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Downing Three VCT PLC  -  DP3F   

Downing THREE VCT plc : Annual Financial Report

Released 17:26 04-Apr-2018

Downing THREE VCT plc : Annual Financial Report

Downing THREE VCT PLC
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017
LEI: 2138008V2JDU2K6ZHF80

FINANCIAL HIGHLIGHTS
   31 Dec
 2017
   31 Dec
2016
  Pence   Pence
'D' Share pool      
Net asset value per 'D' Share -   36.4
Net asset value per 'E' Share -   0.1
Cumulative distributions per 'D' Share 103.79   66.5
Total return per 'D' Share and 'E' Share 103.79   103.0
       
'F' Share pool      
Net asset value per 'F' Share 69.6   69.4
Cumulative distributions per 'F' Share 30.0   25.0
Total return per 'F' Share 99.6   94.4
       
'H' Share pool      
Net asset value per 'H' Share 82.3   86.2
Cumulative distribution per 'H' Share 20.0   15.0
Total return per 'H' Share 102.3   101.2
       
'J' Share pool      
Net asset value per 'J' Share 94.7   95.8
Cumulative distribution per 'J' Share -   -
Total return per 'J' Share 94.7   95.8

CHAIRMAN'S STATEMENT

Introduction
I am pleased to present the Annual Report for the year ended 31 December 2017. During the year, the task of returning proceeds to the 'D' Share pool investors was completed. The Company now has one share pool that is starting to return funds to investors, one that will seek to start the return of capital process in approximately two years' time and one where the task of building the initial investment portfolio has recently been completed. Progress across the various share pools over the year has been satisfactory.

A brief summary of each share pool is provided below. More detailed reviews are provided in the Investment Manager's Report and Review of Investments.

'D' Share pool
The final distribution to 'D' Shareholders was made in December 2017. Total Return (NAV plus cumulative dividends to date) to those investors was 103.79p per Share compared to the original cost net of income tax relief of 70.0p. The Board considers this to be a fair return for investors.

'F' Share pool
The 'F' Share pool was launched in 2012 and now holds a portfolio of 13 investments with a total value of £5.4 million.

At 31 December 2017, the 'F' Share NAV stood at 69.6p, which represents an increase of 7.5% over the year after adjusting for the dividends of 5.0p per share paid in the year. Dividends paid to date total 30.0p per share such that Total Return (NAV plus cumulative dividends to date) is now 99.6p, compared to the initial cost to original subscribers net of income tax relief of 70.0p. The increase in NAV across the period benefitted from the realised gains on disposal of the group of Scottish nightclubs and Vulcan Renewables Limited as well as receiving large loan stock receipts which were previously provided for.

Now that the fifth anniversary of the close of the original 'F' Share offer for subscription has passed, the process of realising investments to return funds to shareholders has commenced. A first major distribution of 19.0p per F Share will be paid on 24 April 2018. Further distributions will be paid as further investments are realised.

H' Share pool
The 'H' Share pool was launched in 2014 and completed its initial investment phase this year. At 31 December 2017, the pool held 14 investments with a total value of £10.9 million.

At 31 December 2017, the 'H' Share NAV stood at 82.3p, which represents an increase over the year of 1.3% after adjusting for the dividends of 5.0p per share paid in the year. Total Return (NAV plus cumulative dividends to date) is now 102.3p, compared to the initial NAV of 100.0p.

In line with the dividend policy, the Board is proposing to pay a final dividend of 2.5p per 'H' Share on 15 June 2018 to Shareholders on the register at the close of business on 11 May 2018.

'J' Share pool
The 'J' Share Pool was launched in December 2014 and is now fully qualifying as at the year end. At 31 December 2017, the pool held 17 VCT qualifying investments with a total value of £8.3 million.

At 31 December 2017, the 'J' Share NAV stood at 94.7p, compared to the initial NAV of 100.0p.

Due to VCT regulations the 'J' Share pool is effectively prohibited from paying dividends in its first three years and will commence returning funds to shareholders in 2019.

Share buybacks
For share classes where all investors are still within the initial five year period (currently the 'H' Share and 'J' Share classes), the Company operates a general policy of buying in its own shares for cancellation when any become available in the market. During this period, any such purchases will be undertaken at a price equal to the latest published NAV (i.e. at nil discount). Any buybacks are subject to regulatory restrictions and other factors such as the availability of liquid funds.

The Company is now unlikely to make any further purchases of 'F' Shares.  The process of returning funds to 'F' Shareholders is now underway.

A resolution to renew the buyback authority for the Company to purchase its own shares will be proposed at the forthcoming Annual General Meeting.

VCT Rule changes
The Government's Budget announcement in November 2017 introduced some further changes to the VCT regulations. Although the changes refocus the VCT more heavily on younger business in the future, the Board and Manager do not expect these to have a major impact on the Company. The most significant changes will be in respect of new investments and, with most of the share pools already fully invested, new investment activity is likely to be at a relatively low level in future.

Annual General Meeting ("AGM")
The Company's tenth AGM will be held at St. Magnus House, 3 Lower Thames Street, London, EC3R 6HD at 10.50 a.m. on 7 June 2018.

Two items of special business will be proposed at the AGM. As mentioned above, the Company will seek to renew the authority for the Company to buy back shares. Additionally, the Company will seek to cancel the Company's share premium account.

Outlook
In the coming year, we expect to see a significant level of activity in the 'F' Share portfolio with plans being progressed for the sale of all the remaining investments. The task of exiting from all investments is likely to take some time especially as it generally involves third party purchasers. However, the Manager is optimistic that good progress can be made over the remainder of the year.

In respect of the other share pools, the Manager's focus will be on monitoring and support of the investee companies over the year in order to ensure that they deliver their full potential before the planned exit date arrives.

I look forward to updating Shareholders on progress in my statement with the Half Yearly Report to 30 June 2018. I will also communicate with 'F' Shareholders as and when there is news about further dividends.

Michael Robinson
Chairman
4 April 2018

INVESTMENT MANAGER'S REPORT- 'D' SHARE POOL

Introduction
The focus for this year has been on realisations with the 'D' Share pool completing the task of realising its investments in November 2017, and on 22 December 2017, paid its final dividends.

Realisations
During the year, total proceeds of £2.4 million were received for the remaining eight investments within the 'D' Share portfolio, generating a total gain over opening value of £59,000.

Net asset value and results
Over the life of their investment, investors in the 'D' Share pool received total dividends of 103.69p per 'D' Share and 0.1p per 'E' Shares, making a total return of 103.79p for an original investment of 100p (70p net of income tax relief). We believe that this represents a fair return to Shareholders and brings the investment by 'D' Shareholders to a close.

Outlook
We are satisfied with the final performance of the 'D' Share pool. Following the payment of the final dividends on 22 December 2017, the 'D' Share pool had negligible value at the period end and, in line with the Articles of the Company, the Company is taking steps to cancel the share class.

Downing LLP
4 April 2018

REVIEW OF INVESTMENTS - 'D' SHARE POOL
Further details of the main investments:

Summary of investment movements

Disposals

   

 

 

Cost
 

 

MV at
  01/01/17
   

 

Disposal
proceeds
  Total gain/
(loss)
against
cost
  Total
 realised
gain during
  the year
 
  £'000   £'000   £'000   £'000   £'000  
VCT qualifying and partially
Qualifying investments
                   
Avon Solar Energy Limited 210   240   264   54   24  
Mosaic Spa and Health Clubs Limited* 521   300   287   (234)   (13)  
Westcountry Solar Solutions Limited 250   250   223   (27)   (27)  
                     
Non-qualifying investments                    
Snow Hill Developments LLP -   -   43   43   43  
Fenkle Street LLP 122   269   287   165   18  
London City Shopping Centre Limited -   -   14   14   14  
Gara Rock Resort Limited 1,322   1,322   1,322   -   -  
Future Biogas (Reepham Road) Limited 320   -   -   (320)   -  
                     
Total 'D' Share pool 2,745   2,381   2,440   (305)   59  

* Part-qualifying investment

INVESTMENT MANAGER'S REPORT- 'F' SHARE POOL

Introduction
The 'F' Share pool holds 13 investments and is fully invested in a portfolio focussed on asset backed businesses and those with predictable revenue streams.

Net asset value and results
At 31 December 2017, the 'F' Share NAV stood at 69.6p. Total Return (NAV plus cumulative dividends to date) for Shareholders who invested in the original share offer is now 99.6p. This represents a net increase of 5.2p per share over the year (after adjusting for dividends paid during the year of 5.0p per Share), equivalent to an increase of 7.5%.

The return on ordinary activities for the 'F' Share pool for the year was a gain of £561,000 (2016: £308,000) being a revenue gain of £215,000 (2016: loss £107,000) and a capital gain of £346,000 (2016: £415,000).

'F' Share pool - investment activity
With the pool being fully invested, no new investments were made in the period although one further investment was made in Goonhilly Earth Station Limited for £194,000. This was part of a larger funding round which included other Downing VCTs and totalled over £969,000. This funding was to enhance the operational capacity of the site and provide working capital for the business.

Downing Pub EIS One Limited acquired the holdings of Pabulum Pubs Limited and Augusta Pub Company Limited for £200,000 and £290,000 respectively during the year.

Vulcan Renewables Limited, the anaerobic digestion plant in Doncaster, was sold during the summer and generated proceeds of £903,000 for the Share pool. This represented an uplift over cost of £249,000.

Funds had previously been invested in four companies: Brownfields Trading Limited; Morava Limited; Rhodes Solutions Limited; and Vectis Alpha Limited to explore business opportunities in specific sectors. The companies were unable to find suitable opportunities, therefore the £700,000 of funds invested were returned to the Share pool.

In addition to the above, proceeds of £435,000 were generated from the sale of a group of licensed leisure companies, Cheers Dumbarton Limited, City Falkirk Limited, Lochrise Limited and Fubar Stirling Limited compared to a cost of £648,000. A full exit also completed in the period of a non-qualifying loan to Gara Rock Resort Limited, formerly Aminghurst Limited, which generated proceeds of £258,000.

'F' Share pool - portfolio valuation
The majority of investments remain valued at or above cost and there were several valuation movements in the period. This generated an uplift over opening value of £132,000.

Merlin Renewables Limited, the anaerobic digestion plant in Norfolk continues to perform well and the valuation was increased by £67,000.

An uplift of £39,000 was recognised in the period on Fresh Green Power Limited. The domestic rooftop solar company is generating profits in line with our expectations and we are now exploring options to sell the investment.

The valuation of Lambridge Solar Limited, the owner of commercial solar arrays in Lincolnshire, has been increased by £26,000 as it continues to perform well.

Other smaller movements in the portfolio included an uplift on Atlantic Dogstar Limited of £7,000 and a decrease on Fubar Stirling Limited of £10,000.

Outlook
The focus now for the 'F' Share portfolio is on close monitoring and support of the portfolio companies as the process for planning investment realisations begins following the five year anniversary of the close of the 'F' Share offer.

Downing LLP
4 April 2018

REVIEW OF INVESTMENTS - 'F' SHARE POOL

Portfolio of investments
The following investments, all of which are incorporated in England and Wales, were held at 31 December 2017:

'F' Share pool  

 

Cost
 

 

Valuation
Valuation
 movement
in year
 

% of
portfolio
   £'000  £'000 £'000  
         
VCT qualifying and partially qualifying investments        
Apex Energy Limited 1,000 1,000 - 13.3%
Goonhilly Earth Station Limited 954 954 - 12.7%
Merlin Renewables Limited 500 642 67 8.7%
Lambridge Solar Limited 500 595 26 7.9%
Downing Pub EIS One Limited 490 588 3 7.8%
Pearce and Saunders Limited 497 497 - 6.6%
Fresh Green Power Limited 200 239 39 3.2%
Atlantic Dogstar Limited 200 235 7 3.2%
Green Energy Production UK Limited 100 100 - 1.3%
Fubar Stirling Limited 101 8 (10) 0.1%
  4,542 4,858 132 64.8%
Non-qualifying investments        
Baron House Developments LLP 481 481 - 6.4%
London City Shopping Centre Limited 66 66 - 0.9%
Pearce and Saunders DevCo Limited 46 46 - 0.6%
  593 593 - 7.9%
         
  5,135 5,451 132 72.7%
         
Cash at bank and in hand   2,042   27.3%
         
Total investments   7,493   100.0%

Summary of investment movements

Additions

  Cost
  £'000
VCT qualifying and partially qualifying investments  
Downing Pub EIS One Limited 490
Goonhilly Earth Station Limited 194
   
Total 'F' Share pool 684

Disposals

   

 

 

Cost
 

 

MV at
  01/01/17
   

 

Disposal
proceeds
  Gain/
(loss)
against
cost
  Total
 realised
gain during
  the year
  £'000 £'000   £'000   £'000   £'000
VCT qualifying and partially
qualifying investments
 
Cheers Dumbarton Limited 48   17   28   (20)   11
City Falkirk Limited 421   177   243   (178)   66
Lochrise Limited 12   -   7   (5)   7
Fubar Stirling Limited 167   151   157   (10)   6
Vulcan Renewables Limited 654   779   903   249   124
Augusta Pub Company Limited** 290   290   290   -   -
Pabulum Pubs Limited** 200   200   200   -   -
                   
                   
Non-qualifying investments                  
Gara Rock Resort Limited 258   258   258   -   -
                   
                   
Investments wound up without
commencing a trade
               
Morava Limited 125   125   125   -   -
Brownfields Limited 150   150   150   -   -
Rhodes Solutions Limited 125   125   125   -   -
Vectis Alpha Limited 300   300   300   -   -
                   
Total 'F' Share pool 2,750   2,572   2,786   36   214

* Part-qualifying investment
** Augusta Pub Company Limited and Pabulum Pubs Limited engaged in a share for share exchange for shares in Downing PUB EIS One Limited during the year ended 31 December 2017.

INVESTMENT MANAGER'S REPORT- 'H' SHARE POOL

The 'H' Share pool raised funds in 2014 and has made good progress in building its VCT qualifying portfolio and is fully qualifying as at 31 December 2017.

Net asset value and results
At 31 December 2017, the net asset value per 'H' Share was 82.3p. Total Return (NAV plus cumulative dividends to date) for Shareholders who invested in the original share offer is now 102.3p. This represents a net increase of 1.1p per share over the year (after adjusting for dividends paid during the year of 5.0p per share), equivalent to an increase of 1.3%.

The return on ordinary activities for the 'H' Share pool for the year was a gain of £148,000 (2016: £97,000) being a revenue profit of £58,000 (2016: £44,000) and a capital gain of £90,000 (2016: £53,000).

Investment activity
The pool is fully qualifying and no new qualifying investments were made in the period.

One full exit took place in the year, the repayment of a loan to Augusta Pub Company Limited for £155,000.

'H' Share pool - portfolio valuation
The majority of investments remain valued at or above cost and there were two valuation uplifts in the period totalling a gain of £90,000.

Atlantic Dogstar Limited continues to perform to plan and a valuation uplift of £38,000 has been recognised in the period.

Two freehold pubs are owned by Hedderwick Limited, one is open and trading and the other is being redeveloped. The open site is trading in line with expectations and an uplift has been recognised of £52,000.

Outlook
The 'H' Share pool is now fully invested and our focus is now on close monitoring and support of the portfolio companies in order to nurture growth before the ultimate exit date.

Downing LLP
4 April 2018

REVIEW OF INVESTMENTS - 'H' SHARE POOL

Portfolio of investments
The following investments, all of which are incorporated in England and Wales, were held at 31 December 2017:

'H' Share pool  

 

Cost
 

 

Valuation
Valuation
 movement
in year
 

% of
portfolio
   £'000  £'000 £'000  
         
VCT qualifying investments and partially
qualifying investments
       
Hermes Wood Pellets Limited 1,500 1,500 - 13.6%
Apex Energy Limited 1,300 1,300 - 11.8%
Atlantic Dogstar Limited 1,000 1,176 38 10.7%
Zora Energy Renewables Limited 1,000 1,000 - 9.1%
Quadrate Catering Limited 850 850 - 7.7%
Ironhide Generation Limited 613 613 - 5.6%
Indigo Generation Limited 613 613 - 5.6%
Antelope Pub Limited 500 500 - 4.5%
Rockhopper Renewables Limited 492 492 - 4.5%
SF Renewables (Solar) Limited 281 281 - 2.5%
Oak Grove Renewables Limited 420 231 - 2.1%
  8,569 8,556 38 77.7%
         
Non-qualifying investments        
Hedderwick Limited 1,250 1,303 52 11.8%
Quadrate Spa Limited 850 850 - 7.7%
Pearce and Saunders Limited 193 193 - 1.7%
  2,293 2,346 52 21.2%
         
  10,862 10,902 90 98.9%
         
Cash at bank and in hand   128   1.1%
         
Total investments   11,030   100.0%

Summary of investment movements

Disposals

   

 

 

Cost
 

 

MV at
  01/01/17
   

 

Disposal
proceeds
   

Gain
against
cost
  Total
 realised
gain during
  the year
  £'000   £'000   £'000   £'000   £'000
                   
Non-qualifying investments                  
Augusta Pub Company Limited 155   155   155   -   -
                   
  155   155   155   -   -

INVESTMENT MANAGER'S REPORT- 'J' SHARE POOL

Introduction
The fundraising for the 'J' Share pool was launched in December 2014 and raised £11 million prior to closing in 2015. The majority of these funds have now been invested as at the year end and the Share pool is now fully qualifying.

Net asset value and results
At 31 December 2017, the net asset value and total return per 'J' Share was 94.7p. This represents a net decrease of 1.1p per share over the year, equivalent to a decrease of 1.1%.

The loss on ordinary activities for the 'J' Share, after taxation, for the period was £119,000 (2016: loss £294,000), being a revenue loss of £159,000 (2016: loss £210,000) and a capital gain of £40,000 (2016: loss £84,000).

Investment activity
During the period, five new qualifying investments were made totalling £2.3 million and three non-qualifying investments were made totalling £345,000.

The qualifying investments include a £1.0 million investment in Ormsborough Limited. The company owns several pubs and restaurants across Yorkshire and this investment supported their continued expansion.

A £500,000 investment was made in Exclusive Events Venues Limited, in order to acquire and develop a wedding venue site in Chester.

£400,000 was invested in Garthcliff Shipping Limited who recently completed the acquisition of the Sentosa container ship. The vessel will be chartered to third parties to transport containers to and from European ports.

A £400,000 investment was made in Managed Storage Services (1) Limited. The investment was made to support the acquisition, redevelopment and operations of a managed storage business in central London.

A small qualifying investment of £27,000 was made in Mosaic Spa and Health Clubs Limited, a provider of gym and spa management services.

In addition to the above, one further investment of £297,000 was made in Pilgrim Trading Limited. The company acquired two sites to be converted into children's nurseries, one of which has recently been opened in Twickenham and the other is in the construction stage.

Funds had previously been invested in five companies, Brownfields Trading Limited, Cedarville Limited, Morava Limited, Rhodes Solutions Limited and Vectis Alpha Limited to explore business opportunities in specific sectors. The companies were unable to find suitable opportunities, therefore the £4.9 million of funds invested were returned to the Share pool in order to invest in new qualifying investments. There were no other disposals in the period.

One valuation adjustment was made in the period on Ormsborough Limited following good overall performance of the group which resulted in an uplift in valuation of £46,000.

Outlook
The task of building the 'J' Share portfolio is complete. A number of new businesses have been backed which we believe have good potential for growth over the planned life of the share pool and focus has now shifted to close monitoring and support of the portfolio companies in order to nurture growth before the ultimate exit date.

Downing LLP
4 April 2018

REVIEW OF INVESTMENTS - 'J' SHARE POOL

Portfolio of investments
The following investments, all of which are incorporated in England and Wales, were held at 31 December 2017:

'J' Share pool  

 

Cost
 

 

Valuation
Valuation
 movement
in year
 

% of
portfolio
   £'000  £'000 £'000  
         
VCT qualifying investments and
partially qualifying investments
       
Pilgrim Trading Limited 1,297 1,297 - 12.9%
Ormsborough Limited 1,000 1,046 46 10.4%
Jito Trading Limited 1,000 1,000 - 9.9%
Yamuna Renewables Limited 800 800 - 7.9%
Indigo Generation Limited 613 613 - 6.1%
Ironhide Generation Limited 613 613 - 6.1%
Exclusive Events Venues Limited 500 500 - 5.0%
Rockhopper Renewables Limited 492 492 - 4.9%
Garthcliff Shipping Limited 400 400 - 4.0%
Managed Storage Services (1) Limited 400 400 - 4.0%
Zora Energy Renewables Limited 300 300 - 3.0%
SF Renewables (Solar) Limited 281 281 - 2.8%
Oak Grove Renewables Limited 420 232 - 2.3%
Mosaic Spa and Healthclubs Limited 27 27 - 0.2%
  8,143 8,001 46 79.5%
         
Non-qualifying investments        
Fenkle Street LLP 287 287 - 2.8%
Snow Hill Developments LLP 43 43 - 0.4%
London City Shopping Centre Limited 15 15 - 0.1%
  345 345 - 3.3%
         
  8,488 8,346 46 82.8%
         
Cash at bank and in hand   1,743   17.2%
         
Total investments   10,089   100.0%

Summary of investment movements

Additions

  Cost
  £'000
VCT qualifying investments  
Ormsborough Limited 1,000
Exclusive Events Venues Limited 500
Garthcliff Shipping Limited 400
Managed Storage Services (1) Limited 400
Pilgrim Trading Limited 297
Mosaic Spa and Healthclubs Limited 27
   
Non-qualifying investments  
Fenkle Street LLP 287
Snow Hill Developments LLP 43
London City Shopping Centre Limited 15
   
Total 'J' Share pool 2,969

Disposals

   

 

 

Cost
 

 

MV at
  01/01/17
   

 

Disposal
proceeds
  Gain/
(loss)
against
cost
  Total realised
gain during
  the year
  £'000 £'000   £'000   £'000   £'000
                   
Investments wound up without
commencing a trade
               
Brownfields Limited 900   900   901   1   1
Rhodes Solutions Limited 1,000   1,000   1,000   -   -
Vectis Alpha Limited 900   900   900   -   -
Morava Limited 1,150   1,150   1,148   (2)   (2)
Cedarville Limited 1,000   1,000   995   (5)   (5)
                   
Total 'J' Share pool 4,950   4,950   4,944   (6)   (6)

Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, The Report of the Directors, the Directors' Remuneration Report and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the Annual Report includes information required by the Listing Rules of the Financial Conduct Authority.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom accounting standards and applicable law), including Financial Reporting Standard 102, the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements the Directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions, to disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In addition, each of the Directors considers that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for Shareholders to assess the Company's position and performance, business model and strategy.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.

Statement as to disclosure of information to Auditor
The Directors in office at the date of the report have confirmed, as far as they are aware, that there is no relevant audit information of which the Auditor is unaware. Each of the Directors has confirmed that they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the Auditor.

INCOME STATEMENT
for the year ended 31 December 2017


 
  Year ended 31 December 2017

 

Year ended 31 December 2016*

 

 

 

Revenue
 

Capital
 

Total
   

Revenue
 

Capital
 

Total
  £'000 £'000 £'000   £'000 £'000 £'000
                 
Income   993 34 1,027   585 40 625

 

               
Gain/(loss) on investments   - 535 535   - 580 580
    993 569 1,562   585 620 1,205
                 
Investment management fees   (594) - (594)   (643) - (643)
                 
Other expenses   (264) - (264)   (296) - (296)
                 
(Loss)/return on ordinary
 activities before tax

135

569

704
 
(354)

620

266
                 
Tax on total comprehensive
income and ordinary activities
   

(27)
 

-
 

(27)
 

 
 

21
 

-
 

21
                 
(Loss)/return for the year
attributable to equity shareholders

108

569

677
 
(333)

620

287
                 
Basic and diluted return/
(loss) per:
             
'C' Share   - - -   (0.4p) - (0.4p)
'A' Share   - - -   - - -
'D' Share   - 0.9p 0.9p   (0.3p) 2.3p 2.0p
'E' Share   - - -   - - -
'F' Share   2.0p 3.2p 5.2p   (1.0p) 3.8p 2.8p
'H' Share   0.4p 0.7p 1.1p   0.3p 0.4p 0.7p
'J' Share   (1.5p) 0.4p (1.1p)   (2.0p) (0.8p) (2.8p)

All Revenue and Capital items in the above statement are derived from continuing operations. No operations were acquired or discontinued during the year. The total column within the Income Statement represents the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS 102"). The supplementary revenue and capital return columns are prepared in accordance with the Statement of Recommended Practice issued in November 2014 and updated January 2017 by the Association of Investment Companies ("AIC SORP").

Other than revaluation movements arising on investments held at fair value through the profit and loss, there were no differences between the return/loss as stated above and historical cost.

* The comparative Income Statement as at 31 December 2016 includes the 'C' Share pool which has subsequently been cancelled.

INCOME STATEMENT (ANALYSED BY SHARE POOL)
for the year ended 31 December 2017

'D' Share pool


 
  Year ended 31 December 2017

 

Year ended 31 December 2016
     

 

 

 

 

Revenue Capital Total   Revenue Capital Total

 

£'000 £'000 £'000   £'000 £'000 £'000
                 
Income   12 34 46   83 40 123
Gain on investments   - 59 59   - 196 196
    12 93 105   83 236 319
Investment management fees   (32) - (32)   (52) - (52)
Other expenses   (17) - (17)   (31) - (31)
Return on ordinary activities
before tax
(37) 93 56   - 236 236
Tax on total comprehensive
income and ordinary activities
   

31
 

-
 

31
   

(30)
 

-
 

(30)
(Loss)/return attributable
to equity shareholders

 

 


(6)

93

87
 
(30)

236

206

'F' Share pool


 
  Year ended 31 December 2017

 

Year ended 31 December 2016
     

 

 

 

 

Revenue Capital Total   Revenue Capital Total

 

£'000 £'000 £'000   £'000 £'000 £'000
                 
Income   449 - 449   99 - 99
Gain on investments   - 346 346   - 415 415
    449 346 795   99 415 514
Investment management fees   (136) - (136)   (136) - (136)
Other expenses   (91) - (91)   (73) - (73)
(Loss)/return on ordinary
activities before tax

222

346

568
   

(110)

415

305
Tax on total comprehensive
income and ordinary activities
   

(7)
 

-
 

(7)
   

3
 

-
 

3
(Loss)/return attributable to
equity shareholders

 

 


215

346

561
 
(107)

415

308

'H' Share pool


 
  Year ended 31 December 2017

 

Year ended 31 December 2016
     

 

 

 

 

Revenue Capital Total   Revenue Capital Total

 

£'000 £'000 £'000   £'000 £'000 £'000
                 
Income   364 - 364   355 - 355
Gain on investments   - 90 90   - 53 53
    364 90 454   355 53 408
Investment management fees   (229) - (229)   (239) - (239)
Other expenses   (82) - (82)   (61) - (61)
Return/(loss) on ordinary
activities before tax

53

90

143
   

55

53

108
Tax on total comprehensive
income and ordinary activities
   

5
 

-
 

5
   

(11)

-

(11)
Return/(loss) attributable
to equity shareholders

 

 


58

90

148
 
44

53

97

'J' Share pool


 
  Year ended 31 December 2017

 

Year ended 31 December 2016
     

 

 

 

 

Revenue Capital Total   Revenue Capital Total

 

£'000 £'000 £'000   £'000 £'000 £'000
                 
Income   168 - 168   42 - 42
Gain/(loss) on investments   - 40 40   - (84) (84)
    168 40 208   42 (84) (42)
Investment management fees   (197) - (197)   (208) - (208)
Other expenses   (74) - (74)   (96) - (96)
Loss on ordinary activities
before tax

(103)

40

(63)
 
(262)

(84)

(346)
Tax on total comprehensive
income and ordinary activities
   

(56)
 

-
 

(56)
   

52
 

-
 

52
Loss attributable to
equity shareholders

 

 


(159)

40

(119)
 
(210)

(84)

(294)

BALANCE SHEET
as at 31 December 2017


 
  2017

 

2016

 

  £000   £000
Fixed assets        
Investments   24,699   30,836
         
Current assets        
Debtors   322   133
Cash at bank and in hand   3,933   2,337
    4,255   2,470
 

Creditors: amounts falling due
within one year
  (262)   (286)
         
Net current assets   3,993   2,184
         
Net assets   28,692   33,020
         

Capital and reserves

       
Called up share capital   60   78
Capital redemption reserve   124   106
Special reserve   5,146   9,888
Share premium reserve   24,639   24,639
Revaluation reserve   1   (790)
Capital reserve - realised   (1,039)   (1,033)
Revenue reserve   (239)   132
         
Total equity shareholders' funds   28,692   33,020
         
Basic and diluted net asset value
per Share:
       
'D' Share   -   36.4p
'E' Share   -   0.1p
'F' Share   69.6p   69.4p
'H' Share   82.3p   86.2p
'J' Share   94.7p   95.8p

BALANCE SHEET (ANALYSED BY SHARE POOL)
as at 31 December 2017

'D' Shares


 
  2017

 

2016
    £000

 

£000
Fixed assets        
Investments   -   2,382
Current assets        
Debtors   1   4
Cash at bank and in hand   20   1,313
    21   1,317
Creditors: amounts falling due
within one year
  (21)   (65)
Net current assets   -   1,252
Net assets   -   3,634
         

Capital and reserves

       
Called up share capital   25   25
Capital redemption reserve   124   -
Special reserve   -   3,584
Share premium reserve   -   -
Revaluation reserve   (249)   (507)
Capital reserve - realised   -   -
Revenue reserve   100   532
Total equity shareholders' funds   -   3,634

'F' Shares


 
  2017

 

2016
    £000

 

£000
Fixed assets        
Investments   5,451   7,207
Current assets        
Debtors   123   25
Cash at bank and in hand   2,042   357
    2,165   382
Creditors: amounts falling due
within one year
  (88)   (80)
Net current assets   2,077   302
Net assets   7,528   7,509
         

Capital and reserves

       
Called up share capital   11   11
Capital redemption reserve   -   -
Special reserve   7,835   8,321
Revaluation reserve   356   64
Capital reserve - realised   (1,033)   (1,033)
Revenue reserve   359   146
Total equity shareholders' funds   7,528   7,509

'H' Shares


 
  2017

 

2016
    £000

 

£000
Fixed assets        
Investments   10,902   10,967
Current assets        
Debtors   89   104
Cash at bank and in hand   128   609
    217   713
Creditors: amounts falling due
within one year
  (82)   (88)
Net current assets   135   625
Net assets   11,037   11,592
         

Capital and reserves

       
Called up share capital   13   13
Capital redemption reserve   -   -
Special reserve   (2,689)   (2,017)
Share premium reserve   13,608   13,608
Revaluation reserve   38   (52)
Capital reserve - realised   -   -
Revenue reserve   67   40
Total equity shareholders' funds   11,037   11,592

'J' Shares


 
  2017

 

2016
    £000

 

£000
Fixed assets        
Investments   8,346   10,280
Current assets        
Debtors   109   -
Cash at bank and in hand   1,743   32
    1,852   32
Creditors: amounts falling due
within one year
  (71)   (30)
Net current assets   1,781   2
Net assets   10,127   10,282
         

Capital and reserves

       
Called up share capital   11   11
Capital redemption reserve   -   -
Special reserve   -   -
Share premium reserve   11,031   11,031
Revaluation reserve   (144)   (189)
Capital reserve - realised   (6)   -
Revenue reserve   (765)   (571)
Total equity shareholders' funds   10,127   10,282

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2017

  Called up
 share
capital
Capital
redemption
reserve
Special
reserve
Share
premium
reserve
Revaluation
reserve
Capital
reserve
-
 realised
Revenue
reserve
Total
  £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
                 
At 1 January 2016 78 106 15,749 24,639 (1,466) (1,033) 1,350 39,423
Total comprehensive
income
- - - - 406 214 (333) 287
Transactions with
owners
               
Issue of new shares - - - - - - - -
Share issue costs - - - - - - - -
Transfer between
Reserves*

-
- (5,861) - 270 6,476 (885)
-
Dividend paid - - - - - (6,690) - (6,690)
At 31 December 2016 78 106 9,888 24,639 (790) (1,033) 132 33,020
Total comprehensive
 income
- - - - 268 301 108 677
Transactions with
owners
               
Purchase of
own shares
- - - - - - (66) (66)
Transfer between
  Reserves*
- - (4,742) - 523 4,632 (413) -
Cancellation of
shares
(18) 18 - - - - - -
Dividend paid - - - - - (4,939) - (4,939)
At 31 December 2017 60 124 5,146 24,639 1 (1,039) (239) 28,692
                   

CASH FLOW STATEMENT
for the year ended 31 December 2017

 

  Year ended 31 December 2017
 

 
  'D'
Share
pool
'F'
Share
pool
'H'
Share pool
'J'
 Share pool
 

Total
    £'000 £'000 £'000 £'000 £'000

Net cash inflow/(outflow)

from operating activities

  (33) 124 66 (228) (71)

 

             

Cash flow from

investing activities

             

Purchase of investments

    - (684) - (2,969) (3,653)

Sale of investments

    2,440 2,786 155 4,944 10,325
  Net cash inflow/(outflow)
 from investing activities
  2,440 2,102 155 1,975 6,672

 

             

Net cash inflow/(outflow)

before financing activities

  2,407 2,226 221 1,747 6,601

 

             

Cash flows from

financing activities

             
Equity dividends paid   8 (3,726) (541) (672) - (4,939)
Purchase of own shares     - - (30) (36) (66)
Net cash outflow from
 financing activities
  (3,726) (541) (702) (36) (5,005)

 

             

(Decrease)/increase in cash

    (1,319) 1,685 (481) 1,711 1,596

Cash and cash equivalents at start of year

    1,339 357 609 32 2,337

Cash and cash equivalents at end of year

    20 2,042 128 1,743 3,933

 

             

Cash and cash equivalents comprise

             

Cash at bank and in hand

    20 2,042 128 1,743 3,933

Total cash and cash equivalents

    20 2,042 128 1,743 3,933

 

             

 

  Year ended 31 December 2016
 

 
'C'
Share
pool
'D'
Share
pool
'F'
Share
pool
'H'
Share
 pool
'J'
 Share
 pool
 

Total
  £'000 £'000 £'000 £'000 £'000 £'000

Net cash inflow/(outflow)

from operating activities

 

 
95 199 (38) (62) (197) (3)

 

             

Cash flow from investing activities

             

Purchase of investments

  - - (700) (6,200) (8,050) (14,950)

Sale of investments

  749 2,182 1,287 3,183 - 7,401
  Net cash inflow/(outflow)
from investing activities
   

749
 

2,182
 

587
 

(3,017)
 

(8,050)
 

(7,549)

 

             

Net cash inflow/(outflow)

 before financing activities

844 2,381 549 (3,079) (8,247) (7,552)

 

             

Cash flows from financing activities

             
Equity dividends paid   (3,780) (1,697) (541) (672) - (6,690)
Net cash outflow from financing activities (3,780) (1,697) (541) (672) - (6,690)

 

             

(Decrease)/increase in cash

  (2,936) 684 8 (3,751) (8,247) (14,242)

Cash and cash equivalents at start of year

  2,962 629 349 4,360 8,279 16,579

Cash and cash equivalents at end of year

  26 1,313 357 609 32 2,337

 

             

Cash and cash equivalents comprise

             

Cash at bank and in hand

  26 1,313 357 609 32 2,337

Total cash and cash equivalents

  26 1,313 357 609 32 2,337

 

             

NOTES TO THE ACCOUNTS
for the year ended 31 December 2017

1. General information
Downing THREE VCT plc ("the Company") is a venture capital trust established under the legislation introduced in the Finance Act 1995 and is domiciled in the United Kingdom and incorporated in England and Wales, and its registered office is St. Magnus House, 3 Lower Thames Street, London, EC3R 6HD.

2. Accounting policies
Basis of accounting
The Company has prepared its financial statements under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Statement of Recommended Practice ("SORP") for investment trust companies and venture capital trusts issued by the Association of Investment Companies ("AIC") revised November 2014 and updated January 2017 as well as the Companies Act 2006.

The financial statements are presented in Sterling (£) and rounded to thousands.

Presentation of Income Statement
In order to better reflect the activities of a venture capital trust and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The return on ordinary activities is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Part 6 of the Income Tax Act 2007.

Investments
Venture capital investments are designated as "fair value through profit or loss" assets due to investments being managed and performance evaluated on a fair value basis. A financial asset is designated within this category if it is both acquired and managed on a fair value basis, with a view to selling after a period of time, in accordance with the Company's documented investment policy. The fair value of an investment upon acquisition is deemed to be cost. Thereafter investments are measured at fair value in accordance with the International Private Equity and Venture Capital Valuation Guidelines ("IPEV") together with FRS 102 sections 11 and 12.

For unquoted investments, fair value is established using the IPEV guidelines. The valuation methodologies for unquoted entities used by the IPEV to ascertain the fair value of an investment are as follows:

- Price of recent investment;
- Multiples;
- Net assets;
- Discounted cash flows or earnings (of underlying business);
- Discounted cash flows (from the investment); and
- Industry valuation benchmarks.

The methodology applied takes account of the nature, facts and circumstances of the individual investment and uses reasonable data, market inputs, assumptions and estimates in order to ascertain fair value.

Gains and losses arising from changes in fair value are included in the Income Statement for the year as a capital item and transaction costs on acquisition or disposal of the investment are expensed. Where an investee company has gone into receivership, liquidation or administration (where there is little likelihood of recovery), the loss on the investment, although not physically disposed of, is treated as being realised.

It is not the Company's policy to exercise significant influence over investee companies. Therefore, the results of these companies are not incorporated into the Income Statement except to the extent of any income accrued. This is in accordance with the SORP and FRS 102 sections 14 and 15 that does not require portfolio investments, where the interest held is greater than 20%, to be accounted for using the equity method of accounting.

Income
Dividend income from investments is recognised when the Shareholders' rights to receive payment has been established, normally the ex-dividend date.

Interest income is accrued on a time apportionment basis, by reference to the principal sum outstanding and at the effective rate applicable and only where there is reasonable certainty of collection in the foreseeable future.

Distributions from investments in limited liability partnerships ("LLPs") are recognised as they are paid to the Company. Where such items are considered capital in nature they are recognised as capital profits.

Expenses
All expenses are accounted for on an accruals basis. In respect of the analysis between revenue and capital items presented within the Income Statement, all expenses have been presented as revenue items except as follows:

- Expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment.
- Expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated. The Company has adopted the policy of allocating Investment Manager's fees 100% as revenue.
- Expenses and liabilities not specific to a share class are generally allocated pro rata to the net assets.
- Performance incentive fees arising from the disposal of investments are deducted as a capital item.

Taxation
The tax effects on different items in the Income Statement are allocated between capital and revenue on the same basis as the particular item to which they relate using the Company's effective rate of tax for the accounting year.

Due to the Company's status as a Venture Capital Trust and the continued intention to meet the conditions required to comply with Part 6 of the Income Tax Act 2007, no provision for taxation is required in respect of any realised or unrealised appreciation of the Company's investments which arise.

Deferred taxation which is not discounted is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred taxation is not discounted.

Other debtors and other creditors
Other debtors (including accrued income) and other creditors are included within the accounts at amortised cost.

Issue costs
Issue costs in relation to the shares issued for each share class have been deducted from the revenue reserve account for the relevant share class.

Significant estimates and judgements
Disclosure is required of judgements and estimates made by management in applying the accounting policies that have a significant effect on the financial statements. The area involving a higher degree of judgement and estimates is the valuation of unquoted investments as explained in the investment accounting policy above.

3. Basic and diluted return per share

    'D' Shares 'E' Shares 'F' Shares 'H' Shares 'J' Shares
             
             
Revenue return/ (loss) (£'000)   (6) - 215 58 (159)
             
Net capital (loss)/gain
 for the year (£'000)



93

-

346

90

40
             
Total return/ (loss)
 after taxation (£'000)
 

 
 

87
 

-
 

561
 

148
 

(119)
             
Weighted average
 number of shares in issue



9,979,109

14,994,862

10,821,660

13,405,535

10,624,578

As the Company has not issued any convertible securities or share options, there is no dilutive effect on return per share for any of the share classes. The return per share disclosed therefore represents both the basic and diluted return per share for all share classes.

4. Basic and diluted net asset value per share

 

  2017 2016
  Shares in issue   Net asset value Net asset value
  31 Dec 2017 31 Dec 2016 per share £'000  per share £'000

 

                   

'C' Shares

- 7,158,326   -   -    -   3

'A' Shares

- 10,750,064     -   -   -   -

'D' Shares

9,979,109 9,979,109   -   -   36.4p   3,619

'E' Shares

14,994,862 14,994,862     -   -   0.1p   15

'F' Shares

10,821,660 10,821,660   69.6p   7,528   69.4p   7,509

'H' shares

13,409,158 13,446,972   82.3p   11,037   86.2p   11,592

'J' Shares

10,695,258 10,733,377   94.7p   10,127   95.8p   10,282

 

          28,692       33,020

The 'D' Share pool, 'F' Share pool, 'H' Share pool and 'J' Share pool are treated as separate investment pools. Within the 'D' Share pool the Directors allocate the assets and liabilities of the Company between the 'D' Shares and 'E' Shares such that each share class has sufficient net assets to represent its dividend and return of capital rights.

5. Principal risk
The Company's financial instruments comprise investments held at fair value through profit and loss, being equity and loan stock investments in unquoted companies, loans and receivables consisting of short term debtors, cash deposits and financial liabilities, being creditors arising from its operations. The main purpose of these financial instruments is to generate cashflow and revenue and capital appreciation for the Company's operations. The Company has no gearing or other financial liabilities apart from short-term creditors and does not use any derivatives.

The fair value of investments is determined using the detailed accounting policy.

The fair value of cash deposits and short term debtors and creditors equates to their carrying value in the Balance Sheet.

Loans and receivables and other financial liabilities are stated at amortised cost which the Directors consider is equivalent to fair value.

The Company's investment activities expose the Company to a number of risks associated with financial instruments and the sectors in which the Company invests. The principal financial risks arising from the Company's operations are:

- Market risks
- Credit risk
- Liquidity risk

The Board regularly reviews these risks and the policies in place for managing them. There have been no significant changes to the nature of the risks that the Company is exposed to over the year and there have also been no significant changes to the policies for managing those risks during the year.

The risk management policies used by the Company in respect of the principal financial risks and a review of the financial instruments held at the year end are provided below:

Market risks

As a VCT, the Company is exposed to investment risks in the form of potential losses and gains that may arise on the investments it holds in accordance with its investment policy. The management of these investment risks is a fundamental part of investment activities undertaken by the Investment Manager and overseen by the Board. The Manager monitors investments through regular contact with management of investee companies, regular review of management accounts and other financial information, and attendance at investee company board meetings. This enables the Manager to manage the investment risk in respect of individual investments. Investment risk is also mitigated by holding a diversified portfolio spread across various business sectors and asset classes.

The key investment risks to which the Company is exposed are:

- Investment price risk
- Interest rate risk

 
Investment price risk

Investment price risk arises from uncertainty about the valuation of financial instruments held in accordance with the Company's investment objectives in addition to the appropriateness of the valuation method used. It represents the potential loss that the Company might suffer through changes in the fair value of unquoted investments that it holds.

Interest rate risk

The Company accepts exposure to interest rate risk on floating-rate financial assets through the effect of changes in prevailing interest rates. The Company receives interest on its cash deposits at a rate agreed with its bankers. Investments in loan stock attract interest predominately at fixed rates. A summary of the interest rate profile of the Company's investments is shown below.

There are three categories in respect of interest which are attributable to the financial instruments held by the Company as follows:

- "Fixed rate" assets represent investments with predetermined yield targets and comprise certain loan note investments.
- "Floating rate" assets predominantly bear interest at rates linked to Bank of England base rate or LIBOR and comprise cash at bank and liquidity fund investments and certain loan note investments.
- "No interest rate" assets do not attract interest and comprise equity investments and debtors.

 

The Company monitors the level of income received from fixed and floating rate assets and, if appropriate, may make adjustments to the allocation between the categories, in particular, should this be required to ensure compliance with the VCT regulations.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument is unable to discharge a commitment to the Company made under that instrument. The Company is exposed to credit risk through its holdings of loan stock in investee companies, cash deposits and debtors.

The Manager manages credit risk in respect of loan stock with a similar approach as described under "Market risks" above. In addition the credit risk is mitigated for all investments in loan stocks by taking security, covering the full par value of the loan stock in the form of fixed and floating charges over the assets of the investee companies. The strength of this security in each case is dependent on the nature of the investee company's business and its identifiable assets. Similarly the management of credit risk associated with interest, dividends and other receivables is covered within the investment management procedures.

Cash is mainly held by Bank of Scotland plc and Royal Bank of Scotland plc, both of which are A-rated financial institutions. Consequently, the Directors consider that the credit risk associated with cash deposits is low.

There have been no changes in fair value during the year that are directly attributable to changes in credit risk.
 

Of the investments in loan stock above, as at 31 December 2017 £960,000 relates to the principal of loan notes where, although the principal remains within term, the investee company is not fully servicing the interest obligations under the loan note and is thus in arrears.

Liquidity risk

Liquidity risk is the risk that the Company encounters difficulties in meeting obligations associated with its financial liabilities. Liquidity risk may also arise from either the inability to sell financial instruments when required at their fair values or from the inability to generate cash inflows as required. As the Company has a relatively low level of creditors, (£322,000, 2016: £286,000) and has no borrowings, the Board believes that the Company's exposure to liquidity risk is low. The Company always holds sufficient levels of funds as cash in order to meet expenses and other cash outflows as they arise. For these reasons, the Board believes that the Company's exposure to liquidity risk is minimal.

The Company's liquidity risk is managed by the Investment Manager in line with guidance agreed with the Board and is reviewed by the Board at regular intervals.

ANNOUNCEMENT BASED ON AUDITED ACCOUNTS
The financial information set out in this announcement does not constitute the Company's statutory financial statements in accordance with section 434 Companies Act 2006 for the year ended 31 December 2017, but has been extracted from the statutory financial statements for the year ended 31 December 2017 which were approved by the Board of Directors on 4 April 2018 and will be delivered to the Registrar of Companies. The Independent Auditor's Report on those financial statements was unqualified and did not contain any emphasis of matter nor statements under s 498(2) and (3) of the Companies Act 2006.

The statutory accounts for the period ended 31 December 2016 have been delivered to the Registrar of Companies and received an Independent Auditors report which was unqualified and did not contain any emphasis of matter nor statements under s 498(2) and (3) of the Companies Act 2006.

A copy of the full annual report and financial statements for the year ended 31 December 2017 will be printed and posted to shareholders shortly. Copies will also be available to the public at the registered office of the Company at St. Magnus House, London, EC3R 6HD and will be available for download from www.downing.co.uk.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Downing THREE VCT plc via Globenewswire


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Downing THREE VCT plc : Annual Financial Report - RNS