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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 |
TIDMPMV Puma VCT II plc Interim Report For the six months ended 31 August 2009 Chairman's Statement Highlights * Undiluted net asset value per share of 102.88p. This represents a 7.5% increase from year-end. * Fully diluted net asset value per share of 101.81p. This represents a 6.4% increase from year-end. * Significant gains made on the AiM listed portfolio reflecting a recovering market. Introduction During the six months to 31 August 2009 the Company has seen a significant recovery of its holdings both in the qualifying and non-qualifying portfolios as the AiM quoted stocks recovered. In addition to the increase in value of the existing listed holdings the Investment Manager has been able to take advantage of new opportunities presented as the markets have shown signs of recovery. The Company's net asset value grew by 7.5% during the period, before accrued performance fees. The gain in value is primarily attributable to the Company's AiM quoted stocks, however some of these continue to trade at a discount to their respective net asset values and the Investment Manager hopes that the Company will continue to see a recovery in the values of these holdings in the second half. Qualifying investments The six months to 31 August 2009 have seen progress for the Company's qualifying investments. In May 2009 Cadbury House Limited, the leisure centre and hotel complex near Bristol, was granted planning permission to build an extension to the hotel containing a further 48 bedrooms. The construction is expected to commence in the next few months. As announced at the year end, the Company's holding in Clifford Contracting Limited of GBP1,039,000 has been sold in the period to Telford Homes plc in exchange for new shares and secured loan notes. This investment continues to be qualifying for VCT purposes and the exit has been targeted to coincide with the expected wind-up timetable of the VCT. Bond Contracting Limited (in which the Company has invested GBP1.05m) is in the final stages of constructing a 141 bed Hotel on the outskirts of Winchester. It is on target to complete the construction in the current year and be operational in early 2010. At 31 August 2009 the listed holdings within the Company's qualifying portfolio were valued at GBP904,000. This represents an unrealised gain of GBP326,000 over the value of GBP578,000 as at the year end. Non-qualifying investments The Investment Manager has taken advantage of new opportunities presented as the markets have shown signs of recovery, focusing on corporate bonds and other bond funds. This strategy has generated GBP41,000 in bond interest during the period, together with profits of GBP25,000 from disposal of bonds. Just subsequent to the period end the Company fully realised its fixed rate loan stock holding in Lakan investments. The loan was put in place in November 2007 and has generated an IRR of over 21% during its life. The VCT also exited from Puma Brandenburg (in which it had originally invested into at GBP1) as a result of its takeover at 60p per share by Shore Capital Group plc. The 60p exit price represented a premium of approximately 40 per cent. to the closing price on 10 June 2009, being the last practicable business day before the takeover was announced. During the period VCT and VCT II invested in GBP500,000 secured loan notes of INVU plc of which GBP204,000 was for this VCT. These loan notes bear an attractive coupon and the term coincides with the expected VCT wind-up strategy. Results and dividends As set-out in the accounts for the period ended 28 February 2009, a dividend of 2.75p per ordinary share was declared during the period and paid on 16 September 2009. Your Board is not proposing a dividend in relation to this interim period but reiterates the intention to distribute a large element of the available income and, if appropriate, realised capital gains in due course. Principal risks and uncertainties Although the UK economy has shown some limited signs of a recovery so far this year, economic risks remain. The consequences of this for our investment portfolio represent one of the principal risks and uncertainties for the Company in the second half of the year. Outlook Despite the strong performance in the period we also remain cautious of the risk of a further downturn in stock markets. Our existing private equity investments are largely in the form on secured loans and limit the Company's risk exposure. The quoted holdings have performed well during the period but the values of these still reflect the prospects for a long period of economic uncertainty and reduced liquidity in small cap stocks. However, liquidity has improved in the larger more successful holdings. Realisations and end of VCT life We are now focused on improving the liquidity of the portfolio wherever possible whilst maintaining an appropriate risk/return. The full realisations of Lakan Investments and Puma Brandenburg Ltd in the period go someway towards this. The new investments in INVU plc and Telford Homes plc have been structured consistent with the objective of achieving an orderly winding up of the VCT assets at the end of its life. As we draw near to the end of its life we are reviewing how we wind up the Fund and manage its assets in line with this requirement. To meet VCT rules, the process of formal winding up cannot begin until until 1 June 2010, 5 years on from the closing of the two VCTs' flotations. However if significant capital is realised before this point, it is the intention of the Board to distribute it. Recent Net Asset Value The fully diluted net asset value per share as at 30 September 2009 was 99.60p after the payment of the 2.75p dividend mentioned above. I look forward to reporting the progress of the Company with the next Annual Report for the year ended 28 February 2010. Sir Aubrey Brocklebank Bt Chairman 30 October 2009 Income Statement (unaudited) For the six months ended 31 August 2009 Six months ended Six months ended Year ended 31 August 2009 31 August 2008 28 February 2009 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Gains/(losses) on investments - 502 502 - (396) (396) - (970) (970) Income 158 - 158 195 - 195 402 - 402 158 502 660 195 (396) (201) 402 (970) (568) Investment management fees 4 9 27 36 25 75 100 43 130 173 Performance fees 15 73 88 21 (90) (69) (53) (81) (134) Other expenses 28 - 28 46 - 46 86 - 86 52 100 152 92 (15) 77 76 49 125 Return /(loss) on ordinary activities before taxation 106 402 508 103 (381) (278) 326 (1,019) (693) Tax on return on ordinary activities (19) 19 - (19) 19 - (48) 48 - Return /(loss) on ordinary activities after tax attributable to equity shareholders 87 421 508 84 (362) (278) 278 (971) (693) Return /(loss) per Ordinary Share (pence) 2 1.05p 5.07 p 6.12p 1.01p (4.35)p (3.34)p 3.33p (11.69)p (8.36)p The revenue 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 2009 As at As at As at 31 August 31 August 28 February Note 2009 2008 2009 GBP'000 GBP'000 GBP'000 Fixed Assets Investments 7 8,024 8,028 6,457 Current Assets Debtors 159 183 93 Cash 400 282 1,446 559 465 1,539 Creditors - amounts falling due within one year (44) (70) (53) Net Current Assets 515 395 1,486 Total Assets less Current Liabilities 8,539 8,423 7,943 Creditors - amounts falling due after more than one year (including convertible debt) (1) (1) (1) Net Assets 8,538 8,422 7,942 Capital and Reserves Called up share capital 83 83 83 Capital reserve - realised 710 630 723 Capital reserve - (1,210) unrealised (776) (508) Other reserve 88 65 - Revenue reserve 8,433 8,152 8,346 Equity Shareholders' Funds 8,538 8,422 7,942 Net Asset Value per Ordinary Share 3 102.88p 101.50p 95.70p Diluted Net Asset Value per Ordinary Share 3 101.81p 100.72p 95.70p Cash Flow Statement (unaudited) For the six months ended 31 August 2009 Six months Six months ended Year ended ended 31 August 28 February 31 August 2009 2008 2009 GBP'000 GBP'000 GBP'000 Operating activities Investment income received 153 148 449 Investment management fees paid (87) (100) (182) Cash paid to directors (7) (7) (14) Foreign exchange loss on cash - (2) - Other cash payments (42) (45) (71) Net cash inflow/(outflow) from operating activities 17 (6) 182 Equity dividend paid - (125) (125) Capital expenditure and financial investment Purchase of investments (2,721) (183) (384) Proceeds from sale of 1,551 investments 1,655 347 Net realised gain/(loss) on forward foreign exchange contracts 2 (44) (70) Net cash (outflow)/inflow from capital expenditure and financial investment (1,064) 120 1,097 (Decrease)/increase in cash (1,047) (11) 1,154 Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash for 1,154 the period (1,047) (11) Net cash at start of the period 1,447 293 293 Net funds at the period end 400 282 1,447 Reconciliation of Movements in Shareholders' Funds (unaudited) For the six months ended 31 August 2009 Called up Capital Capital share reserve- reserve- Other Revenue capital realised unrealised reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Six months ended 31 August 2009 Balance at 1 March 2009 83 723 (1,210) - 8,346 7,942 Total recognised (losses)/gains for the period - (13) 434 88 87 596 Balance at 31 August 2009 83 710 (776) 88 8,433 8,538 Six months ended 31 August 2008 Balance at 1 March 2008 83 769 (285) 134 8,193 8,894 Total recognised (losses)/gains for the period - (139) (223) (69) 84 (347) Equity dividend paid - - - - (125) (125) Balance at 31 August 2008 83 630 (508) 65 8,152 8,422 For the year ended 28 February 2009 Balance at 1 March 2008 83 769 (285) 134 8,193 8,894 Total recognised (losses)/gains for the period - (46) (925) (134) 278 (827) Equity dividend paid - - - - (125) (125) Balance at 28 February 2009 83 723 (1,210) - 8,346 7,942 Notes to the Interim Report For the six months ended 31 August 2009 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" ("SORP") December 2005. Although this SORP principally applies to Investment Trusts, many of the characteristics of Investment Trusts are shared by VCTs therefore the Company will continue to follow the SORP until investment company status is revoked. 2. Return per Ordinary Share The total return per share of 6.12p (31 August 2008 - loss of 3.34p) is based on the profit for the period of GBP508,000 (31 August 2008 - loss of GBP278,000) and the weighted average number of shares in issue as at 31 August 2009 of 8,299,300 (31 August 2008 - 8,299,300). 3. Net asset value per share +-------------------------------------------------------------------+ | | | | Net Asset Value per | | | | | share | | |------------+---------------+-----------------------| | | Net assets | Shares in | Basic | Diluted | | Period | | issue | | | |--------------+------------+---------------+-----------+-----------| | 31 August | GBP8,538,000 | 8,299,300 | 102.88p | 101.81p | | 2009 | | | | | |--------------+------------+---------------+-----------+-----------| | 28 February | GBP7,942,000 | 8,299,300 | 95.70p | 95.70p | | 2009 | | | | | |--------------+------------+---------------+-----------+-----------| | 31 August | GBP8,422,000 | 8,299,300 | 101.50p | 100.72p | | 2008 | | | | | +-------------------------------------------------------------------+ 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. Related Party Transactions Related party transactions are described the 2009 Annual Report and Accounts on page 38. There were no other related party transactions during the 6 months ended 31 August 2009. 6. The financial information for the six months ended 31 August 2009 and 31 August 2008 has not been audited and does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 28 February 2009 has been extracted from the company's full financial statements for the period then ended that have been delivered to the Registrar of Companies, and on which the report of the Auditors was unqualified. The interim financial statements have been prepared on the same basis as the annual financial statements. Notes to the Interim Report continued For the six months ended 31 August 2009 7. Investment portfolio summary Cost Valuation Gain/ Valuation as a % As at 31 August 2009 GBP'000 GBP'000 (loss) of Net Assets Qualifying investment - unquoted Albemarle Contracting Ltd 700 700 - 8% Bond Contracting Ltd 1,054 1,054 - 12% Cadbury House Hotel & Country Club plc 1,459 1,459 - 17% Stocklight Limited 419 419 - 5% Telford Homes Ltd 1,039 1,039 - 12% Qualifying investment - quoted @UK plc 285 1 (284) 0% Alterian plc 13 17 4 0% Clarity Commerce Solutions plc 98 72 (26) 1% I-Design Group plc 41 7 (34) 0% INVU plc 81 6 (75) 0% Mount Engineering plc 153 113 (40) 1% Patsystems plc 214 356 142 4% Sport Media plc 210 13 (197) 0% Universe Group plc 120 47 (73) 1% Vertu Motors plc 407 272 (135) 3% Total qualifying investments 6,293 5,575 (718) 65% Non-qualifying investments - unquoted INVU plc 204 204 - 2% Lakan Investments Limited 58 72 14 1% Non-qualifying investments - quoted Anglo American Bonds 159 161 2 2% Artemis Strategic Bonds 102 124 22 1% Blackrock UK Emerging Cos Hedge Fund Limited 378 493 115 6% Brevan Howard Macro 169 182 13 2% Cazenove Strategic Bond Fund 204 232 28 3% Cazenove UK Dynamic Absolute UK 170 180 10 2% Jupiter Strategic Bonds 204 255 51 3% Puma Brandenburg Limited 397 226 (171) 3% Rio Tinto Finance Plc Bonds 107 107 - 1% The Hotel Corporation plc 283 213 (70) 2% Total non-qualifying investments 2,435 2,449 14 29% Total investments 8,728 8,024 (704) 94% Balance of portfolio 514 514 6% Net Assets 9,242 8,538 (704) 100% =--END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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