Downing Strd Opp 1 Downing Structured Opportunities VCT 1 PLC : Interim Management Statement
21 Febrero 2013 - 8:08AM
UK Regulatory
TIDMDO1O
Downing Structured Opportunities VCT 1 plc
Interim Management Statement
for the three months ended 31 December 2012
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Downing Structured Opportunities VCT 1 plc presents an
Interim Management Statement covering the period from 1 October 2012 to 31
December 2012. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Performance
Ordinary Share Pool Unaudited Unaudited Unaudited Audited
31 Dec 30 Sept 30 June 31 March
2012 2012 2012 2012
Pence Pence Pence Pence
Net Asset Value per Ordinary Share 102.9 101.7 100.3 98.7
Net Asset Value per 'A' Share 0.1 0.1 0.1 0.1
Cumulative distributions per Ordinary 17.5 17.5 15.0 15.0
Share
Total return per Ordinary Share and 'A' 120.5 119.3 115.4 113.8
Share
'B' Share Pool
Net Asset Value per 'B' Share 85.1 83.4 85.0 84.9
Net Asset Value per 'C' Share 0.1 0.1 0.1 0.1
Cumulative distributions per 'B' Share 12.5 12.5 10.0 10.0
Total return per 'B' Share and 'C' Share 97.7 96.0 95.1 95.0
'D' Share Pool
Net Asset Value per 'D' Share 93.0 92.9 94.7 94.5
Cumulative distributions per 'D' Share 2.5 2.5 - -
Total return per 'D' Share 95.5 95.4 94.7 94.5
Dividends paid or declared in the period
On 22 January 2013 the Company paid an interim dividend of 2.5p per Ordinary
Share, 2.5p per 'B' Share and 2.5p per 'D' Share to Shareholders on the register
at 4 January 2013.
Investment portfolio summary at 31 December 2012 (unaudited)
Valuation
Movement
from
1 Oct 2012 to
Ordinary Shares Cost Valuation 31 Dec 2012
GBP'000 GBP'000 GBP'000
Structured Products
Elders Capital Accumulator VIII (29A) 485 590 25
Morgan Stanley Synthetic Zero 297 483 2
782 1,073 27
Venture Capital Investments
Future Biogas (SF) Limited 909 1,059 -
Redmed Limited 1,041 1,041 -
Domestic Solar Limited 1,000 1,000 -
Atlantic Dogstar Limited 572 958 -
Bijou Wedding Venues Limited 815 884 -
Quadrate Catering Limited 577 577 -
Quadrate Spa Limited 566 566 -
Westow House Limited 405 526 -
East Dulwich Tavern Limited 459 514 -
Ecossol Limited 500 500 -
The 3D Pub Co Limited 627 472 -
Mosaic Spa and Health Clubs Limited 250 250 -
Slopingtactic Limited 102 102 -
Chapel Street Food and Beverage Limited 75 75 -
Chapel Street Services Limited 75 75 -
Fenkle Street LLP 69 69 -
Camandale Limited 293 59 -
Chapel Street Hotel Limited 3 3 -
8,338 8,730 -
Total 9,120 9,803 27
Valuation
Movement
from
1 Oct 2012 to
'B' Shares Cost Valuation 31 Dec 2012
GBP'000 GBP'000 GBP'000
Structured Products
Barclays 5Y Synthetic Zero 1,003 1,280 60
Elders Capital Accumulator VIII 970 1,180 50
Goldman Sachs 6YR Phoenix Autocall 3 1,003 1,073 47
HSBC US Trade Range 752 984 24
JP Morgan 8% Defensive FTSE Autocall 21 - (21)
3,749 4,517 160
Venture Capital Investments
Future Biogas (Reepham Road) Limited 1,476 1,476 -
Liverpool Nurseries (Holdings) Limited 934 934 -
Quadrate Catering Limited 849 849 -
Antelope Pub Limited 750 806 -
Quadrate Spa Limited 839 839 -
Domestic Solar Limited 800 800 -
Alpha Schools Holdings Limited 733 761 -
Kidspace Adventures Holdings Limited 750 750 -
Mosaic Spa and Health Clubs Limited 600 600 -
Avon Solar Energy Limited 500 500 -
Ecossol Limited 500 500 -
Green Electricity Generation Limited 500 500 -
Westcountry Solar Solutions Limited 500 500 -
Progressive Energies Limited 340 340 -
Slopingtactic Limited 277 277 -
Commercial Street Hotel Limited 185 185 -
Fenkle Street LLP 185 185 -
Camandale Limited 796 160 -
Ridgeway Pub Company Limited 136 136 -
11,650 11,098 -
-
Total 15,399 15,615 160
Valuation
Movement
from
1 Oct 2012 to
'D' Shares Cost Valuation 31 Dec 2012
GBP'000 GBP'000 GBP'000
Structured Products
Credit Suisse 7.25% FTSE Autocall 523 555 10
JPMorgan 7% Defensive FTSE AC 517 554 16
Barclays 8% FTSE/S&P Worst -Of Def AC 501 536 3
Royal Bank of Canada 8% worst of AC 501 494 -
Barclays 8% FTSE/S&P Worst -Of Def AC 251 268 4
2,293 2,407 33
Venture Capital Investments
Tor Solar PV Limited 768 768 -
City Falkirk Limited 562 562 -
Vulcan Renewables Limited 560 560 -
Fubar Stirling Limited 357 357 -
Fresh Green Power Limited 200 200 -
Green Energy Production UK Limited 100 100 -
Cheers Dumbarton Limited 64 64 -
Lochrise Limited 17 17 -
2,628 2,628 -
Total 4,921 5,035 33
Investment activity during the three month period ended 31 December 2012
'D' Share Portfolio Investment additions Cost
GBP'000
Royal Bank of Canada 8% worst of AC 501
--------
There were no Ordinary Share or 'B' Share portfolio investment additions in the
three month period ended 31 December 2012.
Realised
Gain gain
Disposal against in the
Cost proceeds cost period
Ordinary Share Portfolio Investment disposal GBP'000 GBP'000 GBP'000 GBP'000
Redmed Limited 21 21 - -
'B' Share Portfolio Investment disposal
JP Morgan 8% Defensive FTSE Autocall 356 434 78 21
'D' Share Portfolio Investment disposal
Goldman Sachs 9.6% Reservoir Autocall 558 596 38 38
Investment activity from 1 January 2013 to the date of this report
There have been no Ordinary Share, 'B' Share or 'D' Share portfolio investment
additions or disposals from 1 January 2013 to the date of this report.
Share capital
Share capital and movements in the period are summarised as follows:
Ordinary
Shares 'A' Shares 'B' Shares 'C' Shares 'D' Shares
No. of No. of No. of No. of No. of
shares shares shares shares shares
At 1 Oct 2012 10,371,227 15,556,838 19,936,370 29,936,370 7,887,527
Shares bought back in
period (10,200) (9,750) - (10,300) -
At 31 Dec 2012 10,361,027 15,547,088 19,936,370 29,926,070 7,887,527
There were no changes to the share capital from 1 January 2013 to the date of
this announcement.
Material events
Other than described above, there were no material events during the period from
1 October 2012 to 31 December 2012 or in the period from 1 January 2013 to the
date of this announcement.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Downing Structured Opportunities VCT 1 PLC via Thomson Reuters ONE
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