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Friday, 22 December 2017

Downing FOUR VCT plc : Half-year Report

     

Published: 16:09 CET 22-12-2017 /GlobeNewswire /Source: Downing FOUR VCT plc / : D467 /ISIN: GB00BWX53D91

Downing FOUR VCT plc : Half-year Report

Downing FOUR VCT plc

LEI: 21380035MV1VRYEXPR95

Half-Yearly Report for the six months ended 30 September 2017

 

FINANCIAL HIGHLIGHTS

 

 

30 Sept

2017

 

31 March

2017

 

30 Sept

2016

 

pence

 

pence

 

pence

DSO B Share pool

 

 

 

 

 

Net asset value per DSO B Share

4.444

 

20.7

 

20.0

Net asset value per DSO C Share

10.939

 

0.1

 

0.1

Cumulative dividends per DSO B Share

91.500

 

91.5

 

91.5

Estimated performance incentive * (1)

-

 

(5.5)

 

(5.3)

Total return per DSO B Share and DSO C Share

106.883

 

106.8

 

106.3

 

 

 

 

 

 

DSO D Share pool

 

 

 

 

 

Net asset value per DSO D Share

78.5

 

76.1

 

75.5

Cumulative dividends per DSO D Share

27.5

 

25.0

 

22.5

Estimated performance incentive *

(4.2)

 

-

 

-

Total return per DSO D Share

101.8

 

101.1

 

98.0

 

 

 

 

 

 

DP67 Share pool

 

 

 

 

 

Net asset value per DP67 Share

68.7

 

66.1

 

63.9

Cumulative dividends per DP67 Share

29.8

 

27.8

 

25.8

Total return per DP67 Share

98.5

 

93.9

 

89.7

 

 

 

 

 

 

DP2011 General Share pool

 

 

 

 

 

Net asset value per DP2011 Gen Ord Share

15.0

 

15.0

 

25.0

Net asset value per DP2011 Gen A Share

34.4

 

31.2

 

30.3

Cumulative dividends per DP2011 Gen Ord Share

55.0

 

55.0

 

45.0

Total return per DP2011 Gen Ord Share and Gen A Share

104.4*

 

101.2

 

100.3

Estimated Performance incentive (already included above) *

5.2

 

 

 

 

 

 

 

 

 

 

DP2011 Structured Share pool

 

 

 

 

 

Net asset value per DP2011 Struc Ord Share

5.0

 

4.8

 

14.9

Net asset value per DP2011 Struc A Share

34.5

 

31.9

 

31.8

Cumulative dividends per DP2011 Struc Share

65.0

 

65.0

 

55.0

Total return per DP2011 Struc Ord Share and Struc A Share

104.5*

 

101.7

 

101.7

Estimated Performance incentive (already included above) *

5.2

 

 

 

 

 

 

 

 

 

 

DP2011 Low Carbon Share pool

 

 

 

 

 

Net asset value per DP2011 Low Carbon Share

39.1

 

43.0

 

41.7

Cumulative dividends per DP2011 Low Carbon Share

73.9

 

73.9

 

73.9

Estimated performance incentive *

(5.5)

 

(2.5)

 

(6.8)

Total return per DP2011 Low Carbon Share

107.5

 

114.4

 

108.8

 

 

 

 

 

 

Generalist Share pool

 

 

 

 

 

Net asset value and Total return per Generalist Share

98.7

 

99.9

 

N/A

 

 

 

 

 

 

Healthcare Share pool

 

 

 

 

 

Net asset value and Total return per Healthcare Share

98.6

 

99.7

 

N/A

 

 

 

 

 

 

 

*A full explanation of the performance incentive arrangements for each share pool will be shown in the half-yearly report.

(1)As at 30 September 2017, the performance incentive has been provided for by virtue of the allocation of proceeds to the DSO C Share class.  The estimated performance incentive is equivalent to 5.5p per DSO B Share.

CHAIRMAN'S STATEMENT

 

Introduction

I am pleased to present the Company's Half Yearly Report for the six months ended 30 September 2017. It has been a productive start to the year for your Company with good progress made on share pools working towards exits and the completion of a successful fundraising for the Generalist and Healthcare Share pools.

 

Share pools

The Company now has eight active share pools, each with a different profile. This report includes sections covering the individual share pools and I will give a brief overview of each.

 

DSO B Share Pool

The combined NAV of one DSO B Share and one DSO C Share stood at 15.383p at 30 September 2017, an increase of 0.1p from 31 March 2017. Total Return now stands at 106.883p per share, compared to the cost for Shareholders who invested in the B Share offer, net of income tax relief, of 70.0p.  A performance fee equivalent to 5.5p per B Share will be paid to members of the management team when the task of returning funds to Shareholders is complete. This performance incentive fee has already been deducted in arriving at the Total Return of 106.883p.

 

Since the period end, I am pleased to report that the final investments have been realised at values equal to the carrying value at 30 September 2017. This has allowed the Board to declare final dividends as follows:

 

DSO B Shares

4.444p

per share

DSO C Shares

10.939p

per share

 

Both dividends will be paid on 26 January 2018 to Shareholders on the register as at 5 January 2018. 

 

The payment of these final distributions will bring this Share Pool to a close and in due course, the share classes will be cancelled. These distributions will bring Total Return to Shareholders who invested at the launch of the share pools in 2010 to 106.883p for a combined holding of one DSO B Share and one DSO C Share compared to the original cost of 70p net of tax relief. The Board considers this to be a satisfactory outcome for investors.

 

DSO D Share Pool

The DSO D Share NAV stood at 78.5p at 30 September 2017, an increase of 4.9p per share or 6.4% over the period, after adjusting for the dividends paid in the period of 2.5p. Total Return now stands at 101.8p per share, compared to the cost for Shareholders who invested in the D Share offer, net of income tax relief, of 70.0p. Based on the current performance it is estimated that a performance fee equivalent to 4.2p per D Share may become payable to the Manager. This has been reflected in the Total Return figure shown above.

 

Following a number of disposals from the D Share Pool, the first major distribution of 25.0p per DSO D Share was paid on 2 November 2017. Plans are progressing in respect of realising the remaining investments, although Shareholders should note that it is expected that it will take some time to complete this process in full.

 

DP67 Share Pool

As at 30 September 2017, the NAV of the DP67 Shares stood at 68.7p per share. This represents an increase of 4.6p (7.0%), after adjusting for dividends paid in the period of 2.0p. Total Return for DP67 shareholders now stands at 98.5p per share.

 

The fifth anniversary of the last allotment of DP67 Shares occurs early next year and so the process of preparing to return funds to Shareholders is now underway. We anticipate that the first significant distribution will be paid early in 2018.

 

DP2011 General Share Pool

The DP2011 General Share Pool is now in the process of returning funds to Shareholders. After providing for an estimated performance incentive of 5.2p per DP2011 General Ordinary Share, as at 30 September 2017, the NAV of a combined holding of one DP2011 General Ordinary Share and one DP2011 General A Share stood at 49.4p per share. This represents an increase of 3.2p or 6.9% after adjusting for dividends paid during the period, as well as the performance incentive estimate.

 

Total Return for DP2011 General Shareholders now stands at 104.4p compared to the cost for Shareholders who invested in the original offer, net of income tax relief, of 70.0p.

 

On 2 November 2017 dividends of 15.0p per DP2011 General Ordinary Share and 15.0p per DP2011 General A Share were paid, bringing total dividends paid to Shareholders to 85.0p for a combined holding. Further distributions will be made to Shareholders as the remaining investments are realised.

DP2011 Structured Share Pool

The DP2011 General pool is at a similar stage to the DP2011 General Shares. After providing for an estimated performance incentive of 5.2p per DP2011 Structured Ordinary Share, as at 30 September 2017, the NAV of a combined holding of one DP2011 Structured Ordinary Share and one DP2011 Structured A Share stood at 39.5p per share. This represents an increase of 2.8p or 7.6% after adjusting for dividends paid during the period, as well as the performance incentive estimate.

 

Total Return for DP2011 Structured Shareholders now stands at 104.5p compared to the cost for Shareholders who invested in the original offer, net of income tax relief, of 70.0p.

 

On 2 November 2017 dividends of 5.0p per DP2011 Structured Ordinary Share and 20.0p per DP2011 Structured A Share were paid, bringing total dividends paid to Shareholders to 90.0p for a combined holding. Further distributions will be made to Shareholders as the remaining investments are realised.

 

DP2011 Low Carbon Share Pool

The NAV of the DP2011 Low Carbon Shares as at 30 September 2017 was 39.1p per share, a decrease of 3.9p (9.0%) for the period as a result of reductions in investment values.  Total Return for DP2011 Low Carbon Shareholders now stands at 107.5p compared to the equivalent cost for Shareholders who invested in the original offer, net of income tax relief, of 70.0p. The Total Return figure reflects the estimated performance incentive fee of 5.5p, which is expected to become payable to the manager, Downing LLP, and the adviser, Low Carbon Investors.

 

As with the other DP2011 share pools, the process of returning funds to investors commenced in 2016. In respect of the Low Carbon pool, the Manager is working on transactions to realise the remaining investments and we believe that a final distribution should be made to Shareholders in early 2018.

 

Generalist Share pool

The Generalist Share was launched in late 2016. As at 30 September 2017, NAV and Total Return stood at 98.7p, a decrease of 1.2p per share or 1.2% over the period. This fall has arisen as the majority of fundraising proceeds are yet to be invested, meaning that the portfolio is generating little income to offset against running costs.

 

As detailed in the Investment Manager's Report, the process of building the Generalist portfolio is underway, with £2.0m having been invested in VCT Qualifying investments during the six months to 30 September 2017. The Manager has a good pipeline of investment opportunities from which the portfolio will be built over the next 18 months.

 

Healthcare Share pool

The Healthcare Share pool was also launched in late 2016. As at 30 September 2017, the Healthcare Share NAV and Total Return stood at 98.6p at 30 September 2017. Similarly, the fall is as a result of the pool being in an early stage, having no income to offset against running costs.

 

There is strong competition for deals in the healthcare sector, which tends to inflate the valuations of investee companies. However, the manager has been working to develop a pipeline of opportunities, in order to grow the portfolio.

 

Dividends

In line with the dividend policy on the DSO D and DP67 Share Pools, interim dividends were paid as follows:

 

DSO D Shares

2.5p

DP67 Shares

2.5p

 

The interim dividends were paid on 29 September 2017 to Shareholders on the register at 1 September 2017.

 

As mentioned above, a number of other dividends in respect of other Share classes were paid on 2 November and some have been declared for payment on 26 January 2018.

 

No dividends have been declared in the Generalist and Healthcare Share pools as they are still in the early stage of building their initial portfolios.

 

Share buybacks

The Company has a policy of buying in any Generalist and Healthcare Shares that become available in the market and will usually expect to do so at a price approximately equal to the latest NAV of the shares, subject to regulatory restrictions and other factors such as availability of liquid funds.

 

In respect of the other share pools that are in the process of returning, or preparing to commence returning, funds to Shareholders, the Board does not intend to buy in any of those shares as it is envisaged that the exit for these Shareholders will be facilitated by way of distributions

 

No shares were purchased during the period ended 30 September 2017.

 

Fundraising

The Generalist Share offer launched in December 2016 and closed having reached full subscription of £30 million in August 2017. The Healthcare offer closed on 30 November 2017, having raised a total of £12.32m.

 

A small top-up offer for the Generalist Share class was subsequently launched under which regular monthly subscriptions have been allotted.

 

The Boards congratulates Downing, the promoter, on the successful fundraising, which provides the Company with a substantial asset base in "evergreen" share classes for the future.

 

VCT regulations

The Government's recent Budget outlined further changes to the VCT regulations resulting from the "Patient Capital Review", which has sought to strengthen the availability of capital for innovative growth businesses in the UK. The Board welcomes the Government's ongoing support of Venture Capital Trusts and believe that the new regulations will ensure that VCTs continue provide well targeted capital in the future.

 

The most significant amendment to the regulations impacting the Company is the requirement for VCTs to hold at least 80% of their investments in qualifying companies, an increase on the 70% previously in place. For the Company, this increase will be effective from 1 April 2020.

 

Although final details of all the changes are not yet available the Board and Manager consider that the new regulations will not have a major impact on the Company's investment strategy or risk profile, although the we will continue to monitor developments as further guidance is published.

 

Outlook

A significant proportion of the Manager's resources over the remainder of the year will be focused on realising investments from the share pools that are now in the process of returning, or starting to return, funds to Shareholders. We also expect the remainder of the year to be busy in terms of new investment activity in both the Generalist and Healthcare Share Pools as their initial portfolios are built.

 

Generally, the Board is satisfied with the performance of the portfolio companies, which the Manager will continue to closely monitor.

 

I look forward to reporting developments in my statement with the Annual Report to 31 March 2018 as the Company steadily transitions from being a planned exit vehicle to an evergreen VCT.

 

Lord Flight

Chairman

 

INVESTMENT MANAGER'S REPORT

DSO B SHARE POOL

 

Portfolio Activity

The DSO B Share pool continued to make good progress during the six month period, with one partial and two full realisations having taken place, generating total proceeds of £1.4m.

 

Portfolio valuation

The remaining investments have been revalued as at 30 September 2017, resulting in an overall uplift of £76,000. This increase predominantly relates to deferred consideration due from Snow Hill Developments LLP and London City Shopping Centre Limited, as a result of the DSO B Share pool having an historic interest in these companies.

 

Net asset value and results

The NAV at 30 September was 4.444p per DSO B Share and 10.939p per DSO C Share, for a combined holding of one DSO B Share and one DSO C Share. Total Return (combined NAV plus cumulative dividends) stood at 106.883p for a combined holding, after taking into account the estimated performance incentive fee of 5.5p.

 

The profit on ordinary activities after taxation for the period was £9,000, comprising a revenue loss of £86,000 and a capital return of £95,000.

 

Outlook

Following 30 September 2017, the remaining investments in the DSO B Share pool were transferred to the Generalist Share pool at a price equal to their carrying value as at 30 September 2017. This transfer has allowed the manager to progress with returning funds to shareholders, whilst also allowing the Generalist Share pool to add further investments to its growing portfolio.

 

The final distributions to Shareholders, of 4.444p per B share and 10.939p per C share, will be paid on 26 January 2017, to Shareholders on the register as at 5 January 2018.

 

Downing LLP

 

SUMMARY OF INVESTMENT PORTFOLIO

DSO B SHARE POOL

as at 30 September 2017

 

 

 

 

 

Cost

 

 

Valuation

Unrealised

gain/(loss)

in period

% of

portfolio

by value

 

£000

£000

£000

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

Fenkle Street LLP*

154

361

(1)

8.5%

Snow Hill Developments LLP*

-

86

86

2.0%

Mosaic Spa & Health Clubs Limited

282

37

(39)

0.9%

London City Shopping Centre Limited*

-

30

30

0.7%

Future Biogas (Reepham Road) Limited*

632

-

-

0.0%

Quadrate Spa Limited

276

-

-

0.0%

 

1,344

514

76

12.1%

 

 

 

 

 

Cash at bank and in hand

 

3,717

 

87.9%

 

 

 

 

 

Total investments

 

4,231

 

100.0%

*non-qualifying investment

 

SUMMARY OF INVESTMENT MOVEMENTS

DSO B SHARE POOL

for the period ended 30 September 2017

 

 

 

Disposals

 

 

Cost

 

 

Valuation at

31/03/2017

 

 

Disposal

 proceeds

Total gain/(loss) against

cost

 

Realised gain in period

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Avon Solar Energy Limited

 420

 515

 528

 108

 13

Westcountry Solar Solutions Limited

 500

 434

 445

 (55)

 11

Mosaic Spa & Health Clubs Limited

480

411

385

 (95)

 (26)

 

 

 

 

 

 

Total

 1,400

 1,360

 1,358

 (42)

 (2)

INVESTMENT MANAGER'S REPORT

DSO D SHARE POOL

 

Venture Capital portfolio

One partial and four full realisations took place during the period, generating proceeds of £1.5m. As at 30 September 2017, the D Share Pool had a portfolio of ten investments with a value of £3.6m.

 

Structured Product portfolio

The one remaining Structured Product investment was sold during April, generating proceeds of £608,000, resulting in a gain over cost of £106,000.

 

Portfolio valuation

Two small uplifts in value were recognised in the period, for Merlin Renewables Limited and Fresh Green Power Limited, totalling £106,000.

 

Results and net asset value

The net asset value ("NAV") per DSO D Share at 30 September 2017 stood at 78.5p, an increase of 4.9p or 6.4% over the period, after adjusting for dividends paid. Total Return stands at 101.8p per share compared to initial cost to Shareholders, net of income tax relief, of 70.0p per share.

 

The profit on ordinary activities after taxation for the period was £384,000, comprising a revenue gain of £45,000 and a capital gain of £339,000.

 

Dividends

In light of the recent realisations from the D Share Pool, the first return of capital, being 25.0p per DSO D Share, was paid on 2 November 2017 to shareholders on the register as at 13 October 2017.

 

This is in addition to the interim dividend of 2.5p, which was paid in line with the annual dividend policy, on 29 September 2017 to shareholders on the register at 1 September 2017.

 

Outlook

Plans are progressing in respect of realising the remaining investments, however due to the number of investments held this process may take some time to complete.

 

Downing LLP

 

SUMMARY OF INVESTMENT PORTFOLIO

DSO D SHARE POOL

as at 30 September 2017

 

 

 

Cost

Valuation

Unrealised

gain

 in period

% of

portfolio

by value

 

£000

£000

£000

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

Goonhilly Earth Station Limited

715

715

-

11.7%

Merlin Renewables Limited

500

642

67

10.5%

Nightjar Sustainable Power Limited

485

600

-

9.8%

Lambridge Solar Limited

500

595

-

9.7%

Apex Energy Limited

400

400

-

6.5%

Pearce and Saunders Limited*

300

300

-

4.9%

Fresh Green Power Limited

200

239

39

3.9%

Green Energy Production UK Limited

100

100

-

1.6%

Fubar Stirling Limited

135

25

-

0.4%

Pearce and Saunders DevCo Limited**

20

20

-

0.3%

 

3,355

3,636

106

59.3%

 

 

 

 

 

Cash at bank and in hand

 

2,479

 

40.7%

 

 

 

 

 

Total investments

 

6,115

 

100.0%

*partially qualifying

**non-qualifying investment            

 

SUMMARY OF INVESTMENT MOVEMENTS

DSO D SHARE POOL

for the period ended 30 September 2017

 

 

Disposals

Cost

Valuation at

31/03/2017

Disposal

proceeds

Total gain/(loss) against

cost

Realised

gain in period

 

£000

£000

£000

£000

£000

Venture Capital investments

 

 

 

 

 

Vulcan Renewables Limited

653

779

903

250

124

City Falkirk Limited

562

236

324

(238)

88

Fubar Stirling Limited

223

201

209

(14)

8

Cheers Dumbarton

64

22

37

(27)

15

Lochrise Limited

17

-

10

(7)

10

 

1,519

1,238

1,483

(36)

245

Structured Product investments

 

 

 

 

 

HSBC 5.4% Dual Index Synthetic Zero

501

598

608

107

10

 

2,020

1,836

2,091

71

255

 

INVESTMENT MANAGER'S REPORT

DP67 SHARE POOL

 

Portfolio activity

One partial and one full realisation occurred during the period. As at 30 September 2017, the DP67 Share Pool had a portfolio of 7 investments with a value of £4.9m.

 

Results and net asset value

The net asset value ("NAV") per DSO DP67 Share at 30 September 2017 stood at 68.7p, an increase of 4.6p (7.0%) over the period, after adjusting for dividends paid. Total Return stands at 98.5p per share compared to initial cost to Shareholders, net of income tax relief, of 70.0p per share.

 

The profit on ordinary activities after taxation for the period was £514,000, comprising a revenue gain of £57,000 and a capital gain of £457,000.

 

Portfolio valuation

The DP67 portfolio continues to perform well, with two uplifts during the period, totalling £244,000, and all other investment valuations remaining unchanged from the year end.

 

Dividends

The fifth anniversary of the close of the offer will fall during January 2018 and the first return of capital is expected to be announced shortly thereafter.

 

Outlook

The focus for the Share pool is on realisations and monitoring performance in order to maximise growth opportunities. Several companies are currently in exit processes and we hope to see further progress in this regard over the next six months.

 

Downing LLP

 

SUMMARY OF INVESTMENT PORTFOLIO

DP67 SHARE POOL

as at 30 September 2017

 

 

 

Cost

Valuation

Unrealised

gain

 in period

% of

portfolio

by value

 

£000

£000

£000

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

Cadbury House Holdings Limited

1,409

1,613

-

22.5%

Snow Hill Developments LLP*

809

1,203

143

16.8%

Fenkle Street LLP*

405

678

-

9.5%

Oak Grove Renewables Limited

820

451

-

6.3%

Gatewales Limited*

344

446

101

6.2%

Yamuna Energy Limited

400

400

-

5.6%

London City Shopping Centre Limited*

99

99

-

1.4%

 

4,286

4,890

244

68.3%

 

 

 

 

 

Cash at bank and in hand

 

2,264

 

31.7%

 

 

 

 

 

Total investments

 

7,154

 

100.0%

*non-qualifying investment

 

SUMMARY OF INVESTMENT MOVEMENTS

DP67 SHARE POOL

for the period ended 30 September 2017

 

   

 

Disposals

Cost

Valuation at

31/03/2017

Disposal

proceeds

Total gain against

cost

Realised

gain in period

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Brownfields Trading Limited

300

300

300

-

-

Gatewales Limited

65

102

340

275

238

 

365

402

640

275

238

 

INVESTMENT MANAGER'S REPORT

DP2011 GENERAL SHARE POOL

 

Portfolio activity

During the period, six full exits and two partial disposals completed, generating proceeds of £5.1m. The largest of these, Vulcan Renewables Limited, generated proceeds of £2.5m and a profit over cost of £333,000. As at 30 September 2017, the DP2011 General Share Pool had a portfolio of ten investments with a value of £2.9m.

 

Net asset value and results

The combined net asset value ("NAV") of one DP2011 General Ordinary Share and one DP2011 General A Share at 30 September 2017 stood at 49.4p, a decrease of 3.2p or 6.9% over the period. Total Return stands at 104.4p per share compared to an initial cost to Shareholders, net of income tax relief, of 70.0p per share.

 

The profit on ordinary activities after taxation for the period was £593,000, comprising a revenue profit of £56,000 and a capital gain of £537,000.

 

Portfolio valuation

One small uplift and one small reduction in value were recognised in the period, generating a net uplift of £88,000. The valuations of the remaining investments are unchanged from the year end.

 

Dividends

The Share pool started the task of realising its investments earlier this year. As a result, a further return of capital, being 15.0p per DP2011 General Ordinary Share and 15.0p per DP2011 General A Share was paid on 2 November 2017 to shareholders on the register as at 13 October 2017. Further distributions will be made to shareholders as the remaining investments are realised.

 

Outlook

The focus for the pool is now on realising investments, in order to return funds to Shareholders. Shareholders will be provided with a further update in the annual report to 31 March 2018, which will be published in June 2018.

 

Downing LLP

 

SUMMARY OF INVESTMENT PORTFOLIO

DP2011 GENERAL SHARE POOL

as at 30 September 2017

 

 

 

 

Cost

Valuation

Unrealised

gain/(loss)

 in period

% of

portfolio

by value

 

 

£000

£000

£000

 

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

 

Snow Hill Developments LLP*

 

750

1,095

113

12.8%

Wickham Solar Limited

 

550

600

-

7.0%

Odysian Holdings Limited

 

873

591

-

6.9%

Oak Grove Renewables Limited

 

400

233

-

2.7%

Mosaic Spa and Health Clubs Limited

 

212

101

(25)

1.2%

London City Shopping Centre Limited*

 

88

88

-

1.0%

Clean Electricity Limited*

 

70

70

-

0.8%

UK Renewable Power Limited*

 

55

55

-

0.6%

Fubar Stirling Limited

 

142

29

-

0.3%

21st Century Energy Limited*

 

22

22

-

0.3%

 

 

3,162

2,884

88

33.6%

 

 

 

 

 

 

Cash at bank and in hand

 

 

5,675

 

66.4%

 

 

 

 

 

 

Total investments

 

 

8,559

 

100.0%

*non-qualifying investment

 

SUMMARY OF INVESTMENT MOVEMENTS

DP2011 GENERAL SHARE POOL

for the period ended 30 September 2017    

 

 

Disposals

Cost

Valuation at

31/03/2017

Disposal

proceeds

Total gain/(loss) against

cost

Realised

gain

in

period

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Vulcan Renewables Limited

2,199

2,199

2,532

333

333

Avon Solar Energy Limited

505

618

633

128

15

Mosaic Spa & Health Clubs Limited

935

699

699

(236)

-

Westcountry Solar Solutions Limited

600

521

535

(65)

14

City Falkirk Limited

330

283

389

59

106

Fubar Stirling Limited

268

241

251

(17)

10

Cheers Dumbarton Limited

27

27

22

(5)

(5)

Lochrise Limited

-

-

12

12

12

 

 

 

 

 

 

 

4,864

4,588

5,073

209

485

 

INVESTMENT MANAGER'S REPORT

DP2011 STRUCTURED SHARE POOL

 

Portfolio activity

Six full and two partial realisations occurred during the period, generating proceeds of £3.1m. The largest of these, Vulcan Renewables Limited, generated proceeds of £1.5m and a profit over cost of £225,000 As at 30 September 2017, the DP2011 Structure Share Pool had a portfolio of five investments with a value of £1.4m.

 

Net asset value and results

The combined net asset value ("NAV") of one DP2011 Structured Ordinary Share and one DP2011 Structured A Share at 30 September 2017 stood at 39.5p, a decrease of 2.8p or 7.6% over the period. Total Return stands at 104.5p per share compared to an initial cost to Shareholders, net of income tax relief, of 70.0p per share.

The profit on ordinary activities after taxation for the period was £332,000 comprising a revenue profit of £43,000 and a capital gain of £289,000.

 

Portfolio valuation

One small reduction in value of £16,000 was recognised in the period. The valuations of the remaining investments are unchanged from the year end.

 

Dividends

The Share pool started the task of realising its investments earlier this year. As a result, a further return of capital, being 5.0p per DP2011 Structured Ordinary Share and 20.0p per DP2011 Structured A Share was paid on 2 November 2017 to shareholders on the register as at 13 October 2017. Further distributions will be made to shareholders as the remaining investments are realised.

 

Outlook

The focus for the pool is now on realising investments, in order to return funds to Shareholders. Shareholders will be provided with a further update in the annual report to 31 March 2018, which will be published in June 2018.

 

Downing LLP

 

SUMMARY OF INVESTMENT PORTFOLIO

DP2011 STRUCTURED SHARE POOL

as at 30 September 2017

 

 

 

 

Cost

Valuation

Unrealised

loss

 in period

% of

portfolio

by value

 

 

£000

£000

£000

 

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

 

Wickham Solar Limited

 

550

600

-

12.5%

Odysian (Holdings) Limited

 

582

394

-

8.2%

Oak Grove Renewables Limited

 

545

317

-

6.6%

Mosaic Spa and Health Clubs Limited

 

142

67

(16)

1.4%

Fubar Stirling Limited

 

95

20

-

0.4%

 

 

1,914

1,398

(16)

29.1%

 

 

 

 

 

 

Cash at bank and in hand

 

 

3,390

 

70.9%

 

 

 

 

 

 

Total investments

 

 

4,788

 

100.0%

 

SUMMARY OF INVESTMENT MOVEMENTS

DP2011 STRUCTURED SHARE POOL

for the period ended 30 September 2017

 

 

Disposals

Cost

Valuation at

31/03/2017

Disposal

proceeds

Total gain/(loss) against

cost

Realised

gain/(loss) in period

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Vulcan Renewables Limited

1,305

1,305

1,530

225

225

Avon Solar Energy Limited

336

412

422

86

10

Westcountry Solar Solutions Limited

400

347

356

(44)

9

Mosaic Spa & Health Clubs Limited

543

386

386

(157)

-

City Falkirk Limited

220

189

259

39

70

Fubar Stirling Limited

178

161

167

(11)

6

Cheers Dumbarton Limited

18

18

15

(3)

(3)

Lochrise Limited

-

-

8

8

8

 

3,000

2,818

3,143

143

325

 

INVESTMENT MANAGER'S REPORT

DP2011 LOW CARBON SHARE POOL

Portfolio activity

As at 30 September 2017, the DP2011 Low Carbon Share Pool had a portfolio of four investments with a value of £2.9m.

 

Net asset value and results

The net asset value ("NAV") per DP2011 Low Carbon Ordinary Share at 30 September 2017 stood at 39.1p, a decrease of 3.9p over the period. Total Return stands at 107.5p per share compared to an initial cost to Shareholders, net of income tax relief, of 70.0p per share. The Total Return figure is stated net of the estimated performance fee.

 

We have reviewed and recalculated the estimated performance fee that we expect to become payable to Low Carbon Investors Limited and Downing LLP should the remaining investments be exited at their current valuations. This now stands at 5.5p per share. (We identified a computation error in the calculation at the previous year end when the estimate was stated as 2.5p per share.)

 

 

The loss on ordinary activities after taxation for the period was £303,000 comprising a revenue profit of £82,000 and a capital loss of £385,000.

 

Portfolio valuation

One uplift and three reductions in value were recognised in the period, generating a net value reduction of £303,000. The valuation changes have been processed in order to bring the portfolio valuations in line with the proceeds the Manager expects to realise on exit.

 

Dividends

As with the other DP2011 share pools, the process of returning funds to investors commenced in 2016. In respect of the Low Carbon pool, the Manager is working on transactions to realise the remaining investments and we believe that a final distribution should be made to Shareholders in early 2018.

 

Outlook

The focus for the pool is now on realising investments, in order to return funds to Shareholders. We anticipate that there will be an update for Shareholders early in the new year, once the remaining investments have been realised.

 

Downing LLP

 

SUMMARY OF INVESTMENT PORTFOLIO

DP2011 LOW CARBON SHARE POOL

as at 30 September 2017

 

 

 

 

Cost

Valuation

Unrealised

gain/(loss)

 in period

% of

portfolio

by value

 

 

£000

£000

£000

 

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

 

21st Century Energy Limited

 

708

762

54

27.8%

UK Renewable Power Limited

 

780

686

(94)

25.0%

Clean Electricity Limited

 

710

686

(23)

25.0%

Progressive Power Generation Limited

 

800

560

(240)

20.4%

Total

 

2,998

2,694

(303)

98.2%

 

 

 

 

 

 

Cash at bank and in hand

 

 

45

 

1.8%

 

 

 

 

 

 

Total investments

 

 

2,739

 

100.0%

There were no disposals or additions during the period.

 

INVESTMENT MANAGER'S REPORT - GENERALIST SHARE POOL

 


Portfolio activity

Seven new and two follow on investments totalling £13.1m were made during the year, as we start to build the portfolio of the Generalist Share pool.

 

VCT Qualifying Investments

A further £250,000 was invested in Xupes Limited, an online retailer of pre-owned luxury goods including designer watches, handbags, jewellery and antiques. The management team has built a profitable business with a strong brand selling high-quality products, centred on exceptional customer service.

 

£250,000 was invested in Empiribox Limited, a company which provides equipment, lesson plans and CPD-accredited support for teachers to deliver engaging and practical science lessons to UK primary school children. The company has seen strong growth and now supplies to more than 20,000 pupils across 150 schools in the UK. 

 

£394,000 was invested in BridgeU, a company founded in 2014 to provide schools with a smart, modern university and careers guidance service. The platform provides intelligent university and course matching tailored to each student, helps teachers to support and manage the creation of compelling applications and provides senior leaders in schools with powerful analytics and reporting tools.

 

£500,000 was invested in Destiny Pharma PLC, an innovative biotech company developing treatments for antibiotic-resistant bacteria (also known as superbugs). The investment was made in collaboration with BioScience Managers.

 

£567,000 was invested in Volo Commerce Limited, a leading provider of multichannel e-commerce technology. The company enables brands and retailers to efficiently and rapidly grow their e-commerce businesses by automating the sales process and providing valuable analytics to improve profitability and growth.

 

Non-Qualifying Investments

In order to utilise fundraising proceeds in the short term, £4.1m was invested in Downing Strategic Micro-Cap Investment Trust PLC and a follow on investment of £3m was made in the MI Downing UK Micro-cap Growth Fund. Both companies hold concentrated portfolios of UK listed companies, predominantly with market capitalisations of below £150m at the time of investment.

 

Further to this, £1.5m was invested in the MI Downing Monthly Income Fund, which targets a premium yield to the UK equity income sector.

 

£1.8m was also invested in the MI Downing Diversified Global Managers Fund, which invests in a global portfolio of specialised funds to provide access to a variety of asset classes and fund strategies.

 

Net asset value and results

At 30 September 2017, the NAV of a Generalist share stood at 98.7p, a decrease of 1.2p for the period, resulting from the initial "cash drag" of holding uninvested funds.

 

The loss on ordinary activities after taxation for the period was £340,000 comprising a revenue loss of £181,000 and a capital loss of £159,000.

 

Portfolio valuation

The carrying values of the liquidity investments have been adjusted to reflect their quoted prices as at 30 September 2017. With the exception of Destiny Pharma plc, which has been revalued to the prevailing bid price as at 30 September 2017, the venture capital portfolio continues to be held at cost, due to these investments being in an early stage.

 

Outlook

The task of building the Generalist Share portfolio is underway and we will continue to seek investment opportunities as we develop the investment portfolio.

 

Downing LLP


 

SUMMARY OF INVESTMENT PORTFOLIO

GENERALIST SHARE POOL

as at 30 September 2017

 

The following investments were held at 30 September 2017:

 

 

 

 

Cost

 

 

Valuation

Unrealised

(loss)/gain

in period

 

% of

portfolio

 

 

 £'000

 £'000

£'000

 

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

 

Volo Commerce Limited

 

567

567

-

1.9%

Destiny Pharma plc**

 

500

494

(6)

1.6%

Xupes Limited

 

450

450

-

1.5%

BridgeU Corporation

 

394

394

-

1.3%

Empiribox Limited

 

250

250

-

0.8%

 

 

2,161

2,155

(6)

7.1%

Liquidity investments

 

 

 

 

 

Downing Strategic Micro-Cap Investment Trust plc*

 

4,100

4,059

(41)

13.4%

MI Downing UK Micro-Cap Growth Fund*

 

3,025

3,011

(14)

9.9%

MI Downing Diversified Global Managers Fund*

 

1,800

1,779

(21)

5.9%

MI Downing Monthly Income Fund*

 

1,500

1,558

58

5.1%

 

 

10,425

10,407

(18)

34.3%

 

 

 

 

 

 

Total

 

12,586

12,562

(24)

41.4%

 

 

 

 

 

 

Cash at bank and in hand

 

 

17,732

 

58.6%

 

 

 

 

 

 

Total investments

 

 

30,294

 

100.0%

*non-qualifying investment

**listed and traded on the Main Market of the London Stock Exchange

All VCT Qualifying Investments are incorporated in England and Wales.

 

INVESTMENT MANAGER'S REPORT - HEALTHCARE SHARE POOL

 


Portfolio activity


One follow on and four new investments totalling £2.7m were made during the period, as we start to build the portfolio of the Healthcare Share pool.

 

VCT Qualifying Investments

£750,000 was invested in Destiny Pharma PLC, an innovative biotech company developing treatments for antibiotic-resistant bacteria (also known as superbugs). The investment was made in collaboration with BioScience Managers, a global leader in healthcare and life sciences and investment partner to the Healthcare Share Class.

 

Non-Qualifying Investments

In order to utilise fundraising proceeds in the short term, £700,000 was invested in Downing Strategic Micro-Cap Investment Trust PLC and a further £800,000 was invested in the MI Downing UK Micro-Cap Growth Fund. Both companies hold concentrated portfolios of UK listed companies, predominantly with market capitalisations of below £150m at the time of investment.

 

Further to this, £600,000 was invested in the MI Downing Monthly Income Fund, which targets a premium yield to the UK equity income sector.

 

£500,000 was also invested in the MI Downing Diversified Global Managers Fund, which invests in a global portfolio of specialised funds to provide access to a variety of asset classes and fund strategies.

 

Net asset value and results

At 30 September 2017, the NAV of a Healthcare share stood at 98.6p, a decrease of 1.1p for the period, resulting from the initial "cash drag" of holding uninvested funds.

 

The loss on ordinary activities after taxation for the period was £100,000, comprising a revenue loss of £49,000 and a capital loss of £51,000.

 

Portfolio valuation

The carrying values of all investments have been adjusted to reflect their quoted prices as at 30 September 2017.

 

Outlook

The task of building the Healthcare Share portfolio is underway and we will continue to seek investment opportunities as we develop the investment portfolio.

 

Downing LLP


 

SUMMARY OF INVESTMENT PORTFOLIO

HEALTHCARE SHARE POOL

as at 30 September 2017

The following investments were held at 30 September 2017:

 

 

 

 

Cost

 

 

Valuation

Unrealised

 (loss)/gain

 in period

 

% of

portfolio

 

 

 £'000

 £'000

£'000

 

 

 

 

 

 

 

Venture Capital investments

 

 

 

 

 

Destiny Pharma plc**

 

750

740

(10)

8.2%

 

 

750

740

(10)

8.2%

Liquidity investments

 

 

 

 

 

MI Downing UK Micro-Cap Growth Fund*

 

825

816

(9)

9.1%

Downing Strategic Micro-Cap Investment Trust plc*

 

700

693

(7)

7.7%

MI Downing Diversified Global Managers Fund*

 

600

593

19

6.6%

MI Downing Monthly Income Fund*

 

500

519

(7)

5.8%

 

 

2,625

2,621

(4)

29.2%

 

 

 

 

 

 

Total

 

3,375

3,361

(14)

37.4%

 

 

 

 

 

 

Cash at bank and in hand

 

 

5,629

 

62.6%

 

 

 

 

 

 

Total investments

 

 

8,990

 

100.0%

* non-qualifying investment

**listed and traded on the Main Market of the London Stock Exchange

All VCT Qualifying Investments are incorporated in England and Wales.

 

UNAUDITED INCOME STATEMENT

for the six months ended 30 September 2017

 

 

 

 

 

Six months ended

30 Sep 2017

 

 

 

Six months ended

30 Sep 2016

Year

ended

31 Mar

2017

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

Company Total

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

545

-

545

 

978

-

978

 

1,999

 

 

 

 

 

 

 

 

 

 

Net gains on investments

-

1,440

1,440

 

-

1,165

1,165

 

1,980

 

545

1,440

1,985

 

978

1,165

2,143

 

3,979

 

 

 

 

 

 

 

 

 

 

Investment management fees

(317)

(317)

(634)

 

(183)

(184)

(367)

 

(656)

Other expenses

(246)

-

(246)

 

(252)

-

(252)

 

(515)

 

 

 

 

 

 

 

 

 

 

Return on ordinary activities before tax

(18)

1,123

1,105

 

543

981

1,524

 

2,808

 

 

 

 

 

 

 

 

 

 

Tax on total comprehensive income and ordinary activities

(14)

-

(14)

 

18

-

18

 

 

(151)

 

 

 

 

 

 

 

 

 

 

Return attributable to equity shareholders, being total comprehensive income for the year

(32)

1,123

1,091

 

561

981

1,542

 

2,657

 

 

 

 

 

 

 

 

 

 

Return per DSO B Share

(0.4p)

0.5p

0.1p

 

0.3p

2.2p

2.5p

 

3.1p

Return per DSO C Share

-

-

-

 

-

-

-

 

-

Return per DSO D Share

0.6p

4.3p

4.9p

 

0.4p

2.0p

2.4p

 

5.6p

Return per DP67 Share

0.5p

4.1p

4.6p

 

1.2p

4.2p

5.4p

 

9.7p

Return per DP2011 Gen Ordinary Share

0.4p

3.4p

3.8p

 

1.1p

0.1p

1.2p

 

2.2p

Return per DP2011 Gen A Share

-

-

-

 

-

-

-

 

-

Return per DP2011 Struc Ordinary Share

0.4p

2.7p

3.1p

 

1.3p

(0.7p)

0.6p

 

0.7p

Return per DP2011 Struc A Share

-

-

-

 

-

-

-

 

-

Return per DP2011 Low Carbon Share

1.1p

(5.0p)

(3.9p)

 

0.4p

(0.4p)

0.0p

 

1.4p

Return per Generalist Share

(0.9p)

(0.7p)

(1.6p)

 

-

-

-

 

(2.0p)

Return per Healthcare Share

(1.3p)

(1.4p)

(2.7p)

 

-

-

-

 

(2.5p)

 

UNAUDITED INCOME STATEMENT (ANALYSED BY SHARE POOL)

 

 

 

 

Six months ended

30 Sep 2017

 

 

 

Six months ended

30 Sep 2016

Year

ended

31 Mar

2017

 

 

 

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

B Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

15

-

15

 

98

-

98

 

270

 

 

 

 

 

 

 

 

 

 

Gains on investments

-

121

121

 

-

458

458

 

494

 

15

121

136

 

98

458

556

 

764

 

 

 

 

 

 

 

 

 

 

Investment management fees

(26)

(26)

(52)

 

(19)

(19)

(38)

 

(54)

Other expenses

(61)

-

(61)

 

(21)

-

(21)

 

(55)

 

 

 

 

 

 

 

 

 

 

Return on ordinary activities before taxation

(72)

95

 

23

 

 

58

 

439

 

497

 

655

 

 

 

 

 

 

 

 

 

 

Taxation

(14)

-

(14)

 

(7)

-

(7)

 

(36)

 

 

 

 

 

 

 

 

 

 

Return attributable to equity shareholders

(86)

95

 

9

 

51

439

490

 

619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

 

D Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

Income

96

-

96

 

91

-

91

 

174

 

 

 

 

 

 

 

 

 

 

 

 

Gains on investments

-

361

361

 

-

177

177

 

431

 

 

96

361

457

 

91

177

268

 

605

 

 

 

 

 

 

 

 

 

 

 

 

Investment management fees

(22)

(22)

(44)

 

(20)

(21)

(41)

 

(86)

 

Other expenses

(29)

-

(29)

 

(37)

-

(37)

 

(80)

 

 

 

 

 

 

 

 

 

 

 

 

Return/(losses) on ordinary activities before taxation

45

339

384

 

34

156

190

 

439

 

 

 

 

 

 

 

 

 

 

 

 

Taxation

-

-

-

 

(3)

-

(3)

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

Return/(losses) attributable to equity shareholders

45

339

384

 

31

156

187

 

437

 

 

 

 

 

 

Six months ended

30 Sep 2017

 

 

 

Six months ended

30 Sep 2016

 

Year

ended

31 Mar

2017

 

 

 

 

 

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

DP67 Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

119

-

119

 

211

-

211

 

500

 

 

 

 

 

 

 

 

 

 

Gains on investments

-

482

482

 

-

503

503

 

883

 

119

482

601

 

211

503

714

 

1,383

 

 

 

 

 

 

 

 

 

 

Investment management fees

(25)

(25)

(50)

 

(23)

(23)

(46)

 

(94)

Other expenses

(37)

-

(37)

 

(36)

-

(36)

 

(70)

 

 

 

 

 

 

 

 

 

 

Return on ordinary activities before taxation

57

457

514

 

152

480

632

 

1,219

 

 

 

 

 

 

 

 

 

 

Taxation

-

-

-

 

(15)

-

(15)

 

(129)

 

 

 

 

 

 

 

 

 

 

Return attributable to equity shareholders

57

457

514

 

137

480

617

 

1,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

DP2011 General Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

132

-

132

 

283

-

283

 

521

 

 

 

 

 

 

 

 

 

 

Gains on investments

-

573

573

 

-

64

64

 

164

 

132

573

705

 

283

64

347

 

685

 

 

 

 

 

 

 

 

 

 

Investment management fees

(36)

(36)

(72)

 

(54)

(54)

(108)

 

(194)

Other expenses

(40)

-

(40)

 

(68)

-

(68)

 

(145)

 

 

 

 

 

 

 

 

 

 

Return/(losses) on ordinary activities before taxation

56

537

593

 

161

10

171

 

346

 

 

 

 

 

 

 

 

 

 

Taxation

-

-

-

 

17

-

17

 

1

 

 

 

 

 

 

 

 

 

 

Return/(losses) attributable to equity shareholders

56

537

593

 

178

10

188

 

347

 

 

 

 

 

Six months ended

30 Sep 2017

 

 

Six months ended

30 Sep 2016

Year

ended

31 Mar

2017

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

DP2011 Structured Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

86

-

86

 

218

-

218

 

354

 

 

 

 

 

 

 

 

 

 

Gains/(losses) on investments

-

309

309

 

-

(37)

(37)

 

(57)

 

86

309

395

 

218

(37)

181

 

297

 

 

 

 

 

 

 

 

 

 

Investment management fees

(20)

(20)

(40)

 

(38)

(38)

(76)

 

(126)

Other expenses

(23)

-

(23)

 

(53)

-

(53)

 

(100)

 

 

 

 

 

 

 

 

 

 

Return/(losses) on ordinary activities before taxation

43

289

332

 

 

127

 

(75)

 

52

 

71

 

 

 

 

 

 

 

 

 

 

Taxation

-

-

-

 

9

-

9

 

1

 

 

 

 

 

 

 

 

 

 

Return/(losses) attributable to equity shareholders

43

289

332

 

136

(75)

61

 

72

 

 

 

 

 

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

DP2011 Low Carbon Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

112

-

112

 

77

-

77

 

179

 

 

 

 

 

 

 

 

 

 

(Losses)/gains on investments

-

(370)

(370)

 

77

-

77

 

67

 

112

(370)

(258)

 

77

-

77

 

246

 

 

 

 

 

 

 

 

 

 

Investment management fees

(15)

(15)

(30)

 

(29)

(29)

(58)

 

(86)

Other expenses

(15)

-

(15)

 

(31)

-

(31)

 

(65)

 

 

 

 

 

 

 

 

 

 

Return/(losses) on ordinary activities before taxation

82

(385)

(303)

 

 

17

 

(29)

 

(12)

 

95

 

 

 

 

 

 

 

 

 

 

Taxation

-

-

-

 

17

-

17

 

12

 

 

 

 

 

 

 

 

 

 

Return/(losses) attributable to equity shareholders

82

(385)

(303)

 

34

(29)

5

 

107

 

 

 

 

 

 

 

 

 

 

Six months ended

30 Sep 2017

 

 

Six months ended

30 Sep 2016

Year

ended

31 Mar

2017

 

 

 

 

 

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 

Total

Generalist Share pool

£000

£000

£000

 

£000

£000

£000

 

£000

 

 

 

 

 

 

 

 

 

 

Income

10

-

10

 

-

-

-

 

-

 

 

 

 

 

 

 

 

 

 

Losses on investments

-

(24)

(24)

 

-

-

-

 

-

 

10

(24)

(14)

 

-

-

-

 

-

 

 

 

 

 

 

 

 

 

 

Investment management fees

(135)

(135)

(270)

 

-

-

-

 

(10)

Other expenses

(56)

-

(56)

 

-

-

-

 

(1)

 

 

 

 

 

 

 

 

 

 

Return/(losses) on ordinary activities before taxation

(181)