Downing Distribution VCT 1 plc : Interim Manage...

Downing Distribution VCT 1 plc
Interim Management Statement
for the three months ended 31 December 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 31 December 2012.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Performance

	31 Dec 2012	30 Sep 2012	30 Jun 2012	31 Mar 2012
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Pence	Pence	Pence	Pence
Net Asset Value	72.5	72.0	76.3	77.9
Cumulative distributions paid since 1 April 2010	12.5	12.5	10.0	10.0
Total return	85.0	84.5	86.3	87.9

Dividends paid or declared in the period
On 30 November 2012 the Company declared an interim dividend of 2.5p per share for the year to 31 March 2013, payable on 28 March 2013 to Shareholders on the register at 1 March 2013.

Unaudited investment portfolio summary at 31 December 2012

	Cost	Valuation	Valuation movement between 1 Oct  2012 and 31 Dec 2012 ~
	£'000	£'000	£'000
Ten largest investments by value
Cadbury House Holdings Limited	2,518	2,063	-
Hoole Hall Country Club Limited	1,920	1,584	-
Ludorum plc *	2,068	1,201	(148)
Hoole Hall Spa and Leisure Club Limited	1,200	1,068	-
Vulcan Renewables Limited	700	700	-
First Care Limited	943	668	-
IDOX plc *	134	613	173
Baron House Developments LLP	500	500	-
Aminghurst Limited	493	493	-
Accumuli plc *	338	491	(24)
Subtotal	10,814	9,381	1
Other venture capital investments	7,984	4,424	65
Listed fixed income securities	558	350	28
	19,356	14,155	94

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 31 December 2012

	Cost £'000
First Care Limited	64
Mosaic Spa and Health Club Limited	137
Universe Group plc	40
Other sundry investments	1
	242

There have been no material additions between the period end and the date of this announcement.

Investment disposals during the three month period ended 31 December 2012

	Cost	Market value at  1 April 2012 *	Disposal  proceeds	Gain against  cost	Total realised gain
	£'000	£'000	£'000	£'000	£'000
Tramps Night Club Limited	11	11	11	-	-

*After accounting for purchases in the period

There have been no disposals between the period end and the date of this announcement.

Changes to share capital

	Shares	£'000
	In issue
As at 1 October 2012 Ordinary Shares of 1p each	19,872,990	199
Shares issued in period	-	-
Shares bought back and cancelled	(151,000)	(2)
As at 31 December 2012 Ordinary Shares of 1p each	19,721,990	197

Between 1 January 2013 and the date of this announcement the Company purchased 65,000 Ordinary shares for cancellation.

Material events
Other than described above, there were no material events during the period from 1 October 2012 to 31 December 2012 or in the period from 1 January 2013 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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