Downing Three VCT Net Asset Value(s) And Portfolio Update
15 Abril 2019 - 6:30AM
UK Regulatory
TIDMDP3F
Downing THREE VCT plc
Net Asset Values and Portfolio Update
LEI: 2138008V2JDU2K6ZHF80
15 April 2019
The Company announces that its unaudited Net Asset Values as at 31
December 2018 are as follows:
Unaudited Dividends
NAV at paid to Total
31 Dec 2018 date Return
Share Class Pence Pence Pence
F Share 28.4 67.0 95.4
H Share 51.3 25.0 76.3
The performance of the Share classes has been impacted by significant
issues encountered at three portfolio companies. These are summarised as
follows:
Apex Energy Limited
Apex Energy is the developer of a reserve power generation plant in the
East Midlands run by a third party operator. There have been several
material shortcomings in the plant and equipment supplied to the company
that have severely impacted operations. Work is ongoing to establish
what steps could result in some recovery of value, including legal
action against the third party operator. The investment has been reduced
in value by GBP900,000 per F Share and GBP1.17 million per H Share,
being 90% of the original cost (equivalent to 8.3p per F Share and 8.7p
per H Share)
Hermes Wood Pellets Limited
Hermes was planning to build, commission and operate a wood pelleting
plant in Goole, Yorkshire. The anticipated cost of constructing the wood
pellet manufacturing plant in Goole significantly exceeded the estimates
which were reviewed in the due diligence and investment process. Whilst
the management team believed that these cost over-runs could be
mitigated, this was not the case and it is unclear whether the project
remains financially viable. Management is working to find a solution to
recover some equity value to shareholders. As a result, a significant
shortfall has been created resulting in a valuation write down of
GBP1.272 million per H Share, being 85% provision against original cost
(equivalent to 9.5p per H Share).
Zora Energy Renewables Limited
Zora Energy is a wood pellet sales and distribution business. To date
the business has been unable develop at the rate originally planned due
to supply issues and is unclear now whether this is a viable business. A
provision of GBP896,000 per H Share has been required, being 90% of
original cost (equivalent to 6.4p per H Share). Management is exploring
solutions for the business, including a sale to a third party.
(END) Dow Jones Newswires
April 15, 2019 07:30 ET (11:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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