Print - Interim Management Statement

Source: Downing THREE VCT plc
June 14, 2007 07:31 ET

Interim Management Statement

Downing Protected VCT III plc

Interim Management Statement

for the three months ended 30 April 2007

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Protected VCT III plc presents an Interim Management Statement for the three month period ended 30 April 2007. 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 15 May 2007, the Company declared a final dividend of 1.5p per Ordinary share to be paid (subject to Shareholder approval) on 13 July 2007 to shareholders on the register at 8 June 2007.

Performance

Downing Protected VCT III plc

	30 April 2007	31 January 2007	31 July 2006	31 January 2006
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	96.4	95.8	95.3	95.7
Cumulative Dividends	1.0	1.0	1.0	-
Total Return *	97.4	96.8	96.3	95.7
* (NAV plus cumulative dividends paid since launch)

Investment portfolio summary at 30 April 2007

Portfolio investments by value

	Cost	Valuation	Movement in period
	£'000	£'000	£'000
Qualifying venture capital investments
Cymbal Contracting Limited	1,000	1,000	-
Ebury Contracting Limited	1,000	1,000	-
Ebury Contracting (South East) Limited	1,000	1,000	-
Hoole Hall Country Club and Spa Limited	1,000	1,000	-
Nu Nu plc	1,000	1,000	-
Honeycombe Pubs VCT plc	650	650	-
Chapel Contractors Limited	460	460	-
Downing Office Villages Contractor Limited	252	252	-
	6,362	6,362	-
Non qualifying venture capital investments
Vermont Developments Limited	875	875	-
Green Mountain Constructions Limited	430	430	-
Heyford Homes (Thornton Hall) Limited	376	376	-
Sanguine Hospitality Limited	250	250	-
	1,931	1,931	-

Listed fixed income investments	1,418	1,383	(1)

Total	9,711	9,676	(1)

Investment additions during the 3 months ended 30 April 2007

	Cost
	£'000
Green Mountain Constructions Limited	430
Hoole Hall Country Club and Spa Limited	1,000
Sanguine Hospitality Limited	250
Vermont Developments Limited	875
	2,555

Investment disposals during the 3 months ended 30 April 2007

	Cost	Market value at 1 February 2007	Disposal proceeds	Gain/(loss) against cost	Total realised gain
	£'000	£'000	£'000	£'000	£'000
Heyford Homes (Wheldon) Ltd	131	131	131	-	-
American Express 18/08/09	511	497	498	(13)	1
Countrywide Financial 15/12/08	509	499	499	(10)	-
HSBC Finance 22/01/10	519	503	504	(15)	1
	1,670	1,630	1,632	(38)	2

Since the period end Vermont Developments Limited has repaid loan stock of £375,000 at par.

Changes to share capital

	Ordinary Shares of 10p each
	Shares	£'000
As at 31 January 2007	10,138,848	101
Shares bought back and cancelled	-	-
As at 30 April 2007	10,138,848	101

Since the period end, the Company purchased 7,725 shares for cancellation at a price of 86p per share.

Material events

Other than described below, there were no material events during the period from 1 February 2007 to 30 April 2007 or in the period from 1 May 2007 to the date of this announcement.