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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 |
Interim Report Puma VCT II plc Interim Report For the six months ended 31 August 2008 Chairman's Statement Highlights * Net asset value per share of 100.72p. This represents a 3.2% decrease from year-end (adding back the 1.5p 2008 final dividend paid on 2 July 2008) compared to a decrease of 21.4% on the FTSE AIM Index for the same period. Introduction During the six months to 31 August 2008, the investment manager's conservative approach has held Puma VCT II plc's performance stable though the continuing turmoil inflicting the wider financial markets, resulting in a small drop in NAV. The fund has a remit to invest in both unquoted and AIM/Plus listed equities, but the investment manager has concentrated upon investments in unquoted companies. The focus in unquoted investments is on providing secured mezzanine finance whilst taking minimum equity risk. The fund also holds some AIM stocks where the Investment Manager considered that the fund-raising offered good medium term value. This strategy has proven to be prudent as the AIM market fell 21.4% during the six months to 31 August 2008, suffering from the continuing economic downturn affecting global financial markets. It is likely that the value of typical unquoted equities of a kind in which VCTs can invest will have fallen by the same amount or more. In the same period the Company is reporting a fall of only 3.2% (adding back the 1.5p 2008 final dividend paid on 2 July 2008) in the NAV per share which now stands at 100.72p. The fall in value is primarily attributable to the Company's AIM quoted stocks, many of which are trading at a discount to their respective net asset values. This is less to do with the quality of these companies than the continuing result of the volatility and sentiment in the stock market for smaller companies that we reported on for the period ended 29 February 2008. Existing Qualifying investments Of the existing unquoted stocks, the £1.5m investment in Cadbury House Hotel & Country Club plc (Cadbury House), the leisure centre and hotel complex near Bristol, continues to trade very well and ahead of budget. Also, Cadbury House had applied for planning permission to build an extension to the hotel containing a further 58 bedrooms and the application is expected to be considered by the relevant committees over the next few months. This should generate further value to the Company's existing investment. The Company invested £419k in Stocklight, the parent company of Bloomsbury Auctions. This investment is in mezzanine finance and is very well secured both by freehold commercial property and a well-spread inventory of rare books. Stocklight is trading profitably as a group, but the company has invested significantly in establishing a global footprint of its auction business. The auction sites in Rome and New York are taking time to generate a return, but overall our investment is secure. The value of the quoted qualifying stocks at the period end was £897,000, compared to £1,199,000 at the period ended 29 February 2008 and is responsible for the bulk of the fall in NAV in the period. This reflects the difficult market conditions facing all AIM stocks. However these stocks make up only 10.6% of the overall portfolio and we expect that at least some of the recent falls will reverse in due course. Non-qualifying investments The market value of the non-qualifying investment portfolio was £2,459,000 at the period end against an underlying book cost of £2,230,000. This portfolio consists of three elements, listed stocks, hedge funds and a non-qualifying private equity investment. Performance for this portfolio for the six months was slightly negative. The non-qualifying private equity investment is in a hotel development project on the outskirts of Winchester in the green belt. Having secured planning permission in this location we expect, in due course, to record a gain on this holding. At present we are carrying it at cost. Construction of a 120 bedroom hotel, to be a Holiday Inn Express, is expected to begin in September and to take about a year. Results and dividends As set-out in the accounts for the period ended 29 February 2008, a dividend of 1.5p per ordinary share was declared during the period and paid on 2 July 2008. 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. VAT on management fees The Government has announced that VCTs will be exempt from paying VAT on investment management fees with effect from 1 October 2008, following a European Court of Justice judgement against the Government in a case relating to VAT payable by investment trusts. This represents a prospective annual cost saving for the Company of around £37,000. More recently, the Government has conceded that VCTs will be able to obtain a repayment of VAT paid on management fees in earlier periods (the benefit of this has not been included in the current NAV). We will report on our progress in respect of this beneficial development in due course. Principal risks and uncertainties It is clear that the UK economy is in turmoil. The consequences of this for our investment portfolio constitute the principal risk and uncertainty for the Company in the second half of the year. The Board Chris Ring has resigned as a director of the Company and the Board has appointed Graham Shore, a director of Shore Capital Limited, as his replacement. Chris has been a director of Puma VCT II plc since its inception and has played a full and active role in the development of the Company. I would like thank him for his contribution. Outlook The Investment Manager continues to review opportunities as potential investee companies look for alternate sources of debt finance brought about by tighter credit conditions. The VCTs offering of mezzanine and equity finance for asset-backed growing companies continues to be attractive benefiting from the ability to increase the sum offered by spreading the investment across the five Puma VCTs. The current portfolio of private equity holdings are sustaining their strong position and limit the Company's risk exposure in qualifying investments. The AIM qualifying stocks, a small element of the portfolio, have not performed well during the period but the Investment Manager is monitoring them closely and expects at least some of current losses to reverse in due course. The investment manager is seeking new qualifying opportunities which match the risk averse mandate of the Company. The Company has sufficient cash resources to capitalise on any opportunities which arise and the timing for making investments into mezzanine in solid private companies is now much more favourable. I look forward to reporting the progress of the Company with the next Annual Report for the year ended 28 February 2009. Sir Aubrey Brocklebank Bt Chairman 28th October 2008 Income Statement (unaudited) For the six months ended 31 August 2008 Six months ended Six months ended Period ended 31 August 2008 30 June 2007 29 February 2008 Note Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Loss)/gains on investments - (396) (396) - 432 432 - (400) (400) Income 195 - 195 92 - 92 364 - 364 195 (396) (201) 92 432 524 364 (400) (36) Investment management fees 4 25 75 100 28 85 113 64 191 255 Performance fees 21 (90) (69) 3 69 72 36 (116) (80) Other expenses 46 - 46 47 - 47 110 - 110 92 (15) 77 78 154 232 210 75 285 (Loss)/return on ordinary activities before taxation 103 (381) (278) 14 278 292 154 (475) (321) Tax on return on ordinary activities (19) 19 - 3 (3) - (12) 12 - (Loss)/return on ordinary activities after tax attributable to equity shareholders 84 (362) (278) 17 275 292 142 (463) (321) (Loss)/return per Ordinary Share (pence) 2 1.01p (4.35)p (3.34)p 0.19p 3.31p 3.50p 1.72p (5.58)p (3.86)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 2008 As at As at As at 31 August 30 June 29 February Note 2008 2007 2008 £'000 £'000 £'000 Fixed Assets Investments 7 8,028 9,602 8,561 Current Assets Debtors 183 97 137 Cash 282 38 293 465 135 430 Creditors - amounts falling due within one year (70) (77) (96) Net Current Assets 395 58 334 Total Assets less Current Liabilities 8,423 9,660 8,895 Creditors - amounts falling due after more than one year (including convertible debt) (1) (1) (1) Net Assets 8,422 9,659 8,894 Capital and Reserves Called up share capital 83 83 83 Capital reserve - realised 630 331 769 Capital reserve - unrealised (508) 891 (285) Other reserve 65 286 134 Revenue reserve 8,152 8,068 8,193 Equity Shareholders' Funds 8,422 9,659 8,894 Net Asset Value per Ordinary Share 3 101.50p 116.38p 107.17p Diluted Net Asset Value per Ordinary Share 3 100.72p 112.92p 105.56p Cash Flow Statement (unaudited) For the six months ended 31 August 2008 Six months Six months Period ended ended ended 29 February 31 August 2008 30 June 2007 2008 £'000 £'000 £'000 Operating activities Investment income received 148 71 280 Investment management fees (164) (327) paid (100) Cash paid to directors (7) (7) (17) Foreign exchange gain/(loss) 18 19 on cash (2) Other cash payments (45) (54) (102) Net cash outflow from operating activities (6) (136) (147) Equity dividend paid (125) (75) (75) Capital expenditure and financial investment Purchase of investments (183) (2,832) (5,206) Proceeds from sale of 2,563 5,154 investments 347 Acquisition costs - - (1) Net realised (loss)/gain on forward foreign exchange contracts (44) 13 63 Net cash outflow from capital expenditure and financial investment 120 (256) 10 Decrease in cash (11) (467) (212) Reconciliation of net cash flow to movement in net funds Decrease in cash for the (212) period (11) (467) Net cash at start of the 505 505 period 293 Net funds at the period end 282 38 293 Reconciliation of Movements in Shareholders' Funds (unaudited) For the six months ended 31 August 2008 Called up Capital Capital share reserve- reserve- Other Revenue capital realised unrealised reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 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) Dividends paid - - - - (125) (125) Balance at 31 August 2008 83 630 (508) 65 8,152 8,422 Six months ended 30 June 2007 Balance at 1 January 2007 83 115 832 214 8,126 9,370 Total recognised (losses)/gains for the period - 216 59 72 17 364 Equity dividend paid - - - - (75) (75) Balance at 30 June 2007 83 331 891 286 8,068 9,659 For the period ended 29 February 2008 At 1 January 2007 83 115 832 214 8,126 9,370 Total recognised (losses)/gains for the period - 654 (1,117) (80) 142 (401) Equity dividend paid - - - - (75) (75) Balance at 29 February 2008 83 769 (285) 134 8,193 8,894 Notes to the Interim Report For the six months ended 31 August 2008 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 loss per share of 3.34p (30 June 2007 - return of 3.50p) is based on the loss for the period of £278,000 (30 June 2007 - profit of £292,000) and the weighted average number of shares in issue as at 31 August 2008 of 8,299,300 (30 June 2007 - 8,299,300). 3. Net asset value per share Period Net Asset Value per share Net assets Shares in issue Basic Diluted 31 August 2008 £8,422,000 8,299,300 101.50p 100.72p 29 February 2008 £8,894,000 8,299,300 107.17p 105.56p 30 June 2007 £9,659,000 8,299,300 116.38p 112.92p 4. Management fees The Company pays the Investment Manager an annual management fee of 2% (plus VAT) 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 2008 Annual Report and Accounts on page 36. There were no other related party transactions during the 6 months ended 31 August 2008. 6. The financial information for the six months ended 31 August 2008 and 30 June 2007 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 period ended 29 February 2008 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 2008 7. Investment portfolio summary Cost Valuation Gain/ Valuation as a % As at 31 August 2008 £'000 £'000 (loss) of Net Assets Qualifying investment - unquoted Albemarle Contracting Ltd 700 700 - 8% Bond Contracting Ltd 1,054 1,054 - 13% Clifford Contracting Ltd 1,040 1,040 - 12% Cadbury House Hotel & Country Club plc 1,459 1,459 - 17% Stocklight Limited 419 419 - 5% Qualifying investment - quoted @UK plc 285 17 (268) 0% Alterian plc 13 14 1 0% Clarity Commerce Solutions plc 98 30 (68) 0% I-Design Group plc 41 21 (20) 0% INVU plc 81 61 (20) 1% Mount Engineering plc 153 142 (11) 2% Patsystems plc 214 321 107 4% Sport Media plc 210 51 (159) 1% Universe Group plc 120 64 (56) 1% Vertu Motors plc 407 176 (231) 2% Total qualifying investments 6,294 5,569 (725) 66% Non-qualifying investments Hedge fund portfolio 1,289 1,586 297 19% Loan stock - interest bearing 204 230 26 3% Other quoted investments 737 643 (94) 7% Total non-qualifying investments 2,230 2,459 229 29% Total investments 8,524 8,028 (496) 95% Balance of portfolio 394 394 5% Net Assets 8,918 8,422 (496) 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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