Interim Management Statement


 
TIDMPND 
 
Pennine Downing AIM VCT 2 plc 
Interim Management Statement 
for the three months ended 30 November 2008 
 
In accordance with Rule 4.3 of the Disclosure and Transparency  Rules 
of the UK Listing Authority, Pennine  Downing AIM VCT 2 plc  presents 
an Interim Management Statement for  the three month period ended  30 
November  2008.   The  statement  also  includes  relevant  financial 
information between  the end  of  the period  and  the date  of  this 
statement.  All of the information  included in this announcement  is 
unaudited. 
 
Dividends paid or declared in the period 
 
No dividends were paid or declared in the period. 
 
Performance 
Following a review  by the  Board of  the valuation  of the  unquoted 
investments, the Board announces that the Company's updated unaudited 
Net Asset Value per  share at 30  November 2008 stood  at 29.2 p  per 
share and at 31 December 2008 also stood at 29.2p per share. 
 
The recent  performance  summary  of the  Company  is  summarised  as 
follows: 
 
                              30     31       28 
                        November August February 
                            2008   2008     2008 
                           Pence  Pence    Pence 
Net Asset Value ("NAV")     29.2   42.4     55.0 
Cumulative Dividends        27.0   27.0     23.5 
Total Return *              56.2   69.4     78.5 
 
* NAV plus cumulative dividends paid since launch 
 
Unaudited investment portfolio summary at 30 November 2008 
 
Twenty largest investments by value 
 
                                                            Valuation 
                                                       movement since 
                                        Cost Valuation 31 August 2008 
                                       GBP'000     GBP'000          GBP'000 
 
Synergy Health plc **                    622       553          (516) 
Nu Nu plc *                              469       431           (87) 
Cadbury House Limited *                  461       461              - 
Spice plc **                             398       380          (110) 
SPC International Limited *              361       361              - 
Aero Inventory plc                       860       323          (293) 
Elektron plc                             459       321          (140) 
Hoole Hall Spa and Leisure Club          300       300 
Limited *                                                           - 
Glisten plc                              246       268          (264) 
The Thames Club Limited *                250       250              - 
Clerkenwell Ventures Group plc           276       226           (17) 
RFTRAQ Limited *                         401       225              - 
Supporta plc                             406       186           (62) 
Ludorum plc                              164       160              - 
Sanastro plc *                           314       106           (34) 
Huveaux plc                              300       127            (7) 
Preston North End plc                    141       109           (16) 
Forward Media Limited *                  281        20           (84) 
Interserve plc **                        213        98          (101) 
AT Communications plc                    392        95          (169) 
 
Other investments                      6,548     1,304          (928) 
 
Total                                 13,862     6,304        (2,844) 
 
 
All investments are quoted on AIM unless otherwise stated. 
 
*              Unquoted 
**           Listed on London Stock Exchange Main Market 
 
Investment additions during the 3 months ended 30 November 2008 
 
                  Cost 
                 GBP,000 
Sundry additions     1 
 
 
There have been no additions between 1 December 2008 and the date of 
this announcement. 
 
Investment disposals during the 3 months ended 30 November 2008 
 
                         Market value            Gain/(loss)    Total 
                           at 1 March  Disposal    in period realised 
                    Cost         2008  proceeds against cost     gain 
                   GBP'000        GBP'000     GBP'000        GBP'000    GBP'000 
Venture Capital Investments 
Payzone plc          237          146        20        (217)    (126) 
Unit Trust Investments 
Income Fund          344          486       292         (52)    (194) 
Income  &   Growth 
Fund                 293          401       271         (22)    (130) 
                     874        1,033       583        (291)    (450) 
 
 
There have been no disposals between 1 December 2008 and the date of 
this announcement. 
 
Changes to share capital 
 
                                 Ordinary Shares of 
                                      5p each 
                                      Shares  GBP'000 
As at 1 September 2008            23,869,324  1,193 
Shares bought back and cancelled           -      - 
As at 30 November 2008            23,869,324  1,193 
 
 
Between 1 December 2008 and the date of this announcement the Company 
purchased 52,910 of its own shares for cancellation. 
 
Directorate 
On 21  October  2008  Brian  Beverley  resigned  as  a  non-executive 
director of the Company.  On  4 December 2008, James Chadwick  Murrin 
was appointed as a non-executive director of the Company. 
 
 
Material events 
Other than described above, there were no material events during  the 
period from 1  September 2008 to  30 November 2008  or in the  period 
from 1 December 2008 to the date of this announcement. 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.
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