Downing FOUR VCT plc
LEI: 21380035MV1VRYEXPR95
Unaudited Net Asset Value(s) as at 19 October 2018
1 November 2018
Downing FOUR VCT plc (“the Company”) announces that the unaudited Net Asset Values of its Share Classes, as at 19 October 2018, were as follows:
| DSO D Share |
30.3p |
| DP67 Ordinary Share |
50.5p |
| DP2011 General Ordinary Share |
- |
| DP2011 General A Share |
13.0p |
| DP2011 Structured Ordinary Share |
- |
| DP2011 Structured A Share |
9.8p |
| Generalist Ordinary Share |
90.4p |
| Healthcare Ordinary Share |
86.9p |
The unaudited Balance Sheet of the Company is shown below, followed by a summary of the investments held by each Share pool.
UNAUDITED BALANCE SHEET
as at 19 October 2018
|
|
|
As at
19 October
2018 |
|
As at
31 March
2018 |
| |
|
£’000 |
|
£’000 |
| |
|
|
|
|
|
| Fixed assets |
|
|
|
|
|
| Investments |
|
|
39,341 |
|
35,192 |
| |
|
|
|
|
|
| Current assets |
|
|
|
|
|
| Debtors |
|
|
572 |
|
695 |
| Cash at bank and in hand |
|
|
10,770 |
|
21,063 |
| |
|
|
11,342 |
|
21,758 |
| |
|
|
|
|
|
| Creditors: amounts falling due within one year |
|
|
(211) |
|
(615) |
| |
|
|
|
|
|
| Net current assets |
|
11,131 |
|
21,143 |
| |
|
|
|
|
|
| Net assets |
|
|
50,472 |
|
56,335 |
| |
|
|
|
|
|
| Capital and reserves |
|
|
|
|
|
| Called up Share capital |
|
|
130 |
|
188 |
| Capital redemption reserve |
|
|
31 |
|
31 |
| Special reserve |
|
|
4,463 |
|
8,021 |
| Share premium account |
|
|
44,621 |
|
43,904 |
| Funds held in respect of shares not yet allotted |
|
|
234 |
|
420 |
| Revaluation reserve |
|
|
(2,550) |
|
234 |
| Capital reserve – realised |
|
|
4,855 |
|
4,641 |
| Revenue reserve |
|
|
(1,312) |
|
(1,104) |
| |
|
|
|
|
|
| Total equity shareholders’ funds |
|
|
50,472 |
|
56,335 |
| |
|
|
|
|
PORTFOLIO SUMMARIES
as at 19 October 2018
DSO D Share Pool |
Cost |
Valuation |
% of
portfolio |
| |
£’000 |
£’000 |
|
| Venture Capital investments |
|
|
|
| Lambridge Solar Limited |
500 |
605 |
25.1% |
| Pearce and Saunders Limited |
300 |
354 |
14.7% |
| Fresh Green Power Limited |
189 |
231 |
9.6% |
| Apex Energy Limited |
400 |
200 |
8.3% |
| Green Energy Production UK Limited |
100 |
74 |
3.1% |
| Pearce and Saunders DevCo Limited |
20 |
20 |
0.8% |
| Fubar Stirling Limited |
126 |
5 |
0.2% |
| |
|
|
|
| Total investments |
1,635 |
1,489 |
61.8% |
| Cash at bank and in hand |
|
921 |
38.2% |
| Total |
|
2,410 |
100.0% |
DP67 Share Pool |
Cost |
Valuation |
% of
portfolio |
| |
£’000 |
£’000 |
|
| Venture Capital investments |
|
|
|
| Cadbury House Holdings Limited |
1,409 |
1,613 |
31.8% |
| Snow Hill Developments LLP |
584 |
830 |
16.4% |
| Fenkle Street LLP |
405 |
603 |
11.9% |
| Gatewales Limited |
343 |
527 |
10.4% |
| Oak Grove Renewables Limited |
820 |
492 |
9.7% |
| Yamuna Energy Limited |
400 |
400 |
7.9% |
| London City Shopping Centre Limited |
99 |
99 |
2.0% |
| |
|
|
|
| Total investments |
4,060 |
4,564 |
90.1% |
| Cash at bank and in hand |
|
501 |
9.9% |
| Total |
|
5,065 |
100.0% |
| DP2011 General Share Pool |
Cost |
Valuation |
% of
portfolio |
| |
£’000 |
£’000 |
|
| Venture Capital investments |
|
|
|
| Snow Hill Developments LLP |
750 |
1,178 |
48.4% |
| Wickham Solar Limited |
550 |
635 |
26.1% |
| Oak Grove Renewable Limited |
400 |
254 |
10.4% |
| London City Shopping Centre Limited |
88 |
88 |
3.6% |
| Mosaic Spa and Health Clubs Limited |
96 |
64 |
2.7% |
| Fubar Stirling Limited |
133 |
5 |
0.3% |
| Odysian (Holdings) Limited |
233 |
- |
0.0% |
| |
|
|
|
| Total investments |
2,250 |
2,224 |
91.5% |
| Cash at bank and in hand |
|
208 |
8.5% |
| Total |
|
2,432 |
100.0% |
DP2011 Structured Share Pool |
Cost |
Valuation |
% of
portfolio |
| |
£’000 |
£’000 |
|
| Venture Capital investments |
|
|
|
| Wickham Solar Limited |
550 |
635 |
51.1% |
| Oak Grove Renewables Limited |
545 |
347 |
27.9% |
| Mosaic Spa and Health Clubs Limited |
64 |
42 |
3.4% |
| Fubar Stirling Limited |
90 |
4 |
0.3% |
| Odysian (Holdings) Limited |
155 |
- |
0.0% |
| |
|
|
|
| Total investments |
1,404 |
1,028 |
82.7% |
| Cash at bank and in hand |
|
215 |
17.3% |
| Total |
|
1,243 |
100.0% |
Generalist Share pool |
Cost |
Valuation |
% of
portfolio |
| |
£’000 |
£’000 |
|
| Venture Capital investments |
|
|
|
| Live Better With Limited |
1,211 |
1,284 |
4.5% |
| Lignia Wood Company Limited |
1,111 |
1,111 |
3.9% |
| Maverick Pubs (Holdings) Limited |
1,000 |
1,000 |
3.5% |
| E-Fundamentals (Group) Limited |
917 |
917 |
3.2% |
| BridgeU Corporation |
811 |
811 |
2.9% |
| Hackajob Limited |
784 |
784 |
2.8% |
| Empiribox Limited |
750 |
750 |
2.7% |
| Xupes Limited |
750 |
750 |
2.7% |
| Glownet Limited |
741 |
741 |
2.6% |
| Ormsborough Limited |
900 |
621 |
2.2% |
| Volo Commerce Limited |
567 |
567 |
2.0% |
| Fenkle Street LLP |
321 |
321 |
1.1% |
| Virtual Class Limited |
525 |
282 |
1.0% |
| Destiny Pharma plc |
500 |
242 |
0.9% |
| Arecor Limited |
240 |
240 |
0.9% |
| Limitless Technology Limited |
173 |
173 |
0.6% |
| Masters of Pie Limited |
167 |
167 |
0.6% |
| ADC Biotechnology Limited |
250 |
104 |
0.4% |
| Snow Hill Developments LLP |
86 |
92 |
0.3% |
| Mosaic Spa and Health Clubs Limited |
37 |
37 |
0.1% |
| London City Shopping Centre Limited |
30 |
30 |
0.1% |
| |
11,871 |
11,024 |
39.0% |
| |
|
|
|
| Liquidity investments |
|
|
|
| MI Downing Monthly Income Fund |
3,950 |
3,707 |
13.1% |
| MI Downing UK Micro-Cap Growth Fund |
4,025 |
3,670 |
13.0% |
| Downing Strategic Micro-Cap Investment Trust plc |
4,100 |
3,444 |
12.2% |
| MI Downing Diversified Global Managers Fund |
1,800 |
1,805 |
6.4% |
| |
13,875 |
12,626 |
44.7% |
| |
|
|
|
| Total investments |
25,746 |
23,650 |
83.7% |
| Cash at bank and in hand |
|
4,612 |
16.3% |
| Total |
|
28,262 |
100.0% |
Healthcare Share pool |
Cost |
Valuation |
% of
portfolio |
| |
£’000 |
£’000 |
|
| Venture Capital investments |
|
|
|
| Live Better With Limited |
1,106 |
1,179 |
11.0% |
| Arecor Limited |
880 |
880 |
8.1% |
| ADC Biotechnology Limited |
892 |
372 |
3.5% |
| Destiny Pharma plc |
750 |
363 |
3.4% |
| |
3,628 |
2,794 |
26.0% |
| |
|
|
|
| Liquidity investments |
|
|
|
| MI Downing Monthly Income Fund |
1,100 |
1,035 |
9.7% |
| MI Downing UK Micro-Cap Growth Fund |
1,125 |
1,022 |
9.6% |
| MI Downing Diversified Global Managers Fund |
950 |
947 |
8.9% |
| Downing Strategic Micro-Cap Investment Trust plc |
700 |
588 |
5.5% |
| |
3,875 |
3,592 |
33.7% |
| |
|
|
|
| Total investments |
7,503 |
6,386 |
59.7% |
| Cash at bank and in hand |
|
4,313 |
40.3% |
| Total |
|
10,699 |
100.0% |
