Downing Plan 2011 Downing Planned Exit Vct 2011 Plc : Final Results
28 Marzo 2014 - 10:21AM
UK Regulatory
TIDMD1GO
Downing Planned Exit VCT 2011 plc
Final results for the year ended 30 November 2013
30 Nov 30 Nov
Performance summary 2013 2012 Initial
General pool Pence Pence Pence
Net asset value per General Ordinary Share 78.0 80.3 88.4
Net asset value per General 'A' Share 6.2 6.3 6.1
Cumulative dividends paid per General Ordinary Share 12.5 7.5 -
Total return per General Ordinary Share and 'A' Share 96.7 94.1 94.5
Structured pool
Net asset value per Structured Ordinary Share 80.1 81.9 88.4
Net asset value per Structured 'A' Share 6.3 6.5 6.1
Cumulative dividends paid per Structured Ordinary
Share 12.5 7.5 -
Total return per Structured Ordinary Share and 'A'
Share 98.9 95.9 94.5
Low Carbon pool (per GBP1 invested) *
Net asset value per 1.0695 Low Carbon Ordinary Shares 89.7 86.0 94.5
Cumulative dividends paid per 1.0695 Low Carbon Ordinary
Shares 13.4 8.0 -
103.1 94.0 94.5
* Low Carbon Ordinary Shares were originally issued at 93.5p per share.
The above figures have been expressed in terms of an original investment
of GBP1 which equates to a holding of 1.0695 shares.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the Annual Report of Downing Planned Exit VCT
2011 plc for the year ended 30 November 2013. The General and Structured
pools were reasonably active investors during the year as they completed
building their VCT qualifying portfolios. In terms of performance, a
number of the venture capital investments have started to mature and, in
the Structured Share Pool, the Structured Products continue to produce
steady results. The solar investments in the Low Carbon Pool have
similarly made reasonable progress. On the negative side, there have
been a small number of investments that have underperformed in the
General and Structured pools which has held back overall performance a
little.
General Share pool
At 30 November 2013, the net asset value ("NAV") per General Ordinary
Share was 78.0p and per General 'A' Share was 6.2p. This represents an
increase of 2.6p (3.2%) over the year after adjusting for dividends
paid. Uplifts in the valuation of several investments were partly
cancelled out by provisions which were required against two
underperforming businesses, Mosaic Spa and Health Clubs Limited and City
Falkirk Limited.
Dividends totalling 12.5p per General Ordinary Share have been paid to
date so Total Return for a combined holding of one General Ordinary
Share and one General 'A' Share is 96.7p. This compares to the initial
NAV of 94.5p (net of issue costs) and the cost to Shareholders (net of
income tax relief) of 70.0p.
The General Share pool made four new VCT qualifying investments in the
year at a total cost of GBP2.7 million. Much of the funding for the new
investments arose from redemption of non-qualifying short-term secured
loans. Since the year end, there has been one further new investment
such that the task of building the General Share portfolio is now
considered to be complete. Any further new investment activity is only
likely to arise if there is an unexpected exit from an existing
investment earlier than planned.
Structured Share pool
At 30 November 2013, the net asset value ("NAV") per Structured Ordinary
Share was 80.1p and per Structured 'A' Share was 6.3p. This represents
an increase of 3.0p (3.1%) over the year after adjusting for dividends
paid. As with the General Share pool, gains on a number of venture
capital investments and the Structured Product investments were partly
offset by provisions required against Mosaic Spa & Health Clubs Limited
and City Falkirk limited.
Dividends totalling 12.5p per Structured Ordinary Share have been paid
to date so Total Return for a combined holding of one Structured
Ordinary Share and one Structured 'A' Share is 98.9p. This compares to
the initial NAV of 94.5p (net of issue costs) and the cost to
Shareholders (net of income tax relief) of 70.0p.
The Structured Share pool completed five new VCT qualifying investments
in the year at a total cost of GBP2.2 million, the majority of these
funds being provided from Structured Products which matured. At the year
end, the Structured Share pool held approximately 22% of its funds in
Structured Products and the majority of the reminder in VCT qualifying
investments. As with the General Share pool, there has been one further
qualifying investment made since the year end and further new investment
activity is now expected to be limited.
Low Carbon pool
The net asset value ("NAV") per Low Carbon Ordinary Share at 30 November
2013 was 83.8p. This represents an increase of 5.9p (7.0%) over the year
after adjusting for dividends paid. Dividends totalling 10.0p per Low
Carbon Ordinary Share have been paid to date so Total Return per share
is 93.8p. The Low Carbon Ordinary Shares were originally issued at a
price of 93.5p rather than the more usual price of GBP1. Total Return
based on an investment of GBP1 is therefore 100.4p. This compares to the
initial net asset value of an investment of GBP1 (net of issue costs) of
94.5p and the cost to Shareholders (net of income tax relief) of 70.0p.
The Low Carbon Share pool investments have now established solid records
of electricity generation in line with, or exceeding, original plan and
valuation uplifts have been recognised in a number of the holdings.
Dividends
It is the Company's intention to pay dividends of 5.0p per annum in
respect of each of the classes of Ordinary Shares.
Interim dividends of 2.5p were paid on 30 November 2013 in respect of
each class of Ordinary Shares and so a final dividend of 2.5p for each
class of Ordinary Shares is being proposed.
Subject to Shareholder approval at the AGM, the dividends will be paid
on 16 May 2014 to Shareholders on the register at 22 April 2014.
Share buybacks
The Company operates a share buyback policy whereby, subject to certain
restrictions, it will buy in any of its own shares that become available
in the market for cancellation. In its initial years, the Company has a
policy of, subject to any regulatory and liquidity contracts,
undertaking any buybacks at a price approximately equal to the latest
published NAV (i.e. at a nil discount).
Share buybacks undertaken in the year are summarised as follows:
Average
purchase
price % of
(pence per shares
Share class Number share) in issue
General Ordinary 5,650 80.0 0.04%
General A 7,700 6.0 0.04%
Structured Ordinary 5,650 82.0 0.05%
Structured A 7,700 6.0 0.07%
Low Carbon Ordinary 7,141 86.0 0.09%
A special resolution seeking authority for the Company to continue to
make further purchases of its own shares is proposed for the forthcoming
Annual General Meeting ("AGM").
Annual General Meeting
The Company will hold its third AGM on 13 May 2014 at 11:30 a.m. at 10
Lower Grosvenor Place, London SW1W 0EN.
One item of special business is proposed in respect of share buybacks as
mentioned above.
Outlook
The Board remains generally satisfied with progress made by the Company
to date. Although there are a small number of investments that have
faced difficulties, we believe that appropriate action has, or is, being
taken by the Investment Manager and are optimistic that any further
potential loss of value from these investments will be limited. The
majority of investments are making satisfactory progress and have the
potential to deliver further uplifts in value as they continue to
mature.
The exit process for all share classes is due to start in 2016. The
Investment Manager's objective between now and then is to ensure that
the majority of investment continue to make progress, while developing
plans for how exits will ultimately be secured.
Sir Aubrey Brocklebank Bt.
Chairman
INVESTMENT MANAGER'S REPORT - GENERAL SHARE POOL
Introduction
The General Share pool holds investments in 24 companies the initial
investment phase is now complete. The majority of the General Share
pool's investments are performing to plan, although three investments
faced difficulties against which provisions have been made resulting in
a combined unrealised loss of GBP414,000 being recorded. Overall, there
was an unrealised capital loss of GBP45,000 for the year.
Net asset value and results
The net asset value ("NAV") per General Ordinary Share at 30 November
2013 stood at 78.0p and the NAV per General 'A' Share at 6.2p. Total
Return (combined NAV plus dividends paid to date) now stands at 96.7p
compared to the original cost, net of income tax relief, of 70.0p.
The profit on ordinary activities after taxation for the period was
GBP393,000, comprising a revenue profit of GBP515,000 and a capital loss
of GBP122,000.
Investment activity
The General Share pool began the year with GBP12.1 million of
investments and ended with GBP13.3 million spread across a portfolio of
24 companies. Fifteen of these investments, with a value of GBP10.0
million, were VCT qualifying (or part qualifying).
Three new qualifying or partially qualifying and one reinvestment of
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