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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:4479V Downing Protected VCT II PLC 09 December 2005 Downing Protected VCT II plc Interim Statement for the period ended 31 October 2005 FINANCIAL HIGHLIGHTS Number of shares in issue (at 31 October 2005) 10,167,192 Net Assets (at 31 October 2005) #9,680,898 Net Asset Value per share 95.2p CHAIRMAN'S STATEMENT I would like to welcome Shareholders to Downing Protected VCT II plc and am pleased to present the Company's first results. The Company's financial year runs to 31 January so we will normally report interim results to 31 July. However, for this initial period, we have decided to report to 31 October 2005 because the Company has now completed its fundraising and has news to report on the progress made in investing funds. Share issue The introduction of 40% income tax relief for investments in VCTs resulted in substantial growth in the VCT market, but raising funds was extremely competitive with both established players and new entrants trying to attract investors. The lower-risk strategy offered by the Downing Protected VCT II plc & Downing Protected VCT III plc ("the Downing Protected VCTs") was well received by commentators and investors and the Board is very pleased with a very successful fundraising. The share offers for the two Downing Protected VCTs closed on the 27 June 2005 having raised total proceeds of #20.4 million. Downing Protected VCT II plc issued just under 10.2 million shares and had net proceeds of #9.6 million, after taking into account the 5.5% issue costs. Venture capital investments During the period to 31 October 2005, the Company invested #2.7 million in five venture capital investments. In November the Company invested a further #1 million and is well on the way to its target of having at least 70% of its funds in VCT qualifying investments well before the deadline of 31 January 2008. In all cases the Company has been able to secure a significant part of its investment by taking a charge over the assets of the businesses in which it has invested. Although it is still early days, progress of each of the investee companies is in line with expectations. The remainder of the Company's funds are currently held as cash, which will be invested in a portfolio of fixed interest securities in due course. Net Asset Value and Results At the period end, the Net Asset Value per share ("NAV") of the Company stood at 95.2p, a small increase of 0.7p from the initial NAV of 94.5p. The revenue profit after taxation for the period amounted to #61,000, representing 0.7p per share. Share repurchase The Company has not bought back any shares for cancellation during the period, but does monitor the market in the Company's shares. Subject to certain restrictions, the Company will buy in shares that become available in the market for cancellation. Outlook The Board is satisfied with the progress made to date by the Investment Manager in investing the Company's funds in businesses which can provide a fairly high level of security cover and also have good prospects for returning funds to the Company in a relatively short time period. The Investment Manager is currently negotiating a potential joint venture investment with an AIM-listed pub operator. If this completes, the Company will be well on the way to completing its main investment phase having achieved the 70% VCT qualification target. The Board is keen that this phase is completed at the earliest opportunity in order that investee companies have an adequate time to mature and can return funds to the Company at an early date. Hugh Gillespie Chairman UNAUDITED SUMMARISED BALANCE SHEET as at 31 October 2005 31 Oct 2005 #'000 Fixed assets Venture capital investments 2,741 Net current assets 6,960 Creditors: amounts falling due after more than one year (20) Net assets 9,681 Capital and reserves Called up share capital 102 Share premium 9,506 Revenue reserve 73 Total equity shareholders' funds 9,681 Net asset value per share 95.2p UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the revenue account) for the period ended 31 October 2005 Period from 24 Feb 2005 to 31 Oct 2005 Revenue Capital Total #'000 #'000 #'000 Income 255 - 255 Losses on investments: - Unrealised - - - 255 - 255 Investment management fees (55) - (55) Other expenses (87) - (87) Return on ordinary activities before taxation 113 - 113 Tax on ordinary activities (40) - (40) Return attributable to equity shareholders 73 - 73 Return per share (see note 2) 0.8p - 0.8p The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. UNAUDITED CASHFLOW STATEMENT for the period ended 31 October 2005 Period ended 31 Oct 2005 Note #'000 Net cash inflow from operating activities and returns 173 on investments 1 Capital expenditure Purchase of venture capital investments (2,742) Net cash outflow from capital expenditure (2,742) Equity dividends paid - Net cash outflow before financing (2,569) Financing Shares issued 10,217 Redemption of preference shares (50) Issue costs (559) Issue of loan notes 20 Net cash inflow from financing 9,628 7,059 Increase in cash 2 Notes to the cashflow statement: 1 Net cash inflow from operating activities and returns on investments Net revenue before taxation 113 Increase in other debtors (42) Increase in other creditors 102 Net cash inflow from operating activities 173 2 Analysis of net funds Beginning of period - Net cash inflow 7,059 End of period 7,059 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The above financial information has been prepared on the basis of the accounting policies set out on below. 2. The calculation of the revenue and capital return per share for the period is based upon the net revenue profit after tax of #61,000, divided by the weighted average number of shares in issue during the period of 8,675,783. 3. The unaudited 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. 4. Copies of the unaudited interim results will be sent to shareholders shortly. Further copies can be obtained from the Company's Registered Office. REVIEW OF INVESTMENTS The Company had invested in the following investments at 31 October 2005: Cost Valuation % of at 30 Oct portfolio 2005 #'000 #'000 by value Venture capital investments Tomahawk Pubs VCT Limited 1,000 1,000 10.3 Ebury Contracting Limited 500 500 5.2 Ebury Contracting (South East) Limited 500 500 5.2 Chapel Contractors Limited 460 460 4.7 Heyford Homes (Weldon) Limited 281 281 2.9 Subtotal 2,741 2,741 28.3 Net current assets (including cash) 6,940 71.7 Total 9,681 100.0% Brief details of the Company's investments made up to 31 October 2005 are summarised as follows: Tomahawk Pubs Cost: #1,000,000 Investment comprises: VCT Ltd Valuation at 31 Oct #1,000,000 Ordinary Shares: #200,000 2005: Loan Stock: #800,000 The VCT invested #1 million (alongside #1 million from its sister VCT) in this joint venture with Tomahawk Pubs plc in August 2005. The company owns and operates The Lord Palmerston pub in Tufnell Park, London. Trading has been on budget since the investment was made. The VCT's investment is secured by a first charge over the freehold of the Lord Palmerston and The Duchess of Kent in Islington, London, a pub owned by Tomahawk Pubs plc. Ebury Contracting Cost: #500,000 Investment Ltd comprises: Valuation at 31 Oct #500,000 Ordinary Shares: #300,000 2005: Loan Stock: #200,000 In April 2005, the VCT invested #500,000 (alongside #500,000 from its sister VCT) in the company in conjunction with a former Finance Director of a major housing association. The company is in advanced stages of negotiations with a significantly sized housing association to secure a contract for extensive refurbishment of the association's properties. Ebury Contracting Cost: #500,000 Investment (South East) Ltd comprises: Valuation at 31 Oct #500,000 Ordinary Shares: #300,000 2005: Loan Stock: #200,000 The company was set up in April 2005 as a joint venture between the Downing Protected VCTs and a property contractor. The company is seeking to secure construction or refurbishment contracts, primarily with housing associations. Discussions are now well advanced on one major potential contract. Chapel Contractors Cost and #460,000 Investment Limited valuations: comprises: Valuation at 31 Oct #460,000 Ordinary Shares: #100,000 2005: Loan Stock: #360,000 The VCT invested #460,000 in October 2005 in this new contractor company as a joint venture with an experienced property development team. The team is currently finalising its first construction project where the company is acting the principal contractor. It is anticipated that the Protected VCTs will obtain security over the land and buildings. Heyford Homes Cost: #281,500 Investment (Weldon) Limited comprises: Valuation at 31 Oct #281,500 Ordinary Shares: # Nil 2005: Loan Stock: #281,500 The VCT invested #281,500 in loan stock in this property development company in October 2005. The company has purchased land in Weldon, Northamptonshire, on which it is undertaking a residential development of nine detached house. This investment is not qualifying for VCT purposes but is secured by a charge over the land owned by the company. Since 31 October the Company made the following investment: Nu Nu plc Cost: #1,000,000, Investment comprises: Valuation at 31 Oct n/a Ordinary Shares: # 200,000 2005: Loan Stock: #800,000 In November 2005, the VCT and its sister company made an investment of #1 million each in Nu Nu plc. Nu Nu owns and operates 10 children's nurseries and is using the investment to fund its continued expansion. The Protected VCT's investment is secured by a first charge over four freehold nurseries. PRINCIPAL ACCOUNTING POLICIES Accounting convention The financial statements are prepared under the historical cost convention, modified by the revaluation of investments. Investments Unquoted investments are stated at Directors' valuations, which are in accordance with the BVCA guidelines. 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 controlling influence over investee companies. Therefore the results of these companies are not incorporated into the revenue account except to the extent of any income accrued. Income and expenses All income and expenses are treated on the accruals basis and dividend income is included in revenue on a received basis. The fixed returns on non-equity shares and on debt securities are recognised on a time apportionment basis and only where there is reasonable certainty of collection. The Company has adopted the policy of allocating investment managers fees, 75% to the capital reserve and 25% to the revenue account as permitted by the SORP. The allocation is in line with the Board's expectation of long term returns from the Company's investments in the form of capital gains and income respectively. Expenses, which are incidental to the acquisition of an investment, are included in the cost of the investment. Expenses, which are incidental to the disposal of an investment, are deducted from the proceeds of the investment. 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. Issue costs Issue costs have been deducted from the share premium account in accordance with Financial Reporting Standard No.4. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLEFTLAIIE
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