Pembroke VCT Half-Yearly Report for the six months ended 30 September 2014 (Pembroke VCT)

Summary

• Net assets were £17,761,813 and net asset value per share was 97.91p, compared with 100.55p at the prior year end.p.3
• The company made a profit of £65,731, a weighted profit per share of 0.36p.p.4
• The first Ordinary Share offer closed raising over £18 million, and a new B Ordinary Share issue of up to £25 million was launched with an over-allotment facility of up to £10 million.p.4
• Net assets of £17.8 million comprised investments of £13.6 million and cash of £4.4 million; an interim dividend of 3.0p per share was paid.p.4
• The company committed £15.0 million (84% of net assets) and invested £13.9 million (78% of net assets) across 21 investments, including £3.9 million in loan notes.p.6
• Three new investments totalling £1.5 million were made in Bella Freud Perfume, Penfield and Sourced Market, alongside seven follow-on investments totalling £1.5 million.p.6
• Late-stage and early-stage investments each represented 50% of the portfolio, and hospitality was 43% by industry group.p.9

Key insights

1. Total expenses, including Investment Adviser fees, are capped at 0.5% of net asset value per quarter.p.4
2. The company targets around 60% late-stage investments.p.9
3. The premium fast-food restaurant chain currently has 12 restaurants in England, with 4 more sites opening by the end of the year.p.12