Preliminary Results
For immediate
release����������������������������������������������������������������������������������
����� 28 April 2008
�
Puma VCT II plc
�
Unaudited Preliminary Final Results for the Period Ended 29 February
2008
�
Highlights
�
*�������� Fully diluted NAV per share of 105.56p for Puma VCT II plc
at period end (up 8.6% since inception including dividends, down
3.5% for the period).�
�
*�������� Nine qualifying investments made in 2007/08, achieving its
70% qualifying investment target.
�
*�������� Dividend of 1.5p proposed per Ordinary Share.
Sir Aubrey Brocklebank Bt of Puma VCT II plc said:
�
"The defensive qualities of the Puma VCT II plc's investments have
enabled a resilient performance with only a small drop in NAV.� This
was despite the well reported turmoil inflicting the wider financial
markets and was considerably better than most of its peers,
reflecting the investment manager's conservative approach." ��
�
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 and Plus Markets
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
�
The defensive qualities of the Puma VCT II plc's investments have
enabled a resilient performance with only a small drop in NAV.� This
was despite the well reported turmoil inflicting the wider financial
markets and was considerably better than most of its peers,
reflecting the investment manager's conservative approach.
�
In a year where the AiM market fell 17 per cent from its peak in
July, the Company is reporting a 3.5 per cent fall in diluted NAV per
share (including the 2006 final dividend) for the 14 month period,
which now stands at 105.56p. Although on an absolute return basis
this is disappointing, in the current environment the focus must be
on ensuring that the Company is not too exposed to the vagaries of
the markets and that the private equity investments can weather any
economic down-turn. Most of the drop in value arises from our
investments in AiM stocks which in many cases are trading at a
discount to their asset value.� This is more the result of the
volatility and sentiment in the stock market for smaller companies
than the quality of the companies concerned and I would expect these
prices to return to more sensible levels in due course.� To this
extent I am comfortable that the Investment Manager has successfully
delivered against its mandate and is conservatively building a robust
portfolio of investments that should protect investors' capital.
�
Venture capital investments
�
The Company completed nine qualifying transactions during the period.
Three of these are private equity deals with companies in which Puma
VCT II plc already had an investment. Given the current
uncertainties, it is undoubtedly a sensible approach to stick with
the companies and entrepreneurs whom are well known to the Investment
Manager. The new AiM investments were relatively small amounts,
representing less than 6 per cent of the total qualifying portfolio
(c4 per cent of total NAV).
�
Puma VCT II plc originally invested �489,000 into Cadbury House Hotel
& Country Club Limited in June 2005. The Company subsequently
follow-on invested �916,000 in two tranches, with the second
investment occurring in April 2007. In June, Cadbury House opened the
doors to the newly built 72 bed hotel extension and it has
subsequently outperformed expectations with respect to occupancy and
room rates. Given the success of the leisure club, it was proposed
that an extension should be built to expand capacity. This presented
the Company with an opportunity to exit its original investment with
an 88 per cent return after two years and to reinvest further amounts
as secured mezzanine.
�
As you may recall, Puma VCT II plc invested in the parent company of
Bloomsbury Auctions Limited, at the end of 2006. Bloomsbury Auctions
is Europe's largest specialist book auctioneer, which during the year
has successfully launched additional departments in the UK (away from
books) and opened new auction rooms in Rome and New York. As a result
of the progress made, the company sought further amounts to fund
working capital requirements. Puma VCT II plc invested �140,000 as
part of a �1 million financing round.�
�
At 28 February 2008, the Company's qualifying portfolio had a total
cost of �6,532,000 and was valued at �5,871,000 resulting in an
unrealised loss of �481,000. Further details are set out in the
Investment Manager's Report and the Largest Investments on pages 5 to
12.
�
The Company now has 73.4 per cent invested in qualifying
investments, which meets the Inland Revenue requirement to have at
least 70 per cent in qualifying investments by the end of year three.
�
Non-qualifying investments
�
The Investment Manager has invested the non-qualifying investments on
an absolute return basis.� The market value was �2,690,000 at
year-end against an underlying book cost of �2,375,000.� The
performance was flat in the non-qualifying portfolio in 2007 as a
result of the turbulent markets, reflecting which the Company retains
a high level of cash.
�
Results and dividend
�
The net total loss for the period was �321,000.� Gross revenue for
the period was �364,000 and net revenue return after taxation was
�142,000.� The Board proposes a final dividend of 1.5p per Ordinary
Share.� The ex-dividend date will be 7 May 2008 and the record date 9
May 2008.� Payment will be made to shareholders by 2 July 2008.
�
Annual General Meeting
�
The Annual General Meeting of the Company will be held at Bond Street
House, 14 Clifford Street, London, W1S 4JU on 27 June 2008 at
10:05am.� Notice of the Annual General Meeting and Form of Proxy are
included with the annual accounts.
�
�
Outlook
�
As discussed later on in the Investment Manager's Report, in many
respects the fall-out from tighter credit conditions is expected to
present more opportunities to Puma VCT II plc as potential investee
companies look for alternative sources of debt finance and should
have more realistic expectations on valuations, whether that be in a
private or listed capacity. The existing private equity investments
have performed well and we are comfortable with the risk exposure in
these going forward. The AiM investments make up only 14 per cent of
the overall portfolio. On a medium term view it is still considered
that they represent sound defensive investments, however, we will
monitor them very closely.
�
�Sir Aubrey Brocklebank Bt
Chairman
Investment Manager's Report
�
�Overall Performance
�
The Company's relatively lower risk investment mandate has clearly
been tested in the preceding eight months as significant increases in
volatility and widespread negative sentiment dragged down the
financial markets. It is against this backdrop that we are pleased to
report that the diluted NAV per share performed relatively well,
dropping from 110.32p to 105.56p representing a 3.5 per cent fall
after taking into account the 2006 dividend. This compares favourably
against the fall of 17 per cent in the FTSE AiM index from its high
in July and we believe supports our investment decisions to date.
Notwithstanding this, the results are disappointing as our investors
expect an absolute return on their capital. We are, however,
comfortable with the current portfolio of investments and expect that
recent falls will be corrected in the medium term whilst at the same
time new investments will improve overall returns.
�
The well documented difficulties faced by hedge funds after July
impacted on the performance of the non-qualifying portfolio as did
adverse market sentiment on property stocks. The hedge fund
investments ended the period with a positive overall return of 4.3
per cent. During the period the amount invested in hedge funds was
reduced by over 67 per cent as a result of increasing concern over
the turmoil in markets as a whole. The decline in the remaining
non-qualifying investments, which off-set the hedge fund gains, was
due to falls in property share prices trading at deep discounts to
net asset values. We believe that the discounts to net asset values
shown on these stocks should protect investors against further shocks
and we would expect valuations to rise over the next three years.
�
New Qualifying Investments
�
During 2007, we considered literally hundreds of opportunities for
the Company's qualifying portfolio, meeting numerous management teams
every week. It is therefore a reflection of our cautious approach, in
accordance with our mandate, that we did not get carried away by the
frenetic activity associated with the AiM market in the first half of
the year. This has left us relatively well positioned, given the
subsequent decline in values across the board. Therefore, it should
perhaps be of little surprise that of the nine new qualifying
transactions completed by Puma VCT II plc four of these related to
companies in which we already had an investment. In turbulent and
uncertain times it has been hugely reassuring to have the opportunity
to invest in businesses and management teams that we know very well.
�
Puma VCT II plc's first qualifying investment in 2007 was the second
tranche of the Company's �789,000 senior debt investment in Cadbury
House Hotel & Country Club Limited. Cadbury House opened its 72 bed
hotel wing in June which brings to an end a �17 million development
project that started in June 2005. The management team have continued
to deliver excellent results from all aspects of the business which
includes conference and banqueting and a leisure club. The
overwhelming success of the leisure club in growing membership led to
a proposal to build an extension to increase capacity. To facilitate
the financing and to crystallise a gain, the investment was
restructured in November. The Puma VCT II plc's original investment
of �489,000 was exited at �916,000 million, an 88 per cent return in
just over two years. The Company reinvested �670,000 of this amount
into more secure loan notes, with an attractive coupon.
Puma VCT II plc invested in Bond Contracting Limited in the first
half of 2007. Bond Contracting was set-up to acquire companies or to
operate within the leisure sector and actively sought to enter into
contracting arrangements during the year. We are pleased to report
that the company has recently entered into its first significant
construction contract within this space.
�
Between April and July, Puma VCT II plc invested a total of �426,000
in five AiM quoted companies: Universe Group Plc, Mount Engineering
Plc, Mediasurface Plc, Invu Plc and i-Design Plc. Just under a third
of this amount was invested in Mount Engineering Plc a provider of
engineering equipment, principally to the oil and gas sector. We are
pleased to report that the share price has held firm against the
wider market decline. The business has many of the defensive
qualities we look for, was reasonably priced and the management team
are backable. The other new AiM investments proved less resilient to
the general market down-turn. These represent only 4.4 per cent of
the Company's NAV and therefore the exposure is well contained and
did not unduly impact Puma VCT II plc's performance.
�
The Company's second investment in what was Interactive World plc
(now Sport Media plc) has proved more disappointing despite the
underlying business meeting expectations. Puma VCT II plc's original
investment, in this distributor and aggregator of media content to
mobile phones, had been performing satisfactorily, with the share
price being supported by strong cash generation and management
delivering against all forecasts. In August this year, the Company
invested a further �140,000, as part of a �63 million fundraising, in
a deal to acquire the Sports Newspaper Group (the combined group has
been renamed Sport Media Group Plc). The business has strong cash
flows in both parts of the merged group (reflected in a good
dividend) and management made a case for a turn-around story. Most of
the �63 million raised was placed with non-VCTs giving the stock a
higher capitalisation which should improve its liquidity in the
medium term.
�
Puma VCT II plc's final qualifying investment of 2007 was another
follow-on investment in one of our existing private investee
companies. Stocklight Limited is the parent company of Bloomsbury
Auctions, which has made great progress expanding its auction
business both in the UK and overseas. The company successfully
launched a new auction room in New York and Rome, whilst maintaining
momentum with the more established London business. The Company
invested �140,000, taking the total investment to �419,000. In
keeping with our mandate, most of the investment is in the form of
secured loan notes and we are comfortable with the security provided
by a significant asset base.��
�
During the period the Company has invested in two qualifying
companies, Clifford Contracting Limited and Albemarle Contracting
Limited. Both Albemarle Contracting Limited and Clifford Contracting
Limited have been actively pursuing opportunities to either acquire
companies or to operate within the business consultancy sector and we
expect news of positive developments over the coming months. ��
�
Existing Qualifying Investments
�
The investments discussed above represent c.88 per cent of the
qualifying portfolio with the balance consisting of four further
existing investments, quoted on AiM: patsystems Plc, Vertu Motors
plc, @UK plc and Clarity Commerce Solutions plc. patsystems plc and
Vertu Motors plc represented c.92 per cent of these investments at
year end NAVs.
�
Vertu Motors plc is delivering on its strategy as a consolidator of
motor dealerships. Its largest acquisition to date, of the Bristol
Street Motors group for �40 million, together with several smaller
ones has propelled it to be the 10th largest dealership in the UK.
The industry remains very fragmented, offering opportunities for
further acquisitions. The management are strong (ex Reg Vardy) and
the share price is underpinned by considerable fixed asset backing.
However, negative sentiment on the sector, a result of disappointing
results from the larger players and concerns about the consumer, has
dragged down the share price. We still believe that the company
offers strong fundamentals on a medium term view but will continue to
monitor closely. Given the relatively large position we have in
Vertu, one factor we took into account when making the investment
decision was that the vast majority of the shares placed were with
non-VCT shareholders, which should greatly facilitate our eventual
exit.
�
Patsystems plc provides derivatives trading software products and
solutions to financial institutions. The company continues to perform
well, delivering results which met all expectations. Despite the
problems faced by its customer base, patsystems is well positioned to
weather the storm, as a high proportion of its revenues are recurring
and effectively booked, whilst additional growth is expected from its
risk management system. Although the share price is off its highs set
in May (in part caused by bid speculation), it has been a strong
performer, ending the year up c.60 per cent.
�
Outlook
�
We believe that the Company remains well positioned in the year ahead
both in respect of its existing portfolio and the opportunities that
we expect will emerge as a result of tighter credit markets. In 2007,
when banks were lending loosely and new fundraisings on AiM were
placed relatively easily, we stayed on the side-lines whilst risk was
being priced incorrectly. Companies seeking secured mezzanine
financing in 2008 will struggle to find such accommodating bankers.
As a result of this we expect to see increasing deal flow to invest
in robust companies with more realistic price expectations. A deeper
macroeconomic decline than currently expected will undoubtedly
present challenges for our current investments but we are confident
that their defensive attributes will protect our capital.
�
Shore Capital Limited
Unaudited Investment Portfolio Summary
As at 29 February 2008�
�
�
� � Unaudited �
Original
Valuation Cost Gain/(Loss) Valuation as
Investment � �'000 �'000 � �'000 % of NAV
� � � � � � �
Qualifying
Investments -
Unquoted � � � � � �
� � � � � � �
Albemarle Contracting
Limited � �700 �700 � �-�� 8%
Bond Contracting
Limited � �1,054 �1,054 � �-�� 12%
Cadbury House Limited � �1,459 �1,459 � �-�� 16%
Clifford Contracting
Limited � �1,040 �1,040 � �-�� 12%
Stocklight Limited � �419 �419 � �-�� 5%
� � � � � � �
Qualifying
Investments - Quoted � � � � � �
� � � � � � �
@UK plc � �19 �285 � (266) 0%
Clarity Commerce
Solutions plc � �38 �98 � (60) 0%
I-Design Group plc � �33 �41 � (8) 0%
INVU plc � �65 �81 � (16) 1%
Mediasurface plc � �13 �71 � (58) 0%
Mount Engineering plc � �148 �153 � (5) 2%
patsystems plc � �385 �214 � �171 4%
Sport Media Group plc � �130 �210 � (80) 1%
Universe Group plc � �90 �120 � (30) 1%
Vertu Motors plc � �278 �407 � (129) 3%
� � � � � � �
Total Qualifying
Investments � �5,871 �6,352 � (481) 66%
� � � � � � �
Non - Qualifying
Investments -
Unquoted � � � � � �
� � � � � � �
Lakan Investments
Limited � �218 �204 � �14 2%
� � � � � � �
Non - Qualifying
Investments - Quoted � � � � � �
� � � � � � �
Puma Absolute Return
Fund Limited � �1,105 �911 � �194 12%
Puma Brandenburg
Limited � �309 �397 � (88) 3%
The Hotel Corporation
plc � �467 �283 � �184 5%
Other hedge funds and
equity investments � �591 �580 � �11 7%
� � � � � � �
Total Non -
Qualifying
Investments � �2,690 �2,375 � �301 30%
� � � � � � �
Total investments � �8,561 �8,727 � (180) 96%
Cash and other net
assets � �333 �333 � �-�� 4%
� � � � � � �
� � �8,894 �9,060 � (166) 100%
Unaudited Income Statement
For the period ended 29 February 2008
�
�
� Unaudited Audited
Period ended For the year to
29 February 2008 31 December 2006
� Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
� � � �
(Losses)/gains on - 752 752
investments �-�� (400) (400)
Income �364 �-�� �364 206 - 206
� � � � � � �
� �364 (400) (36) 206 752 958
� � � � � � �
� � � � � � �
Investment management 54 162 216
fees �64 �191 255
Performance fees �36 (116) (80) 12 119 131
Other expenses �110 �-�� �110 87 - 87
� � � � � � �
� �210 �75 �285 153 281 434
� � � � � � �
Return on ordinary
activities before
taxation �154 (475) (321) 53 471 524
Tax on return on
ordinary activities (12) �12 �-�� (8) 8 -
� � � � � � �
Return on ordinary
activities after
tax attributable to
equity � � �
shareholders �142 (463) (321) 45 479 524
� � � � � � �
� � � � � � �
Basic and diluted
return per Ordinary
Share (pence) 1.72p (5.58)p (3.86)p 0.54p 5.77p 6.31p
� � � � � � �
�
The total column represents the profit and loss account and the
revenue and capital columns are supplementary information.
�
All revenue and capital items in the above statement derive from
continuing operations.� No operations were acquired or discontinued
in the period.
�
No separate Statement of Total Recognised Gains and Losses is
presented as all gains and losses are included in the Income
Statement.
Unaudited Balance Sheet
As at 29 February 2008
�
� Unaudited � Audited
� �
As at As at
29 February 2008 31 December 2006
�'000 �'000
Fixed Assets � � � � �
Investments � �8,561 � � 8,962
� � � � � �
� � � � � �
Current Assets � � � � �
Debtors � �137 � � 53
Cash at bank and in hand � �293 � � 505
� � � � � �
� � �430 � � 558
Creditors - amounts falling due � �
within one year (96) � (149)
� � � � � �
Net Current Assets � �334 � � 409
� � � � � �
Total Assets less Current � �
Liabilities �8,895 � 9,371
� � �
Creditors - amounts falling due
after more than one year �
(including convertible debt) (1) � (1)
� � � � � �
Net Assets � �8,894 � � 9,370
� � � � � �
Capital and Reserves � � � � �
Called up share capital � �83 � � 83
Capital reserve - realised � �769 � � 115
Capital reserve - unrealised � (285) � � 832
Other reserve � �134 � � 214
Revenue reserve � �8,194 � � 8,126
� � � � � �
Equity Shareholders' Funds � 8,895 � � 9,370
� � � � � �
� � � � � �
Net Asset Value per Ordinary � �
Share 107.17p � 112.90p
� � � � � �
Diluted Net Asset Value per � �
Ordinary Share 105.56p � 110.32p
� � � � � �
�
Unaudited Cash Flow Statement
For the period ended 29 February 2008
�
� Unaudited Audited
� �
Period ended For the year to
29 February 2008 � 31 December 2006
�'000 � �'000
Operating activities � � � � �
Investment income received � �280 � � 167
Investment management fees paid � (327) � � (157)
Cash paid to Directors � (17) � � (14)
Foreign exchange (loss)/gain on � �19 � � (36)
cash
Other cash payments � (102) � � (67)
� � � � � �
Net cash outflow from operating � �
activities (147) � (107)
� � � � � �
Equity dividend paid � (75) � � -
� � � � � �
Capital expenditure and financial � � � � �
investment
Purchase of investments � (5,206) � � (4,564)
Proceeds from sale of investments � �5,154 � � 2,492
Decrease in trades in advance � - � � 339
Acquisition costs � (1) � � (3)
Net realised gain on forward � �
foreign exchange contracts �63 � 383
� � � � � �
Net cash outflow from capital � �
expenditure and financial
investment �10 � (1,353)
� � � � � �
Outflow in the period � (212) � � (1,460)
� � � � � �
Reconciliation of net cash flow � � � � �
to movement in net funds
Decrease in cash for the period � (212) � � (1,460)
Net cash at start of the period � �505 � � 1,965
� � � � � �
Net funds at the period end � �293 � � 505
� � � � � �
Unaudited Reconciliation of Movements in Shareholders' Funds
For the period ended 29 February 2008
�
� Unaudited
For the period ended 29 February 2008
� � � � � �
� � � � �
Called Capital Capital � �
up reserve- reserve- Other Revenue �
share realised unrealised reserve reserve �
capital �'000 �'000 �'000 �'000 Total
�'000 �'000
� � � � � � �
At 1 January 2007 83 115 832 214 8,126 9,370
Total recognised
gains for the
period �-�� �653 (1,117) (80) �143 (401)
Equity dividend
paid �-�� �-�� �-�� �-�� (75) (75)
At 29 February
2008 �83 �768 (285) �134 �8,194 �8,894
� � � � � � �
� �
� Audited
For the year to 31 December 2006
� � � � � �
� � � � �
Called Capital Capital � �
up reserve- reserve- Other Revenue �
share realised unrealised reserve reserve �
capital �'000 �'000 �'000 �'000 Total
�'000 �'000
� � � � � � �
At 1 January 2006 83 (213) 681 83 8,081 8,715
Total recognised
gains for the year - 328 151 131 45 655
At 31 December
2006 83 115 832 214 8,126 9,370
�
Unaudited Notes to the Accounts
For the period ended 29 February 2008
�
1.�������� Change in accounting policies
�
This preliminary announcement has been prepared on the basis of the
accounting policies set out in the 2006 accounts, with the exception
of the adoption of the new Financial Reporting Standard ("FRS") 29,
that has been issued by the Accounting Standards Board as part of the
convergence process between United Kingdom Generally Accepted
Accounting Practice with International Financial Reporting Standards
("IFRS"). The adoption of this standard has not resulted in any
restatements of prior year figures as the standard's provisions
relate to disclosure only, these have not been presented within this
announcement.� All other accounting policies have been applied
consistently during the current and prior years.
�
2.�������� Basic and diluted return per Ordinary Share
�
� Unaudited Audited
Period ended 29 February 2008 Year ended 31 December 2006
� Revenue Capital Total Revenue Capital Total
� � � �
Return �143,000 (463,000) (320,000) 45,000 479,000 524,000
for the
period
Weighted �8,299,300 �8,299,300 �8,299,300 8,299,300 8,299,300 8,299,300
average
number
of
shares
� � � � � � �
Return 1.72p (5.58)p (3.86)p 0.54p 5.77p 6.31p
per
Ordinary
Share
� � � � � � �
The total return per ordinary share is the sum of the revenue return
and capital return.
�
3.�������� Net Asset Value per Ordinary Share
�
� Unaudited Audited
29 February 2008 31 December 2006
� �
� Basic Diluted Basic Diluted
Net assets (�) �8,894,000 �8,894,000 9,370,000 9,370,000
Number of Ordinary Shares �8,299,300 �8,425,540 8,299,300 8,493,347
� � � � �
Net Assets Value per 107.17p 105.56p 112.90p 110.32p
Ordinary Share (p)
� � � � �
�
Unaudited Audited
Calculation of number of Period ended 29 Year to 31
shares February 2008 December 2006
� Basic Diluted Basic Diluted
Number of Ordinary Shares �8,299,300 �8,299,300 8,299,300 8,299,300
Dilutive effect of - �126,240 - 194,047
performance fee
� � � � �
At period/year-end �8,299,300 �8,425,540 8,299,300 8,493,347
� � � � �
�
4.������������ Reconciliation of total return before capital
expenditure and financing and costs to net cash inflow from operating
activities
� � Unaudited Audited
Period ended Year to 31
29 February December
2008 2006
�'000 �'000
Total return before taxation � (320) 524
Losses/(gains) on investments � �400 (752)
Increase in debtors � (84) (39)
(Decrease)/increase in creditors � (82) 65
Foreign exchange gain/(loss) on cash � �19 (36)
Performance fee to be effected through � (80) 131
share-based payment
� � � �
Net cash outflow from operating activities � (147) (107)
� � � �
�
5.�������� Income
� Unaudited
Period ended Audited
29 February Year to 31 December
2008 2006
�'000 �'000
Income from investments � �
Loan stock interest �238 101
Dividend income �60 20
Investment fee rebate �21 38
� � �
� �319 159
Other income � �
Bank deposit interest �45 47
� � �
� �364 206
� � �
�
6.�������� Dividends
� Record date Date of Paid
of dividend payment per share
� � � �
2006 final revenue dividend 4 May 2007 1 June 2007 0.9p
� � � �
� � � �
Proposed 2008 final revenue 9 May 2008 2 July 2008 1.5p
dividend
� � � �
�
7.�������� The financial information set out in the announcement does
not constitute the Company's statutory accounts for the period ended
29 February 2008 or the year ended 31 December 2006.� The financial
information for the year ended 31 December 2006 is derived from the
statutory accounts for that year which have been delivered to the
Registrar of Companies. The auditor's report was unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies
Act 1985.� The auditors are yet to report on the statutory accounts
for the period ended 29 February 2008.� The statutory accounts for
the period ended 29 February 2008 will be delivered to the Registrar
of Companies following the Company's Annual General Meeting.
�
A copy of the full annual report and financial statements for the
period ended 29 February 2008 will be printed and posted to
shareholders.� Copies will also be available to the public at the
registered office of the Company at Bond Street House, 14 Clifford
Street, London W1S 4JU.
�
The financial information contained within this preliminary
announcement was approved by the board on 25 April 2008.
- ---END OF MESSAGE---
Puma Vct Ii (LSE:PMV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puma Vct Ii (LSE:PMV)
Historical Stock Chart
From Jul 2023 to Jul 2024