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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Downing Pro | LSE:DPV | London | Ordinary Share | GB00B0697094 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 89.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6477W Downing Protected VCT II PLC 15 May 2007 DOWNING PROTECTED VCT II PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 JANUARY 2007 CHAIRMAN'S STATEMENT I am pleased to present the Annual Report for Downing Protected VCT II plc for the year ended 31 January 2007, during which the Company has continued to make good progress investing its funds. Venture capital investments During the year, the Company made four new investments and three follow-on investments at a total cost of #3.5 million. There were also two disposals. As a result of a reorganisation within the pub management company, the investment in Tomahawk Pubs VCT Limited was sold for a small gain of #7,000. Also, #150,000 of the Company's loan stock investment in Heyford Homes (Weldon) Limited was redeemed at par as planned. At 31 January 2007, the Company held a portfolio of nine investments with a total cost of #5.9 million. At the year end, approximately 55% of the Company's funds were invested in VCT qualifying businesses. Since the year-end, further investments have increased the qualifying percentage to over 64%. All investments have continued to perform to plan and, at the year end, have been held at valuations equal to original cost. Fixed interest investments In line with the strategy set out in the prospectus, the Company purchased a portfolio of listed fixed interest investments at a cost of #3.0 million. As a result of the recent increases in interest rates, the portfolio showed a capital loss of #75,000 for the year. Net Asset Value At 31 January 2007, the Company's Net Asset Value per share ("NAV") stood at 95.8p, a rise of 1.1p (1.1%) against the NAV at 31 January 2006 after adjusting for the dividend of 1.0p per share paid during the year. This performance is considered satisfactory by the Board and is consistent with the Company's strategy of seeking to minimise downside risk, which naturally leaves limited scope for the Company to achieve any significant gains on investments. Results and dividend The return on ordinary activities for the year after taxation was #113,000 (2006: #124,000) comprising a revenue return of #181,000 and a capital loss of #68,000. The Board is proposing to pay a dividend of 1.5p per share on 13 July 2007 to Shareholders on the register at the close of business on 8 June 2007. Share repurchase As is common practice for VCTs, your Board operates a policy of buying in any shares that become available in the market for cancellation. During the year the Board used this power to repurchase 28,344 shares at an average consideration of 89.3p. A special resolution to continue this policy is proposed for the forthcoming AGM. Buying in shares for cancellation has a negative effect on the Company's ability to pay revenue dividends. As a result the Company carried out its plans to cancel its Share Premium account and create a distributable Special Reserve, which can be utilised to buy back shares without affecting the Company's ability to pay dividends. Court confirmation for the cancellation was received on 6 December 2006. Annual General Meeting The Company's second Annual General Meeting will be held at Kings Scholars House, 230 Vauxhall Bridge Road, London, SW1V 1AU at 2.15 pm on 11 July 2007. Notice of the meeting is at the end of this document. One item of Special Business is proposed, being a resolution to authorise the Directors to purchase up to 1,510,688 Ordinary Shares in the market, representing approximately 14.9% of the current issued shares. Outlook The Investment Manager is now close to completing the job of building the Company's investment portfolio. As mentioned above, since the year end, a further VCT qualifying investment of #1 million has been made which takes the qualification level to within 6% of the 70% VCT qualifying target. The Manager continues to report good deal flow of suitable opportunities so it is expected that one further investment will be made in the near future to take the Company through the required VCT qualifying level. In the recent Budget it was announced that VCTs will receive a six month period of grace for reinvesting or distributing proceeds from investment disposals. The Board welcomes this change to the regulations which may provide the Company with some extra flexibility in investment disposal decisions, in particular when the Company starts to return proceeds to Shareholders, which the Company is hoping to commence in the summer of 2008. INCOME STATEMENT For the year ended 31 January 2007 Year ended 31 January 2007 Period ended 31 January 2006 Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 Income 480 - 480 362 - 362 Losses on investments - (68) (68) - - - 362 - 362 480 (68) 412 Investment management fees (97) - (97) (80) - (80) Other expenses (131) - (131) (115) (115) Return on ordinary activities before tax 252 (68) 184 167 - 167 Tax on ordinary activities (71) - (71) (43) - (43) Return attributable to equity shareholders 181 (68) 113 124 - 124 Return per share 1.8p (0.7p) 1.1p 1.3p - 1.3p All Revenue and Capital items in the above statement derive from continuing operations. 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. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Year ended Period ended 31 January 2007 31 January 2006 #'000 #'000 Opening shareholders' funds 9,732 - Issue of shares - 10,167 Share issue costs - (559) Purchase of own shares (25) - Total recognised gains for the year 113 124 Dividends paid (102) - Closing shareholders' funds 9,718 9,732 BALANCE SHEET as at 31 January 2007 2007 2006 #'000 #'000 #'000 #'000 Fixed assets Unquoted investments 5,870 3,742 Listed fixed income investments 2,882 - Total investments 8,752 3,742 Current Assets Debtors 113 68 Cash at bank and in hand 1,043 6,064 1,156 6,132 Creditors: amounts falling due within one year (170) (122) Net current assets 986 6,010 Net assets less current liabilities 9,738 9,752 Creditors: amounts falling due after more than one (20) (20) year Net assets 9,718 9,732 Capital and reserves Called up share capital 101 102 Capital redemption reserve 1 - Special reserve 9,502 - Share premium - 9,506 Capital reserve - unrealised (75) - Capital reserve - realised 7 - Revenue reserve 182 124 Total equity shareholders' funds 9,718 9,732 Net asset value per Ordinary share 95.8p 95.7p CASH FLOW STATEMENT For the year ended 31 January 2007 Year Period ended ended 31 Jan 31 Jan 2007 2006 #'000 #'000 Net cash inflow from operating activities 227 178 Taxation Corporation tax paid (43) - Capital expenditure Purchase of investments (6,435) (3,742) Proceeds from sale of investments 1,357 - Net cash outflow from capital expenditure (5,078) (3,742) Equity dividends paid (102) - Net cash outflow before financing (4,996) (3,564) Financing Proceeds from share issue - 10,167 Share issue costs - (559) Repurchase of shares (25) - Proceeds from Loan Notes issue - 20 Net cash inflow from financing (25) 9,628 (Decrease)/increase in cash (5,021) 6,064 NOTES TO THE ACCOUNTS for the year ended 31 January 2007 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" revised December 2005 ("SORP"). The financial statements are prepared under the historical cost convention except for the revaluation of certain financial instruments. Presentation of Income Statement In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the Association of Investment Companies ("AIC"), 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 Section 842 Income and Corporation Taxes Act 1988. Investments All investments are designated as "fair value through profit or loss" assets and are initially valued at cost, equivalent to their fair value. Listed fixed income investments are valued using bid prices. The Directors establish the fair value of unquoted investments by using an adjusted net asset valuation model, as they believe this best reflects the nature of the underlying investments and it is calculated in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Where an investment has been held for less than one year, unless there are any indications to the contrary, fair value is assumed to be equal to the cost of the investment. The unrealised depreciation or appreciation arising on the valuation of investments and gains and losses arising on the disposal of investments are dealt with in the capital reserve. 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 timely basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount, 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 a policy of charging 100% of the Investment Management fees to the revenue account in order to reflect the current investment strategy of investing in yielding investments with limited downside risks.. Deferred taxation Deferred taxation 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 financial statements. Announcement based on draft accounts The financial information set out in the announcement does not constitute the Company's statutory accounts for the period ended 31 January 2007. The statutory accounts for the period ended 31 January 2007 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. A copy of the full annual report and financial statements for the period ended 31 January 2007 will be printed and posted to shareholders. Copies will also be available to the public at the registered office of the Company at Kings Scholars House, 230 Vauxhall Bridge Road, London SW1V 1AU or for download from www.downing.co.uk. This information is provided by RNS The company news service from the London Stock Exchange END FR OKPKKABKDNPD
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