Pennine AIM VCT plc
Interim Management Statement
for the three months ended 31 October 2007
In accordance with Rule 4.3 of the Disclosure and Transparency Rules
of the UK Listing Authority, Pennine AIM VCT presents an Interim
Management Statement for the three month period ended 31 October
2007. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Dividends paid or declared in the period
There were no dividends paid or declared in the period under review.
Performance
Ordinary shares
31 October 31 July 31 January 31 July 31 January
2007 2007 2007 2006 2006
Pence Pence Pence Pence Pence
Net Asset Value 69.4 70.7 67.6 67.4 71.4
("NAV")
Cumulative 85.1 85.1 82.1 82.1 79.1
Dividends
Total Return * 154.5 155.8 149.7 149.5 150.5
* (NAV plus cumulative dividends paid
since launch)
D Shares
31 October 31 July
2007 2007
Pence Pence
Net Asset Value ("NAV") 96.4 94.2
Cumulative Dividends - -
Total Return* 96.4 94.2
* (NAV plus cumulative dividends paid since launch)
Investment portfolio summary at 31 October 2007
Ordinary share pool -Twenty largest investments by value
Valuation
movement
since 31 July
Cost Valuation 2007
£'000 £'000 £'000
Connaught plc* 56 884 166
Aero Inventory plc 247 578 198
Spice plc 272 573 301
Synergy Healthcare plc 145 383 (44)
Cadbury House Hotel & Country Club** 225 391 74
RFTRAQ Limited** 167 345 -
FDM Group plc 200 321 (46)
Interserve plc* 101 315 44
Supporta plc 302 303 (56)
Pubs 'N' Bars plc 322 276 (60)
Neutrahealth plc 216 236 (26)
Hill Station plc 398 207 (4)
Hoole Hall Country Club & Spa Ltd** 200 200 -
AT Communications plc 222 185 (63)
Waterline Group plc 244 182 (16)
Huveaux plc 145 177 (3)
Clerkenwell Ventures plc 175 173 (2)
Forward Media Limited** 372 148 (19)
Straight plc 179 156 (49)
The Clapham House Group plc 42 132 (15)
Other investments 5,536 3,252 (268)
Total 9,766 9,417 112
* Main market
** Unquoted
All investments are quoted on AIM unless otherwise stated.
D share pool - All investments
Valuation
movement
since 31 July
Cost Valuation 2007
Qualifying investments
Clerkenwell Ventures plc 85 84 (1)
Hoole Hall 50 50 -
Non-qualifying investments: Protected
plans
Barclays Capital Five Year FTSE 155%
Note 531 581 55
Non-qualifying investments:
Listed Fixed Income Security
Treasury 7 ¿% 2007 Stock 1,800 1,973 6
Total 2,466 2,688 -
** Unquoted
Investment additions during the 3 months ended 31 October 2007
Total Ordinary 'D' Share
pool pool
£'000 £'000 £'000
Clerkenwell Ventures plc 260 175 85
Hill Station plc 48 48 -
Keycom plc 25 25 -
Spice plc 272 272 -
Barclays Bank GAM 108 108 -
Treasury 7 ¿% 2007 Stock 885 885 -
Sundry additions 2 2 -
1,600 1,515 85
Between the 31 October 2007 and the date of this report, the
following investments have been made:
Total Ordinary 'D' Share
pool pool
£'000 £'000 £'000
Cadbury House Limited 389 289 100
Ludorum plc 100 65 35
489 354 135
Investment disposals during the 3 months ended 31 October 2007
Ordinary share pool
Market
value at Total
1 February Disposal Gain/(loss) realised
Cost 2007 proceeds in period gain
£'000 £'000 £'000 £'000 £'000
Oasis Healthcare plc 132 304 752 620 448
RC Group plc 31 67 51 20 (16)
Revenue Assurance
Services plc 464 575 725 261 150
627 946 1,528 901 582
'D' share pool
Market
value at Total
1 February Disposal Gain/(loss) realised
Cost 2007 proceeds in period gain
£'000 £'000 £'000 £'000 £'000
Treasury 7 1/4 %
2007 Stock 80 80 80 - -
Between the 31 October 2007 and the date of this report the Company
disposed of its holding in Cadbury House Hotel and Country Club
Limited for £395,000. (The VCT subsequently reinvested the majority
of these proceeds in Cadbury House Limited (as shown above)).
Changes to share capital
D Shares of Ordinary Shares of
10p each 10p each
Shares £'000 Shares £'000
As at 31 July 2007 2,836,269 284 13,907,160 1,391
Shares allotted - - - -
Shares bought back and cancelled - - - -
As at 31 October 2007 2,836,269 284 13,907,160 1,391
Between 31 October 2007 and the date of this report, the Company
bought in the following shares for cancellation:
Date £'000 Shares Price per share
19 November 2007 27 44,383 61.5p
Material events
Other than described above, there were no material events during the
period from 1 August 2007 to 31 October 2007 or in the period from 1
November 2007 to the date of this announcement.
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