TIDMPHX 
 
Phoenix VCT plc 
Interim Management Statement - Replacement 
 
20 February 2009 
The following replaces the Interim Management Statement announcement 
released 20 February 2009 at 15.12.  The previous announcement 
referred to an incorrect 'C' share dividend payment. The correct 
dividend is 3p per share, not 2p per share as previously stated. 
The full correct version of the announcement appears below. 
Phoenix VCT plc ("Phoenix" or "Fund") 
 
20 February 2009 
 
Interim Management Statement 
For the period from 1 November 2008 to 31 January 2009 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure 
and Transparency rules, Phoenix VCT plc presents an Interim 
Management Statement for the period 1 November 2008 to 31 January 
2009.  The statement also includes relevant financial information 
between the end of the period and the date of this statement. 
 
Financial highlights 
Ordinary Shares 
 
                                  Three months ended 31 Year ended 31 
                                           January 2009  October 2008 
 
Total net assets (GBP'000s)                         4,413         4,824 
Net asset value per share ("NAV")                 39.7p         43.4p 
Net revenue loss after tax 
(GBP'000s)                                           (24)          (39) 
Share price                                       45.0p         45.0p 
Cumulative dividend - paid and 
proposed since launch                             33.0p         33.0p 
 
 
'C' Shares 
 
                                  Three months ended 31 Year ended 31 
                                           January 2009  October 2008 
 
Total net assets (GBP'000s)                         2,989         3,141 
Net asset value per share ("NAV")                 55.8p         58.6p 
Net revenue loss after tax 
(GBP'000s)                                           (18)         (28)p 
Share price                                       51.0p         51.0p 
Cumulative dividend - paid and 
proposed since launch                             12.0p         12.0p 
 
 
Investment performance 
The unaudited NAV at 31 January 2008 was 39.7p for Ordinary shares 
and 55.8p for 'C' shares, compared to a year-end NAV at 31 October 
2008 of 43.4p and 58.6p respectively.  The economic outlook continued 
to deteriorate throughout the period placing further pressure on the 
valuations of small companies. Looking forward to 2009 we expect the 
equity market to start discriminating between those companies that 
are financially sound and have a sensible investment proposition and 
those that are going to either require further funding assistance 
from shareholders or have been exposed as lacking a competitive 
edge.  This should benefit the Fund, which has historically focused 
on established profitable companies.  However despite these turbulent 
times, the Board, as mentioned in the annual report, has proposed 
payment of a final dividend of 5p per Ordinary share and 3p per 'C' 
share.  These dividends will be paid out of the realised capital 
reserves.  Further details are shown towards the end of this 
statement. 
 
Investment Activity 
No new investments or disposals were made in the three month period 
ended 31 January 2009. 
 
Ten largest qualifying holdings 
Ordinary Shares 
 
                                                     % equity held by 
                                      Carrying value     Phoenix (Ord 
Company           Sector                       GBP'000          shares) 
                  Specialty & Other 
CBG Group plc     Finance                        351             1.8% 
Brooks Macdonald  Specialty & Other 
plc               Finance                        268             1.1% 
                  Media & 
Hasgrove plc      Entertainment                  257             1.6% 
Pressure          Engineering & 
Technologies plc  Machinery                      237             1.0% 
                  Specialty & Other 
Relax Group plc   Finance                        168             1.3% 
                  Media & 
Cello Group plc   Entertainment                  160             1.1% 
                  Aerospace and 
Cohort plc        Defence                        152             0.3% 
Augean plc        Support Services               128             0.4% 
Clarity Commerce  Software & Computer 
plc               Services                       123             2.3% 
                  Construction & 
Northern Bear plc Building Materials             116             1.1% 
 
 
'C' Shares 
 
                                        Carrying     % equity held by 
Company          Sector              value GBP'000 Phoenix ('C' shares) 
                 Aerospace and 
Cohort plc       Defence                     329                 0.6% 
                 Media & 
CBG Group plc    Entertainment               199                 1.0% 
                 Specialty & Other 
Jelf Group plc   Finance                     193                 0.9% 
                 Media & 
Optimisa plc     Entertainment               151                 0.6% 
                 Specialty & Other 
Relax Group plc  Finance                     128                 0.8% 
Brulines 
(Holdings) plc   Support Services            104                 0.4% 
Pressure         Engineering & 
Technologies plc Machinery                    84                 0.6% 
Concateno plc    Support Services             82                 0.1% 
                 Media & 
Vitesse Media    Entertainment                72                 1.6% 
Clarity Commerce Software & Computer 
plc              Services                     62                 1.1% 
 
 
Dividends 
The final dividend of 5p per Ordinary share and 3p per 'C' share is 
to be paid to shareholders for the year ended 31 October 2008. This 
will be paid on 3 April 2009 to those shareholders who were on the 
register on 13 February 2009. 
 
'C' Share Conversion 
The 'C' share conversion, as mentioned in the annual report, will 
take place in the first quarter of 2009, when 'C' shares will convert 
into Ordinary shares. The number of Ordinary shares that 'C' 
shareholders will receive will be calculated on the basis of the 
ratio of the audited NAV of each of the two share types as at 31 
October 2008. The two portfolios are set to be combined, meaning 
shareholders will benefit from investment in a larger and more 
diversified portfolio. The investment manager will be writing to all 
'C' shareholders in the near future informing them of the conversion 
details. 
 
Investment objective 
The objective of the Company is to invest in a range of AIM-quoted 
companies in order to generate income and capital growth over the 
long-term. The Company's investment strategy is designed to deliver 
absolute returns on its investments rather than a performance 
measured against the market indices.  On an ongoing basis, it is 
intended that approximately 80-90% of the Company will be invested in 
qualifying holdings across a range of sectors, with the remainder 
held in cash and money market securities. 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or 
transaction which has occurred between the 1 February 2009 and the 
date of publication of this statement which would have a material 
impact on the financial position on the Fund, and has not been 
detailed above. 
 
For further information please contact: 
 
Richard Power - Fund Manager 
Octopus Investments Limited - 020 7710 2800 
 
ENDS 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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