PND Penn.Down.Aim 2

 
TIDMPND 
 
Pennine Downing AIM VCT 2 plc 
Interim Management Statement 
for the three months ended 30 November 2009 
 
In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK 
Listing  Authority, Pennine Downing AIM VCT 2 plc presents an Interim Management 
Statement for the three month period ended 30 November 2009.   The statement also 
includes  relevant financial information  between the end  of the period and the 
date of this statement. 
 
Dividends paid or declared in the period 
No dividends were paid or declared in the period. 
 
Performance 
 
                             30 November    31 August    28 February 
                                    2009          2009           2009 
 
                                   Pence         Pence          Pence 
 
                             (Unaudited)   (Unaudited)    (Unaudited) 
 
  Net Asset Value ("NAV")          28.2          29.5           26.8 
 
  Cumulative Dividends             27.0          27.0           27.0 
 
  Total Return *                   55.2          56.5           53.8 
 
* NAV plus cumulative dividends paid since launch 
 
Unaudited Investment portfolio summary at 30 November 2009 
 
Ten largest investments by value 
 
                                                                   Valuation 
                                                             movement since 
                                              Cost  Valuation   31 August 2009 
 
                                              GBP'000       GBP'000            GBP'000 
 
 
 
 Synergy Health plc **                        609        782             100 
 
 Cadbury House Holdings Limited *             571        571               - 
 
 Ludorum plc                                  162        363              24 
 
 Hoole Hall Spa and Leisure Club Limited *    360        360               - 
 
 Spice plc **                                 398        319               3 
 
 Elektron plc                                 459        301            (40) 
 
 Supporta plc                                 406        269             134 
 
 Glisten plc                                  246        177             (4) 
 
 FDM Group plc                                150        173              15 
 
 Straight plc                                 160        157              19 
 
 
 
 Other venture capital investments          8,367      1,736           (518) 
 
 
 
 Other investments                            149        159              10 
 
 
 
 Total                                     12,037      5,367           (257) 
 
 
All investments are quoted on AIM unless otherwise stated. 
*                           Unquoted 
**                     Listed on London Stock Exchange Main Market 
 
Investment additions during the 3 months ended 30 November 2009 
 
                                         Cost 
 
                                         GBP,000 
 
  Cadbury House Holdings Limited ***     571 
 
  Tristel plc                             76 
                                     --------- 
                                          647 
 
 
There have been no additions between 1 December 2009 and the date of this 
announcement. 
 
Investment disposals during the 3 months ended 30 November 2009 
 
                                    Market value            Gain/(loss)     Total 
                                      at 1  March  Disposal   in period  realised 
                             Cost          2009   proceeds against cost      gain 
 
                              GBP'000         GBP'000      GBP'000         GBP'000      GBP'000 
 
 Venture Capital 
 Investments 
 
 Cadbury House Limited ***    461          461       461            -         - 
 
 Dipford Group plc            266            -         -        (266)         - 
 
 Interserve plc                85           31        46         (39)        15 
 
 Nu Nu plc                    469          432       419         (50)      (13) 
 
 Synergy Health plc            13           34        55           42        21 
                           ----------------------------------------------------- 
                             1,294          958       981        (313)        23 
 
 
After the period end the Company disposed of its holdings in FDM Group plc, 
Symphony Environmental Technology plc and Waterline plc, together with a partial 
disposal of Cellcast plc and Synergy Health plc, with proceeds thereon totalling 
 GBP365,000. 
 
***  During  the  period  end,  the  Company  invested  GBP571,000 in Cadbury House 
Holdings  Limited, which comprised reinvestment of  the proceeds of the disposal 
from Cadbury House Limited of  GBP461,000 and a new investment of  GBP110,000. 
 
Changes to share capital 
 
                                      Ordinary Shares of 
                                           5p each 
 
                                          Shares     GBP'000 
 
  As at 1 September 2009             23,590,014    1,180 
 
  Shares bought back and cancelled            -        - 
                                   ----------------------- 
  As at 30 November 2009             23,590,014    1,180 
 
 
There have been no changes to share capital between 1 December 2009 and the date 
of this announcement. 
 
Merger discussions 
On 30 November 2009, the Company announced that it is in merger discussions with 
Pennine AIM VCT plc and that any merger is expected to   be   by   way   of   a 
"scheme   of reconstruction" pursuant to   S.110 of   the Insolvency   Act 1986. 
Merger discussions are ongoing. 
 
Material events 
Other than described above, there were no material events during the period from 
1 September  2009 to 30 November 2009 or  in the period  from 1 December 2009 to 
the date of this announcement. 
 
 
 
 
[HUG#1373833] 
 

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