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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Puma 8 | LSE:PUM8 | London | Ordinary Share | GB00B40PR121 | 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% | 25.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMPUM8
Puma VCT 8 plc
Interim Report
For the period ended 31 August 2016
Officers and Professional Advisers
Directors Auditor
Sir Aubrey Brocklebank (Chairman) RSM UK Audit LLP
David Brock Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Registered Number Howard Kennedy
07696739 No 1 London Bridge
London SE1 9BG
Registered Office Bankers
Bond Street House The Royal Bank of Scotland plc
14 Clifford Street London City Office
London W1S 4JU PO Box 412
Investment Manager 62-63 Threadneedle Street
Shore Capital Limited London EC2R 8LA
Bond Street House Lloyds Bank International Limited
14 Clifford Street Sarnia House
London W1S 4JU Le Truchot
St Peter Port
Guernsey, GY1 4EF
Registrar VCT Tax Advisor
SLC Registrars PricewaterhouseCoopers LLP
42- 50 Hersham Road 1 Embankment Place
Walton-on- Thames London WC2N 6RH
Surrey, KT12 IRZ
Administrator Custodian
Shore Capital Fund Administration Services Limited Pershing Securities Limited
Bond Street House 1 Canada Square
14 Clifford Street London
London W1S 4JU E14 5AL
Chairman's Statement
Highlights
-- Fully deployed in a diverse range of high quality investments generating
an attractive return
-- NAV per share at the period end was 97.05p (after adding back dividends
paid to date)
-- 20p per share of dividends paid since inception, equivalent to a 7.1% per
annum tax-free running yield on net investment
Introduction
As your Company enters into the final year of its expected five-year
life, I am pleased to report that your funds are fully deployed in both
qualifying and non-qualifying investments. We believe our portfolio is
well positioned to deliver attractive returns to shareholders within the
Company's remaining time horizon.
Results and Net Asset Value ("NAV")
The NAV per share at the period end was 77.05p (97.05p after adding back
dividends paid to date), an increase of 0.31p in the half year,
equivalent to a GBP40,000 profit for the period.
Qualifying Investments
The Company made a GBP1.25 million investment in Urban Mining Limited, a
member of the Chinook Urban Mining group of companies, in 2014. The
investment, which was part of a GBP5 million investment alongside other
Puma VCTs into an energy-from waste business, was made to facilitate the
development of a flagship plant in East London to generate electricity
through the gasification of municipal solid waste. The project is
seeking to benefit from favourable Contracts for Difference available to
renewable projects, but is qualifying because it was made prior to the
royal assent of the Finance Act 2014. The management team has a track
record of delivering similar projects in other jurisdictions and is a
preferred partner of Chinook Sciences, the Nottingham based technology
company which has developed the award-winning "non-incineration ultra
clean synthetic gas technology" which will be used in the East London
plant. The investment is secured with a first charge over the Chinook
Urban Mining business and the eight acre freehold site of the East
London plant.
The Company's GBP1.6 million investment (as part of a total GBP5 million
investment alongside other Puma VCTs) into Alyth Trading Limited
continues to perform well. Alyth Trading is a nationwide provider of
contracting services and during the period has been engaged on projects
including the construction of a 112 bed purpose built care home in
Hamilton, Scotland, and the construction of a 68 bed purpose built care
home in Egham, Windsor. We understand both projects are well
progressed.
As previously reported, a major fire occurred on 28 February 2016 at the
Materials Recycling Facility ("MRF") operated by Opes Industries Limited
("Opes"), into which the Company has invested a total of GBP1m (as part
of an GBP8.8m investment by Puma entities). As a result of the incident,
and as reported in the Company's previous annual report, the Company has
made a provision of GBP148,000 against the carrying value of its
investment in Opes. Opes owns a 73 hectare site in north Oxfordshire
with a MRF, including a landfill site for non-hazardous materials and an
aggregates/gravel quarrying business. The Company's investment was to
provide funding for the construction and equipping of the MRF and
working capital during the build-up of the trade. The funding was
provided in the form of equity and loan stock and our interests are
covered by a first fixed and floating charge over Opes' assets.
Following the incident, we appointed an administrator over Opes in order
to best protect the Company's investment. The administrator has
implemented various measures to preserve the value of Opes' assets,
mitigate costs and seek to realise best value for the Company.
Discussions are also continuing with Opes' insurers regarding the
reimbursement of the damage to the plant and the building and of the
costs of business interruption.
As previously reported, Isaacs Trading Limited, Kinloss Trading Limited
and Jephcote Trading Limited (in which the Company had invested GBP1
million, GBP254,000 and GBP1 million respectively) have, as members of
SKPB Services LLP, been engaged in a series of projects to provide
contracting services across the country. We understand that, following
the period end, it commenced work on its latest project, the
construction of a new build 134 bedroom Ibis Budget Hotel and the
associated infrastructure adjacent to Luton Airport. The project is
expected to complete in mid-2017.
The Company's investment of GBP1,185,000 (alongside other Puma VCTs)
into Saville Services Limited continues to perform well. Saville
Services has been providing contracting services over a series of
projects, and has recently commenced work on the construction of a
77-bed purpose-built care home in Chester.
Non-Qualifying Investments
During the period, the Company advanced a GBP1 million loan (through an
affiliate, Palmer Lending Limited, as part of a GBP2.9 million financing
with other vehicles and companies managed and advised by your Investment
Manager) to Oval Estates (St Peter's) Limited. Oval owns a 6 acre site
in Radstock, near Bath, which has outline planning permission for the
development of 81 new houses. The Company's loan, extended at an
appropriate loan-to value ratio, is secured with a first charge on the
site. It is expected that, upon receipt of detailed planning permission,
the Company's loan will be repaid as Oval secures development finance.
We are pleased to report the repayment in full after the end of the
period giving a good return to the Company, of the Company's GBP750,000
loan made through an affiliate, Lothian Lending Limited. The loan by
Lothian was to Kingsmead Care Home Limited which owns and operates a
care and dementia treatment facility in Mytchett.
Dividends
As reported in the Company's annual report, the Company declared a
dividend of 5p per ordinary share for the year ended 29 February 2016
which was paid in February. Reflecting this recent pay-out, your Board
is not proposing a further dividend at this interim stage but still
intends to pay out a dividend of 5p per ordinary share each year as
envisaged in the Company's prospectus.
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 the year.
Life of fund
The Company was established with the intention that it would have a
limited life. The Prospectus stated that after five years the Board
would propose a resolution to shareholders for an orderly liquidation of
the Company's assets. Your Board currently intends to propose this
resolution within a year of this report.
Outlook
The Company's net assets are fully deployed in a diverse range of high
quality businesses and projects which should offer the prospect of
further growth in net assets per share. Whilst there may be some
further changes in the composition of the portfolio to ensure that the
Company continues to satisfy its HMRC qualifying targets, the Board
expects to concentrate in the future primarily on the monitoring of our
existing investments and considering the options for exits.
Sir Aubrey Brocklebank Bt.
Chairman
30 November 2016
Income Statement (unaudited)
For the period ended 31 August 2016
Six months ended Six months ended Period from 1 March 2015 to
31 August 2016 31 August 2015 29 February 2016
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss on investments - - - - - - - (148) (148)
Income 246 - 246 385 - 385 837 - 837
246 - 246 385 - 385 837 (148) 689
Investment management fees 4 (24) (72) (96) (27) (81) (108) (53) (159) (212)
Other expenses (100) - (100) (76) - (76) (167) - (167)
(124) (72) (196) (103) (81) (184) (220) (159) (379)
Return/(loss) on ordinary activities before taxation 122 (72) 50 282 (81) 201 617 (307) 310
Tax on return on ordinary activities (25) 15 (10) (37) - (37) (123) 31 (92)
Return/(loss) on ordinary activities after tax attributable
to equity shareholders 97 (57) 40 245 (81) 164 494 (276) 218
Basic and diluted
Return/(loss) per Ordinary Share (pence) 2 0.76p (0.44p) 0.31p 1.91p (0.63p) 1.28p 3.85p (2.15p) 1.70p
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 As at As at
Note 31 August 2016 31 August 2015 29 February 2016
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 8,891 9,589 8,891
Current Assets
Debtors 884 634 918
Cash 380 431 365
1,264 1,065 1,283
Creditors - amounts falling due within one year
Other creditors (275) (227) (334)
Net Current Assets 989 838 949
Total Assets less Current Liabilities 9,880 10,427 9,840
Creditors - amounts falling due after more than one
year (including convertible debt) (1) (1) (1)
Net Assets 9,879 10,426 9,839
Capital and Reserves
Called up share capital 128 128 128
Capital reserve - realised (624) (520) (567)
Capital reserve - unrealised (148) - (148)
Revenue reserve 10,523 10,818 10,426
Equity Shareholders' Funds 9,879 10,426 9,839
Net Asset Value per Ordinary Share 3 77.05p 81.32p 76.74p
Diluted Net Asset Value per Ordinary Share 3 77.05p 81.32p 76.74p
Cash Flow Statement (unaudited)
For the period ended 31 August 2016
Six months ended Six months ended Period from 1 March 2015 to
31 August 2016 31 August 2015 29 February 2016
GBP'000 GBP'000 GBP'000
Operating activities
Profit after tax 40 164 218
Taxation 10 37 92
Losses on investments - - 148
Decrease/(increase) in debtors 34 (295) (579)
(Decrease)/increase in creditors (69) 59 111
Net cash inflow/(outflow) from operating activities 15 (35) (10)
Capital expenditure and financial investment
Purchase of investments - (1,800)
Proceeds from sale of investments - - 2,350
Net cash outflow from capital expenditure and financial
investment - - 550
Equity dividend paid - - (641)
Increase/(Decrease) in cash 15 (35) (101)
Net cash at start of the period 365 466 466
Net funds at the period end 380 431 365
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period ended 31 August 2016
Called up Capital Capital
share reserve - reserve - Revenue
capital realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1
March 2015 128 (439) - 10,573 10,262
Total
recognised
(losses)/gains
for the
period - (81) - 245 164
Balance as at
31 August
2015 128 (520) - 10,818 10,426
Total
recognised
(losses)/gains
for the
period - (47) (148) 249 54
Dividends paid - - - (641) (641)
Balance as at
29 February
2016 128 (567) (148) 10,426 9,839
Total
recognised
(losses)/gains
for the
period - (57) 97 40
Balance as at
31 August
2016 128 (624) (148) 10,523 9,879
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 return per share of 0.31p is based on the profit for the
period of GBP40,000 and the weighted average number of shares in issue
as at 31 August 2016 of 12,820,841.
3. Net asset value per share
As at As at As at
31 August 2016 31 August 2015 29 February 2016
Net assets 9,879,000 10,426,000 9,839,000
Shares in issue 12,820,841 12,820,841 12,820,841
Net asset value per share
Basic 77.05p 81.32p 76.74p
Diluted 77.05p 81.32p 76.74p
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.
1. Financial information provided
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.
Notes to the Interim Report continued
For the period ended 31 August 2016
6. Investment portfolio summary
Valuation as a % of
Valuation Cost Gain/(loss) Net Assets
GBP'000 GBP'000 GBP'000
As at 31 August 2016
Qualifying Investment
- Unquoted
Isaacs Trading Limited 1,000 1,000 - 10%
Jephcote Trading
Limited 1,000 1,000 - 10%
Kinloss Trading
Limited 254 254 - 3%
Saville Services
Limited 1,185 1,185 - 12%
Alyth Trading Limited 1,600 1,600 - 16%
Urban Mining Limited 1,250 1,250 - 13%
Opes Industries
Limited 852 1,000 (148) 9%
Total Qualifying
Investments 7,141 7,289 (148) 73%
Non-Qualifying
Investments
Palmer Lending Limited 1,000 1,000 - 10%
Latimer Lending
Limited 750 750 - 8%
Total Non-Qualifying
investments 1,750 1,750 - 18%
Total Investments 8,891 9,039 (148) 91%
Balance of Portfolio 988 988 - 9%
Net Assets 9,879 10,027 (148) 100%
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 announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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: PUMA VCT 8 PLC via Globenewswire
(END) Dow Jones Newswires
November 30, 2016 05:21 ET (10:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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