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Corona Virus & VCT NAVs
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- Lemon Slice
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Corona Virus & VCT NAVs
My expectation is that any effect on the NAV of all VCTs will be dramatic and downwards but delayed (apart from the specialist AIM trusts which reflect daily market movements).
What are your expectations? And what are you doing?
What are your expectations? And what are you doing?
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- The full Lemon
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Re: Corona Virus & VCT NAVs
A fair first-order expectation. With the proviso that *if* and when things bounce back, they'll merely have smoothed over a dip.
Some might be quite the reverse, if a big VCT-backed winner were to emerge. Anything from a pharma research company to someone providing a platform for keeping oneself busy and entertained at home. One of my crowdfunding investees is in the business of medical hygiene equipment, and I'm watching with interest.
Some might be quite the reverse, if a big VCT-backed winner were to emerge. Anything from a pharma research company to someone providing a platform for keeping oneself busy and entertained at home. One of my crowdfunding investees is in the business of medical hygiene equipment, and I'm watching with interest.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
BBB & Uncle
A very relevant question which I suggest Uncle's response is pretty accurate.
I do know that BBB has been cautioning about the effect of new rules meeting substantial fund raises would not end well for at least the past year, probably longer. Of course no one saw this little packet coming but as they used to say in politics "events dear boy, events". This is certainly an event.
I think the size of various fund raising in the last 2 tax years is surely causing problems now as to how/where to invest, added to that Woodford's enthusiasm in investing in early stage vehicles can only have exacerbated this.
However at least the more mature investments could be producing revenue to allow tax free dividends to be enjoyed, which may keep the financial draughts out for a while, until circumstances improve ?
So "hurry up and wait" seems to be the best attitude to adopt, as investors, there may well be interesting offers in the secondary market in months to come, but a view needs to be taken on the nav if one plays that game.
A very relevant question which I suggest Uncle's response is pretty accurate.
I do know that BBB has been cautioning about the effect of new rules meeting substantial fund raises would not end well for at least the past year, probably longer. Of course no one saw this little packet coming but as they used to say in politics "events dear boy, events". This is certainly an event.
I think the size of various fund raising in the last 2 tax years is surely causing problems now as to how/where to invest, added to that Woodford's enthusiasm in investing in early stage vehicles can only have exacerbated this.
However at least the more mature investments could be producing revenue to allow tax free dividends to be enjoyed, which may keep the financial draughts out for a while, until circumstances improve ?
So "hurry up and wait" seems to be the best attitude to adopt, as investors, there may well be interesting offers in the secondary market in months to come, but a view needs to be taken on the nav if one plays that game.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
Suspensions of buybacks will not help market liquidity in those shares
https://www.investegate.co.uk/downing-o ... 2931H4951/
https://www.investegate.co.uk/downing-f ... 2015H4950/
https://www.investegate.co.uk/downing-o ... 2931H4951/
https://www.investegate.co.uk/downing-f ... 2015H4950/
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- Lemon Quarter
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Re: Corona Virus & VCT NAVs
Those VCTS which issued large numbers of new shares in the current financial year should be sitting on large pots of cash. OK - I know these will need to be invested eventually, but certainly not immediately. So the managers can wait and see - and hopefully invest in new ventures in an intelligent manner, and possibly at distressed prices. I'm not suggesting that all will be rosy, but I don't think all will be gloom. I'm a bit more worried about Small Company ITs - with no (or even negative) cash balances. I'm also a bit more worried about "old" VCTs that haven't raised new capital for many years, and are now running down. I suspect their shares will become very illiquid with a large (and possibly fictional) bid/offer spread.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
scotia wrote:I'm also a bit more worried about "old" VCTs that haven't raised new capital for many years, and are now running down. I suspect their shares will become very illiquid with a large (and possibly fictional) bid/offer spread.
How right you are Scotia. Chrysalis is one of those - bid/offer spread 40-50 - which is not only a substantial fall but a very large widening of the spread. Mind you: aren't they invested in restaurant chains which is not a good place to be? Need also to look for fund managers that have invested in pubs and restaurants and hospitality and ...
Conversely there are of course others invested in wind and solar.which cannot make new investments and their existing investments should be least at risk from this crisis : For example, VEN2 Ords have been ticking up against the general market trend.
The announcements by Downing will not help either and that announcement was curt and very short of information. Glad I have sold out of that one.
kind regards - BBB
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
https://www.investegate.co.uk/kings-arm ... 3000H5547/
The first allotment for the 2020/2021 tax year of new ordinary shares of nominal value 1 penny per share in Kings Arms Yard VCT PLC (the “Company”) under the Albion VCTs Prospectus Top Up Offers 2019/20 (the “Offers”), (which was launched on 22 October 2019) was due to take place on 8 April 2020.
The Board, having considered the current Coronavirus outbreak and the impact it could have on the trading performance of some of the underlying portfolio companies, intend to delay the allotment date to 30 April 2020. This will allow the time to critically review the portfolio to ensure that the issue price reflects the valuations of the underlying portfolio.
The Offers which constitute separate offers have been fully subscribed and all have been closed to further applications.
The first allotment for the 2020/2021 tax year of new ordinary shares of nominal value 1 penny per share in Kings Arms Yard VCT PLC (the “Company”) under the Albion VCTs Prospectus Top Up Offers 2019/20 (the “Offers”), (which was launched on 22 October 2019) was due to take place on 8 April 2020.
The Board, having considered the current Coronavirus outbreak and the impact it could have on the trading performance of some of the underlying portfolio companies, intend to delay the allotment date to 30 April 2020. This will allow the time to critically review the portfolio to ensure that the issue price reflects the valuations of the underlying portfolio.
The Offers which constitute separate offers have been fully subscribed and all have been closed to further applications.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
...and now the Albion Group temporarily cancel buybacks.
https://www.investegate.co.uk/kings-arm ... 0000H5643/
The Board of Kings Arms Yard VCT PLC (the “Company”) expects to publish its Annual Report and Financial Statements for the year ended 31 December 2019 shortly. Given the uncertainty on valuations caused by the Coronavirus outbreak and its impact on financial markets in recent days, the Board has agreed to suspend the Company’s buy back operation, with immediate effect, until such time as the Company can provide an updated valuation as at 31 March 2020 of the portfolio and the Company’s Net Asset Value.
The Board do not intend to resume the Company’s buyback programme until after the announcement of the 31 March 2020 unaudited Net Asset Value.
https://www.investegate.co.uk/kings-arm ... 0000H5643/
The Board of Kings Arms Yard VCT PLC (the “Company”) expects to publish its Annual Report and Financial Statements for the year ended 31 December 2019 shortly. Given the uncertainty on valuations caused by the Coronavirus outbreak and its impact on financial markets in recent days, the Board has agreed to suspend the Company’s buy back operation, with immediate effect, until such time as the Company can provide an updated valuation as at 31 March 2020 of the portfolio and the Company’s Net Asset Value.
The Board do not intend to resume the Company’s buyback programme until after the announcement of the 31 March 2020 unaudited Net Asset Value.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
https://www.londonstockexchange.com/exc ... 67463.html
The Board of Foresight Solar & Technology VCT plc announces that the Net Asset Value as at 31 December 2019 was 81.9p per Ordinary Share.
This Net Asset Value as reported fell from 92.6p as at 30 September 2019 principally due to a fall in the underlying value of the portfolio caused by a material reduction in market power prices forecast by the energy industry’s independent, external modelling agencies, and the payment of the 3.0p per Ordinary Share dividend on 22 November 2019.
The Board of Foresight Solar & Technology VCT plc announces that the Net Asset Value as at 31 December 2019 was 81.9p per Ordinary Share.
This Net Asset Value as reported fell from 92.6p as at 30 September 2019 principally due to a fall in the underlying value of the portfolio caused by a material reduction in market power prices forecast by the energy industry’s independent, external modelling agencies, and the payment of the 3.0p per Ordinary Share dividend on 22 November 2019.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
https://www.investegate.co.uk/british-s ... 41469877G/
Post Balance Sheet Events
On 10 March 2020 the Company realised its investment in Business Collaborator Limited for £5.08 million, compared to a valuation of £3.46 million at 31 December 2019, which is a strong uplift on the original cost of the holding of £1.34 million. The process began in earnest in January 2020 and the buyer was able to transact quickly, leading to completion in March.
Outlook
Although the General Election result has removed some domestic political uncertainty there is still some way to go before the UK's ongoing trading relationships with the world are agreed. The companies in the portfolio continue to prepare to either mitigate any impact of, or exploit any opportunities that may arise from, the UK's new position in the world.
Over recent weeks the spread of the Covid-19 virus to the UK has increased the overall impact on UK based businesses; whilst initially principally impacting supply chains and certain overseas customers the spread of the virus, and the response to it, is beginning to impact behaviours and movement of people. Some sectors have a greater exposure to these impacts, particularly travel, hospitality and leisure. These impacts, whilst likely to be short term, do mean that there might be increased cash needs in the period. In general, our objectives are to ensure that the investments are appropriately funded and we continue with this approach. In addition to the Government's recently announced broad range of initiatives to support SME's, your Company is very well positioned to be able to provide any additional funding should it be required. Notwithstanding that, we are working closely with all the businesses to address their short and medium term needs and also to take advantage of opportunities as they arise.
This past year has seen an increased level of new investment and lead indicators for 2020 suggest demand for growth capital remains healthy, albeit there may be a delay in conversion of the pipeline as a result of the impact of the Covid-19 virus. Your Company remains in a strong position to continue building out its portfolio.
Post Balance Sheet Events
On 10 March 2020 the Company realised its investment in Business Collaborator Limited for £5.08 million, compared to a valuation of £3.46 million at 31 December 2019, which is a strong uplift on the original cost of the holding of £1.34 million. The process began in earnest in January 2020 and the buyer was able to transact quickly, leading to completion in March.
Outlook
Although the General Election result has removed some domestic political uncertainty there is still some way to go before the UK's ongoing trading relationships with the world are agreed. The companies in the portfolio continue to prepare to either mitigate any impact of, or exploit any opportunities that may arise from, the UK's new position in the world.
Over recent weeks the spread of the Covid-19 virus to the UK has increased the overall impact on UK based businesses; whilst initially principally impacting supply chains and certain overseas customers the spread of the virus, and the response to it, is beginning to impact behaviours and movement of people. Some sectors have a greater exposure to these impacts, particularly travel, hospitality and leisure. These impacts, whilst likely to be short term, do mean that there might be increased cash needs in the period. In general, our objectives are to ensure that the investments are appropriately funded and we continue with this approach. In addition to the Government's recently announced broad range of initiatives to support SME's, your Company is very well positioned to be able to provide any additional funding should it be required. Notwithstanding that, we are working closely with all the businesses to address their short and medium term needs and also to take advantage of opportunities as they arise.
This past year has seen an increased level of new investment and lead indicators for 2020 suggest demand for growth capital remains healthy, albeit there may be a delay in conversion of the pipeline as a result of the impact of the Covid-19 virus. Your Company remains in a strong position to continue building out its portfolio.
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- The full Lemon
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Re: Corona Virus & VCT NAVs
127tolmers wrote:https://www.investegate.co.uk/british-smlr-comp-2--bsc-/rns/annual-financial-report/202003200941469877G/
Post Balance Sheet Events
Seems about as reassuring as we could hope for.
Comparison: crowdfunding investees in lines of business at risk.
Rather reassuring update yesterday from a ticketing (tech platform) company: yes many clients will be closed to business, but longer-term projects continue, and they've successfully diversified into annual subscriptions for regular clubs. I expect BS and other VCT managers have a few such stories on their books.
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Re: Corona Virus & VCT NAVs
Wealth Club has posted a roundup on this very topic:
https://www.wealthclub.co.uk/articles/v ... s-updates/
Only a few concrete updates there as most are still "TBC", but the article says it will be updated as and when new information filters out
https://www.wealthclub.co.uk/articles/v ... s-updates/
Only a few concrete updates there as most are still "TBC", but the article says it will be updated as and when new information filters out
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
Thanks Sinter, the one that seemed to have slipped under our radar was Octopus Titan.
https://www.lse.co.uk/rns/OTV2/update-o ... kk4lg.html
17 March 2020
Update on Net Asset Value and Cash Levels
The Board of Octopus Titan VCT plc announces that as of 11 March 2020 the unaudited net asset value of the Company totalled £930 million, based on an unaudited NAV of 93.8 pence per share, of which £308 million is held in cash, being 33% of the net asset value.
The unaudited net asset value of the Company as at 31 December 2019 was £905 million, based on an unaudited NAV of 95.2 pence per share, of which £282.3 million was held in cash being 31% of the net asset value.
https://www.lse.co.uk/rns/OTV2/transact ... vp7vi.html
12 March 2020
Purchase of own securities and total voting rights
Octopus Titan VCT plc announces that on 12 March 2020 the Company purchased for cancellation 4,288,108 Ordinary shares at a price of 89.7p per share.
Following this transaction, the issued share capital of the Company is now 991,746,729 Ordinary shares with a nominal value of 10p each, with voting rights.
https://www.lse.co.uk/rns/OTV2/net-asse ... caelk.html
10 March 2020
Net asset value and Dividend declaration
The Board of Octopus Titan VCT plc announces that as at 31 December 2019 the unaudited NAV of the Company was 95.2 pence per share.
To take account of the Coronavirus outbreak, which has arisen since the 31 December 2019, the Board have reviewed the portfolio at 10th March 2020 and decided that the current NAV is 93.8 pence per share which will be used for the allotment on 11 March 2020. This reflects a 25% discount to the equity valuations as at 31 December 2019, for the travel companies in the portfolio.
The Board has today declared a further interim dividend of 3.0p per share the period ended 31 December 2019. The record date for the dividend is 24 April 2020 and the payment date is 7 May 2020. It is not anticipated that any further dividends will be declared in respect of this period.
https://www.lse.co.uk/rns/OTV2/update-o ... kk4lg.html
17 March 2020
Update on Net Asset Value and Cash Levels
The Board of Octopus Titan VCT plc announces that as of 11 March 2020 the unaudited net asset value of the Company totalled £930 million, based on an unaudited NAV of 93.8 pence per share, of which £308 million is held in cash, being 33% of the net asset value.
The unaudited net asset value of the Company as at 31 December 2019 was £905 million, based on an unaudited NAV of 95.2 pence per share, of which £282.3 million was held in cash being 31% of the net asset value.
https://www.lse.co.uk/rns/OTV2/transact ... vp7vi.html
12 March 2020
Purchase of own securities and total voting rights
Octopus Titan VCT plc announces that on 12 March 2020 the Company purchased for cancellation 4,288,108 Ordinary shares at a price of 89.7p per share.
Following this transaction, the issued share capital of the Company is now 991,746,729 Ordinary shares with a nominal value of 10p each, with voting rights.
https://www.lse.co.uk/rns/OTV2/net-asse ... caelk.html
10 March 2020
Net asset value and Dividend declaration
The Board of Octopus Titan VCT plc announces that as at 31 December 2019 the unaudited NAV of the Company was 95.2 pence per share.
To take account of the Coronavirus outbreak, which has arisen since the 31 December 2019, the Board have reviewed the portfolio at 10th March 2020 and decided that the current NAV is 93.8 pence per share which will be used for the allotment on 11 March 2020. This reflects a 25% discount to the equity valuations as at 31 December 2019, for the travel companies in the portfolio.
The Board has today declared a further interim dividend of 3.0p per share the period ended 31 December 2019. The record date for the dividend is 24 April 2020 and the payment date is 7 May 2020. It is not anticipated that any further dividends will be declared in respect of this period.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
PGOO cut the NAV today to 54.6p down 11% from the share issue on 5 March off a NAV of 61.3p.
https://www.lse.co.uk/rns/PGOO/proven-g ... aha98.html
Net Asset Value
23 March 2020
The Board of ProVen Growth & Income VCT plc (the "Company") together with the manager, Beringea LLP (“Beringea”), have been monitoring the evolution of COVID-19 and, in particular, its impact on portfolio companies. In light of this, the Board carried out a review of the portfolio and announces that the unaudited net asset value of the Company is 54.6p per share. This is based on the unaudited net asset value of the Company as at 20 March 2020.
https://www.lse.co.uk/rns/PGOO/proven-g ... r4tv9.html
Issue of equity
5 March 2020
The Directors of ProVen Growth and Income VCT plc announce an allotment on 5 March 2020 of ordinary shares of 1.6187p each ("Ordinary Shares") pursuant to the Offer for Subscription that opened on 27 January 2020. 3,543,613 Ordinary Shares were allotted at an average price of 62.9p, based on the latest announced net asset value of 61.3p per Ordinary Share.
https://www.lse.co.uk/rns/PGOO/proven-g ... aha98.html
Net Asset Value
23 March 2020
The Board of ProVen Growth & Income VCT plc (the "Company") together with the manager, Beringea LLP (“Beringea”), have been monitoring the evolution of COVID-19 and, in particular, its impact on portfolio companies. In light of this, the Board carried out a review of the portfolio and announces that the unaudited net asset value of the Company is 54.6p per share. This is based on the unaudited net asset value of the Company as at 20 March 2020.
https://www.lse.co.uk/rns/PGOO/proven-g ... r4tv9.html
Issue of equity
5 March 2020
The Directors of ProVen Growth and Income VCT plc announce an allotment on 5 March 2020 of ordinary shares of 1.6187p each ("Ordinary Shares") pursuant to the Offer for Subscription that opened on 27 January 2020. 3,543,613 Ordinary Shares were allotted at an average price of 62.9p, based on the latest announced net asset value of 61.3p per Ordinary Share.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
Another buyback at Mobeus I&G 2 at 76.92p/share, a 5.5% discount vs 31 Dec NAV of 92.320 -11p (dividend) = 81.37p
https://www.investegate.co.uk/mobeus-in ... 30011896H/
Mobeus Income & Growth 2 VCT plc
Transaction in the Company's own shares
Mobeus Income & Growth 2 VCT plc announces that on 20 March 2020 it purchased 347,261 of the Company's own ordinary shares at a price of 76.92 pence per share for cancellation.
https://www.lse.co.uk/rns/MIG/interim-m ... s6bg2.html
https://www.investegate.co.uk/mobeus-in ... 30011896H/
Mobeus Income & Growth 2 VCT plc
Transaction in the Company's own shares
Mobeus Income & Growth 2 VCT plc announces that on 20 March 2020 it purchased 347,261 of the Company's own ordinary shares at a price of 76.92 pence per share for cancellation.
https://www.lse.co.uk/rns/MIG/interim-m ... s6bg2.html
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
And some buybacks at Maven I&G 4 at 65p (8.3% discount) on 20 March and 66p (7% discount) at 28 Feb vs NAV of 70.91p/share at 31 Dec.
https://www.lse.co.uk/rns/MAV4/transact ... ig2l2.html
On 20 March 2020, Maven Income and Growth VCT 4 PLC (the "Company") purchased for cancellation 480,000 of its own Ordinary Shares at 65p per share.
https://www.lse.co.uk/rns/MAV4/transact ... hjew7.html
On 28 February 2020, Maven Income and Growth VCT 4 PLC (the "Company") purchased for cancellation 250,000 of its own Ordinary Shares at 66p per share.
https://www.lse.co.uk/rns/MAV4/statemen ... k4az5.html
The Directors of Maven Income and Growth VCT 4 PLC (the Company) confirm that the unaudited net asset value of the Company as at 31 December 2019 was 70.91p per Ordinary Share.
https://www.lse.co.uk/rns/MAV4/transact ... ig2l2.html
On 20 March 2020, Maven Income and Growth VCT 4 PLC (the "Company") purchased for cancellation 480,000 of its own Ordinary Shares at 65p per share.
https://www.lse.co.uk/rns/MAV4/transact ... hjew7.html
On 28 February 2020, Maven Income and Growth VCT 4 PLC (the "Company") purchased for cancellation 250,000 of its own Ordinary Shares at 66p per share.
https://www.lse.co.uk/rns/MAV4/statemen ... k4az5.html
The Directors of Maven Income and Growth VCT 4 PLC (the Company) confirm that the unaudited net asset value of the Company as at 31 December 2019 was 70.91p per Ordinary Share.
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- Lemon Slice
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Re: Corona Virus & VCT NAVs
From what I have seen, multiples (PEs) have dropped dramatically in the last week or two.
On top of that many companies such as those in the hospitality industry are losing income, let alone profits, so valuations of those holdings must be very much lower if not at zero pro tem.
On the other hand low multiples give good buying prices but only if one believes that there will be a future anything like we have known the past. If most small companies go bust and many large companies are at least part nationalised then it will be a very different world.
On top of that many companies such as those in the hospitality industry are losing income, let alone profits, so valuations of those holdings must be very much lower if not at zero pro tem.
On the other hand low multiples give good buying prices but only if one believes that there will be a future anything like we have known the past. If most small companies go bust and many large companies are at least part nationalised then it will be a very different world.
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Re: Corona Virus & VCT NAVs
https://www.investegate.co.uk/the-inc-- ... 15054196H/
The Income & Growth VCT plc announces that on 24 March 2020 it purchased 720,539 of the Company's own ordinary shares at a price of 70.00 pence per share for cancellation.
https://www.londonstockexchange.com/exc ... 31097.html
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2019. The statement also includes relevant financial information between the end of the quarter and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE At 31 December 2019
Net asset value (NAV) per share 76.53p
Shareholders should note the NAV per share as at 31 December 2019 above does not include the impact of the two disposals that have occurred after the quarter end, as reported at the end of this Statement. If so, in isolation to any other factors that could affect it, the NAV per share above would increase by 1.93p.
The Income & Growth VCT plc announces that on 24 March 2020 it purchased 720,539 of the Company's own ordinary shares at a price of 70.00 pence per share for cancellation.
https://www.londonstockexchange.com/exc ... 31097.html
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2019. The statement also includes relevant financial information between the end of the quarter and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE At 31 December 2019
Net asset value (NAV) per share 76.53p
Shareholders should note the NAV per share as at 31 December 2019 above does not include the impact of the two disposals that have occurred after the quarter end, as reported at the end of this Statement. If so, in isolation to any other factors that could affect it, the NAV per share above would increase by 1.93p.
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Re: Corona Virus & VCT NAVs
https://www.investegate.co.uk/mercia-as ... 08016045H/
Likely short-term financial impact on the Group
With almost all asset classes worldwide falling in value it is inevitable that valuations for Mercia's managed funds will be impacted. Where contracted revenues are directly linked to those asset values, they will be consequently affected. Today the three Northern Venture Capital Trusts, whose portfolios are now managed by Mercia, announced reduced net asset values of c.22% on average. Similarly, it is inevitable that the fair value of Mercia's direct investment portfolio will be impacted.
Likely short-term financial impact on the Group
With almost all asset classes worldwide falling in value it is inevitable that valuations for Mercia's managed funds will be impacted. Where contracted revenues are directly linked to those asset values, they will be consequently affected. Today the three Northern Venture Capital Trusts, whose portfolios are now managed by Mercia, announced reduced net asset values of c.22% on average. Similarly, it is inevitable that the fair value of Mercia's direct investment portfolio will be impacted.
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Re: Corona Virus & VCT NAVs
https://www.lse.co.uk/rns/NVT/net-asset ... jvrvu.html
25 MARCH 2020
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020
The Board of Northern Venture Trust PLC (the "Company") has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies. In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 54.6 pence (31 December 2019 (unaudited) 67.9 pence).
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company's investment adviser, Mercia Fund Management Limited.
The number of ordinary shares in issue at 24 March 2020 was 138,374,674.
In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020. Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.
https://www.lse.co.uk/rns/NTV/net-asset ... 3qrqx.html
25 MARCH 2020
NORTHERN 2 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020
The Board of Northern 2 VCT PLC (the "Company") has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies. In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 50.0 pence (31 December 2019 (unaudited) 63.8 pence). The unaudited net asset value is stated after deducting the interim dividend of 2.0 pence per share in respect of the year ended 31 March 2020, which was paid to eligible shareholders on 24 January 2020.
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company's investment adviser, Mercia Fund Management Limited.
The number of ordinary shares in issue at 24 March 2020 was 139,158,756.
In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020. Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.
https://www.lse.co.uk/rns/NTN/net-asset ... 9qgce.html
25 MARCH 2020
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020
The Board of Northern 3 VCT PLC (the "Company") has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies. In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 72.0 pence (31 December 2019 (unaudited) 94.3 pence). The unaudited net asset value is stated after deducting the interim dividend of 2.0 pence per share in respect of the year ended 31 March 2020, which was paid to eligible shareholders on 24 January 2020.
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company's investment adviser, Mercia Fund Management Limited
The number of ordinary shares in issue at 24 March 2020 was 93,143,128.
In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020. Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.
25 MARCH 2020
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020
The Board of Northern Venture Trust PLC (the "Company") has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies. In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 54.6 pence (31 December 2019 (unaudited) 67.9 pence).
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company's investment adviser, Mercia Fund Management Limited.
The number of ordinary shares in issue at 24 March 2020 was 138,374,674.
In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020. Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.
https://www.lse.co.uk/rns/NTV/net-asset ... 3qrqx.html
25 MARCH 2020
NORTHERN 2 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020
The Board of Northern 2 VCT PLC (the "Company") has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies. In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 50.0 pence (31 December 2019 (unaudited) 63.8 pence). The unaudited net asset value is stated after deducting the interim dividend of 2.0 pence per share in respect of the year ended 31 March 2020, which was paid to eligible shareholders on 24 January 2020.
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company's investment adviser, Mercia Fund Management Limited.
The number of ordinary shares in issue at 24 March 2020 was 139,158,756.
In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020. Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.
https://www.lse.co.uk/rns/NTN/net-asset ... 9qgce.html
25 MARCH 2020
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020
The Board of Northern 3 VCT PLC (the "Company") has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies. In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 72.0 pence (31 December 2019 (unaudited) 94.3 pence). The unaudited net asset value is stated after deducting the interim dividend of 2.0 pence per share in respect of the year ended 31 March 2020, which was paid to eligible shareholders on 24 January 2020.
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company's investment adviser, Mercia Fund Management Limited
The number of ordinary shares in issue at 24 March 2020 was 93,143,128.
In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020. Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.
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