Downing ONE VCT plc : Interim Management Statement

Downing ONE VCT plc
Interim Management Statement for the three months ended 30 June 2014

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 30 June 2014.  The statement also includes other relevant financial information between the end of the period and the date of this statement.

Performance

	30 July 2014 (Unaudited)	30 Jun 2014 (Unaudited)	31 Mar 2014 (Audited)
		Pence	Pence
Net Asset Value	99.3p	100.6p	98.2p
Cumulative dividends paid since 12 November 2013	2.0p	2.0p	2.0p
Total return	101.3p	102.6p	100.2p

Dividends paid or declared in the period
On 22 July 2014 the Company declared a final dividend of 2.0p per share for the year to 31 March 2014, payable on 19 September 2014, subject to Shareholder approval at the Annual General Meeting on 10 September 2014.

Unaudited investment portfolio summary at 30 June 2014

	Cost	Valuation	Valuation movement since  31 March  2014
	£'000	£'000	£'000
Ten largest investments by value
Tracsis plc	2,017	4,049	723
Accumuli plc	2,395	3,525	746
Baron House Developments LLP*	2,695	2,695	-
Cadbury House Holdings Limited*	3,233	2,457	-
Mosaic Spa and Health Clubs Limited*	2,747	2,437	-
Vulcan Renewables Limited*	2,415	2,415	-
Inland Homes plc	2,075	2,287	-
Ludorum plc	3,443	2,262	(66)
Science in Sport plc	1,839	2,231	767
Universe Group plc	1,706	1,688	(425)
Subtotal	24,565	26,046	1,745
Other venture capital investments	45,946	43,425	(197)
Total venture capital investments	70,511	69,471	1,548
Cash at bank and in hand	-	8,363	-
Total investments	70,511	77,834	1,548

All investments are AIM-quoted unless otherwise stated.
* Unquoted

Investment additions during the three month period ended 30 June 2014

	Cost
	£'000
Sprue Aegis plc	212
Science in Sport plc	151
Anpario plc	150
London City Shopping Centre Limited	79
Other sundry investments	1
	593

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

Investment disposals during the three month period ended 30 June 2014

	Cost	Value at  1 April 2014 *	Disposal proceeds	Gain against  cost	Total realised gain in period
	£'000	£'000	£'000	£'000	£'000
Quoted
Tracsis plc	36	190	235	199	45
Unquoted
EPI Service Limited	33	-	51	18	51
Gatewales Limited	20	20	68	48	48
Hasgrove plc	81	110	110	29	-
Leytonstone Pub Limited	47	47	47	-	-
SPC International Limited	26	26	26	-	-
	243	393	537	294	144

*After accounting for purchases in the period

Since the period end, the Company has made partial disposals in H&T group plc (£144,000), Concha Group plc (£132,000) and Manroy plc was taken over (£560,000).

Changes to share capital
Ordinary shares of 1p each

	Shares	£'000
As at 1 April 2014	75,007,105	750
Shares issued in period	1,954,216	19
As at 30 June 2014	76,961,321	769

The Company has allotted 181,423 and bought back for cancellation 955,862 Ordinary Shares since the period end.

Material events
Other than described above, there were no material events during the period from 1 April 2014 to 30 June 2014 or in the period from 1 July 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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