Downing Planned Exit VCT 2 plc
Interim Management Statement
for the quarter ended 30 April 2012
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Planned Exit VCT 2 plc presents an Interim Management Statement for the quarter period ended 30 April 2012. 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
On 24 May 2012, the Company declared a final dividend of 2.5p per 'C' Share and 2.5p per 'D' Share payable, subject to Shareholder approval, on 27 July 2012 to Shareholders on the register at 29 June 2012.
Performance
'C' Share Pool
| 30 Apr 2012 | 31 Jan 2012 | 31 Oct 2011 | 31 Jul 2011 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'C' Share | 91.9 | 91.5 | 88.7 | 88.6 |
| NAV per 'A' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'C' Share | 12.5 | 12.5 | 10.0 | 10.0 |
| Total Return per 'C' Share and 'A' Share* | 104.5 | 104.1 | 98.8 | 98.7 |
'D' Share Pool
| 30 Apr 2012 | 31 Jan 2012 | 31 Oct 2011 | 31 Jul 2011 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'D' Share | 83.0 | 83.2 | 87.6 | 91.5 |
| NAV per 'E' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'D' Share | 7.5 | 7.5 | 5.0 | 5.0 |
| Total Return per 'D' Share and 'E' Share* | 90.6 | 90.8 | 92.7 | 96.6 |
'F' Share Pool
| 30 Apr 2012 | |
| Pence | |
| NAV per 'F' Share | 94.5 |
| Cumulative distributions per 'F' Share | - |
| Total Return per 'F' Share* | 94.5 |
* NAV plus cumulative dividends paid to date
Investment portfolio summary at 30 April 2012
Portfolio investments by value
'C' Share pool
| Cost | Valuation | Movement from 1 Feb 2012 to 30 Apr 2012 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Bijou Wedding Venues Limited | 815 | 883 | - |
| Future Biogas (SF) Limited | 627 | 703 | - |
| Atlantic Dogstar Limited | 429 | 605 | - |
| Domestic Solar (ISIS) Limited* | 500 | 500 | - |
| Redmed Limited* | 437 | 437 | - |
| East Dulwich Tavern Limited | 344 | 344 | - |
| Westow House Limited | 304 | 331 | - |
| Quadrate Catering Limited | 330 | 330 | - |
| Quadrate Spa Limited* | 323 | 323 | - |
| Ecossol Limited | 250 | 250 | - |
| The 3D Pub Co Limited | 267 | 187 | - |
| Mosaic Spa and Health Clubs Limited* | 125 | 125 | - |
| Chapel Street Food and Beverage Limited | 50 | 50 | - |
| Chapel Street Services Limited | 50 | 50 | - |
| 4,851 | 5,118 | - | |
| Non qualifying venture capital investments | |||
| Hoole Hall Country Club Holdings Ltd | 581 | 581 | - |
| The Thames Club Limited | 500 | 500 | - |
| Honeycombe Pubs VCT Limited | 175 | 175 | - |
| Vermont Developments Limited | 25 | 25 | - |
| Chapel Street Hotel Limited | 2 | 2 | - |
| 1,283 | 1,283 | - | |
| Total | 6,134 | 6,401 | - |
*partially qualifying investment
'D' Share pool
| Cost | Valuation | Movement from 1 Feb 2012 to 30 Apr 2012 | ||
| £'000 | £'000 | £'000 | ||
| Qualifying venture capital investments | ||||
| Future Biogas (Reepham Road) Limited* | 748 | 748 | - | |
| Quadrate Catering Limited | 441 | 441 | - | |
| Quadrate Spa Limited* | 436 | 436 | - | |
| Domestic Solar Limited* | 400 | 400 | - | |
| Alpha Schools Holdings Limited | 367 | 367 | - | |
| Mosaic Spa and Health Club (Shrewsbury) Limited | 350 | 350 | - | |
| Avon Solar Energy Limited | 250 | 250 | - | |
| Ecossol Limited | 250 | 250 | - | |
| Green Electricity Generation Limited | 250 | 250 | - | |
| Kidspace Adventures Holdings Limited | 250 | 250 | - | |
| Westcountry Solar Solutions Limited | 250 | 250 | - | |
| Slopingtactic Limited | 196 | 196 | - | |
| Progressive Energies Limited | 170 | 170 | - | |
| Camandale Limited* | 561 | 158 | - | |
| Ridgeway Pub Company Limited | 136 | 136 | - | |
| Mosaic Spa and Health Clubs Limited* | 125 | 125 | - | |
| 5,180 | 4,777 | - | ||
| Non qualifying venture capital investments | ||||
| Aminghurst Limited | 2,150 | 2,150 | - | |
| Liverpool Nurseries (Holdings) Limited | 467 | 467 | - | |
| Retallack Surfpods Limited | 250 | 250 | - | |
| Fenkle Street LLP | 146 | 146 | - | |
| Kidspace Adventures Limited | 135 | 135 | - | |
| Kidspace Adventures Holdings Limited | 125 | 125 | - | |
| Commercial Street Hotel Limited | 100 | 100 | - | |
| Hoi Polloi Pub Co Limited | 30 | 30 | - | |
| 3,403 | 3,403 | - | ||
| Total | 8,583 | 8,180 | - | |
*partially qualifying investment
'F' Share pool
| Cost | Valuation | Movement from 1 Feb 2012 to 30 Apr 2012 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Tor Solar PV Limited* | 816 | 816 | - |
| Vulcan Renewables Limited | 560 | 560 | - |
| City Falkirk Limited* | 421 | 421 | - |
| Green Energy Production UK Limited | 100 | 100 | - |
| 1,897 | 1,897 | - | |
| Non qualifying venture capital investments | |||
| Baron House Developments LLP | 700 | 700 | - |
| Fubar Stirling Limited | 268 | 268 | - |
| Kidspace Adventure Holdings Limited | 250 | 250 | - |
| Fresh Green Power Limited | 200 | 200 | - |
| Holdland House Developments Limited | 154 | 154 | - |
| Cheers Dumbarton Limited | 48 | 48 | - |
| Lochrise Limited | 13 | 13 | - |
| 1,633 | 1,633 | - | |
| Total | 3,530 | 3,530 | - |
*partially non-qualifying investment
Investment additions and disposals
The 'C' Share, 'D' Share and 'F' Share pool additions and disposals are summarised as follows:
'C' Share investment additions during the 3 months ended 30 April 2012
| Cost | |
| £'000 | |
| Quadrate Spa Limited | 13 |
'D' Share investment additions during the 3 months ended 30 April 2012
| Cost | |
| £'000 | |
| Liverpool Nurseries (Holdings) Limited | 467 |
| Liverpool Nurseries (House) Limited | 203 |
| Aminghurst Limited | 150 |
| Liverpool Nurseries (Greenbank) Limited | 138 |
| Kidspace Adventures Holdings Limited | 125 |
| Liverpool Nurseries (Cottage) Limited | 67 |
| Quadrate Spa Limited | 17 |
| 1,167 |
'F' Share investment additions during the 3 months ended 30 April 2012
| Cost | |
| £'000 | |
| Tor Solar PV Limited | 816 |
| Baron House Developments LLP | 700 |
| Vulcan Renewables Limited | 560 |
| City Falkirk Limited | 421 |
| Fubar Stirling Limited | 268 |
| Kidspace Adventure Holdings Limited | 250 |
| Fresh Green Power Limited | 200 |
| Holdland House Developments Limited | 154 |
| Green Energy Production UK Limited | 100 |
| Cheers Dumbarton Limited | 48 |
| Lochrise Limited | 13 |
| 3,530 |
'D' Share investment disposals during the 3 months ended 30 April 2012
| Cost | Market value at 1 Feb 2012 | Disposal proceeds | Gain against cost | Total realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| 'D' Share pool | |||||
| Gingerbread Pre-School (UK) Limited | 576 | 367 | 367 | (209) | - |
| Liverpool Nurseries (House) Limited | 203 | 203 | 203 | - | - |
| Liverpool Nurseries (Greenbank) Limited | 138 | 138 | 138 | - | - |
| Liverpool Nurseries (Cottage) Limited | 67 | 67 | 67 | - | - |
| Hoi Polloi Pub Co Limited | 30 | 30 | 30 | - | - |
| 1,014 | 805 | 805 | (209) | - |
During the 3 months to 30 April 2012 no disposals were made by the 'C' Share Pool and the 'F' Share Pool.
Between 1 May 2012 and the date of this announcement the following 'F' Share pool investments were made:
| Cost | |
| £'000 | |
| Holdland House Developments Limited | 58 |
Between 1 May 2012 and the date of this announcement no 'C' Share pool or 'D' Share pool investments were made.
Changes to share capital
Share capital movements in the period are summarised as follows:
| Ordinary Shares of 1p each | ||
| Shares | £'000 | |
| As at 1 February 2012 | 9,994,968 | 100 |
| Shares issued | - | - |
| Shares bought back and cancelled | - | - |
| As at 30 April 2012 | 9,994,968 | 100 |
| 'C 'Shares of 0.1p each | 'A' Shares of 0.1p each | |||
| Shares | £'000 | Shares | £'000 | |
| As at 1 February 2012 | 7,166,806 | 7 | 10,754,329 | 11 |
| Shares issued | - | - | - | - |
| Shares bought back and cancelled | - | - | - | - |
| As at 30 April 2012 | 7,166,806 | 7 | 10,754,329 | 11 |
| 'D 'Shares of 0.1p each | 'E' Shares of 0.1p each | |||
| Shares | £'000 | Shares | £'000 | |
| As at 1 February 2012 | 10,000,000 | 10 | 15,000,000 | 15 |
| Shares issued | - | - | - | - |
| Shares bought back and cancelled | - | - | - | - |
| As at 30 April 2012 | 10,000,000 | 10 | 15,000,000 | 15 |
| 'F 'Shares of 0.1p each | ||
| Shares | £'000 | |
| As at 1 February 2012 | - | - |
| Shares issued | 8,609,375 | 9 |
| Shares bought back and cancelled | - | - |
| As at 30 April 2012 | 8,609,375 | 9 |
No Shares have been bought back or issued since 1 May 2012 and the date of this announcement.
Ordinary Shares
The Ordinary Shares now have negligible value having returned all their funds to Shareholders. Proposals for cancelling the share class are now being prepared.
Material events
Other than described above, there were no material events during the period from 1 February 2012 to 30 April 2012 or in the period from 1 May 2012 to the date of this announcement.