Downing Structured Opportunities VCT 1 plc
Interim Management Statement
for the three months ended 30 June 2012
19 July 2012
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Structured Opportunities VCT 1 plc presents an Interim Management Statement covering the period from 1 April 2012 to 30 June 2012. The statement also includes relevant financial information between the end of the period and the date of this statement.
Performance
| Ordinary Share Pool | Unaudited 30 June 2012 | Audited 31 March 2012 | Unaudited 31 Dec 2011 | Unaudited 30 Sept 2011 |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per Ordinary Share | 100.3 | 98.7 | 100.3 | 99.2 |
| Net Asset Value per 'A' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per Ordinary Share | 15.0 | 15.0 | 12.5 | 12.5 |
| Total return per Ordinary Share and 'A' Share | 115.4 | 113.8 | 112.9 | 111.8 |
| 'B' Share Pool | Unaudited 30 June 2012 | Audited 31 March 2012 | Unaudited 31 Dec 2011 | Unaudited 30 Sept 2011 |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per 'B' Share | 85.0 | 84.9 | 86.8 | 87.3 |
| Net Asset Value per 'C' Share | 0.1 | 0.1 | 0.1 | 0.1 |
| Cumulative distributions per 'B' Share | 10.0 | 10.0 | 7.5 | 7.5 |
| Total return per 'B' Share and 'C' Share | 95.1 | 95.0 | 94.4 | 94.9 |
| 'D' Share Pool | Unaudited 30 June 2012 | Audited 31 March 2012 | Unaudited 31 Dec 2011 |
| Pence | Pence | Pence | |
| Net Asset Value per 'D' Share | 94.7 | 94.5 | 94.4 |
| Total return per 'D' Share | 94.7 | 94.5 | 94.4 |
Dividends paid or declared in the period
The Board has declared final dividends in respect of the year ended 31 March 2012 of 2.5p per Ordinary Share, 2.5p per 'B' Share and 2.5p per 'D' Share to be paid on 28 September 2012, subject to Shareholder approval at the AGM on 25 September 2012.
Investment portfolio summary at 30 June 2012 (unaudited)
| Ordinary Shares | Cost | Valuation | Valuation Movement from 1 April 2012 to 30 June 2012 |
| £'000 | £'000 | £'000 | |
| Structured Products | |||
| Symphony Structure 3.5yr FTSE 4.85 Call Spread | 355 | 552 | 12 |
| Elders Capital Accumulator VIII (29A) | 486 | 527 | 3 |
| Morgan Stanley Synthetic Zero | 297 | 473 | - |
| 1,138 | 1,552 | 15 | |
| Venture Capital Investments | |||
| Redmed Limited | 1,063 | 1,063 | - |
| Future Biogas (SF) Limited | 909 | 1,018 | - |
| Domestic Solar Limited | 1,000 | 1,000 | - |
| Bijou Wedding Venues Limited | 815 | 884 | - |
| Atlantic Dogstar Limited | 572 | 806 | - |
| Quadrate Catering Limited | 577 | 577 | - |
| Quadrate Spa Limited | 565 | 565 | - |
| Ecossol Limited | 500 | 500 | - |
| East Dulwich Tavern Limited | 459 | 459 | - |
| Westow House Limited | 405 | 441 | - |
| 3D Pub Co Limited | 517 | 362 | - |
| Mosaic Spa & Health Club Limited | 250 | 250 | - |
| Slopingtactic Limited | 102 | 102 | - |
| Camandale Limited | 292 | 82 | - |
| Chapel Street Food and Beverages Limited | 75 | 75 | - |
| Chapel Street Services Limited | 75 | 75 | - |
| Fenkle Street LLP | 69 | 69 | - |
| Chapel Street Hotel Limited | 3 | 3 | - |
| 8,248 | 8,331 | - | |
| Total | 9,386 | 9,883 | 15 |
| 'B' Shares | Cost | Valuation | Valuation Movement from 1 April 2012 to 30 June 2012 |
| £'000 | £'000 | £'000 | |
| Structured Products | |||
| Barclays 5Y Synthetic Zero | 1,003 | 1,150 | 10 |
| Elders Capital Accumulator VIII | 970 | 1,054 | 6 |
| Goldman Sachs 6YR Phoenix Autocall 3 | 1,003 | 974 | (80) |
| HSBC US Trade Range | 752 | 925 | 10 |
| Symphony Structure 3.5yr FTSE 4.85 Call Spread | 497 | 551 | 12 |
| JP Morgan 8% Defensive FTSE Autocall | 356 | 416 | 2 |
| 4,581 | 5,070 | (40) | |
| Venture Capital Investments | |||
| Future Biogas (Reepham Road) Limited | 1,476 | 1,476 | - |
| Quadrate Catering Limited | 850 | 850 | - |
| Quadrate Spa Limited | 838 | 838 | - |
| Antelope Pub Limited | 750 | 806 | - |
| Domestic Solar Limited | 800 | 800 | - |
| Kidspace Adventures Holdings Limited | 750 | 750 | - |
| Alpha Schools Holdings Limited | 733 | 733 | - |
| Avon Solar Energy Limited | 500 | 500 | - |
| Ecossol Limited | 500 | 500 | - |
| Green Electricity Generation Limited | 500 | 500 | - |
| Westcountry Solar Solutions Limited | 500 | 500 | - |
| Liverpool Nurseries (House) Limited | 406 | 406 | - |
| Mosaic Spa and Health Club (Shrewsbury) Limited | 350 | 350 | - |
| Progressive Energies Limited | 340 | 340 | - |
| Slopingtactic Limited | 277 | 277 | - |
| Liverpool Nurseries (Greenbank) Limited | 276 | 276 | - |
| Kidspace Adventures Limited | 270 | 270 | - |
| Mosaic Spa and Health Clubs Limited | 250 | 250 | - |
| Camandale Limited | 795 | 224 | - |
| Fenkle Street LLP | 185 | 185 | - |
| Commercial Street Hotel Limited | 185 | 185 | - |
| Ridgeway Pub Company Limited | 137 | 137 | - |
| Liverpool Nurseries (Cottage) Limited | 135 | 135 | - |
| Liverpool Nurseries (Holdings) Limited | 118 | 118 | - |
| 11,921 | 11,406 | - | |
| Total | 16,502 | 16,476 | (40) |
| 'D' Shares | Cost | Valuation | Valuation Movement from 1 April 2012 to 30 June 2012 |
| £'000 | £'000 | £'000 | |
| Structured Products | |||
| Barclays 8% FTSE/S&P Worst -Of Def AC | 752 | 763 | 5 |
| Goldman Sachs 9.6% Reservoir Autocall | 558 | 566 | 8 |
| Credit Suisse 7.25% FTSE Autocall | 523 | 525 | 5 |
| JPMorgan 7% Defensive FTSE AC | 517 | 519 | 4 |
| UBS 8.15% Defensive FTSE Autocall | 501 | 510 | 9 |
| 2,851 | 2,883 | 31 | |
| Venture Capital Investments | |||
| Tor Solar PV Limited | 768 | 768 | - |
| City Falkirk Limited | 562 | 562 | - |
| Vulcan Renewables Limited | 560 | 560 | - |
| Fubar Stirling Limited | 357 | 357 | - |
| Fresh Green Power Limited | 200 | 200 | - |
| Green Energy Production UK Limited | 100 | 100 | - |
| Cheers Dumbarton Limited | 64 | 64 | - |
| Lochrise Limited | 17 | 17 | - |
| 2,628 | 2,628 | - | |
| Total | 5,479 | 5,511 | 31 |
Investment activity during the three month period ended 30 June 2012
| Ordinary Share Portfolio Investment addition | Cost |
| £'000 | |
| Quadrate Spa Limited | 22 |
| 'B' Share Portfolio Investment addition | Cost |
| £'000 | |
| Quadrate Spa Limited | 33 |
| Liverpool Nurseries (Holdings) Limited | 115 |
| 148 |
| 'D' Share Portfolio Investment additions | Cost |
| £'000 | |
| Tor Solar PV Limited | 768 |
| Vulcan Renewables Limited | 560 |
| Fresh Green Power Limited | 200 |
| Green Energy Production UK Limited | 100 |
| Goldman Sachs 9.6% Reservoir Autocall | 558 |
| UBS 8.15% Defensive FTSE Autocall | 501 |
| 2,687 |
| 'B' Shares Portfolio Investment disposal | Cost | Disposal proceeds | Gain against cost | Realised gain in the period |
| £'000 | £'000 | £'000 | £'000 | |
| Barclays 6Y 10% Def FTSE Autocall | 291 | 348 | 57 | 9 |
There were no Ordinary Share or 'D' Share portfolio investment disposals in the three month period ended 30 June 2012.
Investment activity from 1 July 2012 to the date of this report
There were no Ordinary Share, 'B' Share or 'D' Share portfolio investment additions or disposals from 1 July 2012 to the date of this report.
Changes to share capital
There have been no changes to the Ordinary, 'A', 'B' or 'C' share capital during the period from 1 April 2012 to the 30 June 2012 or during the period from 1 July 2012 to the date of this announcement.
During the period from 1 April 2012 to 30 June 2012 2,737,418 'D' shares of 1p each were issued at 100.0p per share.
On 9 July 2012 37,200 'D' shares of 0.1p each were issued at 100.0p per share.
Material events
Other than described above, there were no material events during the period from 1 April 2012 to 30 June 2012 or in the period from 1 July 2012 to the date of this announcement.