TIDMEDGC
RNS Number : 3675C
Edge Performance VCT PLC
16 January 2015
16 January 2015
Edge Performance VCT plc (the "Company")
QUARTERLY UPDATE
for the period from 1 September 2014 to 30 November 2014
The Company presents a quarterly update for the period from 1
September 2014 to 30 November 2014.
Dividends
On 7 November 2014, the Company paid the following
dividends:
-- 7p per F Share, bringing cumulative dividends paid per F Share to 28p;
-- 7p per G Share, bringing cumulative dividends paid per G Share to 21p; and
-- 7p per I Share, bringing cumulative dividends paid per I Share to 14p.
After the end of the quarter, the Company declared an interim
dividend of 16p per E Share, which was paid on 30 December 2014,
and which has brought total cumulative dividends per E Share to
44p.
These dividends mean that the Company's total distributions to
shareholders since 2007 are approaching GBP45 million.
During the quarter, the Company also declared a further interim
dividend of 3.5p per H Share, to be paid on 8 May 2015, which will
bring cumulative dividends per H Share to 10.5p.
Portfolio
New investments
During the period from 1 September 2014 to 30 November 2014, the
Company made the following portfolio investments, all from the H
Share fund:
-- On 1 September 2014, the Company invested GBP225,000 in
Intent HQ Holdings Limited, as part of an overall GBP3.56 million
funding round, which is described in more detail in the Investment
Manager's review in the Company's published half-yearly report for
the six months ended 31 August 2014.
-- On 18 September 2014, the Company invested GBP500,000 in Lean
Forward Limited, a new TV-based entertainment and "lite" betting
service. This investment, which was part of a total investment
round in Lean Forward of GBP8 million, has resulted in the Company
holding 4.15% of the issued share capital of Lean Forward.
-- On 10 October 2014, the Company completed a follow-on
investment of GBP192,832 in digital advertising business Mirriad
Limited, and now holds 10.8% of the issued share capital of
Mirriad.
-- On 24 November 2014, the Company invested GBP750,000 in
deltaDNA Limited, a video games analytics business which provides
"free-to-play" games developers and publishers with the means to
retain customers and improve monetisation. The Company holds 12.4%
of the issued share capital of deltaDNA.
Realisations
In the quarter, the Investment Manager continued the process of
realising the E Share fund's investments in three live events
companies, Pepper Promotions Limited, Lads On Tour Limited and
Cloudroom Music Limited. These realisations were completed in
December 2014, after the end of the quarter, and resulted in total
proceeds received by the Company of GBP2.52 million, in addition to
GBP0.3 million received by the Company from these investments in
April 2014.
The distributable net proceeds of these three realisations were
paid to E shareholders by way of the 16p dividend paid on 30
December 2014, as mentioned above.
Following these realisations, the remaining portfolio of each of
the C Share, D Share and E Share funds consists of Coolabi Group
Limited and Intent HQ Holdings Limited.
In October 2014, a number of the live events companies in which
the F Share and G Share funds have invested partially redeemed the
loan notes held by the Company, resulting in the receipt by the
Company of GBP2.78 million for the F Share fund and GBP0.33 million
for the G Share fund.
Treasury holdings
As at 30 November 2014, the Company held GBP7,478,074 in cash
and near-cash, in accordance with the Company's investment
policy.
Net asset values per share
as at 30 November 2014
Net asset
value total
Net asset return per
Share Shares in value per share (p)
class Net assets issue share (p) *
-------- ----------- ------------ ----------- -------------
(GBP'000)
-------- ----------- ------------ ----------- -------------
C 687 9,330,098 7.36 75.36
-------- ----------- ------------ ----------- -------------
D 5,385 19,172,500 28.09 87.09
-------- ----------- ------------ ----------- -------------
E ** 5,082 9,801,952 51.85 79.85
-------- ----------- ------------ ----------- -------------
F 16,647 29,379,532 56.66 84.66
-------- ----------- ------------ ----------- -------------
G 14,159 24,056,803 58.86 79.86
-------- ----------- ------------ ----------- -------------
H 8,135 9,474,517 85.86 92.86
-------- ----------- ------------ ----------- -------------
I 11,754 15,766,414 74.55 88.55
-------- ----------- ------------ ----------- -------------
Total 61,848 116,981,816
-------- ----------- ------------ ----------- -------------
* The net asset value total return per share
is the aggregate of (a) total dividends per
share paid prior to 30 November 2014 and (b)
the net asset value per share as at 30 November
2014. It does not take into account the benefit
of any income tax relief obtained by the shareholder.
** As a result of the 16p dividend paid on 30
December 2014, the adjusted net asset value
per E Share since that date is 35.85p; the
net asset value total return per E Share remains
as shown above.
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 2014, the directors of the Company are of the opinion that
the previously published valuations as at 31 August 2014 remained
appropriate as at 30 November 2014.
Those investments made after 31 August 2014 have been valued at
cost as at 30 November 2014, as explained above.
The process of valuing the Company's portfolio of investments as
at 28 February 2015 will commence shortly.
Fundraising
On 4 November 2014, the Company published a prospectus for a
further offer for subscription for H Shares, its 'evergreen' share
class. The offer closes on 2 April 2015 in respect of the 2014/15
tax year, and on 8 June 2015 in respect of the 2015/16 tax year
(unless extended by the directors of the Company).
The Company is not aware of any significant event or transaction
which has occurred between 1 September 2014 and 16 January 2015
which has had a material effect on the financial position of the
Company and which has not been detailed above.
16 January 2015
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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