puma vct 10 annual report & accounts 2017 - puma investments · 2017-07-27 · 1 puma c 10 pl...

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Contents

Highlights 1Chairman’s Statement 2Investment Manager’s Report 3Investment Portfolio Summary 6Significant Investments 7Directors’ Biographies 14Strategic Report 15 Report of the Directors 17Directors’ Remuneration Report 20Corporate Governance Statement 21Independent Auditor’s Report 24Income Statement 26Balance Sheet 27Statement of Cash Flows 28Statement of Changes in Equity 29Notes to the Accounts 30Officers and Professional Advisers 41Notice of Annual General Meeting 42Form of Proxy 45

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Puma VCT 10 plc Annual report and accounts 2017

2017 Highlights

•Fundssubstantiallyinvestedinadiverserangeofhighqualitybusinessesandprojects

•Requirementthatqualifyinginvestmentsare70%ofthefundonanHMRCbasisnowmet

•Profitof£279,000beforetaxfortheperiod,apost-taxgainof0.76pper share

•12ppersharedividendspaidduringtheperiod,equivalenttoan8.6%perannumtaxfreerunningyieldon investment


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Chairman’s Statement

The Company has made good progress during the period, and thereafter. We are pleased to report that the Company’s net assets are now substantially deployed in a diverse range of high quality businesses and projects

IntroductionIampleasedtopresenttheCompany’sthirdAnnualReportwhich,reflectingthechangeofaccountingyearend,representsa14monthperiodended28February2017.

TheInvestmentManager,PumaInvestments,nowhasover£121millionofVCTmoneyundermanagementinthisandotherPumaVCTsandawell-established,experiencedVCTteamtomanagetheCompany’sportfolioofinvestmentsanddealflow.

ResultsTheCompanyreportedaprofitbeforetaxof£279,000fortheperiod(2015:£147,000fortheyear)andapost-taxgainof0.76p(2015:0.19p)perordinaryshare(calculatedontheweightedaveragenumberofshares).TheNetAssetValueperordinaryshare(“NAV”)at28February2017afteraddingbackdividendspaidwas97.10p(2015:96.35p).

DividendIampleasedtoreportthat,inlinewithourstatedobjectiveassetoutinourprospectus,yourboarddeclaredthe

Company’sfirsttwodividendsduringtheperiod,atotalof12pperOrdinaryShare.Thisisequivalenttoan8.6%perannumtax-freerunningyieldonyour investment.

InvestmentsDuringtheperiod,theCompanycompletedaseriesofinvestmentsforatotalof£5.3million.Attheendoftheperiod,theCompanyhadatotalof£22.4millioninvestedinamixtureofqualifyingandnon-qualifyinginvestmentsandachievedthethresholdofholding70%ofitsportfolioinqualifyinginvestmentsrequiredtomaintainourVCTstatus.Theseinvestmentsareprimarilyinasset-backedbusinessesandprojects.DetailsoftheseinvestmentscanbefoundintheInvestmentManager’sreportonpages3to6.

VCT qualifying statusPricewaterhouseCoopersLLP(“PwC”)providestheboardandtheInvestmentManagerwithadviceontheongoingcompliancewithHMRCrulesandregulationsconcerningVCTsandhasreportednoissuesinthisregardfortheCompanytodate.PwCwillcontinue

toassisttheInvestmentManagerinmonitoringrulecomplianceandestablishingthestatusofpotentialinvestmentsasqualifyingholdingsinthe future.

OutlookTheCompanyhasmadegoodprogressduringtheperiod,andthereafter.WearepleasedtoreportthattheCompany’snetassetsarenowsubstantiallydeployedinadiverserangeofhighqualitybusinessesandprojects.TheongoinglackofavailabilityofbankcredithasenabledtheCompanytoassembleaportfolioofinvestmentsonattractiveterms.Whilsttherewillprobablybesomefurtherchangesinthecompositionoftheportfolio,theBoardexpectstoconcentrateinthefutureonthemonitoringofourexistinginvestmentsandconsideringtheoptionsforexitsinduecourse.

David Vaughan Chairman29June2017

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CGIofpurpose-builtcarehomeinChestercurrentlyunderconstruction

Investment Manager’s Report

TheCompany’sfundsarenowsubstantiallydeployedinbothqualifyingandnon-qualifyinginvestments,havingmetitsminimumqualifyinginvestmentpercentageof70percentduringtheperiod

IntroductionTheCompany’sfundsarenowsubstantiallydeployedinbothqualifyingandnon-qualifyinginvestments,havingmetitsminimumqualifyinginvestmentpercentageof70percentduringtheperiod.Webelieveourportfolioiswellpositionedtodeliverattractivereturnstoshareholderswithinthefund’sexpectedremainingtimehorizon.

InvestmentsQualifying InvestmentsDuringtheperiodtheCompanymade£2.14millionofqualifyinginvestmentsinSavilleServicesLimited,acompanyprovidingcontractingservicesoveraseriesofprojectsacrosstheUnitedKingdom.InSeptember2016,SavilleServicesenteredintoanewcontracttoprovidecontractingservicesinconnectionwiththeconstructionofa77-bed,purpose-builtcarehomeinChester.Weunderstandthatthedevelopmentisprogressingwellandthehomeisscheduledtoopeninthefirstquarterof 2018.

Duringtheperiod,theCompanymadea£980,000qualifyinginvestment(aspartofa£2.8millioninvestmentalongsideotherPumaVCTs)inGrowingFingersLimited,andafurther£420,000wasinvestedaftertheperiodend.Theinvestmentwillfundtheconstructionandlaunchof

anewpurpose-built108placenurseryschoolinWendover,Buckinghamshire,anaffluentcommutertownwithdirectlinkstoLondon.GrowingFingersisanewcompanyheadedbyamanagementteamwithmanyyears’operationalexperienceinnurseriesandhealthcarefacilities.TheCompanybenefitsfromfirstchargesecurityovertheWendoversiteandtheGrowingFingersbusinessandisexpectedtoproduceanattractivereturntothe Company.

Aspreviouslyreported,inJuly2014,beforethepassingoftheFinanceAct2014,theCompanycompleteda£1.875millionqualifyinginvestment(aspartofa£5millioninvestmentalongsideotherPumaVCTs)inUrbanMiningLimited,amemberoftheChinookUrbanMininggroupofcompanies.ChinookUrbanMiningisawell-fundedenergy-from-wastebusinesswhichisdevelopingaflagshipplantinEastLondontogenerateelectricitythroughthegasificationofmunicipalsolidwasteandwillbenefitfromRenewableObligationsCertificates.TheinvestmentissecuredwithafirstchargeovertheChinookUrbanMiningbusinessandtheeightacresiteoftheEastLondonplantandisyieldinganattractivereturntotheCompany.

Aspreviouslyreported,amajorfireoccurredinFebruary2016attheMaterialsRecyclingFacility(“MRF”)operatedbyOpesIndustriesLimited(“Opes”),intowhichtheCompanyhasinvestedatotalof£3.45m(aspartofan£8.8minvestmentbyPumaentities).Asaresultoftheincident,andasreportedintheCompany’spreviousannualreport,theboardmadeaprovisionof£510,000againstthecarryingvalueoftheCompany’sinvestmentinOpes.Opesowneda73hectaresiteinnorthOxfordshirewithaMRF,includingalandfillsitefornon-hazardousmaterials

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andanaggregates/gravelquarryingbusiness.TheCompany’sinvestmentwastoprovidefundingfortheconstructionandequippingoftheMRFandworkingcapitalduringthebuild-upofthetrade.ThefundingwasprovidedintheformofequityandloanstockandourinterestsarecoveredbyafirstfixedandfloatingchargeoverOpes’assets.Followingtheincident,theCompanyappointedanadministratoroverOpesinordertobestprotecttheCompany’sinvestment.Wearepleasedtoreportthatshortlyaftertheperiodend,theadministratorexchangedcontractsforthesaleofthenorthOxfordshiresite;thecashconsiderationispayableinstagesovera12monthperiod.Moreover,discussionsarecontinuingwithOpes’insurersregardingreimbursementofthedamagetotheplantandthebuildingandofthecostsofbusinessinterruption.

Aspreviouslyreported,beforethepassingoftheFinance(2)Act2015,theCompanyinvestedatotalof£7.5millioninthreenewlyestablishedqualifyingbusinesses.WarmHearthLimited,inwhichtheCompanyinvested£2.5million(aspartofa£5millioninvestmentalongsideotherPumaVCTs),wasestablishedtooperateatradingbusinessinthehospitalityandleisuresectorsand/ortoacquirebusinessesthatoperatewithinthosesectors.MiniRainbowsLimited,inwhichtheCompanyinvested£2.5million(aspartofa£5millioninvestmentalongsideotherPumaVCTs),wasestablishedtooperateatradingbusinessinthechildcaresectorand/ortoacquirebusinesseswhichoperatewithinthatsector.WelcomeHealthLimited,inwhichtheCompanyinvested£2.5million(aspartofa£5millioninvestmentalongsideotherPumaVCTs),wasestablishedtooperateatradingbusinessinthehealthcaresectorand/ortoacquirebusinessesthatoperatewithinthatsector.

Wearepleasedtoreportthat,duringtheperiod,WarmHearthLimitedcommenceditstrade,seekingtocapitaliseonthestronggrowthtrendswithinthecraftbeersub-marketandaddvaluefromtheroll-outanduseofastrongbrand.InpursuitofthisstrategyWarmHearthwasabletonegotiateafranchiseagreementwith

Brewhouse&KitchenLimited(“B&K”),astrongandfast-growingbrandedoperator.Itsdifferentiationistohavecraftmicro-brewingactivitieswithineachofitspubunitsasapointoffocus.WarmHearthacquiredthreesubstantialfreeholdpubassetsinChester,WilmslowandBedford,allofwhicharenowopenandtradingasfullybrandedB&Kunits.

WeunderstandthatthedirectorsofMiniRainbowsLimitedandWelcomeHealthLimitedhavebothagreedtermstodeploytheirfundsinthenearfuture.WehavebeenadvisedbyPwCthatHMRChaveconfirmedthattheseinvestmentsshouldalsobequalifyingforVCTpurposes.

Non-Qualifying InvestmentsAspreviouslyreported,wehaveadoptedastrategyforthenon-qualifyingportfolioofsecuredloans(andothersimilarinstruments)offeringagoodyieldwithhopefullylimiteddownsiderisk.Tothatend,theCompanyhadinvestedasat28February2017atotalof£6.1millioninaseriesoflendingbusinesseswiththisstrategy.Detailsoftheloansthattheselendingbusinesseshavemadearesetout below.

InSeptember2015,£800,000wasadvanced(throughanaffiliate,LavenderLendingLimited)toAthena(Alpha)Limited,aspartofa£4.4millionfacilityfromothervehiclesmanagedandadvisedbytheInvestmentManager,tofundthedevelopmentofanewpurpose-built,80-bedresidentialcarehomeinDover,Kent.Thesiteoccupiesaprominentlocationadjacenttotherecentlyopenednewcommunityhospital,approximatelya5minutedrivefromDovertowncentre.Wearepleasedtoreportthat,followingtheperiodend,theborrowersoldthecarehomeshortlyfollowingpracticalcompletionandtheloanwasrepaidinfullgivingagoodrateofreturn.

VariousloanstoentitieswithintheCitrusGroup(throughaffiliatesValenciaLendingLimitedandVictoriaLendingLimited),aspartofaseriesoffacilitiesfromothervehiclesmanagedandadvisedbyyourInvestmentManagertoprovideworkingcapitaltotheCitrusPXbusiness,continuetodeliverattractivereturns.CitrusPX

operatesapropertypartexchangeservicefacilitatingtherapidpurchaseofpropertiesfordevelopersandhomeowners.ThefacilityprovidesaseriesofloanstoCitrusPX,withthebenefitofafirstchargeoverageographicallydiversifiedportfolioofresidentialpropertiesonconservativeterms.Attheperiod-end,theCompany’sexposuretotalled£1.29million,includinga£1millionadvanceduringtheperiod.

Aspreviouslyreported,a£474,000loan(aspartofa£2.9millionfacilityfromothervehiclesmanagedandadvisedbyyourInvestmentManager)hadbeenextended(throughanaffiliate,ValenciaLendingLimited)toChurchillHomes(CulterHouse)Limited.ChurchillHomesisalongstandingAberdeenshiredeveloperandthefacilityprovidedfundingtowardstheconstructionofaprivatedetachedhousingdevelopmentinoneofAberdeen’sfinestresidentialsuburbs.Theloanissecuredwithafirstchargeoverthesiteandisearninganattractiverateofinterest.WhilsttheAberdeenhousingmarkethasslowedduringtheperiod,primarilyasaresultinthereductioninthepriceofoil,theloanisbeingservicedandtheCompany’ssecurityremainsatanappropriatelevel.

A£1.3millionloan(aspartofa£2.6millionfacility)hadbeenextended(throughanaffiliate,LothianLendingLimited)toRPEFL1Limited,amemberoftheRenewablePowerExchangegroup,toprovidefundingtowardstheconstructionofa1.5MWwindfarminEastLothian,Scotland,withtheelectricityusedtosupplythoseonlowincomesinthelocalcommunity.TheloanissecuredonthesiteinEastLothianandisearninganattractiverateofinterest.Wearepleasedtoreportthattheturbinesareoperatingwell,generatingelectricityandEBITDAisinlinewithforecasts.Inaccordancewiththeplannedamortisationschedule,theloanbalancenowstandsat£1.09million.

Aloanof£575,000wasadvanced(throughanaffiliate,MeadowLendingLimited)toWindsarCare(UK)LLPtofundthedevelopmentandinitialtradingofa68-bedpurpose-builtcarehomeinEgham,Windsor.Theseloans,togetherwithloansfromothervehiclesmanagedandadvised

Investment Manager’s Report continued

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bytheInvestmentManagertotalling£5.3million,aresecuredwithafirstchargeoverthesite.Constructionisbehindscheduleduetoissueswiththemaincontractorbutthisisbeingaddressedbythedeveloperandteam.

Intheprioryear,aloanof£1.2million(aspartofa£6.9millionfacilityfromothervehiclesmanagedandadvisedbytheInvestmentManager)wasmade(throughanaffiliate,LothianLendingLimited)toRichmondGlobalPropertiesLimitedtofundthedevelopmentofa112bedpurposebuiltcarehomeinHamilton,Scotland.Theseloansareagainsecuredwithafirstchargeoverthesite.Thisrecentlyreachedpracticalcompletionandthehomeisnowbeingfittedoutreadytoacceptitsfirstresidents.

AtthestartoftheperiodtheCompanyhada£523,000holdinginNextenergySolarFund,aninvestmentcompanyfocusingonoperationalsolarphotovoltaicassetslocatedintheUnitedKingdom.Duetoachangeinpower-generationmarketsresultingfromdecliningenergyprices,webegantoreducetheCompany’sexposureandfullyexitedthisinvestmentduringthe period.

Tofurthermanageliquidity,theCompanyholdsthroughanaffiliate,LatimerLendingLimited,£872,000inabondissuedbyJSainsburyplc.Duringtheperiod,theCompanysoldits£2.5millionholdinginasterlingfloatingratenoteissuedbyRoyalBankofCanadaandits£1millionholdinginasterlingfloatingratenoteissuedbyCommonwealthBankofAustraliatofreeupcashfortheCompanytomakequalifyinginvestments.

Investment StrategyWearepleasedtohaveinvestedasubstantialproportionoftheCompany’sfunds.WeremainfocusedongeneratingstrongreturnsfortheCompanyinboththequalifyingandnon-qualifyingportfolios,whilstbalancingthesereturnswithmaintaininganappropriateriskexposureandensuringthereissignificantliquidityintheportfoliotofreeupcashforqualifyinginvestmentsastheyarise.

Puma Investment Management Limited29June2017


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Investment Portfolio Summary As at 28 February 2017

Valuation £’000

Cost £’000

Gain/(loss) £’000

Valuation as a % of Net Assets

Qualifying Investments

UrbanMiningLimited 1,875 1,875 – 8%

OpesIndustriesLimited 2,940 3,450 (510) 13%

WarmHearthLimited 2,500 2,500 – 11%

MiniRainbowsLimited 2,500 2,500 – 11%

WelcomeHealthLimited 2,500 2,500 – 11%

SavilleServicesLimited 2,139 2,139 – 9%

GrowingFingersLimited 980 980 – 4%

Total Qualifying Investments 15,434 15,944 (510) 67%

Non-Qualifying Investments

ValenciaLendingLimited 984 984 – 4%

LothianLendingLimited 2,325 2,325 – 10%

LavenderLendingLimited 800 800 – 3%

VictoriaLendingLimited 1,000 1,000 – 4%

MeadowLendingLimited 575 575 – 2%

PiccadillyLendingLimited 400 400 – 2%

Total Non-Qualifying Investments 6,084 6,084 – 25%

Liquidity Management

JSainsburyPlcBond(viaLatimerLending)* 872 821 51 4%

Total Liquidity Management Investments 872 821 51 4%

Total Investments 22,390 22,849 (459) 95%

Balance of Portfolio 1,127 1,127 – 5%

Net Assets 23,517 23,976 (459) 100%

Oftheinvestmentsheldat28February2017,allareincorporatedinEnglandandWales.

*QuotedinvestmentlistedontheLSE.

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Urban Mining Limited

Cost(£'000) 1,875Investmentcomprises:Ordinaryshares 1,313Debt 562Valuationmethod DiscountedcashflowValuation(£'000) 1,875IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 202

SourceoffinancialdataAuditedabbreviatedaccountsfortheperiodended

31December2015Turnover(£’000) NotdisclosedProfitbeforetax(£’000) NotdisclosedNetassets(£’000) 9,011Proportionofequityheld 8%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited 22%

UrbanMiningLimitedisamemberoftheChinookUrbanMininggroupofcompanies,anenergy-from-wastebusiness.TheequityheldbytheCompanyandmanagedbytheShoreCapitalGroupisCordinarysharesinUrbanMiningLimitedwhichcarrynovotingrights.

Opes Industries Limited

Cost(£'000) 3,450Investmentcomprises:Ordinaryshares 2,415Debt 1,035Valuationmethod NetassetsValuation(£'000) 2,940IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 55

SourceoffinancialdataAuditedaccountsfortheyearended

31December2014Turnover(£’000) 504Lossbeforetax(£’000) (2,400)Netassets(£’000) 1,516Proportionofequityheld 25%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited^ 59%

^InvestmentdecisionsaremadebytherespectiveVCTboardofdirectorsasPumaInvestmentManagementLimited’sdiscretionaryinvestmentmandatehasbeenremovedinrelationtothisinvestment

OpesIndustriesLimitedwasdevelopingamaterialsrecyclingfacilityatanestablishedlandfillinOxfordshire.FollowingamajorfireinFebruary2016,thecompanyenteredadministrationon9March2016.TheequityheldbytheCompanyandmanagedbytheShoreCapitalGroupisBordinarysharesinOpesIndustriesLimitedwhichcarrynovotingrights.

Significant Investments

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Warm Hearth Limited

Cost(£'000) 2,500Investmentcomprises:Ordinaryshares 1,750Debt 750Valuationmethod PriceofrecentinvestmentValuation(£'000) 2,500IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 24

Sourceoffinancialdata* Turnover(£’000) –Profitbeforetax(£’000) –Netliabilities(£’000) –Proportionofequityandvotingrightsheld 36%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited^ 72%

*theCompanyisyettofileaccounts

^InvestmentdecisionsaremadebytherespectiveVCTboardofdirectorsasPumaInvestmentManagementLimited’sdiscretionaryinvestmentmandatehasbeenremovedinrelationtothisinvestment.

WarmHearthLimitedwasincorporatedinOctober2015.TheequityheldbytheCompanyandmanagedbytheShoreCapitalGroupisBordinaryshares.

Mini Rainbows Limited


Sourceoffinancialdata*Turnover(£’000) –Profitbeforetax(£’000) –Netliabilities(£’000) –Proportionofequityandvotingrightsheld 25%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited^ 50%



MiniRainbowsLimitedwasincorporatedinOctober2015.TheequityheldbytheCompanyandmanagedbytheShoreCapitalGroupisBordinaryshares.

Significant Investments continued

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Welcome Health Limited


Sourceoffinancialdata*Turnover(£’000) –Profitbeforetax(£’000) –Netliabilities(£’000) –Proportionofequityandvotingrightsheld 25%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited^ 50%



WelcomeHealthLimitedwasincorporatedinOctober2015.TheequityheldbytheCompanyandmanagedbytheShoreCapitalGroupisBordinaryshares.

Saville Services Limited

Cost(£'000) 2,139Investmentcomprises:Ordinaryshares 1,497Debt 642Valuationmethod DiscountedcashflowValuation(£'000) 2,139IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 23

SourceoffinancialdataAbbreviatedaccountsforyearended

28February2016Turnover(£’000) NotdisclosedProfitbeforetax(£’000) NotdisclosedNetassets(£’000) 6,579Proportionofequityandvotingrightsheld 16%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited^ 86%


SavilleServicesLimitedprovidescontractingservicesinrelationtoconstructionofacarehomeinChester.

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Growing Fingers Limited

Cost(£'000) 980Investmentcomprises:Ordinaryshares 980Debt –Valuationmethod PriceofrecentinvestmentValuation(£'000) 980IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) –

Sourceoffinancialdata*DormantAccountsfortheperiodended

31March2016Turnover(£’000) –Profitbeforetax(£’000) –Netliabilities(£’000) –Proportionofequityheld 50%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited^ 100%



GrowingFingersLimitedwasincorporatedinMarch2015.TheCompanyisdevelopingapurposebuiltchildcaredaynurserywhichitthenintendstooperate.TheequityheldbythecompanyandmanagedbytheShoreCapitalGroupisBordinarysharesthathavenovoting rights.

Valencia Lending Limited

Cost(£'000) 984Investmentcomprises:Ordinaryshares –Debt 984Valuationmethod DiscountedcashflowValuation(£'000) 984IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 168

SourceoffinancialdataAbbreviatedaccountsfortheyearended

31July2015Turnover(£’000) NotdisclosedProfitbeforetax(£’000) NotdisclosedNetassets(£’000) –Proportionofequityandvotingrightsheld –ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited 100%

ValenciaLendingLimitedwasincorporatedinJuly2013.ValenciaLendingLimitedhasprovidedaloantoChurchillHomes(Aberdeen)Limitedandhasparticipatedina£5mrevolvingcreditfacilityprovidedtoCitrusPXTwoLimited.


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Lothian Lending Limited

Cost(£'000) 2,325Investmentcomprises:Ordinaryshares –Debt 2,325Valuationmethod DiscountedcashflowValuation(£'000) 2,325IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 248

SourceoffinancialdataAbbreviatedaccountsfortheyearended

30April2016Turnover(£’000) notdisclosedProfitbeforetax(£’000) notdisclosedNetassets(£’000) –Proportionofequityandvotingrightsheld 50%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited 100%

LothianLendingLimitedwasincorporatedinApril2014.LothianLendingLimitedhasprovidedaloantoRPEFL1Limited,amemberoftheRenewablePowerExchangeGroupandRichmondGlobalPropertiesLimitedinconnectionwiththedevelopmentofacarehome.

Lavender Lending Limited

Cost(£'000) 800Investmentcomprises:Ordinaryshares –Debt 800Valuationmethod DiscountedcashflowValuation(£'000) 800IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 64

Sourceoffinancialdata*Turnover(£’000) –Profitbeforetax(£’000) –Netassets(£’000) –Proportionofequityandvotingrightsheld 50%ProportionofequityheldbyVCTsmanagedbyPumaInvestmentManagementLimited 100%


LavenderLendingLimitedwasincorporatedinAugust2015.LavenderLendingLimitedhasprovidedaloantoAthenaAlphaLimited,inconnectionwiththedevelopmentofacarehome.

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Victoria Lending Limited

Cost(£'000) 1,000Investmentcomprises:Ordinaryshares –Debt 1,000Valuationmethod DiscountedcashflowValuation(£'000) 1,000IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 53



VictoriaLendingwasincorporatedinApril2016.VictoriaLendingLimitedhasparticipatedina£5mrevolvingcreditfacilitytoCitrusPXFiveLLP.

Meadow Lending Limited

Cost(£'000) 575Investmentcomprises:Ordinaryshares -Debt 575Valuationmethod DiscountedcashflowValuation(£'000) 575IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) 57



MeadowLendingLimitedwasincorporatedinSeptember2015.MeadowLendingLimitedhasprovidedaloantoWindsarCare(UK)LLP,inconnectionwiththedevelopmentofacarehome.


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Piccadilly Lending Limited

Cost(£'000) 400Investmentcomprises:Ordinaryshares –Debt 400Valuationmethod DiscountedcashflowValuation(£'000) 400IncomereceivedbytheCompanyfromthisholdingintheperiod(£’000) –



PiccadillyLendingLimitedwasincorporatedinApril2016.PiccadillyLendingLimitedwilllooktoprovideloans.

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Directors’ Biographies

David Vaughan (Non-Executive Chairman)

DavidwasformerlyamanagingdirectorattheRoyalBankofScotland,wherehehadresponsibilityforbankingrelationshipstothemediasectorintheUKforitsglobalbankingmarketsdivision.Duringhiscareerheheldarangeofotherseniorappointmentsinthebankandhasabroadrangeofexperienceinthesupplyofcredittocompaniesofallsizes.HeholdsqualificationsfromtheSecuritiesInstituteincorporatefinanceandtheCharteredInstituteofBanking.Davidwasformerlyanon-executivedirectorofMusicSalesGroupLimited.

Stephen Hazell-Smith

StephenisaUKinstitutionalfundmanagerbybackground,includingbeingthefounderandmanagingdirectorofRutherfordAssetManagementLimitedwherehecreatedanumberofhighlysuccessfulsmallercompanyinvestmentvehicles,includingHeraldInvestmentTrustandBeaconInvestmentTrust.In1997hesoldRutherfordAssetManagementLimitedtoCloseBrothersGroupandjoinedCloseInvestmentLimitedasmanagingdirector,wherehewasresponsibleforlaunchingCloseBrothersAIMVCTplc.HeisadirectorofOctopusAIMVCTplc.

Graham Shore

GrahamwaspreviouslyamanagementconsultancypartnerinToucheRoss(nowDeloitte)andwasresponsiblefortheLondonpracticeadvisingthetelecommunicationsandnewmediaindustries.AtToucheRossheundertookstrategicandeconomicassignmentsforawiderangeofclientsincludingappraisalsofventurecapitalopportunities.In1990hejoinedtheShoreCapitalGroupasmanagingdirector,andhasbeeninvolvedinmanagingthePumaVCTsandotherventurecapitalfundsmanagedbytheShoreCapitalGroup,includingevaluatingnewdealsforthefundsandrepresentingthefundswithinvesteecompanies.GrahamhasbeeninvolvedwithAIMsinceitsinceptionasbothacorporatefinancierandinvestorandwithprivateequityformorethan20years.HeisadirectoroftheotherPumaVCTsandStPeterPortCapital Limited.

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Strategic Report

TheDirectorspresenttheirStrategicReportoftheCompanyforthe14monthperiodended28February2017.

Principal Activities and StatusTheCompanywasincorporatedon2October2013.TheprincipalactivityoftheCompanyisthemakingofinvestmentsinqualifyingandnon-qualifyingholdingsofsharesorsecurities.TheCompanyisaninvestmentcompanywithinthemeaningofSection833oftheCompaniesAct2006.TheCompanywasgrantedprovisionalapprovalbytheInlandRevenueunderSection274oftheIncomeTaxAct2007asaVentureCapitalTrust.TheDirectorshavemanaged,andcontinuetomanage,theCompany’saffairsinsuchamannerastocomplywithSection274oftheIncomeTaxAct2007.

TheCompany’sordinarysharesof0.05peachhavebeenlistedontheOfficialListoftheUKListingAuthoritysince13 June 2014.

Business model and strategyTheCompanyoperatesasaVCTtoenableitsshareholderstobenefitfromtaxreliefsavailable.TheDirectorsaimtomaximisetaxfreedistributionstoshareholdersbywayofdividendspaidoutofincomereceivedfrominvestmentsandcapitalgainsreceivedfollowingsuccessfulrealisations.TheCompany’sstrategyissetoutintheInvestmentPolicysetout below.

Investment PolicyPumaVCT10plcseekstoachieveitsoverallinvestmentobjective(ofproactivelymanagingtheassetsofthefundwithanemphasisonrealisinggainsinthemediumterm)tomaximisedistributionsfromcapitalgainsandincomegeneratedfromtheCompany’sassets.ItintendstodosowhilstmaintainingitsqualifyingstatusasaVCT,bypursuingthefollowingInvestment Policy:

TheCompanymayinvestinamixofqualifyingandnon-qualifyingassets.ThequalifyinginvestmentsmaybequotedonAIMorasimilarmarketorbeunquotedcompanies.TheCompanymayinvestinadiversifiedportfolioofgrowthorientedqualifyingcompanieswhichseekto

raisenewcapitalonflotationorbywayofasecondaryissue.TheCompanyhastheabilitytostructuredealstoinvestinprivatecompanieswithanasset-backedfocustoreducepotentialcapitalloss.TheCompanymusthavehadinexcessof70%ofitsassetsinvestedinqualifyinginvestmentsasdefinedforVCTpurposesby28February2017.

Theportfolioofnon-qualifyinginvestmentswillbemanagedwiththeintentionofgeneratingapositivereturn.SubjecttotheBoardandInvestmentManager’sviewfromtimetotimeofdesirableassetallocation,itwillcomprisequotedandunquotedinvestments(directorindirect)incashorcashequivalents,securedloans,bonds,equities,vehiclesinvestinginpropertyandfundsoffundsoroncashdeposit.

AfulltextoftheCompany’sinvestmentpolicycanbefoundwithintheCompany’s prospectusatwww.pumainvestments.co.uk.

Principal risks and uncertaintiesTheprincipalrisksfacingthecompanyrelatetoitsinvestmentactivitiesandincludemarketpricerisk,interestraterisk,creditriskandliquidityrisk.Anexplanationoftheserisksandhowtheyaremanagediscontainedinnote14tothefinancialstatements.Additionalrisksfacedbythecompanyareasfollows:

InvestmentRisk–InappropriatestockselectionleadingtounderperformanceinabsoluteandrelativetermsisariskwhichtheInvestmentManagerandtheBoardmitigatebyreviewingperformancethroughouttheperiodandformallyatBoardmeetings.ThereisalsoaregularreviewbytheBoardoftheinvestmentmandateandlongterminvestmentstrategyandmonitoringofwhethertheCompanyshouldchangeitsinvestment strategy.

RegulatoryRisk –theCompanyoperatesinacomplexregulatoryenvironmentandfacesanumberofrelatedrisks.Abreachofs274oftheIncomeTaxAct2007couldresultintheCompanybeingsubjecttocapitalgainsonthesaleofinvestments.AbreachoftheVCTRegulationscouldresultinthelossofVCTstatusandconsequentlossoftaxreliefcurrentlyavailabletoshareholders.Seriousbreachofotherregulations,suchastheUKLAListingRulesandtheCompaniesAct2006couldleadtosuspensionfromtheStockExchange.TheBoardreceivesquarterlyreportsinordertomonitorcompliancewithregulations.

TheprincipaluncertaintiesthatmayaffectthecompanyrelatetomaterialchangesintheUKeconomyormaterialchangestotheVCTregulations.TheBoardcontinuetomonitorthesemattersandwilltakeappropriateactionifrequired.

AnexampleofthesecurityprovidedtoValenciaLendingLimitedthroughitsCitrusPXexposure

16


Risk managementTheCompany’sinvestmentpolicyallowsforalargeproportionoftheCompany’sassetstobeheldinunquotedinvestments.Theseinvestmentsarenotpubliclytradedandtheremaynotbealiquidmarketforthem,andthereforetheseinvestmentsmaybedifficultto realise.

TheCompanymanagesitsinvestmentriskwithintherestrictionsofmaintainingitsqualifyingVCTstatusbyusingthefollowingmethods:

• theactivemonitoringofitsinvestmentsbytheInvestmentManagerandtheBoard;

• seekingBoardrepresentationassociatedwitheachinvestment,if possible;

• seekingtoholdlargerinvestmentstakesbyco-investingwithothercompaniesmanagedbytheInvestmentManager,soastogainmoreinfluenceovertheinvestment;

• ensuringaspreadofinvestmentsis achieved.

Business Review and Future DevelopmentsTheCompany’sbusinessreviewandfuturedevelopmentsaresetoutintheChairman’sStatement,theInvestmentManager’sReportandInvestmentPortfolioSummaryonpages2to6.

Key performance indicatorsAteachboardmeeting,theDirectorsconsideranumberofperformancemeasurestoassesstheCompany’ssuccessinmeetingitsobjectives.TheBoardbelievestheCompany’skeyperformanceindicatorsaremovementinNetAssetValueperordinaryshare,TotalReturnperordinaryshareanddividendsperordinaryshare.TheBoardconsidersthattheCompanyhasnonon-financialkeyperformanceindicators.Inaddition,theBoardconsiderstheCompany’scompliancewiththeVentureCapitalTrustRegulationstoensurethatitwillmaintainitsVCTstatus.AnanalysisoftheCompany’skeyperformanceindicators

andtheperformanceoftheCompany’sportfolioandspecificinvestmentsisincludedintheChairman’sStatement,theInvestmentManager’sReportandtheInvestmentPortfolioSummaryonpages2to6.

Viability statementTheDirectorshaveconductedarobustassessmentoftheprincipalrisksfacingtheCompanyincludingthosethatwouldthreatenitsbusinessmodel,futureperformance,solvencyorliquidity.ThisissummarisedaboveandintheReportoftheDirectors.TheDirectorshaveassessedtheprospectsoftheCompanyfortheperiodtotheendof2019,whichasenvisagedintheprospectus,isthedatethattheDirectorswillseekshareholderapprovaltocommencetheliquidationofthefund.Thisisaperiodforwhichdevelopmentsareconsideredtobereasonablyforeseeable.ThisreviewincludedconsiderationofcompliancewithVCTregulations,theCompany’scurrentfinancialpositionandexpectedcashflowsfortheperiodandthecurrenteconomicoutlook.

Basedonthisreview,theDirectorshaveconcludedthatthereisareasonableexpectationthattheCompanywillbeabletocontinueinoperationandmeetitsliabilitiesastheyfalldueovertheperiodtotheendof2019.

VCT status monitoringTheCompanyhasretainedPricewaterhouseCoopersLLPtoadviseitoncompliancewithVCTrequirements,includingevaluationofinvestmentopportunities,asappropriate,andregularreviewoftheportfolio.AlthoughPricewaterhouseCoopersLLPworkcloselywiththeInvestmentManager,theyreportdirectlytotheBoard.

CompliancewiththeVCTregulations(asdescribedintheInvestmentPolicy)fortheperiodunderreviewissummarisedasfollows:

Positionat28February2017

1. TheCompanyholdsatleast70%ofitsinvestmentsinqualifying companies; Complied

2. Atleast70%oftheCompany’squalifyinginvestmentsareheldin“eligibleshares”; Complied

3. Noinvestmentconstitutesmorethan15%oftheCompany’sportfolioattimeofinvestment; Complied

4. TheCompany’sincomeforeachfinancialperiodisderivedwhollyormainlyfromsharesandsecurities; Complied

5. TheCompanydistributessufficientrevenuedividendstoensurethatnotmorethan15%oftheincomefromsharesandsecuritiesinanyoneyearisretained;and Complied

6. Amaximumunitsizeof£5millionineachVCTqualifyinginvestment(pertaxyear). Complied

Directors and employeesTheCompanyhasnotdisclosedanyinformationabout,orpoliciesinrelationto,employeesasithasnoemployees(otherthantheDirectors).Allofthedirectorsaremale.

Environmental and social policyAsaVCTtheCompanyisapureinvestmentcompanyandthereforehasnotradingactivities.Duetothis,theCompanydoesnothaveapolicyonenvironmentalmattersorsocial,communityandhumanrightsissues.

Approvedbytheboardandsignedonitsbehalfby

David Vaughan Chairman 29June2017

Strategic Report continued

17


Report of the Directors

TheDirectorspresenttheirannualreportandtheauditedfinancialstatementsoftheCompanyforthe14monthperiodended28February2017.TheCompany’sRegisteredNumberis08714913.

Results and dividendsTheresultsforthefinancialperiodaresetoutonpage26.TheDirectorsdonotproposeafinaldividend(2015:nil).Twointerimdividendsof6pperordinarysharewerepaidduringtheperiodended28February2017totalling£3,316,000(2015:nil).

Post balance sheet eventsDetailsofmaterialeventssince28February2017aredisclosedintheInvestmentManager’sReportonpages3to6.

Capital StructureTheissuedsharecapitaloftheCompanyisdetailedinnote12oftheseaccounts.DetailsofsharevotingrightsandauthoritytorepurchaseordinarysharesaredisclosedintheCorporateGovernanceStatementonpage22.

DirectorsTheDirectorsoftheCompanyduringtheperiodandtheirbeneficialinterestsintheissuedordinarysharesoftheCompanyat28February2017wereasfollows:

0.05pordinaryshares28 February

201731 December

2015

DavidVaughan(Chairman) 20,200 20,200StephenHazellSmith 20,200 20,200GrahamShore 50,500 50,500

NooptionsoverthesharecapitaloftheCompanyhavebeengrantedtotheDirectors.TherehavebeennochangesintheholdingsoftheDirectorssincetheperiodend.

Investment management, administration and performance feesTheCompanyhasdelegatedtheinvestmentmanagementoftheportfoliotoPumaInvestmentManagementLimited(PumaInvestments).TheprincipaltermsoftheCompany’smanagementagreementwithPumaInvestments,aresetoutinnote3ofthefinancialstatements.TheannualrunningcostsoftheCompanyaresubjecttoacapof3.5%oftheCompany’stotal fundraise.

TheCompanyhasdelegatedcompanysecretarialandotheraccountingandadministrativesupporttoPIAdministrationServicesLimitedforanaggregateannualfeeof0.35%oftheNetAssetValueoftheFundateachquarterend,payablequarterlyin arrears.

PumaInvestmentsandmembersoftheinvestmentmanagementteamwillbeentitledtoaperformancerelatedincentiveof20%oftheaggregateamountsrealisedbytheCompanyinexcessof£1perOrdinaryShare,andShareholderswillbeentitledtothebalance.ThisincentivewillonlybeeffectiveoncetheholdersofOrdinaryShareshavereceiveddistributions

of£1pershare(whethercapitalorincome).TheperformanceincentivestructureprovidesastrongincentivefortheInvestmentManagertoensurethattheCompanyperformswell,enablingtheBoardtoapprovedistributionsashighandassoonaspossible.

Theperformanceincentivehasbeensatisfiedthroughtheissueof6,908,306OrdinaryShares(assetoutinNote11ofthefinancialstatements)totheInvestmentManagerandmembersoftheinvestmentmanagementteambeing20%ofthetotalissuedOrdinarySharecapitalof34,541,530.Underthetermsoftheincentivearrangement,allrightstodividendswillbewaiveduntilthe£1perOrdinaryShareperformancetargethasbeenmet.

ItistheDirectors’opinionthatthecontinuedappointmentoftheInvestmentManager,PumaInvestments,onthetermsagreedisinthebestinterestoftheshareholdersasawhole.TheInvestmentManagerispartoftheShoreCapitalGroupwhichhasaproventrackrecordinVCTmanagementandcurrentlymanagesover£121millionofVCTfundsandhasastrongnetworkwithintheindustry.

Corporate governance statementTheCompany’scorporategovernancestatementissetonpages21to23.

Global greenhouse gas emissionsTheCompanyhasnodirectgreenhousegasemissionstoreportfromitsoperations,nordoesithaveresponsibilityforanyotheremissionsproducingsourcesundertheCompaniesAct2006(StrategicReportandDirectors’Report)Regulations2013.

Going concernAftermakingenquiriestheDirectorsbelievethatitisappropriatetocontinuetoapplythegoingconcernbasisinpreparingthefinancialstatements.ThisisappropriateastheCompanyhasaccesstocashreservesgreaterthantheanticipatedannualrunningcostsoftheCompany.ItisconsideredthatthequotedbondscanberealisedwithsufficienteasetoprovideanyadditionalcashwhichmayberequiredtoenabletheCompanytomeetitsliabilitiesastheyfalldueforpayment.TheDirectorshaveconsideredaperiodof12monthsfromthedateofthisreportforthepurposesofdeterminingtheCompany’sgoingconcernstatuswhichhasbeenassessedinaccordancewiththeguidanceissuedbytheFinancialReportingCouncil.

Financial InstrumentsThematerialrisksarisingfromtheCompany’sfinancialinstrumentsaremarketpricerisk,creditrisk,liquidityriskandinterestraterisk.TheBoardreviewsandagreespoliciesformanagingeachoftheserisksandthesearesummarisedinnote14.Thesepolicieshaveremainedunchangedsincethebeginningofthefinancialperiod.AsaVentureCapitalTrust,itistheCompany’sspecificbusinesstoevaluateandcontroltheinvestmentriskinitsportfolio.

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Substantial ShareholdingsAsat28February2017andasatthedateofthisreport,theCompanyhadbeennotifiedofthefollowingdirectinterestsrepresenting3%ormoreoftheissuedsharecapitalofthe Company.

Number of sharesPercentage of voting rights

ShoreCapitalGroupInvestmentsLimited 3,454,153 10%DavidKaye 1,381,061 4%EliotKaye 1,035,555 3%

Alloftheaboveshareholdingsareheldunderthemanagementperformanceincentiveagreementexplainedinnote11tothefinancialstatements.

Third Party Indemnity Provision for DirectorsQualifyingthirdpartyindemnityprovisionwasinplaceforthebenefitofallDirectorsofthe Company.

Annual General MeetingTheAnnualGeneralMeetingoftheCompanywillbeheldatBondStreetHouse,14CliffordStreet,London,W1S4JUon22August2017at10.30am.NoticeoftheAnnualGeneralMeetingandFormofProxyareinsertedwithinthisdocument.

AuditorTheDirectorsresolvedthatRSMUKAuditLLPbereappointedasauditorinaccordancewiththeprovisionsoftheCompaniesAct2006,s489.RSMUKAuditLLPhasindicateditswillingnesstocontinueinoffice.

Statement as to Disclosure of Information to the AuditorTheDirectorsinofficeatthedateofthisreporthaveconfirmedthat,asfarastheyareeachaware,thereisnorelevantauditinformationofwhichtheauditorisunaware.EachoftheDirectorshaveconfirmedthattheyhavetakenallthestepsthattheyoughttohavetakenasDirectorsinordertomakethemselvesawareofanyrelevantauditinformationandtoestablishthatithasbeencommunicatedtotheauditor.

Statement of Directors’ ResponsibilitiesTheDirectorsareresponsibleforpreparingtheStrategicReport,theReportoftheDirectors,theDirectors’RemunerationReportandthefinancialstatementsinaccordancewithapplicablelawand regulations.

CompanylawrequirestheDirectorstopreparefinancialstatementsforeachfinancialperiod.UnderthatlawtheDirectorshaveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice(UnitedKingdomAccountingStandardsandapplicablelaw).UndercompanylawtheDirectorsmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygiveatrueandfairviewofthestateofaffairsoftheCompanyandoftheprofitorlossoftheCompanyforthatperiod.Inpreparingthosefinancialstatements,thedirectorsarerequiredto:

a. selectsuitableaccountingpoliciesandthenapplythem consistently;

b. makejudgementsandaccountingestimatesthatarereasonableandprudent;

c. statewhetherapplicableUKAccountingStandardshavebeenfollowed,subjecttoanymaterialdeparturesdisclosedandexplainedinthefinancialstatements;

d. preparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethatthecompanywillcontinueinbusiness.

Report of the Directors continued

19


TheDirectorsareresponsibleforkeepingadequateaccountingrecordsthataresufficienttoshowandexplaintheCompany’stransactionsanddisclosewithreasonableaccuracyatanytimethefinancialpositionoftheCompanyandenablethemtoensurethatthefinancialstatementsandtheDirectors’RemunerationReportcomplywiththeCompaniesAct2006.TheyarealsoresponsibleforsafeguardingtheassetsoftheCompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.

Directors’ statement pursuant to the Disclosure and Transparency RulesEachoftheDirectors,whosenamesandfunctionsarelistedintheDirectors’Biographiesonpage14,confirmsthat,tothebestofeachperson’sknowledge:

a. thefinancialstatements,preparedinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice,giveatrueandfairviewoftheassets,liabilities,financialpositionandprofitoftheCompany;and

b. theChairman’sStatement,InvestmentManager’sReport,theStrategicReportandReportoftheDirectorsincludeafairreviewofthedevelopmentandperformanceofthebusinessandthepositionoftheCompanytogetherwithadescriptionoftheprincipalrisksanduncertaintiesthatitfaces.

Directors’ Statement regarding annual report and accountsTheDirectorsconsiderthatthereportandaccounts,takenasawhole,isfair,balancedandunderstandableandprovidestheinformationnecessaryforshareholderstoassesstheCompany’spositionandperformance,businessmodelandstrategy.

Electronic publicationThefinancialstatementsarepublishedonwww.pumainvestments.co.uk,awebsitemaintainedbytheinvestmentmanager.LegislationintheUnitedKingdomregulatingthepreparationanddisseminationofthefinancialstatementsmaydifferfromlegislationinotherjurisdictions.

OnbehalfoftheBoard


20


Directors’ Remuneration Report

ThisreportispreparedinaccordancewithSchedule420-422oftheCompaniesAct2006.AresolutiontoapprovethisreportwillbeputtothemembersattheAnnualGeneralMeetingtobeheldon22August2017.

Directors’ Remuneration PolicyTheBoardasawholeconsidersDirectors’remunerationand,assuch,aRemunerationCommitteehasnotbeenestablished.TheBoard’spolicyisthattheremunerationofnon-executiveDirectorsshouldreflecttimespentandtheresponsibilitiesbornebytheDirectorsontheCompany’saffairsandshouldbesufficienttoenablecandidatesofhighcalibretoberecruited.Directors’feespayableduringtheperiodtotalled£56,000assetoutinnote4.

On16October2013,thenon-executiveDirectorswereappointedforaperiodoftwelvemonthsafterwhicheitherpartymustgivethreecalendarmonths’noticetoendthecontract.

Directors’ RemunerationTheDirectorsareallnon-executiveandreceivedemolumentsasdetailedbelow:

Unaudited CurrentAnnual Fee12 months

£

Audited14 month period

ended28 February 2017

£

Auditedyear ended

31 December 2015 £

DavidVaughan(Chairman) 18,000 21,000 18,000StephenHazellSmith 15,000 17,500 15,000GrahamShore 15,000 17,500 15,000

48,000 56,000 48,000

Thesearethetotalemoluments.Therearenopensioncontributionsorshareoptions.ThereisnorequirementforthedirectorstoholdsharesintheCompany.Directors’shareinterestsaredisclosedintheReportoftheDirectorsonpage17(audited).

BriefbiographicalnotesontheDirectorsaregivenonpage14.

2018 RemunerationTheremunerationlevelsfortheforthcomingyearareexpectedtobeattheannuallevelsshowninthetableabove.TheDirectorsshallbepaidbytheCompanyalltravelling,hotelandotherexpensestheymayincurinattendingmeetingsoftheDirectorsorgeneralmeetingsorotherwiseinconnectionwiththedischargeoftheirduties.Theremunerationtobepaidisaspertheprospectus.

Directors’andOfficers’liabilityinsurancecoverisheldbytheCompanyinrespectoftheDirectors.

Statement of voting at Annual General MeetingResolutionstoapprovetheDirectors’RemunerationPolicyandtheDirectors’RemunerationReportwereapprovedbyshareholdersattheAGMon29June2016.Votescastaresummarisedasfollows:

Directors’ Remuneration

Policy

Directors’ Remuneration

Report

For 96.7% 96.7%Against 3.3% 3.3%Voteswithheld 24,240votes 24,240votes

Performance GraphThefollowingchartrepresentstheCompany’sperformancefrominceptionto28February2017andcomparestherebasedNetAssetValuetoarebasedFTSEAIMAll-ShareIndex.ThisindexisconsideredtobethemostappropriateequitymarketagainstwhichinvestorscanmeasuretherelativeperformanceoftheCompany.Thishasbeenrebasedto100at31March2014,thelistingdatefortheCompany.

OnbehalfoftheBoard


21


Corporate Governance Statement

TheDirectorssupporttherelevantprinciplesoftheUKCorporateGovernanceCodeissuedinSeptember2014andpublishedontheFinancialReportingCouncil’sWebsite(www.frc.org.uk),beingtheprinciplesofgoodgovernanceandthecodeofbestpractice.DuetotheVCTbeingalimitedlifevehiclesomeareasoftheCodehavenotbeencompliedwith,thesearesetoutintheComplianceStatementbelow.

The BoardTheCompanyhasaBoardcomprisingthreenon-executiveDirectors.AllDirectorsareindependentasdefinedbytheUKCorporateGovernanceCodeexceptforGrahamShoreasaresultofhisholdingaDirectorshipoftheparentoftheInvestmentManager.TheBoardconsidersthatallDirectorshavesufficientexperiencetobeabletoexerciseproperjudgementwithinthemeaningoftheUKCorporateGovernanceCode.TheBoardhasappointedDavidVaughanastheseniorindependentDirectorandheisalsotheChairman.BiographicaldetailsofallBoardmembersareshownonpage14.

StephenHazellSmithisduetoretireattheforthcomingAnnualGeneralMeetingand,beingeligible,willofferhimselfforre-election.TheBoardbelievethatStephenHazellSmithhasmadevaluablecontributionsduringtheperiodandremainscommittedtotherole.TheBoardthereforerecommendsthatshareholdersre-electStephenHazellSmith,asadirector,attheforthcoming AGM.

FullBoardmeetingstakeplacequarterlyandadditionalmeetingsareheldasrequiredtoaddressspecificissues.TheBoardhasaformalscheduleofmattersspecificallyreservedforitsdecision.Theseinclude:

• consideringrecommendationsfromtheInvestmentManager;

• makingalldecisionsconcerningtheacquisitionordisposalofqualifyinginvestments;and

• reviewing,annually,thetermsofengagementofallthirdpartyadvisers(includinginvestmentmanagersandadministrators).

TheattendanceofindividualDirectorsatfullBoardmeetingsduringtheperiodwasasfollows:

ScheduledBoard

meetings

DavidVaughan 7/7StephenHazellSmith 7/7GrahamShore 7/7

TheBoardhasalsoestablishedprocedureswherebyDirectorswishingtodosointhefurtheranceoftheirdutiesmaytakeindependentprofessionaladviceattheCompany’sexpense.

AllDirectorshaveaccesstotheadviceandservicesoftheCompanySecretary.TheCompanySecretaryprovidestheBoardwithfullinformationontheCompany’sassetsandliabilitiesandotherrelevantinformationrequestedbytheChairman,inadvanceofeachBoardmeeting.

TheBoardhasnotestablishedanominationscommitteeorremunerationcommitteeastheyconsidertheBoardtobesmallandcompriseswhollyofnon-executiveDirectors.AppointmentsofnewDirectorsandDirectors’remunerationaredealtwithbythefullBoard.Theremunerationfor2018fortheBoardwillbeaspertheprospectus.

TheBoardreviewedDirectors’remunerationduringtheperiod.DetailsofthespecificlevelsofremunerationtoeachDirectoraresetoutintheDirectors’RemunerationReportonpage20,andthisissubjecttoshareholderapproval.

TherehavebeennochangestothecompositionoftheBoardsincethedateofissueoftheprospectusandtherearenoplannedchanges.Asaresult,theCompanyhasnotestablishedadiversitypolicyfornewappointmentsinrelationtothecompositionofthe Board.

Audit CommitteeTheAuditCommitteecomprisesthetwoindependentnon-executivedirectors.ItischairedbyDavidVaughanandmeetsannuallywiththeexternalAuditorpriortoapprovaloftheCompany’sfinancialstatements.ThereweretwoAuditCommitteemeetingsduringtheperiodwhichwereattendedbybothindependentnon-executivedirectors.TheAuditCommitteemonitorstheexternalAuditor’sindependence,theeffectivenessoftheauditprocessandotherrelevantmatters.TheAuditCommitteereceiveswrittenconfirmationeachyearoftheAuditor’sindependence.

TheAuditCommitteeconsideredtheneedforaninternalauditfunctionandconcludedthatthisfunctionwouldnotbeanappropriatecontrolforaVentureCapitalTrust.

TheAuditCommitteeconsidersthatthesignificantissuesinrelationtothesefinancialstatementsrelatetothecarryingvalueanddisclosureoftheunquotedinvestments.TheAuditCommitteechallengefindingsandcommentsreceivedfromtheInvestmentManageronthefinancialperformanceofthe investments.

TheAuditCommitteereviewsandagreestheauditstrategypaper,presentedbytheAuditorinadvanceoftheaudit,whichsetsoutthesignificantriskareastobecoveredduringtheaudit.TheAuditCommitteemeetspriortotheapprovalofthefinancialstatementstoconsidertheAuditor’sfindingsandchallengestheworkperformed,especiallyinrelationtounquotedinvestments.

RSMUKAuditLLPwereappointedbytheBoardpriortotheissueoftheProspectus.ThisistheCompany’sthirdAnnualReport

22


andAccountsandtheyhaveallbeenreportedonbyRSMUKAuditLLP.TheAuditCommittee,aftertakingintoconsiderationcommentsfromtheInvestmentManagerandAdministratorregardingtheeffectivenessoftheauditprocess,recommendtotheBoardthatRSMUKAuditLLPcontinuesinoffice.

Relations with shareholdersShareholdershavetheopportunitytomeetrepresentativesoftheInvestmentManagementteamandtheBoardattheAGM.TheBoardisalsohappytorespondtoanywrittenqueriesmadebyshareholders,ortomeetwithshareholdersifsorequested.InadditiontotheformalbusinessoftheAGM,representativesoftheInvestmentManagementteamandtheBoardareavailabletoansweranyquestionsashareholdermayhave.

SeparateresolutionsareproposedattheAGMoneachsubstantiallyseparateissue.TheRegistrarscollateproxyvotesandtheresults(togetherwiththeproxyforms)areforwardedtotheCompanySecretaryimmediatelypriortotheAGM.InordertocomplywiththeUKCorporateGovernanceCode,proxyvotesareannouncedattheAGM,followingeachvoteonashowofhands,exceptintheeventofapollbeingcalled.ThenoticeofthenextAGMandproxyformareattheendofthisdocument.

Financial ReportingTheDirectors’statementofresponsibilitiesforpreparingtheaccountsissetoutintheReportoftheDirectorsonpages18and19,andastatementbytheAuditorabouttheirreportingresponsibilitiesissetoutintheAuditor’sReportonpages24to25.

Internal controlTheCompanyhasadoptedanInternalControlManual(“Manual”),whichhasbeencompiledinordertocomplywiththeUKCorporateGovernanceCode.TheManualisdesignedtoprovidereasonable,butnotabsolute,assuranceagainstmaterialmisstatementorloss,whichitachievesbydetailingtheperceivedrisksandcontrolstomitigatethem.TheBoardisresponsibleforensuringthattheprocedurestobefollowedbytheadvisersandthemselvesareinplace,andreviewtheeffectivenessoftheManualonanannualbasistoensurethatthecontrolsremainrelevantandwereinoperationthroughouttheperiod.TheBoardwillimplementadditionalcontrolswhennewrisksareperceivedandupdatetheManualasappropriate.

AlthoughtheBoardisultimatelyresponsibleforsafeguardingtheassetsoftheCompany,theBoardhasdelegated,throughwrittenagreements,theday-to-dayoperationoftheCompanytothefollowingadvisers:

Administration PIAdministrationServicesLimited

Investment Management PumaInvestmentManagement Limited

PumaInvestmentManagementLimitedidentifiesinvestmentopportunitiesandmonitorstheportfolioofinvestmentsandmakesrecommendationstotheBoardintermsofsuggesteddisposalsandfurtheracquisitions.

PIAdministrationServicesLimitedisengagedtocarryouttheaccountingfunctionandmanagestheretentionofphysicalcustodyofthedocumentsoftitlerelatingtounquotedinvestments.QuotedinvestmentsareheldinCREST.PIAdministrationServicesLimitedregularlyreconcilestheclientassetregisterwiththephysicaldocuments.

TheDirectorsconfirmthattheyhaveestablishedacontinuingprocessthroughouttheperiodanduptothedateofthisreportforidentifying,evaluatingandmanagingthesignificantpotentialrisksfacedbytheCompany,andhavereviewedtheeffectivenessoftheinternalcontrolsystems.Aspartofthisprocess,anannualreviewoftheinternalcontrolsystemsiscarriedoutinaccordancewiththeFinancialReportingCouncilguidelinesforinternalcontrol.TherewerenoproblemsidentifiedfromtheDirectors’annualreviewoftheinternalcontrolsystems.

Internalcontrolsystemsinclude:productionandreviewofmonthlymanagementaccounts.AlloutflowsmadefromtheVCT’sbankaccountsrequiretheauthorityoftwosignatoriesfromPumaInvestments,theInvestmentManager.TheInvestmentManagerissubjecttoregularreviewbytheShoreCapitalComplianceDepartment.

Share capital, rights attaching to the shares and restrictions on voting and transferOrdinarysharesarefreelytransferableinbothcertificatedanduncertificatedformandcanbetransferredbymeansoftheCRESTsystem.Therearenorestrictionsonthetransferofanyfullypaidupshare.WithrespecttovotingrightsthesharesrankparipassuastorightstoattendandvoteatanygeneralmeetingoftheCompany.TheCompany’sshareholdersdonothavedifferingvotingrights.FurtherdetailsoftheCompany’srulesaresetoutintheCompany’sprospectusatwww.pumainvestments.co.uk.

Repurchase of Ordinary Shares AlthoughtheOrdinarySharesaretradedontheLondonStockExchange,thereislikelytobeanilliquidmarketandinsuchcircumstancesShareholdersmayfinditdifficulttoselltheirOrdinarySharesinthemarket.InordertotrytoimprovetheliquidityintheOrdinaryShares,theBoardmayestablishabuybackpolicywherebytheCompanywillpurchaseOrdinarySharesfor cancellation.

TheBoardhasauthoritytomakemarketpurchasesoftheCompany’sownsharesforupto15%oftheCompany’sissuedsharecapitalfromthelastAnnualGeneralMeetingheldon29June2016.AresolutionwillbeputtothenextAnnualGeneralMeetingtorenewthisauthority.

GearingTheBoardhastheauthoritytoborrowupto50%oftheamountreceivedfromtheissuedsharecapitalbuttherearecurrentlynoplanstotakeadvantageofthisauthority.

Corporate Governance Statement continued

23


Compliance statementTheListingRulesrequiretheBoardtoreportoncompliancewiththeUKCorporateGovernanceCodeprovisionsthroughouttheaccountingperiod.Withtheexceptionoftheitemsoutlinedbelow,theCompanyhascompliedthroughouttheaccountingperiodended28February2017withtheprovisionssetoutintheUKCorporateGovernanceCode.DuetothespecialnatureoftheCompanybeingaVCT,thefollowingprovisionsoftheUKCorporateGovernanceCodehavenotbeencompliedwith:

a) ProvisionA4-2andB6-3–DuetothesizeoftheBoard,theyfeelitunnecessarytoformaliseprocedurestoappraisetheChairman’sperformance,astheBoarddeemitappropriatetoaddressmattersastheyarise.

b) ProvisionB4-1,B4-2andE1-1–NewDirectorsdonotreceiveafull,formalandtailoredinductiononjoiningtheBoardandtheChairmandoesnotreviewandagreewitheachDirectortheirtraininganddevelopmentneedsbecausemattersareaddressedonanindividualbasisastheyarise.AlsotheCompanyhasnomajorshareholderssoshareholdersarenotgiventheopportunitytomeetanynewnon-executiveDirectorsataspecificmeetingotherthantheannualgeneral meeting.

c) ProvisionB6-1andB7-2–DuetothesizeoftheBoard,aformalperformanceevaluationoftheBoard,itscommitteesandtheindividualDirectorshasnotbeenundertaken.Specificperformanceissuesaredealtwithastheyarise.

d) ProvisionsB2-1,B2-2,B2-4,D2-1&D2-2–DuetothesizeoftheBoardandbecausetherearenoexecutiveDirectorsorseniormanagement,theCompanydoesnothaveaformalnominationscommitteeorremunerationcommittee.SinceappointmenttherehavebeennochangestotheBoardofthe Directors.

e) ProvisionB2-3–On16October2013theDirectorswereappointedforaperiodoftwelvemonthsafterwhicheitherpartymustgivethreecalendarmonths’noticetoendthecontract.TherecommendationoftheCombinedCodeisforfixedtermrenewablecontracts.ThisisdeemedunnecessarybytheBoardbecauseallDirectorsweresubjecttore-electionatthefirstAGMandfromthatpointforwardbyrotationatleasteverythreeyears.

f) ProvisionA4-1–DuetothesizeoftheBoard,theroleofChairmanandSeniorIndependentDirectorarebothperformedbyDavidVaughan.TherecommendationintheCodeisfortheSeniorIndependentDirectorandChairmantobeseparatepositionsontheBoard.TheBoardbelievesthatDavidVaughan’sexperienceallowshimtoexerciseproperjudgementindistinguishingbetweentheroles.

g) ProvisionC3-1–DuetothesizeoftheBoard,theChairmanoftheCompanyisalsotheChairmanoftheAuditCommittee.TherecommendationintheCodeisthattheChairmanoftheCompanycanbeamemberoftheAuditCommittee,butshouldnotbetheChairman.TheBoardbelievesthatDavidVaughan’sexperienceallowshimtoexerciseproperjudgementindistinguishingbetweentheroles.

h) ProvisionsC3-2andC3-3–DuetothesizeoftheBoardandasthemajorityoftheBoardareindependentnon-executiveDirectors,theauditcommitteedoesnothaveformalwrittentermsofreference.

i) ProvisionC3-5–AstheCompanyhasnoemployees,otherthanDirectors,therearenoproceduresinplacerelatingto whistleblowing.

OnbehalfoftheBoard


24


Independent Auditor’s Report to the Members of Puma VCT 10 plc

Opinion on financial statements Wehaveauditedthefinancialstatementsonpages26to40.ThefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)includingFRS102“TheFinancialReportingStandardapplicableintheUKandRepublicofIreland”.

Inouropinionthefinancialstatements:

• giveatrueandfairviewofthestateofthecompany’saffairsasat28February2017andofitsprofitfortheperiodthen ended;

• havebeenproperlypreparedinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice;and

• havebeenpreparedinaccordancewiththerequirementsoftheCompaniesAct2006.

Emphasis of matter: uncertainties associated with the fair value of investment in Opes Industries LimitedInformingouropiniononthefinancialstatements,whichisnotmodified,wehaveconsideredtheadequacyofthedisclosuresmadeinnote8tothefinancialstatementsconcerningtheuncertaintiesassociatedwithfairvalueoftheCompany’sinvestmentinOpesIndustriesLimited,whichisincludedinthefinancialstatementsat£2,940,000(2015:£2,940,000).Thefairvalueofthisinvestmentisbasedontheassetsexpectedtoberealisedbytheadministrator,whichisyettobedetermined.Thevalueoftheinvestmentrealisedmaybemateriallydifferentfromthefairvaluestatedinthefinancialstatements.

Directors’ assessment of the principal risks that would threaten the solvency or liquidity of the entityWehavenothingmaterialtoaddortodrawattentiontoinrelation to:

• thedirectors’confirmationintheAnnualReportthattheyhavecarriedoutarobustassessmentoftheprincipalrisksfacingtheentity,includingthosethatwouldthreatenitsbusinessmodel,futureperformance,solvencyorliquidity;

• thedisclosuresintheAnnualReportthatdescribethoserisksandexplainhowtheyarebeingmanagedormitigated;

• thedirectors’statementinthefinancialstatementsaboutwhethertheyconsidereditappropriatetoadoptthegoingconcernbasisofaccountinginpreparingthem,andtheiridentificationofanymaterialuncertaintiestotheentity’sabilitytocontinuetodosooveraperiodofatleasttwelvemonthsfromthedateofapprovalofthefinancialstatements; and

• thedirectors’explanationintheAnnualReportastohowtheyhaveassessedtheprospectsoftheentity,overwhatperiodtheyhavedonesoandwhytheyconsiderthatperiod

tobeappropriate,andtheirstatementastowhethertheyhaveareasonableexpectationthattheentitywillbeabletocontinueinoperationandmeetitsliabilitiesastheyfalldueovertheperiodoftheirassessment,includinganyrelateddisclosuresdrawingattentiontoanynecessaryqualificationsorassumptions

Our assessment of risks of material misstatement Weidentifiedthefollowingriskwhichhadthemostsignificantimpactonourauditstrategyandsetoutbelowhowthiswasaddressedbythescopeofouraudit:

Valuation of unquoted investmentsUnquotedinvestmentsaremeasuredatfairvalue,whichisestablishedinaccordancewiththeInternationalPrivateEquityandVentureCapitalValuationGuidelines.Thishasbeenidentifiedasanareaofsignificantriskandisthekeyareathatouraudithasfocussedon,giventhatthemeasurementofunquotedinvestmentsincludessignificantassumptionsandjudgementsabouttheperformanceoftheinvesteecompany.

Ourproceduresincluded:

• understandingandchallengingthekeyassumptionsandjudgementsaffectinginvesteecompanyvaluationspreparedbytheinvestmentmanagerbasedonobservabledataandtheprovisionsoftheInternationalPrivateEquityandVentureCapitalValuationGuidelines;

• challengingtheappropriatenessofthevaluationbasisbycomparisonwithobservedindustrypracticeandtheprovisionsoftheInternationalPrivateEquityandVentureCapitalValuationGuidelines;

• consideringwhethereventsthatoccurredsubsequenttotheperiodendupuntilthedateofthisauditreportaffectedtheunderlyingassumptionsofthevaluationsat28February2017;and

• considerationoftheappropriatenessofthedisclosuresinthefinancialstatementsinrespectofunquotedinvestments.

Our application of materiality Whenestablishingouroverallauditstrategy,wesetcertainthresholdswhichhelpustodeterminethenature,timingandextentofourauditproceduresandtoevaluatetheeffectsofmisstatements,bothindividuallyandonthefinancialstatementsasawhole.Duringplanningwedeterminedamagnitudeofuncorrectedmisstatementsthatwejudgewouldbematerialforthefinancialstatementsasawhole(FSM).DuringplanningFSM,wascalculatedas£235,000andthisfigurewasnotamendedduringthecourseofouraudit.Thishasbeencalculatedbasedonapercentageofnetassets,whichisthekeyelementinfluencingnetassetvaluewhichisconsideredtobeoneoftheprincipalconsiderationsformembersofthecompanyinassessingfinancial performance.

25


WeagreedwiththeAuditCommitteethatwewouldreporttotheCommitteealladjustedandunadjustedmisstatementsinexcessof£10,000,aswellasdifferencesbelowthatthresholdthat,inourview,warrantedreportingonqualitativegrounds.

An overview of the scope of our auditThecompanyisasingleentity,subjecttolocalstatutoryaudit,andourauditworkwasdesignedtoaddresstherisksofmaterialmisstatementsidentifiedtothelevelofmaterialityindicated above.

Scope of the audit of the financial statementsAdescriptionofthescopeofanauditoffinancialstatementsisprovidedontheFinancialReportingCouncil’swebsiteathttp://www.frc.org.uk/auditscopeukprivate.

Opinion on other matters prescribed by the Companies Act 2006InouropinionthepartoftheDirectors’RemunerationReporttobeauditedhasbeenproperlypreparedinaccordancewiththeCompaniesAct2006.

Inouropinion,basedontheworkundertakeninthecourseoftheaudit,theinformationgivenintheStrategicReportandtheReportoftheDirectorsforthefinancialperiodforwhichthefinancialstatementsarepreparedisconsistentwiththefinancialstatementsandtheStrategicReportandtheReportoftheDirectorshavebeenpreparedinaccordancewithapplicablelegal requirements.

Matters on which we are required to report by exceptionInlightoftheknowledgeandunderstandingofthecompanyanditsenvironmentobtainedinthecourseoftheaudit,wehavenotidentifiedanymaterialmisstatementsintheStrategicReportortheReportoftheDirectors.

Wehavenothingtoreportinrespectofthefollowing:

UndertheISAs(UKandIreland)wearerequiredtoreporttoyouif,inouropinion,informationintheannualreportis:

• materiallyinconsistentwiththeinformationintheauditedfinancialstatements;or

• apparentlymateriallyincorrectbasedon,ormateriallyinconsistentwith,ourknowledgeoftheCompanyacquiredinthecourseofperformingouraudit;or

• isotherwisemisleading.

Inparticular,wearerequiredtoconsiderwhetherwehaveidentifiedanyinconsistenciesbetweenourknowledgeacquiredduringtheauditandthedirectors’statementthattheyconsidertheannualreportisfair,balancedandunderstandableandwhethertheannualreportappropriatelydisclosesthosemattersthatwecommunicatedtotheAuditCommitteewhichweconsidershouldhavebeendisclosed.

UndertheCompaniesAct2006wearerequiredtoreporttoyouifinouropinion:

• adequateaccountingrecordshavenotbeenkept,orreturnsadequateforouraudithavenotbeenreceivedfrombranchesnotvisitedbyus;or

• thefinancialstatementsandthepartoftheDirectors’RemunerationReporttobeauditedarenotinagreementwiththeaccountingrecordsandreturns;or

• certaindisclosuresofdirectors’remunerationspecifiedbylawarenotmade;or

• wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.

UndertheListingRules,wearerequiredtoreview:

• thedirectors’statement,setoutonpages17to19inrelationtogoingconcernandlongertermviability;and

• thepartoftheCorporateGovernanceStatementsetoutonpages21to23relatingtothecompany’scompliancewiththeprovisionsoftheUKCorporateGovernanceCodespecifiedforourreview.

Respective responsibilities of directors and auditorAsmorefullyexplainedintheDirectors’ResponsibilitiesStatementsetoutonpages18and19,thedirectorsareresponsibleforthepreparationofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview.OurresponsibilityistoauditandexpressanopiniononthefinancialstatementsinaccordancewithapplicablelawandInternationalStandardsonAuditing(UKandIreland).ThosestandardsrequireustocomplywiththeAuditingPracticesBoard’sEthicalStandardsforAuditors.

Thisreportismadesolelytothecompany’smembers,asabody,inaccordancewithChapter3ofPart16oftheCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecompany’smembersthosematterswearerequiredtostatetotheminanauditor’sreportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecompanyandthecompany’smembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.

RICHARD COATES(Senior Statutory Auditor)

For and on behalf of RSM UK Audit LLP, Statutory AuditorCharteredAccountants25FarringdonStreetLondonEC4A4AB

29June2017

26


Income StatementFor the period ended 28 February 2017

Period from 1 January 2016 to 28 February 2017 Year ended 31 December 2015

NoteRevenue

£’000Capital

£’000Total

£’000Revenue

£’000Capital

£’000Total

£’000

Gain/(loss)oninvestments 8(b) – 32 32 - (427) (427)

Income 2 1,109 – 1,109 1,336 - 1,336

1,109 32 1,141 1,336 (427) 909

Investmentmanagementfees 3 (146) (438) (584) (135) (405) (540)

Otherexpenses 4 (278) – (278) (222) – (222)

(424) (438) (862) (357) (405) (762)

Profit/(loss)beforetaxation 685 (406) 279 979 (832) 147

Taxation 5 (158) 88 (70) (242) 146 (96)

Profit/(loss)andtotalcomprehensiveincomefortheperiod 527 (318) 209 737 (686) 51

Basicanddiluted

Return/(loss)perOrdinaryShare(pence) 6 1.91p (1.15p) 0.76p 2.67p (2.48p) 0.19p

Allitemsintheabovestatementderivefromcontinuingoperations.

TherearenogainsorlossesotherthanthosedisclosedintheIncomeStatement.

ThetotalcolumnofthisstatementistheStatementofTotalComprehensiveIncomeoftheCompanypreparedinaccordancewithFRS102‘TheFinancialReportingStandardapplicableintheUKandRepublicofIreland’.ThesupplementaryrevenueandcapitalcolumnsarepreparedinaccordancewiththeStatementofRecommendedPractice,‘FinancialStatementsofInvestmentTrustCompaniesandVentureCapitalTrusts’issuedinNovember2014bytheAssociationofInvestmentCompaniesandupdatedinJanuary2017.

27


Balance SheetAs at 28 February 2017

Note28 February 2017

£’00031 December 2015

£’000

Fixed Assets

Investments 8 22,390 26,407

Current Assets

Debtors 9 1,087 1,033

Cashatbankandinhand 243 418

1,330 1,451

Creditors - amounts falling due within one year 10 (203) (1,234)

Net Current Assets 1,127 217

Net Assets 23,517 26,624

Capital and Reserves

Calledupsharecapital 12 17 17

Sharepremiumaccount 15,624 15,624

Capitalreserve–realised (933) (575)

Capitalreserve–unrealised (459) (499)

Revenuereserve 9,268 12,057

Total Equity 23,517 26,624

Net Asset Value per Ordinary Share 13 85.10p 96.35p

Thefinancialstatementsonpages26to40wereapprovedandauthorisedforissuebytheBoardofDirectorson29June2017andweresignedontheirbehalfby:


28


Period from 1 January 2016 to 28 February 2017

£’000

Year ended 31 December 2015

£’000

Profitaftertax 209 51

Taxation 70 96

(Gain)/lossoninvestments (51) 427

Increaseindebtors (54) (941)

(Decrease)/increaseincreditors (985) 385

Taxpaid (116) –

Net cash (used in)/generated from operating activities (927) 18

Cash flow from investing activities

Purchaseofinvestments (4,694) (18,242)

Proceedsfromdisposalofinvestments 8,762 4,940

Net cash generated from/(used in) investing activities 4,068 (13,302)

Cash flow from financing activities

Dividendspaid (3,316) –

Net cash used in financing activities (3,316) –

Net decrease in cash and cash equivalents (175) (13,284)

Cashandcashequivalentsatthebeginningoftheperiod 418 13,702

Cash and cash equivalents at the end of the period 243 418

Statement of Cash Flows For the period ended 28 February 2017

29


Statement of Changes in EquityFor the period ended 28 February 2017

Called up share capital

£’000

Share premium account

£’000

Capital reserve - realised

£’000

Capital reserve - unrealised

£’000

Revenue reserve

£’000Total

£’000

Balanceasat1January2015 17 15,624 (405) 17 11,320 26,573

Realisedgainfrompriorperiod – – 8 (8) – –

Totalcomprehensiveincomefortheyear – – (178) (508) 737 51

Balance as at 31 December 2015 17 15,624 (575) (499) 12,057 26,624

Realisedgainintheperiod – – 11 (11) – –

Totalcomprehensiveincomefortheperiod – – (369) 51 527 209

Dividendspaid – – – – (3,316) (3,316)

Balance as at 28 February 2017 17 15,624 (933) (459) 9,268 23,517

Distributablereservescomprise:Capitalreserve-realised,Capitalreserve-unrealised(excludinggainsonunquotedinvestments)andtheRevenuereserve.Attheperiod-enddistributablerevenuereserveswere£9,268,000(2015:£12,057,000).

TheCapitalreserve-realisedincludesgains/lossesthathavebeenrealisedintheperiodduetothesaleofinvestments,netofrelatedcosts.TheCapitalreserve-unrealisedrepresentstheinvestmentholdinggains/lossesandshowsthegains/lossesoninvestmentsstillheldbythecompanynotyetrealisedbyanassetsale.

Sharepremiumrepresentspremiumonsharesissuedlessissuecosts.

Therevenuereserverepresentsthecumulativerevenueearnedlesscumulativedistributions.

30


Notes to the AccountsFor the period ended 28 February 2017

1. Accounting PoliciesAccounting conventionPumaVCT10plc(“theCompany”)wasincorporated,registeredandisdomiciledinEngland.TheCompany’sregisterednumberis08714913.TheregisteredofficeisBondStreetHouse,14CliffordStreet,LondonW1S4JU.TheCompanyisapubliclimitedcompanywhosesharesarelistedonLSEwithapremiumlisting.Thecompany’sprincipalactivitiesandadescriptionofthenatureoftheCompany’soperationsaredisclosedintheStrategicReport.

Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,modifiedtoincludeinvestmentsatfairvalue,andinaccordancewiththerequirementsoftheCompaniesAct2006,includingtheprovisionsoftheLargeandMedium-sizedCompaniesandGroups(AccountsandReports)Regulations2008,FRS102‘TheFinancialReportingStandardapplicableintheUKandRepublicofIreland’(“FRS102”)andtheStatementofRecommendedPractice,‘FinancialStatementsofInvestmentTrustCompaniesandVentureCapitalTrusts’issuedinNovember2014bytheAssociationofInvestmentCompaniesandupdatedinJanuary2017(“theSORP”).

Monetaryamountsinthesefinancialstatementsareroundedtothenearestwhole£1,000,exceptwhereotherwiseindicated.

InvestmentsAllinvestmentsaremeasuredatfairvalue.TheyareallheldaspartoftheCompany’sinvestmentportfolioandaremanagedinaccordancewiththeinvestmentpolicysetoutonpage15.

Listedinvestmentsarestatedatbidpriceatthereportingdate.

UnquotedinvestmentsarestatedatfairvaluebytheDirectorswithreferencetotheInternationalPrivateEquityandVentureCapitalValuationGuidelines(“IPEV”)asfollows:

• Investmentswhichhavebeenmadewithinthelasttwelvemonthsorwheretheinvesteecompanyisintheearlystageofdevelopmentwillusuallybevaluedatthepriceofrecentinvestmentexceptwherethecompany’sperformanceagainstplanissignificantlydifferentfromexpectationsonwhichtheinvestmentwasmadeinwhichcaseadifferentvaluationmethodologywillbe adopted.

• Investmentsindebtinstrumentswillusuallybevaluedbyapplyingadiscountedcashflowmethodologybasedonexpectedfuturereturnsoftheinvestment.

• Alternativemethodsofvaluationsuchasnetassetvaluemaybeappliedinspecificcircumstancesifconsideredmoreappropriate.

Realisedsurplusesordeficitsonthedisposalofinvestmentsaretakentorealisedcapitalreserves,andunrealisedsurplusesanddeficitsontherevaluationofinvestmentaretakentounrealisedcapitalreserves.

IncomeDividendsreceivableonlistedequitysharesarebroughtintoaccountontheex-dividenddate.DividendsreceivableonunquotedequitysharesarebroughtintoaccountwhentheCompany’srighttoreceivepaymentisestablishedandthereisnoreasonabledoubtthatpaymentwillbereceived.Interestreceivableisrecognisedwhollyasarevenueitemonanaccrualsbasis.

Performance fees Uponitsinception,theCompanyagreedperformancefeespayabletotheInvestmentManager,PumaInvestmentManagementLimited,andmembersoftheinvestmentmanagementteamat20%oftheaggregateexcessoftheamountsrealisedover£1perOrdinarySharereturnedtoOrdinaryShareholders.ThisincentivewillonlybeeffectiveoncetheotherholdersofOrdinaryShareshavereceiveddistributionsof£1pershare.

Theperformanceincentivehasbeensatisfiedthroughtheissueof6,908,306OrdinaryShares(assetoutinNote11ofthefinancialstatements)totheInvestmentManagerandmembersoftheinvestmentmanagementteambeing20%ofthetotalissuedOrdinarySharecapitalof34,541,530.Underthetermsoftheincentivearrangement,allrightstodividendswillbewaiveduntilthe£1perOrdinaryShareperformancetargethasbeenmet.Theperformancefeeisaccountedforasanequity-settledshare-basedpayment.

Section26ofFRS102“Share-BasedPayment”requirestherecognitionofanexpenseinrespectofshare-basedpaymentsinexchangeforgoodsorservices.Entitiesarerequiredtomeasurethegoodsorservicesreceivedattheirfairvalue,unlessthatfairvaluecannotbeestimatedreliablyinwhichcasethatfairvalueshouldbeestimatedbyreferencetothefairvalueoftheequityinstrumentsgranted.

Ateachbalancesheetdate,theCompanyestimatesthatfairvaluebyreferencetoanyexcessofthenetassetvalue,adjustedfordividendspaid,over£1pershareinissueatthebalancesheetdate.AnychangeinfairvalueisrecognisedintheIncomeStatementwithacorrespondingadjustmenttoequity

31


1. Accounting Policies continued ExpensesAllexpenses(inclusiveofVAT)areaccountedforonanaccrualsbasis.Expensesarechargedwhollytorevenue,withtheexceptionof:

• expensesincidentaltotheacquisitionordisposalofaninvestmentchargedtocapital;and

• theinvestmentmanagementfee,75%ofwhichhasbeenchargedtocapitaltoreflectanelementwhichis,inthedirectors’opinion,attributabletothemaintenanceorenhancementofthevalueoftheCompany’sinvestmentsinaccordancewiththeBoard’sexpectedlong-termsplitofreturn;and

• theperformancefeewhichisallocatedproportionallytorevenueandcapitalbasedontherespectivecontributionstotheNetAsset Value.

TaxationCorporationtaxisappliedtoprofitschargeabletocorporationtax,ifany,attheapplicableratefortheperiod.Thetaxeffectofdifferentitemsofincome/gainandexpenditure/lossisallocatedbetweencapitalandrevenuereturnonthemarginalbasisasrecommendedbytheSORP.

Deferredtaxisrecognisedinrespectofalltimingdifferencesthathaveoriginatedbutnotreversedatthebalancesheetdate,wheretransactionsoreventsthatresultinanobligationtopaymore,orrighttopayless,taxinthefuturehaveoccurredatthebalancesheetdate.Thisissubjecttodeferredtaxassetsonlybeingrecognisedifitisconsideredmorelikelythannotthattherewillbesuitabletaxableprofitsfromwhichthefuturereversaloftheunderlyingtimingdifferencescanbededucted.TimingdifferencesaredifferencesarisingbetweentheCompany’staxableprofitsanditsresultsasstatedinthefinancialstatementswhicharecapableofreversalinoneormoresubsequentperiods.Deferredtaxismeasuredonanon-discountedbasisatthetaxratesthatareexpectedtoapplyintheperiodsinwhichtimingdifferencesareexpectedtoreverse,basedontaxratesandlawsenactedorsubstantivelyenactedatthebalancesheet date.

ReservesRealisedlossesandgainsoninvestments,transactioncosts,thecapitalelementoftheinvestmentmanagementfeeandtaxationaretakenthroughtheIncomeStatementandrecognisedintheCapitalReserve–RealisedontheBalancesheet.UnrealisedlossesandgainsoninvestmentsandthecapitalelementoftheperformancefeearealsotakenthroughtheIncomeStatementandarerecognisedintheCapitalReserve–Unrealised.

Foreign exchangeThefunctionalandpresentationalcurrencyoftheCompanyisSterling.TransactionsdenominatedinforeigncurrenciesaretranslatedintoSterlingattheratesrulingatthedatesthattheyoccurred.Assetsandliabilitiesdenominatedinaforeigncurrencyaretranslatedattheappropriateforeignexchangeraterulingatthebalancesheetdate.TranslationdifferencesarerecordedasunrealisedforeignexchangelossesorgainsandtakentotheIncomeStatement.

DebtorsDebtorsincludeaccruedincomewhichisrecognisedatamortisedcost,equivalenttothefairvalueoftheexpectedbalancereceivable.

DividendsFinaldividendspayablearerecognisedasdistributionsinthefinancialstatementswhentheCompany’sliabilitytomakepaymenthasbeenestablished.TheliabilityisestablishedwhenthedividendsproposedbytheBoardareapprovedbytheShareholders.Interimdividendsarerecognisedwhenpaid.

Key accounting estimates and assumptionsTheCompanymakesestimatesandassumptionsconcerningthefuture.Theresultingaccountingestimatesandassumptionswill,bydefinition,seldomequaltherelatedactualresults.Theestimatesandassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetswithinthenextfinancialperiodrelatetothefairvalueofunquotedinvestments.FurtherdetailsoftheunquotedinvestmentsaredisclosedintheInvestmentManager’sReportonpages3to6andnotes8and14ofthefinancialstatements.

32


2. IncomePeriod from 1 January 2016

to 28 February 2017 £’000

Year ended 31 December 2015 £’000

Income from investments

Loanstockinterest 1,000 1,254

Bondyields 109 31

1,109 1,285

Other income

Bankdepositincome – 51

1,109 1,336

3. Investment Management FeesPeriod from 1 January 2016

to 28 February 2017 £’000


PumaInvestmentsfees 584 540

PumaInvestmentManagementLimited(“PumaInvestments”)hasbeenappointedastheInvestmentManageroftheCompanyforaninitialperiodoffiveyears,whichcanbeterminatedbynotlessthantwelvemonths’notice,givenatanytimebyeitherparty,onorafterthefifthanniversary.TheBoardissatisfiedwiththeperformanceoftheInvestmentManager.UnderthetermsofthisagreementPumaInvestmentswillbepaidanannualfeeof2%oftheNetAssetValuepayablequarterlyinarrearscalculatedontherelevantquarterendNAVoftheCompany.Thesefeesarecapped,theInvestmentManagerhavingagreedtoreduceitsfee(ifnecessarytonothing)tocontaintotalannualcosts(excludingperformancefeeandtrailcommission)towithin3.5%offundsraised.Totalcoststhisperiodwere2.7%ofthefundsraised(2015:2.8%).

4. Other expensesPeriod from 1 January 2016 to

28 February 2017 £’000


PIAdministrationServicesLimited 102 95

Directors’Remuneration 56 48

Socialsecuritycosts 3 1

Auditor'sremunerationforstatutoryaudit 23 23

Legalandprofessionalfees 40 34

Otherexpenses 54 21

278 222

PIAdministrationServicesLimitedprovidesadministrativeservicestotheCompanyforanaggregateannualfeeof0.35%oftheNetAssetValueoftheFund,payablequarterlyinarrears.

RemunerationforeachDirectorfortheperiodisdisclosedintheDirectors’RemunerationReportonpage20.TheCompanyhadnoemployees(otherthanDirectors)duringtheperiod(2015:none).Theaveragenumberofnon-executiveDirectorsduringtheperiodwas3(2015:3).Thenon-executiveDirectorsareconsideredtobetheKeyManagementPersonneloftheCompanywithtotalremunerationfortheperiodof£59,000(2015:£49,000),includingsocialsecuritycosts.

TheAuditor’sremunerationof£19,500(2015:£18,750)hasbeengrossedupinthetableabovetobeinclusiveofVAT.

Notes to the Accounts continuedFor the period ended 28 February 2017

33


5. TaxationPeriod from 1 January 2016 to

28 February 2017 £’000


UKcorporationtaxchargedtorevenuereserve 158 242

UKcorporationtaxcreditedtocapitalreserve (88) (146)

UK corporation tax charge for the period 70 96

Factors affecting tax charge for the period

Profitbeforetaxation 279 147

Taxchargecalculatedonprofitbeforetaxationat20% 56 29

Capitalitemsnottaxable (6) 86

Priorperiodunderaccrual 20 –

Otherdifferences – (19)

70 96

CapitalreturnsarenottaxableastheCompanyisexemptfromtaxonrealisedcapitalgainswhilstitcontinuestocomplywiththeVCTregulations,sonocorporationtaxisrecognisedoncapitalgainsorlosses.DuetotheintentiontocontinuetocomplywiththeVCTregulations,theCompanyhasnotprovidedfordeferredtaxonanyrealisedorunrealisedcapitalgainsandlosses.

6. Basic and diluted return/(loss) per Ordinary SharePeriod from 1 January 2016 to 28 February 2017

Revenue £’000

Capital £’000

Total £’000

Total comprehensive income for the period 527 (318) 209

Weighted average number of shares in issue for the period 34,541,530 34,541,530 34,541,530

Less: management incentive shares (see note 11) (6,908,306) (6,908,306) (6,908,306)

Weighted average number of shares for purposes of return/(loss) per share calculation 27,633,224 27,633,224 27,633,224

Return/(loss) per share 1.91p (1.15)p 0.76p

Year ended 31 December 2015

Revenue £’000

Capital £’000

Total £’000

Totalcomprehensiveincomefortheyear 737 (686) 51

Weightedaveragenumberofsharesinissuefortheyear 34,541,530 34,541,530 34,541,530

Less:managementincentiveshares(seenote11) (6,908,306) (6,908,306) (6,908,306)

Weightedaveragenumberofsharesforpurposesofreturn/(loss)persharecalculation 27,633,224 27,633,224 27,633,224

Return/(loss)pershare 2.67p (2.48)p 0.19p

34


7. Dividends TheDirectorsdonotproposeafinaldividendinrelationtotheperiodended28February2017(2015:£nil).Twointerimdividendsof6pperordinarysharewerepaidfromrevenuereservesintheperiodended28February2017totalling£3,316,000(2015:£nil).

8. Investments

(a) Movements in investmentsQualifying investments

£’000Non qualifying investments

£’000Total

£’000

Bookcostat1January2016 5,325 21,582 26,907

Unrealised(losses)/gainsat1January2016 (510) 10 (500)

Valuation at 1 January 2016 4,815 21,592 26,407

Purchasesatcost 3,119 2,228 5,347

Transferfromnon-qualifyingtoqualifyinginvestments 7,500 (7,500) –

Disposalproceedsandrepaymentsofloansandloannotes – (9,396) (9,396)

Realisedlossesondisposals – (19) (19)

Netunrealisedgains – 51 51

Valuation at 28 February 2017 15,434 6,956 22,390

Bookcostat28February2017 15,944 6,905 22,849

Netunrealisedgainsat28February2017 (510) 51 (459)

Valuation at 28 February 2017 15,434 6,956 22,390

Aspreviouslyreported,amajorfireoccurredinFebruary2016attheMaterialsRecyclingFacility(“MRF”)operatedbyOpesIndustriesLimited(“Opes”),intowhichtheCompanyhasinvestedatotalof£3.45m(aspartofan£8.8minvestmentbyPumaentities).Asaresultoftheincident,andasreportedintheCompany’spreviousannualreport,theboardmadeaprovisionof£510,000againstthecarryingvalueoftheCompany’sinvestmentinOpes.Opesowneda73hectaresiteinnorthOxfordshirewithaMRF,includingalandfillsitefornon-hazardousmaterialsandanaggregates/gravelquarryingbusiness.TheCompany’sinvestmentwastoprovidefundingfortheconstructionandequippingoftheMRFandworkingcapitalduringthebuild-upofthetrade.ThefundingwasprovidedintheformofequityandloanstockandourinterestsarecoveredbyafirstfixedandfloatingchargeoverOpes’assets.Followingtheincident,theCompanyappointedanadministratoroverOpesinordertobestprotecttheCompany’sinvestment.Wearepleasedtoreportthatshortlyaftertheperiodend,theadministratorexchangedcontractsforthesaleofthenorthOxfordshiresite;thecashconsiderationispayableinstagesovera12monthperiod.Moreover,discussionsarecontinuingwithOpes’insurersregardingreimbursementofthedamagetotheplantandthebuildingandofthecostsofbusinessinterruption.

Duringtheperiod,theCompanysolditsquotedbondsinNextenergySolarBondfor£493,000,whichwereoriginallyacquiredfor£500,000.Thesebondswerestatedat£523,000asat31December2015.TheCompanyalsosolditsholdingsofquotedbondsinRoyalBankofCanadafor£2,516,000(originallyacquiredfor£2,500,000)andinCommonwealthBankofAustraliafor£1,010,000(originallyacquiredfor£1,010,000).Thesebondswerestatedat£2,505,000and£1,010,000respectivelyasat31December2015.


35


8. Investments continued (b) Gains and losses on investmentsThegainsandlossesoninvestmentsfortheyearshownintheIncomeStatementisanalysedasfollows:

Period from 1 January 2016 to 28 February 2017

£’000Year ended 31 December 2015

£’000

Realised(losses)/gainsinperiod (19) 81

Unrealisedgains/(losses)inperiod 51 (508)

32 (427)

(c) Quoted and unquoted investments

Market value as at 28 February 2017

£’000

Market value as at 31 December 2015

£’000

Quotedinvestments 872 3,028

Unquotedinvestments 21,518 23,379

22,390 26,407

FurtherdetailsoftheseinvestmentsaredisclosedintheInvestmentPortfolioSummaryonpages6to13oftheAnnualReport.

9. Debtors

As at 28 February 2017 £’000

As at 31 December 2015 £’000

Prepaymentsandaccruedincome 1,063 1,033

Otherdebtors 24 –

1,087 1,033

10. Creditors – amounts falling due within one year



Accruals 153 198

Othercreditors – 940

Corporationtax 50 96

203 1,234

36


11. Management Performance Incentive Arrangement On7October2013,theCompanyenteredintoanAgreementwiththeInvestmentManagerandmembersoftheinvestmentmanagementteam(together“theManagementTeam”)suchthattheManagementTeamwillbeentitledinaggregatetosharein20%oftheaggregateexcessonanyamountsrealisedbytheCompanyinexcessof£1perOrdinaryShare,thePerformanceTarget.

ThisincentiveiseffectivethroughtheissueofordinarysharesintheCompany,suchthattheManagementTeamhold6,908,306ordinarysharesbeing20%oftheissuedsharecapitalof34,541,530.

TheManagementTeamwillwaiveallrightstodividendsuntilareturnof£1pershare(whethercapitalorincome)hasbeenpaidtotheothershareholders.

TheperformanceincentivestructureprovidesastrongincentivefortheInvestmentManagertoensurethattheCompanyperformswell,enablingtheBoardtoapprovedistributionsashighandassoonaspossible.

12. Called Up Share Capital



34,541,530ordinarysharesof0.05peach 17 17

13. Net Asset Value per Ordinary Share

As at 28 February 2017 As at 31 December 2015

Netassets £23,517,000 £26,624,000

Numberofsharesinissue 34,541,530 34,541,530

Less:managementincentiveshares(seenote11) (6,908,306) (6,908,306)

NumberofsharesinissueforpurposesofNetAssetValuepersharecalculation 27,633,224 27,633,224

Net asset value per share

Basic 85.10p 96.35p

Diluted 85.10p 96.35p


37


14. Financial Instruments

TheCompany’sfinancialinstrumentscompriseitsinvestments,cashbalances,debtorsandcertaincreditors.ThefairvalueofalloftheCompany’sfinancialassetsandliabilitiesisrepresentedbythecarryingvalueintheBalanceSheet.Excludingcashbalances,theCompanyheldthefollowingcategoriesoffinancialinstrumentsat28February2017:



Financial assets at fair value through profit or loss 22,390 26,407

Financial assets that are debt instruments measured at amortised cost 1,087 1,033

Financial liabilities measured at amortised cost (153) (1,138)

23,324 26,302

Management of riskThemainriskstheCompanyfacesfromitsfinancialinstrumentsaremarketpricerisk,beingtheriskthatthevalueofinvestmentholdingswillfluctuateasaresultofchangesinmarketpricescausedbyfactorsotherthaninterestrateorcurrencymovements,liquidityrisk,creditriskandinterestraterisk.TheBoardregularlyreviewsandagreespoliciesformanagingeachoftheserisks.TheBoard’spoliciesformanagingtheserisksaresummarisedbelowandhavebeenappliedthroughouttheperiod.

Credit riskCreditriskistheriskthatthecounterpartytoafinancialinstrumentwillfailtodischargeanobligationorcommitmentthatithasenteredintowiththeCompany.TheInvestmentManagermonitorscounterpartyriskonanongoingbasis.Thecarryingamountoffinancialassetsbestrepresentsthemaximumcreditriskexposureatthebalancesheetdate.

TheCompany’sfinancialassetsandmaximumexposuretocreditriskisasfollows:



Investmentsinloans,loannotesandbonds 11,445 17,264

Cashatbankandinhand 243 418

Interest,dividendsandotherreceivables 1,087 1,033

12,775 18,715

ThecashheldbytheCompanyattheperiodendissplitbetweentwoU.K.banks.BankruptcyorinsolvencyofeitherbankmaycausetheCompany’srightswithrespecttothereceiptofcashheldtobedelayedorlimited.TheBoardmonitorstheCompany’sriskbyreviewingregularlythefinancialpositionofthebanksandshoulditdeterioratesignificantlytheInvestmentManagerwill,oninstructionoftheBoard,movethecashholdingstoanotherbank.

Creditriskassociatedwithinterest,dividendsandotherreceivablesarepredominantlycoveredbytheinvestmentmanagement procedures.

Investmentsinloans,loannotesandbondscomprisesafundamentalpartoftheCompany’sventurecapitalinvestments,thereforecreditriskinrespectoftheseassetsismanagedwithintheCompany’smaininvestmentprocedures.

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14. Financial Instruments continued Market price riskMarketpriceriskarisesmainlyfromuncertaintyaboutfuturepricesoffinancialinstrumentsheldbytheCompany.ItrepresentsthepotentiallosstheCompanymightsufferthroughholdinginvestmentsinthefaceofpricemovements.TheInvestmentManageractivelymonitorsmarketpricesandreportstotheBoard,whichmeetsregularlyinordertoconsiderinvestmentstrategy.

TheCompany’sstrategyonthemanagementofmarketpriceriskisdrivenbytheCompany’sinvestmentpolicyasoutlinedintheStrategicReportonpage15.Themanagementofmarketpriceriskispartoftheinvestmentmanagementprocess.Theportfolioismanagedwithanawarenessoftheeffectsofadversepricemovementsthroughdetailedandcontinuinganalysis,withanobjectiveofmaximisingoverallreturnstoshareholders.

Holdingsinunquotedinvestmentsmayposehigherpriceriskthanquotedinvestments.Someofthatriskcanbemitigatedbycloseinvolvementwiththemanagementoftheinvesteecompaniesalongwithreviewoftheirtradingresults.4%(2015:11%)oftheCompany’sinvestmentsarequotedinvestmentsand96%(2015:89%)areunquotedinvestments.

Liquidity riskDetailsoftheCompany’sunquotedinvestmentsareprovidedintheInvestmentPortfoliosummaryonpage6.Bytheirnature,unquotedinvestmentsmaynotbereadilyrealisable,theBoardconsidersexitstrategiesfortheseinvestmentsthroughouttheperiodforwhichtheyareheld.Asattheperiodend,theCompanyhadnoborrowings.

TheCompany’sliquidityriskassociatedwithinvestmentsismanagedonanongoingbasisbytheInvestmentManagerinconjunctionwiththeDirectorsandinaccordancewithpoliciesandproceduresinplaceasdescribedintheStrategicReportandtheReportoftheDirectors.TheCompany’soverallliquidityrisksaremonitoredonaquarterlybasisbytheBoard.TheCompanymaintainssufficientinvestmentsincashandreadilyrealisablesecuritiestopayaccountspayableandaccruedexpenses.

Fair value interest rate riskThebenchmarkthatdeterminestheinterestpaidorreceivedonthecurrentaccountistheBankofEnglandbaserate,whichwas0.25%at28February2017(2015:0.5%).Alloftheloanandloannoteinvestmentsareunquotedandhencenotdirectlysubjecttomarketmovementsasaresultofinterestratemovements.

Cash flow interest rate riskTheCompanyhasexposuretointerestratemovementsprimarilythroughitscashdepositsandloannoteswhichtrackeithertheBankofEnglandbaserateorLIBOR.


39


14. Financial Instruments continued Interest rate risk profile of financial assetsThefollowinganalysissetsouttheinterestrateriskoftheCompany’sfinancialassetsasat28February2017.

Rate status Weighted average

interest rate Weighted average

period until maturity Total£’000

Cashatbank–RBS Floating 0.01% – 243

Cashatbank–Lloyds Floating 0.25% – –

Loans,loannotesandbonds Floating 5.65% 15 months 4,632

Loans,loannotesandbonds Fixed 11.24% 39 months 5,125

Balanceofassets Non-interest bearing – 13,720

23,720

ThefollowinganalysissetsouttheinterestrateriskoftheCompany’sfinancialassetsasat31December2015.

Rate status Weighted average

interest rate Weighted average

period until maturity Total£’000

Cashatbank–RBS Floating 0.15% – 417

Cashatbank–Lloyds Floating 0.50% – 1

Loans,loannotesandbonds Floating 6.27% 51months 10,579

Loans,loannotesandbonds Fixed 10.37% 52months 6,685

Balanceofassets Non-interestbearing – 10,176

27,858

Foreign currency riskThereportingcurrencyoftheCompanyisSterling.TheCompanyhasnotheldanynon-Sterlinginvestmentsduringtheperiod.

Fair value hierarchyFinancialassetsandliabilitiesmeasuredatfairvaluearedisclosedusingafairvaluehierarchythatreflectsthesignificanceoftheinputsusedinmakingthefairvaluemeasurements,asfollows:

• Level1–Fairvalueismeasuredusingtheunadjustedquotedpriceinanactivemarket.

• Level2–Fairvalueismeasuredusinginputsotherquotedpricesthatareobservableusingmarketdata.

• Level3–Fairvalueismeasuredusingunobservableinputs.

TheCompanyhasearlyadoptedthechangestoFRS102publishedbytheFRCinMarch2016inrelationtothesedisclosures.

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14. Financial Instruments continued Fair value hierarchy continuedFairvalueshavebeenmeasuredattheendofthereportingperiodasfollows:



Level 1InvestmentslistedonLSE 872 3,028

Level 3Unquotedinvestments 21,518 23,379

22,390 26,407TheLevel3investmentshavebeenvaluedinlinewiththeCompany’saccountingpoliciesandIPEVguidelines.FurtherdetailsoftheseinvestmentsareprovidedinthesignificantinterestssectionoftheAnnualReportonpages7to13.

15. Capital managementTheCompany’sobjectiveswhenmanagingcapitalaretosafeguardtheCompany’sabilitytocontinueasagoingconcern,sothatitcanprovideanadequatereturntoshareholdersbyallocatingitscapitaltoassetscommensuratewiththelevelofrisk.

Byitsnature,theCompanyhasanamountofcapital,atleast70%(asmeasuredunderthetaxlegislation)ofwhichmustbe,andremain,investedintherelativelyhighriskassetclassofsmallUKcompanieswithinthreeyearsofthatcapitalbeingsubscribed.

TheCompanyaccordinglyhaslimitedscopetomanageitscapitalstructureinthelightofchangesineconomicconditionsandtheriskcharacteristicsoftheunderlyingassets.Subjecttothisoverallconstraintuponchangingthecapitalstructure,theCompanymayadjusttheamountofdividendspaidtoshareholders,issuenewshares,orsellassetstomaintainalevelofliquiditytoremainagoingconcern.

TheBoardhastheopportunitytoconsiderlevelsofgearing,howevertherearenocurrentplanstodoso.ItregardsthenetassetsoftheCompanyastheCompany’scapital,asthelevelofliabilitiesissmallandthemanagementofthoseliabilitiesisnotdirectlyrelatedtomanagingthereturntoshareholders.

16. Contingencies, Guarantees and Financial CommitmentsTherewerenocommitments,contingenciesorguaranteesoftheCompanyattheperiod-end(2015:none).

17. Controlling Party IntheopinionoftheDirectorsthereisnoimmediateorultimatecontrollingparty.


41


DirectorsDavidVaughan(Chairman)StephenHazellSmithGrahamShore

SecretaryEliotKaye

Registered Number08714913

Registered OfficeBondStreetHouse14CliffordStreetLondonW1S4JU

Investment ManagerPumaInvestmentManagementLimitedBondStreetHouse14CliffordStreetLondonW1S4JU

RegistrarSLCRegistrars42-50HershamRoadWalton-on-ThamesSurreyKT121RZ

Officers and Professional Advisers

AdministratorPIAdministrationServicesLimitedBondStreetHouse14CliffordStreetLondonW1S4JU

AuditorRSMUKAuditLLPCharteredAccountants25FarringdonStreetLondonEC4A4AB

Sponsors and SolicitorsHowardKennedyNo1LondonBridgeLondonSE19BG

BankersTheRoyalBankofScotlandplcLondonCityOfficePOBox41262-63ThreadneedleStreetLondonEC2R8LA

LloydsBankInternationalLimitedSarniaHouseLeTruchotStPeterPortGuernseyGY14EF

VCT Tax AdvisorPricewaterhouseCoopersLLP1EmbankmentPlaceLondonWC2N6RH

CustodianPershingSecuritiesLimited1CanadaSquareLondonE145AL


42


Notice of Annual General Meeting

NoticeisherebygiventhattheAnnualGeneralMeetingoftheCompanywillbeheldatBondStreetHouse,14CliffordStreet,LondonW1S4JUonTuesday22August2017at10.30a.m.forthefollowingpurposes:

Ordinary Business

1. ToreceiveandadopttheAccountsforthefinancialperiodended28February2017,togetherwiththereportsoftheDirectorsandAuditorsthereon.

2. Tore-electStephenHazell-Smithasadirectorwhoretirespursuanttoarticle27.2oftheCompany’sArticlesofAssociationand,beingeligible,offershimselfforre-election.

3. Tore-appointRSMUKAuditLLPasAuditorsoftheCompanyandtoauthorisetheDirectorstodeterminetheirremuneration.

4. ToapprovethepolicysetoutintheRemunerationReportintheAnnualReportandAccounts2017.

5. ToapprovetheimplementationreportsetoutintheRemunerationReportintheAnnualReportandAccounts2017.

Special BusinessToconsiderand,ifthoughtfit,passthefollowingresolutionwhichwillbeproposedasaspecialresolution:

6. ToauthorisetheCompanygenerallyandunconditionallytomakeoneormoremarketpurchases(withinthemeaningofsection693(4)oftheCompaniesAct2006(“CA2006”))ofordinarysharesof0.05peach(the“Shares”)providedthat:

6.1 themaximumaggregatenumberofSharesthatispurchasedis5,177,775;

6.2 theminimumpricepaidforaShareis1pence;

6.3 themaximumpricepaidforaShareisanamountexclusiveofexpenses,equalto105percentoftheaverageofthemiddlemarketpricesshowninthequotationsforaShareintheDailyOfficialListoftheLondonStockExchangeforthefivebusinessdaysimmediatelyprecedingthedayonwhichthatShareispurchased;

6.4 theCompanymayvalidlymakeacontracttopurchaseSharesundertheauthorityherebyconferredpriortotheexpiryofsuchauthoritywhichwillormaybeexecutedwhollyorpartlyaftertheexpiryofsuchauthority,andmayvalidlymakeapurchaseofSharesinpursuanceofanysuchcontract.

6.5 Unlessrenewed,theauthorityconferredbythisresolutionshallexpireeitherattheconclusionofthenextannualgeneralmeetingoftheCompanyoron21November2018,whicheveristheearliertooccur,savethattheCompanymay,priortosuchexpiry,enterintoacontracttopurchaseShareswhichwillormaybecompletedorexecutedwhollyorpartlyaftersuchexpiry.

By Order of the BoardEliotKayeCompanySecretary

Dated: 27July2017

Registered OfficeBondStreetHouse14CliffordStreetLondonW1S4JU

InformationregardingtheAnnualGeneralMeeting,includingtheinformationrequiredbysection311AoftheCA2006,isavailablefrom:http://www.pumainvestments.co.uk/pages/view/investors-information-vcts.

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Notes:(a) AnymemberoftheCompanyentitledtoattendandvoteattheAnnualGeneralMeetingisalsoentitledtoappointoneormore

proxiestoattend,speakandvoteinsteadofthatmember.AmembermayappointmorethenoneproxyinrelationtotheAnnualGeneralMeetingprovidedthateachproxyisappointedtoexercisetherightsattachedtoadifferentshareorsharesheldbythatmember.Aproxymaydemand,orjoinindemanding,apoll.AproxyneednotbeamemberoftheCompanybutmustattendtheAnnualGeneralMeetinginordertorepresenthisappointor.AmemberentitledtoattendandvoteattheAnnualGeneralMeetingmayappointtheChairmanoranotherpersonashisproxyalthoughtheChairmanwillnotspeakforthemember.Amemberwhowisheshisproxytospeakforhimshouldappointhisownchoiceofproxy(nottheChairman)andgiveinstructionsdirectlytothatperson.IfyouarenotamemberoftheCompanybutyouhavebeennominatedbyamemberoftheCompanytoenjoyinformationrights,youdonothavearighttoappointanyproxiesundertheproceduressetoutintheseNotes.PleasereadNote(h)below.Undersection319AoftheCA2006,theCompanymustansweranyquestionamemberasksrelatingtothebusinessbeingdealtwithattheAnnualGeneralMeetingunless:

• answeringthequestionwouldinterfereundulywiththepreparationfortheAnnualGeneralMeetingorinvolvethedisclosureofconfidentialinformation;

• theanswerhasalreadybeengivenonawebsiteintheformofananswertoaquestion;or

• itisundesirableintheinterestsoftheCompanyorthegoodorderoftheAnnualGeneralMeetingthatthequestionbe answered.

(b) Tobevalid,aFormofProxyandthepowerofattorneyorotherwrittenauthority,ifany,underwhichitissignedoranofficeornotariallycertifiedcopyoracopycertifiedinaccordancewiththePowersofAttorneyAct1971ofsuchpowerandwrittenauthority,mustbedeliveredtotheCompany’sregistrars,SLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,[email protected],ineachcasenotlessthan48hours(excludingweekendsandpublicholidays)beforethetimeappointedforholdingtheAnnualGeneralMeetingoradjournedmeetingatwhichthepersonnamedintheFormofProxyproposestovote.Inthecaseofapolltakenmorethan48hours(excludingweekendsandpublicholidays)afteritisdemanded,thedocument(s)mustbedeliveredasaforesaidnotlessthan24hours(excludingweekendsandpublicholidays)beforethetimeappointedfortakingthepoll,orwherethepollistakennotmorethan48hours(excludingweekendsandpublicholidays)afteritwasdemanded,bedeliveredatthemeetingatwhichthedemandismade.

(c) InordertorevokeaproxyinstructionamemberwillneedtoinformtheCompanyusingoneofthefollowingmethods:

• bysendingasignedhardcopynoticeclearlystatingtheintentiontorevoketheproxyappointmenttotheCompany’sregistrars,SLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,KT121RZ.Inthecaseofamemberwhichisacompany,therevocationnoticemustbeexecutedunderitscommonsealorsignedonitsbehalfbyanofficerofthecompanyoranattorneyforthecompany.Anypowerofattorneyoranyotherauthorityunderwhichtherevocationnoticeissigned(oradulycertifiedcopyofsuchpowerorauthority)mustbeincludedwiththerevocationnotice.

• [email protected].

Ineithercase,therevocationnoticemustbereceivedbytheCompany’sregistrars,SLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,KT121RZbeforetheAnnualGeneralMeetingortheholdingofapollsubsequentlythereto.Ifamemberattemptstorevokehisorherproxyappointmentbuttherevocationisreceivedafterthetimespecifiedthen,subjecttoNote(d)directlybelow,theproxyappointmentwillremainvalid.

(d) CompletionandreturnofaFormofProxywillnotprecludeamemberoftheCompanyfromattendingandvotinginperson.IfamemberappointsaproxyandthatmemberattendstheAnnualGeneralMeetinginperson,theproxyappointmentwillautomaticallybeterminated.

(e) CopiesoftheDirectors’LettersofAppointmentandacopyofthecurrentArticlesofAssociationwillbeavailableforinspectionattheregisteredofficeoftheCompanyduringusualbusinesshoursonanyweekday(SaturdayandPublicHolidaysexcluded)fromthedateofthisnotice,untiltheendoftheAnnualGeneralMeetingandattheplaceoftheAnnualGeneralMeetingforatleast15minutespriortoandduringtheAnnualGeneralMeeting.

44


(f) PursuanttoRegulation41oftheUncertificatedSecuritiesRegulations2001,theCompanyhasspecifiedthatonlythoseholdersoftheCompany’ssharesregisteredontheRegisterofMembersoftheCompanyasat6.30pmon18August2017or,intheeventthattheAnnualGeneralMeetingisadjourned,ontheRegisterofMembers48hoursbeforethetimeofanyadjournedmeeting,shallbeentitledtoattendandvoteatthesaidAnnualGeneralMeetinginrespectofsuchsharesregisteredintheirnameattherelevanttime.ChangestoentriesontheRegisterofMembersafter6.30pmon18August2017or,intheeventthattheAnnualGeneralMeetingisadjourned,ontheRegisterofMemberslessthan48hoursbeforethetimeofanyadjournedmeeting,shallbedisregardedindeterminingtherightofanypersontoattendandvoteattheAnnualGeneralMeeting.

(g) Asat26July2017,theCompany’sissuedsharecapitalcomprised34,541,530OrdinaryShares.ThetotalnumberofvotingrightsintheCompanyasat26July2017is34,541,530.Thewebsitereferredtoabovewillincludeinformationonthenumberofsharesandvotingrights.

(h) Ifyouareapersonwhohasbeennominatedundersection146oftheCA2006toenjoyinformationrights(“NominatedPerson”):

• YoumayhavearightunderanagreementbetweenyouandthememberoftheCompanywhohasnominatedyoutohaveinformationrights(“RelevantMember”)tobeappointedortohavesomeoneelseappointedasaproxyfortheAnnualGeneralMeeting;

• Ifyoueitherdonothavesucharightorifyouhavesucharightbutdonotwishtoexerciseit,youmayhavearightunderanagreementbetweenyouandtheRelevantMembertogiveinstructionstotheRelevantMemberastotheexerciseofvotingrights;

• YourmainpointofcontactintermsofyourinvestmentintheCompanyremainstheRelevantMember(or,perhapsyourcustodianorbroker)andyoushouldcontinuetocontactthem(andnottheCompany)regardinganychangesorqueriesrelatingtoyourpersonaldetailsandyourinterestintheCompany(includinganyadministrativematters).TheonlyexceptiontothisiswheretheCompanyexpresslyrequestsaresponsefromyou.

(i) Acorporationwhichisamembercanappointoneormorecorporaterepresentativeswhomayexercise,onitsbehalf,allitspowersasamemberprovidedthatnomorethanonecorporaterepresentativeexercisespowersoverthesameshare.

(j) Avotewithheldisnotavoteinlaw,whichmeansthatthevotewillnotbecountedinthecalculationofvotesfororagainsttheresolution.Ifnovotingindicationisgiven,theproxywillvoteorabstainfromvotingathisorherdiscretion.Theproxywillvote(orabstainfromvoting)asheorshethinksfitinrelationtoanyothermatterwhichisputbeforetheAnnualGeneralMeeting.

(k) Exceptasprovidedabove,memberswhohavegeneralqueriesabouttheGeneralMeetingshouldcalltheCompany’sregistrarsSLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,KT121RZon01903706150(noothermethodsofcommunicationwillbeaccepted).

(l) MembersmaynotuseanyelectronicaddressprovidedeitherinthisnoticeofAnnualGeneralMeeting,oranyrelateddocuments(includingtheChairman’sletterandproxyform),tocommunicatewiththeCompanyforanypurposesotherthanthoseexpresslystated.

(m) Resolution2:InformationabouttheDirectorwhoisproposedbytheBoardforre-electionattheAnnualGeneralMeetingisshownintheAnnualReportandAccounts2017.

Explanation of Special BusinessExplanation of Resolution 6 to be proposed at the Annual General Meeting

Onpage42oftheReportisthenoticeofAnnualGeneralMeetingwhichwillbeheldon22August2017.SetoutbelowisabriefexplanationoftheresolutioncomprisingspecialbusinesstobeproposedattheAnnualGeneralMeeting.

IncertaincircumstancesitmaybeadvantageousfortheCompanytopurchaseitsownshares.Resolution6,whichwillbeproposedasaspecialresolution,wouldgivetheBoardauthorityfromshareholderstodoso.Suchauthoritywillexpireonthedateofthe2018AnnualGeneralMeetingor21November2018,whicheveristheearlier.TheDirectorsintendtoexercisethispoweronlyifandwhen,inthelightofmarketconditionsprevailingatthetime,theybelievethattheeffectofsuchpurchaseswouldbeinthebestinterestsoftheCompanyandshareholdersgenerally.Anysharespurchasedinthiswaywillbecancelled(inwhichcasethenumberofsharesinissuewillbeaccordinglyreduced).

Thisresolutionspecifiesthemaximumnumberofshareswhichmaybeacquired(beingapproximately14.99%oftheCompany’sissuedsharesasatthedateoftheresolution)andthemaximumandminimumpricesatwhichtheymaybebought.

Notice of Annual General Meeting continued

45


Company number 08714913Puma VCT 10 plc

ForuseattheAnnualGeneralMeetingofPumaVCT10plcconvenedfor22August2017at10.30a.m.atBondStreetHouse,14 CliffordStreet,LondonW1S4JU

I/We

(BLOCKCAPITALSPLEASE)

of

being(a)member(s)oftheCompanyherebyappointtheChairmanoftheMeeting(seeNote2)or

asmy/ourproxyandtoattendandvoteforme/usonmy/ourbehalfattheAnnualGeneralMeetingoftheCompanytobeheldon22 August2017andatanyadjournmentthereof.My/ourproxyistovoteasindicatedbelowinrespectoftheResolutionssetoutintheNoticeofAnnualGeneralMeeting(seeNote9).

Ifyouwishtoappointmultipleproxiespleaseseenote1over.

Pleasealsotickhereifyouareappointingmorethanoneproxy.

Ihaveindicatedwitha“X”howI/wewishmy/ourvotestobecastonthefollowingresolutions:

Ordinary Resolutions For Against Withheld

1 ToreceiveandadopttheReportandAccounts

2 Tore-electStephenHazell-Smith

3Tore-appointRSMUKAuditLLPasAuditorsandtoauthorisetheDirectorstodeterminetheirremuneration

4 ToapprovethepolicysetoutintheRemunerationReport

5 ToapprovetheimplementationreportsetoutintheRemunerationReport

Special Resolution

6 ToauthorisetheCompanytobuybackshares

Dated

Signedorsealed(seeNote6)

Form of Proxy

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Notes:1. AnymemberoftheCompanyentitledtoattendandvoteattheAnnualGeneralMeetingisalsoentitledtoappointoneormore

proxiestoattend,speakandvoteinsteadofthatmember.AmembermayappointmorethenoneproxyinrelationtotheAnnualGeneralMeetingprovidedthateachproxyisappointedtoexercisetherightsattachedtoadifferentshareorsharesheldbythatmember.Aproxymaydemand,orjoinindemanding,apoll.AproxyneednotbeamemberoftheCompanybutmustattendtheAnnualGeneralMeetinginordertorepresenthisappointor.AmemberentitledtoattendandvoteattheAnnualGeneralMeetingmayappointtheChairmanoranotherpersonashisproxyalthoughtheChairmanwillnotspeakforthemember.Amemberwhowisheshisproxytospeakforhimshouldappointhisownchoiceofproxy(nottheChairman)andgiveinstructionsdirectlytothatperson.

2 Ifyouwishtoappointaproxyofyourownchoicedeletethewords“theChairmanoftheMeeting”andinsertthenameandaddressofthepersonwhomyouwishtoappointinthespaceprovided.

3. AnyalterationstotheFormofProxyshouldbeinitialled.

4. Tobevalid,aFormofProxyandthepowerofattorneyorotherwrittenauthority,ifany,underwhichitissignedoranofficeornotariallycertifiedcopyoracopycertifiedinaccordancewiththePowersofAttorneyAct1971ofsuchpowerandwrittenauthority,mustbedeliveredtoSLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,[email protected],ineachcasenotlessthan48hours(excludingweekendsandpublicholidays)beforethetimeappointedforholdingtheAnnualGeneralMeetingoradjournedmeetingatwhichthepersonnamedintheFormofProxyproposestovote.Inthecaseofapolltakenmorethan48hours(excludingweekendsandpublicholidays)afteritisdemanded,thedocument(s)mustbedeliveredasaforesaidnotlessthan24hours(excludingweekendsandpublicholidays)beforethetimeappointedfortakingthepoll,orwherethepollistakennotmorethan48hours(excludingweekendsandpublicholidays)afteritwasdemanded,bedeliveredatthemeetingatwhichthedemandismade.

5. InordertorevokeaproxyinstructionamemberwillneedtoinformtheCompanyusingoneofthefollowingmethods:

• bysendingasignedhardcopynoticeclearlystatingtheintentiontorevoketheproxyappointmenttoSLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,KT121RZ.Inthecaseofamemberwhichisacompany,therevocationnoticemustbeexecutedunderitscommonsealorsignedonitsbehalfbyanofficerofthecompanyoranattorneyforthecompany.Anypowerofattorneyoranyotherauthorityunderwhichtherevocationnoticeissigned(oradulycertifiedcopyofsuchpowerorauthority)mustbeincludedwiththerevocationnotice.

• [email protected].

Ineithercase,therevocationnoticemustbereceivedbySLCRegistrars,42-50HershamRoad,Walton-on-Thames,Surrey,KT121RZbeforetheAnnualGeneralMeetingortheholdingofapollsubsequentlythereto.Ifamemberattemptstorevokehisorherproxyappointmentbuttherevocationisreceivedafterthetimespecifiedthen,subjecttoNote8below,theproxyappointmentwillremainvalid.

6. Inthecaseofacorporation,thisformmustbeexecutedunderitscommonsealorsignedonitsbehalfbyitsattorneyoradulyauthorisedofficerofthecorporation.

7. Inthecaseofjointshareholders,anyoneofthemmaysign.Thevoteofthepersonwhosenamestandsfirstintheregisterofmemberswillbeacceptedtotheexclusionofthevotesoftheotherjointholders.

8. CompletionandreturnofaFormofProxywillnotprecludeamemberoftheCompanyfromattendingandvotinginperson.IfamemberappointsaproxyandthatmemberattendstheAnnualGeneralMeetinginperson,theproxyappointmentwillautomaticallybeterminated.

9. Avotewithheldisnotavoteinlaw,whichmeansthatthevotewillnotbecountedinthecalculationofvotesfororagainsttheresolution.Ifnovotingindicationisgiven,theproxywillvoteorabstainfromvotingathisorherdiscretion.Theproxywillvote(orabstainfromvoting)asheorshethinksfitinrelationtoanyothermatterwhichisputbeforetheAnnualGeneralMeeting.

47


48


Investment Manager 14 Clifford Street London, W1S 4JU

Adviser Enquiries: 020 7408 4070Investor Enquiries: 020 7408 4100

[email protected]

Puma Investments is a trading name of Puma Investment Management Limited which is authorised and regulated by the Financial Conduct Authority. FCA Number 590919

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puma vct 10 annual report & accounts 2017 - puma investments · 2017-07-27 · 1 puma c 10 pl...

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