TIDMPUM9
RNS Number : 8054M
Puma VCT 9 PLC
30 August 2013
For the period ended 30 June 2013
Chairman's Statement
Introduction
I am pleased to present the first interim report for Puma VCT 9
plc (the 'Company') for the period to 30 June 2013. The Board
welcomes its new shareholders and thanks them for their
investment.
The Company was incorporated and launched its Prospectus in
October 2012. The offer closed in May 2013, raising GBP28.1
million, making it the largest single-company VCT fundraise in the
2012/2013 tax year. The Investment Manager, Puma Investments, now
has approximately GBP65 million of VCT money under management in
this and other Puma VCTs and a well established, experienced VCT
team to manage the Company's deal flow.
Investments
The period under review includes only a short time following
completion of the fundraising. However, I am pleased to report that
during the period, the Company completed its first investment, a
GBP700,000 non-qualifying loan to Churchill Homes Limited, a
longstanding Aberdeenshire developer, towards the funding of the
construction of a private detached housing development in the
countryside outside Aberdeen.
Since the period end, the Company has made two further
investments. Alongside other Puma VCTs, the Company invested
GBP350,000 into Saville Services Limited, a contracting company,
which is providing contracting services over a series of projects
including the development of up to 20 apartments for supported
living for psychiatric and learning disabled service users in
Grimsby, North East Lincolnshire. The Company also made a further
non-qualifying loan of GBP190,610 to provide a facility to HB
Community Solutions 2 Limited for its general working capital.
Given the recent volatility in the financial markets, since the
close of the Offer, the larger part of the net proceeds has been
placed on deposit whilst other opportunities (both qualifying and
non-qualifying) are identified.
The Investment Manager is in legal process with a number of
suitable qualifying investments and expects to begin making such
investments in the second half of the year, discussed further in
the Outlook section.
Net Asset Value ('NAV')
The NAV per share was 94.48p at 30 June 2013. This initial NAV
per share primarily reflects the initial funds raised less the
costs of flotation.
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
Although the economy in the UK is showing signs of improvement,
it remains fragile. The consequences of this for the Company's
investment portfolio constitute the principal risk and uncertainty
for the Company in the second half of 2013.
Outlook
The Investment Manager has a pipeline in legal process and many
companies which are suitable for investment. There is therefore a
strong flow of further opportunities likely to lead to suitable
investments. The restrictions on availability of bank credit
continue to affect the terms on which target companies can raise
finance. This should both increase the demand for our offering and
improve the terms we can secure. There are many suitable companies
which are well-managed, in good market positions, which need our
finance and can offer good security. We therefore believe the
Company is strongly positioned to assemble a portfolio to deliver
attractive returns to shareholders in the medium to long term.
Egmont Kock
Chairman
30 August 2013
Income Statement (unaudited)
For the period ended 30 June 2013
Period months ended
30 June 2013
Note Revenue Capital Total
GBP'000 GBP'000 GBP'000
Income 31 - 31
31 - 31
-------- -------- --------
Investment management
fees 4 (40) (120) (160)
Performance fees - - -
Other expenses (116) - (116)
(156) (120) (276)
-------- -------- --------
Loss on ordinary
activities before
taxation (125) (120) (245)
Tax on return
on ordinary activities - - -
Loss on ordinary
activities after
tax attributable
to equity shareholders (125) (120) (245)
======== ======== ========
Basic and diluted
Loss per Ordinary
Share (pence) 2 (0.44p) (0.42p) (0.86p)
======== ======== ========
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 2013
As at
30 June
Note 2013
GBP'000
Fixed Assets
Investments 7 700
---------
Current Assets
Debtors 30
Cash 26,116
---------
26,146
Creditors - amounts
falling due within one
year (62)
Net Current Assets 26,084
---------
Total Assets less Current
Liabilities 26,784
Creditors - amounts
falling due after more
than one year (including
convertible debt) (1)
Net Assets 26,783
=========
Capital and Reserves
Called up share capital 283
Share premium account 26,745
Capital reserve - realised (120)
Revenue reserve (125)
Equity Shareholders'
Funds 26,783
=========
Net Asset Value per
Ordinary Share 3 94.48p
=========
Diluted Net Asset Value
per Ordinary Share 3 94.48p
=========
Cash Flow Statement (unaudited)
For the period ended 30 June 2013
Period
months
ended
30 June
2013
GBP'000
Operating activities
Loss on ordinary activities
before tax (245)
Increase in debtors (30)
Increase in creditors 62
Net cash outflow from
operating activities (213)
---------
Corporation tax paid -
---------
Capital expenditure and
financial investment
Purchase of investments (700)
Net cash outflow from
capital expenditure and
financial investment (700)
---------
Equity dividend paid
---------
Financing
Proceeds received from
issue of ordinary share
capital 28,346
Expenses paid for issue
of share capital (1,318)
Proceeds received from
issue of redeemable preference
shares -
Proceeds received from
convertible loan notes 1
Net cash inflow from
financing 27,029
---------
Increase in cash 26,116
Net cash at start of
the period -
Net funds at the period
end 26,116
=========
Reconciliation of Movements in Shareholders' Funds
(unaudited)
For the period ended 30 June 2013
Called
up Share Capital Capital
share premium reserve reserve Revenue
capital account - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Shares issued
in the period 283 28,063 - - - 28,346
Expense of share
issue - (1,318) - - - (1,318)
Total recognised
(losses)/gains
for the period (120) - (125) (245)
Dividends paid - - - - - -
Balance as at
30 June 2013 283 26,745 (120) - (125) 26,783
========= ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 30 June 2013
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 0.86p is based on the loss for the
period of GBP245,000 and the weighted average number of shares in
issue as at 30 June 2013 of 28,346,921 calculated from the date of
the first receipt of proceeds from the issue of ordinary share
capital.
3. Net asset value per share
As at
30 June
2013
Net assets 26,783,000
Shares in
issue 28,346,921
Net asset
value per
share
Basic 94.48p
Diluted 94.48p
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
The Company has appointed Puma Investment Management Limited to
provide investment management services. During the period
GBP160,000 was due in respect of investment management fees.
The Company has appointed Shore Capital Fund Administration
Services Limited, a related company to Puma Investment Management
Limited, to provide accounting, secretarial and administrative
services. During the period GBP28,000 was due in respect of fund
administration fees.
6. The financial information for the period ended 30 June 2013
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 2013
7. Investment portfolio summary
Valuation
as a %
of Net
Valuation Cost Gain/(loss) Assets
GBP'000 GBP'000 GBP'000
As at 30 June 2013
Qualifying Investment
- Unquoted
Total Qualifying
Investments - - - 0%
---------- -------- ------------ ----------
Non-Qualifying
Investments
Churchill Homes(1) 700 700 - 3%
Total Non-Qualifying
investments 700 700 - 3%
---------- -------- ------------ ----------
Total Investments 700 700 3%
Balance of Portfolio 26,083 26,083 97%
Net Assets 26,783 26,783 - 100%
---------- -------- ------------ ----------
1. Via a loan to Latimer Lending Limited
Copies of this Interim Statement will be posted to shareholders
in due course and made available on the website:
http://www.shorecap.gg/alternative-asset-management/puma-vcts/information
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR NKCDPABKDNFB
Blitzen Sec.62a (LSE:PUM9)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Blitzen Sec.62a (LSE:PUM9)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
