Puma High Inc VCT Puma High Income VCT PLC : Interim Results
31 Agosto 2012 - 3:03AM
UK Regulatory
TIDMPMH
Interim Results for the six months ended 30 June 2012
Highlights
* Qualifying investments made into:
* a project management and contracting activity building pre-let supported
living developments
* a hosting service for the new Microsoft Lync product
* two service companies
* Non-qualifying portfolio has been repositioned into fixed income
* 14p per Ordinary Share of dividends paid to date, equivalent to a 10% per
annum tax-free running yield on net investment
* NAV per share grew 0.26 per cent in the period, after adding back the 7p per
share dividend paid on 5 March 2012
Ray Pierce, Chairman, said:
"During the period, the Investment Manager has made some interesting qualifying
investments and also met a number of other companies which are potentially
suitable for investment. As a result, there is a good flow of opportunities
which may lead to further attractive investments."
Chairman's Statement
Introduction
During the six months to 30 June 2012, the Company maintained a cautious
approach in its investments whilst remaining well positioned to exploit the
opportunities which are arising as a result of tight credit markets.
Qualifying Investments
During the period, the Company invested GBP880,000 into each of two contracting
companies, Frederica Trading Limited ("Frederica") and Glenmoor Trading Limited
("Glenmoor"), committing GBP1.76 million in total. These two companies have
joined a limited liability partnership with other contracting companies, which
is project managing and acting as a lead contractor for up to five pre-let
developments providing supported living, which will use GBP5.4 million in total of
finance from Puma VCTs. The accommodation will be used by psychiatric and
learning disabled people who are housed and given support by local authorities
and other social care organisations. The five projects to be built in various
towns are being constructed by a subsidiary of Morgan Sindall Plc, which is also
investing in the developments.
The Company invested GBP700,000 (as part of a GBP1.4 million Puma VCT financing)
into SIP Communications Plc ("SIPCOM"). SIPCOM provides hosted IP telephony and
unified communications products and services and is a leading hosting provider
for Microsoft Lync - a new business version of Skype with many enhanced features
allowing IP telephony, video calls, instant messaging, and online meetings and
integrating with Microsoft Outlook and Office.
Our investment in Mirfield Contracting Limited ("MCL") is progressing well as
indicated in the Company's latest Annual Report. MCL is a contracting services
company providing project management services to a GBP3.8 million development of
town houses in Mirfield (near Wakefield) West Yorkshire, as a member of a
limited liability partnership with other contracting companies. The development
itself is progressing well with the first of three phases almost complete and
over half of phase one houses sold.
The Company also invested GBP2 million into Huntly Trading Limited and Isaacs
Trading Limited, two qualifying services companies which are actively pursuing
opportunities to develop their businesses. We will update you on the progress of
these investments in due course. The investment manager has continued to review
a number of other suitable qualifying investments and expects to make further
qualifying investments in the second half of the year to ensure the Company is
on course to meet its HMRC qualifying target.
Non-Qualifying Investments
During the six months, the Investment Manager made several changes to the non-
qualifying portfolio to re-position it to current conditions in securities
markets. They disposed of holdings in five absolute return funds and liquidated
one other whose proceeds were received after the balance sheet date. The
remaining holdings are now almost entirely bond funds, which made a good
contribution (both income and capital) to return over the six months' period.
Dividends
As set out in the accounts for the period ended 31 December 2011, the Company
declared a dividend of 7p per ordinary share for that period which was paid on
5 March 2012, taking the total of dividends paid to date to 14p per Ordinary
Share, equivalent to a 10% per annum tax-free running yield on the net
investment by shareholders. Reflecting this recent payout, your Board is not
proposing a further dividend at this interim stage but still intends to pay out
a dividend of 7p per ordinary share each year as envisaged in the Company's
prospectus.
Net Asset Value ("NAV")
The NAV per share was 79.18p at 30 June 2012. This was an increase of 0.26 per
cent during the period (after adding back the 7p dividend paid on 5 March 2012).
VCT Qualifying Status
PricewaterhouseCoopers LLP ("PwC") provides the board and the investment manager
with advice on the ongoing compliance with Her Majesty's Revenue & Customs
("HMRC") rules and regulations concerning VCTs. PwC assists the Investment
Manager in establishing the status of investments as qualifying holdings and has
reported that the Company has met all HMRC's criteria to date.
Principal risks and uncertainties
Continuing uncertainty whilst the Eurozone continues to be in crisis and the UK
economy remains in recessionary conditions has meant that markets remain
turbulent. The consequences of this continued volatility and its affect on the
Company's investment portfolio constitute the principal risk and uncertainty for
the Company in the second half of 2012.
Outlook
During the period, the Investment Manager has made some interesting qualifying
investments and also met a number of other companies which are potentially
suitable for investment. As a result, there is a good flow of opportunities
which may lead to further attractive investments and we will update you in due
course as investments are completed. The restrictions on availability of bank
credit continue to affect the terms on which target companies can raise finance.
This is both increasing the demand for our offering and improving the terms we
can secure when we offer finance. There are many suitable companies which are
well-managed, in good market positions, can offer security and need our finance.
We therefore believe the Company is strongly positioned to assemble a portfolio
to deliver attractive returns to shareholders in the medium to long term.
Ray Pierce
Chairman
31 August 2012
Income Statement (unaudited)
For the six months ended 30 June 2012
Six months ended | Six months ended | Year ended
30 June 2012 | 30 June 2011 | 31 December 2011
| |
Note Revenue Capital Total|Revenue Capital Total|Revenue Capital Total
| |
GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000
| |
(Loss)/gain | |
on | |
investments - 124 124| - 69 69| - (376) (376)
| |
Income 122 - 122| 149 - 149| 222 - 222
| |
| |
----------------------+---------------------+-----------------------
122 124 246| 149 69 218| 222 (376) (154)
----------------------+---------------------+-----------------------
| |
| |
Investment | |
management | |
fees 4 (31) (92) (123)| (29) (88) (117)| (54) (163) (217)
| |
Performance | |
fees - - -| - - -| - - -
| |
Other | |
expenses (88) - (88)| (84) - (84)| (173) - (173)
| |
| |
----------------------+---------------------+-----------------------
(119) (92) (211)| (113) (88) (201)| (227) (163) (390)
----------------------+---------------------+-----------------------
| |
| |
Return/(loss) | |
on ordinary | |
activities | |
before | |
taxation 3 32 35| 36 (19) 17| (5) (539) (544)
| |
Tax on return | |
on ordinary | |
activities - - -| (5) 5 -| - - -
| |
| |
----------------------+---------------------+-----------------------
Return/(loss) | |
on ordinary | |
activities | |
after tax | |
attributable | |
to equity | |
shareholders 3 32 35| 31 (14) 17| (5) (539) (544)
----------------------+---------------------+-----------------------
| |
| |
Basic and | |
diluted | |
| |
Return/(loss) | |
per Ordinary | |
Share (pence) 2 0.02p 0.23p 0.26p| 0.23p (0.11p) 0.12p|(0.04p) (3.94p) (3.98p)
----------------------+---------------------+-----------------------
The revenue column of this statement is the profit and loss of the Company. All
revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
Balance Sheet (unaudited)
As at 30 June 2012
As at As at As at
Note 30 June 2012 30 June 2011 31 December 2011
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 7 7,646 10,807 7,608
-------------------------------------------
Current Assets
Debtors 47 62 17
Cash 3,250 1,552 4,243
-------------------------------------------
3,297 1,614 4,260
Creditors - amounts falling due
within one year (117) (112) (120)
-------------------------------------------
Net Current Assets 3,180 1,502 4,140
-------------------------------------------
Total Assets less Current
Liabilities 10,826 12,309 11,748
Creditors - amounts falling due
after more than one year
(including convertible debt) (1) (1) (1)
-------------------------------------------
Net Assets 10,825 12,308 11,747
-------------------------------------------
Capital and Reserves
Called up share capital 137 137 137
Share premium account - - -
Capital reserve - realised (741) (207) (584)
Capital reserve - unrealised 139 101 (50)
Other reserve - - -
Revenue reserve 11,290 12,277 12,244
-------------------------------------------
Equity Shareholders' Funds 10,825 12,308 11,747
-------------------------------------------
Net Asset Value per Ordinary 3
Share 79.18p 90.02p 85.92p
-------------------------------------------
Diluted Net Asset Value per 3
Ordinary Share 79.18p 90.02p 85.92p
-------------------------------------------
Cash Flow Statement (unaudited)
For the six months ended 30 June 2012
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
GBP'000 GBP'000 GBP'000
Operating activities
Interest income received 66 146 246
Dividend income received - - -
Investment management fees
paid (103) (128) (226)
Directors' fees paid (29) (24) (59)
Other cash payments (54) (59) (91)
---------------------------------------------------
Net cash inflow/(outflow)
from operating activities (120) (65) (130)
---------------------------------------------------
---------------------------------------------------
Corporation tax paid - - -
---------------------------------------------------
Capital expenditure and
financial investment
Purchase of investments (4,720) (1,920) (4,577)
Proceeds from sale of
investments 4,807 2,143 7,546
Net realised loss on forward
foreign exchange contracts - (21) (2)
Transaction costs (3) (2) (11)
---------------------------------------------------
Net cash outflow from capital
expenditure and financial
investment 84 200 2,956
---------------------------------------------------
---------------------------------------------------
Equity dividend paid (957) (957) (957)
---------------------------------------------------
Financing
Redemption of redeemable
preference shares - - -
---------------------------------------------------
Net cash outflow from
financing - - -
---------------------------------------------------
Decrease in cash (993) (822) 1,869
Net cash at start of the
period 4,243 2,374 2,374
---------------------------------------------------
Net funds at the period end 3,250 1,552 4,243
---------------------------------------------------
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the six months ended 30 June 2012
Called Share Capital Capital
up share premium reserve - reserve - Other Revenue
capital account realised unrealised reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 January 2011 137 13,264 (110) 17 - (58) 13,250
Capital
reconstruction - (13,264) - - - 13,264 -
Total
recognised
(losses)/gains
for the period - - (97) 84 - 30 17
Dividends paid - - - - - (957) (957)
-----------------------------------------------------------------
Balance as at
30 June 2011 137 - (207) 101 - 12,279 12,310
Total
recognised
(losses)/gains
for the period - - (377) (151) - (35) (563)
Dividends paid - - - - - -
-----------------------------------------------------------------
Balance as at
31 December
2011 137 - (584) (50) - 12,244 11,747
Total
recognised
(losses)/gains
for the period - - (157) 189 - 3 35
Dividends paid - - - - - (957) (957)
-----------------------------------------------------------------
Balance as at
30 June 2012 137 - (741) 139 - 11,290 10,825
-----------------------------------------------------------------
Notes to the Interim Report
For the six months ended 30 June 2012
1. Accounting Policies
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset investments, and
in accordance with applicable Accounting Standards and with the Statement of
Recommended Practice, "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" ("SORP").
2. Return per Ordinary Share
The total gain per share of 0.26p (30 June 2011 - gain per share of 0.12p) is
based on the gain for the period of GBP35,000 (30 June 2011 - gain of GBP17,000) and
the weighted average number of shares in issue as at 30 June 2012 of 13,671,870
(30 June 2011 - 13,671,870).
3. Net asset value per share
As at As at As at
30 June 2012 30 June 2011 31 December 2011
Net assets 10,825,000 12,308,000 11,747,000
Shares in issue 13,671,870 13,671,870 13,671,870
Net asset value per share
Basic 79.18p 90.02p 85.92p
Diluted 79.18p 90.02p 85.92p
4. Management fees
The Company pays the Investment Manager an annual management fee of 2% of the
Company's net assets. The fee is payable quarterly in arrears. The annual
management fee is allocated 75% to capital and 25% to revenue.
5. Related Party Transactions
Related party transactions are described in the 2011 Annual Report and Accounts
on page 34. There were no other related party transactions during the six months
ended 30 June 2012.
6. The financial information for the six months ended 30 June 2012 and
30 June 2011 has not been audited and does not comprise full financial
statements within the meaning of Section 423 of the Companies Act 2006. The
financial information for the Year ended 31 December 2011 has been extracted
from the company's full financial statements for the period then ended that have
been delivered to the Registrar of Companies, and on which the report of the
Auditors was unqualified. The interim financial statements have been prepared on
the same basis as the annual financial statements.
Notes to the Interim Report continued
For the six months ended 30 June 2012
7. Investment portfolio summary
Valuation as a % of
Valuation Cost Gain/(loss) Net Assets
GBP'000 GBP'000 GBP'000
As at 30 June 2012
Qualifying Investment -
Unquoted
Frederica Trading Limited 880 880 - 8%
Glenmoor Trading Limited 880 880 - 8%
Huntly Trading Limited 700 700 - 6%
Isaacs Trading Limited 700 700 - 6%
Mirfield Contracting Limited 860 860 - 8%
SIP Communications plc 700 700 - 6%
----------------------------------------------------
Total Qualifying Investments 4,720 4,720 - 42%
----------------------------------------------------
Non-Qualifying Investments
Jupiter Strategic Bond Fund 784 758 26 7%
Neuberger Berman High Yield
Fund 243 235 8 2%
Pimco Global Investors
Hedged Income Fund 632 613 19 6%
Blackrock UK Emerging
Companies Fund 622 591 31 6%
Bluebay Macro Fund 645 600 45 6%
----------------------------------------------------
Total Non-Qualifying
investments 2,926 2,797 129 27%
----------------------------------------------------
Total Investments 7,646 7,517 129 69%
Balance of Portfolio 3,179 3,179 31%
----------------------------------------------------
Net Assets 10,825 10,696 129 100%
----------------------------------------------------
Copies of this Interim Statement will be posted to shareholders in due course
and made available on the website:
http://shorecap.gg/investor-relations/announcements/2012
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: Puma High Income VCT PLC via Thomson Reuters ONE
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