TIDMPU13
RNS Number : 1168T
Puma VCT 13 PLC
10 November 2023
Highlights
-- Three new investments added in the six months to 31 August 2023
-- Post period-end, a further two new investments were added to the portfolio
-- GBP22.3 million of new shares issued during the period
Introduction
Your Board is pleased to present the half-yearly report for Puma
VCT 13 plc ("the Company") for the period to 31 August 2023.
Fundraising
During the period, the Board activated the GBP10 million
over-allotment facility after successfully filling the initial
fundraising of GBP40 million. In total, GBP50 million was raised in
new equity, with the overall NAV crossing the GBP100 million
mark.
We are happy to report that following the period-end,
shareholder approval was received to allow the VCT to raise further
funds. This will put the VCT in a stronger position to exploit the
investment environment, add further diversification, and spread
fixed costs over a wider base. This VCT is now open for fundraising
and the market reaction to date has been positive.
Investment activity
Since the last Report and Accounts, the Company has made three
new investments of GBP4.6 million into IRIS Audio Technologies, an
AI voice isolation technology company, GBP3.9 million into Pockit,
a digital account provider, and GBP0.8 million into Thingtrax, a
cloud-based manufacturing performance platform. Post-period-end,
the Company invested GBP2.4m into TravelLocal, a global tailor-made
holidays brand and managed marketplace, and GBP1.1m into Bikmo, a
provider of cycle, triathlon and travel insurance.
This high pace of activity has seen the Company expand the
number of positions in its portfolio significantly since the
commencement of the last fundraising. This enabled the Investment
Manager to take advantage of a period of market dislocation where
other funds were less active and there was less competition to
invest. As a result, investment could be made at attractive
valuations.
Investment portfolio
Five of the Company's qualifying holdings were written up in
value, with four held at cost. Seven of the Company's qualifying
holdings were marked down in value, and there was a loss on the
Company's non-qualifying holdings of listed securities.
MUSO has seen the largest increase in value over the period,
with a GBP1.6 million uplift as it is now held at valuation rather
than cost.
CameraMatics has been a notable performer with a further uplift
of GBP0.6 million, following growth from its core product suite and
significant new client wins in the US, resulting in a strong year
of trade.
Following the above investment activity, the Company has 62% of
its NAV invested in qualifying investments as at the period-end. As
the fixed-income investment environment has become more attractive,
the Company has moved away from holding listed equities to deliver
qualifying income (as needed for one of the VCT tests) and instead
has commenced a revised liquidity management strategy focused on
short term bonds held through collective investment schemes.
Net Asset Value (NAV)
The NAV per share at the period-end was 131.18p (Feb 2023:
133.05p). This figure reflects adjustments in the carrying value of
the qualifying portfolio, movements in the value of the listed
equities and running costs of the Company offset by the initial
funds raised less the costs of issue.
VCT qualifying status
PricewaterhouseCoopers LLP (PwC) provides the Board and the
Investment Manager with advice on the ongoing compliance with HMRC
rules and regulations concerning VCTs and has reported no issues in
this regard for the Company to date.
PwC and other specialist advisers will continue to assist the
Investment Manager in establishing the status of potential
investments as qualifying holdings, monitoring rule compliance, and
maintaining the qualifying status of the Company's holdings in the
future.
Outlook
While there is no doubt that the last 12 months have been a
challenging time for many businesses, it seems that, to date, the
UK has just about avoided a recession. At the time of writing, the
Bank of England has chosen not to raise interest rates, ending a
run of 14 consecutive increases. Given where we are in the interest
rate cycle, we do not expect either a very positive or a hugely
negative macro environment, unless there are large external shocks
(for example, an oil price shock arising from either of the ongoing
geopolitical crises in Ukraine or the Middle East).
Puma VCT 13's broad range of portfolio companies span many
industries - from software and computer services to consumer goods.
They were chosen for their growth potential because of their unique
characteristics, and together provide a good diversification of end
customers. Each of these companies has a mature management team and
a proven business model, is generating revenue, and although the
companies have faced a number of challenges - from staffing
shortages to energy cost increases - they remain fairly resilient.
With the addition of a number of new businesses to Puma VCT 13, we
believe the coming months present an opportunity for growth.
David Buchler
Chairman
10(th) November 2023
Investment Manager's Report
Qualifying Investments
CameraMatics
CameraMatics provides a range of fleet management solutions
which transform how businesses operate and deliver value to their
customers. Designed from a deep understanding of customers' needs,
its vehicle operations cloud platform has been developed to support
mobile workers and fleet managers automate the manual processes
involved in transportation and logistics, and reduce risks.
In 2021, Puma Funds invested GBP4.7 million into CameraMatics.
The investment has been primarily focused on supporting the
expansion of the US branch of CameraMatics, and growing its
offering to large enterprise customers, following recent successes
in the UK. A further GBP4.1 million was invested by Puma Funds in
March 2023 (of which GBP1.3 million involved a conversion of debt
into equity), bringing the total investment to GBP7.6 million.
Key updates
CameraMatics is continuing to drive growth from its core product
suite, with significant new client wins in the US marking
successful entry to the market. Launch of the MySafeDrive app in
2023 opens up a range of new commercial opportunities for the
business beyond the current customer set.
Total Investment GBP7.6 million
VCT 13 Participation GBP3.9 million
--------------
Connectr
Connectr is an award-winning, industry-leading provider of
cloud-based mentoring software for enterprise-level organisations.
It supports many of the world's largest employers to attract,
recruit, progress and retain future and existing hires, with
high-impact, scalable mentoring programmes which drive engagement,
inclusion and belonging through its online platforms - Connectr for
Candidates and Connectr for Employees. In particular, Connectr is
focused on enabling businesses to implement their diversity and
inclusion strategies.
Puma Funds initially invested GBP2.8 million in August 2019 to
support Connectr to develop its core product. Following impressive
revenue growth in the following two years, Puma Funds invested a
further GBP6 million across two investment rounds (October 2020 and
December 2021) to capitalise on the expansion opportunities
available to the company.
Key updates
Although Connectr has had a number of large new client wins,
including Lloyds and the Army, the economic downturn has forced
many companies to pause hiring additional staff, which has had a
direct impact on sales. As a result, the company is focusing on
stability over the launch of new product features, and resources
have been diverted to in-person services, where it is seeing
stronger customer demand. Connectr is in a growing sector and the
platform is well suited to the distanced working practices that
continue to be widespread, even after the pandemic's restrictions
have eased.
Total Investment GBP8.7 million
VCT 13 Participation GBP5.0 million
--------------
Deazy
Founded in 2016, Deazy is a platform that enables enterprises,
including PE/VC-backed growth companies, to hire high-quality
software developers, by intelligently matching developers with
project requirements. Puma Funds invested GBP5 million of equity
into Deazy in December 2021, to enable the business to scale its
commercial teams so that it could accelerate its growth plans.
Key updates
Deazy recently announced that it was ranked 13th in the 2022
Deloitte UK Technology Fast 50 (which ranks the 50 fastest-growing
tech companies in the UK). Deazy has been shortlisted for the Fast
Growth 50 for 2023, which celebrates businesses that consistently
demonstrate expansion and ambition. Deazy is expanding its sales
and marketing team to focus on enterprise customers.
Total Investment GBP5.0 million
VCT 13 Participation GBP2.9 million
--------------
Dymag
Dymag is a British designer and manufacturer of high-performance
car and motorbike wheels, founded in 1974 with a heritage of making
wheels for motorbike racing. The company has been making carbon
motorcycle wheels since 1995, and carbon-hybrid automotive wheels
since 2004, and considers itself a racing and road pioneer. The
business continues to grow its presence, both in aftermarket wheels
using relationships with several leading US distributors, and
through project work with several leading-performance original
equipment manufacturers (OEMs). Puma Funds have made a number of
investments into Dymag, totalling GBP11.1 million. These
investments have been made to improve scale and reduce production
costs - particularly of carbon-hybrid automotive wheels, which are
seeing significant demand growth.
Key updates
Last year Dymag announced the strategic partnership with Hankuk
Carbon, a listed composites manufacturing group headquartered in
South Korea. Together they have been working with Hyundai on the
development of advanced new carbon hybrid wheel technology for the
car maker's N Performance products. A prototype of a new jointly
developed N Performance carbon hybrid wheel was unveiled on
Hyundai's stand at the Goodwood Festival of Speed 2023.
Total Investment GBP11.1 million
VCT 13 Participation GBP4.8 million
---------------
Everpress
Everpress started with a simple mission - to support grassroots
creators and reduce waste in fashion. Today, it provides a
full-service solution through which creators can upload their
designs and create campaigns - using the platform's toolkit to
choose garment types, sale duration and prices - before launching
to a global audience via Everpress's website. Charities and
fundraisers can use the Everpress platform for their cause, and in
2022, Everpress helped raise over GBP300,000 for charities and
causes worldwide.
I n August 2021, Puma Funds invested GBP3.2 million into
Everpress, with a further investment of GBP3.2 million in August
2022, to help the business execute on plan with a focus on driving
up profitability.
Key updates
The company recently celebrated becoming B Corp certified,
receiving a score of 92 out of 100. Everpress is continuing to
focus on sustainable growth and driving profitability, following a
period of investment in technology to open up significant
partnership and integration opportunities.
Total Investment GBP6.4 million
VCT 13 Participation GBP3.5 million
--------------
Hot Copper
The Hot Copper Pub Company owns eight pubs, mostly freeholds,
trading under the Brewhouse & Kitchen brand as franchises. The
group was created in December 2020 by the merger of three companies
that had been backed by Puma Funds, each owning franchises.
Brewhouse & Kitchen is the largest brewpub brand in the UK,
distinctive for brewing its own craft beers on-site, and running a
participatory experience with beer tasting and brewing
masterclasses.
Puma Funds have invested GBP17.7 million to provide growth
capital for the build-out of the overall Brewhouse & Kitchen
branded estate.
Key updates
The business is focusing on delivering operational efficiencies
and driving sales growth to navigate a challenging economic
environment. The group will benefit from the reduction in utility
costs, which have come down from the highs experienced last
winter.
Total Investment GBP17.7 million
VCT 13 Participation GBP0.8 million
---------------
HR Duo
HR Duo provides HR solutions to SMEs, by integrating industry
knowledge with the latest technology to deliver a number of HR
requirements automatically. Its easy, low-cost, cloud-based
subscription service has been specially developed to act as a
bolt-on support to HR personnel, or as an HR back-up for companies
without a dedicated HR department, ideal for SMEs with 50-1,000
employees. In December 2022, Puma Funds invested EUR3.8 million
into HR Duo, to accelerate product development, grow its workforce
and drive international expansion.
Key updates
HR Duo recently opened its European development hub in Romania -
the European leader in the number of certified IT specialists per
capita. The launch will add capacity as the company targets growth
among SME clients in the UK and Ireland.
Total Investment GBP3.2 million
VCT 13 Participation GBP2.2 million
--------------
Influencer
Influencer is a data-driven influencer marketing business which
specialises in delivering campaigns across social media platforms.
Since the company started in 2017, it has built an impressive
client list, and is trusted by 95% of the top-tier global brands
featured in Ad Age (including Amazon, Google and Coca-Cola) and the
largest media agencies. Influencer is also an official Meta
creative partner for Facebook and Instagram, as well as an official
global marketing partner for TikTok and an official YouTube
partner. Influencer is a global leader in influencer marketing.
Puma Funds invested GBP3 million in August 2019 to fund innovations
on its proprietary social media platform - Waves - and help the
organisation expand its global presence. Waves is leading the way
in terms of simplifying the influencer marketing process for both
brands and creators.
Key updates
Influencer has achieved significant international expansion
since the investment from Puma Funds. The US is fast becoming a key
geography for the company, having opened its first office in the
region in 2022. Going forward, Influencer will continue to invest
in growing its presence in this market.
Total Investment GBP3.0 million
VCT 13 Participation GBP1.8 million
--------------
IRIS Audio
IRIS Audio is an audio technology company, with a suite of
patented products which leverages decades of research into the
effects of sound on the brain. Its flagship product, IRIS Clarity,
uses the most advanced AI to remove background noise from telephone
calls. Clarity is currently predominantly used in the call centre
industry; its bi-directional nature allows IRIS Clarity to remove
background noise from both sides of the call, thus improving
customer satisfaction and employee wellbeing. It has a proven track
record of shortening calls' average handling time (AHT) by up to
11%, reducing sound-proofing costs by more than 50%, eliminating
noise-related complaints from both customers and agents by 98%, and
improving transcription accuracy - and thereby speech analytics -
by more than 10%. In April 2023, IRIS Audio received a GBP5.5
million investment from Puma Funds. The UK-headquartered company
will use the investment to drive adoption of its IRIS Clarity
solution globally and in particular in North America, where it sees
a huge opportunity.
Key updates
IRIS Audio recently partnered with IndyCar, to provide clearer
radio transmissions by eliminating background noise in real-time
from broadcasts and telecasts, helping to put viewers at the heart
of the racing action.
Total Investment GBP5.5 million
VCT 13 Participation GBP4.6 million
--------------
Le Col
Le Col is a leading performance cycling apparel company. In
2018, Puma Funds invested GBP2.4 million to support Le Col's
initial growth plans, and following continued strong performance, a
further GBP2.5 million was invested in 2019. In 2022, Puma Funds
invested a further GBP9.5 million to support the brand's long-term
growth trajectory, which is mainly focused on driving the company's
overseas expansion as well as its sales and marketing efforts,
which have significantly raised the brand's profile over the last
two years.
Key updates
Although Le Col has grown rapidly over the investment period,
the last 18 months have seen a significant slowdown in demand for
cycling equipment and apparel. The business has had to navigate
significant growth challenges, as well as external factors such as
Brexit, and reduced consumer confidence due to the cost-of-living
crisis. We have been working with the business extensively to help
the organisation adapt, so it is in an increasingly strong position
to grow. While the outlook remains challenging, Le Col remains a
desirable brand with a growing presence in the world of performance
cycling.
Total Investment GBP14.4 million
VCT 13 Participation GBP8.3 million
---------------
MUSO
MUSO is a London-based data company which provides a trusted
view of global piracy and unlicensed media consumption. Its
transformative data is fast becoming a must-have data currency for
entertainment companies, and is already used by, among others,
Amazon Studios, National Association of Theatre Owners (NATO), NOS,
Lionsgate, MNRK (formerly eOne Music) and Sony Interactive
Entertainment Europe. MUSO's technology measures hundreds of
billions of visits to piracy websites each year, and provides
unrivalled consumption and audience data, allowing rights-holders
to strengthen the protection of their content from piracy. In July
2022, MUSO received a GBP3.2 million investment from Puma Funds to
support the establishment of MUSO's marketing function and larger
build-out of its sales teams, in both the UK and the US.
Key updates
MUSO was a major contributor to the EUIPO's latest report on
piracy consumption in the EU. The report, titled "EU trends in the
digital copyright infringement in the European Union" was compiled
using data from MUSO together with Eurostat (the statistical office
of the EU), European Audiovisual Observatory and EUIPO's IP
Perception study. MUSO has teamed up with ICMP, the global music
publishing trade body, to combat illegal music content online. The
partnership enables ICMP members, spanning major and indie labels,
to safeguard their music with MUSO Protect.
Total Investment GBP3.2 million
VCT 13 Participation GBP2.4 million
--------------
Open House
Open House is an independent hospitality business that seeks to
create iconic drinking and dining destinations in London's most
progressive neighbourhoods. The founding team behind the business
is highly experienced, having previously run the Cubitt House group
pub chain. This had units in Pimlico, Chelsea and Belgravia, which
it sold at a material profit to fund the start of Open House. In
2019, Puma Funds invested GBP5 million to help the team secure
venues in major redevelopment areas in London. At the time of the
investment, the business ran The Lighterman in King's Cross
(Granary Square) and Percy & Founders in Fitzrovia. It was
looking to secure new venues in areas that were being positioned as
new centres for retail, hospitality and day-to-day life. The
investment by the Puma Funds has helped Open House to develop its
existing properties and create a new venue - The Broadcaster at
Wood Lane, White City.
Key updates
The business looks forward to continued stabilisation and growth
of profitability from its core units at King's Cross and White
City.
Total Investment GBP5.0 million
VCT 13 Participation GBP1.8 million
--------------
Ostmodern
Ostmodern is a digital product specialist and creative
technology company. The team collaborates with businesses to
develop innovative digital products and services. It has produced
bespoke rich media and video on demand (VOD) for many high-profile
clients across the world, including Formula 1, Sky NZ and Rakuten.
Ostmodern has developed a content management system (CMS) for rich
media, Skylark, to enable content owners to better manage and
commercialise their video content. In December 2020, Puma Funds
invested GBP2 million in Ostmodern to enable it to further develop
the Skylark product and continue its transition from a service
provider to a productised offering; the ultimate goal being to
provide an affordable and easy-to-plug-in CMS to a wider range of
content owners. Further funding of GBP0.9m was provided in 2023 to
execute a revised plan, with a focus on driving to profitability
within the next 12 months and positioning the business for
exit.
Key updates
The team at Ostmodern has worked hard over the last 12 months to
drive operational efficiencies, increase client profitability and
grow revenue. Much of this growth has been driven by focusing on
the services side of the business. Management is also focusing on
higher-margin services - where it is most effective for its clients
- to increase bottom-line profitability.
Total Investment GBP2.9 million
VCT 13 Participation GBP1.3 million
--------------
Pockit
Founded in 2014, Pockit is a fintech company offering a suite of
financial products and ancillary services direct to customers.
Pockit provides pre-paid spending cards and current accounts,
primarily to UK customers who are typically excluded or at least
underserved by high street banks. In June 2023, Puma Funds invested
GBP5.3 million as part of a GBP7 million round to enable the
company to build out its product offering and scale its marketing
initiatives.
Key updates
The business is seeking to build out its product offering, to
cater for the needs of the financially underserved in the UK
market. Pockit is also looking to utilise the funding to scale its
marketing initiatives to drive customer acquisition.
Total Investment GBP5.3 million
VCT 13 Participation GBP3.9 million
--------------
Ron Dorff
In 2020, Puma Funds invested GBP3.6 million into men's
athleisure wear business, Ron Dorff. Aligning Swedish functionality
with French style, Ron Dorff is a well-respected premium bodywear
brand, having been voted one of the three best swimwear brands for
men in 2020 by Vogue magazine. In 2022, Puma Funds made two further
investments of GBP1.7 million and GBP2.4 million, to enable the
business to continue its overseas expansion, particularly in the
US. Ron Dorff plans to build on positive momentum in the US and
European markets, following successful store openings in Los
Angeles and New York, and significant new wholesale door openings
in the year, with increased retail visibility driving online
sales.
Key updates
The senior team was bolstered in 2023 with the recruitment of an
experienced Chairperson with a background in delivering e-commerce
growth, and an experienced Chief Operating Officer from the apparel
sector. Ron Dorff continues to expand in the US, and opened its
second permanent store on Sunset Boulevard in LA, and relaunched
its summer pop-up on Fire Island, following a successful initial
launch the prior year. The team continues to push the brand reach
and product offering through targeted collaborations with
like-minded brands, launching sunglasses and espadrilles for the
Spring/Summer 23 collection, with further brand collaborations in
the pipeline.
Total Investment GBP7.6 million
VCT 13 Participation GBP2.4 million
--------------
Thingtrax
Founded in 2017, Thingtrax is a cloud-based manufacturing
performance platform, which is used at many levels of a
manufacturing organisation to digitise the manufacturing process
and optimise factory efficiency. The product is designed to be of
value at many levels, from the factory shop floor to the boardroom.
Puma Funds invested GBP1.2 million of equity in June 2023 as part
of a GBP4.3 million round, to enable the company to scale up its
commercial functions and invest in product.
Key updates
Thingtrax recently welcomed Richard Montgomery as VP of sales.
Montgomery brings a wealth of experience and prior to Thingtrax, he
was Industry Principal at Infor and Director at Aptean. Thingtrax
plans to increase penetration of the UK manufacturing sector.
Total Investment GBP1.2 million
VCT 13 Participation GBP0.8 million
--------------
Liquidity management investments
The rules for VCTs limit the income which can be received from
bank deposits, making them an unattractive way of holding funds
waiting to be invested. As a result, during a period where funds
remain not yet deployed in qualifying investments in smaller
companies, a VCT needs to hold other investments.
For a number of years, a portion of the Company's funds has been
invested in a diverse portfolio of large cap equities listed in
London and largely UK-centric stocks. This portfolio experienced a
decline in the year, responding to a weaker equity market. From a
position at the beginning of the year where the Company held
GBP1.45 million of listed equities, by the period-end this holding
had decreased to GBP1.22 million after GBP0.23 million of
unrealised losses.
Rising interest rates have made investing in fixed-income
securities more attractive. The Company has therefore, switched,
post period-end, from holding listed equities into a revised
liquidity management strategy focused on short term bonds held
through collective investment schemes.
Investment strategy
We are pleased to have invested the Company's funds in a diverse
range of businesses to date. With the re-opening of the fundraise,
we hope to diversify the portfolio further over the coming months.
We remain focused on generating strong returns for shareholders,
while balancing these returns with maintaining an appropriate risk
exposure. Overall, we remain confident that our portfolio is well
positioned to deliver positive returns to shareholders.
Puma Investment Management Limited
10(th) November 2023
Income Statement (unaudited)
For the six months ended 31 August 2023
Six months ended Six months ended Year ended
31 August 2023 31 August 2022 28 February 2023
---------------------------- ---------------------------- ----------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/gain
on investments - (368) (368) - 1,899 1,899 - 5,151 5,151
Income 148 - 148 113 - 113 200 - 200
148 (368) (220) 113 1,899 2,012 200 5,151 5,351
Investment
management
fees 4 (278) (836) (1,114) (160) (479) (639) (366) (1,097) (1,463)
Performance
fees 6 - - - - - - - (673) (673)
Other expenses (382) - (382) (225) - (225) (511) - (511)
(660) (836) (1,496) (385) (479) (864) (877) (1,770) (2,647)
(Loss)/profit
before tax (512) (1,204) (1,716) (272) 1,420 1,148 (677) 3,381 2,704
Tax - - - - - - - - -
-------- -------- -------- -------- -------- -------- -------- -------- --------
(Loss)/profit
after tax (512) (1,204) (1,716) (272) 1,420 1,148 (677) 3,381 2,704
-------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and
diluted
(loss)/return
per Ordinary
Share (pence) 2 (0.62p) (1.45p) (2.07p) (0.57p) 2.99p 2.42p (1.28p) 6.39p 5.11p
-------- -------- -------- -------- -------- -------- -------- -------- --------
All items in the above statement derive from continuing
operations.
There are no gains or losses other than those disclosed in the
Income Statement.
The total column of this statement is the Statement of Total
Comprehensive Income of the Company prepared in accordance with FRS
102, The Financial Reporting Standard applicable in the UK and
Republic of Ireland. The supplementary revenue and capital columns
are prepared in accordance with the Statement of Recommended
Practice, Financial Statements of Investment Trust Companies and
Venture Capital Trusts, issued by the Association of Investment
Companies.
There were no items of other comprehensive income during the
period.
Balance Sheet (unaudited)
As at 31 August 2023
Note As at As at As at
31 August 31 August 28 February
2023 2022 2023
----------- ----------- -------------
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 7 70,803 46,736 58,544
Current Assets
Debtors 237 567 255
Cash 41,390 19,782 34,289
----------- ----------- -------------
41,627 20,349 34,544
Creditors - amounts falling
due within one year (546) (946) (1,320)
Net Current Assets 41,081 19,403 33,224
----------- ----------- -------------
Net Assets 111,884 66,139 91,768
----------- ----------- -------------
Capital and Reserves
Called-up share capital 45 22 36
Share premium account 79,030 29,801 57,207
Capital reserve - realised (3,105) (978) (2,269)
Capital reserve - unrealised 19,052 16,172 19,420
Revenue reserve 16,862 21,122 17,374
----------- ----------- -------------
Equity Shareholders'
Funds 111,884 66,139 91,768
----------- ----------- -------------
Net Asset Value per Ordinary
Share 3 131.18p 136.33p 133.05p
----------- ----------- -------------
David Buchler
Chairman
10(th) November 2023
Cash Flow Statement (unaudited)
For the six months ended 31 August 2023
Six months Six months Year ended
ended ended 28 February
31 August 31 August 2023
2023 2022
----------- ----------- -------------
GBP'000 GBP'000 GBP'000
Reconciliation of (loss)/profit
before tax to net cash used
in operating activities
(Loss)/profit before tax (1,716) 1,148 2,704
Loss/(gain) on investments 368 (1,899) (5,151)
Decrease/(increase) in debtors 18 (461) (146)
Decrease in creditors (774) (1,222) (849)
Net cash used in operating
activities (2,104) (2,434) (3,442)
Cash flow from investing
activities
Purchase of investments (12,627) (7,173) (15,732)
Proceeds from disposal of
investments - 3,567 3,567
Net outflow from investing
activities (12,627) (3,606) (12,165)
Cash flow from financing
activities
Share issues 22,261 15,195 42,683
Share issue costs (429) (579) (647)
Dividends paid - (1,978) (5,324)
Net inflow from financing
activities 21,832 12,638 36,712
Net increase in cash and
cash equivalents 7,101 6,598 21,105
Cash and cash equivalents
at the beginning of the period 34,289 13,184 13,184
----------- ----------- -------------
Cash and cash equivalents
at the end of the period 41,390 19,782 34,289
----------- ----------- -------------
Statement of Changes in Equity (unaudited)
For the six months ended 31 August 2023
Called Share Capital Capital Revenue Total
up share premium reserve reserve reserve
capital account - realised - unrealised
---------- --------- ------------ -------------- --------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 March
2022 20 15,187 (2,216) 15,989 23,372 52,352
Comprehensive income for
the period
Profit/(loss) after tax - - (460) 1,881 (272) 1,149
Total comprehensive income
for the period - - (460) 1,881 (272) 1,149
Transactions with owners,
recognised directly in
equity
Dividends paid - - - - (1,978) (1,978)
Share issues 2 15,193 - - - 15,195
Share issue costs - (579) - - - (579)
Total transactions with
owners, recognised directly
in equity 2 14,614 - - (1,978) 12,638
Other movements
Prior year fixed asset
gains now realised - - 1,698 (1,698) - -
Total other movements - - 1,698 (1,698) - -
Balance as at 31 August
2022 22 29,801 (978) 16,172 21,122 66,139
---------- --------- ------------ -------------- --------- --------
Comprehensive income for
the period
Profit/(loss) after tax - - (1,291) 3,248 (402) 1,555
Total comprehensive income
for the period - - (1,291) 3,248 (402) 1,555
Transactions with owners,
recognised directly in
equity
Dividends paid - - - - (3,346) (3,346)
Share issues 14 27,474 - - - 27,488
Share issue costs - (68) - - - (68)
Total transactions with
owners, recognised directly
in equity 14 27,406 - - (3,346) 24,074
Balance as at 28 February
2023 36 57,207 (2,269) 19,420 17,374 91,768
---------- --------- ------------ -------------- --------- --------
Comprehensive income for
the period
Loss after tax - - (836) (368) (512) (1,716)
Total comprehensive income
for the period - - (836) (368) (512) (1,716)
Transactions with owners,
recognised directly in
equity
Share issues 9 22,252 - - - 22,261
Share issue costs - (429) - - - (429)
Total transactions with
owners, recognised directly
in equity 9 21,823 - - - 21,832
Balance as at 31 August
2023 45 79,030 (3,105) 19,052 16,862 111,884
---------- --------- ------------ -------------- --------- --------
Notes to the Interim Report
For the six months ended 31 August 2023
1. Accounting policies
The financial statements have been prepared under the historical
cost convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable Accounting Standards
and with the Statement of Recommended Practice, Financial
Statements of Investment Trust Companies and Venture Capital Trusts
("SORP") and in accordance with the Financial Reporting Standard
102 ("FRS102").
2. Return per Ordinary Share
The total loss per share of 2.07p is based on the loss for the
period of GBP1,716,000 and the weighted average number of shares in
issue for the period ended 31 August 2023 of 82,927,653.
3. Net Asset Value per share
As at As at As at
31 August 31 August 28 February
2023 2022 2023
------------ ----------- -------------
Net assets 111,884,000 66,139,000 91,768,000
Shares in issue 85,291,146 48,513,552 68,972,174
Net Asset Value per
share
Basic 131.18p 136.33p 133.05p
Diluted 131.18p 136.33p 133.05p
4. Investment management fees
The Company pays the Investment Manager an annual management fee
of 2% of the Company's net assets. The fee is payable quarterly in
arrears. The annual management fee is allocated 75% to capital and
25% to revenue.
5. Financial information provided
The financial information for the period ended 31 August 2023
has not been audited and does not comprise full financial
statements within the meaning of Section 423 of the Companies Act
2006. The interim financial statements have been prepared on the
same basis as will be used to prepare the annual financial
statements.
6. Management performance incentive arrangement
The amount of the Performance Incentive Fee (PIF) is equal to
20% of the amount by which the Performance Value per Share at the
end of an accounting period exceeds the High Water Mark (being the
higher of 110p and the highest Performance Value per Share at the
end of any previous accounting period), multiplied by the number of
relevant Ordinary Shares in issue at the end of the relevant
period.
An amendment was made stating that if Ordinary Shares are issued
or bought back in an accounting period, then the relevant share
price for that share issue or buyback will be deemed to have been
at the prevailing Performance Value per Share as at the start of
the relevant accounting period.
The amendment described above and in the circular on 15(th) June
2023 was approved by shareholders at the General Meeting held on
27th July 2023.
The accrued profit and loss expense for the period in relation
to this agreement is GBPnil.
7. Investment portfolio summary
Valuation Cost Gain/(loss) Valuation Multiple
as % of
Net Assets
---------- -------- ------------ ------------ ---------
As at 31 August 2023 GBP'000 GBP'000 GBP'000
Qualifying Investments
ABW Group Limited ("Ostmodern") 1,391 1,292 99 1.2% 1.08
Deazy Limited 3,172 2,900 272 2.8% 1.09
Dymag Group Limited 3,059 4,753 (1,694) 2.7% 0.64
Everpress Limited 5,393 3,514 1,879 4.8% 1.53
Forde Resolution Company
Limited ("HR Duo") 2,238 2,238 - 2.0% 1.00
Hot Copper Pub Company
Limited 575 847 (272) 0.5% 0.68
Influencer Limited 12,388 1,800 10,588 11.1% 6.88
IRIS Audio Technologies
Limited 4,555 4,555 - 4.1% 1.00
Le Col Holdings Limited 10,451 8,281 2,170 9.3% 1.26
MyKindaCrowd Limited
("Connectr") 6,232 5,016 1,216 5.6% 1.24
MySafeDrive Limited
("CameraMatics") 6,110 3,882 2,228 5.5% 1.57
MUSO Limited 3,935 2,361 1,574 3.5% 1.67
NQOCD Consulting Limited
("Ron Dorff") 3,596 2,393 1,203 3.2% 1.50
Open House London Limited 1,819 1,800 19 1.6% 1.01
Pockit Limited 3,920 3,920 - 3.5% 1.00
Thingtrax Limited 750 750 - 0.7% 1.00
Total Qualifying Investments 69,584 50,302 19,282 62.2% 1.38
---------- -------- ------------ ------------ ---------
Liquidity Management
Investments
Barclays Plc 94 116 (22) 0.1%
Chemring Group Plc 99 70 29 0.1%
Currys Plc 34 109 (75) 0.0%
Diageo Plc 105 89 16 0.1%
Discoverie Group Plc 116 63 53 0.1%
Headlam Group Plc 57 121 (64) 0.1%
ITV Group Plc 53 82 (29) 0.0%
Jackson Financial Inc 6 - 6 0.0%
Legal & General Group
Plc 81 96 (15) 0.1%
Lloyds Banking Group
Plc 106 113 (7) 0.1%
Provident Financial
Plc 21 119 (98) 0.0%
Prudential Plc 73 133 (60) 0.1%
PZ Cussons Plc 63 94 (31) 0.1%
Royal Dutch Shell Plc 121 124 (3) 0.1%
Volution Group Plc 136 69 67 0.1%
WPP Plc 54 67 (13) 0.0%
Total Liquidity Management
Investments 1,219 1,465 (246) 1.1%
---------- -------- ------------ ------------
Total Investments 70,803 51,767 19,036 63.3%
Balance of Portfolio 41,081 36.7%
Net Assets 111,884 100.0%
---------- -------- ------------ ------------
Of the investments held at 31 August 2023, all are incorporated
in England and Wales, except for MySafeDrive Limited and Forde
Resolution Company Limited, which are incorporated in Ireland.
Copies of this Interim Statement will be made available on the
website:
https://www.pumainvestments.co.uk/resource-centre/literature
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END
IR UROARONUAAAA
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November 10, 2023 06:39 ET (11:39 GMT)
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