Downing THREE VCT plc : Net Asset Values and Portfolio Update

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Downing THREE VCT plc
NAV and Portfolio Update
9 December 2014

Downing Three VCT plc announces that its unaudited Net Asset Values and performance as at 30 November 2014 were as follows:

'C' Share Pool

  30 Nov
 2014
 pence
NAV per 'C' Share 92.8
NAV per 'A' Share 0.1
Cumulative distributions per 'C' Share 25.0
Total Return per 'C' Share and 'A' Share* 117.9


'D' Share Pool

  30 Nov
 2014
 pence
NAV per 'D' Share 77.1
NAV per 'E' Share 0.1
Cumulative distributions per 'D' Share 20.0
Total Return per 'D' Share and 'E' Share* 97.2


'F' Share Pool

  30 Nov
 2014
 pence
NAV per 'F' Share 77.9
Cumulative distributions per 'F' Share 12.5
Total Return per 'F' Share* 90.4


'H' Share Pool

  30 Nov
 2014
 pence
NAV per 'H' Share 99.6
Cumulative distributions per 'H' Share -
Total Return per 'H' Share* 99.6


* NAV plus cumulative dividends paid to date   

The unaudited investment portfolio as at 30 November 2014 is summarised as follows:

'C' Share pool   

  Cost
 £'000 		Valuation
 £'000 		% of
 portfolio
Atlantic Dogstar Limited 663 986 14.9%
Future Biogas (SF) Limited 697  786 11.8%
East Dulwich Tavern Limited 644  709 10.7%
Westow House Limited 429  602 9.1%
Hoole Hall Country Club Holdings Limited 581  581 8.8%
Domestic Solar Limited 500  560 8.5%
The Thames Club Limited 500  500 7.5%
Redmed Limited 350  451 6.8%
Quadrate Spa Limited 363  363 5.5%
Quadrate Catering Limited 330  359 5.4%
The 3D Pub Co Limited 267  227 3.4%
Ecossol Limited 250  213 3.2%
Mosaic Spa and health Clubs Limited 125  106 1.6%
Honeycombe Pubs VCT Limited 188 65 1.0%
Vermont Developments Ltd 25 38 0.6%
Chapel Street Food and Beverage Limited 50 13 0.2%
Chapel Street Services Limited 50 13 0.2%
Chapel Street Hotel Limited 2 - 0.0%
  6,014 6,572 99.2%
Cash at bank and in hand   53 0.8%
    6,625 100.0%

'D' Share pool

  Cost
 £'000 		Valuation
 £'000 		% of
 portfolio
Aminghurst Limited 1,650 1,650 21.4%
Future Biogas (Reepham Road) Limited 842  842 10.9%
Quadrate Spa Limited 496  496 6.4%
Quadrate Catering Limited 441  481 6.2%
Kidspace Adventures Holdings Limited 375  448 5.8%
Domestic Solar Limited 400  448 5.8%
Alpha Schools Holdings Limited 367  402 5.2%
Mosaic Spa and Health Clubs Limited 475  387 5.0%
Liverpool Nurseries (Holdings) Limited 435  386 5.0%
Green Electricity Generation Limited 250  303 3.9%
Westcountry Solar Solutions Limited 250  250 3.3%
West Tower Property Limited 250  250 3.3%
Slopingtactic Limited 196  225 2.9%
Ecossol Limited 250  213 2.8%
Avon Solar Energy Limited 210  210 2.7%
Progressive Energies Limited 170  180 2.3%
Ridgeway Pub Company Limited 137  126 1.6%
Fenkle Street LLP 122  122 1.6%
Commercial Street Hotel Limited 100  100 1.3%
Camandale Limited 516 46 0.6%
Kilmarnock Monkey Bar Limited 42 42 0.5%
  7,974 7,607 98.5%
Cash at bank and in hand   115 1.5%
    7,722 100.0%


'F' Share pool

  Cost
 £'000 		Valuation
 £'000 		% of
 portfolio
Aminghurst Limited 1,110 1,110 13.1%
Goonhilly Earth Station Limited 760  760 9.0%
Tor Solar PV Limited 680  680 8.0%
Pearce and Saunders Limited 644  644 7.6%
Vulcan Renewables Limited  588  588 6.9%
Lambridge Solar Limited 500  500 5.9%
Merlin Renewables Limited 500 500 5.9%
Pub People Limited 500  500 5.9%
Baron House Developments LLP 481  481 5.7%
Grasshopper 2007 Limited 378  378 4.5%
Kidspace Adventures Holdings Limited 250  299 3.5%
Augusta Pub Company Limited 290  290 3.4%
Fubar Stirling Limited 268  268 3.2%
Hoole Hall Hotel Limited 265  265 3.1%
Redmed Limited 250  250 3.0%
City Falkirk Limited 422  207 2.4%
Fresh Green Power Limited 200  200 2.4%
Pabulum Pubs Limited 200  200 2.4%
Green Energy Production UK Limited 100  100 1.2%
Dominions House Limited 59 59 0.7%
The 3D Pub Co Limited  55 55 0.6%
London City Shopping Centre 43 43 0.5%
Cheers Dumbarton Limited 48 17 0.2%
Lochrise Limited 13  - 0.0%
Southampton Hotel Developments Limited 298  - 0.0%
  8,902 8,394 99.1%
Cash at bank and in hand   79 0.9%
    8,473 100.0%


'H' Share pool

  Cost
 £'000 		Valuation
 £'000 		% of
 portfolio
Deeside Solar Farm Limited 2,250 2,250 16.9%
Woodbridge Solar Limited 1,800 1,800 13.5%
Vulcan Renewables Limited 1,410 1,410 10.6%
Future Biogas (SF) Limited 525 525 3.9%
Ludlow Taverns Limited 420 420 3.1%
  6,405 6,405 48.0%
Cash at bank and in hand   6,944 52.0%
    13,349 100.0%


Details of the 10 largest investments in the Company as at 30 November are given below:

Company Date of first
 investment 		Cost Valuation
 at 30 Nov
 2014
 £'000
    Total
 £'000 		Equity
 £'000 		Loan Stock
 £'000
Aminghurst Limited Nov-07 2,760 - 2,760 2,760
Deeside Solar Farm Limited Nov-14 2,250 - 2,250 2,250
Vulcan Renewables Limited Apr-12 1,998 420 1,578 1,998
Woodbridge Solar Farm Limited Nov-14 1,800 - 1,800 1,800
Future Biogas (SF) Limited May-10 1,222 221 1,001 1,311
Domestic Solar Limited Mar-11 900 270 630 1,008
Atlantic Dogstar Limited Sep-09 663 138 525 986
Quadrate Spa Limited Aug-10 859 249 610 859
Future Biogas (Reepham Road) Limited Apr-11 842 320 522 842
Quadrate Catering Limited Aug-10 771 231 540 840
           


The unaudited balance sheet as at 30 November 2014 is summarised as follows:

  £'000
Fixed Assets  
Venture Capital Investments 28,978
   
Current Assets  
Debtors 466
Bank 7,192
  7,658
Current Liabilities  
Creditors (463)
Net Current Assets 7,195
Net Assets 36,173
   
Represented by:  
Ordinary shares 1p each  
'A' Shares 0.1p each 11
'C' Shares 0.1p each 7
'D' Shares 0.1p each 10
'E' Shares 0.1p each 15
'F' Shares 0.1p each 11
'H' Shares 0.1p each 13
Special reserve 23,459
Revaluation reserve (316)
Share premium account 13,608
Capital redemption reserve 106
Capital reserve - realised (1,033)
Revenue reserve 282
  36,173