Pembroke VCT Annual Report & Financial Statements 2018 (Pembroke VCT)

Summary

• Net asset value at 31 March 2018 was £51.2 million (2017: £36.4 million).p.9
• The Company made a profit of £4.1 million in the year (2017: £0.8 million), a weighted return of 12.58 pence per Ordinary share.p.9
• The Company deployed £8.7 million in new and follow-on investments.p.8
• The total value of investments including accrued interest rose from £32.9 million at 31 March 2017 to £46.5 million at 31 March 2018.p.8
• The total return of the Ordinary shares rose from 120.05 pence per share at 31 March 2017 to 132.63 pence per share at 31 March 2018.p.8
• The fund made no disposals during the year and wrote off its £0.3 million investment in Bel-Air Inc.p.8
• The portfolio value increase over cost was 32%.p.4

Key insights

1. The new B Ordinary share offer closed on 30 June 2018 having raised a total of £6.4 million.p.8
2. The prior B Ordinary share offer, which closed in June 2017, raised a total of £13.9 million.p.8
3. Net asset value per share was 124.03p for Ordinary shares and 108.12p for B Ordinary shares.p.6
4. Income principally from loan notes provided to portfolio companies was £0.9 million.p.9
5. Investment Adviser fees were £0.7 million (2017: £0.4 million).p.9
6. VCT Rules were modified in November 2017, but Pembroke's strategy of early stage, high growth businesses is unaffected.p.9