Half-Yearly Report for the Six Months Ended 30 September 2017 (Pembroke VCT)

Summary

• NAV was £46.7 million, equivalent to 113.19 pence per Ordinary share and 103.27 pence per B Ordinary share.p.4
• After raising £43.9 million in share offers since February 2013, the Board agreed to launch a new offer to raise up to £20 million in the B Ordinary Share class.p.4
• The portfolio comprised 27 investments with a cost of £30.3 million and a fair valuation of £35.7 million, a 17.8% increase.p.5
• The Company invested £2.5 million from the B Ordinary Share class, making one new investment and five follow-on investments of £1.7 million.p.5
• Total expenses, including Investment Adviser fees, are capped at 0.5% of NAV per quarter.p.4

Key insights

1. The one new investment of £0.8 million was in Heist Studios, a producer of hosiery and shapewear.p.5
2. Follow-on capital went to Boom Cycle, Plenish, KX U, La Bottega and Sourced Market.p.5
3. Five Guys UK now has 74 outlets in the UK, with the estate close to reaching maturity.p.10
4. By cost, Hospitality is 39.8% of Ordinary Share investments and 33.5% of B Ordinary Share investments.p.8
5. Plenish is held at a valuation of £2,470,996 against a cost of £1,375,035.p.9