Puma VCT VII PLC PUMA VCT VII PLC : Interim Results
31 Agosto 2012 - 3:03AM
UK Regulatory
TIDMPUMA
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
* NAV per share grew 0.14 per cent in the period, after adding back the 5p per
share dividend paid in 5 March 2012
David Buchler, 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 GBP1.76m 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 GBP5.4m 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.
The Company also invested GBP2 million into Huntly Trading Limited and Jephcote
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 three absolute funds and liquidated three
others whose proceeds were received shortly 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 5p per ordinary share for that period which was paid on
5 March 2012. 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 5p per ordinary share each year as envisaged in the Company's prospectus.
Net Asset Value ("NAV")
The NAV per share was 85.71p at 30 June 2012. This was an increase of 0.14 per
cent during the period (after adding back the 5p 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.
David Buchler
Chairman
31 August 2012
Income Statement (unaudited)
For the period ended 30 June 2012
Six months ended| Six months ended | 30 September 2010 to
30 June 2012| 30 June 2011 | 31 December 2011
| |
| |
Revenue Capital Total|Revenue Capital Total|Revenue Capital Total
Note GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000
| |
| |
Gains/(Loss) | |
on | |
investments - 119 119| - 21 21| - (439) (439)
| |
Income 90 - 90| 31 - 31| 146 - 146
| |
| |
| |
90 119 209| 31 21 51| 146 (439) (293)
| |
| |
| |
| |
| |
Investment | |
management | |
fees 4 27 80 107| 17 51 68| 48 144 192
| |
Other | |
expenses 83 - 83 | 54 - 54| 153 - 153
| |
| |
| |
110 80 190| 71 51 122| 201 144 345
| |
| |
| |
Return/(loss) | |
on ordinary | |
activities | |
before | |
taxation (20) 39 19| (40) (30) (70)| (55) (583) (638)
| |
Tax on return | |
on ordinary | |
activities 4 (4) -| - - - | - - -
| |
| |
| |
Return/(loss) | |
on ordinary | |
activities | |
after tax | |
attributable | |
to | |
equity | |
shareholders (16) 35 19| (40) (30) (70)| (55) (583) (638)
| |
| |
| |
Basic and | |
diluted | |
| |
Return/(loss) | |
per Ordinary | |
Share (pence) 2 (0.12)p 0.26p 0.14p|(0.30)p (0.22)p (0.52)p|(0.46)p (4.86)p (5.32)p
| |
| |
| |
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
30 June 2012 30 June 2011 31 December 2011
Note GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 7 8,941 5,237 6,729
Current Assets
Debtors 27 11 14
Cash at bank and in hand 2,715 7,920 5,608
2,742 7,931 5,622
Creditors - amounts
falling due within one
year (103) (377) (115)
Net Current Assets 2,639 7,554 5,507
Total Assets less Current
Liabilities 11,580 12,791 12,236
Creditors - amounts
falling due after more
than one year
(including convertible
debt) (1) (1) (1)
Net Assets 11,579 12,790 12,235
Capital and Reserves
Called up share capital 135 135 135
Share premium account - 12,725 -
Capital reserve - realised (403) (54) (405)
Capital reserve -
unrealised (145) 24 (178)
Other reserve - - -
Revenue reserve 11,992 (40) 12,683
Equity Shareholders' Funds 11,579 12,790 12,235
Net Asset Value per
Ordinary Share 3 85.71p 94.68p 90.57p
Diluted Net Asset Value
per Ordinary Share 3 85.71p 94.68p 90.57p
Cash Flow Statement (unaudited)
For the period ended 30 June 2012
Six months Period ended
ended Six months ended 30 31 December
30 June 2012 June 2011 2011
GBP'000 GBP'000 GBP'000
Operating activities
Interest income received 63 19 132
Investment management fees (130)
paid (48) -
Directors fees paid (28) (12) (45)
Other expenses paid (110) (6) (54)
Net cash inflow/(outflow)
from operating activities (123) 1 (97)
Capital expenditure and
financial investment
Purchase of investments (4,523) (5,212) (10,326)
Proceeds from sale of - 3,168
investments 2,430
Net realized gain on forward - -
foreign exchange contracts -
Acquisition costs (2) (4) (10)
Net cash outflow from capital
expenditure and financial
investment (2,095) (5,216) (7,168)
Equity dividend paid (675) - -
Financing
Proceeds received from issue - 13,135 13,135
of ordinary share capital
Expenses paid for issue of - - (263)
share capital
Proceeds received from issue -
of redeemable preference
shares - 13
Redemption of redeemable -
preference shares - (13)
Proceeds received from -
convertible loan notes - 1
Net cash outflow from - 13,135
financing 12,873
Outflow/inflow in the period (2,893) 7,920 5,608
Reconciliation of net cash
flow to movement in net funds
Decrease/increase in cash 7,920 5,608
for the period (2,893)
Net cash at start of the - -
period 5,608
Net funds at the period end 2,715 7,920 5,608
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period ended 30 June 2012
Called
up Share Capital Capital
share premium reserve- reserve- Other Revenue
capital account realised unrealised reserve reserve Total
GBP'000 GBP'00 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 June 2012
Balance at 1
January 2012 135 - (405) (178) - 12,683 12,235
Total
recognised
(losses)/gains
for the period - - 2 33 - (16) 19
Dividends paid - - - - - (675) (675)
-----------------------------------------------------------------
Balance at 30
June 2012 135 - (403) (145) - 11,992 11,579
-----------------------------------------------------------------
Six months ended 30 June 2011
Share issues in 12,987
the period 135 - - - - 13,122
Expenses of
share issues - (262) - - - - (262)
Total
recognised
losses for the
period - - (54) 24 - (40) (70)
-----------------------------------------------------------------
Balance at 30
June 2011 135 12,725 (54) 24 - (40) 12,790
-----------------------------------------------------------------
For the period ended 31 December 2011
Share issues in
the period 135 13,374 - - - - 13,509
Expenses of
share issues - (636) - - - - (636)
Capital 12,738
reconstruction - (12,738) - - - -
Return after
taxation
attributable to
equity
shareholders (405) (178) - (55) (638)
-----------------------------------------------------------------
At 31 December
2011 135 - (405) (178) - 12,683 12,235
-----------------------------------------------------------------
Notes to the Interim Report
For the period 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 0.14p is based on the gain for the period of GBP19,000
and the weighted average number of shares in issue as at 30 June 2012 of
13,508,925 calculated from the date of the first receipt of proceeds from the
issue of ordinary share capital.
3. Net asset value per share
+--------------+-------------+-----------------+---------------------------+
| | | | Net Asset Value per share |
| +-------------+-----------------+--------+------------------+
| Period | Net assets | Shares in issue | Basic | Diluted |
+--------------+-------------+-----------------+--------+------------------+
| 30 June 2012 | GBP11,579,000 | 13,508,925 | 85.71p | 85.71p |
+--------------+-------------+-----------------+--------+------------------+
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 period ended 30 June 2012 has not
been audited and does not comprise full financial statements within the meaning
of Section 423 of the Companies Act 2006. The interim financial statements have
been prepared on the same basis as will be used to prepare the annual financial
statements.
Notes to the Interim Report continued
For the period ended 30 June 2012
7. Investment portfolio summary
Valuation Cost Gain/ Valuation as a % of Net
As at 30 June 2012 GBP'000 GBP'000 (loss) Assets
Qualifying Investment -
Unquoted
Frederica Trading Limited 880 880 - 8%
Glenmoor Trading Limited 880 880 - 8%
HuntlyTrading Limited 1,000 1,000 - 9%
Jephcote Trading Limited 1,000 1,000 - 9%
SIPCOM Limited 700 700 - 6%
-------------------------------------------------
Total Qualifying Investments 4,460 4,460 - 40%
Non-Qualifying Investments
BH Global 403 419 (16) 3%
BlueBay Macro Fund 565 564 1 5%
Blackrock UK Emerging Cos
Hedge Fund Limited 611 600 11 5%
iShares iBoxx Corporate
Bonds 505 483 22 4%
iShares iBoxx Non Financial 817 798 19 7%
Jupiter Strategic Bond Fund 803 781 22 7%
Neuberger Berman High Yield 124 120 4 1%
Pimco Global Investors
Diversified Income Fund 653 635 19 6%
-------------------------------------------------
Total Non-Qualifying
investments 4,481 4,400 81 38%
-------------------------------------------------
Total Investments 8,941 8,860 81 78%
Balance of Portfolio 2,638 2,637 22%
-------------------------------------------------
Net Assets 11,579 11,497 81 100%
-------------------------------------------------
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 VCT VII PLC via Thomson Reuters ONE
[HUG#1637649]
Puma Brandenburg (LSE:PUMA)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Puma Brandenburg (LSE:PUMA)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
