TIDMPUMD
Puma VCT IV (the Company) plc
Interim Report
For the six months ended 31 August 2010
Highlights
* Total distributed and undistributed shareholder value per share of 94.47p*.
Compares to typical net cost of initial investment of 60p per share.
* Dividends of 17p were paid during the period.
* Further interim dividend of 7p paid on 17 September 2010. Cumulative
dividends since inception of 28p per ordinary share.
* Fully diluted net asset value per share of 66.47p at period end, after
allowing for subsequent dividend.
* This includes all dividends paid since the launch of the fund and is on a
fully diluted basis.
Enquiries
Shore Capital 020 7408 4090
Graham Shore
Citigate Dewe Rogerson 020 7638 9571
Lindsay Noton
Angharad Couch
Notes to Editors
Puma VCT IV plc is managed by Shore Capital's successful fund management team.
The Company's investment objective is to achieve high distributions to
shareholders. It has invested in a diversified portfolio of smaller
companies, primarily unquoted companies, selecting companies and investment
structures where Shore Capital believed the investment risk was lower than is
normal for companies of this size. Whilst suitable VCT Qualifying Companies
were being identified, the Investment Manager invested the Company's funds
in a range of investments intended to generate a positive return. The VCT
continued to hold a proportion of such products after building up the
desired holdings of VCT Qualifying Companies.
Chairman's Statement
Introduction
During the six months to 31 August 2010 the Company made significant
distributions to shareholders with a further distribution made in September
2010. These distributions resulted from the successful realisation of, several
significant unquoted qualifying investments as the Company entered into its
fifth year. Cumulative dividends paid since launch now amount to 28p per
ordinary share as the Board continues to pursue its mandate of returning capital
to investors.
The Company has maintained its value during the period, with a fall of 0.2% in
the net asset value per share, whilst the AiM index has fallen by 2% and markets
remain volatile.
Qualifying investments
The six months to 31 August 2010 have seen significant progress for the
Company's qualifying investments.
A fall in value of the quoted AiM stocks has been largely offset by income and
gains realised from the unquoted proportion of the qualifying portfolio.
In March 2010, Stocklight Limited (a rare book dealer and the parent company of
Bloomsbury Auctions) repaid its loan notes in full, and bought back the equity
held by the Company, resulting in a successful return for the Company.
In June 2010, Forward Internet Group Limited (formerly known as Traffic Broker
Limited), the rapidly growing and highly profitable London based internet search
engine specialist, redeemed GBP500,000 of the loan notes held by the Company. The
remaining GBP1,500,000 of loan notes continues to generate income for the Company.
In September 2010, subsequent to the period end, Telford Homes plc fully repaid
its loan notes and bought back the equity held by the Company, giving rise to a
good return on investment.
Mount Engineering (Mount), a provider of engineering equipment, principally to
the oil and gas sector, has been the subject of two takeover bids within the
last two months, the higher of which has been recommended by Mount's board. The
Board therefore expects a profitable realisation of this investment.
In January 2010 Bond Contracting Limited (Bond) successfully completed its
contract to construct a 141 bed hotel on the outskirts of Winchester and the
hotel was sold to an operator of a number of Holiday Inns. Following completion,
Bond fully repaid the loan notes held by the Company. The Board expect the
remaining equity holding to be realised in the next few months.
Non-qualifying investments
During the six months the non-qualifying portfolio has performed well,
increasing the net asset value of the Company by approximately 1%.
The Investment Manager has invested into a range of bonds, bond funds and
absolute return funds with the aim of capitalising on the recovery of values in
the market.
The absolute return funds have generated performance which has increased the net
asset value by 0.94% in the period. Performance and income on the bonds and bond
funds have increased the net asset value a further 0.25%. These gains were
partially offset by a fall in the AiM stocks which contributed a decrease of
0.35% to the net asset value.
Results and dividends
The Company has paid out 17p per ordinary share during the period and a further
7p in September 2010. 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 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.
Board Changes
In order to comply with recently issued FSA regulations governing independence,
David Brock, non-executive director of the Company at the period end, resigned
from the Board with effect from Wednesday, 15th September 2010 but continues as
a director of Puma VCT III plc, which shares a parallel investment strategy with
the Company. The Company wishes to thank David for his contribution to the
Company during his period as a director and wishes him well for the future.
Adam Teeger has been appointed as an additional non-executive director. Adam,
aged 45, is a founder partner of Ethemba Capital LLP, a specialist emerging
markets focussed private equity fund advisor. Over the past four years he has
been actively involved in advising on both buy-out and development capital
transactions in multiple countries including Egypt, Croatia, Israel, Macedonia,
Montenegro, and Turkey. Prior to this, he was a director of Shore Capital
Limited, the Company's Investment Manager and was part of the team managing the
Puma VCTs. Adam is a solicitor and started his career as a banking lawyer with
Clifford Chance in London and Amsterdam.
Outlook
The Company is now in its fifth year and we are focused on improving the
liquidity of the portfolio wherever possible whilst maintaining an appropriate
risk/return. Our existing private equity investments are largely in the form of
secured loans which limit the Company's risk exposure whilst having exits
targeted broadly to coincide with the expected timetable for winding up the
Company.
The Company's quoted holdings are monitored daily and the Investment Manager is
looking to realise these as and when trading volume and price are sufficient.
Given the short remaining life of the fund, the Investment Manager is taking a
cautious approach to the holdings of non-qualifying investments, with a view to
enhancing returns without unduly risking capital. This reflects a general view
that market sentiment remains volatile.
Sir Aubrey Brocklebank Bt
Chairman
28 October 2010
Income Statement (unaudited)
For the six months ended 31 August 2010
Six months ended| Six months ended| Year ended
31 August 2010| 31 August 2009| 28 February 2010
| |
| |
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
| |
| |
(Losses)/gains | |
on investments - (69) (69)| - 568 568| - 625 625
| |
Income 267 - 267| 292 - 292| 606 - 606
| |
| |
| |
267 (69) 198| 292 568 860| 606 625 1,231
| |
| |
| |
| |
| |
Investment | |
management | |
fees 4 42 127 169| 23 68 91| 63 188 251
| |
Other | |
expenses 54 - 54| 30 - 30| 105 - 105
| |
| |
| |
96 127 223| 53 68 121| 168 188 356
| |
| |
| |
Return/(loss) | |
on ordinary | |
activities | |
before | |
taxation 171 (196) (25)| 239 500 739| 438 437 875
| |
Tax on return | |
on ordinary | |
activities (33) 27 (6)| (49) 14 (35)| (84) 40 (44)
| |
| |
| |
Return | |
/(loss) on | |
ordinary | |
activities | |
after tax | |
attributable | |
to equity | |
shareholders 138 (169) (31)| 190 514 704| 354 477 831
| |
| |
| |
| |
| |
Return | |
/(loss) per | |
Ordinary | |
Share (pence) 2 0.71p (0.87)p (0.16)p| 0.97p 2.63p 3.60p| 1.81p 2.44p 4.26p
| |
| |
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 2010
As at As at As at
31 August 2010 31 August 2009 28 February 2010
Note GBP'000 GBP'000
GBP'000
Fixed Assets
Investments 7 12,617 17,766 14,847
Current Assets
Debtors 238 419 297
Cash 1,615 12 2,704
1,853 431 3,001
Creditors - amounts
falling due within
one year
Dividend payment due (1,366) - -
Other creditiors (134) (153) (165)
(1,500) (153) (165)
Net Current Assets 353 278 2,836
Total Assets less
Current Liabilities 12,970 18,044 17,683
Creditors - amounts
falling due after
more than one year
(including
convertible debt) (1) (1) (1)
Net Assets 12,969 18,043 17,682
Capital and Reserves
Called up share
capital 195 195 195
Capital reserve -
realised (1,224) (911) (1,147)
Capital reserve -
unrealised (900) (1,007) (808)
Revenue reserve 14,898 19,766 19,442
Equity Shareholders'
Funds 12,969 18,043 17,682
Net Asset Value per
Ordinary Share 3 66.47p 92.47p 90.62p
Diluted Net Asset
Value per Ordinary
Share 3 66.47p 92.47p 90.62p
Cash Flow Statement (unaudited)
For the six months ended 31 August 2010
Six months Six months Year ended
ended ended 28 February
31 August 2010 31 August 2009 2010
GBP'000 GBP'000 GBP'000
Operating activities
Investment income received 284 212 716
Dividend income received 15 6 21
Investment management fees paid (177) (189) (371)
VAT refund received 121 - -
Directors fees paid (7) (7) (14)
Foreign exchange loss on cash 4 (1) -
Other cash payments (67) (52) (88)
Net cash inflow/(outflow) from
operating activities 173 (31) 264
Equity dividend paid (3,317) - (488)
Taxation paid - - (15)
Capital expenditure and financial
investment
Purchase of investments (1,377) (3,320) (3,596)
Proceeds from sale of investments 3,439 3,085 6,279
Net realised gain on forward
foreign exchange contracts - 14 17
Transaction costs (7) - (21)
Net cash inflow/(outflow) from
capital expenditure and financial
investment 2,055 (221) 2,679
(Decrease)/increase in cash (1,089) (252) 2,440
Reconciliation of net cash flow to
movement in net funds
(Decrease)/increase in cash for the
period (1,089) (252) 2,440
Net cash at start of the period 2,704 264 264
Net funds at the period end 1,615 12 2,704
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the six months ended 31 August 2010
Called up Capital Capital
share reserve- reserve- Revenue
capital realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 31 August 2010
Balance at 1 March
2010 195 (1,147) (808) 19,442 17,682
Total recognised
(losses)/gains for
the period - (77) (92) 139 (30)
Equity dividend
paid - - - (4,683) (4,683)
-------------------------------------------------------------
Balance at 31
August 2010 195 (1,224) (900) 14,898 12,969
Six months ended 31 August 2009
Balance at 1 March
2009 195 (640) (1,792) 19,576 17,339
Total recognised
(losses)/gains for
the period - (271) 785 190 704
-------------------------------------------------------------
Balance at 31
August 2009 195 (911) (1,007) 19,766 18,043
For the year ended 28 February 2010
At 1 March 2009 195 (640) (1,792) 19,576 17,339
Total recognised
(losses)/gains for
the year - (507) 984 354 831
Equity dividend
paid - - - (488) (488)
-------------------------------------------------------------
Balance at 28
February 2010 195 (1,147) (808) 19,442 17,682
Notes to the Interim Report
For the six months ended 31 August 2010
1. Accounting Policies
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of investments held at fair
value, and in accordance with UK Generally Accepted Accounting Practice ("UK
GAAP") and the Statement of Recommended Practice, 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts ("SORP") revised in 2009.
2. Return per Ordinary Share
The total return per share of (0.16)p (31 August 2009 - profit of 3.6p) is
based on the loss for the period of GBP31,000 (31 August 2009 - profit of
GBP704,000) and the weighted average number of shares in issue as at 31 August
2010 of 19,511,624 (31 August 2009 - 19,511,624).
3. Net asset value per share
+------------------+-------------+-----------------+---------------------------+
| | | | Net Asset Value per share |
| +-------------+-----------------+--------+------------------+
| Period | Net assets | Shares in issue | Basic | Diluted |
+------------------+-------------+-----------------+--------+------------------+
| 31 August 2010 | GBP12,969,000 | 19,511,624 | 66.47p | 66.47p |
+------------------+-------------+-----------------+--------+------------------+
| 28 February 2010 | GBP17,682,000 | 19,511,624 | 90.62p | 90.62p |
+------------------+-------------+-----------------+--------+------------------+
| 31 August 2009 | GBP18,042,000 | 19,511,624 | 92.47p | 92.47p |
+------------------+-------------+-----------------+--------+------------------+
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 2010 Annual Report and
Accounts on page 38. There were no other related party transactions during the
6 months ended 31 August 2010.
6. The financial information for the six months ended 31 August 2010 and
31 August 2009 has not been audited and does not comprise full financial
statements within the meaning of Section 423 of the Companies Act 2006. The
financial information for the year ended 28 February 2010 has been extracted
from the company's full financial statements for the year 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 2010
7. Investment portfolio summary
Valuation Cost Gain/ Valuation as a % of Net
As at 31 August 2010 GBP'000 GBP'000 (loss) Assets
Qualifying investment -
unquoted
Bruton Services Limited 995 1,000 (5) 8%
Bond Contracting Limited 197 394 (197) 2%
Kingly Services Limited 995 1,000 (5) 8%
Pollen Services Limited 995 1,000 (5) 8%
Saville Services Limited 995 1,000 (5) 8%
Forward Internet Group
limited 1,500 1,500 - 12%
Qualifying investment -
quoted
Clarity Commerce Solutions
plc 124 230 (106) 1%
Mount Engineering plc 141 188 (47) 1%
Sport Media plc 8 493 (485) 0%
Telford Homes Limited 1,888 1,888 - 16%
Vertu Motors plc 208 500 (292) 2%
----------------------------------------------------
Total qualifying investments 8,046 9,193 (1,147) 62%
Non-qualifying investments -
unquoted
INVU loan notes 250 250 - 2%
Non-qualifying investments -
quoted
Blackrock UK Emerging Cos
Hedge Fund Limited 1,301 800 501 10%
BluBay Macro Fund Limited 268 250 18 2%
Puma Absolute Return Fund
Limited 2,037 1,904 133 16%
St Peter Port Capital
Limited 315 700 (385) 2%
The Hotel Corporation plc 400 423 (23) 3%
----------------------------------------------------
Total non-qualifying
investments 4,571 4,327 244 35%
----------------------------------------------------
Total investments 12,617 13,520 (903) 97%
Balance of portfolio 352 352 3%
----------------------------------------------------
----------------------------------------------------
Net Assets 12,969 13,872 (903) 100%
[HUG#1457314]
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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: PUMA VCT IV PLC via Thomson Reuters ONE
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