LONDON (Alliance News) - Three of Puma Investment Management Ltd's listed venture capital trusts reported their results for the first half of their financial year on Wednesday.
Puma VCT 9 PLC reported that at August 31 it had a net asset value per ordinary share of 85.78 pence, increased from 85.49p at February 29. Its net value asset per share return for the period was 0.29p.
Shares in Puma VCT 9 were untraded at 66.00p Wednesday.
"Whilst there may be some further changes in the composition of the portfolio to ensure that the company continues to satisfy its HMRC qualifying targets, the board expects to concentrate in the future primarily on the monitoring of our existing investments and considering the options for exits," said Egmont Kock, chairman of Puma VCT 9.
Puma VCT 11 PLC reported a net asset value per share of 96.83p at August 31, increased from 96.18p at February 29. The trust's net asset value per share return in the period was 0.65p.
Shares in Puma VCT 11 were untraded at 80.00p Wednesday.
"There are many suitable companies which are well-managed, in good market positions, which need our finance and can offer good security. We therefore believe the company is strongly positioned to assemble a portfolio to deliver attractive returns to shareholders in the medium to long term," said Harold Paisner, chairman of Puma VCT 11.
Puma VCT 12 reported a net asset value of 95.47p at August 31, in its maiden interim report. The company noted that approximately half of its available cash has now been invested, and that it is looking for a number of further opportunities.
Shares in Puma VCT 12 were untraded at 100.0p Wednesday.
"The investment manager has a pipeline in legal process and many companies which are suitable for investment. There is therefore a strong flow of further opportunities likely to lead to suitable investments. The restrictions on availability of bank credit continue to affect the terms on which target companies can raise finance. This should both increase the demand for our offering and improve the terms we can secure," said Ray Pierce, chairman of Puma VCT 12.
By Adam Clark; adamclark@alliancenews.com
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