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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Puma Vct 11 Plc | LSE:PU11 | London | Ordinary Share | GB00BQVBS545 | 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% | 60.00 | 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
TIDMPU11
RNS Number : 5504Q
Puma VCT 11 PLC
30 November 2016
Puma VCT 11 plc
Interim Report
For the period ended 31 August 2016
Officers and Professional Advisers
Hot Features
Premium
Directors Auditor
Harold Paisner (Chairman) RSM UK Audit LLP
Maurice Shear Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
09197956 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
-- NAV per share up 0.65p in the half year at 96.83p
-- A significant proportion of funds raised now invested in a diverse range of high quality businesses and projects generating an attractive return
-- Strong pipeline of investment opportunities as the Company completes its first year of operations
Chairman's Statement
Introduction
I am pleased to present the interim report for Puma VCT 11 plc (the 'Company') for the period to 31 August 2016. The Company has been actively seeking to deploy its cash resources in good quality investments, focusing on its mandate to exploit the opportunities which are arising as a result of continuing tight credit markets.
Net Asset Value ('NAV')
The NAV per share at the period end was 96.83p, comprising a profit before tax for the period of GBP197,000 and representing a return of 0.65p per ordinary share during the period. The Company's total net assets at the period end were just over GBP29.5 million.
Investments
Qualifying Investments
As previously reported, before the passing of the Finance (2) Act 2015, the Company invested a total of GBP7.5 million in three newly established qualifying businesses. Warm Hearth Limited, in which the Company invested GBP2.5 million (as part of a GBP5 million investment alongside other Puma VCTs), was established to operate a trading business in the hospitality and leisure sectors and/or to acquire businesses that operate within those sectors. Mini Rainbows Limited, in which the Company invested GBP2.5 million (as part of a GBP5 million investment alongside other Puma VCTs), was established to operate a trading business in the childcare sector and/or to acquire businesses that operate within that sector. Welcome Health Limited, in which the Company invested GBP2.5 million (as part of a GBP5 million investment alongside other Puma VCTs), was established to operate a trading business in the healthcare sector and/or to acquire businesses that operate within that sector.
I am pleased to report that, during the period, Warm Hearth Limited commenced its trade, seeking to capitalise on the strong growth trends within the craft beer sub market and add value from the roll-out and use of a strong brand. In pursuit of this strategy Warm Hearth was able to negotiate a franchise agreement with Brewhouse & Kitchen Limited ("B&K"), a strong and fast-growing branded operator. Its differentiation is to have craft micro-brewing activities within each of its pub units as a point of focus. Warm Hearth acquired three substantial freehold pub assets in Chester, Wilmslow and Bedford, all of which are now open and trading as fully branded B&K units with pleasing performance to date.
We understand that the directors of Mini Rainbows Limited and Welcome Health Limited are actively pursuing opportunities to deploy their funds in the near future. We have been advised by PwC that HMRC have confirmed that these investments should also be qualifying for VCT purposes.
Non-Qualifying Investments
As previously reported, we have adopted a strategy for the non-qualifying portfolio of secured loans (and other similar instruments) offering a good yield with hopefully limited downside risk. To that end, the Company had invested GBP21.4 million in a series of lending businesses with this strategy. Details of the loans that these lending businesses have made are set out below.
Loans of GBP1.2 million have been advanced to Windsar Care (UK) LLP to fund the development and initial trading of a 68-bed purpose-built care home in Egham, Windsor. These loans, together with loans from other vehicles managed and advised by your Investment Manager totalling GBP5.3 million, are secured with a first charge over the site and are expected to generate an attractive return. Construction has commenced on site and is progressing well.
In June 2016 the Company advanced an GBP800,000 loan, secured against a portfolio of freehold assets and the associated ground rents, as part of a package from other vehicles managed and advised by your Investment Manager totalling GBP3 million. The portfolio of ground rents 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.
We are pleased to report that the residual GBP640,000 loan to Kingsmead Care Home Limited, which owns and operates a care and dementia treatment facility in Mytchett, Surrey, was repaid in full following the period end, giving a good rate of return.
During the period, a series of loans totalling GBP2.75 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.
We made a loan of GBP2.5 million to Toppan Holdings Limited together with loans from other vehicles managed and advised by your Investment Manager totalling GBP5.6 million. It was advanced to fund the development of a 65 bed purpose built care home in Mill Hill, London. The development has completed and the loans are secured with a first charge over the site. The care home, to be known as Aarandale Manor, has recently opened.
In 2015, a loan of GBP3 million was advanced to Northern Land Developments Limited to facilitate the acquisition of two large residential houses in Beckenham, Kent, and to fund planning costs to replace these two units with seven town houses. We are pleased to report that planning permission was duly granted after the period end. The loan is secured with a first charge over the site and also an adjacent larger parcel of land with significant further development potential.
The loans of GBP2 million to Richmond Global Properties Limited continue to perform. These loans, together with loans from other vehicles managed and advised by your Investment Manager totalling GBP6.9 million, are being advanced to fund the development of a 112 bed purpose built care home in Hamilton, Scotland. These loans are secured with a first charge over the site and are expected to generate an attractive return. The construction programme is well progressed and the home is expected to open in the Spring of 2017.
The GBP800,000 loan to Athena (Alpha) Limited, as part of a GBP4.4 million facility from other vehicles managed and advised by your Investment Manager, is funding the development of a new purpose-built, 80-bed residential care home in Dover, Kent. The site occupies a prominent location adjacent to the recently opened new community hospital, approximately a 5 minute drive from Dover town centre. We are pleased to report that construction is progressing well and expects to complete before the end of the year. We understand that the borrower, who has recently developed and sold two similar care homes, is in discussions with a potential purchaser of this care home on terms which would see the loan repaid in full.
As previously reported, a GBP1 million loan was advanced to Regent Formations 265 Limited, which, together with loans from other vehicles managed and advised by your Investment Manager totalling GBP2.8 million, is being advanced to fund the development of a new 88 bed care home in Melton Mowbray, Leicestershire. These loans are again secured with a first charge over the site and expected to generate an attractive return. The construction programme is progressing well and the care home is expected to open in Q1 2017.
A GBP1.2 million facility, as part of a total facility of GBP3 million, has been completed with an entity within the Ironbridge Group. The facilities provide the senior 70% slice of "stretched senior" bridging loans on non-owner-occupied properties in London and the South East with Ironbridge funding the subordinated 30% slice. Ironbridge operate a bridge lending business and have successfully deployed over GBP50m of customer loans to date. Loans are being advanced from 6 to 24 months with the senior slice at a conservative loan-to-value ratio.
As reported in the Company's annual report, the Company had acquired GBP519,000 shares in Nextenergy Solar Fund, a fully listed investment company focusing on operational solar photovoltaic assets located in the United Kingdom. Due to a change in power-generation markets resulting from declining energy prices, we began to reduce the Company's exposure and fully exited this investment during the period.
To further manage liquidity, the Company has exposure to GBP3 million in a floating rate note issued by Royal Bank of Canada and GBP1.3 million in a floating rate note issued by Commonwealth Bank of Australia. It is intended that these positions will be liquidated in due course as the Company makes qualifying investments.
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
The economy in the UK may have become more fragile, especially in the light of recent political events. 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.
Outlook
We are pleased that a significant proportion of the Company's available cash is now invested in a diverse portfolio of qualifying and non-qualifying investments, generating an attractive return. The Investment Manager is in legal process with a number of further qualifying investment opportunities and expects to make such investments in the second half of the year. 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.
Harold Paisner
Chairman
30 November 2016
Income Statement (unaudited)
For the period ended 31 August 2016
Period ended
Period ended Period ended 29 February
31 August 2016 31 August 2015 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
Gains on
investments - 50 50 - 3 3 - (53) (53)
Income 573 - 573 161 - 161 764 - 764
573 50 623 161 3 164 764 (53) 711
-------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (74) (222) (296) (81) (243) (324) (144) (433) (577)
Other expenses (130) - (130) (202) - (202) (279) - (279)
(204) (222) (426) (283) (243) (526) (423) (433) (856)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit/(loss)
on ordinary
activities
before
taxation 369 (172) 197 (122) (240) (362) 341 (486) (145)
Tax on
return
on ordinary
activities - - - - - - (68) 68 -
Profit/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders 369 (172) 197 (122) (240) (362) 273 (418) (145)
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and
diluted
Profit/(loss)
per Ordinary
Share (pence) 2 1.21p (0.56p) 0.65p (0.40p) (0.79p) (1.19p) 1.35p (2.07p) (0.72p)
======== ======== ======== ======== ======== ======== ======== ======== ========
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
31 August 31 August 29 February
Note 2016 2015 2016
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 30,720 14,686 25,890
----------- ----------- -------------
Current Assets
Prepayments 476 135 2,200
Cash 132 16,482 2,513
----------- ----------- -------------
608 16,617 4,713
Creditors - amounts falling
due within one year (1,784) (2,166) (1,256)
Net Current Assets (1,176) 14,451 3,457
----------- ----------- -------------
Net Assets 29,544 29,137 29,347
=========== =========== =============
Capital and Reserves
Called up share capital 19 19 19
Share premium account 29,473 29,480 29,473
Capital reserve -
realised (613) (243) (365)
Capital reserve -
unrealised 23 3 (53)
Revenue reserve 642 (122) 273
Equity Shareholders'
Funds 29,544 29,137 29,347
=========== =========== =============
Net Asset Value per
Ordinary Share 3 96.83p 95.49p 96.18p
=========== =========== =============
Diluted Net Asset
Value per Ordinary
Share 3 96.83p 95.49p 96.18p
=========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2016
Period Period Period
ended ended ended
31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) after tax 197 (362) (145)
Unrealised (gain)/loss
on investments (76) (3) 53
Realised loss on investments 26 - -
Decrease/(increase) in
debtors 1,724 (135) (2,200)
Increase in creditors 528 2,166 1,256
Net cash outflow from
operating activities 2,399 1,666 (1,036)
----------- ----------- -------------
Capital expenditure and
financial investment
Purchase of investments (5,275) (14,683) (25,943)
Proceeds from sale of
investments 495 - -
Net cash outflow from
capital expenditure and
financial investment (4,780) (14,683) (25,943)
----------- ----------- -------------
Financing
Proceeds received from
issue of ordinary share
capital - 30,256 30,242
Expenses paid for issue
of share capital - (757) (750)
Proceeds received from
issue of redeemable preference
shares - 13 13
Redemption of redeemable
preference shares - (13) (13)
Net cash inflow from
financing - 29,499 29,492
----------- ----------- -------------
(Decrease)/increase in
cash (2,381) 16,482 2,513
Net cash at start of
the period 2,513 - -
Net funds at the period
end 132 16,482 2,513
=========== =========== =============
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 30,237 - - 30,256
Expense of share
issue - (757) - - - (757)
Return after
taxation attributable
to equity shareholders - - (243) 3 (122) (362)
Balance as at
31 August 2015 19 29,480 (243) 3 (122) 29,137
Shares issued
in the period - (14) - - - (14)
Expense of share
issue - 7 - - - 7
Return after
taxation attributable
to equity shareholders - - (122) (56) 395 217
Balance as at
29 February
2016 19 29,473 (365) (53) 273 29,347
Return after
taxation attributable
to equity shareholders - - (248) 76 369 197
Balance as at
31 August 2016 19 29,473 (613) 23 642 29,544
========= ========= ============ ============== ========= ========
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 profit per share of 0.65p is based on the profit for the period of GBP197,000 and the weighted average number of shares in issue as at 31 August 2016 of 30,511,969 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 As at As at
31 August 31 August 29 February
2016 2015 2016
Net assets 29,544,000 29,137,000 29,347,000
Shares in issue 30,511,969 30,511,969 30,511,969
Net asset value per
share
Basic 96.83p 95.49p 96.18p
Diluted 96.83p 95.49p 96.18p
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. 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 Net
Valuation Cost Gain Assets
As at 31 August
2016 GBP'000 GBP'000 GBP'000
Qualifying Investment
- Unquoted
Warm Hearth Limited 2,500 2,500 - 8%
Mini Rainbows Limited 2,500 2,500 - 8%
Welcome Health
Limited 2,500 2,500 - 8%
Total Qualifying
Investments 7,500 7,500 - 24%
---------- -------- -------- ----------
Non-Qualifying
Investments
Palmer Lending
Limited 1,011 1,011 - 3%
Valencia Lending
Limited 1,350 1,350 - 5%
Primrose Lending
Limited 2,000 2,000 - 7%
Mayfield Lending
Limited 4,000 4,000 - 14%
Lothian Lending
Limited 3,174 3,174 - 11%
Lavender Lending
Limited 116 116 - 0%
Latimer Lending
Limited 2,481 2,481 - 8%
Meadow Lending
Limited 2,575 2,575 - 9%
Tottenham Lending
Limited 800 800 - 3%
Marble Lending
Limited 600 600 - 2%
Sloane Lending
Limited 800 800 - 3%
Total Non-Qualifying
investments 18,907 18,907 - 65%
---------- -------- -------- ----------
Liquidity Management
Commonwealth Bank
of Australia bonds*
(via Palmer Lending
Limited) 1,295 1,288 7 4%
Royal Bank of Canada
bonds* 3,018 3,002 16 10%
Total Liquidity
Management Investments 4,313 4,290 23 14%
---------- -------- -------- ----------
Total Investments 30,720 30,697 23 103%
Balance of Portfolio (1,176) (1,176) - -3%
Net Assets 29,544 29,521 23 100%
---------- -------- -------- ----------
* 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 EAEFEDANKFFF
(END) Dow Jones Newswires
November 30, 2016 05:33 ET (10:33 GMT)
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