Downing ONE VCT plc : Interim Management Statem...

Downing ONE VCT plc
Interim Management Statement
for the three months ended 31 December 2013 (Correction)

The Interim Management Statement announcement released by the Company at 11:39am today incorrectly stated the record date for the forthcoming dividend as 24 February 2014. The correct record date is 21 February 2014.

The full corrected text of the announcement is as follows:

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority Downing ONE VCT plc presents an Interim Management Statement for the three month period ended 31 December 2013.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Merger
On 12 November 2013, the merger with Downing Absolute Income VCT 1 plc, Downing Absolute Income VCT 2 plc, Downing Income VCT plc, Downing Income VCT 3 plc and Downing Income VCT 4 plc (together "the target companies") completed.  On that date, all the assets and liabilities of the target companies were transferred to the Company and new shares issued to the target company shareholders.

Performance

	14 Feb 2014	31 Dec 2013	12 Nov 2013
	(Unaudited)	(Unaudited)	(Unaudited)
	Pence	Pence	Pence
Net Asset Value	100.5p	99.6p	100.4p

Dividends paid or declared in the period
On 29 November 2013 the Company declared an interim dividend of 2.0p per share for the year to 31 March 2014, payable on 28 March 2014 to Shareholders on the register at 21 February 2014.

Unaudited investment portfolio summary at 31 December 2013

	Valuation	% of  portfolio
	£'000	£'000
Accumuli plc *	2,878	3.9%
Baron House Developments LLP	2,695	3.6%
Cadbury House Holdings Ltd	2,457	3.3%
Mosaic Spa and Health Club Ltd	2,437	3.3%
Tracsis plc *	2,429	3.3%
Vulcan Renewables Ltd	2,415	3.3%
Ludorum plc *	2,410	3.2%
Inland Homes plc *	2,215	3.0%
Universe Group plc *	2,184	2.9%
Anpario Group plc *	1,859	2.5%
Subtotal	23,979	32.3%
Other venture capital investments	46,145	62.2%
Total venture capital investments	70,124	94.5%
Cash at bank and in hand	4,060	5.5%
Total investments	74,184	100.0%

All investments are unquoted unless otherwise stated.
* Quoted on AIM

Investment additions during the three month period ended 31 December 2013
Portfolio's acquired on Merger

	Cost £'000
Downing Absolute Income VCT 1 plc	12,185
Downing Absolute Income VCT 2 plc	13,476
Downing Income VCT plc	8,819
Downing Income VCT 3 plc	16,013
Downing Income VCT 4 plc	7,033
	57,526

Investment additions

	Cost £'000
Future Biogas (SF) Limited	97
Kidspace Adventure Holdings Limited	166
Norman Broadbent plc	137
Sprue Aegis plc	50
Vulcan Renewables Limited	115
Other additions in the period	42
	607

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 2013

	Cost	Market value at  1 April 2013 *	Disposal  proceeds	Gain/(loss) against  cost	Total realised gain/ (loss)
	£'000	£'000	£'000	£'000	£'000
Quoted
Accumuli plc	35	49	80	45	31
EG Solutions plc	8	8	7	(1)	(1)
Pennant International Group plc	77	77	80	3	3
Photonstar LED Group plc	44	44	43	(1)	(1)
Savile Group plc	27	27	31	4	4
Unquoted
Kidspace Adventures Limited	59	59	59	-	-
Redmed Limited	45	45	45	-	-
Retallack Surfpods Limited	131	131	131	-	-
	426	440	476	50	36

*After accounting for purchases in the period

Since the period end, the Company has disposed of a number of investments, receiving total proceeds of £1.36 million.

Changes to share capital

Share consolidation
On 12 November 2013 the Company's Original Ordinary Shares were consolidated such that 0.713 New Ordinary Shares were issued for every 1 Original Ordinary Share.

	Shares	£'000
Original Ordinary shares of 1p each (converted on 12 November 2013)	19,592,490	196
New Ordinary shares of 1p each converted from Original Ordinary Shares	13,969,445	140
Share issued under the merger:
To shareholders in Downing Absolute Income VCT 1 plc	13,032,095	130
To shareholders in Downing Absolute Income VCT 2 plc	13,683,040	137
To shareholders in Downing Income VCT plc	9,693,818	97
To shareholders in of Downing Income VCT 3 plc	16,356,585	164
To shareholders in of Downing Income VCT 4 plc	7,859,815	78
Shares bought back and cancelled	(701,953)	(7)
As at 31 December 2013	73,892,845	739

Between 1 January 2014 and the date of this announcement the Company purchased 440,000 Ordinary shares for cancellation.

Offer for subscription
On 8 January 2014, the Company launched an Offer for Subscription seeking to raise up to £20 million by the issue of further Ordinary Shares.

Material events
Other than described above, there were no material events during the period from 1 October 2013 to 31 December 2013 or in the period from 1 January 2014 to the date of this announcement.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Downing ONE VCT plc via Globenewswire

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