Growth Capital

Puma VCT II 2009 Interim Report

Puma VCT II plc (the "Company")

18 December 2009

Interim Management Statement

For the period from 1 September 2009 to 30 November 2009

PERFORMANCE

                                                                 Basic                        Diluted

Net asset value per share           100.48 pence             99.36 pence

DIVIDENDS

In the period between 1 September 2009 and the date of publication of this Interim Management Statement the Company has paid a dividend of 2.75 pence per Ordinary Share.

NEW INVESTMENTS

The Company has not made any new qualifying investments in the period.

MATERIAL EVENTS

In the period the Company has realised one qualifying investment totalling £1,459,000 and two non qualifying investments totalling £309,000.

SHARE CAPITAL

The Company has not issued or bought back any shares during the period.

REALISATIONS, END OF VCT LIFE AND DISTRIBUTIONS

The Board wishes to update shareholders on the progress of the Fund since the issue of its interim report on 30th October 2009.  We are pleased to announce that we have entirely realised our holding in Cadbury House Limited and achieved significant progress in the realisation of other major unquoted holdings within the qualifying portfolio.  We hope to finalise these realisations in January 2010.

If these realisations go according to our expectations, the Fund should be in a position to pay a large distribution of realised capital and profit early in 2010, in one or several payments.  Our target is to pay at that point at least enough to return to our shareholders the balance of their original investment, taking into account the 40% tax relief and dividends already received. 

The Board intends to realise and distribute the balance of the portfolio in an orderly manner during 2010.  As previously announced, the process of formal winding up cannot begin until 1st June 2010, 5 years on from the closing of the two VCTs' flotations.

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