Half-yearly report
(Thomson Reuters ONE) - Puma VCT III plc Interim Report For the six months ended 31 August 2009Chairman's StatementHighlights* Net asset value per share of 93.91p. This represents a 4.3% 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 listed holdings the unlistedportfolio has continued to generate solid returns throughout theperiod. The Company's net asset value grew by 4.3% during the period,before accrued 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 £1,888,000 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 £2.2m) isin the final stages of constructing a 141 bed Hotel on the outskirtsof Winchester. It is on target to complete the construction in thecurrent year and be operational in early 2010.At 31 August 2009 the listed holdings within the Company's qualifyingportfolio were valued at £673,000. This represents an unrealised gainof £319,000 over the value of £354,000 as at the year end.Non-qualifying investmentsJust 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.The VCT subscribed £250,000 for shares in a placing by the HotelCorporation plc at 80p per share. These shares were valued at £1 pershare at the period end.Results and dividendsAs set-out in the accounts for the period ended 28 February 2009, adividend of 2.5p 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 are largely in the form of secured loans which limitsthe Company's risk exposure. The quoted holdings have performed wellduring the period but the values of these still reflect the prospectsfor a long period of economic uncertainty and reduced liquidity insmaller cap stocks. By the time the VCT looks to liquidate theseholdings in 2011, conditions may have improved.We 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 investment in TelfordHomes plc has been structured consistent with the objective ofachieving an orderly winding up of the VCT's assets at the end of itslife.Recent Net Asset ValueThe fully diluted net asset value per share as at 30 September 2009was 91.67p after the payment of the 2.5p 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 Period ended 31 August 2009 30 June 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 - 604 604 - (274) (274) - (1,494) (1,494)Income 296 - 296 430 - 430 994 - 994 296 604 900 430 (274) 156 994 (1,494) (500)Investmentmanagementfees 4 22 66 88 54 162 216 113 340 453Performancefees - - - 51 (51) - - - -Other expenses 29 - 29 68 - 68 147 - 147 51 66 117 173 111 284 260 340 600Return/(loss)on ordinaryactivitiesbeforetaxation 245 538 783 257 (385) (128) 734 (1,834) (1,100)Tax on returnon ordinaryactivities (50) 14 (36) (52) 52 - (138) 102 (36)Return /(loss)on ordinaryactivitiesafter taxattributableto equityshareholders 195 552 747 205 (333) (128) 596 (1,732) (1,136)Return /(loss)per OrdinaryShare (pence) 2 1.00p 2.83p 3.83p 1.05p (1.70)p (0.65)p 3.05p (8.88)p (5.83)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 30 June 28 February Note 2009 2008 2009 £'000 £'000 £'000Fixed AssetsInvestments 7 18,054 16,390 17,214Current AssetsDebtors 429 376 242Cash 1 2,274 255 430 2,650 497Creditors - amounts fallingdue within one year (159) (161) (133)Dividend payable - (293) -Net Current Assets 271 2,196 364Total Assets less CurrentLiabilities 18,325 18,586 17,578Creditors - amounts fallingdue after more than one year(including convertible debt) (1) (1) (1)Net Assets 18,324 18,585 17,577Capital and ReservesCalled up share capital 195 195 195Capital reserve - realised (808) (521) (559)Capital reserve - unrealised (954) (327) (1,755)Other reserve - - -Revenue reserve 19,891 19,238 19,696Equity Shareholders' Funds 18,324 18,585 17,577Net Asset Value per OrdinaryShare 3 93.91p 95.25p 90.08pDiluted Net Asset Value perOrdinary Share 3 93.91p 95.25p 90.08pCash Flow Statement (unaudited)For the six months ended 31 August 2009 Six months Six months Period ended ended ended 28 February 31 August 2009 30 June 2008 2009 £'000 £'000 £'000Operating activitiesInvestment income received 222 242 938Investment management fees (508)paid (192) (205)Cash paid to directors (7) (7) (18)Foreign exchange loss on (46)cash (1) (46)Other cash payments (56) (68) (135)Net cash (outflow)/inflowfrom operating activities (34) (84) 231Equity dividend paid - - (293)Capital expenditure andfinancial investmentPurchase of investments (3,320) (2,678) (7,678)Proceeds from sale ofinvestments 3,086 923 3,979Net realised gain/(loss) onforward foreign exchangecontracts 14 (108) (205)Net cash outflow fromcapital expenditure andfinancial investment (220) (1,863) (3,904)Management of liquid - 1,709 -resourcesDecrease in cash (254) (238) (3,966)Reconciliation of net cashflow to movement in netfundsDecrease in cash for theperiod (254) (238) (3,966)Decrease in liquid resourcesfor the period - (1,709) -Net cash at start of theperiod 255 4,221 4,221Net funds at the period end 1 2,274 255Reconciliation 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 1March 2009 195 (559) (1,755) - 19,696 17,577Total recognised(losses)/gainsfor the period - (249) 801 - 195 747Balance at 31August 2009 195 (808) (954) - 19,891 18,324 Six months ended 30 June 2008Balance at 1January 2008 195 (110) (405) - 19,326 19,006Total recognised(losses)/gainsfor the period - (411) 78 - 205 (128)Equity dividendpaid - - - - (293) (293)Balance at 30June 2008 195 (521) (327) - 19,238 18,585 For the period ended 28 February 2009At 1 January 2008 195 (110) (405) - 19,326 19,006Total recognised(losses)/gainsfor the period - (449) (1,350) - 663 (1,136)Equity dividendpaid - - - - (293) (293)Balance at 28February 2009 195 (559) (1,755) - 19,696 17,577Notes 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 3.83p (30 June 2008 - loss of 0.65p) isbased on the profit for the period of £747,000 (30 June 2008 - lossof £128,000) and the weighted average number of shares in issue as at31 August 2009 of 19,512,692 (30 June 2008 - 19,512,692).3. Net asset value per share+-------------------------------------------------------------------+| | | | Net Asset Value per || | | | share || |-------------+-------------+---------------------|| | Net assets | Shares in | Basic | Diluted || Period | | issue | | ||-----------------+-------------+-------------+----------+----------|| 31 August 2009 | £18,324,000 | 19,512,692 | 93.91p | 93.91p ||-----------------+-------------+-------------+----------+----------|| 28 February | £17,577,000 | 19,512,692 | 90.08p | 90.08p || 2009 | | | | ||-----------------+-------------+-------------+----------+----------|| 30 June 2008 | £18,585,000 | 19,512,692 | 95.25p | 95.25p |+-------------------------------------------------------------------+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 2008 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 30 June 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 periodended 28 February 2009 has been extracted from the company's fullfinancial statements for the year then ended that have been deliveredto the Registrar of Companies, and on which the report of theAuditors was unqualified. The interim financial statements have beenprepared 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 1,000 1,000 - 5%Bruton Services Limited 1,000 1,000 - 5%Bond Contracting Ltd 2,182 2,182 - 12%Cadbury House Hotel &Country Club plc 2,335 2,335 - 13%Heddon Services Limited 1,000 1,000 - 5%Kingly Services Limited 1,000 1,000 - 5%Pollen Services Limited 1,000 1,000 - 5%Saville Services Limited 1,000 1,000 - 5%Stocklight Limited 985 985 - 5%Telford Homes Ltd 1,888 1,888 - 10%Qualifying investment -quotedClarity Commerce Solutionsplc 230 170 (60) 1%Mount Engineering plc 188 139 (49) 1%Sport Media plc 493 30 (463) 0%Vertu Motors plc 500 334 (166) 2%Total qualifyinginvestments 14,801 14,063 (738) 77%Non-qualifying investments- unquotedLakan Investments Limited 307 377 70 2%Non-qualifying investments- quotedBlackrock UK Emerging CosHedge Fund Limited 800 1,150 350 6%JP Morgan ProgressiveMulti-Strategy Fund Limited 60 45 (15) 0%Puma Absolute Return FundLimited 1,137 1,258 121 7%St Peter Port CapitalLimited 700 322 (378) 2%The Hotel Corporation plc 423 400 (23) 2%Puma Brandenburg Limited 779 439 (340) 2%Total non-qualifyinginvestments 4,206 3,991 (215) 22%Total investments 19,007 18,054 (953) 99%Balance of portfolio 270 270 1%Net Assets 19,277 18,324 (953) 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 - 16:46 Uhr
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