LONDON (Alliance News) - Puma VCT 12 PLC on November 30 reported a drop in interim net asset value per share, after a paying a dividend in the period.
At August 31, Puma 12's NAV per share stood at 94.75 pence compared to 96.34p at February 28, a 1.7% decrease. The drop comes after Puma 12 paid a 2p dividend in the period.
Excluding the dividend, Puma 12's NAV per share at August 31 stood at 96.75p.
Puma 12's net assets also decreased 1.7% in the same period to GBP29.3 million from GBP29.8 million.
During the period, Puma 12 invested GBP1.4 million into SA Fitness Holdings Ltd, as a qualifying investment. The budget gym, operating under the NRG Gym brand, will use the funds to "roll the brand out further".
A qualifying investment is an investment purchased with pretax income. Funds used to purchase qualified investments do not become subject to taxation until the investor withdraws them.
Puma 12 Chairman Ray Pierce said: " Over the course of the coming months, the company will build the qualifying portfolio to the required 80%. We have strong deal-flow and are meeting many potential investee companies with several interesting opportunities to make further qualifying investments."
Earlier the same day, Puma VCT 10 PLC and Puma VCT 11 PLC both reported a drop in interim net asset value per share, as Puma VCT 13 PLC reported its first interim results.
At August 31, Puma 10's NAV per share was 79.20p, down 0.4% from 79.54p at February 28. Puma 10 paid a 6p dividend in the period.
The equities investment manager's net assets decreased 0.5% in the half to GBP21.9 million from GBP22.0 million.
Puma 11's NAV per share decreased 2.0% in the same period to 93.45p from 95.39p. Puma 11, similar to Puma 12, made a 2p dividend payment in the period.
Puma 11's net assets decreased 2.1% to GBP28.5 million from GBP29.1 million.
Puma 10 blamed its reduction in NAV on "reduced income from remunerative non-qualifying investments which as repaid were replaced with less income-focused qualifying investments", referring to investments that qualify and don't qualify for favourable tax treatment in the UK.
Puma 10 is entering the final year of its planned five-year life and did not make any further investments in the period.
Puma 11 did not make any new qualifying investments in the period, either. The trust said: "We believe our portfolio is well positioned to deliver attractive returns to shareholders within its remaining planned life."
Puma 13's NAV per share at August 31 was 95.38p, from negative 0.03p at the end of February. At October 31, Puma 13's NAV per share was 92.39p.
Puma 13's net assets increased in the same period to GBP9.9 million from negative GBP2, following its GBP10.4 million fund raising in July.
Puma 13 Chairman David Buchler said: "The investment manager has a strong pipeline of companies which are suitable for investment. There are many suitable companies which are well-managed, in good market positions and which need our finance. We therefore believe the company is well positioned to assemble a portfolio to deliver attractive returns to shareholders in the medium to long term."
None of the trusts declared an interim dividend.
Shares in Puma VCT 10, 11, 12 and 13 were untraded Monday but last closed at 77.00p, 90.00p, 92.00p and 98.00p respectively.