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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Puma Vct 12 Plc | LSE:PU12 | London | Ordinary Share | GB00BYSJJR68 | 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% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPU12
RNS Number : 7252U
Puma VCT 12 PLC
26 November 2019
Puma VCT 12 plc
Interim Report
For the period ended 31 August 2019
Officers and Professional Advisers
Directors Auditor Raymond Pierce (Chairman) RSM UK Audit LLP David Brock Chartered Accountants Graham Shore 25 Farringdon Street London EC4A 4AB Secretary Eliot Kaye Sponsors and Solicitors Howard Kennedy Registered Number No 1 London Bridge 09758309 London SE1 9BG Registered Office Bankers Cassini House The Royal Bank of Scotland plc 57 St James's Street London City Office London PO Box 412 SW1A 1LD 62-63 Threadneedle Street London Investment Manager EC2R 8LA Puma Investment Management Limited Cassini House VCT Tax Advisor 57 St James's Street PricewaterhouseCoopers LLP London 1 Embankment Place SW1A 1LD London WC2N 6RH Administrator Custodian PI Administration Services Limited Pershing Securities Limited Cassini House 1 Canada Square 57 St James's Street London London E14 5AL SW1A 1LD Registrar SLC Registrars Elder House St. Georges Business Park Brooklands Road Weybridge Surrey KT13 0TS
Chairman's Statement
Highlights
-- Funds substantially invested in a diverse range of businesses and projects -- HMRC requirement that qualifying investments are 80% of the fund is now met -- 1p per share dividend paid during the period
Chairman's Statement
Introduction
The Company has deployed its funds in a diverse range of both qualifying and non-qualifying investments and continues to meet its minimum qualifying investment percentage of 80 per cent. We remain focused on generating returns for the Company from both the qualifying and non-qualifying portfolios as the fund enters into its fourth year.
Investments
Qualifying Investments
Pure Cremation - Crematorium and Direct Cremations
The Company's GBP4 million investment in Pure Cremation Holdings Limited (as part of a GBP7.35 million qualifying investment alongside another Puma VCT) continues to perform. Pure Cremation is a leading provider of direct cremations, meeting the needs of a growing number of people in the United Kingdom who want a respectful cremation arranged without any funeral, leaving them free to say farewell how, where and when is right for them. The business' new purpose-built site near Andover opened during the period, reducing operating costs and opening up new revenue streams. The business is performing, delivering strong revenue growth across all of its sales channels.
NRG Gym - Budget Gyms
The Company has invested GBP1.4 million in SA Holdings Limited (trading as NRG Gyms through its subsidiary, NRG GYM Limited) as part of a GBP5.0 million investment alongside other Puma funds. NRG offer low price gyms aimed at price sensitive millennials with a keen interest in sports and fitness. At the point of investment, the business was operating two units, one freehold unit in Gravesend and a second, leased, unit in Watford. The funds raised were to expand to further units, together with continued evolution of the brand and offering, and enhancement of the two original sites. During the period the business continued to deliver profitable trade from its original two units and opened a new unit in Walsall, Birmingham. This site has opened strongly with an above target number of members. Post period end the business entered into Heads of Terms for a new site in Lewisham, South London, and has other well-advanced pipeline sites beyond that.
Growing Fingers - Children's Nursery
As previously reported, the Company has invested GBP420,000 (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. The Company benefits from first charge security over the Wendover site and the Growing Fingers business. The directors of Growing Fingers expect the nursery to open in the summer of 2020.
Sweat Union - Budget Gyms
Since going into administration, the administrator has informed the board that it will shortly be in a position to issue a notice of intended dividend to creditors. A distribution to creditors is expected in February 2020.
Applebarn Nurseries - Children's Nursery
The Company had previously invested GBP1.1 million in Applebarn Nurseries Limited (as part of a GBP2.2 million qualifying investment alongside another Puma VCT). The management team include a successful operator of nurseries, together with an experienced developer and contractor. The team's first site, a custom-built 120 place children's day nursery in Altrincham, South Manchester opened in September 2018 and is now ramping up as occupancy builds.
Knott End - Pubs with Microbreweries
As previously reported, the Company has invested just over GBP4 million (as part of a GBP7.3 million qualifying investment alongside another Puma VCT) in Knott End Pub Company 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 currently owns and operates two pub assets in Horsham and Milton Keynes; the Horsham asset has been trading in line with expectations but the pub in Milton Keynes has been disappointing. Management remain focused on improving performance at this site.
Kid and Play - Children's Nursery
In October 2017, the Company made a GBP1.7 million qualifying investment in Kid & Play Limited, alongside funds invested by another Puma VCT totalling GBP3.4 million. Kid & 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. We are pleased to report that during the period Kid & Play acquired a site in Bedford on which it is now developing a 110 place children's day nursery which is expected to open in Spring 2020. Moreover, shortly following the period end, Kid & Play commenced trading by entering into a contract to provide services in relation to early childhood study tours, revenue from which will assist in running costs pending opening of the nursery.
Sunlight Education Nucleus - Special Educational Needs Schools
In November 2017, the Company made a GBP2.35 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. We are pleased to report that, shortly following the period end, the team at Sunlight opened their first school in Stafford, West Midlands and are now working on the development of a second site in Crewe.
South West Cliffe - Children's Nursery
As previously reported, the Company has 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. Despite best efforts, the management team have been unable to agree terms on a site and therefore, shortly after the period end, took the decision to place South-West Cliffe Limited into a solvent members' liquidation. We expect the Company to receive in the region of 97p in the pound invested but this will be confirmed following completion of the liquidation.
Signal Building Services - Construction projects
The Company has invested GBP200,000 (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 the construction of a 14-apartment supported living scheme in Sutton-in-Ashfield. Signal Building Services has also recently been working on the construction of a 22-apartment supported living scheme in Wigan which, we are pleased to report, completed successfully shortly after the period end, generating attractive returns for Signal Building Services which will benefit the Company when its investment is repaid in due course.
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. As intended, most of these positions have been liquidated as the Company has made qualifying investments. Details of these lending businesses' loans are set out below.
Mixed Residential Commercial Development, Bloomsbury
As previously reported, a GBP3.9 million loan (as part of a total facility of GBP17.97 million) was advanced to Cudworth Limited (through affiliates, Victoria Lending Limited, Tottenham Lending Limited and Marble Lending 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 loan is secured with a first charge over the site. The development includes 11 apartments, 2 houses and 11,800 square feet of B1 commercial space and is expecting to reach practical completion by the end of the year. We are pleased to report that contracts have been exchanged to sell the commercial units, both houses and seven of the 11 flats and we expect these sales to complete within a short period following practical completion.
Construction of Airport Hotel, Edinburgh
In June 2017, GBP1.6 million of loans (as part of an overall facility of GBP16 million) were advanced to Ability Hotels (Edinburgh) Limited (through affiliates, Piccadilly Lending Limited and Tottenham Lending Limited) to fund the development of a new 240-room Hampton by Hilton hotel at Edinburgh Airport. We are pleased to report that the hotel opened last year and that the loans were repaid in full during the period.
Dividends
As previously reported, the Company paid a dividend of 1p per ordinary share shortly after the period end taking dividends paid to date to 3p per ordinary share. Reflecting this recent pay-out, your Board is not proposing a further dividend at this interim stage.
Results and Net Asset Value ("NAV")
The NAV per share at the period end was 83.30p (86.30p after adding back the dividends paid to date), reflecting the provision against the investment in Sweat. The Company made a small loss of GBP132,000 in the period (representing a 0.43p per share post-tax loss).
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
Growth in the UK economy has slowed and conditions for retail businesses (to which we have some exposure) in particular continue to be difficult. The economic outlook continues to be dominated by political uncertainty. 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
We remain focused on generating strong returns for the Company from both the qualifying and non-qualifying portfolios, which contain some dynamic companies.
Whilst there may be some further changes in the composition of the portfolio, the Board expects to concentrate in the future on the monitoring of our existing investments and considering the options for exits in due course.
Ray Pierce
Chairman
25 November 2019
Income Statement (unaudited)
For the period ended 31 August 2019
Period ended Period ended Year ended 31 August 2019 31 August 2018 28 February 2019 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 - (71) (71) - - - - (3,350) (3,350) Income 330 - 330 603 - 603 909 - 909 330 (71) 259 603 - 603 909 (3,350) (2,441) -------- -------- -------- -------- -------- --------- --------- Investment management fees 4 (63) (190) (253) (75) (225) (300) (148) (443) (591) Other expenses (138) - (138) (165) - (165) (248) - (248) (201) (190) (391) (240) (225) (465) (396) (443) (839) -------- -------- -------- -------- -------- --------- --------- Return/(loss) on ordinary activities before taxation 129 (261) (132) 363 (225) 138 513 (3,793) (3,280) Tax on return on ordinary activities (25) 25 - (12) - (12) (97) 97 - Return/(loss) on ordinary activities after tax attributable to equity shareholders 104 (236) (132) 351 (225) 126 416 (3,696) (3,280) ======== ======== ======== ======== ======== ======== ======== ========= ========= Basic and diluted Return/(loss) per Ordinary Share (pence) 2 0.34p (0.77p) (0.43p) 1.14p (0.73p) 0.41p 1.35p (11.96p) (10.61p) ======== ======== ======== ======== ======== ======== ======== ========= =========
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 2019
As at As at As at 31 August 31 August 28 February Note 2019 2018 2019 GBP'000 GBP'000 GBP'000 Fixed Assets Investments 6 23,198 27,021 23,527 ----------- ----------- ------------- Current Assets Prepayments 2,672 2,102 2,413 Cash 22 373 107 ----------- ----------- ------------- 2,694 2,475 2,520 Creditors - amounts falling due within one year (146) (209) (166) Net Current Assets 2,548 2,266 2,354 ----------- ----------- ------------- Net Assets 25,746 29,287 25,881 =========== =========== ============= Capital and Reserves Called up share capital 19 19 19 Share premium account 29,833 29,833 29,833 Capital reserve - realised (1,215) (929) (1,050) Capital reserve - unrealised (3,421) - (3,350) Revenue reserve 530 364 429 Equity Shareholders' Funds 25,746 29,287 25,881 =========== =========== ============= Net Asset Value per Ordinary Share 3 83.30p 94.75p 83.73p =========== =========== ============= Diluted Net Asset Value per Ordinary Share 3 83.30p 94.75p 83.73p =========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2019
Period ended Period ended Year ended 31 August 31 August 28 February 2019 2018 2019 GBP'000 GBP'000 GBP'000 Operating activities Profit on ordinary activities after tax (132) 126 (3,280) Losses on investments 71 - 3,350 Increase in debtors (262) (601) (912) Increase/(decrease) in creditors (20) 42 (1) Net cash used in operating activities (343) (433) (843) ------------- ------------- ------------- Cash flow from investing activities Purchase of investments (71) (1,417) (4,823) Proceeds from disposal of investments 329 2,368 5,918 Net cash generating from investing activities 258 951 1,095 ------------- ------------- ------------- Cash flow from financing activities Dividends paid - (618) (618) Net cash used from financing activities - (618) (618) ------------- ------------- ------------- Decrease in cash (85) (100) (366) Net cash at start of the period 107 473 473
Net funds at the period end 22 373 107 ============= ============= =============
Statement of Changes in Equity (unaudited)
For the period ended 31 August 2019
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 2018 19 29,833 (704) - 631 29,779 Total recognised (losses)/gains for the period - - (225) - 351 126 Dividends paid - - - - (618) (618) Balance as at 31 August 2018 19 29,833 (929) - 364 29,287 Total recognised (losses)/gains for the period - - (121) (3,350) 65 (3,406) Balance as at 28 February 2019 19 29,833 (1,050) (3,350) 429 25,881 Dividends paid - - - - - - Total recognised (losses)/gains for the period - - (165) (71) 101 (135) Balance as at 31 August 2019 19 29,833 (1,215) (3,421) 530 25,746 ========== ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2019
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 loss per share of 0.43p is based on the loss for the period of GBP132,000 and the weighted average number of shares in issue as at 31 August 2019 of 30,909,188 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 2019 2018 2019 Net assets 25,746,000 29,287,000 25,881,000 Shares in issue 30,909,188 30,909,188 30,909,188 Net asset value per share Basic 83.30p* 94.75p 83.73p Diluted 83.30p* 94.75p 83.73p
*This is net of 2p of dividends paid to date. A further 1p dividend was paid in September 2019.
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 2019 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 2019
6. Investment portfolio summary Valuation as a % of Valuation Cost Gain/(loss) Net Assets As at 31 August 2019 GBP'000 GBP'000 GBP'000 Qualifying Investments Growing Fingers Limited 420 420 - 2% Kid & Play Limited 1,694 1,694 - 7% South-West Cliffe Limited 2,100 2,100 - 8% Signal Building Services Limited 200 200 - 1% Applebarn Nurseries Limited 1,833 1,833 - 7% Knott End Pub Company Limited 4,053 4,053 - 15% Sunlight Education Nucleus Limited 2,350 2,350 - 9% Sweat Union Limited - 3,421 (3,421) 0% Pure Cremation Holdings Limited 4,053 4,053 - 15% SA Fitness Holdings Limited 1,417 1,417 - 6% Total Qualifying Investments(1) 18,120 21,541 (3,421) 70% ---------- -------- ------------ ------------ Non-Qualifying Investments Piccadilly Lending Limited 911 911 - 4% Victoria Lending Limited 1,617 1,617 - 6% Tottenham Lending Limited 700 700 - 3% Marble Lending Limited 1,850 1,850 - 7% Total Non-Qualifying Investments(1) 5,078 5,078 - 20% ---------- -------- ------------ ------------ Total Investments(1) 23,198 26,619 - 90% Balance of Portfolio 2,548 2,548 - 10% Net Assets 25,746 29,167 - 100% ---------- -------- ------------ ------------
Of the investments held at 31 August 2019, all are incorporated in England and Wales.
(1) The HMRC valuation differs from FRS102, because FRS102 requires changes to reflect current market valuations whereas HMRC requires such changes when further securities of the same company are bought or sold by the VCT. It also omits the items shown as 'Balance of Portfolio'.
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
IR UNSURKBAAUAA
(END) Dow Jones Newswires
November 26, 2019 07:52 ET (12:52 GMT)
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