29th Jun 2020 14:48
(Alliance News) - Puma VCT 13 PLC and Puma VCT 12 PLC posted an increase in annual net asset value on Monday, though Puma VCT 11 PLC had a yearly decline as it comes to an end of its planned five-year tenure.
The shares in all three venture capital trusts were untraded in London on Monday morning. Puma VCT 11 was last quoted at 75.00 pence a share, VCT 12 at 80.00p and VCT 13 at 85.00p.
Puma VCT 11's net asset value per share at February 29 was 76.85p, a 7.5% fall from 83.06p in the year prior.
The venture capital trust, which was launched in Spring 2015, has a planned life of five years, it explained.
In this, its fifth year, the process of realising the company's investments and preparing to return capital to investors has commenced although it has been hindered by the current Covid-19 pandemic. "We remain focused on shareholders' wish to liquidate the portfolio on reasonable terms as soon as possible following the fifth anniversary of the launch of the company," Puma VCT 11 said.
It raised its dividend 20% to 6p per share from 5p.
Puma VCT 12's NAV per share was 1.8% higher at 85.20p from 83.73p.
"The company has now just passed its fourth anniversary. It was envisaged in the company's prospectus that the board would convene a general meeting of the company following the fifth anniversary at which resolutions would be proposed to place the company into members' solvent liquidation," the venture capital trust said.
"The intention remains to return the balance of the capital in an orderly way as soon as possible following the fifth anniversary. However, whilst discussions are underway regarding potential exits from portfolio companies, it is likely that, in light of the Covid-19 outbreak, a number of these exit processes will have to be put on hold until there is a greater degree of economic certainty."
It raised its payout by 50% to 3p a share from 2p.
And finally, Puma VCT 13 reported a 12% NAV per share hike to 100.33p from 89.38p.
The trust did not declare a dividend in the period.
"The Covid-19 pandemic and the unprecedented policy measures put in place to contain it have led to significant uncertainty. However, we look to the future with confidence. The Investment Manager has worked closely with the fund's portfolio companies over the crisis and continues to support them through this," Puma VCT 13 said.
By Eric Cunha; [email protected]
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