Downing Plan VCT 6 Downing Planned Exit VCT 6 PLC -3-
28 Settembre 2012 - 12:02PM
UK Regulatory
-
realised
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 February 2012 1 8,308 75 (1,784) 150
Purchase of own shares - (67) - - -
Net gains on - - - (506) -
investments
Transfer between - - - - -
reserves
Distributions paid - (178) - - -
Retained net revenue - - 145 - -
--- ------------- ------------- ----------------- -------
At 31 July 2012 1 8,063 220 (2,290) 150
--- ------------- ------------- ----------------- -------
The Revenue reserve, Special reserve, and Revaluation reserve are distributable
reserves. Total distributable reserves at 31 July 2012 were GBP5,820,000.
8. The Directors confirm that, to the best of their knowledge, the half-yearly
financial statements have been prepared in accordance with the "Statement: Half-
Yearly Financial Reports" issued by the UK Accounting Standards Board and the
half-yearly financial report includes a fair review of the information required
by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period, and any changes in the related
party transactions described in the last annual report that could do so.
9. Risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company
over the remainder of the financial period and concluded that the key risks are:
· investment risk associated with investing in small and immature businesses;
and
· failure to maintain approval as a VCT.
In both cases the Board is satisfied with the Company's approach to these risks.
The strategy of, where possible, taking charges over assets to secure its
investments helps to limit any potential losses which could arise from the
failure of an investee business.
The Company continually monitors its compliance with the VCT regulations and
retains PricewaterhouseCoopers to provide regular reviews and advice in this
area. The Board considers that this approach reduces the risk of a breach of the
VCT regulations to a minimal level.
10. Going concern
The Directors have reviewed the Company's financial resources at the period end
and concluded that the Company is well placed to manage its business risks.
11. The Board confirms that it is satisfied that the Company has adequate
resources to continue in business for the foreseeable future. For this reason,
the Board believes that the Company continues to be a going concern and that it
is appropriate to apply the going concern basis in preparing the financial
statements.
12. The unaudited condensed financial statements set out herein do not
constitute statutory accounts within the meaning of Section 434 of the Companies
Act 2006 and have not been delivered to the Registrar of Companies. The figures
for the year ended 31 January 2012 have been extracted from the financial
statements for that year, which have been delivered to the Registrar of
Companies; the auditors' report on those financial statements was unqualified.
13. Copies of the unaudited half-yearly results will be sent to Shareholders
shortly. Further copies can be obtained from the Company's Registered Office and
will be available for download from www.downing.co.uk.
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 Planned Exit VCT 6 PLC via Thomson Reuters ONE
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