Last checked at 
LONDON (Alliance News) - British Smaller Cos VCT PLC and British Smaller Cos VCT2 PLC on Wednesday reported a rise in net asset value per share in the first half of financial 2019.
British Smaller Cos VCT said NAV per share increased 2,1% to 78.6 pence in the six months to September-end from 77.0p reported a year ago.
The company declared an interim dividend of 4.0p. British Smaller Cos VCT noted that, prior to the payment of the interim dividend, NAV per share stood at 82.6p.
The stock was untraded on Wednesday, last closing at 73.50p a share.
The company said it invested GBP3.1 million into two new investments during the period.
In April, British Smaller Cos VCT invested GBP1.3 million into IT and network solutions provider Hutchinson Networks Ltd. In May, it invested GBP1.8 million into cloud-based software provider Arcus Global Ltd.
"The more mature investments in the portfolio generally continue to perform well," said Chairman Helen Sinclair.
"The level of investment pipeline and the expected financial needs of the newer growth investments informs the requirement to raise further funds at this time," added Sinclair.
British Smaller Cos VCT said it plans to launch a joint share offer with British Smaller Cos VCT2 to raise up to GBP30 million, with additional GBP5 million over allotment facility.
Meanwhile, British Smaller Cos VCT2 reported a 0.3% rise in NAV per share in the six months to September-end to 58.1p from 57.9p a year ago.
The trust proposed a 3.0p a share dividend. It also noted that prior to the payment of this dividend its NAV per share stood at 61.1p.
British Smaller Cos VCT2 shares were untraded on Wednesday, last closing at 53.00p each.
The company said it invested GBP5.5 million into four new and two follow-on investments during the period.
"Although there remains a great deal of uncertainty around the UK's future trading relationship with the EU, and portfolio companies continue to prepare for all potential outcomes, the board believes that there will be limited negative impact across the portfolio," said Chairman Richard Last.