Baronsmead VCT 4 plc Interim Management Statement
16 Maio 2014 - 1:18PM
UK Regulatory
TIDMBNS
Baronsmead VCT 4 plc
Interim Management Statement
For the three month period from 1 January 2014 to 31 March 2014
Headlines
+3.4% Increase in Net Asset Value per share before payment of interim
dividend
6.0p Interim dividend paid on 7 March 2014
GBP9.7m Raised net of costs in January / February 2014
Performance Summary
Capital return As at As at
31 Mar 2014 31 Dec 2013 Movement
Total net assets GBP73.16m GBP65.34m
Net asset value per 103.43p* 100.06p 3.4%
share
Share price 91.00p 95.00p (4.2%)
Discount to NAV (6.6%) (5.1%)
* Adjusted for 6.0p (GBP3.9m) interim dividend paid on 7 March 2014 for
comparative purposes. Actual NAV at 31 March 2014 including the interim
dividend paid 7 March 2014 was 97.43p per share.
Total Return 3 month (%) 1 year (%) 5 years (%) 10 years (%)
Net asset value total return (1) 3.47 9.02 62.09 100.05
Key:(1) NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP
These total returns are stated before the inclusion of VCT tax
reliefs which are designed to mitigate the higher risks and costs associated
with investing in smaller companies and the constraints of the VCT legislation.
The front end income tax reliefs available at the time of subscription were 20%
prior to the end of the 2003/04 tax year, 40% in the 2004/05 and 2005/06 tax
years and 30% since then, so any adjusted performance measure including this
relief will vary depending on the date of subscription. There is the
additional benefit of receiving VCT dividends tax free.
Investment Performance
The net asset value of the company increased by 3.4% during the quarter
excluding the interim dividend paid during the period. The unquoted portfolio
valuation increased by 0.9% in the quarter and the AIM portfolio increased by
7.6%.
The Company's net assets as at 31 March 2014 were GBP73.16 million. This figure
takes account of the valuation of the Company's investments as 31 March 2014
and takes account of the payment of the interim dividend of 6.0p per share paid
on 7 March 2014 (GBP3.9million) and the GBP9.7m (net of costs) raised during the
period under review.
Top Ten Investment Holdings
Percentage
of NAV
Position at Position at as at
31 Mar 2014 31 Dec 2013 Company 31 Mar 2014
1 1 Nexus Vehicle Holdings Limited 6.5
2 2 Netcall plc 3.8
3 3 Crew Clothing Holdings Limited 3.2
4 5 Valldata Group Limited 2.5
5 8 IDOX plc 2.4
6 Independent Community Care Management 2.3
7 Limited
7 6 Tasty plc 2.1
8 9 Create Health Limited 1.9
9 18 Jelf Group plc 1.9
10 29 Inspired Energy plc 1.9
Total 28.5
Analysis of Total Assets
Percentage of total Percentage of total
assets assets
31 Mar 2014 31 Dec 2013
Unquoted investments 36 43
AIM, listed & ISDX investments 38 38
Listed interest bearing 0 7
securities
Net current assets 26 12
Total cash portfolio 26 19
Total Assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of total Percentage of total
investments at investments at
31 Mar 2014 31 Dec 2013
% %
Business Services 43 45
Consumer Markets 13 14
Healthcare & Education 15 15
Technology, Media & Telecommunications 29 26
Total 100 100
Investment Activity
One new unquoted investment of GBP952,000 was made during the period in Kingsbridge a specialist insurance broker.
A total of GBP508,000 was invested in one new and two follow on investments in AIM traded companies
Investments Made
Company Date Cost (GBP'000)
Daily Internet plc Jan 2014 25
Kingsbridge Limited Jan 2014 952
EG Solutions plc Loan note Feb 2014 33
Scholium Group plc Mar 2014 450
Total Investments 1,460
Realisations
During the period under review Baronsmead VCT 4 realised proceeds of GBP2.3m from the sale of two unquoted investments (Empire World Trade and Inspired Thinking Group). Arcas Investments was dissolved in the period and the funds returned to the VCT.
The sale of Baronsmead VCT 4's holding in Inspired Thinking Group in March 2014
realised a return of 3.4 times its original cost including interest income.
Cost Proceeds Multiple
Company Date (GBP'000) (GBP'000) (X)
Inspired Thinking Group Limited Mar 2014 796 2,315 3.4*
Arcas Investments Limited Mar 2014 1,000 998 1.0
Empire World Trade Limited Jan 2014 1,297 25 0.0
Total realisations 3,093 3,338
*Includes interest/ dividends received, loan note redemptions and partial
realisations accounted for in prior periods
Dividend paid on 7 March 2014
Following recent profitable sales of investments, the Directors declared an
interim dividend of 6.0p per share with respect to the year to 31 December
2014. The dividend was paid on 7 March 2014 to shareholders on the register as
of 21 February 2014. It is the Board's current expectation is that this interim
dividend will be in lieu of the dividend that would normally be declared on the
publication of the Company's results for the six months to 30 June 2014.
Fundraising
An offer for subscription to raise gross proceeds of up to GBP10 million was
launched on 22 January 2014. The Company's offer was fully subscribed by 24
February 2014, raising GBP9.7 million net of expenses. As a result, on 14 March
2014 the Company allotted 10,120,954 shares at a price of 98.80p per share. The
Board would like to thank the 450 existing shareholders and extend a very warm
welcome to 600 new shareholders who invested in the Company through this
fundraising. The Company had 3,964 shareholders as at 31 March 2014.
Events after the period end
The Board is not aware of any significant events or transactions which have
occurred between 1 April 2014 and the date of publication of this statement
which would have a material impact on the financial position of the Company.
Investment objective
Baronsmead VCT 4 plc is a tax efficient listed company which aims to achieve
long-term investment returns for private investors.
Further information
Further information regarding the Company, including net asset values published
since the end of the period and quarterly factsheets, can be found at the
Company's website www.baronsmeadvct4.co.uk
Contact
For further information please contact:
The Company's Investment Manager, ISIS EP LLP as follows:
Email: baronsmeadvcts@isisep.com
Telephone: 020 7506 5717
Facsimile: 020 7506 5718
Post: 100 Wood Street, London, EC2V 7AN
END
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