TIDMD467
Downing FOUR VCT plc
Report & Accounts for the year ended 31 March 2017
FINANCIAL HIGHLIGHTS
31 March 31 March
2017 2016
pence pence
DSO B Share pool
Net asset value per DSO B Share 20.7 17.6
Net asset value per DSO C Share 0.1 0.1
Cumulative distributions 91.5 91.5
Adjusted for performance estimate (5.5) (4.8)
Total return per DSO B Share and DSO C Share 106.8 (1) 104.4
DSO D Share pool
Net asset value per DSO D Share 76.1 75.6
Cumulative distributions 25.0 20.0
Total return per DSO D Share 101.1 (2) 95.6
DP67 Share pool
Net asset value per DP67 Share 66.1 60.4
Cumulative distributions (since original launch) 27.8 23.8
Total return per DP67 Share 93.9 84.2
DP2011 General Share pool
Net asset value per DP2011 General Ordinary Share 15.0 75.1
Net asset value per DP2011 General A Share 31.2 5.9
Cumulative distributions (since original launch) 55.0 22.5
Total return per DP2011 General Ordinary Share and
DP2011 General A Share 101.2 (3) 103.5
DP2011 Structured Share pool
Net asset value per DP2011 Structured Ordinary Share 4.8 77.1
Net asset value per DP2011 Structured A Share 31.9 6.1
Cumulative distributions (since original launch) 65.0 22.5
Total return per DP2011 Structured Ordinary Share
and DP2011 Structured A Share 101.7 (4) 105.7
DP2011 Low Carbon Share pool
Net asset value per DP2011 Low Carbon Share 43.0 41.6
Cumulative distributions (since original launch) 73.9 73.9
Adjusted for performance estimate (2.5) -
Total return per DP2011 Low Carbon Share 114.4 (5) 115.5
Generalist Share pool
Net asset value per Generalist Share 99.9 N/A
Cumulative distributions per Generalist Share - N/A
Total return per Generalist Share 99.9 N/A
Healthcare Share pool
Net asset value per Healthcare Share 99.7 N/A
Cumulative distributions per Healthcare Share - N/A
Total return per Healthcare Share 99.7 N/A
(1) Based on Total Return levels at 31 March 2017, performance fees are
expected to become due to management. These are estimated to be 5.5p
per DSO B/DSO C Share.
(2) At this stage in the share pools life there is no estimate for
performance fees.
(3) The total return to shareholders at 31 March 2017 is shown net of
performance fees which are expected to become due to management. These
are estimated to be 4.7p per DP2011 General Ordinary share.
(4) The total return to shareholders at 31 March 2017 is shown net of
performance fees which are expected to become due to management. These
are estimated to be 4.8p per DP2011 Structured Ordinary share.
(5) Based on Total Return levels at 31 March 2017, performance fees are
expected to become due to management. These are estimated to be 2.5p
per DP2011 Low Carbon Share.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the Company's Annual Report for the year ended
31 March 2017.
It has been a busy year for your Company as a number of the planned exit
share pools continue to make progress in returning funds to investors as
they move toward the end of their life. At the same time, the Company
also launched fundraisings for two new "evergreen" share classes, which
have raised a significant level of new funds for investment.
Share pool review
As at 31 March 2017 the Company has eight active share pools. A brief
review of each is given below.
DSO B Share pool
The DSO B Shares and C Shares were originally issued in 2010. The
process of realising the portfolio is now approaching completion.
At the year end, the Net Asset Value ("NAV") of a combined holding of
one DSO B Share and one DSO C Share stood at 20.8p, an increase of 3.1p
(17.5%) over the year. Based on these values, it is estimated that there
will be a performance incentive payable to members of the management
team equivalent to 5.5p per B Share.
After providing for this incentive, the Total Return to Shareholders
(NAV plus dividends paid to date less performance incentive) is
estimated to be 106.8p for a holding of one DSO B Share and one DSO C
Share (split 96.0p per DSO B Share and 10.8p per DSO C Share), compared
to the cost for Shareholders who invested in the DSO B Share offer of
100.0p or 70.0p net of income tax relief.
The share pool now has four remaining investments with attributable
value, each of which is in an active sales process. The Manager is
optimistic that these sales will complete in the coming months and that
the share pool will then be able to make a final distribution to B
Shareholders.
A detailed review of the DSO B Share pool is presented in the Investment
Manager's report.
DSO D Share pool
The DSO D Shares were originally issued in 2012. The fifth anniversary
of the close of the offer falls later this year, at which time the
process of starting to unwind the investment portfolio will commence.
The DSO D Share NAV stood at 76.1p at the year end, an increase of 5.5p
per share or 7.3% over the year after adjusting for the dividends of
5.0p per share paid in the year. Total Return now stands at 101.1p per
share, compared to the cost for Shareholders who invested in the DSO D
Share offer of 100.0p or 70.0p net of income tax relief.
The performance of the DSO D Share pool was held back in the initial
years by disappointing performance from a small number of investments.
Over the year, the share pool has been able to make some progress and
the Manager believes that there are prospects for some further growth
before the portfolio is realised and funds returned to investors.
A more detailed review of the DSO D Share pool is presented in the
Investment Manager's Report.
DP67 Share pool
The DP67 shares were originally issued in 2007, although many
shareholders took advantage of the opportunity to participate in a Share
Realisation and Reinvestment Scheme in 2013, which started a new 5-year
holding period for those investors. The task of seeking to realise the
DP67 share pool investments will therefore commence in 2018.
The DP67 Share NAV stood at 66.1p at the year end, an increase of 9.7p
per share or 16.1% over the year after adjusting for the dividends paid
of 4.0p per share. Total Return now stands at 93.9p per share, compared
to the original cost for Shareholders who invested in 2007 of 100.0p or
70.0p net of income tax relief.
A more detailed review of the DP67 Share pool is presented in the
Investment Manager's report.
DP2011 General Share pool
The DP2011 General Shares were originally issued in 2011 and so the
process of seeking to realise the investments has now commenced.
The NAV of a combined holding of one DP2011 General Ordinary Share and
one DP2011 General A Share stood at 46.2p at the year end, a decrease of
2.3p per share or 2.8% for the year, after adjusting for the dividends
paid of 32.5p per share. Total Return now stands at 101.2p per share,
compared to the cost for Shareholders of 100.0p or 70.0p net of income
tax relief.
The share pool has a significant number of remaining investments,
however most now have a path to exit. We expect to see a number of
disposals in the coming months and anticipate that the task of realising
the whole portfolio might be completed by the end of the year.
A more detailed review of the DP2011 General Share pool is presented in
the Investment Manager's report.
DP2011 Structured Share pool
The DP2011 Structured Shares were originally issued in 2011 and so the
process of seeking to realise the investments has also now commenced.
The NAV of a combined holding of one DP2011 Structured Ordinary Share
and one DP2011 Structured A Share stood at 36.7p at the year end, a
decrease of 4.0p per share or 4.8% for the year, after adjusting for the
dividends of 42.5p per share. Total Return now stands at 101.7p per
share, compared to the cost for Shareholders 100.0p or 70.0p net of
income tax relief.
As with the DP2011 General Share pool, there are still a significant
number of remaining investments, but most are progressing plans for a
sale. We anticipate that there will be several disposals in the coming
months and believe that it is a realistic target for the Share pool to
realise all the investments by the end of the year.
A more detailed review of the DP2011 Structured Share pool is presented
in the Investment Manager's Report.
DP2011 Low Carbon Share pool
The DP2011 Low Carbon Shares were originally issued in 2011. The process
of realising the investments is now nearing completion.
The DP2011 Low Carbon Share pool NAV stood at 43.0p at the year end, an
increase of 1.4p per share or 3.4% for the year. Based on the above
values, total Shareholder proceeds are projected to trigger the hurdle
levels at which a performance fee is paid to management. The performance
fee is estimated to be 2.5p per DP2011 Low Carbon Share. After
providing for such a fee, it is estimated that the final Total Return to
Shareholders will be 114.4p, compared to the cost for Shareholders who
invested in the DP2011 Low Carbon Share offer 100.0p or 70.0p net of
income tax relief.
The Share pool has four remaining investments, all of which are part of
sales processes. The Manager is hopeful that these transactions can be
completed in the next two to three months, after which the share pool
will make a final distribution.
A more detailed review of the DP2011 Low Carbon Share pool is presented
in the Investment Manager's report.
Generalist and Healthcare Share pools
In December 2016, the Company launched offers for subscription seeking
to raise new funds for two new "evergreen" share classes. The Generalist
Share pool will invest in general growth opportunities, which is a good
fit with the new VCT regulations introduced over the last two years. The
Healthcare Share pool will invest in the life sciences sector. The
Manager, Downing LLP, is being supported by Bioscience Managers Limited,
an experienced investment manager in this sector, in investing these
funds.
The Generalist and Healthcare offers have raised GBP30.0m and GBP7.7m
respectively to date. As at 31 March 2017, GBP225,000 and GBP25,000 had
been invested by the Generalist and Healthcare Share pools respectively.
The task of investing the remaining funds is now underway and further
investments will be covered in the next Half Yearly Report.
Dividends
In the initial 5-year period of each planned exit share pool, the
Company's usual policy is to pay annual dividends totalling at least 5p
per share (on a twice-yearly basis). The target is at least 4p per
annum for the DP67 Share pool.
In line with this policy, subject to approval at the forthcoming AGM, a
dividend of 2.5p per DSO D Share and 2.0p per DP67 Share will be paid on
29 September 2017 to DSO D Shareholders and DP67 Shareholders
respectively on the register at 1 September 2017.
Dividends from the other planned exit share pools will be declared as
and when sufficient disposals have completed for a further payment to be
made to Shareholders.
Board
As I reported in the last Half Yearly Report, there were some Board
changes during the year. In view of the fact that some of the original
planned exit share pools have wound up and others are in the process,
Mark Mathias and Robin Chamberlayne decided to retire as directors in
December 2016.
I would like to personally thank both Mark and Robin for their
insightful and valuable contributions since the Company's launch as
Downing Protected Opportunities VCT1 plc in 2009 and wish them every
success in their other ventures.
Their departure leaves the Company with a Board comprising three
non-executive directors, which the Directors have agreed is satisfactory
for a Company of this size at the current time.
Share buybacks
In the initial 5-year period of each share class, the Company operates a
policy of buying in its own shares that become available in the market
subject to regulatory restrictions and other factors such as
availability of liquid funds. Any such purchases are undertaken at a
price approximately equal to NAV i.e. at a nil discount. 80,473 DP67
Shares were purchased in the year to 31 March 2017.
Now that the DSO B Share pool and all of the DP2011 Share pools have
commenced realisations to return funds to Shareholders, the Company no
longer undertakes any further share buybacks in respect of the DSO B
Shares, DSO C Shares, DP2011 General Ordinary Shares, DP2011 General A
Shares, DP2011 Structured Ordinary Shares, DP2011 Structured A Shares
and DP2011 Low Carbon Shares. The Board believes it is fairer to all
Shareholders to distribute proceeds from the investment realisations to
all the above Shareholders by way of dividends, rather than setting
aside sums to fund share buybacks.
The policy for buying in shares is still in operation for the DP67,
Generalist and Healthcare Shares.
Annual General Meeting ("AGM")
The Company's seventh AGM will be held at Fifth Floor, Ergon House,
Horseferry Road, London, SW1P 2AL at 11.15 a.m. on 5 September 2017.
Three items of special business are proposed. The Board may, in due
course, give consideration to a further offer for subscription for both
the Generalist and Healthcare Shares. To give the Board flexibility and
eliminate the costs of issuing a separate Shareholder circular, the
Board is seeking Shareholder approval to give the Directors power to
allot up to approximately GBP40M worth of Generalist Shares and GBP30M
of Healthcare Shares and is also seeking to waive pre-emption right on
those shares. The Directors will only proceed with such an offer if
they consider that market conditions are supportive and it to be in the
best interest of Shareholders. Resolutions 7 and 8 to be proposed at the
AGM deal with these approvals.
Resolution 9 is a special resolution seeking to renew the authority to
allow the Company to make market purchases of its shares.
Outlook
I expect the coming year to be as busy as the last. A number of the
planned exit share pools are expected to complete the return of funds to
investors in the next 12 months.
The focus of the Manager will also be on investing the new funds in the
new Generalist and Healthcare Share pools, which launched during the
year. We expect to see a significant level of new investments made as
these portfolios are created.
As these two processes progress the Company will gradually transform
from being a collection of planned exit offerings, to a more mainstream
generalist VCT. I look forward to reporting developments in the Half
Yearly Report to 30 September 2017.
Lord Flight
Chairman
INVESTMENT MANAGER'S REPORT- DSO B SHARE POOL
Introduction
The DSO B Share pool has made good progress during the year in realising
investments with six full exits completed. We are in the process of
fulfilling realisation plans for the remainder four live investments in
the portfolio, which had a value of GBP1.8m as at 31 March 2017.
Net asset value and results
The NAV per DSO B Share at 31 March 2017 stood at 20.7p and per DSO C
Share at 0.1p, a rise of 3.1p for a combined holding of one DSO B Share
and one DSO C Share over the year after adjusting for dividends. Total
Return (combined NAV plus cumulative dividends) stood at 106.8p for a
combined holding, after taking account of the estimated performance
incentive fee of 5.5p.
The return on ordinary activities after taxation for the year was
GBP619,000 (2016: GBP1.3 million), comprising a revenue return of
GBP59,000 (2016: GBP736,000) and a capital return of GBP560,000 (2016:
GBP559,000).
Venture Capital investments
Portfolio activity
Six investments were fully exited during the year generating proceeds of
GBP1.8m and a realised gain on opening valuations of GBP474,000.
The remaining investments have been revalued to reflect the expected
proceeds from their respective exit processes, resulting in an overall
gain of GBP20,000 in the year.
Realisation Plans
There are exit plans in place for the remaining investments and the
holdings in Westcountry Solar Solutions Limited, Avon Solar Energy
Limited and Mosaic Spa and Health Clubs Limited are all in exit
processes and we expect them to complete in the summer.
Outlook
The timing of the remaining exits is difficult to estimate due to our
reliance on third parties, however we envisage that the final DSO B
Share pool dividend will be paid later in the year.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Movement
Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000
Venture Capital investments
Avon Solar Energy Limited 420 515 80 12.2%
Mosaic Spa & Health Clubs
Limited* 692 441 (79) 10.5%
Westcountry Solar Solutions
Limited 500 434 (66) 10.3%
Fenkle Street LLP** 154 362 85 8.6%
Future Biogas (Reepham Road)
Limited 632 - - 0.0%
Quadrate Spa Limited* 276 - - 0.0%
2,674 1,752 20 41.6%
Cash at bank and in hand 2,475 58.4%
Total investments 4,227 100.0%
* partially qualifying investment
** non-qualifying investment
All Venture Capital investments are incorporated in England and Wales.
Investment movements for the year ended 31 March 2017
DISPOSALS
Valuation
at Profit Realised
Cost 31/3/16 Proceeds vs. cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sales
Quadrate Catering Limited 56 - 313 257 313
Camandale Limited 592 - 5 (587) 5
Redmed Limited** 66 57 57 (9) -
Future Biogas (SF) Limited 122 122 147 25 25
Kidspace Adventures
Holdings Limited 750 930 939 189 9
Future Biogas (Reepham
Road) Limited 258 193 257 (1) 64
Deferred consideration
Kilmarnock Monkey Bar
Limited - - 12 12 12
Liverpool Nurseries
(Holdings) Limited - - 46 46 46
1,844 1,302 1,776 (68) 474
** non-qualifying investment
INVESTMENT MANAGER'S REPORT- DSO D SHARE POOL
Introduction
At 31(st) March 2017, the DSO D Share pool was fully invested and held
investments in 14 Venture Capital investments with a value of GBP4.8
million and 1 Structured Product investment with a value of GBP598,000.
Net asset value and results
The net asset value ("NAV") per DSO D Share at 31 March 2017 stood at
76.1p, an increase of 5.5p or 7.3% over the year after adjusting for
dividends paid. Total Return stands at 101.1p per share compared to
initial cost to Shareholders, net of income tax relief, of 70.0p per
share.
The profit on ordinary activities after taxation for the year was
GBP437,000 (2016: GBP48,000), comprising a revenue profit of GBP49,000
(2016: GBP129,000) and a capital gain of GBP388,000 (2016: loss of
GBP81,000).
Venture Capital investments
Portfolio activity
No new investments were made in the period and one follow on investment
of GBP145,000 was made into Goonhilly Earth Station Limited, the
satellite station in Cornwall, which takes the total investment cost to
GBP715,000.
Grasshopper 2007 Limited, the owner of the Grasshopper Inn in Kent, was
the only full exit in the period and generated proceeds equal to the
original cost of GBP294,000.
Portfolio valuation
Four value uplifts were recognised in the period totalling GBP376,000.
Nightjar Sustainable Power Limited, an operational run-of-river
hydroelectric scheme in Argyll, Scotland, was uplifted by GBP115,000 due
to the project performing ahead of budget.
Pearce & Saunders Limited, the owner of three pubs in south east London,
which was previously written down, was uplifted by GBP108,000 to a value
equivalent to cost following a significant increase in property prices
in the area.
Lambridge Solar Limited, the owner of a solar farm in Lincolnshire, has
increased in value by GBP78,000 following good performance of the solar
arrays.
Merlin Renewables Limited is a 2MW gas injection anaerobic digestion
plant in Norfolk. The plant continues to perform to expectations and an
uplift of GBP75,000 has been recognised in the year.
Structured Product Portfolio
Two Structured Product investments matured in the period and returned
GBP606,000 to the Share pool. The one remaining Structured Product
increased in value by GBP26,000 during the year and matured in April
2017.
Outlook
The focus for the DSO D Share portfolio is now on close monitoring and
support of the portfolio companies in order to maximise growth
opportunities until the realisation process commences later in the year.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Movement
Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000
Structured Product
investments
HSBC 5.4% Dual Index
Synthetic Zero 501 598 26 10.3%
Venture Capital
investments
Vulcan Renewables Limited 653 779 - 13.4%
Goonhilly Earth Station
Limited 715 715 - 12.3%
Nightjar Sustainable Power
Limited 485 600 115 10.3%
Lambridge Solar Limited 500 595 78 10.3%
Merlin Renewables Limited 500 575 75 9.9%
Apex Energy Limited 400 400 - 6.9%
Pearce and Saunders
Limited* 300 300 108 5.2%
City Falkirk Limited 562 236 - 4.1%
Fubar Stirling Limited 357 225 - 3.9%
Fresh Green Power Limited 200 200 - 3.4%
Green Energy Production UK
Limited 100 100 - 1.7%
Cheers Dumbarton Limited 64 22 - 0.4%
Pearce and Saunders DevCo
Limited** 20 20 - 0.3%
Lochrise Limited 17 - - 0.0%
4,873 4,767 376 82.1%
5,374 5,365 402 92.4%
Cash at bank and in hand 435 7.6%
Total investments 5,800 100.0%
* partially qualifying investment, previously written down
** non-qualifying investment
All Venture Capital investments are incorporated in England and Wales.
Investment movements for the year ended 31 March 2017
ADDITIONS
GBP'000
Venture Capital investments
Goonhilly Earth Station Limited 145
145
DISPOSALS
Valuation
at Profit Realised
Cost 31/3/16 Proceeds vs. cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Structured Product
investments
Credit Suisse 7%
Defensive Worst Of
Auto-Call 251 291 303 52 12
HSBC 7.1% Defensive
Worst-Of-Auto-Call 251 286 303 52 17
Venture Capital
investments
Grasshopper 2007 Limited 294 294 294 - -
796 871 900 104 29
INVESTMENT MANAGER'S REPORT - DP67 SHARE POOL
Introduction
The DP67 Share pool was formed as part of the merger in July 2015 and
includes the portfolios of Downing Planned Exit VCT 6 plc and Downing
Planned Exit VCT 7 plc. These companies were sister companies which held
identical investment portfolios.
Net asset value and results
The net asset value ("NAV") per DP67 Share at 31 March 2017 stood at
66.1p an increase of 9.7p or 16.1% over the year after adjusting for
dividends paid. Total Return stands at 93.9p per share compared to
initial cost to Shareholders, net of income tax relief, of 70.0p per
share.
The profit on ordinary activities after taxation for the year (2016:
period) was GBP1,090,000 (2016: GBP259,000), comprising a revenue profit
of GBP79,000 (2016: GBP93,000) and a capital gain of GBP1,011,000 (2016:
GBP166,000).
Venture Capital investments
Portfolio activity
The DP67 pool holds eight investments, of which Cadbury House and Snow
Hill represent a significant proportion of the pool's net assets.
There were two qualifying additions to the portfolio during the period:
GBP300,000 in Brownfields Limited, which was subsequently disposed of at
cost during June 2017; and GBP400,000 in Yamuna Renewables Limited,
which is working on an opportunity in the wood refinery sector.
Divestment proceeds totalling GBP2.4 million were received in the period
and generated a realised gain over opening value of GBP715,000. This
included GBP849,000 of proceeds on Gatewales Limited, GBP550,000 on Snow
Hill Developments Limited, and the redemption (at par) of GBP965,000 of
loan notes in Kidspace Adventures Holdings Limited and Hobblers Heath
Limited.
Portfolio valuation
The DP67 portfolio continues to perform well, and produced unrealised
gains of GBP168,000 for the year. The most significant of these was on
Snow Hill Developments LLP, the developer of a Holiday Inn Express in
Birmingham, where performance continues to be on target and cash flows
from the business back to the fund continue to be strong. As such the
value was increased by GBP213,000.
Fenkle Street LLP and Gatewales Limited generated an uplift of
GBP159,000 and a write down of GBP40,000 respectively.
Unfortunately, a value write down has also been taken on Oak Grove
Renewables Limited, the owner of an anaerobic digestion plant in Norfolk,
which is performing below our expectations.
Outlook
We are pleased with the overall performance of the DP67 Share pool
portfolio, as is reflected in the recent uplifts in value. The portfolio
is now fully invested and our attention is focussed on monitoring
performance to ensure that opportunities for growth are maximised.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Pre-merger Movement
cost Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000 GBP'000
Venture
Capital
investments
Cadbury House
Holdings
Limited 1,206 1,409 1,613 - 21.7%
Snow Hill
Developments
LLP** 750 809 1,060 213 14.2%
Fenkle Street
LLP** 77 405 678 159 9.1%
Oak Grove
Renewables
Limited 820 820 451 (164) 6.1%
Gatewales
Limited* 876 408 446 (40) 6.0%
Yamuna Energy
Limited - 400 400 - 5.4%
Brownfields
Limited - 300 300 - 4.0%
London City
Shopping
Centre
Limited** - 99 99 - 1.3%
4,650 5,047 168 67.8%
Cash at bank
and in hand 2,396 32.2%
Total
investments 7,443 100.0%
* partially qualifying investment
** non-qualifying investment
All Venture Capital investments are incorporated in England and Wales.
The figures shown in the "Pre-merger Cost" column are the original costs
of the investments to Downing Planned Exit VCT 6 and 7 before the merger
in July 2015.
Investment movements for the year ended 31 March 2017
ADDITIONS
GBP'000
Yamuna Energy Limited 400
Brownfields Limited 300
700
DISPOSALS
Valuation
at Profit/ Realised
Cost 01/04/16 Proceeds vs. cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gatewales Limited* 156 363 849 693 486
Snow Hill Developments
LLP** 275 321 550 275 229
Kidspace Adventures
Holdings Limited 578 578 578 - -
Hobblers Heath Limited 387 387 387 - -
1,396 1,649 2,364 968 715
* partially qualifying investment
** non-qualifying investment
INVESTMENT MANAGER'S REPORT - DP2011 GENERAL SHARE POOL
Introduction
At 31 March 2017 the DP2011 General Share pool was fully invested with a
portfolio value of GBP7.4 million, comprising 10 fully or partly
qualifying investments and a further 5 non-qualifying investments.
Now that the five year anniversary has passed, we will look to seek
appropriate exit strategies to maximise returns to Shareholders.
Net asset value and results
The combined net asset value ("NAV") of one DP2011 General Ordinary
Share and one DP2011 General A Share at 31 March 2017 stood at 46.2p an
decrease of 2.3p or 2.8% over the year after adjusting for dividends
paid. Total Return stands at 101.2p per share compared to initial cost
to Shareholders, net of income tax relief, of 70.0p per share.
The profit on ordinary activities after taxation for the year (2016:
period) was GBP347,000 (2016: GBP32,000) comprising a revenue profit of
GBP280,000 (2016: GBP383,000) and a capital gain of GBP67,000 (2016:
loss of 351,000).
Venture Capital investments
Investment activity
The DP2011 General Share began the period with GBP10.4 million of
investments and ended with GBP7.4 million spread across a portfolio of
15 Venture Capital investments. No new or follow on investments were
made in the year.
The process of exiting investments in the portfolio has begun in order
to return funds to Shareholders. As such, three exits occurred in the
year generating proceeds of GBP3.2 million and a gain over opening value
of GBP80,000.
Portfolio valuation
Valuation movements in the year resulted in an overall unrealised gain
of GBP84,000. The most significant of these was on Snow Hill
Developments LLP, the developer of a Holiday Inn Express in Birmingham,
where performance continues to be on target and cash flows from the
business back to the fund continue to be strong. As such the value was
increased by GBP233,000.
Two small uplifts were made on Avon Solar Energy Limited and Wickham
Solar Limited of GBP95,000 and GBP50,000 respectively.
Unfortunately, these gains were partially offset by unrealised losses
totalling GBP294,000. Mosaic Spa and Health Clubs Limited is in an exit
process and the GBP130,000 value reduction is reflective of anticipated
proceeds.
Smaller write downs on Oak Grove Renewables Limited and Westcountry
Solar Limited of GBP85,000 and GBP79,000 respectively have also been
made in the year.
Outlook
The focus for the Share pool is on realisations and monitoring
performance in order to maximise growth opportunities. Several companies
are currently in exit processes and we hope to see further progress in
this regard over the next few months.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Pre-merger Movement
cost Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000 GBP'000
Venture
Capital
investments
Vulcan
Renewables
Limited 1,845 2,199 2,199 - 28.7%
Snow Hill
Developments
LLP** 750 750 983 233 12.8%
Mosaic Spa
and Health
Clubs
Limited* 1,500 1,147 825 (130) 10.8%
Avon Solar
Energy
Limited 505 505 618 95 8.1%
Wickham Solar
Limited 473 550 600 50 7.8%
Odysian
(Holdings)
Limited 857 873 591 - 7.7%
Westcountry
Solar
Solutions
Limited 600 600 521 (79) 6.8%
City Falkirk
Limited 674 330 283 - 3.7%
Fubar
Stirling
Limited 429 410 270 - 3.5%
Oak Grove
Renewable
Limited 400 400 233 (85) 3.0%
London City
Shopping
Centre
Limited** 50 88 88 - 1.2%
Clean
Electricity
Limited** 70 70 70 - 0.9%
UK Renewable
Power
Limited** 55 55 55 - 0.7%
Cheers
Dumbarton
Limited 76 27 27 - 0.3%
21st Century
Energy
Limited** 22 22 22 - 0.3%
8,026 7,385 84 96.3%
Cash at bank
and in hand 266 3.7%
Total
investments 7,651 100.0%
* partially qualifying investment
** non-qualifying investment
All Venture Capital investments are incorporated in England and Wales.
Investment movements for the year ended 31 March 2017
DISPOSALS
Valuation
at Profit Realised
Cost 01/4/16 Proceeds vs. cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Kidspace Adventures
Holdings Limited 1,351 1,384 1,398 47 14
Tooting Tram and Social
Limited* 1,187 1,223 1,289 102 66
Kidspace Adventures
Limited** 539 539 539 - -
3,077 3,146 3,226 149 80
* partially qualifying investment
** non-qualifying investment
INVESTMENT MANAGER'S REPORT- DP2011 STRUCTURED SHARE POOL
Introduction
At 31 March 2017 the DP2011 Structured Share pool was fully invested
with a portfolio value of GBP4.2 million, comprising 10 fully or
partially qualifying venture capital investments.
Now that the five-year anniversary has passed, we are looking to seek
appropriate exit strategies to maximise returns to Shareholders.
Net asset value and results
The net asset value ("NAV") of a combined holding of one DP2011
Structured Ordinary Share and one DP2011 Structured A Share at 31 March
2017 stood at 36.7p a decrease of 4.0p or 4.8% over the year after
adjusting for dividends paid. Total Return stands at 101.7p per share
compared to initial cost to Shareholders, net of income tax relief, of
70.0p per share.
The profit on ordinary activities after taxation for the year (2016:
period) was GBP72,000 (2016: GBP10,000), comprising a revenue profit of
GBP192,000 (2016: GBP247,000) and a capital loss of GBP120,000 (2016:
GBP257,000).
Venture Capital investments
Investment activity
The DP2011 Structured Share pool began the period with GBP7.3 million of
investments and ended the period with GBP4.2 million spread across a
portfolio of 10 Venture Capital investments. There were no new or follow
on investments made in the year
Two full disposals were made during the period generating total proceeds
of GBP1.6 million and gains of GBP53,000.
Portfolio valuation
Two small uplifts were made on Avon Solar Energy Limited and Wickham
Solar Limited of GBP64,000 and GBP50,000 respectively.
Unfortunately these gains were offset by unrealised losses totalling
GBP255,000. Oak Grove Renewables continues to experience operating
issues and was written down by GBP115,000 as a result. Mosaic Spa and
Health Clubs Limited is in an exit process and the GBP87,000 value
reduction is reflective of the anticipated proceeds. A smaller write
down on Westcountry Solar Limited of GBP53,000 was also made in the
year.
Structured Products
The Structured portfolio was sold in the year, resulting in realised
gains totalling GBP31,000.
Outlook
The focus for the Share pool is on realisations and monitoring
performance in order to maximise growth opportunities. Several companies
are currently in exit processes and we hope to see further progress in
this regard over the next few months.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Pre-merger Movement
cost Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000 GBP'000
Venture
Capital
investments
Vulcan
Renewables
Limited 1,091 1,305 1,305 - 30.6%
Wickham
Solar
Limited 473 550 600 50 14.1%
Mosaic Spa
and Health
Clubs
Limited* 920 685 470 (87) 11.0%
Avon Solar
Energy
Limited 336 336 412 64 9.7%
Odysian
(Holdings)
Limited 571 582 394 - 9.2%
Westcountry
Solar
Solutions
Limited 400 400 347 (53) 8.1%
Oak Grove
Renewables
Limited 545 545 318 (115) 7.5%
City Falkirk
Limited 450 220 189 - 4.4%
Fubar
Stirling
Limited 286 273 180 - 4.2%
Cheers
Dumbarton
Limited 51 18 18 - 0.4%
4,914 4,233 (141) 99.2%
Cash at bank
and in
hand 28 0.8%
Total
investments 4,261 100.0%
* partially qualifying investment
All Venture Capital investments are incorporated in England and Wales.
Investment movements for the year ended 31 March 2017
DISPOSALS
Valuation
at Profit Realised
Cost 01/4/16 Proceeds vs. cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Structured Product
investments
HSBC 7.1% Defensive
Worst-Of-Auto-Call 447 458 469 22 11
RBS 6 Yr Dual Index
Synthetic Zero 10.16% 373 380 385 12 5
Credit Suisse 10%
Defensive Worst Of Auto
Call 290 293 302 12 9
Credit Suisse 7%
Defensive Worst Of Auto
Call 279 291 297 18 6
Venture Capital
investments
Kidspace Adventures
Holdings Limited 901 923 932 31 9
Tooting Tram and Social
Limited* 613 637 681 68 44
2,903 2,982 3,066 163 84
* partially qualifying investment
INVESTMENT MANAGER'S REPORT- DP2011 LOW CARBON SHARE POOL
Introduction
The task of building the DP2011 Low Carbon portfolio was completed at an
early stage. The process of realising the portfolio and returning funds
to Shareholders is now underway.
Net asset value and results
The net asset value ("NAV") per DP2011 Low Carbon Share at 31 March 2017
stood at 43.0p, an increase of 1.4p or 3.4% over the year after
adjusting for dividends paid. Total Return stands at 114.4p per share
compared to initial cost to Shareholders, net of income tax relief, of
70.0p per share, after rebasing to 100p during the merger.
The profit on ordinary activities after taxation for the year (2016:
period) was GBP107,000 (2016: GBP424,000), comprising a revenue profit
of GBP83,000 (2016: GBP211,000) and a capital gain of GBP24,000 (2016:
GBP213,000).
Venture Capital investments
Investment activity
The DP2011 Low Carbon Share pool began the period with GBP3.0 million of
investments and ended with GBP3.1 million spread across a portfolio of 4
Venture Capital investments. All of the investments own solar PV panels
sited on a mix of commercial and residential rooftops, all of which
received Feed in Tariffs ("FiTs").
The Share pool is in the exit stage and therefore no new or further
investments have been made in the period. All four investments are
currently in an exit process and the valuations reflect the anticipated
proceeds.
Outlook
The exit processes are progressing with the four companies in this Share
pool, and it is our expectation that these will be completed during the
summer.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Pre-merger Movement
cost Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000 GBP'000
Venture
Capital
investments
Progressive
Power
Generation
Limited 800 800 800 - 25.2%
UK Renewable
Power
Limited 780 780 780 - 24.5%
21st Century
Energy
Limited 600 708 775 67 24.4%
Clean
Electricity
Limited 780 710 710 - 22.3%
2,998 3,065 67 96.4%
Cash at bank
and in
hand 116 3.6%
Total
investments 3,181 100.0%
All Venture Capital investments are incorporated in England and Wales.
Investment movements for the year ended 31 March 2017
There were no additions or disposals during the year.
INVESTMENT MANAGER'S REPORT - GENERALIST SHARE POOL
Introduction
The Generalist Share pool raised a total of GBP21.7m to 31 March 2017.
The process of investing the funds is under way with GBP225,000 invested
during the year.
Net asset value and results
At 31 March 2017, the NAV of a Generalist share stood at 99.9p, a
decrease of 0.1p on the initial price, resulting from the initial "cash
drag" of holding uninvested funds.
The return on ordinary activities for the Generalist Share pool for the
year was a loss of GBP11,000, being a revenue loss of GBP6,000 and a
capital loss of GBP5,000.
Venture Capital investments
Investment activity
Two investments totalling GBP225,000 were made during the year, as we
start to build the portfolio of the Generalist Share pool.
GBP200,000 was invested in Xupes Limited, an online retailer of
pre-owned luxury goods including designer watches, handbags, jewellery
and antiques. The management team has built a profitable business with a
strong brand selling high-quality products, centred on exceptional
customer service.
GBP25,000 was also invested in The MI Downing UK Micro-Cap Growth Fund,
which invests in a concentrated portfolio of 25-30 UK listed companies
at the smallest end of the UK equity market.
No valuation adjustments have been made in the period, with all
investments remaining at cost.
Outlook
The task of building the Generalist Share portfolio has very recently
begun. We will continue to seek investment opportunities as we develop
the investment portfolio.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Movement
Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000
Venture Capital
investments
Xupes Limited 200 200 - 0.9%
MI Downing UK Micro-Cap
Growth Fund** 25 25 - 0.1%
225 225 - 1.0%
Cash at bank and in hand 21,225 99.0%
Total investments 21,450 100.0%
** non-qualifying investment
All Venture Capital investments are incorporated in England and Wales.
INVESTMENT MANAGER'S REPORT- HEALTHCARE SHARE POOL
Introduction
The Healthcare Share pool raised a total of GBP4.5m to 31 March 2017.
The process of investing the funds is under way with GBP25,000 invested
during the year.
Net asset value and results
At 31 March 2017, the NAV of a Healthcare share stood at 99.7p, a
decrease of 0.3p on the initial price, resulting from the initial "cash
drag" of holding uninvested funds.
The return on ordinary activities for the Healthcare Share pool for the
year was a loss of GBP6,000, being a revenue loss of GBP3,000 and a
capital loss of GBP3,000.
Venture Capital investments
Investment activity
One investment of GBP25,000 was made in The MI Downing UK Micro-Cap
Growth Fund, which invests in a concentrated portfolio of 25-30 UK
listed companies at the smallest end of the UK equity market.
No valuation adjustments have been made in the period, with the
investment remaining at cost.
Outlook
The task of building the Healthcare Share portfolio has very recently
begun. We will continue to seek investment opportunities as we develop
the investment portfolio.
Downing LLP
Portfolio of investments
The following investments were held at 31 March 2017:
Valuation
Movement
Cost Valuation in year % of portfolio
GBP'000 GBP'000 GBP'000
Venture Capital
investments
MI Downing UK Micro-Cap
Growth Fund** 25 25 - 0.6%
25 25 - 0.6%
Cash at bank and in hand 4,500 99.4%
Total investments 4,525 100.0%
** non-qualifying investment
All Venture Capital investments are incorporated in England and Wales.
Directors' responsibilities
The Directors are responsible for preparing the Report of the Directors,
the Directors' Remuneration Report and the financial statements in
accordance with applicable law and regulations. They are also
responsible for ensuring that the Annual Report includes information
required by the Listing Rules of the Financial Conduct Authority.
Company law requires the Directors to prepare financial statements for
each financial year. Under that law, the Directors have elected to
prepare the financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom accounting
standards and applicable law) including Financial Reporting Standard
102, the financial reporting standard applicable in the UK and Republic
of Ireland (FRS 102). Under company law, the Directors must not approve
the financial statements unless they are satisfied that they give a true
and fair view of the state of affairs of the Company and of the profit
or loss of the Company for that period.
In preparing these financial statements the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and
prudent;
- state whether applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained in the
financial statements; and
- prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the Company will continue in business.
- carry out a robust assessment of the principal risks facing the
Company as set out in the Strategic report.
The Directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the Company's transactions, to
disclose with reasonable accuracy at any time the financial position of
the Company and to enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
In addition, each of the Directors considers that the Annual Report,
taken as a whole, is fair, balanced and understandable and provides the
information necessary for Shareholders to assess the Company's position,
performance, business model and strategy.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements and other information included
in the annual reports may differ from legislation in other
jurisdictions.
Directors' statement pursuant to the Disclosure Rules and Transparency
Rules
Each of the Directors confirms that, to the best of each person's
knowledge:
- the financial statements, which have been prepared in accordance with
the applicable set of accounting standards, give a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company; and
- the management report included within the Report of the Directors,
Strategic report, Chairman's Statement, Investment Manager's Report, and
Review of Investments includes a fair review of the development and
performance of the business and the position of the company, together
with a robust assessment of the principal risks and uncertainties that
it faces.
By order of the Board
Grant Whitehouse
Secretary of Downing FOUR VCT plc
INCOME STATEMENT
for the year ended 31 March 2017
Year ended 31 March 2017 Year ended 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
- continuing 1,731 268 1,999 1,790 - 1,790
- acquisition - - - 1,645 - 1,645
1,731 268 1,999 3,435 - 3,435
Net gain/(loss) on investments
- continuing - 1,980 1,980 - 899 899
- acquisition - - - - (18) (18)
1,731 2,248 3,979 3,435 881 4,316
Investment management fees (328) (328) (656) (389) (389) (778)
Other expenses (515) - (515) (568) - (568)
Return on ordinary activities before tax 888 1,920 2,808 2,478 492 2,970
Tax on total comprehensive income and ordinary
activities (151) - (151) (351) - (351)
Return attributable to equity shareholders, being
total comprehensive income for the year 737 1,920 2,657 2,127 492 2,619
Basic and diluted return per share:
DSO Ordinary Share - - - 3.2p 2.4p 5.6p
DSO A Share - - - - - -
DSO B Share 0.3p 2.8p 3.1p 3.7p 2.8p 6.5p
DSO C Share - - - - - -
DSO D Share 0.6p 4.9p 5.6p 1.6p (1.0p) 0.6p
DP67 Share 0.7p 9.0p 9.7p 0.8p 1.5p 2.3p
DP2011 General Share 1.8p 0.4p 2.2p 2.4p (2.2p) 0.2p
DP2011 Structured Share 1.8p (1.1p) 0.7p 2.3p (2.4p) (0.1p)
DP2011 Low Carbon 1.1p 0.3p 1.4p 2.8p 2.8p 5.6p
Generalist (1.0p) (1.0p) (2.0p) - - -
Healthcare (1.3p) (1.2p) (2.5p) - - -
The total column within the Income Statement represents the Statement of
Total Comprehensive Income of the Company prepared in accordance with
Financial Reporting Standard 102 ("FRS 102"). The supplementary revenue
return and capital return columns are prepared in accordance with the
Statement of Recommenced Practice issued in November 2014 by the
Association of Investment Companies ("AIC SORP").
INCOME STATEMENT (analysed by share pool)
for the year ended 31 March 2017
Split as:
DSO B Share pool
Year ended 31 March 2017 Year ended 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 177 93 270 1,047 - 1,047
Net gain on investments - 494 494 - 656 656
177 587 764 1,047 656 1,703
Investment management fees (27) (27) (54) (97) (97) (194)
Other expenses (55) - (55) (98) - (98)
Return on ordinary activities before tax 95 560 655 852 559 1,411
Tax on total comprehensive income and ordinary
activities (36) - (36) (116) - (116)
Return attributable to equity shareholders, being
total comprehensive income for the year 59 560 619 736 559 1,295
DSO D Share pool
Year ended 31 March 2017 Year ended 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 174 - 174 255 - 255
Net (loss)/gain on investments - 431 431 - (39) (39)
174 431 605 255 (39) 216
Investment management fees (43) (43) (86) (42) (42) (84)
Other expenses (80) - (80) (81) - (81)
Return/(loss) on ordinary activities before tax 51 388 439 132 (81) 51
Tax on total comprehensive income and ordinary
activities (2) - (2) (3) - (3)
Return/(loss) attributable to equity shareholders,
being total comprehensive income for the year 49 388 437 129 (81) 48
INCOME STATEMENT (analysed by share pool)
for the year ended 31 March 2017
DP67 Share pool
Period from 21 July 2015
Year ended 31 March 2017 to 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 325 175 500 204 - 204
Net gain on investments - 883 883 - 201 201
325 1,058 1,383 204 201 405
Investment management fees (47) (47) (94) (35) (35) (70)
Other expenses (70) - (70) (61) - (61)
Return on ordinary activities before tax 208 1,011 1,219 108 166 274
Tax on total comprehensive income and ordinary
activities (129) - (129) (15) - (15)
Return attributable to equity shareholders, being
total comprehensive income for the year 79 1,011 1,090 93 166 259
DP2011 General Share pool
Period from 21 July 2015
Year ended 31 March 2017 to 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 521 - 521 659 - 659
Net gain/ (loss) on investments - 164 164 - (271) (271)
521 164 685 659 (271) 388
Investment management fees (97) (97) (194) (80) (80) (160)
Other expenses (145) - (145) (119) - (119)
Return/(loss) on ordinary activities before tax 279 67 346 460 (351) 109
Tax on total comprehensive income and ordinary
activities 1 - 1 (77) - (77)
Return/(loss) attributable to equity shareholders,
being total comprehensive income for the year 280 67 347 383 (351) 32
DP2011 Structured Share pool
Period from 21 July 2015
Year ended 31 March 2017 to 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 354 - 354 429 - 429
Net loss on investments - (57) (57) - (201) (201)
354 (57) 297 429 (201) 228
Investment management fees (63) (63) (126) (56) (56) (112)
Other expenses (100) - (100) (78) - (78)
Return/(loss) on ordinary activities before tax 191 (120) 71 295 (257) 38
Tax on total comprehensive income and ordinary
activities 1 - 1 (48) - (48)
Return/(loss) attributable to equity shareholders,
being total comprehensive income for the year 192 (120) 72 247 (257) (10)
DP2011 Low Carbon Share pool
Period from 21 July 2015
Year ended 31 March 2017 to 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 179 - 179 353 - 353
Net gain on investments - 67 67 - 253 253
179 67 246 353 253 606
Investment management fees (43) (43) (86) (40) (40) (80)
Other expenses (65) - (65) (59) - (59)
Return on ordinary activities before tax 71 24 95 254 213 467
Tax on total comprehensive income and ordinary
activities 12 - 12 (43) - (43)
Return attributable to equity shareholders, being
total comprehensive income for the year 83 24 107 211 213 424
Generalist Share pool
Period from 21 July 2015
Year ended 31 March 2017 to 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income - - - - - -
Net gain on investments - - - - - -
- - - - - -
Investment management fees (5) (5) (10) - - -
Other expenses (1) - (1) - - -
Return on ordinary activities before tax (6) (5) (11) - - -
Tax on total comprehensive income and ordinary
activities - - - - - -
Return attributable to equity shareholders, being
total comprehensive income for the year (6) (5) (11) - - -
Healthcare Share pool
Period from 21 July 2015
Year ended 31 March 2017 to 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income - - - - - -
Net gain on investments - - - - - -
- - - - - -
Investment management fees (3) (3) (6) - - -
Other expenses - - - - - -
Return on ordinary activities before tax (3) (3) (6) - - -
Tax on total comprehensive income and ordinary
activities - - - - - -
Return attributable to equity shareholders, being
total comprehensive income for the year (3) (3) (6) - - -
BALANCE SHEET
as at 31 March 2017
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 27,095 35,351
Current assets
Debtors 1,709 1,077
Cash at bank and in hand 31,441 9,533
33,150 10,610
Creditors: amounts falling due within one year (833) (879)
Net current assets 32,317 9,731
Net assets 59,412 45,082
8BCapital and reserves
Called up Share capital 144 161
Capital redemption reserve 31 5
Special reserve 30,620 44,441
Share premium account 10,074 -
Funds held in respect of shares not yet allotted 16,137 -
Revaluation reserve (1,980) (2,645)
Capital reserve - realised 3,331 1,949
Revenue reserve 1,055 1,171
Total equity shareholders' funds 59,412 45,082
Basic and diluted net asset value per Share:
DSO B Share 20.7p 17.6p
DSO C Share 0.1p 0.1p
DSO D Share 76.1p 75.6p
DP67 Share 66.1p 60.4p
DP2011 General Ordinary Share 15.0p 75.1p
DP2011 General A Share 31.2p 5.9p
DP2011 Structured Ordinary Share 4.8p 77.1p
DP2011 Structured A Share 31.9p 6.1p
DP2011 Low Carbon 43.0p 91.6p
Generalist 99.9p N/A
Healthcare 99.7p N/A
BALANCE SHEET (ANALYSED BY SHARE POOL)
as at 31 March 2017
DSO B Shares
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 1,752 3,034
Current assets
Debtors 74 20
Cash at bank and in hand 2,475 634
2,549 654
Creditors: amounts falling due within one year (151) (160)
Net current assets 2,398 494
Net assets 4,150 3,528
Capital and reserves
Called up share capital - B Shares 20 20
Called up share capital - C Shares 30 30
Capital redemption reserve 31 -
Special reserve 3,186 3,662
Share premium reserve - -
Revaluation reserve (1,108) (1,485)
Capital reserve - realised 1,705 1,231
Revenue reserve 286 70
Total equity shareholders' funds 4,150 3,528
DSO D Shares
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 5,365 5,689
Current assets
Debtors 254 162
Cash at bank and in hand 435 159
689 321
Creditors: amounts falling due within one year (62) (65)
Net current assets 627 256
Net assets 5,992 5,945
Capital and reserves
Called up share capital 8 8
Capital redemption reserve - -
Special reserve 6,598 6,802
Share premium reserve - -
Revaluation reserve (9) (338)
Capital reserve - realised (510) (538)
Revenue reserve (95) 11
Total equity shareholders' funds 5,992 5,945
DP67 Shares
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 5,047 5,828
Current assets
Debtors 392 198
Cash at bank and in hand 2,396 911
2,788 1,109
Creditors: amounts falling due within one year (404) (100)
Net current assets 2,384 1,009
Net assets 7,431 6,837
Capital and reserves
Called up share capital 11 11
Capital redemption reserve - -
Special reserve 5,836 5,897
Share premium reserve - -
Revaluation reserve 396 482
Capital reserve - realised 1,070 354
Revenue reserve 118 93
Total equity shareholders' funds 7,431 6,837
DP2011 General Shares
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 7,385 10,446
Current assets
Debtors 585 390
Cash at bank and in hand 266 2,186
851 2,576
Creditors: amounts falling due within one year (143) (196)
Net current assets 708 2,380
Net assets 8,093 12,826
Capital and reserves
Called up share capital - Ordinary Shares 16 16
Called up share capital - A Shares 18 18
Capital redemption reserve - -
Special reserve 7,805 12,681
Share premium reserve - -
Revaluation reserve (641) (657)
Capital reserve - realised 466 385
Revenue reserve 429 383
Total equity shareholders' funds 8,093 12,826
DP2011 Structured Shares
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 4,233 7,356
Current assets
Debtors 365 230
Cash at bank and in hand 28 1,556
393 1,786
Creditors: amounts falling due within one year (94) (141)
Net current assets 299 1,645
Net assets 4,532 9,001
Capital and reserves
Called up share capital - Ordinary Shares 11 11
Called up share capital - A Shares 13 13
Capital redemption reserve - -
Special reserve 4,565 8,929
Share premium reserve - -
Revaluation reserve (682) (463)
Capital reserve - realised 346 264
Revenue reserve 279 247
Total equity shareholders' funds 4,532 9,001
DP2011 Low Carbon Shares
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 3,065 2,998
Current assets
Debtors 140 46
Cash at bank and in hand 116 4,011
256 4,057
Creditors: amounts falling due within one year (59) (113)
Net current assets 197 3,944
Net assets 3,262 6,942
Capital and reserves
Called up share capital 8 8
Capital redemption reserve - -
Special reserve 2,639 6,470
Share premium reserve - -
Revaluation reserve 67 -
Capital reserve - realised 253 253
Revenue reserve 295 211
Total equity shareholders' funds 3,262 6,942
Generalist
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 225 -
Current assets -
Debtors - -
Cash at bank and in hand 21,225 -
21,225 -
Creditors: amounts falling due within one year (10) -
Net current assets 21,215 -
Net assets 21,440 -
Capital and reserves
Called up share capital 7 -
Special reserve (5) -
Share premium reserve 7,633 -
Funds held in respect of shares not yet allotted 14,012 -
Revenue reserve (207) -
Total equity shareholders' funds 21,440 -
Healthcare
2017 2016
GBP'000 GBP'000
Fixed assets
Investments 25 -
Current assets -
Debtors - -
Cash at bank and in hand 4,500 -
4,500 -
Creditors: amounts falling due within one year (7) -
Net current assets 4,493 -
Net assets 4,518 -
Capital and reserves
Called up share capital 2 -
Special reserve (3) -
Share premium reserve 2,441 -
Funds held in respect of shares not yet allotted 2,125 -
Revenue reserve (47) -
Total equity shareholders' funds 4,518 -
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2017
Capital Share Capital
Share Redemption Special premium Funds held in respect of Revaluation reserve Revenue
capital reserve reserve account shares not yet allotted Reserve -realised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March
2015 84 5 20,895 2,794 - (1,544) 2,500 1,181 25,915
Total
comprehensive
income - - - - - (1,194) 1,686 2,127 2,619
Issue of share
capital on
acquisition 77 - - 35,999 - - - - 36,076
Share premium
cancellation - - 38,692 (38,692) - - - - -
Transfer
between
reserves* - - (15,056) - - 93 15,531 (568) -
Transactions
with owners
Dividend paid - - - - - - (17,768) (1,569) (19,337)
Purchase of
own shares - - (8) (30) - - - - (38)
Share issue
costs - - (82) (71) - - - - (153)
At 31 March
2016 161 5 44,441 - - (2,645) 1,949 1,171 45,082
Total
comprehensive
income - - - - - 599 1,321 737 2,657
Transfer
between
reserves* - - (13,772) - - 66 13,706 - -
Unallotted
shares - - - - 16,137 - - - 16,137
Transactions
with owners
Dividend paid - - - - - - (13,645) (608) (14,253)
Cancellation
of shares (26) 26 - - - - - - -
Purchase of
own shares - - (49) - - - - - (49)
Issue of
shares 9 - - 10,074 - - - - 10,083
Share issue
costs - - - - - - - (245) (245)
At 31 March
2017 144 31 30,620 10,074 16,137 (1,980) 3,331 1,055 59,412
* A transfer of GBP66,000 (2016: GBP93,000) representing previously
recognised realised gains on disposal of investments during the year
ended 31 March 2017 has been made from the Revaluation Reserve to the
Capital Reserve realised. A transfer of GBP13.7 million (2016: GBP15.5
million) representing realised gains on disposal of investments, less
capital expenses and capital dividends in the year was made from Capital
Reserve - realised to Special reserve. In 2016 a transfer of GBP568,000
was made from Capital Reserve - realised to Revenue reserve to reconcile
the Ordinary Share pool reserves.
STATEMENT OF CASH FLOWS
for the year ended 31 March 2017
Year ended 31 March 2017
DP2011
DSO B DSO D Gen DP2011 Struc
Share Share DP67 Share Share Share DP2011
pool pool pool pool pool LC Share pool Generalist Healthcare Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Return on ordinary
activities before
taxation 655 439 1,219 346 71 95 (11) (6) 2,808
Losses/(gains) on
investments (494) (431) (883) (164) 57 (67) - - (1,980)
Decrease/(increase) in
debtors 13 (91) 174 (193) (136) (92) - - (325)
(Decrease)/increase in
creditors (75) 13 21 (18) (21) (29) 11 6 (92)
Net cash inflow from
operating
activities 99 (70) 531 (29) (29) (93) - - 406
Corporation tax paid (110) (15) (211) (32) (26) (14) - - (408)
Net cash generated
from operating
activities (11) (85) 320 (61) (55) (107) - - (2)
Cash flow from investing
activities
Purchase of
investments - (145) (700) - - - (225) (25) (1,095)
Proceeds from
disposal of
investments 1,776 755 1,664 3,226 3,066 - (225) (25) 10,237
Net cash
inflow/(outflow) from
investing activities 1,776 755 1,664 3,226 3,066 - (225) (25) 10,237
Net cash flows before
financing 1,765 670 1,984 3,165 3,011 (107) (225) (25) 10,235
Cash flows from financing
activities
Repurchase of shares - - (49) - - - - - (49)
Issue of share
capital - - - - - - 7,438 2,400 9,838
Unallotted shares - - - - - - 14,012 2,125 16,137
Equity dividends paid - (394) (450) (5,085) (4,539) (3,788) - - (14,253)
Net cash (outflow)/
inflow from
financing - (394) (499) (5,085) (4,539) (3,788) 21,450 4,525 11,673
Net movement in cash
Cash and cash
equivalents at start
of year 710 159 911 2,186 1,556 4,011 - - 9,533
Cash and cash
equivalents at end of
year 2,475 435 2,396 266 28 116 21,225 4,500 31,441
Cash and cash equivalents
comprise
Cash at bank and in
hand 2,475 435 2,396 266 28 116 21,225 4,500 31,441
Total cash and cash
equivalents 2,475 435 2,396 266 28 116 21,225 4,500 31,441
STATEMENT OF CASH FLOWS
for the year ended 31 March 2016
Year ended 31 March 2016
DP2011
DSO Ord DSO B DSO D DP2011 Gen Struc
Share Share Share DP67 Share Share Share DP2011
pool pool pool pool pool pool LC Share pool Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Return on ordinary
activities before
taxation 620 1,411 51 274 109 38 467 2,970
(Gains)/losses on
investments (282) (656) 39 (201) 271 201 (253) (881)
Decrease/(increase) in
debtors 35 260 (77) (94) (2) (16) (30) 136
Increase/(decrease) in
creditors - (57) (53) 10 31 29 55 (95)
Net cash
inflow/(outflow)
from operating
activities 373 958 (40) (11) 409 252 189 2,130
Corporation tax paid (88) (225) (27) (153) (249) (126) (139) (1,007)
Net cash generated
/(utlilised) from
operating
activities 285 733 (67) (164) 160 126 50 1,123
Cash flows from investing
activities
Purchases of
investments (383) (806) (552) (2,625) (38) - - (4,404)
Proceeds from
disposal of
investments 6,233 12,091 1,231 1,587 2,401 1,628 4,133 29,304
Cash acquired in
merger - - - 2,362 101 81 37 2,581
Net cash inflow from
investing activities 5,850 11,285 679 1,324 2,464 1,709 4,170 27,481
Net cash inflow before
financing 6,135 12,018 612 1,160 2,624 1,835 4,220 28,604
Cash flows from
financing
Equity dividends paid (6,124) (11,746) (393) (226) (392) (267) (189) (19,337)
Share issue costs - (30) (52) (23) (16) (12) (20) (153)
Purchase of own
shares - - (8) - (30) - - (38)
Net cash outflow from
financing (6,124) (11,776) (453) (249) (438) (279) (209) (19,528)
Net increase in cash 11 242 159 911 2,186 1,556 4,011 9,076
Cash and cash
equivalents at start
of year 65 392 - - - - - 457
Cash and cash
equivalents at end
of year 76 634 159 911 2,186 1,556 4,011 9,533
Cash and cash equivalents
comprise
Cash at bank and in
hand 76 634 159 911 2,186 1,556 4,011 9,533
Total cash and cash
equivalents 76 634 159 911 2,186 1,556 4,011 9,533
NOTES TO THE ACCOUNTS
for the year ended 31 March 2017
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements in accordance with the
Financial Reporting Standard 102 ("FRS 102") and in accordance with the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" revised November 2014
("SORP").
The Company implements new Financial Reporting Standards ("FRS") issued
by the Financial Reporting Council when required.
The financial statements are presented in pounds sterling and rounded to
thousands. The Company's functional and presentational currency is
pounds sterling.
Presentation of Income Statement
In order to better reflect the activities of a Venture Capital Trust,
and in accordance with the SORP, supplementary information which
analyses the Income Statement between items of a revenue and capital
nature has been presented alongside the Income Statement. The revenue
return is the measure the Directors believe appropriate in assessing the
Company's compliance with certain requirements set out in Part 6 of the
Income Tax Act 2007.
Judgements in applying accounting policies and key sources of estimation
uncertainty
Investments
All investments are designated as "fair value through profit or loss"
assets due to investments being managed and performance evaluated on a
fair value basis, in accordance with Section 9.9B(a) of FRS 102. A
financial asset is designated within this category if it is both
acquired and managed on a fair value basis, with a view to selling after
a period of time, in accordance with the Company's documented investment
policy.
It is possible to determine the fair values within a reasonable range of
estimates. The fair value of an investment upon acquisition is deemed
to be cost. Thereafter investments are measured at fair value in
accordance with FRS 102 sections 11 and 12, together with the
International Private Equity and Venture Capital Valuation Guidelines
("IPEV").
Structured Product investments are measured using bid prices.
For unquoted investments, fair value is established by using the IPEV
guidelines. The valuation methodologies for unquoted entities used by
the IPEV to ascertain the fair value of an investment are as follows:
- Price of recent investment;
- Multiples;
- Net assets;
- Discounted cash flows or earnings (of underlying business);
- Discounted cash flows (from the investment); and
- Industry valuation benchmarks.
The methodology applied takes account of the nature, facts and
circumstances of the individual investment and uses reasonable data,
market inputs, assumptions and estimates in order to ascertain fair
value. The valuation of investments is detailed in Note 9 of the full
financial statements.
Gains and losses arising from changes in fair value are included in the
Income Statement for the year as a capital item and transaction costs on
acquisition or disposal of the investment are expensed. Where an
investee company has gone into receivership or liquidation, or
administration (where there is little likelihood of recovery), the loss
on the investment, although not physically disposed of, is treated as
being realised.
It is not the Company's policy to exercise significant influence or
joint control over investee companies. Therefore, the results of these
companies are not incorporated into the Income Statement except to the
extent of any income accrued. This is in accordance with FRS 102
sections 14 and 15 and the SORP, that do not require portfolio
investments to be accounted for using the equity method of accounting.
Income
Dividend income from investments is recognised when the Shareholders'
rights to receive payment has been established, normally the ex-dividend
date.
Interest income is accrued on a time apportionment basis, by reference
to the principal sum outstanding and at the effective rate applicable,
and only where there is reasonable certainty of collection in the
foreseeable future.
Distributions from investments in limited liability partnerships
("LLPs") are recognised as they are paid to the Company. Where such
items are considered capital in nature they are recognised as capital
profits.
Expenses
All expenses are accounted for on an accruals basis, and are stated
inclusive of any VAT charged. In respect of the analysis between revenue
and capital items presented within the Income Statement, all expenses
have been presented as revenue items except as follows:
- Expenses which are incidental to the disposal of an investment are
deducted from the disposal proceeds of the investment;
- Expenses are split and presented partly as capital items where a
connection with the maintenance or enhancement of the value of the
investments held can be demonstrated. The Company has adopted a policy
of charging 50% of the investment management fees to the revenue account
and 50% to the capital account to reflect the Board's estimated split of
investment returns which will be achieved by the company over the long
term.
Expenses and liabilities not specific to a share class are generally
allocated pro rata to the net asset values of each share class.
Taxation
The tax effects on different items in the Income Statement are allocated
between capital and revenue on the same basis as the particular item to
which they relate, using the Company's effective rate of tax for the
accounting period.
Due to the Company's status as a Venture Capital Trust, and the
continued intention to meet the conditions required to comply with Part
6 of the Income Tax Act 2007, no provision for taxation is required in
respect of any realised or unrealised appreciation of the Company's
investments which arises.
Deferred taxation, which is not discounted, is provided in full on
timing differences that result in an obligation at the balance sheet
date to pay more tax, or a right to pay less tax, at a future date, at
rates expected to apply when they crystallise based on current tax rates
and law. Timing differences arise from the inclusion of items of income
and expenditure in taxation computations in periods different from those
in which they are included in the accounts.
Other debtors and other creditors
Other debtors (including accrued income) and other creditors are
included within the accounts at amortised cost.
Issue costs
Issue costs in relation to the shares issued for each share class have
been deducted from the share premium account, special reserve or revenue
reserve, as applicable, for the relevant share class.
Funds held in respect of shares not yet allotted
Cash received in respect of applications for new shares that have not
yet been allotted is shown as "Funds held in respect of shares not yet
allotted" and recorded on the Balance Sheet.
Acquisitions
Acquisitions made during the year are accounted for using the
acquisition method. The purchase consideration is measured at the fair
value of equity issued compared to the fair value of the assets and
liabilities acquired.
Operating segments
The Company has one operating segment.
2. Basic and diluted return per share
Total
Weighted average number Revenue Capital comprehensive
of shares in issue Return gain/(loss) income
Return per share is
calculated on the
following: GBP'000 GBP'000 GBP'000
Year ended 31 DSO B
March 2017 Shares 19,911,070 59 560 619
DSO C
Shares 29,926,070 - - -
DSO D
Shares 7,867,247 49 388 437
DP67
Shares 11,239,785 79 1,011 1,090
DP2011 General Shares 15,644,066 280 67 347
DP2011 General A Shares 18,418,614 - - -
DP2011 Structured Shares 10,678,725 192 (120) 72
DP2011 Structured A
Shares 12,572,817 - - -
DP2011 Low Carbon Shares 7,575,419 83 24 107
Generalist Shares 537,081 (6) (5) (11)
Healthcare Shares 234,044 (3) (3) (6)
DSO
Year ended 31 Ordinary
March 2016 Shares 10,228,157 328 243 571
DSO A
Shares 15,506,488 - - -
DSO B
Shares 19,911,070 736 559 1,295
DSO C
Shares 29,926,070 - - -
DSO D
Shares 7,814,325 129 (81) 48
DP67
Shares 11,320,258 93 166 259
DP2011 General
Shares 15,663,577 383 (351) 32
DP2011 General A
Shares 18,438,125 - - -
DP2011 Structured
Shares 10,678,725 247 (257) (10)
DP2011 Structured A
Shares 12,572,817 - - -
DP2011 Low Carbon
Shares 7,575,419 211 213 424
As the Company has not issued any convertible securities or share
options, there is no dilutive effect on return per DSO B Share, DSO C
Share, DSO D Share, DP67 Share, DP2011 General Share, DP2011 General A
Share, DP2011 Structured Ordinary Share, DP2011 Structured A Share,
DP2011 Low Carbon Share, Generalist Shares or Healthcare Shares. The
return per share disclosed therefore represents both the basic and
diluted return per Share for all classes of Share.
3. Basic and diluted net asset value per share
2017 2016
Net asset value Net asset value
Pence per Pence per
Shares in issue share GBP'000 share GBP'000
2017 2016
DSO
Ordinary
Shares - 10,288,157 - - - 3
DSO A
Shares - 15,506,488 - - - -
DSO B
Shares 19,911,070 19,911,070 20.7 4,119 17.6 3,508
DSO C
Shares 29,926,070 29,926,070 0.1 31 0.1 20
DSO D
Shares 7,867,247 7,867,247 76.1 5,992 75.6 5,945
DP67 Shares 11,239,785 11,320,258 66.1 7,431 60.4 6,837
DP2011
General
Ordinary
Shares 15,644,066 15,644,066 15.0 2,347 76.1 11,900
DP2011
General A
Shares 18,418,614 18,418,614 31.2 5,746 5.9 926
DP2011
Structured
Ordinary
Shares 10,678,725 10,678,725 4.8 515 78.2 8,349
DP2011
Structured
A Shares 12,572,817 12,572,817 31.9 4,017 6.1 652
DP2011 Low
Carbon
Shares 7,575,419 7,575,419 43.0 3,262 91.6 6,942
Generalist
Shares 7,438,093 - 99.9 7,427 -
Healthcare
Shares 2,400,195 - 99.7 2,394 -
Funds held in respect of shares not yet allotted 16,137 -
Net assets per Balance Sheet 59,412 45,082
The Directors allocate the assets and liabilities of the Company between
the DSO B Shares, DSO C Shares, DSO D Shares, DP67 Shares, DP2011
General Ordinary Shares, DP2011 General A Shares, DP2011 Structured
Shares, DP2011 Structured A Shares, DP2011 Low Carbon Shares, Generalist
Shares and Healthcare Shares such that each share class has sufficient
net assets to represent its dividend and return of capital rights as
described in note 12 of the full financial statements..
As the Company has not issued any convertible shares or share options,
there is no dilutive net asset value per DSO B Share, per DSO C Share,
per DSO D Share, per DP67 Share, per DP2011 General Ordinary Share, per
DP2011 General A Share, per DP2011 Structured Ordinary Share, per DP2011
Structured A Share, per DP2011 Low Carbon Share, per Generalist Share or
per Healthcare Share. The net asset value per share disclosed therefore
represents both the basic and diluted net asset value per DSO B Share,
per DSO C Share, per DSO D Share, per DP67 Share, per DP2011 General
Ordinary Share, per DP2011 General A Share, per DP2011 Structured
Ordinary Share, per DP2011 Structured A Share per DP2011 Low Carbon
Share, per Generalist Share, and per Healthcare Share.
4. Principal risks
The Company's investment activities expose the Company to a number of
risks associated with financial instruments and the sectors in which the
Company invests. The principal financial risks arising from the
Company's operations are:
- Market risks;
- Credit risk; and
- Liquidity risk.
The Board regularly reviews these risks and the policies in place for
managing them. There have been no significant changes to the nature of
the risks that the Company is exposed to over the year and there have
also been no significant changes to the policies for managing those
risks during the year.
The risk management policies used by the Company in respect of the
principal financial risks and a review of the financial instruments held
at the year end are provided below:
Market Risks
As a VCT, the Company is exposed to investment risks in the form of
potential losses and gains that may arise on the investments it holds in
accordance with its investment policy. The management of these market
risks is a fundamental part of investment activities undertaken by the
Investment Manager and overseen by the Board. The Manager monitors
investments through regular contact with management of investee
companies, regular review of management accounts and other financial
information and attendance at investee company board meetings. This
enables the Manager to manage the investment risk in respect of
individual investments. Investment risk is also mitigated by holding a
diversified portfolio spread across various business sectors and asset
classes.
The key market risks to which the Company is exposed are:
- Investment price risk; and
- Interest rate risk.
Investment price risk
Investment price risk arises from uncertainty about the future prices
and valuations of financial instruments held in accordance with the
Company's investment objectives. It represents the potential loss that
the Company might suffer through market price movements in respect of
Structured Products, and also changes in the fair value of unquoted
investments that it holds.
Interest rate risk
The Company accepts exposure to interest rate risk on floating-rate
financial assets through the effect of changes in prevailing interest
rates. The Company receives interest on its cash deposits at a rate
agreed with its bankers. Investments in loan stock attract interest
predominately at fixed rates.
Credit risk
Credit risk is the risk that a counterparty to a financial instrument is
unable to discharge a commitment to the Company made under that
instrument. The Company is exposed to credit risk through its holdings
of loan stock in investee companies, cash deposits, debtors and
Structured Products. Credit risk relating to loan stock investee
companies is considered to be part of market risk.
Liquidity risk
Liquidity risk is the risk that the Company encounters difficulties in
meeting obligations associated with its financial liabilities. Liquidity
risk may also arise from either the inability to sell financial
instruments when required at their fair values or from the inability to
generate cash inflows as required.
ANNOUNCEMENT BASED ON AUDITED ACCOUNTS
The financial information set out in this announcement does not
constitute the Company's statutory financial statements in accordance
with section 434 Companies Act 2006 for the year ended 31 March 2017,
but has been extracted from the statutory financial statements for the
year ended 31 March 2017 which were approved by the Board of Directors
on 31 July 2017 and will be delivered to the Registrar of Companies. The
Independent Auditor's Report on those financial statements was
unqualified and did not contain any emphasis of matter nor statements
under s 498(2) and (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2016 have been
delivered to the Registrar of Companies and received an Independent
Auditors report which was unqualified and did not contain any emphasis
of matter nor statements under s 498(2) and (3) of the Companies Act
2006.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Downing FOUR VCT plc via Globenewswire
(END) Dow Jones Newswires
July 31, 2017 11:24 ET (15:24 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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