Half-yearly report
(Thomson Reuters ONE) - Puma VCT II plc Interim Report For the six months ended 31 August 2009Chairman's StatementHighlights* Undiluted net asset value per share of 102.88p. This represents a 7.5% increase from year-end.* Fully diluted net asset value per share of 101.81p. This represents a 6.4% increase from year-end.* Significant gains made on the AiM listed portfolio reflecting a recovering market.IntroductionDuring the six months to 31 August 2009 the Company has seen asignificant recovery of its holdings both in the qualifying andnon-qualifying portfolios as the AiM quoted stocks recovered. Inaddition to the increase in value of the existing listed holdings theInvestment Manager has been able to take advantage of newopportunities presented as the markets have shown signs of recovery.The Company's net asset value grew by 7.5% during the period, beforeaccrued performance fees.The gain in value is primarily attributable to the Company's AiMquoted stocks, however some of these continue to trade at a discountto their respective net asset values and the Investment Manager hopesthat the Company will continue to see a recovery in the values ofthese holdings in the second half.Qualifying investmentsThe six months to 31 August 2009 have seen progress for the Company'squalifying investments.In May 2009 Cadbury House Limited, the leisure centre and hotelcomplex near Bristol, was granted planning permission to build anextension to the hotel containing a further 48 bedrooms. Theconstruction is expected to commence in the next few months.As announced at the year end, the Company's holding in CliffordContracting Limited of £1,039,000 has been sold in the period toTelford Homes plc in exchange for new shares and secured loan notes.This investment continues to be qualifying for VCT purposes and theexit has been targeted to coincide with the expected wind-uptimetable of the VCT.Bond Contracting Limited (in which the Company has invested £1.05m)is in the final stages of constructing a 141 bed Hotel on theoutskirts of Winchester. It is on target to complete the constructionin the current year and be operational in early 2010.At 31 August 2009 the listed holdings within the Company's qualifyingportfolio were valued at £904,000. This represents an unrealised gainof £326,000 over the value of £578,000 as at the year end.Non-qualifying investmentsThe Investment Manager has taken advantage of new opportunitiespresented as the markets have shown signs of recovery, focusing oncorporate bonds and other bond funds. This strategy has generated£41,000 in bond interest during the period, together with profits of£25,000 from disposal of bonds.Just subsequent to the period end the Company fully realised itsfixed rate loan stock holding in Lakan investments. The loan was putin place in November 2007 and has generated an IRR of over 21% duringits life.The VCT also exited from Puma Brandenburg (in which it had originallyinvested into at £1) as a result of its takeover at 60p per share byShore Capital Group plc. The 60p exit price represented a premium ofapproximately 40 per cent. to the closing price on 10 June 2009,being the last practicable business day before the takeover wasannounced.During the period VCT and VCT II invested in £500,000 secured loannotes of INVU plc of which £204,000 was for this VCT. These loannotes bear an attractive coupon and the term coincides with theexpected VCT wind-up strategy.Results and dividendsAs set-out in the accounts for the period ended 28 February 2009, adividend of 2.75p per ordinary share was declared during the periodand paid on 16 September 2009. Your Board is not proposing adividend in relation to this interim period but reiterates theintention to distribute a large element of the available income and,if appropriate, realised capital gains in due course.Principal risks and uncertaintiesAlthough the UK economy has shown some limited signs of a recovery sofar this year, economic risks remain. The consequences of this forour investment portfolio represent one of the principal risks anduncertainties for the Company in the second half of the year.OutlookDespite the strong performance in the period we also remain cautiousof the risk of a further downturn in stock markets. Our existingprivate equity investments are largely in the form on secured loansand limit the Company's risk exposure. The quoted holdings haveperformed well during the period but the values of these stillreflect the prospects for a long period of economic uncertainty andreduced liquidity in small cap stocks. However, liquidity hasimproved in the larger more successful holdings.Realisations and end of VCT lifeWe are now focused on improving the liquidity of the portfoliowherever possible whilst maintaining an appropriate risk/return. Thefull realisations of Lakan Investments and Puma Brandenburg Ltd inthe period go someway towards this. The new investments in INVU plcand Telford Homes plc have been structured consistent with theobjective of achieving an orderly winding up of the VCT assets at theend of its life.As we draw near to the end of its life we are reviewing how we windup the Fund and manage its assets in line with this requirement. Tomeet VCT rules, the process of formal winding up cannot begin untiluntil 1 June 2010, 5 years on from the closing of the two VCTs'flotations. However if significant capital is realised before thispoint, it is the intention of the Board to distribute it.Recent Net Asset ValueThe fully diluted net asset value per share as at 30 September 2009was 99.60p after the payment of the 2.75p dividend mentioned above.I look forward to reporting the progress of the Company with the nextAnnual Report for the year ended 28 February 2010.Sir Aubrey Brocklebank BtChairman30 October 2009Income Statement (unaudited)For the six months ended 31 August 2009 Six months ended Six months ended Year ended 31 August 2009 31 August 2008 28 February 2009 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000Gains/(losses)on investments - 502 502 - (396) (396) - (970) (970)Income 158 - 158 195 - 195 402 - 402 158 502 660 195 (396) (201) 402 (970) (568)Investmentmanagementfees 4 9 27 36 25 75 100 43 130 173Performancefees 15 73 88 21 (90) (69) (53) (81) (134)Other expenses 28 - 28 46 - 46 86 - 86 52 100 152 92 (15) 77 76 49 125Return /(loss)on ordinaryactivitiesbeforetaxation 106 402 508 103 (381) (278) 326 (1,019) (693)Tax on returnon ordinaryactivities (19) 19 - (19) 19 - (48) 48 -Return /(loss) on ordinaryactivitiesafter taxattributableto equityshareholders 87 421 508 84 (362) (278) 278 (971) (693)Return /(loss) per OrdinaryShare (pence) 2 1.05p 5.07 p 6.12p 1.01p (4.35)p (3.34)p 3.33p (11.69)p (8.36)pThe revenue column of this statement is the profit and loss of theCompany. All revenue and capital items in the above statement derivefrom continuing operations. No operations were acquired ordiscontinued in the period.Balance Sheet (unaudited)As at 31 August 2009 As at As at As at 31 August 31 August 28 February Note 2009 2008 2009 £'000 £'000 £'000Fixed AssetsInvestments 7 8,024 8,028 6,457Current AssetsDebtors 159 183 93Cash 400 282 1,446 559 465 1,539Creditors - amountsfalling due within oneyear (44) (70) (53)Net Current Assets 515 395 1,486Total Assets less CurrentLiabilities 8,539 8,423 7,943Creditors - amountsfalling due after morethan one year(including convertibledebt) (1) (1) (1)Net Assets 8,538 8,422 7,942Capital and ReservesCalled up share capital 83 83 83Capital reserve - realised 710 630 723Capital reserve - (1,210)unrealised (776) (508)Other reserve 88 65 -Revenue reserve 8,433 8,152 8,346Equity Shareholders' Funds 8,538 8,422 7,942Net Asset Value perOrdinary Share 3 102.88p 101.50p 95.70pDiluted Net Asset Valueper Ordinary Share 3 101.81p 100.72p 95.70pCash Flow Statement (unaudited)For the six months ended 31 August 2009 Six months Six months ended Year ended ended 31 August 28 February 31 August 2009 2008 2009 £'000 £'000 £'000Operating activitiesInvestment income received 153 148 449Investment management fees paid (87) (100) (182)Cash paid to directors (7) (7) (14)Foreign exchange loss on cash - (2) -Other cash payments (42) (45) (71)Net cash inflow/(outflow) fromoperating activities 17 (6) 182Equity dividend paid - (125) (125)Capital expenditure andfinancial investmentPurchase of investments (2,721) (183) (384)Proceeds from sale of 1,551investments 1,655 347Net realised gain/(loss) onforward foreign exchangecontracts 2 (44) (70)Net cash (outflow)/inflow fromcapital expenditure andfinancial investment (1,064) 120 1,097(Decrease)/increase in cash (1,047) (11) 1,154Reconciliation of net cash flowto movement in net funds(Decrease)/increase in cash for 1,154the period (1,047) (11)Net cash at start of the period 1,447 293 293Net funds at the period end 400 282 1,447Reconciliation of Movements in Shareholders' Funds (unaudited)For the six months ended 31 August 2009 Called up Capital Capital share reserve- reserve- Other Revenue capital realised unrealised reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 31 August 2009Balance at 1 March2009 83 723 (1,210) - 8,346 7,942Total recognised(losses)/gains forthe period - (13) 434 88 87 596Balance at 31August 2009 83 710 (776) 88 8,433 8,538 Six months ended 31 August 2008Balance at 1 March2008 83 769 (285) 134 8,193 8,894Total recognised(losses)/gains forthe period - (139) (223) (69) 84 (347)Equity dividendpaid - - - - (125) (125)Balance at 31August 2008 83 630 (508) 65 8,152 8,422 For the year ended 28 February 2009Balance at 1 March2008 83 769 (285) 134 8,193 8,894Total recognised(losses)/gains forthe period - (46) (925) (134) 278 (827)Equity dividendpaid - - - - (125) (125)Balance at 28February 2009 83 723 (1,210) - 8,346 7,942Notes to the Interim ReportFor the six months ended 31 August 20091. Accounting PoliciesThe financial statements have been prepared under the historical costconvention, modified to include the revaluation of fixed assetinvestments, and in accordance with applicable Accounting Standardsand with the Statement of Recommended Practice, "Financial Statementsof Investment Trust Companies" ("SORP") December 2005. Although thisSORP principally applies to Investment Trusts, many of thecharacteristics of Investment Trusts are shared by VCTs therefore theCompany will continue to follow the SORP until investment companystatus is revoked.2. Return per Ordinary ShareThe total return per share of 6.12p (31 August 2008 - loss of 3.34p)is based on the profit for the period of £508,000 (31 August 2008 -loss of £278,000) and the weighted average number of shares in issueas at 31 August 2009 of 8,299,300 (31 August 2008 - 8,299,300).3. Net asset value per share+-------------------------------------------------------------------+| | | | Net Asset Value per || | | | share || |------------+---------------+-----------------------|| | Net assets | Shares in | Basic | Diluted || Period | | issue | | ||--------------+------------+---------------+-----------+-----------|| 31 August | £8,538,000 | 8,299,300 | 102.88p | 101.81p || 2009 | | | | ||--------------+------------+---------------+-----------+-----------|| 28 February | £7,942,000 | 8,299,300 | 95.70p | 95.70p || 2009 | | | | ||--------------+------------+---------------+-----------+-----------|| 31 August | £8,422,000 | 8,299,300 | 101.50p | 100.72p || 2008 | | | | |+-------------------------------------------------------------------+4. Management feesThe Company pays the Investment Manager an annual management fee of2% of the Company's net assets. The fee is payable quarterly inarrears. The annual management fee is allocated 75% to capital and25% to revenue.5. Related Party TransactionsRelated party transactions are described the 2009 Annual Report andAccounts on page 38. There were no other related party transactionsduring the 6 months ended 31 August 2009.6. The financial information for the six months ended 31August 2009 and 31 August 2008 has not been audited and does notcomprise full financial statements within the meaning of Section 240of the Companies Act 1985. The financial information for the yearended 28 February 2009 has been extracted from the company's fullfinancial statements for the period then ended that have beendelivered to the Registrar of Companies, and on which the report ofthe Auditors was unqualified. The interim financial statements havebeen prepared on the same basis as the annual financial statements.Notes to the Interim Report continuedFor the six months ended 31 August 20097. Investment portfolio summary Cost Valuation Gain/ Valuation as a %As at 31 August 2009 £'000 £'000 (loss) of Net AssetsQualifying investment -unquotedAlbemarle Contracting Ltd 700 700 - 8%Bond Contracting Ltd 1,054 1,054 - 12%Cadbury House Hotel &Country Club plc 1,459 1,459 - 17%Stocklight Limited 419 419 - 5%Telford Homes Ltd 1,039 1,039 - 12%Qualifying investment -quoted(at)UK plc 285 1 (284) 0%Alterian plc 13 17 4 0%Clarity Commerce Solutionsplc 98 72 (26) 1%I-Design Group plc 41 7 (34) 0%INVU plc 81 6 (75) 0%Mount Engineering plc 153 113 (40) 1%Patsystems plc 214 356 142 4%Sport Media plc 210 13 (197) 0%Universe Group plc 120 47 (73) 1%Vertu Motors plc 407 272 (135) 3%Total qualifying investments 6,293 5,575 (718) 65%Non-qualifying investments -unquotedINVU plc 204 204 - 2%Lakan Investments Limited 58 72 14 1%Non-qualifying investments -quotedAnglo American Bonds 159 161 2 2%Artemis Strategic Bonds 102 124 22 1%Blackrock UK Emerging CosHedge Fund Limited 378 493 115 6%Brevan Howard Macro 169 182 13 2%Cazenove Strategic Bond Fund 204 232 28 3%Cazenove UK Dynamic AbsoluteUK 170 180 10 2%Jupiter Strategic Bonds 204 255 51 3%Puma Brandenburg Limited 397 226 (171) 3%Rio Tinto Finance Plc Bonds 107 107 - 1%The Hotel Corporation plc 283 213 (70) 2%Total non-qualifyinginvestments 2,435 2,449 14 29%Total investments 8,728 8,024 (704) 94%Balance of portfolio 514 514 6%Net Assets 9,242 8,538 (704) 100%---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.10.2009 - 16:45 Uhr
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