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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:8736R PUMA VCT II plc 28 September 2005 Puma VCT II plc Interim Results for the Period Ended 30 June 2005 Highlights * #20.4 million subscribed in Puma VCT plc and Puma VCT II plc since launch. * Net asset value per share of 98.20p for Puma VCT II plc. * One qualifying investment made during the period, totaling #1.2 million between the two VCTs. * A further qualifying investment of #525,000 made following the period end, with another investment close to completion. * Strong performance of alternative asset investments since the end of the period. Sir Aubrey Brocklebank Bt of Puma VCT II plc said: "The Company's investment manager, Shore Capital, currently has a strong deal flow of interesting opportunities and the capital raised will enable the Company to continue making new investments at a phase of the economic cycle that both the Board and the Manager expect to be advantageous. In the meantime, the investment manager believes the non-qualifying investments will produce good risk adjusted returns." 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 Introduction This is my first statement following the incorporation of the Company on 20 December 2004 and I would like to welcome all new shareholders to Puma VCT II plc. This period has largely been concerned with fund raising but I am pleased to report that several investments have been made. Between them, Puma VCT and Puma VCT II raised #20.4 million, of which #8.3 million was raised in Puma VCT II plc, making the overall fund raising one of the more successful VCT fund raisings since launch in January 2005. The two VCTs will make the same investments pro-rata to their respective sizes. The costs of the launch were set at 2 per cent of the gross funds raised, the initial net asset value per share was therefore 98p. Results and Investments The Investment Manager, Shore Capital, has made one unquoted qualifying investment of #1.2 million on behalf of both VCTs in the period which is approximately 6% of funds raised. 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. Since the period end, we have invested #525,000 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. We have another investment in a qualifying company close to completion and a strong deal flow of others. Of the remaining portfolio, 35% was invested in a portfolio of hedge funds and most of the remainder in cash. The Directors do not propose to recommend an interim dividend for the period. When the portfolio is more fully established and as capital profits are realised, the Directors intend to adopt a policy of distributing substantially all of the available income and capital gains. At the period end the net asset value per share was 98.20p. Since the period end the net asset value of the portfolio has further increased which is expected to be reflected in the announcement of the next quarter end net asset value per share, expected at the end of October. Outlook The Company's investment manager, Shore Capital, currently has a strong deal flow of interesting opportunities and the capital raised will enable the Company to continue making new investments at a phase of the economic cycle that both the Board and the Manager expect to be advantageous. In the meantime, the investment manager believes the non-qualifying investments will produce good risk adjusted returns. Sir Aubrey Brocklebank Bt Chairman 28 September 2005 Statement of Total Return (incorporating the revenue account) for the period ended 30 June 2005 (unaudited) For the period 20 December 2004 to 30 June 2005 Revenue Capital Total Note #'000 #'000 #'000 Gains on investments - 25 25 Investment income 34 - 34 34 25 59 Management fees 4 7 20 27 Other expenses 15 - 15 22 20 42 Return on ordinary activities before taxation 12 5 17 Tax on ordinary activities - - - Return for the period on ordinary activities attributable to equity shareholders 12 5 17 Return per share 2 0.14p 0.06p 0.20p 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 As at 30 June 2005 (unaudited) As at 30 June 2005 Note #'000 Fixed Assets Investments 7 3,584 Current Assets Accrued income 2 Cash 4,755 4,757 Creditors - amounts falling due within one year (190) Net Current Assets 4,567 Total Assets less Current Liabilities 8,151 Creditors - amounts falling due after more than one year (1) 8,150 Capital and Reserves Called up share capital 6 81 Share premium account 6 8,052 Capital reserve - realised 6 (17) Capital reserve - unrealised 6 22 Revenue reserve 6 12 Equity Shareholders' Funds 8,150 Net Asset Value per Share 98.20p Cash Flow Statement For the period ended 30 June 2005 (unaudited) For the period 20 December 2004 to 30 June 2005 #'000 Profit for the period 12 Investment management fee charged to capital (20) Foreign exchange gain on cash 2 Increase in debtors (2) Increase in creditors 190 Net realised loss on forward foreign exchange contracts (46) Net cash inflow from operating activities 136 Capital receipts and financial investment Purchase of investments (3,637) Proceeds from sale of investments 122 Net cash outflow from capital receipts and financial investment (3,515) Financing Net proceeds received from issue of ordinary share capital 8,299 Expenses paid for issue of share capital (166) Proceeds received from convertible loan notes 1 Net cash inflow from financing 8,134 Increase in cash 4,755 Reconciliation of net cash flow to movement in net cash Increase in cash for the period 4,755 Net cash at start of the period - Net cash at end of the period 4,755 Notes to the Interim Report For the period ended 30 June 2005 1. The accounts of the Company are prepared in accordance with Accounting Standards applicable in the United Kingdom. The accounting policies used in preparing this report are consistent with those that will be adopted at the year-end. All quoted investments are valued on a bid basis. 2. The total return per share of 0.20p is based on the profit for the period of #17,000 and the number of shares in issue as at 30 June 2005 of 8,299,100. 3. The net asset value per share of 98.20p is based on net assets of #8,150,000 and on 8,299,100 shares in issue. 4. 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. The financial information contained in the 30 June 2005 statement of total return, balance sheet and cash flow statement does not constitute full financial statements and has not been audited. 6. Movements in equity shareholders' funds Called up Share Capital Capital Total for share premium reserve- reserve- Revenue the period realised unrealised reserve ended capital account 30 June 2005 #'000 #'000 #'000 #'000 #'000 #'000 Balance at start of the - - - - - - period Share issues in the period 81 8,052 - - - 8,133 Net (decrease)/increase in the value of investments - - 3 22 - 25 Management fees charged to capital - - (20) - - (20) Profit for the period - - - - 12 12 Balance at end of the 81 8,052 (17) 22 12 8,150 period 7. Investment portfolio summary Cost Valuation Valuation as a % of #'000 #'000 Net Assets As at 30 June 2005 Qualifying investment - unquoted 488 488 6% Non-qualifying investments Hedge fund portfolio - quoted 2,805 2,871 35% Other quoted investments 224 225 3% Total non-qualifying investments 3,029 3,096 38% Total investments 3,517 3,584 44% Balance of portfolio 4,566 4,566 56% Net Assets 8,083 8,150 100% This information is provided by RNS The company news service from the London Stock Exchange END IR LPMBTMMTTBLA
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