We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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
TIDMD1GO
Downing Planned Exit VCT 2011 plc
Half Yearly Report for the six months ended 31 May 2014 (Correction)
The announcement released by the Company at 17:40 on 28 July 2014,
entitled Half Yearly Report, contained an error in respect of the
dividend payment date for the forthcoming dividends. The dividends will
be paid on 21 November 2014 and not 23 November 2014 as originally
stated. The full corrected text of the announcement is as follows:
PERFORMANCE SUMMARY
31 May 30 Nov 31 May
2014 2013 2013
pence pence pence
General pool
Net asset value per General Ordinary Share 77.3 78.0 79.2
Net asset value per General 'A' Share 6.1 6.2 6.3
Cumulative dividends per General Ordinary Share 15.0 12.5 10.0
Total return per General Ordinary Share and 'A' Share 98.4 96.7 95.5
Structured pool
Net asset value per Structured Ordinary Share 79.7 80.1 81.7
Net asset value per Structured 'A' Share 6.3 6.3 6.5
Cumulative dividends per Structured Ordinary Share 15.0 12.5 10.0
Total return per Structured Ordinary Share and 'A'
Share 101.0 98.9 98.2
Low Carbon pool (per GBP1 invested) *
Net asset value per 1.0695 Low Carbon Ordinary Shares 90.1 89.7 85.8
Cumulative dividends per 1.0695 Low Carbon Ordinary
Shares 16.0 13.3 10.7
Total return per 1.0695 Low Carbon Ordinary Shares 106.1 103.0 96.5
* Low Carbon Ordinary Shares were originally issued at 93.5p per share.
The above figures have been expressed in terms of an original investment
of GBP1, which equates to a holding of 1.0695 shares.
CHAIRMAN'S STATEMENT
I am pleased to present the Company's Half-Yearly Report for the six
months ended 31 May 2014. The period saw the completion of the task of
building the portfolios for the final two share pools and steady
progress by most investments.
General Share pool
At 31 May 2014, the net asset value ("NAV") of a combined holding of one
General Ordinary Share and one General "A" Share stood at 83.4p, an
increase of 1.7p or 2.0% after adjusting for the dividend paid in the
period. The Total Return (NAV plus dividends paid to date) now stands at
98.4p compared to the initial cost to subscribers in the share offer,
net of income tax relief, of 70.0p.
Most of the General Share pool investments are performing to plan and
two have justified uplifts in valuation over the period. In addition,
the portfolio has also generated a steady level of investment income. As
has been reported previously, three of the leisure sector investments
have faced some issues. The Board is satisfied that the Manager is
taking appropriate action to address these and to seek to get the
businesses back on track.
A full review of the General Share pool is presented below.
Structured Share pool
At 31 May 2014, the NAV of a combined holding of one Structured Ordinary
Share and one Structured "A" Share stood at 86.0p, an increase of 2.1p
or 2.4% after adjusting for the dividend paid during the period. The
Total Return (NAV plus dividend paid to date) now stands at 101.0p
compared to the initial cost to subscribers in the share offer, net of
income tax relief, of 70.0p.
As with the General Share pool, the majority of investments have
continued to perform satisfactorily but three have underperformed and
are receiving appropriate attention from the Manager. Gains on the
Structured Product investments, along with investment income from the
VCT qualifying investments, has combined to produce the increase in NAV.
A full review of the Structured Share pool is presented below.
Low Carbon Share pool
The Low Carbon Ordinary Share NAV at 31 May 2014 stood at 84.2p.
Shareholders will recall that Low Carbon Ordinary Shares were originally
issued at 93.5p per share. Rebasing for an original investment of GBP1,
Total Return (NAV plus dividends paid to date) now stands at 106.1p
compared to the initial cost, net of income tax relief, of 70.0p.
The Low Carbon Share portfolio has continued to make progress over the
period. The Manager is still dealing with some minor issues in
connection with the underlying solar projects, however generally they
are now generating electricity at, or close to, expected levels which
has resulted in a steady flow of investment income for the share pool
and uplifts in two investment valuations.
A full review of the Low Carbon Share pool is presented below.
Dividends
In line with the intention set out in the original prospectus, the
Company will pay interim dividends of 2.5p per share for each of the
General Ordinary Shares, Structured Ordinary Shares and Low Carbon
Ordinary Shares.
Each of the dividends will be paid on 21 November 2014 to Shareholders
on the register at 17 October 2014.
Share buybacks
The Company operates a share buyback policy across all pools whereby,
subject to certain restrictions, it intends to buy in any of its own
shares that become available in the market for cancellation. In its
first five years, the Company has a policy of undertaking any buybacks
at a price equal to the latest published NAV i.e. at nil discount.
No shares were bought back in the period.
Outlook
The Board is satisfied that, now that the initial investment period is
over, each share pool has a good quality and stable portfolio.
Going forward, the Investment Manager's focus will be on monitoring and
supporting the existing portfolio companies and also starting to look
ahead and giving some preliminary consideration to the exit plans. The
fifth anniversary of the close of the fundraising offers occurs in 2016,
after which the process of starting to liquidate the portfolios can
commence. It is expected that once a number of realisations have been
achieved, the Company will start to distribute the proceeds to
Shareholders.
The Board and Manager are starting to consider ways in which running
costs might be efficiently managed during the realisation process,
including whether a merger with one or more other VCTs might be
beneficial for Shareholders.
The Board is also conscious of the fact that the economic environment
has shifted since the Company was launched and there might now be
appetite amongst Shareholders for a longer term investment if it is able
to provide an attractive tax-free yield. The Company holds a significant
number of renewable energy investments across all the share pools, each
of which receives income through UK Government backed, index-linked
schemes. Following recent rule changes, VCTs can no longer make
qualifying investments in most renewable energy sectors and the Board is
starting to give some thought as to whether an option can be offered at
the end of the planned exit period to allow Shareholders to continue to
benefit from this asset class.
Naturally, if there is any major news in respect of the above before the
next Annual Report, I shall write to Shareholders at that time.
Sir Aubrey Brocklebank
Chairman
INVESTMENT MANAGER'S REPORT
GENERAL SHARE POOL
The General Share pool continued to make further VCT qualifying
investments during the six months ended 31 May 2014, partly funded by
realisations of non-qualifying investments.
Portfolio activity
At the period end, the pool held a portfolio of 16 VCT qualifying
investments and eight non-qualifying investments. One new qualifying
investment was made at a cost of GBP400,000 into Oak Grove Renewables
Limited. One further investment was made in Vulcan Renewables Limited at
a cost of GBP44,000. GBP128,000 was received to pay down the existing
loan in Kidspace Adventures Limited, these proceeds were reinvested into
Kidspace Adventures Holdings Limited. Details are below:
Oak Grove Renewables Limited is developing a 2.0MW maize fed biogas
plant in Norfolk. Biogas is produced through an anaerobic digestion
process, which is then used to generate electricity. GBP400,000 was
invested in to the company during the period.
Vulcan Renewables Limited is developing a similar 2.0MW maize fed biogas
plant near Doncaster. At this plant, biogas is produced though an
anaerobic digestion process and then goes through additional processing
so that it can be injected in to the National Gas Grid. Some of the gas
is also used to produce electricity. A further GBP44,000 was invested in
to this company in the period.
During the period, several non-qualifying loan stock investments were
realised at par: GBP350,000 from Future Biogas (SF) Limited, GBP150,000
from Antelope Pub Limited and GBP55,000 from South-Western Farms Solar
Limited. Proceeds of GBP2,000 were received in respect of Helcim Limited,
an investment which was realised in a previous period. The proceeds were
in excess of the amount previously accrued.
Portfolio performance
The pool is generally performing satisfactorily and, in time, we expect
to see these investments deliver growth, in particular, the various
renewable energy investments in the portfolio. There were few valuation
movements in the period with a total value decrease of GBP9,000.
Kidspace Adventures Holdings Limited is the holding company of Kidspace
Adventures Limited, which owns three children's play centres. Continued
good performance at all three sites has resulted in an increase in value
of GBP129,000.
Residential PV Trading Limited owns solar panels on the rooftops of over
260 domestic properties in the south of the UK. Performance continues to
be good and an increase in value of GBP18,000 has been recognised in the
period.
Performance at the nightclub owned by City Falkirk Limited continues to
be significantly below expectations and a reduction in value of
GBP61,000 has been made. A reduction of GBP50,000 has been made to
Cheers Dumbarton Limited following a period of below budget trading at
the Cheers nightclub in Dumbarton, Scotland.
South-Western Farms Solar Limited owns a portfolio of ground mounted
solar panels in the southwest of the UK. Significant remedial costs have
been incurred in order to get all sites generating electricity and,
consequently, a valuation reduction of GBP45,000 has been made.
Snow Hill Developments LLP developed the Holiday Inn Express Hotel in
Snow Hill, Birmingham. The hotel has been partly funded by The
Co-operative Bank and, due to a later opening than planned, the company
may now breach banking covenants. The business is trading satisfactorily
and the Board believes it remains appropriate to continue to hold the
investment at cost, however the investment is not without risk while
arrangements with the bank are addressed.
Details of the General Share pool portfolio and investment activity
during the period is shown below.
Net asset value
At 31 May 2014, NAV per General Ordinary Share stood at 77.3p and the
NAV per General 'A' Share stood at 6.1p, producing a combined total of
83.4p. This is an increase of 1.7p per share (2.0%) since 30 November
2013 (after taking into account the 2.5p dividend paid during the
period).
The NAV plus cumulative dividends paid to date for one General Ordinary
Share and one General 'A' Share amounts to 98.4p, compared to the
initial cost to investors net of income tax relief of 70.0p.
Results and dividends
The portfolio delivered investment income of GBP559,000 during the six
months. The profit on ordinary activities after taxation for the period
was GBP277,000 (2013: GBP205,000), comprising a revenue profit of
GBP314,000 (2013: GBP254,000) and a capital loss of GBP37,000 (2013:
GBP49,000).
The General Share pool will pay an interim dividend of 2.5p per General
Ordinary Share on 21 November 2014 to Shareholders on the register at 17
October 2014.
Outlook
The task of building the General Share portfolio is now complete and has
resulted in a reasonably well-diversified portfolio which produces a
steady ongoing yield and has growth potential.
Our focus will shift towards close monitoring of all portfolio companies
so that we are well positioned to provide support if needed as the
businesses develop and we work towards the planned exit, which is due to
commence in 2016.
Downing LLP
GENERAL SHARE POOL
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 May 2014
Unrealised % of
gain/(loss) portfolio
Cost Valuation in period by value
GBP'000 GBP'000 GBP'000
VCT qualifying investments
Vulcan Renewables Limited 1,664 1,664 - 12.5%
Kidspace Adventures Holdings
Limited 1,116 1,334 129 10.2%
Mosaic Spa and Health Clubs
Limited* 1,500 1,259 - 9.5%
Tooting Tram and Social Limited* 1,067 1,187 - 8.9%
Residential PV Trading Limited 600 762 18 5.7%
Westcountry Solar Solutions
Limited 600 600 - 4.5%
South-Western Farms Solar
Limited 600 555 (45) 4.2%
Odysian (Holdings) Limited 527 543 - 4.1%
Avon Solar Energy Limited 505 505 - 3.8%
Wickham Solar Limited 472 472 - 3.6%
Fubar Stirling Limited 429 429 - 3.2%
Oak Grove Renewables Limited 400 400 - 3.0%
City Falkirk Limited 674 330 (61) 2.5%
Angel Solar Limited 300 300 - 2.3%
Cheers Dumbarton Limited 76 26 (50) 0.2%
Lochrise Limited 20 - - 0.0%
10,550 10,366 (9) 78.2%
Non-qualifying investments
Hoole Hall Hotel Limited 1,200 1,200 - 9.0%
Snow Hill Developments LLP 750 750 - 5.7%
Kidspace Adventures Limited 384 384 - 2.9%
Dominions House Limited 178 178 - 1.3%
Antelope Pub Limited 150 150 - 1.1%
Clean Electricity Limited 70 70 - 0.5%
UK Renewable Power Limited 55 55 - 0.4%
21st Century Energy Limited 22 22 - 0.2%
2,809 2,809 - 21.1%
Total 13,359 13,175 (9) 99.3%
Cash at bank and in hand 88 0.7%
Total investments 13,263 100.0%
* Part-qualifying investment
GENERAL SHARE POOL
SUMMARY OF INVESTMENT MOVEMENTS
for the six months ended 31 May 2014
Additions
GBP'000
VCT qualifying investments
Oak Grove Renewables Limited 400
Kidspace Adventures Holdings Limited 128
Vulcan Renewables Limited 44
572
Disposals
Market
value at Total
1 Dec 2013 Gain vs. realised
Cost ** Proceeds cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Non-qualifying
investments
Future Biogas (SF)
Limited 350 350 350 - -
Antelope Pub Limited 150 150 150 - -
Kidspace Adventures
Limited 128 128 128 - -
South-Western Farms Solar
Limited 55 55 55 - -
Helcim Limited - - 2 2 2
683 683 685 2 2
* Part-qualifying investment
** Adjusted for purchases in the period
Of the investments above, Helcim Limited was realised in a prior period
but received proceeds in the current period in excess of the amount
previously accrued.
INVESTMENT MANAGER'S REPORT
STRUCTURED SHARE POOL
The Structured Share pool continued to make further VCT qualifying
investments during the six months ended 31 May 2014. Funds for the new
investments were provided by redemptions from the Structured Product
portfolio which produced another solid performance.
VCT qualifying investment activity
At the period end, the pool held a portfolio of 16 VCT qualifying or
part qualifying investments and two non-qualifying investments. One new
qualifying investment was made at a cost of GBP545,000 into Oak Grove
Renewables Limited. One further investment was made into Vulcan
Renewables Limited for a cost of GBP82,000. One non-qualifying
investment, Antelope Pub Limited, was transferred in from the General
Share pool at a cost of GBP150,000. GBP85,000 was received to pay down
the existing loan in Kidspace Adventures Limited, these proceeds were
reinvested into Kidspace Adventures Holdings Limited. Details are
below:
Vulcan Renewables Limited is developing a 2.0MW maize fed biogas plant
near Doncaster. Biogas is produced though an anaerobic digestion process
and then goes through additional processing so that it can be injected
in to the National Gas Grid. Some of the gas is also used to produce
electricity. A further GBP82,000 was invested in to this company in the
period.
Antelope Pub Limited is a freehold pub in Tooting, South London. The
pool invested GBP150,000 of non-qualifying loans into the company.
VCT qualifying investment performance
The pool is generally performing satisfactorily and, in time, we expect
to see these investments deliver growth, in particular, the various
renewable energy investments in the portfolio. There were few valuation
movements in the period with a total value decrease of GBP5,000. Details
are below.
Kidspace Adventures Holdings Limited is the holding company of Kidspace
Adventures Limited which owns three children's play centres. Continued
good performance at all three sites has resulted in an increase in value
of GBP86,000.
Residential PV Trading Limited owns solar panels on the rooftops of over
260 domestic properties in the south of the UK. Performance continues to
be good and an increase in value of GBP12,000 has been recognised in the
period.
Performance at the nightclub owned by City Falkirk Limited continues to
be significantly below expectations and a reduction in value of
GBP40,000 has been made.
A reduction of GBP33,000 has also been made to Cheers Dumbarton Limited
following a period of below budget trading at the Cheers nightclub in
Dumbarton, Scotland.
South-Western Farms Solar Limited owns a portfolio of ground mounted
solar panels in the South West of the UK. Significant remedial costs
have been incurred in order to get all sites generating electricity and,
consequently, a valuation reduction of GBP30,000 has been made.
All other investments are performing satisfactorily and, in time, we
expect to see these investments deliver growth, in particular, the
various renewable energy investments in the portfolio.
Structured Product portfolio
Shareholders will recall that the strategy of the Structured Share pool
has been to invest funds not utilised for VCT qualifying investments in
a portfolio of defensive Structured Products.
The portfolio has performed in line with expectations over the period,
producing unrealised gains of GBP73,000 and one redemption generating
realised gains of GBP14,000.
Further Structured Products are likely to mature this year and next
year. The intention is to reinvest the proceeds into shorter-dated
Structured Products or alternative investments, depending on the
opportunities available at the time.
Net asset value
The NAV per Structured Ordinary Share stood at 79.7p and per Structured
'A' Share stood at 6.3p at the period end, producing a combined total of
86.0p. This is an increase of 2.1p per share (2.4%) since 30 November
2013 (after taking into account the 2.5p dividend paid during the
period). The NAV plus cumulative dividends paid to date for one
Structured Ordinary Share and one Structured 'A' Share amounts to 101.0p,
compared to the initial cost to investors net of income tax relief of
70.0p.
Results and dividend
The pool's profit on ordinary activities after taxation for the period
was GBP217,000 (2013: GBP239,000), comprising a revenue profit of
GBP155,000 (2013: GBP93,000) and a capital profit of GBP62,000 (2013:
GBP146,000).
The pool will pay an interim dividend of 2.5p per Structured Ordinary
Share on 21 November 2014 to Shareholders on the register at 17 October
2014.
Outlook
The task of building the pool's VCT qualifying portfolio is now complete
and has resulted in a reasonably well diversified portfolio which
produces a steady ongoing yield and has growth potential.
Our focus will shift towards close monitoring of all portfolio companies
so that we are well positioned to provide support if needed as the
businesses develop and we work towards the planned exit, which is due to
commence in 2016.
Downing LLP
STRUCTURED SHARE POOL
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 May 2014
Unrealised % of
gain/(loss) portfolio
Cost Valuation in period by value
GBP'000 GBP'000 GBP'000
VCT qualifying investments
Vulcan Renewables Limited 982 982 - 10.5%
Kidspace Adventures Holdings
Limited 744 889 86 9.5%
Mosaic Spa and Health Clubs
Limited * 920 759 - 8.1%
Tooting Tram and Social Limited 533 613 - 6.5%
Oak Grove Renewables Limited 545 545 - 5.8%
Residential PV Trading Limited 400 508 12 5.7%
Wickham Solar Limited 472 472 - 5.0%
Westcountry Solar Solutions
Limited 400 400 - 4.3%
South-Western Farms Solar
Limited 400 370 (30) 3.9%
Odysian (Holdings) Limited 351 362 - 3.9%
Avon Solar Energy Limited 336 336 - 3.6%
Fubar Stirling Limited 286 286 - 3.0%
City Falkirk Limited 450 220 (40) 2.3%
Angel Solar Limited 200 200 - 2.1%
Cheers Dumbarton Limited 51 18 (33) 0.2%
Lochrise Limited 13 - - 0.0%
7,083 6,960 (5) 74.4%
Non-qualifying investments
Kidspace Adventures Limited 256 256 - 2.7%
Antelope Pub Limited 150 150 - 1.7%
406 406 - 4.4%
Structured Product investments
HSBC 7.1% Defensive Worst-Of-AC 401 423 10 4.5%
RBS 6 Yr Dul Index Synthetic
Zero 10.16% 251 364 19 3.9%
Goldman Sachs 8.5% Defensive
Worst-Of-AC 251 273 16 2.9%
UBS 7.3% Defensive Worst-Of-AC 251 267 7 2.8%
BNP Paribas Harewood Abs
Progression 2 253 267 5 2.8%
Credit Suisse 7% Defensive
Worst-Of-AC 251 267 16 2.8%
1,658 1,861 73 19.7%
Total 9,147 9,227 68 98.5%
Cash at bank and in hand 145 1.5%
Total investments 9,372 100.0%
* Part-qualifying investment
STRUCTURED SHARE POOL
SUMMARY OF INVESTMENT MOVEMENTS
for the six months ended 31 May 2014
Additions
GBP'000
VCT qualifying investments
Oak Grove Renewables Limited 545
Kidspace Adventures Holdings Limited 85
Vulcan Renewables Limited 82
712
VCT non-qualifying investments
Antelope Pub Limited 150
150
862
Disposals
Market
value at Total
1 Dec 2013 Gain vs. realised
Cost ** Proceeds cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Non-qualifying
investments
Kidspace Adventures
Limited 85 85 85 - -
Helcim Limited - - 1 1 1
85 85 86 1 1
Structured Product
investments
Barclays 7.75% Defensive
Worst-Of-AC 351 360 374 23 14
351 360 374 23 14
436 445 460 24 15
** Adjusted for purchases in the period
Of the investments above, Helcim Limited was realised in a prior period
but received proceeds in the current period in excess of the amount
previously accrued.
INVESTMENT MANAGER'S REPORT
LOW CARBON SHARE POOL
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 no
investment activity in the period. Some of the investee companies have
now started to establish steady track records and have justified some
initial uplifts in value.
Investment activity
At 31 May 2014, the share pool had a portfolio of seven investments with
a total cost of GBP6.4 million. All of the investments in which the pool
has invested own solar PV panels sited on a mix of commercial and
residential rooftops, all of which receive FiTs.
There were no new or further investments in the period nor any
realisations.
The majority of the investments are now valued above cost and are
consistently generating electricity at the planned levels. Those where
the track record is not yet sufficiently established have been held at
original cost.
In the case of two investments: Progressive Energies Limited; and PV
Generation Limited, yield has been sufficiently proven to justify
increasing the carrying values by GBP60,000 on each investment.
Net asset value
At 31 May 2014, the NAV per Low Carbon Ordinary Share stood at 84.2p.
This is an increase of 2.9p per share (3.5%) since 30 November 2013
(after taking into account the 2.5p dividend paid during the period).
Low Carbon Ordinary Shares were originally issued at a price of 93.5p
each. The equivalent Total Return (NAV plus dividend paid to date) for
an original investment of GBP1 now stands at 106.1p.
Results and dividend
The share pool's profit on ordinary activities after taxation for the
period was GBP235,000 (2013: GBP198,000), comprising a revenue profit of
GBP130,000 (2013: GBP57,000) and a capital profit of GBP105,000 (2013:
GBP141,000).
The Company will pay an interim dividend of 2.5p per Low Carbon Ordinary
Share on 21 November 2014 to Shareholders on the register at 17 October
2014.
Outlook
The share pool remains fully invested in a portfolio of investments
which have index-linked returns and significantly higher yields than
potential alternative investments. We are satisfied with the progress
made by the portfolio companies to date and, over the coming year,
expect to see further capital growth.
Downing LLP
LOW CARBON SHARE POOL
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 May 2014
Unrealised % of
gain portfolio
Cost Valuation in period by value
GBP'000 GBP'000 GBP'000
VCT qualifying investments
Progressive Energies Limited * 1,400 1,460 60 21.0%
Green Electricity Generation
Limited 1,000 1,210 - 17.5%
PV Generation Limited 1,000 1,150 60 16.6%
Progressive Power Generation
Limited 800 800 - 11.5%
Clean Electricity Limited 780 780 - 11.3%
UK Renewable Power Limited 780 780 - 11.3%
21st Century Energy Limited 600 708 - 10.2%
Total 6,360 6,888 120 99.4%
Cash at bank and in hand 45 0.6%
Total investments 6,933 100.0%
* Part qualifying investment
There were no additions or disposals in the period.
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 May 2014
31 May 30 Nov
31 May 2014 2013 2013
General Structured Low Carbon
Share pool Share pool Share pool Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments 13,175 9,227 6,888 29,290 26,490 28,806
Current assets
Debtors 331 113 75 519 369 292
Cash at bank
and in hand 88 145 45 278 3,194 1,351
419 258 120 797 3,563 1,643
Creditors:
amounts
falling due
within one
year (344) (164) (183) (691) (419) (920)
Net current
assets 75 94 (63) 106 3,144 723
Net assets 13,250 9,321 6,825 29,396 29,634 29,529
Capital and
reserves
Called up
Ordinary
Share
capital 16 11 8 35 35 35
Called up 'A'
Share
capital 18 13 - 31 31 31
Revaluation
reserve (185) 90 528 433 473 254
Capital
reserve -
realised - 365 - 365 - 365
Special
reserve 13,284 8,937 6,041 28,262 29,288 28,613
Revenue
reserve 117 (95) 248 270 (193) 231
Equity
shareholders'
funds 13,250 9,321 6,825 29,396 29,634 29,529
Net asset
value per:
General 77.3p 79.2p 78.0p
Ordinary
Share
General 'A' 6.1p 6.3p 6.2p
Share
Structured 79.7p 81.7p 80.1p
Ordinary
Share
Structured 'A' 6.3p 6.5p 6.3p
Share
Low Carbon 84.2p 80.3p 83.8p
Ordinary
Share
UNAUDITED INCOME STATEMENT
for the six months ended 31 May 2014
Year
ended
Six months ended Six months ended 30 Nov
31 May 2014 31 May 2013 2013
Company Total Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 1,109 - 1,109 855 - 855 2,027
Gain on
investments
- realised - 17 17 - 75 75 168
- unrealised - 179 179 - 283 283 429
1,109 196 1,305 855 358 1,213 2,624
Investment
management
fees (199) (66) (265) (202) (68) (270) (534)
Other
expenses (138) - (138) (131) (52) (183) (395)
Return on
ordinary
activities
before
taxation 772 130 902 522 238 760 1,695
Taxation (173) - (173) (118) - (118) (289)
Return
attributable
to equity
shareholders 599 130 729 404 238 642 1,406
Return per:
General
Ordinary
Share 2.0p (0.2p) 1.8p 1.6p (0.3p) 1.3p 2.5p
General 'A' - - - - - - -
Share
Structured 1.5p 0.6p 2.1p 0.9p 1.3p 2.2p 3.1p
Ordinary
Share
Structured - - - - - - -
'A' Share
Low Carbon 1.6p 1.3p 2.9p 0.7p 1.7p 2.4p 8.5p
Ordinary
Share
A Statement of Total Recognised Gains and Losses has not been prepared
as all gains and losses are recognised in the Income Statement as noted
above.
Analysed by share pool:
Year
ended
Six months ended Six months ended 30 Nov
31 May 2014 31 May 2013 2013
General Share
pool Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 559 - 559 504 - 504 1,003
Gain/(loss)
on
investments
- realised - 2 2 - - - 16
- unrealised - (9) (9) - 14 14 (45)
559 (7) 552 504 14 518 974
Investment
management
fees (91) (30) (121) (93) (31) (124) (245)
Other
expenses (63) - (63) (60) (32) (92) (190)
Return on
ordinary
activities
before
taxation 405 (37) 368 351 (49) 302 539
Taxation (91) - (91) (97) - (97) (146)
Return
attributable
to equity
shareholders 314 (37) 277 254 (49) 205 393
Structured
Share pool Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 306 - 306 205 - 205 463
Gain on
investments
- realised - 15 15 - 75 75 152
- unrealised - 68 68 - 113 113 66
306 83 389 205 188 393 681
Investment
management
fees (62) (21) (83) (65) (22) (87) (172)
Other expenses (44) - (44) (42) (20) (62) (130)
Return on
ordinary
activities
before
taxation 200 62 262 98 146 244 379
Taxation (45) - (45) (5) - (5) (53)
Return
attributable
to equity
shareholders 155 62 217 93 146 239 326
Year
ended
Six months ended Six months ended 30 Nov
31 May 2014 31 May 2013 2013
Low Carbon
Share pool Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 244 - 244 146 - 146 561
Gain on
investments
- unrealised - 120 120 - 156 156 408
244 120 364 146 156 302 969
Investment
management
fees (46) (15) (61) (44) (15) (59) (117)
Other expenses (31) - (31) (29) - (29) (75)
Return/(loss)
on ordinary
activities
before
taxation 167 105 272 73 141 214 777
Taxation (37) - (37) (16) - (16) (90)
Return/(loss)
attributable
to equity
shareholders 130 105 235 57 141 198 687
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 31 May 2014
31 May 30 Nov
31 May 2014 2013 2013
General Structured Low Carbon
Share pool Share pool Share pool Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening
Shareholders'
funds 13,365 9,372 6,792 29,529 29,865 29,865
Dividends (392) (268) (202) (862) (863) (1,725)
Shares bought
back - - - - (10) (17)
Total
recognised
gain for the
period 277 217 235 729 642 1,406
Closing
Shareholders'
funds 13,250 9,321 6,825 29,396 29,634 29,529
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 May 2014
31 May 30 Nov
31 May 2014 2013 2013
General Structured Low Carbon
Share pool Share pool Share pool Total Total Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash inflow/(outflow) from operating activities
and returns on
investments 1 35 (16) 59 78 192 1,377
Taxation
Corporation tax paid - - - - - (81)
Capital expenditure
Purchase of
investments (572) (862) - (1,434) (2,686) (7,332)
Sale of investments 685 460 - 1,145 3,673 6,241
Net cash
(outflow)/inflow
from capital
expenditure 113 (402) - (289) 987 (1,091)
Equity dividends
paid (392) (268) (202) (862) (863) (1,725)
Net cash
(outflow)/inflow
before financing (244) (686) (143) (1,073) 316 (1,520)
Financing
Purchase of own
shares - - - - (10) (17)
Net cash outflow
from financing - - - - (10) (17)
(Decrease)/increase
in cash 2 (244) (686) (143) (1,073) 306 (1,537)
Notes to the cash flow statement:
1 Cash (outflow)/inflow from operating activities
and returns on investments
Return on ordinary
activities before
taxation 404 286 272 962 760 1,695
Gain on investments (29) (107) (120) (256) (358) (597)
(Increase) in other
debtors (116) (38) (73) (227) (79) (3)
(Decrease)/increase
in other creditors (224) (157) (20) (401) (131) 281
Net cash
inflow/(outflow)
from operating
activities 35 (16) 59 78 192 1,376
2 Analysis of net funds
Beginning of period 332 831 188 1,351 2,888 2,888
Net cash
(outflow)/inflow (244) (686) (143) (1,073) 306 (1,537)
End of period 88 145 45 278 3,194 1,351
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The unaudited half yearly financial results cover the six months to
31 May 2014 and have been prepared in accordance with the accounting
policies set out in the statutory accounts for the year ended 30
November 2013, 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 January 2009 ("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 were in respect of the period ended 31 May
2013 and the year ended 30 November 2013 respectively.
5. Dividends
31 May 2014
Revenue Capital Total
GBP'000 GBP'000 GBP'000
General Ordinary Shares
Paid in period
2013 Final (196) (196) (392)
Structured Ordinary Shares
Paid in period
2013 Final (162) (106) (268)
Low Carbon Ordinary Shares
Paid in period
2013 Final (202) - (202)
6. Reserves
Capital
Special reserve Revaluation Revenue
reserve - realised reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000
At 1 December 2013 28,613 365 254 231
Expenses capitalised - (66) - -
Gains on investments - 17 179 -
Transfer between reserves (351) 351 - -
Retained net revenue for the
period - - - 599
Dividends paid - (302) - (560)
At 31 May 2014 28,262 365 433 270
The Special reserve, Capital reserve - realised and Revenue reserve are
all distributable reserves. Revaluation reserve includes losses of
GBP1,121,000 which are included in the calculation of distributable
reserves. Total distributable reserves are GBP27,776,000.
7. Net asset value per share has been calculated on 15,679,241 General
Ordinary Shares, 18,453,789 General 'A' Shares; 10,703,725 Structured
Ordinary Shares, 12,597,594 Structured 'A' Shares; and 8,102,222 Low
Carbon Ordinary Shares, being the shares in issue at the period end.
8. Return per share for the period has been calculated on 15,684,891
General Ordinary Shares, 18,461,489 General 'A' Shares; 10,709,375
Structured Ordinary Shares, 12,605,294 Structured 'A' Shares; and
8,109,363 Low Carbon Ordinary Shares, being the weighted average number
of shares in issue during the period.
9. The unaudited 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 30 November 2013 have been extracted from the
financial statements for that year, which have been delivered to the
Registrar of Companies; the Auditor's Report on those financial
statements was unqualified.
10. Risk and uncertainties
Under the Disclosure and Transparency Directive, the Board is required
in the Company's half year results to report on principal risks and
uncertainties facing the Company over the remainder of the financial
year.
The Board has concluded that the key risks facing the Company over the
remainder of the financial period are as follows:
(i) investment risk associated with investing in small and immature
businesses;
(ii) market risk in respect of the various assets held by the investee
companies; and
(iii) failure to maintain approval as a VCT.
In order to make VCT qualifying investments, the Company has to invest
in small businesses which are often immature. The Manager follows a
rigorous process in vetting and careful structuring of new investments
and, after an investment is made, close monitoring of the business. The
Manager also seeks to diversify the portfolio to some extent by holding
investments which operate in various sectors. The Board is satisfied
with this approach.
The Company's compliance with the VCT regulations is continually
monitored by the Manager, who reports regularly to the Board on the
current position. The Company also 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.
11. Going concern
The Directors have reviewed the Company's financial resources at the
period end and conclude that the Company is well placed to manage its
business risks.
The Board confirms that it is satisfied that the Company has adequate
resources to continue in business for the foreseeable future. For this
reason, the Board believes that the Company continues to be a going
concern and that it is appropriate to apply the going concern basis in
preparing the financial statements.
12. 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.
13. Copies of the unaudited half yearly financial reports will be sent
to Shareholders shortly. Further copies can be obtained from the
Company's Registered Office and will be available for download from
www.downing.co.uk.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Downing Planned Exit VCT 2011 plc via Globenewswire
HUG#1842050
1 Year Downing Vct11 Chart |
1 Month Downing Vct11 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
