Downing Planned Exit VCT 3 plc
Interim Management Statement
for the quarter ended 31 October 2012
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 31 October 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 30 November 2012, dividends of 2.5p per 'C' Share, 2.5p per 'D' Share and 5.0p per 'F' Share were paid to Shareholders on the register at 2 November 2012.
Performance
'C' Share Pool
| Unaudited 31 Oct 2012 | Unaudited 31 Jul 2012 | Unaudited 30 Apr 2012 | Audited 31 Jan 2012 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'C' Share | 92.4 | 90.8 | 91.9 | 91.5 |
| NAV per 'A' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'C' Share | 15.0 | 15.0 | 12.5 | 12.5 |
| Total Return per 'C' Share and 'A' Share* | 107.5 | 105.9 | 104.5 | 104.1 |
'D' Share Pool
| Unaudited 31 Oct 2012 | Unaudited 31 Jul 2012 | Unaudited 30 Apr 2012 | Audited 31 Jan 2012 | |
| Pence | Pence | Pence | Pence | |
| NAV per 'D' Share | 81.0 | 80.3 | 83.1 | 83.3 |
| NAV per 'E' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'D' Share | 10.0 | 10.0 | 7.5 | 7.5 |
| Total Return per 'D' Share and 'E' Share* | 91.0 | 90.4 | 90.7 | 90.9 |
'F' Share Pool
| Unaudited 31 Oct 2012 | Unaudited 31 Jul 2012 | Unaudited 30 Apr 2012 | |
| Pence | Pence | Pence | |
| NAV per 'F' Share | 94.6 | 94.4 | 94.5 |
| Cumulative distributions per 'F' Share | - | - | - |
| Total Return per 'F' Share* | 94.6 | 94.4 | 94.5 |
* NAV plus cumulative dividends paid to date
Investment portfolio summary at 31 October 2012
Portfolio investments by value
'C' Share pool
| Cost | Valuation | Movement from 1 Aug 2012 to 31 Oct 2012 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Bijou Wedding Venues Limited | 815 | 883 | - |
| Future Biogas (SF) Limited | 627 | 703 | - |
| Atlantic Dogstar Limited | 429 | 655 | - |
| Domestic Solar (ISIS) Limited* | 500 | 500 | - |
| Redmed Limited* | 437 | 437 | - |
| Westow House Limited | 304 | 395 | - |
| East Dulwich Tavern Limited | 344 | 386 | - |
| 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 | 5,274 | - | |
| Non qualifying venture capital investments | |||
| Hoole Hall Country Club Holdings Ltd | 581 | 581 | - |
| The Thames Club Limited | 500 | 500 | - |
| Honeycombe Pubs VCT Limited | 175 | 96 | - |
| Vermont Developments Limited | 25 | 25 | - |
| Chapel Street Hotel Limited | 2 | 2 | - |
| 1,283 | 1,204 | - | |
| Total | 6,134 | 6,478 | - |
*partially qualifying investment
'D' Share pool
| Cost | Valuation | Movement from 1 Aug 2012 to 31 Oct 2012 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Future Biogas (Reepham Road) Limited | 748 | 748 | - |
| Mosaic Spa and Health Clubs Limited* | 475 | 475 | - |
| Quadrate Catering Limited | 441 | 441 | - |
| Quadrate Spa Limited* | 436 | 436 | - |
| Domestic Solar Limited | 400 | 400 | - |
| Alpha Schools Holdings Limited | 367 | 380 | - |
| Kidspace Adventures Holdings Limited* | 375 | 375 | - |
| Avon Solar Energy Limited | 250 | 250 | - |
| Ecossol Limited | 250 | 250 | - |
| Green Electricity Generation Limited | 250 | 250 | - |
| Westcountry Solar Solutions Limited | 250 | 250 | - |
| Slopingtactic Limited | 196 | 196 | - |
| Progressive Energies Limited | 170 | 170 | - |
| Ridgeway Pub Company Limited | 136 | 136 | - |
| Camandale Limited | 561 | 113 | |
| 5,305 | 4,870 | - | |
| 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 | - |
| Commercial Street Hotel Limited | 100 | 100 | - |
| 3,113 | 3,113 | - | |
| Total | 8,418 | 7,983 | - |
*partially qualifying investment
'F' Share pool
| Cost | Valuation | Movement from 1 Aug 2012 to 31 Oct 2012 | |
| £'000 | £'000 | £'000 | |
| Qualifying venture capital investments | |||
| Tor Solar PV Limited* | 816 | 816 | - |
| Vulcan Renewables Limited | 560 | 560 | - |
| City Falkirk Limited* | 421 | 421 | - |
| Fresh Green Power Limited | 200 | 200 | - |
| Green Energy Production UK Limited | 100 | 100 | - |
| 2,097 | 2,097 | - | |
| Non qualifying venture capital investments | |||
| Aminghurst Limited | 1,110 | 1,110 | - |
| Baron House Developments LLP | 625 | 625 | - |
| Clareville Street LLP | 500 | 500 | - |
| Southampton Hotel Developments Limited | 300 | 300 | - |
| West Tower Holdings Limited | 290 | 290 | |
| Holdland House Developments Limited | 269 | 269 | |
| Fubar Stirling Limited | 268 | 268 | - |
| Kidspace Adventure Holdings Limited | 250 | 250 | - |
| 3D Pub Co Limited | 55 | 55 | - |
| Cheers Dumbarton Limited | 48 | 48 | - |
| Lochrise Limited | 13 | 13 | - |
| 3,728 | 3,728 | - | |
| Total | 5,825 | 5,825 | - |
*partially non-qualifying investment
Investment additions and disposals
The 'C' Share, 'D' Share and 'F' Share pool additions and disposals are summarised as follows:
'F' Share investment additions during the 3 months ended 31 October 2012
| Cost | |
| £'000 | |
| Aminghurst Limited | 1,110 |
| 3D Pub Co Limited | 55 |
| Holdland House Developments Limited | 50 |
| 1,215 |
There were no additions made by the 'C' or 'D' Share pools during the three months to 31 October 2012.
Investment disposals during the 3 months ended 31 October 2012
| Cost | Market value at 1 Jul 2012 | Disposal proceeds | Gain against cost | Total realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| 'D' Share pool | |||||
| Kidspace Adventures Limited | 135 | 135 | 135 | - | - |
| 'F' Share pool | |||||
| Holdland House Developments Limited | 81 | 81 | 81 | - | - |
| 216 | 216 | 216 | - | - |
During the 3 months to 31 October 2012 no disposals were made by the 'C' Share Pool.
Between 1 November 2012 and the date of this announcement the following 'F' Share pool investments were made:
| Cost | |
| Non qualifying venture capital investments | £'000 |
| Hoole Hall Hotel Limited | 265 |
Between 1 November 2012 and the date of this announcement no 'C' Share pool or 'D' Share pool investments were made.
'F' Share pool investment disposals between 1 November 2012 and the date of this announcement:
| Cost | Market value at 1 Jul 2012 | Disposal proceeds | Gain against cost | Total realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Holdland House Developments Limited | 269 | 269 | 269 | - | - |
Between 1 November 2012 and the date of this announcement no 'C' Share pool or 'D' 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 August 2012 | 7,173,376 | 7 | 10,760,064 | 11 |
| Shares issued | - | - | - | |
| Shares bought back and cancelled | (10,000) | - | - | |
| As at 31 October 2012 | 7,163,376 | 7 | 10,760,064 | 11 |
| 'D' Shares of 0.1p each | 'E' Shares of 0.1p each | |||
| Shares | £'000 | Shares | £'000 | |
| As at 1 August 2012 | 9,994,109 | 10 | 14,994,862 | 15 |
| Shares issued | - | - | - | - |
| Shares bought back and cancelled | - | - | - | - |
| As at 31 October 2012 | 9,994,109 | 10 | 14,994,862 | 15 |
| 'F' Shares of 0.1p each | ||
| Shares | £'000 | |
| As at 1 August 2012 | 8,862,142 | 9 |
| Shares issued | 977,177 | 1 |
| Shares bought back and cancelled | - | - |
| As at 31 October 2012 | 9,839,319 | 10 |
Between 1 November 2012 and the date of this announcement 5,050 'C' Shares were bought back for cancellation.
Fundraising
The Company closed its 'F' Share offer (with its sister company, Downing Planned Exit VCT 2 plc) on 28 September 2012 having raised gross proceeds of £19.7 million between the two companies.
On 25 October 2012, the Company launched an 'F' Share top-up offer (along with its sister company, Downing Planned Exit VCT 2 plc) seeking to raise up to £925,000 per company.
Material events
Other than described above, there were no material events during the period from 1 August 2012 to 31 October 2012 or in the period from 1 November 2012 to the date of this announcement.