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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Puma Vct V | LSE:PUME | London | Ordinary Share | GB00B29VZJ12 | 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% | 55.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMPUME
Puma VCT V plc
Final Results for the Year Ended 29 February 2012
(Incorporating first Interim Management Statement to 29 June 2012)
Highlights
* Top performing VCT of its peer group for the fourth year running.
* Fully diluted NAV per share including dividends to date of 104.13p.
* Final dividend proposed of 1p per Ordinary Share.
Enquiries
Shore Capital 020 7408 4090
Graham Shore
Buchanan Communications 020 7466 5000
Richard Oldworth
Jeremy Garcia
Helen Chan
Notes to Editors
Puma VCT V plc is managed by Shore Capital's successful fund management team.
The Company's investment objective is to achieve high distributions to
shareholders. It is investing in a diversified portfolio of smaller companies,
primarily unquoted companies, selecting companies and investment structures
where Shore Capital believes the investment risk is lower than is normal for
companies of this size. Whilst suitable VCT Qualifying Companies are being
identified, the Investment Manager invested the Company's funds in a range of
investments intended to generate a positive return. The VCT will continue to
hold a proportion of such products after building up the desired holdings of VCT
Qualifying Companies.
Chairman's statement
Introduction
I am pleased to present the Company's fourth Annual Report which is for the year
ended 29 February 2012.
Following the global financial crisis of 2008, the markets took another
significant downturn in 2011 with the FTSE 250 down 12.6% and the FTSE 100 down
5.5% due to the European sovereign debt crisis and general uncertainty in the
macroeconomic outlook. However, the cautious approach adopted by the Investment
Manager and the Board mitigated the overall reduction in net asset value ("NAV")
of the Company, which was 1.7% on an undiluted basis and 1.4% on a fully diluted
basis.
Once again, at the year end, the Company had the highest cumulative total return
of all VCTs launched in the 2007/2008 tax year.
Qualifying VCT investments
During the period, the Company's investment in Forward Internet Group Limited
(formerly Traffic Broker Limited) ("Forward"), a London based internet search
engine specialist in which the Company invested GBP1 million, continued to perform
well. Since the period end, the Company successfully realised its investment in
Forward generating an IRR of 7.1%.
As indicated in the interim report, the Company's investment in Alyth Trading
Limited ("Alyth"), a contracting services company in which the Company invested
GBP940,000, is progressing well. As a member of a limited liability partnership
with other contracting companies, Alyth will provide project management services
to a GBP3.8 million development of town houses in Mirfield (near Wakefield) West
Yorkshire.
The company has recently made an investment of GBP1.9 million in a further
qualifying opportunity in the area of supported living for psychiatric and other
state supported tenants. Further details are in the Investment Manager's
report below. The Investment Manager has continued to review a number of other
suitable qualifying investments, generated by a strong pipeline, including
several short to medium term contracting services opportunities which are
currently being evaluated for the other trading companies in the portfolio.
Non-qualifying investments
Her Majesty's Revenue and Customs ("HMRC") restrict the amount of income the
Company can receive from cash deposits. Accordingly, and as set out in the
Prospectus, the Company continued to hold a range of bond funds, absolute return
funds and equity long/short funds. Despite the significant market downturn due
to the continuing European sovereign debt concerns, the portfolio held its
value. During the period, the Company sold several positions including its
entire holding in the Jupiter Strategic Bond Fund for a total cumulative return
of 40%. The Company also sold its position in Vodafone during the period for a
total cumulative return of 42%.
VCT qualifying status
PricewaterhouseCoopers LLP ("PwC") provides the Board and the Investment Manager
with advice on the ongoing compliance with HMRC rules and regulations concerning
VCTs. PwC also assists the Investment Manager in establishing the status of
investments as qualifying holdings.
Dividends
The Board proposes a final revenue dividend of 1p per Ordinary Share for the
year. The ex-dividend date will be 25 July 2012 and the record date 27 July
2012. Payment will be made to shareholders on 24 August 2012.
Outlook
The company continues to meet companies which are potentially suitable for
investment. There is a good flow of opportunities which may 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 when we offer
finance. There are many suitable companies which are well-managed, in good
market positions, and which can offer security and need our finance. We
therefore believe the Company is strongly positioned to assemble a portfolio to
deliver attractive returns to shareholders in the medium term.
With more than 70% of net assets invested in qualifying investments, the
existing non-qualifying portfolio now represents a less significant contribution
to performance but the Investment Manager will continue to focus on a suitable
risk / reward strategy, retaining its focus on liquidity. The Board expect to
concentrate in the future on the monitoring of our existing investments,
rebalancing its non-qualifying investments to reflect changed market
circumstances and considering the options for exits. Meanwhile, it is pleasing
to note that the Company is, once again, the top performing VCT of its peer
group.
David Vaughan
Chairman
Investment Manager's Report
Overall Performance
Having weathered some of the most challenging economic conditions since its
launch, the Company has maintained its conservative investment strategy to
protect NAV for its shareholders and remained well placed to take advantage of
any qualifying investment opportunities that are in line with the strategy as
laid out in the Prospectus. The fact that the economy is growing at lower than
expected growth rates presents opportunities for the Investment Manager as banks
are still unwilling to advance credit to small unquoted companies. The
Investment Manager has seen a number of quality opportunities and expects to
take advantage of these in the coming months.
Qualifying Investments
During the year, the Investment Manager and the Board considered a number of
opportunities for the Company's qualifying portfolio.
As referred to in the Chairman's Statement, the Company's investment in Alyth
Trading is progressing well and this business has now committed to provide
contracting services for a GBP3.8 million development of town houses in Mirfield
(near Wakefield) West Yorkshire on attractive terms.
We were pleased that the Company successfully realised its investment in Forward
Internet Group Limited shortly after the period end. Forward has enjoyed very
impressive growth during the period of the Company's investment and we are
pleased that the Company was able to assist in the development of this exciting
business.
The Company's investments in Dunkeld Trading Limited ("Dunkeld") and Elgin
Trading Limited ("Elgin"), two contracting services companies, are progressing
well. The Company invested GBP940,000 into each of Dunkeld and Elgin. We are
pleased to report that the boards of Dunkeld and Elgin have recently joined a
limited liability partnership with other contracting companies. This will
provide GBP1.9 million (as part of a GBP5.4 million by several Puma VCTs) of project
management services and contracting services. These services will be provided
to a series of developments constructing pre-let accommodation for large
healthcare groups providing supported living services for psychiatric and
learning disabled service users.
Having achieved its 70% qualifying status, the Company is concentrating on due
diligence for current opportunities, on the monitoring of our existing
investments, and considering the options for exits.
Non-Qualifying Investments
Despite the significant market downturn due to the continuing European sovereign
debt concerns, the non-qualifying portfolio contributed to overall performance.
We traded out of our bond funds positions, in order to take profit for the
Company and reduce risk following capital increase in a number of these
positions. The most notable performer in the bond portfolio was Jupiter
Strategic Bond Fund which produced a total return of 40.1% over the period since
the Company's investment in March 2009.
The Company had invested in some large cap, high yielding equities which
appeared to have been oversold. We had previously taken profit on most of the
equities and sold the Company's final position, in Vodafone, during the period
for a total of return of 42.5%.
The Company's portfolio of hedge fund positions was reduced during the period
and since the period end to two core holdings: the Blackrock UK Emerging
Companies Fund, a long short small/mid cap UK equities fund which has produced a
total return of 27.7% since the Company's investment; and the BlueBay Macro
fund, a global macro fund which has produced a total return of 33.4% since the
Company's investment.
The Investment Manager will continue to closely monitor the non-qualifying
portfolio and remains invested in liquid securities in order to provide the
ability to re-balance the portfolio.
Outlook
The continuing tighter market in credit for companies since the financial crisis
of 2008 has engendered and, we believe is likely to continue to engender, a
strong demand for the type of finance offered by the Company and our pipeline of
potential qualifying deals remains strong. The Investment Manager considers that
the Company is well placed to execute a number of attractive transactions in the
coming year and we will update you in due course as investments are completed.
Shore Capital Limited
Investment Portfolio Summary
As at 29 February 2012
Gain/
Valuation Original Cost (Loss) Valuation as %
Investment GBP'000 GBP'000 GBP'000 of NAV
=-------------------------------------------------------------------------------
Qualifying Investments -
Unquoted
Alyth Trading Limited 940 940 - 12%
Benellen Trading Limited 940 940 - 12%
Cawdor Trading Limited 940 940 - 12%
Dunkeld Trading Limited 940 940 - 12%
Elgin Trading Limited 940 940 - 12%
Forward Internet Group Limited
(formerly Traffic Broker
Limited) 1,000 1,000 - 15%
----------------------------------------------
Total Qualifying Investments 5,700 5,700 - 75%
----------------------------------------------
Non - Qualifying Investments -
Unquoted
BlueBay Macro 200 150 50 2%
Non - Qualifying Investments -
Quoted
Blackrock UK Emerging Cos Hedge
Fund Limited (I60 class) 371 290 81 5%
Puma Absolute Return Fund
Limited 443 449 (6) 6%
----------------------------------------------
Total Non - Qualifying
Investments 1,014 889 125 13%
----------------------------------------------
Total investments 6,714 6,589 125 88%
Cash at bank 962 962 - 12%
Net current assets and
liabilities (42) (42) - 0%
----------------------------------------------
Net assets 7,634 7,509 125 100%
----------------------------------------------
Income Statement
For the year ended 29 February 2012
Year ended| For the period ended
29 February 2012| 28 February 2011
|
Revenue Capital Total|Revenue Capital Total
Note GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000
|
|
(Losses)/gains on investments 5 - (30) (30)| - 255 255
|
Income 177 - 177| 227 - 227
|
|
|
177 (30) 147| 227 255 482
|
|
|
|
|
Investment management fees 39 117 156| 45 135 180
|
Performance fees (72) (25) (97)| 29 75 104
|
Other expenses 125 - 125| 127 - 127
|
|
|
92 92 184| 201 210 411
|
|
|
(Loss)/Return on ordinary |
activities before taxation 85 (121) (36)| 26 45 71
|
Tax on ordinary activities (2) 2 - | (7) 7 -
|
|
|
(Loss)/Return after taxation |
attributable to equity |
shareholders 83 (119) (36)| 19 52 71
|
|
|
|
|
Basic and diluted |
(loss)/return per Ordinary |
Share (pence) 1.11p (1.60)p (0.49)p|0.25p 0.70p 0.95p
|
|
The total column represents the profit and loss account and the revenue and
capital columns are supplementary information.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.
No separate Statement of Total Recognised Gains and Losses is presented as all
gains and losses are included in the Income Statement.
Balance Sheet
As at 29 February 2012
As at As at
29 February 28 February
Note 2012 2011
GBP'000 GBP'000
Fixed Assets
Investments 6,714 7,273
Current Assets
Debtors 29 18
Cash at bank and in hand 962 669
991 687
Creditors - amounts falling due within
one year (70) (118)
Net Current Assets 921 569
Total Assets less Current Liabilities 7,635 7,842
Creditors - amounts falling due after
more than one year (including convertible
debt) (1) (1)
Net Assets 7,634 7,841
Capital and Reserves
Called up share capital 75 75
Capital reserve - realised 124 160
Capital reserve - unrealised 23 106
Other reserve 75 172
Revenue reserve 7,337 7,328
Shareholders' Funds 7,634 7,841
Basic Net Asset Value per Ordinary Share 3 102.16p 104.93p
Diluted Net Asset Value per Ordinary
Share 3 101.13p 103.54p
Cash Flow Statement
For the year ended 29 February 2012
Year ended For the period
29 February ended
2012 28 February 2011
Note GBP'000 GBP'000
Operating activities
Interest income received 156 209
Dividend income received 3 124
Investment management fees paid (153) (143)
Directors' fees paid (41) (45)
Other expenses paid (75) (74)
Net cash (outflow)/inflow from 4
operating activities (110) 71
Corporation tax paid - -
Capital expenditure and financial
investment
Purchase of investments - (5,526)
Proceeds from sale of investments 529 3,025
Net realised gain on forward foreign
exchange contracts - 10
Disposal costs (1) (10)
Net cash inflow/(outflow) from capital
expenditure and financial investment 528 (2,501)
Equity dividend paid (75) (75)
Financing
Redemption of redeemable preference (50) -
shares
Net cash outflow from financing (50) -
Inflow/(Outflow) in the year/period 293 (2,505)
Reconciliation of net cash flow to
movement in net funds
Increase/(Decrease) in cash for the 293 (2,505)
year/period
Net funds at start of the year/period 669 3,174
Net funds at the year/period end 962 669
Reconciliation of Movements in Shareholders' Funds
For the year ended 29 February 2012
Called
up Capital Capital
share reserve- reserve- Other Revenue
capital realised unrealised reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 March 2011 75 160 106 172 7,328 7,841
Return/(loss)
after taxation
attributable to
equity
shareholders - (36) (83) (97) 84 (132)
Dividend paid - - - - (75) (75)
---------------------------------------------------------------
At 29 February
2012 75 124 23 75 7,337 7,634
---------------------------------------------------------------
For the 14 month
period ended 28
February 2011
Called
up Capital Capital
share reserve- reserve- Other Revenue
capital realised unrealised reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2010 75 (150) 364 69 7,384 7,742
Return/(loss)
after taxation
attributable to
equity
shareholders - 310 (258) 103 19 174
Dividend paid - - - - (75) (75)
---------------------------------------------------------------
At 28 February
2011 75 160 106 172 7,328 7,841
---------------------------------------------------------------
Notes to the Accounts
For the year ended 29 February 2012
1. Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed assets investments at
fair value, and in accordance with UK Generally Accepted Accounting Practice
("UK GAAP") and the Statement of Recommended Practice, 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts ("SORP").
2. Basic and diluted return per Ordinary Share
Year ended 29 February 2012 Period ended 28 February 2011
Revenue Capital Total Revenue Capital Total
Return for the year (119,000) (36,000) 52,000 71,000
/period 83,000 19,000
Weighted average
number of shares 7,472,812 7,472,812 7,472,812 7,472,812 7,472,812 7,472,812
Return per Ordinary 1.11p (1.60)p (0.49)p 0.25p 0.70p 0.95p
Share
The total return per ordinary share is the sum of the revenue return and capital
return.
3. Net Asset Value per Ordinary Share
29 February 2012 28 February 2011
Basic Diluted Basic Diluted
Net assets ( GBP) 7,634,000 7,634,000 7,841,000 7,841,000
Number of Ordinary Shares 7,472,812 7,548,700 7,472,812 7,572,919
Net Assets Value per Ordinary Share (p) 102.16p 101.13p 104.93p 103.54p
Calculation of number of shares 29 February 2012 28 February 2011
Basic Diluted Basic Diluted
Number of Ordinary Shares 7,472,812 7,472,812 7,472,812 7,472,812
Dilutive effect of performance fee (see - 75,888 - 100,107
note 4)
At year/period-end 7,472,812 7,548,700 7,472,812 7,572,919
There is a dilution impact from the future issuance of additional shares to
effect the performance fee payable to the Investment Manager.
4. Reconciliation of total return on ordinary activities before taxation
to net cash (outflow)/inflow from operating activities
Year ended Period ended 28 February
29 February 2012 2011
GBP'000 GBP'000
Total (loss)/return on ordinary (36) 71
activities before taxation
Losses/(gains) on valuation of 30 (255)
investments
(Increase)/decrease in debtors (10) 103
Increase in creditors 3 49
Performance fee to be effected (97) 103
through share-based payment
Net cash inflow/(outflow) from (110) 71
operating activities
5. Income
Year ended
29 February 2012 Period ended 28 February 2011
GBP'000 GBP'000
Income from investments
Loan stock interest 159 171
Dividend income 3 22
Mezzanine fees 8 -
170 193
Other income
Bank deposit interest 7 34
Total income 177 227
6. Dividends
Year ended
29 February 2012 Period ended 28 February 2011
GBP'000 GBP'000
Paid in year/period
2011 Final revenue dividend 75 -
2009 Final revenue dividend - 75
The directors propose a final dividend payment of 1p per Ordinary Share (2011
final - 1p) which amounts to GBP75,000.
7. The financial information set out in the announcement does not
constitute the Company's statutory accounts within the terms of Section 420 of
the Companies Act 1985 for the year ended 29 February 2012 and is derived from
the statutory accounts for the financial year which will be delivered to the
Registrar of Companies following the Company's Annual General Meeting. The
auditors' report on those accounts were unqualified and did not contain a
statement under S 237(2) or (30 of the Companies Act 1985.
A copy of the full annual report and financial statements for the period ended
29 February 2012 is being sent to shareholders. Copies will also be available
to the public at the registered office of the Company at Bond Street House, 14
Clifford Street, London W1S 4JU. A copy can also be found on
www.shorecap.co.uk, a website maintained by the investment manager, Shore
Capital Limited.
The financial information contained within this preliminary announcement was
approved by the board on 30 May 2012.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: PUMA VCT V PLC via Thomson Reuters ONE
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