Downing Protected VCT II plc
Interim Management Statement
for the three months ended 30 April 2007
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Protected VCT II plc presents an Interim Management Statement for the three month period ended 30 April 2007. 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 15 May 2007, the Company declared a final dividend of 1.5p per Ordinary share to be paid (subject to Shareholder approval) on 13 July 2007 to shareholders on the register at 8 June 2007.
Performance
Downing Protected VCT II plc
|
|
|
30 April 2007 |
31 January 2007 |
31 July 2006 |
31 January 2006 |
|
|
|
Pence |
Pence |
Pence |
Pence |
|
Net Asset Value ("NAV") |
|
96.4 |
95.8 |
95.3 |
95.7 |
|
Cumulative Dividends |
|
1.0 |
1.0 |
1.0 |
- |
|
Total Return * |
|
97.4 |
96.8 |
96.3 |
95.7 |
|
* (NAV plus cumulative dividends paid since launch) |
|
|
| ||
Investment portfolio summary at 30 April 2007
Portfolio investments by value
|
|
Cost |
|
Valuation |
|
Movement
in period |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
Qualifying venture capital investments |
|
|
|
|
|
|
Cymbal Contracting Limited |
1,000 |
|
1,000 |
|
- |
|
Ebury Contracting Limited |
1,000 |
|
1,000 |
|
- |
|
Ebury Contracting (South East) Limited |
1,000 |
|
1,000 |
|
- |
|
Hoole Hall Country Club and Spa Limited |
1,000 |
|
1,000 |
|
- |
|
Nu Nu plc |
1,000 |
|
1,000 |
|
- |
|
Honeycombe Pubs VCT plc |
650 |
|
650 |
|
- |
|
Chapel Contractors Limited |
460 |
|
460 |
|
- |
|
Downing Office Villages Contractor Limited |
252 |
|
252 |
|
- |
|
|
6,362 |
|
6,362 |
|
- |
|
Non qualifying venture capital investments |
|
|
|
|
|
|
Vermont Developments Limited |
875 |
|
875 |
|
- |
|
Green Mountain Constructions Limited |
430 |
|
430 |
|
- |
|
Heyford Homes (Thornton Hall) Limited |
376 |
|
376 |
|
- |
|
Sanguine Hospitality Limited |
250 |
|
250 |
|
- |
|
|
1,931 |
|
1,931 |
|
- |
|
|
|
|
|
|
|
|
Listed fixed income investments |
1,418 |
|
1,383 |
|
(1) |
|
|
|
|
|
|
|
|
Total |
9,711 |
|
9,676 |
|
(1) |
Investment additions during the 3 months ended 30 April 2007
|
|
Cost |
|
|
£'000 |
|
Green Mountain Constructions Limited |
430 |
|
Hoole Hall Country Club and Spa Limited |
1,000 |
|
Sanguine Hospitality Limited |
250 |
|
Vermont Developments Limited |
875 |
|
|
2,555 |
Investment disposals during the 3 months ended 30 April 2007
|
|
Cost |
Market value at 1 February 2007 |
Disposal proceeds |
Gain/(loss) against
cost |
Total realised gain |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Heyford Homes (Wheldon) Ltd |
131 |
131 |
131 |
- |
- |
|
American Express 18/08/09 |
511 |
497 |
498 |
(13) |
1 |
|
Countrywide Financial 15/12/08 |
509 |
499 |
499 |
(10) |
- |
|
HSBC Finance 22/01/10 |
519 |
503 |
504 |
(15) |
1 |
|
|
1,670 |
1,630 |
1,632 |
(38) |
2 |
Since the period end Vermont Developments Limited has repaid loan stock of £375,000 at par.
Changes to share capital
|
|
|
Ordinary Shares
of 10p each | ||
|
|
|
|
Shares |
£'000 |
|
As at 31 January 2007 |
|
|
10,138,848 |
101 |
|
Shares bought back and cancelled |
|
|
- |
- |
|
As at 30 April 2007 |
|
|
10,138,848 |
101 |
Material events
Other than described below, there were no material events during the period from 1 February 2007 to 30 April 2007 or in the period from 1 May 2007 to the date of this announcement.