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Investment Performance


Ordinary Shares B Ordinary Shares
Financial Year End 31 March 31 March
Date Launched 16 April 2013 1 April 2015
Net Asset Value (p per share) at 30 September 2019 130.77 115.12
Dividends paid:
05/09/14 3.0
30/10/15 0.6
31/10/16 2.0 2.0
07/06/17 1.0 1.0
26/10/17 2.0 2.0
31/10/18 3.0 3.0
31/10/19 3.0 3.0
Total Dividend (including proposed) 14.6 11.0
Total Return 145.37 126.12

Annual & Half-Yearly Accounts, Pembroke Key Information Documents, Prospectus & Circular


Please find below links to all of our yearly and half-yearly financial reports, 18/19 & 19/20 Prospectus, Key Information Documents and Circular


Chairman’s Statement

I am pleased to present my report for the year ended 31 March 2018.

We continued to put investors’ funds to work throughout the year, deploying £8.7 million in new and follow-on investments having raised a total of £13.9 million in the prior B Ordinary share offer closing in June 2017. Our new B Ordinary share offer commenced in December 2017 raising £1.4 million at 31 March 2018. The offer was closed on 30 June 2018 having raised a total of £6.4 million, underlining the progress Pembroke has made in
establishing itself as a distinctive growth investment choice among advisers and individual investors.

During the year, the total return (NAV plus cumulative dividends paid) of the Ordinary shares rose from 120.05 pence per share at 31 March 2017 to 132.63 pence per share at 31 March 2018. Over the year, the total return of the B Ordinary shares rose from 104.58 pence per share to 113.12 pence per share.

Investment overview

During the year, we made four new investments (Heist, PlayerLayer, Stylindex and Popsa) and had the opportunity to re-invest in a further nine constituents of the portfolio.

There have been a number of valuation changes across the portfolio, with the overall impact, including new investments funded by the B Ordinary share offer being a rise in the total value of investments including accrued interest from £32.9 million at 31 March 2017 to £46.5 million at 31 March 2018, of which organic net increases on equity and debt values totalled £4 million.

The fund made no disposals during the year. However we wrote off our £0.3 million investment in Bel-Air Inc during the year as the company appointed liquidators on 8 December 2017. For further details please see the Investment Adviser’s review and investment portfolio on pages 12 to 31.


In June 2017 the Company paid an interim dividend of 1 pence per Ordinary share and 1 pence per B Ordinary share and in October 2017 paid a final dividend of 2 pence per Ordinary share and 2 pence per B Ordinary share in relation to the financial year ending 31 March 2017. The Board now recommends that shareholders approve, at the forthcoming annual general meeting, the payment of a final dividend of 3 pence per Ordinary share and 3 pence per B Ordinary share.


The Company made a profit of £4.1 million in the year to 31 March 2018 (year ending 31 March 2017: £0.8 million), representing a weighted return per Ordinary share of 12.58 pence (2017: 5.21 pence) and a return per B Ordinary share of 7.10 pence (2017: loss: 0.84 pence).

Income arose from the realised losses and unrealised revaluation of investments of £4.1 million (2017: £1.3 million) alongside income principally from loan notes provided to portfolio companies of £0.9 million (2017: £1.2 million) and dividends from portfolio companies of £0.2 million (2017: £nil). This was offset by Investment Adviser fees of £0.7 million (2017: £0.4 million) and other expenses totalling £0.4 million (2017: £1.3 million).

NAV at 31 March 2018 was £51.2 million (2017: £36.4 million), equivalent to 124.03 pence (2017: 114.45 pence) per Ordinary share and 108.12 pence (2017: 102.58 pence) per B Ordinary share. This includes the impact on NAV of the issue expenses of the offer and dividends paid to the balance sheet date.


Funds raised in the recently closed B Ordinary share offer will be deployed in a continuation of the current strategy of investing in high quality opportunities and selective follow-on investments in the existing portfolio. The management team continues to evaluate a wide range of new opportunities, seeing the existing strategy is capable of producing strong investments in a sector in which we have significant domain expertise.

We have seen a number of changes to the VCT sector in light of the modification of the VCT Rules in November 2017, which aimed to further the rule changes made in November 2015. Pembroke’s strategy has remained unchanged throughout this transition, having been a supporter of early stage, high growth businesses since its inception and as such is unaffected by the new rules.

Annual general meeting

The annual general meeting will be held at the Company’s offices at 3 Cadogan Gate, London SW1X 0AS on 27 September 2018 at 8.30 am.

Jonathan Djanogly
12 July 2018

3 Cadogan Gate

Contact us

3 Cadogan Gate