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Downing Planned Exit VCT 8 plc (DPV8)

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Tuesday 31 August, 2010

Downing Planned Exit VCT 8 plc

Half-yearly report

Downing Planned Exit VCT 8 plc
Half-Yearly Report for the six months ended 30 June 2010

                                                30 June 2010   30 June   31 Dec
                                                                  2009     2009

                                                       Pence     Pence    Pence

Net asset value per Ordinary Share                      80.5      90.8     88.1

Net asset value per 'A' Share                            0.1       0.1      0.1

Cumulative  distributions  per  Ordinary  Share  and 'A' 5.0       2.5      2.5
                                             ---------------- --------- -------
Total return per Ordinary Share and 'A' Share           85.6      93.4     90.7

I present the Company's Half-Yearly report for the period ended 30 June 2010.
With the Company having effectively completed its investing phase, the focus is
now on working with the existing portfolio as these investments are steered
towards exits which are targeted to commence in 2013.

Change of name
Following Shareholder approval at the AGM on 25 May 2010, the Company changed
its name to "Downing Planned Exit VCT 8 plc".  The new name better describes the
Company's objectives and differentiates it from other Downing funds with
different strategies.

Investment activity
During the period, the Company made investments of £50,000 in each of Chapel
Street Services Limited and Chapel Street Food and Beverage Limited in March
2010. The companies have agreements in place to operate and to provide
management services to a café bar and restaurant at the Hotel Indigo at Chapel
Street, Liverpool which is due to open in 2011.

The  Company also made a small £2,000 non-qualifying investment in Chapel Street
Hotel Limited, which owns the land where the Hotel Indigo is being developed.

Two  non VCT-qualifying loan stock investments were also made at a total cost of
£1,000,000, one which was subsequently also realised at par during the period.

There  was one other  realisation in the  period of a  non-qualifying loan stock
investment which gave rise to a small gain of £7,000.
Investment valuations
The Board has undertaken a review of the investment valuations at the period end
and made two adjustments from the carrying values at the previous year-end.

A major refurbishment of the health club operated by The Thames Club Limited was
completed  last year.  The disruption arising  from the refurbishment work had a
significant  negative impact on  the Company's trading  performance and progress
has  been slower than budgeted in rebuilding the membership base in spite of the
improved  facilities.  For this reason, the  Board have made a further provision
of £150,000 against the investment valuation.

A  refurbishment at Horsham Bowl Limited, which operates an entertainment centre
including  a tenpin  bowling alley,  has also  now been  completed. However, the
trade  at the night club within the  centre, which represents a significant part
of the company's income, is not performing to budget and a provision of £180,000
has been made.

All  other investments continue to be held at valuations equal to original cost,
except for West Tower Holding Limited, where a provision of £400,000 was made in
2008/2009 as reported to you in the last Annual Report.

Net Asset Value and results
At  30 June 2010, the Net Asset Value ("NAV") per Ordinary Share stood at 80.5p
and  the NAV per 'A' Share stood  at 0.1p, producing a combined total of 80.6p.
This  is  a  decrease  of  5.1p per  share  (5.8%) since 31 December 2009 (after
adjusting  for the 2.5p dividend paid during the period). Total Return (NAV plus
cumulative dividends paid to date) now stands at an aggregate 85.6p per Ordinary
Share and 'A' Share combined.

The loss on ordinary activities after taxation for the period was £447,000.

Share buybacks
The  Company operates a  policy, subject to  certain restrictions, of buying its
own  shares when any become available in the market.  Buybacks will generally be
undertaken  at a  10% discount to  the latest  NAV, but  the Directors regularly
review  this  discount  level  and  make  adjustments  if  they  believe  it  is
appropriate.  No shares were purchased for cancellation in the period.

Risk and uncertainties
Under  the Disclosure and Transparency Directive,  the Board is required, in the
Company's  Half-Year  Results,  to  report  on principal risks and uncertainties
facing the Company over the remainder of the financial year.

The Board has concluded that the key risks facing the Company over the remainder
of the financial period are as follows:

(i) investment risk associated with investing in small and immature businesses;
(ii)  investment risk  arising from  having to  invest funds  during a period of
difficult economic conditions; and
(iii) failure to maintain provisional approval as a VCT.
In  order to make VCT-qualifying investments, the Company has to invest in small
businesses  which are often immature.  It also  has a limited period in which it
must  invest  the  majority  of  its  funds.   The  Investment Manager follows a
rigorous process in vetting and carefully structuring new investments, including
taking  a charge over the assets of the business wherever possible and, after an
investment is made, closely monitoring the business. The Board is satisfied that
this  approach reduces the investment risks described  in (i) and (ii) as far as
reasonably possible.

The  Company's compliance with  the VCT regulations  is continually monitored by
the  Administration Manager, who  reports regularly to  the Board on the current
position.  The Company  also retains  PricewaterhouseCoopers to  provide regular
reviews and advice in this area.  The Board considers that this approach reduces
the risk of a breach of the VCT regulations to an acceptable level.

The  difficult economic conditions have clearly had a notable impact on three of
the  company's investments, resulting in  current valuations lower than original
cost.   The Company's plan is, however, to start to return funds to Shareholders
in 2013, so there is a significant period before investment realisations will be
sought.  The Manager is working closely with the underperforming investments and
believes  that these can be brought back  on track to deliver satisfactory exits
in line with the Company's timetable.

Hugh Gillespie

as at 30 June 2010
                                               30 June   30 June   31 Dec
                                                  2010      2009     2009

                                                 £'000     £'000    £'000

Fixed assets

Investments                                      6,637     7,721    6,913

Current assets

Debtors                                             51       189      140

Cash at bank and in hand                           429       145      774
                                              --------- --------- -------
                                                   480       334      914

Creditors: amounts falling due within one year   (149)     (185)    (195)
                                              --------- --------- -------

Net current assets                                 331       149      719

                                              --------- --------- -------
Net assets                                       6,968     7,870    7,632

Capital and reserves

Called up share capital                              -         -        -

Called up Ordinary share capital                     9         9        9

Called up 'A' share capital                         13        13       13

Deferred share capital                               3         3        3

Special reserve                                  8,039     8,043    8,039

Investment holding losses                        (980)     (300)    (650)

Capital reserve - realised                           9         -        2

Revenue reserve                                  (125)       102      216

                                              --------- --------- -------
Equity shareholders' funds                       6,968     7,780    7,632

Net asset value per Ordinary Share               80.5p     90.8p    88.1p

Net asset value per "A" Share                     0.1p      0.1p     0.1p
                                              --------- --------- -------
                                                 80.6p     90.9p    88.2p

for the six months ended 30 June 2010
                                                   Six months ended

                                                     30 June 2010

                                              Revenue   Capital    Total

                                                £'000     £'000    £'000

Income                                             91         -       91

 Losses on investments                              -     (323)    (323)
                                             --------- --------- -------
                                                   91     (323)    (232)

Investment management fees                       (51)         -     (51)

Other expenses                                  (164)         -    (164)

                                             --------- --------- -------
Return on ordinary activities before taxation   (124)     (323)    (447)

Taxation                                            -         -        -

                                             --------- --------- -------
Return attributable to equity shareholders      (124)     (323)    (447)

Return per Ordinary Share                      (1.4p)    (3.7p)   (5.2p)

Return per 'A' Share                                -         -        -

                                              30 June 2009            Year ended
                                                                     31 December

                                       Revenue   Capital    Total          Total

                                         £'000     £'000    £'000          £'000

Income                                     261         -      261            529

 Losses on investments                       -     (150)    (150)          (498)
                                      --------- --------- -------- -------------
                                           261     (150)      111             31

Investment management fees                (54)         -     (54)          (108)

Other expenses                            (69)         -     (69)          (126)

                                      --------- --------- -------- -------------
Return  on ordinary  activities before     138     (150)     (12)          (203)

Taxation                                  (37)         -     (37)           (80)

                                      --------- --------- -------- -------------
Return    attributable    to    equity     101     (150)     (49)          (283)

Return per Ordinary Share                 1.2p    (1.7p)   (0.5p)         (3.3p)

Return per 'A' Share                         -         -        -              -

A  Statement of Total Recognised  Gains and Losses has  not been prepared as all
gains and losses are recognised in the Income Statement as noted above.

for the six months ended 30 June 2010
                                          30 June       30 June       31 Dec
                                             2010          2009         2009

                                            £'000         £'000        £'000

 Opening shareholders' funds                7,632         8,135        8,135

 Purchase of own shares                         -             -          (4)

 Total recognised (loss) for the period     (447)          (49)        (283)

 Dividends paid                             (217)         (216)        (216)
                                        -----------   -----------   ---------

 Closing shareholders' funds                6,968         7,870        7,632

for the six months ended 30 June 2010
                                                      30 Jun    30 Jun    31 Dec
                                                        2010      2009      2009

                                                Note   £'000     £'000     £'000

Cash (outflow)/inflow from operating activities
and returns on investments                       1      (81)        15       270
                                                    --------- --------- --------


Corporation tax paid                                       -         -      (82)

Capital expenditure

Purchase of investments                              (1,102)   (2,659)   (3,491)

Sale of investments                                    1,055        64     1,356
                                                    --------- --------- --------
Net cash outflow from capital expenditure               (47)   (2,595)   (2,135)
                                                    --------- --------- --------

Equity dividends paid                                  (217)     (216)     (216)

Net cash outflow before financing                      (345)   (2,796)   (2,163)


Purchase of own shares                                     -         -       (4)
                                                    --------- --------- --------
Net cash (outflow) from financing                          -         -       (4)
                                                    --------- --------- --------

(Decrease) in cash                               2     (345)   (2,796)   (2,167)

Notes to the cash flow statement:

1 Cash inflow from operating activities and
returns on investments

Net revenue before taxation                            (447)       138     (203)

Loos on investments                                      323         -       498

Increase/(decrease) in other debtors                      89      (81)     (132)

(Decrease)/increase in other creditors                  (45)      (17)        31

(Decrease)   in   amounts   due  to  subsidiary
undertaking                                              (1)      (25)      (24)
                                                    --------- --------- --------
Net cash inflow from operating activities               (81)        15       270

2 Analysis of net funds

Beginning of period                                      774     2,941     2,941

Net cash (outflow)                                     (345)   (2,796)   (2,167)
                                                    --------- --------- --------
End of period                                            429       145       774

as at 30 June 2010
                                                            Unrealised      % of

                                            Cost Valuation gain/(loss) portfolio

                                           £'000     £'000       £'000  by value


Crossco (1135) Limited t/a Complete
Childcare                                    998       998           -     14.1%

West Tower Holding Limited                 1,150       750           -     10.6%

Hoole Hall Country Club Holdings
Limited                                      750       750           -     10.6%

Cadbury House Holdings Limited               700       700           -      9.9%

The Thames Club Limited                    1,000       700       (150)      9.9%

Hoole Hall Spa and Leisure Club
Limited                                      562       562           -      8.0%

Horsham Bowl Limited                         600       420       (180)      6.0%

Chapel Street Food and Beverage
Limited                                       50        50           -      0.7%

Chapel Street Services Limited                50        50           -      0.7%

                                           5,862     4,980       (330)     70.5%

Non-VCT Qualifying

Fenkle Street LLP                            400       400           -      5.7%

Hoole Hall Country Club Holdings
Limited                                      344       344           -      4.9%

Kings Gap Group Limited                      400       300           -      4.2%

Horsham Bowl Limited                         261       261           -      3.7%

Sanguine Hospitality Limited                 250       250           -      3.5%

Bijou Wedding Venues Limited                 100       100           -      1.4%

Chapel Street Hotel Limited                    2         2           -      0.0%

The Swan Holding Company                       -         -           -      0.0%

Hoole Hall Hotel Limited                       -         -           -      0.0%

                                           1,755     1,657           -     23.4%

Total investments                          7,617                 (330)     93.9%

Cash at bank and in hand                               429                  6.1%

                                                -----------           ----------
Total                                                7,066                100.0%

as at 30 June 2010

VCT-Qualifying investments               Activity

Chapel Street Food and Beverages Limited Restaurant operator               50

Chapel Street Services Limited           Hotel operator                    50

Non-VCT qualifying investments

Fenkle Street LLP                        Hotel owner/operator             400

Bowman Care Homes Limited                Care Home                        600

Chapel Street Hotel Limited              Hotel and restaurant owner         2


 Disposals                                                     (loss)

                                                      Gain/        in
                                   Cost   Proceeds   (loss)    period

                                  £'000      £'000    £'000     £'000

 Loan Stock redemptions:

 Non-VCT qualifying investments

 Pocket Living Limited              448        455        7         7

 Bowman Care Homes Limited          600        600        -         -

                                  1,048         64        7         7


1. The  unaudited half yearly financial results  cover the six months to 30 June
2010 and  have been prepared in accordance  with the accounting policies set out
in  the  statutory  accounts  for  the  period ended 31 December 2009 which were
prepared  under UK  Generally Accepted  Accounting Practice  ("UK GAAP")  and in
accordance  with the Statement of  Recommended Practice "Financial Statements of
Investment  Trust Companies  and Venture  Capital Trusts"  revised January 2009

2. All  revenue and capital items in the Income Statement derive from continuing

3. The  Company  has  only  one  class  of  business and derives its income from
investments made in shares, securities and bank deposits.

4. Net Asset Value per share at the period end has been calculated on 8,651,022
Ordinary  Shares and 12,984,330 'A' Shares, being  the number of shares in issue
at the period end.

5. Return  per share  for the  period has  been calculated on 8,651,022 Ordinary
Shares  and 12,984,330 Shares,  being the  weighted average  number of shares in
issue during the period.

6. Reserves
                        Special      Investment        reserve     Revenue
                        reserve  holding losses      -realised     reserve Total

                          £'000           £'000          £'000       £'000 £'000

At     31 December        8,039           (650)              2         216 7,607

Losses          on            -           (330)              7           - (323)

Distributions paid            -               -              -       (217) (217)

Retained       net            -               -              -       (124) (124)

At 30 June 2010           8,039           (980)              9       (125) 6,943

The Revenue Reserve and Special Reserves are distributable reserves.

7. The unaudited financial statements set out herein do not constitute statutory
accounts  within the meaning  of Section 240 of  the Companies Act 1985 and have
not been delivered to the Registrar of Companies.

8. The  Directors confirm that, to the  best of their knowledge, the half-yearly
financial  statements  have  been  prepared  in  accordance with the "Statement:
Half-Yearly  Financial Reports" issued by the  UK Accounting Standards Board and
the  half-yearly  financial  report  includes  a  fair review of the information
required by:

a.  DTR 4.2.7R of the Disclosure and  Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year  and  their  impact  on  the  condensed  set of financial statements, and a
description  of  the  principal  risks  and  uncertainties for the remaining six
months of the year; and

b.  DTR 4.2.8R of  the Disclosure  and Transparency  Rules, being  related party
transactions  that  have  taken  place  in  the  first six months of the current
financial  year  and  that  have  materially  affected the financial position or
performance  of the entity  during that period,  and any changes  in the related
party transactions described in the last annual report that could do so.

9. Copies  of  the  Half-Yearly  Report  will  be  sent to Shareholders shortly.
Further  copies can be obtained  from the Company's registered  office or can be
downloaded from


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     originality of the information contained therein. 
Source: Downing Planned Exit VCT 8 plc via Thomson Reuters ONE


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