Downing THREE VCT plc
NAV and Portfolio Update
15 December 2015
Downing THREE 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 | 52.6 |
| 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* | 120.7 |
'D' Share Pool
| 31 Oct 2015 pence | |
| NAV per 'D' Share | 76.9 |
| NAV per 'E' Share | 0.1 |
| Cumulative distributions per 'D' Share | 22.5 |
| Total Return per 'D' Share and 'E' Share* | 99.5 |
'F' Share Pool
| 31 Oct 2015 pence | |
| NAV per 'F' Share | 73.0 |
| Cumulative distributions per 'F' Share | 17.5 |
| Total Return per 'F' Share* | 90.5 |
'H' Share Pool
| 31 Oct 2015 pence | |
| NAV per 'H' Share | 94.4 |
| Cumulative distributions per 'H' Share | 7.5 |
| Total Return per 'H' Share* | 101.9 |
'J' Share Pool
| 31 Oct 2015 pence | |
| NAV per 'J' Share | 99.6 |
| Cumulative distributions per 'J' Share | - |
| Total Return per 'J' Share* | 99.6 |
* 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 | 9.9% |
| Quadrate Catering Limited | 330 | 359 | 9.8% |
| 693 | 722 | 19.7% | |
| Cash at bank and in hand | 2,956 | 80.3% | |
| 3,678 | 100.0% |
'D' Share pool
| Cost £'000 | Valuation £'000 | % of portfolio | |
| Aminghurst Limited | 1,322 | 1,322 | 17.6% |
| 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 | 3.5% |
| 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 | 65.9% | |
| Cash at bank and in hand | 2,552 | 34.1% | |
| 7,525 | 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 | 9.7% |
| Tor Solar PV Limited | 680 | 595 | 7.6% |
| Merlin Renewables Limited | 500 | 500 | 6.4% |
| Lambridge Solar Limited | 500 | 500 | 6.4% |
| 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 | 3.9% |
| Fubar Stirling Limited | 268 | 256 | 3.3% |
| Pearce and Saunders Limited | 497 | 248 | 3.2% |
| Pabulum Pub Limited | 200 | 229 | 2.9% |
| City Falkirk Limited | 422 | 207 | 2.6% |
| Atlantic Dogstar Limited | 200 | 200 | 2.6% |
| Fresh Green Power Limited | 200 | 200 | 2.6% |
| Green Energy Production UK Limited | 100 | 100 | 1.3% |
| Redmed Limited | 136 | 99 | 1.3% |
| London City Shopping Centre Limited | 66 | 66 | 0.8% |
| 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 | 91.3% | |
| Cash at bank and in hand | 686 | 8.7% | |
| 7,832 | 100.0% |
'H' Share pool
| Cost £'000 | Valuation £'000 | % of portfolio | |
| Hedderwick Limited | 1,250 | 1,250 | 10.0% |
| Kidspace Adventure Holdings Limited | 1,084 | 1,084 | 8.6% |
| Atlantic Dogstar Limited | 1,000 | 1,000 | 8.0% |
| Pub People Limited | 984 | 984 | 7.8% |
| Hobblers Heath Limited | 727 | 727 | 5.8% |
| Antelope Pub Limited | 500 | 500 | 4.0% |
| Oak Grove Renewables Limited | 420 | 420 | 3.3% |
| Ludlow Taverns Limited | 388 | 388 | 3.1% |
| Pearce and Saunders Limited | 193 | 193 | 1.5% |
| Augusta Pub Company Limited | 155 | 155 | 1.2% |
| Commercial Street Hotel Limited | - | - | 0.0% |
| 6,701 | 6,701 | 53.3% | |
| Cash at bank and in hand | 5,858 | 46.4% | |
| 12,559 | 100.0% |
'J' Share pool
| Cost £'000 | Valuation £'000 | % of portfolio | |
| Pilgrim Pubs Limited | 1,000 | 1,000 | 9.6% |
| Oak Grove Renewables Limited | 420 | 420 | 4.0% |
| UK Solar (Lower Newton) LLP | 300 | 300 | 2.9% |
| 1,720 | 1,720 | 16.5% | |
| Cash at bank and in hand | 8,734 | 83.5% | |
| 10,454 | 100.0% |
The unaudited balance sheet as at 31 October 2015 is summarised as follows:
| £'000 | |
| Fixed Assets | |
| Venture Capital Investments | 21,261 |
| Current Assets | |
| Debtors | 859 |
| Bank | 20,788 |
| 21,647 | |
| Current Liabilities | |
| Creditors | (1,793) |
| Net Current Assets | 19,854 |
| Net Assets | 41,115 |
| 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 |
| 'J' Shares 0.1p each | 9 |
| Special reserve | 16,980 |
| Revaluation reserve | (1,356) |
| Share premium account | 22,923 |
| Capital redemption reserve | 106 |
| Capital reserve - realised | 877 |
| Revenue reserve | 1,509 |
| 41,115 | |