Investment Performance


Ordinary Shares
Ordinary B Shares

Date Launched

16 April 2013 1 April 2015

Net Asset Value (£)

20,479,828 26,175,535

Net Asset Value (per share) at 31 December 2017

111.05 101.33

Dividends paid since launch (per share)

 8.6 5.0

Dividends normally paid twice each year



Financial Year Ended

31 March 31 March

Annual & Half-Yearly Accounts


Please find below links to all of our yearly and half-yearly financial reports.


Chairman’s Statement

I am pleased to present the half year report for the six-month period ended 30 September 2017.

After having successfully raised £43.9 million in our Ordinary Share and B Ordinary Share offers since February 2013, the Board has agreed to launch a new share offer to raise up to £20 million in the B Ordinary Share class. The Investment Adviser continues to see a strong pipeline of new opportunities, alongside a number of chances to invest profitably in existing portfolio companies where follow-on investments would accelerate their growth.

We believe the Company’s existing strategy was not materially affected by the regulatory changes which came into effect for VCTs in November 2015. Our focus continues to be on providing development capital to high growth companies and we anticipate this objective will remain unchanged following publication of the government’s Patient Capital Review in November 2017.

We have now invested £15.0 million from the Ordinary Share class and £14.0 million from the B Ordinary Share class in 27 companies.

During the period the Total Return (NAV plus cumulative dividends paid) of the Ordinary Share class has fallen from 120.25 pence per share at 31 March 2017 to 119.79 pence per share at 30 September 2017. The Total Return of the B Ordinary Share class has risen from 104.58 pence per share at 31 March 2017 to 106.27 pence per share at 30 September 2017. These returns do not include the final dividend for the year ending 31 March 2017 of 2 pence per Ordinary and 2 pence per B Ordinary share discussed further below.

Investment Overview

During the period, Pembroke has invested £0.8 million in one new company (Heist Studios) and £1.7 million into follow-on investments in five companies (Boom Cycle, Plenish, KX U, La Bottega and Sourced Market) from the B Ordinary Share class.

There have been no revaluations of equity participations across the portfolio since the results for the year ending 31 March 2017, resulting in total investments valued at £35.7 million at the end of the period, representing a 18% increase on cost of £30.3 million. For further details please see the Investment Adviser’s Review and Investment Portfolio in the half yearly report that can be downloaded below.


In September 2017 the Company approved a dividend of 2 pence per Ordinary Share and 2 pence per B Ordinary Share which will was paid on 26 October 2017. The Board retains its target of paying dividends of 3 pence per B Ordinary Share each year throughout the life of the Company, payable biannually in interim and final instalments.


The Company made a loss of £0.1 million in the period to 30 September 2017, representing a weighted loss per Ordinary Share of (0.11) pence and a weighted loss per B Ordinary Share of (0.26) pence. Income arose from interest income, principally from loan notes provided to a number of the portfolio companies, totalling £0.4 million. This was offset by Company expenses and Investment Adviser fees amounting, in total, to £0.5 million. Total expenses in the Company (including Investment Adviser fees) are capped at 0.5% of NAV per quarter. NAV at 30 September 2017 was £46.7 million, equivalent to 113.19 pence per Ordinary share and 103.27 pence per B Ordinary share. This includes the cost to NAV of the issue costs of the B Ordinary Share offer.


The Investment Adviser is positive about the current pipeline and sees a number of attractive opportunities to invest in 2017 and beyond.


Jonathan Djanogly


Investment Adviser’s Review

for the six months ended 30 September 2017


The Company has invested a total of £2.5 million this period from B Ordinary Share class, making one new investment and five follow-on investments of £1.7 million in a mix of debt and equity.

At the end of the period, the portfolio comprised 27 investments with a cost of £30.3 million and a fair valuation of £35.7 million representing a 17.8% increase.

Portfolio Review

The Company has made one new investment in the period from the B Ordinary Share class of £0.8 million in Heist Studios, an innovator producer of hosiery and shapewear and an important addition to our holdings in the Apparel and Accessories segment.

The Company also committed further capital of £1.7 million from the B Ordinary Share class to five of its existing portfolio companies (Boom Cycle, Plenish, KX U, La Bottega and Sourced Market) to support their continued growth plans. In the case of Boom Cycle this was used to support the acquisition of a new site in the City of London, offering a more central location than the previous Shoreditch site.  The further investment in KX U saw this new pay-as-you-go gym concept open its doors to the public in September 2017.

 Investment Performance

There have not been any equity revaluations to the Company’s portfolio in the period. While trading performance continues to progress across the portfolio, the period did not see any portfolio company raise additional equity which required a revaluation of our existing holdings. No assets have been revalued with reference to trading multiples as a result of current trading performance.

Recent investments have been held at cost, as they have performed in line with the Investment Adviser’s expectation to date.

Please refer to  the individual company profiles below for further details on performance.


Investments held by the Company have been valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Through these guidelines, investments are valued as defined at ‘fair value’. Ordinarily, unquoted investments will be valued at cost for a limited period following the date of acquisition, being the most suitable approximation of fair value unless there is an impairment or significant accretion in value during the period.

Portfolio valuations are prepared by the Investment Adviser, reviewed and approved by the Board quarterly and subject to audit annually.

All of the investments, including the new investments made in the reporting period, are described in more detail in the Investment Review.

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