Interim Management Statement
04 Agosto 2011 - 2:01PM
UK Regulatory
TIDMDDV2
Downing Distribution VCT 2 plc
Interim Management Statement
for the three months ended 30 June 2011
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Downing Distribution VCT 2 plc presents an Interim Management
Statement for the three month period ended 30 June 2011. The statement also
includes relevant financial information between the end of the period and the
date of this statement.
Performance
31 Jul 30 Jun 31 Mar
2011 2011 2011
(Unaudited) (Unaudited) (Audited)
Ordinary Shares of 1p each ("Ordinary Share") Pence Pence Pence
Net Asset Value 104.5 104.6 104.5
Cumulative distributions paid since 1 April 7.1 7.1 7.1
2010
Total return 111.6 111.7 111.6
'D' Shares of 10p each ("'D' Share")
Net Asset Value 88.1 91.2 92.5
Cumulative distributions paid since launch of
'D' Share offer 1.0 1.0 1.0
Total return 89.1 92.2 93.5
Dividends paid or declared in the period
The Company declared a final dividend of 2.5p per Ordinary Share and a final
dividend of 5.0p per 'D' Share on 22 July 2011 to be paid, subject to
Shareholder approval at the Annual General Meeting, on 29 September 2011.
Investment portfolio summary at 30 June 2011
Valuation
movement
since
31 March
Ordinary Share portfolio Cost Valuation 2011 *
GBP'000 GBP'000 GBP'000
Ten largest investments by value
Elektron Technology plc 661 1,255 169
Ludorum plc 1,127 1,095 (164)
Cadbury House Holdings Limited Unquoted 974 1,009 -
Accumuli plc 400 569 46
Mears Group plc Full list 551 535 70
Domestic Solar Limited Unquoted 500 500 -
Leytonstone Pub Limited Unquoted 454 454 -
Pennant International plc 212 446 -
Helcim Group Limited Unquoted 428 428 -
Hoole Hall Spa and Leisure Limited Unquoted 420 420 -
Subtotal 5,727 6,711 121
Other venture capital investments 4,961 4,013 (110)
Other investments 202 178 -
Total 10,890 10,902 11
Valuation
movement
since
31 March
'D' Share portfolio Cost Valuation 2011 *
GBP'000 GBP'000 GBP'000
Ten largest investments by value
Animalcare Group plc 103 314 28
Ludorum plc 184 250 (34)
Cadbury House Holdings Limited Unquoted 160 179 -
Leytonstone Pubs Limited Unquoted 129 129 -
Tristel plc 113 126 (25)
Plastics Capital plc 100 88 5
The 3D Pub Co Limited Unquoted 83 83 -
Tramps Nightclub Limited Unquoted 83 83 -
Future Biogas (SF) Limited Unquoted 81 81 -
EPI Services Limited Unquoted 80 80 -
Subtotal 1,116 1,413 (26)
Other venture capital investments 461 355 (8)
Other investments 531 514 2
Total 2,108 2,282 (32)
All investments are quoted on AIM unless otherwise stated.
*After accounting for additions and disposals in the period.
Investment additions during the three month period ended 30 June 2011
Ordinary 'D' Shares Total
Shares
GBP'000 GBP'000 GBP'000
Future Biogas (SF) Limited Unquoted 10 6 16
Helcim Group Limited Unquoted 53 - 53
Sinclair IS Pharma plc ** 246 114 360
Tracsis plc 350 - 350
--------------------------------
659 120 779
After the period end the Ordinary Share Pool invested GBP330,000, split as
GBP150,000 in a new investment called Kidspace Adventures Limited and GBP180,000 in
follow-on investments in Financial News Publishing Limited and Helcim Group
Limited.
Investment disposals during the three month period ended 30 June 2011
Total
Market realised
value at Gain/(loss) gain/
1 April Disposal against cost (loss) in period
Cost 2011 * proceeds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share pool
@UK plc 230 71 66 (164) (5)
Elektron Technology plc 5 8 10 5 2
IS Pharma plc ** 225 236 246 21 10
Ludlow Taverns Springhill
Limited 56 56 56 - -
Sinclair IS Pharma plc 115 115 103 (12) (12)
-------------------------------------------------------
631 486 481 (150) (5)
'D' Share pool
IS Pharma plc ** 100 109 114 14 5
Ludlow Taverns Springhill
Limited 19 19 19 - -
Sinclair IS Pharma plc 54 54 48 (6) (6)
-------------------------------------------------------
173 182 181 8 (1)
*After accounting for purchases in the period
** IS Pharma plc was taken over by Sinclair IS Pharma plc in the period under a
"share for share" exchange.
The Company sold holdings in @UK plc, Elektron Technology plc, Synergy Health
plc (all held by the Ordinary Share Pool) after the period end receiving
proceeds of GBP328,313. The hedge funds, held by the Ordinary Share Pool, were
also sold, with total proceeds received thereon of GBP176,987.
Changes to share capital
Ordinary Shares
Shares GBP'000
As at 1 April 2011 11,598,424 116
Shares issued in period 29,909 -
Shares bought back and cancelled - -
---------------------
As at 30 June 2011 11,628,333 116
On 27 July 2011, the Company purchased 119,000 Ordinary Shares for cancellation.
'D' Shares
Shares GBP'000
As at 1 April 2011 2,836,269 284
Shares issued in period - -
Shares bought back and cancelled - -
--------------------
As at 30 June 2011 2,836,269 284
Material events
Other than described above, there were no material events during the period from
1 April 2011 to 30 June 2011 or in the period from 1 July 2011 to the date of
this announcement.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Downing Distribution VCT 2 plc via Thomson Reuters ONE
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