(Alliance News) - Puma VCT 12 PLC on Thursday reported a decrease in net assets after a "disappointing" performance from one investment.
At February 28, the trust had a NAV per share of 83.73 pence compared to 96.34p at the same point a year earlier, which represents a 13% decrease. Puma 12's net assets decreased 11% to GBP25.9 million from GBP29.2 million.
The trust said the decrease reflected the GBP3.4 million provision taken against its budget gym Sweat Union investment.
"We are naturally disappointed with the outcome of our investment in Sweat. We remain focused on generating strong returns for the company from both the qualifying and non-qualifying portfolios, which contain some dynamic companies," Chair Ray Pierce said.
Puma 12 said it has now effectively deployed substantially all of its funds in both qualifying and non-qualifying investments.
He added: "Whilst there will probably be some further changes in the composition of the portfolio, the board expects to concentrate in the future on the monitoring of our existing investments and considering the options for exits in due course."
The trust, in line with its dividend policy, paid a 2.0p dividend during the period. Puma 12 will propose a 1.0p dividend at its upcoming annual general meeting.
Shares in Puma 12 were untraded in London on Thursday but last closed at 85.0p.