Half-yearly Report for the Six Months Ended 30 September 2020 (Pembroke VCT)

Summary

• Net assets were £113,322 thousand, equal to 113.1 pence per B Ordinary share.p.5
• The Company made a profit of £2.8 million in the period, with net investment revaluations of £3.4 million.p.6
• Total investments were valued at £100.5 million at the end of the period.p.6
• The B Ordinary Share class invested a total of £8.2 million: one new investment of £1.0 million and 11 follow-on investments totalling £7.2 million.p.7
• The portfolio comprised 39 investments with a cost of £78.1 million and a valuation of £100.5 million, a 29% increase.p.7
• The Company raised a record £34.6 million in its last fundraise and launched a new share offer to raise up to £40 million.p.6

Key insights

1. Total Return per B Ordinary share increased 2.8 pence from 121.3 pence at 31 March 2020 to 124.1 pence at 30 September 2020.p.6
2. Income from loan note interest totalled £0.8 million, offset by expenses and Investment Manager fees of £1.4 million.p.6
3. The valuations of 11 companies were increased, while valuations for eight companies were reduced.p.7
4. Most investments fall within one of six sectors: Wellness, Food Beverage and Hospitality, Education, Design, Media and Digital Services.p.4
5. The Ordinary shares were converted to B Ordinary shares on 26 August 2020.p.5