Downing THREE VCT plc
Interim Management Statement for the quarter ended 31 March 2014 (Correction)
The announcement released by the Company earlier today at 15:55 entitled "Interim Management Statement" incorrectly stated the D Share NAV at 31 March 2014 as 80.1p per share. The correct D Share NAV is 77.2p. The full corrected text of the announcement is as follows:
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 31 Mar 2014 | Audited 31 Dec 2013 | Unaudited 31 Oct 2013 | Unaudited 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 31 Mar 2014 | Audited 31 Dec 2013 | Unaudited 31 Oct 2013 | Unaudited 31 Jul 2013 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'D' Share | 77.2 | 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* | 94.8 | 94.5 | 95.0 | 94.1 |
'F' Share Pool
| Unaudited 31 Mar 2014 | Audited 31 Dec 2013 | Unaudited 31 Oct 2013 | Unaudited 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
| Cost | Valuation | Movement from 1 Jan 2014 to 31 Mar 2014 | |
| £'000 | £'000 | £'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
| Cost | Valuation | Movement from 1 Jan 2014 to 31 Mar 2014 | |
| £'000 | £'000 | £'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
| Cost | Valuation | Movement from 1 Jan 2014 to 31 Mar 2014 | |
| £'000 | £'000 | £'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 | |
| £'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
| Cost | Value at 1 Jan 2014 | Disposal proceeds | Gain against cost | Total realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'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 | |
| £'000 | |
| East Dulwich Tavern Limited | 300 |
| Atlantic Dogstar Limited | 225 |
| Westow House Limited | 125 |
| 650 |
'H' Share pool
| Cost | |
| £'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 | £'000 | Shares | £'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 | £'000 | Shares | £'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 | £'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 | £'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.