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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 |
RNS Number:6977J Downing Protected VCT II PLC 29 September 2006 Downing Protected VCT II plc Interim Statement for the six months ended 31 July 2006 Performance summary 31 July 2006 31 Jan 2006 pence pence Net asset value per Ordinary share 95.3 95.7 Cumulative distributions per Ordinary 1.0 - share Total return per Ordinary share 96.3 95.7 CHAIRMAN'S STATEMENT The six month period to 31 July 2006 has seen your Company make good progress towards achieving the target of having 70% of its funds invested in VCT qualifying businesses. Venture capital investments During the period to 31 July 2006, the Company made a further four investments totalling #1.85 million. Three of these investments were follow-on investments in existing portfolio companies and one was a new investment of #650,000. At the interim date, 54.9% of the Company's funds were invested in VCT Qualifying businesses. The #650,000 was invested in Honeycombe Pubs VCT plc, a joint venture with AIM list pub operator Honeycombe Leisure plc. The company has acquired the freehold to a pub in Burnley, called BB11, and plans to make another pub acquisition in the near future. 90% of the VCT's investment is in loan stock, which is secured by a charge over the pub. The VCT also made a further #500,000 investment in Ebury Contracting Limited. The investment provided the additional working capital needed by the Company following the commencement of several refurbishment contracts with Paradigm Housing association. A further investment of #200,000 was made into Tomahawk Pubs VCT plc, to allow the Company to pay the deferred element of the purchase price of The Lord Palmerston pub which the company originally acquired in August 2005. The VCT's additional investment was made as further loan stock which is secured by a charge over the pub and another pub owned by our joint venture partner, Tomahawk Pubs plc. The final investment in the period has been a further investment of #500,000 into Ebury Contracting (South East) Limited. The investment provides working capital for a new contract, which the company has recently commenced to demolish a building and develop 22 residential flats in Chalfont St. Peter. The Company now has a portfolio comprising of investments in 8 companies, which all provide a satisfactorily low downside risk while providing a yield to the VCT. All of the companies are performing to plan and have been held at a valuation equal to the original cost at the end of the period Fixed income securities portfolio It was stated in the Company's prospectus, that the Company would invest approximately 25% of its funds in fixed income securities. During the period, the Company acquired a portfolio of six bonds at a total cost of #2.9 million. Net Asset Value and Results At 31 July 2006, the Net Asset Value per Ordinary Share ("NAV") stood at 95.3p, an increase of 0.6p since the previous year end of 31 January 2006 (after adjusting for the 1p dividend paid during the period). The revenue return after taxation for the period amounted to #85,000, representing 0.8p per share. Share repurchase The Company does operate a policy, subject to certain restrictions, of buying shares that become available in the market. During the period. the Company purchased 23,244 shares for cancellation at a price of 90p per share. Outlook To date the Company is progressing to plan with the initial phase of building the investment portfolio now nearly complete. The Investment Manager is currently working on two further potential investments, which, if they complete, will put the Company in the position of having achieved the key VCT qualification targets. Following the Company's solid start, close monitoring of the investment portfolio is now a key part of the Investment Manager's role. Any difficulties within investee companies need to be identified as early as possible if the VCT is to be able to achieve timely exits and, ultimately, deliver its targeted returns to Shareholders. Hugh Gillespie Chairman UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2006 31 Jul 2006 31 Jan 2006 #'000 #'000 Investments Venture capital investments 5,591 3,742 Fixed Interest Investments 2,930 - Net current assets 1,165 6,010 Creditors: amounts falling due after more than one year (20) (20) Net assets 9,666 9,732 Equity attributable to Equity Holders Called up share capital 101 102 Capital redemption reserve 1 - Share premium 9,506 9,506 Revenue reserve 86 124 Capital reserve - unrealised (28) - Total equity 9,666 9,732 Net asset value per Ordinary share 95.3p 95.7p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 Jul 2006 31 Jan 2006 #'000 #'000 Opening shareholders' funds 9,732 - Issue of shares - 10,167 Shares issue costs - (559) Repurchase of own shares (21) - Total recognised gains for the period 57 124 Distributions paid in period (102) - Closing shareholders' funds 9,666 9,732 INCOME STATEMENT for the six months ended 31 July 2006 Six months ended Year ended 31 July 2006 31 Jan 2006 Revenue Capital Total Total #'000 #'000 #'000 #'000 Income 232 - 232 362 Loss on investments - Unrealised - (28) (28) - 232 (28) 204 362 Investment management fees (48) - (48) (80) Other expenses (67) - (67) (115) Return on ordinary activities before taxation 117 (28) 89 167 Taxation (32) - (32) (43) Return attributable to equity shareholders 85 (28) 57 124 Return per Ordinary share 0.8p (0.3)p 0.5p 1.3p STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 31 July 2006 Six months ended Year ended 31 July 2006 31 Jan 2006 Revenue Capital Total Total #'000 #'000 #'000 #'000 Return attributable to equity shareholders 85 (28) 57 124 Total recognised gains for the period 85 (28) 57 124 UNAUDITED CASH FLOW STATEMENT for the six months ended 31 July 2006 31 Jul 2006 31 Jan 2006 Note #'000 #'000 Cash (outflow)/inflow from operating activities and (2) 178 returns on investments 1 Capital expenditure Purchase of investments (4,807) (3,742) Net cash outflow from capital expenditure (4,807) (3,742) Equity dividends paid (102) - Net cash outflow before financing (4,911) (3,564) Financing Issue of shares - 10,217 Redemption of preference shares - (50) Share issue costs - (559) Issue of loan notes - 20 Purchase of own shares (21) - Net cash inflow/(outflow) from financing (21) 9,628 (4,932) 6,064 (Decrease)/increase in cash 2 Notes to the cash flow statement: 1 Cash inflow from operating activities and returns on investments Net revenue before taxation 117 167 Increase in other debtors (111) (68) Increase/(decrease) in other creditors (8) 79 Net cash inflow from operating activities (2) 178 2 Analysis of net funds Beginning of period 6,064 - Net cash (outflow)/inflow (4,932) 6,064 End of period 1,132 6,064 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2006 Cost Valuation % of Movement portfolio in the period #'000 #'000 by value #'000 Tomahawk Pubs VCT Limited 1,200 1,200 12.4% - Ebury Contracting Limited 1,000 1,000 10.4% - Ebury Contracting (South East) Limited 1,000 1,000 10.4% - Nu Nu plc 1,000 1,000 10.4% - Honeycombe Pubs VCT Ltd 650 650 6.7% - Chapel Contractors Limited 460 460 4.8% - Heyford Homes (Weldon) Limited 281 281 2.9% - 5,591 5,591 58.0% - Listed fixed income securities 2,958 2,930 30.3% (28) 8,549 8,521 88.3% (28) Other assets/liabilities (including cash) 1,145 11.7% Total Investments 9,666 100.0% NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. Accounting policies Basis of accounting The Company has prepared its financial statements under UK Generally Accepted Accounting Practice ("UK GAAP"). Where presentation guidance set out in the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised December 2005 ("SORP") is inconsistent with the requirements of UK GAAP, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the 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 AITC, 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 measured at cost. Thereafter the investments are measured at subsequent reporting dates at fair value. Listed fixed income investments are measured using bid prices. In respect of unquoted instruments, fair value is established by using International Private Equity and Venture Capital Valuation Guidelines. Where no reliable fair value can be estimated for such unquoted equity investments they are carried at cost, subject to any provision for impairment. Where an investee company has gone into receivership or liquidation the investment, although not physically disposed of, is treated as being realised. Gains and losses arising from changes in fair value are included in the income statement for the year as a capital item and transaction costs on acquisition or disposal of the investment expensed. It is not the Company's policy to exercise either significant or 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 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 expenses which are incidental to the disposal of an investment are deducted from the disposal 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. 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 year ended 31 January 2006 respectively. 5. Return per share for the period has been calculated on 10,164,498 shares, being the weighted average number of shares in issue during the period. 6. Dividends 31 July 2006 31 Jan 2006 Revenue Capital Total Total #'000 #'000 #'000 #'000 Paid in year 2005 Final 102 - 102 - 102 - 102 - Proposed 2005 Final - - - 102 - - - 102 7. Reserves Share Capital Capital Revenue premium redemption reserve reserve reserve reserve - unrealised #'000 #'000 #'000 #'000 At 31 January 2006 9,506 - - 124 Unrealised gains - - (28) - Retained net revenue for the year - - - 85 Repurchase of shares - 1 - (21) Dividends paid in year - - - (102) At 31 July 2006 9,506 1 (28) 86 The Revenue Reserve is distributable reserve. 8. 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. The figures for the year ended 31 January 2006 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. Copies of the unaudited interim results will be sent to Shareholders shortly. Further copies can be obtained from the Company's Registered Office. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSIARIAFIR
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