Puma VCTs adopt our established asset-backed investment strategy primarily investing in established businesses in the form of ordinary equity offered together with senior-secured loans.
Our principal focus is on capital preservation, generating stable returns for our investors whilst seeking to offer robust downside protection by identifying businesses and opportunities with substantial asset-backing, including in the form of real estate, stock and contracted receivables. The primary benefit of funding businesses in this way is that should the underlying businesses not perform as anticipated, assets over which security has been taken may be liquidated to recoup amounts advanced.
Please see the Risk Factors below.
Raised across 12 Puma VCTs
The largest limited life VCT fundraised for 2015/16 by Puma VCT 11
What are VCTs?
Venture Capital Trusts (VCTs) were launched in 1995 to incentivise investment in smaller companies. Since then over £5 billion has been raised for VCTs and they have become an established fixture in the UK investment landscape.
Investing in smaller companies carries a higher level of risk than investing in more established companies. So to encourage investment in VCTs, tax incentives are available to investors. These tax incentives are currently:
Up to 30% income tax relief on the amount subscribed
Tax-free capital gains
The maximum investment in a VCT is £200,000 per person per tax year. Whilst the tax advantages are very attractive, investors need to hold shares in the VCT for a minimum of 5 years to maintain the initial tax relief. As with all investments, VCTs do carry risk and therefore are not always suitable for all investors. Please see the Risk Factors below.
Under the current VCT legislation, the Company has to hold 70% of its assets by value in qualifying investments within 3 years. The companies in which qualifying investments are made must have no more than £15 million of gross assets and 250 employees (certain trades do not qualify for VCT treatment).
All Puma VCTs are listed on the London Stock Exchange.
raised by VCTs since 1995
average size of VCT investment per company
of companies have seen an increase in turnover since VCT investment
The Puma Investments team has a 20 year track record of investing into smaller companies.
By following our asset-backed funding strategy, each of the first five Puma VCTs led their group for total returns.
The first two VCTs were the first limited-life VCTs to return over 100p per share to investors and Puma VCT V delivered a total return of 106.3p per share, equivalent to a total return on the invested amount of 52.3% (equivalent to a 9.4% annual return), making it most successful limited-life VCT to date.
Past performance is no guarantee of future results.
£231m raised across 12 previous VCTs
Dividends in Puma VCTs to date
Return for Puma VCT V – best performing in this sector
Of Limited Life fundraise in the 2015/16 tax year
|VCT||Launched||Net Cost of Investment Per Share||Total Cash Distributions to date||Net Asset Value per share1||Annualised Return|
|Puma VCT plc||2005||60p||101p||Exited||11.60%|
|Puma VCT II||2005||60p||101p||Exited||11.60%|
|Puma VCT III||2006||60p||94.60p||Exited||9.90%|
|Puma VCT IV||2006||60p||93.30p||Exited||9.80%|
|Puma VCT V||2008||70p||106.30p||Exited||8.40%|
|Puma High Income||2010||70p||97.5p||Exited||7.26%|
|Puma VCT VII||2011||70p||50p||46.36p||6.66%|
|Puma VCT 8||2012||70p||25p||77.87p||8.68%|
|Puma VCT 9||2013||70p||18p||86.04p||11.39%|
|Puma VCT 10||2014||70p||12p||85.09p||15.40%|
|Puma VCT 11||2015||70p||NIL||97.66p||25.89%|
|Puma VCT 12||2016||70p||NIL||95.38p||2|
1Net Asset Value per share excluding distributions as at 28 February 2017
2Recent launch so not applicable
Please note, Puma VCT 8, 9 and 10 have made dividend payments following the calculation of the most recent NAVs at 31 January 2017. Dividend payments will reduce the net assets of the companies, and therefore will have a material impact on the NAVs per share. These distributions will be accounted for in the calculation of the NAVs at the end of the period in which they were paid. Please contact Investor Relations on 020 7408 4101 should you have any queries relating to this.
"Puma VCT 12 should benefit from the significant structuring expertise of the Investment Managers qualifying team (which Puma claims will allow it to follow the same investment strategy as the previous Puma VCTs, notwithstanding the recent proposed changes to VCT legislation), coupled with the strength of its in-house asset management team." Tax Efficient Review, Martin Churchill. Review of Puma VCT 12
“Puma VCT V has beaten Puma VCT I & II by a considerable margin, and returned £106.3p per share to investors making it the best performing limited life VCT to date.”Tax Efficient Review, Martin Churchill. Review of Puma VCT 11
“Individuals may take encouragement from Puma's creditable VCT record to date, which we regard as very good .”Tax Shelter Report, Allenbridge. Review of Puma VCT 10
86 / 100
Brewhouse & Kitchen
£3.1m investment in Brewhouse and Kitchen, a specialist pub owner/ operator developing pubs with on-site breweries in strong locations across Southern England. The Puma VCTs are supporting the roll out of this concept through the acquisition of selected freehold and leasehold pub sites.
The Brewhouse and Kitchen team has a strong track record in the sector with notable past successes. The investment is secured with a first charge on the business and each site acquired and is made available at 65% of the value of any approved freehold site acquired (or a proportionally lower percentage for leasehold units).
£8m investment in Opes Industries, a clean technology and waste management business, to facilitate the development of a materials recycling facility at an established landfill and aggregates business on a 76 hectare site in Oxfordshire.
Opes Industries has assembled an impressive team to oversee the development and operation of the facility, once completed. The investment is secured with a first charge on the business and the freehold site.
Chinook Urban Mining
£5m investment in Chinook Urban Mining, a developer and operator of gasification technology for energy from waste, to support the development of its flagship plant in the new Sustainable Industries Park in East London. The plant, utilising a leading technology, will generate electricity through the gasification of municipal solid waste and commercial and industrial waste.
The management team has extensive experience in the development and operation of similar plants and the investment is secured with a first charge on the business and the long leasehold site on a very conservative basis.
Puma VCT 12
Puma VCT 12 is now closed for subscriptions.
Summary of fees
|Initial:||PROMOTER FEE||3%||of amount subscribed|
|Ongoing:||ANNUAL MANAGEMENT FEE||2%||of net asset value p.a.|
|ADMINISTRATIVE FEE||0.35%||of net asset value p.a.|
|PERFORMANCE FEE||20%||of amounts realised in excess of 100p per ordinary Share|
Note: Tax benefits are subject to personal circumstances, minimum holding periods and may be subject to change. Investors should take independent advice.
An investment in Puma VCT 12 carries risk and you should take your own independent advice. You should only invest in Puma VCT 12 on the basis of the Prospectus which details the risks of the investment. Below are the key risks:
Past performance is no indication of future results and the forecasts in this documentation are not a reliable indicator of future performance. The payment of dividends is not guaranteed. Investors have no direct contractual right of action against Puma Investments. The Financial Ombudsman Service/ the Financial Services Compensation Scheme are not available.
Capital at Risk
An investment in Puma VCT 12 can be viewed as high risk. Investors’ capital may be at risk.
Tax reliefs depend on individuals’ personal circumstances, a five year minimum holding period and may be subject to change.
It is unlikely there will be a liquid market in the shares of Puma VCT 12 and it may prove difficult for investors to realise their investment immediately or in full.