Puma VCT 11 PLC Interim Report (9741X)

TIDMPU11

RNS Number : 9741X

Puma VCT 11 PLC

30 November 2017

Puma VCT 11 plc

Interim Report

For the period ended 31 August 2017

Officers and Professional Advisers

 
 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 
  14 Clifford Street            plc 
  London W1S 4JU                London City Office 
                                PO Box 412 
                                62-63 Threadneedle Street 
  Investment Manager            London EC2R 8LA 
  Puma Investment Management 
  Limited                       Lloyds Bank International 
  Bond Street House             Limited 
  14 Clifford Street            Sarnia House 
  London W1S 4JU                Le Truchot 
                                St Peter Port 
                                Guernsey, GY1 4EF 
 Registrar                     VCT Tax Advisor 
  SLC Registrars                PricewaterhouseCoopers 
  42-50 Hersham Road            LLP 
  Walton-on-Thames              1 Embankment Place 
  Surrey                        London WC2N 6RH 
  KT12 1RZ 
 Administrator                 Custodian 
  PI Administration Services    Howard Kennedy 
  Limited                       No 1 London Bridge 
  Bond Street House             London SE1 9BG 
  14 Clifford Street 
  London W1S 4JU 
 
 

Chairman's Statement

Highlights

   --    Funds fully invested in a diverse range of high quality businesses and projects 
   --    Requirement that qualifying investments are 70% of the fund on an HMRC basis now met 
   --    NAV per share up 0.59p in the half year at 98.25p (adding back dividends paid to date) 
   --    3p per share dividend paid during the period 

Chairman's Statement

Introduction

I am pleased to present the interim report for Puma VCT 11 plc (the 'Company') for the period to 31 August 2017. The Company has now effectively deployed all its funds in both qualifying and non-qualifying investments, and met and exceeded its minimum qualifying investment percentage of 70 per cent. Our portfolio is well positioned to deliver attractive returns to shareholders within its expected remaining time horizon.

Net Asset Value ('NAV')

The NAV per share at the period end was 98.25p, comprising profits after tax for the period of GBP180,000 and representing a return of 0.59p per ordinary share during the period. The Company's total net assets at the period end were just over GBP29 million.

Investments

Qualifying Investments

Growing Fingers - Children's Nursery

As reported in the Company's previous annual report, the Company had made a GBP686,000 qualifying investment (as part of a GBP2.8 million investment alongside other Puma VCTs) in Growing Fingers Limited, and a further GBP294,000 was invested during the period. 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.

Mini Rainbows - Children's Nursery

As previously reported, the Company invested GBP2.5 million in Mini Rainbows Limited (as part of a GBP5 million investment alongside other Puma VCTs), which was established to operate a trading business in the childcare sector and/or to acquire businesses which operate within that sector. We are pleased to report that, shortly after the period end, Mini Rainbows commenced its trade by acquiring a mature children's day nursery in Murrayfield, an affluent part of Edinburgh. The nursery was founded in 1995, has capacity for up to 90 children and is currently operating at 70% capacity so the Mini Rainbows' experienced management team anticipate improvement in the medium term.

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. We are pleased to report that, during the period, Welcome Health Limited commenced its trade, acquiring 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 low socioeconomic market. As at the date of this report, Welcome Health owns and operates five pharmacies and expects to acquire further units in the new year.

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 acquired three substantial freehold pub assets in Chester, Wilmslow and Bedford, all of which opened during 2016 and are trading as fully branded B&K units. The units are taking some time to establish themselves under the new brand and this issue is the priority for the management team.

The Company has completed seven new qualifying investments since the period end, details of which are as follows.

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 recently established business specialising in delivering turnkey solutions to construction projects. The management team have over 40 years' of combined experience in the construction sector and we understand that they are in advanced negotiations to commence their first project.

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) which is developing and will operate a new 120 place children's day nursery in Altrincham, South Manchester. The management team behind Applebarn include Stewart Pickering (the founder of Kidsunlimited which he built up to 50 nurseries before a successful exit) and experienced developer and contractor, the McGoff Group. The nursery is expected to open in the third quarter of 2018.

Kid and Play - Children's Nursery

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, in October 2017. Kid and Play is seeking to develop, own and operate a new children's day nursery and has identified a first site in Bromley, South London.

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.

Knott End - Pubs with Microbreweries

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. The management team at Knott End have already identified several possible locations for their first unit and expect to open their first pub early next year.

Sunlight Education Nucleus - Special Educational Needs Schools

In November, 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.

Pure Cremation - Crematorium and Direct Cremations

In November, 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 secured an option over a site near Andover on which they will seek to develop a new crematorium and central facility.

Non-Qualifying Investments

As previously reported, the Company had initially invested just over GBP20 million in a series of lending businesses offering an appropriate risk adjusted return in the short to medium term. It was intended that these positions would be liquidated in due course as the Company makes qualifying investments. Details of the loans that these lending businesses have made, many of which were repaid in full during the period, are set out below.

Residential Development Project, Beckenham

The loan of GBP3 million (together with loans from other vehicles managed and advised by your Investment Manager totalling GBP5.3 million) advanced to Northern Land Developments Limited continues to perform. 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 are now funding planning costs to develop a larger scheme on an adjacent larger parcel of land. The loans are secured with a first charge over both sites. During the period, it was agreed that all accrued interest would be repaid and that the loans be extended for a further 12 months.

Citrus Group

As previously reported, a series of loans had been advanced to various entities within the Citrus Group, which at the start of the period stood at GBP1.4 million. These loans, together with loans from other vehicles managed and advised by your Investment Manager, formed part of a series of revolving credit facilities to provide working capital to the Citrus PX business. Citrus PX operates a property part exchange service facilitating the rapid purchase of properties for developers and homeowners. During the period and shortly after the period end, the loans were repaid in full giving a good rate of return.

Portfolio of freehold ground rent interests

In June 2016, an GBP800,000 loan was advanced and secured against a portfolio of freehold assets and the associated ground rents, as part of a package from other vehicles managed and advised by the Investment Manager totalling GBP4.3 million. We are pleased to report that, during the period, the loan was repaid in full giving a good rate of return.

Care Home for the Elderly, Formby

During the period, a GBP800,000 loan (as part of an overall facility of GBP6.7 million) was agreed with New Care (Sefton) Limited to fund the development and initial trading of a 75-bed purpose-built care home in Formby, Merseyside. The New Care Group is an experienced developer and operator of care homes. The loan 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 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 GBP5.3 million, are secured with a first charge over the site. We understand that construction is behind schedule and over budget as a result of the non-performance of the original building contractor which has been substantially resolved by the developer and construction manager, Alyth Trading. However, it is anticipated that the value of the scheme on completion of construction will exceed the total value of the loans made.

Care Home for the Elderly, Mill Hill

As previously reported, a loan of GBP2.5 million (together with loans from other vehicles managed and advised by the Investment Manager totalling GBP5.6 million) was made to Toppan Holdings Limited to fund the development of a 65 bed purpose built care home in Mill Hill, London. We are pleased to report that the loan was repaid in full during the period generating an attractive return.

Care Home for the Elderly, Hamilton

A loan of GBP2 million (as part of a GBP6.9 million facility from other vehicles managed and advised by the Investment Manager) was made to Richmond Global Properties Limited to fund the development of a 112 bed purpose built care home in Hamilton, Scotland. We are pleased to report that, during the period, the loan was repaid in full, the project having reached practical completion with the home being fitted out ready to accept its first residents.

Care Home for the Elderly, Dover

As previously reported, a GBP116,000 loan (as part of a GBP4.4 million facility from other vehicles managed and advised by the Investment Manager) had been advanced to Athena (Alpha) Limited to fund the development of a new purpose-built, 80-bed residential care home in Dover, Kent. We are pleased to report that, during the period, the borrower sold the care home shortly following practical completion and our loan was repaid in full giving a good rate of return.

Construction of Airport Hotel, Edinburgh

During the period, a GBP1.6 million loan (as part of an overall facility of GBP13.5 million) was advanced to Ability Hotels (Edinburgh) Limited to fund the development of a new 175-room Hampton by Hilton hotel at Edinburgh Airport. The hotel is scheduled to open in the summer of 2019 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. Following the period end, Ability obtained planning permission to increase the number of rooms to 240 and the overall facility is anticipated to increase accordingly to GBP17.75 million.

IVF Clinic, Wickford

Loans of GBP400,000 were advanced 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. Construction is well progressed and is expected to reach practical completion in the first quarter of 2018.

Care Home Project, Melton Mowbray

A GBP1.35 million loan (together with loans from other vehicles managed and advised by the Investment Manager totalling GBP5.4 million) had been advanced to Regent Formations 265 Limited to fund the development of a new 88 bed care home in Melton Mowbray, Leicestershire. We previously reported that the borrower was in discussions with a potential purchaser of this care home on terms which would see the loan repaid in full. We are pleased to confirm that this transaction completed during the period and the loans were repaid in full with a good rate of return.

Ironbridge Group

We previously reported that a GBP1.2 million facility (as part of a total facility of GBP3 million) had been advanced to an entity within the Ironbridge Group, providing the senior 70% slice of "stretched senior" bridging loans on non-owner-occupied properties in London and the South East with Ironbridge funding the subordinated 30% slice. The GBP1.2 million facility was repaid shortly following the period end.

Liquidity Management

To further manage liquidity, the Company had exposure to a floating rate note issued by Royal Bank of Canada and a floating rate note issued by Commonwealth Bank of Australia. These positions were liquidated during the period and post period end as the Company made the qualifying investments referred to above.

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, as stated above, shortly after the period end the Company met its minimum qualifying investment percentage, which now stands at just under 74% of the fund on an HMRC basis. PwC will continue to assist the Investment Manager in monitoring rule compliance.

Principal risks and uncertainties

The economy has showed some signs of a slowdown associated with high personal debt levels and low growth in real wages. 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.

Patient Capital Review

We are pleased that, in its response to the Financing Growth in Innovative Firms Consultation published with the Autumn Budget on 22 November 2017 ("the Patient Capital Review"), the Government has recognised the continuing importance of VCTs in providing much needed investment in SMEs. We note that proposed changes arising out of the Patient Capital Review include increasing VCTs' minimum qualifying investment percentage threshold from 70% to 80% with effect from 6 April 2019. As reported above, the Company has already met its minimum qualifying investment percentage and we therefore believe that it is on track to meet this revised target in due course.

Outlook

We are pleased that the Company's net assets are now fully 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 options for exits.

Harold Paisner

Chairman

30 November 2017

Income Statement (unaudited)

For the period ended 31 August 2017

 
                                                                                             Period ended 
                                 Period ended                  Period ended                   28 February 
                                 31 August 2017                31 August 2016                     2017 
                   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 
 Gains on 
  investments                   -       (2)       (2)         -        50        50         -        49        49 
 Income                       656         -       656       573         -       573     1,317         -     1,317 
 
                              656       (2)       654       573        50       623     1,317        49     1,366 
                         --------  --------            --------  --------            --------  --------  -------- 
 
 Investment 
  management 
  fees              4        (75)     (224)     (299)      (74)     (222)     (296)     (149)     (447)     (596) 
 Other expenses             (133)         -     (133)     (130)         -     (130)     (245)         -     (245) 
 
                            (208)     (224)     (432)     (204)     (222)     (426)     (394)     (447)     (841) 
                         --------  --------            --------  --------            --------  --------  -------- 
 
 Profit/(loss) 
  on ordinary 
  activities 
  before 
  taxation                    448     (226)       222       369     (172)       197       923     (398)       525 
 Tax on 
  return 
  on ordinary 
  activities                 (85)        43      (42)         -         -         -     (184)       110      (74) 
 
 Profit/(loss) 
  on ordinary 
  activities 
  after tax 
  attributable 
  to equity 
  shareholders                363     (183)       180       369     (172)       197       739     (288)       451 
                         ========  ========  ========  ========  ========  ========  ========  ========  ======== 
 
 Basic and 
  diluted 
 Profit/(loss) 
  per Ordinary 
  Share (pence)     2       1.19p   (0.60p)     0.59p     1.21p   (0.56p)     0.65p     2.42p   (0.94p)     1.48p 
                         ========  ========  ========  ========  ========  ========  ========  ========  ======== 
 

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 2017

 
                                        As at        As at          As at 
                                    31 August    31 August    28 February 
                            Note         2017         2016           2017 
                                      GBP'000      GBP'000        GBP'000 
 Fixed Assets 
 Investments                 6         27,307       30,720         28,820 
                                  -----------  -----------  ------------- 
 
 Current Assets 
 Prepayments                            1,876          476          1,220 
 Cash                                     177          132             35 
                                  -----------  -----------  ------------- 
                                        2,053          608          1,255 
 Creditors - amounts falling 
  due within one year                   (298)      (1,784)          (277) 
 
 Net Current Assets                     1,755      (1,176)            978 
                                  -----------  -----------  ------------- 
 
 Net Assets                            29,062       29,544         29,798 
                                  ===========  ===========  ============= 
 
 Capital and Reserves 
 Called up share capital                   19           19             19 
 Share premium account                 29,473       29,473         29,473 
 Capital reserve - 
  realised                              (905)        (613)          (728) 
 Capital reserve - 
  unrealised                               16           23             22 
 Revenue reserve                          459          642          1,012 
 
 Equity Shareholders' 
  Funds                                29,062       29,544         29,798 
                                  ===========  ===========  ============= 
 
 
 Net Asset Value per 
  Ordinary Share             3         95.25p       96.83p         97.66p 
                                  ===========  ===========  ============= 
 
 Diluted Net Asset 
  Value per Ordinary 
  Share                      3         95.25p       96.83p         97.66p 
                                  ===========  ===========  ============= 
 

Cash Flow Statement (unaudited)

For the period ended 31 August 2017

 
                                      Period       Period         Period 
                                       ended        ended          ended 
                                   31 August    31 August    28 February 
                                        2017         2016           2017 
                                     GBP'000      GBP'000        GBP'000 
 
 Operating activities 
 Profit/(loss) after tax                 180          197            451 
 Unrealised (gain)/loss 
  on investments                           2         (50)           (49) 
 Decrease in debtors                   (656)        1,724            980 
 Increase in creditors                    21          528          (979) 
 
 Net cash generated from 
  operating activities                 (453)        2,399            403 
                                 -----------  -----------  ------------- 
 
 Cash flow from investing 
  activities 
 Purchase of investments               (294)      (5,275)        (4,964) 
 Proceeds from disposal 
  of investments and repayment 
  of loans and loan notes              1,805          495          2,083 
 
 Net cash used in investing 
  activities                           1,511      (4,780)        (2,881) 
                                 -----------  -----------  ------------- 
 
 
 Cash flow from financing 
  activities 
 Dividends paid                        (916)            -              - 
 
 Net cash used in financing 
  activities                           (916)            -              - 
                                 -----------  -----------  ------------- 
 
 Decrease in cash                        142      (2,381)        (2,478) 
 Net cash at start of 
  the period                              35        2,513          2,513 
 
 Net funds at the period 
  end                                    177          132             35 
                                 ===========  ===========  ============= 
 

Reconciliation of Movements in Shareholders' Funds (unaudited)

For the period ended 31 August 2017

 
                                     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 2016               19    29,473        (365)           (53)       273   29,347 
Return after 
 taxation attributable 
 to equity shareholders                   -         -        (248)             76       369      197 
 
Balance as at 31 August 2016             19    29,473        (613)             23       642   29,544 
 
Realised loss from prior period           -         -         (56)             56         -        - 
Return after 
 taxation attributable 
 to equity shareholders                   -         -         (59)           (57)       370      254 
 
Balance as at 28 February 2017           19    29,473        (728)             22     1,012   29,798 
 
Dividends paid                            -         -            -              -     (916)    (916) 
Return after 
 taxation attributable 
 to equity shareholders                   -         -        (177)            (6)       363      180 
 
Balance as at 31 August 2017             19    29,473        (905)             16       459   29,062 
                                  =========  ========  ===========  =============  ========  ======= 
 

Notes to the Interim Report

For the period ended 31 August 2017

   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 0.59p is based on the profit for the period of GBP180,000 and the weighted average number of shares in issue as at 31 August 2017 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 
                          2017         2016           2017 
 Net assets         29,062,000   29,544,000     29,798,000 
 Shares in issue    30,511,969   30,511,969     30,511,969 
 
 Net asset value 
  per share 
 Basic                  95.25p       96.83p         97.66p 
 Diluted                95.25p       96.83p         97.66p 
 
   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 2017 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 2017

   6.             Investment portfolio summary 
 
                            Valuation      Cost   Gain/(loss) 
                                                                Valuation 
                                                                   as a % 
 As at 31 August                                                   of Net 
  2017                        GBP'000   GBP'000       GBP'000      Assets 
 
 Qualifying Investment 
  - Unquoted 
 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% 
 
 Total Qualifying 
  Investments(1)                8,480     8,480             -         30% 
                           ----------  --------  ------------  ---------- 
 
 Non-Qualifying 
  Investments 
 Palmer Lending 
  Limited                         125       125             -          0% 
 Valencia Lending 
  Limited                         550       550             -          2% 
 Primrose Lending 
  Limited                       2,000     2,000             -          7% 
 Mayfield Lending 
  Limited                       3,000     3,000             -         10% 
 Lothian Lending 
  Limited                       2,874     2,874             -         10% 
 Lavender Lending 
  Limited                         116       116             -          0% 
 Latimer Lending 
  Limited                       2,481     2,481             -          9% 
 Meadow Lending 
  Limited                       2,575     2,575             -          9% 
 Tottenham Lending 
  Limited                         800       800             -          3% 
 Marble Lending 
  Limited                         600       600             -          2% 
 Sloane Lending 
  Limited                         800       800             -          3% 
 
 Total Non-Qualifying 
  investments                  15,921    15,921             -         55% 
                           ----------  --------  ------------  ---------- 
 
 Liquidity Management 
 Commonwealth Bank 
  of Australia bonds 
  (2) (via Palmer 
  Lending Limited)              1,296     1,289             7          4% 
 Royal Bank of 
  Canada bonds (2) 
  (via Bayswater 
  Lending Limited)              1,610     1,601             9          6% 
 
 Total Liquidity 
  Management Investments        2,906     2,890            16         10% 
                           ----------  --------  ------------  ---------- 
 
 Total Investments             27,307    27,291            16         95% 
 Balance of Portfolio           1,755     1,755             -          5% 
 
 Net Assets                    29,062    29,046            16        100% 
                           ----------  --------  ------------  ---------- 
 

(1) As discussed in the Chairman's statement, a substantial number of qualifying investments were made following the period end, such that over 70% of the portfolio on the HMRC basis is now qualifying.

(2) Quoted investment listed on the London Stock Exchange

Of the investments held at 31 August 2017, all are incorporated in England and Wales with the exception of the liquidity management holdings.

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 company news service from the London Stock Exchange

END

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November 30, 2017 04:42 ET (09:42 GMT)