Downing AbIncVCT 1 Downing Absolute Income Vct 1 Plc : Interim Management Statement
17 Mai 2013 - 4:05PM
UK Regulatory
TIDMDA1O
Downing Absolute Income VCT 1 plc
Interim Management Statement for the three months ended 31 March 2013
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
2013. The statement also includes relevant financial information between
the end of the period and the date of this statement.
Performance
Ordinary Shares
31 March 2013 31 Dec 2012 30 Sept 2012 30 June 2012
Unaudited Unaudited Unaudited Audited
Pence Pence Pence Pence
Net Asset Value
("NAV") 90.7 89.1 89.9 89.6
Cumulative Dividends 65.4 65.4 63.4 63.4
Total Return * 156.1 154.5 153.3 153.0
'C' Shares
31 March 2013 31 Dec 2012 30 Sept 2012 30 June 2012
Unaudited Unaudited Unaudited Unaudited
Pence Pence Pence Pence
Net Asset Value
("NAV") 79.8 78.3 80.8 79.7
Cumulative Dividends 7.5 7.5 5.0 5.0
Total Return * 87.3 85.8 85.8 84.7
*NAV plus cumulative dividends paid since launch of share class
Dividends paid or declared in the period
Interim dividends of 1p per Ordinary Share and 2.5p per 'C' Share were
paid on 19 April 2013 to Shareholders on the register at 22 March 2013.
Investment portfolio summary at 31 March 2013
Ordinary Share pool
Movement
Cost Valuation* in the Period
Venture capital investments (by value) GBP'000 GBP'000 GBP'000
Bowman Care Homes Limited 700 1,600 -
Blue Cedars Limited 970 1,268 -
Downing (Pirbright Road) Limited 680 1,205 -
Kimbolton Lodge Limited 625 590 -
Downing Alton Limited 575 575 -
Future Biogas (SF) Limited 405 454 -
Gatewales Limited 367 267 -
Leytonstone Pub Limited 200 200 -
Chapel Street Food and Beverage Limited 125 125 -
Chapel Street Services Limited 125 125 -
City Falkirk Limited 141 113 -
Progressive Energies Limited 100 100 -
Fubar Stirling Limited 89 89 -
Angel Solar Limited 75 75 -
Fenkle Street LLP 58 58 -
Cheers Dumbarton Limited 16 16 -
Chapel Street Hotel Limited 5 5 -
Heyford Homes VCT Limited 200 - -
Lochrise Limited 4 - (4)
Total 5,460 6,865 (4)
'C' Share pool
Movement
Cost Valuation in the period
Venture capital investments (by value) GBP'000 GBP'000 GBP'000
Mosaic Spa and Health Clubs Limited 870 870
Baron House Developments LLP 700 700 -
Residential PV Trading Limited 500 500 -
Future Biogas (Reepham Road) Limited 499 499 -
Oak Grove Renewables Limited 473 473 -
Wickham Solar Limited 473 473
City Falkirk Limited 422 340 -
Tracsis plc** 81 325 41
Southampton Hotel Developments Limited 300 300 -
Kidspace Adventures Holdings Limited 300 300 -
Fubar Stirling Limited 268 268 -
Progressive Energies Limited 220 220 -
Liverpool Nurseries (Holdings) Limited 218 218 -
Alpha Schools Holdings Limited 200 207 -
Angel Solar Limited 175 175 -
Kidspace Adventures Limited 172 172 -
Universe Group plc** 105 161 21
Cheers Dumbarton Limited 48 48 -
Lochrise Limited 12 - (12)
Total 6,036 6,249 50
With the exception of those marked, all investments are unquoted.
**quoted on the AIM market.
Investment additions during the 3 months ended 31 March 2013
'C' Shares
Cost
GBP'000
Wickham Solar Limited 473
Mosaic Spa and Health Clubs Limited 188
661
There were no additions made by the Ordinary Share pool during the 3
months ended 31 March 2013
There were no additions made by the Ordinary Share pool or the 'C' Share
pool in the period from 1 April 2013 to the date of this announcement
Investment disposals during the 3 months to 31 March 2013:
Market (Loss)/ Total
value at gain realised
1 July Disposal against gain in
Cost 2012 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share pool
Kings Gap Group Limited 1,000 - - (1,000) -
Bowman Care Homes Limited 100 100 163 63 63
Downing (Pirbright Road)
Limited 100 100 100 - -
Heyford Homes VCT Limited 100 100 100 - -
Kimbolton Lodge Limited 20 20 20 - -
Fenkle Street LLP 11 11 11 - -
1,331 331 394 (937) 63
'C' Share pool
Kidspace Adventures
Limited 27 27 27 - -
27 27 27 - -
Total 1,358 358 421 (937) 63
Investment disposals during the period from 1 April 2013 to the date of
this report:
Market (Loss)/ Total
value at gain realised
1 July Disposal against gain in
Cost 2012 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
'C' Share pool
Baron House Developments
LLP 161 161 161 - -
161 161 161 - -
There were no investment disposals made by the Ordinary Share pool in
the period from 1 April 2013 to the date of this announcement.
Changes to share capital
Share capital movements in the period are summarised as follows:
Ordinary Shares
Shares GBP'000
As at 1 January 2013 8,071,443 4,036
Shares bought back and cancelled (51,000) (26)
As at 31 March 2013 8,020,443 4,010
'C' Shares
Shares GBP'000
As at 1 January 2013 8,966,557 9
Shares bought back and cancelled - -
As at 31 March 2013 8,966,557 9
During the period from 1 April 2013 to the date of this announcement,
50,523 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 2013 to 31 March 2013 or in the period from
1 April 2013 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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