To continue using FE Trustnet please choose an edition:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies on the website and how to delete cookies, see our Privacy and Cookie Policy.

I accept the FE Trustnet cookie policy

For more information Click here

Login

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
You are here: Announcement

Tuesday 19 April, 2011


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

 

 

 

Capital return

As at 28 February  

2011

As at 30

November

2010

 

 

Movement

 

 

 

 

Net assets

£22.7m

£21.3m

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%

 

 

 

 

 

 

 

 

Total return

 

For the three month period ended 28 February 2011

 

 

 

 

 

Net asset value 1

 

6.4%

 

Share price2

 

(2.2)%

 

FTSE AIM3

 

9.1%

 

 

1NAV total return = NAV + reinvested dividends; Source: F&C Asset Management 

2Share price total return = mid to mid share price + reinvested dividends; Source: Datastream

3Source: 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 £205,176 during the quarter.

 

The purchases during the quarter were:

 

Company

Date

Cost (£'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 £240,000 in Glacier Energy Services Limited, which provides design, manufacturing and pipeline services to the Oil and Gas sector.

 

The sales during the quarter were:

 

Company

Date

Proceeds (£'000)

Profit / (loss)

(£'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 £0.6 million or 2.8% of the asset value.

   

 

Top Ten Investments

 

Position

as at

28 February 2011

   Position

 as at

30 November

2010

Company

Percentage of net assets as at 28 February 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 investments at

 28 February 2011

Percentage of total investments at

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
 
 
IMSLLFEVSLIALIL