TIDMPU11
RNS Number : 6692G
Puma VCT 11 PLC
26 November 2020
Puma VCT 11 plc
Interim Report
For the period ended 31 August 2020
Officers and Professional Advisers
Directors Auditor
Harold Paisner (Chairman) RSM UK Audit LLP
Maurice Shear Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
09197956 London SE1 9BG
Registered Office Bankers
Cassini House The Royal Bank of Scotland plc
57 St James's Street London City Office
London PO Box 412
SW1A 1LD 62-63 Threadneedle Street
London EC2R 8LA
Investment Manager
Puma Investment Management Limited VCT Tax Advisor
Cassini House PricewaterhouseCoopers LLP
57 St James's Street 1 Embankment Place
London London WC2N 6RH das
SW1A 1LD
Registrar Administrator
SLC Registrars PI Administration Services Limited
Elder House Cassini House
St. Georges Business Park 57 St James's Street
Brooklands Road London
Weybridge SW1A 1LD
Surrey
KT13 0TS Custodian
Pershing Securities Limited
1 Canada Square
London
E14 5AL
Highlights
-- Proposed dividend of 5p per share, bringing dividends paid since inception to 21p per share.
-- Covid-19 pandemic continues to impact on the Company's portfolio.
-- NAV per share of 90.86p at the half year (adding back 16p per
share dividends paid to date). This reflects a 1.99p per share
post-tax loss in the period, arising from a reduced valuation of
the qualifying investments portfolio principally to reflect the
impact of Covid-19.
Chairman's Statement
Introduction
Once again, we are reporting against the backdrop of major
economic disruption caused by the Covid-19 pandemic. Whilst recent
announcements relating to potential vaccines have buoyed sentiment,
the impact of the measures taken to deal with Covid-19 continue to
impact the entire economy and touch almost every sector.
Whilst it may be too early to comment on the medium-term effects
on investment markets and values, the short-term impact on many of
the Company's investments has been significant. Details of these
investments, and their current holding values, are set out
below.
In normal circumstances, your VCT would begin the process of
liquidating all its assets, winding up and returning its cash to
the shareholders. However, as announced earlier this year in the
Company's annual report, the Board has decided to delay convening a
General Meeting of the Company at which resolutions would be
proposed to place the Company into members' solvent liquidation.
The Board continues to keep this matter under regular review in
light of the delays to realisations likely to be caused by the
Covid-19 disruption. Meanwhile, the Company continues to meet its
minimum qualifying investment percentage of 80 per cent and the
Board remains focused on shareholders' wish to liquidate the
portfolio on reasonable terms as soon as possible.
Dividend
As reported in the Company's annual report, the Company paid a
dividend of 6p per ordinary share earlier this year. The Board is
pleased to announce that it has approved a further dividend of 5p
per Ordinary Share. This dividend is an interim dividend, but as it
fulfils the aim set out in the Prospectus it is expected to be the
only dividend in respect of the period to 28 February 2021 and will
bring dividends paid since inception to 21p per share.
The ex-dividend date will be 10 December 2020 and the record
date 11 December 2020. The dividend will be paid to shareholders on
or about 7 January 2021.
Investments
Qualifying Investments
Having met and maintained its minimum qualifying investment
percentage, and in light of its remaining planned life, the Company
has not made any new qualifying investments during the period. We
report as follows on its current portfolio of qualifying
investments.
Warm Hearth - Pubs with Microbreweries
In the Company's last annual report, the Company reported a
reduction of GBP1.7 million in the carrying value of the Company's
original GBP2.5 million investment into Warm Hearth Limited, a
hospitality and leisure business with two freehold pub assets in
Chester and Wilmslow. Both units are franchisee pubs of Brewhouse
& Kitchen Ltd ("B&K") and trade in their name. In line with
government regulations, B&K closed their units in March with
the vast majority of unit staff furloughed. During this period, the
company took advantage of government support packages including the
Job Retention Scheme and Rates Relief. Costs were tightly
controlled, with the benefit of both sites being freehold.
The Wilmslow site reopened successfully in August and benefitted
from the 'Eat Out to Help Out' scheme. The unit in Chester reopened
later, in September, given its central location and lack of outdoor
space. Both units opted to offer a 25% discount on all food from
Mondays to Wednesdays beyond August, independently from the
government scheme, to drive mid-week trade. Both sites have now
again been closed as a result of the second national lockdown from
5th November but will continue to benefit from government support
(furlough) and the extension of the VAT discount to March 2021
(reduced from 20% to 5%) once they reopen.
Whilst we have been pleased with the actions taken by the
management team in response to the pandemic, the recent headwinds
facing the pub industry have been exacerbated by the impact of
Covid-19, with consequent downward pressure on values. In
recognition of this, the Company has made a further reduction in
the carrying value of its holding, generating an unrealised loss in
the period of GBP555,000.
Mini Rainbows - Children's Nurseries
As previously reported, the Company invested GBP2.5 million as
part of a GBP5 million investment into Mini Rainbows Limited, which
owns and operates mature children's day nurseries in the Central
Belt of Scotland, from Edinburgh to Glasgow. During the first
lockdown, the schools remained closed with nursery level staff
furloughed. The company continued to engage with parents throughout
this period which resulted in a successful reopening in July, the
expectation being that nurseries will remain open in Scotland under
each of the 'Tiers' or in lockdown. The majority of staff have been
taken off the Job Retention Scheme and the company expects that all
staff will be taken off this scheme when it ends. The schools have
performed well since opening in their respective locations, and
occupancy continues to grow steadily. The company continues to
explore further acquisition opportunities in Scotland.
Growing Fingers Limited - Children's Nursery
As previously reported, the Company invested GBP980,000 (as part
of a GBP2.8 million investment, alongside other Puma funds) into
Growing Fingers Limited, a new purpose-built, 108-place nursery
school in Wendover, Buckinghamshire, an affluent commuter town with
direct links to London. Building was underway pre-Covid-19,
however, in line with government restrictions, the site was closed
and restarted in July with weekly site monitoring visits from Clerk
of Works to ensure the build remains on track. The construction is
due to reach Practical Completion by the end of the year, and
pre-marketing continues in preparation for the opening of the
school, which is expected in February 2021.
Applebarn Nurseries Limited - Children's Nursery
The Company has invested GBP1.1 million (as part of a GBP2.9
million investment, alongside other Puma funds) into Applebarn
Nurseries Limited, a custom-built, 120-place children's day nursery
in Altrincham, South Manchester which opened in September 2018 and
has been continuing to ramp up as occupancy builds, reaching
profitability in the year. The management team includes a
successful operator of nurseries, together with an experienced
developer and contractor. The nursery continued to operate for
children of key workers through the first lockdown in line with
government regulations, and all staff were retained without being
furloughed. The nursery reopened fully in August 2020, although
working in 'bubbles', which allowed for the school to operate but
at reduced capacity, with 72 students instead of 120.
Kid and Play Limited - Children's Nursery
In October 2017, the Company invested GBP1.7 million (as part of
a GBP3.4 million investment, alongside other Puma funds) into Kid
& Play Limited. The company has developed a 110-place
children's day nursery which was originally expected to open in
Spring 2020 but experienced some interruptions to the building
works due to Covid-19, so reached Practical Completion in May 2020
and opened in August 2020. Thanks to the focus on digital and
online marketing during the first Covid-19 lockdown, advance
interest in the nursery was very encouraging and the nursery
reached 27% occupancy by October 2020 and continues to track in
line with budget.
Signal Building Services - Construction Projects
In September 2017, the Company invested GBP1 million (as part of
a total investment round of GBP2 million) into Signal Building
Services Limited, a business specialising in delivering turnkey
solutions to construction projects led by a management team with
over 40 years of combined experience in the construction sector.
Signal Building Services is currently working on the construction
of a 41-unit residential scheme in North-West London. It has also
recently been working on the construction of a 22-apartment
supported living scheme in Wigan which completed successfully
during the period, generating an attractive margin for Signal
Building Services.
Knott End Pub Company Limited - Pubs with Microbreweries
As previously reported, the Company has invested just over
GBP2.1 million (as part of a GBP7.3 million qualifying investment
alongside another Puma VCT) in Knott End Pub Company Limited which
has entered into a franchise agreement with Brewhouse & Kitchen
Limited ("B&K") to roll out a portfolio of pubs offering
on-site craft micro-brewing activities and good quality food.
B&K is an award winning national branded operator, which now
has 24 sites offering craft brewing activities, and is run by an
experienced management team. Knott End operates two pubs, one in
Milton Keynes, Buckinghamshire and the other in Horsham, West
Sussex.
In line with the rest of the industry Knott End had to close
both units during the first lockdown in response to the Covid-19
pandemic. The business took advantage of government support
packages including the Job Retention Scheme (furlough) and Rate
Reliefs, VAT reductions of food (July 2020 extended to March 2021)
and the 'Eat Out to Help Out' scheme for August 2020.
The company and the B&K brand platform are innovating its
offering to adapt to the current environment. One example of this
is its investment into technology, resulting in B&K rapidly
rolling out their new order and payment platform, 'B&K On Tap'.
This will provide customers with comfort around social distancing,
and deliver staff efficiencies, adding extra robustness to the
operating model. These digital solutions will facilitate the
company in understanding their customer base in more detail.
Whilst the business is well funded, uncertainty due to Covid-19
remains and there is yet to be clarity on potential restrictions
over the festive period, a key period for pubs. On this basis, and
given the downward pressure on pub valuations as a result of the
pandemic, the Company has made a further reduction in the carrying
value of the holding, generating an unrealised loss in the period
of GBP184,000.
Pure Cremation Holdings Limited - Crematorium and Direct
Cremations
In November 2017, the Company invested just over GBP2 million
(as part of a GBP7.35 million investment, alongside other Puma
funds) into Pure Cremation Holding Limited, a leading provider of
direct cremations meeting the needs of a growing number of people
in the United Kingdom who want a respectful cremation arranged
without any funeral, leaving them free to say farewell how, where
and when is right for them. The company's revenue has grown
consistently since our investment, and the business has moved into
profitability. Our investment has driven marketing activity,
increasing awareness of the business' direct cremations and prepaid
funeral plans. The investment also helped the company build its own
bespoke crematorium facility, driving down per-unit costs and
providing a platform for considerable further growth. Pure
Cremation's experienced management team has delivered impressive
growth in a sector poised for rapid expansion.
The business has experienced very high demand during the current
year and was able to continue operating safely through the Covid-19
disruption. It also donated TV advertising space to Marie Curie to
help the charity raise much needed funds for its emergency appeal.
The sale of 'pre-need' (i.e. purchase of a funeral plan providing
committed funding for a direct cremation) and 'at-need' services
have remained strong, and the business is expanding to cover
mainland Scotland given the growing traction in this region. As the
business continues to deliver consistent growth in revenue and
EBITDA, the Company has reflected an increase in the carrying value
of its holding, generating an unrealised gain in the period of
GBP201,000.
Sunlight Education Nucleus Limited - Special Educational Needs
Schools
In November 2017, the Company invested GBP1.35 million (as part
of a GBP4.7 million investment, alongside other Puma funds) into
Sunlight Education Nucleus Limited, a company seeking to develop,
own and operate a series of special educational needs schools
across the United Kingdom. The first school, which opened in
September 2019 in Stafford, West Midlands, continued to operate
throughout lockdown in line with government regulation that
vulnerable children, and those with education health and care
plans, could continue attending school at the discretion of the
parents and guardians. A small number of pupils attended the school
in early lockdown, and at-home services were provided for students
remaining at home. This school is now trading ahead of forecasts
for pupil headcount. The second site in Crewe has finished
refurbishment and is expected to open with four times the number of
students originally forecast. Both schools have increased efforts
to hire new staff in order to cater for the rising demand.
Non-Qualifying Investments
Supported Living, Nottingham and Liverpool
As previously reported, a loan of GBP1,623,000 was advanced
(through an affiliate, Mayfield Lending Limited) to various
entities within the Carislease group of companies. The loan was
funding for the acquisition and development of a series of
supported living schemes in Nottingham and Liverpool. This loan,
together with loans from other vehicles managed and advised by the
Investment Manager totalling GBP4.8 million, was secured with a
first charge over the sites, many of which had already been
pre-sold. We are pleased to report that the loan was repaid in full
following the period end.
Mixed Residential Commercial Development, Bloomsbury
As previously reported, a GBP1.2 million loan (as part of a
total facility of GBP17.97 million) was advanced to Cudworth
Limited (through the VCT's affiliate Mayfield Lending Limited and
Meadow Lending Limited) to fund the construction of a mixed
residential and commercial development in Bloomsbury, London, close
to the British Museum and 600m from King's Cross station. We are
pleased to report that the loan was repaid in full during the
period.
Supported Living, Northumberland
In June 2018 the Company committed loans (through affiliates,
Mayfield Lending Limited and Latimer Lending Limited) of GBP1.46
million to Homelife Developments Hexham Ltd to facilitate the
construction of a 9-apartment supported living scheme in
Northumberland. We are pleased to report that the loan was repaid
in full during the period.
Care Homes for the Elderly, Willenhall and Lichfield
A loan of GBP1,926,000 was advanced (through affiliates,
Mayfield Lending Limited and Meadow Lending Limited) to various
entities within the Macc Care group of companies. The loan was to
fund the stabilisation of a newly built 73-bed care home in
Willenhall (between Wolverhampton & Walsall) and the
acquisition of a site in Lichfield which is the subject of a
planning application for a 90-bed care home. This loan, together
with loans from other vehicles managed and advised by the
Investment Manager totalling GBP7.7 million, is secured with a
first charge over the two sites. Occupancy at Willenhall remains
positive and the planning application at Lichfield is expected to
be determined in the coming months.
Purpose Built Student Accommodation, Brighton
A loan of GBP1,250,000 was advanced (through an affiliate,
Meadow Lending Limited) to Alumno Student Brighton Living
(Brighton) Limited. The loan was to fund the acquisition and
development of a 71-unit purpose-built student accommodation unit
in Brighton. This loan, together with loans from other vehicles
managed and advised by the Investment Manager totalling GBP8.47
million, is secured with a first charge over the site. Brighton is
one of the university towns which has had a strong demand for
new-build quality student accommodation and the developer has a
long track record, having developed over 5,000 units to date.
Construction is progressing well with a view to opening in line
with the beginning of the 2021/22 academic year.
Aparthotel, Glasgow
A pre-development bridge loan of GBP836,000 was advanced
(through affiliates, Palmer Lending Limited and Meadow Lending
Limited) to Citihome Glasgow Limited against a site with planning
permission for a 156-room aparthotel in central Glasgow. This loan,
together with loans from other vehicles managed and advised by the
Investment Manager totalling GBP3.3 million, is secured with a
first charge over the site and is backed by a personal guarantee
from the developer. Since the loan was advanced, the developer
successfully increased the planning permission to 204 rooms. The
loan is due to mature on 30 November 2020 and the borrower is in
discussions with the lenders with respect to a refinance or
restructuring.
Supported Living, Atherstone
A loan of GBP540,000 was advanced (through affiliates, Meadow
Lending Limited and Sloane Lending Limited) to HBP Group Limited to
facilitate the development of 16 supported-living flats in
Atherstone, Warwickshire. This loan, together with loans from other
vehicles managed and advised by the Investment Manager totalling
GBP1.7 million, is secured with a first charge over the property.
The scheme benefits from a pre-let with a leading housing
association and a rental void agreement with a large care provider.
Practical completion is expected in the coming months.
Care Homes for the Elderly, the Wirral
During the period, a loan of GBP700,000 was advanced (through an
affiliate, Sloane Lending Limited) to various entities within the
Athena Healthcare group of companies. This loan, together with
loans from other vehicles managed and advised by the Investment
Manager totalling GBP14 million is supporting the stabilisation of
two newly built 80-bed care homes in the Wirral, near Liverpool.
Both care homes are performing well - one at 78% occupancy and one
at 93% occupancy - and have not, to-date, had any Covid-19 related
issues.
Care Home for the Elderly, Cumbria
Shortly before the period end, loans totalling of GBP1,603,000
were advanced to facilitate the development of a new 70-bed care
home in Brampton, Cumbria. The loans were made through affiliates,
Mayfield Lending Limited and Meadow Lending Limited and were
advanced together with facilities from other vehicles managed and
advised by the Investment Manager totalling GBP11.7 million. The
developer has significant previous experience of developing and
operating care homes and the loans are secured with a first charge
over the site.
Results and Net Asset Value ("NAV")
The Company recorded a loss of GBP607,000 in the period
(representing a 1.99p per share post-tax loss) as a result of
changes made in holding values in the qualifying investments
portfolio. Accordingly, the NAV per share at the period end was
74.86p, which equates to 90.86p after adding back dividends paid to
date.
VCT Qualifying Status
PricewaterhouseCoopers LLP ("PwC") provides the board and the
Investment Manager with advice on the ongoing compliance with HMRC
rules and regulations concerning VCTs and has reported no issues in
this regard for the Company to date. PwC also assists the
Investment Manager in establishing the status of investments as
qualifying holdings and will continue to assist the Investment
Manager in monitoring rule compliance.
Principal risks and uncertainties
The measures taken to deal with Covid-19 have caused, and
continue to cause, major economic disruption across all sectors.
The consequences of this for the value of the Company's investment
portfolio constitute the principal risk and uncertainty for the
Company in the second half of the year.
Outlook
The Company's funds are invested in a balanced portfolio of both
qualifying and non-qualifying investments. Whilst the Covid-19
pandemic has presented a number of significant unforeseen economic
and social challenges for the UK and global economy, the management
teams in our portfolio companies and the developers who have
received loans from our affiliates have responded well. The
objective of the Board remains to balance the maximising of
shareholder returns with the desire to achieve an orderly winding
up of the Company's assets as soon as possible.
Harold Paisner
Chairman
26 November 2020
Income Statement (unaudited)
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 2020 31 August 2019 29 February 2020
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss on investments - (510) (510) - - - - 166 166
Income 259 - 259 240 - 240 505 - 505
259 (510) (251) 240 - 240 505 166 671
-------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (59) (176) (235) (62) (188) (250) (125) (374) (499)
Other expenses (121) - (121) (123) - (123) (235) - (235)
(180) (176) (356) (185) (188) (373) (360) (374) (734)
-------- -------- -------- -------- -------- -------- --------
Profit/(loss)
on ordinary
activities
before taxation 79 (686) (607) 55 (188) (133) 145 (208) (63)
Tax on return
on ordinary
activities (15) 15 - (10) 10 - (28) 28 -
Profit/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders 64 (671) (607) 45 (178) (133) 117 (180) (63)
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and diluted
Profit/(loss)
per Ordinary
Share (pence) 2 0.21p (2.20p) (1.99p) 0.15p (0.58p) (0.43p) 0.38p (0.59p) (0.21p)
======== ======== ======== ======== ======== ======== ======== ======== ========
The total column of this statement is the profit and loss of the
Company. All revenue and capital items in the above statement
derive from continuing operations. No operations were acquired or
discontinued in the period.
Balance Sheet (unaudited)
As at 31 August 2020
As at As at As at
31 August 31 August 29 February
Note 2020 2019 2020
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 17,447 22,326 19,997
----------- ----------- -------------
Current Assets
Prepayments 3,864 3,038 3,307
Cash 1,974 2 214
----------- ----------- -------------
5,838 3,040 3,521
Creditors - amounts falling
due within one year (444) (157) (70)
Net Current Assets 5,394 2,883 3,451
----------- ----------- -------------
Net Assets 22,841 25,209 23,448
=========== =========== =============
Capital and Reserves
Called up share capital 19 19 19
Capital reserve - realised (2,038) (1,624) (1,817)
Capital reserve - unrealised (1,759) (1,500) (1,309)
Revenue reserve 26,619 28,314 26,555
Equity Shareholders' Funds 22,841 25,209 23,448
=========== =========== =============
Net Asset Value per Ordinary
Share 3 74.86p 82.62p 76.85p
=========== =========== =============
Diluted Net Asset Value per
Ordinary Share 3 74.86p 82.62p 76.85p
=========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP'000 GBP'000 GBP'000
Operating activities
(Loss)/Profit after tax (607) (133) (63)
Realised loss on investment 60 - 25
Unrealised loss on investments 450 - (191)
Increase in debtors (557) (118) (387)
Decrease in creditors 374 (19) (106)
Net cash outflow from operations (280) (270) (722)
------------- ------------- -------------
Cash flow from investing activities
Proceeds from disposal of investments
and repayment of loans 2,040 230 2,725
Net cash generated in investing
activities 2,040 230 2,725
------------- ------------- -------------
Cash flow from financing activities
Dividends paid - - (1,831)
Net cash used in financing activities - - (1,831)
------------- ------------- -------------
Increase in cash 1,760 (40) 172
Cash and cash equivalents at the
beginning of the period 214 42 42
Cash and cash equivalents at the
end of year 1,974 2 214
============= ============= =============
Statement of Changes in Equity (unaudited)
For the period ended 31 August 2020
Called Capital Capital
up share reserve reserve Revenue
capital - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 March
2019 19 (1,446) (1,500) 28,269 25,342
Total comprehensive income
for the year - (178) - 45 (133)
Balance as at 31 August
2019 19 (1,624) (1,500) 28,314 25,209
Total comprehensive income
for the year - (193) 191 72 70
Dividends paid - - - (1,831) (1,831)
Balance as at 29 February
2020 19 (1,817) (1,309) 26,555 23,448
Return after taxation
attributable to equity
shareholders - (221) (450) 64 (607)
Balance as at 31 August
2020 19 (2,038) (1,759) 26,619 22,841
========== ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2020
1. Accounting Policies
The financial statements have been prepared under the historical
cost convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable Accounting Standards
and with the Statement of Recommended Practice, "Financial
Statements of Investment Trust Companies and Venture Capital
Trusts" ("SORP") and in accordance with the Financial Reporting
Standard 102 ("FRS102").
2. Return per Ordinary Share
The total loss per share of 1.99p is based on the loss for the
period of GBP607,000 and the weighted average number of shares in
issue as at 31 August 2020 of 30,511,969 calculated from the date
of the first receipt of proceeds from the issue of ordinary share
capital.
3. Net asset value per share
As at As at As at
31 August 31 August 29 February
2020 2019 2020
Net assets 22,841,000 25,209,000 23,448,000
Shares in issue 30,511,969 30,511,969 30,511,969
Net asset value per
share
Basic 74.86p 82.62p 76.85p
Diluted 74.86p 82.62p 76.85p
4. Management fees
The Company pays the Investment Manager an annual management fee
of 2% of the Company's net assets. The fee is payable quarterly in
arrears. The annual management fee is allocated 75% to capital and
25% to revenue.
5. Financial information provided
The financial information for the period ended 31 August 2020
has not been audited and does not comprise full financial
statements within the meaning of Section 423 of the Companies Act
2006. The interim financial statements have been prepared on the
same basis as will be used to prepare the annual financial
statements.
6. Investment portfolio summary
Valuation Cost Gain/(loss)
Valuation
as a % of
As at 31 August 2020 GBP'000 GBP'000 GBP'000 Net Assets
Qualifying Investments
Warm Hearth Limited 254 2,500 (2,246) 1%
Mini Rainbows Limited 2,716 2,500 216 12%
Growing Fingers Limited 980 980 - 4%
Applebarn Nurseries
Limited 1,133 1,133 - 5%
Kid & Play Limited 1,694 1,694 - 7%
Signal Building Services
Limited 971 1,000 (29) 4%
Knott End Pub Company
Limited 2,108 2,400 (292) 9%
Pure Cremation Holdings
Limited 2,592 2,000 592 12%
Sunlight Education Nucleus
Limited 1,350 1,350 - 6%
Total Qualifying Investments 13,798 15,557 (1,759) 60%
---------- -------- ------------ ------------
Non-Qualifying Investments
Palmer Lending Limited 260 260 - 1%
Mayfield Lending Limited 1,160 1,160 - 5%
Latimer Lending Limited 1 1 - 0%
Meadow Lending Limited 1,448 1,448 - 6%
Sloane Lending Limited 780 780 - 3%
Total Non-Qualifying
Investments 3,649 3,649 - 15%
---------- -------- ------------ ------------
Total Investments 17,447 19,206 (1,759) 75%
Balance of Portfolio 5,394 5,394 - 25%
Net Assets 22,841 24,600 (1,759) 100%
---------- -------- ------------ ------------
Of the investments held at 31 August 2020, all are incorporated
in England and Wales.
Copies of this Interim Statement will be made available on the
website:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
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