Downing Distribution VCT 1 plc : Interim Manage...

Downing Distribution VCT 1 plc
Interim Management Statement for the three months ended 30 June 2013

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 2013.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Performance

	30 Jun 2013 (Unaudited)	31 Mar 2013 (Audited)
	Pence	Pence
Net Asset Value	71.9	71.5
Cumulative distributions paid since 1 April 2010	15.0	15.0
Total return	86.9	86.5

Dividends paid or declared in the period
On 25 July 2013 the Company declared a final dividend of 2.5p per share for the year to 31 March 2013, payable on 30 September 2013, subject to Shareholder approval at the Annual General Meeting on 12 September 2013.

Unaudited investment portfolio summary at 30 June 2013

	Cost	Valuation	Valuation movement since  31 March  2013 ~
	£'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	1,161	-
Hoole Hall Spa and Leisure Club Limited	1,200	1,068	-
Accumuli plc *	338	724	147
Vulcan Renewables Limited	700	700	-
First Care Limited	943	668	-
Plastics Capital plc *	166	562	113
Universe Group plc *	293	511	26
Aminghurst Limited	492	493	-
Subtotal	10,638	9,534	286
Other venture capital investments	4,864	3,923	(167)
Fixed income securities	558	364	7
Total	16,060	13,821	126

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 2013

	Cost
	£'000
Inland Homes plc	390

Since the period end the Company completed an investment into Science in Sport plc at a cost of £333,000.

Investment disposals during the three month period ended 30 June 2013

	Cost	Value at  1 April 2013 *	Disposal proceeds	Gain/ (loss) against  cost	Total realised gain/(loss) in period
	£'000	£'000	£'000	£'000	£'000
Animal Care Group plc	219	222	236	17	14
Baron House Developments LLP	115	115	115	-	-
Real Time Logistic Solutions Limited	-	125	125	125	-
Tristel plc	511	193	179	(332)	(14)
	845	655	655	(190)	-

*After accounting for purchases in the period

The Company has made three partial disposals since the period end, with proceeds thereon amounting to £210,000.

Changes to share capital
Ordinary shares of 1p each

	Shares	£'000
As at 1 April 2013	19,592,490	196
Shares issued in period	-	-
Shares bought back and cancelled	-	-
As at 30 June 2013	19,592,490	196

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 2013 to 30 June 2013 or in the period from 1 July 2013 to the date of this announcement.

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(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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