PUMA VCT plc

Interim Results

PUMA VCT plc
28 September 2005

                                  Puma VCT plc


Interim Results for the Period Ended 30 June 2005


Highlights
     
•    £20.4 million subscribed in Puma VCT plc and Puma VCT II plc since launch.

•    Net asset value per share of 98.03p for Puma VCT plc.

•    One qualifying investment made during the period, totaling £1.2 million
     between the two VCTs.

•    A further qualifying investment of £525,000 made following the period end, 
     with another investment close to completion.

•    Strong performance of alternative asset investments since the end of
     the period.

Sir Aubrey Brocklebank Bt of Puma VCT plc said:

'The Company's investment manager, Shore Capital, currently has a strong deal
flow of interesting opportunities and the capital raised will enable the Company
to continue making new investments at a phase of the economic cycle that both
the Board and the Manager expect to be advantageous.  In the meantime, the
investment manager believes the non-qualifying investments will produce good
risk adjusted returns.'


Enquiries

Shore Capital                        020 7408 4090
Chris Ring
Graham Shore

Citigate Dewe Rogerson               020 7638 9571
Sarah Gestetner
Fiona Mulcahy


Notes to Editors

Puma VCT plc is managed by Shore Capital's successful fund management team. The
Company's investment objective is to achieve high distributions to shareholders.
It will invest in a diversified portfolio of smaller companies, including both
AIM/OFEX-traded and unquoted companies, selecting companies which Shore Capital
believes will have a relatively lower risk profile than is typical for their
size whilst having the opportunity for value appreciation. Initially, whilst
suitable VCT Qualifying Companies are being identified, the Investment Manager
invests the Company's funds in a range of investments intended to generate a
positive return, including funds of hedge funds and other products which aim to
achieve an absolute return. The VCT will continue to hold a proportion of such
products after building up the desired holdings of VCT Qualifying Companies.

Chairman's Statement


Introduction

This is my first statement following the incorporation of the Company on 5
November 2004 and I would like to welcome all new shareholders to Puma VCT plc.
This period has largely been concerned with fund raising but I am pleased to
report that several investments have been made.

Between them, Puma VCT and Puma VCT II raised £20.4 million, of which £12.1
million was raised in Puma VCT plc, making the overall fund raising one of the
more successful VCT fund raisings since launch in January 2005.  The two VCTs
will make the same investments pro-rata to their respective sizes.  The costs of
the launch were set at 2 per cent of the gross funds raised, the initial net
asset value per share was therefore 98p.


Results and Investments

The Investment Manager, Shore Capital, has made one unquoted qualifying
investment of £1.2 million on behalf of both VCTs in the period which is
approximately 6% of funds raised.  Cadbury House is a major venue for weddings,
conferences and banqueting in the Bristol area with a well-established fitness
centre on 14 acres of freehold grounds.  Situated 10 minutes from Bristol
International Airport it is undergoing a major refurbishment to construct a new
deluxe leisure and fitness centre, a 65 room hotel wing and to upgrade the
existing banqueting facilities.

Since the period end, we have invested £525,000 in a qualifying AIM company,
PatSystems Plc, involved in the development, distribution and support of
software enabling the electronic trading of financial products on global trading
exchanges. We have another investment in a qualifying company close to
completion and a strong deal flow of others.

Of the remaining portfolio, 39% was invested in a portfolio of hedge funds and
most of the remainder in cash.

The Directors do not propose to recommend an interim dividend for the period.
When the portfolio is more fully established and as capital profits are
realised, the Directors intend to adopt a policy of distributing substantially
all of the available income and capital gains.

At the period end the net asset value per share was 98.03p.  Since the period
end the net asset value of the portfolio has further increased which is expected
to be reflected in the announcement of the next quarter end net asset value per
share, expected at the end of October.


Outlook

The Company's investment manager, Shore Capital, currently has a strong deal
flow of interesting opportunities and the capital raised will enable the Company
to continue making new investments at a phase of the economic cycle that both
the Board and the Manager expect to be advantageous.  In the meantime, the
investment manager believes the non-qualifying investments will produce good
risk adjusted returns.


Sir Aubrey Brocklebank Bt
Chairman
28 September 2005


Statement of Total Return

(incorporating the revenue account) for the period ended 30 June 2005
(unaudited)

                                                                                  For the period
                                                                              5 November 2004 to
                                                                                    30 June 2005

                                                            Revenue     Capital            Total
                                                 Note         £'000       £'000            £'000

Gains on investments                                              -          19               19
Investment income                                               109           -              109

                                                                109          19              128

Management fees                                     4            22          66               88
Other expenses                                                   36           -               36

                                                                 58          66              124

Return on ordinary activities before taxation                    51        (47)                4
Tax on ordinary activities                                        -           -                -

Return for the period on ordinary activities
attributable to equity shareholders                              51        (47)                4

Return per share                                    2         0.42p     (0.39)p            0.03p



The revenue column of this statement is the profit and loss of the Company.  All
revenue and capital items in the above statement derive from continuing
operations.  No operations were acquired or discontinued in the period.


Balance Sheet
As at 30 June 2005 (unaudited)
                                                                                          As at
                                                                                   30 June 2005
                                                              Note                        £'000
Fixed Assets
Investments                                                   7                           5,724

Current Assets
Accrued income                                                                                3
Cash                                                                                      6,453

                                                                                          6,456

Creditors - amounts falling due within one year                                           (330)

Net Current Assets                                                                        6,126

Total Assets less Current Liabilities                                                    11,850

Creditors - amounts falling due after more than one year                                    (1)

Net Assets                                                                               11,849

Capital and Reserves
Called up share capital                                            6                        118
Share premium account                                              6                     11,727
Capital reserve - realised                                         6                       (73)
Capital reserve - unrealised                                       6                         26
Revenue reserve                                                    6                         51

Equity Shareholders' Funds                                                               11,849

Net Asset Value per Share                                                                98.03p



Cash Flow Statement
For the period ended 30 June 2005 (unaudited)
                                                                                   For the period
                                                                               5 November 2004 to
                                                                                     30 June 2005
                                                                                            £'000

Profit for the period                                                                          51
Investment management fee charged to capital                                                 (66)
Foreign exchange gain on cash                                                                   4
Increase in debtors                                                                           (3)
Increase in creditors                                                                         330
Net realised loss on forward foreign exchange contracts                                     (103)

Net cash inflow from operating activities                                                     213

Capital receipts and financial investment
Purchase of investments                                                                   (6,395)
Proceeds from sale of investments                                                             788

Net cash outflow from capital receipts and financial investment                           (5,607)

Financing
Proceeds received from issue of ordinary share capital                                     12,088
Expenses paid for issue of share capital                                                    (242)
Proceeds received from convertible loan notes                                                   1

Net cash inflow from financing                                                             11,847

Increase in cash                                                                            6,453

Reconciliation of net cash flow to movement in net cash
Increase in cash for the period                                                             6,453
Net cash at start of the period                                                                 -

Net cash at end of the period                                                               6,453



Notes to the Interim Report
For the period ended 30 June 2005

     
1.   The accounts of the Company are prepared in accordance with Accounting 
     Standards applicable in the United Kingdom.  The accounting policies used 
     in preparing this report are consistent with those that will be adopted at
     the year-end.  All quoted investments are valued on a bid basis.

2.   The total return per share of 0.03p is based on the profit for the period 
     of £4,000 and the number of shares in issue as at 30 June 2005 of
     12,087,500.

3.   The net asset value per share of 98.03p is based on net assets of
     £11,849,000 and on 12,087,500 shares in issue.

4.   The Company pays the Investment Manager an annual management fee of 2% 
     (plus VAT) of the Company's net assets.  The fee is payable quarterly in
     arrears.  The annual management fee is allocated 75% to capital and 25% to
     revenue.

5.   The financial information contained in the 30 June 2005 statement of total 
     return, balance sheet and cash flow statement does not constitute full
     financial statements and has not been audited.
          
6.   Movements in equity shareholders' funds

                            Called up        Share   Capital      Capital              Total for
                                                                                      the period
                                share      premium  reserve-     reserve-   Revenue        ended
                              capital      account  realised   unrealised   reserve 30 June 2005
                                £'000        £'000     £'000        £'000     £'000        £'000

Balance at start of the             -            -         -            -         -            -
period
Share issues in the period        118       11,727         -            -         -       11,845
Net (decrease)/increase in
the value of investments            -            -       (7)           26         -           19
Management fees charged to
capital                             -            -      (66)            -         -         (66)
Profit for the period               -            -         -            -        51           51

Balance at end of the             118       11,727      (73)           26        51       11,849
period

     
7.   Investment portfolio summary
                                                   Cost            Valuation   Valuation as a % of
                                                                                        Net Assets
As at 30 June 2005                                £'000                £'000

Qualifying investment - unquoted                    712                  712                    6%

Non-qualifying investments
Hedge fund portfolio - quoted                     4,562                4,684                   39%
Other quoted investments                            327                  328                    3%

Total non-qualifying investments                  4,889                5,012                   43%

Total  investments                                5,601                5,724                   49%
Balance of portfolio                              6,125                6,125                   51%

Net Assets                                       11,726               11,849                  100%


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