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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Puma Vct 12 Plc | LSE:PU12 | London | Ordinary Share | GB00BYSJJR68 | ORD GBP0.0005 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 24.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPU12
RNS Number : 5506Q
Puma VCT 12 PLC
30 November 2016
Puma VCT 12 plc
Interim Report
For the period ended 31 August 2016
Officers and Professional Advisers
Hot Features
Premium
Directors Auditor
Raymond Pierce (Chairman) RSM UK Audit LLP
James Brydie Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
09758309 London SE1 9BG
Registered Office Bankers
Bond Street House The Royal Bank of Scotland
14 Clifford Street plc
London W1S 4JU London City Office
PO Box 412
62-63 Threadneedle Street
Investment Manager London EC2R 8LA
Puma Investment Management
Limited Lloyds Bank International
Bond Street House Limited
14 Clifford Street Sarnia House
London W1S 4JU Le Truchot
St Peter Port
Guernsey, GY1 4EF
Registrar VCT Tax Advisor
SLC Registrars PricewaterhouseCoopers
42-50 Hersham Road LLP
Walton-on-Thames 1 Embankment Place
Surrey London WC2N 6RH
KT12 1RZ
Administrator Custodian
PI Administration Services Pershing Securities Limited
Limited 1 Canada Square
Bond Street House London
14 Clifford Street E14 5AL
London W1S 4JU
Chairman's Statement
Highlights
-- Fund raising of just under GBP31m completed, the largest raising by a planned exit VCT in the 2015/2016 tax year.
-- Funds raised already being deployed in high quality projects generating an attractive return.
Introduction
I am pleased to present the first interim report for Puma VCT 12 plc (the "Company") for the period to 31 August 2016. The Board welcomes its new shareholders and thanks them for their investment.
The Company launched its Prospectus in October 2015 and the offer closed in June 2016, raising just under GBP31 million, and representing more than half of the entire funds raised by planned exit VCTs in the 2015/2016 tax year. The Investment Manager, Puma Investments, now has well over GBP100 million of VCT money under management in this and other Puma VCTs and a well-established, experienced VCT team to manage the Company's deal flow.
Investments
Before 5 April 2016, the Company invested just under GBP22 million in a series of lending businesses which have the strategy of making first charge secured loans offering a good yield with hopefully limited downside risk. Whilst the period under review includes only a short time following completion of the fundraising, I am pleased to report that the Investment Manager has arranged a series of loans for these businesses during the period and since the period end, deploying GBP11.1 million. Details of these loans are set out immediately below.
In June, the Company advanced a GBP2 million loan, as part of a package of loans from other vehicles managed and advised by your Investment Manager totalling GBP3 million, to Tuscola (FC104) Limited, against a portfolio of freehold assets and the associated ground rents. The portfolio of ground rents over which the loans are secured consists of 1,415 individual units in total across 16 freeholds, with all leases in excess of 90 years. The sponsor of the transaction is Grangeford Asset Management, a manager of some 7,000 individual ground rents across 130 properties in the United Kingdom valued at GBP50 million. Following the period end, the loan was increased by GBP300,000 as three further freehold assets were brought into the portfolio.
In July, a loan of GBP1.5 million, together with loans from other vehicles managed and advised by your Investment Manager totalling GBP2.5 million, was advanced to Pall Mall Investments 2016 Limited. The loan was used to acquire Rovex Business Park, an industrial business park in Birmingham. We anticipate the asset will increase in value with capital expenditure from Pall Mall Investments. This should increase rental income and, as such, provide more than adequate headroom on the serviceability of interest.
During the period and shortly thereafter, a series of loans totalling GBP1.7 million were advanced to various entities within the Citrus Group. These loans, together with loans from other vehicles managed and advised by your Investment Manager, form part of a series of revolving credit facilities to provide working capital to the Citrus PX business. Citrus PX operates a property part exchange service facilitating the rapid purchase of properties for developers and homeowners. The facility provides a series of loans to Citrus PX, with the benefit of a first charge over a geographically diversified portfolio of residential properties on conservative terms.
In July, a loan of GBP1.03 million was advanced to Zinbake Limited to facilitate the acquisition of the assets of a pharmacy business located on Portobello Road in Notting Hill, London. The borrower is an experienced operator and has carried out an extensive refurbishment program at the new unit which has a good mix of NHS and over-the-counter income. The loan is also secured with a first charge on the new pharmacy business and a first charge over the borrower's existing pharmacy located in south west London.
Following the period end, a loan of GBP1.82 million, together with loans from other vehicles managed and advised by your Investment Manager totalling GBP4.3 million, was advanced to Empire TBR Limited to fund the redevelopment of a building on Tower Bridge Road, London into a commercial unit at ground level and eight apartments above. The developer has extensive relevant experience and the development, which is located within easy walking distance of some of London's main transport hubs, is expected to take approximately 12 months.
Also since the period end, a GBP608,000 loan (as part of an overall facility of GBP7.3 million) was advanced to New Care (Chester) Limited to fund the development and initial trading of a 77-bed purpose-built care home in Chester. The New Care Group is an experienced developer and operator of care homes. The loan is secured with a first charge over the site and is expected to generate an attractive return. Construction has commenced on site and is progressing well.
To further manage liquidity, the Company holds GBP1.2 million in a floating rate bond issued by Commonwealth Bank of Australia and GBP2 million in a bond issued by J Sainsbury plc. Otherwise, and in anticipation of the strong pipeline of opportunities, the rest of the Company's funds have been placed on cash deposit.
We are pleased that approximately half of the Company's available cash has already been invested in a diverse portfolio of investments generating an attractive return. The Investment Manager is in legal process with a number of further opportunities as discussed further in the Outlook section below.
Net Asset Value ('NAV')
The NAV per share at the period end was 95.47p. This initial NAV per share primarily reflects the initial funds raised less the costs of flotation.
VCT Qualifying Status
PricewaterhouseCoopers LLP ('PwC') provides the board and the investment manager with advice on the ongoing compliance with Her Majesty's Revenue & Customs ('HMRC') rules and regulations concerning VCTs. PwC assists the Investment Manager in establishing the status of investments as qualifying holdings and has reported that the Company has met all HMRC's criteria to date.
Principal risks and uncertainties
Although the economy in the UK continues to improve, it remains fragile, especially in light of the result of recent referendum vote on Brexit. The consequences of this for the Company's investment portfolio constitute the principal risk and uncertainty for the Company in the second half of 2016.
Outlook
The Investment Manager has a pipeline in legal process and many companies which are suitable for investment. There is therefore a strong flow of further opportunities likely to lead to suitable investments. The restrictions on availability of bank credit continue to affect the terms on which target companies can raise finance. This should both increase the demand for our offering and improve the terms we can secure. There are many suitable companies which are well-managed, in good market positions, which need our finance and can offer good security. We therefore believe the Company is strongly positioned to assemble a portfolio to deliver attractive returns to shareholders in the medium to long term.
Ray Pierce
Chairman
30 November 2016
Income Statement (unaudited)
For the period ended 31 August 2016
Period ended
31 August 2016
Note Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gains on
investments - 4 4
Income 93 - 93
93 4 97
-------- -------- --------
Investment
management
fees 4 (71) (213) (284)
Other expenses (157) - (157)
(228) (213) (441)
-------- -------- --------
Return/(loss)
on ordinary
activities
before
taxation (135) (209) (344)
Tax on
return
on ordinary
activities - - -
Return/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders (135) (209) (344)
======== ======== ========
Basic and
diluted
Return/(loss)
per Ordinary
Share (pence) 2 (0.44p) (0.68p) (1.11p)
======== ======== ========
The total column of this statement is the profit and loss of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.
Balance Sheet (unaudited)
As at 31 August 2016
As at
31 August
Note 2016
GBP'000
Fixed Assets
Investments 6 24,826
-----------
Current Assets
Prepayments 83
Cash 4,731
-----------
4,814
Creditors - amounts
falling due within one
year (132)
Net Current Assets 4,682
-----------
Net Assets 29,508
===========
Capital and Reserves
Called up share capital 19
Share premium account 29,833
Capital reserve - realised (213)
Capital reserve - unrealised 4
Revenue reserve (135)
Equity Shareholders'
Funds 29,508
===========
Net Asset Value per
Ordinary Share 3 95.47p
===========
Diluted Net Asset Value
per Ordinary Share 3 95.47p
===========
Cash Flow Statement (unaudited)
For the period ended 31 August 2016
Period
ended
31 August
2016
GBP'000
Operating activities
Loss on ordinary activities
after tax (344)
Gains on investments (4)
Increase in debtors (83)
Increase in creditors 132
Net cash outflow from
operating activities (299)
-----------
Capital expenditure and
financial investment
Purchase of investments (24,822)
Net cash outflow from
capital expenditure and
financial investment (24,822)
-----------
Financing
Proceeds received from
issue of ordinary share
capital 30,909
Expenses paid for issue
of share capital (1,057)
Proceeds received from
issue of redeemable preference
shares 13
Redemption of redeemable
preference shares (13)
Net cash inflow from
financing 29,852
-----------
Increase in cash 4,731
Net cash at start of
the period -
Net funds at the period
end 4,731
===========
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period ended 31 August 2016
Called
up Share Capital Capital
share premium reserve reserve Revenue
capital account - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Shares issued
in the period 19 30,890 - - 30,909
Expense of share
issue - (1,057) - - - (1,057)
Total recognised
(losses)/gains
for the period - - (213) 4 (135) (344)
Balance as at
31 August 2016 19 29,833 (213) 4 (135) 29,508
========= ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2016
1. Accounting Policies
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable Accounting Standards and with the Statement of Recommended Practice, "Financial Statements of Investment Trust Companies and Venture Capital Trusts" ("SORP") and in accordance with the Financial Reporting Standard 102 ("FRS102").
2. Return per Ordinary Share
The total loss per share of 1.11p is based on the loss for the period of GBP344,000 and the weighted average number of shares in issue as at 31 August 2016 of 30,909,188 calculated from the date of the first receipt of proceeds from the issue of ordinary share capital.
3. Net asset value per share
As at
31 August
2016
Net assets 29,508,000
------------
Number of shares in
issue as at 31 August
2016 38,636,487
Less: management incentive
shares (see below) (7,727,297)
------------
Number of shares in
issue for purposes
of Net Asset Value
per calculation 30,909,190
------------
Net asset value per
share
Basic 95.47p
Diluted 95.47p
On 3 September 2015, the Company entered into various agreements with the members of the Management Team (as defined in the Company's prospectus dated 14 October 2015) such that the Management Team will be entitled in aggregate to share in 20 per cent of the aggregate excess on any amounts realised by the Company in excess of GBP1 per Ordinary Share, the Performance Target.
This incentive is effective through the issue of ordinary shares in the Company, such that the Management Team hold 7,727,297 ordinary shares being 20% of the issued share capital of 38,636,487.
The Management Team will waive all rights to dividends until a return of GBP1 per share (whether capital or income) has been paid to the other shareholders.
The performance incentive structure provides a strong incentive for the Investment Manager to ensure that the Company performs well, enabling the Board to approve distributions as high and as soon as possible.
Notes to the Interim Report continued
For the period ended 31 August 2016
4. Management fees
The Company pays the Investment Manager an annual management fee of 2% of the Company's net assets. The fee is payable quarterly in arrears. The annual management fee is allocated 75% to capital and 25% to revenue.
5. The financial information for the period ended 31 August 2016 has not been audited and does not comprise full financial statements within the meaning of Section 423 of the Companies Act 2006. The interim financial statements have been prepared on the same basis as will be used to prepare the annual financial statements.
6. Investment portfolio summary
Valuation
as a %
of Net
Valuation Cost Gain/(loss) Assets
GBP'000 GBP'000 GBP'000
As at 31 August
2016
Non-Qualifying
Investments
Victoria Lending
Limited 3,800 3,800 13%
Valencia Lending
Limited 2,441 2,441 - 8%
Tottenham Lending
Limited 3,800 3,800 - 13%
Sloane Lending
Limited 3,800 3,800 - 13%
Piccadilly Lending
Limited 2,400 2,400 - 8%
Bayswater Lending
Limited 1,900 1,900 - 6%
Marble Lending
Limited 3,800 3,800 - 13%
Total Non-Qualifying
investments 21,941 21,941 - 74%
---------- -------- ------------ ----------
Liquidity Management
investments
Commonwealth Bank
of Australia Bond* 1,016 1,010 6 3%
J Sainsbury Plc
Bond* 1,869 1,871 (2) 6%
Total Qualifying
Investments 2,885 2,881 4 9%
---------- -------- ------------ ----------
Total Investments 24,826 24,822 4 83%
Balance of Portfolio 4,682 4,682 17%
Net Assets 29,508 29,504 4 100%
---------- -------- ------------ ----------
* Quoted investment listed on the London Stock Exchange
Of the investments held at 31 August 2016, all are incorporated in England and Wales with the exception of the liquidity management holdings.
Copies of this Interim Statement will be posted to shareholders in due course and made available on the website: http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAEFEDDEKFFF
(END) Dow Jones Newswires
November 30, 2016 05:34 ET (10:34 GMT)
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