TIDMBSC
RNS Number : 0282D
British Smaller Companies VCT2 Plc
16 June 2023
British Smaller Companies VCT2 plc
Interim Management Statement
For the quarter ended 31 March 2023
British Smaller Companies VCT2 plc (the "Company") presents its
interim management statement for the quarter ended 31 March 2023.
The statement also includes relevant financial information between
the end of the quarter and the date of this statement. A copy of
this interim management statement can be found at www.bscfunds.com
.
Overview
In the quarter to 31 March 2023, the Company generated a 1.0 per
cent return on its opening Net Asset Value of 61.6 pence, compared
to a 1.9 per cent fall in the FTSE Small Cap. AIC data ranks the
Company second across all generalist VCTs when considering a
blended average performance ranking over 1, 3, 5 and 10 years.
The Company's Total Return at 31 March 2023 was up 0.6 pence at
143.2 pence per ordinary share.
During the quarter, the Company invested GBP2.4 million into new
investment DrDoctor, a patient engagement and communications
software platform; and GBP1.2 million into new investment Xapien,
an AI-powered software platform that fully automates detailed
background research on individuals and companies. The Company has
also invested a further GBP1.6 million into Quality Clouds, to
provide the runway and resources to accelerate the company's sales
growth.
Following the quarter end, one follow-on investment totalling
GBP0.5 million into Relative Insight has been completed, taking the
total invested in the current financial year to GBP5.7 million,
following the GBP16.3 million invested in 2022.
The Company realised its investment in Wakefield Acoustics in
January 2023, generating proceeds of GBP0.6 million and an overall
return of 1.5x cost. Subsequent to the quarter end, the Company
realised its investment in Ncam, in line with the valuation at 31
March 2023, with initial proceeds of GBP0.9 million being
received.
Performance
The movement in Total Return in pence per ordinary share is set
out in the table below:
Dividends
31 December Increase paid/shares Buyback Movement 31 March
2022 in Value issued of shares in Period 2023
Net Assets
(GBPm) 111.9 1.0 (3.3) (0.3) (2.6) 109.3
------------ ---------- ------------- ----------- ----------- ------------
NAV per
share (PPS) 61.6p 0.6p (2.25p) - (1.65p) 59.95p
------------ ---------- ------------- ----------- ----------- ------------
Cumulative
dividends
paid (PPS) 81.0p - 2.25p - - 83.25p
------------ ---------- ------------- ----------- ----------- ------------
Total
Return
(PPS) 142.6p 0.6p - - 0.6p 143.2p
------------ ---------- ------------- ----------- ----------- ------------
Shares
in issue 181,468,710 - 1,427,418 (552,351) 875,067 182,343,777
------------ ---------- ------------- ----------- ----------- ------------
The unaudited NAV per ordinary share was down 1.65 pence at
59.95 pence per share (31 December 2022: 61.6 pence per ordinary
share), following the dividend of 2.25 pence per share paid on 11
January 2023.
The movements in NAV per ordinary share are set out in the table
below:
GBPm Pence per
ordinary share
NAV at 31 December 2022 111.9 61.6
Increase in portfolio value 1.5 0.8
Net operating costs (0.5) (0.2)
------ --------
1.0 0.6
Issue/buy-back of shares 0.5 -
------ --------
Total Return in the period 1.5 0.6
------ ------ -------- --------
NAV before the payment of dividends 113.4 62.2
Dividends paid (4.1) (2.25)
------ ------ -------- --------
NAV at 31 March 2023 109.3 59.95
------------------------------------- ------ ------ -------- --------
Buybacks, dividends and shares in issue
On 28 March 2023, the Company purchased 552,351 ordinary shares
of 10 pence each at a price of 56.88 pence per ordinary share.
These shares were placed in treasury.
Following payment of the special dividend for the year ending 31
December 2023 of 2.25 pence per ordinary share on 11 January 2023,
the Company issued 1,427,418 ordinary shares under the DRIS, taking
cumulative dividends paid to 83.25 pence per ordinary share.
The number of ordinary shares in issue at 31 March 2023 was
182,343,777 (31 December 2022: 181,468,710). In addition, at 31
March 2023 the Company held 19,219,163 ordinary shares in treasury
(31 December 2022: 18,666,812).
Following the successful fundraising, the Company issued
46,357,328 ordinary shares of 10 pence each on 4 April 2023, taking
the number of shares in issue to 228,701,105 ordinary shares with
voting rights.
The Board has approved an interim dividend of 1.5 pence per
ordinary share for the year ending 31 December 2023, which will be
paid on 26 June 2023 to those shareholders on the Company's
register at the close of business on 12 May 2023.
Net assets
Net assets at 31 March 2023 comprised the following:
% of net
GBP000 assets
Unquoted investments at fair
value 87,428 80.0
Listed investment funds 1,504 1.4
Cash and cash equivalents 19,993 18.3
Other net current assets 383 0.3
-------- ---------
Net assets 109,308 100.0
======== =========
Investments
The investment portfolio at 31 March 2023 comprised:
Cumulative
valuation
as a %
Valuation of net
GBP000 assets
Matillion 21,281 19.5%
Unbiased 6,652 25.6%
Outpost 6,280 31.3%
Wooshii 4,761 35.7%
Displayplan 4,254 39.5%
Elucidat 4,184 43.4%
ACC Aviation 3,614 46.7%
Force24 3,172 49.6%
Quality Clouds 2,716 52.1%
Vypr 2,701 54.5%
59,615 54.5%
Other investments 27,813 80.0%
Total investments 87,428 80.0%
========== ===========
Shareholder relations
An in-person Shareholder Workshop will be held on Tuesday 2o
June 2023 at 1 Great George Street, Westminster, London SW1P 3AA.
Please email Tracey Nice at Tracey.nice@yfmep.com for further
information.
Fundraising
On 4 April 2023, the Company allotted shares from its fully
subscribed 2022/23 share offer. GBP27.5 million was raised by the
Company, resulting in the allotment of 46,357,328 ordinary shares.
This increased the number of ordinary shares issued with voting
rights to 228,701,105.
Outlook
The economic environment remains challenging; while energy
prices and inflation are moving down from peaks, these remain high,
keeping interest rates elevated. This has fed through to valuation
multiples, which remain dampened. In this environment, the
portfolio continues to be robust, with the Company's performance
buoyed by positive uplifts when exiting investments and continued
revenue growth from existing investments.
There continues to be a good pipeline of new companies seeking
investment, and the opportunity to deploy funds into existing
portfolio companies to help them accelerate their growth.
The Board thanks new and existing shareholders for their support
in the recent fundraising and look forward to updating shareholders
on progress deploying these funds over the coming quarters.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
16 June 2023
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (UK) Limited Tel: 0207 886 2767
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END
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