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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Puma Vct 11 Plc | LSE:PU11 | London | Ordinary Share | GB00BQVBS545 | ORD GBP0.0005 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 60.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPU11
RNS Number : 0800J
Puma VCT 11 PLC
30 November 2018
Puma VCT 11 plc
Interim Report
For the period ended 31 August 2018
Officers and Professional Advisers
Hot Features
Premium
Directors Auditor
Harold Paisner (Chairman) RSM UK Audit LLP
Maurice Shear Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
09197956 London SE1 9BG
Registered Office Bankers
Bond Street House The Royal Bank of Scotland plc
14 Clifford Street London City Office
London W1S 4JU PO Box 412
62-63 Threadneedle Street
Investment Manager London EC2R 8LA
Puma Investment Management Limited
Bond Street House Metro Bank plc
14 Clifford Street One Southampton Row
London W1S 4JU London
WC1B 5HA
Registrar VCT Tax Advisor
SLC Registrars PricewaterhouseCoopers LLP
42-50 Hersham Road 1 Embankment Place
Walton-on-Thames London WC2N 6RH
Surrey
KT12 1RZ
Administrator Custodian
PI Administration Services Limited Pershing Securities Limited
Bond Street House 1 Canada Square
14 Clifford Street London
London W1S 4JU E14 5AL
Chairman's Statement
Highlights
-- Fund substantially invested in a diverse range of high quality businesses and projects -- 2p per share dividend paid during the period -- NAV per share up in the half year to 98.45p (adding back dividends paid to date)
Chairman's Statement
Introduction
The Company has deployed its funds in a diverse range of both qualifying and non-qualifying investments. It met its minimum qualifying investment percentage of 70 per cent during the previous period and remains on track to meet the new minimum qualifying investment percentage of 80 per cent by the end of the current tax year. We believe our portfolio is well positioned to deliver attractive returns to shareholders within its remaining planned life.
Net Asset Value ("NAV") and Profits for the Period
The NAV per share at the period end was 93.45p, 98.45p after adding back dividends paid to date. Profits after tax for the period were GBP20,000, representing a return of 0.06p per ordinary share.
Investments
Qualifying Investments
Having met its minimum qualifying investment percentage, and in light of its remaining planned life, the Company has not made any new qualifying investments during the period. We report as follows on its current portfolio of qualifying investments.
Growing Fingers - Children's Nursery
As previously reported, the Company has invested GBP980,000 (as part of a GBP2.8 million investment alongside other Puma VCTs) in Growing Fingers Limited. The investment is funding the construction and launch of a new purpose-built 108 place nursery school in Wendover, Buckinghamshire, an affluent commuter town with direct links to London. Growing Fingers is a new venture headed by a management team with many years' operational experience in nurseries and healthcare facilities. The Company benefits from first charge security over the Wendover site and the Growing Fingers business.
Welcome Health - Chain of Pharmacies
The Company had previously invested GBP2.5 million (as part of a GBP5 million investment alongside other Puma VCTs) in Welcome Health Limited. Welcome Health owns and operates a series of mature pharmacies across the North East of England. The entrepreneur behind Welcome Health has experience in this geography and is focused on providing pharmaceutical services to a currently underserviced and relatively deprived market.
Mini Rainbows - Children's Nursery
As reported in the Company's previous annual report, Mini Rainbows Limited (in which the Company invested GBP2.5 million as part of a GBP5 million investment alongside other Puma VCTs) acquired a mature children's day nursery in Murrayfield, an affluent part of Edinburgh. We are pleased to report that the Edinburgh nursery is performing well. During the period, Mini Rainbows acquired a second nursery in Shawlands, Glasgow, founded in 1991 and with capacity for up to 65 children. The Mini Rainbows' experienced management team are in various stages of discussions to acquire further nurseries in the coming months.
Warm Hearth - Pubs with Microbreweries
In late 2015, the Company invested GBP2.5 million (as part of a GBP5 million investment alongside other Puma VCTs) in Warm Hearth Limited, a pub business seeking to capitalise on the strong growth trends within the craft beer sub-market. As previously reported, Warm Hearth entered into a franchise agreement with Brewhouse & Kitchen Limited ("B&K"), a strong and fast-growing national branded operator, offering craft micro-brewing activities within each of its pub units as a point of focus. Warm Hearth currently owns and operates two substantial freehold pub assets in Chester and Wilmslow. Performance of these units has been below our expectations. Management are focused on improving performance at both pubs, as well as looking at planning options on both sites which have the prospect of delivering value.
Signal Building Services - Construction projects
In September 2017, the Company invested GBP1 million (as part of a total investment round of GBP2 million) into Signal Building Services Limited, a business specialising in delivering turnkey solutions to construction projects led by a management team with over 40 years' of combined experience in the construction sector. Signal Building Services is currently working on two projects: the construction of a 22 apartment supported living scheme in Wigan and the construction of a 14 apartment supported living scheme in Sutton-in-Ashfield.
Applebarn Nurseries - Children's Nursery
In October 2017, the Company invested GBP1.1 million in Applebarn Nurseries Limited (as part of a GBP2.2 million qualifying investment alongside another Puma VCT). The management team behind Applebarn include a successful management team, together with an experienced developer and contractor. Applebarn's first setting, a new 120 place children's day nursery in Altrincham, South Manchester, opened in September 2018.
Knott End - Pubs with Microbreweries
During the previous period, the Company invested GBP2.4 million (as part of a GBP4.8 million qualifying investment alongside another Puma VCT) in Knott End Limited which has entered into a franchise agreement with Brewhouse & Kitchen Limited to roll out a portfolio of pubs offering on-site craft micro-brewing activities and good quality food. Knott End has recently opened its first two pubs, in Milton Keynes and Horsham, West Sussex.
Kid and Play - Children's Nursery
In October 2017, the Company made a GBP1.7 million qualifying investment in Kid and Play Limited, alongside funds invested by another Puma VCT totalling GBP3.4 million. Kid and Play is seeking to develop, own and operate a new children's day nursery and has identified a number of potential sites which are currently in various stages of planning applications.
Sunlight Education Nucleus - Special Educational Needs Schools
In November 2017, the Company made a GBP1.35 million qualifying investment (as part of a GBP4.7 million investment alongside other Puma VCTs) in Sunlight Education Nucleus Limited, a company seeking to develop, own and operate a series of special education needs schools across the United Kingdom. The team at Sunlight are progressing with plans for their first school in the West Midlands.
South-West Cliffe - Children's Nursery
In October 2017, the Company invested GBP2.1 million (as part of a GBP4.2 million qualifying investment alongside another Puma VCT) in South-West Cliffe Limited, supporting an experienced management team to roll out a portfolio of purpose-built day nurseries.
Pure Cremation - Crematorium and Direct Cremations
In November 2017, the Company invested GBP2 million in Pure Cremation Holdings Limited (as part of a GBP5 million qualifying investment alongside another Puma VCT). Pure Cremation is a leading provider of so-called direct cremations, meeting the needs of a growing number of people in the United Kingdom who want a respectful direct cremation arranged without any funeral, leaving them free to say farewell how, where and when is right for them. The Pure Cremation team have many years' experience in the funeral services sector and have recently acquired a site near Andover on which they are developing a new crematorium and central facility.
Non-Qualifying Investments
As previously reported, the Company had previously invested just over GBP20 million in a series of lending businesses offering an appropriate risk adjusted return in the short to medium term. As envisaged, many of these positions were liquidated as the Company made qualifying investments. Details of these lending businesses' current loans, together with recent redemptions, are set out below.
Residential Development Project, Beckenham
A loan of GBP3 million (together with loans from other vehicles managed and advised by your Investment Manager totalling GBP5 million) had been advanced (through an affiliate, Mayfield Lending Limited) to Northern Land Developments Limited. The loans facilitated the acquisition of two large residential houses in Beckenham, Kent, funded planning costs to replace these two units with seven town houses and planning costs to develop a larger scheme on an adjacent larger parcel of land. As previously reported, the borrower obtained planning permission during the period for 105 new units comprising a mixture of four bedroom houses and one, two and three bedroom apartments. Shortly after the period end, the loans were repaid in full giving a good rate of return.
Care Home for the Elderly, Formby
The GBP800,000 loan to New Care (Sefton) Limited in connection with the development and initial trading of a 75-bed purpose-built care home in Formby, Merseyside, continues to perform. The New Care Group is an experienced developer and operator of care homes. The loan is part of an overall facility of GBP7.6 million, through an affiliate, Sloane Lending Limited and is secured with a first charge over the site.
Care Home for the Elderly, Egham
As previously reported, a loan of GBP1.2 million had been advanced (through an affiliate, Meadow Lending Limited) to Windsar Care (UK) LLP to fund the development and initial trading of a 68-bed purpose-built care home in Egham, Windsor. This loan, together with loans from other vehicles managed and advised by the Investment Manager totalling GBP7.2 million, are secured with a first charge over the site. As previously reported, construction has been behind schedule and over budget as a result of the non-performance of the original building contractor. We are pleased to report that, following a substantial injection of further equity by the developer and careful management by the construction manager, Alyth Trading, a new contractor has been appointed and the scheme is now on track to reach practical completion by January 2019. We understand that the borrowers are seeking to re-finance the scheme to enable them to repay us on completion of the construction project.
Construction of Airport Hotel, Edinburgh
The GBP1.6 million loan advanced to Ability Hotels (Edinburgh) Limited (as part of an overall facility of GBP16 million, through affiliates Meadow Lending Limited and Palmer Lending Limited) to fund the development of a new 240-room Hampton by Hilton hotel at Edinburgh Airport continues to perform. The hotel is now expected to open before the end of the year, well ahead of schedule, at which time it will be the newest and nearest hotel to the airport terminal building. The Ability Group is an experienced developer and operator of hotels and the loan is secured with a first charge over the site.
IVF Clinic, Wickford
As previously reported, loans of GBP400,000 were advanced (through affiliate Lothian Lending Limited) to HPC (Wickford) Limited in a total loan package of GBP2.85 million together with other vehicles managed and advised by the Investment Manager. These loans are to facilitate the development and initial trading of a purpose-built IVF Fertility Clinic in Wickford, Essex. HPC (Wickford) Limited has entered into a lease with Bourn Hall Limited, one of the UK's largest independent fertility clinic groups. During the period, the clinic opened and the loans were repaid in full with a good rate of return.
Mixed Residential Commercial Development, Bloomsbury
As previously reported, a GBP1.2 million loan (as part of a total facility of GBP17.97 million) was advanced to Cudworth Limited to fund the construction of a mixed residential and commercial development in Bloomsbury, London, close to the British Museum and 600m from King's Cross station. The development includes 11 apartments, 2 houses and 11,800 square feet of B1 commercial space. The loan is secured with a first charge over the site and the development is well progressed.
Supported Living, Hexham
In June 2018, loans totalling GBP1.4 million were advanced to fund the construction of a 9 apartment supported living scheme in Hexham.
Dividends
The Company declared a final dividend of 2p per ordinary share, paid in September 2018, in respect of the last financial year. Reflecting this recent pay-out, your Board is not proposing a further dividend at this interim stage but still intends to pay out a dividend of 6p per ordinary share each year as envisaged in the Company's prospectus.
VCT Qualifying Status
PricewaterhouseCoopers LLP ("PwC") provides the board and the Investment Manager with advice on the ongoing compliance with HMRC rules and regulations concerning VCTs and has reported no issues in this regard for the Company to date. PwC also assists the Investment Manager in establishing the status of investments as qualifying holdings and will continue to assist the Investment Manager in monitoring rule compliance.
Principal risks and uncertainties
Although the economy in the UK continues to improve, it remains fragile, especially in light of the ongoing Brexit negotiations. 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 year.
Outlook
The Company's net assets are substantially deployed in a diverse range of high quality businesses and projects which should offer the prospect of further growth in net assets per share. Whilst there may be some further changes in the composition of the portfolio to ensure that the Company continues to satisfy its HMRC qualifying targets, the Board expects to concentrate in the future primarily on the monitoring of our existing investments and considering the options for exits.
Harold Paisner
Chairman
30 November 2018
Income Statement (unaudited)
For the period ended 31 August 2018
Period ended Period ended Period ended
31 August 2018 31 August 2017 28 February 2018
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 on investments - - - - (2) (2) - (4) (4)
Income 452 - 452 656 - 656 1,153 - 1,153
452 - 452 656 (2) 654 1,153 (4) 1,149
-------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (73) (219) (292) (75) (224) (299) (148) (444) (592)
Other expenses (135) - (135) (133) - (133) (284) - (284)
(208) (219) (427) (208) (224) (432) (432) (444) (876)
-------- -------- -------- -------- -------- -------- --------
Profit/(loss)
on ordinary
activities
before taxation 244 (219) 25 448 (226) 222 721 (448) 273
Tax on return
on ordinary
activities (5) - (5) (85) 43 (42) (137) 85 (52)
Profit/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders 239 (219) 20 363 (183) 180 584 (363) 221
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and
diluted
Profit/(loss)
per Ordinary
Share (pence) 2 0.78p (0.72p) 0.06p 1.01p (0.51p) 0.50p 1.91p (1.19p) 0.72p
======== ======== ======== ======== ======== ======== ======== ======== ========
The total 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 31 August 2018
As at As at As at
31 August 31 August 28 February
Note 2018 2017 2018
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 25,716 27,307 26,776
----------- ----------- -------------
Current Assets
Prepayments 2,815 1,876 2,365
Cash 216 177 198
----------- ----------- -------------
3,031 2,053 2,563
Creditors - amounts falling due
within one year (232) (298) (235)
Net Current Assets 2,799 1,755 2,328
----------- ----------- -------------
Net Assets 28,515 29,062 29,104
=========== =========== =============
Capital and Reserves
Called up share capital 19 19 19
Share premium account 29,473 29,473 29,473
Capital reserve - realised (1,288) (905) (1,069)
Capital reserve - unrealised - 16 -
Revenue reserve 311 459 681
Equity Shareholders' Funds 28,515 29,062 29,104
=========== =========== =============
Net Asset Value per Ordinary
Share 3 93.45p 95.25p 95.39p
=========== =========== =============
Diluted Net Asset Value
per Ordinary Share 3 93.45p 95.25p 95.39p
=========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2018
Period ended Period ended Period ended
31 August 31 August 28 February
2018 2017 2018
GBP'000 GBP'000 GBP'000
Operating activities
Profit after tax 20 180 221
Unrealised loss on investments - 2 4
Increase in debtors (450) (656) (1,145)
(Decrease)/increase in creditors (3) 21 (42)
Net cash used in operating
activities (433) (453) (962)
------------- ------------- -------------
Cash flow from investing activities
Purchase of investments - (294) (11,971)
Proceeds from disposal of investments
and repayment of loans and
loan notes 1,060 1,805 14,011
Net cash used in investing
activities 1,060 1,511 2,040
------------- ------------- -------------
Cash flow from financing activities
Dividends paid (609) (916) (915)
Net cash used in financing
activities (609) (916) (915)
------------- ------------- -------------
Increase in cash 18 142 163
Net cash at start of the period 198 35 35
Net funds at the period end 216 177 198
============= ============= =============
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period ended 31 August 2018
Called Share Capital Capital
up share premium reserve reserve Revenue
capital account - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 March
2017 19 29,473 (728) 22 1,012 29,798
Return after taxation
attributable to equity
shareholders - - (177) (6) 363 180
Dividends paid (916) (916)
Balance as at 31
August 2017 19 29,473 (905) 16 460 29,063
Realised loss from
prior period - - 22 (22) -
Return after taxation
attributable to equity
shareholders - - (186) 6 221 41
Balance as at 28
February 2018 19 29,473 (1,069) - 681 29,104
Dividends paid - - - - (609) (609)
Return after taxation
attributable to equity
shareholders - - (219) - 239 20
Balance as at 31
August 2018 19 29,473 (1,288) - 311 28,515
========== ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2018
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") and in accordance with the Financial Reporting Standard 102 ("FRS102").
2. Return per Ordinary Share
The total profit per share of 0.06p is based on the profit for the period of GBP20,000 and the weighted average number of shares in issue as at 31 August 2018 of 30,511,969 calculated from the date of the first receipt of proceeds from the issue of ordinary share capital.
3. Net asset value per share
As at As at As at
31 August 31 August 28 February
2018 2017 2018
Net assets 28,515,000 29,062,000 29,104,000
Shares in issue 30,511,969 30,511,969 30,511,969
Net asset value per
share
Basic 93.45p 95.25p 95.39p
Diluted 93.45p 95.25p 95.39p
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. Financial information provided
The financial information for the period ended 31 August 2018 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 31 August 2018
6. Investment portfolio summary
Valuation Cost Gain/(loss)
Valuation
as a % of
As at 31 August 2018 GBP'000 GBP'000 GBP'000 Net Assets
Qualifying Investments
Warm Hearth Limited 2,500 2,500 - 9%
Mini Rainbows Limited 2,500 2,500 - 9%
Welcome Health Limited 2,500 2,500 - 9%
Growing Fingers Limited 980 980 - 3%
Applebarn Nurseries
Limited 1,133 1,133 - 4%
Kid & Play Limited 1,694 1,694 - 6%
South-West Cliffe Limited 2,100 2,100 - 7%
Signal Building Services
Limited 1,000 1,000 - 4%
Knott End Pub Company
Limited 2,400 2,400 - 8%
Pure Cremation Holdings
Limited 2,000 2,000 - 7%
Sunlight Education Nucleus
Limited 1,350 1,350 - 5%
Total Qualifying Investments 20,157 20,157 - 71%
---------- -------- ------------ ------------
Non-Qualifying Investments
Palmer Lending Limited 260 260 - 1%
Mayfield Lending Limited 2,490 2,490 - 9%
Latimer Lending Limited 1 1 - 0%
Meadow Lending Limited 2,008 2,008 - 7%
Sloane Lending Limited 800 800 - 3%
Total Non-Qualifying
Investments 5,559 5,559 - 20%
---------- -------- ------------ ------------
Total Investments 25,716 25,716 - 91%
Balance of Portfolio 2,799 2,799 - 9%
Net Assets 28,515 28,515 - 100%
---------- -------- ------------ ------------
Of the investments held at 31 August 2018, all are incorporated in England and Wales.
Copies of this Interim Statement will be made available on the website: http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
November 30, 2018 06:49 ET (11:49 GMT)
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