Downing Planned Exit VCT 3 plc
Interim Management Statement
for the quarter ended 30 April 2013
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Planned Exit VCT 3 plc presents an Interim Management Statement for the quarter period ended 30 April 2013. 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 2013, the Company declared a final dividend of 2.5p per 'C' Share, 2.5p per 'D' Share and 2.5p per 'F' Share payable, subject to Shareholder approval, on 19 July 2013 to Shareholders on the register at 28 June 2013.
Performance
'C' Share Pool
| Unaudited 30 Apr 2013 | Audited 31 Jan 2013 | Unaudited 31 Oct 2012 | Unaudited 31 Jul 2012 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'C' Share | 95.2 | 94.7 | 92.4 | 90.8 |
| NAV per 'A' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'C' Share | 17.5 | 17.5 | 15.0 | 15.0 |
| Total Return per 'C' Share and 'A' Share* | 112.8 | 112.3 | 107.5 | 105.9 |
'D' Share Pool
| Unaudited 30 Apr 2013 | Audited 31 Jan 2013 | Unaudited 31 Oct 2012 | Unaudited 31 Jul 2012 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'D' Share | 80.1 | 79.7 | 81.0 | 80.3 |
| NAV per 'E' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'D' Share | 12.5 | 12.5 | 10.0 | 10.0 |
| Total Return per 'D' Share and 'E' Share* | 92.7 | 92.3 | 91.1 | 90.4 |
'F' Share Pool
| Unaudited 30 Apr 2013 | Audited 31 Jan 2013 | Unaudited 31 Oct 2012 | Unaudited 31 Jul 2012 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'F' Share | 88.5 | 88.5 | 94.6 | 94.4 |
| Cumulative distributions per 'F' Share | 5.0 | 5.0 | - | - |
| Total Return per 'F' Share* | 93.5 | 93.5 | 94.6 | 94.4 |
* NAV plus cumulative dividends paid to date
Investment portfolio summary at 30 April 2013
Portfolio investments by value
'C' Share pool
| Cost | Valuation | Movement from 1 Feb 2013 to 30 Apr 2013 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Bijou Wedding Venues Limited | 815 | 901 | - |
| Atlantic Dogstar Limited | 438 | 728 | - |
| Future Biogas (SF) Limited | 627 | 703 | - |
| Domestic Solar Limited | 500 | 560 | - |
| Redmed Limited* | 411 | 516 | - |
| Westow House Limited | 304 | 418 | - |
| East Dulwich Tavern Limited | 344 | 385 | - |
| Quadrate Spa Limited* | 363 | 363 | - |
| Quadrate Catering Limited | 330 | 330 | - |
| Ecossol Limited | 250 | 213 | - |
| 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 | - |
| 4,874 | 5,529 | - | |
| Non qualifying venture capital investments | |||
| Hoole Hall Country Club Holdings Ltd | 581 | 581 | - |
| The Thames Club Limited | 500 | 500 | - |
| Honeycombe Pubs VCT Limited | 175 | 87 | - |
| Vermont Developments Limited | 25 | 25 | - |
| Chapel Street Hotel Limited | 2 | 2 | - |
| 1,283 | 1,195 | - | |
| Total | 6,157 | 6,724 | - |
*partially qualifying investment
'D' Share pool
| Cost | Valuation | Movement from 1 Feb 2013 to 30 Apr 2013 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Future Biogas (Reepham Road) Limited | 748 | 748 | - |
| Quadrate Spa Limited* | 496 | 496 | - |
| Mosaic Spa and Health Clubs Limited* | 475 | 475 | - |
| Liverpool Nurseries (Holdings) Limited* | 467 | 467 | - |
| Domestic Solar Limited | 400 | 448 | - |
| Quadrate Catering Limited | 441 | 441 | - |
| Alpha Schools Holdings Limited | 367 | 381 | - |
| Kidspace Adventures Holdings Limited* | 375 | 375 | - |
| Green Electricity Generation Limited | 250 | 257 | - |
| West Tower Property Limited | 250 | 250 | - |
| Westcountry Solar Solutions Limited | 250 | 250 | - |
| Ecossol Limited | 250 | 212 | - |
| Avon Solar Energy Limited | 210 | 210 | - |
| Slopingtactic Limited | 196 | 196 | - |
| Progressive Energies Limited | 170 | 170 | - |
| Ridgeway Pub Company Limited | 136 | 126 | - |
| Camandale Limited* | 516 | 81 | |
| 5,997 | 5,583 | - | |
| Non qualifying venture capital investments | |||
| Aminghurst Limited | 2,150 | 2,150 | - |
| Fenkle Street LLP | 122 | 122 | - |
| Commercial Street Hotel Limited | 100 | 100 | - |
| Kilmarnock Monkey Bar Limited | 42 | 42 | - |
| 2,414 | 2,414 | - | |
| Total | 8,411 | 7,997 | - |
*partially qualifying investment
'F' Share pool
| Cost | Valuation | Movement from 1 Feb 2013 to 30 Apr 2013 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Tor Solar PV Limited | 680 | 680 | - |
| Vulcan Renewables Limited | 560 | 560 | - |
| City Falkirk Limited* | 422 | 340 | - |
| Fubar Stirling Limited | 268 | 268 | - |
| Fresh Green Power Limited | 200 | 200 | - |
| Pabulum Pubs Limited | 200 | 200 | - |
| Green Energy Production UK Limited | 100 | 100 | - |
| Cheers Dumbarton Limited | 48 | 48 | - |
| Lochrise Limited | 13 | - | - |
| 2,491 | 2,396 | - | |
| Non qualifying venture capital investments | |||
| Aminghurst Limited | 1,110 | 1,110 | - |
| Baron House Developments LLP | 481 | 481 | - |
| Southampton Hotel Developments Limited | 300 | 300 | - |
| West Tower Holdings Limited | 224 | 224 | |
| Hoole Hall Hotel Limited | 265 | 265 | |
| Kidspace Adventure Holdings Limited | 250 | 250 | - |
| Retallack Limited | 250 | 250 | - |
| Dominions House LLP | 107 | 107 | - |
| 3D Pub Co Limited | 55 | 55 | - |
| 3,042 | 3,042 | - | |
| Total | 5,533 | 5,438 | - |
*partially non-qualifying investment
Investment additions and disposals
The 'C' Share, 'D' Share and 'F' Share pool additions and disposals are summarised as follows:
'D' Share investment additions during the 3 months ended 30 April 2013
| Cost | |
| £'000 | |
| Kilmarnock Monkey Bar Limited | 42 |
'F' Share investment additions during the 3 months ended 30 April 2013
| Cost | |
| £'000 | |
| Pabulum Pubs Limited | 200 |
| Dominions House LLP | 107 |
| 307 |
There were no additions made by the 'C' Share pools during the three months to 30 April 2013.
Investment disposals during the 3 months ended 30 April 2013
| Cost | Market value at 1 Feb 2013 | Disposal proceeds | Gain against cost | Total realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| 'C' Share pool | |||||
| Redmed Limited | 18 | 18 | 18 | - | - |
| 'D' Share pool | |||||
| Camandale Limited | 45 | 32 | 32 | (13) | - |
| Avon Solar Energy Limited | 40 | 40 | 40 | - | - |
| 'F' Share pool | |||||
| Clareville St LLP | 500 | 500 | 500 | - | - |
| Baron House Developments LLP | 144 | 144 | 144 | - | - |
| West Tower Holdings Limited | 66 | 66 | 66 | - | - |
| 813 | 800 | 800 | (13) | - |
Between 1 May 2013 and the date of this announcement the following investments were made:
'D' Share pool
| Cost | |
| Qualifying venture capital investments | £'000 |
| Future Biogas (Reepham Road) Limited | 94 |
'F' Share pool
| Cost | |
| Qualifying venture capital investments | £'000 |
| Redmed Limited | 250 |
| Augusta Pub Company Limited | 100 |
| 350 |
Between 1 May 2013 and the date of this announcement no 'C' Share pool investments were made.
'D' Share pool investment disposals between 1 May 2013 and the date of this announcement:
| Cost | Market value at 1 Feb 2013 | Disposal proceeds | Gain against cost | Total realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Aminghurst Limited | 500 | 500 | 500 | - | - |
Between 1 May 2013 and the date of this announcement no 'C' Share pool or 'F' Share pool investment disposals were made.
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 February 2013 | 7,158,326 | 7 | 10,750,064 | 11 |
| Shares issued | - | - | - | - |
| Shares bought back and cancelled | - | - | - | - |
| As at 30 April 2013 | 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 February 2013 | 9,994,109 | 10 | 14,994,862 | 15 |
| Shares issued | - | - | - | - |
| Shares bought back and cancelled | - | - | - | - |
| As at 30 April 2013 | 9,994,109 | 10 | 14,994,862 | 15 |
| 'F' Shares of 0.1p each | ||
| Shares | £'000 | |
| As at 1 February 2013 | 10,821,660 | 11 |
| Shares issued | - | - |
| Shares bought back and cancelled | - | - |
| As at 30 April 2013 | 10,821,660 | 11 |
Material events
Other than described above, there were no material events during the period from 1 February 2013 to 30 April 2013 or in the period from 1 May 2013 to the date of this announcement.