Downing TWO VCT plc : Net Asset Value(s)

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Downing TWO VCT plc
NAV and Portfolio Update
15 December 2015

Downing TWO VCT plc announces that its unaudited Net Asset Values and performance as at 31 October 2015 were as follows:

'C' Share Pool

  31 Oct
2015
pence
NAV per 'C' Share 53.2
NAV per 'A' Share 0.1
Cumulative distributions per 'C' Share 75.0
Estimated performance incentive (7.0)
Total Return per 'C' Share and 'A' Share* 121.3


'D' Share Pool

  31 Oct
2015
pence
NAV per 'D' Share 77.1
NAV per 'E' Share 0.1
Cumulative distributions per 'D' Share 22.5
Total Return per 'D' Share and 'E' Share* 99.7


'F' Share Pool

  31 Oct
2015
pence
NAV per 'F' Share 73.4
Cumulative distributions per 'F' Share 17.5
Total Return per 'F' Share* 90.9


'G' Share Pool

  31 Oct
2015
pence
NAV per 'G' Share 89.2
Cumulative distributions per 'G' Share 12.5
Total Return per 'G' Share* 101.7


* NAV plus cumulative dividends paid to date   

The unaudited investment portfolio as at 31 October 2015 is summarised as follows:

'C' Share pool   

  Cost £'000 Valuation £'000 % of portfolio
Quadrate Spa Limited 363 363 9.8%
Quadrate Catering Limited 330 359 9.7%
  693 722 19.5%
Cash at bank and in hand   2,988 80.5%
    3,710 100.0%

'D' Share pool

  Cost £'000 Valuation £'000 % of portfolio
Aminghurst Limited 1,322 1,322 17.5%
Quadrate Spa Limited 496 496 6.6%
Quadrate Catering Limited 442 481 6.4%
Kidspace Adventures Holdings Limited 375 454 6.0%
Mosaic Spa and Health Clubs Limited 521 393 5.2%
Green Electricity Generation Limited 250 303 4.0%
Future Biogas (Reepham Road) Limited 581 261 3.4%
Westcountry Solar Solutions Limited 250 250 3.3%
Avon Solar Energy Limited 210 210 2.8%
Redmed Limited 194 194 2.6%
Progressive Energies Limited 170 191 2.5%
Future Biogas (SF) Limited 169 169 2.2%
Fenkle Street LLP 122 122 1.6%
Commercial Street Hotel Limited 100 100 1.3%
Kilmarnock Monkey Bar Limited 42 25 0.3%
Camandale Limited 421 2 0.0%
  5,665 4,973 65.7%
Cash at bank and in hand   2,596 34.3%
    7,569 100.0%


'F' Share pool

  Cost £'000 Valuation £'000 % of portfolio
Aminghurst Limited 839 839 10.7%
Vulcan Renewables Limited 652 778 9.9%
Goonhilly Earth Station Limited 760 760 9.6%
Tor Solar PV Limited 680 595 7.6%
Merlin Renewables Limited 500 500 6.3%
Lambridge Solar Limited 500 500 6.3%
Baron House Developments LLP 481 481 6.1%
Grasshopper 2007 Limited 378 378 4.8%
Augusta Pub Company Limited 290 308 3.9%
Kidspace Adventures Holdings Limited 250 303 3.8%
Fubar Stirling Limited 268 256 3.3%
Pearce and Saunders Limited 497 248 3.1%
Pabulum Pub Limited 200 229 2.9%
City Falkirk Limited 422 207 2.6%
Atlantic Dogstar Limited 200 200 2.5%
Fresh Green Power Limited 200 200 2.5%
Green Energy Production UK Limited 100 100 1.3%
Redmed Limited 136 99 1.3%
London City Shopping Centre Limited 66 66 0.9%
Pearce and Saunders DevCo Limited 46 46 0.6%
Dominions House Limited 36 36 0.5%
Cheers Dumbarton Limited 48 17 0.2%
Lochrise Limited 13 - 0.0%
Southampton Hotel Developments Limited 298 - 0.0%
  7,860 7,146 90.7%
Cash at bank and in hand   730 9.3%
    7,876 100.0%


'G' Share pool

  Cost £'000 Valuation £'000 % of portfolio
Atlantic Dogstar Limited 3,500 3,500 15.7%
Antelope Pub Limited 2,060 2,060 9.2%
Kidspace Adventures Holdings Limited 1,977 1,977 8.9%
Goonhilly Earth Station Limited 1,710 1,710 7.7%
Hobblers Heath Limited 1,325 1,325 5.9%
Hedderwick Limited 1,250 1,250 5.6%
Baron House Developments LLP 1,093 1,093 4.9%
Grasshopper 2007 Limited 1,050 1,050 4.7%
Pub People Limited 873 873 3.9%
Aminghurst Limited 801 801 3.6%
Augusta Pub Company Limited 580 617 2.8%
Pabulum Pubs Limited 400 458 2.1%
Oak Grove Renewables Limited 420 420 1.9%
Ludlow Taverns Limited 388 388 1.7%
Redmed Limited 273 198 0.9%
Pearce and Saunders Limited 193 193 0.9%
London City Shopping Centre Limited 110 110 0.5%
Craft Beer Pub Co Limited 92 92 0.4%
Dominions House Limited 60 60 0.3%
  18,155 18,175 81.6%
Cash at bank and in hand   4,103 18.4%
    22,278 100.0%


Details of the 10 largest investments in the Company as at 31 October are given below:

Company Date of first investment Cost Valuation at 31 Oct 2015 £'000
  Total £'000 Equity £'000 Loan Stock £'000
Atlantic Dogstar Limited Sep-09 3,700 2,590 1,110 3,700
Aminghurst Limited Nov-07 2,962 - 2,962 2,962
Kidspace Adventures Holdings Limited Jan-12 2,601 1,571 1,030 2,733
Goonhilly Earth Station Limited Jan-14 2,470 1,730 740 2,470
Antelope Pub Limited Mar-13 2,060 1,232 828 2,060
Baron House Developments LLP Apr-12 1,574 - 1,574 1,574
Grasshopper 2007 Limited Mar-14 1,428 1,000 428 1,428
Hobblers Heath Limited Oct-15 1,325 - 1,325 1,325
Hedderwick Limited Oct-15 1,250 875 375 1,250
Augusta Pub Company Limited May-13 870 870 - 926
           


The unaudited balance sheet as at 31 October 2015 is summarised as follows:

  £'000
Fixed Assets  
Venture Capital Investments 31,014
   
Current Assets  
Debtors 1,055
Bank 10,417
  11,472
Current Liabilities  
Creditors (377)
Net Current Assets 11,095
Net Assets 42,109
   
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
'G' Shares 0.1p each 25
Special reserve 43,011
Revaluation reserve (1,358)
Share premium account -
Capital redemption reserve 106
Capital reserve - realised (1,676)
Revenue reserve 1,947
  42,109