Interim Results
2005年12月10日 - 12:22AM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:4479V
Downing Protected VCT II PLC
09 December 2005
Downing Protected VCT II plc
Interim Statement for the period ended 31 October 2005
FINANCIAL HIGHLIGHTS
Number of shares in issue (at 31 October 2005) 10,167,192
Net Assets (at 31 October 2005) #9,680,898
Net Asset Value per share 95.2p
CHAIRMAN'S STATEMENT
I would like to welcome Shareholders to Downing Protected VCT II plc and am
pleased to present the Company's first results.
The Company's financial year runs to 31 January so we will normally report
interim results to 31 July. However, for this initial period, we have decided
to report to 31 October 2005 because the Company has now completed its
fundraising and has news to report on the progress made in investing funds.
Share issue
The introduction of 40% income tax relief for investments in VCTs resulted in
substantial growth in the VCT market, but raising funds was extremely
competitive with both established players and new entrants trying to attract
investors. The lower-risk strategy offered by the Downing Protected VCT II plc
& Downing Protected VCT III plc ("the Downing Protected VCTs") was well received
by commentators and investors and the Board is very pleased with a very
successful fundraising.
The share offers for the two Downing Protected VCTs closed on the 27 June 2005
having raised total proceeds of #20.4 million. Downing Protected VCT II plc
issued just under 10.2 million shares and had net proceeds of #9.6 million,
after taking into account the 5.5% issue costs.
Venture capital investments
During the period to 31 October 2005, the Company invested #2.7 million in five
venture capital investments. In November the Company invested a further #1
million and is well on the way to its target of having at least 70% of its funds
in VCT qualifying investments well before the deadline of 31 January 2008.
In all cases the Company has been able to secure a significant part of its
investment by taking a charge over the assets of the businesses in which it has
invested. Although it is still early days, progress of each of the investee
companies is in line with expectations.
The remainder of the Company's funds are currently held as cash, which will be
invested in a portfolio of fixed interest securities in due course.
Net Asset Value and Results
At the period end, the Net Asset Value per share ("NAV") of the Company stood at
95.2p, a small increase of 0.7p from the initial NAV of 94.5p.
The revenue profit after taxation for the period amounted to #61,000,
representing 0.7p per share.
Share repurchase
The Company has not bought back any shares for cancellation during the period,
but does monitor the market in the Company's shares. Subject to certain
restrictions, the Company will buy in shares that become available in the market
for cancellation.
Outlook
The Board is satisfied with the progress made to date by the Investment Manager
in investing the Company's funds in businesses which can provide a fairly high
level of security cover and also have good prospects for returning funds to the
Company in a relatively short time period.
The Investment Manager is currently negotiating a potential joint venture
investment with an AIM-listed pub operator. If this completes, the Company will
be well on the way to completing its main investment phase having achieved the
70% VCT qualification target. The Board is keen that this phase is completed at
the earliest opportunity in order that investee companies have an adequate time
to mature and can return funds to the Company at an early date.
Hugh Gillespie
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 October 2005
31 Oct
2005
#'000
Fixed assets
Venture capital investments 2,741
Net current assets 6,960
Creditors: amounts falling due after more than one
year
(20)
Net assets 9,681
Capital and reserves
Called up share capital 102
Share premium 9,506
Revenue reserve 73
Total equity shareholders' funds 9,681
Net asset value per share 95.2p
UNAUDITED STATEMENT OF TOTAL RETURN
(incorporating the revenue account)
for the period ended 31 October 2005
Period from 24 Feb 2005
to 31 Oct 2005
Revenue Capital Total
#'000 #'000 #'000
Income 255 - 255
Losses on investments:
- Unrealised - - -
255 - 255
Investment management fees (55) - (55)
Other expenses (87) - (87)
Return on ordinary activities before taxation 113 - 113
Tax on ordinary activities (40) - (40)
Return attributable to equity shareholders 73 - 73
Return per share (see note 2) 0.8p - 0.8p
The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
UNAUDITED CASHFLOW STATEMENT
for the period ended 31 October 2005
Period
ended
31 Oct
2005
Note #'000
Net cash inflow from operating activities and returns 173
on investments 1
Capital expenditure
Purchase of venture capital investments (2,742)
Net cash outflow from capital expenditure (2,742)
Equity dividends paid -
Net cash outflow before financing (2,569)
Financing
Shares issued 10,217
Redemption of preference shares (50)
Issue costs (559)
Issue of loan notes 20
Net cash inflow from financing 9,628
7,059
Increase in cash 2
Notes to the cashflow statement:
1 Net cash inflow from operating activities and
returns on investments
Net revenue before taxation 113
Increase in other debtors (42)
Increase in other creditors 102
Net cash inflow from operating activities 173
2 Analysis of net funds
Beginning of period -
Net cash inflow 7,059
End of period 7,059
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The above financial information has been prepared on the basis of the
accounting policies set out on below.
2. The calculation of the revenue and capital return per share for the period
is based upon the net revenue profit after tax of #61,000, divided by the
weighted average number of shares in issue during the period of 8,675,783.
3. The unaudited financial statements set out herein do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985
and have not been delivered to the Registrar of Companies.
4. Copies of the unaudited interim results will be sent to shareholders
shortly. Further copies can be obtained from the Company's Registered Office.
REVIEW OF INVESTMENTS
The Company had invested in the following investments at 31 October 2005:
Cost Valuation % of
at 30 Oct portfolio
2005
#'000 #'000 by value
Venture capital investments
Tomahawk Pubs VCT Limited 1,000 1,000 10.3
Ebury Contracting Limited 500 500 5.2
Ebury Contracting (South East) Limited 500 500 5.2
Chapel Contractors Limited 460 460 4.7
Heyford Homes (Weldon) Limited 281 281 2.9
Subtotal 2,741 2,741 28.3
Net current assets (including cash) 6,940 71.7
Total 9,681 100.0%
Brief details of the Company's investments made up to 31 October 2005 are
summarised as follows:
Tomahawk Pubs Cost: #1,000,000 Investment
comprises:
VCT Ltd Valuation at 31 Oct #1,000,000 Ordinary Shares: #200,000
2005: Loan Stock: #800,000
The VCT invested #1 million (alongside #1 million from its
sister VCT) in this joint venture with Tomahawk Pubs plc in
August 2005. The company owns and operates The Lord
Palmerston pub in Tufnell Park, London. Trading has been on
budget since the investment was made. The VCT's investment
is secured by a first charge over the freehold of the Lord
Palmerston and The Duchess of Kent in Islington, London, a
pub owned by Tomahawk Pubs plc.
Ebury Contracting Cost: #500,000 Investment
Ltd comprises:
Valuation at 31 Oct #500,000 Ordinary Shares: #300,000
2005: Loan Stock: #200,000
In April 2005, the VCT invested #500,000 (alongside #500,000
from its sister VCT) in the company in conjunction with a
former Finance Director of a major housing association. The
company is in advanced stages of negotiations with a
significantly sized housing association to secure a contract
for extensive refurbishment of the association's properties.
Ebury Contracting Cost: #500,000 Investment
(South East) Ltd comprises:
Valuation at 31 Oct #500,000 Ordinary Shares: #300,000
2005: Loan Stock: #200,000
The company was set up in April 2005 as a joint venture
between the Downing Protected VCTs and a property
contractor. The company is seeking to secure construction
or refurbishment contracts, primarily with housing
associations. Discussions are now well advanced on one
major potential contract.
Chapel Contractors Cost and #460,000 Investment
Limited valuations: comprises:
Valuation at 31 Oct #460,000 Ordinary Shares: #100,000
2005: Loan Stock: #360,000
The VCT invested #460,000 in October 2005 in this new
contractor company as a joint venture with an experienced
property development team. The team is currently
finalising its first construction project where the company
is acting the principal contractor. It is anticipated that
the Protected VCTs will obtain security over the land and
buildings.
Heyford Homes Cost: #281,500 Investment
(Weldon) Limited comprises:
Valuation at 31 Oct #281,500 Ordinary Shares: # Nil
2005: Loan Stock: #281,500
The VCT invested #281,500 in loan stock in this property
development company in October 2005. The company has
purchased land in Weldon, Northamptonshire, on which it is
undertaking a residential development of nine detached
house. This investment is not qualifying for VCT purposes
but is secured by a charge over the land owned by the
company.
Since 31 October the Company made the following investment:
Nu Nu plc Cost: #1,000,000, Investment
comprises:
Valuation at 31 Oct n/a Ordinary Shares: # 200,000
2005: Loan Stock: #800,000
In November 2005, the VCT and its sister company made an
investment of #1 million each in Nu Nu plc. Nu Nu owns and
operates 10 children's nurseries and is using the investment
to fund its continued expansion. The Protected VCT's
investment is secured by a first charge over four freehold
nurseries.
PRINCIPAL ACCOUNTING POLICIES
Accounting convention
The financial statements are prepared under the historical cost convention,
modified by the revaluation of investments.
Investments
Unquoted investments are stated at Directors' valuations, which are in
accordance with the BVCA guidelines. The unrealised depreciation or
appreciation arising on the valuation of investments and gains and losses
arising on the disposal of investments are dealt with in the capital reserve.
It is not the Company's policy to exercise controlling influence over investee
companies. Therefore the results of these companies are not incorporated into
the revenue account except to the extent of any income accrued.
Income and expenses
All income and expenses are treated on the accruals basis and dividend income is
included in revenue on a received basis. The fixed returns on non-equity shares
and on debt securities are recognised on a time apportionment basis and only
where there is reasonable certainty of collection. The Company has adopted the
policy of allocating investment managers fees, 75% to the capital reserve and
25% to the revenue account as permitted by the SORP. The allocation is in line
with the Board's expectation of long term returns from the Company's investments
in the form of capital gains and income respectively. Expenses, which are
incidental to the acquisition of an investment, are included in the cost of the
investment. Expenses, which are incidental to the disposal of an investment,
are deducted from the proceeds of the investment.
Deferred Taxation
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in taxation computations in periods different from
those in which they are included in financial statements.
Issue costs
Issue costs have been deducted from the share premium account in accordance with
Financial Reporting Standard No.4.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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