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 |
---|---|---|---|---|---|
Downing Plan 3 | LSE:DPV3 | London | Ordinary Share | GB00B078VQ91 | 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% | 2.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDPV3 Downing Planned Exit VCT 3 plc Half-Yearly Report for the six months ended 31 July 2011 Performance summary 'C' Share pool 31 Jul 31 Jan 31 Jul 2011 2011 2010 pence pence pence Net asset value per 'C' Share 88.6 92.8 90.0 Net asset value per 'A' Share 0.1 0.1 0.1 Cumulative distributions per 'C' Share 10.0 5.0 5.0 ---------- ---------- --------- Total return per 'C' Share and 'A' Share 98.7 97.9 95.1 'D' Share pool 31 Jul 31 Jan 31 Jul 2011 2011 2010 Pence pence pence Net asset value per 'D' Share 91.6 93.5 94.8 Net asset value per 'E' Share 0.1 0.1 0.1 Cumulative distributions per 'D' Share 5.0 2.5 - ---------- ---------- --------- Total return per 'D' Share and 'E' Share 96.7 96.1 94.9 Ordinary Share pool 31 Jul 31 Jan 31 Jul 2011 2011 2010 pence pence pence Net asset value per Ordinary Share 0.1 0.1 0.1 Cumulative distributions per Ordinary Share 90.4 90.4 90.4 ---------- ---------- --------- Total return per Ordinary Share 90.5 90.5 90.5 Forthcoming Dividends Pence per share 'C' Shares - Interim 2011 Payable 25 November 2011 2.5 'D' Shares - Interim 2011 Payable 25 November 2011 2.5 Terminology Throughout this report, the term "'C' Share(s)" has been used to refer to the pool of assets allocated to the 'C' Shares and 'A' Shares combined. Similarly, the term "'D' Share(s)" has been used to refer to CHAIRMAN'S STATEMENT Introduction I am pleased to present my report for the six months ended 31 July 2011. The Company has continued to have a high level of investment activity and has made good progress towards the VCT qualification targets for the main share pools. 'C' Share pool Net asset value At 31 July 2011, the NAV per 'C' Share stood at 88.6p and per 'A' Share at 0.1p, producing a combined total of 88.7p. This is a small increase of 0.8p (0.8%) since the previous year end of 31 January 2011 (after adjusting for dividends of 5.0p per 'C' Share paid during the period). Total return (NAV plus cumulative dividends paid) was 98.7p per 'C' Share and 'A' Share at 31 July 2011. Results and dividend The profit on ordinary activities for the 'C' Shares after taxation for the period was GBP53,000, relating wholly to a revenue surplus. The Company will pay an interim dividend of 2.5p per 'C' Share on 25 November 2011, to 'C' Shareholders on the register at 4 November 2011. Portfolio activity The 'C' Share pool made GBP1.3 million of new qualifying and part-qualifying investments during the period. Brief details of the main new qualifying investments are as follows: Domestic Solar (ISIS) Limited A partially qualifying investment of GBP500,000 was made to provide funds for the installation and operation of domestic solar rooftop arrays. Redmed Limited A GBP350,000 qualifying investment was made in a company which owns the Annexe nightclub in Lincoln city centre. Mosaic Spa and Health Club Limited A partially qualifying investment of GBP125,000 was made in this company which trades under the name "Fitness Express" and has contracts to provide management to gyms and spas for hotels, universities and corporate clients. The share pool made a further non-qualifying property loan to Hoole Hall Country Club early in the period which was repaid (along with the existing property loan) later in the period. In total, GBP1.9 million of non-qualifying investments were realised (all at amounts equal to original cost) in order to provide funds for the new qualifying investments described above. Portfolio valuation The Board has reviewed the portfolio of investments at the period end and is satisfied that there have not been any significant departures from plan which impact on the value of the investments. Accordingly, all investments continue to be held at valuations equal to original cost. 'D' Share pool Net asset value, At 31 July 2011, the NAV per 'D' Share stood at 91.6p and per 'E' Share at 0.1p, producing a combined total of 91.7p. This is a small increase of 0.5p (0.5%) since the previous year end of 31 January 2011 (after adjusting for dividends of 2.5p per 'D' Share paid during the period). Total return (NAV plus cumulative dividends paid) was 96.7p per 'D' Share and 'E' Share at 31 July 2011. Results and dividend The profit on ordinary activities for the 'D' Shares, after taxation, for the period was GBP57,000, comprising a revenue gain of GBP190,000 and a capital loss of GBP133,000. In accordance with the policy set out in the 'D' Share prospectus, the Company will pay an interim dividend of 2.5p per 'D' Share on 25 November 2011, to 'D' Shareholders on the register at 4 November 2011. Portfolio activity The Company made seven qualifying investments (of which four had non-qualifying elements) at a total cost of GBP2.6 million during the period. Brief details of the main new investments are as follows: Future Biogas (Reepham Road) Limited: A partially qualifying investment of GBP748,000 was made to fund an anaerobic digestion plant, which will be used to generate electricity. Gingerbread Pre-School Limited: A partially qualifying investment of GBP551,000 was made in the company which operates children's day nurseries. Domestic Solar (ISIS) Limited: A partially qualifying investment of GBP400,000 was made to provide funds for the installation and operation of domestic solar rooftop arrays. Alpha Schools Holdings Limited: A qualifying investment of GBP367,000 was made into a company that owns and operates private preparatory schools. Green Electricity Generation Limited and Progressive Energies Limited: Two qualifying investments of GBP250,000 and GBP170,000 were made in companies which generate electricity through the installation of solar systems on domestic rooftops. Mosaic Spa and Health Club Limited: A partially qualifying investment of GBP125,000, alongside the 'C' Share pool as described above. The pool also made several new non-qualifying property loans during the period and realised a number of existing non-qualifying investments to provide funds for the new qualifying investments described above. Portfolio valuation The Board has reviewed the investments portfolio at the period end and made one adjustment to the previous carrying values. Camandale Limited owns and operates two pubs in Kilmarnock: The Riverbank and The Monkey Bar. The Monkey Bar is trading significantly below our expectations and, as a result, a provision of GBP133,000 has been made against the investment. The Board is satisfied that it is appropriate to continue to hold all other investments at values equal to original cost. Ordinary Share pool As has been stated previously, although the Ordinary Shares are still in existence, the task of returning funds to Ordinary Shareholders is complete and no further dividends are expected to be paid on the Ordinary Shares. Steps will be taken to wind up this share class in due course. Share buybacks In order to provide liquidity in the market for Shareholders who need to sell all or part of their holdings, the Company operates a share buyback policy in respect of its 'A' Shares, 'C' Shares, 'D' Shares and 'E' Shares. The current policy is to undertake share buybacks at a price equivalent to approximately a 10% discount to the latest published NAV. The Board reviews this discount level from time to time. The Company does not intend to buy in any further Ordinary Shares for cancellation. No share buybacks in any share class were undertaken during the period. Risks and uncertainties Under the Disclosure and Transparency Directive, the Board is required, in the Company's half-yearly results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year. The Board concluded that the key risks facing the Company over the remainder of the financial period are as follows: (i) Compliance risk of failure to maintain approval as a VCT; and (ii) investment risk associated with investing in small and immature businesses The Company's compliance with the VCT regulations is continually monitored by the Manager, who reports regularly to the Board on the current position. The Company has also appointed PricewaterhouseCoopers to provide regular reviews and advice in this area. In order to make VCT-qualifying investments, the Company has to invest in small businesses which are often immature. It also has a limited period in which it must invest the majority of its funds. The Manager follows a rigorous process in vetting and careful structuring of new investments, including taking a charge over the assets of the business wherever possible and, after an investment is made, closely monitoring the business. The Board is satisfied that these approaches provide satisfactory management of the key risks. Going concern The Directors have reviewed the Company's financial resources at the period end and conclude that the Company is well placed to manage its business risks. 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. Outlook Over the remainder of the year, we expect to see further progress in building the qualifying investment portfolios for both active share pools. Trading conditions remain very testing, but the continuing failure of the banks to support small businesses provides the Company with a good pipeline of investment opportunities, of which the Company will seek to take advantage. Hugh Gillespie Chairman 30 September 2011 UNAUDITED SUMMARISED BALANCE SHEET as at 31 July 2011 31 Jul 2011 31 Jul 31 Jan 2010 2011 'C' 'D' Total Shares Shares (incl Ord Shares) Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed assets Unquoted investments 5,804 7,965 13,774 10,120 13,222 Current assets Debtors 440 724 1,164 172 451 Cash at bank and in hand 194 755 949 5,853 2,593 -------- -------- ----------- -------- ------- 634 1,479 2,113 6,025 3,044 Creditors: amounts falling due within one year (76) (277) (353) (174) (233) -------- -------- ----------- -------- ------- Net current assets 558 1,202 1,760 5,851 2,811 -------- -------- ----------- -------- ------- Net assets 6,362 9,167 15,534 15,971 16,033 Capital and reserves Called up share capital 18 25 144 144 144 Capital redemption reserve 4 - 5 5 5 Special reserve 6,280 9,200 15,480 15,835 15,795 Share premium account - - - - - Capital reserve - unrealised - (133) (133) - - Capital reserve - realised - - - - - Revenue reserve 60 75 38 (13) 89 -------- -------- ----------- -------- ------- Total equity shareholders' funds 6,362 9,167 15,534 15,971 16,033 Basic and diluted net asset value per: Ordinary Share - - 0.1p 0.1p 0.1p 'C' Share 88.6p - - 90.1p 92.8p 'A' Share 0.1p - - 0.1p 0.1p 'D' Share - 91.6p - 94.9p 93.5p 'E' Share - 0.1p - 0.1p 0.1p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 July 2011 31 Jul 31 Jan 2010 2011 'C' 'D' Total Shares Shares (incl Ord Shares) Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Opening Shareholders' funds 6,668 9,360 16,033 10,478 10,478 Issue of shares - - - 6,214 6,219 Share issue costs - - - (342) (347) Purchase of own shares - - - - (5) Total recognised gains/ (losses) for the year 53 57 110 (20) 297 Distributions (359) (250) (609) (359) (609) -------- -------- ----------- -------- ------- Closing Shareholders' funds 6,362 9,167 15,534 15,971 16,033 INCOME STATEMENT for the six months ended 31 July 2011 Company Total Six months ended 31 Jul 2011 Revenue Capital Total GBP'000 GBP'000 GBP'000 Income 573 - 573 Gain/(loss) on investments - realised - - - - unrealised - (133) (133) --------- --------- ------ 573 (133) 440 Investment management fees (108) - (108) Provision against loan stock interest previously - - - recognised Other expenses (109) - (109) --------- --------- ------ Return on ordinary activities before taxation 356 (133) 223 Taxation (113) - (113) --------- --------- ------ Return attributable to equity shareholders 243 (133) 110 Basic and diluted return 'C' Share 0.8p - 0.8p 'A' Share - - - 'D' Share 1.9p (1.3p) 0.6p 'E' Share - - - 'C' Shares Income 160 - 160 Net loss on investments - realised - - - - unrealised - - - --------- --------- ------ 160 - 160 Investment management fees (45) - (45) Provision against loan stock interest previously - - - recognised Other expenses (37) - (37) --------- --------- ------ Return on ordinary activities before taxation 78 - 78 Taxation (25) - (25) --------- --------- ------ Return attributable to equity shareholders 53 - 53 'D' Shares Income 413 - 413 Net loss on investments - realised - - - - unrealised - (133) (133) --------- --------- ------ 413 (133) 280 Investment management fees (63) - (63) Provision against loan stock interest previously - - - recognised Other expenses (72) - (72) --------- --------- ------ Return on ordinary activities before taxation 278 (133) 145 Taxation (88) - (88) --------- --------- ------ Return attributable to equity shareholders 190 (133) 57 Company Total Six months ended 31 Jul Year ended 2010 31 Jan 2011 Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 Income 226 - 226 843 Gain/(loss) on investments - realised - - - - - unrealised - - - - --------- --------- -------- ---------- 226 - 226 843 Investment management fees (104) - (104) (212) Provision against loan stock interest (57) - (57) - previously recognised Other expenses (85) - (85) (214) --------- --------- -------- ---------- Return on ordinary activities before (20) - (20) 417 taxation Taxation - - - (120) --------- --------- -------- ---------- Return attributable to equity (20) - (20) 297 shareholders Basic and diluted return 'C' Share (0.9p) - (0.9p) 1.9p 'A' Share - - - - 'D' Share 0.4p - 0.4p 1.7p 'E' Share - - - - 'C' Shares Income 82 - 82 367 Net loss on investments - realised - - - - - unrealised - - - - --------- --------- -------- ---------- 82 - 82 367 Investment management fees (46) - (46) (90) Provision against loan stock interest (57) - (57) - previously recognised Other expenses (44) - (44) (140) --------- --------- -------- ---------- Return on ordinary activities before (65) - (65) 137 taxation Taxation - - - - --------- --------- -------- ---------- Return attributable to equity (65) - (65) 137 shareholders 'D' Shares Income 144 - 144 476 Net loss on investments - realised - - - - - unrealised - - - - --------- --------- -------- ---------- 144 - 144 476 Investment management fees (58) - (58) (122) Provision against loan stock interest - - - - previously recognised Other expenses (41) - (41) (74) --------- --------- -------- ---------- Return on ordinary activities before 45 - 45 280 taxation Taxation - - - (120) --------- --------- -------- ---------- Return attributable to equity 45 - 45 160 shareholders A Statement of Total Recognised Gains and Losses has not been prepared as all gains/losses are recognised in the Income Statement as noted above. UNAUDITED CASH FLOW STATEMENT for the six months ended 31 July 2011 Six Six months ended months Year Notes 31 Jul 2011 ended ended 31 Jul 31 Jan 2010 2011 'C' 'D' Total Shares Shares (incl Total Total Ord Shares) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Net cash inflow from operating 1 (170) (180) (350) (849) 33 activities --------- --------- --------- --------- -------- Taxation Corporation tax paid - - - - (21) Capital expenditure Purchase of investments (1,914) (3,407) (5,321) (4,274) (9,956) Sale of investments 1,964 2,672 4,636 4,552 1,042 --------- --------- --------- --------- -------- Net cash inflow/(outflow) from capital expenditure 50 (735) (685) 278 (8,914) --------- --------- --------- --------- -------- Equity dividends paid (359) (250) (609) (2,114) (609) Net cash inflow/(outflow) before (479) (1,165) (1,644) (2,685) (9,511) financing Financing Proceeds from share issue - - - 6,785 8,696 Share issue costs - - - (373) (342) Purchase of own shares/loan - - - (20) (5) notes --------- --------- --------- --------- -------- Net cash inflow from financing - - - 6,392 8,349 --------- --------- --------- --------- -------- Increase/(decrease) in cash 2 (479) (1,165) (1,644) 3,707 (1,162) Notes to the cash flow statement: 1 Cash inflow from operating activities and returns on investments Return on ordinary activities 78 145 223 (629) 417 before taxation Losses on investments - 133 133 76 - Increase in other debtors (240) (474) (714) (337) (94) Increase/(decrease) in other (8) 16 8 41 51 creditors --------- --------- --------- --------- -------- Net cash inflow from operating (170) (180) (350) (849) 33 activities 2 Analysis of net funds Beginning of period 673 1,920 2,593 21 3,755 Net cash inflow/(outflow) (479) (1,165) (1,644) 3,707 (1,162) --------- --------- --------- --------- -------- End of period 194 755 949 3,728 2,593 SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2011 'C' Share pool | | | Unrealised| | | | gain/(loss)|% of portfolio | Cost|Valuation| in period| by value =----------------------------------+-----+---------+------------+-------------- Venture capital investments | GBP'000| GBP'000| GBP'000| GBP'000 =----------------------------------+-----+---------+------------+-------------- Qualifying investments | | | | =----------------------------------+-----+---------+------------+-------------- Bijou Wedding Venues Limited* | 815| 815| -| 13.6% =----------------------------------+-----+---------+------------+-------------- Future Biogas (SF) Limited* | 727| 727| -| 12.1% =----------------------------------+-----+---------+------------+-------------- Domestic Solar (ISIS) Limited* | 500| 500| -| 8.4% =----------------------------------+-----+---------+------------+-------------- Atlantic Dogstar Limited | 429| 429| -| 7.1% =----------------------------------+-----+---------+------------+-------------- Redmed Limited | 350| 350| -| 5.8% =----------------------------------+-----+---------+------------+-------------- East Dulwich Tavern Limited | 344| 344| -| 5.7% =----------------------------------+-----+---------+------------+-------------- Westow House Limited | 304| 304| -| 5.1% =----------------------------------+-----+---------+------------+-------------- Quadrate Catering Limited* | 290| 290| -| 4.9% =----------------------------------+-----+---------+------------+-------------- The 3D Pub Co Limited | 267| 267| -| 4.5% =----------------------------------+-----+---------+------------+-------------- Quadrate Spa Limited* | 258| 258| -| 4.3% =----------------------------------+-----+---------+------------+-------------- Mosaic Spa and Health Club | 125| 125| -| 2.1% Limited* | | | | =----------------------------------+-----+---------+------------+-------------- Chapel Street Services Limited | 50| 50| -| 0.8% =----------------------------------+-----+---------+------------+-------------- Chapel Street Food and Beverage | 50| 50| -| 0.8% Limited | | | | =----------------------------------+-----+---------+------------+-------------- | | | | =----------------------------------+-----+---------+------------+-------------- Non-qualifying investments | | | | =----------------------------------+-----+---------+------------+-------------- Hoole Hall Country Club Holdings | 581| 581| -| 9.7% Limited | | | | =----------------------------------+-----+---------+------------+-------------- The Thames Club Limited | 500| 500| -| 8.4% =----------------------------------+-----+---------+------------+-------------- Honeycombe Pubs VCT Limited | 175| 175| -| 2.9% =----------------------------------+-----+---------+------------+-------------- Vermont Developments Limited | 25| 25| -| 0.4% =----------------------------------+-----+---------+------------+-------------- Commercial Street Hotel Limited | 12| 12| -| 0.2% =----------------------------------+-----+---------+------------+-------------- Chapel Street Hotel Limited | 2| 2| -| 0.0% =----------------------------------+-----+---------+------------+-------------- |5,804| 5,804| -| 96.8% =----------------------------------+-----+---------+------------+-------------- | | | | =----------------------------------+-----+---------+------------+-------------- Cash at bank and in hand | | 193| | 3.2% =----------------------------------+-----+---------+------------+-------------- | | | | =----------------------------------+-----+---------+------------+-------------- 'C' Share pool - Total | | 5,997| | 100% *Partially qualifying investment SUMMARY OF INVESTMENT PORTFOLIO as at 31 July 2011 | | | Unrealised| % of | | | gain/(loss)|portfolio | Cost|Valuation| in period| by value =---------------------------------------+-----+---------+------------+--------- 'D' Share pool Venture capital | | | | GBP'000 investments | GBP'000| GBP'000| GBP'000| =---------------------------------------+-----+---------+------------+--------- Qualifying investments | | | | =---------------------------------------+-----+---------+------------+--------- Future Biogas (Reepham Road) Limited* | 748| 748| -| 8.6% =---------------------------------------+-----+---------+------------+--------- Gingerbread Pre-School Limited* | 551| 551| -| 6.3% =---------------------------------------+-----+---------+------------+--------- Quadrate Catering Limited* | 436| 436| -| 5.0% =---------------------------------------+-----+---------+------------+--------- Domestic Solar (ISIS) Limited* | 400| 400| -| 4.6% =---------------------------------------+-----+---------+------------+--------- Camandale Limited* | 531| 398| (133)| 4.6% =---------------------------------------+-----+---------+------------+--------- Quadrate Spa Limited* | 386| 386| -| 4.5% =---------------------------------------+-----+---------+------------+--------- Alpha Schools Holdings Limited | 367| 367| -| 4.2% =---------------------------------------+-----+---------+------------+--------- Green Electricity Generation Limited | 250| 250| -| 2.9% =---------------------------------------+-----+---------+------------+--------- Slopingtactic Limited | 195| 195| -| 2.2% =---------------------------------------+-----+---------+------------+--------- Progressive Energies Limited | 170| 170| -| 1.9% =---------------------------------------+-----+---------+------------+--------- Ridgeway Pub Company Limited* | 137| 137| -| 1.6% =---------------------------------------+-----+---------+------------+--------- Mosaic Spa and Health Club Limited* | 125| 125| -| 1.4% =---------------------------------------+-----+---------+------------+--------- | | | | =---------------------------------------+-----+---------+------------+--------- Non-qualifying investments | | | | =---------------------------------------+-----+---------+------------+--------- Aminghurst Limited |2,000| 2,000| -| 22.9% =---------------------------------------+-----+---------+------------+--------- Lullingstone Limited | 647| 647| -| 7.4% =---------------------------------------+-----+---------+------------+--------- Looe Road Student Accommodation | 350| 350| -| 4.0% =---------------------------------------+-----+---------+------------+--------- Retallack Surfpods Limited | 250| 250| -| 2.9% =---------------------------------------+-----+---------+------------+--------- Kirkhouse Limited | 175| 175| -| 2.0% =---------------------------------------+-----+---------+------------+--------- Fenkle Street LLP | 147| 147| -| 1.7% =---------------------------------------+-----+---------+------------+--------- Kidspace Adventures Limite | 135| 135| -| 1.5% =---------------------------------------+-----+---------+------------+--------- Hoi Polloi Pub Co Limited | 80| 80| -| 0.9% =---------------------------------------+-----+---------+------------+--------- Commercial Street Hotel Limited | 18| 18| -| 0.2% =---------------------------------------+-----+---------+------------+--------- |8,098| 7,965| (133)| 91.3% =---------------------------------------+-----+---------+------------+--------- | | | | =---------------------------------------+-----+---------+------------+--------- Cash at bank and in hand | | 755| | 8.7% =---------------------------------------+-----+---------+------------+--------- | | | | =---------------------------------------+-----+---------+------------+--------- 'D' Share pool - Total | | 8,720| | 100% *Partially qualifying investment SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 31 July 2011 'C' Share pool additions Qualifying investments GBP'000 Domestic Solar (ISIS) Limited* 500 Redmed Limited 350 Atlantic Dogstar Limited 267 Mosaic Spa and Health Club Limited* 125 Future Biogas (SF) Limited* 47 Non-qualifying investments Hoole Hall Country Club Holdings Limited 625 -------- Total 1,914 'C' Share pool disposals Gain/ (loss) Total Market value Disposal against cost realised Cost at 01/02/11 Proceeds gain/ (loss) Non-qualifying GBP'000 GBP'000 investments GBP'000 GBP'000 GBP'000 Hoole Hall 1,250 - Country Club Holdings Limited 1,250 1,250 - Bijou Wedding Venues Limited 400 400 400 - - Future Biogas (SF) Limited 250 250 250 - - Chapel Street Hotel (2008) LLP 63 63 63 - - Chapel Street Hotel Limited 1 1 1 - - --------------------------------------------------------------- Total 1,964 1,964 1,964 - - 'D' Share pool additions GBP'000 Qualifying investments Future Biogas (Reepham Road) Limited* 748 Gingerbread Pre-School Limited* 551 Domestic Solar (ISIS) Limited* 400 Alpha Schools Holdings Limited 367 Green Electricity Generation Limited 250 Progressive Energies Limited 170 Mosaic Spa and Health Club Limited* 125 Non-qualifying investments Manor Capital Limited 375 Kidspace Adventures Limited 135 Woolmer Properties Limited 93 Edison House Limited 73 Lullingstone Limited 71 Looe Road Student Accommodation 49 -------- Total 3,407 'D' Share pool disposals Gain/ (loss) Total Market value Disposal against cost realised Cost at 01/02/11 Proceeds gain/ (loss) Non-qualifying GBP'000 GBP'000 investments GBP'000 GBP'000 GBP'000 Woolmer Properties 1,088 - Limited 1,088 1,088 - Edison House Limited 669 669 669 - - Fenkle Street LLP 488 488 488 - - Manor Capital Limited 375 375 375 - - Fenkle Street Developments LLP 32 32 32 - - Hoi Polloi Pub Co Limited 20 20 20 - - -------------------------------------------------------------- Total 2,672 2,672 2,672 - - * Partially qualifying investment NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. The unaudited half-yearly results cover the six months to 31 July 2011 and have been prepared in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" revised January 2009 ("SORP") and in accordance with the accounting policies set out in the statutory accounts for the year ended 31 January 2011, which were prepared under UK Generally Accepted Accounting Practice ("UK GAAP"). 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. The comparative figures are in respect of the six-month period ended 31 July 2010 and the year ended 31 January 2011 respectively. 5. Dividends Six months ended Year ended 31 July 2011 31 Jan 2011 Date Per share Revenue Capital Total Total pence GBP'000 GBP'000 GBP'000 GBP'000 Paid in year 'C' Shares 2010 Final 30 Jul 10 5.0p - - - 359 2011 Final 15 Jul 11 5.0p 144 215 359 - --------- --------- ------- ------------ 144 215 359 359 'D' Shares 2011 interim 26 Nov 10 2.5p - - - 250 2011 Final 15 Jul 11 2.5p 150 100 250 - --------- --------- ------- ------------ 150 100 250 250 No dividends have been paid or declared in respect of the 'A' Shares or 'E' Shares. 6. Basic and diluted return per share 'C' 'A' 'D' 'E' Shares Shares Shares Shares Revenue return per share based on: Net revenue after taxation ( GBP'000) 53 - 190 - Weighted average number of ordinary shares in issue 7,173,376 10,760,064 9,994,109 14,994,862 Capital return/(loss) per share based on: Net capital gain for the financial - - (133) - year ( GBP'000) Weighted average number of ordinary shares in issue 7,173,376 10,760,064 9,994,109 14,994,862 7. Net asset value per share Shares Net asset value in Issue per share GBP'000 Ordinary Shares 10,064,617 0.1p 5 'C' Shares 7,713,376 88.6p 6,352 'A' Shares 10,760,064 0.1p 10 'D' Shares 9,994,109 91.6p 9,152 'E' Shares 14,994,862 0.1p 15 --------- 15,534 8. Reserves Capital redemption reserve Capital Revaluation Special Revenue reserve - Reserve reserve reserve realised GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 February 2011 5 15,795 89 - - Issue of shares - - - - - Share issue costs - - - - - Net gains/(losses) on - - - - (133) investments Expenses capitalised - - - - - Distributions paid - - (294) (315) - Transfer between reserves - (315) - 315 - Retained net revenue for - - 243 - - the year ---------------------------------------------------------------------- At 31 July 5 15,480 38 - (133) 2011 The Special reserve, Capital reserve-realised and Revenue reserve are all distributable reserves. The Revaluation reserve includes losses of GBP133,000 which are included in the calculation of distributable reserves. Total distributable reserves are GBP15,385,000. 9. 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 2011 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. 10. 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. 11. Copies of the unaudited half-yearly report will be sent to Shareholders shortly. Further copies can be obtained from the Company's Registered Office or 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 3 PLC via Thomson Reuters ONE [HUG#1551293]
1 Year Downing Protected Vct Iii Chart |
1 Month Downing Protected Vct Iii 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