Audited results for Friends Ivory & Sime's (FIS) Aim VCT 2 vehicle show it raised £41.8m in the year...
Audited results for Friends Ivory & Sime's (FIS) Aim VCT 2 vehicle show it raised £41.8m in the year to 30 November 2001.
To that date, the company had made £10.6m of investments in 18 quoted and unquoted companies, representing 26% of all net funds. This, said FIS, puts it on course to reach the 70% threshold listed companies must achieve within three years in order to meet VCT criteria and keep their VCT tax status.
The company currently has a net asset value (NAV) of 95p, which was the initial share price once costs are removed, and will pay a dividend of 2.2p per share for the year.
Robert Mitchell, the company's investment manager said: 'We're delighted the NAV remains at 95p per share following such substantial market deterioration in 2001. We have achieved this through the relatively steady performance of our initial investments and by placing the majority of shareholders' funds in gilts and cash rather than smaller companies funds, as was the case with a number of other VCTs.'
Aim VCT 2's objective is to achieve long-term capital growth and an attractive dividend stream, primarily, as the name would imply, through investment in a diversified portfolio of Aim and Ofex-listed companies, as well as unquoted companies that anticipate a market listing within 18 months.
Ben Yearsley, alternative investment specialist with Hargreaves Lansdown, said: 'This is an excellent performance, given market conditions. Robert Mitchell and Bill Brown have a great track record managing Aim-related investments and have managed to produce a respectable first-year dividend.'
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