Pembroke VCT Half-Yearly Report for the six months ended 30 September 2015 (Pembroke VCT)

Summary

• Total net assets were £26,780,526, equal to a net asset value of 111.69p per share.p.3
• The company made a profit of £2.2 million, a weighted profit of 10.64 pence per Ordinary share and 5.44 pence per B Ordinary share.p.4
• After raising £24 million in the first offers, the Board agreed to launch a new offer of up to £15 million in the B Ordinary Share class, with a further £10 million over-allotment facility.p.4
• The portfolio comprised 23 investments with a cost of £19.0 million and a fair valuation of £23.7 million, a 24.6% increase.p.5
• The company invested £3.3 million in the period, making two new investments and eight follow-on investments of £2.9 million.p.5
• Late-stage investments were 48.9% (£9.3 million) and early-stage investments 51.1% (£9.7 million) of the £19.0 million committed.p.7

Key insights

1. Total expenses, including Investment Adviser fees, are capped at 0.5% of NAV per quarter.p.4
2. Issue costs of the offer were fixed at 2% of the gross proceeds raised.p.4
3. Total return per share, defined as NAV plus cumulative dividends, was 114.69p compared with 106.36p at the prior year end.p.3
4. Hospitality represented 39% of investments by industry group.p.7
5. Income arose from the unrealised revaluation of investments of £2.1 million and interest income of £0.3 million.p.4