26th Nov 2019 16:30
(Alliance News) - Puma VCT 13 PLC on Tuesday reported a fall in net assets over the first half but believes its portfolio is still capable of "strong trade".
At August 31, the trust's NAV per share stood at 87.73 pence, down 1.8% from 89.38p at February 28.
Puma 13's net assets slipped 1.4% over the six month period to GBP13.7 million from GBP13.9 million.
Director Graham Shore said: "This figure reflects the initial funds raised less the costs of flotation adjusted for movements in the value of the liquid assets being held for liquidity management purposes and running costs of the company. Such movement is to be expected as the qualifying portfolio is currently being held at cost despite strong trade in some of the underlying companies."
He continued: "The company invested into two further qualifying investments in the period, taking its overall qualifying holdings to six positions across five sectors, accounting for about 60% of its NAV. This activity has seen investment of 26% of the company's NAV into qualifying holdings during the period, and the investment manager expects to continue this rapid pace of deployment."
The two investments were made in MyKindaCrowd Ltd and Influencer Ltd, two digital tech companies focused on increasing digital engagement.
Looking ahead, Shore added: "It is pleasing to see the company having made such good progress towards its qualifying target, with plenty of time still in hand. The qualifying portfolio is varied and contains some very strong performers which have the potential to deliver material returns. The non-qualifying portfolio is being managed with an appropriate focus on liquidity to ensure that cash can be made available for qualifying investments as they approach completion."
A trust must meet a minimum qualifying investment percentage of 80% to maintain its VCT status in the UK.
Shares in Puma 13 were untraded in London on Tuesday but last closed at 93.00p each.
By Paul McGowan; [email protected]
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