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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
TIDMPMH PUMA HIGH INCOME VCT PLC INTERIM RESULTS FOR THE PERIOD FROM 1 JULY 2012 TO 15 MARCH 2013 HIGHLIGHTS -- Further investments made during the period and post period end, including two non-qualifying secured loans made, offering a higher yield than most quoted secured bonds or deposits. -- Qualifying investments now at 71% on an HMRC basis. -- 21p per share of dividends paid since inception, 7p during the period, equivalent to a 10% per annum tax-free running yield on net investment. -- Gain in NAV (adding back dividends) of 0.42p per share during the period. CHAIRMAN'S STATEMENT Introduction During the eight and a half months to 15 March 2013, the Company maintained a cautious approach in its investments whilst remaining well positioned to exploit the opportunities which are arising as a result of tight credit markets. During the period, the Company's accounting reference date was changed to 31 March. The UK Listing Authority rules require the Company to release this second interim report for the period as the accounting period of the Company to 31 March 2013 is 15 months. Qualifying Investments In December 2012, the Company completed a GBP600,000 investment (as part of a GBP1.5 million financing with other Puma VCTs) into Brewhouse and Kitchen Limited, which is managed by two highly experienced pub sector professionals, to facilitate the acquisition of freehold pubs and install a micro brewery within the main area of each pub. The investment is largely in the form of senior debt, secured with a first charge over the business and each freehold site acquired. Funds can be utilised to a maximum 65% loan-to-value ratio, and are expected to produce a return to the Company of at least 7 per cent. per annum. Subsequent to the period end, the Company invested a further GBP320,000 (as part of GBP1.6 million across the Puma VCTs) into Brewhouse and Kitchen, taking total exposure to GBP920,000. This further investment, again largely in the form of senior debt, is to be used to purchase further pubs, subject to our approval of each purchase. The terms are similar to the first loan to this company. We are pleased to report that, in November 2012, Huntly Trading Limited and Isaacs Trading Limited joined a limited liability partnership with other contracting companies and have entered into their first contracting contract with FreshStart Living. This will provide GBP668,000 (as part of a GBP3.5 million project involving other companies backed by Puma VCTs) of project management and contracting services. These services will be provided in connection with the development and construction by FreshStart Living of 116 apartments (all of which were pre-sold when the contract was entered into) at a property called Trafford Press, 2 miles south east of Manchester city centre. The Company's investments in each of Frederica Trading Limited ("Frederica") and Glenmoor Trading Limited ("Glenmoor") are progressing well. As members of a limited liability partnership with other contracting companies, Frederica and Glenmoor are providing contracting services in connection with five pre-let supported living developments for psychiatric and learning disabled people who are housed and given support by local authorities and other social care organisations. The developments themselves are progressing well with three in various stages of construction. Our investment in Mirfield Contracting Limited ("MCL") is progressing well as indicated in the Company's previous interim report. MCL is a contracting services company providing project management services to a GBP3.8 million development of town houses in Mirfield (near Wakefield) West Yorkshire, as a member of a limited liability partnership with other contracting companies. The development itself is progressing well with the first of three phases complete and sold. As reported in the Company's previous interim report, the Company invested GBP700,000 (as part of a GBP1.4 million Puma VCT financing) into SIP Communications Plc. SIPCOM provides hosted IP telephony and unified communications products and services and is a leading hosting provider for users of Microsoft Lync - a new business version of Skype with many enhanced features allowing IP telephony, video calls, instant messaging, and online meetings and integrating with Microsoft Outlook and Office. Most recently, after the period end, the Company concluded another qualifying transaction, by investing GBP1.4 million into Saville Services Limited, a contracting company, alongside other Puma VCTs. Saville Services is deploying the funds to provide contracting services in relation to the construction of a private detached housing development in the countryside outside Aberdeen, under contract to Churchill Homes Limited, a longstanding Aberdeenshire developer. In accordance with the HMRC VCT rules the Company has three years to invest 70 per cent of the portfolio (on an HMRC basis) into qualifying investments. Having now achieved its 70% qualifying status, the Company is considering some further deals which are in due diligence, on the monitoring of our existing investments, and considering the options for exits. Non-Qualifying Investments When the fund began investing in 2010, we chose a portfolio of bonds, hedge funds and hedge funds of funds. We reviewed the portfolio and liquidated several of these during 2012 for an overall small gain. We retained a number of the best performing investments of this portfolio throughout the period, most of which were bond funds and one residual hedge fund. At the start of 2013, we became concerned that bonds had become overvalued relative to equities. Anticipating a change in market sentiment regarding bonds and a switch into equities, we decided to take profits on all of these holdings at the start of 2013, a decision which seems to have been vindicated by subsequent market movements. We have adopted a strategy for the non-qualifying portfolio of moving away from quoted investments where possible and instead investing in secured non-qualifying loans offering a good yield with hopefully limited downside risk. These loans take longer to identify and execute, but should work well for the Company into the medium term. The first of these was made in August 2012, when the Company completed a GBP1,250,000 non-qualifying loan. This was as part of a GBP4 million financing with other Puma VCTs to Puma Brandenburg Finance Limited, a subsidiary of Puma Brandenburg Holdings Limited. It is secured on a portfolio of flats in the middle class area of central Berlin, Germany. The facility attracts a fixed interest rate of 5% per annum. Since the loan was made, the property market in this area of Berlin has been very strong, further enhancing the excellent security we have for this loan. In December 2012, the Company completed a second non-qualifying loan of GBP860,000. This was to provide, together with other Puma VCTs, an innovative GBP2.5 million revolving credit facility to Organic Waste Management Trading Limited (effected via a loan to Buckhorn Lending Limited, which on-lent the money). The facility provides working capital for the purchase of used cooking oil for conversion into bio-diesel. The ultimate borrower owns a large oil refining plant in Birkenhead and is processing cooking oil to sell to obligated off-take parties (petrol and diesel retailers). The facility is structured to mitigate risks by being capable of being drawn only once approved back-to-back purchase and sale contracts have been entered into with approved counterparties. The facility bears interest at 1.5% per month with a 5% per annum non-utilisation rate. Dividends On 31 January 2013, the Company declared an interim dividend of 7p per ordinary share for that period which was paid on 25 February 2013, taking the total of dividends paid to date to 21p per Ordinary Share, equivalent to a 10% per annum tax-free running yield on the net investment by shareholders. Reflecting this recent payout, your Board is not proposing a further dividend at this interim stage but still intends to pay out a dividend of 7p per ordinary share each year as envisaged in the Company's prospectus. Net Asset Value ("NAV") The NAV per share was 72.59p at 15 March 2013. This was an increase of 0.42 per cent during the period (after adding back the 7p dividend paid on 25 February 2013). 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 economic environment in the UK is of slow or negligible growth has meant that financial 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 2013. Outlook We are pleased now to have invested a substantial proportion of the funds raised by the Company in secured loans, both qualifying and non-qualifying. We remain focused on generating strong returns for the Company in the both the qualifying and non-qualifying portfolios whilst balancing these returns with maintaining an appropriate risk exposure and ensuring there is significant liquidity in the portfolio to free up cash for qualifying investments as they arise. During the period, the Investment Management team have met and continue to meet a substantial number of companies which are potentially suitable for investment. In accordance with our mandate we have maintained a cautious approach and are performing thorough due diligence work on several potential investments. We have a strong deal-flow and are meeting many potential investee companies with several interesting opportunities firmly in the pipeline. We therefore believe the Company is strongly positioned to deliver attractive returns to shareholders. Ray Pierce Chairman 14 May 2013 Income Statement (unaudited) For the period from 1 July 2012 to 15 March 2013 Period from 1 July 2012 to Six months ended Year ended 15 March 2013 30 June 2012 31 December 2011 Note Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 (Loss)/gain on investments - 135 135 - 124 124 - (376) (376) Income 200 - 200 122 - 122 222 - 222 200 135 335 122 124 246 222 (376) (154) Investment management fees 4 (31) (94) (125) (31) (92) (123) (54) (163) (217) Performance fees - - - - - - - - - Other expenses (153) - (153) (88) - (88) (173) - (173) (184) (94) (278) (119) (92) (211) (227) (163) (390) Return/(loss) on ordinary activities before taxation 16 41 57 3 32 35 (5) (539) (544) Tax on return on ordinary activities - - - - - - - - Return/(loss) on ordinary activities after tax attributable to equity shareholders 16 41 57 3 32 35 (5) (539) (544) Basic and diluted Return/(loss) per Ordinary Share (pence) 2 0.12p 0.30p 0.42p 0.02p 0.24p 0.26p (0.04p) (3.94p) (3.98p) 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 15 March 2013 As at As at As at Note 15 March 2013 30 June 2012 31 December 2011 GBP'000 GBP'000 GBP'000 Fixed Assets Investments 7 7,430 7,646 7,608 Current Assets Debtors 142 47 17 Cash 2,547 3,250 4,243 2,689 3,297 4,260 Creditors - amounts falling due within one year (193) (117) (120) Net Current Assets 2,496 3,180 4,140 Total Assets less Current Liabilities 9,926 10,826 11,748 Creditors - amounts falling due after more than one year (including convertible debt) (1) (1) (1) Net Assets 9,925 10,825 11,747 Capital and Reserves Called up share capital 137 137 137 Share premium account - - - Capital reserve - realised (560) (741) (584) Capital reserve - unrealised - 139 (50) Other reserve - - - Revenue reserve 10,348 11,290 12,244 Equity Shareholders' Funds 9,925 10,825 11,747 Net Asset Value per Ordinary Share 3 72.59p 79.18p 85.92p Diluted Net Asset Value per Ordinary Share 3 72.59p 79.18p 85.92p Cash Flow Statement (unaudited) For the period 1 July 2012 to 15 March 2013 Period ended Six months ended Year ended 15 March 2013 30 June 2012 31 December 2011 GBP'000 GBP'000 GBP'000 Operating activities Income received 191 66 246 Investment management fees paid (164) (103) (226) Directors' fees paid (47) (29) (59) Other cash payments (73) (54) (91) Net cash inflow/(outflow) from operating activities (93) (120) (130) Corporation tax paid - - - Capital expenditure and financial investment Purchase of investments (2,960) (4,720) (4,577) Proceeds from sale of investments 3,311 4,807 7,546 Net realised loss on forward foreign exchange contracts - - (2) Transaction costs (4) (3) (11) Net cash outflow from capital expenditure and financial investment 347 84 2,956 Equity dividend paid (957) (957) (957) Financing Redemption of redeemable preference shares - - - Net cash outflow from financing - - - Decrease in cash (703) (993) 1,869 Net cash at start of the period 3,250 4,243 2,374 Net funds at the period end 2,547 3,250 4,243 Reconciliation of Movements in Shareholders' Funds (unaudited) For the period 1 July 2012 to 15 March 2013 Called Capital up Share reserve Capital share premium - reserve - Other Revenue capital account realised unrealised reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 January 2011 137 13,264 (110) 17 - (58) 13,250 Capital reconstruction - (13,264) - - - 13,264 - Total recognised (losses)/gains for the period - - (474) (67) - (5) (546) Dividends paid - - - - - (957) (957) Balance as at 31 December 2011 137 - (584) (50) - 12,244 11,747 Total recognised (losses)/gains for the period (157) 189 3 35 Dividends paid (957) (957) Balance as at 30 June 2012 137 - (741) 139 - 11,290 10,825 Total recognised (losses)/gains for the period - - 181 (139) 15 57 Dividends paid - - (957) (957) Balance as at 15 March 2013 137 - (560) - - 10,348 9,925 Notes to the Interim Report For the period 1 July 2012 to 15 March 2013 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 gain per share of 0.42p is based on the gain for the period of GBP57,000 and the weighted average number of shares in issue as at 15 March 2013 of 13,671,870. 3. Net asset value per share As at As at As at 15 March 2013 30 June 2012 31 December 2011 Net assets 9,925,000 10,825,000 11,747,000 Shares in issue 13,671,870 13,671,870 13,671,870 Net asset value per share Basic 72.59p 79.18p 85.92p Diluted 72.59p 79.18p 85.92p Accrued performance fee - - Net assets after performance 9,925,000 10,825,000 11,747,000 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 Related party transactions are described in the 2011 Annual Report and Accounts on page 34. There were no other related party transactions during the period ended 15 March 2013. 6. The financial information for the periods ended 15 March 2013 and 30 June 2012 have not been audited and do not comprise full financial statements within the meaning of Section 423 of the Companies Act 2006. The financial information for the Year ended 31 December 2011 has been extracted from the company's full financial statements for the period then ended that have been delivered to the Registrar of Companies, and on which the report of the Auditors was unqualified. The interim financial statements have been prepared on the same basis as the annual financial statements. Notes to the Interim Report (continued) For the period 1 July 2012 to 15 March 2013 7. Investment portfolio summary Valuation as a % of Valuation Cost Gain/(loss) Net Assets GBP'000 GBP'000 GBP'000 As at 15 March 2013 Qualifying Investment - Unquoted Frederica Trading Limited 880 880 - 9% Glenmoor Trading Limited 880 880 - 9% Huntly Trading Limited 700 700 - 7% Isaacs Trading Limited 700 700 - 7% Mirfield Contracting Limited 860 860 - 9% SIP Communications Limited 700 700 - 7% Brewhouse & Kitchen 600 600 - 6% Total Qualifying Investments 5,320 5,320 - 54% Non-Qualifying Investments Buckhorn Lending Limited 860 860 - 9% Puma Brandenburg Finance Limited 1,250 1,250 - 13% Total Non-Qualifying investments 2,110 2,110 - 22% Total Investments 7,430 7,430 - 76% Balance of Portfolio 2,495 2,495 24% Net Assets 9,925 9,925 - 100% Copies of this Interim Statement will be posted to shareholders in due course and made available on the website: http://shorecap.gg/investor-relations/announcements/2013 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 HUG#1701363
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