Downing Plan 2011 Downing Planned Exit Vct 2011 Plc : Interim Management Statement
15 April 2014 - 1:22PM
UK Regulatory
TIDMD1GO
Downing Planned Exit VCT 2011 plc
Interim Management Statement for the three months ended 28 February 2014
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of
the UK Listing Authority, Downing Planned Exit VCT 2011 plc presents an
Interim Management Statement covering the period from 1 December 2013 to
28 February 2014.
Performance
Unaudited Audited Unaudited Unaudited
28 Feb 30 Nov 31 August 31 May
2014 2013 2013 2013
Pence Pence Pence Pence
General Share pool
Net Asset Value per General Ordinary Share 78.9 78.0 79.7 79.2
Net Asset Value per General 'A' Share 6.2 6.2 6.3 6.3
Cumulative dividends per General Ordinary Share 12.5 12.5 10.0 10.0
Total return per General Ordinary Share and 'A'
Share 97.6 96.7 96.0 95.5
Structured Share pool
Net Asset Value per Structured Ordinary Share 81.1 80.1 82.2 81.7
Net Asset Value per Structured 'A' Share 6.4 6.3 6.5 6.5
Cumulative dividends per Structured Ordinary Share 12.5 12.5 10.0 10.0
Total return per Structured Ordinary Share and 'A'
Share 100.0 98.9 98.7 98.2
Low Carbon Share pool (per GBP1 invested)*
Net Asset Value per 1.0695 Low Carbon Ordinary
Shares 90.1 89.7 86.1 85.8
Cumulative dividends per 1.0695 Low Carbon Ordinary
Shares 13.3 13.3 10.7 10.7
Total return per 1.0695 Low Carbon Ordinary Shares 103.4 103.0 96.8 96.5
*Low Carbon Ordinary Shares were originally issued at 93.5p per share.
The above figures have been expressed in terms of an original investment
of GBP1 which equates to a holding of 1.0695 shares.
Dividends paid or declared in the period
On 28 March 2014 the Company proposed to pay a final dividend in respect
of the year ended 30 November 2013 of 2.5p per General Ordinary Share,
2.5p per Structured Ordinary Share and 2.5p per Low Carbon Ordinary
Share subject to Shareholder approval at the AGM, the dividends will be
payable on 16 May 2014 to shareholders on the register at 22 April 2014.
Investment portfolio summary at 28 February 2014
Valuation
movement
from 1 Dec 2013
General Share pool Cost Valuation to 28 Feb 2014
GBP'000 GBP'000 GBP'000
Venture Capital Investments
Vulcan Renewables Limited 1,664 1,664 -
Mosaic Spa and Health Clubs Limited 1,500 1,259 -
Hoole Hall Hotel Limited 1,200 1,200 -
Tooting Tram and Social Limited 1,067 1,187 -
Kidspace Adventures Holdings Limited 988 1,077 -
Snow Hill Developments Limited 750 750 -
Residential PV Trading Limited 600 744 -
South-Western Farms Solar Limited 600 600 -
Westcountry Solar Solutions Limited 600 600 -
Odysian (Holdings) Limited 527 543 -
Kidspace Adventures Limited 512 512
Avon Solar Energy Limited 505 505 -
Wickham Solar Limited 472 472 -
Fubar Stirling Limited 429 429 -
Oak Grove Renewables Limited 400 400 -
City Falkirk Limited 674 391 -
Future Biogas (SF) Limited 350 350 -
Angel Solar Limited 300 300 -
Dominions House Limited 178 178 -
Antelope Pub Limited 150 150 -
Cheers Dumbarton Limited 76 76 -
Clean Electricity Limited 70 70 -
UK Renewable Power Limited 55 55 -
21(st) Century Energy Limited 22 22 -
Lochrise Limited 20 - -
Total 13,709 13,534 -
Valuation
movement
from 1 Dec 2013
Structured Share pool Cost Valuation to 28 Feb 2014
GBP'000 GBP'000 GBP'000
Structured Products
HSBC 7.1% Defensive Worst-Of-Auto-Call 401 415 2
Barclays 7.75% Defensive
Worst-Of-Auto-Call 351 371 11
RBS 6 yr Dual Index Synthetic Zero
10.16% 251 357 12
UBS 7.3% Defensive Worst Of Auto-Call 250 265 5
BNP Paribas Harewood ABS Progression 2 253 264 2
Goldman Sachs 8.5% Defensive
Worst-Of-Auto-Call 251 265 8
Credit Suisse 7% Defensive
Worst-Of-Auto-Call 251 261 10
Total 2,008 2,198 50
Venture Capital Investments
Vulcan Renewables Limited 982 982 -
Mosaic Spa and Health Clubs Limited 920 759 -
Kidspace Adventures Holdings Limited 659 718 -
Tooting Tram and Social Limited 533 613 -
Oak Grove Renewables Limited 545 545 -
Residential PV Trading Limited 400 496 -
Wickham Solar Limited 472 472 -
South-Western Farms Solar Limited 400 400 -
Westcountry Solar Solutions Limited 400 400 -
Odysian (Holdings) Limited 351 362 -
Kidspace Adventures Limited 341 341 -
Avon Solar Energy Limited 336 336 -
Fubar Stirling Limited 286 286 -
City Falkirk Limited 450 261 -
Angel Solar Limited 200 200 -
Antelope Pub Limited 150 150 -
Cheers Dumbarton Limited 51 51 -
Lochrise Limited 13 - -
Total 7,489 7,372 -
Total 9,497 9,570 50
Valuation
movement
from 1 Dec 2013
Low Carbon Share pool Cost Valuation to 28 Feb 2014
GBP'000 GBP'000 GBP'000
Venture Capital Investments
Progressive Energies Limited 1,400 1,400 -
Green Electricity Generation Limited 1,000 1,210 -
PV Generation Limited 1,000 1,090 -
Progressive Power Generation Limited 800 800 -
UK Renewable Power Limited 780 780 -
Clean Electricity Limited 780 780 -
21(st) Century Energy Limited 600 708 -
Total 6,360 6,768 -
Investment activity during the three month period ended 28 February 2014
General Share pool portfolio additions GBP'000
Oak Grove Renewables Limited 400
Vulcan Renewables Limited 44
Total 444
Structured Share pool portfolio additions GBP'000
Oak Grove Renewables Limited 545
Antelope Pub Limited 150
Vulcan Renewables Limited 82
Total 777
There were no additions made by the Low Carbon Share pool during the
three month period ended 28 February 2014.
Gain Realised
Valuation at Disposal against gain in
Cost 1 Dec 2013 proceeds cost the period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
General Share pool
portfolio disposals
Antelope Pub Limited 150 150 150 - -
South-Western Farms
Solar limited 55 55 55 - -
Total 205 205 205 - -
There were no disposals made by the Structured Share pool or Low Carbon
Share pool during the three month period ended 28 February 2014.
Investment activity in the period from 1 March 2014 to the date of this
announcement
General Share pool portfolio additions GBP'000
London City Shopping Centre 50
Total 50
No portfolio additions have been made by the Structured Share pool or
Low Carbon Share pool in the period from 1 March 2014 to the date of
this announcement.
Gain Realised
Valuation at Disposal against gain in
Cost 1 Dec 2013 proceeds cost the period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
General Share pool
portfolio disposals
Future Biogas (SF)
Limited 350 350 350 - -
Total 350 350 350 - -
No portfolio disposals have taken place in the Structured Share pool or
Low Carbon Share pool during the period from 1 March 2014 to the date of
this announcement.
Share capital
Share capital and movements in the period are summarised as follows:
General General Structured Structured Low Carbon
Ordinary 'A' Ordinary 'A' Ordinary
Shares Shares Shares Shares Shares
No. of No. of No. of No. of No. of
shares shares shares shares shares
At 1 December 2013 15,679,241 18,453,789 10,703,725 12,597,594 8,102,222
Shares bought back
in period - - - - -
At 28 February
2014 15,679,241 18,453,789 10,703,725 12,597,594 8,102,222
There were no changes to the share capital from 1 March 2014 to the date
of this announcement.
Material events
Other than described above, there were no material events during the
period from 1 December 2013 to 28 February 2014 or in the period from 1
March 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 Planned Exit VCT 2011 plc via Globenewswire
HUG#1777447
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