We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
TIDMDPV Downing Planned Exit VCT 2 plc Half-Yearly Report for the six months ended 31 July 2010 Performance summary 'C' Share pool 31 Jul 31 Jan 31 Jul 2010 2010 2009 pence pence pence Net asset value per 'C' Share 90.0 95.9 94.6 Net asset value per 'A' Share 0.1 0.1 0.1 Cumulative distributions per 'C' Share 5.0 - - --------------------------- Total return per 'C' Share and 'A' Share 95.1 96.0 94.7 'D' Share pool 31 Jul 31 Jan 31 Jul 2010 2010 2009 pence pence pence Net asset value per 'D' Share 94.8 94.4 - Net asset value per 'E' Share 0.1 0.1 - --------------------------- Total return per 'D' Share and 'E' Share 94.9 94.5 - Ordinary Share pool 31 Jul 31 Jan 31 Jul 2010 2010 2009 pence pence pence Net asset value per Ordinary Share 0.1 0.1 9.4 Cumulative distributions per Ordinary Share 90.4 90.4 81.0 --------------------------- Total return per Ordinary Share 90.5 90.5 90.4 CHAIRMAN'S STATEMENT Introduction I present my report for the six months ended 31 July 2010. I am pleased to say that it has been a busy period for the Company, in which substantial progress has been made in investing both the 'C' Share Pool and 'D' Share Pool. Throughout this report, the term "'C' Share(s)" has been used to refer to the pool of assets allocated to the 'C' Shares and 'A' Shares combined. Similarly, the term "'D' Share(s)" has been used to refer to the pool of assets allocated to the 'D' Shares and 'E' Shares combined. 'C' Share pool Portfolio activity The 'C' Share pool continued to be an active investor over the period, making two major new qualifying investments. An investment of GBP930,000 was made into Future Biogas (SF) Limited. The company is developing a renewable energy biogas plant in Norfolk which will benefit from the Government's "feed-in tariff" scheme. The investment is partly non-qualifying. A follow-on investment of GBP200,000 was also made into Bijou Wedding Venues Limited, which is developing its Botley's Mansion property into a dedicated wedding venue. The Board has reviewed the whole portfolio at the period-end and is satisfied that there have not been any significant departures from plan to date which impact on value. Accordingly, all investments continue to be held at valuations equal to original cost. Net Asset Value and results At 31 July 2010, the NAV per 'C' Share stood at 90.0p and the NAV per 'A' Share at 0.1p, producing a combined total of 90.1p. This is a small decrease of 0.9p (0.9%) since the previous year end of 31 January 2010 (after adjusting for dividends of 5.0p per 'C' Share paid during the period). The loss on ordinary activities for the 'C' Shares after taxation for the period was GBP63,000, relating wholly to a loss of GBP63,000 on the revenue account. No interim dividend will be paid in respect of the 'C' or 'A' Shares. 'D' Share pool The 'D' Share offer for subscription closed during the period, being fully subscribed and raising net proceeds of GBP9.45 million. Portfolio activity The pool made one qualifying investment during the period and also took advantage of a number of opportunities to make non-qualifying investments which help the fund to reduce the "cash drag" which can arise when running costs exceed the level of income that can be produced from holding a substantial proportion of the pool's funds as cash deposits. The main investments completed in the period are summarised as follows: Aminghurst Limited: GBP2,000,000 loan to a company undertaking a residential and hotel development in Devon. Woolmer Properties Limited Short-term loan of GBP828,000 to fund the redevelopment of a residential property in Chelsea. Lullingstone Limited Short-term loan of GBP528,000 to fund the redevelopment of a residential property in Kensington. Fenkle Street LLP A bridging loan of GBP635,000 to a partnership which is converting an office building into a hotel in Newcastle. Ridgeway Pub Company Limited A partly qualifying investment of GBP154,000 in a business which has acquired two pubs in Oxfordshire. All investments have been made very recently and have experienced no negative deviations from plan and so have all been held at the period end at values equal to original cost. 'D' Share pool Net Asset Value, results and dividends At 31 July 2010, the NAV per 'D' Share stood at 94.8p and the NAV per 'E' Share at 0.1p, producing a combined total of 94.9p. This is a small increase of 0.4p (0.4%) on the initial NAV net of fundraising costs. The profit on ordinary activities for the 'D' Shares, after taxation, for the period was GBP37,000, comprising a revenue gain of GBP37,000. In accordance with the policy set out in the 'D' Share prospectus, the Board will pay an interim dividend of 2.5p per 'D' Share on 26 November 2010, to 'D' Shareholders on the register at 5 November 2010. Ordinary Share pool As has been stated previously, although the Ordinary Shares still exist, the task of returning funds to Ordinary Shareholders is complete and no further dividends are likely to be paid to Ordinary Shareholders. Steps will be taken to wind up this share class in due course. Board Changes Chris Kay has decided to step down as a non-executive director of the Company with immediate effect to concentrate on his other business activities. I would like to thank Chris for his valuable contribution since the Company's launch and wish him all the best for the future. As a replacement, Michael Robinson has agreed to join the Board as a non-executive director with effect from today. Michael spent 25 years with 3i Group plc and has extensive experience in the private equity sector. I welcome Michael to the Board and look forward to working with him. Share buybacks In order to provide liquidity in the market for Shareholders who need to sell all or part of their holdings, the Company operates a share buyback policy in respect of its 'A' Shares, 'C' Shares, 'D' Shares and 'E' Shares. The current policy is to undertake share buybacks at a price equivalent to 10% discount to the latest NAV. However, the Board will review this discount level from time to time. The Company does not intend to buy in any further Ordinary Shares for cancellation. No share buybacks in any share class were undertaken during the period. Risks and uncertainties Under the Disclosure and Transparency Directive, the Board is required, in the Company's half-yearly results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year. 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: i) investment risk associated with investing in small and immature businesses; and ii) 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. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level. Outlook The Investment Manger is seeing a welcome but as yet hesitant pick up in deal flow and the Board expects to see further qualifying investments made by both the 'C' Share pool and the newly raised 'D' Share pool over the remainder of the year. Hugh Gillespie Chairman UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2010 31 Jul 2010 31 Jul 31 Jan 2009 2010 Total 'C' 'D' (incl Ord Shares Shares Shares) Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed assets Unquoted investments 5,209 4,906 10,120 4,198 4,309 Current assets Debtors 29 92 121 44 70 Cash at bank and in hand 1,358 4,590 5,948 3,684 9,048 --------------------------------------- 1,387 4,682 6,069 3,728 9,118 Creditors: amounts falling due within one year (135) (96) (231) (469) (3,038) --------------------------------------- Net current assets 1,252 4,586 5,838 3,259 6,080 Creditors: amounts falling due after one year - - - - - --------------------------------------- Net assets 6,461 9,492 15,958 7,457 10,389 Capital and reserves Called up share capital 18 25 143 121 130 Capital redemption reserve 4 - 6 2 6 Special reserve 6,407 9,430 15,837 1,295 - Share premium account - - - 6,489 10,225 Capital reserve - unrealised - - - (492) - Capital reserve - realised - - - - - Revenue reserve 32 37 (28) 42 (2) --------------------------------------- Total equity shareholders' funds 6,461 9,492 15,958 7,457 10,389 Basic and diluted net asset value per: Ordinary Share - - 0.1p 9.4p 0.1p 'C' Share 90.0p - - 94.6p 95.9p 'A' Share 0.1p - - 0.1p 0.1p 'D' Share - 94.8p - n/a 94.4p 'E' Share - 0.1p - n/a 0.1p INCOME STATEMENT for the six months ended 31 July 2010 Company Total Six months ended 31 Jul 2010 Revenue Capital Total GBP'000 GBP'000 GBP'000 Income 221 - 221 Gain/(loss) on investments - realised - - - unrealised - - - --------- --------- ------- 221 - 221 Investment management fees (104) - (104) Provision against loan stock interest previously (53) - (53) recognised Other expenses (90) - (90) --------- --------- ------- Return on ordinary activities before (26) - (26) taxation Taxation - - - --------- --------- ------- Return attributable to equity shareholders (26) - (26) Basic and diluted return 'C' Share (0.9p) - (0.9p) 'A' Share - - - 'D' Share 0.3p - 0.3p 'E' Share 0.1p - 0.1p Company Total Six months ended 31 Jul Year ended 2009 31 Jan 2010 Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 Income 79 - 79 307 Gain/(loss) on investments - realised - 48 48 (26) unrealised - (124) (124) (24) --------- --------- ------------------ 79 (76) 3 257 Investment management fees (38) - (38) (69) Provision against loan stock interest - - - - previously recognised Other expenses (78) (500) (578) (677) --------- --------- ------------------ Return on ordinary activities before (37) (576) (613) (489) taxation Taxation 6 - 6 (16) --------- --------- ------------------ Return attributable to equity shareholders (31) (576) (607) (505) Basic and diluted return 'C' Share 0.1p - 0.1p 1.5p 'A' Share - - - 0.1p 'D' Share n/a n/a n/a n/a 'E' Share n/a n/a n/a n/a 'C' Shares Six months ended 31 Jul 2010 Revenue Capital Total Income GBP'000 GBP'000 GBP'000 Net loss on investments - realised - - - - unrealised - - - --------- --------- ------ 82 - 82 Investment management fees (46) - (46) Provision against loan stock interest previously (53) - (53) recognised Other expenses (46) - (46) --------- --------- ------ Return on ordinary activities before taxation (63) - (63) Taxation - - - --------- --------- ------ Return attributable to equity shareholders (63) - (63) 'C' Shares Six months ended 31 Jul Year 2009 ended 31 Jan 2010 Revenue Capital Total Total Income GBP'000 GBP'000 GBP'000 GBP'000 Net loss on investments - realised - - - - - unrealised - - - - --------- --------- ------------- 58 - 58 276 Investment management fees (25) - (25) (59) Provision against loan stock interest - - - - previously recognised Other expenses (24) - (24) (100) --------- --------- ------------- Return on ordinary activities before taxation 9 - 9 117 Taxation (3) - (3) (16) --------- --------- ------------- Return attributable to equity shareholders 6 - 6 101 'D' Shares Six months ended 31 Jul 2010 Revenue Capital Total Income GBP'000 GBP'000 GBP'000 Net loss on investments - realised - - - - unrealised - - - --------- --------- ------ 139 - 139 Investment management fees (58) - (58) Provision against loan stock interest previously - - - recognised Other expenses (44) - (44) --------- --------- ------ Return on ordinary activities before taxation 37 - 37 Taxation - - - --------- --------- ------ Return attributable to equity shareholders 37 - 37 'D' Shares Six months ended 31 Jul Year 2009 ended 31 Jan 2010 Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 Income n/a n/a n/a n/a Net loss on investments - realised n/a n/a n/a n/a --------- --------- ------------- - unrealised n/a n/a n/a n/a n/a n/a n/a n/a Investment management fees n/a n/a n/a n/a Provision against loan stock interest n/a n/a n/a n/a previously recognised --------- --------- ------------- Other expenses n/a n/a n/a n/a Return on ordinary activities before taxation n/a n/a n/a n/a --------- --------- ------------- Taxation n/a n/a n/a n/a Return attributable to equity shareholders 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 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 July 2010 31 Jul 31 Jan 2009 2010 'C' 'D' Total Shares Shares (incl Ord Shares) Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Opening shareholders' funds 6,883 3,501 10,389 6,283 6,283 Issue of shares - 6,301 6,301 4,105 8,090 Share issue costs - (347) (347) (225) (435) Purchase of own shares - - - - (3) Total recognised (losses)/gains (63) 37 (26) (607) (505) for the year Distributions (359) - (359) (2,099) (3,041) ---------------------------------------- Closing shareholders' funds 6,461 9,492 15,958 7,457 10,389 UNAUDITED CASH FLOW STATEMENT for the six months ended 31 July 2010 Six Notes Six months ended months Year 31 Jul 2010 ended ended 31 Jul 31 Jan 2009 2010 'C' 'D' Total Shares Shares (incl. Ord Total Total Shares) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Net cash inflow from operating 1 (1) 41 40 (434) (703) activities Taxation Corporation tax paid - - - 1 (54) Capital expenditure Purchase of investments (1,233) (4,906) (6,139) (4,505) (7,347) Sale of investments 327 - 327 4,032 6,789 --------------------------------------------- Net cash inflow/(outflow) from (906) (4,906) (5,812) (473) (558) capital expenditure --------------------------------------------- Equity dividends paid (359) - (359) (2,099) (3,041) Net cash inflow/(outflow) (1,266) (4,865) (6,131) (3,005) (4,356) before financing Financing Proceeds from share issue - 3,449 3,449 4,096 10,946 Share issue costs - (418) (418) (225) (373) Purchase of own shares/loan - - - (20) (7) notes --------------------------------------------- Net cash inflow from financing - 3,031 3,031 3,851 10,566 --------------------------------------------- Increase/(decrease) in cash 2 (1,266) (1,834) (3,100) 846 6,210 Notes to the cash flow statement: 1 Cash inflow from operating activities and returns on investments Return on ordinary activities (63) 37 (26) (613) (505) before taxation Losses on investments - - - 76 50 Decrease/(increase) in other 41 (92) (51) (3) (39) debtors Increase/(decrease) in other 21 96 117 106 (209) creditors ------------------------------------------- Net cash inflow from operating (1) 41 40 (434) (703) activities 2 Analysis of net funds Beginning of period 2,624 6,424 9,048 2,838 2,838 Net cash inflow/(outflow) (1,266) (1,834) (3,100) 846 6,210 ------------------------------------------- End of period 1,358 4,590 5,948 3,684 9,048 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2010 'C' Share pool Unrealised % of gain/(loss) portfolio by Cost Valuation in period value Venture capital investments GBP'000 GBP'000 GBP'000 GBP'000 Bijou Wedding Venues Limited** 1,215 1,215 - 18.5% Hoole Hall Country Club Holdings 1,206 1,206 - 18.4% Limited* Future Biogas (SF) Limited** 930 930 - 14.1% The Thames Club Limited* 500 500 - 7.6% East Dulwich Tavern Limited 344 344 - 5.2% Westow House Limited 304 304 - 4.6% Uno Developments Limited* 182 182 - 2.8% Honeycombe Pubs VCT Limited* 175 175 - 2.7% Atlantic Dogstar Limited 162 162 - 2.5% Chapel Street Hotel (2008) LLP* 63 63 - 1.0% Chapel Street Food and Beverage 50 50 - 0.8% Limited Chapel Street Services Limited 50 50 - 0.8% Vermont Developments Limited* 25 25 - 0.4% Chapel Street Hotel Limited* 3 3 - 0.0% 5,209 5,209 - 79.4% Cash at bank and in hand 1,358 20.6% 'C' Share pool - Total 6,567 100% 'D' Share pool Unrealised % of portfolio by gain/(loss) value Cost Valuation in period Venture capital investments GBP'000 GBP'000 GBP'000 GBP'000 Aminghurst Limited* 2,000 2,000 - 21.1% Woolmer Properties Limited* 828 828 - 8.7% Fenkle Street LLP* 635 635 - 6.7% Lullingstone Limited* 528 528 - 5.6% Edison House Limited* 329 329 - 3.5% Looe Road Student 168 168 - 1.8% Accommodation* Retallack Surfpods Limited* 164 164 - 1.7% Ridgeway Pub Company 154 154 - 1.6% Limited** Hoi Polloi Pub Co Limited* 100 100 - 1.1% 4,906 4,906 - 51.8% Cash at bank and in hand 4,590 48.2% 'D' Share pool - Total 9,496 100% *Non qualifying investment **Partially qualifying investment SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 31 July 2010 Additions 'C' 'D' Share Share pool pool GBP'000 GBP'000 'C' Share pool Future Biogas (SF) Limited** 930 - Bijou Wedding Venues Limited** 200 - Chapel Street Food and Beverage Limited 50 - Chapel Street Services Limited 50 - Chapel Street Hotel Limited* 3 - 'D' Share pool Aminghurst Limited* - 2,000 Woolmer Properties Limited* - 828 Fenkle Street LLP* - 635 Lullingstone Limited* - 528 Edison House Limited* - 329 Looe Road Student Accommodation* - 168 Retallack Surfpods Limited* - 164 Ridgeway Pub Company Limited** - 154 Hoi Polloi Limited* - 100 --------- -------- 1,233 4,906 Disposals Gain/ Total Market (loss) realised value at Disposal against gain/ Cost 01/02/10 Proceeds cost (loss) 'C' Share pool GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Lilliput Development LLP* 328 328 328 - - ----------------------------------------- Total 'C' and 'D' Share pools 328 328 328 - - *Non qualifying investment **Partially qualifying investment NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The unaudited half-yearly results cover the six months to 31 July 2010 and have been prepared in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" revised January 2009 ("SORP") and in accordance with the accounting policies set out in the statutory accounts for the year ended 31 January 2010, which were prepared under UK Generally Accepted Accounting Practice ("UK GAAP"). 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 2009 and the year ended 31 January 2010 respectively. 5. Dividends Six months ended Year ended 31 July 2010 31 Jan 2010 Date Per Revenue Capital Total Total share pence GBP'000 GBP'000 GBP'000 GBP'000 Paid in year Ordinary Shares 2010 Interim 13 Mar 09 21.0p - - - 2,099 2010 Interim 28 Aug 09 8.0p - - - 800 2010 Interim 13 Jan 10 1.417p - - - 142 'C' Shares 2010 Final 30 Jul 10 5.0p - 359 359 - ------------------------------------ - 359 359 3,041 'D' Shares 2011 Proposed 26 Nov 10 2.5p - 500 - interim No dividends have been paid or declared in respect of the 'A' Shares or 'E' Shares 6. Basic and diluted return per share 'C' 'A' 'D' 'E' Shares Shares Shares Shares Revenue return per share based on: Net revenue after taxation ( GBP'000) (63) - 29 8 Weighted average number of ordinary shares in issue 7,166,806 10,754,329 8,431,525 13,431,525 Capital return/(loss) per share based on: Net capital gain for the financial - - - - year ( GBP'000) Weighted average number of ordinary shares in issue 7,166,806 10,754,329 8,431,525 13,431,525 7. Net asset value per Share Shares in Issue Net asset value per GBP'000 share Ordinary Shares 9,994,968 0.1p 5 'C' Shares 7,166,806 90.0p 6,450 'A' Shares 10,754,329 0.1p 11 'D' Shares 10,000,000 94.8p 9,477 'E' Shares 15,000,000 0.1p 15 --------- 15,958 8. Reserves Capital Capital Investment redemption Special Share Revenue reserve - holding reserve reserve premium reserve realised losses GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 February 2010 6 - 10,255 (2) - - Issue of shares - - 6,288 - - - Share issue costs - - (347) - - - Net gains/(losses) on investments - - - - - - Expenses capitalised - - - - - - Distributions paid - (359) - - - - Transfer between reserves - 16,196 (16,196) - - - Retained net revenue for the year - - - (26) - - ---------------------------------------------------------- At 31 July 2010 6 15,837 - (28) - - The Special reserve, Capital reserve-realised, Investment holding losses reserve and Revenue reserve are all distributable reserves. Reserves available for distribution at the period end amounted to GBP15,809,000. 9. The unaudited condensed financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 January 2010 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. 10. 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. 11. Copies of the unaudited half-yearly report will be sent to Shareholders shortly. Further copies can be obtained from the Company's Registered Office or will be available for download from www.downing.co.uk. [HUG#1448109] 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: Downing Planned Exit VCT 2 PLC via Thomson Reuters ONE
1 Year Downing Protected Vct Ii Chart |
1 Month Downing Protected Vct Ii Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions