30th Apr 2014 14:39
LONDON (Alliance News) - Puma VCT 9 PLC Wednesday reported a loss in its first annual report, in which it deployed GBP12.3 million in eight investments, three of which qualify towards HM Revenue & Customs venture capital trust rules.
In a statement, Puma VCT 9 said it made a GBP450,000 pretax loss between October 3, 2012 and December 31, 2013. The VCT paid GBP432,000 in investment management fees and reported GBP256,000 in income from loan stock interest and bank deposits.
Net asset value was 93.71 pence at the end of December 2013. In line with its dividend policy, the VCT paid no dividend, but has a target of paying a 6 pence dividend from the end of its second year of investment. The first payment is expected in the first quarter of 2015.
Puma Investments had invested almost 50% of the fund at by its first anniversary, and Puma VCT 9 Chairman Egmont Kock said there is "a good flow of opportunities" which should lead to further suitable investments.
Managed by Puma Investments, a member of Shore Capital Group Ltd, Puma VCT 9 said the investment manager has continued to review a number of "suitable" investment opportunities, generated by a strong pipeline, and expects, in particular, to make further qualifying investments during the coming year to ensure the company is on course to meet its HMRC qualifying target.
Through VCTs, individual investors are encouraged to invest indirectly in a range of small higher-risk trading companies whose shares and securities are not listed on a recognised stock exchange. In exchange for investing in HMRC-approved VCTs, individual investors are given tax reliefs, including exemption from income tax on dividends from ordinary shares.
In accordance with the HMRC VCT rules, the company has three years to invest 70% of the portfolio into qualifying investments.
Puma VCT 9 shares were quoted up 0.8% at 93.75 pence Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Puma VCT 9