Downing Healthcare - Interim Results
April 28 2000 - 6:15AM
UK Regulatory
RNS Number:7571J
Downing Healthcare Protectd.VCT PLC
28 April 2000
Downing Healthcare Protected VCT plc - Interim Statement for
the six months ended 31 December 1999
CHAIRMAN'S STATEMENT
I am pleased to present the third interim statement for Downing
Healthcare Protected VCT plc for the six months ended 31
December 1999.
Trading Results
The revenue return after taxation was #167,000 (1.7p per share)
and net assets per share were 94.3p, an increase of 0.2p over
the net asset value per share at 30 June 1999. The total
return to original investors (net assets per share plus
cumulative dividends) is 106.5p.
Venture capital investments
During the six months ended 31 December 1999, one additional
new qualifying investment of #900,000 was made in Downing
(Green Gables) Limited, which acquired a nursing home. This
investment brings the total proportion of funds invested in
care homes to approximately 91%.
A number of refurbishments have been carried out and are
planned within the care homes owned by the investee companies.
Although the general trading conditions for care homes in the
UK remain difficult, the Directors anticipate that this
programme will improve efficiency and the returns generated by
a number of the investments.
Downing (Bon Accord) Limited has received and accepted an offer
for part of its property, which is surplus to requirements.
It is expected that completion will take place once the
refurbishment plans have been completed.
Listed investments
The balance of the portfolio is invested in shares and bonds
and continues to be managed by Cazenove Fund Management
Limited. Returns from these investments have been broadly in
line with our expectations. The portfolio gave rise to losses
of #19,000 during the period caused mainly by the general
increase in interest rates.
Dividend payment
An interim dividend of 1.5p per share will be paid on 5 June
2000 to shareholders on the register on 12 May 2000.
Repurchase of shares
In accordance with the Company's policy of purchasing its own
shares, during the period 2,500 ordinary shares were purchased
at 75p per share. The shares were subsequently cancelled.
The Directors are conscious that the Company's share price is
affected by the illiquidity of its shares in the market,
resulting from the requirement that shareholders must retain
their shares at least five years in order to retain their tax
benefits. The Directors are continuing to monitor the market
in the Company's shares and will make share purchases when
appropriate.
Publication of share price
Downing Healthcare Protected VCT plc's share price continues to
be quoted in the Financial Times on a daily basis in the
"Investment Companies" section.
Outlook
Since the period end the Company has made an initial investment
of #250,000 in Downing (Barwell) Limited, which has acquired
land near Hinckley, Leicestershire. The investee company is
currently seeking planning permission to build a care home and
close-care units on this land. It is hoped that the home will
accept its first residents by Spring 2001. This is the first
investment the Company has made involving the development of a
new home and follows the strategy outlined in my last report.
The Company has committed to invest up to a further #250,000
with the balance of the development funds being provided by
the other shareholder and a loan.
The Directors continue to evaluate other opportunities,
particularly in respect of new developments, and look forward
to reporting progress with the results for the full year ended
30 June 2000.
Chris Kay
Chairman
28 April 2000
STATEMENT OF TOTAL RETURNS
(incorporating the revenue account)
for the six months ended 31 December 1999
Six months ended 31 Six months ended 31 Year
December 1999 December 1998 ended
30 June
1999
Revenu Capita Total Revenu Capita Total Total
e l e l
#000 #000 #000 #000 #000 #000 #000
Income 268 -- 268 258 - 258 586
Gains/(losses) on
investments:
- Realised - (10) (10) - (8) (8) (20)
- Unrealised - (9) (9) - 57 57 27
Management fees (4) (4) (8) (8) (8) (16) (41)
Other expenses (34) - (34) (31) - (31) (49)
Return on 230 (23) 207 219 41 260 503
ordinary
activities before
taxation
Tax on ordinary (63) 7 (56) (54) 2 (52) (143)
activities
Return 167 (16) 151 165 43 208 360
attributable to
equity
shareholders
Net dividends (147) - (147) - - - (392)
Transfer 20 (16) 4 165 43 208 (32)
to/(from)
reserves
Return per share 1.7p (0.2)p 1.5p 1.7p 0.4p 2.1p 3.6p
The revenue column of this statement is the profit and loss
account of the Company.
All revenue and capital items in the above statement derive
from continuing operations.
The Company has only one class of business and derives its
income from investments made in shares, securities and bank
deposits.
The comparative figures were in respect of the six months ended
31 December 1998 and the year ended 30 June 1999 respectively.
SUMMARISED BALANCE SHEET
as at 31 December 1999
31 31 30
Decemb Decemb June
er er
1999 1998 1999
#000 #000 #000
Fixed assets
Venture capital 8,320 4,850 7,420
investments
Listed fixed income 751 4,074 1,527
investments
9,071 8,924 8,947
Net Current assets 154 547 275
Net assets 9,225 9,471 9,222
Capital and reserves
Called upshare 4,899 4,906 4,900
capital
Share premium account 4,415 4,415 4,415
Capital redemption 7 - 6
reserve
Capital reserve (120) (55) (104)
Revenue reserve 24 205 5
Total shareholders' 9,225 9,471 9,222
funds
Net asset value per 94.3p 96.5p 94.1p
share
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The above financial information has been prepared on the
basis of the accounting policies set out in the Annual Report.
2. The calculation of the revenue and capital return per
share for the period is based upon the net revenue and capital
after tax of #167,000 and (#16,000) respectively, divided by
the weighted average number of shares in issue during the
period of 9,787,000.
3. The unaudited financial statements set out above do not
constitute statutory accounts within the meaning of Section
240 of the Companies Act 1985 and have not been delivered to
the Registrar of Companies. The figures for the year ended 30
June 1999 have been extracted from the financial statements
for that year, which have been delivered to the Registrar of
Companies; the auditors' report on those financial statements
was unqualified.
4. Copies of the unaudited interim results are being sent to
shareholders in May 2000. Further copies can be obtained from
the Company's Registered Office.
INVESTMENT PORTFOLIO
as at 31 December 1999
% of
Cost Valuat portfol
ion io
#000 #000 by
value
Venture capital investments
Kimbolton Lodge Limited 600 600 6.6
Evedale Care Home Limited 1,375 1,375 15.0
Downing Harnham Croft Limited 950 950 10.4
Downing (Acacia House) Limited 1,000 1,000 10.9
Downing (Chertsey Road) 1,000 1,000 10.9
Limited
Downing (The Gables) Limited 950 950 10.4
Downing (The Meadows) Limited 575 575 6.3
Downing (Bon Accord) Limited 970 970 10.6
Downing (Green Gables) Limited 900 900 9.9
8,320 8,320 91.0
Listed fixed income
investments
Fixed Income Securities
Harvard University 6 7/8% 248 250 2.7
bonds 2000
Province of Ontario 6 7/8% 493 501 5.5
bonds 2000
741 751 8.2
Subtotal 9,061 9,071 99.2
Bank Deposits 72 72 0.8
Total investments 9,133 9,143 100%
Directors
Chris Kay (Chairman)
Michael Newman
Mahesh Patel
Nicholas Lewis
Anthony McGing
Secretary and Registered Office
Anthony McGing
69 Eccleston Square
London SW1V 1PJ
Registered No. 3307917
Administrator
Downing Corporate Finance Limited
69 Eccleston Square
London SW1V 1PJ
Fixed income securities
investment adviser
Cazenove Fund Management Limited
3 Copthall Avenue
London EC2R 7BH
Stockbroker
Albert E Sharp Securities
80 Cheapside
London EC2V 6VA
If you have any queries about your holding of Downing Healthcare
Protected VCT plc
shares please contact the Registrars.
Registrars
IRG plc
Balfour House
390/398 High Road
Ilford Essex IG1 1NQ
Tel: 020 8639 2000
END
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