Downing Distribution VCT 1 plc : Interim Manage...

Downing Distribution VCT 1 plc
Interim Management Statement
for the three months ended 31 December 2011

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority Downing Distribution VCT 1 plc presents an Interim Management Statement for the three month period ended 31 December 2011.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Performance

	31 Jan 2012	31 Dec 2011	30 Sep 2011	30 Jun 2011
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	Pence	Pence	Pence	Pence
Net Asset Value	77.4	76.7	78.4	90.0
Cumulative distributions paid since 1 April 2010	7.5	7.5	7.5	5.0
Total return	84.9	84.2	85.9	95.0

Dividends paid or declared in the period
On 30 November 2011 the Company declared an interim dividend of 2.5p per share for the year to 31 March 2012, payable on 30 March 2012 to Shareholders on the register at 2 March 2012.

Investment portfolio summary at 31 December 2011

		Cost	Valuation	Valuation movement between  30 Sept  2011 and 31 Dec 2011
		£'000	£'000	£'000
Ten largest investments by value
Cadbury House Holdings Limited	Unquoted	2,518	2,346	-
Hoole Hall Country Club Holdings Ltd	Unquoted	1,920	1,920	-
Ludorum plc		2,161	1,614	(100)
Hoole Hall Spa and Leisure Limited	Unquoted	1,200	1,200	-
IDOX plc		337	704	59
Animalcare Group plc		468	643	19
First Care Limited	Unquoted	879	604	-
Accumuli plc		337	454	86
Plastics Capital plc		183	443	(13)
Tristel plc		631	441	(23)
Subtotal		10,634	10,369	28
Other venture capital investments		8,807	3,834	(377)
Listed fixed income securities		557	275	(5)
Total		19,998	14,478	(354)

All investments are quoted on AIM unless otherwise stated.

Investment additions during the three month period ended 31 December 2011

There have been no additions during the period or since the period end.

Investment disposals during the three month period ended 31 December 2011

	Cost	Market value at  1 April 2011 *	Disposal  proceeds	Gain/(loss) against cost	Total realised gain/ (loss)
	£'000	£'000	£'000	£'000	£'000
Animalcare Group plc	53	69	74	21	5
ANS Group plc	201	463	418	217	(45)
Brasserie Bar Co Limited	125	125	279	154	154
DODs Group plc	23	7	4	(19)	(3)
Richoux Holdings plc	18	5	4	(14)	(1)
Servoca plc	477	183	151	(326)	(32)
Zamano plc	342	79	52	(290)	(27)
	1,239	931	982	(257)	51

*After accounting for purchases in the period

After the period end the Company disposed of Financial News Publishing Ltd receiving proceeds of £86,000.  The Company also disposed of its holding in Straight plc together with partial holdings in two quoted investments, with proceeds received thereon of £252,000.

Changes to share capital

	Ordinary Shares
	Shares	£'000
As at 1 October 2011 Ordinary Shares of 1p each	20,350,677	204
Shares issued in period	-	-
Shares bought back and cancelled	(231,965)	(3)
As at 31 December 2011 Ordinary Shares of 1p each	20,118,712	(201)

Between 1 January 2012 and the date of this announcement the Company purchased 21,000 Ordinary shares of 1p each for cancellation.

Share Realisation and Reinvestment Programme and Top-Up Offer
On 3 February 2012, the Company announced proposals to offer shareholders of the Company the opportunity both to participate in a Share Realisation and Reinvestment Programme and to subscribe for additional new shares in the Company.  The proposal is subject to shareholder approval at General Meeting to be held on 29 February 2012.

Material events
Other than described above, there were no material events during the period from 1 October 2011 to 31 December 2011 or in the period from 1 January 2012 to the date of this announcement.

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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Downing Distribution VCT 1 plc via Thomson Reuters ONE

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