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.
|31 Dec 2009||30 Sept
|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
|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|
|Westow House Limited||405||405||–|
|East Dulwich Tavern Limited||459||459||–|
|Bijou Wedding Venues Limited||1,415||1,415||–|
There have been the following additions in the period from 1 October 2009 to 31 December 2009.
|Barclays 4 Year Synthetic Zero||570|
There have been no additions in the period from 1 January 2010 to the date of this announcement.
The following disposals have been made in the period from 1 October 2009 to the 31 December 2009.
|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|
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.
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