Downing AbIncVCT 1 Downing Absolute Income VCT 1 PLC : Interim Management Statement
05 Novembre 2012 - 1:46PM
UK Regulatory
TIDMDA1O
Downing Absolute Income VCT 1 plc
Interim Management Statement for the three months ended 30 Sept 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 30 Sept 2012. The
statement also includes relevant financial information between the end of the
period and the date of this statement.
Performance
Ordinary Shares
30 Sept 30 June 31 March
2012 2012 2011
Unaudited Unaudited Unaudited
Pence Pence Pence
Net Asset Value ("NAV") 89.3 89.6 83.8
Cumulative Dividends 63.4 63.4 62.4
Total Return * 152.7 153.0 146.2
'C' Shares
30 Sept 30 June 31 Mar
2012 2012 2012
Unaudited Unaudited Unaudited
Pence Pence Pence
Net Asset Value ("NAV") 79.4 79.7 87.1
Cumulative Dividends 5.0 5.0 2.5
Total Return * 84.4 84.7 89.6
* NAV plus cumulative dividends paid since launch of share class
Dividends paid or declared in the period
Subject to Shareholder approval a dividend 2.0p per Ordinary Share and 2.5p per
'C' Share will be paid on 14 December 2012 to Shareholders on the register at
16 November 2012.
Investment portfolio summary at 30 Sept 2012
Ordinary Share pool
Cost Valuation*
Venture capital investments (by value) GBP'000 GBP'000
Bowman Care Homes 800 1,700
Downing (Pirbright Road) Limited 780 1,305
Blue Cedars Ltd 970 1,268
Kimbolton Lodge Limited 645 610
Downing Alton Limited 575 575
Future Biogas (SF) Limited 406 473
Leytonstone Pub Limited 200 200
Gatewales Limited 367 162
Chapel Street Services Limited 125 125
Chapel Street Food and Beverage Limited 125 125
City Falkirk Limited 141 101
Heyford Homes VCT Limited 300 100
Progressive Energies Limited 100 100
Fubar Stirling Limited 89 89
Angel Solar Limited 75 75
Fenkle Street LLP 69 69
Helcim Group Limited 329 34
Cheers Dumbarton Limited 16 16
Chapel Street Hotel Limited 5 5
Lochrise Limited 4 4
Kings Gap Group Limited 1,000 -
--------- -------------
Total 7,121 7,136
--------- -------------
'C' Share pool
Cost Valuation*
Venture capital investments (by value) GBP'000 GBP'000
Hoole Hall Hotel Limited 800 800
Baron House Developments LLP 700 700
Residential PV Trading Limited 500 500
Future Biogas (Reepham Road) Limited 499 499
City Falkirk Limited 422 302
Southampton Hotel Developments Limited 300 300
Kidspace Adventures Holdings Limited 300 300
Mosaic Spa and Healthclubs (Shrewsbury) Limited 280 280
Fubar Stirling Limited 268 268
Tracsis Plc** 81 235
Progressive Energies Limited 220 220
Liverpool Nurseries (Holdings) Limited 218 218
Alpha Schools Holdings Limited 200 208
Kidspace Adventures Limited 200 200
Angel Solar Limited 175 175
Helcim Group Limited 1,186 124
Universe Group Plc** 65 85
Cheers Dumbarton Limited 48 48
Lochrise Limited 12 12
Southampton Spa Limited - -
Gingerbread Pre-School (UK) Limited - -
West Tower Holdings Limited - -
--------- -------------
Total 6,474 5,474
--------- -------------
With the exception of those marked, all investments are unquoted.
* Unquoted valuations are based on those at 30 June 2012 adjusted for additions
and disposals since that date.
** quoted on the AIM market.
Investment additions during the 3 months ended 30 Sept 2012
'C' Shares
Cost
GBP'000
Baron House Developments LLP 700
Southampton Hotel Developments Limited 300
Universe Group plc 65
Tracsis plc 1
--------
1,066
--------
There were no additions made by the Ordinary Share pool during the 3 months
ended 30 Sept 2012
In the period from 1 October 2012 to the date of this announcement the following
additions were made:
'C' Share pool Cost
GBP'000
Oak Grove Renewables Limited 473
Mosaic Spa & Health Clubs Limited 402
--------
875
--------
There were no additions made by the Ordinary Share pool in the period from 1
October 2012 to the date of this announcement
Investment disposals during the 3 months to 30 Sept 2012:
Market Total
value at Gain realised
1 July Disposal against loss in
Cost 2012 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Pool
Kimbolton Lodge Limited 40 40 40 - -
-----------------------------------------
40 40 40 - -
'C' Share pool
West Tower Holdings Limited 880 880 880 - -
Residential PV Trading Limited 32 32 32 - -
Tracsis plc 20 49 47 27 (2)
-----------------------------------------
932 961 959 27 (2)
-----------------------------------------
Total 972 1,001 999 27 (2)
-----------------------------------------
There were no investment disposals made by the Ordinary or 'C' Share pool in the
period from 1 October 2012 to the date of this announcement.
Share Realisation and Reinvestment Programme/Top Up Offer.
On 25 September 2012, the company undertook a Share Realisation and Reinvestment
Programme in respect of the Ordinary Shares. 1,653,340 Ordinary Shares were
purchased for cancellation at a price of 89.6p per share. 1,603,739 New Ordinary
Shares were issued at 92.4p per share.
150,874 new Ordinary Shares were also issued at 92.4p per share for cash in
respect of an Ordinary Share Top up offer.
Changes to share capital
Share capital movements in the period are summarised as follows:
Ordinary Shares
Shares GBP'000
As at 1 July 2012 8,051,170 4,026
Shares Issued 1,754,613 877
Shares bought back and cancelled (1,653,340) (827)
----------------------
As at 30 Sept 2012 8,152,443 4,076
----------------------
'C' Shares
Shares GBP'000
As at 1 July 2012 8,994,057 9
Shares bought back and cancelled - -
--------------------
As at 30 Sept 2012 8,994,057 9
--------------------
During the period from 1 October 2012 to the date of this announcement, 27,500
'C' Shares were bought back for cancellation. No Ordinary Shares were bought
back during this period.
Material events
Other than described above, there were no material events during the three
months from 1 June 2012 to 30 Sept 2012 or in the period from 1 October 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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