Downing Planned Exit VCT 3 PLC : Interim Management Statement
21 12월 2011 - 3:38AM
UK Regulatory
TIDMDPV3
Downing Planned Exit VCT 3 plc
Interim Management Statement
for the quarter ended 31 October 2011
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Downing Planned Exit VCT 3 plc presents an Interim Management
Statement for the quarter period ended 31 October 2011. The statement also
includes relevant financial information between the end of the period and the
date of this statement.
Offer for Subscription
On 12 October 2011, the Company launched a joint Offer for Subscription with
Downing Planned Exit VCT 2 plc seeking to raise up to GBP20 million by the
creation of a new E Share class.
A General Meeting was held on 16 November 2011 seeking Shareholder approval for
resolutions in connection with the new Offer for Subscription. All resolutions
were approved.
Dividends paid or declared in the period
Interim dividends of 2.5p per 'C' Share and 2.5p per 'D' Share were paid on 25
November 2011. No other dividends were paid or declared during the 3 months to
31 October 2011 or in the period from 1 November 2011 to the date of this
announcement.
Performance
'C' Share Pool
31 Oct 31 Jul 30 Apr 31 Jan
2011 2011 2011 2011
Pence Pence Pence Pence
NAV per 'C' Share 88.7 88.6 93.0 92.8
NAV per 'A' Share 0.1 0.1 0.1 0.1
Cumulative distributions per C Share 10.0 10.0 5.0 5.0
------------------------------------
Total Return per 'C' Share and 'A' Share* 98.8 98.7 98.1 97.9
------------------------------------
'D' Share Pool
31 Oct 31 Jul 30 Apr 31 Jan
2011 2011 2011 2011
Pence Pence Pence Pence
NAV per 'D' Share 87.7 91.6 94.4 93.5
NAV per 'E' Share 0.1 0.1 0.1 0.1
Cumulative distributions per D Share 5.0 5.0 2.5 2.5
------------------------------------
Total Return per 'D' Share and 'E' Share* 92.8 96.7 97.0 96.1
------------------------------------
* NAV plus cumulative dividends paid to date
Investment portfolio summary at 31 October 2011
Portfolio investments by value
'C' Share pool
Movement
from
1 Aug 2011 to
Cost Valuation 31 Oct 2011
GBP'000 GBP'000 GBP'000
------------------------------------
Qualifying venture capital investments
Bijou Wedding Venues Limited 815 815 -
Future Biogas (SF) Limited 627 627 -
Atlantic Dogstar Limited 429 429 -
Redmed Limited* 438 438 -
East Dulwich Tavern Limited 344 307 (37)
Westow House Limited 304 304 -
The 3D Pub Co Limited 267 267 -
Domestic Solar (ISIS) Limited* 500 500 -
Ecossol Limited 250 250 -
Quadrate Catering Limited* 290 290 -
Quadrate Spa Limited* 258 258 -
Mosaic Spa and Health Clubs Limited* 125 125 -
Chapel Street Food and Beverage Limited 50 50 -
Chapel Street Services Limited 50 50 -
------------------------------------
4,747 4,710 (37)
------------------------------------
Non qualifying venture capital investments
Hoole Hall Country Club Holdings Ltd 581 581 -
The Thames Club Limited 500 500 -
Honeycombe Pubs VCT Limited 175 175 -
Vermont Developments Limited 25 25 -
Commercial Street Hotel Limited 12 12 -
Chapel Street Hotel Limited 2 2 -
------------------------------------
1,295 1,295 -
------------------------------------
------------------------------------
Total 6,042 6,005 (37)
------------------------------------
*partially non-qualifying investment
'D' Share pool
Movement
from
1 Aug 2011 to
Cost Valuation 31 Oct 2011
GBP'000 GBP'000 GBP'000
------------------------------------
Qualifying venture capital investments
Gingerbread Pre-School (UK) Limited* 565 424 (141)
Future Biogas (Reepham Road) Limited* 748 748 -
Alpha Schools Holdings Limited 367 367 -
Avon Solar Energy Limited 250 250 -
Green Electricity Generation Limited 250 250 -
Ecossol Limited 250 250 -
Westcountry Solar Solutions Limited 250 250 -
Quadrate Catering Limited* 436 436 -
Camandale Limited* 531 136 (262)
Domestic Solar (ISIS) Limited* 400 400
Quadrate Spa Limited* 386 386 -
Slopingtactic Limited 196 196 -
Progressive Energies Limited 170 170 -
Ridgeway Pub Company Limited 136 136 -
Mosaic Spa and Health Clubs Limited* 125 125 -
------------------------------------
5,060 4,524 (403)
------------------------------------
Non qualifying venture capital investments
Aminghurst Limited 2,000 2,000 -
Lullingstone Limited 619 619 -
Retallack Surfpods Limited 250 250 -
Kirkhouse Limited 175 175 -
Fenkle Street LLP 146 146 -
Kidspace Adventures Limited 135 135 -
Hoi Polloi Pub Co Limited 70 70 -
Westcountry Solar Solutions Limited 47 47 -
Commercial Street Hotel Limited 18 18 -
------------------------------------
3,460 3,460 -
------------------------------------
------------------------------------
Total 8,520 7,984 (403)
------------------------------------
*partially non-qualifying investment
Ordinary Share pool
Movement
from
1 Aug 2011 to
Cost Valuation 31 Oct 2011
GBP'000 GBP'000 GBP'000
------------------------------------
Non qualifying venture capital investments
Tancred Trading Limited 5 5 -
------------------------------------
Total 5 5 -
------------------------------------
Investment additions
The Ordinary Share pool made no investment additions or disposals during the
three months ended 31 October 2011 or in the period from 1 November 2011 to the
date of this announcement.
The 'C' Share and 'D' Share pool additions and disposals are summarised as
follows:
'C' Share investment additions during the 3 months ended 31 October 2011
Cost
GBP'000
Ecossol Limited 250
Bijou Wedding Venues Limited 150
Redmed Limited 88
--------
488
--------
'D' Share investment additions during the 3 months ended 31 October 2011
Cost
GBP'000
Westcountry Solar Solutions Limited 297
Avon Solar Energy Limited 250
Ecossol Limited 250
Lullingstone Limited 21
Gingerbread Pre-School (UK) Limited 14
--------
832
--------
Market value at
1 August Gain Total realised
2011 Disposal against gain
Cost proceeds cost
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
'C' Share pool
Bijou Wedding Venues 150 150 150 - -
Limited
Future Biogas (SF) 100 100 100 - -
Limited
------------------------------------------------------------
250 250 250 - -
'D' Share pool
Looe Road Student 350 350 350 - -
Accommodation
Lullingstone Limited 50 50 50 - -
Hoi Polloi Pub Co 10 10 10 - -
Limited
------------------------------------------------------------
410 410 410 - -
------------------------------------------------------------
660 660 660 - -
------------------------------------------------------------
Between 1 November 2011 and the date of this announcement the following 'C'
Share pool investments were made:
Cost
GBP'000
Commercial Street Hotel Limited 80
--------
80
--------
Between 1 November 2011 and the date of this announcement the following 'D'
Share pool investments were made:
Cost
GBP'000
Mosaic Spa and Healthclubs (Shrewsbury) Limited 350
Commercial Street Hotel Limited 120
Lullingstone Limited 81
Gingerbread Pre-School (UK) Limited 9
--------
560
--------
Between 1 November 2011 and the date of this announcement the 'C' Share pool
disposed of Sanguine Hospitality Limited, the cost being GBP2.
Between 1 November 2011 and the date of this announcement the following 'D'
Share pool disposals were made:
Cost
GBP'000
Hoi Polloi Pub Co Limited 10
The Kirkhouse Limited 175
Lullingstone Limited 700
--------
885
--------
Changes to share capital
Share capital movements in the period are summarised as follows:
Ordinary Shares of 1p each
Shares GBP000
As at 1 August 2011 10,064,617 101
Shares issued - -
Shares bought back and cancelled - -
-----------------------------
As at 31 October 2011 10,064,617 101
-----------------------------
'C 'Shares of 0.1p 'A' Shares of 0.1p
each each
Shares GBP000 Shares GBP000
As at 1 August 2011 7,173,376 7 10,760,064 11
Shares issued - - - -
Shares bought back and cancelled - - - -
--------------------------------------------
As at 31 October 2011 7,173,376 7 10,760,064 11
--------------------------------------------
'D 'Shares of 0.1p 'E' Shares of 0.1p
each each
Shares GBP000 Shares GBP000
As at 1 August 2011 9,994,109 10 14,994,862 15
Shares issued - - - -
Shares bought back and cancelled - - - -
--------------------------------------------
As at 31 October 2011 9,994,109 10 14,994,862 15
--------------------------------------------
No Shares have been bought back or issued since 1 November 2011 and the date of
this announcement.
Material events
Other than described above, there were no material events during the period from
1 August 2011 to 31 October 2011 or in the period from 1 November 2011 to the
date of this announcement.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Downing Planned Exit VCT 3 PLC via Thomson Reuters ONE
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