Downing Protected VCT III plc
Interim Management Statement
for the quarter ended 31 October 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 quarter month period ended 31 October 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
No dividends were paid or declared in the period.
Performance
Downing Protected VCT III plc
|
|
31 October 2007 |
31 July 2007 |
31 January 2007 |
31 July 2006 |
31 January 2006 |
|
|
Pence |
Pence |
Pence |
Pence |
Pence |
|
Net Asset Value ("NAV") |
95.9 |
95.4 |
95.8 |
95.3 |
95.7 |
|
Cumulative Dividends |
2.5 |
2.5 |
1.0 |
1.0 |
- |
|
Total Return * |
98.4 |
97.9 |
96.8 |
96.3 |
95.7 |
|
* (NAV plus cumulative dividends paid since launch) |
|
|
| ||
Investment portfolio summary at 31 October 2007
Portfolio investments by value
|
|
Cost |
|
Valuation |
|
Movement
in period |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
Qualifying venture capital investments |
|
|
|
|
|
|
Cymbal Contracting Limited |
1,450 |
|
1,450 |
|
- |
|
Hoole Hall Country Club and Spa Limited |
1,375 |
|
1,375 |
|
- |
|
Ebury Contracting Limited |
1,000 |
|
1,000 |
|
- |
|
Ebury Contracting (South East) Limited |
1,000 |
|
1,000 |
|
- |
|
Liongold Contracting Limited |
1,000 |
|
1,000 |
|
- |
|
Nu Nu plc |
1,000 |
|
1,000 |
|
- |
|
Chapel Contractors Limited |
460 |
|
460 |
|
- |
|
Downing Office Villages Contractor Limited |
252 |
|
252 |
|
- |
|
Honeycombe Pubs VCT plc |
217 |
|
217 |
|
- |
|
|
7,754 |
|
7,754 |
|
- |
|
Non qualifying venture capital investments |
|
|
|
|
|
|
Vermont Developments Limited |
500 |
|
500 |
|
- |
|
Green Mountain Constructions Limited |
430 |
|
430 |
|
- |
|
Heyford Homes (Thornton Hall) Limited |
376 |
|
376 |
|
- |
|
Coastal Partnerships Limited |
330 |
|
330 |
|
- |
|
Sanguine Hospitality Limited |
250 |
|
250 |
|
- |
|
|
|
|
|
|
|
|
|
1,886 |
|
1,886 |
|
- |
|
|
|
|
|
|
|
|
Total |
9,640 |
|
9,640 |
|
- |
Investment additions during the quarter ended 31 October 2007
|
|
Cost |
|
|
£'000 |
|
Liongold Contracting Limited |
1,000 |
|
Cymbal Contracting Limited |
450 |
|
Hoole Hall Country Club and Spa Limited |
375 |
|
Coastal Partnerships Limited |
330 |
|
|
2,155 |
Investment disposals during the quarter ended 31 October 2007
|
|
Cost |
Market value at
1 February 2007 |
Disposal
proceeds |
Loss
against
cost |
Total
realised
loss |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
433 |
433 |
433 |
- |
- | |
|
CIT Group Inc 15/12/08 |
507 |
497 |
479 |
(28) |
(18) |
|
Lehman Brothers Holdings Inc 26/01/10 |
500 |
488 |
483 |
(17) |
(5) |
|
Treasury Corporation of New Zealand Finance 12/12/08 |
411 |
399 |
398 |
(13) |
(1) |
|
|
1,851 |
1,817 |
1,793 |
(58) |
(24) |
Since the period end, the Company has disposed of its investment in Green Mountain Contractors Limited at par.
Changes to share capital
|
|
Ordinary Shares
of 10p each | |
|
|
Shares |
£'000 |
|
As at 31 January 2007 |
10,132,592 |
101 |
|
Shares bought back and cancelled |
(7,725) |
- |
|
As at 31 October 2007 |
10,124,867 |
101 |
Since the period end, the Company purchased 40,000 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 August 2007 to 31 October 2007 or in the period from 1 November 2007 to the date of this announcement.