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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Downing Vct11 | LSE:D1GO | London | Ordinary Share | GB00B5BB8911 | GEN. ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 68.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
Total, for all electricity exported and will receive Renewable
Obligation Certificates at the rate of two per MW generated as it was
commissioned before 31 March 2013.
A GBP900,000 investment was made in Vulcan Renewables Limited. The
company is developing a 2.0MW maize fed biogas plant near Doncaster.
Biogas is produced through an anaerobic digestion process, which is then
processed further so that it can be injected into the National Gas Grid.
Some of the gas is also used to produce electricity. The company will
receive both Feed-In Tariffs and payments under the Renewable Heat
Incentive scheme.
As part of a loan restructuring, a further GBP217,000 was invested into
an existing investment, Mosaic Spa and Health Clubs Limited. Part of the
investment was qualifying.
GBP199,000 was received to pay down the existing loan in Kidspace
Adventures Limited, these proceeds were reinvested into Kidspace
Adventures Holdings Limited.
A follow on investment of GBP373,000 was made in Tooting Tram and Social
Limited
Venture capital portfolio valuation
A number of portfolio companies have started to develop well, resulting
in uplifts in value of Residential PV Trading (GBP96,000), Tooting Tram
and Social Limited (GBP80,000), Kidspace Adventures Holdings Limited
(GBP59,000) and Odysian (Holdings) Limited (GBP10,000).
There have, however, been three investments that have lost value, City
Falkirk Limited, Mosaic Spa and Health Clubs Limited and Lochrise
Limited.
Performance of the nightclub owned by City Falkirk Limited has
unfortunately been significantly below expectation and a reduction in
value of GBP102,000 has been made. We are working closely with the
club's management in order to try to bring the trading back on track,
however, it is clear that the depressed economic conditions are a major
contributing factor to the weak performance. For the same reason a full
provision of GBP13,000 has been made against the management company of
the club Lochrise Limited.
Mosaic Spa and Health Clubs Limited, owns and manages two health clubs:
The Shrewsbury Club, in Shrewsbury; and Holmer Park, in Hereford. It
also provides gym and spa management services to hotels, universities
and corporate clients. Both Holmer Park and The Shrewsbury club have
underperformed throughout the period against budget and the value has
been reduced by GBP161,000.
Structured Product portfolio
The Company's defensive approach to Structured Product investing
produced good rewards over the year as the portfolio generated
unrealised gains of GBP96,000 and realised gains of GBP142,000.
A significant number of Structured Products matured during the year
which, along with two sales, produced proceeds of GBP3.4 million and
provided funds for the new qualifying venture capital investments
described above.
The Structured Product portfolio now comprises seven investments. In
line with the pool's strategy, the portfolio will continue to reduce in
size as more investments mature or are sold to fund further qualifying
investments over the next year. We expect to see continued steady
performance from the existing Structured Product portfolio.
Outlook
Although the general economic outlook is a little brighter than it has
been, close monitoring of the investments within both the venture
capital and Structured Product portfolios will continue to be the focus
of our work to ensure that any issues are addressed at the earliest
stage and full value can ultimately be extracted when we start the
realisation process in 2016.
Downing LLP
Portfolio of investments
The following investments were held at 30 November 2013:
Valuation
movement % of
Cost Valuation in period portfolio
GBP'000 GBP'000 GBP'000
VCT qualifying investments
Vulcan Renewables Limited 900 900 - 9.4%
Mosaic Spa and Health Clubs
Limited* 920 759 (161) 7.9%
Kidspace Adventures Holdings
Limited 659 718 59 7.5%
Tooting Tram and Social Limited 533 613 80 6.4%
Residential PV Trading Limited 400 496 96 5.2%
Wickham Solar Limited 472 472 - 4.9%
South-Western Farms Solar Limited 400 400 - 4.2%
Westcountry Solar Solutions
Limited 400 400 - 4.2%
Odysian (Holdings) Limited 351 362 10 3.8%
Avon Solar Energy Limited 336 336 - 3.5%
Fubar Stirling Limited 286 286 - 3.0%
City Falkirk Limited 450 261 (102) 2.7%
Angel Solar Limited 200 200 - 2.1%
Cheers Dumbarton Limited 51 51 - 0.5%
Lochrise Limited 13 - (13) 0.0%
6,371 6,254 (31) 65.3%
Non-qualifying investments
Kidspace Adventures Limited 341 341 - 3.6%
341 341 - 3.6%
Structured Product investments
HSBC 7.1% Defensive
Worst-Of-Auto-Call 401 413 12 4.3%
Barclays 7.75% Defensive
Worst-Of-Auto-Call 351 360 9 3.8%
RBS 6 Yr Dual Index Synthetic Zero
10.16% 251 345 51 3.6%
BNP Paribas Harewood Abs
Progression 2 253 262 8 2.7%
UBS 7.3% Defensive
Worst-Of-Auto-Call 250 260 10 2.7%
Goldman Sachs 8.5% Defensive
Worst-Of-Autocall 251 257 6 2.7%
Credit Suisse 7% Defensive
Worst-Of-Auto-Call 251 251 - 2.6%
2,008 2,148 96 22.4%
8,720 8,743 65 91.3%
Cash at bank and in hand 831 8.7%
Total investments 9,574 100%
* part-qualifying investment
All venture capital investments are incorporated in England and Wales.
ADDITIONS
GBP'000
VCT qualifying investments
Kidspace Adventures Holdings Limited 199
Mosaic Spa & Health Clubs Limited* 217
Tooting Tram and Social Limited 373
Vulcan Renewables Limited 900
Wickham Solar Limited 472
2,161
Non-qualifying investments
Barclays 7.75% Defensive Worst-Of-Auto-Call 351
Credit Suisse 7% Defensive Worst-Of-Auto-Call 251
Goldman Sachs 8.5% Defensive Worst-Of-Auto-Call 251
HSBC 7.1% Defensive Worst Of-Auto-Call 401
UBS 7.3% Defensive Worst-Of-Auto-Call 250
1,504
3,665
DISPOSALS
Market Total
Value Gain realised gain
At against during
Cost 01/12/12 Proceeds cost the year
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
VCT qualifying
investments
Avon Solar Energy
Limited 49 49 59 10 10
Odysian (Holdings)
Limited 64 64 64 - -
113 113 123 10 10
Non-qualifying
investments
Kidspace Adventures
Limited 199 199 199 - -
199 199 199 - -
Structured Product
investments
Barclays 10% FTSE/S&P
Worst-Of-Defensive-AC 501 590 600 99 10
Credit Suisse 7% FTSE
Autocall 501 555 575 74 20
Elders Cap
Accumulation II 16A
(Rollover) 502 559 590 88 31
Goldman Sachs 10.5%
Defensive FTSE 501 564 605 104 41
JP Morgan 7% Defensive
FTSE AC 501 553 570 69 17
Morgan Stanley 11%
Defensive FTSE 352 403 426 74 23
2,858 3,224 3,366 508 142
3,170 3,536 3,688 518 152
* part-qualifying investment
** adjusted for additions during the year
INVESTMENT MANAGER'S REPORT - LOW CARBON SHARE POOL
Introduction
The task of building the Low Carbon investment portfolio was completed
at an early stage, ahead of deadlines for changes in the Feed-in Tariffs
("FiTs") and other regulations. As a result, there has been limited
investment activity in the period. The investee companies have now
started to establish steady track records and some have justified
initial uplifts in value.
Net asset value and results
The net asset value ("NAV") per Low Carbon Ordinary Share at 30 November
1 Year Downing Vct11 Chart |
1 Month Downing Vct11 Chart |
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