Interim Management Statement


 
TIDMUAVT 
 
Unicorn AIM VCT II plc 
 
Interim Management Statement 
 
For the period from 1 January 2009 to 30 April 2009 
 
Introduction 
 
The Company has prepared this Interim Management Statement (IMS) in accordance 
with the Disclosure and Transparency Rules of the UK Listing Authority. The IMS 
covers the four month period ended 30 April 2009, together with relevant 
information up to the date of publication. 
 
Investment Objective 
 
The objective of the Company is to provide Shareholders with an attractive 
return from a diversified portfolio of investments, predominantly in the shares 
of AIM quoted companies, by maximising the stream of dividend distributions to 
Shareholders from the income and capital gains generated by the portfolio. 
 
It is also the objective that the Company should continue to qualify as a 
Venture Capital Trust, so that Shareholders benefit from the taxation 
advantages that this brings. To achieve this at least 70% of the Company's 
total assets are to be invested in qualifying investments of which 30% by value 
must be in ordinary shares carrying no preferential rights to dividends or 
return of capital and no rights to redemption. 
 
Performance 
 
The period under review was a volatile one for stockmarkets worldwide. The long 
established downward trend in equity values was maintained for much of the 
period. However, in mid March, equities began a significant and sustained rally 
led primarily by the construction, financial, and mining & resource sectors. On 
a company specific basis, the reversal of fortune was often linked to a 
successful refinancing of debt. The willingness of investment banks and 
corporate finance houses to fully underwrite share issues indicates that 
appetite for risk is returning. Although, the current rally remains fragile, 
this renewed confidence is nonetheless encouraging. 
 
In the four months to 30 April 2009 the FTSE-AIM AllShare Index rose by 21.6%, 
whilst the FTSE-AllShare Index, despite staging a strong recovery, ended the 
period down by 1.6%. 
 
Over the same period, the Net Asset Value of the Ordinary Share Fund increased 
by 7.1% (31 December 2008: 67.54p per share, 30 April 2009: 72.32p per share), 
whilst the Net Asset Value of the C Share Fund rose by 1.9% (31 December 2008: 
58.07p per share, 30 April 2009: 59.19p per share). 
 
Material Transactions 
 
At the end of April 2009, the Ordinary and the C Share Funds completed a 
follow-on investment in Amber Taverns, an unquoted pub operator. The investment 
was made in the form of secured loan stock and was qualifying for VCT purposes. 
The cost of these investments was GBP150,000 and GBP100,000 respectively. No other 
investments were made during the period. 
 
There were no outright disposals made during the period, although the Ordinary 
and the S2 Share Funds each received a substantial cash return from their 
investment in Clerkenwell Ventures, a cash shell which lost VCT qualifying 
status having not found suitable acquisition opportunities. Both Funds effected 
a sale of their holding in Optare, a bus manufacturer, via an exchange of 
stock. 
 
The Ordinary and C Share Funds realised GBP690,000 and GBP1,100,000 respectively 
from the disposal of units in the Unicorn OEIC Funds. 
 
Top 10 Equity Holdings at 30 April 2009 
 
          Ordinary Share Fund             Percentage of Fund 
 
Abcam                                           11.3% 
 
Cohort                                           7.0% 
 
Mattioli Woods                                   5.5% 
 
Concateno                                        5.2% 
 
Crawshaw Group                                   4.7% 
 
Vindon Healthcare                                4.5% 
 
Unicorn UK Smaller Companies Fund                4.2% 
 
Pressure Technologies                            3.7% 
 
Idox                                             3.7% 
 
Animalcare                                       3.4% 
 
             C Share Fund                 Percentage of Fund 
 
Unicorn UK Income Fund                           8.4% 
 
Unicorn UK Smaller Companies Fund                7.5% 
 
Cohort                                           5.6% 
 
Animalcare Group                                 4.7% 
 
Unicorn Mastertrust Fund                         4.7% 
 
Concateno                                        3.8% 
 
Tracsis                                          3.3% 
 
Melorio                                          2.9% 
 
Hasgrove                                         2.7% 
 
Vindon Healthcare                                2.6% 
 
Annual General Meeting (AGM) 
 
On 21 April 2009, Shareholders passed all the resolutions proposed at the AGM 
by the requisite majority. This included a final dividend for the year ended 31 
December 2008 of 1 pence per share to the holders of Ordinary Shares paid on 8 
May 2009 to Shareholders on the register on 14 April 2009. 
 
Material Events 
 
Other than described above, there were no material events during the period 
from 1 January 2009 to 30 April 2009. 
 
 
END
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