TIDMEDGC
RNS Number : 2282M
Edge Performance VCT PLC
18 January 2016
18 January 2016
Edge Performance VCT plc (the "Company")
QUARTERLY UPDATE
for the period from 1 September 2015 to 30 November 2015
The Company presents a quarterly update for the period from 1
September 2015 to 30 November 2015.
Dividends
On 7 November 2015, the Company paid the following
dividends:
-- 7p per G Share, bringing cumulative dividends paid per G Share to 28p; and
-- 7p per I Share, bringing cumulative dividends paid per I Share to 21p.
On 27 November 2015, the Company paid a dividend of 14p per F
Share, bringing cumulative dividends paid per F Share to 42p.
Portfolio
New investments
On 29 September 2015, the Company completed a follow-on
investment of GBP250,000 in video games analytics business deltaDNA
Limited from the H Share fund and now holds 13.5% of the issued
share capital of deltaDNA.
After the end of the quarter, on 7 December 2015, the Company
completed a follow-on investment of GBP159,816 in digital
advertising business Mirriad Limited from the H Share fund, and now
holds 4.8% of the issued share capital of Mirriad.
Realisations
In the quarter, the Investment Manager continued the process of
realising the F Share fund's investments in nine portfolio
companies, Aurora Rising Limited, Black Dog Live Limited, Closeto
Limited, Clarksville Train Limited, Daydream Believer Limited,
Libra Live Limited, Motti & Porg Limited, Raphine and Sweet
Right Peg Limited. These realisations resulted in total proceeds
received by the Company of GBP5.8 million, in addition to GBP3.1
million received by the Company from these investments in prior
years.
Distributable net proceeds of these nine realisations were paid
to F shareholders by way of the 14p dividend paid on 27 November
2015, as mentioned above.
Following these realisations:
-- the portfolio of each of the C Share, D Share and E Share
funds now comprises Coolabi Group Limited and Intent HQ Holdings
Limited; and
-- the portfolio of the F Share fund now comprises Coolabi Group
Limited, Intent HQ Holdings Limited and Mirriad Advertising
Limited
In November 2015, a number of the portfolio companies in which
the G Share and I Share funds have invested partially redeemed the
loan notes held by the Company, resulting in the receipt by the
Company of GBP1.8 million for the G Share fund and GBP0.6 million
for the I Share fund.
Treasury holdings
As at 15 January, the Company held GBP4,611,470 in cash and
near-cash, in accordance with the Company's investment policy.
Net asset values per share
as at 30 November 2015
Share class Net assets Shares in Net asset Net asset
(GBP'000) issue value per value total
share (p) return per
share (p)
*
-------------- ----------- ------------ ----------- -------------
C 707 9,330,098 7.58 75.58
-------------- ----------- ------------ ----------- -------------
D 5,534 19,172,500 28.86 87.86
-------------- ----------- ------------ ----------- -------------
E 3,517 9,801,952 35.88 79.88
-------------- ----------- ------------ ----------- -------------
F 11,449 29,379,532 38.97 80.97
-------------- ----------- ------------ ----------- -------------
G 13,091 24,056,803 54.42 82.42
-------------- ----------- ------------ ----------- -------------
H 7,910 10,522,984 75.17 85.67
-------------- ----------- ------------ ----------- -------------
I 11,027 15,766,414 69.94 90.94
-------------- ----------- ------------ ----------- -------------
Total 53,235 118,030,283
-------------- ----------- ------------ ----------- -------------
* The net asset value total return per share
is the aggregate of: (a) total dividends
per share paid prior to 30 November 2015;
and (b) the net asset value per share as
at 30 November 2015. It does not take into
account the benefit of any income tax relief
obtained by the shareholder.
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), but the valuations are
reviewed as 31 May and 30 November in each year, to ensure that the
most recent valuations remain reflective of the fair value of each
investment as at that date.
In respect of those investments held by the Company as at 31
August 2015, the directors of the Company are of the opinion that
the previously published valuations as at 31 August 2015 remained
appropriate as at 30 November 2015.
Those investments made after 31 August 2015 have been valued at
cost as at 30 November 2015, as explained above.
The process of valuing the Company's portfolio of investments as
at 29 February 2016 will commence shortly.
The Company is not aware of any significant event or transaction
which has occurred between 1 September 2015 and 18 January 2016
which has had a material effect on the financial position of the
Company and which has not been detailed above.
18 January 2016
For further information, please contact:
-- City Partnership, Company Secretary: 0131 243 7210
-- Edge Investments, Investment Manager: 020 7317 1300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 18, 2016 11:24 ET (16:24 GMT)
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