Final Results
(Thomson Reuters ONE) - DOWNING PROTECTED VCT I PLCFinal results for the year ended 30 June 2009FINANCIAL HIGHLIGHTS 2009 2008 Pence PenceNet asset value per share 85.20 106.40Total distributions paid since inception 54.40 50.90Total return 139.60 157.30CHAIRMAN'S STATEMENTThe year ended 30 June 2009 has been a difficult one for mostbusinesses, as the financial turmoil of 2008 led to the UK economyremaining in recession in 2009. Although stock markets have sinceexperienced some level of recovery, conditions remain challenging,particularly in certain sectors.Over the last few years, your Company has moved away from itsoriginal model of investing solely in care home businesses, towardsbuilding a more diversified portfolio. Unfortunately the severity ofthe downturn has had significant impact on a fair proportion of theportfolio, leading to a fall in Net Asset Value per share ("NAV").Net Asset ValueAt 30 June 2009, the Company's NAV stood at 85.2p. This represents adecrease of 17.7p per share against the NAV at 30 June 2008 (afteradjusting for the dividends paid during the year), equivalent to afall of 16.6%.The Company's Total Return (NAV plus cumulative dividends paid sincelaunch) now stands at 139.6p per share compared to an originalinvestment, net of income tax relief, at the Company's outset, of80.0p per share. Although the performance over the year isdisappointing, it is worth noting that the Company remains in thetop 10 best performing of all VCTs on Total Return basis.InvestmentsThe Company remained close to fully invested throughout the year andaccordingly, investment activity was limited as summarised below.Congress House Limited underwent a reorganisation whereby the companywas acquired by Blue Cedars Holdings Limited, into which a further£475,000 was invested.Two investee companies repaid loan stock totalling £550,000 at par.A further investment of £400,000 was made into Honeycombe PubsLimited in an attempt to recover value in this struggling pubowner/operator. Progress was disappointing and ultimately the wholeinvestment disposed of for £400,000, realising a gain/loss of nil forthe year.Further details of the investment management activities over the yearare set out in the Investment Manager's Report below.As usual, the Board and Investment Manager undertook a detailedreview of the portfolio at the year end. In most cases, independentthird-party valuations were obtained to assist the Directors inconcluding on the current fair value of the investments. A number ofadjustments to the valuations were made including a full provision of£1 million against the investment in Kings Gap Group Limited,£200,000 against the investment in Gatewales Limited and £300,000against Heyford Homes VCT. There were some increases in value in theCompany's investments in care homes for people with special needs,with Bowman Care Homes and Blue Cedars Holdings being increased by£100,000 and £75,000 respectively. The total movement in valuationsover the year was a reduction of £1.5 million.Further details of the valuation movements are included in theInvestment Manager's Report and full details of the portfolio areincluded in the Review of Investments.Results and dividendThe loss on ordinary activities after taxation was £1,444,000 (2008:gain £57,000) comprising revenue return of £130,000 (2008: £334,000)and a capital loss of £1,574,000 (2008: loss £277,000).Your Board is proposing to pay a final dividend of 2.0p per share(comprising 1.5p revenue and 0.5p capital), which, subject toShareholder approval, will be paid on 11 December 2009 toShareholders on the register at 13 November 2009. This will resultin dividends for the year totalling 3.0p per share (2008: 5.25p pershare).The payment of this dividend will bring total distributions toShareholders since the Company's launch to 56.4p per share.Share buybacksYour Board continues to monitor the market in the Company's sharesand, in order to ensure liquidity for Shareholders, the Company has apolicy of purchasing its own shares when any become available if itis not restricted from doing so. A special resolution to allow theCompany to continue with this policy is proposed for the forthcomingAGM.During the year the Board used this power to repurchase 107,000shares for an average consideration of 91.4p per share. Shareholdersshould be aware that those who deferred a capital gain by investingin this VCT will crystallise the gain when or if they sell theirshares. Therefore, any Shareholders considering selling theirholding are recommended to take advice from their financial adviserprior to making any investment decision.Annual General MeetingThe thirteenth AGM of the Company will be held at Kings ScholarsHouse, 230 Vauxhall Bridge Road, London SW1V 1AU at 11 a.m. on 8December 2009. Three items of special business will be proposed inrespect the following:(i) share buybacks,(ii) authority to issue shares without regard to pre-emption rights,and(iii) updating the Company's Articles of Association to reflect theability, introduced by Companies Act 2006, of the Directors to changethe name of the Company without the need to seek Shareholderapproval.OutlookThe fall in NAV experienced by the Company over the year isdisappointing but not entirely surprising given the sharp decline ineconomic conditions and general financial turmoil seen during theearly part of the year. There are signs that the economy has nowstabilised, although speculation about recovery may be premature andover-optimistic.The Company's portfolio now appears to have reasonably limiteddownside. There also appear to be opportunities for building value,however it may be that these cannot be exploited until generaleconomic conditions improve.Despite the falls in values over the year, the Company's investmentportfolio has continued to produce a steady yield. This supports theBoard's intention of maintaining a strong dividend policy, which isexpected to continue over the coming year.The Board is aware that, with net assets of £6.9 million, yourCompany is now small for a VCT. The Board is therefore consideringthe possibility of launching a top-up fundraising before the end ofthe current tax year which would help to increase the size of theCompany. Full details will be sent to Shareholders as soon as theybecome available.Chris KayChairmanINVESTMENT MANAGER'S REPORTIntroductionWith the Company effectively fully invested, investment activity hasbeen reasonably limited during the year ended 30 June 2009. However,the deteriorating economic conditions have meant that the existingportfolio companies have demanded close attention.Investment activityThe new investments that were made during the year were as follows: £'000ReorganisationBlue Cedars Holdings Limited 850Follow-on investmentHoneycombe Pubs VCT Limited 400 1,250Disposals and other realisations are summarised as follows: Gain/ (loss) against Gain/ original (loss) Cost Proceeds cost in year £'000 £'000 £'000 £'000ReorganisationCongress House Limited 375 375 - -Loan stock redemptionsDowning Office Villages ContractorLimited 250 250 - -Heyford Homes (Thornton Hall) Limited 300 300 - -Full disposalHoneycombe Pubs VCT Limited 875 400 (475) -Release of retention moniesMeadows - 14 14 14 1,800 1,339 (461) 14In July 2008, a reorganisation took place whereby Blue CedarsHoldings Limited acquired the whole of the share capital of anexisting investment, Congress House Limited. The reorganisationallowed the original investment partner to exit, the Company to makea further net investment of £475,000 and the team that manages theBlue Cedars care home to take a stake in the business. Since thereorganisation, the business has made good progress.Downing Office Villages Contractor Limited and Heyford Homes(Thornton Hall) Limited have both been involved in building aresidential development in Northamptonshire. As the project hasprogressed both companies have been able to repay loan stock to theCompany totalling £550,000.Honeycombe Pubs VCT Limited, which owns and operates a pub inBurnley, continued to face difficulties throughout the year.Initially the Company made a further investment into Honeycombe toeliminate third party borrowings; however the Board felt thatHoneycombe was not making sufficient progress and took an opportunityto exit from the investment at an amount equal to the follow-oninvestment. As a full provision had been made against the investmentin the previous year, there was no realised gain or loss for theyear.Investment valuationsThe difficult economic climate has created challenges for many of theinvestee companies, resulting in a mixed performance across theportfolio.The investee companies which own and operate care homes for peoplewith special needs (Bowman Care Homes Limited, Blue Cedars HoldingsLimited and Downing (Pirbright Road) Limited) have each made progressin improving cost control and occupancy levels over the year. As aresult we have increased the valuation of Bowman Care Homes and BlueCedars Holdings by £100,000 and £75,000 respectively. In respect ofDowning (Pirbright Road) some minor adjustments to the care home arebeing planned which should assist in the recruitment of residents forthe home's two remaining places.Kimbolton Lodge Limited, which owns and operates a care home for theelderly in Bedford, has struggled to sustain occupancy levels. A newmanagement team has recently been appointed and initial signs arepositive that the new team may be able to improve occupancy whilekeeping operating costs under control. The investment has beenvalued at the year end at £750,000, being a fall of £50,000 since thelast year end, although an increase of £50,000 compared to thehalf-year valuation.Kings Gap Group Limited owns and operates a hotel in Hoylake nearLiverpool which was acquired partly because of attractive developmentopportunities on the site. In the current climate, progress inexploring the development opportunities has been slow. In addition,trading at the hotel has deteriorated. An independent reportsuggests that the current valuation of the hotel and land is nowapproximately only equal to the level of third party borrowings inthe company. As a result we have recommended a full provisionagainst the original £1 million cost of the investment. This is verydisappointing, however we believe that development opportunitiesremain and can allow the Company to recover value in the medium-term.Gatewales Limited disposed of its interest in The Gateway to WalesHotel in September 2008, leaving the company with its main assetbeing a plot of development land near Chester. Some well-advancedplans to build apartments on the land fell through at a late stageand alternative plans are now being pursued. A recent valuation ofthe land suggests that it has fallen in value in the current marketand accordingly we have made a provision of £200,000 against theoriginal cost of £1 million. As with Kings Gap above, we believethere will be opportunities for this company to recover value in duecourse.The Company has interests in three contractor/ developer companies(Downing Office Villages Contractors Limited, Heyford Homes (ThorntonHall) Limited, and Heyford Homes (VCT) Limited) each of which haveexposure to residential developments. As mentioned above DowningOffice Villages (Contractor) and Heyford Homes (Thornton Hall) repaidloan stock during the year, however a small provision of £72,000 hasbeen made against Heyford Homes (Thornton Hall) Limited in view ofthe uncertainty about the final outcome of the development project.Heyford Homes VCT is completing work on a development of six housesnear Northampton. It is not yet clear what selling prices areachievable in the current market, however we have made a provision of£300,000 against the original £1 million cost as a result of thisuncertainty. Reports in the media that the housing market has madesome recovery may mean that we ultimately are able to recover ouroriginal cost.Investment incomeThe portfolio continues to generate a satisfactory yield. Investmentincome for the year ended 30 June 2009 was £432,000 compared to£662,000 in the previous year. Although this has fallen a littlefrom the previous year, partly as a result of the fall in base rate,this income once again allows the Company to pay a reasonable levelof revenue dividends to Shareholders.ConclusionNaturally the falls in value experienced by some investments over theyear are disappointing; however we take some comfort from the factthat each of these investments has a significant chance of recoveringvalue in time. We expect these investments to demand more managementtime over the coming year.The Company's investments in care homes still make up a significantproportion of the portfolio and continue to provide a steady yield asthey build value. We believe that this can continue over the comingyear.Downing Protected Managers I LimitedREVIEW OF INVESTMENTSPortfolio of InvestmentsThe following investments, all of which are incorporated in Englandand Wales, were held at 30 June 2009: Valuation movement % of Cost Valuation in year portfolio £'000 £'000 £'000 by valueVenture CapitalInvestmentsBowman Care Homes Limited 1,000 1,350 100 19.5%Blue Cedars Holdings 850 925 75 13.4%LimitedDowning (Pirbright Road) 700 950 - 13.7%LimitedGatewales Limited 1,000 800 (200) 11.6%Kimbolton Lodge Limited 605 750 (50) 10.8%Heyford Homes (VCT) 1,000 700 (300) 10.1%LimitedDowning Office Villages 600 600 - 8.7%Contractor LimitedBond Contracting Limited 200 100 (100) 1.4%Sanguine Hospitality 6 6 - 0.1%LimitedKings Gap Group Limited 1,000 - (1,000) 0.0%Heyford Homes (Thornton 72 - (72) 0.0%Hall) LimitedSundry 50 - - 0.0% 7,083 6,181 (1,547) 89.3%Cash at bank and in hand 740 10.7%Total investments 6,921 100%Statement of Directors' responsibilitiesThe Directors are responsible for preparing the Annual Report, theDirectors Remuneration Report, and the financial statements inaccordance with applicable law and regulations. They are alsoresponsible for ensuring that the annual report includes informationrequired by the Listing Rules of the Financial Services Authority.Company law requires the directors to prepare financial statementsfor each financial year. Under that law the directors have elected toprepare the financial statements in accordance with United KingdomGenerally Accepted Accounting Practice (United Kingdom AccountingStandards and applicable law). Under company law the directors mustnot approve the financial statements unless they are satisfied thatthey give a true and fair view of the state of affairs of the companyand of the profit or loss of the company for that period. Inpreparing these financial statements the directors are required to:* select suitable accounting policies and then apply them consistently;* make judgments and estimates that are reasonable and prudent;* state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and* prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.The directors are responsible for keeping adequate accounting recordsthat are sufficient to show and explain the company's transactionsand disclose with reasonable accuracy at any time the financialposition of the company and enable them to ensure that the financialstatements comply with the Companies Act 2006. They are alsoresponsible for safeguarding the assets of the company and hence fortaking reasonable steps for the prevention and detection of fraud andother irregularities.The directors are responsible for the maintenance and integrity ofthe corporate and financial information included on the company'swebsite. Legislation in the United Kingdom governing the preparationand dissemination of the financial statements and other informationincluded in annual reports may differ from legislation in otherjurisdictions.Statement as to disclosure of information to auditorsThe Directors in office at the date of the report have confirmed, asfar as they are aware, that there is no relevant audit information ofwhich the auditors are unaware. Each of the Directors have confirmedthat they have taken all the steps that they ought to have taken asDirectors in order to make themselves aware of any relevant auditinformation and to establish that it has been communicated to theauditors.By order of the BoardGrant WhitehouseSecretaryKings Scholars House230 Vauxhall Bridge RoadLondon SW1V 1AUINCOME STATEMENTfor the year ended 30 June 2009 Year ended 30 June 2009 Year ended 30 June 2008 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000Income 432 - 432 662 - 662Losses on investments - (1,533) (1,533) - (205) (205) 432 (1,533) (1,101) 662 (205) 457Investment management (19) (57) (76) (23) (69) (92)feesManagement incentive - - - (27) (34) (61)feesOther expenses (234) - (234) (160) - (160)Return on ordinary 179 (1,590) (1,411) 452 (308) 144activitiesbefore taxTax on ordinary (49) 16 (33) (118) 31 (87)activitiesReturn attributableto equity 130 (1,574) (1,444) 334 (277) 57ShareholdersBasis and dilutedreturn per 1.6p (19.4p) (17.8p) 4.0p (3.3p) 0.7pshareAll Revenue and Capital items in the above statement derive fromcontinuing operations. The total column within the Income Statementrepresents the profit and loss account of the Company.A Statement of Total Recognised Gains and Losses has not beenprepared as all gains/losses are recognised in the Income Statementas noted above.Other than revaluation movements arising on investments held at fairvalue through the Income Statement, there were no differences betweenthe return/deficit as stated above and historical cost.RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDSfor the year ended 30 June 2009 Year ended Year ended 30 June 2009 30 June 2008 £'000 £'000Opening Shareholders' funds 8,696 9,415Purchase of own shares (99) (253)Total recognised gains for the year (1,444) 57Distributions paid (283) (523)Closing Shareholders' funds 6,870 8,696BALANCE SHEETas at 30 June 2009 2009 2008 £'000 £'000 £'000 £'000Fixed assetInvestments 6,181 7,803Current assetsDebtors 167 170Cash at bank and in hand 740 916 907 1,086Creditors: amounts falling due within one (218) (193)yearNet current assets 689 893Net assets 6,870 8,696Capital and reservesCalled up share capital 4,032 4,086Capital redemption reserve 874 820Special reserve 1,969 2,584Capital reserve - realised 778 764Capital reserve - unrealised (902) 170Revenue reserve 119 272Total shareholders' funds 6,870 8,696Basis and diluted net asset value per share 85.2p 106.4pCASH FLOW STATEMENTfor the year ended 30 June 2009 Year ended Year ended 30 June 30 June 2009 2008 £'000 £'000Net cash inflow from operating activities 205 297TaxationCorporation tax paid (88) (99)Capital expenditurePurchase of investments (1,250) (1,225)Sale of investments 1,339 2,075Net cash inflow from capital expenditure 89 850Dividends paid (283) (523)Net cash (outflow)/inflow before financing (77) 525FinancingRepurchase of shares (99) (300)Net cash outflow from financing (99) (300)(Decrease)/Increase in cash (176) 225NOTES TO THE ACCOUNTSfor the year ended 30 June 20091. Accounting policiesBasis of accountingThe Company has prepared its financial statements under UK GenerallyAccepted Accounting Practice ("UK GAAP") and in accordance with theStatement of Recommended Practice "Financial Statements of InvestmentTrust Companies" revised January 2009 ("SORP").The financial statements are prepared under the historical costconvention except for the revaluation of certain financialinstruments and on the basis that it is not necessary to prepareconsolidated accounts.Presentation of Income StatementIn accordance with SORP, supplementary information which analyses theincome statement between items of a revenue and capital nature hasbeen presented alongside the income statement. The net revenue is themeasure the Directors believe appropriate in assessing the Company'scompliance with certain requirements set out in Part 6 of the IncomeTax Act 2007.InvestmentsVenture capital investments are designated as "fair value throughprofit or loss" assets due to investments being managed andperformance evaluated on a fair value basis. A financial asset isdesignated within this category if it is both acquired and managed ona fair value basis, with a view to selling after a period of time, inaccordance with the Company's documented investment policy. The fairvalue of an investment upon acquisition is deemed to be cost.Thereafter investments are measured at fair value in accordance withthe International Private Equity and Venture Capital ValuationGuidelines "IPEV" together with FRS26.For unquoted investments, fair value is established by using theIPEV. The valuation methodologies for unquoted entities used by theIPEV to ascertain the fair value of an investment are as follows:* Price of recent investment;* Earnings multiple;* Net assets;* Discounted cash flows or earnings (of underlying business);* Discounted cash flows (from the investment); and* Industry valuation benchmarks.The methodology applied takes account of the nature, facts andcircumstances of the individual investment and uses reasonable data,market inputs, assumptions, estimates in order to ascertain fairvalue.The unrealised depreciation or appreciation arising on the valuationof investments and gains and losses arising on the disposal ofinvestments are dealt with in the capital reserve.It is not the Company's policy to exercise significant influence overinvestee companies. Therefore the results of these companies are notincorporated into the income statement except to the extent of anyincome accrued. This is in accordance with the SORP that does notrequire portfolio investments to be accounted for using the equitymethod of accounting.IncomeDividend income from equity shares is recognised when theshareholders' rights to receive payment has been established,normally the ex dividend date.Fixed returns on non-equity shares and on debt securities are accruedon a time apportionment basis, by reference to the principal sumoutstanding and at the effective rate applicable and only where thereis reasonable certainty of collection. Monitoring income is accruednet of VAT and only where there is reasonable certainty ofcollection.ExpensesAll expenses are accounted for on an accruals basis. In respect ofthe analysis between revenue and capital items presented within theincome statement, all expenses have been presented as revenue itemsexcept as follows:Expenses which are incidental to the disposal of an investment arededucted from the disposal proceeds of the investment.Expenses are split and presented partly as capital items where aconnection with the maintenance or enhancement of the value of theinvestments held can be demonstrated. The Company has adopted thepolicy of allocating investment manager's fees, 75% to the capitalreserve and 25% to the revenue account, as permitted by the SORP.The allocation is in line with the Board's expectation of long termreturns from the Company's investments in the form of capital gainsand income respectively.Deferred TaxationThe tax effects on different items in the income statement areallocated between capital and revenue on the same basis as theparticular item to which they relate using the Company's effectiverate of tax for the accounting period.Due to the Company's status as a Venture Capital Trust and thecontinued intention to meet the conditions required to comply withPart 6 of the Income Tax Act 2007, no provision for taxation isrequired in respect of any realised or unrealised appreciation of theCompany's investments which arise.Deferred taxation is provided in full on timing differences thatresult in an obligation at the balance sheet date to pay more tax, ora right to pay less tax, at a future date, at rates expected to applywhen they crystallise based on current tax rates and law. Timingdifferences arise from the inclusion of items of income andexpenditure in taxation computations in periods different from thosein which they are included in the accounts.2. Basic and diluted return per shareRevenue return per share is based on the net revenue after taxationof £130,000 (2008: £334,000) in respect of 8,118,628 (2008:8,336,239) shares, being the weighted average number of shares inissue during the year.Capital return per share is based on the net capital loss (whichincludes unrealised losses) for the financial year of £1,574,000(2008: loss £277,000) in respect of 8,118,628 (2008: 8,336,239)shares, being the weighted average number of shares in issue duringthe year.As the Company has not issued any convertible securities or shareoptions, there is no dilutive effect on return per share. The returnper share disclosed therefore represents both basic and dilutedreturn per share.3. Basis and diluted net asset value per Share 2009 2008 Net asset Net asset value per Net asset value per Net asset share value share value pence £'000 pence £'000Ordinary shares 85.2 6,870 106.4 8,696Net asset value per Ordinary Share is based on net assets at the yearend, and on 8,064,773 (2008: 8,171,773) Ordinary Shares, being thenumber of Ordinary Shares in issue at the year end.As the Company has not issued any convertible securities or shareoptions, there is no dilutive effect on the net asset value pershare. The net asset value per share disclosed therefore representsboth basic and diluted return per share.4. Principal financial risksThe principal financial risks faced by the Company, which includeinterest rate, liquidity, investment and marketability risks.In addition to these risks, the Company, as a fully listed Company onthe London Stock Exchange and as a Venture Capital Trust, operates ina complex regulatory environment and therefore faces a number ofrelated risks. A breach of the VCT Regulations could result in theloss of VCT status and consequent loss of tax reliefs currentlyavailable to shareholders and the Company being subject to capitalgains tax. Serious breaches of other regulations, such as the UKLAListing rules and the Companies Acts 1985 and 2006, could lead tosuspension from the Stock Exchange and damage to the Company'sreputation.The Board reviews and agrees policies for managing each of theserisks. They receive quarterly reports from the Managers which monitorthe compliance of these risks and place reliance on the Managers togive updates in the intervening periods. These policies have remainedunchanged since the beginning of the financial period.As a VCT, the majority of the Company's assets are represented byfinancial instruments which are held as part of the investmentportfolio. In order to ensure continued compliance with relevant VCTregulation and to be in a position to deliver the long term capitalgrowth which is part of the Company's investment objective, the Boardis very much aware of the need to manage and mitigate the risksassociated with the financial instruments held within the investmentportfolio.Credit riskCredit risk is the risk that a counterparty to a financial instrumentis unable to discharge a commitment to the Company made under thatinstrument.Investments in loan stocks comprise a fundamental part of theCompany's venture capital investments and are managed within the maininvestment management procedures.Cash is mainly held by Bank of Scotland plc, which is an AA- ratedfinancial institution and, consequently, the Directors consider thatthe risk profile associated with cash deposits is low.Interest, dividends and other receivables are predominantly coveredwithin the investment management procedures.Market riskThe key market risks to which the company is exposed is interest raterisk and, to a lesser extent, market price risk.Interest rate riskThe Company's future cash flows can be influenced by changes ininterest rates resulting in an increase or decrease in income frominvestments linked to the base rate. The maximum exposure to thisrisk amounts to the value of floating rate assets of £1.0 million(2008: £1.8 million).Market price riskMarket price risk arises from uncertainty about fair values or futurecash flows of financial instruments because of changes in marketprices.The Company has no holdings in any listed or quoted equities so hasno direct exposure to substantial movements experienced by stockmarkets. As none of the financial instruments held by the Companyare traded on any specified stock market, the Company is not exposedto a quantifiable equity price risk.The Company does however have some exposure to the markets for thevarious assets held by its investee companies. The ability of theCompany to realise the investments at their carrying value may attimes not be possible if there are no willing purchasers. Theability of the Company to purchase or sell investments is alsoconstrained by the requirements set down for Venture Capital Trusts.The Board considers each investment purchase to ensure that anacquisition will enable the Company to continue to have anappropriate spread of market risk and that an appropriate risk rewardprofile is maintained.It is not the Company's policy to use derivative instruments tomitigate market risk, as the Board believes that the effectiveness ofsuch instruments does not justify the cost involved.Liquidity riskLiquidity risk is the risk that the Company encounters difficultiesin meeting its obligations associated with its financialliabilities.The Company has a low level of creditors and has no borrowings. Cashrequirements are continually reviewed by the Investment andAdministration Managers to ensure that sufficient cash and liquidinvestments are always held. The main cash outflows, such as newinvestments and dividends, are within the control of the Company.For these reasons, the Board considers that the Company exposure toliquidity risk is low.Announcement based on audited accountsThe financial information set out in this announcement does notconstitute the Company's statutory financial statements in accordancewith section 434 Companies Act 2006 for the year ended 30 June 2009,but has been extracted from the statutory financial statements forthe year ended 30 June 2009, which were approved by the Board ofDirectors on 29 October 2009 and will be delivered to the Registrarof Companies following the Company's Annual General Meeting. TheIndependent Auditor's Report on those financial statements wasunqualified and did not contain any emphasis of matter nor statementsunder s 498(2) and (3) of the Companies Act 2006.The statutory accounts for the year ended 30 June 2008 have beendelivered to the Registrar of Companies and received an IndependentAuditors report which was unqualified and did not contain anyemphasis of matter nor statements under S237(2) or (3) of theCompanies Act 1985.A copy of the full annual report and financial statements for theyear ended 30 June 2009 will be printed and posted to shareholdersshortly. Copies will also be available to the public at theregistered office of the Company at Kings Scholars House, 230Vauxhall Bridge Road, London SW1V 1AU and will be available fordownload from www.downing.co.uk.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 16:48 Uhr
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