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| Name | Symbol | Market | Type |
|---|---|---|---|
| Blitzen Sec.62a | LSE:PUM9 | London | Bond |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.00 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
TIDMPUM9
RNS Number : 5501Q
Puma VCT 9 PLC
30 November 2016
Puma VCT 9 plc
Interim Report
For the period ended 31 August 2016
Officers and Professional Advisers
Hot Features
Premium
Directors Auditor
Egmont Kock (Chairman) RSM UK Audit LLP
Terence Rhodes Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
08238812 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, KT12 IRZ London WC2N 6RH
Administrator Custodian
Shore Capital Fund Administration Pershing Securities Limited
Services Limited 1 Canada Square
Bond Street House London
14 Clifford Street E14 5AL
London W1S 4JU
Chairman's Statement
Highlights
-- Funds deployed in a diverse range of investments generating an attractive return
-- 12p per share of dividends paid since inception, equivalent to a 9% per annum tax-free running yield on net investment
-- NAV per share of 97.78p at period end (adding back dividends paid to date)
Chairman's Statement
Introduction
The Company has deployed its funds in a diverse range of both qualifying and non-qualifying investments, having met its minimum qualifying investment percentage of 70 per cent during the previous period. We believe our portfolio is well positioned to deliver attractive returns to shareholders within its remaining planned life.
Qualifying Investments
The Company made a GBP1.875 million investment in Urban Mining Limited, a member of the Chinook Urban Mining group of companies, in 2014. The investment, as part of a GBP5 million investment alongside other Puma VCTs into an energy-from waste business, was 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, and 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
As reported in the Company's previous annual report, Kinloss Trading Limited and Jephcote Trading Limited (in which the Company had invested GBP3.5 million and GBP880,000 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, SKPB Services commenced work on its latest project, the construction of a new 134 bedroom Ibis Budget Hotel and the associated infrastructure adjacent to Luton Airport. The project is expected to complete in mid-2017.
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 GBP3.6m (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 GBP532,000 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.
The Company's GBP3.2 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.
The Company's investment of GBP3.4 million (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
As previously reported, we adopted a strategy for the non-qualifying portfolio of investing in secured loans (and other similar instruments) offering a good yield with hopefully limited downside risk.
During the period, a series of loans totalling GBP1 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.
As previously reported, Lothian Lending Limited (a lending business in which the Company had previously invested) had extended a GBP1.3 million loan which, together with another Puma VCT, provided a facility of GBP2.6 million to RPE FL1 Limited, a member of the Renewable Power Exchange group. The facility provided funding towards the construction of a 1.5MW wind farm in East Lothian, Scotland, with the electricity once generated, used to supply those on low incomes in the local community. The loan is secured on the site in East Lothian and is earning an attractive rate of interest. We are pleased to report that the turbines are operating well, generating electricity and EBITDA is in line with forecasts. In accordance with the planned amortisation schedule, the loan balance now stands at GBP1.092 million.
As previously reported, Latimer Lending Limited (a lending business in which the Company had previously invested) had extended a GBP1.05 million loan to Churchill Homes (Aberdeen) Limited to provide funding towards the construction of a private detached housing development in the countryside outside Aberdeen. We are pleased to report that the loan was repaid in full during the period with an attractive return to the Company.
We are pleased to report that the GBP1.41 million 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 return to the Company.
To further manage liquidity, the Company has exposure to a GBP1.1 million bond issued by J Sainsbury plc and earning 6.5%.
Net Asset Value ('NAV')
The NAV per share at the period end was 97.78p after adding back dividends paid to date of 12p. The profit after tax of GBP83,000 represents a return for the period of 0.29p per ordinary share.
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
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.
Egmont Kock
Chairman
30 November 2016
Income Statement (unaudited)
For the period ended 31 August 2016
Six months
ended Six months Period ended
31 August ended 29 February
2016 30 June 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
Gain/(loss)
on investments - 78 78 - (1) (1) - (559) (559)
Income 391 - 391 888 - 888 2,301 - 2,301
391 78 469 888 (1) 887 2,301 (559) 1,742
-------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (60) (180) (240) (67) (201) (268) (153) (459) (612)
Other expenses (138) - (138) (141) - (141) (282) - (282)
(198) (180) (378) (208) (201) (409) (435) (459) (894)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Return/(loss)
on ordinary
activities
before
taxation 193 (102) 91 680 (202) 478 1,866 (1,018) 848
Tax on
return
on ordinary
activities (28) 20 (8) (112) - (112) (373) 83 (290)
Return/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders 165 (82) 83 568 (202) 366 1,493 (935) 558
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and
diluted
Return/(loss)
per Ordinary
Share (pence) 2 0.58p (0.29p) 0.29p 2.01p (0.72p) 1.30p 5.29p (3.31p) 1.98p
======== ======== ======== ======== ======== ======== ======== ======== ========
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 30 June 29 February
Note 2016 2015 2016
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 21,609 20,756 21,531
----------- --------- -------------
Current Assets
Debtors 2,812 1,763 2,472
Cash 347 3,745 635
----------- --------- -------------
3,159 5,508 3,107
Creditors - amounts
falling due within one
year (535) (611) (488)
Net Current Assets 2,624 4,897 2,619
----------- --------- -------------
Total Assets less Current
Liabilities 24,233 25,653 24,150
Creditors - amounts
falling due after more
than one year (including
convertible debt) (1) (1) (1)
Net Assets 24,232 25,652 24,149
=========== ========= =============
Capital and Reserves
Called up share capital 282 282 282
Capital redemption reserve 1 1 1
Capital reserve - realised (1,248) (931) (1,088)
Capital reserve - unrealised (479) 19 (557)
Revenue reserve 25,676 26,281 25,511
Equity Shareholders'
Funds 24,232 25,652 24,149
=========== ========= =============
Net Asset Value per
Ordinary Share 3 85.78p 90.81p 85.49p
=========== ========= =============
Diluted Net Asset Value
per Ordinary Share 3 85.78p 90.81p 85.49p
=========== ========= =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2016
Six months Six months Period
ended ended ended
31 August 30 June 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
Operating activities
Profit on ordinary activities
before tax 83 366 558
Taxation 8 112 290
Unrealised (gains)/losses
on investments (78) 1 577
(Increase) in debtors (340) (744) (1,453)
Increase/(decrease) in
creditors 39 139 (162)
Net cash outflow from
operating activities (288) (126) (190)
----------- ----------- -------------
Capital expenditure and
financial investment
Purchase of investments - - (5,200)
Proceeds from sale of
investments - 1,161 5,010
Net cash inflow/(outflow)
from capital expenditure
and financial investment - 1,161 (190)
----------- ----------- -------------
Equity dividend paid - (1,695) (3,390)
----------- ----------- -------------
Decrease in cash (288) (660) (3,770)
Net cash at start of
the period 635 4,405 4,405
Net funds at the period
end 347 3,745 635
=========== =========== =============
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period ended 31 August 2016
Called
up Capital Capital Capital
share Redemption reserve reserve Revenue
capital Reserve - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 January 2015 282 1 (730) 20 27,408 26,981
Total recognised
(losses)/gains
for the period - - (201) (1) 568 366
Dividends paid - - - - (1,695) (1,695)
Balance as at
30 June 2015 282 1 (931) 19 26,281 25,652
Total recognised
(losses)/gains
for the period - - (175) (558) 925 192
Realised on
disposal 18 (18)
Dividends paid - - - - (1,695) (1,695)
Balance as at
29 February
2016 282 1 (1,088) (557) 25,511 24,149
Total recognised
(losses)/gains
for the period - - (160) 78 165 83
Balance as at
31 August 2016 282 1 (1,248) (479) 25,676 24,232
========= ============ ============ ============== ========= ========
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 0.29p is based on the profit for the period of GBP83,000 and the weighted average number of shares in issue as at 31 August 2016 of 28,248,821.
3. Net asset value per share
As at As at As at
31 August 30 June 29 February
2016 2015 2016
Net assets 24,232,000 25,652,000 24,149,000
Shares in
issue 28,248,821 28,248,821 28,248,821
Net asset
value per
share
Basic 85.78p 90.81p 85.49p
Diluted 85.78p 90.81p 85.49p
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/(loss) Assets
GBP'000 GBP'000 GBP'000
As at 31 August
2016
Qualifying Investment
- Unquoted
Jephcote Trading
Limited 880 880 - 4%
Saville Services
Limited 3,400 3,400 - 14%
Kinloss Trading
Limited 3,500 3,500 - 14%
Alyth Trading Limited 3,200 3,200 - 13%
Urban Mining Limited 1,875 1,875 - 8%
Opes Industries
Limited 3,068 3,600 (532) 13%
Total Qualifying
Investments 15,923 16,455 (532) 66%
---------- -------- ------------ ----------
Non-Qualifying
Investments
Valencia Lending
Limited 1,000 1,000 - 4%
Latimer Lending
Limited 2,460 2,460 - 10%
Lothian Lending
Limited 1,125 1,125 - 5%
Total Non-Qualifying
investments 4,585 4,585 - 19%
---------- -------- ------------ ----------
Liquidity Management
J Sainsbury Plc
Bond (via Latimer
Lending Limited) 1,101 1,048 53 5%
Total Liquidity
Management investments 1,101 1,048 53 5%
---------- -------- ------------ ----------
Total Investments 21,609 22,088 (479) 1
Balance of Portfolio 2,623 2,623 - 10%
Net Assets 24,232 24,711 (479) 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 information is provided by RNS
The company news service from the London Stock Exchange
END
IR WGGMPGUPQGUU
(END) Dow Jones Newswires
November 30, 2016 05:32 ET (10:32 GMT)
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