovery, as they assess the likely medium-term
impact of the Government spending cuts and tax changes on
consumers.
High quality small businesses and their advisers face a
continued scarcity of finance from traditional sources, which means
that there are opportunities for generalist VCT managers to invest
in good quality businesses at attractive entry multiples. Following
the receipt of Shareholder approval for a change in investment
policy, the Board has now decided to reduce the Company's reliance
on AIM, by seeking to broaden the investment focus to include
later-stage private companies capable of generating considerably
higher yields than those available from AIM investments.
Investment Activity and Realisations
Investment into the portfolio amounted to GBP205,176 during the
quarter.
The purchases during the quarter were:
Company Date Cost (GBP'000) VCT status
------------------------ ------ --------------- ---------------
Amerisur Resources Feb 25 Non-qualifying
Optare Feb 80 Qualifying
Resources in Insurance
Group Dec 50 Qualifying
Armour Group Feb 50 Qualifying
Total purchases 205
-------------------------------- --------------- ---------------
After the end of the quarter, the new Manager made an investment
of GBP240,000 in Glacier Energy Services Limited, which provides
design, manufacturing and pipeline services to the Oil and Gas
sector.
The sales during the quarter were:
Proceeds Profit / (loss)
Company Date (GBP'000) (GBP'000)
------------------------- ------ ----------- ----------------
EKF Diagnostics Holding Dec 428 173
VSA Capital Group Jan 293 (18)
------------------------- ------ ----------- ----------------
Total sales 721 155
--------------------------------- ----------- ----------------
The cash balance at the end of the quarter was GBP0.6 million or
2.8% of the asset value.
Top Ten Investments
Position Position Percentage
as at as at of net assets
28 February 30 November as at 28 February
2011 2010 Company 2011
------------- ------------- ----------------------- -------------------
1 (1) Cambridge Sensors 6.5
2 (2) Vectura 5.7
3 (3) Datum International 5.0
4 (5) K3 Business Technology 4.6
5 (4) Quadnetics 3.9
6 (7) IS Pharma 3.5
7 (8) Egdon Resources 3.4
8 (6) Irisys 3.4
9 (11) Ffastfill 3.0
10 (16) Infrastrata 3.0
------------- ------------- ----------------------- -------------------
Total 42.0
------------- ------------- ----------------------- -------------------
Sector Breakdown (including cash and interest bearing
securities)
Percentage of total Percentage of total
investments at investments at
28 February 2011 30 November 2010
-------------------- -------------------- --------------------
Technology 26.8 27.2
Industrials 24.5 24.3
Health care 22.8 25.8
Oil and gas 11.8 10.0
Financials 3.7 2.3
Basic materials 3.7 3.9
Consumer services 2.4 3.4
Consumer goods 1.5 1.2
Utilities 0.0 0.0
Telecommunications 0.0 0.0
Cash 2.8 1.9
-------------------- -------------------- --------------------
Total 100.0 100.0
-------------------- -------------------- --------------------
Daily Net Asset Values and Key Information
Further information regarding the Company, including daily net
asset values published since the end of the period and quarterly
factsheets, can be found at the Company's website
www.mavencp.com/migvct5
Year end: 30 November 2011
Dividends paid: A final capital dividend of 1.0p per share will
be paid on 28 April 2011 to Shareholders on the register on 8 April
2011.
Issued share capital: 59,277,137 ordinary shares of 10p each as
at 28 February 2011
For further information please contact the Company Secretary on
0141 306 7400.
Maven Capital Partners UK LLP
Secretary
19 April 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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