Downing Three VCT Downing Three Vct Plc : Interim Management Statement
19 Mai 2014 - 4:55PM
UK Regulatory
TIDMDP3C
Downing THREE VCT plc
Interim Management Statement for the quarter ended 31 March 2014
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of
the UK Listing Authority, Downing THREE VCT plc presents an Interim
Management Statement for the quarter ended 31 March 2014. 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
Final dividends in respect of the period ended 31 December 2013 of 2.5p
per 'C' Share, 2.5p per 'D' Share and 2.5p per 'F' Share are to be paid
on 27 June 2014, subject to Shareholder approval at the AGM on 17 June
2014. No further dividends have been proposed.
Performance
'C' Share Pool
Unaudited Audited Unaudited Unaudited
31 Mar 2014 31 Dec 2013 31 Oct 2013 31 Jul 2013
Pence Pence Pence Pence
NAV per 'C'
Share 91.1 90.7 93.3 93.1
NAV per 'A'
Share 0.1 0.1 0.1 0.1
Cumulative
distributions
per 'C' Share 22.5 22.5 20.0 20.0
Total Return
per 'C' Share
and 'A'
Share* 113.7 113.3 113.4 113.2
'D' Share Pool
Unaudited Audited Unaudited Unaudited
31 Mar 2014 31 Dec 2013 31 Oct 2013 31 Jul 2013
Pence Pence Pence Pence
NAV per 'D' Share 80.1 76.9 79.9 79.0
NAV per 'E' Share 0.1 0.1 0.1 0.1
Cumulative
distributions per 'D'
Share 17.5 17.5 15.0 15.0
Total Return per 'D'
Share and 'E' Share* 97.7 94.5 95.0 94.1
'F' Share Pool
Unaudited Audited Unaudited Unaudited
31 Mar 2014 31 Dec 2013 31 Oct 2013 31 Jul 2013
Pence Pence Pence Pence
NAV per 'F' Share 80.0 79.9 82.7 83.9
Cumulative
distributions per 'F'
Share 10.0 10.0 7.5 7.5
Total Return per 'F'
Share* 90.0 89.9 90.2 91.4
'H' Share Pool
Unaudited
31 Mar 2014
Pence
NAV per 'H' Share 100.0
Cumulative distributions per 'H' Share -
Total Return per 'H' Share* 100.0
* NAV plus cumulative dividends paid to date
Investment portfolio summary at 31 March 2014
Portfolio investments by value
'C' Share pool
Movement
from
1 Jan 2014 to
Cost Valuation 31 Mar 2014
GBP'000 GBP'000 GBP'000
Qualifying venture capital investments
Future Biogas (Spring Farm) Limited 697 731 -
Atlantic Dogstar Limited 438 728 -
Domestic Solar Limited 500 560 -
Redmed Limited 350 451 -
Westow House Limited 304 427 -
East Dulwich Tavern Limited 344 406 -
Quadrate Spa Limited* 363 363 -
Quadrate Catering Limited 330 359 -
The 3D Pub Co Limited 267 227 -
Ecossol Limited 250 212 -
Mosaic Spa and Health Clubs Limited* 125 105 -
Chapel Street Food and Beverage Limited 50 13 -
Chapel Street Services Limited 50 13 -
4,068 4,595 -
Non qualifying venture capital investments
Hoole Hall Country Club Holdings Ltd 581 581 -
The Thames Club Limited 500 500 -
Honeycombe Pubs VCT Limited 188 66 -
Vermont Developments Limited 25 25 -
Chapel Street Hotel Limited 2 1 -
1,296 1,173 -
Total 5,364 5,768 -
*partially qualifying investment
'D' Share pool
Movement
from
1 Jan 2014 to
Cost Valuation 31 Mar 2014
GBP'000 GBP'000 GBP'000
Qualifying venture capital investments
Future Biogas (Reepham Road) Limited 842 842 -
Quadrate Spa Limited* 496 496 -
Quadrate Catering Limited 441 481 -
Domestic Solar Limited 400 448 -
Kidspace Adventures Holdings Limited 375 409 -
Alpha Schools Holdings Limited 367 402 -
Liverpool Nurseries (Holdings) Limited 435 400 -
Mosaic Spa and Health Clubs Limited* 475 387 -
Green Electricity Generation Limited 250 303 -
West Tower Property Limited 250 250 -
Westcountry Solar Solutions Limited 250 250 -
Ecossol Limited 250 213 -
Avon Solar Energy Limited 210 210 -
Slopingtactic Limited 195 195 -
Progressive Energies Limited 170 170 -
Ridgeway Pub Company Limited 136 126 -
Camandale Limited* 516 58 -
6,058 5,640 -
Non qualifying venture capital investments
Aminghurst Limited 1,650 1,650 -
Fenkle Street LLP 122 122 -
Commercial Street Hotel Limited 100 100 -
Kilmarnock Monkey Bar Limited 42 42 -
1,914 1,914 -
Total 7,972 7,554 -
*partially qualifying investment
'F' Share pool
Movement
from
1 Jan 2014 to
Cost Valuation 31 Mar 2014
GBP'000 GBP'000 GBP'000
Qualifying venture capital investments
Goonhilly Earth Station Limited 760 760 -
Tor Solar PV Limited 680 680 -
Pearce and Saunders Limited* 644 644 -
Vulcan Renewables Limited 588 588 -
Grasshopper 2007 Limited 378 378 -
Augusta Pub Company Limited 290 290 -
Redmed Limited* 276 276 -
Kidspace Adventure Holdings Limited 250 273 -
Fubar Stirling Limited 268 268 -
City Falkirk Limited 421 244 -
Fresh Green Power Limited 200 200 -
Pabulum Pubs Limited 200 200 -
Green Energy Production UK Limited 100 100 -
Cheers Dumbarton Limited 48 17 -
Lochrise Limited 13 - -
5,116 4,918 -
Non qualifying venture capital investments
Aminghurst Limited 1,110 1,110 -
Pub People Limited 500 500 -
Baron House Developments LLP 481 481 -
Hoole Hall Hotel Limited 265 265 -
Dominions House LLP 107 107 -
3D Pub Co Limited 55 55 -
London City Shopping Centre Limited 43 43 -
Southampton Hotel Developments Limited 300 - -
2,861 2,561 -
Total 7,977 7,479 -
*partially non-qualifying investment
The 'H' Share pool did not hold any investments at 31 March 2014.
Investment additions and disposals
The 'C' Share, 'D' Share, 'F' Share and 'H' Share pool additions and
disposals are summarised as follows:
'F' Share investment additions during the 3 months ended 31 March 2014
Cost
GBP'000
Goonhilly Earth Station Limited 760
Grasshopper 2007 Limited 378
London City Shopping Centre Limited 43
1,181
There were no additions made by the 'C' Share, 'D' Share 'and 'H' Share
pools during the three months to 31 March 2014.
Investment disposals during the 3 months ended 31 March 2014
Total
Gain realised
Value at Disposal against gain in
Cost 1 Jan 2014 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
'F' Share pool
Retallack Limited 98 98 98 - -
98 98 98 - -
There were no disposals made by the 'C' Share, 'D' Share and 'H' Share
pool during the three months to 31 March 2014.
Between 1 April 2014 and the date of this announcement the following
investments were made:
'C' Share pool
Cost
GBP'000
East Dulwich Tavern Limited 300
Atlantic Dogstar Limited 225
Westow House Limited 125
650
'H' Share pool
Cost
GBP'000
Future Biogas (Spring Farm) Limited 525
There were no additions made between 1 April 2014 and the date of this
announcement by the 'D' Share or 'F' Share pools.
Between 1 April 2014 and the date of this announcement no were made by
either pool.
Changes to share capital
Share capital movements in the period are summarised as follows:
'C' Shares of 0.1p each 'A' Shares of 0.1p each
Shares GBP'000 Shares GBP'000
As at 1 January 2014 7,158,326 7 10,750,064 11
Shares issued - - - -
Shares bought back and
cancelled - - - -
As at 31 March 2014 7,158,326 7 10,750,064 11
'D' Shares of 0.1p each 'E' Shares of 0.1p each
Shares GBP'000 Shares GBP'000
As at 1 January 2014 9,979,109 10 14,994,862 15
Shares issued - - - -
Shares bought back and
cancelled - - - -
As at 31 March 2014 9,979,109 10 14,994,862 15
'F' Shares of 0.1p each
Shares GBP'000
As at 1 January 2014 10,821,660 11
Shares issued - -
Shares bought back and cancelled - -
As at 31 March 2014 10,821,660 11
'H' Shares of 0.1p each
Shares GBP'000
As at 1 January 2014 - -
Shares issued 4,722,796 5
Shares bought back and cancelled - -
As at 31 March 2014 4,722,796 5
On 4 April 2014 a further 4,992,938 'H' Shares were issued.
Material events
Other than described above, there were no material events during the
period from 1 January 2014 to 31 March 2014 or in the period from 1
April 2014 to the date of this announcement.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Downing THREE VCT plc via Globenewswire
HUG#1786988
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