TIDMDPV9
DOWNING PLANNED EXIT VCT 9 plc
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 (Correction)
The announcement released by the Company at 17:22 earlier today as HUG1507458,
contained an incorrect figure in the Financial Highlights table. "Net asset
value per Ordinary Share" should have stated 83.8p but was incorrectly stated as
82.6p. The full corrected text of the announcement is as follows:
FINANCIAL HIGHLIGHTS
31 Dec 2010 31 Dec 2009
Pence Pence
Net asset value per Ordinary Share 83.8 88.1
Net asset value per 'A' Share 0.1 0.1
Cumulative distributions per Ordinary Share and 'A' 5.0 2.5
Share
------------- ------------
Total return per Ordinary Share and 'A' Share 88.9 90.7
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the Company's Annual Report and Accounts and to update
Shareholders on developments that have taken place in the year ended 31 December
2010.
Portfolio activity
There was a reasonable level of investment activity during the year. The Company
invested GBP150,000 in two new VCT qualifying investments and one follow-on
investment. Additionally, the Company invested GBP1.0 million in three non-
qualifying investments.
There were also two redemptions in the year of non-qualifying loan stock
investments which gave rise to a small gain of GBP7,000.
Full details of the portfolio activity are included in the Investment Manager's
report.
Investment valuations
At the year end, the Board has reviewed the investment valuations with the
Investment Manager and made four uplifts from the carrying values at the
previous year-end and provisions against the value of two investments.
A previously made provision of GBP100,000 against Kings Gap Group Limited has been
removed following the agreement for the sale of the site, which should
ultimately result in a full recovery. Cadbury House Holding Limited is
performing well, supporting an uplift of GBP50,000. Hoole Hall Country Club
Holdings Limited is performing in line with budget, and should continue to
become profitable ahead of a target exit date of 2013. The valuation has been
increased by GBP56,000. Hoole Hall Spa and Leisure Club Limited has similarly
performed in line with expectations and has been increased in value by GBP43,000.
Thames Club Limited has undergone a major refurbishment. The disruption this
caused had a significant negative impact on the Company's trading performance.
Although membership numbers are improving, at the current time the Board
believes it is appropriate to reduce the valuation of the investment by
GBP200,000.
The entertainment centre operated by Horsham Bowl Limited has undergone
refurbishment work. The nightclub, however, which represents a significant part
of the company's income, is not performing to budget and consequently a
provision of GBP180,000 has been made.
All other investments have been held at their previous carrying values. Total
unrealised losses for the year were therefore GBP131,000.
Net Asset Value
The Net Asset Value per Ordinary Share ("NAV") at 31 December 2010 stood at
83.8p and NAV per 'A' Share at 0.1p. With dividends paid to date of 5.0p per
share, Total Return (NAV plus cumulative dividends) stood at 88.9p per share.
Results
The loss on ordinary activities after taxation for the year was GBP159,000 (2009:
GBP282,000) comprising a revenue loss of GBP35,000 (2009 profit: GBP216,000) and a
capital loss of GBP124,000 (2009: GBP498,000).
Dividends
The Board is proposing to pay a [revenue] dividend of 2.5p per Ordinary Share on
3 June 2011 to Shareholders on the register at the close of business on 13 May
2011.
Share buybacks
The Company has operated a policy, subject to certain restrictions, of buying
shares that become available in the market at a price equivalent to a 10%
discount to the Company's most recently published NAV.
No shares were purchased in the year for cancellation.
A special resolution to continue this policy is proposed for the forthcoming
AGM.
Annual General Meeting
The Company's third Annual General Meeting ("AGM") will be held at 10 Lower
Grosvenor Place, London SW1W 0EN at 1.50 pm on 19 May 2011.
One item of special business is proposed at the AGM in respect of the authority
to buy in shares as noted above.
Outlook
While the Company's performance to date is a little disappointing, the fall in
NAV over the year has arisen from two underperforming investments. The economic
conditions have clearly not helped these businesses however they both have
prospects to recover lost ground before the targeted exit date of 2013. Some
comfort is taken from the fact that the remainder of the portfolio has continued
to perform satisfactorily.
The Manager will continue to work closely with all the investments and believes
that the portfolio can deliver satisfactory results in line with the Company's
target of starting to return funds to Shareholders in the next two or so years.
Hugh Gillespie
Chairman
INVESTMENT MANAGER'S REPORT
Introduction
The Company had a successful year in terms of investment activity in 2010, with
the Company becoming fully invested at the year end. The continued uncertainty
in the UK economy throughout 2010 created challenging trading conditions for
many of the companies in the portfolio.
Investment activity
The Company began and ended the year with GBP6.9m of investments. At year end this
was spread across a portfolio of 15 companies. During the year there was a GBP1.2m
investment programme which was offset by GBP1.1m of divestments and a GBP0.1m
valuation decrease on existing investments.
The portfolio returned income of GBP256,000 in the year and a net loss of GBP35,000
after expenses and tax; or 0.4p loss per share. This loss was increased by a
GBP124,000 capital loss (or 1.4p per share) owing to the reduction in value on two
investments as their trading performance was below expectations. The resulting
net loss of 1.8p per share in the year is disappointing but reflects the
continuing impact of the recession on the UK economy in 2010.
The Company expects the current portfolio to provide the core of its income and
growth in the medium term and will therefore focus on managing its existing
investments before seeking to return funds to Shareholders in 2012-2014.
Portfolio valuation
Whilst the majority of the portfolio performed in line with expectations during
the year, the net GBP0.1m valuation reduction in the year was driven by two
investments; GBP0.2m in The Thames Club Limited and GBP0.18m in Horsham Bowl
Limited. These reductions in value were offset by small uplifts in value at
Kings Gap Group Limited ( GBP0.1m), Hoole Hall Country Club Holdings Limited
( GBP0.05m), Cadbury House Holdings Limited ( GBP0.05m) and Hoole Hall Spa and Leisure
Club Limited ( GBP0.04m).
Kings Gap Group Limited owns a hotel and large plot of land in Hoylake near
Liverpool. In March 2011 a sale of the site was agreed, and we are expecting the
resulting proceeds to provide full recovery of the Company's investment in due
course.
The Thames Club underwent an extensive refurbishment in 2009 and in the first
half of 2010 a new management team was put in place. The new team has worked
hard to achieve a 27% increase in membership numbers during 2010. Despite the
improvement in membership the cash flow requirements during the year led to the
Company making an additional GBP0.05m investment in July 2010.
Horsham Bowl is a nightclub and bowling alley based in Horsham, West Sussex.
Performance has declined over the past year reflecting the recessionary
pressures impacting the leisure industry at large. The Company has reduced the
carrying value of the investment until a sustained improvement in profitability
is achieved.
Cadbury House, Hoole Hall Country Club and Hoole Hall Spa each saw a small
increase in value over the year. This partial uplift in value recognises that
the investments are performing well and in line with expectations, as the
Company moves to a full exit in approximately two years' time.
Outlook
The economic conditions in the UK remain muted and with an increase in base
interest rates expected in 2011 a degree of uncertainty in the capital markets
remains. As the Company is now fully invested, our focus is on working closely
with our investment partners to strengthen investment performance for optimal
exits over the next three years.
Downing Managers 9 Limited
REVIEW OF INVESTMENTS
Portfolio of investments
The following investments, all of which are incorporated in England and Wales,
were held at 31 December 2010:
Valuation
movement
Cost Valuation in year % of
GBP'000 GBP'000 GBP'000 portfolio
Hoole Hall Country Club Holdings Limited** 1,094 1,150 56 15.9%
Crossco (1135) Limited t/a Kingsclere 998 998 - 13.8%
Nurseries
West Tower Holdings Limited 1,150 750 - 10.4%
Cadbury House Holdings Limited 700 750 50 10.4%
The Thames Club Limited 1,050 700 (200) 9.7%
Horsham Bowl Limited ** 861 681 (180) 9.4%
Hoole Hall Spa and Leisure Club Limited 562 605 43 8.4%
Fenkle Street LLP* 400 400 - 5.5%
Kings Gap Group Limited* 400 400 100 5.5%
Sanguine Hospitality Limited* 250 250 - 3.5%
Bijou Wedding Venues Limited* 100 100 - 1.4%
Chapel Street Food & Beverage Limited 50 50 - 0.7%
Chapel Street Services Limited 50 50 - 0.7%
Fenkle Street Developments LLP* 20 20 - 0.3%
Chapel Street Hotel Limited* 2 2 - 0.0%
--------------------------------------
7,687 6,906 (131) 95.6%
Cash at bank and in hand 316 4.4%
----------- ----------
Total investments 7,222 100.0%
Investment movements for the year ended 31 December 2010
ADDITIONS
GBP'000
Bowman Care Homes Limited* 600
Fenkle Street LLP* 400
The Thames Club Limited 50
Chapel Street Food & Beverage Limited 50
Chapel Street Services Limited 50
Fenkle Street Developments LLP* 20
Chapel Street Hotel Limited* 2
--------
1,172
DISPOSALS
MV at Profit/ (loss) Realised
Cost 31/12/09*** Proceeds vs cost gain/(loss)
Loan stock redemptions GBP000 GBP000 GBP000 GBP000 GBP000
Bowman Care Homes Limited* 600 600 600 - -
Pocket Living (Bath Road)
Limited* 448 448 455 7 7
------------------------------------------------------
1,048 1,048 1,055 7 7
* non qualifying VCT investment
** partially non qualifying VCT investment
*** adjusted for purchases during the year
Statement of Directors' responsibilities
The Directors are responsible for preparing the Report of the Directors, the
Directors Remuneration Report, and the financial statements in accordance with
applicable law and regulations. They are also responsible for ensuring that the
Annual Report includes information required by the Listing Rules of the
Financial Services Authority.
for each financial year. Under that law the Directors have elected to prepare
the financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the Directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the Company for that period. In
preparing those financial statements, the Directors are required to:
*select suitable accounting policies and then apply them consistently;
*make judgments and estimates that are reasonable and prudent;
*state whether applicable UK Accounting Standards have been followed, subject to
any material departures disclosed and explained in the financial statements; and
*prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and to
enable them to ensure that the financial statements comply with the requirements
of the Companies Act 2006. They are also responsible for safeguarding the
assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Manager's website. Legislation in the
United Kingdom governing the preparation and dissemination of the financial
statements and other information included in annual reports may differ from
legislation in other jurisdictions.
Statement as to disclosure of information to Auditor
The Directors in office at the date of the report have confirmed, as far as they
are aware, that there is no relevant audit information of which the Auditor is
unaware. Each of the Directors has confirmed that they have taken all the steps
that they ought to have taken as Directors in order to make themselves aware of
any relevant audit information and to establish that it has been communicated to
the Auditor.
By Order of the Board
Grant Whitehouse
Secretary
INCOME STATEMENT
for the year ended 31 December 2010
Year ended 31 December Year ended 31 December
2010 2009
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 256 - 256 529 - 529
Net loss on investments - (124) (124) - (498) (498)
------------------------------------------------
256 (124) 132 529 (498) 31
Investment management fees (91) - (91) (108) - (108)
Other expenses (198) - (198) (125) - (125)
------------------------------------------------
(Loss)/return on ordinary
activities before tax (33) (124) (157) 296 (498) (202)
Tax on ordinary activities (2) - (2) (80) - (80)
------------------------------------------------
(Loss)/return attributable to
equity Shareholders (35) (124) (159) 216 (498) (282)
Basic and diluted (loss)/return
per share:
Ordinary Share (0.4p) (1.4p) (1.8p) 2.5p (5.8p) (3.3p)
'A' Share - - - - - -
All Revenue and Capital items in the above statement derive from continuing
operations. The total column within the Income Statement represents the profit
and loss account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared as all
gains and losses are recognised in the Income Statement noted above.
Other than revaluation movements arising on investments held at fair value
through profit and loss, there were no differences between the return/loss as
stated above and historical cost.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Year ended Year ended
31 December 2010 31 December 2009
GBP'000 GBP'000
Opening Shareholders' funds 7,641 8,140
Dividends paid (217) (217)
Total (losses)/gains for the period (159) (282)
--------------------------------------
Closing Shareholders' funds 7,265 7,641
BALANCE SHEET
as at 31 December 2010
2010 2009
GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments
6,906 6,913
Current assets
Debtors 113 168
Cash at bank and in hand 316 727
--------- ---------
429 895
Creditors: amounts falling due within one year (70) (167)
--------- ---------
Net current assets 359 728
--------- --------
Net assets 7,265 7,641
Capital and reserves
Called up Ordinary Share capital 9 9
Called up 'A' Share capital 13 13
Deferred Share capital 3 3
Special reserve 8,034 8,034
Revaluation reserve (781) (650)
Capital reserve - realised 9 2
Revenue reserve (22) 230
--------- --------
Total equity Shareholders' funds 7,265 7,641
Basic and diluted net asset value per share
Ordinary Share 83.8p 88.1p
'A' Share 0.1p 0.1p
CASH FLOW STATEMENT
for the year ended 31 December 2010
Year Year
ended ended
31 Dec 31 Dec
2010 2009
GBP'000 GBP'000
Net cash inflow from operating activities 5 225
Taxation
Corporation tax paid (82) (38)
Capital expenditure
Purchase of investments (1,172) (3,491)
Proceeds from disposal of investments 1,055 1,356
--------------------
Net cash outflow from capital expenditure (117) (2,135)
--------------------
Equity dividends paid (217) (217)
Net cash outflow before financing (411) (2,165)
Financing
Purchase of own shares - -
--------------------
Net cash inflow from financing - -
--------------------
Decrease in cash (411) (2,165)
NOTES TO THE ACCOUNTS
for the year ended 31 December 2010
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally Accepted
Accounting Practice ("UK GAAP") and in accordance with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" revised January 2009 ("SORP").
The financial statements are prepared under the historical cost convention
except for the certain financial instruments measured at fair value and on the
basis that it is not necessary to prepare consolidated accounts.
The Company implements new Financial Reporting Standards ("FRS") issued by the
Accounting Standards Board when required.
Presentation of Income Statement
In order to better reflect the activities of a Venture Capital Trust and in
accordance with the SORP, supplementary information which analyses the Income
Statement between items of a revenue and capital nature has been presented
alongside the Income Statement. The net revenue is the measure the Directors
believe appropriate in assessing the Company's compliance with certain
requirements set out in Part 6 of the Income Tax Act 2007.
Investments
Venture capital investments are designated as "fair value through profit or
loss" assets due to investments being managed and performance evaluated on a
fair value basis. A financial asset is designated within this category if it
is both acquired and managed on a fair value basis, with a view to selling after
a period of time, in accordance with the Company's documented investment
policy. The fair value of an investment upon acquisition is deemed to be cost.
Thereafter investments are measured at fair value in accordance with the
International Private Equity and Venture Capital Valuation Guidelines ("IPEV")
together with FRS26.
For unquoted investments, fair value is established by using the IPEV
guidelines. The valuation methodologies for unquoted entities used by the IPEV
to ascertain the fair value of an investment are as follows:
*Price of recent investment;
*Multiple;
*Net assets;
*Discounted cash flows or earnings (of underlying business);
*Discounted cash flows (from the investment); and
*Industry valuation benchmarks.
The methodology applied takes account of the nature, facts and circumstances of
the individual investment and uses reasonable data, market inputs, assumptions
and estimates in order to ascertain fair value.
Gains and losses arising from changes in fair value are included in the Income
Statement for the year as a capital item and transaction costs on acquisition or
disposal of the investment are expensed.
It is not the Company's policy to exercise significant influence over investee
companies. Therefore the results of these companies are not incorporated into
the Income Statement except to the extent of any income accrued. This is in
accordance with the SORP that does not require portfolio investments to be
accounted for using the equity method of accounting.
Income
Dividend income from investments is recognised when the Shareholders' rights to
receive payment has been established, normally the ex-dividend date.
Interest income is accrued on a time apportionment basis, by reference to the
principal sum outstanding and at the effective rate applicable and only where
there is reasonable certainty of collection.
Expenses
All expenses are accounted for on an accruals basis. In respect of the analysis
between revenue and capital items presented within the Income Statement, all
expenses have been presented as revenue items except as follows:
*Expenses which are incidental to the disposal of an investment are deducted
from the disposal proceeds of the investment.
*Expenses are split and presented partly as capital items where a connection
with the maintenance or enhancement of the value of the investments held can be
demonstrated. The Company has adopted the policy of allocating Investment
Manager's fees 100% as revenue.
Taxation
The tax effects on different items in the Income Statement are allocated between
capital and revenue on the same basis as the particular item to which they
relate, using the Company's effective rate of tax for the accounting period.
Due to the Company's status as a Venture Capital Trust and the continued
intention to meet the conditions required to comply with Part 6 of the Income
Tax Act 2007, no provision for taxation is required in respect of any realised
or unrealised appreciation of the Company's investments which arises.
Deferred taxation, which is not discounted, is provided in full on timing
differences that result in an obligation at the balance sheet date to pay more
tax, or a right to pay less tax at a future date, at rates expected to apply
when they crystallise based on current tax rates and law. Timing differences
arise from the inclusion of items of income and expenditure in taxation
computations in periods different from those in which they are included in the
accounts.
2. Basis and diluted return per share
Weighted average Revenue Capital
number of return/ (loss) gain/ (loss)
shares in issue
Return per share is calculated on GBP'000 GBP'000
the
following:
Year ended 31 December Ordinary 8,657,673 (35) (124)
2010 Shares
'A' Shares 12,986,657 - -
Year ended 31 December Ordinary 8,657,673 216 (498)
2009 Shares
'A' Shares 12,986,657 - -
As the Company has not issued any convertible securities or share options, there
is no dilutive effect on return per Ordinary Share or 'A' Share. The return per
share disclosed therefore represents both the basic and diluted return per
Ordinary Share and 'A' Share.
3. Basic and diluted net asset value per share
2010 2009
Shares in issue Net Asset Value Net Asset Value
2010 2009 Pence GBP'000 Pence GBP'000
per share per share
Ordinary Shares 8,657,673 8,657,673 81.6 7,256 88.1 7,630
'A' Shares 12,986,507 12,986,507 0.1 9 0.1 11
--------------------------------
81.7 7,265 88.2 7,641
The Directors allocate the assets and liabilities of the Company between the
Ordinary Shares and 'A' Shares such that each share class has sufficient net
assets to represent its dividend and return of capital rights.
As the Company has not issued any convertible shares or share options, there is
no dilutive net asset value per Ordinary Share or per 'A' Share. The Net Asset
Value per share disclosed therefore represents both the basic and diluted net
asset value per Ordinary Share and per 'A' Share.
4. Principal financial risks
As a VCT, the majority of the Company's assets are represented by financial
instruments which are held as part of the investment portfolio. In order to
ensure continued compliance with relevant VCT regulation and to be in a position
to deliver the long term capital growth, which is part of the Company's
investment objective, the Board is very much aware of the need to manage and
mitigate the risks associated with these financial instruments.
The management of these risks starts with the application of a clear investment
policy which has been developed by the Board who are experienced investment
professionals. Furthermore, the Board has appointed an experienced Investment
Manager to whom they have communicated the Company's investment objectives and
whose remuneration is linked to the achievement of those objectives. The
Investment Manager reports regularly to the Board on performance, and to
facilitate the direct Board involvement with key decisions, on whether or not to
invest, disinvest and the nature, terms and the security of investments being
made.
In assessing the risk profile of its investment portfolio, the Board has
identified two principal classes of financial instruments. All investments are
"fair value through the profit and loss account".
In addition to its investment portfolio, the VCT maintains a cash position. Cash
is mainly held by Bank of Scotland plc and Royal Bank of Scotland plc. The
Directors consider that the risk profile associated with cash deposits is low
and thus the carrying value in the financial statements is a close approximation
of the fair value.
The Board has reviewed the Company's financial risk profile. Despite the fact
that there has been a clear deterioration in the economic climate followed by a
limited recovery, the Board has concluded that, as a result of the manner in
which the Company structures its investments so as to try to reduce downside
risk, the Company's exposure to financial risk has not changed significantly
since the previous year.
The main risks arising from the Company's financial instruments are interest
rate, market risk and credit risk. The Board reviews and agrees policies for
managing each of these risks and they are summarised below. These policies have
remained unchanged since the beginning of the financial year. A review of the
specific financial risks faced by the Company is presented below.
Market risk
Market risk arises from uncertainty about fair values or future cash flows of
financial instruments because of changes in market prices. This is a fundamental
aspect of investing in unquoted companies and one which is regularly assessed by
the Board and the Investment Manager.
Market price risk
The Company has no holdings in any listed or quoted equities at the year end. As
such it has no direct exposure to substantial movements experienced by stock
markets. The Company generally structures its investments such that the
majority of any losses are initially borne by its investment partners. Therefore
the Company has reduced its exposure to a fall in the value of the businesses in
which it invests and any underlying assets held by those businesses, such that
it has a charge over substantial assets of the underlying business. The
sensitivity of the investments to a 10% increase or decrease in valuation would
be an increase or decrease in total return of GBP691,000 (2009: GBP691,000) and an
increase or decrease in net asset value of the same amount or 10% (2009: 9%).
FRS 29 requires the Directors to consider the impact of changing one or more of
the inputs used as part of the valuation process to reasonable possible
alternative assumptions. After due consideration the Directors believe that any
such changes to assumptions would broadly follow the valuations as set out in
these accounts.
Interest rate risk
The Company's investment portfolio is comprised of variable rate, floating rate
and fixed rate financial instruments, the fair values of which are influenced by
differing degrees to changes in market price. Generally, unless the risk
profile attaching to the loan note changes, the fair value of variable and
floating rate investments is unlikely to alter materially. The fair value of
fixed rate investments generally decreases as base rates increase. However, as
a result of the structuring of the Company's investments, the fixed rate
investments (loan notes) have strict redemption and transferability conditions
and, therefore, movements in interest rates do not change the fair value of
these investments.
The Company's future cash flows can be influenced by changes in interest rates
resulting in an increase or decrease in income from investments linked to the
base rate, and by the credit worthiness of the borrowers of the funds. The
maximum exposure to this risk amounts to the value of floating rate assets of
GBP0.3 million (2009: GBP0.8 million). Sensitivity has been tested by assessing the
impact on the NAV over a one year period of a fall in the base rate to nil,
being the largest possible fall and also an increase in the base rate to 4.0%.
The estimated impact on performance and NAV is not deemed significant.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument is
unable to discharge a commitment to the Company made under that instrument.
Investments in loan stocks comprise a fundamental part of the Company's venture
capital investments and are managed within the main investment management
procedures. The Company's policy is to invest in businesses with substantial
assets, with security being taken over the assets of the business, for most
investments.
Cash is mainly held by Bank of Scotland plc, consequently the Directors consider
that the risk profile associated with cash deposits is low.
Interest, dividends and other receivables are predominantly covered within the
investment management procedures.
Liquidity risk
Liquidity risk is the risk that the Company encounters difficulties in meeting
obligations associated with its financial liabilities. As the Company only ever
has a very low level of creditors being GBP70,000 (2009: GBP167,000), holds
significant cash balances and no borrowings, the Board believes that the
Company's exposure to liquidity risk is low.
5. Related party transactions
Downing Managers 9 Limited ("DM9"), a wholly owned subsidiary, is the Company's
Investment Manager. During the year ended 31 December 2010, GBP92,000 (2009:
GBP108,000) was payable to DM9. Additionally, DM9 provides accounting, secretarial
and administrative services for an annual fee of GBP40,000 (plus VAT and RPI) per
annum. During the year ended 31 December 2010, GBP41,000 (2009: GBP40,000) was due
in respect of administration fees. At the year end a balance of GBP27,000 (2009:
GBP37,000) was due to DM9.
ANNOUNCEMENT BASED ON AUDITED ACCOUNTS
The financial information set out in this announcement does not constitute the
Company's statutory financial statements in accordance with section 434
Companies Act 2006 for the year ended 31 December 2010, but has been extracted
from the statutory financial statements for the year ended 31 December 2010,
which were approved by the Board of Directors on 18 April 2011 and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting. The Independent Auditor's Report on those financial statements was
unqualified and did not contain any emphasis of matter nor statements under s
498(2) and (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 December 2009 have been delivered
to the Registrar of Companies and received an Independent Auditors report which
was unqualified and did not contain any emphasis of matter nor statements under
s 498(2) and (3) of the Companies Act 2006.
A copy of the full annual report and financial statements for the year ended 31
December 2010 will be printed and posted to shareholders shortly. Copies will
also be available to the public at the registered office of the Company at 10
Lower Grosvenor Place, London, SW1W 0EN and will be available for download from
www.downing.co.uk.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DOWNING PLANNED EXIT VCT 9 PLC via Thomson Reuters ONE
[HUG#1507464]
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