Downing Absolute Income VCT 2 Plc : Interim Management Statement
01 Février 2012 - 6:30PM
UK Regulatory
TIDMDA2O
Downing Absolute Income VCT 2 plc
Interim Management Statement for the period ended 31 December 2011
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Downing Absolute Income VCT 2 plc presents an Interim
Management Statement covering the period from 1 October 2011 to 31 December
2011. The statement also includes relevant financial information between the
end of the period and the date of this statement.
Performance
Unaudited Unaudited Unaudited Audited
31 Dec 2011 30 Sept 2011 30 June 2011 31 March 2011
Pence Pence Pence Pence
Unaudited Net Asset Value 78.9 84.9 90.4 91.2
per Ordinary Share
Unaudited Net Asset Value 0.1 0.1 0.1 0.1
per 'A' Share
Dividends paid 7.5 7.5 5.0 5.0
Total return per Ordinary 86.5 92.5 95.5 96.3
Share and 'A' Share
Dividends paid or declared in the period
A dividend of 2.5 pence per Ordinary Share was paid on 30 September 2011. A
further dividend of 2.5 pence per Ordinary Share will be paid on 31 March 2012
to Ordinary Shareholders.
Investment portfolio summary at 31 December 2011 (Unaudited)
Valuation gain/ (loss)
between 1 Oct 2011
Cost Valuation and 31 Dec 2011
GBP'000 GBP'000 GBP'000
EPI Services Limited 2,020 1,442 (58)
Tramps Nightclub Limited 1,349 1,421 -
Antelope Pub Limited 1,088 1,131 -
Helcim Group Limited 1,540 816 (724)
Quadrate Catering Limited 835 835 -
Quadrate Spa Limited 740 740 -
Rostima Limited 681 681 -
Redmed Limited 562 562 -
The 3D Pub Co Limited 517 517 -
Angel Solar Limited 500 500 -
Retallack Surfpods Limited 500 500 -
Future Biogas (Reepham Road) Limited 499 499 -
Domestic Solar Limited 400 400 -
Mosaic Spa and Health Club (Shrewsbury)
Limited 400 400 -
Slopingtactic Limited 380 380 -
Accumuli plc* 250 356 68
Camandale Limited 1,136 354 (279)
Mosaic Spa and Health Clubs Limited 350 350 -
Fenkle Street LLP 346 346 -
Alpha Schools Holdings Limited 333 333 -
Gingerbread Pre-School (UK) Limited 419 287 (132)
Commercial Street Hotel Limited 265 265 -
Chapel Street Food and Beverage Limited 250 250 -
Chapel Street Services Limited 250 250 -
Tracsis plc* 200 240 (36)
Kidspace Adventures Limited 200 200 -
Ridgeway Pub Company Limited 137 137 -
Chapel Street Hotel Limited 10 10 -
Total 16,157 14,202 (1,161)
*Quoted on AIM
Commentary on main valuation movements:
Helcim Group Limited has significantly underperformed against plan and is now
undergoing restructuring in order to stabilise it. A provision of GBP724,000 has
been made against the investment.
One of the pubs in Kilmarnock owned by Camandale Limited has continued to trade
very poorly and has now been closed while a purchaser is sought. Accordingly, a
further provision of GBP279,000 has been made against the investment.
Gingerbread Pre-School (UK) Limited experienced a significant overspend in
refurbishing one of its children's nurseries and now faces the prospect of
entering administration in order to protect the value of the business. A
provision of GBP132,000 has been made against the investment.
Investment additions during the three month period ended 31 December 2011
New Investments GBP'000
Angel Solar Limited 500
Mosaic Spa and Health Club (Shrewsbury) Limited 400
Follow-on investments
EPI Services Limited 520
Commercial Street Hotel Limited 230
Redmed Limited 113
Lullingstone Limited 163
Mosaic Spa and Health Clubs Limited 100
Helcim Group Limited 80
Gingerbread Pre-School (UK) Limited 19
Total 2,125
The following investments have been made between 1 January 2012 and the date of
this announcement.
Follow on investment GBP'000
Helcim Group Limited 205
The Company also invested GBP278,000 in Camandale Limited as part of a
reorganisation whereby GBP215,000 was also immediately repaid
Investment disposals during the three month period ended 31 December 2011
Original
cost and
proceeds
GBP'000
Lullingstone Limited 1,400
Investment disposals made in the period from 1 January 2012 and the date of this
announcement
Market
value at Disposal Gain Total
Cost
1 October proceeds against Realised
2011 cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Helcim Group Limited 100 100 100 - -
Changes to share capital
Ordinary Shares 'A' Shares
of 0.1p each of 0.1p each
Shares GBP'000 Shares GBP'000
As at 1 October 2011 19,981,245 20 29,981,245 30
As at 31 December 2011 19,981,245 20 29,981,245 30
No shares were issued or bought back in the period from 1 October 2011 to the
date of this announcement.
Material events
Other than described above, there were no material events during three months to
31 December 2011 or in the period from 1 January 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 2 Plc via Thomson Reuters ONE
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