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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Downing P.E.6 | LSE:DPV6 | London | Ordinary Share | GB00B1NB0H38 | 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% | 55.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDPV6 Downing Planned Exit VCT 6 plc Half-Yearly Report for the six months ended 31 July 2014 31 Jul 31 Jan 31 Jul Performance summary 2014 2014 2013 pence pence pence Net asset value per Ordinary Share 59.1 63.10 64.80 Cumulative distributions per Ordinary Share 17.75 13.75 13.75 Total return per Ordinary Share 76.85 76.85 78.55 CHAIRMAN'S STATEMENT I present the Company's Half-Yearly Report for the six month period ended 31 July 2014. With the Company effectively fully invested, there was limited investment activity during the period and the net asset value has remained stable. Venture capital investments The Company now holds eight investments with a positive carrying value and the investments in Cadbury House Holdings and the two Hoole Hall companies now represent a large proportion of the net assets. Cadbury House Holdings owns and operates conferencing and leisure facilities at the DoubleTree by Hilton Bristol South site. The Hoole Hall companies similarly own and operate conferencing and leisure facilities at the DoubleTree by Hilton Chester. Each of the businesses is trading reasonably and an exercise is now being undertaken to establish how strong the current market is for such assets and whether this might be an opportune time to exit. The outcome of this work will become clear over the next few months and might lead to an exit from one or more of the investments. The health club in Staines owned by The Thames Club Limited continues to make progress in the right direction, but at a slower rate than hoped. A further small provision of GBP35,000 has been made against the investment as a result of the weaker trading results and the interest burden of prior ranking debt. Snow Hill Developments developed a Holiday Inn Express in Birmingham. The development has been partly funded by Co-Op Bank, who, as a result of their internal issues, are now encouraging the company to seek alternative sources of funding. Good progress is now being made in securing new debt funding. Gatewales and Fenkle Street hold rights to profit shares from development projects. The various projects are performing reasonably in line with plan and the profit shares are expected to be paid in due course. The investment in Vermont Developments is represented by a charge over some development land in Salford. There has been increased interest in the land in recent months and an offer is now being progressed. The investment has been uplifted by GBP13,000. There were two small redemptions in the period. The investment in Moebius Two Limited arose as a means of providing deferred consideration from the disposal of Crossco (1135) Limited, which traded as Complete Childcare. The final payment was made in July, coming in at GBP22,000 above the carrying value. GBP96,000 of loan stock was also redeemed at par by Gatewales Limited. Overall the realised and unrealised movements on the portfolio netted off to nil for the period. Net asset value and results At 31 July 2014, the net asset value ("NAV") per share stood at 59.1p. After adding back the dividend of 4p per share paid in July, there is no change in NAV over the six month period. Total dividends paid to date by the Company are 17.75p per share. Total Return (NAV plus dividends paid to date) at 31 July 2014 is 76.85p per share compared to the original cost, net of income tax relief, of approximately 70.0p per share. The profit on ordinary activities after taxation for the period, as set out in the Income Statement, was GBP7,000, comprising wholly of revenue profit. In line with the Company's policy, no interim dividend will be paid. Share buybacks The Board recognises that some Shareholders who remain invested in the Company did not participate in the Share Realisation and Reinvestment Scheme ("SRRP") in January 2013 and are now therefore able to sell their shares without losing income tax relief. The Board will therefore consider undertaking share buybacks from time to time and expects to undertake these at a very small discount to latest net asset value. Any buybacks will be subject to the relevant regulations and liquidity considerations. The Company purchased 46,173 shares in the period at a price of 62.5p per share. These shares were subsequently cancelled. Outlook There are developments in several portfolio companies that might lead to realisations over the remainder of the year. If these do arise, the Manager may need to consider making some new investments to ensure that funds are fully invested over the next three or so years before Shareholders who participated in the SRRP are able to exit their investments without losing income tax relief. The Manager reports good deal flow which should be able to provide suitable new investments if needed. As the Company is now small for a VCT, the running costs have increased to the maximum level of 2.9% of net assets per annum. Any excess costs are now being paid by the Manager. Although Shareholders are protected from any further increases, the Board is continuing to give consideration to options that might exist for the Company to merge with one or more other VCTs. A merger may reduce running costs below the current level and provide other benefits for Shareholders. If there is any news to this end, I will communicate with Shareholders at that time. Hugh Gillespie Chairman UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2014 31 Jul 31 Jul 31 Jan 2014 2013 2014 GBP'000 GBP'000 GBP'000 Fixed assets Investments 2,918 3,910 3,164 Current assets Debtors 220 197 163 Cash at bank and in hand 212 1,618 295 432 1,815 458 Creditors: amounts falling due within one year (58) (87) (83) Net current assets 374 1,728 375 Net assets 3,292 5,638 3,539 Capital and reserves Called up Ordinary Share Capital 6 9 6 Deferred shares 16 16 16 Capital redemption reserve 8 5 8 Share premium 167 2,704 167 Special reserve 5,374 5,081 5,403 Revenue reserve 108 179 101 Revaluation reserve (1,265) (2,506) (1,243) Capital reserve - realised (1,122) 150 (919) Equity shareholders' funds 3,292 5,638 3,539 Net asset value per Ordinary Share 59.1p 64.8p 63.1p UNAUDITED INCOME STATEMENT for the six months ended 31 July 2014 Year ended Six months ended 31 Jul Six months ended 31 Jul 31 Jan 2014 2013 2014 Revenue Capital Total Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Income 87 - 87 231 - 231 242 Gains/(losses) on investments - realised - 22 22 - 94 94 (1) - unrealised - (22) (22) - (126) (126) (70) 87 - 87 231 (32) 199 171 Investment management fees (3) - (3) (13) - (13) (27) Other expenses (71) - (71) (108) - (108) (206) Return/(loss) on ordinary activities before taxation 13 - 13 110 (32) 78 (62) Taxation (6) - (6) (27) - (27) (4) Return/(loss) attributable to equity shareholders 7 - 7 83 (32) 51 (66) Return per Ordinary Share 0.1p 0.0p 0.1p 1.0p (0.4p) 0.6p (0.8p) A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement as noted above. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the six months ended 31 July 2014 31 Jul 31 Jul 31 Jan 2014 2013 2014 GBP'000 GBP'000 GBP'000 Opening Shareholders' funds 3,539 5,935 5,935 Purchase of own shares (29) - (1,982) Dividends paid (225) (348) (348) Total recognised gains/(losses) for the period 7 51 (66) Closing Shareholders' funds 3,292 5,638 3,539 UNAUDITED CASH FLOW STATEMENT For the six months ended 31 July 2014 Six Six months months Year ended ended ended 31 Jul 31 Jul 31 Jan 2014 2013 2014 Note GBP'000 GBP'000 GBP'000 Cash (outflow)/inflow from operating activities and returns on investments 1 (74) 17 (20) Taxation Corporation tax paid - - (13) Capital expenditure Purchase of investments - (158) (157) Proceeds from sale of investments 245 1,474 2,182 Net cash inflow from capital expenditure 245 1,316 2,025 Equity dividends paid (225) (348) (348) Net cash (outflow)/inflow before financing (54) 985 1,644 Financing Repurchase of own shares (29) - - Purchase of shares through tender offer - - (1,982) Net cash outflow from financing (29) - (1,982) (Decrease)/Increase in cash 2 (83) 985 (338) Notes to the cash flow statement: 1 Cash inflow from operating activities and returns on investments Net revenue before taxation 13 78 (62) Losses on investments - 32 71 (Increase)/decrease in other debtors (56) (1) 33 (Decrease)/increase in other creditors (21) (73) (46) (Decrease)/increase in amounts due to subsidiary undertaking (10) (19) (16) Net cash inflow from operating activities (74) 17 (20) 2 Analysis of net funds Beginning of period 295 633 633 Net cash (outflow)/inflow (83) 985 (338) End of period 212 1,618 295 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2014 Unrealised % of loss in Portfolio Cost Valuation period by value GBP'000 GBP'000 GBP'000 Qualifying investments Hoole Hall Country Club Holdings Limited 750 817 - 26.1% Cadbury House Holdings Limited 654 771 - 24.6% Hoole Hall Spa and Leisure Club Limited 563 613 - 19.6% The Thames Club Limited * 1,075 245 (35) 7.8% Gatewales Limited 146 146 - 4.7% Coast Constructors Limited 933 - - 0.0% 4,121 2,592 (35) 82.8% Non-qualifying investments Snow Hill Developments LLP 250 250 - 8.0% Fenkle Street LLP 38 38 - 1.2% Vermont Developments Limited 451 38 13 1.2% Aminghurst Limited 207 - - 0.0% 946 326 13 10.4% Total 5,067 2,918 (22) 93.2% Cash at bank and in hand 212 6.8% Total investments 3,130 100.0% *partially non-qualifying investment SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 31 July 2014 Disposals Total Market realised value at Gain gain in Cost 01/02/14 Proceeds vs. cost period GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Qualifying investments Gatewales Limited 96 96 96 - - 96 96 96 - - Non-qualifying investments Moebius Two Limited 127 127 149 22 22 127 127 149 22 22 223 223 245 22 22 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The unaudited half-yearly results cover the six months to 31 July 2014 and have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 January 2014 which were prepared under UK Generally Accepted Accounting Practice ("UK GAAP") and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised January 2009 ("SORP"). 2. All revenue and capital items in the Income Statement derive from continuing operations. 3. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 4. Net asset value per share has been calculated on 5,570,669 Ordinary Shares, being the shares in issue at the period end. 5. Return per share for the period has been calculated on 5,561,171 Ordinary Shares, being the weighted average number of shares in issue during the period. 6. Dividends 31 Jul 2014 31 Jan 2014 Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 Paid in year 2014 Final - 225 225 - 2013 Final - - - 348 - 225 225 348 7. Reserves Capital Share Capital redemption Premium Special Revenue Revaluation reserve- reserve Account Reserve reserve reserve realised GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 February 2014 8 167 5,403 101 (1,243) (919) Purchase of own shares - - (29) - - - Net (loss)/gains on investments - - - - (22) 22 Transfer between reserves - - - - - - Dividends paid - - - - - (225) Retained net revenue - - - 7 - - At 31 July 2014 8 167 5,374 108 (1,265) (1,122) The Special reserve, Capital reserve - realised and Revenue reserve are all distributable reserves. Revaluation reserve includes losses of GBP1,501,000 which are included in the calculation of distributable reserves. Total distributable reserves at 31 July 2014 were GBP2,859,000. 8. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by: a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. 9. Risks and uncertainties The Board has reviewed the principal risks and uncertainties facing the Company over the remainder of the financial period and concluded that the key risks are: *investment risk associated with investing in small and immature businesses; and *failure to maintain approval as a VCT. In both cases the Board is satisfied with the Company's approach to these risks. The strategy of, where possible, taking charges over assets to secure its investments helps to limit any potential losses which could arise from the failure of an investee business. The Company continually monitors its compliance with the VCT regulations and retains PricewaterhouseCoopers to provide regular reviews and advice in this area. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level. 10. Going concern The Directors have reviewed the Company's financial resources at the period end and concluded that the Company is well placed to manage its business risks. 11. The Board confirms that it is satisfied that the Company has adequate resources to continue in business for the foreseeable future. For this reason, the Board believes that the Company continues to be a going concern and that it is appropriate to apply the going concern basis in preparing the financial statements. 12. The unaudited condensed financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 January 2014 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the auditors' report on those financial statements was unqualified. 13. Copies of the unaudited half-yearly results will be sent to Shareholders shortly. Further copies can be obtained from the Company's registered office and will be available for download from www.downing.co.uk. This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Downing Planned Exit VCT 6 PLC via Globenewswire HUG#1851896
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