Downing Income VCT 4 plc Downing Income VCT 4 plc : Interim Management Statement


 
TIDMDI4O 
 
Downing Income VCT 4 plc 
Interim Management Statement 
for the three months ended 31 December 2012 
 
In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK 
Listing  Authority  Downing  Income  VCT  4 plc  presents  an Interim Management 
Statement for the three month period ended 31 December 2012.  The statement also 
includes  some financial information covering  the period from 1 January 2013 to 
the date of this statement. 
 
Performance 
                                 31 Jan        31 Dec     30 Sept 
                                   2013          2012        2012 
                            (Unaudited)   (Unaudited)   (Audited) 
 
                                  Pence         Pence       Pence 
 
 Net Asset Value                   37.5          35.8        34.8 
 
 Cumulative distributions          31.0          31.0        31.0 
                          ---------------------------------------- 
 Total return                      68.5          66.8        65.8 
                          ---------------------------------------- 
 
Dividends paid or declared in the period 
On 19 December 2012 the Company declared a final dividend of 2.5p per share for 
the year to 30 September 2012, payable on 15 February 2013 to shareholders on 
the register at 18 January 2013, subject to shareholder approval at the Annual 
General Meeting on 7 February 2013. 
 
Unaudited investment portfolio summary at 31 December 2012 
                                                                      Valuation 
                                                                       movement 
                                                                          since 
                                                                        30 Sept 
                                                   Cost   Valuation      2012 * 
 
                                                   GBP'000        GBP'000 
 
 Ten largest investments by value 
 
 Anpario plc                                        251         462          69 
 
 Baron House Developments LLP         Unquoted      400         400           - 
 
 Vulcan Renewables Limited            Unquoted      400         400           - 
 
 Craneware plc                                      125         384        (15) 
 
 Vertu Motors plc                                   500         342          50 
 
 Brooks Macdonald plc                                35         308          16 
 
 Southampton Hotel Developments Ltd   Unquoted      300         300           - 
 
 Sanderson Group plc                                250         245          60 
 
 Cohort plc                                         242         231         (8) 
 
 Ludorum plc                                        255         217        (15) 
                                               --------------------------------- 
                                                  2,758       3,289         157 
 
 
 
 Other venture capital investments                7,265       2,819        (16) 
 
 
                                               --------------------------------- 
 Total investments                               10,023       6,108         141 
                                               --------------------------------- 
 
All investments are quoted on AIM unless otherwise stated. 
*After accounting for additions and disposals in the period. 
 
Investment additions during the three month period ended 31 December 2012 
 
                                                   GBP'000 
 
 
 
 Mosaic Spa and Health Clubs Limited   Unquoted     137 
 
 Redstone plc *                                      73 
 
 Universe Group plc                                  40 
 
 Other sundry investments                             2 
                                                -------- 
                                                    252 
                                                -------- 
 
*Shares received in consideration upon takeover of Maxima Holdings plc. 
 
Since the period end the following investments have been acquired: 
 
                             GBP'000 
 
 
 
 China Food Company plc       121 
 
 Universe Group plc           116 
 
 Other sundry investments       2 
                          -------- 
                              239 
                          -------- 
 
 
 Investment disposals during the three month period ended 31 December 2012 
                                 Market                       Total 
                               value at                    realised  Gain/(loss) 
                                  1 Oct  Disposal    gain/(loss) in against cost 
                      Cost       2012 *  proceeds            period 
 
                      GBP'000         GBP'000      GBP'000              GBP'000         GBP'000 
 
3D Resources plc       105            2         9                 7         (96) 
 
AFC Energy plc          25           63        67                 4           42 
 
Bglobal plc             41            7         9                 2         (32) 
 
Cyan Holdings plc      187           33        62                29        (125) 
 
Energetix Group plc     27           20        21                 1          (6) 
 
Hightex Group plc      112           34        38                 4         (74) 
 
Photonstar LED Group    34                     42 
plc                                  32                          10            8 
 
Pressure                27                     32 
Technologies plc                     28                           4            5 
 
Redstone plc            73           73        83                10           10 
 
Tangent 
Communications plc     150          104       115                11         (35) 
 
 
 
Takeover 
 
Maxima Holdings plc    507           65        73                 8        (434) 
 
 
                    ------------------------------------------------------------ 
                     1,288          461       551                90        (737) 
                    ------------------------------------------------------------ 
 
*After accounting for purchases in the period 
 
Since the period end, the Company has made a number of disposals, receiving 
total proceeds of  GBP81,000. 
 
Changes to share capital 
 Ordinary Shares of 10p each            Shares    GBP'000 
 
 As at 1 October 2012               20,944,744   2,095 
 
 Shares issued in period                     -       - 
 
 Shares bought back and cancelled            -       - 
                                  --------------------- 
 As at 31 December 2012             20,944,744   2,095 
                                  --------------------- 
 
There have been no shares issued or repurchased for cancellation between the 
period end and the date of this announcement. 
 
Share Realisation and Reinvestment Programme ("SRRP") 
On 18 December 2012 the Company announced proposals to offer Shareholders the 
opportunity to participate in an SRRP and, for Shareholders and members of the 
public, the opportunity to subscribe up to 2,000,000 additional new shares in 
the Company. The proposals were approved by Shareholders at the General Meeting 
on 7 February 2013. 
 
Material events 
Other than described above, there were no material events during the period from 
1 October 2012 to 31 December 2012 or in the period from 1 January 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 Income VCT 4 plc via Thomson Reuters ONE 
[HUG#1677353]
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