BARONSMEAD VCT 5 PLC 
By
Baronsmead VCT 5 plc
Interim Management Statement
For the three month period from 1 July 2013 to 30 September 2013
Headlines
* +9.2 per cent. increase in Net Asset Value per share
* +13.9 per cent. increase in quoted portfolio
* £0.5 million invested in one unquoted and two quoted investments
Performance Summary
Capital return As at As at Movement
30 Sep 2013 30 Jun 2013
Total net assets £34.21m £32.32m
Net asset value per share 68.51p 62.74p* 9.2%
Share price 63.75p 60.25p 5.8%
Discount to NAV (6.9%) (4.0%)
3 months 1 year Since launch
Net asset value 8.9% 21.4% 6.1%
total return (1)
* Adjusted for 2.0p interim dividend for comparative purposes paid on 20
September 2013. NAV at 30 June 2013 excluding effect of dividend was 64.74p per
share.
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 20
per cent. prior to the end of the 2003/04 tax years, 40 per cent. in the 2004/
05 and 2005/06 tax years and 30 per cent. 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
In the three months to 30 September 2013, Baronsmead VCT 5's net asset value
per share increased by 9.2 per cent. During the quarter, the Company's
investment portfolio (i.e. excluding cash) increased by 10.7 per cent. with the
quoted portfolio (AiM, listed and collective investments) increasing in value
by 13.9 per cent.
The Company's net assets as at 30 September 2013 were £34.21 million. This
figure takes account of the valuation of the Company's investments as at 30
September 2013 and is stated after the payment of the interim dividend of 2.0p
per share paid on 20 September 2013 (£1 million).
Top ten Investments
Position at Position at Company Percentage
30 Sep 2013 30 Jun 2013 of NAV
as at
30 Sep 2013
1 1 Tasty plc 9.4
2 2 Anpario plc 7.8
3 3 Netcall plc 5.7
4 4 Accumuli plc 4.2
5 5 TLA Worldwide plc 3.2
6 6 Escher Group Holdings plc 2.8
7 8 Driver Group plc 2.6
8 7 Plastics Capital plc 2.5
9 15 Inspired Energy plc 2.3
10 10 Sinclair IS Pharma plc 2.1
Total 42.6
Analysis of Total Assets
Percentage of total Percentage of total
assets assets
30 Sep 2013 30 Jun 2013
% %
Unquoted 17 17
AIM, listed & collective 73 68
investment vehicle
Listed interest bearing 5 8
securities
Net current assets 5 7
Total cash portfolio 10 15
Total Assets 100 100
Analysis of Investment Portfolio by Sector
(excluding cash and interest bearing securities)
Percentage of Percentage of
total total
investments at investments at
30 Sep 2013 30 Jun 2013
% %
Business Services 30 28
Consumer Markets 18 18
Financial Services 1 1
Healthcare & Education 23 22
Technology, Media & Telecommunications 28 31
Total 100 100
Investment Activity
Investments
During the three months to 30 September 2013, Baronsmead VCT 5 invested a total
of approximately £0.5 million in one new unquoted investment of £0.4m and two
follow on investments in quoted portfolio companies as set out in the table
below:
Company Date Cost (£'000)
Key Travel Limited Jul 2013 424
EG Solutions plc Jul 2013 35
Paragon Entertainment Limited Jul 2013 20
Total investments 479
During the quarter, a new unquoted investment of £0.42 million was made in Key
Travel, a travel management company focused on the not-for profit sector.
Follow-on investments were made in two quoted companies totalling £0.05
million.
After the end of the period, Baronsmead VCT 5 invested £0.42 million in an
unquoted investment Carousel Logistics Limited, a provider of bespoke logistics
and supply chain solutions.
Realisations
During the period under review Baronsmead VCT 5 received a total of £0.18
million in proceeds as set out in the table below:
Company Date Cost Proceeds Multiple
(£'000) (£'000) (X)
Active Risk Group plc (Full trade sale) Sep 2013 184 154 0.8
Consumer Investment Partners Limited Jul 2013 20 20 1.0
(Loan repayment)
Total realisations 204 174?
? Proceeds of £5,000 were also received in respect of Twenty plc, which had
been written off in the year ended 31 December 2011.
Events after the period end
Other than the events noted above, the Board is not aware of any significant
events or transactions which have occurred between 1 October 2013 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 7ANBaronsmead VCT 5 PLC : - Interim Management Statement
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© PRNewswire - 2013
