REG - Puma Alpha VCT PLC - Half-year Report
10/11/2023 11:45
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RNS Number : 1170T Puma Alpha VCT PLC 10 November 2023
Highlights
· £4.4m raised in new equity during the period with a further
£4.2m raised post period-end
· Three new investments added in the six months to 31 August 2023
with a further two new investments added post period-end
· Dividend of 5p announced and is due to be paid in November
Introduction
Your Board is pleased to present the half-yearly report for Puma Alpha VCT plc
("the Company") for the period to 31 August 2023.
Fundraising
We are happy to report that at the period-end the Company had raised £4.4
million, and since the period-end a further £4.2 million has been raised.
This gives the Company additional deployable funds to continue building a
robust portfolio and will help spread fixed costs over a wider shareholder
base.
Investment activity
Since the last Report and Accounts, the Company has made three new investments
of £0.2 million into IRIS Audio Technologies, an AI voice isolation
technology company, £0.5 million into Pockit, a digital account provider, and
£0.4 million into Thingtrax, a cloud-based manufacturing performance
platform. Post-period-end, the Company invested £0.2 million into
TravelLocal, a global tailor-made holidays brand and managed marketplace, and
£0.1 million into Bikmo, a provider of cycle, triathlon and travel insurance.
This high pace of activity has seen the Company expand the number of positions
in its portfolio significantly since the commencement of the last fundraising,
and to take advantage of a period of market dislocation where other funds have
been less active, and in-going valuations were correspondingly more
attractive.
Investment portfolio
Within the portfolio, the Company's holdings in Deazy, MUSO and Ron Dorff have
generated positive valuation movements. In all cases, the Company benefits
from a defensive investment structure, which has helped secure value.
MUSO has seen the largest increase in value over the period, with a £0.3
million uplift as it is now held at valuation rather than cost.
Ron Dorff has had a write-up of £0.1 million due to strong performance. While
the market has softened for consumer companies in the last 18 months,
valuations remain highest for activewear and premium brands, which are two
categories that Ron Dorff straddles.
Following the above investment activity, the Company has 80% of its NAV
invested in qualifying investments as at the period-end. As the fixed-income
investment environment has become more attractive, the Company has post
period-end, commenced its liquidity management strategy focused on short term
bonds held through collective investment schemes.
Dividends
I am pleased to confirm that your Board is declaring an interim dividend of 5p
per share in reflection of the successful exit of our holding in Tictrac. The
dividend will be payable on or about 10 November 2023 to shareholders on the
register as at 29 September 2023.
Net Asset Value (NAV)
The Company's NAV stood at 123.50p (February 2023: 130.53p) at the period-end
of 31 August 2023. This impairment is largely driven by less-significant
valuation gains in the period offset by the management fees and other expenses
incurred in the period.
VCT qualifying status
PricewaterhouseCoopers LLP ("PwC") provides the Board and the Investment
Manager with advice on the ongoing compliance with HMRC rules and regulations
concerning VCTs and has reported no issues in this regard for the Company to
date. PwC and other specialist advisers will continue to assist the Investment
Manager in establishing the status of potential investments as qualifying
holdings. PwC will continue to monitor rule compliance and maintaining the
qualifying status of the Company's holdings in the future.
Outlook
The global economic picture is mixed and has yet to return to sustained
stability. The war in Ukraine continues to undermine sentiment, and there are
early signs of wavering political support in the US. Inflationary pressures
are easing in some regions, particularly the US and the Eurozone. However,
core inflation remains sticky in some countries, including the UK. Interest
rates seem to be at or near their peak in the US and Europe, and the focus is
shifting to when central banks will start cutting interest rates. However, it
is doubtful whether we will see material rate cuts in the near future, or the
very low rates seen before the pandemic. Bond markets are jittery and current
bond yields of around 5.4% suggest markets are pricing in an average base rate
of around 5% over the next ten years. Nevertheless, this is mere speculation,
making business planning difficult. While the UK is experiencing greater
political stability, with increased emphasis on the need to encourage
investment and innovation in the private sector, question marks remain over
the degree to which this can be sustained in the face of record government
debt levels, and the fast-approaching general election. The picture therefore
remains uncertain, with most forecasters expecting the UK economy to either
flatline or contract this year.
Nevertheless, challenging conditions always present opportunities for agile
businesses focused on resilient sectors. This VCT is in a position to adapt
quickly to changes in the economic environment, when developing its portfolio.
Notwithstanding ongoing uncertainty, the UK continues to benefit from an
active and well-established SME market, in which the Investment Manager has a
strong reputation as a provider of capital. This applies especially to
well-managed, later-stage SMEs where bank lending, despite some policy
support, continues to remain challenging for even the best of these
businesses. This, alongside the institutional support the Investment Manager
is able to offer, continues to make for a compelling equity offer from the
Company. The ongoing uncertainty places added emphasis on the Company's
ability to focus efforts on sectors that are well placed to navigate the
current headwinds. We are confident that we have the team to do this and
assemble a portfolio capable of delivering attractive returns to shareholders.
Egmont Kock
Chairman
10(th) November 2023
Investment Manager's Report
Qualifying Investments
CameraMatics
CameraMatics provides a range of fleet management solutions which transform
how businesses operate and deliver value to their customers. Designed from a
deep understanding of customers' needs, its vehicle operations cloud platform
has been developed to support mobile workers and fleet managers automate the
manual processes involved in transportation and logistics, and reduce risks.
In 2021, Puma Funds invested £4.7 million into CameraMatics. The investment
has been primarily focused on supporting the expansion of the US branch of
CameraMatics, and growing its offering to large enterprise customers,
following recent successes in the UK. A further £4.1 million was invested by
Puma Funds in March 2023 (of which £1.3 million involved a conversion of debt
into equity), bringing the total investment to £7.6 million.
Key updates
CameraMatics is continuing to drive growth from its core product suite, with
significant new client wins in the US marking successful entry to the market.
Launch of the MySafeDrive app in 2023 opens up a range of new commercial
opportunities for the business beyond the current customer set.
Total Investment £7.6m
Alpha VCT Participation £2.5m
Connectr
Connectr is an award-winning, industry-leading provider of cloud-based
mentoring software for enterprise-level organisations. It supports many of the
world's largest employers to attract, recruit, progress and retain future and
existing hires, with high-impact, scalable mentoring programmes which drive
engagement, inclusion and belonging through its online platforms - Connectr
for Candidates and Connectr for Employees. In particular, Connectr is focused
on enabling businesses to implement their diversity and inclusion strategies.
Puma Funds initially invested £2.8 million in August 2019 to support Connectr
to develop its core product. Following impressive revenue growth in the
following two years, Puma Funds invested a further £6 million across two
investment rounds (October 2020 and December 2021) to capitalise on the
expansion opportunities available to the company.
Key updates
Although Connectr has had a number of large new client wins, including Lloyds
and the Army, the economic downturn has forced many companies to pause hiring
additional staff, which has had a direct impact on sales. As a result, the
company is focusing on stability over the launch of new product features, and
resources have been diverted to in-person services, where it is seeing
stronger customer demand. Connectr is in a growing sector and the platform is
well suited to the distanced working practices that continue to be widespread,
even after the pandemic's restrictions have eased.
Total Investment £8.7m
Alpha VCT Participation £1.7m
Deazy
Founded in 2016, Deazy is a platform that enables enterprises, including
PE/VC-backed growth companies, to hire high-quality software developers, by
intelligently matching developers with project requirements. Puma Funds
invested £5 million of equity into Deazy in December 2021, to enable the
business to scale its commercial teams so that it could accelerate its growth
plans.
Key updates
Deazy recently announced that it was ranked 13th in the 2022 Deloitte UK
Technology Fast 50 (which ranks the 50 fastest-growing tech companies in the
UK). Deazy has been shortlisted for the Fast Growth 50 for 2023, which
celebrates businesses that consistently demonstrate expansion and
ambition. Deazy is expanding its sales and marketing team to focus on
enterprise customers.
Total Investment £5.0m
Alpha VCT Participation £1.0m
Dymag
Dymag is a British designer and manufacturer of high-performance car and
motorbike wheels, founded in 1974 with a heritage of making wheels for
motorbike racing. The company has been making carbon motorcycle wheels since
1995, and carbon-hybrid automotive wheels since 2004, and considers itself a
racing and road pioneer. The business continues to grow its presence, both
in aftermarket wheels using relationships with several leading US
distributors, and through project work with several leading-performance
original equipment manufacturers (OEMs). Puma Funds have made a number of
investments into Dymag, totalling £11.1 million. These investments have been
made to improve scale and reduce production costs - particularly of
carbon-hybrid automotive wheels, which are seeing significant demand growth.
Key updates
Last year Dymag announced the strategic partnership with Hankuk Carbon, a
listed composites manufacturing group headquartered in South Korea. Together
they have been working with Hyundai on the development of advanced new carbon
hybrid wheel technology for the car maker's N Performance products. A
prototype of a new jointly developed N Performance carbon hybrid wheel was
unveiled on Hyundai's stand at the Goodwood Festival of Speed 2023.
Total Investment £11.1m
Alpha VCT Participation £1.7m
Everpress
Everpress started with a simple mission - to support grassroots creators and
reduce waste in fashion. Today, it provides a full-service solution through
which creators can upload their designs and create campaigns - using the
platform's toolkit to choose garment types, sale duration and prices - before
launching to a global audience via Everpress's website. Charities and
fundraisers can use the Everpress platform for their cause, and in 2022,
Everpress helped raise over £300,000 for charities and causes worldwide.
In August 2021, Puma Funds invested £3.2 million into Everpress, with a
further investment of £3.2 million in August 2022, to help the business
execute on plan with a focus on driving up profitability.
Key updates
The company recently celebrated becoming B Corp certified, receiving a score
of 92 out of 100. Everpress is continuing to focus on sustainable growth and
driving profitability, following a period of investment in technology to open
up significant partnership and integration opportunities.
Total Investment £6.4m
Alpha VCT Participation £2.1m
HR Duo
HR Duo provides HR solutions to SMEs, by integrating industry knowledge with
the latest technology to deliver a number of HR requirements automatically.
Its easy, low-cost, cloud-based subscription service has been specially
developed to act as a bolt-on support to HR personnel, or as an HR back-up for
companies without a dedicated HR department, ideal for SMEs with 50-1,000
employees. In December 2022, Puma Funds invested €3.8 million into HR Duo,
to accelerate product development, grow its workforce and drive international
expansion.
Key updates
HR Duo recently opened its European development hub in Romania - the European
leader in the number of certified IT specialists per capita. The launch will
add capacity as the company targets growth among SME clients in the UK and
Ireland.
Total Investment £3.2m
Alpha VCT Participation £0.3m
IRIS Audio
IRIS Audio is an audio technology company, with a suite of patented products
which leverages decades of research into the effects of sound on the brain.
Its flagship product, IRIS Clarity, uses the most advanced AI to remove
background noise from telephone calls. Clarity is currently predominantly used
in the call centre industry; its bi-directional nature allows IRIS Clarity to
remove background noise from both sides of the call, thus improving customer
satisfaction and employee wellbeing. It has a proven track record of
shortening calls' average handling time (AHT) by up to 11%, reducing
sound-proofing costs by more than 50%, eliminating noise-related complaints
from both customers and agents by 98%, and improving transcription accuracy -
and thereby speech analytics - by more than 10%. In April 2023, IRIS Audio
received a £5.5 million investment from Puma Funds. The UK-headquartered
company will use the investment to drive adoption of its IRIS Clarity solution
globally and in particular in North America, where it sees a huge
opportunity.
Key updates
IRIS Audio recently partnered with IndyCar, to provide clearer radio
transmissions by eliminating background noise in real-time from broadcasts and
telecasts, helping to put viewers at the heart of the racing action.
Total Investment £5.5m
Alpha VCT Participation £0.2m
Le Col
Le Col is a leading performance cycling apparel company. In 2018, Puma Funds
invested £2.4 million to support Le Col's initial growth plans, and following
continued strong performance, a further £2.5 million was invested in 2019. In
2022, Puma Funds invested a further £9.5 million to support the brand's
long-term growth trajectory, which is mainly focused on driving the company's
overseas expansion as well as its sales and marketing efforts, which have
significantly raised the brand's profile over the last two years.
Key updates
Although Le Col has grown rapidly over the investment period, the last 18
months have seen a significant slowdown in demand for cycling equipment and
apparel. The business has had to navigate significant growth challenges, as
well as external factors such as Brexit, and reduced consumer confidence due
to the cost-of-living crisis. We have been working with the business
extensively to help the organisation adapt, so it is in an increasingly strong
position to grow. While the outlook remains challenging, Le Col remains a
desirable brand with a growing presence in the world of performance cycling.
Total Investment £14.4m
Alpha VCT Participation £2.6m
MUSO
MUSO is a London-based data company which provides a trusted view of global
piracy and unlicensed media consumption. Its transformative data is fast
becoming a must-have data currency for entertainment companies, and is already
used by, among others, Amazon Studios, National Association of Theatre Owners
(NATO), NOS, Lionsgate, MNRK (formerly eOne Music) and Sony Interactive
Entertainment Europe. MUSO's technology measures hundreds of billions of
visits to piracy websites each year, and provides unrivalled consumption and
audience data, allowing rights-holders to strengthen the protection of their
content from piracy. In July 2022, MUSO received a £3.2 million investment
from Puma Funds to support the establishment of MUSO's marketing function and
larger build-out of its sales teams, in both the UK and the US.
Key updates
MUSO was a major contributor to the EUIPO's latest report on piracy
consumption in the EU. The report, titled "EU trends in the digital copyright
infringement in the European Union" was compiled using data from MUSO together
with Eurostat (the statistical office of the EU), European Audiovisual
Observatory and EUIPO's IP Perception study. MUSO has teamed up with ICMP,
the global music publishing trade body, to combat illegal music content
online. The partnership enables ICMP members, spanning major and indie labels,
to safeguard their music with MUSO Protect.
Total Investment £3.2m
Alpha VCT Participation £0.5m
Ostmodern
Ostmodern is a digital product specialist and creative technology company. The
team collaborates with businesses to develop innovative digital products and
services. It has produced bespoke rich media and video on demand (VOD) for
many high-profile clients across the world, including Formula 1, Sky NZ and
Rakuten. Ostmodern has developed a content management system (CMS) for rich
media, Skylark, to enable content owners to better manage and commercialise
their video content. In December 2020, Puma Funds invested £2 million in
Ostmodern to enable it to further develop the Skylark product and continue its
transition from a service provider to a productised offering; the ultimate
goal being to provide an affordable and easy-to-plug-in CMS to a wider range
of content owners. Further funding of £0.9m was provided in 2023 to execute
a revised plan, with a focus on driving to profitability within the next 12
months and positioning the business for exit.
Key updates
The team at Ostmodern has worked hard over the last 12 months to drive
operational efficiencies, increase client profitability and grow revenue. Much
of this growth has been driven by focusing on the services side of the
business. Management is also focusing on higher-margin services - where it is
most effective for its clients - to increase bottom-line profitability.
Total Investment £2.9m
Alpha VCT Participation £1.0m
Pockit
Founded in 2014, Pockit is a fintech company offering a suite of financial
products and ancillary services direct to customers. Pockit provides pre-paid
spending cards and current accounts, primarily to UK customers who are
typically excluded or at least underserved by high street banks. In June 2023,
Puma Funds invested £5.3 million as part of a £7 million round to enable the
company to build out its product offering and scale its marketing
initiatives.
Key updates
The business is seeking to build out its product offering, to cater for the
needs of the financially underserved in the UK market. Pockit is also looking
to utilise the funding to scale its marketing initiatives to drive customer
acquisition.
Total Investment £5.3m
Alpha VCT Participation £0.5m
Ron Dorff
In 2020, Puma Funds invested £3.6 million into men's athleisure wear
business, Ron Dorff. Aligning Swedish functionality with French style, Ron
Dorff is a well-respected premium bodywear brand, having been voted one of the
three best swimwear brands for men in 2020 by Vogue magazine. In 2022, Puma
Funds made two further investments of £1.7 million and £2.4 million, to
enable the business to continue its overseas expansion, particularly in the
US. Ron Dorff plans to build on positive momentum in the US and European
markets, following successful store openings in Los Angeles and New York, and
significant new wholesale door openings in the year, with increased retail
visibility driving online sales.
Key updates
The senior team was bolstered in 2023 with the recruitment of an experienced
Chairperson with a background in delivering e-commerce growth, and an
experienced Chief Operating Officer from the apparel sector. Ron Dorff
continues to expand in the US, and opened its second permanent store on Sunset
Boulevard in LA, and relaunched its summer pop-up on Fire Island, following a
successful initial launch the prior year. The team continues to push the brand
reach and product offering through targeted collaborations with like-minded
brands, launching sunglasses and espadrilles for the Spring/Summer 23
collection, with further brand collaborations in the pipeline.
Total Investment £7.6m
Alpha VCT Participation £1.9m
Thingtrax
Founded in 2017, Thingtrax is a cloud-based manufacturing performance
platform, which is used at many levels of a manufacturing organisation to
digitise the manufacturing process and optimise factory efficiency. The
product is designed to be of value at many levels, from the factory shop floor
to the boardroom. Puma Funds invested £1.2 million of equity in June 2023 as
part of a £4.3 million round, to enable the company to scale up its
commercial functions and invest in product.
Key updates
Thingtrax recently welcomed Richard Montgomery as VP of sales. Montgomery
brings a wealth of experience and prior to Thingtrax, he was Industry
Principal at Infor and Director at Aptean. Thingtrax plans to increase
penetration of the UK manufacturing sector.
Total Investment £1.2m
Alpha VCT Participation £0.4m
Puma Investment Management Limited
10(th) November 2023
Income Statement (unaudited)
Six months ended Six months ended Year ended
31 August 2023
31 August 2022
28 February 2023
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
£000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments - (932) (932) - (918) (918) - 316 316
Income 49 - 49 15 - 15 35 - 35
49 (932) (883) 15 (918) (903) 35 316 351
Investment management fees 4 (66) (197) (263) (53) (160) (213) (111) (332) (443)
Performance fees 6 - - - - - - - - -
Other expenses (247) - (247) (131) - (131) (294) - (294)
(313) (197) (510) (184) (160) (344) (405) (332) (737)
Loss before tax (264) (1,129) (1,393) (169) (1,078) (1,247) (370) (16) (386)
Tax - - - - - - - - -
Loss after tax (264) (1,129) (1,393) (169) (1,078) (1,247) (370) (16) (386)
Basic and diluted loss per Ordinary Share (pence) 2 (1.30p) (5.58p) (6.88p) (1.06p) (6.78p) (7.84p) (2.17p) (0.09p) (2.26p)
For the six months ended 31 August 2023
All items in the above statement derive from continuing operations.
There are no gains or losses other than those disclosed in the Income
Statement.
The total column of this statement is the Statement of Total Comprehensive
Income of the Company prepared in accordance with FRS 102, The Financial
Reporting Standard applicable in the UK and Republic of Ireland. The
supplementary revenue and capital columns are prepared in accordance with the
Statement of Recommended Practice, Financial Statements of Investment Trust
Companies and Venture Capital Trusts, issued by the Association of Investment
Companies.
There were no items of other comprehensive income during the period.
Balance Sheet (unaudited)
As at 31 August 2023
Note 31 August 2023 31 August 2022 28 February 2023
£'000 £'000 £'000
Fixed Assets
Investments 7 21,512 16,279 20,180
Current Assets
Debtors 215 590 185
Cash 5,397 6,080 3,911
5,612 6,670 4,096
Creditors - amounts falling due within one year (172) (382) (181)
Net Current Assets 5,440 6,288 3,915
Net Assets 26,952 22,567 24,095
Capital and Reserves
Called-up share capital 218 179 185
Share premium account 6,155 1,277 1,938
Capital reserve - realised (809) (439) (612)
Capital reserve - unrealised 5,010 4,707 5,941
Revenue reserve 16,378 16,843 16,643
Equity Shareholders' Funds 26,952 22,567 24,095
Net Asset Value per Ordinary Share 3 123.50p 126.13p 130.53p
Richard Oirschot
Director
10(th) November 2023
Cash Flow Statement (unaudited)
For the six months ended 31 August 2023
Six months ended Six months ended Year ended
31 August 2023
31 August 2022
28 February 2023
£'000 £'000 £'000
Reconciliation of loss before tax to net cash used in operating activities
Loss after tax (1,393) (1,247) (386)
Loss/(gain) on investments 932 918 (316)
Increase in debtors (30) (467) (61)
Decrease in creditors (9) (272) (473)
Net cash used in operating activities (500) (1,068) (1,236)
Cash flow from investing activities
Purchase of investments (2,264) (2,600) (5,268)
Proceeds from disposal of investments - 1,157 1,157
Net outflow from investing activities (2,264) (1,443) (4,111)
Cash flow from financing activities
Proceeds received from issue of ordinary share capital 4,439 6,897 7,476
Expense paid for issue of share capital (189) (286) (198)
Net inflow from financing activities 4,250 6,611 7,278
Net increase in cash and cash equivalents 1,486 4,100 1,931
Cash and cash equivalents at the beginning of the period 3,911 1,980 1,980
Cash and cash equivalents at the end of the period 5,397 6,080 3,911
Statement of Changes in Equity (unaudited)
For the six months ended 31 August 2023
Called up share capital Share premium account Capital reserve - realised Capital reserve - unrealised Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 March 2022 126 12,271 (836) 6,182 (540) 17,203
Comprehensive income for the period
Loss after tax - - (154) (924) (169) (1,247)
Total comprehensive income for the period - - (154) (924) (169) (1,247)
Transactions with owners, recognised directly in equity
Issue of shares 53 6,844 - - - 6,897
Share issue costs - (286) - - - (286)
Cancellation of share premium - (17,552) - - 17,552 -
Total transactions with owners, recognised directly in equity 53 (10,994) - - 17,552 6,611
Other movements
Prior year fixed asset gains now realised - - 551 (551) - -
Total other movements - - 551 (551) - -
Balance as at 31 August 2022 179 1,277 (439) 4,707 16,843 22,567
Comprehensive income for the period
(Loss)/profit after tax - - (173) 1,234 (200) 861
Total comprehensive income for the period - - (173) 1,234 (200) 861
Transactions with owners, recognised directly in equity
Issue of shares 6 573 - - - 579
Share issue costs - 88 - - - 88
Total transactions with owners, recognised directly in equity 6 661 - - - 667
Balance as at 28 February 2023 185 1,938 (612) 5,941 16,643 24,095
Comprehensive income for the period
Loss after tax - - (197) (931) (265) (1,393)
Total comprehensive income for the period - - (197) (931) (265) (1,393)
Transactions with owners, recognised directly in equity
Issue of shares 33 4,406 - - - 4,439
Share issue costs - (189) - - - (189)
Total transactions with owners, recognised directly in equity 33 4,217 - - - 4,250
Balance as at 31 August 2023 218 6,155 (809) 5,010 16,378 26,952
Notes to the Interim Report
For the six months ended 31 August 2023
1. Accounting policies
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset investments,
and in accordance with applicable Accounting Standards and with the Statement
of Recommended Practice, Financial Statements of Investment Trust Companies
and Venture Capital Trusts ("SORP") and in accordance with the Financial
Reporting Standard 102 ("FRS102").
2. Return per Ordinary Share
The total loss per share of 6.88p is based on the loss for the period of
£1,393,000 and the weighted average number of shares in issue for the period
ended 31 August 2023 of 20,234,743.
3. Net Asset Value per share
31 August 2023 31 August 2022 28 February 2023
Net assets 26,952,000 22,567,000 24,095,000
Shares in issue 21,823,140 17,891,434 18,460,066
Net Asset Value per share
Basic 123.50p 126.13p 130.53p
Diluted 123.50p 126.13p 130.53p
4. Investment management fees
The Company pays the Investment Manager an annual management fee of 2% of the
Company's net assets. The fee is payable quarterly in arrears. The annual
management fee is allocated 75% to capital and 25% to revenue.
5. Financial information provided
The financial information for the period ended 31 August 2023 has not been
audited and does not comprise full financial statements within the meaning of
Section 423 of the Companies Act 2006. The interim financial statements have
been prepared on the same basis as will be used to prepare the annual
financial statements.
6. Management performance incentive arrangement
The amount of the Performance Incentive Fee (PIF) is equal to 20% of the
amount by which the Performance Value per Share at the end of an accounting
period exceeds the High Water Mark (being the higher of 120p and the highest
Performance Value per Share at the end of any previous accounting period),
multiplied by the number of relevant Ordinary Shares in issue at the end of
the relevant period.
An amendment was made stating that if Ordinary Shares are issued or bought
back in an accounting period, then the relevant share price for that share
issue or buyback will be deemed to have been at the prevailing Performance
Value per Share as at the start of the relevant accounting period.
The amendment described above and in the circular on 15(th) June 2023 was
approved by shareholders at the General Meeting held on 27(th) July 2023.
The accrued profit and loss expense for the period in relation to this
agreement is £nil.
7. Investment portfolio summary
Valuation Cost Gain/(loss) Valuation as % of Net Assets Multiple
As at 31 August 2023 £'000 £'000 £'000
Qualifying Investments
ABW Group Limited ("Ostmodern") 1,047 1,008 39 4% 1.04
Deazy Limited 1,094 1,000 94 4% 1.09
Dymag Group Limited 1,048 1,740 (692) 4% 0.60
Everpress Limited 3,228 2,100 1,128 12% 1.54
Forde Resolution Company Limited ("HR Duo") 347 347 - 1% 1.00
IRIS Audio Technologies Limited 223 223 - 1% 1.00
Le Col Holdings Limited 2,710 2,599 111 10% 1.04
MUSO Limited 833 500 333 3% 1.67
MyKindaCrowd Limited ("Connectr") 1,356 1,650 (294) 5% 0.82
MySafeDrive Limited ("CameraMatics") 5,970 2,515 3,455 22% 2.37
NQOCD Consulting Limited ("Ron Dorff") 2,704 1,870 834 10% 1.45
Pockit Limited 530 530 - 2% 1.00
Thingtrax Limited 422 422 - 2% 1.00
Total Qualifying Investments 21,512 16,504 5,008 80% 1.30
Balance of Portfolio 5,440 20%
Net Assets 26,952 100%
Of the investments held at 31 August 2023, all are incorporated in England and
Wales, except for MySafeDrive Limited and Forde Resolution Company Limited,
which are incorporated in Ireland.
Copies of this Interim Statement will be made available on the website:
https://www.pumainvestments.co.uk/resource-centre/literature
(https://www.pumainvestments.co.uk/resource-centre/literature)
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