PUMA VCT 8 PLC Puma Vct 8 Plc : Half-yearly Report
30 Octubre 2015 - 1:00AM
UK Regulatory
TIDMPUM8
Puma VCT 8 plc
Interim Report
For the period ended 31 August 2015
Officers and Professional Advisers
Directors Auditors
Sir Aubrey Brocklebank (Chairman) Baker Tilly Audit LLP
David Brock Chartered Accountants
Graham Shore 2 Bloomsbury Street
London WC1B 3ST
Secretary
Eliot Kaye Sponsors and Solicitors
Registered Number Howard Kennedy
07696739 19 Cavendish Square
London W1A 2AW
Registered Office Bankers
Bond Street House The Royal Bank of Scotland plc
14 Clifford Street London City Office
London W1S 4JU PO Box 412
62-63 Threadneedle Street
London EC2R 8LA
Investment Manager VCT Tax Advisor
Shore Capital Limited PricewaterhouseCoopers LLP
Bond Street House 1 Embankment Place
14 Clifford Street London WC2N 6RH
London W1S 4JU
Registrar Custodian
SLC Registrars Pershing Securities Limited
Thames House Capstan House
Portsmouth Road One Clove Crescent
Esther East India Dock
Surrey KT10 9AD London E14 2BH
Administrator
Shore Capital Fund Administration Services Limited
Bond Street House
14 Clifford Street
London W1S 4JU
Chairman's Statement
Highlights
-- Fully deployed in a diverse range of high quality investments generating
an attractive return
-- NAV per share up 1.28p in the half year at 96.32p (after adding back
dividends paid to date)
-- 15p per share of dividends paid since inception, equivalent to a 7.1% per
annum tax-free running yield on net investment
Introduction
The Company has now deployed its funds in a diverse range of both
qualifying and non-qualifying investments, having met its minimum
qualifying investment percentage of 70 per cent. during the previous
period. We believe our portfolio is well positioned to deliver
attractive returns to shareholders within its remaining planned life.
Results and Net Asset Value ("NAV")
The NAV per share at the period end was 81.32p (96.32p after adding back
dividends paid to date), an increase of 1.28p in the half year,
equivalent to a GBP164,000 profit for the period.
Qualifying Investments
The Company's GBP1 million qualifying investment (as part of a GBP8
million investment alongside other entities managed and advised by your
Investment Manager) in Opes Industries Limited is progressing well. Opes
is developing a materials recycling facility at an established landfill
and aggregates business on a 76 hectare site in Oxfordshire. The
investment is secured with a first charge over the site and the Opes
business and is expected to produce an attractive return to the Company
over four years. The installation of the materials recycling facility
has been completed. It is now fully operational and handling the great
majority of the waste delivered to the site rather than it going to
landfill.
The Company's GBP930,000 investment in Brewhouse and Kitchen Limited has
continued to perform well. Brewhouse and Kitchen is managed by two
highly experienced pub sector professionals and our funding has
facilitated the acquisition of freehold pubs and the roll-out of the
brand. The investment was largely in the form of senior debt, secured
with a first charge over the business and each site acquired. Funds
which could be utilised to a maximum 65 per cent loan-to-value ratio
have produced an attractive return to the Company. Brewhouse & Kitchen
now operates nine units across locations in London, Bristol and the
South East of England and the portfolio continues to trade well. The
Investment was fully repaid on 27 October 2015 after the end of the six
months period being reported upon. In total the Company received
GBP1,080,930.
As reported in the Company's previous annual report, Isaacs Trading
Limited, Kinloss Trading Limited and Jephcote Trading Limited (in which
the Company had invested GBP1 million, GBP254,000 and GBP1 million
respectively) are, as members of SKPB Services LLP, engaged in a
contract with Ansgate (Barnes) Limited to provide project management and
contracting services in connection with the construction of nine new
houses and 12 new flats at a construction known as The Albany, in Barnes,
south west London. The total cost of the project is c.GBP15 million and
the developers have already pre-sold five of the flats at prices in line
with a gross development value for the project of c.GBP30 million. The
project is expected to complete in Q1 2016.
SKPB Services has also recently completed a contract with HB Villages
Tranche 2 Limited to provide project management and contracting services
in connection with the construction of 12 units as accommodation and
supported housing for psychiatric and learning disabled service users
and their care-workers in Timperley, Greater Manchester. We are pleased
to report that the project recently completed with an attractive return
to SKPB Services.
The Company's GBP1.25 million investment in Urban Mining Limited, a
member of the Chinook Urban Mining group of companies, continues to
perform well. The investment, as part of a GBP5 million investment
alongside other Puma VCTs into this well-funded energy-from waste
business, is facilitating the development of a flagship plant in East
London to generate electricity through the gasification of municipal
solid waste. The project will benefit from Renewable Obligations
Certificates (ROCs). The investment is qualifying because it was made
prior to the royal assent of the Finance Act 2014. The management team
has a track record of delivering similar projects in other jurisdictions
and is a preferred partner of Chinook Sciences, the Nottingham based
[leading] technology company which has developed the award-winning
"non-incineration ultra clean synthetic gas technology" which will be
used in the East London plant. The investment is secured with a first
charge over the Chinook Urban Mining business and the eight acre
freehold site of the East London plant and is expected to produce an
attractive return to the Company over three years.
As previously reported, the Company had invested GBP800,000 (as part of
a GBP2.4 million investment alongside other Puma VCTs) into Alyth
Trading Limited, a nationwide provider of contracting services to
provide working capital for its ongoing business. Alyth Trading has been
engaged on a project to provide project management and contracting
services in connection with the construction of a new 65 bed high-end
nursing home in Saggart Village, County Dublin. We are pleased to report
that the project has completed successfully, generating attractive
returns for Alyth Trading which will benefit the Company when its
investment is repaid in due course. During the period, Alyth Trading
entered into a new contract to provide contracting services in
connection with the construction of a 112 bed purpose built care home in
Hamilton, Scotland.
The Company's investment of GBP1,185,000 (alongside other Puma VCTs)
into Saville Services Limited continues to perform well. Saville
Services has been providing contracting services over a series of
projects, including the construction of 16 apartments for supported
living for psychiatric and learning disabled service users in
Wolverhampton.
Non-Qualifying Investments
The Company's GBP1,420,000 loan (as part of a GBP4 million financing
with other Puma VCTs) to Puma Brandenburg Finance Limited, a subsidiary
of Puma Brandenburg Limited, continues to perform. The loan is secured
on a portfolio of flats in the middle class area of central Berlin,
Germany. Since the loan was made, the property market in this area of
Berlin has been very strong, further enhancing the excellent security we
have for this loan.
The Company's GBP750,000 investment in Gold Line Property Limited, a
care and dementia treatment business which has been developing new
premises in Mytchett, Surrey, has performed well. We are pleased to
report that the build project completed on time and on budget, the
premises has recently passed its Care Quality Commission final
inspection and the first patients have been accepted. Following the
period end, the loan was extended for a further 18 months and, following
an internal corporate restructuring, is now advanced (through an
affiliate of the Company, Lothian Lending Limited) to Kingsmead Care
Home Limited. The loan remains secured with a first charge on the
business and the property.
Dividends
The Company declared a dividend of 5p per ordinary share for the year
ended 28 February 2015 which was paid in February 2015. Reflecting this
recent pay-out, your Board is not proposing a further dividend at this
interim stage but still intends to pay out a dividend of 5p per ordinary
share each year as envisaged in the Company's prospectus.
VCT Qualifying Status
PricewaterhouseCoopers LLP ('PwC') provides the board and the investment
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manager with advice on the ongoing compliance with Her Majesty's Revenue
& Customs ('HMRC') rules and regulations concerning VCTs. PwC assists
the Investment Manager in establishing the status of investments as
qualifying holdings and has reported that the Company has met all HMRC's
criteria to date.
Principal risks and uncertainties
Although the economy in the UK is showing signs of improvement, it
remains fragile. The consequences of this for the Company's investment
portfolio constitute the principal risk and uncertainty for the Company
in the second half of 2015.
Outlook
The Company's net assets are fully deployed in a diverse range of high
quality businesses and projects which should offer the prospect of
further growth in net assets per share. Whilst there may be some
further changes in the composition of the portfolio to ensure that the
Company continues to satisfy its HMRC qualifying targets, the Board
expects to concentrate in the future primarily on the monitoring of our
existing investments and considering the options for exits.
Sir Aubrey Brocklebank Bt.
Chairman
30 October 2015
Income Statement (unaudited)
For the period ended 31 August 2015
Six months ended Six months ended Period from 1 January 2014 to
31 August 2015 30 June 2014 28 February 2015
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/gain on investments - - - - 11 11 - 11 11
Income 385 - 385 298 - 298 697 - 697
385 - 385 298 11 309 697 11 708
Investment management fees 4 (27) (81) (108) (27) (81) (108) (62) (186) (248)
Other expenses (76) - (76) (110) - (110) (228) - (228)
(103) (81) (184) (137) (81) (218) (290) (186) (476)
Return/(loss) on ordinary activities before taxation 282 (81) 201 161 (70) 91 407 (175) 232
Tax on return on ordinary activities (37) - (37) - - - - - -
Return/(loss) on ordinary activities after tax attributable
to equity shareholders 245 (81) 164 161 (70) 91 407 (175) 232
Basic and diluted
Return/(loss) per Ordinary Share (pence) 2 1.91p (0.63p) 1.28p 1.26p (0.55p) 0.71p 3.17p (1.36p) 1.81p
The revenue 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 2015
As at As at As at
Note 31 August 2015 30 June 2014 28 February 2015
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 7 9,589 7,835 9,589
Current Assets
Debtors 634 279 339
Cash 431 2,807 466
1,065 3,086 805
Creditors - amounts falling due within one year
Other creditors (190) (158) (131)
Tax liabilities (37) - -
Net Current Assets 838 2,928 674
Total Assets less Current Liabilities 10,427 10,763 10,263
Creditors - amounts falling due after more than one
year (including convertible debt) (1) (1) (1)
Net Assets 10,426 10,762 10,262
Capital and Reserves
Called up share capital 128 128 128
Share premium account - -
Capital reserve - realised (520) (334) (439)
Capital reserve - unrealised -
Other reserve - - -
Revenue reserve 10,818 10,968 10,573
Equity Shareholders' Funds 10,426 10,762 10,262
Net Asset Value per Ordinary Share 3 81.32p 83.94p 80.04p
Diluted Net Asset Value per Ordinary Share 3 81.32p 83.94p 80.04p
Cash Flow Statement (unaudited)
For the period ended 31 August 2015
Six months ended Six months ended Period from 1 January 2014 to
31 August 2015 30 June 2014 28 February 2015
GBP'000 GBP'000 GBP'000
Operating activities
Return on ordinary activities before tax 201 91 232
Gains on investments - (24) (11)
Increase in debtors (295) (187) (247)
Increase/(decrease) in creditors 59 16 (11)
Net cash outflow from operating activities (35) (104) (37)
Corporation tax paid - - -
Capital expenditure and financial investment
Purchase of investments - (3,785)
Proceeds from sale of investments - 809 2,827
Net realised loss on forward foreign exchange contracts - - -
Transaction costs - - -
Net cash outflow from capital expenditure and financial
investment - 809 (958)
Equity dividend paid - (641) (1,282)
Financing
Proceeds received from issue of ordinary share capital - - -
Expenses paid for issue of share capital - - -
Redemption of redeemable preference shares - -
Proceeds received from convertible loan notes - - -
Net cash outflow from financing - - -
(Decrease) / Increase in cash (35) 64 (2,277)
Net cash at start of the period 466 2,743 2,743
Net funds at the period end 431 2,807 466
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period ended 31 August 2015
Called up Capital Capital
share reserve - reserve - Revenue
capital realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1
January 2014 128 (299) 35 11,448 11,312
Total
recognised
(losses)/gains
for the
period - (35) (35) 161 91
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