British Smaller Tech - Quarterly Inv.PortfolioUpdate
22 Juin 2000 - 10:30AM
UK Regulatory
RNS Number:6569M
British Smaller Tech Cos VCT PLC
22 June 2000
Quarterly Investment Portfolio Update as at June 1, 2000
#2.6m invested in 11 companies
British Smaller Technology Companies VCT plc ("the Technology VCT"), the #13m
venture capital trust specialising in funding fast-growing smaller technology
companies across a range of industrial sectors - such as information
technology, engineering and life sciences - has increased its investment rate.
In the nine months to 31st May, 2000, the Technology VCT has made 11
investments totalling #2.6 million and is on course to meet its target for
qualifying investments (details attached).
The Chairman, Sir Andrew Hugh Smith, said at the time of the Company's
preliminary results in March 2000 that he believed the climate for venture
capital investment into smaller technology businesses would continue to
be favourable for some time to come.
The Managing Director of the Company's investment advisers, Yorkshire Fund
Managers Ltd, Phil Cammerman, said: "Our investments are all in unquoted core
technology businesses, which means they are sheltered from the current
difficulties which have beset valuations of listed new media and internet
stocks. They have also been reviewed by Scientific Generics Ltd, our
Cambridge-based technology advisers.
"In fact the sharp fall in technology stock market prices has definitely
improved our own deal flow. Fast-growing technology companies are coming to
us for funding rather than risk the difficulties and enormous costs of
an unsuccessful stock exchange listing."
Mr Cammerman added that he believed there to be considerable hidden value in
the Technology VCT portfolio, which should provide substantial capital gains
when the investments were ultimately realised.
For further information, please contact:
Phil Cammerman Yorkshire Fund
Managers Ltd Tel: 0113 294 5050
David Hardy/Simon Ellis Binns & Co. PR Ltd Tel: 020 7786 9600
Simon Mountford Simon Mountford
Communications Tel: 01347 848609
NOTES TO EDITORS
The current make-up of the portfolio is shown below:
Date of Name of Location Industry Initial Value
investment Company Sector Investment of
Investment
August Power X Ltd Stockport Electronics #150,000 #150,000
1999
Nov 1999 Primal London Healthcare #750,000 #750,000
Pictures
Ltd
Nov 1999 Voxar Ltd Edinburgh Healthcare #200,000 #200,000
Dec 1999 Optos Plc Fife, Healthcare #150,000 #150,000
Dunfermline
February Sigtronics East Lothian Electronics #150,000 #150,000
2000 Ltd
March 2000 Sarian Ilkley, Telecoms #200,000 #200,000
Systems Ltd West Yorks
March 2000 Digital Cambridge Healthcare #250,000 #250,000
Healthcare
Ltd
March 2000 Millware Ltd Tewkesbury Software #200,000 #200,000
March 2000 Focus Warwick Software #74,100 #70,000
Solutions
Group Plc*
May 2000 Optical Swindon Electronics #250,000 #250,000
Micro
Devices Ltd
May 2000 Comvurgent Nottingham Software #250,000 #250,000
Ltd
Companies marked * are quoted on AIM.
The Technology VCT will be preparing regular updates to the above table, on
a quarterly basis, so as to keep investors and other interested followers
fully and regularly informed.
END
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