TIDMPUAL
RNS Number : 1170T
Puma Alpha VCT PLC
10 November 2023
Highlights
-- GBP4.4m raised in new equity during the period with a further
GBP4.2m raised post period-end
-- Three new investments added in the six months to 31 August
2023 with a further two new investments added post period-end
-- Dividend of 5p announced and is due to be paid in November
Introduction
Your Board is pleased to present the half-yearly report for Puma
Alpha VCT plc ("the Company") for the period to 31 August 2023.
Fundraising
We are happy to report that at the period-end the Company had
raised GBP4.4 million, and since the period-end a further GBP4.2
million has been raised. This gives the Company additional
deployable funds to continue building a robust portfolio and will
help spread fixed costs over a wider shareholder base.
Investment activity
Since the last Report and Accounts, the Company has made three
new investments of GBP0.2 million into IRIS Audio Technologies, an
AI voice isolation technology company, GBP0.5 million into Pockit,
a digital account provider, and GBP0.4 million into Thingtrax, a
cloud-based manufacturing performance platform. Post-period-end,
the Company invested GBP0.2 million into TravelLocal, a global
tailor-made holidays brand and managed marketplace, and GBP0.1
million into Bikmo, a provider of cycle, triathlon and travel
insurance.
This high pace of activity has seen the Company expand the
number of positions in its portfolio significantly since the
commencement of the last fundraising, and to take advantage of a
period of market dislocation where other funds have been less
active, and in-going valuations were correspondingly more
attractive.
Investment portfolio
Within the portfolio, the Company's holdings in Deazy, MUSO and
Ron Dorff have generated positive valuation movements. In all
cases, the Company benefits from a defensive investment structure,
which has helped secure value.
MUSO has seen the largest increase in value over the period,
with a GBP0.3 million uplift as it is now held at valuation rather
than cost.
Ron Dorff has had a write-up of GBP0.1 million due to strong
performance. While the market has softened for consumer companies
in the last 18 months, valuations remain highest for activewear and
premium brands, which are two categories that Ron Dorff
straddles.
Following the above investment activity, t he Company has 80% of
its NAV invested in qualifying investments as at the period-end. As
the fixed-income investment environment has become more attractive,
the Company has post period-end, commenced its liquidity management
strategy focused on short term bonds held through collective
investment schemes.
Dividends
I am pleased to confirm that your Board is declaring an interim
dividend of 5p per share in reflection of the successful exit of
our holding in Tictrac. The dividend will be payable on or about 10
November 2023 to shareholders on the register as at 29 September
2023.
Net Asset Value (NAV)
The Company's NAV stood at 123.50p (February 2023: 130.53p) at
the period-end of 31 August 2023. This impairment is largely driven
by less-significant valuation gains in the period offset by the
management fees and other expenses incurred in the period.
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 and other specialist
advisers will continue to assist the Investment Manager in
establishing the status of potential investments as qualifying
holdings. PwC will continue to monitor rule compliance and
maintaining the qualifying status of the Company's holdings in the
future.
Outlook
The global economic picture is mixed and has yet to return to
sustained stability. The war in Ukraine continues to undermine
sentiment, and there are early signs of wavering political support
in the US. Inflationary pressures are easing in some regions,
particularly the US and the Eurozone. However, core inflation
remains sticky in some countries, including the UK. Interest rates
seem to be at or near their peak in the US and Europe, and the
focus is shifting to when central banks will start cutting interest
rates. However, it is doubtful whether we will see material rate
cuts in the near future, or the very low rates seen before the
pandemic. Bond markets are jittery and current bond yields of
around 5.4% suggest markets are pricing in an average base rate of
around 5% over the next ten years. Nevertheless, this is mere
speculation, making business planning difficult. While the UK is
experiencing greater political stability, with increased emphasis
on the need to encourage investment and innovation in the private
sector, question marks remain over the degree to which this can be
sustained in the face of record government debt levels, and the
fast-approaching general election. The picture therefore remains
uncertain, with most forecasters expecting the UK economy to either
flatline or contract this year.
Nevertheless, challenging conditions always present
opportunities for agile businesses focused on resilient sectors.
This VCT is in a position to adapt quickly to changes in the
economic environment, when developing its portfolio.
Notwithstanding ongoing uncertainty, the UK continues to benefit
from an active and well-established SME market, in which the
Investment Manager has a strong reputation as a provider of
capital. This applies especially to well-managed, later-stage SMEs
where bank lending, despite some policy support, continues to
remain challenging for even the best of these businesses. This,
alongside the institutional support the Investment Manager is able
to offer, continues to make for a compelling equity offer from the
Company. The ongoing uncertainty places added emphasis on the
Company's ability to focus efforts on sectors that are well placed
to navigate the current headwinds. We are confident that we have
the team to do this and assemble a portfolio capable of delivering
attractive returns to shareholders.
Egmont Kock
Chairman
10(th) November 2023
Investment Manager's Report
Qualifying Investments
CameraMatics
CameraMatics provides a range of fleet management solutions
which transform how businesses operate and deliver value to their
customers. Designed from a deep understanding of customers' needs,
its vehicle operations cloud platform has been developed to support
mobile workers and fleet managers automate the manual processes
involved in transportation and logistics, and reduce risks.
In 2021, Puma Funds invested GBP4.7 million into CameraMatics.
The investment has been primarily focused on supporting the
expansion of the US branch of CameraMatics, and growing its
offering to large enterprise customers, following recent successes
in the UK. A further GBP4.1 million was invested by Puma Funds in
March 2023 (of which GBP1.3 million involved a conversion of debt
into equity), bringing the total investment to GBP7.6 million.
Key updates
CameraMatics is continuing to drive growth from its core product
suite, with significant new client wins in the US marking
successful entry to the market. Launch of the MySafeDrive app in
2023 opens up a range of new commercial opportunities for the
business beyond the current customer set.
Total Investment GBP7.6m
Alpha VCT Participation GBP2.5m
-------
Connectr
Connectr is an award-winning, industry-leading provider of
cloud-based mentoring software for enterprise-level organisations.
It supports many of the world's largest employers to attract,
recruit, progress and retain future and existing hires, with
high-impact, scalable mentoring programmes which drive engagement,
inclusion and belonging through its online platforms - Connectr for
Candidates and Connectr for Employees. In particular, Connectr is
focused on enabling businesses to implement their diversity and
inclusion strategies.
Puma Funds initially invested GBP2.8 million in August 2019 to
support Connectr to develop its core product. Following impressive
revenue growth in the following two years, Puma Funds invested a
further GBP6 million across two investment rounds (October 2020 and
December 2021) to capitalise on the expansion opportunities
available to the company.
Key updates
Although Connectr has had a number of large new client wins,
including Lloyds and the Army, the economic downturn has forced
many companies to pause hiring additional staff, which has had a
direct impact on sales. As a result, the company is focusing on
stability over the launch of new product features, and resources
have been diverted to in-person services, where it is seeing
stronger customer demand. Connectr is in a growing sector and the
platform is well suited to the distanced working practices that
continue to be widespread, even after the pandemic's restrictions
have eased.
Total Investment GBP8.7m
Alpha VCT Participation GBP1.7m
-------
Deazy
Founded in 2016, Deazy is a platform that enables enterprises,
including PE/VC-backed growth companies, to hire high-quality
software developers, by intelligently matching developers with
project requirements. Puma Funds invested GBP5 million of equity
into Deazy in December 2021, to enable the business to scale its
commercial teams so that it could accelerate its growth plans.
Key updates
Deazy recently announced that it was ranked 13th in the 2022
Deloitte UK Technology Fast 50 (which ranks the 50 fastest-growing
tech companies in the UK). Deazy has been shortlisted for the Fast
Growth 50 for 2023, which celebrates businesses that consistently
demonstrate expansion and ambition. Deazy is expanding its sales
and marketing team to focus on enterprise customers.
Total Investment GBP5.0m
Alpha VCT Participation GBP1.0m
-------
Dymag
Dymag is a British designer and manufacturer of high-performance
car and motorbike wheels, founded in 1974 with a heritage of making
wheels for motorbike racing. The company has been making carbon
motorcycle wheels since 1995, and carbon-hybrid automotive wheels
since 2004, and considers itself a racing and road pioneer. The
business continues to grow its presence, both in aftermarket wheels
using relationships with several leading US distributors, and
through project work with several leading-performance original
equipment manufacturers (OEMs). Puma Funds have made a number of
investments into Dymag, totalling GBP11.1 million. These
investments have been made to improve scale and reduce production
costs - particularly of carbon-hybrid automotive wheels, which are
seeing significant demand growth.
Key updates
Last year Dymag announced the strategic partnership with Hankuk
Carbon, a listed composites manufacturing group headquartered in
South Korea. Together they have been working with Hyundai on the
development of advanced new carbon hybrid wheel technology for the
car maker's N Performance products. A prototype of a new jointly
developed N Performance carbon hybrid wheel was unveiled on
Hyundai's stand at the Goodwood Festival of Speed 2023.
Total Investment GBP11.1m
Alpha VCT Participation GBP1.7m
--------
Everpress
Everpress started with a simple mission - to support grassroots
creators and reduce waste in fashion. Today, it provides a
full-service solution through which creators can upload their
designs and create campaigns - using the platform's toolkit to
choose garment types, sale duration and prices - before launching
to a global audience via Everpress's website. Charities and
fundraisers can use the Everpress platform for their cause, and in
2022, Everpress helped raise over GBP300,000 for charities and
causes worldwide.
I n August 2021, Puma Funds invested GBP3.2 million into
Everpress, with a further investment of GBP3.2 million in August
2022, to help the business execute on plan with a focus on driving
up profitability.
Key updates
The company recently celebrated becoming B Corp certified,
receiving a score of 92 out of 100. Everpress is continuing to
focus on sustainable growth and driving profitability, following a
period of investment in technology to open up significant
partnership and integration opportunities.
Total Investment GBP6.4m
Alpha VCT Participation GBP2.1m
-------
HR Duo
HR Duo provides HR solutions to SMEs, by integrating industry
knowledge with the latest technology to deliver a number of HR
requirements automatically. Its easy, low-cost, cloud-based
subscription service has been specially developed to act as a
bolt-on support to HR personnel, or as an HR back-up for companies
without a dedicated HR department, ideal for SMEs with 50-1,000
employees. In December 2022, Puma Funds invested EUR3.8 million
into HR Duo, to accelerate product development, grow its workforce
and drive international expansion.
Key updates
HR Duo recently opened its European development hub in Romania -
the European leader in the number of certified IT specialists per
capita. The launch will add capacity as the company targets growth
among SME clients in the UK and Ireland.
Total Investment GBP3.2m
Alpha VCT Participation GBP0.3m
-------
IRIS Audio
IRIS Audio is an audio technology company, with a suite of
patented products which leverages decades of research into the
effects of sound on the brain. Its flagship product, IRIS Clarity,
uses the most advanced AI to remove background noise from telephone
calls. Clarity is currently predominantly used in the call centre
industry; its bi-directional nature allows IRIS Clarity to remove
background noise from both sides of the call, thus improving
customer satisfaction and employee wellbeing. It has a proven track
record of shortening calls' average handling time (AHT) by up to
11%, reducing sound-proofing costs by more than 50%, eliminating
noise-related complaints from both customers and agents by 98%, and
improving transcription accuracy - and thereby speech analytics -
by more than 10%. In April 2023, IRIS Audio received a GBP5.5
million investment from Puma Funds. The UK-headquartered company
will use the investment to drive adoption of its IRIS Clarity
solution globally and in particular in North America, where it sees
a huge opportunity.
Key updates
IRIS Audio recently partnered with IndyCar, to provide clearer
radio transmissions by eliminating background noise in real-time
from broadcasts and telecasts, helping to put viewers at the heart
of the racing action.
Total Investment GBP5.5m
Alpha VCT Participation GBP0.2m
-------
Le Col
Le Col is a leading performance cycling apparel company. In
2018, Puma Funds invested GBP2.4 million to support Le Col's
initial growth plans, and following continued strong performance, a
further GBP2.5 million was invested in 2019. In 2022, Puma Funds
invested a further GBP9.5 million to support the brand's long-term
growth trajectory, which is mainly focused on driving the company's
overseas expansion as well as its sales and marketing efforts,
which have significantly raised the brand's profile over the last
two years.
Key updates
Although Le Col has grown rapidly over the investment period,
the last 18 months have seen a significant slowdown in demand for
cycling equipment and apparel. The business has had to navigate
significant growth challenges, as well as external factors such as
Brexit, and reduced consumer confidence due to the cost-of-living
crisis. We have been working with the business extensively to help
the organisation adapt, so it is in an increasingly strong position
to grow. While the outlook remains challenging, Le Col remains a
desirable brand with a growing presence in the world of performance
cycling.
Total Investment GBP14.4m
Alpha VCT Participation GBP2.6m
--------
MUSO
MUSO is a London-based data company which provides a trusted
view of global piracy and unlicensed media consumption. Its
transformative data is fast becoming a must-have data currency for
entertainment companies, and is already used by, among others,
Amazon Studios, National Association of Theatre Owners (NATO), NOS,
Lionsgate, MNRK (formerly eOne Music) and Sony Interactive
Entertainment Europe. MUSO's technology measures hundreds of
billions of visits to piracy websites each year, and provides
unrivalled consumption and audience data, allowing rights-holders
to strengthen the protection of their content from piracy. In July
2022, MUSO received a GBP3.2 million investment from Puma Funds to
support the establishment of MUSO's marketing function and larger
build-out of its sales teams, in both the UK and the US.
Key updates
MUSO was a major contributor to the EUIPO's latest report on
piracy consumption in the EU. The report, titled "EU trends in the
digital copyright infringement in the European Union" was compiled
using data from MUSO together with Eurostat (the statistical office
of the EU), European Audiovisual Observatory and EUIPO's IP
Perception study. MUSO has teamed up with ICMP, the global music
publishing trade body, to combat illegal music content online. The
partnership enables ICMP members, spanning major and indie labels,
to safeguard their music with MUSO Protect.
Total Investment GBP3.2m
Alpha VCT Participation GBP0.5m
-------
Ostmodern
Ostmodern is a digital product specialist and creative
technology company. The team collaborates with businesses to
develop innovative digital products and services. It has produced
bespoke rich media and video on demand (VOD) for many high-profile
clients across the world, including Formula 1, Sky NZ and Rakuten.
Ostmodern has developed a content management system (CMS) for rich
media, Skylark, to enable content owners to better manage and
commercialise their video content. In December 2020, Puma Funds
invested GBP2 million in Ostmodern to enable it to further develop
the Skylark product and continue its transition from a service
provider to a productised offering; the ultimate goal being to
provide an affordable and easy-to-plug-in CMS to a wider range of
content owners. Further funding of GBP0.9m was provided in 2023 to
execute a revised plan, with a focus on driving to profitability
within the next 12 months and positioning the business for
exit.
Key updates
The team at Ostmodern has worked hard over the last 12 months to
drive operational efficiencies, increase client profitability and
grow revenue. Much of this growth has been driven by focusing on
the services side of the business. Management is also focusing on
higher-margin services - where it is most effective for its clients
- to increase bottom-line profitability.
Total Investment GBP2.9m
Alpha VCT Participation GBP1.0m
-------
Pockit
Founded in 2014, Pockit is a fintech company offering a suite of
financial products and ancillary services direct to customers.
Pockit provides pre-paid spending cards and current accounts,
primarily to UK customers who are typically excluded or at least
underserved by high street banks. In June 2023, Puma Funds invested
GBP5.3 million as part of a GBP7 million round to enable the
company to build out its product offering and scale its marketing
initiatives.
Key updates
The business is seeking to build out its product offering, to
cater for the needs of the financially underserved in the UK
market. Pockit is also looking to utilise the funding to scale its
marketing initiatives to drive customer acquisition.
Total Investment GBP5.3m
Alpha VCT Participation GBP0.5m
-------
Ron Dorff
In 2020, Puma Funds invested GBP3.6 million into men's
athleisure wear business, Ron Dorff. Aligning Swedish functionality
with French style, Ron Dorff is a well-respected premium bodywear
brand, having been voted one of the three best swimwear brands for
men in 2020 by Vogue magazine. In 2022, Puma Funds made two further
investments of GBP1.7 million and GBP2.4 million, to enable the
business to continue its overseas expansion, particularly in the
US. Ron Dorff plans to build on positive momentum in the US and
European markets, following successful store openings in Los
Angeles and New York, and significant new wholesale door openings
in the year, with increased retail visibility driving online
sales.
Key updates
The senior team was bolstered in 2023 with the recruitment of an
experienced Chairperson with a background in delivering e-commerce
growth, and an experienced Chief Operating Officer from the apparel
sector. Ron Dorff continues to expand in the US, and opened its
second permanent store on Sunset Boulevard in LA, and relaunched
its summer pop-up on Fire Island, following a successful initial
launch the prior year. The team continues to push the brand reach
and product offering through targeted collaborations with
like-minded brands, launching sunglasses and espadrilles for the
Spring/Summer 23 collection, with further brand collaborations in
the pipeline.
Total Investment GBP7.6m
Alpha VCT Participation GBP1.9m
-------
Thingtrax
Founded in 2017, Thingtrax is a cloud-based manufacturing
performance platform, which is used at many levels of a
manufacturing organisation to digitise the manufacturing process
and optimise factory efficiency. The product is designed to be of
value at many levels, from the factory shop floor to the boardroom.
Puma Funds invested GBP1.2 million of equity in June 2023 as part
of a GBP4.3 million round, to enable the company to scale up its
commercial functions and invest in product.
Key updates
Thingtrax recently welcomed Richard Montgomery as VP of sales.
Montgomery brings a wealth of experience and prior to Thingtrax, he
was Industry Principal at Infor and Director at Aptean. Thingtrax
plans to increase penetration of the UK manufacturing sector.
Total Investment GBP1.2m
Alpha VCT Participation GBP0.4m
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Puma Investment Management Limited
10(th) November 2023
Income Statement (unaudited)
Six months ended Six months ended Year ended
31 August 2023 31 August 2022 28 February 2023
---------------------------- ---------------------------- ----------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/gain
on investments - (932) (932) - (918) (918) - 316 316
Income 49 - 49 15 - 15 35 - 35
49 (932) (883) 15 (918) (903) 35 316 351
Investment
management
fees 4 (66) (197) (263) (53) (160) (213) (111) (332) (443)
Performance 6 - - - - - - - - -
fees
Other expenses (247) - (247) (131) - (131) (294) - (294)
(313) (197) (510) (184) (160) (344) (405) (332) (737)
Loss before
tax (264) (1,129) (1,393) (169) (1,078) (1,247) (370) (16) (386)
Tax - - - - - - - - -
-------- -------- -------- -------- -------- -------- -------- -------- --------
Loss after
tax (264) (1,129) (1,393) (169) (1,078) (1,247) (370) (16) (386)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted
loss per Ordinary
Share (pence) 2 (1.30p) (5.58p) (6.88p) (1.06p) (6.78p) (7.84p) (2.17p) (0.09p) (2.26p)
-------- -------- -------- -------- -------- -------- -------- -------- --------
For the six months ended 31 August 2023
All items in the above statement derive from continuing
operations.
There are no gains or losses other than those disclosed in the
Income Statement.
The total column of this statement is the Statement of Total
Comprehensive Income of the Company prepared in accordance with FRS
102, The Financial Reporting Standard applicable in the UK and
Republic of Ireland. The supplementary revenue and capital columns
are prepared in accordance with the Statement of Recommended
Practice, Financial Statements of Investment Trust Companies and
Venture Capital Trusts, issued by the Association of Investment
Companies.
There were no items of other comprehensive income during the
period.
Balance Sheet (unaudited)
As at 31 August 2023
Note 31 August 31 August 28 February
2023 2022 2023
GBP'000 GBP'000 GBP'000
---------- ---------- ------------
Fixed Assets
Investments 7 21,512 16,279 20,180
Current Assets
Debtors 215 590 185
Cash 5,397 6,080 3,911
---------- ---------- ------------
5,612 6,670 4,096
Creditors - amounts falling
due within one year (172) (382) (181)
Net Current Assets 5,440 6,288 3,915
---------- ---------- ------------
Net Assets 26,952 22,567 24,095
---------- ---------- ------------
Capital and Reserves
Called-up share capital 218 179 185
Share premium account 6,155 1,277 1,938
Capital reserve - realised (809) (439) (612)
Capital reserve - unrealised 5,010 4,707 5,941
Revenue reserve 16,378 16,843 16,643
---------- ---------- ------------
Equity Shareholders' Funds 26,952 22,567 24,095
---------- ---------- ------------
Net Asset Value per Ordinary
Share 3 123.50p 126.13p 130.53p
---------- ---------- ------------
Richard Oirschot
Director
10(th) November 2023
Cash Flow Statement (unaudited)
For the six months ended 31 August 2023
Six months Six months Year ended
ended ended 28 February
31 August 31 August 2023
2023 2022
GBP'000 GBP'000 GBP'000
----------- ----------- -------------
Reconciliation of loss before
tax to net cash used in operating
activities
Loss after tax (1,393) (1,247) (386)
Loss/(gain) on investments 932 918 (316)
Increase in debtors (30) (467) (61)
Decrease in creditors (9) (272) (473)
Net cash used in operating
activities (500) (1,068) (1,236)
Cash flow from investing
activities
Purchase of investments (2,264) (2,600) (5,268)
Proceeds from disposal of
investments - 1,157 1,157
Net outflow from investing
activities (2,264) (1,443) (4,111)
Cash flow from financing
activities
Proceeds received from issue
of ordinary share capital 4,439 6,897 7,476
Expense paid for issue of
share capital (189) (286) (198)
Net inflow from financing
activities 4,250 6,611 7,278
Net increase in cash and
cash equivalents 1,486 4,100 1,931
Cash and cash equivalents
at the beginning of the period 3,911 1,980 1,980
----------- ----------- -------------
Cash and cash equivalents
at the end of the period 5,397 6,080 3,911
----------- ----------- -------------
Statement of Changes in Equity (unaudited)
For the six months ended 31 August 2023
Called Share Capital Capital Revenue
up share premium reserve reserve reserve Total
capital account - realised - unrealised
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
---------- --------- ------------ -------------- --------- ---------
Balance as at 1 March
2022 126 12,271 (836) 6,182 (540) 17,203
Comprehensive income
for the period
Loss after tax - - (154) (924) (169) (1,247)
Total comprehensive
income for the period - - (154) (924) (169) (1,247)
Transactions with owners,
recognised directly in
equity
Issue of shares 53 6,844 - - - 6,897
Share issue costs - (286) - - - (286)
Cancellation of share
premium - (17,552) - - 17,552 -
Total transactions with
owners, recognised directly
in equity 53 (10,994) - - 17,552 6,611
Other movements
Prior year fixed asset
gains now realised - - 551 (551) - -
Total other movements - - 551 (551) - -
Balance as at 31 August
2022 179 1,277 (439) 4,707 16,843 22,567
---------- --------- ------------ -------------- --------- ---------
Comprehensive income
for the period
(Loss)/profit after tax - - (173) 1,234 (200) 861
Total comprehensive
income for the period - - (173) 1,234 (200) 861
Transactions with owners,
recognised directly in
equity
Issue of shares 6 573 - - - 579
Share issue costs - 88 - - - 88
Total transactions with
owners, recognised directly
in equity 6 661 - - - 667
Balance as at 28 February
2023 185 1,938 (612) 5,941 16,643 24,095
---------- --------- ------------ -------------- --------- ---------
Comprehensive income
for the period
Loss after tax - - (197) (931) (265) (1,393)
Total comprehensive
income for the period - - (197) (931) (265) (1,393)
Transactions with owners,
recognised directly in
equity
Issue of shares 33 4,406 - - - 4,439
Share issue costs - (189) - - - (189)
Total transactions with
owners, recognised directly
in equity 33 4,217 - - - 4,250
Balance as at 31 August
2023 218 6,155 (809) 5,010 16,378 26,952
---------- --------- ------------ -------------- --------- ---------
Notes to the Interim Report
For the six months ended 31 August 2023
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 6.88p is based on the loss for the
period of GBP1,393,000 and the weighted average number of shares in
issue for the period ended 31 August 2023 of 20,234,743.
3. Net Asset Value per share
31 August 31 August 28 February
2023 2022 2023
----------- ----------- ------------
Net assets 26,952,000 22,567,000 24,095,000
Shares in issue 21,823,140 17,891,434 18,460,066
Net Asset Value per share
Basic 123.50p 126.13p 130.53p
Diluted 123.50p 126.13p 130.53p
4. Investment 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 2023
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.
6. Management performance incentive arrangement
The amount of the Performance Incentive Fee (PIF) is equal to
20% of the amount by which the Performance Value per Share at the
end of an accounting period exceeds the High Water Mark (being the
higher of 120p and the highest Performance Value per Share at the
end of any previous accounting period), multiplied by the number of
relevant Ordinary Shares in issue at the end of the relevant
period.
An amendment was made stating that if Ordinary Shares are issued
or bought back in an accounting period, then the relevant share
price for that share issue or buyback will be deemed to have been
at the prevailing Performance Value per Share as at the start of
the relevant accounting period.
The amendment described above and in the circular on 15(th) June
2023 was approved by shareholders at the General Meeting held on
27(th) July 2023.
The accrued profit and loss expense for the period in relation
to this agreement is GBPnil.
7. Investment portfolio summary
Valuation Cost Gain/(loss) Valuation Multiple
as % of
Net Assets
------------ ---------
As at 31 August 2023 GBP'000 GBP'000 GBP'000
---------- -------- ------------ ------------ ---------
Qualifying Investments
ABW Group Limited
("Ostmodern") 1,047 1,008 39 4% 1.04
Deazy Limited 1,094 1,000 94 4% 1.09
Dymag Group Limited 1,048 1,740 (692) 4% 0.60
Everpress Limited 3,228 2,100 1,128 12% 1.54
Forde Resolution Company
Limited ("HR Duo") 347 347 - 1% 1.00
IRIS Audio Technologies
Limited 223 223 - 1% 1.00
Le Col Holdings Limited 2,710 2,599 111 10% 1.04
MUSO Limited 833 500 333 3% 1.67
MyKindaCrowd Limited
("Connectr") 1,356 1,650 (294) 5% 0.82
MySafeDrive Limited
("CameraMatics") 5,970 2,515 3,455 22% 2.37
NQOCD Consulting Limited
("Ron Dorff") 2,704 1,870 834 10% 1.45
Pockit Limited 530 530 - 2% 1.00
Thingtrax Limited 422 422 - 2% 1.00
Total Qualifying
Investments 21,512 16,504 5,008 80% 1.30
---------- -------- ------------ ------------ ---------
Balance of Portfolio 5,440 20%
Net Assets 26,952 100%
---------- -------- ------------ ------------
Of the investments held at 31 August 2023, all are incorporated
in England and Wales, except for MySafeDrive Limited and Forde
Resolution Company Limited, which are incorporated in Ireland.
Copies of this Interim Statement will be made available on the
website:
https://www.pumainvestments.co.uk/resource-centre/literature
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END
IR FLFVLLDLILIV
(END) Dow Jones Newswires
November 10, 2023 06:41 ET (11:41 GMT)
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