Downing Absolute Income VCT 1 PLC : Interim Management Statement
18 Mai 2012 - 3:38PM
UK Regulatory
TIDMDA1O
Downing Absolute Income VCT 1 plc
Interim Management Statement for the three months ended 31 March 2012
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Downing Absolute Income VCT 1 plc presents an Interim
Management Statement for the three month period ended 31 March 2012. The
statement also includes relevant financial information between the end of the
period and the date of this statement.
Dividends paid or declared in the period
On 29 February 2012, the Company declared a dividend of 1.0p per Ordinary Share
and 2.5p per 'C' Share which was paid on 20 April 2012.
Performance
Ordinary Shares
31 Mar 31 Dec 30 Sept
2012 2011 2011
Unaudited Unaudited Unaudited
Pence Pence Pence
Net Asset Value ("NAV") 83.8 83.3 85.0
Cumulative Dividends 62.4 62.4 60.4
Total Return * 146.2 145.7 145.4
'C' Shares
31 Mar 31 Dec 30 Sept
2012 2011 2011
Unaudited Unaudited Unaudited
Pence Pence Pence
Net Asset Value ("NAV") 87.1 86.1 95.5
Cumulative Dividends 2.5 2.5 -
Total Return * 89.6 88.6 95.5
* NAV plus cumulative dividends paid since launch of share class
Investment portfolio summary at 31 March 2012
Ordinary Share pool
Cost Valuation*
Venture capital investments (by value) GBP'000 GBP'000
Bowman Care Homes Limited 800 1,450
Blue Cedars Holdings Limited 970 1,100
Downing (Pirbright Road) Limited 780 1,100
Kimbolton Lodge Limited 685 600
Future Biogas (SF) Limited 406 406
Leytonstone Pub Limited 200 200
Helcim Group Limited 291 172
Gatewales Limited 367 162
Chapel Street Food and Beverage Limited 125 125
Chapel Street Services Limited 125 125
Progressive Energies Limited 100 100
Heyford Homes VCT Limited 300 100
Angel Solar Limited 75 75
Fenkle Street LLP 69 69
Downing (Alton) Limited 21 21
Chapel Street Hotel Limited 5 5
Kings Gap Group Limited 1,000 -
---------------------
Total 6,319 5,810
---------------------
'C' Shares
Cost Valuation*
Venture capital investments (by value) GBP'000 GBP'000
West Tower Holdings Limited 1,080 1,080
Lullingstone Limited 1,008 1,008
Hoole Hall Hotel Limited 800 800
Helcim Group Limited 1,046 621
Residential PV Trading Limited 532 532
Future Biogas (Reepham Road) 499 499
Kidspace Adventures Holdings Limited 300 300
Mosaic Spa and Health Club (Shrewsbury) Limited 280 280
Progressive Energies Limited 220 220
Alpha Schools Holdings Limited 200 200
Kidspace Adventures Limited 200 200
Angel Solar Limited 175 175
Tracsis plc ** 100 156
Liverpool Nurseries (House) Limited 95 95
Liverpool Nurseries (Greenbank) Limited 64 64
Liverpool Nurseries (Cottage) Limited 31 31
Liverpool Nurseries (Holdings) Limited 1 1
----------------------------
Total 6,631 6,262
----------------------------
* Unquoted valuations are based on those at 31 December 2011 adjusted for
additions and disposals since that date.
** quoted on the AIM market
All investments are unquoted unless otherwise stated.
Investment additions during the 3 months ended 31 March 2012
Ordinary Share pool
Cost
GBP'000
Helcim Group Limited 40
Downing (Alton) Limited 21
--------
61
--------
'C' Shares
Cost
GBP'000
Residential PV Trading Limited 532
Kidspace Adventures Holdings Limited 300
Helcim Group Limited 143
Liverpool Nurseries (House) Limited 95
Liverpool Nurseries (Greenbank) Limited 64
Liverpool Nurseries (Cottage) Limited 31
Liverpool Nurseries (Holdings) Limited 1
--------
1,166
--------
In the period from 1 April 2012 to the date of this announcement the following
additions were made:
Ordinary Share pool Cost
GBP'000
City Falkirk Limited 141
Fubar Stirling Limited 89
Downing (Alton) Limited 42
Helcim Group Limited 23
Cheers Dumbarton Limited 16
Lochrise Limited 4
--------
315
--------
'C' Share pool Cost
GBP'000
City Falkirk Limited 422
Fubar Stirling Limited 268
Liverpool Nurseries (Holdings) Limited 217
Helcim Group Limited 83
Cheers Dumbarton Limited 48
Lochrise Limited 13
--------
1,051
--------
Investment disposals during the 3 months to 31 March 2012:
Market
value at Loss Total
1 January Disposal against realised
Cost 2012 proceeds cost loss
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Pool
Angel Solar Limited 75 75 75 - -
'C' Share pool
Manor Capital LLP 500 500 500 - -
West Tower Holdings Limited 320 320 320 - -
Angel Solar Limited 175 175 175 - -
Gingerbread Pre-School (UK) Limited 269 269 185 (84) (84)
------------------------------------------
1,339 1,339 1,255 (84) (84)
------------------------------------------
Investment disposals during the period from 1 April 2012 to the date of this
announcement:
Market
value at Gain Total
1 January Disposal against realised
Cost 2012 proceeds cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
'C' Share pool
West Tower Holdings Limited 200 200 200 - -
Liverpool Nurseries (House) Limited 95 95 95 - -
Liverpool Nurseries (Greenbank) 64 64 64 - -
Limited
Liverpool Nurseries (Cottage) Limited 32 32 32 - -
------------------------------------------
391 391 391 - -
------------------------------------------
No disposals were made by the Ordinary Share in the period from 1 April 2012 to
the date of this announcement.
Changes to share capital
Share capital movements in the period are summarised as follows:
Ordinary Share
Shares GBP'000
As at 1 January 2012 8,182,638 4,091
Shares bought back and cancelled (76,000) (40)
--------------------
As at 31 March 2012 8,106,638 4,051
--------------------
'C' Shares
Shares GBP'000
As at 1 January 2012 8,994,057 9
Shares bought back and cancelled - -
--------------------
As at 31 March 2012 8,994,057 9
--------------------
During the period from 1 April 2012 to the date of this announcement, 34,990
Ordinary Shares were bought back for cancellation. No 'C' Shares were bought
back during this period.
Material events
Other than described above, there were no material events during the three
months from 1 January 2012 to 31 March 2012 or in the period from 1 April 2012
to the date of this announcement.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Downing Absolute Income VCT 1 PLC via Thomson Reuters ONE
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