Disposal of legacy holding (2127D)
18 3월 2011 - 7:17PM
UK Regulatory
TIDMORT
RNS Number : 2127D
Ortus VCT PLC
18 March 2011
Ortus VCT PLC
The board announces the imminent disposal of the Company's
investment in LG & DE Limited, for a consideration of
GBP949,237, payable in three instalments between completion and
September 2012, with the deferred element of the consideration
being bank guaranteed. LG & DE is one of the large, legacy
investments made before the current Manager was appointed in
December 2006.
This disposal represents the continuation of the Board's
objective of reconstructing the investment portfolio with the aim
of reducing concentration on a small number of large, non-yielding
holdings, and by that means releasing sufficient cash to enable the
Company to invest in a wider range of income-producing growth
companies and to improve the long term performance of the
investment portfolio. The realisation is being made at a discount
to carrying value in light of the recent deterioration in LG &
DE's performance and consequent cash requirement. The Company's net
asset value was 42.4p at 30 November 2010, reflecting the valuation
of unlisted investments as at 31 August 2010, as shown in the
interim report, and the closing bid price of quoted securities at
30 November 2010. The implied effect of the disposal, taken in
isolation, is therefore to reduce the net asset value to
approximately 40p per share. However, the Board has not conducted a
full review of the valuations of the unlisted investments in the
portfolio at this stage. A full review of valuations will be
carried out in the normal course in connection with the annual
report for the year ended 28 February 2011 and reported to
shareholders in due course.
The Company's investment portfolio now includes twelve
later-stage investments in income-generating growth companies made
by the current Manager in pursuance of the Board's policy of
restructuring and diversifying the portfolio. The Board is
satisfied with the new investments introduced by the Manager to
date, most of which are performing in line with expectations, and
the cash realised from the sale of LG & DE will also be
invested in new assets which are intended to be capable of
generating an attractive yield.
Issued on behalf of the Board
Maven Capital Partners UK LLP, Secretary
18 March 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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