REG - Puma VCT 13 PLC - Half-year Report
10/11/2023 11:45
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RNS Number : 1168T Puma VCT 13 PLC 10 November 2023
Highlights
· Three new investments added in the six months to 31 August 2023
· Post period-end, a further two new investments were added to the
portfolio
· £22.3 million of new shares issued during the period
Introduction
Your Board is pleased to present the half-yearly report for Puma VCT 13 plc
("the Company") for the period to 31 August 2023.
Fundraising
During the period, the Board activated the £10 million over-allotment
facility after successfully filling the initial fundraising of £40 million.
In total, £50 million was raised in new equity, with the overall NAV crossing
the £100 million mark.
We are happy to report that following the period-end, shareholder approval was
received to allow the VCT to raise further funds. This will put the VCT in a
stronger position to exploit the investment environment, add further
diversification, and spread fixed costs over a wider base. This VCT is now
open for fundraising and the market reaction to date has been positive.
Investment activity
Since the last Report and Accounts, the Company has made three new investments
of £4.6 million into IRIS Audio Technologies, an AI voice isolation
technology company, £3.9 million into Pockit, a digital account provider, and
£0.8 million into Thingtrax, a cloud-based manufacturing performance
platform. Post-period-end, the Company invested £2.4m into TravelLocal, a
global tailor-made holidays brand and managed marketplace, and £1.1m 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.
This enabled the Investment Manager to take advantage of a period of market
dislocation where other funds were less active and there was less competition
to invest. As a result, investment could be made at attractive valuations.
Investment portfolio
Five of the Company's qualifying holdings were written up in value, with four
held at cost. Seven of the Company's qualifying holdings were marked down in
value, and there was a loss on the Company's non-qualifying holdings of listed
securities.
MUSO has seen the largest increase in value over the period, with a £1.6
million uplift as it is now held at valuation rather than cost.
CameraMatics has been a notable performer with a further uplift of £0.6
million, following growth from its core product suite and significant new
client wins in the US, resulting in a strong year of trade.
Following the above investment activity, the Company has 62% 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 moved away
from holding listed equities to deliver qualifying income (as needed for one
of the VCT tests) and instead has commenced a revised liquidity management
strategy focused on short term bonds held through collective investment
schemes.
Net Asset Value (NAV)
The NAV per share at the period-end was 131.18p (Feb 2023: 133.05p). This
figure reflects adjustments in the carrying value of the qualifying portfolio,
movements in the value of the listed equities and running costs of the Company
offset by the initial funds raised less the costs of issue.
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, monitoring rule compliance, and maintaining the qualifying status of
the Company's holdings in the future.
Outlook
While there is no doubt that the last 12 months have been a challenging time
for many businesses, it seems that, to date, the UK has just about avoided a
recession. At the time of writing, the Bank of England has chosen not to raise
interest rates, ending a run of 14 consecutive increases. Given where we are
in the interest rate cycle, we do not expect either a very positive or a
hugely negative macro environment, unless there are large external shocks (for
example, an oil price shock arising from either of the ongoing geopolitical
crises in Ukraine or the Middle East).
Puma VCT 13's broad range of portfolio companies span many industries - from
software and computer services to consumer goods. They were chosen for their
growth potential because of their unique characteristics, and together provide
a good diversification of end customers. Each of these companies has a mature
management team and a proven business model, is generating revenue, and
although the companies have faced a number of challenges - from staffing
shortages to energy cost increases - they remain fairly resilient. With the
addition of a number of new businesses to Puma VCT 13, we believe the coming
months present an opportunity for growth.
David Buchler
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 £7.6 million
VCT 13 Participation £3.9 million
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 £8.7 million
VCT 13 Participation £5.0 million
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 £5.0 million
VCT 13 Participation £2.9 million
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 £11.1 million
VCT 13 Participation £4.8 million
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 £6.4 million
VCT 13 Participation £3.5 million
Hot Copper
The Hot Copper Pub Company owns eight pubs, mostly freeholds, trading under
the Brewhouse & Kitchen brand as franchises. The group was created in
December 2020 by the merger of three companies that had been backed by Puma
Funds, each owning franchises. Brewhouse & Kitchen is the largest brewpub
brand in the UK, distinctive for brewing its own craft beers on-site, and
running a participatory experience with beer tasting and brewing
masterclasses.
Puma Funds have invested £17.7 million to provide growth capital for the
build-out of the overall Brewhouse & Kitchen branded estate.
Key updates
The business is focusing on delivering operational efficiencies and driving
sales growth to navigate a challenging economic environment. The group will
benefit from the reduction in utility costs, which have come down from the
highs experienced last winter.
Total Investment £17.7 million
VCT 13 Participation £0.8 million
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 £3.2 million
VCT 13 Participation £2.2 million
Influencer
Influencer is a data-driven influencer marketing business which specialises in
delivering campaigns across social media platforms. Since the company started
in 2017, it has built an impressive client list, and is trusted by 95% of the
top-tier global brands featured in Ad Age (including Amazon, Google and
Coca-Cola) and the largest media agencies. Influencer is also an official Meta
creative partner for Facebook and Instagram, as well as an official global
marketing partner for TikTok and an official YouTube partner. Influencer is a
global leader in influencer marketing. Puma Funds invested £3 million in
August 2019 to fund innovations on its proprietary social media platform -
Waves - and help the organisation expand its global presence. Waves is leading
the way in terms of simplifying the influencer marketing process for both
brands and creators.
Key updates
Influencer has achieved significant international expansion since the
investment from Puma Funds. The US is fast becoming a key geography for the
company, having opened its first office in the region in 2022. Going forward,
Influencer will continue to invest in growing its presence in this market.
Total Investment £3.0 million
VCT 13 Participation £1.8 million
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 £5.5 million
VCT 13 Participation £4.6 million
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 £14.4 million
VCT 13 Participation £8.3 million
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 £3.2 million
VCT 13 Participation £2.4 million
Open House
Open House is an independent hospitality business that seeks to create iconic
drinking and dining destinations in London's most progressive neighbourhoods.
The founding team behind the business is highly experienced, having previously
run the Cubitt House group pub chain. This had units in Pimlico, Chelsea and
Belgravia, which it sold at a material profit to fund the start of Open House.
In 2019, Puma Funds invested £5 million to help the team secure venues in
major redevelopment areas in London. At the time of the investment, the
business ran The Lighterman in King's Cross (Granary Square) and Percy &
Founders in Fitzrovia. It was looking to secure new venues in areas that were
being positioned as new centres for retail, hospitality and day-to-day life.
The investment by the Puma Funds has helped Open House to develop its existing
properties and create a new venue - The Broadcaster at Wood Lane, White
City.
Key updates
The business looks forward to continued stabilisation and growth of
profitability from its core units at King's Cross and White City.
Total Investment £5.0 million
VCT 13 Participation £1.8 million
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 £2.9 million
VCT 13 Participation £1.3 million
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 £5.3 million
VCT 13 Participation £3.9 million
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 £7.6 million
VCT 13 Participation £2.4 million
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 £1.2 million
VCT 13 Participation £0.8 million
Liquidity management investments
The rules for VCTs limit the income which can be received from bank deposits,
making them an unattractive way of holding funds waiting to be invested. As a
result, during a period where funds remain not yet deployed in qualifying
investments in smaller companies, a VCT needs to hold other investments.
For a number of years, a portion of the Company's funds has been invested in a
diverse portfolio of large cap equities listed in London and largely
UK-centric stocks. This portfolio experienced a decline in the year,
responding to a weaker equity market. From a position at the beginning of the
year where the Company held £1.45 million of listed equities, by the
period-end this holding had decreased to £1.22 million after £0.23 million
of unrealised losses.
Rising interest rates have made investing in fixed-income securities more
attractive. The Company has therefore, switched, post period-end, from holding
listed equities into a revised liquidity management strategy focused on short
term bonds held through collective investment schemes.
Investment strategy
We are pleased to have invested the Company's funds in a diverse range of
businesses to date. With the re-opening of the fundraise, we hope to diversify
the portfolio further over the coming months. We remain focused on generating
strong returns for shareholders, while balancing these returns with
maintaining an appropriate risk exposure. Overall, we remain confident that
our portfolio is well positioned to deliver positive returns to shareholders.
Puma Investment Management Limited
10(th) November 2023
Income 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
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments - (368) (368) - 1,899 1,899 - 5,151 5,151
Income 148 - 148 113 - 113 200 - 200
148 (368) (220) 113 1,899 2,012 200 5,151 5,351
Investment management fees 4 (278) (836) (1,114) (160) (479) (639) (366) (1,097) (1,463)
Performance fees 6 - - - - - - - (673) (673)
Other expenses (382) - (382) (225) - (225) (511) - (511)
(660) (836) (1,496) (385) (479) (864) (877) (1,770) (2,647)
(Loss)/profit before tax (512) (1,204) (1,716) (272) 1,420 1,148 (677) 3,381 2,704
Tax - - - - - - - - -
(Loss)/profit after tax (512) (1,204) (1,716) (272) 1,420 1,148 (677) 3,381 2,704
Basic and diluted (loss)/return per Ordinary Share (pence) 2 (0.62p) (1.45p) (2.07p) (0.57p) 2.99p 2.42p (1.28p) 6.39p 5.11p
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 As at As at As at
31 August 2023
31 August 2022
28 February 2023
£'000 £'000 £'000
Fixed Assets
Investments 7 70,803 46,736 58,544
Current Assets
Debtors 237 567 255
Cash 41,390 19,782 34,289
41,627 20,349 34,544
Creditors - amounts falling due within one year (546) (946) (1,320)
Net Current Assets 41,081 19,403 33,224
Net Assets 111,884 66,139 91,768
Capital and Reserves
Called-up share capital 45 22 36
Share premium account 79,030 29,801 57,207
Capital reserve - realised (3,105) (978) (2,269)
Capital reserve - unrealised 19,052 16,172 19,420
Revenue reserve 16,862 21,122 17,374
Equity Shareholders' Funds 111,884 66,139 91,768
Net Asset Value per Ordinary Share 3 131.18p 136.33p 133.05p
David Buchler
Chairman
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)/profit before tax to net cash used in operating
activities
(Loss)/profit before tax (1,716) 1,148 2,704
Loss/(gain) on investments 368 (1,899) (5,151)
Decrease/(increase) in debtors 18 (461) (146)
Decrease in creditors (774) (1,222) (849)
Net cash used in operating activities (2,104) (2,434) (3,442)
Cash flow from investing activities
Purchase of investments (12,627) (7,173) (15,732)
Proceeds from disposal of investments - 3,567 3,567
Net outflow from investing activities (12,627) (3,606) (12,165)
Cash flow from financing activities
Share issues 22,261 15,195 42,683
Share issue costs (429) (579) (647)
Dividends paid - (1,978) (5,324)
Net inflow from financing activities 21,832 12,638 36,712
Net increase in cash and cash equivalents 7,101 6,598 21,105
Cash and cash equivalents at the beginning of the period 34,289 13,184 13,184
Cash and cash equivalents at the end of the period 41,390 19,782 34,289
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 20 15,187 (2,216) 15,989 23,372 52,352
Comprehensive income for the period
Profit/(loss) after tax - - (460) 1,881 (272) 1,149
Total comprehensive income for the period - - (460) 1,881 (272) 1,149
Transactions with owners, recognised directly in equity
Dividends paid - - - - (1,978) (1,978)
Share issues 2 15,193 - - - 15,195
Share issue costs - (579) - - - (579)
Total transactions with owners, recognised directly in equity 2 14,614 - - (1,978) 12,638
Other movements
Prior year fixed asset gains now realised - - 1,698 (1,698) - -
Total other movements - - 1,698 (1,698) - -
Balance as at 31 August 2022 22 29,801 (978) 16,172 21,122 66,139
Comprehensive income for the period
Profit/(loss) after tax - - (1,291) 3,248 (402) 1,555
Total comprehensive income for the period - - (1,291) 3,248 (402) 1,555
Transactions with owners, recognised directly in equity
Dividends paid - - - - (3,346) (3,346)
Share issues 14 27,474 - - - 27,488
Share issue costs - (68) - - - (68)
Total transactions with owners, recognised directly in equity 14 27,406 - - (3,346) 24,074
Balance as at 28 February 2023 36 57,207 (2,269) 19,420 17,374 91,768
Comprehensive income for the period
Loss after tax - - (836) (368) (512) (1,716)
Total comprehensive income for the period - - (836) (368) (512) (1,716)
Transactions with owners, recognised directly in equity
Share issues 9 22,252 - - - 22,261
Share issue costs - (429) - - - (429)
Total transactions with owners, recognised directly in equity 9 21,823 - - - 21,832
Balance as at 31 August 2023 45 79,030 (3,105) 19,052 16,862 111,884
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 2.07p is based on the loss for the period of
£1,716,000 and the weighted average number of shares in issue for the period
ended 31 August 2023 of 82,927,653.
3. Net Asset Value per share
As at As at As at
31 August 2023
31 August 2022
28 February 2023
Net assets 111,884,000 66,139,000 91,768,000
Shares in issue 85,291,146 48,513,552 68,972,174
Net Asset Value per share
Basic 131.18p 136.33p 133.05p
Diluted 131.18p 136.33p 133.05p
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 110p 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 27th 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") 1,391 1,292 99 1.2% 1.08
Deazy Limited 3,172 2,900 272 2.8% 1.09
Dymag Group Limited 3,059 4,753 (1,694) 2.7% 0.64
Everpress Limited 5,393 3,514 1,879 4.8% 1.53
Forde Resolution Company Limited ("HR Duo") 2,238 2,238 - 2.0% 1.00
Hot Copper Pub Company Limited 575 847 (272) 0.5% 0.68
Influencer Limited 12,388 1,800 10,588 11.1% 6.88
IRIS Audio Technologies Limited 4,555 4,555 - 4.1% 1.00
Le Col Holdings Limited 10,451 8,281 2,170 9.3% 1.26
MyKindaCrowd Limited ("Connectr") 6,232 5,016 1,216 5.6% 1.24
MySafeDrive Limited ("CameraMatics") 6,110 3,882 2,228 5.5% 1.57
MUSO Limited 3,935 2,361 1,574 3.5% 1.67
NQOCD Consulting Limited ("Ron Dorff") 3,596 2,393 1,203 3.2% 1.50
Open House London Limited 1,819 1,800 19 1.6% 1.01
Pockit Limited 3,920 3,920 - 3.5% 1.00
Thingtrax Limited 750 750 - 0.7% 1.00
Total Qualifying Investments 69,584 50,302 19,282 62.2% 1.38
Liquidity Management Investments
Barclays Plc 94 116 (22) 0.1%
Chemring Group Plc 99 70 29 0.1%
Currys Plc 34 109 (75) 0.0%
Diageo Plc 105 89 16 0.1%
Discoverie Group Plc 116 63 53 0.1%
Headlam Group Plc 57 121 (64) 0.1%
ITV Group Plc 53 82 (29) 0.0%
Jackson Financial Inc 6 - 6 0.0%
Legal & General Group Plc 81 96 (15) 0.1%
Lloyds Banking Group Plc 106 113 (7) 0.1%
Provident Financial Plc 21 119 (98) 0.0%
Prudential Plc 73 133 (60) 0.1%
PZ Cussons Plc 63 94 (31) 0.1%
Royal Dutch Shell Plc 121 124 (3) 0.1%
Volution Group Plc 136 69 67 0.1%
WPP Plc 54 67 (13) 0.0%
Total Liquidity Management Investments 1,219 1,465 (246) 1.1%
Total Investments 70,803 51,767 19,036 63.3%
Balance of Portfolio 41,081 36.7%
Net Assets 111,884 100.0%
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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