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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 |
TIDMPMH PUMA HIGH INCOME VCT PLC 2013 INTERIM REPORT AND ACCOUNTS Highlights -- 88 per cent of funds deployed in qualifying and non-qualifying investments -- Threshold of at least 70 per cent in qualifying investments continues to be met -- Return of 0.53p per ordinary share for the period -- Good performance of the investment portfolio Chairman's Statement Introduction The Company has now deployed a substantial proportion of its funds in both qualifying and non-qualifying investments, having met its minimum qualifying investment percentage of 70 per cent during the previous period. We believe our portfolio is well positioned to deliver attractive returns to shareholders within its expected remaining time horizon. Qualifying Investments During the period, the Company concluded an investment of GBP1.4 million into Saville Services Limited, a contracting company, alongside other Puma VCTs. Saville Services is currently deploying the funds providing contracting services on two projects: the construction of a private detached housing development in the countryside outside Aberdeen, under contract to Churchill Homes Limited, a longstanding Aberdeenshire developer, and the development of up to 20 apartments for supported living for psychiatric and learning disabled service users in Grimsby, North East Lincolnshire. Our investment of GBP860,000 in Mirfield Contracting Limited ("MCL") is progressing well. 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. The development itself is progressing well with the first and second of three phases complete and sold, and the third phase is construction. The developer has recently been approved for the Government-backed Help to Buy Scheme and interest in the houses remains strong. As reported in the Company's previous annual report, the Company invested GBP920,000 (as part of a GBP3.1 million financing with other Puma VCTs) into Brewhouse and Kitchen Limited ("B&K"). 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. B&K is managed by two highly experienced pub sector professionals and our funding will facilitate the acquisition of freehold pubs and install a micro brewery within the main area of each pub. B&K's first acquisition, The White Swan in Portsmouth, opened in March. B&K recently exchanged contracts to acquire its second site, in Dorchester, Dorset. The Company's investments of GBP880,000 into each of two contracting companies, Frederica Trading Limited ("Frederica") and Glenmoor Trading Limited ("Glenmoor") are progressing well. As previously reported, Frederica and Glenmoor (as members of a limited liability partnership with other contracting companies) 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 two complete and the remainder in various stages of construction. We expect these investments to deliver attractive returns. The Company previously invested GBP2 million into two other contracting companies, Huntly Trading Limited ("Huntly") and Jephcote Trading Limited ("Jephcote"). We understand that the directors of Huntly and Jephcote are considering several opportunities to deploy their financial resources in the short to medium term. In March 2012, the Company invested GBP700,000 (as part of a GBP1.4 million Puma VCT financing) into SIP Communications Plc ("SIPCOM"), a telecommunications hosting provider. . SIPCOM had a major customer default on its contract last year and to be prudent we have made a fair value provision against an element of our investment. We have subsequently restructured the investment, retaining a first charge over the company's assets and expect our recovery significantly to exceed the value provided for. Non-Qualifying Investments As reported in the Company's previous annual report, 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. The Company's GBP1,250,000 non-qualifying loan (as part of a GBP4 million financing with other Puma VCTs) to Puma Brandenburg Finance Limited, a subsidiary of Puma Brandenburg Limited, continues to perform. The loan is secured on a portfolio of flats in the middle class area of central Berlin, Germany. 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. The loan attracts a fixed interest rate at a good coupon given the security profile. The Company extended a GBP881,000 loan to provide, together with other Puma VCTs, an innovative GBP4 million revolving credit facility to Organic Waste Management Trading Limited (now known as Ennovor Trading Limited). 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 petrol and diesel retailers who are obligated to include bio-fuels in their offerings. The facility is structured to mitigate risks by being capable of being drawn only once back-to-back purchase and sale contracts have been entered into with approved counterparties. The facility bears interest at a substantial rate for utilised funds and a lower rate for non-utilised funds. The facility has been performing well and has been mostly fully drawn over the period. Results and Dividends The Company reported a profit of GBP73,000 for the period. As set out in the accounts for the period ended 31 March 2013, the Company declared a dividend of 7p per ordinary share for that period which was paid on 25 February 2013, taking total dividends paid to date to 21p. 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 at the period end was 93.79p after adding back cumulative dividends paid to date of 21p. 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. As noted above, the Company has met its minimum qualifying investment percentage of 70 per cent. Principal risks and uncertainties Although the economy in the UK is showing signs of improvement, it remains fragile. The consequences of this for the Company's investment portfolio constitute the principal risk and uncertainty for the Company in the second half of the Company's accounting year. Outlook The continued lack of availability of bank credit has enabled the Company to assemble a portfolio of both qualifying and non-qualifying investments on attractive terms. As a result, your Board expect to concentrate in the future on the monitoring of our existing investments and considering the options for exits. Ray Pierce Chairman 29 November 2013 Income Statement (unaudited) For the period from 1 April 2013 to 30 September 2013 Six months ended Six months ended Period ended 30 September 2013 30 June 2012 31 March 2013 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 - - - - 124 124 - 49 49 Income 257 - 257 122 - 122 481 - 481 257 - 257 122 124 246 481 49 530 Investment management fees 4 (24) (72) (96) (31) (92) (123) (58) (174) (232) Performance fees - - - - - - - - - Other expenses (88) - (88) (88) - (88) (252) - (252) (112) (72) (184) (119) (92) (211) (310) (174) (484) Return/(loss) on ordinary activities before taxation 145 (72) 73 3 32 35 171 (125) 46 Tax on return on ordinary activities - - - - - - - - - Return/(loss) on ordinary activities after tax attributable to equity shareholders 145 (72) 73 3 32 35 171 (125) 46 Basic and diluted Return/(loss) per Ordinary Share (pence) 2 1.06p (0.53p) 0.53p 0.02p 0.24p 0.26p 1.25p (0.91p) 0.34p 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 September 2013 As at As at As at Note 30 September 2013 30 June 2012 31 March 2013 GBP'000 GBP'000 GBP'000 Fixed Assets Investments 7 8,753 7,646 8,940 Current Assets Debtors 353 47 236 Cash 973 3,250 813 1,326 3,297 1,049 Creditors - amounts falling due within one year (126) (117) (109) Net Current Assets 1,200 3,180 940 Total Assets less Current Liabilities 9,953 10,826 9,880 Creditors - amounts falling due after more than one year (including convertible debt) (1) (1) (1) Net Assets 9,952 10,825 9,879 Capital and Reserves Called up share capital 137 137 137 Capital reserve - realised (621) (741) (549) Capital reserve - unrealised (210) 139 (210) Revenue reserve 10,646 11,290 10,501 Equity Shareholders' Funds 9,952 10,825 9,879 Net Asset Value per Ordinary Share 3 72.79p 79.18p 72.26p Diluted Net Asset Value per Ordinary Share 3 72.79p 79.18p 72.26p Cash Flow Statement (unaudited) For the period 1 April 2013 to 30 September 2013 Six months ended Six months ended Period ended 30 September 2013 30 June 2012 31 March 2013 GBP'000 GBP'000 GBP'000 Operating activities Profit on ordinary activities before taxation 73 35 46 Loss on investments - (124) (49) Increase in debtors (117) (31) (219) Increase/(decrease) in creditors 17 (3) (11) Net cash outflow from operating activities (27) (123) (233) Corporation tax paid - - - Capital expenditure and financial investment Purchase of investments - (4,720) (9,400) Loan amortisation 187 - - Proceeds from sale of investments - 4,807 8,117 Net cash inflow/(outflow) from capital expenditure and financial investment 187 87 (1,283) Equity dividend paid - (957) (1,914) Increase/(decrease) in cash 160 (993) (3,430) Net cash at start of the period 813 4,243 4,243 Net funds at the period end 973 3,250 813 Reconciliation of Movements in Shareholders' Funds (unaudited) For the period 1 April 2013 to 30 September 2013 Called up Capital Capital share reserve - reserve - Revenue capital realised unrealised reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 January 2012 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 - 242 (399) 168 11 Transfer - (50) 50 - - Dividends paid - - - (957) (957) Balance as at 31 March 2013 137 (549) (210) 10,501 9,879 Total recognised (losses)/gains for the period - (72) - 145 73 Dividends paid - - - - - Balance as at 30 September 2013 137 (621) (210) 10,646 9,952 Notes to the Interim Report For the period 1 April 2013 to 30 September 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 0.53p is based on the gain for the period of GBP73,000 and the weighted average number of shares in issue as at 30 September 2013 of 13,671,870. 3. Net asset value per share As at As at As at 30 September 2013 30 June 2012 31 March 2013 Net assets 9,952,000 10,825,000 9,879,000 Shares in issue 13,671,870 13,671,870 13,671,870 Net asset value per share Basic 72.79p 79.18p 72.26p Diluted 72.79p 79.18p 72.26p Cumulative dividends paid 21.00p 14.00p 21.00p to date Basic (including dividends 93.79p 93.18p 93.26p paid to date) Diluted (including 93.79p 93.18p 93.26p dividends paid to date) 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 2013 Annual Report and Accounts on page 37. There were no other related party transactions during the period ended 30 September 2013. 6. The financial information for the periods ended 30 September 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 period ended 31 March 2013 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 April 2013 to 30 September 2013 7. Investment portfolio summary Valuation as a % of Valuation Cost Gain/(loss) Net Assets GBP'000 GBP'000 GBP'000 As at 30 September 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% SIPCOM Limited 490 700 (210) 5% Brewhouse & Kitchen 920 920 - 0.09 Saville Services Limited 1,400 1,400 - 0.14 Total Qualifying Investments 6,830 7,040 (210) 69% Non-Qualifying Investments Puma Brandenburg Finance Limited 1,063 1,063 - 11% Aerternum* 860 860 - 9% Total Non-Qualifying investments 1,923 1,923 - 20% Total Investments 8,753 8,963 (210) 89% Balance of Portfolio 1,199 1,199 11% Net Assets 9,952 10,162 (210) 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 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: Puma High Income VCT PLC via Globenewswire HUG#1746647
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