TIDMPU13
RNS Number : 7862G
Puma VCT 13 PLC
27 November 2020
Puma VCT 13 plc
Interim Report
For the period ended 31 August 2020
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
Cassini House The Royal Bank of Scotland plc
57 St James's Street London City Office
London PO Box 412
SW1A 1LD 62-63 Threadneedle Street
London
Investment Manager EC2R 8LA
Puma Investment Management Limited
Cassini House VCT Tax Advisor
57 St James's Street PricewaterhouseCoopers LLP
London 1 Embankment Place
SW1A 1LD London WC2N 6RH
Administrator
PI Administration Services Limited Custodian
Cassini House Pershing Securities Limited
57 St James's Street 1 Canada Square
London London
SW1A 1LD E14 5AL
Registrar
SLC Registrars
Elder House
St. Georges Business Park
Brooklands Road
Weybridge
Surrey
KT13 0TS
HIGHLIGHTS
- Strong performance within the portfolio leading to an 11% increase in NAV
- Largest single period NAV uplift of the Company's life, despite impact of Covid-19
- New fund raising now underway following 97.6% shareholder approval
CHAIRMAN'S STATEMENT
Your Board is pleased to present the half-yearly report for Puma
VCT 13 plc ('the Company') for the period to 31 August 2020.
Fundraising
We are happy to report that following the period end,
shareholder approval was received to allow the VCT to raise further
funds. This will allow the VCT to spread fixed costs over a wider
base, add further diversification and, crucially, exploit the
post-Covid investment environment. This VCT is now open for fund
raising and the market reaction to date has been very positive.
Investment Portfolio
Since the last report and accounts the Company has made one new
investment of GBP1,850,000 into health and wellness engagement
business Tictrac and a small follow-on investment into cycling
apparel business Le Col (both alongside other Puma managed funds).
The Company has over 90% of its current NAV invested in qualifying
investments, however, with additional funds now being raised the
Company will be in a position to take advantage of 'post-Covid'
opportunities.
Within the portfolio, Pure Cremation and Le Col in particular
have both enjoyed an impressive year of trading, which has
contributed to the gains in the Company's Net Asset Value ("NAV")
being reported. These gains have more than compensated for the
inevitable negative impact of the pandemic elsewhere in the
portfolio.
Net Asset Value
The Company's NAV stood at 111.59p at the period end of 31
August 2020. The Company recorded a profit for the period of
GBP1,764,000, arising from revaluations upwards of the holdings in
Pure Cremations and Le Col, mentioned above. The Company continues
to hold a small proportion of its NAV in listed equities.
Allocation of non-qualifying holdings will continue to be
considered by the Investment Manager as the economic outlook and
global policy response to the Covid-19 crisis continue to
evolve.
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
advisors 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. As at 31 August 2020, over 80% of the portfolio (as
measured by HMRC rules) was invested in VCT-qualifying investments
as reviewed and confirmed by PwC therefore achieving the current
VCT-qualifying threshold.
Life of the Fund Extended, now Evergreen
The Company did not have a fixed life but had initially
envisaged a shareholders' vote on its own continuation after 8 to
10 years. Following approval by shareholders, the Company will no
longer put a resolution to shareholders to vote on the Company's
continuance but instead will turn into an 'evergreen' VCT.
As a result, the performance incentive structure for the
Investment Manager has been revised from 20% of all amounts above
105p per share, payable once shareholders have received
distributions above 105p per share. Per the resolutions passed, a
20% fee is payable, in relation to each accounting period, subject
to performance value per share exceeding the High Water Mark (being
the higher of 110p and the highest Performance Value per Share at
the end of any previous accounting period). By increasing the
hurdle at which a fee becomes payable from 105p to 110p, we believe
this further incentivises the Manager to achieve strong performance
for the benefit of shareholders. Full details can be found in the
Circular dated 9 October 2020.
Outlook
The opportunity now is to be proactive as the economy and
society recover, probably changed forever. Notwithstanding the
considerable uncertainty arising from the Covid-19 pandemic and the
unprecedented policy measures put in place to contain it, we do
look to the future with confidence - and not only due to the
promising vaccine results currently being announced. The UK
benefits from an active and dynamic sector of small and medium
enterprises. As this Company's own portfolio shows, whilst there
will be losers from the pandemic and its aftermath there will also
be winners.
The Manager has a strong reputation as a provider of capital to
well managed later-stage businesses and at the time of writing we
are encouraged by the flow of prospective qualifying
investments which are under consideration. The investment team
are in execution phase with three further potential investments so
we take comfort that we will continue to make good progress in
executing our investment strategy and, of course, in meeting our
ongoing qualifying deployment tests as a VCT.
David Buchler
Chairman
27 November 2020
INVESTMENT MANAGER'S REPORT
Introduction
During the period covered by these interim results, and
following, economic activity has continued to be dominated by the
policy response to the Covid-19 pandemic. These are unprecedented
times which have disrupted personal and working life for almost
everyone. Crucially they have also disrupted consumption patterns,
giving the potential to lead to significant shifts in market share
from incumbents to newer players.
Since the pandemic's onset we have drawn on our own skills and
experience to support our management teams. Using our in-house
professionals and outside experts, we were able to provide
specialist guidance to investee companies on key topics such as
employment law, UK government support schemes and cyber-security.
This enabled management teams to focus on more immediate
developments arising from the pandemic, with the hopes of
minimising its negative effects where possible.
We have continued to work with our portfolio companies to
protect shareholder value but have also increasingly looked to new
opportunities. As ever, the ability for companies to innovate is
vital and a number of our portfolio management teams have proven
themselves adept at expanding or pivoting their offering to meet
new needs arising from the crisis.
The Company's objective is to provide funding to growing SMEs in
the UK, aiming to give investors exposure to quality operating
businesses with strong management teams in sectors providing
structural support for growth. Through its sector agnostic mandate,
it seeks to provide funding to assist the growth of a diversified
portfolio of investments, which should allow the Company to capture
significant upside from individual positions but also provide
resilience in the event of an economic downturn. Having been put to
the test as a result of the pandemic, this approach has proven
reassuringly successful and we remain positive in our outlook for
the Company.
Investments
Qualifying Investments
Open House London Limited - London based food and beverage
offer
In February 2019, the Company invested GBP1.8 million (as part
of a GBP5 million investment, alongside other Puma funds) into Open
House London, a company which owns and operates two popular dining
and drinking venues in London: The Lighterman in King's Cross; and
Percy & Founders in Fitzrovia. Open House is due to launch its
third unit, an anchor building in the new TV Centre development in
London's White City, in Spring / Summer 2021. Open House was
launched in 2015 by the team behind Cubitt House, a group of highly
successful gastropubs in central London which were later sold to a
private equity group.
In line with UK government guidance, the two current Open House
units closed during the first Covid-19 lockdown from March to July.
Open House benefited from various sector-focused government support
schemes, including Rates Relief and the Job Retention Scheme, as
well as significant support from the landlords of both units. We
worked closely with the business throughout the period, supporting
on employment matters, cash management and strategy, which secured
a successful reopening of The Lighterman and good trade through the
summer.
Following further government announcements, the units were again
all closed on 5th November; however, the business remains robust,
well capitalised, and well positioned to exploit opportunities
arising from challenges the wider sector is facing. The Directors
believe a valuation broadly in line with cost is reasonable in
current circumstances and so this position (whose value had
previously been written up on the back of good trading performance)
has been marked down in the period.
Dymag Group Limited - High performance wheel manufacturer
In December 2018, the Company invested GBP583,000 (as part of a
GBP3.6 million investment, alongside other Puma funds) into Dymag
Group Limited. In January 2020 a second investment of GBP725,000
was made (as part of a GBP1.2 million investment, alongside other
Puma funds) to enable further growth. Dymag is a British designer
and manufacturer of carbon hybrid automotive wheels. These are high
end, lightweight wheels for performance use. Dymag continued to
operate throughout the first Covid-19 lockdown with a skeleton
staff, the remaining staff either working from home or
furloughed.
Immediately pre-Covid-19, the global market for carbon
automotive wheels was growing strongly, with several major
production programmes announced from larger Original Equipment
Manufacturers ("OEMs"). During the crisis, and in line with the
rest of the automotive sector, the company's revenue levels were
impacted, with aftermarket automotive wheel sales in particular
being below forecast levels. In light of these trading challenges,
the Directors have decided to reduce the carrying value of the
holding, generating an unrealised loss in the period of
GBP449,000.
The longer-term prospects of the technology and its adoption by
mainstream car manufacturers remain highly promising. Dymag has
enjoyed strong customer engagement over the summer and has entered
into agreements to be featured on a number of upcoming hyper- and
super-car projects. On 10(th) October 2020, Dymag wheels were used
on an SSC Tuatara car to set a new land-speed record for production
cars, reaching 331mph.
The focus will now be on 2021 sales to OEMs and the
aftermarket.
Tictrac Limited - Health Engagement Platform
In March 2020, the Company invested GBP1.85 million (as part of
a GBP5 million investment, alongside other Puma funds) into Tictrac
Limited. Tictrac offers an advanced health and wellness app for
insurance companies and corporate clients to provide to their user
bases. The app integrates data from wearable technology, delivering
it to end users in a digestible format to drive up levels of
engagement and increase customer loyalty.
Tictrac has an impressive client base that ranges from globally
recognised insurance providers such as Aviva, Allianz and
Prudential to government health bodies, having established strong
relationships across the industry. Created in 2010, its founders
have assembled a strong management team to propel the business'
future growth.
The Covid-19 pandemic has placed renewed emphasis on employers
to focus on the health and wellbeing of all employees. While
continuing to work with its existing clients on roll-out, during
the crisis the company has offered its employee wellbeing platform
on a free trial basis to UK employers to support their workforce, a
number of which have now converted to paying clients.
MyKindaCrowd Limited - Human Resources Technology
In August 2019, the Company invested GBP1.8 million (as part of
a GBP2.75 million investment, alongside other Puma funds) into
MyKindaCrowd, (trading under the name MyKindaFuture ("MKF")). MKF
whose clients include BT, Deloitte, Cisco and Burberry, is the UK's
largest "emerging talent" specialist. Focusing its recruitment on
young people, MKF aims to help students from a range of backgrounds
develop employability skills and succeed in the workplace, whilst
also supporting employers with their recruitment needs - from work
experience and apprenticeships through to graduate programmes.
Throughout the Covid-19 crisis, MKF has continued to work
closely with its customer base to help them manage HR engagement
challenges. The company adapted its Connectr 2.0 platform, launched
in February 2020, to create a product specifically focused on
engaging with furloughed employees and in some cases to provide
training. The company has also launched a partnership with Grant
Thornton to offer shared expertise and skills to clients looking to
support and reintegrate employees during this period.
Reflecting the growth in digital revenues, together with the
advantageous investment structure that had been agreed, the Company
has increased the carrying value of the holding. This generated an
unrealised gain in the period of GBP1,267,000.
Pure Cremation Holdings Limited - Crematorium and Direct
Cremations
In November 2018, the Company invested GBP1.3 million (as part
of a GBP7.35 million investment, alongside other Puma funds) into
Pure Cremation Holding Limited, 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 company's revenue has grown consistently during
Puma's period of hold, and the business has moved into
profitability. Puma's investment has enabled marketing activity,
increasing awareness of the business' direct cremations and prepaid
funeral plans. The investment also helped the company build its own
bespoke crematorium facility, driving down per-unit costs and
providing a platform for considerable further growth. Pure
Cremation's experienced management team has delivered impressive
growth in a sector poised for rapid expansion.
The business experienced very high demand during the Covid-19
crisis and was able to continue operating safely. It also donated
TV advertising space to Marie Curie to help the charity raise much
needed funds for its emergency appeal. The sale of 'pre-need' (i.e.
purchase of a funeral plan providing committed funding for a direct
cremation) and 'at-need' services have remained strong throughout
the crisis, and the business is expanding to cover mainland
Scotland given the growing traction in this region. As the business
continues to deliver consistent growth in revenue and EBITDA, the
Company has reflected an increase in the carrying value of the
holding, generating an unrealised gain of GBP1,754,000.
Influencer Limited - Technology
In August 2019, the Company invested GBP1.8 million (as part of
a GBP3 million investment, alongside other Puma funds) into
Influencer Limited, a leading influencer marketing platform run by
entrepreneurs, Ben Jeffries and Caspar Lee, and chaired by renowned
sector entrepreneur Adam Ludwin. Launched in 2017, Influencer's
proprietary technology simplifies the influencer marketing process
for both brands and creators. Its data-driven, end-to-end platform
provides brands around the world with access to a network of
premium social media influencers who are vetted for authenticity,
quality and creativity. The platform empowers these businesses to
make smarter decisions on their influencer activities by combining
the discovery and relationship management of creators, along with
campaign management, campaign reporting and rich actionable
insights. Although a slowdown in activity has been noted across the
sector, during the crisis the company has signed a number of new
clients while continuing to work with its existing clients. Several
successful partnerships are driving new activity and projects, such
as one with the public relations and advertising firm, Ogilvy. The
company continues to explore international expansion opportunities,
and further investment into its technology platform.
Le Col Holdings Limited - Sports Apparel
In late 2019 and early 2020, the Company invested a total of
GBP1.03 million (as part of a GBP4.85 million investment, GBP2.5
million of which came as a second tranche, alongside other Puma
funds) into Le Col Holdings Limited, a leading British performance
cycling clothing brand, founded by ex-professional cyclist Yanto
Barker. Le Col uses the latest technology to provide
high-performance kit with a quality formerly reserved for
professionals.
During Puma's period of hold, Le Col's growth has been
significant. In 2018, its revenues more than doubled and online
sales grew six-fold, year-on-year, and it exported product to
approximately 50 countries worldwide. In 2019, revenue grew by 70%.
The investment has helped the company continue to develop its
marketing strategy. This has driven growth in online sales,
supported retail partnerships with e-tailers such as Wiggle and
build high-profile partnerships including sponsorship of World Tour
cycling's Team Bahrain McLaren. Among these numerous partnerships,
the brand has gained further recognition through its collaboration
with Sir Bradley Wiggins, who developed a signature range, Le Col
by Wiggins, which has gone from strength to strength.
Since then, Le Col has also secured further partnerships
including with Eurosport and Colnago. With increased focus on
exercise during the Covid-19 crisis, online sales have continued to
grow very strongly. Stock was carefully manged as the company's
Italian factory closed briefly during the first lockdown, but no
material interruptions were experienced by customers. The company
recently won 'Best Leisure, Fitness & Outdoor Ecommerce' at the
eCommerce Awards 2020. Le Col is now building on the marketing
insights gained during this period and considering options for
further expanding its market reach. The Company has increased the
carrying value of its holding further, generating an unrealised
gain of GBP715,000 in the period.
Knott End Pub Company Limited - Pubs with Microbreweries
In December 2018, the Company invested GBP847,000 (as part of a
GBP7.3 million investment, alongside other Puma funds) into Knott
End Pub Company (Knott End) which has entered into a franchise
agreement with Brewhouse & Kitchen Limited ("B&K") to roll
out a portfolio of pubs offering on-site craft micro-brewing
activities and good quality food. B&K is an award winning
national branded operator, which now has 24 sites offering craft
brewing activities, and is run by an experienced management team.
Knott End operates two pubs, one in Milton Keynes, Buckinghamshire
and the other in Horsham, West Sussex.
In line with the rest of the industry Knott End had to close
both units during the first lockdown in response to the Covid-19
pandemic. The business took advantage of government support
packages including the Job Retention Scheme (furlough) and Rate
Reliefs, VAT reductions of food (July 2020 extended to March 2021)
and the 'Eat Out to Help Out' scheme for August 2020.
The company and the B&K brand platform are innovating its
offering to adapt to the current environment. One example of this
is its investment into technology, resulting in B&K rapidly
rolling out their new order and payment platform, 'B&K On Tap'.
This will provide customers with comfort around social distancing,
and deliver staff efficiencies, adding extra robustness to the
operating model. These digital solutions will facilitate the
company in understanding their customer base in more detail.
Whilst the business is well funded, uncertainty due to Covid-19
remains and there is yet to be clarity on potential restrictions
over the festive period, a key period for pubs. On this basis, and
given the downward pressure on pub valuations as a result of the
pandemic, the Company has made a further reduction in the carrying
value of the holding, generating an unrealised loss of GBP433,000
in the period.
Liquidity management investments
To manage the Company's liquidity, a portion of the Company's
funds are 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 20 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 capitalisation of over GBP100m
spread into 15 different companies. Around 47% of the portfolio as
it stands is invested into stocks with a market cap greater than
GBP4bn.
As previously reported, the Company's portfolio experienced high
levels of volatility and material falls in value following the
outbreak out Covid-19, reflecting weak stock markets. At the date
of writing the portfolio had substantially recovered from its low
point, but further market volatility should be expected.
Investment Strategy
We are pleased to have invested the Company's funds in a diverse
range of businesses to date. With the re-opening of the fund raise,
we hope to further diversify the portfolio and exploit the
post-Covid investment environment over the coming months. We remain
focused on generating strong returns for shareholders, whilst
balancing these returns with maintaining an appropriate risk
exposure. Overall, we remain confident that our portfolio is
well-positioned to deliver positive returns to shareholders.
Puma Investment Management Limited
27 November 2020
Income Statement (unaudited)
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 2020 31 August 2019 29 February 2020
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
Gain/(loss) on
investments - 2,017 2,017 - (43) (43) - 2,094 2,094
Income 12 - 12 58 - 58 118 - 118
12 2,017 2,029 58 (43) 15 118 2,094 2,212
-------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (65) (120) (185) (35) (104) (139) (70) (209) (279)
Other expenses (80) - (80) (134) - (134) (217) (9) (226)
(145) (120) (265) (169) (104) (273) (287) (218) (505)
-------- -------- -------- -------- -------- -------- --------
Profit/(loss)
before taxation (133) 1,897 1,764 (111) (147) (258) (169) 1,876 1,707
Taxation - - - - - - - - -
Profit/(loss)
and total
comprehensive
income for the
period (133) 1,897 1,764 (111) (147) (258) (169) 1,876 1,707
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and diluted
Return/(loss)
per Ordinary
Share (pence) 2 (0.85p) 12.17p 11.32p (0.71p) (0.94p) (1.65p) (1.08p) 12.04p 10.95p
======== ======== ======== ======== ======== ======== ======== ======== ========
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 2020
As at As at As at
31 August 31 August 29 February
Note 2020 2019 2020
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 17,079 11,560 13,433
---------- ---------- ------------
Current Assets
Prepayments 97 3 203
Cash 397 2,236 2,093
---------- ---------- ------------
494 2,239 2,296
Creditors - amounts falling due within one year (184) (128) (95)
Net Current Assets 310 2,111 2,201
---------- ---------- ------------
Net Assets 17,389 13,671 15,634
========== ========== ============
Capital and Reserves
Called up share capital 10 12 10
Share premium account 14,843 14,852 14,852
Capital reserve - realised (838) (39) (649)
Capital reserve - unrealised 3,888 (831) 1,802
Revenue reserve (514) (323) (381)
Equity Shareholders' Funds 17,389 13,671 15,634
========== ========== ============
Net Asset Value per Ordinary Share 3 111.59p 87.73p 100.33p
========== ========== ============
Diluted Net Asset Value per Ordinary Share 3 111.59p 87.73p 100.33p
========== ========== ============
Cash Flow Statement (unaudited)
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) after tax 1,764 (258) 1,707
(Gain)/loss on investments (2,017) 45 (2,094)
Decrease/(increase) in debtors 106 2,848 820
(Decrease)/increase in creditors 89 (48) (35)
Net cash generated from/(used
for) operating activities (58) 2,587 398
------------- ------------- -------------
Cash flow from investing activities
Purchase of investments (1,952) (4,172) (5,897)
Proceeds from disposal of investments 323 438 2,430
Net cash used in investing activities (1,629) (3,734) (3,467)
------------- ------------- -------------
Cash flow from financing activities
Proceeds received from issue
of ordinary share capital - - 1,826
Expenses paid for issue of share
capital (9) - (46)
Net cash generated from financing
activities (9) - 1,780
------------- ------------- -------------
Net (decrease)/increase in cash
and cash equivalents (1,696) (1,146) (1,289)
Cash and cash equivalents at
the beginning of the period 2,093 3,382 3,382
Cash and cash equivalents at
the end of the period 397 2,236 2,093
============= ============= =============
Statement of Changes in Equity (unaudited)
For the period ended 31 August 2020
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
2019 12 14,852 (173) (550) (212) 13,929
Total comprehensive
income for the period - - 134 (281) (111) (258)
Balance as at 31
August 2019 12 14,852 (39) (831) (323) 13,671
Shares cancelled
in the period (2) - - - - (2)
Reserve movement - - (430) 430 - -
Total comprehensive
income for the period - - (180) 2,203 (58) 1,965
Balance as at 29
February 2020 10 14,852 (649) 1,802 (381) 15,634
Expense of share
issue - (9) - - - (9)
Total comprehensive
income for the period - - (189) 2,086 (133) 1,764
Balance as at 31
August 2020 10 14,843 (838) 3,888 (514) 17,389
========== ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2020
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 profit per share of 11.32p is based on the profit for
the period of GBP1,764,000 and the weighted average number of
shares in issue as at 31 August 2020 of 15,583,338 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 As at
31 August 31 August 29 February
2020 2019 2020
Net assets 17,389,000 13,671,000 15,634,000
Shares in issue 15,583,338 15,583,338 15,583,338
Net asset value
per share
Basic 111.59p 87.73p 100.33p
Diluted 111.59p 87.73p 100.33p
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 2020
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. Investment portfolio summary
Valuation
as a % of
Valuation Cost Gain/(loss) Net Assets
As at 31 August 2020 GBP'000 GBP'000 GBP'000
Qualifying Investments
Dymag Group Limited 859 1,308 (449) 5%
Knott End Limited 160 847 (687) 1%
Open House London
Limited 1,812 1,800 12 10%
Pure Cremation Holdings
Limited 4,342 1,297 3,045 25%
Influencer Limited 1,800 1,800 - 10%
Le Col Holdings Limited 2,139 1,028 1,111 12%
Mykindacrowd Limited 3,067 1,800 1,267 18%
Tictrac Limited 1,850 1,850 - 11%
Total Qualifying Investments 16,029 11,730 4,299 92%
---------- -------- ------------ ------------
Liquidity Management
Investments
Barclays Plc 72 116 (44) 0%
Chemring Group Plc 82 70 12 0%
Diageo Plc 82 89 (7) 0%
Discoverie Group Plc 97 63 34 1%
Dixons Carphone Plc 62 109 (47) 0%
Headlam Group Plc 75 121 (46) 0%
ITV Plc 46 82 (36) 0%
Legal & General Group
Plc 80 97 (17) 0%
Lloyds Bank Plc 43 74 (31) 0%
Provident Financial
Plc 49 119 (70) 0%
Prudential Plc 93 133 (40) 1%
PZ Cussons Plc 95 108 (13) 1%
Royal Dutch Shell
Plc 53 124 (71) 0%
Volution Group Plc 76 88 (12) 0%
WPP Plc 45 67 (22) 0%
Total Liquidity Management
Investments 1,050 1,460 (410) 6%
---------- -------- ------------ ------------
Total Investments 17,079 13,190 3,889 98%
Balance of Portfolio 307 307 - 2%
Net Assets 17,386 13,497 3,889 100%
---------- -------- ------------ ------------
Copies of this Interim Statement will be made available on the
website:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR UBAURRAUAUAA
(END) Dow Jones Newswires
November 27, 2020 07:15 ET (12:15 GMT)
Puma Vct 13 (LSE:PU13)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Puma Vct 13 (LSE:PU13)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024