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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Puma High | LSE:PMH | London | Ordinary Share | GB00B53Y1331 | 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% | 37.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPUMAHI Puma High Income VCT plc Interim Report Chairman's Statement Introduction I am pleased to be presenting to you as Chairman the first interim report for Puma High Income VCT plc (the 'Company') for the period to 30 June 2010. The Company was incorporated in October 2009 and launched its Prospectus in November 2009. It raised over GBP13.5 million by the time it closed in May 2010, the larger part being in the Spring of 2010. The Investment Manager, Shore Capital Limited, now has approximately GBP58 million of VCT money under management and a well established, experienced VCT team to manage the Company's deal flow. Investments The period under review includes only a short time following completion of the fundraising. The investment manager has reviewed a number of suitable qualifying investments and expects to begin making such investments in the second half of the year. As discussed in the Company's Information Memorandum, it is the investment manager's intention to take advantage of the general financing difficulties afflicting smaller companies thus providing ample opportunity to provide debt at attractive terms. I look forward to reporting the investment manager's developments in the annual report. Net Asset Value ('NAV') The NAV per share, the measure by which the net assets of the Company are split equally across the number of shares in issue, was 96.20p at 30 June 2010. Since the close of the Offer, the larger part of the net proceeds raised have taken advantage of the attractive interest rates on offer on longer term deposits. We envisage the cash yields will enhance returns for investors whilst the cash awaits investment in suitable qualifying companies. The Investment Manager has invested approximately GBP3.2 million into a range of bonds, bond funds and absolute return funds. Whilst these funds have under-performed in the short term, it is expected that they will generate strong returns in the future and prevent the effect of cash drag on the Company. Performance of these assets since the half year has been more encouraging. VCT Qualifying Status PricewaterhouseCoopers LLP ('PwC') provides the board and the investment manager with advice on the ongoing compliance with Her Majesty's Revenue & Customs ('HMRC') rules and regulations concerning VCTs. PwC assists the Investment Manager in establishing the status of investments as qualifying holdings and has reported that the Company has met all HMRC's criteria to date. Principal risks and uncertainties Continuing uncertainty whilst the UK slowly comes out of recession has meant that markets remain turbulent. The consequences of this for the Company's investment portfolio constitute the principal risk and uncertainty for the Company in the second half of 2010. Outlook Since the close of the Offer, the Investment Manager has met a number of companies which are potentially suitable for investment. There is a good flow of opportunities which may lead to suitable investments. We will update you in due course as investments are completed. 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 to long term. Raymond Pierce Chairman 31 August 2010 Income Statement (unaudited) For the period ended 30 June 2010 For the period 7 October| 2009| to 30 June 2010| | | Revenue Capital Total| Note GBP'000 GBP'000 GBP'000| | | Losses on investments - (150) (150)| | Income 45 - 45| | | | 45 (150) (105)| | | | | | Investment management fees 4 20 59 79| | Performance fees - - - | | Other expenses 64 - 64| | | | 84 59 143| | | | Return/(loss) on ordinary activities before | taxation (39) (209) (248)| | Tax on return on ordinary activities - - - | | | | Return/(loss) on ordinary activities after tax | attributable to | equity shareholders (39) (209) (248)| | | | Basic and diluted | | Loss per Ordinary Share (pence) 2 (0.43)p (2.28)p (2.71)p| | | | The revenue column of this statement is the profit and loss of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Balance Sheet (unaudited) As at 30 June 2010 As at 30 June 2010 Note GBP'000 Fixed Assets Investments 7 3,067 Current Assets Debtors 68 Cash 10,319 10,387 Creditors - amounts falling due within one year (300) Net Current Assets 10,087 Total Assets less Current Liabilities 13,154 Creditors - amounts falling due after more than one year (including convertible debt) (1) Net Assets 13,153 Capital and Reserves Called up share capital 137 Share premium account 13,264 Capital reserve - realised (61) Capital reserve - unrealised (148) Other reserve - Revenue reserve (39) Equity Shareholders' Funds 13,153 Net Asset Value per Ordinary Share 3 96.20p Diluted Net Asset Value per Ordinary Share 3 96.20p Cash Flow Statement (unaudited) For the period ended 30 June 2010 For the period 7 October 2009 to 30 June 2010 GBP'000 Operating activities Investment income received 8 Other cash payments (4) Net cash inflow from operating activities 4 Financing Proceeds received from issue of ordinary share capital 13,519 Proceeds received from issue of redeemable preference shares 13 Proceeds received from convertible loan notes 1 Net cash inflow from financing 13,533 Capital expenditure and financial investment Purchase of investments (3,216) Transaction costs (2) Net cash outflow from capital expenditure and financial investment (3,218) Increase in cash 10,319 Reconciliation of net cash flow to movement in net funds Increase in cash for the period 10,319 Net cash at start of the period - Net funds at the period end 10,319 Reconciliation of Movements in Shareholders' Funds (unaudited) For the period ended 30 June 2010 Called up Share Capital Capital share premium reserve- reserve- Other Revenue capital account realised unrealised reserve reserve Total GBP'000 GBP'00 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 For the period 7 October 2009 to 30 June 2010 Share 13,535 issues in the period 137 - - - - 13,672 Expenses of share issues - (271) - - - - (271) Total recognised losses for the period - - (61) (148) - (39) (248) -------------------------------------------------------------------- Balance at 30 June 2010 137 13,264 (61) (148) - (39) 13,153 Notes to the Interim Report For the period ended 30 June 2010 1.Accounting Policies The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable Accounting Standards and with the Statement of Recommended Practice, "Financial Statements of Investment Trust Companies and Venture Capital Trusts" ("SORP"). 2.Return per Ordinary Share The total loss per share of 2.71p is based on the loss for the period of GBP248,000 and the weighted average number of shares in issue as at 30 June 2010 of 9,151,432 calculated from the date of the first receipt of proceeds from the issue of ordinary share capital. 3.Net asset value per share +--------------+-------------+-----------------+---------------------------+ | | | | Net Asset Value per share | | +-------------+-----------------+--------+------------------+ | Period | Net assets | Shares in issue | Basic | Diluted | +--------------+-------------+-----------------+--------+------------------+ | 30 June 2010 | GBP13,153,000 | 13,671,870 | 96.20p | 96.20p | +--------------+-------------+-----------------+--------+------------------+ 4.Management fees The Company pays the Investment Manager an annual management fee of 2% of the Company's net assets. The fee is payable quarterly in arrears. The annual management fee is allocated 75% to capital and 25% to revenue. 5.Related Party Transactions The Company has appointed Shore Capital Limited, a company of which Graham Shore is a director, to provide investment management services. During the period GBP79,000 was due in respect of investment management fees. The total of this balance was outstanding as at the period end. 6.The financial information for the period ended 30 June 2010 has not been audited and does not comprise full financial statements within the meaning of Section 423 of the Companies Act 2006. The interim financial statements have been prepared on the same basis as will be used to prepare the annual financial statements. Notes to the Interim Report continued For the period ended 30 June 2010 7.Investment portfolio summary Valuation Cost Gain/ Valuation as a % of Net As at 30 June 2010 GBP'000 GBP'000 (loss) Assets Non-qualifying investments BluBay Macro Fund Limited 242 250 (8) 3% HBOS Capital Funding LP Bond 207 238 (31) 2% Investec Finance Bond 139 146 (7) 1% Jupiter Strategic Bond 191 200 (9) 1% Legal & General Dynamic Bond Trust 189 200 (11) 1% Old Mutual Corporate Bond 193 200 (7) 1% Puma Absolute Return Fund Limited 1,832 1,900 (68) 14% RBS 7.375% Perpetual Bond 74 82 (8) 1% -------------------------------------------------- Total investments 3,067 3,216 (149) 23% Balance of portfolio 10,086 10,086 77% -------------------------------------------------- Net Assets 13,153 13,302 (149) 100% [HUG#1441681] 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 High Income VCT PLC via Thomson Reuters ONE
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