Statement re Net Asset Value and Fundraising
British Smaller Companies VCT plc ("the Company")
Statement re Net Asset Value and Proposed Fundraising
The Company announces that as at 30 June 2021 the unaudited net asset value of its ordinary shares was 88.2 pence per ordinary share, an increase of 12.4 pence per ordinary share (16.4 per cent) over the unaudited net asset value of the ordinary shares as at 31 March 2021. Following payment of the interim dividend of 2.0 pence per ordinary share for the year ending 31 March 2022 on 23 July 2021 the unaudited net asset value is 86.2 pence per ordinary share.
Despite a further national lockdown in the first quarter 0f 2021, the strong performance which saw 24.6 per cent growth in net asset value in the previous financial year has continued in the three months to 3o June 2021.
Further details of the Company's performance during the period will be included in the Company's unaudited interim management report for the three months ended 30 June 2021 which will be published before the end of September 2021.
Subsequent to 30 June 2021 the Company has exchanged contracts to realise a proportion of its investment in Matillion Limited ("Matillion"), as part of a wider fundraising by Matillion. In isolation, the unaudited impact on the Company's net asset value at 30 June 2021 of the proposed fundraising and the partial realisation is estimated to be a further increase of 1.8 pence per ordinary share. The completion of the transaction is subject to a regulatory clearance which is anticipated in the near future.
The additional increase of 1.8 pence per ordinary share over the unaudited net asset value of 88.2 pence per ordinary share from this partial realisation is in isolation from other changes in the Company's balance sheet since 30 June 2021.
Further to the announcement on 15 June 2021, it is anticipated that the Company's proposed Joint Fundraising with British Smaller Companies VCT2 plc in the 2021/22 tax year will open in the week commencing 20 September 2021, seeking to raise in aggregate £40 million, with an over allotment facility of £20 million. Further details of the Fundraising will be announced at the time of the launch.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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