TIDMPU13
RNS Number : 0848J
Puma VCT 13 PLC
30 November 2018
Puma VCT 13 plc
Interim Report
For the period ended 31 August 2018
Officers and Professional Advisers
Directors Auditor
David Buchler (Chairman) RSM UK Audit LLP
Stephen Hazell-Smith Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
10376236 London SE1 9BG
Registered Office Bankers
Bond Street House Metro Bank plc
14 Clifford Street One Southampton Row
London W1S 4JU London
WC1B 5HA
Investment Manager
Puma Investment Management Limited The Royal Bank of Scotland plc
Bond Street House London City Office
14 Clifford Street PO Box 412
London W1S 4 62-63 Threadneedle Street
London
Administrator EC2R 8LA
PI Administration Services Limited
Bond Street House VCT Tax Advisor
14 Clifford Street PricewaterhouseCoopers LLP
London W1S 4JU 1 Embankment Place
London WC2N 6RH
Registrar Custodian
SLC Registrars Pershing Securities Limited
42-50 Hersham Road 1 Canada Square
Walton-on-Thames London
Surrey E14 5AL
KT12 1RZ
Chairman's Statement
Highlights
-- Fund raising of just over GBP12m completed to date
-- Fund recently opened for new investment and is the only
limited-life VCT currently open on the market - just GBP3m of
investment capacity remaining
-- Several qualifying investment opportunities in various stages of analysis and execution
Introduction
I am pleased to present the first interim report for Puma VCT 13
plc (the "Company") for the period to 31 August 2018. The Board
welcomes its new shareholders and thanks them for their
investment.
The Company successfully completed its first fund raising of
GBP10.4m through the issuance of ordinary share capital and was
admitted for listing on the Premium Market of the London Stock
Exchange on 2 July 2018. The Board are pleased to advise that a
follow-on offer for subscription of up to GBP5 million was launched
during the period. Over GBP2.5 million has already been raised, of
which GBP1.9 million has been allotted as shares in October
2018.
The Investment Manager, Puma Investments, now has just under
GBP100 million of VCT money under management in this and other Puma
VCTs and a well-established, experienced VCT team to manage the
Company's deal flow.
Results and Net Asset Value ('NAV')
The NAV per share at the period end was 95.38p. This initial NAV
per share primarily reflects the initial funds raised less the
costs of flotation.
Investments
The Investment Manager is in legal process with a number of
qualifying opportunities as discussed further in the Outlook
section below.
To manage the Company's liquidity, GBP1.7 million was invested
in a diverse portfolio of listed equities during the period which
broadly held their value up to the end of the period despite market
turbulence. Since then further investments in listed equities have
been made and the last published NAV per share for the company, as
at 31 October 2018, was 92.39p.
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 also assists the
Investment Manager in establishing the status of investments as
qualifying holdings and will continue to assist the Investment
Manager in monitoring rule compliance.
Principal Risks and Uncertainties
Although the economy in the UK continues to improve, it remains
fragile, especially in light of the ongoing Brexit negotiations.
The consequences of this for the Company's investment portfolio
constitute the principal risk and uncertainty for the Company in
the second half of the year.
Outlook
The Investment Manager has a strong pipeline of companies which
are suitable for investment. There are many suitable companies
which are well-managed, in good market positions and which need our
finance. We therefore believe the Company is well positioned to
assemble a portfolio to deliver attractive returns to shareholders
in the medium to long term.
David Buchler
Chairman
30 November 2018
Income Statement (unaudited)
For the period ended 31 August 2018
Period ended Period ended
31 August 2018 28 February 2018
Note Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss on investments - (18) (18) - - -
Income 3 - 3 - - -
3 (18) (15) - - -
-------- -------- -------- -------- --------
Investment
management
fees 4 (20) (59) (79) - - -
Other expenses (83) - (83) (8) - (8)
(103) (59) (162) (8) - (8)
-------- -------- -------- -------- --------
Return/(loss)
on ordinary
activities
before taxation (100) (77) (177) (8) - (8)
Tax on return
on ordinary
activities - - - - - -
Return/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders (100) (77) (177) (8) - (8)
======== ======== ======== ======== ======== ========
Basic and
diluted
Return/(loss)
per Ordinary
Share (pence) 2 (1.10p) (0.84p) (1.94p) (0.10p) - (0.10p)
======== ======== ======== ======== ======== ========
The total column of this statement is the profit and loss of the
Company. All revenue and capital items in the above statement
derive from continuing operations. No operations were acquired or
discontinued in the period.
Balance Sheet (unaudited)
As at 31 August 2018
As at As at
31 August 28 February
Note 2018 2018
GBP'000 GBP'000
Fixed Assets
Investments 6 1,679 -
----------- -------------
Current Assets
Prepayments 220 18
Cash 8,045 -
----------- -------------
8,265 18
Creditors - amounts falling
due within one year (18) (20)
Net Current Assets 8,247 (2)
----------- -------------
Net Assets 9,926 (2)
=========== =============
Capital and Reserves
Called up share capital 104 6
Share premium account 10,007 -
Capital reserve - realised (59) -
Capital reserve - unrealised (18) -
Revenue reserve (108) (8)
Equity Shareholders' Funds 9,926 (2)
=========== =============
Net Asset Value per Ordinary
Share 3 95.38p (0.03p)
=========== =============
Diluted Net Asset Value per
Ordinary Share 3 95.38p (0.03p)
=========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2018
Period ended Period ended
31 August 28 February
2018 2018
GBP'000 GBP'000
Operating activities
Loss on ordinary activities after
tax (177) (8)
Loss on investments 21 -
Increase in debtors (209) -
(Decrease)/increase in creditors (2) 8
Net cash used in operating activities (367) -
------------- -------------
Cash flow from investing activities
Purchase of investments (1,700) -
Net cash used in investing activities (1,700) -
------------- -------------
Cash flow from financing activities
Proceeds received from issue
of ordinary share capital 10,331 -
Expenses paid for issue of share
capital (219) -
Net cash used from financing
activities 10,112 -
------------- -------------
Net increase in cash and cash
equivalents 8,045 -
Net cash at start of the period - -
Cash and cash equivalents at
the period end 8,045 -
============= =============
Reconciliation of Movements in Shareholders' Funds
(unaudited)
For the period ended 31 August 2018
Called Share Capital Capital
up share premium reserve reserve Revenue
capital account - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 31
August 2017 4 - - - - 4
Shares issued in
the period 2 - - - - 2
Total recognised
losses for the period - - - - (8) (8)
Balance as at 28
February 2018 6 - - - (8) (2)
Shares cancelled
in the period (6) - - - - (6)
Shares issued in
the period 104 10,227 - - - 10,331
Expense of share
issue - (220) - - - (220)
Total recognised
(losses) for the
period - - (59) (18) (100) (177)
Balance as at 31
August 2018 104 10,007 (59) (18) (108) 9,926
========== ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2018
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 1.94p is based on the loss for the
period of GBP177,000 and the weighted average number of shares in
issue as at 31 August 2018 of 9,105,088 calculated from the date of
the first receipt of proceeds from the issue of ordinary share
capital.
3. Net asset value per share
As at As at
31 August 28 February
2018 2018
Net assets 9,926,000 (2,000)
Shares in issue 10,406,560 7,500,002
Net asset value per share
Basic 95.38p (0.03p)
Diluted 95.38p (0.03p)
4. 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 2018
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.
Notes to the Interim Report continued
For the period ended 31 August 2018
6. Investment portfolio summary
Valuation
as a % of
Valuation Cost Gain/(loss) Net Assets
As at 31 August 2018 GBP'000 GBP'000 GBP'000
Qualifying Investments
Total Qualifying Investments - - - 0%
---------- -------- ------------ ------------
Non-Qualifying Investments
Total Non-Qualifying
Investments - - - 0%
---------- -------- ------------ ------------
Liquidity Management
Investments
Barclays plc 94 97 (3) 1%
British Land Company
plc 98 98 0 1%
Chemring Group plc 98 99 (1) 1%
Diageo plc 98 99 (1) 1%
Discoverie Group plc 98 98 (0) 1%
Dixons Carphone plc 96 99 (3) 1%
Firstgroup plc 95 97 (2) 1%
GVC Holdings plc 99 100 (1) 1%
Headlam Group plc 97 98 (1) 1%
ITE Group plc 100 99 1 1%
McColl's Retail Group
plc 105 104 1 1%
Norcros plc 97 98 (1) 1%
Prudential plc 97 98 (1) 1%
PZ Cussons plc 98 98 (0) 1%
Revolution Bars Group
plc 113 120 (7) 1%
Sports Direct International
plc 98 99 (1) 1%
Volution Group plc 98 98 (0) 1%
Total Liquidity Management
Investments 1,679 1,700 (21)* 17%
---------- -------- ------------ ------------
Total Investments 1,679 1,700 (21) 17%
Balance of Portfolio 8,247 8,247 - 83%
Net Assets 9,926 9,947 (21) 100%
---------- -------- ------------ ------------
* Transaction costs on listed equities have been capitalised and
form part of the gain/loss on investment, however they have been
analysed as "other expenses" in the Income Statement.
Copies of this Interim Statement will be made available on the
website:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
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END
IR URAURWUAAOAA
(END) Dow Jones Newswires
November 30, 2018 07:16 ET (12:16 GMT)
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