Half-yearly report
(Thomson Reuters ONE) - Puma VCT IV plc Interim Report For the six months ended 31 August 2009Chairman's Statement Highlights* Net asset value per share of 92.47p. This represents a 4.1% 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 4.1% 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.Venture capital 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 £672,000. This represents an unrealised gainof £318,000 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 investments are largely in the form of secured loanswhich limits 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 smaller cap stocks. By the time the VCT looks toliquidate these holdings 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) - (1,485) (1,485)on investments - 568 568 - (277) (277)Income 292 - 292 421 - 421 981 - 981 292 568 860 421 (277) 144 981 (1,485) (504)Investmentmanagementfees 4 23 68 91 53 159 212 112 335 447Performance - - -fees - - - 50 (50) -Other expenses 30 - 30 68 - 68 148 - 148 53 68 121 171 109 280 260 335 595Return /(loss)on ordinaryactivitiesbeforetaxation 239 500 739 250 (386) (136) 721 (1,820) (1,099)Tax on returnon ordinaryactivitiescapital (49) 14 (35) (51) 51 - (136) 121 (15)Return /(loss)ordinaryactivitiesafter taxattributableto equityshareholders 190 514 704 199 (335) (136) 585 (1,699) (1,114)Return /(loss)per OrdinaryShare (pence) 2 0.97p 2.63p 3.60p 1.02p (1.72)p (0.70)p 3.00p (8.71)p (5.71)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 17,766 16,333 16,960Current AssetsDebtors 419 375 240Cash 12 2,071 264 431 2,446 504Creditors - amounts fallingdue within one year (153) (168) (124)Dividend payable - (293) -Net Current Assets 278 1,985 380Total Assets less CurrentLiabilities 18,044 18,318 17,340Creditors - amounts fallingdue after more than one year(including convertible debt) (1) (1) (1)Net Assets 18,043 18,317 17,339Capital and ReservesCalled up share capital 195 195 195Capital reserve - realised (911) (615) (640)Capital reserve - unrealised (1,007) (405) (1,792)Other reserve - - -Revenue reserve 19,766 19,142 19,576Equity Shareholders' Funds 18,043 18,317 17,339Net Asset Value per OrdinaryShare 3 92.47p 93.88p 88.87pDiluted Net Asset Value perOrdinary Share 3 92.47p 93.88p 88.87pCash 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 218 232 926Investment management fees (500)paid (189) (204)Cash paid to directors (7) (7) (18)Foreign exchange loss on (48)cash (1) (48)Other cash payments (52) (65) (131)Net cash (outflow)/inflowfrom operating activities (31) (92) 229Equity dividend paid (293)Capital expenditure andfinancial investmentPurchase of investments (3,320) (2,678) (7,678)Proceeds from sale of 3,085 923 4,186investmentsNet realised gain/(loss) onforward foreign exchangecontracts 14 (108) (206)Net cash outflow fromcapital expenditure andfinancial investment (221) (1,863) (3,698)Management of liquid - 1,907 -resourcesDecrease in cash (252) (48) (3,762)Reconciliation of net cashflow to movement in netfundsDecrease in cash for the (252) (48) (3,762)periodDecrease in liquid resourcesfor the period - (1,907) -Net cash at start of the 264 4,026 4,026periodNet funds at the period end 12 2,071 264Reconciliation 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 (640) (1,792) - 19,576 17,339Total recognised(losses)/gainsfor the period - (271) 785 - 190 704Balance at 31August 2009 195 (911) (1,007) - 19,766 18,043 Six months ended 30 June 2008Balance at 1January 2008 195 (203) (482) - 19,236 18,746Total recognised(losses)/gainsfor the period - (412) 77 - 199 (136)Dividends payable - - - - (293) (293)Balance at 30June 2008 195 (615) (405) - 19,142 18,317 For the year ended 28 February 2009Balance at 1January 2008 195 (203) (482) - 19,236 18,746Total recognised(losses)/gainsfor the year - (437) (1,310) - 633 (1,114)Equity dividendpaid - - - - (293) (293)Balance at 28February 2009 195 (640) (1,792) - 19,576 17,339Notes to the Interim ReportFor the six months ended 31 August 20091. The financial statements have been prepared under thehistorical cost convention, modified to include the revaluation offixed asset investments, and in accordance with applicable AccountingStandards and with the Statement of Recommended Practice, "FinancialStatements of Investment Trust Companies" ("SORP") December 2005.Although this SORP principally applies to Investment Trusts, many ofthe characteristics of Investment Trusts are shared by VCTs thereforethe Company will continue to follow the SORP until investment companystatus is revoked.2. Return per Ordinary ShareThe total return per share of 3.60p (30 June 2008 - loss of 0.70p) isbased on the profit for the period of £704,000 (30 June 2008 - lossof £136,000) and the weighted average number of shares in issue as at31 August 2009 of 19,511,624 (30 June 2008 - 19,511,624).3. Net asset value per share+-------------------------------------------------------------------+| | | | Net Asset Value per || | | | share || |-------------+-------------+---------------------|| | Net assets | Shares in | Basic | Diluted || Period | | issue | | ||-----------------+-------------+-------------+-----------+---------|| 31 August 2009 | £18,043,000 | 19,511,624 | 92.47p | 92.47p ||-----------------+-------------+-------------+-----------+---------|| 28 February | £17,339,000 | 19,511,624 | 88.87p | 88.87p || 2009 | | | | ||-----------------+-------------+-------------+-----------+---------|| 30 June 2008 | £18,317,000 | 19,511,624 | | 93.88p || | | | 93.88p | |+-------------------------------------------------------------------+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 investments -unquotedAlbemarle Contracting Ltd 1,000 1,000 - 6%Bruton Services Limited 1,000 1,000 - 6%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 - 6%Kingly Services Limited 1,000 1,000 - 6%Pollen Services Limited 1,000 1,000 - 6%Saville Services Limited 1,000 1,000 - 6%Stocklight Limited 985 985 - 5%Telford Homes Ltd 1,888 1,888 - 10%Qualifying investments -quotedClarity Commerce Solutions (60)plc 230 170 1%Mount Engineering plc 188 139 (49) 1%Sport Media plc 493 30 (463) 0%Vertu Motors plc 500 333 (167) 2%Total qualifyinginvestments 14,801 14,062 (739) 78%Non-qualifying investments- unquotedLakan Investments Limited 307 377 70 2%Non-qualifying investments- quotedBlackrock UK Emerging Cos 350Hedge Fund Limited 800 1,150 6%JP Morgan Progressive (15)Multi-Strategy FundLimited 60 45 0%Puma Absolute Return Fund 78Limited 901 979 5%St Peter Port Capital (378)Limited 700 322 2%The Hotel Corporation plc 423 401 (22) 2%Puma Brandenburg Limited 779 430 (349) 2%Total non-qualifyinginvestments 3,970 3,704 (266) 21%Total investments 18,771 17,766 (1,005) 98%Balance of portfolio 277 277 2%Net Assets 19,048 18,043 (1,005) 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 - 16:47 Uhr
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