TIDMPMH 
 
AChairman's Statement 
 
Highlights 
  * One of the top performing VCTs of its peer group 
  * Net asset value per share at 30 June 2011 of 97.02p (after adding back 7p 
    dividend paid on 1(st) March 2011) 
 
 
Introduction 
 
During  the  six  months  to  30 June  2011, the  Company  maintained a cautious 
approach  in its  investments whilst  remaining well  positioned to  exploit the 
opportunities which are arising as a result of tight credit markets. 
 
Qualifying investments 
 
During  the  period,  the  Company  agreed  terms  to invest up to  GBP860,000 into 
Mirfield  Contracting  Limited  ("MCL").   As  a  member  of a limited liability 
partnership   with   other  contracting  companies,  MCL  will  provide  project 
management  services to  a  GBP3.8  million development  of town houses in Mirfield 
(near  Wakefield) West Yorkshire. The investment manager has continued to review 
a  number of other  suitable qualifying investments  and expects to make further 
qualifying  investments in the second half of  the year to ensure the Company is 
on course to meet its HMRC qualifying target. 
 
Non-qualifying investments 
 
The  Company has invested approximately  GBP10.8 million to date in a range of bond 
funds,  absolute return funds and  a partly hedged equity  income fund. The non- 
qualifying  portfolio continues  to be  positioned cautiously,  remaining liquid 
whilst  looking to  generate income  in volatile  market conditions. However, it 
retains  some exposure  to securities  markets as  is required by VCT qualifying 
rules.  Since the end of June markets  have been unusually volatile and this has 
impacted  the value of even cautiously constructed portfolios. As a consequence, 
the  volatility during July and  August has cost the  VCT some 1.7p per share in 
NAV. 
 
Net Asset Value ('NAV') 
 
The  net asset  value remains  strong in  relation to  the Company's peer group, 
despite  the  difficult  economic  conditions  which  have  continued  since the 
financial  crisis and  since the  Company was  launched. During  the period, the 
Company's  net asset value increased slightly  by 0.1% (adding back the dividend 
of 7p paid on 1(st) March 2011) to 97.02p. 
 
Dividends 
 
As  set-out in the accounts for the period ended 31 December 2010, a dividend of 
7p per  ordinary  share  was  declared  during  the period and paid on 1st March 
2011. Reflecting  this  recent  payout,  your  Board  is not proposing a further 
dividend  in relation to this interim period but reiterates the intention to pay 
out  an annual dividend of up to 7p per ordinary share per annum as envisaged in 
the Company's prospectus. 
 
VCT Qualifying Status 
 
PricewaterhouseCoopers LLP ('PwC') provides the board and the investment manager 
with  advice  on  the  ongoing  compliance  with Her Majesty's Revenue & Customs 
('HMRC')  rules  and  regulations  concerning  VCTs.  PwC assists the Investment 
Manager in establishing the status of investments as qualifying holdings and has 
reported that the Company has met all HMRC's criteria to date. 
 
Principal risks and uncertainties 
 
Continuing  uncertainty whilst  the UK  slowly comes  out of recession has meant 
that  markets  remain  turbulent.  Global  concerns  have  impacted  UK  markets 
negatively,  most notably  the increasing  concerns over  the US deficit and the 
escalating  sovereign wealth crisis in Europe.  The consequences of this for the 
Company's investment portfolio constitute the principal risk and uncertainty for 
the Company in the second half of 2010. 
 
Outlook 
 
During  the period, the Investment  Manager has met a  number of companies which 
are  potentially suitable for investment. There  is a good flow of opportunities 
which  may lead  to suitable  investments. We  will update  you in due course as 
investments  are  completed.   The  restrictions  on availability of bank credit 
continue  to affect the terms on which  target companies can raise finance. This 
should  both increase the demand  for our offering and  improve the terms we can 
secure when we offer finance.  There are many suitable companies which are well- 
managed,  in good market positions, can offer  security and need our finance. We 
therefore  believe the Company is strongly positioned to assemble a portfolio to 
deliver attractive returns to shareholders in the medium to long term. 
 
Ray Pierce 
Chairman 
31 August 2011 
 
 
 
 
Income Statement (unaudited) 
For the six months ended 30 June 2011 
 
 
                   Six months ended     |   Six months ended    |   7 October 2009 to 
                   30 June 2011         |     30 June 2010      |   31 December 2010 
                                        |                       | 
                                        |                       | 
                   Revenue Capital Total|Revenue Capital Total  |Revenue Capital Total 
              Note  GBP'000    GBP'000    GBP'000| GBP'000    GBP'000    GBP'000  | GBP'000    GBP'000    GBP'000 
                                        |                       | 
                                        |                       | 
(Loss)/gains                            |                       | 
on                                      |                       | 
investments            -        69    69|    -     (150)   (150)|      -      54      54 
                                        |                       | 
Income                 149     -     149|     45     -        45|    131       -     131 
                                        |                       | 
                                        |                       | 
                                        |                       | 
                       149      69   218|     45   (150)   (105)|    131      54     185 
                                        |                       | 
                                        |                       | 
                                        |                       | 
                                        |                       | 
                                        |                       | 
Investment                              |                       | 
management                              |                       | 
fees          4         29      88   117|     20      59      79|     49     148     197 
                                        |                       | 
Other                                 84|                       | 
expenses            84         -        |     64     -        64|    140       -     140 
                                        |                       | 
                                        |                       | 
                                        |                       | 
                       113      88   201|     84      59     143|    189     148     337 
                                        |                       | 
                                        |                       | 
                                        |                       | 
Return/(loss)                           |                       | 
on ordinary                             |                       | 
activities                              |                       | 
before                                  |                       | 
taxation                36    (19)    17|   (39)   (209)   (248)|   (58)    (94)   (152) 
                                        |                       | 
Tax on return                           |                       | 
on ordinary                             |                       | 
activities             (5)       5     -|    -       -       -  |      -       -       - 
                                        |                       | 
                                        |                       | 
                                        |                       | 
Return/(loss)                           |                       | 
on ordinary                             |                       | 
activities                              |                       | 
after tax                               |                       | 
attributable                            |                       | 
to                                      |                       | 
 equity                                 |                       | 
shareholders            31    (14)    17|   (39)   (209)   (248)|   (58)    (94)   (152) 
                                        |                       | 
                                        |                       | 
                                        |                       | 
Basic and                               |                       | 
diluted                                 |                       | 
                                        |                       | 
Return/(loss)                           |                       | 
per  Ordinary                           |                       | 
Share (pence) 2       0.23  (0.11)  0.12|(0.43)p (2.28)p (2.71)p|(0.50)p (0.80)p (1.30)p 
                                        |                       | 
                                        |                       | 
                                        |                       | 
 
 
The revenue 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 30 June 2011 
                                         As at          As at              As at 
                                  30 June 2011   30 June 2010   31 December 2010 
                           Note           GBP'000           GBP'000               GBP'000 
 
Fixed Assets 
 
Investments                7            10,807          3,067             10,923 
 
 
 
 
 
Current Assets 
 
Debtors                                     62             68                 87 
 
Cash at bank and in hand                 1,552         10,319              2,374 
 
 
 
                                         1,614         10,387              2,461 
 
Creditors - amounts 
falling due within one 
year                                     (112)          (300)              (133) 
 
 
 
Net Current Assets                       1,502         10,087              2,328 
 
 
 
Total Assets less Current 
Liabilities                             12,309         13,154             13,251 
 
 
Creditors - amounts 
falling due after more 
than one year 
(including convertible 
debt)                                      (1)            (1)                (1) 
 
 
 
Net Assets                              12,308         13,153             13,250 
 
 
 
Capital and Reserves 
 
Called up share capital                    137            137                137 
 
Share premium account                   -              13,264             13,264 
 
Capital reserve - realised               (207)           (61)              (110) 
 
Capital reserve -                                                             17 
unrealised                                 101          (148) 
 
Other reserve                            -              -                      - 
 
Revenue reserve                         12,277           (39)               (58) 
 
 
 
Equity Shareholders' Funds              12,308         13,153             13,250 
 
 
 
 
 
Net Asset Value per 
Ordinary Share                3         90.02p         96.20p             96.91p 
 
 
 
Diluted Net Asset Value 
per Ordinary Share            3         90.02p         96.20p             96.91p 
 
 
 
 
 
 
 
 
 
Cash Flow Statement (unaudited) 
For the six months ended 30 June 2011 
 
                                 Six months                         Period ended 
                                      ended  Six months ended 30     31 December 
                               30 June 2011             June 2010           2010 
                                       GBP'000                  GBP'000           GBP'000 
 
 
Operating activities 
 
Interest income received                146                     8             96 
 
Investment management fees                                      -          (134) 
paid                                  (128) 
 
Directors fees paid                    (24)                     -           (39) 
 
Other expenses paid                    (59)                   (4)           (35) 
 
 
 
Net cash inflow/(outflow) 
from operating activities              (65)                     4          (112) 
 
 
 
Capital expenditure and 
financial investment 
 
Purchase of investments             (1,920)               (3,216)       (11,615) 
 
Proceeds from sale of                                           -            741 
investments                           2,143 
 
Net realized gain on forward                                  (2)           (13) 
foreign exchange contracts             (21) 
 
Acquisition costs                       (3)                   (2)           (13) 
 
 
 
Net cash inflow/(outflow) 
from capital expenditure and 
financial investment                    199               (3,218)       (10,887) 
 
 
 
 
 
Equity dividend paid                  (957)                     -              - 
 
 
 
Financing 
 
Proceeds received from issue              -                13,519         13,521 
of ordinary share capital 
 
Expenses paid for issue of                -                     -          (149) 
share capital 
 
Proceeds received from issue              -                     - 
of redeemable preference 
shares                                                                        50 
 
Redemption of redeemable                  -                     - 
preference shares                                                           (50) 
 
Proceeds received from                    -                     1 
convertible loan notes                                                         1 
 
 
 
Net cash inflow from                      -                13,520         13,373 
financing 
 
 
 
Inflow/(Outflow) in the               (823)                10,306          2,374 
period 
 
 
 
Reconciliation of net cash 
flow to movement in net 
funds 
 
Decrease in cash for the                                   10,306          2,374 
period                                (823) 
 
Net cash at start of the                                       13              - 
period                                2,375 
 
 
 
Net funds at the period end           1,552                10,319          2,374 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Movements in Shareholders' Funds (unaudited) 
For the six months ended 30 June 2011 
 
 
 
                  Called 
                      up     Share   Capital     Capital 
                   share   premium  reserve-    reserve-   Other Revenue 
                 capital   account  realised  unrealised reserve reserve   Total 
                    GBP'000       GBP'00      GBP'000        GBP'000    GBP'000    GBP'000    GBP'000 
 
 
 
                                 Six months ended 30 June 2011 
 
 
 
Balance at 1 
January 2011         137    13,264     (110)          17       -    (58)  13,250 
 
Total 
recognised 
(losses)/gains 
for the period         -  (13,264)      (98)          84       -  13,293      15 
 
Dividends paid         -         -         -           -       -   (957)   (957) 
               ----------------------------------------------------------------- 
Balance at 30 
June 2011            137         -     (208)         101       -  12,278  12,308 
 
 
 
                                 Six months ended 30 June 2010 
 
 
 
Balance at 1 
January 2010           -        13         -           -       -       -  13,672 
 
Share issues in 
the period           137    13,522         -           -       -       -   (271) 
 
Expenses of 
share issues           -     (271)         -           -       -       -   (271) 
 
Total 
recognised 
losses for the 
period                 -         -      (61)       (148)       -    (39)   (248) 
               ----------------------------------------------------------------- 
Balance at 30 
June 2010            137    13,264      (61)       (148)       -    (39)  13,153 
 
 
 
                             For the period ended 31 December 2010 
 
 
 
Share issues in 
the period           137    13,535         -           -       -       -  13,672 
 
Expenses of 
share issues           -     (271)         -           -       -       -   (271) 
 
Return after 
taxation 
attributable to 
equity 
shareholders           -         -     (110)          17       -    (58)   (151) 
               ----------------------------------------------------------------- 
Balance at 31 
December 2010        137    13,264     (110)          17       -    (58)  13,250 
 
 
 
 
Notes to the Interim Report 
For the six months ended 30 June 2011 
 
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"). 
 
2.             Return per Ordinary Share 
 
The total gain per share of 0.11p (30 June 2010 - loss per share of 2.71p) is 
based on the gain for the period of  GBP17,000 (30 June 2010 - loss of  GBP248,000) 
and the weighted average number of shares in issue as at 30 June 2011 of 
13,671,870 (30 June 2010 - 13,671,870). 
 
3.             Net asset value per share 
 
+------------------+-------------+-----------------+---------------------------+ 
|                  |             |                 | Net Asset Value per share | 
|                  +-------------+-----------------+--------+------------------+ 
| Period           | Net assets  | Shares in issue | Basic  |     Diluted      | 
+------------------+-------------+-----------------+--------+------------------+ 
| 30 June 2011     |  GBP12,308,000 |   13,671,870    | 90.02p |      90.02p      | 
+------------------+-------------+-----------------+--------+------------------+ 
| 31 December 2010 |  GBP13,250,000 |   13,671,870    | 96.91p |      96.91p      | 
+------------------+-------------+-----------------+--------+------------------+ 
| 30 June 2010     |  GBP13,153,000 |   13,671,870    | 96.20p |      96.20p      | 
+------------------+-------------+-----------------+--------+------------------+ 
 
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.             Related Party Transactions 
 
Related party transactions are described in the 2010 Annual Report and Accounts 
on page 31. There were no other related party transactions during the six months 
ended 30 June 2011. 
 
6.             The financial information for the six months ended 30 June 2011 
and 30 June 2010 has not been audited and does not comprise full financial 
statements within the meaning of Section 423 of the Companies Act 2006. The 
financial information for the Year ended 31 December 2010 has been extracted 
from the company's full financial statements for the period then ended that have 
been delivered to the Registrar of Companies, and on which the report of the 
Auditors was unqualified. The interim financial statements have been prepared on 
the same basis as the annual financial statements. 
 
 
Notes to the Interim Report continued 
For the six months ended 30 June 2011 
 
7.             Investment portfolio summary 
 
 
 
 
As at 30 June     Valuation                    Cost      Gain/ Valuation as a 
2011                   GBP'000                    GBP'000     (loss) % of Net Assets 
 
 
 
Non-qualifying 
investments 
 
 Blackrock UK 
Emerging  GBP              627                     591         36       5% 
 
 BlueBay Macro A 
 GBP                       345                     315         30       3% 
 
 BlueBay Macro GBP 
                   295                                  250 45   2% 
 
 Exane Archimedes 
                   602                                  568 34   5% 
 
 Gartmore UK 
Absolute Return                     608                 583 25   5% 
 
 GLG European 
Alpha 
Alternatives  GBP          440                     430         10       4% 
 
 Investec SPEC 
SITS I ACC              649                     658        (9)       5% 
 
 Jupiter 
Strategic Bonds         785                     868       (83)       6% 
 
 Legal & General 
UT DYN Bond Trust 
Inc                     728                     749       (21)       6% 
 
 Old Mutual FD 
MGRS Corp Bond 
Inc                     793                     813       (20)       6% 
 
 Pimco Gbl Invrs 
Unconstraind Bond 
Hgd Instl               355                     355        -         3% 
 
 Pimco Global 
Investors Hedged 
Income                  779                     791       (12)       6% 
 
 Puma Absolute 
Return B              1,913                   1,900         13       15% 
 
 Schroders Unit 
Trust Income 
Maximiser               523                     557       (34)       4% 
 
Threadneedle Inv 
High Yield Bond 
Inc                     753                     873      (120)       6% 
 
Trafalgar Azri R1       612                     600         12       5% 
                 -------------------------------------------------------------- 
Total 
investments          10,807                  10,901       (94)       88% 
 
Balance of 
portfolio             1,501                   1,501                  12% 
                 -------------------------------------------------------------- 
 
 
Net Assets           12,308                  12,402       (94)      100% 
 
 
 
 
 
 
 
 
 
 
 
 
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: Puma High Income VCT PLC via Thomson Reuters ONE 
 
[HUG#1542534] 
 

Grafico Azioni Puma High (LSE:PMH)
Storico
Da Mag 2024 a Giu 2024 Clicca qui per i Grafici di Puma High
Grafico Azioni Puma High (LSE:PMH)
Storico
Da Giu 2023 a Giu 2024 Clicca qui per i Grafici di Puma High