Downing Plan Exit 3 Downing Planned Exit VCT 3 PLC : Interim Management Statement
December 17 2012 - 11:18AM
UK Regulatory
TIDMDP3C
Downing Planned Exit VCT 3 plc
Interim Management Statement
for the quarter ended 31 October 2012
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 2012. The statement also
includes relevant financial information between the end of the period and the
date of this statement.
Dividends paid or declared in the period
On 30 November 2012, dividends of 2.5p per 'C' Share, 2.5p per 'D' Share and
5.0p per 'F' Share were paid to Shareholders on the register at 2 November 2012.
Performance
'C' Share Pool
Unaudited Unaudited Unaudited Audited
31 Oct 31 Jul 30 Apr 31 Jan
2012 2012 2012 2012
Pence Pence Pence Pence
NAV per 'C' Share 92.4 90.8 91.9 91.5
NAV per 'A' Share 0.1 0.1 0.1 0.1
Cumulative distributions per 'C' Share 15.0 15.0 12.5 12.5
--------------------------------------
Total Return per 'C' Share and 'A' Share* 107.5 105.9 104.5 104.1
--------------------------------------
'D' Share Pool
Unaudited Unaudited Unaudited Audited
31 Oct 31 Jul 30 Apr 31 Jan
2012 2012 2012 2012
Pence Pence Pence Pence
NAV per 'D' Share 81.0 80.3 83.1 83.3
NAV per 'E' Share 0.1 0.1 0.1 0.1
Cumulative distributions per 'D' Share 10.0 10.0 7.5 7.5
--------------------------------------
Total Return per 'D' Share and 'E' Share* 91.0 90.4 90.7 90.9
--------------------------------------
'F' Share Pool
Unaudited Unaudited Unaudited
31 Oct 31 Jul 2012 30 Apr
2012 2012
Pence Pence Pence
NAV per 'F' Share 94.6 94.4 94.5
Cumulative distributions per 'F' Share - - -
--------------------------------------
Total Return per 'F' Share* 94.6 94.4 94.5
--------------------------------------
* NAV plus cumulative dividends paid to date
Investment portfolio summary at 31 October 2012
Portfolio investments by value
'C' Share pool
Movement
from
1 Aug 2012 to
Cost Valuation 31 Oct 2012
GBP'000 GBP'000 GBP'000
------------------------------------
Qualifying venture capital investments
Bijou Wedding Venues Limited 815 883 -
Future Biogas (SF) Limited 627 703 -
Atlantic Dogstar Limited 429 655 -
Domestic Solar (ISIS) Limited* 500 500 -
Redmed Limited* 437 437 -
Westow House Limited 304 395 -
East Dulwich Tavern Limited 344 386 -
Quadrate Catering Limited 330 330 -
Quadrate Spa Limited* 323 323 -
Ecossol Limited 250 250 -
The 3D Pub Co Limited 267 187 -
Mosaic Spa and Health Clubs Limited* 125 125 -
Chapel Street Food and Beverage Limited 50 50 -
Chapel Street Services Limited 50 50 -
------------------------------------
4,851 5,274 -
------------------------------------
Non qualifying venture capital investments
Hoole Hall Country Club Holdings Ltd 581 581 -
The Thames Club Limited 500 500 -
Honeycombe Pubs VCT Limited 175 96 -
Vermont Developments Limited 25 25 -
Chapel Street Hotel Limited 2 2 -
------------------------------------
1,283 1,204 -
------------------------------------
------------------------------------
Total 6,134 6,478 -
------------------------------------
*partially qualifying investment
'D' Share pool
Movement
from
1 Aug 2012 to
Cost Valuation 31 Oct 2012
GBP'000 GBP'000 GBP'000
------------------------------------
Qualifying venture capital investments
Future Biogas (Reepham Road) Limited 748 748 -
Mosaic Spa and Health Clubs Limited* 475 475 -
Quadrate Catering Limited 441 441 -
Quadrate Spa Limited* 436 436 -
Domestic Solar Limited 400 400 -
Alpha Schools Holdings Limited 367 380 -
Kidspace Adventures Holdings Limited* 375 375 -
Avon Solar Energy Limited 250 250 -
Ecossol Limited 250 250 -
Green Electricity Generation Limited 250 250 -
Westcountry Solar Solutions Limited 250 250 -
Slopingtactic Limited 196 196 -
Progressive Energies Limited 170 170 -
Ridgeway Pub Company Limited 136 136 -
Camandale Limited 561 113
------------------------------------
5,305 4,870 -
------------------------------------
Non qualifying venture capital investments
Aminghurst Limited 2,150 2,150 -
Liverpool Nurseries (Holdings) Limited 467 467 -
Retallack Surfpods Limited 250 250 -
Fenkle Street LLP 146 146 -
Commercial Street Hotel Limited 100 100 -
------------------------------------
3,113 3,113 -
------------------------------------
------------------------------------
Total 8,418 7,983 -
------------------------------------
*partially qualifying investment
'F' Share pool
Movement
from
1 Aug 2012 to
Cost Valuation 31 Oct 2012
GBP'000 GBP'000 GBP'000
------------------------------------
Qualifying venture capital investments
Tor Solar PV Limited* 816 816 -
Vulcan Renewables Limited 560 560 -
City Falkirk Limited* 421 421 -
Fresh Green Power Limited 200 200 -
Green Energy Production UK Limited 100 100 -
------------------------------------
2,097 2,097 -
------------------------------------
Non qualifying venture capital investments
Aminghurst Limited 1,110 1,110 -
Baron House Developments LLP 625 625 -
Clareville Street LLP 500 500 -
Southampton Hotel Developments Limited 300 300 -
West Tower Holdings Limited 290 290
Holdland House Developments Limited 269 269
Fubar Stirling Limited 268 268 -
Kidspace Adventure Holdings Limited 250 250 -
3D Pub Co Limited 55 55 -
Cheers Dumbarton Limited 48 48 -
Lochrise Limited 13 13 -
------------------------------------
3,728 3,728 -
------------------------------------
------------------------------------
Total 5,825 5,825 -
------------------------------------
*partially non-qualifying investment
Investment additions and disposals
The 'C' Share, 'D' Share and 'F' Share pool additions and disposals are
summarised as follows:
'F' Share investment additions during the 3 months ended 31 October 2012
Cost
GBP'000
Aminghurst Limited 1,110
3D Pub Co Limited 55
Holdland House Developments Limited 50
--------
1,215
--------
There were no additions made by the 'C' or 'D' Share pools during the three
months to 31 October 2012.
Investment disposals during the 3 months ended 31 October 2012
Market Total
value at Gain realised
1 Jul Disposal against gain in
Cost 2012 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
'D' Share pool
Kidspace Adventures Limited 135 135 135 - -
'F' Share pool
Holdland House Developments Limited 81 81 81 - -
-----------------------------------------
216 216 216 - -
-----------------------------------------
During the 3 months to 31 October 2012 no disposals were made by the 'C' Share
Pool.
Between 1 November 2012 and the date of this announcement the following 'F'
Share pool investments were made:
Cost
Non qualifying venture capital investments GBP'000
Hoole Hall Hotel Limited 265
--------
Between 1 November 2012 and the date of this announcement no 'C' Share pool or
'D' Share pool investments were made.
'F' Share pool investment disposals between 1 November 2012 and the date of this
announcement:
Market Total
value at Gain realised
1 Jul Disposal against gain in
Cost 2012 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Holdland House Developments Limited 269 269 269 - -
-----------------------------------------
Between 1 November 2012 and the date of this announcement no 'C' Share pool or
'D' Share pool investment disposals were made.
Changes to share capital
Share capital movements in the period are summarised as follows:
'C' Shares of 0.1p 'A' Shares of 0.1p
each each
Shares GBP'000 Shares GBP'000
As at 1 August 2012 7,173,376 7 10,760,064 11
Shares issued - - -
Shares bought back and cancelled (10,000) - -
--------------------------------------------
As at 31 October 2012 7,163,376 7 10,760,064 11
--------------------------------------------
'D' Shares of 0.1p 'E' Shares of 0.1p
each each
Shares GBP'000 Shares GBP'000
As at 1 August 2012 9,994,109 10 14,994,862 15
Shares issued - - - -
Shares bought back and cancelled - - - -
--------------------------------------------
As at 31 October 2012 9,994,109 10 14,994,862 15
--------------------------------------------
'F' Shares of 0.1p each
Shares GBP'000
As at 1 August 2012 8,862,142 9
Shares issued 977,177 1
Shares bought back and cancelled - -
--------------------------
As at 31 October 2012 9,839,319 10
--------------------------
Between 1 November 2012 and the date of this announcement 5,050 'C' Shares were
bought back for cancellation.
Fundraising
The Company closed its 'F' Share offer (with its sister company, Downing Planned
Exit VCT 2 plc) on 28 September 2012 having raised gross proceeds of GBP19.7
million between the two companies.
On 25 October 2012, the Company launched an 'F' Share top-up offer (along with
its sister company, Downing Planned Exit VCT 2 plc) seeking to raise up to
GBP925,000 per company.
Material events
Other than described above, there were no material events during the period from
1 August 2012 to 31 October 2012 or in the period from 1 November 2012 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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