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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Puma Vct Ii | LSE:PMV | London | Ordinary Share | GB00B0634N37 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1854C PUMA VCT II plc 28 April 2006 For immediate release 28 April 2006 Puma VCT II plc Preliminary Final Results for the Year Ended 31 December 2005 Highlights * #20.4 million subscribed in Puma VCT plc and Puma VCT II plc on flotation, which jointly invest pro rata to their respective sizes - approximately 60:40. * NAV per share of 105.0p for Puma VCT II plc at year end (up 7.2% since inception). NAV 109.2p at 31 March 2006. * Three qualifying investments made in 2005, totalling #2.425 million between the 2 VCTs. * Three further qualifying investments of #1.63 million by the 2 VCTS following the period end, with further transactions in negotiation. * Strong performance of alternative asset investments during and since the year end. Sir Aubrey Brocklebank Bt of Puma VCT II plc said: "The first period of trading has been a successful one. The non-qualifying investments have performed strongly, delivering good risk adjusted returns, whilst the qualifying investments have also shown gains. Opportunities, both for additional investments in qualifying companies and for appreciation of our existing portfolio, appear encouraging and we therefore view the future with confidence." Enquiries Shore Capital 020 7408 4090 Chris Ring Graham Shore Citigate Dewe Rogerson 020 7638 9571 Sarah Gestetner Fiona Mulcahy Notes to Editors Puma VCT II plc is managed by Shore Capital's successful fund management team. The Company's investment objective is to achieve high distributions to shareholders. It will invest in a diversified portfolio of smaller companies, including both AIM/OFEX-traded and unquoted companies, selecting companies which Shore Capital believes will have a relatively lower risk profile than is typical for their size whilst having the opportunity for value appreciation. Initially, whilst suitable VCT Qualifying Companies are being identified, the Investment Manager invests the Company's funds in a range of investments intended to generate a positive return, including funds of hedge funds and other products which aim to achieve an absolute return. The VCT will continue to hold a proportion of such products after building up the desired holdings of VCT Qualifying Companies. Chairman's Statement The first period of trading for Puma VCT II plc (the Company) has been a successful one. Although this period has largely been concerned with fund raising I am pleased to report that at the year-end the Company's net asset value per share ("NAV") stood at 105.01p. This is a rise of 7.01p (7.2%) since inception before the inclusion of performance fees. Puma VCT II plc and Puma VCT plc jointly invest in proportion to their respective fundraisings. Venture capital investments Three qualifying investments (Cadbury House, Patsystems and @UK) were successfully completed by the Company's year-end. The Company jointly invested #1.2 million with Puma VCT plc in Cadbury House Hotel & Country Club. Cadbury House is a major venue for weddings, conferences and banqueting in the Bristol area with a well-established fitness centre on 14 acres of freehold grounds. Situated 10 minutes from Bristol International Airport, it is undergoing a major refurbishment to construct a new deluxe leisure and fitness centre, a 65 room hotel wing and to upgrade the existing banqueting facilities. It has planning permission to increase the number of rooms in the hotel to 65, from its original 50, which has had a significant impact on the value of the Company's investment in Cadbury House. We have jointly invested #525,000 with Puma VCT plc in a qualifying AiM company, Patsystems plc, involved in the development, distribution and support of software enabling the electronic trading of financial products on global trading exchanges. With Puma VCT plc, we have jointly invested #700,000 in pre-IPO financing into @UK plc. @UK provides an e-nablement service to suppliers of a number of Local Authorities throughout the UK, including suppliers to schools and central council departments. Just before year-end, @UK was listed on AiM which has resulted in the Company showing a large unrealised gain in its investment. At 31 December 2005, the Company's qualifying portfolio had a total cost of #987,000. Despite being its first year, the qualifying portfolio was valued at #1,316,000 resulting in an unrealised gain of #329,000. Further details are set out in the Investment Manager's Report. Non-qualifying investments The Investment Manager's aim is to generate an absolute return on non-qualifying investments on funds not invested in qualifying companies. We are extremely pleased with the appreciation of its non-qualifying portfolio, its value of #5,174,000 increasing from a cost of #4,731,000 resulting in unrealised gains of #443,000. Results and dividend Gross revenue for the period was #145,000 and net revenue gain after taxation was #31,000. The Board does not propose a dividend for the period. Annual General Meeting The Annual General Meeting of the Company will be held at Bond Street House, 14 Clifford Street, London, W1S 4JU on 26 May 2006 at 3:00pm. Outlook Opportunities, both for additional investments in qualifying companies and for appreciation of our existing portfolio, appear encouraging and we view the future with confidence. Sir Aubrey Brocklebank Bt Chairman Investment Manager's Report Overall Performance Following one of the most successful new VCT launches in the last tax year, the Company has delivered very strong returns with the net asset value per share of your Company having increased by 7.2 per cent. (6.1 per cent. net of performance fees) in the 8-9 months since launch. This compares very favourably to the FTSE AiM index which fell by 4 per cent. between 6 April 2005, the start of the tax year, and the end of December 2005. This performance puts the Company well on track to deliver the net 120 pence to investors targeted at launch, which would be a post-tax return of 14.9 per cent. p.a. on the 60 pence net cost to investors. This strong performance has been achieved by a combination of gains in the qualifying portfolio and strong delivery from the manager's innovative approach to the non qualifying investments where the manager's Hedge Fund Strategy made a significant contribution out-performing their benchmark indices. The hedge fund returns have been achieved with low volatility (a normal measure of risk) in keeping with the manager's focus on relatively lower risk opportunities. The portfolio of hedge funds has continued to show excellent progress in 2006. Property related investments are also performing well for the non qualifying portfolio with investments in The Hotel Corporation and Orchid Developments Group Limited (Orchid) both showing large gains. The investment in Orchid has been realised since the year end at a profit of #21,000 (a 21 per cent. gain). The performance since launch demonstrates the benefits of our strategy and positioning. Activity The first 8-9 months saw three qualifying investments completed with #2.43m invested between the Company and Puma VCT plc. Despite high levels of IPO activity on the AiM market during the period since launch, only one of these investments was into an AiM quoted company (Patsystems plc) with the investment also being part of a secondary funding round rather than an IPO. This was because we had concerns about the valuations of many of the VCT qualifying AiM IPO's which we considered to be high. Instead we focussed on identifying private companies which met our investment criteria including strong management, robust growth, a degree of asset backing and a sensible valuation. Of the three qualifying investments, two are already showing good gains. The Company's first investment was in Cadbury House Hotel and Country Club plc ("Cadbury"), a major venue for weddings, conferences and dinner dances near Bristol. Originally constructed as a private residence in 1790, Cadbury sits in 14 acres of freehold property, located midway between Bristol and Weston-super-Mare. It also has a leisure and fitness facility with 1,600 members which is to be replaced with a new leisure complex as part of a major re-development of its 14 acre site including the construction of a hotel wing. Cadbury has successfully applied for consent to increase the size of the hotel within the same proposed building shell. An independent professional valuation shows that this should add considerably to the value of the development when complete, with a consequent increase in the value of the Company's investment. The Company invested in @UK plc ("@UK") on a pre-IPO basis at a discount to the IPO price. Following its successful IPO in December 2005, the investment in @UK is showing an uplift in value. @UK is the UK's leading developer and provider of software products which facilitate e-procurement between public sector bodies and their suppliers. @UK's proven technology enables a more efficient process for tendering, ordering, invoicing and purchase administration by moving these functions to their proprietary electronic platform. @UK's system has been selected by over 40 public sector bodies, including nearly half of the county councils in England. Several education authorities and NHS trusts have also employed @UK's technology. In addition, @UK was selected by central Government to participate in 'Zanzibar', an e-marketplace to be used by Government departments. During August the Company invested in Patsystems ("Pats"), a provider of trading and exchange systems to the global derivatives markets. The company was floated at the beginning of 2000 and is now only one of a handful of companies which dominate this industry. Pats has recently turned cash flow positive for the first time and earnings quality is high with recurring revenues amounting to approximately 85% of total revenues. Although the share price performance has been muted since the investment was made, we believe that Pats is well placed to play a key role in the expected industry consolidation and in so doing, create further value for shareholders. Qualifying Portfolio Valuation Policy The unquoted investment has been valued in accordance with the guidelines issued by the British Venture Capital Association. Holdings in companies traded on AiM are valued on the basis of bid market prices on 30 December 2005. Outlook The Company has performed very well in the 8-9 months since launch and we expect the portfolio of both qualifying and non qualifying investments to do well in the year ahead. The deal flow for 2006 looks strong. The Company has closed three further qualifying investments in 2006 totalling (between the 2 VCTs) #1.63 million. Further transactions are in negotiation. We will continue to seek to identify opportunities in the AIM/OFEX markets where we believe pricing entry levels will result in value to shareholders being delivered over time. We will also seek to structure investments in unquoted companies which provide both a measure of downside protection and exposure to equity upside. Shore Capital Limited Investment Portfolio Summary As at 31 December 2005 Investment Valuation Original Cost Gain/(Loss) Valuation as #'000 #'000 #'000 % of NAV Qualifying Investments Cadbury House Hotel and Country Club plc* 722 488 234 8.3% Patsystems plc 189 214 (25) 2.2% @UK plc 405 285 120 4.7% 1,316 987 329 15.2% Non - Qualifying Investments Hedge funds and equity investments 5,174 4,731 443 59.3% Total investments 6,490 5,718 772 74.5% Cash and other net assets 2,225 2,225 25.5% - 8,715 7,943 772 100.0% * unquoted Statement of Total Return (incorporating the revenue account*) for the period ended 31 December 2005 For the period 10 December 2004 to 31 December 2005 Revenue Capital Total #'000 #'000 #'000 Gains on investments - 620 620 Income 145 - 145 145 620 765 Investment management fees 29 87 116 Performance fees 5 78 83 Other expenses 67 - 67 101 165 266 Return on ordinary activities before taxation 44 455 499 Tax on return on ordinary activities (13) 13 - Return on ordinary activities after tax 31 468 499 attributable to equity shareholders Return per Ordinary Share (pence) 0.41p 6.26p 6.67p All revenue and capital items in the above statement derive from continuing operations. *The revenue column of this statement is the profit and loss account of the Company. Revenue return per ordinary share is based on the net revenue after tax of #31,000, in respect of 7,481,453 ordinary shares, being the weighted average number of ordinary shares in issue during the period. Capital return per ordinary share is based on the net capital profit after tax of #468,000, in respect of 7,481,453 ordinary shares, being the weighted average number of ordinary shares in issue during the period. Balance Sheet As at 31 December 2005 2005 #'000 Fixed Assets Investments 6,490 Current Assets Trades in advance 339 Debtors 14 Cash 1,965 2,318 Creditors - amounts falling due within one year (92) Net Current Assets 2,226 Total Assets less Current Liabilities 8,716 (1) Creditors - amounts falling due after more than one year (including convertible debt) Net Assets 8,715 Capital and Reserves Called up share capital 83 Capital reserve - realised (213) Capital reserve - unrealised 681 Other reserve 83 Revenue reserve 8,081 Equity Shareholders' Funds 8,715 Net Asset Value per Ordinary Share 105.01 Diluted Net Asset Value per Ordinary Share 104.01 Net asset value per ordinary share is based on the net assets at the period end and on 8,299,300 ordinary shares, being the number of ordinary shares in issue at the period end. Diluted net asset value per ordinary share is based on the net assets at the period end and on 8,379,354 ordinary shares, being the total number of ordinary shares in issue, on a fully diluted basis, at the period end. Cash Flow Statement For the period ended 31 December 2005 For the period 10 December 2004 to 31 December 2005 #'000 Operating activities Return on ordinary activities before taxation 44 Investment management fee charged to capital (87) Performance fee to be effected through share-based payment 5 Foreign exchange gain on cash 1 Increase in debtors (14) Increase in creditors 76 Net cash inflow from operating activities 25 Capital expenditure and financial investment Purchase of investments (6,262) Proceeds from sale of investments 561 Increase in trades in advance (339) Net realised loss on forward foreign exchange contracts (154) Net cash outflow from capital expenditure and financial investment (6,194) Financing Proceeds received from issue of ordinary share capital 8,299 Expenses paid for issue of share capital (166) Proceeds received from issue of redeemable preference shares 50 Redemption of redeemable preference shares (50) Proceeds received from convertible loan notes 1 Net cash inflow from financing 8,134 Increase in cash for the period 1,965 Reconciliation of net cash flow to movement in net funds Increase in cash for the period 1,965 Net funds at start of the period - Net funds at end of the period 1,965 Notes to the Accounts For the period ended 31 December 2005 Reconciliation of Movements in Equity Shareholders' Funds 2005 #'000 Proceeds of share issues pursuant to the offers for subscription 8,299 Expenses of issue (166) Total return on ordinary activities after tax 499 Performance fee to be effected through share-based payment 83 8,715 Note The financial information set out in the announcement does not constitute the Company's statutory accounts for the period ended 31 December 2005. The statutory accounts for the period ended 31 December 2005 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. A copy of the full annual report and financial statements for the period ended 31 December 2005 will be printed and posted to shareholders. Copies will also be available to the public at the registered office of the Company at Bond Street House, 14 Clifford Street, London W1S 4JU This information is provided by RNS The company news service from the London Stock Exchange END FR PUUMACUPQGGR
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