Downing Healthcare - Interim Results
April 29 1999 - 11:44AM
UK Regulatory
RNS No 4612f
DOWNING HEALTHCARE PROTECTED VCT PLC
29 April 1999
Downing Healthcare Protected VCT plc - Interim Statement for
the six months ended 31 December 1998
Chairman's Statement
I am pleased to present the second interim statement for
Downing Healthcare Protected VCT plc for the six months ended
31 December 1998.
Trading results
The revenue return after taxation was #165,000 (1.68p per
share) and net assets per share were 96.5p an increase of 1.5p
over the initial net asset value per share after the issue
costs.
Investments
During the six months ended 31 December 1998, one additional
new qualifying investment of #1 million was made in Downing
(Chertsey Road) limited, which acquired a residential nursing
home for the young severely disabled. Follow-on investments
of #940,000 in Downing (Acacia House) Limited and #375,000 in
Evedale Care Home Limited were also made in the period.
The balance of the portfolio is invested in shares, bonds and
bank deposits and continues to be managed by Cazenove Fund
Management Limited. Returns to date from these investments
are in line with our expectations and the portfolio generated
unrealised capital profits of #43,000 at the period end.
Dividend payments
An interim dividend of 2.4 pence per share net was paid on 1
April 1999 to shareholders on the register on 26 March 1999.
The dividend was paid gross, at the rate of 3.0 pence per
share, to those shareholders who have completed an enduring
declaration. No tax is payable on this dividend and,
therefore, it does not need to be entered on shareholders'
Self Assessment Returns. With effect from 6 April 1999, the
tax credits attributable to dividends have been reduced from
20% to 10% of the gross figure and tax credits are no longer
repayable to shareholders. In order to maximise dividends
prior to this date, your Directors paid this interim dividend
early.
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
As at 31 December 1998, over 50% of the Company's investment
portfolio had been invested in VCT qualifying care home
businesses. In addition, your Board is currently negotiating
the purchase of qualifying investments in several other care
home businesses and is also progressing development plans to
increase the number of beds at some of its existing homes.
The Board therefore anticipates having invested over 70% of
its funds in qualifying companies by 30 June 1999.
Chris Kay
Chairman
Statement of Total Returns (incorporating the revenue account)
for the six months ended 31 December 1998
Six months ended 31
December 1998
Revenue Capital Total
#000 #000 #000
Income 258 -- 258
Gains/(losses) on investments:
- Realised -- (8) (8)
- Unrealised -- 57 57
Management fees (8) (8) (16)
Other expenses (31) -- (31)
Return on ordinary activities 219 41 260
before taxation
Tax on ordinary activities (54) 2 (52)
Return attributable in equity 165 43 208
shareholders
Net dividends -- -- --
Transfer to/(from) reserves 165 43 208
Return per share 1.7p 0.4p 2.1p
Period from 27 January Period
1997 from 27
to 31 December 1997 Jan 1997
to 30
June
1998
Income 445 -- 445 808
Gains/(losses) on
investments:
- Realised -- -- -- --
- Unrealised -- 4 4 (60)
Management fees (20) (20) (40) (102)
Other expenses (22) -- (22) (36)
Return on ordinary
activities before 403 (16) 387 610
taxation
Tax on ordinary (111) 5 (106) (176)
activities
Return attributable in
equity shareholders 292 (11) 281 434
Net dividends (235) -- (235) (491)
Transfer 57 (11) 46 (57)
to/(from)reserves
Return per share 3.0p (0.1)p 2.9p 4.4p
The revenue column in 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 period from
incorporation on 27 January 1997 to 31 December 1997 and 30
June 1998 respectively.
Summarised Balance Sheet
as at 31 December 1998
31 31 30 June
December December
1998 1997 1998
#000 #000 #000
Fixed assets
Unlisted investments 4,850 600 2,535
Listed fixed income 4,074 2,007 6,642
investments
8,924 2,607 9,177
Net current assets 547 6,760 87
Net assets 9,471 9,367 9,264
Capital and reserves
Called up equity share 4,906 4,906 4,906
capital
Share premium account 4,415 4,415 4,415
Capital reserve (55) (11) (97)
Revenue reserve 205 57 40
Total equity shareholders' 9,471 9,367 9,264
funds
Net asset value per share 96.5p 95.5p 94.4p
Investment Portfolio
as at 31 December 1998
% of
Cost Valuation Portfolio
#000 #000 by value
Unlisted investments
Kimbolton Lodge Limited 600 600 6.4
Evedale Care Home Limited 1,375 1,375 14.7
Downing Hamham Croft Limited 875 875 9.3
Downing (Acacia House) 1,000 1,000 10.7
Limited
Downing (Chertsey Road) 1,000 1,000 10.7
Limited
4,850 4,850 51.8
Listed fixed income
investments
Fixed income securities
General Electric Capital
Corp 7 1/4% bonds 1999 250 252 2.7
Harvard University 6 7/8% 248 249 2.6
bonds 2000
Province of Ontario 6 7/8% 493 509 5.4
bonds 2000
Sainsbury 8 1/4% bonds 2000 511 522 5.6
1,502 1,532 16.3
Government Securities
Treasury 6% stock 1999 1,188 1,204 12.9
Treasury 13% stock 2000 1,344 1,338 14.3
4,034 4,074 43.5
Total fixed asset 8,884 8,924 95.3
investments
Bank deposits 444 444 4.7
Total investments 9,328 9,368 100%
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 #165,000 and #43,000 respectively, divided by the
weighted average number of shares in issue during the period
of 9,812,000.
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 period ended
30 June 1998 have been extracted from the financial statements
for that period, 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 on 29 April 1999. Further copies can be obtained
from the Company's registered office.
END
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