Baronsmead VCT 5 plc
Interim Management Statement
For the three month period from 1 January 2014 to 31 March 2014.
Headlines
+5.3 % Increase in Net Asset Value per share before payment of interim
dividend
£623,000 Invested in two new investments
Performance Summary
As at As at
Capital return 31 Mar 2014 31 Dec 2013 Movement
Total net assets £39.61m £37.86m*
Net asset value per share 80.27p** 76.21p* 5.3%
Share price 74.00p 72.25p 2.4%
Discount to NAV (7.8%) (9.9%)
* Adjusted for 4.0p (£2.0m) final dividend for comparative purposes. Actual NAV
was 80.21 per share.
** 4.0p final dividend has been accounted for in the 31 March 2014 NAV and was
paid 22nd April 2014
3 month (%) 1 year (%) Since launch (%)
Net asset value
total return 5.06 39.10 30.48
Key:(1) NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP
These total returns are stated before the inclusion of VCT tax
reliefs which are designed to mitigate the higher risks and costs associated
with investing in smaller companies and the constraints of the VCT legislation.
The front end income tax reliefs available at the time of subscription were 40%
in the 2005/06 tax year and 30% since then, so any adjusted performance measure
including this relief will vary depending on the date of subscription. There
is the additional benefit of receiving VCT dividends tax free.
Investment Performance
The net asset value total return of the company increased by 5.1% during the quarter.
The unquoted portfolio valuation increased by 4.2% in the quarter and the AIM portfolio
increased by 5.4%.
Top Ten Investments
Percentage
of NAV
Position at Position at as at
31 Mar 2014 31 Dec 2013 Company 31 Mar 2014
1 1 Anpario plc 8.6
2 3 Netcall plc 7.0
3 2 Tasty plc 6.8
4 4 Accumuli plc 5.1
5 6 Crawshaw Group plc 4.0
6 10 Inspired Energy 3.5
7 11 Electric Word plc 3.3
8 9 Escher Group Holdings plc 3.2
9 5 TLA Worldwide plc 3.0
10 4 Plastics Capital plc 2.9
Total 47.4
Analysis of Total Assets
Percentage of total Percentage of total
assets assets
31 Mar 2014 31 Dec 2013
% %
Unquoted 16 16
AIM, listed, ISDX & collective
investment vehicle
82 75
Listed interest bearing securities - 4
Net current assets 2 5
Total cash portfolio 2 9
Total Assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of total Percentage of total
investments at investments at
31 Mar 2014 31 Dec 2013
% %
Business Services 29 28
Consumer Markets 18 17
Financial Services - 1
Healthcare & Education 22 25
Technology, Media & Telecommunications 31 29
Total 100 100
Investment Activity
One new unquoted investment of £423,000 was made during the period in Kingsbridge
a specialist insurance broker.
A total of £230,000 was invested in one new and two follow on investments in
AIM traded companies
Investments Made
Company Date Cost (£'000)
Daily Internet plc Jan 2014 11
EG Solutions plc Feb 2014 19
Kingsbridge Limited Jan 2014 423
Scholium Group plc Mar 2014 200
Total investments 653
Realisations
During the period under review Baronsmead VCT 5 realised £42,000from the sale of
itsinvestment in Savile Group plc. Arcas Investment was dissolved in the period
and the funds returned to the VCT.
Company Date Cost Proceeds Multiple
(£'000) (£'000) (X)
Arcas Mar 2014 444 443 1.0
Investments
Limited
Savile Group Mar 2014 400 42 0.1
plc
Total 844 485
realisations
Events after the period end
Other than the event described above, the Board is not aware of any significant
events or transactions which have occurred between 1 April 2014 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.
Investment objective
Baronsmead VCT 5 plc is a tax efficient listed company which aims to achieve
long-term investment returns for private investors.
Further information
Further information regarding the Company, including net asset values published
since the end of the period and quarterly factsheets, can be found at the
Company's website www.baronsmeadvct5.co.uk
Contact
For further information please contact:
Email: baronsmeadvcts@isisep.com
Telephone: 020 7506 5717
Facsimile: 020 7506 5718
Post: 100 Wood Street, London, EC2V 7AN