Downing Structured Opportunities VCT 1 PLC (UK) – Interim Management Statement

Interim Management Statement

Downing Structured Opportunities VCT 1 plc
Interim Management Statementfor the three months ended 31 December 2009

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Downing Structured Opportunities VCT 1 plc presents an Interim Management Statement covering the period from 1 October 2009 to 31 December 2009. The statement also includes relevant financial information between the end of the period and the date of this statement.

Performance

31 Dec 2009 30 Sept

2009

30 Jun

2009

Initial

NAV

Pence Pence Pence Pence
Net Asset Value per Ordinary Share 102.6 * 100.3 96.2 94.4
Net Asset Value per ‘A’ Share 0.1 0.1 0.1 0.1
Cumulative distributions per Ordinary Share 2.5 2.5
Total return per Ordinary Share and ‘A’ Share 105.2 102.9 96.3 94.5

* Net Asset Value per Ordinary Share at 31 December2009 previously announced as 102.0p. An adjustment has subsequently been made in respect of a revised estimate of the annual running cost indemnity.

Dividends paid or declared in the period

On 27 November 2009, the Company declared a capital dividend of 2.5p per Ordinary Share which was paid on 29 January 2010.

Investment portfolio summary at 31 December 2009

Cost Valuation Valuation

movement

since

purchase

£’000 £’000 £’000
Structured Products
Barclays 12.2% Autocallable 859 1,004 145
Symphony Structure 3.5 Year FTSE 4.85 Call Spread 710 802 92
Merrill Lynch (Elders) Japan Capital Protected III 626 718 92
Platinum 4 Year Defensive Auto-Call 656 710 54
Morgan Stanley 6 Year Synthetic Zero 450 582 132
Barclays 4 Year Synthetic Zero 570 569 (1)
Merrill Lynch (Elders) Capital Accumulation 7 429 536 107
Goldman Sachs Reservoir Auto-Call 401 431 30
Goldman Sachs Int Def Auto-Call 336 400 64
Platinum (Guernsey) 3 Year 351 372 21
Merrill Lynch (Elders) FTSE Capital Accumulation II 259 317 58
Merrill Lynch (Elders) 4 Year 11% FTSE Capital Accumulation VI 205 268 63
Citigroup Defensive FTSE Auto-Call 1 130 144 14
Venture Capital
Westow House Limited 405 405
Atlantic Dogstar 216 216
East Dulwich Tavern Limited 459 459
Bijou Wedding Venues Limited 1,415 1,415
Total 8,477 9,348 871

Investment additions

There have been the following additions in the period from 1 October 2009 to 31 December 2009.

Cost
£’000
Barclays 4 Year Synthetic Zero 570
570

There have been no additions in the period from 1 January 2010 to the date of this announcement.

Investment disposals

The following disposals have been made in the period from 1 October 2009 to the 31 December 2009.

Cost Disposal

proceeds

Gain

against

cost

Realised

gain/(loss)

in the

period

£’000 £’000 £’000 £’000
Barclays 3 Year Semi-Annual Synthetic Zero 476 560 84 84
BNP Harewood 5 Year 12.01% Defensive FTSE Autocall 1 732 782 50 50
Citigroup 6 Year 10% Gilt Backed Defensive FTSE Auto-Call 3 372 391 19 19
Citigroup 6 Year 15% Gilt Backed Defensive FTSE Auto-Call 2 249 270 21 21
Citigroup 6 Year 10.5% Gilt Backed Defensive FTSE Auto-Call 1 487 552 65 65
Sienna 3 Year FTSE Bonus Shares 574 608 34 34
2,890 3,163 273 273

There were no investment disposals from the 1 January 2010 to the date of this announcement.

Offers for Subscription

On 15 October 2009, the Company launched new Offers for Subscription, seeking to raise up to £20 million (gross) by the issue of B Shares and C Shares.

Changes to share capital

There have been no changes to the share capital during the period from 1 October 2009 to the 31 December 2009.

During the period from 1 January 2010 to the date of this announcement two allotments have been made pursuant to the Offers for Subscription that opened on 15 October 2009. On 8 January 2010 1,200,793 ‘B’ shares of 1p each were issued at 99.9p per share and 1,200,793 ‘C’ shares of 0.1p each were issued at 0.01p per share. On 28 January 2010 3,341,620 ‘B’ shares of 0.1p each were issued at 99.9p per share and 13,341,620 ‘C’ shares of 0.1p each were issued at 0.1p per share.

Material events

Other than described above, there were no material events during the period from 1 October 2009 to 31 December 2009 or in the period from 1 January 2010 to the date of this announcement.

Published: 10:15 CET 16-02-2010 /HUGIN /Source: Downing Structured Opportunities VCT 1 PLC /LSE: DO1O /ISIN: GB00B3L2G079

You may also like...