Puma VCT V plc PUMA VCT V PLC : Interim Management Statement
29 Outubro 2012 - 8:20AM
UK Regulatory
TIDMPUME
Chairman's Statement
Highlights
* Top performing limited life VCT of its peer group
* 16p per ordinary share of dividends paid during the period
* Undiluted net asset value per share including dividends to date of 104.75p
* Fully diluted net asset value including dividends to date of 103.80p
Introduction
During the six months to 31 August 2012, the Company made significant
distributions to shareholders as the Investment Manager has continued to pursue
the cautious approach which has protected the Company from the difficult and
volatile financial market conditions we have faced since 2008. The Company has
remained selective in its investments as the economic outlook continues to be
uncertain but far from positive. Cumulative dividends paid to date total 19p
per ordinary share as your Board continues to pursue its mandate of returning
capital to investors.
Qualifying investments
As indicated in the Company's latest Annual Report, the Company successfully
realised its investment in Forward Internet Group Limited (formerly Traffic
Broker Limited) ("Forward"), a London based internet search engine specialist in
which the Company invested GBP1 million, during the period. Forward has enjoyed
very impressive growth during the period of the Company's investment, which
generated an IRR of 7.1%. for the Company, and we are pleased that the Company
was able to assist in the development of this exciting business.
Our investment in Alyth Trading Limited ("Alyth") is progressing well as
indicated in the Company's latest Annual Report. Alyth 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 more than half of phase one houses sold.
The Company previously invested GBP940,000 into each of two contracting companies,
Dunkeld Trading Limited and Elgin Trading Limited, committing GBP1.88m in total.
During the period, 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.
There are a number of other contracting services opportunities which are
currently being evaluated for the other trading companies in the portfolio. The
Investment Manager expects to see further contracts for services being awarded
or acquisitions being completed in the next six months.
Having achieved its 70% qualifying status, the Company is concentrating on due
diligence for current opportunities, on the monitoring of our existing
investments, and considering the options for exits.
Non-qualifying investments
As indicated in the Company's latest Annual Report, the Investment Manager was
reducing the non-qualifying portfolio in line with the life of the Company and
to reflect current conditions in securities markets. Holdings in the Puma
Absolute Return Fund and Bluebay Macro fund were disposed of during the period.
The Company's remaining non-qualifying holdings are in the Blackrock UK Emerging
Companies Fund, a long short small/mid cap UK equities fund which has produced a
total return of 27.45% since the Company's investment, and in cash.
Net Asset Value ('NAV')
The net asset value remains significantly above the other VCTs in the Company's
peer group, despite the difficult economic conditions into which the Company was
launched. During the period, the Company's net asset value fell slightly by
0.3% (adding back dividends paid) to 104.75p.
Dividends
As set-out in the accounts for the period ended 29 February 2012, a dividend of
1p per ordinary share was declared during the period and paid on 15 August
2012. An interim dividend of 15p per ordinary share was declared and paid
during the period from the proceeds of the successful realisation of the
Company's investment in Forward. This brought cumulative dividends paid to date
of 19p per ordinary share. Your Board is not proposing a further dividend in
relation to this interim period but reiterates the intention to distribute a
large element of the available income and, if appropriate, realise capital gains
when possible.
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.
Life of fund
The Company was established with the intention that it would have a limited
life. The Prospectus stated that after five years the Board would propose a
resolution to shareholders for an orderly liquidation of the Company's assets.
The Board currently intends to propose this resolution within a year of this
report.
Outlook
During the period, the Investment Manager has seen its qualifying portfolio
companies enter into some attractive projects. Other opportunities for projects
which will deploy the remaining funds in qualifying companies are in process and
are expected to be concluded in the short term. The projects underway are
progressing well and should enable the Company to continue to perform over its
remaining life.
David Vaughan
Chairman
29 October 2012
Income Statement (unaudited)
For the six months ended 31 August 2012
Six months ended | Six months ended | Year ended
31 August 2012 | 31 August 2011 | 28 February 2012
| |
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 - 9 9| - (24) (24)| - (30) (30)
| |
Income 53 - 53| 103 - 103| 177 - 177
| |
| |
------------------------+-----------------------+-----------------------
53 9 62| 103 (24) 79| 177 (30) 147
------------------------+-----------------------+-----------------------
| |
| |
Investment | |
management | |
fees 4 (7) (21) (28)| (22) (66) (88)| (39) (117) (156)
| |
Performance | |
fees 5 - 5| (4) 17 13| 72 25 97
| |
Other | |
expenses (64) - (64)| (56) - (56)| (125) - (125)
| |
| |
------------------------+-----------------------+-----------------------
(66) (21) (87)| (82) (49) (131)| (92) (92) (184)
------------------------+-----------------------+-----------------------
| |
| |
Return/(loss) | |
on ordinary | |
activities | |
before | |
taxation (13) (12) (25)| 21 (73) (52)| 85 (122) (37)
| |
Tax on return | |
on ordinary | |
activities - - -| (5) 5 -| (2) 2 -
| |
| |
------------------------+-----------------------+-----------------------
Return/(loss) | |
on ordinary | |
activities | |
after tax | |
attributable | |
to equity | |
shareholders (13) (12) (25)| 16 (68) (52)| 83 (120) (37)
------------------------+-----------------------+-----------------------
| |
| |
| |
| |
Basic | |
return/(loss) | |
per Ordinary | |
Share (pence) 2 (0.17p) (0.16p) (0.33p)| 0.21p (0.91p) (0.70p)| 1.11p (1.60p) (0.49p)
| |
Diluted | |
return/(loss) | |
per Ordinary | |
Share (pence) 2 (0.24p) (0.16p) (0.40p)| 0.27p (1.14p) (0.87p)| 0.15p (1.94p) (1.79p)
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 31 August 2012
As at As at As at
Note 31 August 2012 31 August 2011 28 February 2012
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 7 5,070 7,249 6,714
-----------------------------------------------
Current Assets
Debtors 59 27 29
Cash 1,338 680 962
-----------------------------------------------
1,397 707 991
Creditors - amounts falling
due within one year (58) (253) (70)
-----------------------------------------------
Net Current Assets 1,339 454 921
-----------------------------------------------
Total Assets less Current
Liabilities 6,409 7,703 7,635
Creditors - amounts falling
due after more than one year
(including convertible debt) (1) (1) (1)
-----------------------------------------------
Net Assets 6,408 7,702 7,634
-----------------------------------------------
Capital and Reserves
Called up share capital 75 75 75
Share premium account - - -
Capital reserve - realised 157 99 124
Capital reserve - unrealised (22) 100 23
Other reserve 70 159 75
Revenue reserve 6,128 7,269 7,337
-----------------------------------------------
Equity Shareholders' Funds 6,408 7,702 7,634
-----------------------------------------------
Net Asset Value per Ordinary 3
Share 85.75p 103.07p 102.16p
-----------------------------------------------
Diluted Net Asset Value per 3
Ordinary Share 84.80p 101.86p 101.13p
-----------------------------------------------
Cash Flow Statement (unaudited)
For the six months ended 31 August 2012
Six months ended Six months ended Year ended
31 August 2012 31 August 2011 28 February 2012
GBP'000 GBP'000 GBP'000
Operating activities
Interest income received 23 239 156
Dividend income received - - 3
Investment management fees
paid (32) (82) (153)
Directors' fees paid (28) (17) (41)
Other cash payments (42) (54) (75)
----------------------------------------------------
Net cash inflow/(outflow)
from operating activities (79) 86 (110)
----------------------------------------------------
----------------------------------------------------
Corporation tax paid - - -
----------------------------------------------------
Capital expenditure and
financial investment
Proceeds from sale of
investments 1,652 - 529
Transaction costs (1) - (1)
----------------------------------------------------
Net cash outflow from
capital expenditure and
financial investment 1,651 - 528
----------------------------------------------------
----------------------------------------------------
Equity dividend paid (1,196) (75) (75)
----------------------------------------------------
Financing
Redemption of redeemable
preference shares - - (50)
----------------------------------------------------
Net cash outflow from
financing - - (50)
----------------------------------------------------
Decrease in cash 376 11 293
Net cash at start of the
period 962 669 669
----------------------------------------------------
Net funds at the period end 1,338 680 962
----------------------------------------------------
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the six months ended 31 August 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 March 2011 75 160 106 172 7,328 7,841
Total
recognised
(losses)/gains
for the period (61) (6) (13) 16 (64)
Dividends paid (75) (75)
-----------------------------------------------------------------
Balance as at
31 August 2011 75 - 99 100 159 7,269 7,702
Total
recognised
(losses)/gains
for the period 25 (77) (84) 68 (68)
-----------------------------------------------------------------
Balance as at
28 February
2012 75 - 124 23 75 7,337 7,634
Total
recognised
(losses)/gains
for the period - - 33 (45) (5) (13) (30)
Dividends paid - - - - - (1,196) (1,196)
-----------------------------------------------------------------
Balance as at
31 August 2012 75 - 157 (22) 70 6,128 6,408
-----------------------------------------------------------------
Notes to the Interim Report
For the six months ended 31 August 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 loss per share of 0.33p (31 August 2011 - loss per share of 0.70p) is
based on the loss for the period of GBP25,000 (31 August 2011 - loss of GBP52,000)
and the weighted average number of shares in issue as at 31 August 2011 of
7,472,812 (31 August 2011 - 7,472,812).
3. Net asset value per share
As at As at As at
31 August 2012 31 August 2011 28 February 2012
Net assets 6,408,000 7,702,000 7,634,000
Number of Ordinary Shares 7,472,812 7,472,812 7,472,812
Dilutive effect of performance
fee 84,126 88,834 75,888
-----------------------------------------------
7,556,938 7,561,646 7,548,700
-----------------------------------------------
Net asset value per share
Basic 85.75p 103.07p 102.16p
Diluted 84.80p 101.86p 101.13p
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 2012 Annual Report and Accounts
on page 35. There were no other related party transactions during the six months
ended 31 August 2012.
6. The financial information for the six months ended 31 August
2012 and 31 August 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 Period ended 28 February 2012 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 31 August 2012
7. Investment portfolio summary
Valuation as a % of Net
Valuation Cost Gain/(loss) Assets
GBP'000 GBP'000 GBP'000
As at 31 August 2012
Qualifying Investment -
Unquoted
Alyth Trading Ltd 940 940 - 15%
Benellen Trading Ltd 940 940 - 15%
Cawdor Trading Ltd 940 940 - 15%
Dunkeld Trading Ltd 940 940 - 15%
Elgin Trading Ltd 940 940 - 15%
-----------------------------------------------------
Total Qualifying
Investments 4,700 4,700 - 75%
-----------------------------------------------------
Non-Qualifying Investments
Blackrock UK Emerging Cos
Hedge Fund Limited (I60
class) 370 290 80 6%
-----------------------------------------------------
Total Non-Qualifying
investments 370 290 80 6%
-----------------------------------------------------
Total Investments 5,070 4,990 80 81%
Balance of Portfolio 1,338 1,338 19%
-----------------------------------------------------
Net Assets 6,408 6,328 80 100%
-----------------------------------------------------
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 V PLC via Thomson Reuters ONE
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