Downing Distribution VCT 1 plc : Interim Manage...

Downing Distribution VCT 1 plc
Interim Management Statement for the three months ended 30 June 2012

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Distribution VCT 1 plc presents an Interim Management Statement for the three month period ended 30 June 2012.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Performance

	31 Jul 2012 (Unaudited)	30 Jun 2012 (Unaudited)	31 Mar 2012 (Audited)
	Pence	Pence	Pence
Net Asset Value	77.5	76.3	77.9
Cumulative distributions paid since 1 April 2010	10.0	10.0	10.0
Total return	78.5	86.3	87.9

Dividends paid or declared in the period
On 26 July 2012 the Company declared a final dividend of 2.5p per share for the year to 31 March 2012, payable on 28 September 2012, subject to Shareholder approval.

Unaudited investment portfolio summary at 30 June 2012

	Cost	Valuation	Valuation movement since  31 March  2012 ~
	£'000	£'000
Ten largest investments by value
Cadbury House Hotel Limited	2,518	2,346	-
Hoole Hall Country Club Limited	1,920	1,920	-
Ludorum plc *	2,068	1,501	(180)
Hoole Hall Spa and Leisure Limited	1,200	1,200	-
Vulcan Renewables Limited	700	700	-
IDOX plc *	185	638	157
First Care Limited	879	604	-
Accumuli plc *	338	528	(12)
Leytonstone Pub Limited	415	415	-
Plastics Capital plc *	166	397	11
Subtotal	10,389	10,249	(24)
Other venture capital investments	8,170	3,622	(192)
Fixed income securities	558	322	21
Total	19,117	14,193	(195)

All investments are unquoted unless otherwise stated.
* Quoted on AIM
~ After accounting for additions and disposals in the period.

Investment additions during the three month period ended 30 June 2012

	Cost
	£'000
Aminghurst Limited	11
Vulcan Renewables Limited	700
Other investments	1
	712

Since the period end the Company completed an investment at a cost of £500,000.

Investment disposals during the three month period ended 30 June 2012

	Cost	Market value at  1 April 2012 *	Disposal  proceeds	Gain/(loss) against cost	Total realised gain/(loss) in period
	£'000	£'000	£'000	£'000	£'000
DODs Group plc	25	3	4	(21)	1
Richoux Group plc	47	65	75	28	10
Sinclair IS Pharma plc	89	69	70	(19)	1
Tracsis plc	20	31	47	27	16
	181	168	196	15	28

*After accounting for purchases in the period

The Company has made one disposal since the period end, with proceeds thereon amounting to £74,000.

Share Realisation and Reinvestment Programme and 10% Top Up Offer
In April 2012, the Company completed a Share Realisation and Reinvestment Programme ("SRRP") whereby it acquired a total of 7,587,377 shares at a price of 77.1p per share.  Participating Shareholders reinvested the proceeds and were allotted 7,510,952 new shares at a price of approximately 77.9p per share.

In addition, the Company undertook a "10% top up" offer under which 504,727 shares were allotted at a price of approximately 77.9p per share.

Changes to share capital
Ordinary shares of 1p each

	Shares	£'000
As at 1 April 2012	19,811,677	198
Shares issued under SRRP	7,510,952	75
Shares issued under 10% top up	504,727	5
Shares bought back and cancelled under SRRP	(7,587,377)	(76)
As at 30 June 2012	20,239,979	202

There have been no share movements since the period end.

Material events
Other than described above, there were no material events during the period from 1 April 2012 to 30 June 2012 or in the period from 1 July 2012 to the date of this announcement.

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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 Distribution VCT 1 plc via Thomson Reuters ONE

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