26th Nov 2019 15:01
(Alliance News) - Puma VCT 12 PLC on Tuesday reported a slight drop in net assets in the first half as the trust's investee Sweat Union gyms fell into administration.
At August 31, Puma 12's NAV per share stood at 83.30 pence, down slightly from 83.73p at February 28.
The trust's net assets slipped slightly to GBP25.7 million from GBP25.9 million six months prior.
To date, Puma 12 has paid dividends totalling 3p, and as a result Puma 12 is not proposing an interim dividend.
The small dip in assets was attributed to Puma 12's qualifying investment Sweat Union going into administration. As a result, the company made a loss of GBP132,000 in the first half.
Chair Ray Pierce said: "We remain focused on generating strong returns for the company from both the qualifying and non-qualifying portfolios, which contain some dynamic companies.
"Whilst there may be some further changes in the composition of the portfolio, the board expects to concentrate in the future on the monitoring of our existing investments and considering the options for exits in due course."
The trust's qualifying portfolio is made up of: a GBP4 million investment in crematorium Pure Cremation; GBP1.4 million in budget gym NRG Gyms; GBP420,000 in nursery Growing Fingers; GBP1.1 million in nursery Applebarn Nurseries; GBP4 million in microbrewery Knott End; GBP1.7 million in nursery Kid & Play; GBP2.4 million in special educational needs school Sunlight Education Nucleus; GBP2.1 million in nursery South West Cliffe; and GBP200,000 in construction firm Signal Building Services.
Shares in Puma VCT 12 were untraded in London on Tuesday, last trading at 84p.
By Paul McGowan; [email protected]
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