Puma VCT 13 PLC Half-year Report

Fecha : 30/11/2018 @ 06:16
Fuente : UK Regulatory (RNS & others)
Emisora : Puma Vct 13 Plc (PU13)
Cotización : 92.0  0.0 (0.00%) @ 18:00
Puma Vct 13 Cotización de acciones Gráfica

Puma VCT 13 PLC Half-year Report

Puma Vct 13 (LSE:PU13)
Gráfica de Acción Histórica

2 Años : De Dic 2017 a Dic 2019

Haga Click aquí para más Gráficas Puma Vct 13.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR URAURWUAAOAA

(END) Dow Jones Newswires

November 30, 2018 07:16 ET (12:16 GMT)

Su Consulta Reciente
BMV
FIBRAPL14
Fibra Prol..
BMV
AMXL
América Mó..
BMV
ME
IPC México
BMV
ALSEA*
Alsea
FX
USDMXN
United Sta..
Las acciones que ha visto aparecerán en este recuadro, lo que le permite volver fácilmente a las cotizaciones que ha consultado previamente
Registrarse ahora para crear su lista personalizada de acciones en streaming.

Cotizaciones PLUS están en tiempo real. Cotizaciones NYSE y AMEX están con retraso de por lo menos 20 minutos.
El resto de las cotizaciones están con retraso de por lo menos 15 minutos al menos que se indique lo contrario.

Al acceder a los servicios disponibles de ADVFN usted acepta quedar sujerto a los Términos y Condiciones

P: V:mx D:20191207 13:31:34