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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Puma High | LSE:PMH | London | Ordinary Share | GB00B53Y1331 | 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% | 37.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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PUMA HIGH INCOME VCT PLC
For the six months ended 30 September 2014
Highlights
-- Fully deployed in a diverse range of high quality loans and equities
-- NAV gain of 0.37p for the period
-- 28p per share of dividends paid since inception, equivalent to a 10% per
annum tax-free running yield on net investment
Chairman's Statement
Introduction
As the Company enters into the final year of its expected five-year life,
its 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 expected
remaining time horizon.
Net Asset Value ("NAV")
The NAV per share at the period end was 94.61p after adding back
dividends paid to date of 28p, representing a return of 0.37p per
ordinary share for the period.
Qualifying Investments
Brewhouse and Kitchen
The Company's GBP920,000 investment in Brewhouse and Kitchen Limited
continues to perform well. Brewhouse and Kitchen is managed by two
highly experienced pub sector professionals and our funding is
facilitating the acquisition of freehold pubs and the roll-out of the
brand. The investment is largely in the form of senior debt, secured
with a first charge over the business and each site acquired. Funds can
be utilised to a maximum 65% loan-to-value ratio, and are expected to
produce an attractive return to the Company.
Brewhouse and Kitchen opened its first pub with an on-premises
micro-brewery, the White Swan in Portsmouth, last year; its second pub
and micro-brewery, the Station Master's House in Dorchester, opened in
April after a substantial renovation. Both have been trading well, and,
since the period end, Brewhouse and Kitchen have taken leases on a
further three units in London and Bristol.
The Albany, Barnes
As previously reported, Isaacs Trading Limited (in which the Company had
invested GBP700,000) was, as a member of SKPB Services LLP, engaged in a
contract with Ansgate (Barnes) Limited to provide project management and
contracting services in connection with the construction of nine new
houses and 12 new flats at a construction known as The Albany, in Barnes,
south west London. We understand that the project is progressing with a
view to completion by the fourth quarter of next year.
Supported Living
SKPB Services LLP (another member of which is Huntly Trading Limited in
which the Company invested GBP700,000) has also entered several
contracts with HB Villages Tranche 2 Limited to provide project
management and contracting services in connection with the construction
of units as accommodation and supported housing for psychiatric and
learning disabled service users, and their care-workers. These projects
include 16 units in Bolton and 12 units in Timperley.
The Company's investments of GBP880,000 into each of two contracting
companies, Frederica Trading Limited and Glenmoor Trading Limited are
progressing well. Frederica and Glenmoor (as members of a limited
liability partnership with other contracting companies) are currently
providing contracting services in connection with supported living
developments in Bury (14 units) and Clacton (16 units).
Construction
The Company's GBP1.4 million investment alongside other Puma VCTs into
Saville Services Limited is performing well. During the period, Saville
has provided contracting services over a series of projects including
the construction of a private detached housing development in the
countryside outside Aberdeen, under contract to Churchill Homes Limited,
a longstanding Aberdeenshire developer, and the development of up to 20
apartments for supported living for psychiatric and learning disabled
service users in Grimsby, North East Lincolnshire. I am pleased to
report that the Aberdeen project is progressing well and that the
Grimsby project recently completed. We understand that Saville
Services' directors are actively pursuing opportunities to continue to
redeploy the capital and profits arising from these projects in similar
projects in the near future.
As previously reported, in April 2012 the Company had invested
GBP860,000 in Mirfield Contracting Limited, a contracting services
company which had been providing project management services to a
development of town houses in West Yorkshire. I am pleased to report
that Mirfield Contracting recently completed this project and its
directors are actively pursuing opportunities to continue to redeploy
the capital and profits arising in similar projects in the near future.
The Company has now realised its investment in SIP Communications plc,
in which it invested GBP700,000. We had provided GBP210,000 against this
investment to reflect its trading difficulties, but we are pleased to
report that the realisation was substantially closer to the original
investment. Over its life the Company recovered GBP637,000 from this
investment.
Non-Qualifying Investments
The Company's GBP1,250,000 non-qualifying loan (as part of a GBP4
million financing with other Puma VCTs) to Puma Brandenburg Finance
Limited, a subsidiary of Puma Brandenburg Limited, continues to perform.
The loan is secured on a portfolio of flats in the middle class area of
central Berlin, Germany. Since the loan was made, the property market
in this area of Berlin has been very strong, further enhancing the
excellent security we have for this loan. The loan attracts a fixed
interest rate at a good coupon given the security profile and, in
accordance with terms of the facility, had amortised leaving a balance
of GBP884,000 at the period end.
As previously reported, the Company extended a GBP860,000 loan to
provide a GBP4 million revolving credit facility to Ennovor Trading 1
Limited (formerly known as Organic Waste Management Trading Limited)
together with other Puma VCTs. The facility provided working capital for
the purchase of used cooking oil for conversion into bio-diesel. This
facility has largely been repaid but there were problems with the final
repayment arising from a fall in the price of bio-diesel and a refusal
of the contracted purchaser to take the processed bio-diesel under the
contracted terms. The bio-diesel consignment has since been sold and we
are examining our legal recourse against the contracted purchaser. We
have provided for the deficiency and the net effect is to reduce the
profitability of this investment to a much lower return (about 5% per
annum).
Dividends
As set out in the accounts for the period ended 31 March 2014, the
Company declared a dividend of 7p per ordinary share for that period
which was paid in February 2014. Reflecting this recent distribution,
your Board is not proposing a further dividend at this interim stage.
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. As noted above, the Company has met its minimum
qualifying investment percentage of 70 per cent.
Principal risks and uncertainties
Although the economy in the UK is showing signs of improvement, it
remains fragile. The consequences of this for the Company's investment
portfolio constitute the principal risk and uncertainty for the Company
in the second half of 2014.
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. The 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. As the fund enters into its
final year, the Board expects to concentrate primarily on the monitoring
of our existing investments and considering the options for exits.
Ray Pierce
Chairman
27 November 2014
Income Statement (unaudited)
For the period from 1 April 2014 to 30 September 2014
Six months ended Six months ended Year ended
30 September 2014 30 September 2013 31 March 2014
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)/gain on investments - 55 55 - - - - - -
Income 170 - 170 257 - 257 495 - 495
170 55 225 257 - 257 495 - 495
Investment management fees 4 (23) (69) (92) (24) (72) (96) (50) (150) (200)
Performance fees - - - - - - - - -
Other expenses (83) - (83) (88) - (88) (161) - (161)
(106) (69) (175) (112) (72) (184) (211) (150) (361)
Return/(loss) on ordinary activities before taxation 64 (14) 50 145 (72) 73 284 (150) 134
Tax on return on ordinary activities - - - - - - - - -
Return/(loss) on ordinary activities after tax attributable
to equity shareholders 64 (14) 50 145 (72) 73 284 (150) 134
Basic and diluted
Return/(loss) per Ordinary Share (pence) 2 0.47p (0.10p) 0.37p 1.06p (0.53p) 0.53p 2.08p (1.10p) 0.98p
The revenue 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 30 September 2014
As at As at As at
Note 30 September 2014 30 September 2013 31 March 2014
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 7 8,084 8,753 8,598
Current Assets
Debtors 500 353 356
Cash 1,068 973 273
1,568 1,326 629
Creditors - amounts falling due within one year (545) (126) (170)
Net Current Assets 1,023 1,200 459
Total Assets less Current Liabilities 9,107 9,953 9,057
Creditors - amounts falling due after more than one
year (including convertible debt) (1) (1) (1)
Net Assets 9,106 9,952 9,056
Capital and Reserves
Called up share capital 137 137 137
Share premium account - - -
Capital reserve - realised (923) (621) (699)
Capital reserve - unrealised - (210) (210)
Other reserve - - -
Revenue reserve 9,892 10,646 9,828
Equity Shareholders' Funds 9,106 9,952 9,056
Net Asset Value per Ordinary Share 3 66.61p 72.79p 66.24p
Diluted Net Asset Value per Ordinary Share 3 66.61p 72.79p 66.24p
Cash Flow Statement (unaudited)
For the period 1 April 2014 to 30 September 2014
Six months ended Six months ended Year ended
30 September 2014 30 September 2013 31 March 2014
GBP'000 GBP'000 GBP'000
Operating activities
Profit on ordinary activities before taxation 50 73 134
Gain on investments (55) - -
Increase in debtors (144) (117) (120)
Increase in creditors 375 17 61
Net cash inflow/(outflow) from operating activities 226 (27) 75
Corporation tax paid - - -
Capital expenditure and financial investment
Proceeds from sale of investments and loan note
repayments 569 187 342
Net cash inflow from capital expenditure and financial
investment 569 187 342
Equity dividend paid - - (957)
Increase/(decrease) in cash 795 160 (540)
Net cash at start of the period 273 813 813
Net funds at the period end 1,068 973 273
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period 1 April 2014 to 30 September 2014
Called Capital
up Share reserve Capital
share premium - reserve - Other Revenue
capital account realised unrealised reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1
April 2013 137 - (549) (210) 10,501 9,879
Total
recognised
(losses)/gains
for the
period - - (72) - - 145 73
Balance as at
30 September
2013 137 - (621) (210) - 10,646 9,952
Total
recognised
(losses)/gains
for the
period - - (78) - - 139 61
Dividends paid - - - - - (957) (957)
Balance as at
31 March 2014 137 - (699) (210) - 9,828 9,056
Total
recognised
(losses)/gains
for the
period - - (14) - - 64 50
Transfer - - (210) 210 - - -
Balance as at
30 September
2014 137 - (923) - - 9,892 9,106
Notes to the Interim Report
For the period 1 April 2014 to 30 September 2014
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").
2. Return per Ordinary Share
The total gain per share of 0.37p is based on the gain for the period of
GBP50,000 and the weighted average number of shares in issue as at 30
September 2014 of 13,671,870.
3. Net asset value per share
As at As at As at
30 September 2014 30 September 2013 31 March 2014
Net assets 9,106,000 9,952,000 9,056,000
Shares in issue 13,671,870 13,671,870 13,671,870
Net asset value per
share
Basic 66.61p 72.79p 66.24p
Diluted 66.61p 72.79p 66.24p
Cumulative dividends 28.00p 21.00p 28.00p
paid to date
Basic (including 94.61p 93.79p 94.24p
dividends paid to
date)
Diluted (including 94.61p 93.79p 94.24p
dividends paid to
date)
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. Related Party Transactions
Related party transactions are described in the 2014 Annual Report and
Accounts on page 37. There were no other related party transactions
during the period ended 30 September 2014.
6. The financial information for the periods ended 30
September 2013 and 30 June 2012 have not been audited and do not
comprise full financial statements within the meaning of Section 423 of
the Companies Act 2006. The financial information for the period ended
31 March 2013 has been extracted from the company's full financial
statements for the period then ended that have been delivered to the
Registrar of Companies, and on which the report of the Auditors was
unqualified. The interim financial statements have been prepared on the
same basis as the annual financial statements.
Notes to the Interim Report (continued)
For the period 1 April 2014 to 30 September 2014
7. Investment portfolio summary
Valuation as a % of
Valuation Cost Gain/(loss) Net Assets
GBP'000 GBP'000 GBP'000
As at 30 September
2014
Qualifying Investment
- Unquoted
Frederica Trading
Limited 880 880 - 10%
Glenmoor Trading
Limited 880 880 - 10%
Huntly Trading Limited 700 700 - 8%
Isaacs Trading Limited 700 700 - 8%
Mirfield Contracting
Limited 860 860 - 9%
Brewhouse & Kitchen
Limited 920 920 - 10%
Saville Services
Limited 1,400 1,400 - 15%
Total Qualifying
Investments 6,340 6,340 - 70%
Non-Qualifying
Investments
Puma Brandenburg
Finance Limited 884 884 - 10%
Aerternum* 860 860 - 9%
Total Non-Qualifying
investments 1,744 1,744 - 19%
Total Investments 8,084 8,084 - 89%
Balance of Portfolio 1,022 1,022 11%
Net Assets 9,106 9,106 - 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/investors/our-investments/venture-capital-trusts/investor-information
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: Puma High Income VCT PLC via Globenewswire
HUG#1874894
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