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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 |
Preliminary Results For immediate release 28 April 2008 Puma VCT II plc Unaudited Preliminary Final Results for the Period Ended 29 February 2008 Highlights * Fully diluted NAV per share of 105.56p for Puma VCT II plc at period end (up 8.6% since inception including dividends, down 3.5% for the period). * Nine qualifying investments made in 2007/08, achieving its 70% qualifying investment target. * Dividend of 1.5p proposed per Ordinary Share. Sir Aubrey Brocklebank Bt of Puma VCT II plc said: "The defensive qualities of the Puma VCT II plc's investments have enabled a resilient performance with only a small drop in NAV. This was despite the well reported turmoil inflicting the wider financial markets and was considerably better than most of its peers, reflecting the investment manager's conservative approach." 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 and Plus Markets 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 defensive qualities of the Puma VCT II plc's investments have enabled a resilient performance with only a small drop in NAV. This was despite the well reported turmoil inflicting the wider financial markets and was considerably better than most of its peers, reflecting the investment manager's conservative approach. In a year where the AiM market fell 17 per cent from its peak in July, the Company is reporting a 3.5 per cent fall in diluted NAV per share (including the 2006 final dividend) for the 14 month period, which now stands at 105.56p. Although on an absolute return basis this is disappointing, in the current environment the focus must be on ensuring that the Company is not too exposed to the vagaries of the markets and that the private equity investments can weather any economic down-turn. Most of the drop in value arises from our investments in AiM stocks which in many cases are trading at a discount to their asset value. This is more the result of the volatility and sentiment in the stock market for smaller companies than the quality of the companies concerned and I would expect these prices to return to more sensible levels in due course. To this extent I am comfortable that the Investment Manager has successfully delivered against its mandate and is conservatively building a robust portfolio of investments that should protect investors' capital. Venture capital investments The Company completed nine qualifying transactions during the period. Three of these are private equity deals with companies in which Puma VCT II plc already had an investment. Given the current uncertainties, it is undoubtedly a sensible approach to stick with the companies and entrepreneurs whom are well known to the Investment Manager. The new AiM investments were relatively small amounts, representing less than 6 per cent of the total qualifying portfolio (c4 per cent of total NAV). Puma VCT II plc originally invested £489,000 into Cadbury House Hotel & Country Club Limited in June 2005. The Company subsequently follow-on invested £916,000 in two tranches, with the second investment occurring in April 2007. In June, Cadbury House opened the doors to the newly built 72 bed hotel extension and it has subsequently outperformed expectations with respect to occupancy and room rates. Given the success of the leisure club, it was proposed that an extension should be built to expand capacity. This presented the Company with an opportunity to exit its original investment with an 88 per cent return after two years and to reinvest further amounts as secured mezzanine. As you may recall, Puma VCT II plc invested in the parent company of Bloomsbury Auctions Limited, at the end of 2006. Bloomsbury Auctions is Europe's largest specialist book auctioneer, which during the year has successfully launched additional departments in the UK (away from books) and opened new auction rooms in Rome and New York. As a result of the progress made, the company sought further amounts to fund working capital requirements. Puma VCT II plc invested £140,000 as part of a £1 million financing round. At 28 February 2008, the Company's qualifying portfolio had a total cost of £6,532,000 and was valued at £5,871,000 resulting in an unrealised loss of £481,000. Further details are set out in the Investment Manager's Report and the Largest Investments on pages 5 to 12. The Company now has 73.4 per cent invested in qualifying investments, which meets the Inland Revenue requirement to have at least 70 per cent in qualifying investments by the end of year three. Non-qualifying investments The Investment Manager has invested the non-qualifying investments on an absolute return basis. The market value was £2,690,000 at year-end against an underlying book cost of £2,375,000. The performance was flat in the non-qualifying portfolio in 2007 as a result of the turbulent markets, reflecting which the Company retains a high level of cash. Results and dividend The net total loss for the period was £321,000. Gross revenue for the period was £364,000 and net revenue return after taxation was £142,000. The Board proposes a final dividend of 1.5p per Ordinary Share. The ex-dividend date will be 7 May 2008 and the record date 9 May 2008. Payment will be made to shareholders by 2 July 2008. Annual General Meeting The Annual General Meeting of the Company will be held at Bond Street House, 14 Clifford Street, London, W1S 4JU on 27 June 2008 at 10:05am. Notice of the Annual General Meeting and Form of Proxy are included with the annual accounts. Outlook As discussed later on in the Investment Manager's Report, in many respects the fall-out from tighter credit conditions is expected to present more opportunities to Puma VCT II plc as potential investee companies look for alternative sources of debt finance and should have more realistic expectations on valuations, whether that be in a private or listed capacity. The existing private equity investments have performed well and we are comfortable with the risk exposure in these going forward. The AiM investments make up only 14 per cent of the overall portfolio. On a medium term view it is still considered that they represent sound defensive investments, however, we will monitor them very closely. Sir Aubrey Brocklebank Bt Chairman Investment Manager's Report Overall Performance The Company's relatively lower risk investment mandate has clearly been tested in the preceding eight months as significant increases in volatility and widespread negative sentiment dragged down the financial markets. It is against this backdrop that we are pleased to report that the diluted NAV per share performed relatively well, dropping from 110.32p to 105.56p representing a 3.5 per cent fall after taking into account the 2006 dividend. This compares favourably against the fall of 17 per cent in the FTSE AiM index from its high in July and we believe supports our investment decisions to date. Notwithstanding this, the results are disappointing as our investors expect an absolute return on their capital. We are, however, comfortable with the current portfolio of investments and expect that recent falls will be corrected in the medium term whilst at the same time new investments will improve overall returns. The well documented difficulties faced by hedge funds after July impacted on the performance of the non-qualifying portfolio as did adverse market sentiment on property stocks. The hedge fund investments ended the period with a positive overall return of 4.3 per cent. During the period the amount invested in hedge funds was reduced by over 67 per cent as a result of increasing concern over the turmoil in markets as a whole. The decline in the remaining non-qualifying investments, which off-set the hedge fund gains, was due to falls in property share prices trading at deep discounts to net asset values. We believe that the discounts to net asset values shown on these stocks should protect investors against further shocks and we would expect valuations to rise over the next three years. New Qualifying Investments During 2007, we considered literally hundreds of opportunities for the Company's qualifying portfolio, meeting numerous management teams every week. It is therefore a reflection of our cautious approach, in accordance with our mandate, that we did not get carried away by the frenetic activity associated with the AiM market in the first half of the year. This has left us relatively well positioned, given the subsequent decline in values across the board. Therefore, it should perhaps be of little surprise that of the nine new qualifying transactions completed by Puma VCT II plc four of these related to companies in which we already had an investment. In turbulent and uncertain times it has been hugely reassuring to have the opportunity to invest in businesses and management teams that we know very well. Puma VCT II plc's first qualifying investment in 2007 was the second tranche of the Company's £789,000 senior debt investment in Cadbury House Hotel & Country Club Limited. Cadbury House opened its 72 bed hotel wing in June which brings to an end a £17 million development project that started in June 2005. The management team have continued to deliver excellent results from all aspects of the business which includes conference and banqueting and a leisure club. The overwhelming success of the leisure club in growing membership led to a proposal to build an extension to increase capacity. To facilitate the financing and to crystallise a gain, the investment was restructured in November. The Puma VCT II plc's original investment of £489,000 was exited at £916,000 million, an 88 per cent return in just over two years. The Company reinvested £670,000 of this amount into more secure loan notes, with an attractive coupon. Puma VCT II plc invested in Bond Contracting Limited in the first half of 2007. Bond Contracting was set-up to acquire companies or to operate within the leisure sector and actively sought to enter into contracting arrangements during the year. We are pleased to report that the company has recently entered into its first significant construction contract within this space. Between April and July, Puma VCT II plc invested a total of £426,000 in five AiM quoted companies: Universe Group Plc, Mount Engineering Plc, Mediasurface Plc, Invu Plc and i-Design Plc. Just under a third of this amount was invested in Mount Engineering Plc a provider of engineering equipment, principally to the oil and gas sector. We are pleased to report that the share price has held firm against the wider market decline. The business has many of the defensive qualities we look for, was reasonably priced and the management team are backable. The other new AiM investments proved less resilient to the general market down-turn. These represent only 4.4 per cent of the Company's NAV and therefore the exposure is well contained and did not unduly impact Puma VCT II plc's performance. The Company's second investment in what was Interactive World plc (now Sport Media plc) has proved more disappointing despite the underlying business meeting expectations. Puma VCT II plc's original investment, in this distributor and aggregator of media content to mobile phones, had been performing satisfactorily, with the share price being supported by strong cash generation and management delivering against all forecasts. In August this year, the Company invested a further £140,000, as part of a £63 million fundraising, in a deal to acquire the Sports Newspaper Group (the combined group has been renamed Sport Media Group Plc). The business has strong cash flows in both parts of the merged group (reflected in a good dividend) and management made a case for a turn-around story. Most of the £63 million raised was placed with non-VCTs giving the stock a higher capitalisation which should improve its liquidity in the medium term. Puma VCT II plc's final qualifying investment of 2007 was another follow-on investment in one of our existing private investee companies. Stocklight Limited is the parent company of Bloomsbury Auctions, which has made great progress expanding its auction business both in the UK and overseas. The company successfully launched a new auction room in New York and Rome, whilst maintaining momentum with the more established London business. The Company invested £140,000, taking the total investment to £419,000. In keeping with our mandate, most of the investment is in the form of secured loan notes and we are comfortable with the security provided by a significant asset base. During the period the Company has invested in two qualifying companies, Clifford Contracting Limited and Albemarle Contracting Limited. Both Albemarle Contracting Limited and Clifford Contracting Limited have been actively pursuing opportunities to either acquire companies or to operate within the business consultancy sector and we expect news of positive developments over the coming months. Existing Qualifying Investments The investments discussed above represent c.88 per cent of the qualifying portfolio with the balance consisting of four further existing investments, quoted on AiM: patsystems Plc, Vertu Motors plc, @UK plc and Clarity Commerce Solutions plc. patsystems plc and Vertu Motors plc represented c.92 per cent of these investments at year end NAVs. Vertu Motors plc is delivering on its strategy as a consolidator of motor dealerships. Its largest acquisition to date, of the Bristol Street Motors group for £40 million, together with several smaller ones has propelled it to be the 10th largest dealership in the UK. The industry remains very fragmented, offering opportunities for further acquisitions. The management are strong (ex Reg Vardy) and the share price is underpinned by considerable fixed asset backing. However, negative sentiment on the sector, a result of disappointing results from the larger players and concerns about the consumer, has dragged down the share price. We still believe that the company offers strong fundamentals on a medium term view but will continue to monitor closely. Given the relatively large position we have in Vertu, one factor we took into account when making the investment decision was that the vast majority of the shares placed were with non-VCT shareholders, which should greatly facilitate our eventual exit. Patsystems plc provides derivatives trading software products and solutions to financial institutions. The company continues to perform well, delivering results which met all expectations. Despite the problems faced by its customer base, patsystems is well positioned to weather the storm, as a high proportion of its revenues are recurring and effectively booked, whilst additional growth is expected from its risk management system. Although the share price is off its highs set in May (in part caused by bid speculation), it has been a strong performer, ending the year up c.60 per cent. Outlook We believe that the Company remains well positioned in the year ahead both in respect of its existing portfolio and the opportunities that we expect will emerge as a result of tighter credit markets. In 2007, when banks were lending loosely and new fundraisings on AiM were placed relatively easily, we stayed on the side-lines whilst risk was being priced incorrectly. Companies seeking secured mezzanine financing in 2008 will struggle to find such accommodating bankers. As a result of this we expect to see increasing deal flow to invest in robust companies with more realistic price expectations. A deeper macroeconomic decline than currently expected will undoubtedly present challenges for our current investments but we are confident that their defensive attributes will protect our capital. Shore Capital Limited Unaudited Investment Portfolio Summary As at 29 February 2008 Unaudited Original Valuation Cost Gain/(Loss) Valuation as Investment £'000 £'000 £'000 % of NAV Qualifying Investments - Unquoted Albemarle Contracting Limited 700 700 - 8% Bond Contracting Limited 1,054 1,054 - 12% Cadbury House Limited 1,459 1,459 - 16% Clifford Contracting Limited 1,040 1,040 - 12% Stocklight Limited 419 419 - 5% Qualifying Investments - Quoted @UK plc 19 285 (266) 0% Clarity Commerce Solutions plc 38 98 (60) 0% I-Design Group plc 33 41 (8) 0% INVU plc 65 81 (16) 1% Mediasurface plc 13 71 (58) 0% Mount Engineering plc 148 153 (5) 2% patsystems plc 385 214 171 4% Sport Media Group plc 130 210 (80) 1% Universe Group plc 90 120 (30) 1% Vertu Motors plc 278 407 (129) 3% Total Qualifying Investments 5,871 6,352 (481) 66% Non - Qualifying Investments - Unquoted Lakan Investments Limited 218 204 14 2% Non - Qualifying Investments - Quoted Puma Absolute Return Fund Limited 1,105 911 194 12% Puma Brandenburg Limited 309 397 (88) 3% The Hotel Corporation plc 467 283 184 5% Other hedge funds and equity investments 591 580 11 7% Total Non - Qualifying Investments 2,690 2,375 301 30% Total investments 8,561 8,727 (180) 96% Cash and other net assets 333 333 - 4% 8,894 9,060 (166) 100% Unaudited Income Statement For the period ended 29 February 2008 Unaudited Audited Period ended For the year to 29 February 2008 31 December 2006 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains on - 752 752 investments - (400) (400) Income 364 - 364 206 - 206 364 (400) (36) 206 752 958 Investment management 54 162 216 fees 64 191 255 Performance fees 36 (116) (80) 12 119 131 Other expenses 110 - 110 87 - 87 210 75 285 153 281 434 Return on ordinary activities before taxation 154 (475) (321) 53 471 524 Tax on return on ordinary activities (12) 12 - (8) 8 - Return on ordinary activities after tax attributable to equity shareholders 142 (463) (321) 45 479 524 Basic and diluted return per Ordinary Share (pence) 1.72p (5.58)p (3.86)p 0.54p 5.77p 6.31p The total column represents the profit and loss account and the revenue and capital columns are supplementary information. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. No separate Statement of Total Recognised Gains and Losses is presented as all gains and losses are included in the Income Statement. Unaudited Balance Sheet As at 29 February 2008 Unaudited Audited As at As at 29 February 2008 31 December 2006 £'000 £'000 Fixed Assets Investments 8,561 8,962 Current Assets Debtors 137 53 Cash at bank and in hand 293 505 430 558 Creditors - amounts falling due within one year (96) (149) Net Current Assets 334 409 Total Assets less Current Liabilities 8,895 9,371 Creditors - amounts falling due after more than one year (including convertible debt) (1) (1) Net Assets 8,894 9,370 Capital and Reserves Called up share capital 83 83 Capital reserve - realised 769 115 Capital reserve - unrealised (285) 832 Other reserve 134 214 Revenue reserve 8,194 8,126 Equity Shareholders' Funds 8,895 9,370 Net Asset Value per Ordinary Share 107.17p 112.90p Diluted Net Asset Value per Ordinary Share 105.56p 110.32p Unaudited Cash Flow Statement For the period ended 29 February 2008 Unaudited Audited Period ended For the year to 29 February 2008 31 December 2006 £'000 £'000 Operating activities Investment income received 280 167 Investment management fees paid (327) (157) Cash paid to Directors (17) (14) Foreign exchange (loss)/gain on 19 (36) cash Other cash payments (102) (67) Net cash outflow from operating activities (147) (107) Equity dividend paid (75) - Capital expenditure and financial investment Purchase of investments (5,206) (4,564) Proceeds from sale of investments 5,154 2,492 Decrease in trades in advance - 339 Acquisition costs (1) (3) Net realised gain on forward foreign exchange contracts 63 383 Net cash outflow from capital expenditure and financial investment 10 (1,353) Outflow in the period (212) (1,460) Reconciliation of net cash flow to movement in net funds Decrease in cash for the period (212) (1,460) Net cash at start of the period 505 1,965 Net funds at the period end 293 505 Unaudited Reconciliation of Movements in Shareholders' Funds For the period ended 29 February 2008 Unaudited For the period ended 29 February 2008 Called Capital Capital up reserve- reserve- Other Revenue share realised unrealised reserve reserve capital £'000 £'000 £'000 £'000 Total £'000 £'000 At 1 January 2007 83 115 832 214 8,126 9,370 Total recognised gains for the period - 653 (1,117) (80) 143 (401) Equity dividend paid - - - - (75) (75) At 29 February 2008 83 768 (285) 134 8,194 8,894 Audited For the year to 31 December 2006 Called Capital Capital up reserve- reserve- Other Revenue share realised unrealised reserve reserve capital £'000 £'000 £'000 £'000 Total £'000 £'000 At 1 January 2006 83 (213) 681 83 8,081 8,715 Total recognised gains for the year - 328 151 131 45 655 At 31 December 2006 83 115 832 214 8,126 9,370 Unaudited Notes to the Accounts For the period ended 29 February 2008 1. Change in accounting policies This preliminary announcement has been prepared on the basis of the accounting policies set out in the 2006 accounts, with the exception of the adoption of the new Financial Reporting Standard ("FRS") 29, that has been issued by the Accounting Standards Board as part of the convergence process between United Kingdom Generally Accepted Accounting Practice with International Financial Reporting Standards ("IFRS"). The adoption of this standard has not resulted in any restatements of prior year figures as the standard's provisions relate to disclosure only, these have not been presented within this announcement. All other accounting policies have been applied consistently during the current and prior years. 2. Basic and diluted return per Ordinary Share Unaudited Audited Period ended 29 February 2008 Year ended 31 December 2006 Revenue Capital Total Revenue Capital Total Return 143,000 (463,000) (320,000) 45,000 479,000 524,000 for the period Weighted 8,299,300 8,299,300 8,299,300 8,299,300 8,299,300 8,299,300 average number of shares Return 1.72p (5.58)p (3.86)p 0.54p 5.77p 6.31p per Ordinary Share The total return per ordinary share is the sum of the revenue return and capital return. 3. Net Asset Value per Ordinary Share Unaudited Audited 29 February 2008 31 December 2006 Basic Diluted Basic Diluted Net assets (£) 8,894,000 8,894,000 9,370,000 9,370,000 Number of Ordinary Shares 8,299,300 8,425,540 8,299,300 8,493,347 Net Assets Value per 107.17p 105.56p 112.90p 110.32p Ordinary Share (p) Unaudited Audited Calculation of number of Period ended 29 Year to 31 shares February 2008 December 2006 Basic Diluted Basic Diluted Number of Ordinary Shares 8,299,300 8,299,300 8,299,300 8,299,300 Dilutive effect of - 126,240 - 194,047 performance fee At period/year-end 8,299,300 8,425,540 8,299,300 8,493,347 4. Reconciliation of total return before capital expenditure and financing and costs to net cash inflow from operating activities Unaudited Audited Period ended Year to 31 29 February December 2008 2006 £'000 £'000 Total return before taxation (320) 524 Losses/(gains) on investments 400 (752) Increase in debtors (84) (39) (Decrease)/increase in creditors (82) 65 Foreign exchange gain/(loss) on cash 19 (36) Performance fee to be effected through (80) 131 share-based payment Net cash outflow from operating activities (147) (107) 5. Income Unaudited Period ended Audited 29 February Year to 31 December 2008 2006 £'000 £'000 Income from investments Loan stock interest 238 101 Dividend income 60 20 Investment fee rebate 21 38 319 159 Other income Bank deposit interest 45 47 364 206 6. Dividends Record date Date of Paid of dividend payment per share 2006 final revenue dividend 4 May 2007 1 June 2007 0.9p Proposed 2008 final revenue 9 May 2008 2 July 2008 1.5p dividend 7. The financial information set out in the announcement does not constitute the Company's statutory accounts for the period ended 29 February 2008 or the year ended 31 December 2006. The financial information for the year ended 31 December 2006 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditor's report was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The auditors are yet to report on the statutory accounts for the period ended 29 February 2008. The statutory accounts for the period ended 29 February 2008 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 29 February 2008 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. The financial information contained within this preliminary announcement was approved by the board on 25 April 2008. - ---END OF MESSAGE---
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