![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Down. Plan 9 | LSE:DPV9 | London | Ordinary Share | GB00B28C4Z43 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDPV9 DOWNING PLANNED EXIT VCT 9 PLC FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012 FINANCIAL SUMMARY 31 Dec 31 Dec 2012 2011 Pence Pence Net asset value per Ordinary Share 80.1 82.3 Net asset value per 'A' Share 0.1 0.1 Cumulative distributions per Ordinary Share and 'A' Share 10.0 7.5 Total return per Ordinary Share and 'A' Share 90.2 89.9 CHAIRMAN'S STATEMENT Introduction The year ended 31 December 2012 has been a stable period for the Company with a limited level of investment activity and a small uplift in total return. Portfolio activity The Company was effectively fully invested throughout the year, but there were two small realisations in the form of loan stock redemptions, which produced proceeds of GBP456,000. The Company made a small follow-on investment in The Thames Club Limited to provide further working capital to the business. The Company also took advantage of a non-qualifying investment opportunity to invest GBP300,000 in Southampton Hotel Developments Limited, which is building a hotel at The Ageas Bowl (formerly known as the Rosebowl Cricket Ground). This investment is expected to earn an attractive yield for approximately 18 months and has the prospect of good capital uplift. Investment valuations In reviewing the investment portfolio at the year end, the Board made adjustments to two valuations. Crossco (1135) Limited, which trades as Kingsclere Nurseries, has continued to make good progress, justifying an uplift of GBP49,000. The Thames Club Limited has faced significant challenges in building the business to the levels anticipated at the time of investment. Although it is making some progress, the company required further funding during the year and the Board concluded that a reduction in value of GBP155,000 was appropriate. All other portfolio companies are performing close to expectation or their revised plan and have been carried at their previous valuation. Net unrealised losses on the portfolio for the year were GBP106,000. Net asset value The net asset value per Ordinary Share ("NAV") at 31 December 2012 was 80.1p and NAV per 'A' Share was 0.1p. This represents an increase in the combined NAV of 0.4% since the previous year end after adding back the dividend of 2.5p paid during the year. Total Return (NAV plus cumulative dividends) for a combined holding of one Ordinary and one 'A' Share now stands at 90.2p, against the original cost, net of income tax relief, of 70p. Results The return on ordinary activities after taxation for the year was GBP22,000 (2011: GBP91,000), comprising a revenue profit of GBP128,000 (2011: GBP211,000) and a capital loss of GBP106,000 (2011: GBP120,000). Dividends The Board is proposing to pay a dividend of 2.5p per Ordinary Share on 28 June 2013 to Shareholders on the register at the close of business on 31 May 2013. Investment realisation plans The Company's objective is to seek to realise its investments approximately five years after the close of the Offer for Subscription in order to return funds to Shareholders. Since the Company's launch in October 2007, the economic landscape has shifted dramatically. This has resulted in much less liquidity in the markets for assets such as those owned by the Company's investees and a dramatic reduction in the level of bank funding available for refinancing. The five year anniversary of the close of the Offer for Subscription occurs in July 2013. In view of the above, it is clear that the task of realising the Company's investments is likely to take considerably longer than was originally envisaged. It is possible that exits could be achieved more rapidly by seeking disposals at undervalue. Both the Board and the Manager are, however, of the opinion that most Shareholders would not be supportive of such a strategy and therefore propose to pursue realisations at full value even if these may take longer to secure. The Manager has been able to plan for the disposal of several portfolio companies and believes that at least 30% by value can be realised in the next 12 months. With the remaining investments it is more difficult to formulate clear exit plans as many involve finding a trade purchaser for the business or the investment partner being able to refinance the VCT's investment. As and when realisations are made, proceeds will be distributed to Shareholders. This is likely to be done by way of dividends or capital distributions. In view of the fact that the process of exiting will take some time, the Board is keen to reduce ongoing running costs where possible. The Board is therefore considering options for the Company to enter a formal VCT winding-up period. This would allow the Company to delist, making a significant saving in costs, and would involve the appointment of a liquidator to oversee the investment realisation process. Should the Board conclude that this is a desirable route, formal proposals will be presented to Shareholders. Share buybacks During the year, the Company made market purchases of 67,800 of its own Ordinary Shares at a price of 73.7p per share and 33,000 of its own 'A' Shares at a price of 0.1p per share. As the Company is now approaching the stage where it is seeking to return funds to Shareholders, the Board does not intend to support any further share buyback programme. It is intended that investment realisation proceeds will be distributed to all Shareholders rather than used to fund buybacks from specific Shareholders. To give the Company some flexibility should appropriate circumstances arise, a proposal to renew the authority for the Board to be able to make market purchases of shares will be proposed at the forthcoming AGM. Annual General Meeting The Company's fifth Annual General Meeting ("AGM") will be held at 10 Lower Grosvenor Place, London SW1W 0EN at 10:35 am on 19 June 2013. One item of special business is proposed at the AGM in respect of the authority to buy in shares as noted above. Outlook The Manager's role is now focussed on developing realisation plans for the Company's investments. It is clear that, with continued limited availability of bank finance, the task will be challenging and will take some time to achieve. There is however some visibility on exits from a number of investments and the Board is hopeful that it will be in a position to make a significant distribution in the next year. In respect of some of the investments, it is possible that it will take some years to achieve a full exit at an acceptable value, and the Board believes that this is preferable to seeking to dispose of investments at significantly discounted values. I will update Shareholders in my statement with the Half-Yearly Report to 30 June 2013 on progress in respect of realisations and possible plans for the Company to enter a formal winding up period. Hugh Gillespie Chairman INVESTMENT MANAGER'S REPORT Introduction The Company is now fully invested and performing reasonably in line with its plan, despite the challenging economic environment. Further investment activity is limited to reinvesting proceeds from divestments when short term investment opportunities arise. Investment activity The Company began the year with GBP6.7million of investments and ended the year with GBP6.5million spread across a portfolio of 14 investments. During the year, the Company made investments totalling GBP350,000, divestments of GBP456,000 and recognised a valuation decrease on existing investments of GBP106,000. Of the two additions made during the year GBP300,000 was invested in a non-qualifying opportunity, Southampton Hotel Developments Limited. The company is developing a hotel at the Ageas Bowl, the home of Hampshire Cricket Club. The investment pays an on-going yield and provides the company with a share in part of the completed development. The hotel is due to be completed at the end of 2013. A GBP50,000 follow on investment in The Thames Club Limited was made during the year to aid cash flow. The portfolio returned income of GBP365,000 (2012: GBP495,000) in the year and a net return of GBP128,000 after expenses and tax; or 1.5p return per share. This profit was reduced by a GBP106,000 capital loss (or 1.2p per share) owing to the decrease in value of one investment, which was greater than the increase in value on another investment, reflecting their improved trading performance. The resulting net return of 0.3p per share in the year reflects the improvements in the Company's maturing portfolio in the last year. The Company expects the current portfolio to provide the core of its income and growth in the medium term and will therefore focus on managing its existing investments before seeking to return funds to Shareholders over the next two years. Portfolio valuation The majority of the portfolio performed in line with expectations during the year with one exception giving rise to a GBP106,000 decrease in the valuation of the portfolio being recognised. A GBP49,000 increase in the value of Crossco (1135) Limited (trading as Kingsclere Nurseries) was countered by a GBP155,000 decrease in the value of The Thames Club Limited. The investment in Crossco (1135) Limited was made four years ago, the business is performing well and we are working closely with the Investment Partner to secure an exit for the Company over the course of the next year. The GBP49,000 increase in value recognises part of the anticipated uplift that will be due to the Company on exit. The investment in The Thames Club Limited was written down by GBP155,000 at the Company's year end following disappointing 2012 trading results which were significantly behind budget. A new management team has been appointed who are working hard to increase membership numbers at the club whilst keeping a tight control on costs. The business is now two years behind plan, however, we are confident that over the course of the next year the new management team will begin rebuilding the business and deliver improving results. Outlook The uncertain economic environment is expected to continue throughout 2013 with consumer confidence unlikely to improve in the short term. The Company is working closely with our investment partners to secure exits at satisfactory values in order to return funds to Shareholders. Downing Managers 9 Limited REVIEW OF INVESTMENTS Portfolio of investments The following investments, all of which are incorporated in England and Wales, were held at 31 December 2012: Valuation movement % of Cost Valuation in year portfolio GBP'000 GBP'000 GBP'000 Qualifying and part-qualifying investments Hoole Hall Country Club Holdings Limited* 1,094 1,161 - 17.1% Crossco (1135) Limited t/a Kingsclere Nurseries Limited 998 1,130 49 16.6% Cadbury House Holdings Limited 700 763 - 11.2% West Tower Holdings Limited 1,150 750 - 11.0% Horsham Bowl Limited* 861 681 - 10.0% Hoole Hall Spa and Leisure Club Limited 562 613 - 9.0% The Thames Club Limited 1,125 350 (155) 5.2% Chapel Street Food and Beverage Limited 50 50 - 0.7% Chapel Street Services Limited 50 50 - 0.7% 6,590 5,548 (106) 81.5% Non-qualifying investments Future Biogas (SF) Limited 350 350 - 5.2% Southampton Hotel Developments Limited 300 300 - 4.4% Snow Hill Developments LLP 250 250 - 3.7% Fenkle Street LLP 92 92 - 1.4% Chapel Street Hotel Limited 2 2 - 0.0% 994 994 - 14.7% 7,584 6,542 (106) 96.2% Cash at bank and in hand 257 3.8% Total investments 6,799 100.0% Investment movements for the year ended 31 December 2012 ADDITIONS GBP'000 Southampton Hotel Developments Limited 300 The Thames Club Limited 50 350 DISPOSALS Market Value at Profit Realised Cost 31/12/11** Proceeds vs. cost gain GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Loan stock redemptions Kings Gap Group Limited 400 400 400 - - Sanguine Hospitality Limited 56 56 56 - - 456 456 456 - - * Partially non-qualifying VCT investment ** Adjusted for purchases during the year Directors' responsibilities statement The Directors are responsible for preparing the Report of the Directors, the Directors Remuneration Report, and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the Annual Report includes information required by the Listing Rules of the Financial Conduct Authority. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements, the Directors are required to: * select suitable accounting policies and then apply them consistently; * make judgments and accounting estimates that are reasonable and prudent; * state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions, to disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Manager's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions. Statement as to disclosure of information to the Auditor The Directors in office at the date of the report have confirmed, as far as they are aware, that there is no relevant audit information of which the Auditor is unaware. Each of the Directors has confirmed that they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the Auditor. INCOME STATEMENT for the year ended 31 December 2012 2012 2011 Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Income 365 - 365 495 - 495 Net loss on investments - (106) (106) - (120) (120) 365 (106) 259 495 (120) 375 Investment management fees (70) - (70) (85) - (85) Other expenses (134) - (134) (126) - (126) Return/(loss) on ordinary activities before tax 161 (106) 55 284 (120) 164 Tax on ordinary activities (33) - (33) (73) - (73) Return/(loss) attributable to equity shareholders 128 (106) 22 211 (120) 91 Basic and diluted return/(loss) per share: Ordinary Share 1.5p (1.2p) 0.3p 2.4p (1.4p) 1.0p 'A' Share - - - - - - All Revenue and Capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. The total column within the Income Statement represents the profit and loss account of the Company. A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement noted above. Other than revaluation movements arising on investments held at fair value through profit and loss, there were no differences between the return/loss as stated above and historical cost. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2012 2011 GBP'000 GBP'000 Opening Shareholders' funds 7,139 7,265 Purchase of own shares (50) Dividends paid (216) (217) Total profit/(loss) for the year 22 91 Closing Shareholders' funds 6,895 7,139 BALANCE SHEET as at 31 December 2012 2012 2011 GBP'000 GBP'000 GBP'000 GBP'000 Fixed assets Investments 6,542 6,754 Current assets Debtors 209 196 Cash at bank and in hand 257 344 466 540 Creditors: amounts falling due within one year (113) (155) Net current assets 353 385 Net assets 6,895 7,139 Capital and reserves Called up Ordinary Share capital 9 9 Called up 'A' Share capital 13 13 Deferred Share capital 3 3 Special reserve 7,724 7,817 Revaluation reserve (1,042) (936) Capital reserve - realised 44 44 Revenue reserve 144 189 Total equity shareholders' funds 6,895 7,139 Basic and diluted net asset value per share Ordinary Share 80.1p 82.3p 'A' Share 0.1p 0.1p CASH FLOW STATEMENT for the year ended 31 December 2012 2012 2011 GBP'000 GBP'000 Net cash inflow from operating activities 142 213 Taxation Corporation tax paid (69) - Capital expenditure Purchase of investments (350) (744) Proceeds from disposal of investments 456 776 Net cash inflow from capital expenditure 106 32 Equity dividends paid (216) (217) Net cash (outflow)/inflow before financing (37) 28 Financing Purchase of own shares (50) - Net cash outflow from financing (50) - (Decrease)/ increase in cash (87) 28 NOTES TO THE ACCOUNTS for the year ended 31 December 2012 1. Accounting policies Basis of accounting The Company has prepared its financial statements under UK Generally Accepted Accounting Practice ("UK GAAP") and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" revised January 2009 ("SORP"). The financial statements are prepared under the historical cost convention except for the certain financial instruments measured at fair value and on the basis that it is not necessary to prepare consolidated accounts as explained in note 9. The Company implements new Financial Reporting Standards issued by the Financial Reporting Council when required. Presentation of Income Statement In order to better reflect the activities of a Venture Capital Trust and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Part 6 of the Income Tax Act 2007. Investments All investments are designated as "fair value through profit or loss" assets due to investments being managed and performance evaluated on a fair value basis. A financial asset is designated within this category if it is both acquired and managed on a fair value basis, with a view to selling after a period of time, in accordance with the Company's documented investment policy. The fair value of an investment upon acquisition is deemed to be cost. Thereafter, investments are measured at fair value in accordance with the International Private Equity and Venture Capital Valuation Guidelines ("IPEV") together with FRS 26. For unquoted investments, fair value is established by using the IPEV guidelines. The valuation methodologies for unquoted entities used by the IPEV to ascertain the fair value of an investment are as follows: * Price of recent investment; * Multiples; * Net assets; * Discounted cash flows or earnings (of underlying business); * Discounted cash flows (from the investment); and * Industry valuation benchmarks. The methodology applied takes account of the nature, facts and circumstances of the individual investment and uses reasonable data, market inputs, assumptions and estimates in order to ascertain fair value. Gains and losses arising from changes in fair value are included in the Income Statement for the year as a capital item and transaction costs on acquisition or disposal of the investment are expensed. Where an investee company has gone into receivership, liquidation or administration (where there is little likelihood of recovery), the loss on the investment, although not physically disposed of, is treated as being realised. It is not the Company's policy to exercise significant influence over investee companies. Therefore, the results of these companies are not incorporated into the Income Statement except to the extent of any income accrued. This is in accordance with the SORP that does not require portfolio investments to be accounted for using the equity method of accounting. Income Dividend income from investments is recognised when the Shareholders' rights to receive payment has been established, normally the ex-dividend date. Interest income is accrued on a time apportionment basis, by reference to the principal sum outstanding and at the effective rate applicable and only where there is reasonable certainty of collection. Expenses All expenses are accounted for on an accruals basis. In respect of the analysis between revenue and capital items presented within the Income Statement, all expenses have been presented as revenue items except as follows: * Expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment; and * Expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated. The Company has adopted a policy of charging 100% of the Investment Manager's fees to the revenue account. Taxation The tax effects on different items in the Income Statement are allocated between capital and revenue on the same basis as the particular item to which they relate, using the Company's effective rate of tax for the accounting period. Due to the Company's status as a Venture Capital Trust and the continued intention to meet the conditions required to comply with Part 6 of the Income Tax Act 2007, no provision for taxation is required in respect of any realised or unrealised appreciation of the Company's investments which arises. Deferred taxation, which is not discounted, is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Other debtors, other creditors and loan notes Other debtors (including accrued income), other creditors and loan notes (other than those held as part of the investment portfolio as set out in note 9) are included within the accounts at amortised cost. 2. Basic and diluted return per share Weighted average number Revenue Capital of shares in issue return loss Return per share is calculated on the following: GBP'000 GBP'000 Year ended 31 December 2012 Ordinary Shares 8,650,931 128 (106) 'A' Shares 12,982,283 - - Year ended 31 December 2011 Ordinary Shares 8,657,673 211 (120) 'A' Shares 12,986,507 - - As the Company has not issued any convertible securities or share options, there is no dilutive effect on return per Ordinary Share or 'A' Share. The return per share disclosed therefore represents both the basic and diluted return per Ordinary Share and 'A' Share. 3. Basic and diluted net asset value per share 2012 2011 Shares in issue Net asset value Net asset value Pence per Pence per 2012 2011 share GBP'000 share GBP'000 Ordinary Shares 8,589,873 8,657,673 80.1 6,972 82.3 7,130 'A' Shares 12,953,507 12,986,507 0.1 13 0.1 9 80.2 6,985 82.4 7,139 The Directors allocate the assets and liabilities of the Company between the Ordinary Shares and 'A' Shares such that each share class has sufficient net assets to represent its dividend and return of capital rights as described in note 18. As the Company has not issued any convertible shares or share options, there is no dilutive net asset value per Ordinary Share or per 'A' Share. The net asset value per share disclosed therefore represents both the basic and diluted net asset value per Ordinary Share and per 'A' Share. 4. Principal risks The Company's investment activities expose the Company to a number of risks associated with financial instruments and the sectors in which the Company invests. The principal financial risks arising from the Company's operations are: * Investment risks * Credit risk * Liquidity risk The Board regularly reviews these risks and the policies in place for managing them. There have been no significant changes to the nature of the risks that the Company is exposed to over the year and there have also been no significant changes to the policies for managing those risks during the year. The risk management policies used by the Company in respect of the principal financial risks and a review of the financial instruments held at the year end are provided below: Investment risks As a VCT, the Company is exposed to investment risks in the form of potential losses and gains that may arise on the investments it holds in accordance with its investment policy. The management of these market risks is a fundamental part of investment activities undertaken by the Investment Manager and overseen by the Board. The Manager monitors investments through regular contact with management of investee companies, regular review of management accounts and other financial information and attendance at investee company board meetings. This enables the Manager to manage the investment risk in respect of individual investments. Investment risk is also mitigated by holding a diversified portfolio spread across various business sectors and asset classes. The key market risks to which the Company is exposed are: * Investment price risk * Interest rate risk Investment price risk Investment price risk arises from uncertainty about the future prices and valuations of financial instruments held in accordance with the Company's investment objectives. It represents the potential loss that the Company might suffer through changes in the fair value of unquoted investments that it holds. Interest rate risk The Company accepts exposure to interest rate risk on floating-rate financial assets through the effect of changes in prevailing interest rates. The Company receives interest on its cash deposits at a rate agreed with its bankers. Investments in loan stock attract interest predominately at fixed rates. A summary of the interest rate profile of the Company's investments is shown below. There are four categories in respect of interest which are attributable to the financial instruments held by the Company as follows: * "Fixed rate" assets represent investments with predetermined yield targets and comprise certain loan note investments and Preference Shares; * "Variable rate" assets represent investments with interest rates linked to Bank of England base rate in accordance with loan agreements; * "Floating rate" assets predominantly bear interest at rates linked to Bank of England base rate or LIBOR and comprise cash at bank and liquidity fund investments and certain loan note investments; and * "No interest rate" assets do not attract interest and comprise equity investments, certain loan note investments, loans and receivables (excluding cash at bank) and other financial liabilities. The Company monitors the level of income received from fixed and floating rate assets and, if appropriate, may make adjustments to the allocation between the categories, in particular, should this be required to ensure compliance with the VCT regulations. It is estimated that an increase of 1% in interest rates would have increased total return before taxation for the year by GBP3,000. As the Bank of England base rate stood at 0.5% per annum throughout the year, it is not believed that a reduction from this level is likely. Credit risk Credit risk is the risk that the counterparty to a financial instrument is unable to discharge a commitment to the Company made under that instrument. The Company is exposed to credit risk through its holdings of loan stock in investee companies, investments in liquidity funds, cash deposits and debtors. The Manager manages credit risk in respect of loan stock with a similar approach as described under "Investment risks" above. The management of credit risk associated interest, dividends and other receivables is covered within the investment management procedures. The level of security is a key means of managing credit risk. Cash is held by Bank of Scotland plc and Royal Bank of Scotland plc, both of which are A-rated financial institutions and both also ultimately part-owned by the UK Government. Consequently, the Directors consider that the credit risk associated with cash deposits is low. There have been no changes in fair value during the year that are directly attributable to changes in credit risk. Liquidity risk Liquidity risk is the risk that the Company encounters difficulties in meeting obligations associated with its financial liabilities. Liquidity risk may also arise from either the inability to sell financial instruments when required at their fair values or from the inability to generate cash inflows as required. The Company normally has a relatively low level of creditors GBP113,000 (2011: GBP155,000) and has no borrowings. The Company always holds sufficient levels of funds as cash in order to meet expenses and other cash outflows as they arise. For these reasons, the Board believes that the Company's exposure to liquidity risk is minimal. The Company's liquidity risk is managed by the Investment Manager in line with guidance agreed with the Board and is reviewed by the Board at regular intervals. 5. Related party transactions Downing Managers 9 Limited ("DM9"), a wholly owned subsidiary, is the Company's Investment Manager. During the year ended 31 December 2012, GBP70,000 (2011: GBP85,000) was payable to DM9. Additionally, DM9 provides accounting, secretarial and administrative services for an annual fee of GBP40,000 (plus an annual RPI increase) per annum. During the year ended 31 December 2012, GBP45,000 (2011: GBP43,000) was due in respect of administration fees. At the year end, a balance of GBP27,000 (2011: GBP33,000) was due to DM9. ANNOUNCEMENT BASED ON AUDITED ACCOUNTS The financial information set out in this announcement does not constitute the Company's statutory financial statements in accordance with section 434 Companies Act 2006 for the year ended 31 December 2012, but has been extracted from the statutory financial statements for the year ended 31 December 2012, which were approved by the Board of Directors on 29 April 2013 and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The Independent Auditor's Report on those financial statements was unqualified and did not contain any emphasis of matter nor statements under s498(2) and (3) of the Companies Act 2006. The statutory accounts for the year ended 31 December 2011 have been delivered to the Registrar of Companies and received an Independent Auditor report which was unqualified and did not contain any emphasis of matter nor statements under s498(2) and (3) of the Companies Act 2006. A copy of the full annual report and financial statements for the year ended 31 December 2012 will be printed and posted to shareholders shortly. Copies will also be available to the public at the registered office of the Company at 10 Lower Grosvenor Place, London, SW1W 0EN and will be available for download from www.downing.co.uk. 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: DOWNING PLANNED EXIT VCT 9 PLC via Thomson Reuters ONE HUG#1697542
1 Year Down. Plan 9 Chart |
1 Month Down. Plan 9 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions