30th Nov 2018 12:49
LONDON (Alliance News) - Puma VCT 10 PLC and Puma VCT 11 PLC both reported a drop in interim net asset value per share Friday, as Puma VCT 13 PLC reported its first interim results.
At August 31, Puma 10's NAV per share was 79.20 pence, down 0.4% from 79.54p at February 28.
The equities investment manager's net assets decreased 0.5% in the half to GBP21.9 million from GBP22.0 million.
Puma 11's NAV per share decreased 2.0% in the same period to 93.45p from 95.39p.
Puma 11's net assets decreased 2.1% to GBP28.5 million from GBP29.1 million.
Neither trust declared an interim dividend.
Puma 10 blamed its reduction in NAV on "reduced income from remunerative non-qualifying investments which as repaid were replaced with less income-focused qualifying investments", referring to investments that qualify and don't qualify for favourable tax treatment in the UK.
Puma 10 is entering the final year of its planned five-year life and did not make any further investments in the period.
Puma 11 did not make any new qualifying investments in the period, either. The trust said: "We believe our portfolio is well positioned to deliver attractive returns to shareholders within its remaining planned life."
Puma 13's NAV per share at August 31 was 95.38p, from negative 0.03p at the end of February. At October 31, Puma 13's NAV per share was 92.39p.
Puma 13's net assets increased in the same period to GBP9.9 million from negative GBP2, following its GBP10.4 million fund raising in July.
Puma 13 Chairman David Buchler said: "The investment manager has a strong pipeline of companies which are suitable for investment. There are many suitable companies which are well-managed, in good market positions and which need our finance. We therefore believe the company is well positioned to assemble a portfolio to deliver attractive returns to shareholders in the medium to long term."
Shares in Puma VCT 10, 11 and 13 were untraded Friday but last closed at 77.00p, 90.00p and 98.00p respectively.
Related Shares:
PU11.LPuma Vct 13 Plc