6th Sep 2019 17:44
(Alliance News) - Downing Two VCT PLC and Downing Three VCT PLC on Friday reported mixed net asset value results from their share types in the first half of 2019.
Downing Two reported that net asset value per F share rose by 6.6% to 30.60 pence as at June 30 from 28.70p in December and shares in the G pool rose 3.8% to 63.20p from 60.90p.
However, its K shares delivered a fall in net asset value, shrinking by 20% to 72.90p from December's 91.30p.
Downing Two said: "The K share portfolio has suffered from some significant issues during the period. Large provisions have been required against the investments in several of the pool's largest investments: Yamuna Renewables Ltd, Ormsborough Ltd and Jito Trading Ltd."
The company will pay a dividend of 5.0p in respect of its F shares and 14.0p to holders of G shares. No K share dividend was declared.
Downing Three similarly reported a 6.6% rise in the net asset value of its F shares, to 30.3p from 28.4p, though its H shares and J shares fared worse in the first half of 2019.
The H shares saw a net asset value fall of 11% to 43.5p from 51.3p with shares in the J class delivering a net asset value fall of 23% to 68.3p from 88.9p.
The J shares also suffered from issues related to its investments in Yamuna, Ormsborough and Jito, Downing Three said, and the H shares suffered provisions from its investment in Indian Solar Energy Investments.
In line with guidance, F and H share holders will receive a dividend of 5.0p. Downing Three will also release a payout of 2.5p in respect to its J shares.
Shares in Downing Two F shares ended untraded at 20p in London on Friday, with K shares untraded at 88.0p and G shares at 53.75p.
Downing Three shares also ended the session untraded, with F shares last quoted at 20p, J shares at 80p and H shares at 39.5p.