Interim Results
September 28 2005 - 7:37AM
UK Regulatory
RNS Number:8736R
PUMA VCT II plc
28 September 2005
Puma VCT II plc
Interim Results for the Period Ended 30 June 2005
Highlights
* #20.4 million subscribed in Puma VCT plc and Puma VCT II plc since
launch.
* Net asset value per share of 98.20p for Puma VCT II plc.
* One qualifying investment made during the period, totaling #1.2 million
between the two VCTs.
* A further qualifying investment of #525,000 made following the period
end, with another investment close to completion.
* Strong performance of alternative asset investments since the end of
the period.
Sir Aubrey Brocklebank Bt of Puma VCT II plc said:
"The Company's investment manager, Shore Capital, currently has a strong deal
flow of interesting opportunities and the capital raised will enable the Company
to continue making new investments at a phase of the economic cycle that both
the Board and the Manager expect to be advantageous. In the meantime, the
investment manager believes the non-qualifying investments will produce good
risk adjusted returns."
Enquiries
Shore Capital 020 7408 4090
Chris Ring
Graham Shore
Citigate Dewe Rogerson 020 7638 9571
Sarah Gestetner
Fiona Mulcahy
Notes to Editors
Puma VCT II plc is managed by Shore Capital's successful fund management team.
The Company's investment objective is to achieve high distributions to
shareholders. It will invest in a diversified portfolio of smaller companies,
including both AIM/OFEX-traded and unquoted companies, selecting companies which
Shore Capital believes will have a relatively lower risk profile than is typical
for their size whilst having the opportunity for value appreciation. Initially,
whilst suitable VCT Qualifying Companies are being identified, the Investment
Manager invests the Company's funds in a range of investments intended to
generate a positive return, including funds of hedge funds and other products
which aim to achieve an absolute return. The VCT will continue to hold a
proportion of such products after building up the desired holdings of VCT
Qualifying Companies.
Chairman's Statement
Introduction
This is my first statement following the incorporation of the Company on 20
December 2004 and I would like to welcome all new shareholders to Puma VCT II
plc. This period has largely been concerned with fund raising but I am pleased
to report that several investments have been made.
Between them, Puma VCT and Puma VCT II raised #20.4 million, of which #8.3
million was raised in Puma VCT II plc, making the overall fund raising one of
the more successful VCT fund raisings since launch in January 2005. The two
VCTs will make the same investments pro-rata to their respective sizes. The
costs of the launch were set at 2 per cent of the gross funds raised, the
initial net asset value per share was therefore 98p.
Results and Investments
The Investment Manager, Shore Capital, has made one unquoted qualifying
investment of #1.2 million on behalf of both VCTs in the period which is
approximately 6% of funds raised. Cadbury House is a major venue for weddings,
conferences and banqueting in the Bristol area with a well-established fitness
centre on 14 acres of freehold grounds. Situated 10 minutes from Bristol
International Airport it is undergoing a major refurbishment to construct a new
deluxe leisure and fitness centre, a 65 room hotel wing and to upgrade the
existing banqueting facilities.
Since the period end, we have invested #525,000 in a qualifying AIM company,
PatSystems Plc, involved in the development, distribution and support of
software enabling the electronic trading of financial products on global trading
exchanges. We have another investment in a qualifying company close to
completion and a strong deal flow of others.
Of the remaining portfolio, 35% was invested in a portfolio of hedge funds and
most of the remainder in cash.
The Directors do not propose to recommend an interim dividend for the period.
When the portfolio is more fully established and as capital profits are
realised, the Directors intend to adopt a policy of distributing substantially
all of the available income and capital gains.
At the period end the net asset value per share was 98.20p. Since the period
end the net asset value of the portfolio has further increased which is expected
to be reflected in the announcement of the next quarter end net asset value per
share, expected at the end of October.
Outlook
The Company's investment manager, Shore Capital, currently has a strong deal
flow of interesting opportunities and the capital raised will enable the Company
to continue making new investments at a phase of the economic cycle that both
the Board and the Manager expect to be advantageous. In the meantime, the
investment manager believes the non-qualifying investments will produce good
risk adjusted returns.
Sir Aubrey Brocklebank Bt
Chairman
28 September 2005
Statement of Total Return
(incorporating the revenue account) for the period ended 30 June 2005
(unaudited)
For the period
20 December 2004 to
30 June 2005
Revenue Capital Total
Note #'000 #'000 #'000
Gains on investments - 25 25
Investment income 34 - 34
34 25 59
Management fees 4 7 20 27
Other expenses 15 - 15
22 20 42
Return on ordinary activities before taxation 12 5 17
Tax on ordinary activities - - -
Return for the period on ordinary activities
attributable to equity shareholders
12 5 17
Return per share 2 0.14p 0.06p 0.20p
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
As at 30 June 2005 (unaudited)
As at
30 June 2005
Note #'000
Fixed Assets
Investments 7 3,584
Current Assets
Accrued income 2
Cash 4,755
4,757
Creditors - amounts falling due within one year (190)
Net Current Assets 4,567
Total Assets less Current Liabilities 8,151
Creditors - amounts falling due after more than one year (1)
8,150
Capital and Reserves
Called up share capital 6 81
Share premium account 6 8,052
Capital reserve - realised 6 (17)
Capital reserve - unrealised 6 22
Revenue reserve 6 12
Equity Shareholders' Funds 8,150
Net Asset Value per Share 98.20p
Cash Flow Statement
For the period ended 30 June 2005 (unaudited)
For the period
20 December 2004 to
30 June 2005
#'000
Profit for the period 12
Investment management fee charged to capital (20)
Foreign exchange gain on cash 2
Increase in debtors (2)
Increase in creditors 190
Net realised loss on forward foreign exchange contracts (46)
Net cash inflow from operating activities 136
Capital receipts and financial investment
Purchase of investments (3,637)
Proceeds from sale of investments 122
Net cash outflow from capital receipts and financial investment (3,515)
Financing
Net proceeds received from issue of ordinary share capital 8,299
Expenses paid for issue of share capital (166)
Proceeds received from convertible loan notes 1
Net cash inflow from financing 8,134
Increase in cash 4,755
Reconciliation of net cash flow to movement in net cash
Increase in cash for the period 4,755
Net cash at start of the period -
Net cash at end of the period 4,755
Notes to the Interim Report
For the period ended 30 June 2005
1. The accounts of the Company are prepared in accordance with
Accounting Standards applicable in the United Kingdom. The accounting policies
used in preparing this report are consistent with those that will be adopted at
the year-end. All quoted investments are valued on a bid basis.
2. The total return per share of 0.20p is based on the profit for
the period of #17,000 and the number of shares in issue as at 30 June 2005 of
8,299,100.
3. The net asset value per share of 98.20p is based on net assets of
#8,150,000 and on 8,299,100 shares in issue.
4. The Company pays the Investment Manager an annual management fee
of 2% (plus VAT) 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. The financial information contained in the 30 June 2005 statement
of total return, balance sheet and cash flow statement does not constitute full
financial statements and has not been audited.
6. Movements in equity shareholders' funds
Called up Share Capital Capital Total for
share premium reserve- reserve- Revenue the period
realised unrealised reserve ended
capital account 30 June 2005
#'000 #'000 #'000 #'000 #'000 #'000
Balance at start of the - - - - - -
period
Share issues in the period 81 8,052 - - - 8,133
Net (decrease)/increase in
the value of investments - - 3 22 - 25
Management fees charged to
capital - - (20) - - (20)
Profit for the period - - - - 12 12
Balance at end of the 81 8,052 (17) 22 12 8,150
period
7. Investment portfolio summary
Cost Valuation Valuation as a % of
#'000 #'000 Net Assets
As at 30 June 2005
Qualifying investment - unquoted 488 488 6%
Non-qualifying investments
Hedge fund portfolio - quoted 2,805 2,871 35%
Other quoted investments 224 225 3%
Total non-qualifying investments 3,029 3,096 38%
Total investments 3,517 3,584 44%
Balance of portfolio 4,566 4,566 56%
Net Assets 8,083 8,150 100%
This information is provided by RNS
The company news service from the London Stock Exchange
END
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