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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 89.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Half-yearly report Downing Protected VCT II plc Interim Statement for the six months ended 31 July 2007 SHAREHOLDER INFORMATION Performance summary Downing Protected Downing Protected VCT II plc VCT III plc 31 Jul 31 Jan 31 Jul 31 Jul 31 Jan 31 Jul 2007 2007 2006 2007 2007 2006 pence pence pence pence pence pence Net asset value per share 95.4 95.8 95.3 95.4 95.8 95.3 Cumulative distributions 2.5 1.0 1.0 2.5 1.0 1.0 per share Total return per share 97.9 96.8 96.3 97.9 96.8 96.3 Dividend History Year end Date Paid Pence per share Final 2006 27 June 2006 1.0 Final 2007 13 July 2007 1.5 2.5 CHAIRMAN'S STATEMENT Your Company has continued to make satisfactory progress throughout the six month period ended 31 July 2007. Venture capital investments One new qualifying investment was made during the period. £1 million was invested in Hoole Hall Country Club and Spa Limited. The company has acquired the Hoole Hall hotel near Chester and is undertaking an extensive renovation to add conferencing, banqueting and spa facilities to the site. The Company also made three non-VCT qualifying investments during the period. Investments totalling £1.6 million were made in Green Mountain Contractors Limited, Vermont Developments Limited and Sanguine Hospitality Limited. Each of these businesses has experienced management teams who are well-known to the Investment Manager and gives the Company opportunities to enhance the yield on its non-qualifying funds with negligible risk. One further portfolio development is that Honeycombe Pubs VCT Limited is expected to repay part of its loan stock in the near future. As a result, this element of the investment is now being treated as non-VCT qualifying. At 31 July 2007, the Company had a portfolio which includes 8 VCT qualifying investments with a total cost of £5.9 million, producing a VCT qualifying percentage of 61%. The Investment Manager has two further investments earmarked for the Company which will ensure that the 70% target is met before the deadline of 31 January 2008. The underlying businesses of each of the investments have continued to perform to plan throughout the period and the Board has concluded that no adjustments to the valuations are required, with each investment being held at cost. Fixed income securities portfolio During the period the Company disposed of three corporate bonds raising approximately £1.5 million, which was used to make the non-VCT qualifying investments mentioned above. Net Asset Value and Results At 31 July 2007, the Net Asset Value per Ordinary Share ("NAV") stood at 95.4p, an increase of 1.1p since the previous year end of 31 January 2007 (after adjusting for the 1.5p dividend paid during the period). Total Return (NAV plus cumulative dividends since launch) now stands at 97.9p per share. The profit on ordinary activities after taxation for the period was £105,000, comprising a revenue profit of £116,000 and a capital loss of £11,000. Share repurchase The Company operates a policy, subject to certain restrictions, of buying any shares that become available in the market. No shares were purchased in the period under review. Risk and uncertainties The Board has reviewed the principal risks and uncertainties facing the Company over the remainder of the financial period and concluded that the key risks are: * investment risk associated with investing in small and immature businesses; and * failure to maintain approval as a VCT. In both cases the Board is satisfied with the Company's approach to these risks. The strategy of, where possible, taking charges over assets to secure its investments helps to limit any potential losses which could arise from the failure of an investee business. The Company continually monitors its compliance with the VCT regulations and retains PricewaterhouseCoopers to provide regular reviews and advice in this area. By the end of the current financial year, the Company must comply with the 70% Test. The Board is satisfied with the Investment Manager's plans for achieving this in a timely manner, with one potential investment progressing that is expected to complete shortly and another potential investment which can be used as a contingency to ensure that the 70% Test is met before the deadline. Outlook The Manager's focus is now starting to shift towards possible investment exits which may allow the Company to make a significant distribution to Shareholders in the summer of 2008 in line with the strategy outlined in the Company's prospectus. I hope to be in a position to provide further details of the exit plans with the results for the year ended 31 January 2008. Hugh Gillespie Chairman 27 September 2007 INCOME STATEMENT for the six months ended 31 July 2007 Six months ended 31 July 2007 Revenue Capital Total £'000 £'000 £'000 Income 285 - 285 Net loss on investments - (11) (11) 285 (11) 274 Investment management fees (49) - (49) Other expenses (70) - (70) Return on ordinary activities 166 (11) 155 before taxation Taxation (50) - (50) Return attributable to equity 116 (11) 105 shareholders Return per Ordinary share 1.1p (0.1p) 1.0p Six months ended Year ended 31 July 2006 31 Jan 2007 Revenue Capital Total Total £'000 £'000 £'000 £'000 Income 232 - 232 480 Net loss on investments - (28) (28) (68) 232 (28) 204 412 Investment management fees (48) - (48) (97) Other expenses (67) - (67) (131) Return on ordinary activities 117 (28) 89 184 before taxation Taxation (32) - (32) (71) Return attributable to equity 85 (28) 57 113 shareholders Return per Ordinary share 0.8p (0.3)p 0.5p 1.1p A Statement of Total Recognised Gains and Losses has not been prepared as all gains/losses are recognised in the Income Statement as noted above. UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2007 31 Jul 31 Jul 31 Jan 2007 2006 2007 £'000 £'000 £'000 Investments Venture capital investments 7,918 5,591 5,870 Fixed interest investments 1,370 2,930 2,882 Net current assets 407 1,165 986 Creditors: amounts falling due after more (20) (20) (20) than one year Net assets 9,675 9,666 9,718 Capital and reserves Called up share capital 101 101 101 Capital redemption reserve 1 1 1 Special reserve 9,506 - 9,502 Share premium - 9,506 - Revenue reserve 146 86 182 Capital reserve - unrealised (49) (28) (75) Capital reserve - realised (30) - 7 Total equity 9,675 9,666 9,718 Net asset value per Ordinary share 95.4p 95.3p 95.8p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 Jul 31 Jul 31 Jan 2007 2006 2007 £'000 £'000 £'000 Opening shareholders' funds 9,718 9,732 9,732 Repurchase of own shares 4 (21) (25) Total recognised gains for the period 105 57 113 Distributions paid in period (152) (102) (102) Closing shareholders' funds 9,675 9,666 9,718 UNAUDITED CASH FLOW STATEMENT for the six months ended 31 July 2007 31 Jul 31 Jul 31 Jan 2007 2006 2007 Note £'000 £'000 £'000 Cash inflow/(outflow) from operating activities and returns on 1 investments 78 (2) 227 Taxation Corporation tax paid - - (43) Capital expenditure Purchase of investments (2,555) (4,807) (6,435) Proceeds from sale of investment 2,007 - 1,357 Net cash outflow from capital (548) (4,807) (5,078) expenditure Equity dividends paid (152) (102) (102) Net cash outflow before financing (622) (4,911) (4,996) Financing Purchase of own shares 4 (21) (25) Net cash inflow/(outflow) from 4 (21) (25) financing Decrease in cash 2 (618) (4,932) (5,021) Notes to the cash flow statement: 1.Cash inflow from operating activities and returns on investments Net revenue before taxation 166 117 252 Increase in other debtors (22) (111) (45) Increase/(decrease) in other (66) (8) 20 creditors Net cash inflow/(outflow) from 78 (2) 227 operating activities 2. Analysis of net funds Beginning of period 1,043 6,064 6,064 Net cash outflow (618) (4,932) (5,021) End of period 425 1,132 1,043 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2007 Movement in the Cost Valuation % of portfolio period Venture capital investments £'000 £'000 by value £'000 VCT qualifying Cymbal Contracting Limited 1,000 1,000 10.3% - Ebury Contracting Limited 1,000 1,000 10.3% - Ebury Contracting (South 1,000 1,000 10.3% - East) Limited Hoole Hall Country Club and 1,000 1,000 10.3% - Spa Limited Nu Nu plc 1,000 1,000 10.3% - Honeycombe Pubs VCT plc* 650 650 6.7% - Chapel Contractors Limited 460 460 4.7% - Downing Office Villages 252 252 2.6% - Contractor Ltd 6,362 6,362 65.5% - Non VCT Qualifying Vermont Developments Ltd 500 500 5.1% - Green Mountain 430 430 4.4% - Constructions Ltd Heyford Homes (Thornton 376 376 3.9% - Hall) Ltd Sanguine Hospitality Ltd 250 250 2.6% - 1,556 1,556 16.0% - Listed fixed income (49) securities 1,418 1,370 14.1% Total 9,336 9,288 95.6% (49) Cash at bank and in hand 425 4.4% Total Investments 9,713 100.0% * Part of investment is non-VCT qualifying SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 31 July 2007 Additions £'000 VCT Qualifying investments Hoole Hall Country Club and Spa Ltd 1,000 Non VCT Qualifying investments Vermont Developments Ltd 875 Green Mountain Contractors Ltd 430 Sanguine Hospitality Ltd 250 2,555 Disposals Gain/ Profit/ Cost Proceeds (loss) (loss) £'000 £'000 £'000 £'000 Non VCT Qualifying investments Heyford Homes (Weldon) Ltd 132 131 - - Vermont Developments Ltd 375 375 - - 506 506 - - Listed fixed income securities American Express 18/08/09 511 498 (13) 2 Countrywide Financial 15/12/08 509 499 (10) - HSBC Finance 22/01/10 519 504 (15) 1 1,539 1,501 (38) 3 2,045 2,007 (38) 3 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The unaudited interim results cover the six months to 31 July 2007 and have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 January 2007 which were prepared 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"). 2. All revenue and capital items in the Income Statement derive from continuing operations. 3. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 4. The comparative figures are in respect of the six-month period ended 31 July 2006 and the 12 month period ended 31 January 2007 respectively. 5. Return per share for the period has been calculated on 10,143,848 shares, being the weighted average number of shares in issue during the period. 6. Dividends 31 July 31 Jan 2007 2007 Revenue Capital Total Total £'000 £'000 £'000 £'000 Paid in year 2007 Final 152 - 152 - 2006 Final - - - 102 152 - 152 102 7. Reserves Capital Special Capital Capital Revenue redemption reserve reserve - reserve - reserve reserve realised unrealised £'000 £'000 £'000 £'000 £'000 At 1 February 2007 1 9,502 7 (75) 182 Shares repurchased - 4 - - - Net gains/(losses) on - investments - - 3 (14) Realisation of revaluations from - - (40) 40 - previous years Distributions paid - - - - (152) Retained net revenue - - - - 116 for the year At 31 July 2007 1 9,506 (30) (49) 146 The Special Reserve, Capital Reserve - Realised and Revenue Reserve are all distributable reserves. 8. The unaudited condensed financial statements set out herein do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 January 2007 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the auditors' report on those financial statements was unqualified. 9. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by: (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year, and (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. 10. Copies of the unaudited interim results will be sent to Shareholders shortly. Further copies can be obtained from the Company's Registered Office. - ---END OF MESSAGE---
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