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PUMA VCT PLC (PUA)

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Tuesday 30 June, 2009

PUMA VCT PLC

Final Results





For                                                         immediate
release
      30 June 2009

                            Puma VCT plc

Final Results for the Year Ended 28 February 2009
(Incorporating first Interim Management Statement for 2009/10)

Highlights

*         Fully diluted NAV per share of 95.49p at year end (down
  7.9% for the year).

*         Final dividend of 2.75p per ordinary share.

*         Cumulative dividends to date (including Final) of 5.15p per
  ordinary share.

*         Portfolio of qualifying AiM stocks has recovered
  significantly since the year end.

Sir Aubrey Brocklebank Bt of Puma VCT plc said:

"It has been an unprecedented  year for financial markets around  the
world, but I am able to  report that the defensive qualities of  Puma
VCT  plc's  investments  have  protected   it  from  much  of   these
difficulties.

"We remain cautious about the state  of the economy and the  duration
of the current recession.  The values of most types of asset  already
reflect the prospects for a long recession and with the reluctance or
inability of banks  to advance  new credit,  the environment  remains
challenging.  This may reduce the collateral value supporting some of
our secured  loans  and slow  the  progress in  achieving  successful
realisations  in  preparation  for  the  end  of  the  VCT's   life.
Notwithstanding  this,  there   is  good  potential   to  deliver   a
satisfactory post-tax  return to  investors which  should  outperform
most other investments made over a similar period."

Enquiries

Shore
Capital
020 7408 4090
Graham
Shore

Citigate Dewe
Rogerson
020 7638 9571
Angharad
Couch
Lindsay Noton

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  is investing  in  a  diversified
portfolio of smaller companies, including both unquoted companies and
AIM and Plus Markets traded, 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 invested 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

It has been an  unprecedented year for  financial markets around  the
world.  The global financial system  was close to breaking point  and
two major US banks, Lehman Brothers and Washington Mutual, did  fail.
Closer to home, the AiM market fell an astonishing 62 per cent.  over
the course of the  financial period.  Against  this background, I  am
able to  report  that  the  defensive qualities  of  Puma  VCT  plc's
investments have protected it from  much of these difficulties.   NAV
at the year end was 95.49p, after payment of a dividend of 1.5p.   On
a total return basis, the VCT lost 7.9 per cent during the year; this
was considerably better than most other VCTs or indeed other types of
investment,  reflecting   the   Investment   Manager's   conservative
approach.

Most of the drop  in the value  of our investments  arose in our  AiM
equity holdings which,  as already  noted above, saw  sharp falls  in
price as many investors were forced or panicked into selling into  an
illiquid market.  Since the  year end,  there has  been a  noticeable
increase in the value of some of these investments since these stocks
had suffered unusually large falls.

Venture capital investments

In the last  period, the  VCT met its  minimum qualifying  investment
percentage of 70 per cent., which  it has since maintained, and as  a
consequence  it  was  not   necessary  to  complete  any   qualifying
transactions.  Given the current  uncertainties with AiM and  private
equity investments  in  regards  to a  timely  exit,  the  Investment
Manager has  taken  a  cautious  approach  when  considering  further
qualifying investments,  ensuring  where  possible  that  they  offer
liquidity in  the  medium  term  with  a  good  element  of  downside
protection.

It  has  been   an  eventful   year  for   our  existing   qualifying
investments.  The  VCT has  an investment  of over  £2.1m in  Cadbury
House  Limited.  Cadbury  House,  the  hotel  and  health  club,  has
outperformed expectations  in the  current climate  and won  national
awards for its facilities.

In 2006, the VCT made its first investment in Stocklight, a rare book
dealer  and  the  parent  company  of  Bloomsbury  Auctions  Limited.
Bloomsbury Auctions is Europe's largest specialist book  auctioneer.
The VCT  has invested  a  total of  £610,000  to date  and,  although
business in  this sector  has  been tough,  the VCT's  investment  is
secured and bears an attractive coupon.

As announced previously, Bond Contracting  Limited (in which the  VCT
invested £1.5m)  has  a master  development  contract and  is  making
significant progress in constructing a  141 bed Holiday Inn hotel  on
the outskirts of Winchester.  It is expected that this will  complete
in the current year and be operational in early 2010.

The VCT invested in Clifford Contracting Limited, another contracting
company, over the  two years  2006/7 and 2007/8.   Subsequent to  the
year end, Telford Homes plc, a residential property developer in East
London, purchased  Clifford Contracting  Limited for  £6,328,500,  of
which  £1,513,000  was   for  this  VCT's   investment  in   Clifford
Contracting Limited.   The sale  to Telford  is in  exchange for  new
shares and secured loan notes in Telford Homes plc and the investment
will remain qualifying  for VCT  purposes for several  years.  It  is
expected that  the  transaction  will  enable the  VCT  to  exit  its
investment in  line with  the  expected wind-up  of the  VCT,  should
shareholders vote to approve this.

At 28 February 2009, the VCT's qualifying portfolio had a total  cost
of £9,127,000 and was valued at £7,609,000 resulting in an unrealised
loss of £1,518,000.

Non-qualifying investments

The Investment Manager has invested the non-qualifying investments on
an absolute  return  basis.   The  market  value  was  £2,004,000  at
year-end  against  an  underlying   book  cost  of  £1,759,000   with
significant realisations  in  the  year  from  investments  in  hedge
funds.  The performance of the  non-qualifying portfolio was down  in
2008/9 as  a  result of  the  downward  pressure on  the  equity  and
property markets.   Subsequent to  year  end, the  VCT has  used  its
substantial cash reserves to invest in high yielding investment grade
corporate bonds  and  bond  funds, selecting  investments  which  are
liquid and short dated.

VAT

As discussed in the last interim report, the Government has announced
that VCTs will  be exempt  from paying VAT  on investment  management
fees with effect from 1 October 2008.  This represents a  prospective
annual  cost  saving  for  the  VCT  of  approximately  £50,000.  The
Government has conceded that VCTs are  able to obtain a repayment  of
VAT paid on management fees in earlier periods for which we have  put
a claim in of approximately £93,000 subsequent to the year-end.  This
recovery of VAT has not been included in the NAV at the year end.

Results and dividend

The  VCT  generated  a  profit  before  tax  on  revenue  account  of
£482,000.   However,  principally  as  a  result  of  write-downs  on
investments,  it  incurred  a  net  total  loss  for  the  period  of
£1,007,000.  Gross  revenue  for  the period  was  £584,000  and  net
revenue return after  taxation was  £410,000.  The  Board proposes  a
final dividend of  2.75p per  Ordinary Share.   The ex-dividend  date
will be 15 July 2009 and the record date 17 July 2009.  Payment  will
be made to shareholders by 16 September 2009.

Annual General Meeting

The Annual General  Meeting of the  VCT will be  held at Bond  Street
House, 14 Clifford Street, London, W1S  4JU on 9 September at  10am.
Notice of the Annual General Meeting  and Form of Proxy are  inserted
within the annual accounts.

Outlook  (Incorporating  first   Interim  Management  Statement   for
2009/10)

The fall-out  from  tighter  credit  conditions  is  presenting  more
attractive opportunities to Puma VCT plc as credit spreads of  solid,
profitable companies  widen  resulting  in  attractive  yields.   The
existing private  equity investments  are generating  a  satisfactory
return and  are largely  in  the form  of  secured loans,  which  the
Investment Manager has  structured to facilitate  exit in the  medium
term. Since the start of the current financial year beginning 1 March
2009 to the close on 25  June 2009, your portfolio of qualifying  AiM
stocks has gained 43 per cent., compared to 25 per cent. for the  AiM
index over the same period.

We remain cautious about the state of the economy and the duration of
the current recession.   The values  of most types  of asset  already
reflect the prospects for a long recession and with the reluctance or
inability of banks  to advance  new credit,  the environment  remains
challenging.  This may reduce the collateral value supporting some of
our secured  loans  and slow  the  progress in  achieving  successful
realisations  in  preparation  for  the  end  of  the  VCT's   life.
Notwithstanding  this,  there   is  good  potential   to  deliver   a
satisfactory post-tax  return to  investors which  should  outperform
most other investments made over a similar period.



Sir Aubrey Brocklebank Bt
Chairman
Investment Manager's Report

Overall Performance

In its fourth year, the Company's investment strategy has been tested
repeatedly against a banking crisis which has spread to all corners
of the market. As is usual during economic upheavals, investors shun
smaller companies in favour of larger and more liquid investments,
and as a result the valuation of AiM companies took an unprecedented
fall. Thus, we are pleased to report that the NAV per share performed
relatively well, only dropping from 105.31p to 95.49p representing a
7.9 per cent fall after taking into account the dividend of 1.5p.
Notwithstanding this, the results are disappointing as our investors
were looking for an absolute return on their capital.

The performance of the non-qualifying portfolio also suffered as the
market sentiment on property stocks and the general equity markets
worsened over the period.  This was because one element of the
portfolio was property-related stocks which performed badly in
2008/2009, having previously generated good returns for the VCT.  We
redeemed the majority of the VCT's hedge fund investments in the
summer and autumn of 2008; this timely redemption meant that the
contribution from this element of the non-qualifying portfolio was
effectively flat for the year.

Qualifying Investments - unquoted

The Company achieved its 70% qualifying status in the last  financial
period, and as a result the Board have concentrated on the monitoring
of the  VCT's existing  investments, rebalancing  its  non-qualifying
investments to reflect changed  market circumstances and  considering
the options for exits.

Puma VCT's largest investment is its £2.1 million debt and equity
investment in Cadbury House Limited. Cadbury House's hotel and health
club development project which started in June 2005 is fully
operational and delivering good results. The overwhelming success of
the leisure club in growing membership led to a proposal to build an
extension to increase capacity and the VCT's investment in the
facilities has enabled the club to achieve UK Health Club of Year in
2009.

Puma VCT has invested £1.5 million in Bond Contracting Limited up to
year-end. Bond Contracting was set-up to operate as a contractor
within the leisure sector and actively sought to enter into
contracting arrangements during the period. It has entered into a
contract as master contractor to build a 141 room Holiday Inn hotel
on the outskirts of Winchester.

Stocklight Limited in which the VCT has invested £610,000, is a rare
book dealer and the parent company of Bloomsbury Auctions, which has
made progress expanding its book auction business both in the UK and
overseas. Whilst trading for this business is tough, it has a strong
franchise.

Clifford Contracting Limited ("Clifford") is a contracting business
supplying services to residential developers in which the VCT had
invested £1.5 million.  Subsequent to the year end, Telford Homes
plc ("Telford"), the AiM listed residential property developer in
East London noted for regeneration projects within public sector
partnerships, purchased Clifford.  The purchase price paid by Telford
for the ordinary shares of, and loan notes issued by, Clifford is
£6,328,500 in total, comprising £5,695,650 in new loan notes and the
issue of 1,130,089 new Telford ordinary shares.  Puma VCT will
receive approximately £1,360,000 in loan notes earning 8.88% p.a.
interest after 31 October 2009 (4.5% p.a. prior to this) and 274,000
Telford shares.  The value of the new loan notes and Telford shares
are in line with the valuation of Clifford as at the year end.

Qualifying Investments - quoted

The VCT made no additional qualifying investments into AiM quoted
companies during the year.  As mentioned above, the value of the AiM
portfolio dropped significantly, but we are pleased to note that some
of these stocks had begun to recover by the year end, a recovery
which has continued subsequently.  We believe this reflects a better
recognition of their strengths.

As at the year end, the listed qualifying holdings made up
approximately 11% of total qualifying holdings and about 7% of the
entire portfolio.  Within this, the three largest components are
Patsystems plc, Mount Engineering plc and Vertu Motors plc,
accounting for 81% of total AiM listed qualifying holdings, and we
therefore highlight these three larger investments below.

Patsystems  provides  derivatives   trading  software  products   and
solutions to financial institutions. The company continues to perform
well and recently reported that 2009 has started strongly with  sales
successes across  all  products  and regions.  In  addition  to  this
growth, a high proportion of revenues are recurring giving a  greater
predictability.  Cash  generation  is  strong  and  the  company  has
considerable cash reserves  on its  balance sheet.  It  is valued  at
£384,000 and at  a cost  of £311,000,  and the  unrealised profit  of
£73,000 is indicative of the strength of this company in the  current
conditions.

Mount Engineering owns a portfolio of established engineering  brands
selling principally to the oil and gas sector, largely for operations
rather  than  for  major  capital  projects.  The  company  is   cash
generative and has a strong balance sheet with 2008 profits  slightly
ahead of expectations.  Group trading  is forecast  to be  reasonably
resilient and the  company currently  trades on less  than six  times
forecast 2009 profits.  The VCT has invested £223,000 in this company
which is  valued at  £172,000,  resulting in  an unrealised  loss  of
£51,000.

Vertu Motors is a volume retailer of both new and used cars,  largely
from freehold premises which it has acquired in the last few years on
good terms.  The  business  has remained  profitable  throughout  the
financial  crisis  and   economic  downturn   and  has   consistently
outperformed the  market  over  the  past  3  years.  It  has  strong
management which to  date have delivered  growth and cash  generation
and protected its strong balance sheet. The VCT has invested £593,000
in this  company  which  is  valued  at  £128,000,  resulting  in  an
unrealised loss of £465,000. However, the share price has appreciated
over 170%  since period end  and currently trades at around  tangible
NAV.  Vertu  recently raised  a  further £30m  to take  advantage  of
opportunities in the sector.

The steady stream of bad news about the state of the banks, corporate
debt, and the poor state of the economy continues to dominate the
press.  However, for those companies without high levels of debt, it
appears that investors are looking for value amongst share prices
that have fallen too far.  It is for this reason that smaller
companies have outperformed their larger peers so far this year, as
the scale of the rating discounts they were trading at has become
apparent.  We are sceptical that the economy is past its worst, but
if it improves from here there should be scope for the asset values
to recover further as the VCT's investments mature.

Non-qualifying Investments

During 2008, the VCT held significant sums in bank commercial paper
on which it achieved satisfactory returns.  Since the sharp fall in
interest rates, we have invested some of the balance of the VCT's
portfolio in reasonably liquid, better yielding  corporate bonds with
short maturity, of investment grade or close thereto.  In the same
vein, the VCT has purchased a diversified portfolio of corporate bond
funds holding a broader range of similar credits.  As stated above,
we reduced holdings in hedge funds to a low level - the remaining
hedge fund holdings are generating a positive return.

Investment Strategy

We are now focused on improving the liquidity of the portfolio
wherever possible whilst maintaining an appropriate risk adjusted
return.  The objective remains to achieve an orderly winding up of
the VCT's assets at the end of its life, subject to shareholder
approval.


Shore Capital Limited
Investment Portfolio Summary
As at 28 February 2009


                                  Original
                        Valuation Cost       Gain/(Loss) Valuation as
Investment                £'000    £'000        £'000      % of NAV

Qualifying
Investments -
Unquoted

Albemarle Contracting
Limited                     1,000    1,000           -             9%
Bond Contracting
Limited                     1,532    1,532           -            13%
Cadbury House Limited       2,110    2,110           -            18%
Clifford Contracting
Limited                     1,515    1,515           -            13%
Stocklight Limited            610      610           -             5%

Qualifying
Investments - Quoted

@UK plc                        12      415         (403)           0%
Alterian Plc                    9       19          (10)           0%
Clarity Commerce
Solutions plc                  48      142          (94)           0%
I-Design Group plc             19       59          (40)           0%
INVU plc                        6      119         (113)           0%
Mount Engineering plc         172      223          (51)           1%
Patsystems plc                384      311            73           3%
Sport Media Group plc          14      305         (291)           0%
Universe Group plc             50      174         (124)           0%
Vertu Motors plc              128      593         (465)           1%

Total Qualifying
Investments                 7,609    9,127       (1,518)          66%

Non - Qualifying
Investments -
Unquoted

Lakan Investments
Limited                       105       85            20           1%

Non - Qualifying
Investments - Quoted

Puma Brandenburg
Limited                       254      578         (324)           2%
The Hotel Corporation
plc                           402      413          (11)           3%
Blackrock UK Emerging
Cos Hedge Fund
Limited                       696      552           144           6%
Treveria plc                    8       82          (74)           0%
Experian Finance
bonds                         294      294           -             3%

Total Non -
Qualifying
Investments                 1,759    2,004         (245)          15%

Total investments           9,368   11,131       (1,763)          81%
Other net assets
including cash at
bank and in hand            2,174    2,174             -          19%

Net assets                 11,542   13,305       (1,763)         100%


Income Statement
For the year ended 28 February 2009



                     Year ended               For the period to
                     28 February 2009         29 February 2008
                     Revenue Capital  Total   Revenue Capital Total
                Note £'000   £'000    £'000   £'000   £'000   £'000

Losses on
investments              -    (1,412) (1,412)     -     (584)   (584)
Income          5        584      -       584     480     -       480
                         584  (1,412)   (828)     480   (584)   (104)

Investment
management fees           63      189     252      92     277     369
Performance
fees                    (75)    (112)   (187)      46   (170)   (124)
Other expenses           114      -       114     148     -       148
                         102       77     179     286     107     393
Return/(loss)
on ordinary
activities
before taxation          482  (1,489) (1,007)     194   (691)   (497)
Tax on ordinary
activities              (72)       72     -      (12)      12     -
Return/(loss)
after taxation
attributable to
equity
shareholders             410  (1,417) (1,007)     182   (679)   (497)

Basic and
diluted
return/(loss)
per Ordinary
Share (pence)   2    3.39p   (11.72)p (8.33)p 1.50p   (5.61)p (4.11)p


The total column represents the profit and loss account and the
revenue and capital columns are supplementary information.

All revenue  and capital  items in  the above  statement derive  from
continuing operations.  No operations  were acquired or  discontinued
in the year.

No separate Statement of Total Recognised Gains and Losses is
presented as all gains and losses are included in the Income
Statement.
Balance Sheet
As at 28 February 2009

                                             As at              As at
                                  28 February 2009   29 February 2008
                             Note            £'000              £'000
Fixed Assets
Investments                                  9,368             12,406

Current Assets
Debtors                                        134                171
Cash at bank and in hand                     2,113                477
                                             2,247                648
Creditors - amounts
falling due within one
year                                          (71)              (135)
Net Current Assets                           2,176                513
Total Assets less Current
Liabilities                                 11,544             12,919

Creditors - amounts
falling due after more
than one year
(including convertible
debt)                                          (1)                (1)
Net Assets                                  11,543             12,918
Capital and Reserves
Called up share capital                        121                121
Capital reserve - realised                   1,016              1,092
Capital reserve -
unrealised                                 (1,760)              (419)
Other reserve                                -                    187
Revenue reserve                             12,166             11,937
Equity Shareholders' Funds                  11,543             12,918

Basic  Net Asset Value per
Ordinary Share                  3       95.49p             106.86p

Diluted Net Asset Value
per Ordinary Share              3       95.49p             105.31p



Cash Flow Statement
For the year ended 28 February 2009


                                                       For the period
                                                                   to
                                          Year ended      29 February
                               Note 28 February 2009             2008
                                               £'000            £'000
Operating activities
Investment income received                       625              385
Investment management fees                     (264)            (476)
paid
Directors fees paid                             (22)             (26)
Foreign exchange gain on cash                    -                 24
Other expenses paid                             (92)            (135)
Net cash inflow/(outflow) from    4
operating activities                             247            (228)
Equity dividend paid                           (181)            (109)

Capital expenditure and
financial investment
Purchase of investments                        (562)          (7,434)
Proceeds from sale of                          2,236            7,276
investments
Acquisition costs                                  -              (1)
Net realised gain on forward
foreign exchange contracts                     (104)               92
Net cash inflow/(outflow) from
capital expenditure and
financial investment                           1,570             (67)
Inflow/(outflow) in the year                   1,636            (404)
Reconciliation of net cash
flow to movement in net funds
Increase/(decrease) in cash                    1,636            (404)
for the year
Net cash at start of the year                    477              881
Net funds at the year/period                   2,113              477
end



Reconciliation of Movements in Shareholders' Funds
For the year ended 28 February 2009


                          For the year ended 28 February 2009


                   Called
                       up  Capital    Capital
                    share reserve-   reserve-   Other Revenue
                  capital realised unrealised reserve reserve   Total
                    £'000    £'000      £'000   £'000   £'000   £'000

At 1 March 2008       121    1,092      (419)     187  11,937  12,918
Return/(loss)
after taxation
attributable to
equity
shareholders          -       (76)    (1,341)   (187)     410 (1,194)
Equity dividend
paid                  -        -          -       -     (181)   (181)
At 28 February
2009                  121    1,016    (1,760)     -    12,166  11,543


                          For the period to 29 February 2008


                   Called
                       up  Capital    Capital
                    share reserve-   reserve-   Other Revenue
                  capital realised unrealised reserve reserve   Total
                    £'000    £'000      £'000   £'000   £'000   £'000

At 1 January 2007     121      108      1,243     311  11,864  13,647
Return/(loss)
after taxation
attributable to
equity
shareholders          -        984    (1,662)   (124)     182   (620)
Equity dividend
paid                  -        -          -       -     (109)   (109)
At 29 February
2008                  121    1,092      (419)     187  11,937  12,918

Unaudited Notes to the Accounts
For the period ended 29 February 2008

1.         Basis of Accounting

This  announcement  has  been  prepared  under  the  historical  cost
convention, modified  to  include  the  revaluation  of  fixed  asset
investments, and in accordance with UK Generally Accepted  Accounting
Practice ("UK  GAAP")  and  the Statement  of  Recommended  Practice,
'Financial Statements of Investment Trust Companies' ("SORP") revised
in 2005. Although this SORP principally applies to Investment Trusts,
many of the characteristics of  Investment Trusts are shared by  VCTs
and therefore the Company has followed the SORP.

The comparative period runs from 1 January 2007 to 29 February 2008.


2.         Basic and diluted return per Ordinary Share


                           2009                                2008
                Revenue     Capital       Total     Revenue     Capital       Total

Return for              (1,417,000) (1,007,000)               (679,000)   (497,000)
the
year/period     410,000                             182,000
   Weighted
    average
  number of
     shares  12,087,700  12,087,700  12,087,700  12,087,700  12,087,700  12,087,700

Return per        3.39p    (11.72)p     (8.33)p       1.50p     (5.61)p     (4.11)p
Ordinary
Share

The total return per ordinary share is the sum of the revenue return
and capital return.

3.         Net Asset Value per Ordinary Share

                               2009                    2008
                            Basic     Diluted       Basic     Diluted
Net assets (£)         11,543,000  11,543,000  12,918,000  12,918,000
Number of  Ordinary    12,087,700  12,087,700  12,087,700  12,265,681
Shares

Net Assets Value per       95.49p      95.49p     106.86p     105.31p
Ordinary Share (p)



Calculation of number
of shares                      2009                    2008
                            Basic     Diluted       Basic     Diluted
Number of Ordinary
Shares                 12,087,700  12,087,700  12,087,700  12,087,700
Dilutive effect of              -           -           -     177,981
performance
At year/period-end     12,087,700  12,087,700  12,087,700  12,265,681




4.         Reconciliation of total return before taxation to net cash
inflow from operating activities

                                                           2009  2008
                                                          £'000 £'000
Total loss before taxation                              (1,006) (497)
Losses on investments                                     1,412   584
Decrease/(increase) in debtors                               41  (95)
Decrease in creditors                                      (14) (120)
Foreign exchange gain on cash                               -      24
Performance fee to be effected through share-based        (187) (124)
payment
Net cash inflow/(outflow) from operating activities         247 (228)


5.         Income

                        2009  2008
                        £'000 £'000
Income from investments
Loan stock interest       451   297
Dividend income            64    87
Investment fee rebate      14    30
Other income               30     -
                          559   414
Other income
Bank deposit interest      25    66
Total income              584   480


6.         Dividends

The directors propose a final dividend payment of 2.75p per Ordinary
Share (2008 final - 1.5p).

7.         The financial information set out in the announcement does
not constitute the Company's statutory accounts for the year ended 28
February 2009 or the period ended 29 February 2008.  The financial
information for the period ended 29 February 2008 is derived from the
statutory accounts for that period which have been delivered to the
Registrar of Companies. The auditor's report was unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies
Act 1985.  The auditors are reporting today on the statutory accounts
for the year ended 28 February 2009.  The statutory accounts for the
year ended 28 February 2009 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.

A copy of the full annual report and financial statements for the
year ended 28 February 2009 will be published today on
www.shorecap.co.uk, a website maintained by the investment manager,
Shore Capital Limited, filed at the UKLA document exchange and posted
to shareholders in due course.  Copies will also be available to the
public at the registered office of the Company at Bond Street House,
14 Clifford Street, London W1S 4JU.

The financial information contained within this preliminary
announcement was approved by the board on 29 June 2009.

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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.




                                                                                          

a d v e r t i s e m e n t