Corona Virus & VCT NAVs

[scotia]

And Some more:-

Octopus AIM (OOA) NAV at 16/3/20 = 80.5p Buyback at 19/3/20 = 77p Discount to NAV 4.34%. But NAV at 23/3/20 = 74.6p
Octopus AIM 2 (OSEC) NAV at 16/3/20 = 60.7p Buyback at 19/3/20 = 58.2p Discount to NAV 4.12%. But NAV at 23/3/20 = 56.4p

Unicorn AIM (UAV) NAV at 24/3/20 = 119.6p Current Bid/Offer spread = 110/123

Its the smaller VCTs in rundown mode that seem to be most badly hit, with large (fictional?) spreads:-
Artemis AIM (AAM) NAV at 27/3/20 = 25.26p Current Bid/Offer Spread = 17/27
Chrysalis (CYS) - no recent info. NAV at 31/10/19 = 67p. Dividend at 21/2/20 = 3.25p. Current Bid/Offer Spread = 30/45
As has been mentioned earlier, CYS had a number of restaurants on its books - not a good place to be.

I have a distinct feeling that computing the NAV of VCTs in the current circumstances is a bit of a guessing game.

[scotia]

- All five around (or spot on) the 5% mark. I thought it would have been higher

I wonder if they're entertaining hopes that they'll be able to mark the NAVs back up and recover some part of this month's losses in the not-too-distant? They'll have marked down investees at risk, but how cautiously or otherwise? And with TPTB again debasing the £ on a huge scale, that'll affect measurement of losses.

Yes - I have been wondering about this. But it would need a strong nerve to suggest that there will be an upturn in the fortunes of very small businesses. Witness the premature buybacks in the Octopus AIM pair. I would have thought that a wait and see policy would have been safer - unless they feared a substantial widening of the Bid/Offer spread if they did not engage in buy-backs.

[127tolmers]

Seneca/Hygea

https://www.londonstockexchange.com/exc ... 85937.html

Net Asset Values

The Directors and the Investment Manager of the Company, Seneca Partners Limited (“SPL”), have been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies and how they can be helped.

In light of this, and following discussions between the Board and SPL on the valuation of the Company's B share and Ordinary share portfolios, the Board announces that the unaudited net asset value per B share as at 30 March 2020 was 79.5 pence (6 March 2020: 88.7 pence) and the unaudited net asset value per Ordinary share as at 30 March 2020 was 23.1 pence (31 December 2019: 30.4 pence).

The Offer by the Company remains open for both the 2019/20 and 2020/21 tax years.

[127tolmers]

https://www.londonstockexchange.com/exc ... 88098.html

Unicorn AIM VCT PLC announces that the unaudited net asset value per Ordinary 1p share of the Company as at 31 March 2020 was:

At bid price (cum income) Per Ordinary 1p share 128.4 pence

The recent Coronavirus outbreak continues to have a detrimental impact on global stock markets. The Company's portfolio of quoted investments has not been immune from these declines, and the net asset value per share has declined by approximately 22.5% since the end of February 2020.

In view of the current volatile market conditions, the Board suspended making market purchases of the Company's shares during March. The Board will be deciding shortly whether to start making market purchases again and if so the appropriate price at which to do so.

[scotia]

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UAV/14488098.html

Unicorn AIM VCT PLC announces that the unaudited net asset value per Ordinary 1p share of the Company as at 31 March 2020 was:

At bid price (cum income) Per Ordinary 1p share 128.4 pence

The recent Coronavirus outbreak continues to have a detrimental impact on global stock markets. The Company's portfolio of quoted investments has not been immune from these declines, and the net asset value per share has declined by approximately 22.5% since the end of February 2020.

In view of the current volatile market conditions, the Board suspended making market purchases of the Company's shares during March. The Board will be deciding shortly whether to start making market purchases again and if so the appropriate price at which to do so.

NAV at 29/2/20 = 165.7p
NAV at 23/3/20 = 119.6p
And on that basis they issued a supplementary prospectus on 26th March
NAV at 31/3/20 = 128.4p - will that be the price to be used for the last 2019/2020 issue?

[oxmatt]

NAV at 31/3/20 = 128.4p - will that be the price to be used for the last 2019/2020 issue?

From the 25 March RNS yes Unicorn will price the issue based on the 31/3 NAV

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UAV/14477707.html

As a result of the above, the allotment scheduled for today, 25 March 2020, will be delayed until after the publication of the Supplementary Prospectus. Once the Supplementary Prospectus has been published the Company now intends to make one allotment for the 2019/2020 tax year. Valid applications (which requires the receipt of cleared funds) received by 5.30pm on 2 April 2020, are intended to be processed and allotted on 3 April 2020, based on an unaudited net asset value calculated as at the close of markets on 31 March 2020.

[127tolmers]

One of the smallest reductions by any VCT

https://www.londonstockexchange.com/exc ... 89745.html

2 April 2020

Net asset value

The Board of Octopus Apollo VCT plc announces that as at 31 January 2020 the[b] unaudited NAV of the Company was 45.7 pence per share.

To take account of the Coronavirus outbreak, which has arisen since the 31 January 2020, the Board has reviewed the portfolio at 2 April 2020 in detail and concluded that the current NAV is 42.9 pence per share which will be used for the allotment on 3 April 2020. This NAV change reflects valuation adjustments across the portfolio, which is carried at fair value, resulting from conditions arising from the Coronavirus pandemic, as advised by the Investment Manager and approved by the Board.

Supporting our portfolio companies

We have increased our dialogue with our portfolio companies and continue to provide them with operational support and advice, in relation to accessing various elements of the Government's financial assistance packages as well as other measures to mitigate the impact of the current trading conditions.

We continue to monitor the portfolio very closely and have issued a statement on our website regarding the impact of Coronavirus on Apollo, which can be found here:

https://octopusinvestments.com/coronavi ... pollo-vct/

The Offer by the Company remains open for both the 2019/20 and 2020/21 tax years.

[BusyBumbleBee]

In all fairness Apollo do say this in their update

Most of the Apollo portfolio companies are ‘B2B’ businesses (i.e. they sell their product or service to other businesses, rather than to individual customers), with contracted recurring revenues and a well-diversified customer base. This reflects our investment approach, where we consciously target businesses that we believe can deliver stable and growing revenues throughout economic downturns or other uncertain times. We have very limited exposure to travel, retail or leisure, which are sectors currently feeling the immediate impact of the economic lockdown.

In our experience, companies that provide a mission critical product or service, and enter into long term contracts with their customers, tend to be more insulated from economic shocks due to the stickiness and embedded nature of what they offer their customers.

that is my experience too.

[127tolmers]

Octopus Titan

https://www.londonstockexchange.com/exc ... 91289.html

3 April 2020

Net asset value

The Board of Octopus Titan VCT Plc (‘the Company’) has continued to monitor the ongoing Coronavirus pandemic developments and, in particular, the impact of the associated economic disruption on portfolio companies.

The Board has reviewed the portfolio and announces that the Net Asset Value (‘NAV’) at 2 April 2020 is 91.0p per share, which will be used for both the allotments on 3, 4 and 7 April 2020 and the Share Buy Back on 8 April 2020. This NAV change reflects valuation adjustments across the portfolio, which is carried at fair value, including those resulting from conditions arising from the Coronavirus pandemic, as advised by the Investment Manager and approved by the Board.

The Board has previously declared an interim dividend of 3p per share to shareholders on the register on 14 April 2020.

Supporting our portfolio companies

The Investment Manager is working closely with all of the portfolio companies and continues to provide them with operational support and advice, including measures to mitigate the impact of the current trading conditions. The Company expects to have over £300 million held in cash and cash equivalents, following the allotments of shares referred to above, available to provide further funding to the portfolio companies and to make new investments.

Further information regarding the impact of Coronavirus on the Company and its portfolio companies can be found on the website at:

https://octopusinvestments.com/coronavi ... titan-vct/

The Offer by the Company will close on 8 April 2020.

https://www.londonstockexchange.com/exc ... 65697.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.

[127tolmers]

Last orders of the tax year. The delay coincides with their allotments? No mention of "cash- drag" in March!

Healthcare drop of 14% lower than Generalist drop of 22%

https://www.londonstockexchange.com/exc ... 91861.html

3 April 2020
Net Asset Values

Downing FOUR VCT plc announces that the unaudited Net Asset Values of its Generalist and Healthcare Shares, as at 20 March 2020, were 60.2p and 66.9p respectively.

https://www.londonstockexchange.com/exc ... 47188.html


Downing FOUR VCT plc: Half-year report Released 18:00 12-Dec-2019

Half-Yearly Report for the six months ended 30 September 2019

As at 30 September 2019, the Generalist Share NAV and Total Return stood at 77.6p, a decrease of 5.9p per share or 7.1% over the period. The reduction in the NAV during the period is attributable to unrealised reductions in the carrying values of the quoted and unquoted investments held by the Generalist Share pool, as well as the impact of VCT running costs and the “cash-drag” of holding uninvested funds. Whilst a reduction in NAV is disappointing in is not untypical of a portfolio like this where failures often come to light earlier than successes.

As at 30 September 2019, the Healthcare Share NAV and Total Return stood at 77.7p, a decrease of 5.6p per share or 6.7% over the period. The reduction in the NAV during the period is attributable to unrealised reductions in the carrying values of the quoted and unquoted investments held by the Healthcare Share pool, as well as the impact of VCT running costs and the “cash-drag” of holding uninvested funds.

[127tolmers]

Foresight 4 joins the list on an unusual date

https://www.londonstockexchange.com/exc ... 03642.html

Net Asset Value Update

The Board and Foresight Group LLP, the manager of the Company, (Manager) have been continually monitoring the ongoing disruption being caused by the Coronavirus (Covid-19) pandemic and, in particular, the ongoing impact on portfolio companies.

In light of the above, the Board announces that the unaudited NAV per share as at 15 April 2020 was 56.1p (a reduction of 13.7% from the unaudited NAV per share of 65.0p as at 31 December 2019). The updated NAV per Share as at 15 April 2020 reflects valuation reductions generally across the investments in the portfolio as a result of the impact of the Coronavirus pandemic affecting all businesses including those in which the Company invests. For the purposes of calculating the unaudited net asset value per share, the venture capital investments (which are all unquoted) are carried at fair value as at 15 April 2020, as determined by the Board on the advice of the Manager.

[timbo003]

Octopus AIM (OOA) bucked the trend yesterday

https://www.londonstockexchange.com/exc ... 6GBGBXSSQ3

* The Board of Octopus AIM VCT plc announces that as at 14 April 2020 the unaudited net asset value of the Ordinary shares was approximately 87.7 pence per share.

* The Board of Octopus AIM VCT plc announces that as at 06 April 2020 the unaudited net asset value of the Ordinary shares was approximately 81.6 pence per share.

I can only assume that they have one or more COVID rocket stocks in the portfolio which have gone crazy during the last few days.

AIM shares which have rocketed on COVID announcements (or speculation) in the last few days include Avacta (AVCT), Synairgen (SNG), Novacyte (NCYT), Physiomics (PYC) plus a few others.

It could be that a few other AIM VCTs which have experienced similar uplifts (yet to be announced).

[UncleEbenezer]

Octopus AIM (OOA) bucked the trend yesterday

https://www.londonstockexchange.com/exc ... 6GBGBXSSQ3

* The Board of Octopus AIM VCT plc announces that as at 14 April 2020 the unaudited net asset value of the Ordinary shares was approximately 87.7 pence per share.

* The Board of Octopus AIM VCT plc announces that as at 06 April 2020 the unaudited net asset value of the Ordinary shares was approximately 81.6 pence per share.

I can only assume that they have one or more COVID rocket stocks in the portfolio which have gone crazy during the last few days.

Sadly not quite. That's just market volatility. Now if it were up over a longer period (say, year to date), it would indeed be impressive.

In fact it appears to have underperformed the index over that week:
AIM (April 6th): 680
AIM (April 14th): 754
So to have tracked the index, the NAV should've risen from 81.6 to 90.5.

Happily we can dismiss such short-term underperformance in a volatile market as noise. And hope that at least some of our VCTs do hold the bringers of coronavirus treatments and vaccines and the like. I'm watching with interest my crowdfunding flutter in a company in the business of medical hygiene: news from them a week or two ago was that through industry contacts they successfully sourced (imported) PPE equipment for various hospitals and care homes when the NHS bureaucracy was promising but failing to deliver.

[Gostevie]

A useful Q&A on the Albion website, detailing amongst other things the change in NAV for each of the funds:

https://www.albion.capital/sites/defaul ... 0Q%26A.pdf

VCT 31 Dec 2019 NAV* 31 March 2020 NAV % change
Albion Venture Capital Trust 75.70p 71.32p -5.79%
Albion Technology & General VCT 82.58p 77.37p -6.31%
Albion Development VCT 83.47p 77.66p -6.96%
Crown Place VCT 33.73p 32.02p -5.07%
Albion Enterprise VCT 115.70p 106.54p -7.92%
Kings Arms Yard VCT 22.02p 19.79p -10.13%

*Adjusted for dividends paid between 1 January 2020 and 31 March 2020

Apologies for the bad formatting. I can't work out how to make them line up as a table.

Gostevie

[kempiejon]

A useful Q&A on the Albion website, detailing amongst other things the change in NAV for each of the funds:

https://www.albion.capital/sites/defaul ... 0Q%26A.pdf

VCT 	                                           31 Dec 2019 NAV* 	31 March 2020 NAV 	% change 
Albion Venture Capital Trust 	                  75.70p 	                  71.32p 	-5.79% 
Albion Technology & General VCT 	           82.58p 	                  77.37p 	-6.31% 
Albion Development VCT 	                           83.47p 	                  77.66p 	-6.96% 
Crown Place VCT                                    33.73p 	                  32.02p 	 5.07% 
Albion Enterprise VCT 	                           115.70p 	                  106.54p 	-7.92% 
Kings Arms Yard VCT 	                           22.02p 	                  19.79p 	-10.13%

*Adjusted for dividends paid between 1 January 2020 and 31 March 2020

Apologies for the bad formatting. I can't work out how to make them line up as a table.

Gostevie

just practicing my pre tags and preview to check tables.

[Gostevie]

Thanks kempiejon.

I don't suppose you have a link to the instructions so I'll know how to do it properly in future.

[kempiejon]

Thanks kempiejon.

I don't suppose you have a link to the instructions so I'll know how to do it properly in future.

I taught myself, you need to use the pre button around your table and add or remove spaces then hit the preview button and check the post before submitting.
If you reply using my post as a quote you should be able to see what I did. That's how I worked it out from other posters' efforts.

[scotia]

Thanks kempiejon.

I don't suppose you have a link to the instructions so I'll know how to do it properly in future.

Full Directions are up in the Biscuit Bar

https://www.lemonfool.co.uk/viewtopic.php?f=21&t=1262

The Table construct produces an attractive looking table with a minimum of effort

[127tolmers]

Like London buses in the olden days coming along in threes the Baronsmeads are repeating the trick for March.

NAV @ 31/3 update: B1 65.43p, B2 66.44p
NAV @31/3 original: B1 65.31, B2 66.32
NAV @23/3:..........B1 61.99, B2 62.51
NAV @ 29/2...........B1 74.18, B2 76.27

So in one month B1 down 12% and B2 down 13%

https://www.londonstockexchange.com/exc ... 29213.html
https://www.londonstockexchange.com/exc ... 29212.html

Following the announcement made on 8 April 2020, the Board of Baronsmead Venture Trust plc (''The Company'') announces that a full review of the unquoted portfolio valuations at 31 March 2020 has now been completed. The updated unaudited net asset value of the Ordinary Shares as at 31 March 2020 is 65.43p per share

The Investment Manager has provided an update on the COVID-19 crisis and the impact and implications for the VCT portfolio. It can be found on the Company website http://www.baronsmeadvcts.co.uk.

[127tolmers]

Covid has driven Puma from monthly NAV to 6 monthly NAV.

https://www.investegate.co.uk/puma-vct- ... 35320841W/

The Company published its most recent Net Asset Value per ordinary share ("NAV per share") of 100.33p as at the close of business on 29 February 2020.

It has been the practice of the Company to report its NAV per share on a monthly basis. However, as contemplated in the Company's prospectus dated 27 July 2018, there may be circumstances in which the Company needs to suspend these reports. In consultation with its Administrator, with immediate effect the Company has elected to suspend the reporting of its monthly NAV per share, triggered by the inherent uncertainty of arriving at valuations of the Company's unlisted investments in the midst of the COVID-19 pandemic.

The Company will report its next NAV per share as part of its interim results for the period ending 31 August 2020, and anticipates reporting on a six monthly basis thereafter in line with its financial reporting calendar.

https://www.investegate.co.uk/puma-vct- ... 33090833W/

https://www.investegate.co.uk/puma-vct- ... 31300830W/