Final Results>
Final Results
(Thomson Reuters ONE) - For immediaterelease 30 June 2009 Puma VCT IV plcPreliminary Final Results for the Year Ended 28 February 2009(Incorporating first Interim Management Statement for 2009/10)Highlights* Fully diluted NAV per share of 88.87p at year end (down 5.9% for the year).* Final dividend of 2.50p per ordinary share.* Cumulative dividends to date (including Final) of 4.00p per ordinary share.* Portfolio of qualifying AiM stocks has recovered significantly since the year end.Sir Aubrey Brocklebank Bt of Puma VCT IV plc said:"It has been an unprecedented year for financial markets around theworld, but I am able to report that the defensive qualities of PumaVCT IV plc's investments have protected it from much of thesedifficulties."We remain cautious about the state of the economy and the durationof the current recession. The values of most types of asset alreadyreflect the prospects for a long recession and with the reluctance orinability of banks to advance new credit, the environment remainschallenging. This may reduce the collateral value supporting some ofour secured loans and slow the progress in achieving successfulrealisations in preparation for the end of the VCT's life.Notwithstanding this, there is good potential to deliver asatisfactory post-tax return to investors which should outperformmost other investments made over a similar period."EnquiriesShoreCapital020 7408 4090GrahamShoreCitigate DeweRogerson020 7638 9571AngharadCouchLindsay NotonNotes to EditorsPuma VCT IV plc is managed by Shore Capital's successful fundmanagement team. The Company's investment objective is to achievehigh distributions to shareholders. It is investing in a diversifiedportfolio of smaller companies, including both unquoted companies andAIM and Plus Markets traded, selecting companies which Shore Capitalbelieves will have a relatively lower risk profile than is typicalfor their size whilst having the opportunity for value appreciation.Initially, whilst suitable VCT Qualifying Companies are beingidentified, the Investment Manager invested the Company's funds in arange of investments intended to generate a positive return,including funds of hedge funds and other products which aim toachieve an absolute return. The VCT will continue to hold aproportion of such products after building up the desired holdings ofVCT Qualifying Companies.Chairman's StatementIt has been an unprecedented year for financial markets around theworld. The global financial system was close to breaking point andtwo major US banks, Lehman Brothers and Washington Mutual, did fail.Closer to home, the AiM market fell an astonishing 63 per cent. overthe course of the financial period. Against this background, I amable to report that the defensive qualities of Puma VCT IV plc'sinvestments have protected it from much of these difficulties. NAVat the period end was 88.87p, after payment of a dividend of 1.5p.On a total return basis, the VCT lost 5.9 per cent. during theperiod; this was considerably better than most other VCTs or indeedother types of investment, reflecting the Investment Manager'sconservative approach.Most of the drop in the value of our investments arose in our AiMequity holdings which, as already noted above, saw sharp falls inprice as many investors were forced or panicked into selling into anilliquid market. Since the period end, there has been a noticeableincrease in the value of some of these investments since these stockshad suffered unusually large falls.Venture capital investmentsThis period, the VCT met its minimum qualifying investment percentageof 70 per cent.. The VCT invested £6 million into a number ofqualifying companies which are actively pursuing opportunities forsignificant qualifying businesses. I will update you on the progressthese investments make in due course. Given the currentuncertainties with AiM and private equity investments in regards to atimely exit, the Investment Manager has taken a cautious approachwhen considering further qualifying investments, ensuring wherepossible that they offer liquidity in the medium term with a goodelement of downside protection.It has been an eventful year for our existing qualifyinginvestments. The VCT has an investment of over £2.3m in CadburyHouse Limited. Cadbury House, the hotel and health club, hasoutperformed expectations in the current climate and won nationalawards for its facilities.In 2006, the VCT made its first investment in Stocklight, a rare bookdealer and the parent company of Bloomsbury Auctions Limited.Bloomsbury Auctions is Europe's largest specialist book auctioneer.The VCT has invested a total of £985,000 to date and, althoughbusiness in this sector has been tough, the VCT's investment issecured and bears an attractive coupon.As announced previously, Bond Contracting Limited (in which the VCTinvested £1.0m) has a master development contract and is makingsignificant progress in constructing a 141 bed Holiday Inn hotel onthe outskirts of Winchester. It is expected that this will completein the current year and be operational in early 2010.The VCT made a follow-on investment in Clifford Contracting Limitedof £890,000 on top of the existing £1 million in the current period.Subsequent to the period end, Telford Homes plc, a residentialproperty developer in East London, purchased Clifford ContractingLimited for £6,328,500, of which £1,888,000 was for this VCT'sinvestment in Clifford Contracting Limited. The sale to Telford isin exchange for new shares and secured loan notes in Telford Homesplc and the investment will remain qualifying for VCT purposes forseveral years. It is expected that the transaction will enable theVCT to exit its investment in line with the expected wind-up of theVCT, should shareholders vote to approve this.At 28 February 2009, the VCT's qualifying portfolio had a total costof £13,621,000 and was valued at £12,564,000 resulting in anunrealised loss of £1,057,000.Non-qualifying investmentsThe Investment Manager has invested the non-qualifying investments onan absolute return basis. The market value was £4,396,000 atperiod-end against an underlying book cost of £5,144,000 withsignificant realisations in the period from investments in hedgefunds. The performance of the non-qualifying portfolio was down in2008/9 as a result of the downward pressure on the equity andproperty markets. Subsequent to period end, the VCT intends to useany excess cash reserves to invest in high yielding investment gradecorporate bonds and bond funds, selecting investments which areliquid and short dated.VATAs discussed in the last interim report, the Government has announcedthat VCTs will be exempt from paying VAT on investment managementfees with effect from 1 October 2008. This represents a prospectiveannual cost saving for the VCT of approximately £65,000. TheGovernment has conceded that VCTs are able to obtain a repayment ofVAT paid on management fees in earlier periods for which we have puta claim in of approximately £121,000 subsequent to the period-end.This recovery of VAT has not been included in the NAV at the periodend.Results and dividendThe VCT generated a profit before tax on revenue account of£721,000. However, principally as a result of write-downs oninvestments, it incurred a net total loss for the period of£1,114,000. Gross revenue for the period was £981,000 and netrevenue return after taxation was £558,000. The Board proposes afinal dividend of 2.5p per Ordinary Share. The ex-dividend date willbe 15 July 2009 and the record date 17 July 2009. Payment will bemade to shareholders by 16 September 2009.Annual General MeetingThe Annual General Meeting of the VCT will be held at Bond StreetHouse, 14 Clifford Street, London, W1S 4JU on 9 September at10:15am. Notice of the Annual General Meeting and Form of Proxy areinserted within the annual accounts.Outlook (Incorporating first Interim Management Statement for2009/10)The fall-out from tighter credit conditions is presenting moreattractive opportunities to Puma VCT IV plc as credit spreads ofsolid, profitable companies widen resulting in attractive yields.The existing private equity investments are generating a satisfactoryreturn and are largely in the form of secured loans, which theInvestment Manager has structured to facilitate exit in the mediumterm. Since the start of the current financial year beginning 1 March2009 to the close on 25 June 2009, your portfolio of qualifying AiMstocks has gained 64 per cent., compared to 25 per cent. for the AiMindex over the same period.We remain cautious about the state of the economy and the duration ofthe current recession. The values of most types of asset alreadyreflect the prospects for a long recession and with the reluctance orinability of banks to advance new credit, the environment remainschallenging. This may reduce the collateral value supporting some ofour secured loans and slow the progress in achieving successfulrealisations in preparation for the end of the VCT's life.Notwithstanding this, there is good potential to deliver asatisfactory post-tax return to investors which should outperformmost other investments made over a similar period.Sir Aubrey Brocklebank BtChairmanInvestment Manager's ReportOverall PerformanceIn its third year, the Company's investment strategy has been testedrepeatedly against a banking crisis which has spread to all cornersof the market. As is usual during economic upheavals, investors shunsmaller companies in favour of larger and more liquid investments,and as a result the valuation of AiM companies took an unprecedentedfall. Thus, we are pleased to report that the NAV per share performedrelatively well, only dropping from 96.08p to 88.87p representing a5.9 per cent fall after taking into account the dividend of 1.5p.Notwithstanding this, the results are disappointing as our investorswere looking for an absolute return on their capital.The performance of the non-qualifying portfolio also suffered as themarket sentiment on property stocks and the general equity marketsworsened over the period. This was because one element of theportfolio was property-related stocks which performed badly in2008/2009, having previously generated good returns for the VCT. Weredeemed the majority of the VCT's hedge fund investments in thesummer and autumn of 2008; this timely redemption meant that thecontribution from this element of the non-qualifying portfolio wasonly down marginally for the period.Qualifying Investments - unquotedThe Company achieved its 70% qualifying status in the currentfinancial period, and as a result the Board expect to concentrate inthe future on the monitoring of our existing investments, rebalancingits non-qualifying investments to reflect changed marketcircumstances and considering the options for exits.Puma VCT IV's largest investment is its £2.3 million debt and equityinvestment in Cadbury House Limited. Cadbury House's hotel and healthclub development project which started in June 2005 is fullyoperational and delivering good results. The overwhelming success ofthe leisure club in growing membership led to a proposal to build anextension to increase capacity and the VCT's investment in thefacilities has enabled the club to achieve UK Health Club of Year in2009.Puma VCT IV has invested £1.0 million in Bond Contracting Limited upto period-end including £394,000 in the last financial period. BondContracting was set-up to operate as a contractor within the leisuresector and actively sought to enter into contracting arrangementsduring the period. It has entered into a contract as mastercontractor to build a 141 room Holiday Inn hotel on the outskirts ofWinchester. The VCT has made an additional investment in BondContracting of £182,000 subsequent to the period-end.Stocklight Limited in which VCT has invested £985,000, is a rare bookdealer and the parent company of Bloomsbury Auctions, which has madeprogress expanding its book auction business both in the UK andoverseas. Whilst trading for this business is tough, we believe thatit has a strong franchise.Clifford Contracting Limited ("Clifford") is a contracting businesssupplying services to residential developers in which the VCT hadinvested £1.89 million (£890,000 in the current period). Subsequentto the period end, Telford Homes plc ("Telford"), the AiM listedresidential property developer in East London noted for regenerationprojects within public sector partnerships, purchased Clifford. Thepurchase price paid by Telford for the ordinary shares of, and loannotes issued by, Clifford is £6,328,500 in total, comprising£5,695,650 in new loan notes and the issue of 1,130,089 new Telfordordinary shares. Puma VCT IV will receive approximately £1,700,000in loan notes earning 8.88% p.a. interest after 31 October 2009 (4.5%p.a. prior to this) and 188,000 Telford shares. The value of the newloan notes and Telford shares are in line with the valuation ofClifford as at the period end.The VCT invested £6 million into a number of qualifying companieswhich are actively pursuing opportunities for significant qualifyingbusinesses. We will update you on the progress these investments makein due course.Qualifying Investments - quotedThe VCT made no additional qualifying investments into AiM quotedcompanies during the period. As mentioned above, the value of theAiM portfolio dropped significantly, but we are pleased to note thatsome of these stocks had begun to recover by the period end, arecovery which has continued subsequently. We believe this reflectsa better recognition of their strengths.As at the period end, the listed qualifying holdings made upapproximately 3% of total qualifying holdings and about 2% of theentire portfolio. Within this, the largest components are MountEngineering plc and Vertu Motors plc, accounting for 71% of total AiMlisted qualifying holdings, and we therefore highlight these twolarger investments below.Mount Engineering owns a portfolio of established engineering brandsselling principally to the oil and gas sector, largely for operationsrather than for major capital projects. The company is cashgenerative and has a strong balance sheet with 2008 profits slightlyahead of expectations. Group trading is forecast to be reasonablyresilient and the company currently trades on less than six timesforecast 2009 profits. The VCT has invested £188,000 in this companywhich is valued at £145,000, resulting in an unrealised loss of£43,000.Vertu Motors is a volume retailer of both new and used cars, largelyfrom freehold premises which it has acquired in the last few years ongood terms. The business has remained profitable throughout thefinancial crisis and economic downturn and has consistentlyoutperformed the market over the past 3 years. It has strongmanagement which to date have delivered growth and cash generationand protected its strong balance sheet. The VCT has invested £500,000in this company which is valued at £108,000, resulting in anunrealised loss of £43,000. However, the share price has appreciatedover 170% since period end and currently trades at around tangibleNAV. Vertu recently raised a further £30m to take advantage ofopportunities in the sector.The steady stream of bad news about the state of the banks, corporatedebt, and the poor state of the economy continues to dominate thepress. However, for those companies without high levels of debt, itappears that investors are looking for value amongst share pricesthat have fallen too far. It is for this reason that smallercompanies have outperformed their larger peers so far this year, asthe scale of the rating discounts they were trading at has becomeapparent. We are sceptical that the economy is past its worst, butif it improves from here there should be scope for the asset valuesto recover further as the VCT's investments mature.Non-qualifying InvestmentsDuring 2008, the VCT held significant sums in bank commercial paperon which we achieved satisfactory returns. Since the sharp fall ininterest rates, we have invested some of the balance of the VCT'sportfolio in reasonably liquid, better yielding corporate bonds withshort maturity, of investment grade or close thereto. In the samevein, the VCT has purchased a diversified portfolio of corporate bondfunds holding a broader range of similar credits. As stated above,we reduced holdings in hedge funds to a lower level - the remaininghedge fund holdings are generating a positive return.Investment StrategyWe are now focused on improving the liquidity of the portfoliowherever possible whilst maintaining an appropriate risk adjustedreturn. The objective remains to achieve an orderly winding up ofthe VCT's assets at the end of its life, subject to shareholderapproval.Shore Capital LimitedInvestment Portfolio SummaryAs at 28 February 2009 Original Valuation Valuation Cost Gain/(Loss) asInvestment £'000 £'000 £'000 % of NAVQualifying Investments -UnquotedAlbemarle ContractingLimited 1,000 1,000 - 6%Bruton Services Limited 1,000 1,000 - 6%Bond Contracting Limited 1,000 1,000 - 6%Cadbury House Limited 2,335 2,335 - 13%Clifford ContractingLimited 1,890 1,890 - 11%Heddon Services Limited 1,000 1,000 - 6%Kingly Services Limited 1,000 1,000 - 6%Pollen Services Limited 1,000 1,000 - 6%Saville Services Limited 1,000 1,000 - 6%Stocklight Limited 985 985 - 6%Qualifying Investments -QuotedClarity CommerceSolutions plc 78 230 (152) 0%Mount Engineering plc 145 188 (43) 1%Sport Media Group plc 23 493 (470) 0%Vertu Motors plc 108 500 (392) 1%Total QualifyingInvestments 12,564 13,621 (1,057) 72%Non - QualifyingInvestments - UnquotedLakan InvestmentsLimited 380 307 73 2%Non - QualifyingInvestments - QuotedBlackrock UK EmergingCos Hedge Fund Limited 1,114 800 314 6%JP Morgan ProgressiveMulti-Strategy FundLimited 207 306 (99) 1%Puma Absolute ReturnFund Limited 1,865 1,942 (77) 11%St Peter Port CapitalLimited 371 700 (329) 2%The Hotel Corporationplc 114 173 (59) 1%Puma Brandenburg Limited 332 779 (447) 2%Treveria plc 13 137 (124) 0%Total Non - QualifyingInvestments 4,396 5,144 (748) 25%Total investments 16,960 18,765 (1,805) 98%Other net assetsincluding cash at bankand in hand 379 379 2%Net assets 17,339 19,144 (1,805) 100%Income StatementFor the period ended 28 February 2009 For the period to For the year to 28 February 2009 31 December 2007 Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000Losses on - (1,485) (1,485) - (726) (726)investmentsIncome 5 981 - 981 515 - 515 981 (1,485) (504) 515 (726) (211)Investment 112 335 447 113 339 452management feesPerformance fees - - - 46 (52) (6)Other expenses 148 - 148 141 - 141 260 335 595 300 287 587Return/(loss) onordinaryactivitiesbefore taxation 721 (1,820) (1,099) 215 (1,013) (798)Tax on ordinaryactivities (136) 121 (15) (40) 40 -Return/(loss)after taxationattributable toequityshareholders 585 (1,699) (1,114) 175 (973) (798)Basic anddilutedreturn/(loss)per OrdinaryShare (pence) 2 3.00p (8.71)p (5.71)p 0.90p (4.98)p (4.08)pThe total column represents the profit and loss account and therevenue and capital columns are supplementary information.All revenue and capital items in the above statement derive fromcontinuing operations. No operations were acquired or discontinuedin the period.No separate Statement of Total Recognised Gains and Losses ispresented as all gains and losses are included in the IncomeStatement.Balance SheetAs at 28 February 2009 As at As at 28 February 2009 31 December 2007 Note £'000 £'000Fixed AssetsInvestments 16,960 14,793Current AssetsDebtors 240 171Cash at bank and in hand 264 4,026 504 4,197Creditors - amountsfalling due within oneyear (124) (243)Net Current Assets 380 3,954Total Assets less CurrentLiabilities 17,340 18,747Creditors - amountsfalling due after morethan one year(including convertibledebt) (1) (1)Net Assets 17,339 18,746Capital and ReservesCalled up share capital 195 195Capital reserve - realised (640) (203)Capital reserve - (1,792) (482)unrealisedOther reserve - -Revenue reserve 19,576 19,236Equity Shareholders' Funds 17,339 18,746Basic and Diluted NetAsset Value per OrdinaryShare 3 88.87p 96.08pCash Flow StatementFor the period ended 28 February 2009 For the period to For the year to 28 February 2009 31 December 2007 Note £'000 £'000Operating activitiesInvestment income received 926 376Investment management fees (500) (572)paidDirectors fees paid (18) (14)Foreign exchange (48) 26(loss)/gain on cashOther expenses paid (131) (138)Net cash inflow/(outflow) 4from operating activities 229 (322)Equity dividend paid (293) -Capital expenditure andfinancial investmentPurchase of investments (7,678) (7,370)Proceeds from sale of 4,186 6,845investmentsAcquisition costs - -Net realised gain onforward foreign exchangecontracts (206) 205Net cash outflow fromcapital expenditure andfinancial investment (3,698) (320)Management of liquid - (2,796)resourcesCash outflow in the period (3,762) (3,438)Reconciliation of net cashflow to movement in netfundsDecrease in cash for the (3,762) (3,438)periodIncrease in liquid - 2,796resources for the periodNet cash at start of the 4,026 4,668periodNet funds at the 264 4,026year/period endReconciliation of Movements in Shareholders' FundsFor the period ended 28 February 2009 For the period to 28 February 2009 Called up Share Capital Capital share premium reserve- reserve- Other Revenue capital account realised unrealised reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000At 1 January2008 195 - (203) (482) - 19,236 18,746Return/(loss)aftertaxationattributableto equityshareholders - - (437) (1,310) - 633 (1,114)Equitydividend paid - - - - - (293) (293)At 28February 2009 195 - (640) (1,792) - 19,576 17,339 For the year to 31 December 2007 Called up Share Capital Capital share premium reserve- reserve- Other Revenue capital account realised unrealised reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000At 1 January2007 195 - 197 91 6 19,061 19,550Return/(loss)aftertaxationattributableto equityshareholders - - (400) (573) (6) 175 (804)At 31December 2007 195 - (203) (482) - 19,236 18,746Unaudited Notes to the AccountsFor the year ended 31 December 20071. Basis of AccountingThis announcement has been prepared under the historical costconvention, modified to include the revaluation of fixed assetinvestments, and in accordance with UK Generally Accepted AccountingPractice ("UK GAAP") and the Statement of Recommended Practice,'Financial Statements of Investment Trust Companies' ("SORP") revisedin 2005. Although this SORP principally applies to Investment Trusts,many of the characteristics of Investment Trusts are shared by VCTsand therefore the Company has followed the SORP.The 2009 figures represent the period from 1 January 2008 to 28February 2009. The comparative figures represent the period from 1January 2007 to 31 December 2007.2. Basic and diluted return per Ordinary Share 2009 2007 Revenue Capital Total Revenue Capital TotalReturnfor theperiod 585,000 (1,699,000) (1,114,000) 175,000 (973,000) (798,000)Weighted average number of shares 19,511,624 19,511,624 19,511,624 19,511,624 19,511,624 19,511,624ReturnperOrdinaryShare 3.00p (8.71)p (5.71)p 0.90p (4.98)p (4.08)pThe total return per ordinary share is the sum of the revenue returnand capital return.3. Net Asset Value per Ordinary Share 2009 2007 Basic Diluted Basic DilutedNet assets (£) 17,339,000 17,339,000 18,746,000 18,746,000Number of OrdinaryShares 19,511,624 19,511,624 19,511,624 19,511,624Net Assets Value perOrdinary Share (p) 88.87p 88.87p 96.08p 96.08pCalculation of numberof shares 2009 2007 Basic Diluted Basic DilutedNumber of OrdinaryShares 19,511,624 19,511,624 19,511,624 19,511,624Dilutive effect of - -performance fee (seenote 4) - 7,697At 28 February 19,511,624 19,511,624 19,511,624 19,519,3214. Reconciliation of total loss before taxation to net cashinflow from operating activities 2009 2007 £'000 £'000Total loss before taxation (1,099) (798)Losses on investments 1,485 726Increase in debtors (55) (139)Decrease in creditors (55) (131)Foreign exchange (loss)/gain on cash (47) 26Performance fee to be effected through share-basedpayment - (6)Net cash inflow/(outflow) from operating activities 229 (322)5. Income 2009 2007 £'000 £'000Income from investmentsLoan stock interest 724 301Dividend income 74 60Investment fee rebate 41 38Other income 42 - 881 399Other incomeBank deposit interest 100 116Total income 981 5156. DividendsThe directors propose a final dividend payment of 2.5p per OrdinaryShare (2008 final - 1.5p).7. The financial information set out in the announcement doesnot constitute the Company's statutory accounts for the period ended28 February 2009 or the year ended 31 December 2007. The financialinformation for the year ended 31 December 2007 is derived from thestatutory accounts for that year which have been delivered to theRegistrar of Companies. The auditor's report was unqualified and didnot contain a statement under section 237 (2) or (3) of the CompaniesAct 1985. The auditors are reporting today on the statutory accountsfor the period ended 28 February 2009. The statutory accounts forthe period ended 28 February 2009 will be delivered to the Registrarof Companies following the Company's Annual General Meeting.A copy of the full annual report and financial statements for theperiod ended 28 February 2009 will be published today onwww.shorecap.co.uk, a website maintained by the investment manager,Shore Capital Limited, filed at the UKLA document exchange and postedto shareholders in due course. Copies will also be available to thepublic at the registered office of the Company at Bond Street House,14 Clifford Street, London W1S.The financial information contained within this preliminaryannouncement was approved by the board on 29 June 2009.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
" alt="Final Results>
">
" alt="Final Results>
">Datum: 30.06.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 1002354
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
London
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 355 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Final Results>
"
steht unter der journalistisch-redaktionellen Verantwortung von
PUMA VCT IV PLC (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
