Pembroke VCT Annual Report and Financial Statements for the year ended 31 March 2014 (Pembroke VCT)

Summary

• Net assets were £18,240,318, net asset value per share was 100.55p and investment income was £158,421.p.4
• Total profit on ordinary activities before tax was £471,099, with a total return per share of 3.49p.p.4
• The company raised in excess of £18 million and made investments in 16 portfolio companies, committing £11.9 million, of which £9.6 million was invested.p.5
• With 17 investments, the company committed £11.9 million (65% of net assets) and invested £9.6 million (53% of net assets).p.8
• Plenish was valued at £302,533 (a 35% uplift) and KX Gym at £1,085,499 (a 55% uplift).p.8
• Late-stage investments were 51% (£6,119,850) and early-stage 49% (£5,815,136) of £11,934,986 total investments.p.9

Key insights

1. Investments in the four target sectors represent 91% of the total capital committed of £11.9 million.p.5
2. The company expects to be fully invested by the end of September 2014, just 18 months after launch.p.5
3. Chilango received a follow-on investment of £100,000 at a 32% higher valuation.p.8
4. Boat International publishes more than 1.4 million magazines annually, sells in over 57 countries and organises eight annual events.p.16
5. Roy Nominees Limited held 20.2% (3,464,000 shares) of the company.p.21
6. Oakley Capital manages over US$950 million across private equity, fund of funds, corporate finance, capital introduction and venture capital.p.6