TIDMPU13
RNS Number : 7466U
Puma VCT 13 PLC
26 November 2019
Puma VCT 13 plc
Interim Report
For the period ended 31 August 2019
Officers and Professional Advisers
Directors Auditor
David Buchler (Chairman) RSM UK Audit LLP
Stephen Hazell-Smith Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
10376236 London SE1 9BG
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
Investment Manager London
Puma Investment Management Limited EC2R 8LA
Cassini House
57 St James's Street VCT Tax Advisor
London PricewaterhouseCoopers LLP
SW1A 1LD 1 Embankment Place
London WC2N 6RH
Administrator
PI Administration Services Limited
Cassini House Custodian
57 St James's Street Pershing Securities Limited
London 1 Canada Square
SW1A 1LD London
E14 5AL
Registrar
SLC Registrars
Elder House
St. Georges Business Park
Brooklands Road
Weybridge
Surrey
KT13 0TS
Chairman's Statement
Highlights
-- Fund raising now complete
-- 60% invested into qualifying portfolio positions
-- Further qualifying investment opportunities in various stages of analysis and execution
Introduction
I am pleased to present the second interim report for Puma VCT
13 plc (the "Company") for the period to 31 August 2019.
The Investment Manager, Puma Investments, now has just under
GBP85 million of VCT money under management in this and other Puma
VCTs as well as c. GBP64 million of EIS money under management.
Puma Investments is a well-established, experienced VCT manager and
are demonstrating good success at investing the Company's funds in
line with its mandate.
Since the last report and accounts the Company has made two
further investments into qualifying portfolio companies, taking the
Company's overall qualifying holding to 59.4% of net asset value
("NAV"). In addition to this, at the end of the period the Company
held 25% of its NAV in listed equities, for the purposes of
liquidity management. These holdings are discussed in more detail
below.
Results and Net Asset Value ('NAV')
The NAV per share at the period end was 87.73p. This figure
reflects the initial funds raised less the costs of flotation
adjusted for movements in the value of the liquid assets being held
for liquidity management purposes and running costs of the Company.
Such movement is to be expected as the qualifying portfolio is
currently being held at cost despite strong trade in some of the
underlying companies.
Qualifying Investments
The Company invested into two further qualifying investments in
the period, taking its overall qualifying holdings to six positions
across five sectors, accounting for c. 60% of its NAV. This
activity has seen investment of 26% of the Company's NAV into
qualifying holdings during the period, and the Investment Manager
expects to continue this rapid pace of deployment. As such, the
Manager expects the Company to meet its qualifying requirement (to
be 80% invested into qualifying holdings) considerably in advance
of the required date of February 2021.
The first of the new qualifying investments made was into
MyKindaCrowd Ltd, a digital platform working with large corporates
to improve engagement of potential graduates and apprentices. The
platform works with companies such as Deloitte and Cisco to help
them recruit young people from a wider range of social backgrounds
than their traditional channels.
The second qualifying investment was into Influencer Limited, a
high growth, data driven, social media, influencer, and digital
marketing platform. The business enables brands to connect with
influencers and manage influencer marketing campaigns across one
platform.
The Company also holds positions in four other qualifying
positions across three different sectors:
Pure Cremation - Crematorium and Direct Cremations
In November 2018 the Company invested GBP1.3 million into Pure
Cremation Holdings Limited, as part of a GBP7.35 million
investment, alongside other Puma VCTs. Pure Cremation is a leading
provider of direct cremations, meeting the needs of a growing
number of people in the United Kingdom who want a respectful
cremation arranged without any funeral, leaving them free to say
farewell how, where and when is right for them. The business' new
purpose-built site near Andover opened during the period, reducing
operating costs and opening up new revenue streams. The business is
performing, delivering strong revenue growth across all of its
sales channels.
Knott End - Pubs with Microbreweries
In December 2018 the Company invested GBP847,000 into Knott End
Pub Company Limited, as part of a GBP7.3 million investment,
alongside other Puma VCTs. Knott End has entered into a franchise
agreement with Brewhouse & Kitchen Limited and is operating
pubs in Milton Keynes and Horsham under the Brewhouse & Kitchen
("B&K") brand. The B&K model continues to be very well
respected; recent recognition includes appearing in the Sunday
Times Fast Track 100 (2018 and 2019), winning Best Managed Pub
Company at the British Publican Awards, and winning Multi-Site Pub
Operator of the Year at the Casual Dining Awards.
Dymag Group - High performance wheel manufacturer
In December 2018 the Company invested GBP583,000 into Dymag
Group Limited, as part of a GBP3.6 million investment, alongside
other Puma funds. Dymag is a British designer and manufacturer of
carbon-fibre car and motorbike wheels. These are high end,
lightweight wheels for performance use. Established in 1974, Dymag
is a pioneer in carbon wheel technology: it launched the first
commercial carbon motorcycle wheel in 1996 and the first carbon
hybrid car wheel in 2004. Funds from the investment are in part
being used to relocate the business to a new production facility
which is expected to materially increase capacity.
Open House - London based food and beverage offer
In February 2019 the Company invested GBP1.8 million into Open
House London Limited, as part of a GBP5 million investment,
alongside other Puma funds. Open House owns and operates two
popular dining and drinking venues in London, The Lighterman in
King's Cross and Percy & Founders in Fitzrovia. Open House was
launched in 2015 by the team behind Cubitt House, a group of highly
successful gastropubs in central London that were later sold to a
private equity group in a competitive acquisition. The Company's
investment will support the business in achieving its plans for
future growth though further flagship units across London with the
next site on target to open in Spring 2020.
Liquidity management investments
To manage the Company's liquidity, GBP4 million has been
invested in a diverse portfolio of listed equities.
Puma VCT 13's Listed Equities portfolio is managed by the
Investment Manager's in-house Listed Equities team led by
Investment Director Justin Waine. Justin is an award-winning
manager (Winner of the best AIM Investment Manager 2016 and 2017 at
the Growth Investor Awards) with 19 years' experience analysing UK
and European small and mid-sized companies. Prior to working at
Puma he was a Fund Manager of the European Forager Fund at Polar
Capital Partners and also worked as a research analyst for small
and mid-sized companies at Cazenove &Co.
In keeping with the VCT 13 mandate, the listed equity portfolio
held is focussed on UK centric stocks which are listed on the main
board of the London Stock Exchange. The portfolio is entirely
invested in stocks with a Market Capitalization of over GBP100m
into companies spread across 17 sectors. Circa. 40% of the
portfolio as it stands is invested into stocks with a market cap
greater than GBP4bn.
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 also assists the
Investment Manager in establishing the status of investments as
qualifying holdings and will continue to assist the Investment
Manager in monitoring rule compliance.
Principal Risks and Uncertainties
The UK economy faces its own challenges, not least those due to
the ongoing political uncertainty. This must also be seen in the
context of the wider global economic environment which sees
uncertainties from trade tensions, slowing Asian growth and more
assertive political stances from a number of nations. The
consequences of this for the Company's investment portfolio
constitute the principal risk and uncertainty for the Company in
the second half of the year.
Outlook
It is pleasing to see the Company having made such good progress
towards its qualifying target, with plenty of time still in hand.
The qualifying portfolio is varied and contains some very strong
performers which have the potential to deliver material returns.
The non-qualifying portfolio is being managed with an appropriate
focus on liquidity to ensure that cash can be made available for
qualifying investments as they approach completion.
The Investment Manager continues to see a good volume of
potential investment opportunities, driven by network and
reputation, and so we feel confident that the Company remains well
positioned to deliver attractive returns to shareholders in the
medium to long term.
Graham Shore
Director
26 November 2019
Income Statement (unaudited)
For the period ended 31 August 2019
Period ended Period ended Period ended
31 August 2019 31 August 2018 28 February 2019
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 on investments - (43) (43) - (18) (18) - (550) (550)
Income 58 - 58 3 - 3 45 - 45
58 (43) 15 3 (18) (15) 45 (550) (505)
-------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (35) (104) (139) (20) (59) (79) (49) (147) (196)
Other expenses (134) - (134) (83) - (83) (200) (26) (226)
(169) (104) (273) (103) (59) (162) (249) (173) (422)
-------- -------- -------- -------- -------- -------- --------
Return/(loss)
on ordinary
activities
before taxation (111) (147) (258) (100) (77) (177) (204) (723) (927)
Tax on return
on ordinary
activities - - - - - - - - -
Return/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders (111) (147) (258) (100) (77) (177) (204) (723) (927)
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and diluted
Return/(loss)
per Ordinary
Share (pence) 2 (0.71p) (0.95p) (1.66p) (0.64p) (0.50p) (1.14p) (1.31p) (4.64p) (5.95p)
======== ======== ======== ======== ======== ======== ======== ======== ========
The total 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 2019
As at As at As at
31 August 31 August 28 February
Note 2019 2018 2019
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 11,560 1,679 7,872
----------- ----------- -------------
Current Assets
Prepayments 3 220 2,851
Cash 2,236 8,045 3,382
----------- ----------- -------------
2,239 8,265 6,233
Creditors - amounts falling
due within one year (128) (18) (176)
Net Current Assets 2,111 8,247 6,057
----------- ----------- -------------
Net Assets 13,671 9,926 13,929
=========== =========== =============
Capital and Reserves
Called up share capital 12 104 12
Share premium account 14,852 10,007 14,852
Capital reserve - realised (39) (59) (173)
Capital reserve - unrealised (831) (18) (550)
Revenue reserve (323) (108) (212)
Equity Shareholders' Funds 13,671 9,926 13,929
=========== =========== =============
Net Asset Value per Ordinary
Share 3 87.73p 95.38p 89.38p
=========== =========== =============
Diluted Net Asset Value per
Ordinary Share 3 87.73p 95.38p 89.38p
=========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2019
Period ended Period ended Period ended
31 August 31 August 28 February
2019 2018 2019
GBP'000 GBP'000 GBP'000
Operating activities
Profit on ordinary activities
after tax (258) (177) (927)
Unrealised gains on investments 45 21 550
Decrease/(increase) in debtors 2,848 (209) (1,011)
(Decrease)/increase in creditors (48) (2) 110
Net cash generated/(used) in
operating activities 2,587 (367) (1,278)
------------- ------------- -------------
Cash flow from investing activities
Purchase of investments (4,172) (1,700) (8,422)
Proceeds from disposal of investments 438 - -
Net cash used in investing activities (3,734) (1,700) (8,422)
------------- ------------- -------------
Cash flow from financing activities
Proceeds received from issue
of ordinary share capital - 10,331 13,759
Expenses paid for issue of share
capital - (219) (677)
Net cash generated from financing
activities - 10,112 13,082
------------- ------------- -------------
(Decrease)/increase in cash (1,146) 8,045 3,382
Net cash at start of the period 3,382 - -
Net funds at the period end 2,236 8,045 3,382
============= ============= =============
Statement of Changes in Equity (unaudited)
For the period ended 31 August 2019
Called Share Capital Capital
up share premium reserve reserve Revenue
capital account - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 March
2018 6 - - - (8) (2)
Shares cancelled
in the period (6) - - - - (6)
Shares issued in
the period 104 10,227 - - - 10,331
Expense of share
issue - (220) - - - (220)
Total comprehensive
income for the period - - (59) (18) (100) (177)
Balance as at 31
August 2018 104 10,007 (59) (18) (108) 9,926
Shares issued in
the period 8 5,348 - - - 5,356
Shares cancelled
in the period (100) (100)
Expenses of share
issues (503) (503)
Total comprehensive
income for the period - - (114) (532) (104) (750)
Balance as at 28
February 2019 12 14,852 (173) (550) (212) 13,929
Shares cancelled
in the period - - - - - -
Shares issued in
the period - - - - - -
Expense of share
issue - - - - - -
Total recognised
(losses) for the
period - - 134 (281) (111) (258)
Balance as at 31
August 2019 12 14,852 (39) (831) (323) 13,671
========== ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2019
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 1.66p is based on the loss for the
period of GBP258,000 and the weighted average number of shares in
issue as at 31 August 2019 of 15,583,336 calculated from the date
of the first receipt of proceeds from the issue of ordinary share
capital.
3. Net asset value per share
As at As at
31 August 28 February
2019 2019
Net assets 13,671,000 13,929,000
Shares in issue 15,583,338 15,583,338
Net asset value per share
Basic 87.73p 89.38p
Diluted 87.73p 89.38p
4. 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 2019
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.
Notes to the Interim Report continued
For the period ended 31 August 2019
6. Investment portfolio summary
Valuation
as a % of
Valuation Cost Gain/(loss) Net Assets
As at 31 August 2019 GBP'000 GBP'000 GBP'000
Qualifying Investments
Dymag Group Limited 583 583 - 4%
Knott End Limited 847 847 - 6%
Open House London
Limited 1,800 1,800 - 13%
Pure Cremation Holdings
Limited 1,297 1,297 - 9%
Influencer Limited 1,800 1,800 - 13%
Mykindacrowd Limited 1,800 1,800 - 13%
Total Qualifying Investments 8,127 8,127 - 58%
---------- -------- ------------ ------------
Liquidity Management
Investments
Barclays Plc 156 206 (49) 1%
British Land Company
Plc 89 105 (17) 1%
Chemring Group Plc 163 188 (26) 1%
Diageo Plc 258 201 57 2%
Discoverie Group Plc 223 207 16 2%
Dixons Carphone Plc 136 207 (70) 1%
Firstgroup Plc 291 202 89 3%
GVC Holdings Plc 137 217 (80) 1%
Headlam Group Plc 178 197 (19) 1%
ITE Group Plc 199 211 (13) 2%
ITV Plc 133 125 8 1%
Legal & General Group
Plc 169 201 (32) 1%
Norcros Plc 200 201 (1) 2%
Provident Financial
Plc 153 226 (73) 1%
Prudential Plc 159 203 (44) 1%
PZ Cussons Plc 181 203 (22) 1%
Royal Dutch Shell
Plc 181 199 (18) 1%
Standard Chartered
Plc 124 124 1 1%
Volution Group Plc 178 201 (23) 1%
WPP Plc 126 124 2 1%
Total Liquidity Management
Investments 3,433 3,747 (314)* 26%
---------- -------- ------------ ------------
Total Investments 11,560 11,874 (314) 84%
Balance of Portfolio 2,111 2,111 16%
Net Assets 13,671 13,985 (314) 100%
---------- -------- ------------ ------------
* Transaction costs on listed equities have been capitalised and
form part of the gain/loss on investment, however they have been
analysed as "other expenses" in the Income Statement.
Copies of this Interim Statement will be made available on the
website:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
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END
IR UNSVRKSAAUAA
(END) Dow Jones Newswires
November 26, 2019 10:48 ET (15:48 GMT)
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