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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Puma Vct 13 Plc | LSE:PU13 | London | Ordinary Share | GB00BD5B1L68 | ORDS 0.05P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 122.50 | 115.00 | 130.00 | 122.50 | 122.50 | 122.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 5.35M | 2.7M | 0.0284 | 43.13 | 116.44M |
TIDMPU13
RNS Number : 7466U
Puma VCT 13 PLC
26 November 2019
Puma VCT 13 plc
Interim Report
For the period ended 31 August 2019
Officers and Professional Advisers
Directors Auditor David Buchler (Chairman) RSM UK Audit LLP Stephen Hazell-Smith Chartered Accountants Graham Shore 25 Farringdon Street London EC4A 4AB Secretary Eliot Kaye Sponsors and Solicitors Howard Kennedy Registered Number No 1 London Bridge 10376236 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 Puma Investment Management Limited EC2R 8LA Cassini House 57 St James's Street VCT Tax Advisor London PricewaterhouseCoopers LLP SW1A 1LD 1 Embankment Place London WC2N 6RH Administrator PI Administration Services Limited Cassini House Custodian 57 St James's Street Pershing Securities Limited London 1 Canada Square SW1A 1LD London E14 5AL Registrar SLC Registrars Elder House St. Georges Business Park Brooklands Road Weybridge Surrey KT13 0TS
Chairman's Statement
Highlights
-- Fund raising now complete -- 60% invested into qualifying portfolio positions -- Further qualifying investment opportunities in various stages of analysis and execution
Introduction
I am pleased to present the second interim report for Puma VCT 13 plc (the "Company") for the period to 31 August 2019.
The Investment Manager, Puma Investments, now has just under GBP85 million of VCT money under management in this and other Puma VCTs as well as c. GBP64 million of EIS money under management. Puma Investments is a well-established, experienced VCT manager and are demonstrating good success at investing the Company's funds in line with its mandate.
Since the last report and accounts the Company has made two further investments into qualifying portfolio companies, taking the Company's overall qualifying holding to 59.4% of net asset value ("NAV"). In addition to this, at the end of the period the Company held 25% of its NAV in listed equities, for the purposes of liquidity management. These holdings are discussed in more detail below.
Results and Net Asset Value ('NAV')
The NAV per share at the period end was 87.73p. This figure reflects the initial funds raised less the costs of flotation adjusted for movements in the value of the liquid assets being held for liquidity management purposes and running costs of the Company. Such movement is to be expected as the qualifying portfolio is currently being held at cost despite strong trade in some of the underlying companies.
Qualifying Investments
The Company invested into two further qualifying investments in the period, taking its overall qualifying holdings to six positions across five sectors, accounting for c. 60% of its NAV. This activity has seen investment of 26% of the Company's NAV into qualifying holdings during the period, and the Investment Manager expects to continue this rapid pace of deployment. As such, the Manager expects the Company to meet its qualifying requirement (to be 80% invested into qualifying holdings) considerably in advance of the required date of February 2021.
The first of the new qualifying investments made was into MyKindaCrowd Ltd, a digital platform working with large corporates to improve engagement of potential graduates and apprentices. The platform works with companies such as Deloitte and Cisco to help them recruit young people from a wider range of social backgrounds than their traditional channels.
The second qualifying investment was into Influencer Limited, a high growth, data driven, social media, influencer, and digital marketing platform. The business enables brands to connect with influencers and manage influencer marketing campaigns across one platform.
The Company also holds positions in four other qualifying positions across three different sectors:
Pure Cremation - Crematorium and Direct Cremations
In November 2018 the Company invested GBP1.3 million into Pure Cremation Holdings Limited, as part of a GBP7.35 million investment, alongside other Puma VCTs. 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.
Knott End - Pubs with Microbreweries
In December 2018 the Company invested GBP847,000 into Knott End Pub Company Limited, as part of a GBP7.3 million investment, alongside other Puma VCTs. Knott End has entered into a franchise agreement with Brewhouse & Kitchen Limited and is operating pubs in Milton Keynes and Horsham under the Brewhouse & Kitchen ("B&K") brand. The B&K model continues to be very well respected; recent recognition includes appearing in the Sunday Times Fast Track 100 (2018 and 2019), winning Best Managed Pub Company at the British Publican Awards, and winning Multi-Site Pub Operator of the Year at the Casual Dining Awards.
Dymag Group - High performance wheel manufacturer
In December 2018 the Company invested GBP583,000 into Dymag Group Limited, as part of a GBP3.6 million investment, alongside other Puma funds. Dymag is a British designer and manufacturer of carbon-fibre car and motorbike wheels. These are high end, lightweight wheels for performance use. Established in 1974, Dymag is a pioneer in carbon wheel technology: it launched the first commercial carbon motorcycle wheel in 1996 and the first carbon hybrid car wheel in 2004. Funds from the investment are in part being used to relocate the business to a new production facility which is expected to materially increase capacity.
Open House - London based food and beverage offer
In February 2019 the Company invested GBP1.8 million into Open House London Limited, as part of a GBP5 million investment, alongside other Puma funds. Open House owns and operates two popular dining and drinking venues in London, The Lighterman in King's Cross and Percy & Founders in Fitzrovia. Open House was launched in 2015 by the team behind Cubitt House, a group of highly successful gastropubs in central London that were later sold to a private equity group in a competitive acquisition. The Company's investment will support the business in achieving its plans for future growth though further flagship units across London with the next site on target to open in Spring 2020.
Liquidity management investments
To manage the Company's liquidity, GBP4 million has been invested in a diverse portfolio of listed equities.
Puma VCT 13's Listed Equities portfolio is managed by the Investment Manager's in-house Listed Equities team led by Investment Director Justin Waine. Justin is an award-winning manager (Winner of the best AIM Investment Manager 2016 and 2017 at the Growth Investor Awards) with 19 years' experience analysing UK and European small and mid-sized companies. Prior to working at Puma he was a Fund Manager of the European Forager Fund at Polar Capital Partners and also worked as a research analyst for small and mid-sized companies at Cazenove &Co.
In keeping with the VCT 13 mandate, the listed equity portfolio held is focussed on UK centric stocks which are listed on the main board of the London Stock Exchange. The portfolio is entirely invested in stocks with a Market Capitalization of over GBP100m into companies spread across 17 sectors. Circa. 40% of the portfolio as it stands is invested into stocks with a market cap greater than GBP4bn.
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
The UK economy faces its own challenges, not least those due to the ongoing political uncertainty. This must also be seen in the context of the wider global economic environment which sees uncertainties from trade tensions, slowing Asian growth and more assertive political stances from a number of nations. 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
It is pleasing to see the Company having made such good progress towards its qualifying target, with plenty of time still in hand. The qualifying portfolio is varied and contains some very strong performers which have the potential to deliver material returns. The non-qualifying portfolio is being managed with an appropriate focus on liquidity to ensure that cash can be made available for qualifying investments as they approach completion.
The Investment Manager continues to see a good volume of potential investment opportunities, driven by network and reputation, and so we feel confident that the Company remains well positioned to deliver attractive returns to shareholders in the medium to long term.
Graham Shore
Director
26 November 2019
Income Statement (unaudited)
For the period ended 31 August 2019
Period ended Period ended Period 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 Loss on investments - (43) (43) - (18) (18) - (550) (550) Income 58 - 58 3 - 3 45 - 45 58 (43) 15 3 (18) (15) 45 (550) (505) -------- -------- -------- -------- -------- -------- -------- Investment management fees 4 (35) (104) (139) (20) (59) (79) (49) (147) (196) Other expenses (134) - (134) (83) - (83) (200) (26) (226) (169) (104) (273) (103) (59) (162) (249) (173) (422) -------- -------- -------- -------- -------- -------- -------- Return/(loss) on ordinary activities before taxation (111) (147) (258) (100) (77) (177) (204) (723) (927) Tax on return on ordinary activities - - - - - - - - - Return/(loss) on ordinary activities after tax attributable to equity shareholders (111) (147) (258) (100) (77) (177) (204) (723) (927) ======== ======== ======== ======== ======== ======== ======== ======== ======== Basic and diluted Return/(loss) per Ordinary Share (pence) 2 (0.71p) (0.95p) (1.66p) (0.64p) (0.50p) (1.14p) (1.31p) (4.64p) (5.95p) ======== ======== ======== ======== ======== ======== ======== ======== ========
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 11,560 1,679 7,872 ----------- ----------- ------------- Current Assets Prepayments 3 220 2,851 Cash 2,236 8,045 3,382 ----------- ----------- ------------- 2,239 8,265 6,233 Creditors - amounts falling due within one year (128) (18) (176) Net Current Assets 2,111 8,247 6,057 ----------- ----------- ------------- Net Assets 13,671 9,926 13,929 =========== =========== ============= Capital and Reserves Called up share capital 12 104 12 Share premium account 14,852 10,007 14,852 Capital reserve - realised (39) (59) (173) Capital reserve - unrealised (831) (18) (550) Revenue reserve (323) (108) (212) Equity Shareholders' Funds 13,671 9,926 13,929 =========== =========== ============= Net Asset Value per Ordinary Share 3 87.73p 95.38p 89.38p =========== =========== ============= Diluted Net Asset Value per Ordinary Share 3 87.73p 95.38p 89.38p =========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2019
Period ended Period ended Period ended 31 August 31 August 28 February 2019 2018 2019 GBP'000 GBP'000 GBP'000 Operating activities Profit on ordinary activities after tax (258) (177) (927) Unrealised gains on investments 45 21 550 Decrease/(increase) in debtors 2,848 (209) (1,011) (Decrease)/increase in creditors (48) (2) 110 Net cash generated/(used) in operating activities 2,587 (367) (1,278) ------------- ------------- ------------- Cash flow from investing activities Purchase of investments (4,172) (1,700) (8,422) Proceeds from disposal of investments 438 - - Net cash used in investing activities (3,734) (1,700) (8,422) ------------- ------------- ------------- Cash flow from financing activities Proceeds received from issue of ordinary share capital - 10,331 13,759 Expenses paid for issue of share capital - (219) (677) Net cash generated from financing activities - 10,112 13,082 ------------- ------------- ------------- (Decrease)/increase in cash (1,146) 8,045 3,382 Net cash at start of the period 3,382 - - Net funds at the period end 2,236 8,045 3,382 ============= ============= =============
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 6 - - - (8) (2) Shares cancelled in the period (6) - - - - (6) Shares issued in the period 104 10,227 - - - 10,331 Expense of share issue - (220) - - - (220) Total comprehensive income for the period - - (59) (18) (100) (177) Balance as at 31 August 2018 104 10,007 (59) (18) (108) 9,926 Shares issued in the period 8 5,348 - - - 5,356 Shares cancelled in the period (100) (100) Expenses of share issues (503) (503) Total comprehensive income for the period - - (114) (532) (104) (750) Balance as at 28 February 2019 12 14,852 (173) (550) (212) 13,929 Shares cancelled in the period - - - - - - Shares issued in the period - - - - - - Expense of share issue - - - - - - Total recognised (losses) for the period - - 134 (281) (111) (258) Balance as at 31 August 2019 12 14,852 (39) (831) (323) 13,671 ========== ========= ============ ============== ========= ========
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 1.66p is based on the loss for the period of GBP258,000 and the weighted average number of shares in issue as at 31 August 2019 of 15,583,336 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 31 August 28 February 2019 2019 Net assets 13,671,000 13,929,000 Shares in issue 15,583,338 15,583,338 Net asset value per share Basic 87.73p 89.38p Diluted 87.73p 89.38p 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 Dymag Group Limited 583 583 - 4% Knott End Limited 847 847 - 6% Open House London Limited 1,800 1,800 - 13% Pure Cremation Holdings Limited 1,297 1,297 - 9% Influencer Limited 1,800 1,800 - 13% Mykindacrowd Limited 1,800 1,800 - 13% Total Qualifying Investments 8,127 8,127 - 58% ---------- -------- ------------ ------------ Liquidity Management Investments Barclays Plc 156 206 (49) 1% British Land Company Plc 89 105 (17) 1% Chemring Group Plc 163 188 (26) 1% Diageo Plc 258 201 57 2% Discoverie Group Plc 223 207 16 2% Dixons Carphone Plc 136 207 (70) 1% Firstgroup Plc 291 202 89 3% GVC Holdings Plc 137 217 (80) 1% Headlam Group Plc 178 197 (19) 1% ITE Group Plc 199 211 (13) 2% ITV Plc 133 125 8 1% Legal & General Group Plc 169 201 (32) 1% Norcros Plc 200 201 (1) 2% Provident Financial Plc 153 226 (73) 1% Prudential Plc 159 203 (44) 1% PZ Cussons Plc 181 203 (22) 1% Royal Dutch Shell Plc 181 199 (18) 1% Standard Chartered Plc 124 124 1 1% Volution Group Plc 178 201 (23) 1% WPP Plc 126 124 2 1% Total Liquidity Management Investments 3,433 3,747 (314)* 26% ---------- -------- ------------ ------------ Total Investments 11,560 11,874 (314) 84% Balance of Portfolio 2,111 2,111 16% Net Assets 13,671 13,985 (314) 100% ---------- -------- ------------ ------------
* Transaction costs on listed equities have been capitalised and form part of the gain/loss on investment, however they have been analysed as "other expenses" in the Income Statement.
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 UNSVRKSAAUAA
(END) Dow Jones Newswires
November 26, 2019 10:48 ET (15:48 GMT)
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