Half-yearly report
(Thomson Reuters ONE) - Puma VCT plc Interim Report For the six months ended 31 August 2009Chairman's StatementHighlights* Undiluted net asset value per share of 102.71p. This represents a 7.6% increase from year-end.* Fully diluted net asset value per share of 101.69p. This represents a 6.5% 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 7.6% 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 £1,513,000 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 £1.5m) 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 £1,319,000. This represents an unrealisedgain of £477,000 over the value of £842,000 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£58,000 in bond interest during the period, together with profits of£36,000 from disposals 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 £296,000 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 until 1June 2010, 5 years on from the closing of the two VCTs' flotations.However if significant capital is realised before this point, it isthe intention of the Board to distribute it.Recent Net Asset ValueThe fully diluted net asset value per share as at 30 September 2009was 99.46p 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 - 731 731 - (578) (578) - (1,412) (1,412)Income 228 - 228 282 - 282 584 - 584 228 731 959 282 (578) (296) 584 (1,412) (828)Investmentmanagementfees 4 13 40 53 36 108 144 63 189 252Performancefees 21 102 123 31 (131) (100) (75) (112) (187)Other expenses 34 - 34 61 - 61 114 - 114 68 142 210 128 (23) 105 102 77 179Return /(loss)on ordinaryactivitiesbeforetaxation 160 589 749 154 (555) (401) 482 (1,489) (1,007)Tax on returnon ordinaryactivities (33) 33 - (29) 29 - (72) 72 -Return /(loss)on ordinaryactivitiesafter taxattributableto equityshareholders 127 622 749 125 (526) (401) 410 (1,417) (1,007)Return /(loss)per OrdinaryShare (pence) 2 1.05p 5.15 p 6.20p 1.03p (4.35)p (3.32)p 3.39p (11.72)p (8.33)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 11,662 11,638 9,368Current AssetsDebtors 231 233 134Cash at bank and in hand 585 465 2,113 816 698 2,247Creditors - amountsfalling due within oneyear (62) (99) (71)Net Current Assets 754 599 2,176Total Assets less CurrentLiabilities 12,416 12,237 11,544Creditors - amountsfalling due after morethan one year(including convertibledebt) (1) (1) (1)Net Assets 12,415 12,236 11,543Capital and ReservesCalled up share capital 121 121 121Capital reserve - realised 1,004 891 1,016Capital reserve -unrealised (1,126) (744) (1,760)Other reserve 123 87 -Revenue reserve 12,293 11,881 12,166Equity Shareholders' Funds 12,415 12,236 11,543Net Asset Value perOrdinary Share 3 102.71p 101.21p 95.49pDiluted Net Asset Valueper Ordinary Share 3 101.69p 100.49p 95.49pCash 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 220 221 625Investment management fees paid (127) (145) (264)Cash paid to directors (11) (11) (22)Foreign exchange loss on cash - (2) -Other cash payments (51) (63) (92)Net cash inflow from operatingactivities 31 - 247Equity dividend paid (181) (181)Capital expenditure andfinancial investmentPurchase of investments (3,973) (269) (562)Proceeds from sale of 2,236investments 2,410 500Net realised gain/(loss) onforward foreign exchangecontracts 4 (62) (104)Net cash (outflow)/inflow fromcapital expenditure andfinancial investment (1,559) 169 1,570(Decrease)/increase in cash (1,528) (12) 1,636Reconciliation of net cash flowto movement in net fundsDecrease/increase in cash for 1,636the period (1,528) (12)Net cash at start of the period 2,113 477 477Net funds at the period end 585 465 2,113Reconciliation 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 121 1,016 (1,760) - 12,166 11,543Total recognised(losses)/gainsfor the period - (12) 634 123 127 872Balance at 31August 2009 121 1,004 (1,126) 123 12,293 12,415 Six months ended 31 August 2008Balance at 1March 2008 121 1,092 (419) 187 11,937 12,918Total recognised(losses)/gainsfor the period - (201) (325) (100) 125 (501)Equity dividendpaid - - - - (181) (181)Balance at 31August 2008 121 891 (744) 87 11,881 12,236 For the year ended 28 February 2009Balance at 1March 2008 121 1,092 (419) 187 11,937 12,918Total recognised(losses)/gainsfor the period - (76) (1,341) (187) 410 (1,194)Equity dividendpaid - - - - (181) (181)Balance at 28February 2009 121 1,016 (1,760) - 12,166 11,543Notes 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 6.20p (31 August 2008 - loss of 3.32p)is based on the profit for the period of £749,000 (31 August 2008 -loss of £401,000) and the weighted average number of shares in issueas at 31 August 2009 of 12,087,700 (31 August 2008 - 12,087,700).3. Net asset value per share+-------------------------------------------------------------------+| | | | Net Asset Value per || | | | share || |-------------+-------------+---------------------|| | Net assets | Shares in | Basic | Diluted || Period | | issue | | ||-----------------+-------------+-------------+----------+----------|| 31 August 2009 | £12,415,000 | 12,087,700 | 102.71p | 101.69p ||-----------------+-------------+-------------+----------+----------|| 28 February | £11,543,000 | 12,087,700 | 95.49p | 95.49p || 2009 | | | | ||-----------------+-------------+-------------+----------+----------|| 31 August 2008 | £12,236,000 | 12,087,700 | 101.21p | 100.49p |+-------------------------------------------------------------------+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 six 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 Valuation as a % of Cost Valuation Gain/ NetAs at 31 August 2009 £'000 £'000 (loss) AssetsQualifying investment - unquotedAlbemarle Contracting Ltd 1,000 1,000 - 8%Bond ContractingLtd 1,532 1,532 - 12%Cadbury House Hotel & Country Club plc 2,110 2,110 - 17%Stocklight Limited 610 610 - 5%Telford Homes Ltd 1,513 1,513 - 12%Qualifying investment - quoted(at)UK plc 415 1 (414) 0%Alterian plc 19 24 5 0%Clarity Commerce Solutions plc 142 105 (37) 1%I-Design Group plc 59 11 (48) 0%INVU plc 119 9 (110) 0%Mount Engineering plc 223 165 (58) 1%Patsystems plc 311 520 209 4%Sport Media plc 305 19 (286) 0%Universe Group plc 174 69 (105) 1%Vertu Motors plc 593 396 (197) 3%Total qualifying investments 9,125 8,084 (1,041) 65%Non-qualifying investments - unquotedINVU plc 296 296 - 2%Lakan Investments Limited 85 104 19 1%Non-qualifying investments - quotedAnglo American Bonds 237 240 3 2%Artemis Strategic Bonds 149 181 32 1%Blackrock UK Emerging Cos Hedge Fund Limited 552 719 167 6%Brevan Howard Macro 249 269 20 2%Cazenove Strategic Bond Fund 297 338 41 3%Cazenove UK Dynamic Absolute UK 250 265 15 2%Jupiter Strategic Bonds 297 372 75 3%Puma Brandenburg Limited 578 329 (249) 3%Rio Tinto Finance Plc Bonds 155 156 1 1%The Hotel Corporation plc 413 309 (104) 2%Total non-qualifying investments 3,558 3,578 20 29%Total investments 12,683 11,662 (1,021) 94%Balance of portfolio 753 753 6%Net Assets 13,436 12,415 (1,021) 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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