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Downing One VCT

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Downing One VCT Downing Strategic Micro-Cap DInvestmentOWNING ON TrustE VCT PLC PLC ReportAnnual and Report Accounts and Financial for the year Statements ended 3129 March February 2020 2020 Shareholder Information Contents Share prices Page The Company’s share price can be found on various financial websites with the TIDM/EPIC code DDV1. The share price is also available on Downing’s website (www.downing.co.uk). Financial highlights 1 Latest share price at 29 July 2020: 52.0p per share Financial summary 1 Financial calendar 15 September 2020 Annual General Meeting (“AGM”) Investment objectives and Directors 2 18 September 2020 Payment of final dividend November 2020 Announcement of half‐year results Chairman’s Statement 3 Dividends Investment Adviser’s Reports 6 Dividends are paid by the registrar on behalf of the Company. Shareholders who wish to have dividends paid directly into their bank account, rather than by cheque to their registered address, can complete a mandate form Review of investments 15 for this purpose (forms can be downloaded from www.linkassetservices.com). Queries relating to dividends, shareholdings and requests for mandate forms should be directed to the Company’s registrar, Link Asset Strategic Report 25 Services, on 0871 664 0324 (calls cost 12p per minute plus network extras, lines open 9:00am to 5:30pm Monday to Friday) or by writing to them at The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. Report of the Directors 29 Selling shares Directors’ Remuneration Report 33 The Company’s shares can be traded in the same way as any other company listed on the London Stock Exchange, using a stockbroker. If you wish to sell your shares either you or your adviser should contact Downing Corporate Governance Statement 36 on 020 7416 7780. Independent Auditor’s Report 40 Shareholders are advised to seek advice from their tax adviser before selling shares, particularly if they deferred the payment of capital gains tax in respect of shares acquired prior to 6 April 2004 or subscribed for shares Income Statement 46 within the last five years. Statement of Changes in Equity 47 The Company is, however, unable to buy back shares direct from Shareholders, so you will need to use a stockbroker to sell your shares. If you are considering selling your shares or wish to buy shares in the secondary Balance Sheet 48 market, please contact the Company’s Corporate Broker, Panmure Gordon (UK) Limited (“Panmure”). Panmure can be contacted as follows: Cash Flow Statement 49 Chris Lloyd 0207 886 2716 Paul Nolan 0207 886 2717 Notes to the accounts 50 [email protected] [email protected] Performance summary 67 Share scam warning We are aware that a significant number of shareholders of VCTs managed by both Downing and other VCT Company information 68 managers/advisers have recently received unsolicited telephone calls from a company purporting to be acting on behalf of a client who is looking to acquire their VCT shares at an attractive price. We believe these calls to be Notice of Annual General Meeting 69 part of a “Boiler Room Scam”. Shareholders are warned to be very suspicious if they receive any similar type of telephone call. Form of Proxy Further information can be found on Downing’s website. If you have any concerns, please contact Downing on 020 7416 7780. Notification of change of address Communications with Shareholders are mailed to the registered address held on the share register. In the event of a change of address, or other amendment, this should be notified to the Company’s registrar, Link Asset Services, under the signature of the registered holder. Other information for Shareholders Up‐to‐date Company information (including financial statements, share price, and dividend history) may be obtained from Downing’s website at: www.downing.co.uk If you have any queries regarding your shareholding in Downing ONE VCT plc, please contact the registrar on the above number or visit Link’s website at www.linkassetservices.com and click on “Shareholders and Investors” and then “Shareholders Services UK”. Shareholder Information Contents Share prices Page The Company’s share price can be found on various financial websites with the TIDM/EPIC code DDV1. The share price is also available on Downing’s website (www.downing.co.uk). Financial highlights 1 Latest share price at 29 July 2020: 52.0p per share Financial summary 1 Financial calendar 15 September 2020 Annual General Meeting (“AGM”) Investment objectives and Directors 2 18 September 2020 Payment of final dividend November 2020 Announcement of half‐year results Chairman’s Statement 3 Dividends Investment Adviser’s Reports 6 Dividends are paid by the registrar on behalf of the Company. Shareholders who wish to have dividends paid directly into their bank account, rather than by cheque to their registered address, can complete a mandate form Review of investments 15 for this purpose (forms can be downloaded from www.linkassetservices.com). Queries relating to dividends, shareholdings and requests for mandate forms should be directed to the Company’s registrar, Link Asset Strategic Report 25 Services, on 0871 664 0324 (calls cost 12p per minute plus network extras, lines open 9:00am to 5:30pm Monday to Friday) or by writing to them at The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. Report of the Directors 29 Selling shares Directors’ Remuneration Report 33 The Company’s shares can be traded in the same way as any other company listed on the London Stock Exchange, using a stockbroker. If you wish to sell your shares either you or your adviser should contact Downing Corporate Governance Statement 36 on 020 7416 7780. Independent Auditor’s Report 40 Shareholders are advised to seek advice from their tax adviser before selling shares, particularly if they deferred the payment of capital gains tax in respect of shares acquired prior to 6 April 2004 or subscribed for shares Income Statement 46 within the last five years. Statement of Changes in Equity 47 The Company is, however, unable to buy back shares direct from Shareholders, so you will need to use a stockbroker to sell your shares. If you are considering selling your shares or wish to buy shares in the secondary Balance Sheet 48 market, please contact the Company’s Corporate Broker, Panmure Gordon (UK) Limited (“Panmure”). Panmure can be contacted as follows: Cash Flow Statement 49 Chris Lloyd 0207 886 2716 Paul Nolan 0207 886 2717 Notes to the accounts 50 [email protected] [email protected] Performance summary 67 Share scam warning We are aware that a significant number of shareholders of VCTs managed by both Downing and other VCT Company information 68 managers/advisers have recently received unsolicited telephone calls from a company purporting to be acting on behalf of a client who is looking to acquire their VCT shares at an attractive price. We believe these calls to be Notice of Annual General Meeting 69 part of a “Boiler Room Scam”. Shareholders are warned to be very suspicious if they receive any similar type of telephone call. Form of Proxy Further information can be found on Downing’s website. If you have any concerns, please contact Downing on 020 7416 7780. Notification of change of address Communications with Shareholders are mailed to the registered address held on the share register. In the event of a change of address, or other amendment, this should be notified to the Company’s registrar, Link Asset Services, under the signature of the registered holder. Other information for Shareholders Up‐to‐date Company information (including financial statements, share price, and dividend history) may be obtained from Downing’s website at: www.downing.co.uk If you have any queries regarding your shareholding in Downing ONE VCT plc, please contact the registrar on the above number or visit Link’s website at www.linkassetservices.com and click on “Shareholders and Investors” and then “Shareholders Services UK”. Financial Highlights NAV movement The Company’s performance for the year was disappointing. NAV fell by 16.7p per share (21.3%) to 57.6p per share at 31 March 2020 (after adding back dividends paid in the year). The impact of the coronavirus pandemic had a significant negative effect on the NAV immediately prior to the year end. Dividend The proposed final dividend of 2.0 pence per share will result in total dividends for the financial year of 4.0 pence per share (2019: 5.0 pence per share), equivalent to 5.1% based on the opening net asset value. Continued portfolio activity The year has seen a continued steady level of portfolio activity with additions totalling £11.2 million and 15 realisations giving rise to total proceeds of £11.0 million. Financial Summary Unaudited Audited Audited 30 Jun 31 Mar 31 Mar 2020 2020 2019 Pence Pence Pence Net asset value per share (“NAV”) 59.1 57.6 78.3 Cumulative dividends paid since 12 November 2013 35.5 35.5 31.5 Total Return (net asset value plus cumulative dividends paid per share) 94.6 93.1 109.8 Dividends in respect of financial year Interim dividend per share 2.0 3.0 Proposed final dividend per share 2.0 2.0 4.0 5.0 Dividend Policy The Directors are targeting an annual dividend of at least 4% of net assets per annum, subject to sufficient distributable reserves and capital resources. A full dividend history for the Company can be found at www.downing.co.uk. 1 Financial Highlights Investment Objectives The Company’s principal investment objectives are: NAV movement To provide private investors with attractive returns from a portfolio of VCT qualifying investments; and The Company’s performance for the year was disappointing.
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