Pembroke VCT Annual Report and Financial Statements for the year ended 31 March 2015 (Pembroke VCT)

Summary

• Total net assets were £20,796,042 and net asset value per share was 103.36p.p.4
• The company made a profit of £1.2 million, a weighted profit per Ordinary share of 6.40p, and a weighted loss per B Ordinary share of (0.07)p.p.5
• The company is effectively fully invested from its first Ordinary share offer, having invested £15.5 million in 21 companies, and raised £5.8 million in the B Ordinary share offer.p.5
• The company made five new and 11 follow-on investments; the portfolio of 21 investments had a cost of £15.9 million and a fair value of £17.7 million, an 11.3% increase over cost.p.8
• By cost, 63% of investments were late stage (£9,769,494) and 37% early stage (£5,692,257).p.11
• Total return per share rose from 100.55p at 31 March 2014 to 103.36p at 31 March 2015.p.5

Key insights

1. Plenish continued to show strong growth of 209% year-on-year.p.8
2. Total expenses, including Investment Adviser fees, are capped at 0.5% of NAV per quarter.p.5
3. Since the year end the company has invested £2.2 million in twelve companies, including one new investment of £0.2 million and eleven follow-on investments of £2.0 million.p.8
4. The premium fast-food restaurant chain currently has 23 restaurants across the UK.p.14
5. Rated People has around 24,000 tradesmen on its platform with over 380,000 ratings provided by homeowners.p.20
6. Oakley Capital manages over US$1.1 billion across private equity, venture capital, corporate finance and capital introduction.p.6