ANNUAL REPORT & ACCOUNTS 2026
Puma Alpha VCT plc
2
Contents
Officers and
Professional Advisers
Directors'
Report
Chairman's
Statement
Directors’ Remuneration
Report
Financial
highlights
Corporate Governance
Statement
Portfolio
diversification
Independent Auditor's
Report
Investment
Manager’s Report
Income
Statement
Qualifying
investments
Balance
Sheet
Liquidity management
investments
Statement of
Cash Flows
Investment portfolio
summary
Statement of
Changes in Equity
Directors'
biographies
Notes to the Financial
Statements
Strategic
Report
Notice of Annual
General Meeting
1
Officers and
Professional Advisers
Directors
Egmont Kock (Chairman)
Richard Oirschot
Michael van Messel
Secretary
Eliot Kaye
Registered Number
11939975
Registered Office
Cassini House
57 St James’s Street
London
SW1A 1LD
Investment Manager and Administrator
Puma Investment Management Limited
Cassini House
57 St James’s Street
London
SW1A 1LD
Registrar
Neville Registrars
Neville House
Steelpark Road
Halesowen
B62 8HD
Auditor
MHA
6th Floor
2 London Wall Place
London
EC2Y 5AU
Sponsor and Solicitors
Howard Kennedy
No 1 London Bridge
London
SE1 9BG
Bankers
The Royal Bank of Scotland plc
250 Bishopsgate
London
EC2M 4AA
VCT Tax Adviser
Shoosmiths LLP
1 Bow Churchyard
London
EC4M 9DQ
Custodian
Pershing Securities Limited
1 Canada Square
London
E14 5AL
J. P. Morgan SE, Luxembourg Branch
European Bank & Business Centre
6, route de Trèves
L-2633 Senningerberg
Luxembourg
Howard Kennedy
No 1 London Bridge
London
SE1 9BG
Overview
The Company’s Net Asset Value (“NAV”) per share at the end of
the year stood at 88.82p (2025: 99.32p) a decrease of 10.5p (-10.6%)
from the same time in the previous year.
The Company’s loss for the year was £3.7 million (2025: loss
£1.8 million).
Fundraising
We are happy to report that at the year-end the Company had
raised £6.8 million. This gives the Company additional deployable
funds to continue building a diverse portfolio and will help spread
fixed costs over a wider shareholder base.
Investment activity and portfolio
During the 2025/26 period, the Company made four new qualifying
investments alongside other Puma-managed funds. These included
an investment of £0.4 million into HubBox, a software platform that
helps retailers offer out of home delivery options such as pick up points
and lockers; £0.3 million into Love Corn, a branded snack business
producing crunchy corn snacks in a range of flavours; £0.2 million into
Runa Network, a technology business providing digital infrastructure
to support payments and payouts for businesses and consumers; and
£0.2 million into Yaso, a platform that helps international brands launch,
localise and grow their e-commerce presence in China by providing an
integrated operating system across areas such as logistics, payments
and storefront operations. Following these investments, the total
number of portfolio companies increased to 23.
In addition, follow-on investments were made, including £0.05
million into Bikmo, a specialist provider of cycle insurance and related
services; £0.3 million into Lucky Saint, an alcohol-free brand focused on
premium products; £0.06 million into NRG, which operates inclusive,
lower-cost gyms across the UK; and £0.1 million into TravelLocal, an
online travel platform that connects customers directly with local
experts to create bespoke travel experiences.
Within the portfolio, the Company’s holdings in Aveni and NRG had
the largest positive valuation movements and Le Col had the largest
negative valuation movements in the year.
During the year, Aveni’s valuation increased, reflecting strong ARR
growth driven by new customer wins, high renewal rates with uplifts,
continued product expansion and, in April 2026, a successful large
funding round in which the VCT participated.
Over the period, NRG Gym’s valuation increased reflecting strong
trading performance, material revenue and EBITDA growth following
the Pump Gyms acquisition, and positive momentum ahead of the
planned rollout of three new sites in 2026.
In February, Le Col was exited following the sale of the business to
HEAD Group, with the valuation adjusted accordingly to reflect the
realised exit outcome.
2
Chairman’s Statement
I am pleased to present the report and financial
statements for Puma Alpha VCT plc (“the Company”)
for the year to 28 February 2026.
The portfolio
continued to grow,
with four new
investments
completed during
the year, increasing
the total number
of portfolio
companies to
Fundraising
progressed well,
with £. million
raised during
the year
Partial realisation
of CameraMatics
post year-end,
generating
significant cash
proceeds while
retaining exposure
to future upside
Subsequent to the year-end but prior to the approval
of these financial statements, the Company completed
a partial exit of its investment in MySafeDrive Ltd
(trading as CameraMatics).
The Company sold the majority of its holding in
CameraMatics to a syndicate of third-party investors
led by Blume Equity (a European climate tech
focussed private equity firm) whilst retaining a
minority stake. As part of the transaction Blume
Equity also invested new primary growth capital.
This leaves the Company having realised a substantial
upfront cash sum of €4.6 million whilst retaining a
minority stake in a well-capitalised and fast-growing
business with potential for yet further gain.
As the transaction occurred after the Balance Sheet date,
no adjustment has been made to the carrying value
of this investment in these financial statements. The
disposal has therefore been treated as a non-adjusting
post Balance Sheet event.
NAV
The Company’s NAV stood at 88.82p (2025: 99.32p)
at the year-end of 28 February 2026. This impairment
is largely driven by decreases in investment valuations
in the year coupled with management fees and other
expenses incurred in the year.
VCT qualifying status
Shoosmiths LLP provides the Board and the
Investment Manager with advice on the ongoing
compliance with HMRC rules and regulations
concerning VCTs and has reported no issues in this
regard for the Company to date. Shoosmiths and
other specialist advisors will continue to assist the
Investment Manager in establishing the status
of potential investments as qualifying holdings.
Shoosmiths will continue to monitor rule compliance
and maintaining the qualifying status of the
Company’s holdings in the future.
Outlook
UK GDP is forecast to grow at around 1% through 2026
which is modest by historical standards. Whilst inflation
remains above the Bank of England’s 2% target, the rate is
expected to gradually fall towards that level. If this comes
to pass, we can expect some economic stimulus through
falling interest rates, although these are expected to be
gradual. 2025 was an encouraging year for productivity
growth although it remains at low levels. This, alongside
a softening of the labour market and growing youth
unemployment, remain particular areas of concern.
The government’s ability to address these issues
and take substantive measures to stimulate growth
continues to be constrained by ongoing fiscal deficits,
although public finances have suddenly taken a turn
for the better with this year’s running total for public
borrowing coming in below the OBR’s forecast. Indeed,
the budget surplus of £30.4 billion in January was the
largest monthly figure since records began in 1993.
Nevertheless, we need to be cautious about these
positive signs particularly given the volatility of US
economic policy and heightening geopolitical tensions.
On the tariff front we now face more uncertainty
following the US Supreme Court ruling. The degree to
which this will negatively impact the UK and elsewhere
remains to be seen, although history will tell us there
are rarely winners in a tariff war.
The geopolitical tensions reported in our last outlook
report are widespread and have taken a dramatic turn
for the worse with war breaking out in the Middle East.
Whilst the endgame is uncertain, there are significant
risks of the crisis deepening and spreading. What is
certain is that there will be an immediate shock to
supply chains which are not that resilient following a
sequence of setbacks in recent years. The implications
are higher prices just at the time inflation has shown
a downward trend, dashing hopes of further falls in
interest rates. At this stage we can only hope that the
conflict is short lived. In the meantime, this and the
Ukraine war, alongside increased government
commitments to defence expenditure, will be good
for the defence sector.
Despite all this volatility and uncertainty, the global
economy has remained remarkably resilient with the
IMF recently forecasting global growth this year at 3.3%.
Growth nevertheless remains uneven across regions.
The IMF expects moderate growth in the US of around
2.6%, 4.5% for China, 1.3% for the Eurozone and many
emerging economies growing faster than advanced
economies. These forecasts may of course prove to be
short lived following the latest outbreak of war.
Whilst the picture remains uncertain and unpredictable
both in the UK and globally, turbulent times bring
opportunity especially for businesses agile enough to
respond rapidly to disruption and change. This VCT
has shown that it can adapt quickly to changes in the
political and economic environment when developing its
portfolio. The UK continues to benefit from an active and
well-established SME market in which the Manager has
a strong reputation as a provider of capital. This applies
especially to well-managed, later-stage SMEs where
bank lending, despite some policy support, continues to
remain challenging for even the best of these businesses.
This, alongside the institutional support the Manager is
able to offer, continues to make for a compelling equity
offer from the Company. Market turbulence places
emphasis on the Company’s ability to adapt and focus
efforts on businesses which are well placed to thrive in
this environment. We are confident that we have the
team to do this and assemble a portfolio capable of
delivering attractive returns to shareholders.
Egmont Kock
Chairman
12 June 2026
3
CHAIRMAN’S STATEMENT > CONTINUED
4
Financial highlights
AS AT 28 FEBRUARY 2026
Company details and performance
Fundraising and cash Qualifying investment activity
£.m
Net Assets
£.m
Available for new investments
as at the year-end
%
NAV invested in qualifying
investments
£.m
Cash raised in the year
%
Increase in qualifying value
over cost
New investments in year
ending February 2026
£.m
Cash raised post year-end
.p
NAV / Share
5
Portfolio diversification
AS AT 28 FEBRUARY 2026
Invested by industry (cost)
Figures subject to rounding.
%
HR technology
%
Business services
%
Software and other technology
%
Consumer
%
Consumer services
%
Financial and insurance
technology
%
Logistics technology
Invested by industry (fair value)
%
Financial and insurance
technology
%
Logistics
technology
%
Advanced
manufacturing
%
HR technology
%
Business services
%
Software and other technology
%
Consumer
%
Consumer services
6
Investment
Manager’s Report
While the specific drivers have changed, elevated
uncertainty has remained a consistent feature
of the investment environment. Against these
challenging conditions, the resilience of the UK
economy has been notable. Growth has remained
modest rather than strong, but performance has
been robust relative to the scale of the headwinds
faced. Businesses have absorbed energy price
shocks, rising taxes, political uncertainty and
continued regulatory-driven increases in labour
costs. Although consumer demand remains
fragile and debt servicing costs are no longer
expected to fall as quickly as once was hoped,
conditions for many well-managed SMEs have
stabilised compared with the volatility experienced
in the immediate post-pandemic period.
Within this environment, the Manager continues to
focus on identifying innovative, well-run scale-up
businesses and supporting them through active
portfolio management. Working closely with
management teams to refine strategy, strengthen
operational discipline and navigate market
challenges remains, in the Manager’s view, the
most effective way to protect capital and drive
long-term value creation for shareholders.
The portfolio remains deliberately well
diversified across consumer brands, focused
software and technology, and scalable business
services. This diversification helps mitigate
the impact of sector-specific shocks and
extreme valuation movements, while reducing
overall correlation risk. It has also resulted in
limited exposure to traditional Software as a
Service models, which may face heightened
disruption as artificial intelligence continues
to reshape parts of the software landscape.
Since the 2016 Brexit referendum,
the economic backdrop has
been characterised by prolonged
uncertainty. That period has
included political instability,
the COVID-19 pandemic,
the post-pandemic and
Ukraine-related cost-of-living
crisis, and more recently ongoing
conflict in the Middle East.
7
While exit markets have remained constrained
and transaction volumes subdued, progress
has continued across the portfolio. A number
of high-quality transactions have taken place
in the wider market, and the Manager has
been particularly pleased with the recent exit of
CameraMatics. This transaction provides a clear
illustration of how disciplined investment selection,
combined with active portfolio management,
can deliver attractive outcomes for shareholders
even in a more challenging exit environment.
INVESTMENT MANAGER’S REPORT > CONTINUED
8
Qualifying
investments
In this section, we look at
the following investments
within our portfolio in
more detail.
9
Aveni is a technology firm specialising in
artificial intelligence and natural language
processing (NLP) to enhance productivity
and risk oversight in financial services. Its
products, Aveni Assist and Aveni Detect,
use NLP to record, transcribe, and analyse
conversations, providing voice-driven
automation and efficiency. Since investment,
the company has delivered strong revenue
growth and built a robust contracted revenue
base, providing visibility over future growth.
Aveni was also selected to participate in the
FCA’s inaugural Supercharged Sandbox,
completing a successful pilot of its Agent
Asure proposition, designed to enable the
safe deployment of agentic AI in regulated
environments. During the period, the
company strengthened its senior leadership
team and board and remains focused on
product enhancement and expanding its
presence within the UK wealth sector.
HubBox is a last mile delivery technology business
providing software that enables retailers and
carriers to offer out of home (OOH) delivery
options at checkout. The platform simplifies
retailer integration, driving adoption while
delivering reduced costs, lower emissions and
improved delivery flexibility for consumers.
HubBox has strong partnerships with major
carriers including UPS, DPD, DHL and PostNord.
Growth has remained strong, with January 2026
revenue up 41% year on year. During the period,
HubBox closed a £6 million funding round led
by Puma, supporting its focus on scaling the
business across Europe and deepening carrier
relationships. Since investment, the company has
expanded its European footprint by onboarding
additional courier partners and strengthening its
leadership team with a senior hire from DHL.
9
10
Influencer is a global influencer marketing
agency, with offices in the UK, the US,
Germany and the Middle East. It works with
large companies and major advertising
agencies to harness the power of influencer
marketing, utilising its proprietary technology,
Waves, to build and deliver influencer
marketing strategies driven by data
and insights.
Performance across all regions has remained
strong, with the US continuing to grow
in line with budget and supported by
recent blue-chip client wins. This positions
the company strongly for further growth in
the US in the year ahead. The UK remains
the most established and profitable market,
continuing to underpin group performance.
Love Corn a fast-growing healthy snack brand
with a strong presence in both the UK and US,
known for bold flavours and clean, plant-based
ingredients. Its products are widely stocked
in major retailers such as Tesco, Sainsbury’s,
Costco and Whole Foods, appealing to
health-conscious consumers. The business
has sold over 100 million bags, earning
accolades such as the UK’s fastest-growing
snack brand and SME Brand of the Year in 2024.
Since Puma’s investment in early 2025,
Love Corn has delivered strong commercial
momentum, achieving approximately 45%
year on year growth. Performance has been
driven by strong traction in the US, including
new customer wins such as Costco, alongside
continued strength across major retailers
including Walmart and Waitrose and growing
e-commerce sales via Amazon and TikTok Shop.
10
Lucky Saint is the UK's leading alcohol-free
beer brand. Since Puma’s investment, Lucky
Saint has delivered strong performance,
driven by new product launches, expanded
distribution and improving rates of sale.
Despite a competitive market and ongoing
sector headwinds, the company has
maintained a strong market share and is
now the fifth largest non-alcoholic beer
brand in UK grocery, with growth continuing
to outperform the wider category. Lucky
Saint launched its alcohol-free Lemon Lager
in April 2025 and the alcohol free Weissbier in
September 2025.
Puma is actively supporting the business
as it scales, working closely with
management to strengthen its market
position and support sustainable growth.
NRG Gyms operates inclusive, lower-cost
gyms across the country. NRG Gyms has
continued to deliver strong performance,
with results tracking ahead of budget.
The recently opened Glasgow site has
exceeded initial expectations and has
quickly become one of the top performing
locations within the portfolio. During the
period, management also acquired and
successfully integrated Pump Gyms, further
strengthening operational performance.
11
12
Pockit provides digital banking services to
under-served communities. Its app enables
international money transfers, direct debits,
online and in-store purchases, and salary
advances for unexpected expenses. Pockit
delivered robust performance during
the period, achieving its highest monthly
revenue in December 2025. The reactivation
of Monese’s marketing activity, alongside
pricing adjustments and the introduction
of credit products, has increased average
revenue per user and supported positive
momentum across the business.
Puma is working closely with management to
support the integration of the two businesses.
Yaso is an end-to-end platform that allows global
brands to scale in China. Yaso provides the
logistics, warehousing, and operations support to
allow brands to sell their goods in China via social
and e-commerce platforms. Yaso’s technology
integrates with China’s major social and e-commerce
platforms like Douyin (Chinese TikTok) and Tmall
and enables superior data visibility vs legacy in
market distributors. Yaso boasts a number of beauty
brands in its current customer set. Since investment,
Yaso has continued to scale, onboarding new
customers and delivering triple digit growth year
on year. To support this growth, the company has
expanded headcount across key functions including
product, engineering, sales and marketing.
Puma has supported management in refining
and implementing the hiring plan, alongside
strengthening board governance, enhancing
monitoring, and reporting to support the next
phase of growth.
12
Liquidity
management
investments
An active approach is taken to manage
any cash or cash equivalents held, prior
to investing in VCT qualifying companies.
The rules for VCTs limit the income which can be received
from bank deposits, making them an unattractive way of
holding funds waiting to be invested.
The Company’s liquidity management strategy focuses on
short term bonds held through collective investment
schemes. Further details can be found in note 10 of the
financial statements.
Puma Investment Management Limited
12 June 2026
13
14
AS AT 28 FEBRUARY 2026
Investment portfolio summary
Of the investments held at 28 February 2026, all are incorporated in England and Wales,
except for MySafeDrive Limited and HR Duo Limited who are incorporated in Ireland.
Valuation
£’000
Cost
£’000
Gain/(loss)
£’000
% of
Net Assets Multiple
Qualifying Investments
ABW Group Limited (“Ostmodern”) - 1,008 (1,008) 0% 0.00x
Aveni Limited 1,188 758 430 4% 1.57x
Bikmo Limited 705 686 19 2% 1.03x
Convenient Collect Limited (“HubBox”) 444 444 - 1% 1.00x
Deazy Limited 1,000 1,000 - 3% 1.00x
Dymag Group Limited - 1,957 (1,957) 0% 0.00x
Everpress Limited - 2,100 (2,100) 0% 0.00x
Forde Resolution Company Limited (“HR Duo”) 511 347 164 2% 1.47x
Iris Audio Technologies Limited 482 265 217 2% 1.82x
Kuai Commerce Limited (“Yaso”) 229 229 - 1% 1.00x
Love Corn Inc 330 285 45 1% 1.16x
MUSO Limited 500 500 - 2% 1.00x
MyKindaCrowd Limited (“Connectr”) 1,320 1,949 (629) 4% 0.68x
MySafeDrive Limited (“CameraMatics”) 6,090 2,514 3,576 19% 2.42x
Not Another Beer Co Limited (“Lucky Saint”) 1,185 969 216 4% 1.22x
NQOCD Consulting Limited (“Ron Dorff”) 3,258 2,545 713 10% 1.28x
Pockit Limited 3,655 2,032 1,623 12% 1.80x
Runa Network Limited 249 249 - 1% 1.00x
SA Fitness Holdings Limited (“NRG”) 711 317 394 2% 2.24x
Semeris Limited 189 189 - 1% 1.00x
Thingtrax Limited 569 537 32 2% 1.06x
Transreport Limited 1,017 1,017 - 3% 1.00x
TravelLocal Limited 551 375 176 2% 1.47x
Total qualifying investments 24,183 22,272 1,911 77% 1.09x
Other assets 259 - - 1% -
Total investments 24,442 22,272 1,911 78% 1.09x
Non-qualifying investments 5,408 5,264 144 17%
Balance of portfolio 1,481 1,481 - 5%
Net Assets 31,331 29,017 2,055 100%
15
Egmont Kock
NONEXECUTIVE CHAIRMAN
Egmont was previously a partner at Deloitte where he served both on Deloitte Consulting’s
Global Executive and on Deloitte’s UK Executive and European Board. He led Deloitte’s
consultancy business across the Europe, Middle East and Africa regions, working with
CEOs and senior executives implementing change in major companies and institutions
around the world. He has since been an active investor in start-up businesses and in this
respect is a Non-Executive Director of Doodle Productions Limited which has produced
three series of children’s TV programmes for the BBC. He was previously Chairman of
Puma VCT 9 plc, and has been actively involved in education, both as a trustee of United
Learning and the Chair of Governors at a leading girls’ school. He has a degree from the
University of Manchester, is a member of the Institute of Chartered Accountants in England
and Wales and has completed a business school programme at IMD in Lausanne.
Richard Oirschot
Richard previously established and managed the Barclays Ventures Turnaround
Investment Fund, leading over 25 investments and being the fund’s representative on 15
SME boards (predominantly in the UK). Since leaving Barclays he has undertaken various
management and advisory roles, including serving as a non-executive member on the
board of The Insolvency Service. He has over 20 years of experience in corporate recovery
working for UK accountancy firms focused on the UK SME sector including 7 years as a
director for PKF. He is a Fellow of the Institute of Chartered Accountants in England and
Wales and holds a BSc in Economics with Accountancy from Loughborough University.
Michael van Messel
Michael joined Shore Capital in 1993 as Group Financial Controller and became Operations
Director in 2000. He is the head of Shore Capital’s finance team, including its treasury
function, and is also responsible for all operations at Shore Capital including all banking
facilities. Michael has been involved in assessing, and subsequently monitoring, each
company to or in which Shore Capital has lent or invested money. He began his career
at Hacker Young where he qualified as a Chartered Accountant. He then worked as a
specialist in their tax department and, subsequently, for Coopers and Lybrand within
its financial services group. He is a Fellow of the Institute of Chartered Accountants
in England and Wales and has a degree in Physics from Imperial College.
Directors’ biographies
16
Principal activities and status
The Company was incorporated on 11 April 2019.
The principal activity of the Company is the making
of investments in qualifying and non-qualifying
holdings of shares or securities. The Company is an
investment company within the meaning of Section
833 of the Companies Act 2006. The Company
has been granted approval by the Inland Revenue
under Section 274 of the Income Tax Act 2007 as a
Venture Capital Trust. The Directors have managed,
and continue to manage, the Company’s affairs in
such a manner as to comply with Section 274 of
the Income Tax Act 2007. The Company’s ordinary
shares of £0.01 each were listed on the Official
List of the UK Listing Authority on 5 June 2020.
Business model and strategy
The Company operates as a VCT to enable
its shareholders to benefit from tax reliefs
available. The Directors aim to maximise tax free
distributions to shareholders by way of dividends
paid out of income received from investments
and capital gains received following successful
realisations. The Company’s strategy is set out
in the Investment Policy set out below.
Investment policy
Puma Alpha VCT plc seeks to achieve its overall
investment objective (of proactively managing
the assets of the fund with an emphasis on
realising gains in the medium term) to maximise
distributions from capital gains and income
generated from the Company’s assets. It intends to
do so whilst maintaining its qualifying status as a
VCT, by pursuing the following Investment Policy:
The Company may invest in a mix of qualifying
and non-qualifying assets. The qualifying
investments may be quoted on AIM or a similar
market or be unquoted companies. The Company
may invest in a diversified portfolio of growth
orientated qualifying companies which seek to raise
new capital on flotation or by way of a secondary
issue. The Company will target investments
in unquoted companies with a strong and
experienced management team, a proposition that
is commercially validated through sales volume,
a clear and comprehensive plan for growth, and
operating in a well-defined market niche with
proven market fit. The Company has to have in
excess of 80% of its assets invested in qualifying
investments as defined for VCT purposes.
Strategic Report
The Directors present their Strategic Report of the Company for the
year ended 28 February 2026. The purpose of the report is to inform
members of the Company and help them assess how the Directors
have performed their duty to promote the success of the Company.
17
The portfolio of non-qualifying investments will
be managed with the intention of ensuring the
Company has sufficient liquidity to invest in
qualifying investments as and when opportunities
arise. Subject to the Board and Investment
Manager’s view from time to time of desirable
asset allocation, it may comprise quoted ordinary
shares or securities on a regulated market,
collective investment schemes (including UCITs),
shares or units in an alternative investment
fund, and cash on short-term deposit.
A full text of the Company’s investment
policy can be found within the Company’s
prospectus at www.pumainvestments.co.uk.
Principal risks and uncertainties
The Board have carried out a robust
assessment of the Company’s emerging and
principal risks, including those that might
threaten the Company’s business model,
future performance, solvency or liquidity and
reputation. The Board receives regular reports
from the Investment Manager and uses this
information along with their own knowledge
and experience to identify any emerging risks,
so that appropriate procedures can be put
in place to manage or mitigate such risks.
The principal risks facing the Company relate
to its investment activities, specifically market
price risk, as well as interest rate risk, credit risk
and liquidity risk. An explanation of these risks
and how they are managed is contained in
note 15 to the financial statements. Additional
risks faced by the Company are as follows:
Market conditions
There is a risk that geopolitical and economic
events, can have an impact on the prospects
of certain of the Company’s investments.
The Investment Manager mitigates the
risk by maintaining close contact with all
investee companies as well as by maintaining
a diverse portfolio. Further details of the
investments are set out in the Investment
Manager’s Report on pages 6 to 7.
Investment risk
Inappropriate stock selection leading to
underperformance in absolute and relative terms
is a risk which the Investment Manager and
the Board mitigate by reviewing performance
throughout the year and formally at Board
meetings. There is also a regular review by the
Board of the investment mandate and long-term
investment strategy and monitoring of whether the
Company should change its investment strategy.
Regulatory risk
The Company operates in a complex regulatory
environment and faces several related risks.
A breach of s274 of the Income Tax Act 2007 could
result in the Company being subject to capital gains
on the sale of investments. A breach of the VCT
Regulations could result in the loss of VCT status
and consequent loss of tax relief currently available
to shareholders. Serious breach of other regulations,
such as the UKLA Listing Rules and the Companies
Act 2006 could lead to suspension from the Stock
Exchange. The Board receives quarterly reports to
monitor compliance with regulations and engages
external independent advisers to undertake
an independent VCT status monitoring role.
In addition, to the principal risks explained above,
the principal uncertainty that may affect the
Company relate to material changes to the VCT
regulations. The Board will continue to monitor
this and take appropriate action if required.
Risk management
The Company’s investment policy allows for
a large proportion of the Company’s assets
to be held in unquoted investments. These
investments are not publicly traded so there is
not a liquid market for them. Therefore, these
investments may be difficult to realise.
The Company manages its investment risk within
the restrictions of maintaining its qualifying
VCT status by using the following methods:
• the active monitoring of its investments by
the Investment Manager and the Board;
• seeking Board representation associated
with each investment, if possible;
• seeking to hold larger investment stakes by
co-investing with other companies managed
by the Investment Manager, so as to gain
more influence over the investment;
• ensuring a spread of investments is achieved.
Business review and future developments
The Company’s business review and future
developments are set out in the Chairman’s
Statement, the Investment Manager’s Report and
Investment Portfolio Summary on pages 2 to 14.
STRATEGIC REPORT > CONTINUED
18
Key performance indicators
At each Board meeting, the Directors consider
a number of performance measures to
assess the Company’s success in meeting its
objectives. The Board believes the Company’s
key performance indicators are movement in
Net Asset Value per ordinary share and Total
Return per ordinary share. The Board considers
that the Company has no non-financial key
performance indicators. In addition, the Board
considers the Company’s compliance with the
Venture Capital Trust Regulations to ensure that
it will maintain its VCT status. An analysis of the
Company’s key performance indicators and the
performance of the Company’s portfolio and
specific investments is included in the Chairman’s
Statement, the Investment Manager’s Report and
the Investment Portfolio Summary pages 2 to 14.
Viability statement
The Directors have conducted a robust
assessment of the principal risks facing the
Company including those that would threaten its
business model, future performance, solvency or
liquidity. This is summarised above. The Directors
have assessed the prospects of the Company
for the one year period from the Balance Sheet
date. This is a period for which developments
are considered to be reasonably foreseeable.
This review included consideration of compliance
with VCT regulations, the Company’s current
financial position and expected cash flows for
the period and the current economic outlook.
Based on this review, the Directors have
concluded that there is a reasonable expectation
that the Company has adequate cash
resources to enable it to continue in operation
and meet its liabilities as they fall due over
the one-year period to 28 February 2027.
Section 172 statement - Duty to promote the
success of the company
Section 172 of the Companies Act requires
directors of a company to act in the way they
consider, in good faith, would be most likely to
promote the success of the company for the
benefit of its members as a whole, and in doing
so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the
long term,
(b) the interests of the Company’s employees,
(c) the need to foster the Company’s business
relationships with suppliers, customers and
others,
(d) the impact of the Company’s operations on the
community and the environment,
(e) the desirability of the Company maintaining
a reputation for high standards of business
conduct, and
(f) the need to act fairly between members of the
Company.
This section of the Strategic Report also sets out
the disclosures required in respect of how the
Company engages with suppliers, customers and
others in a business relationship with the Company.
The Company does not have any employees
and delegates day to day operations to service
providers. The Board’s principal concern is to focus
on the needs and priorities of its shareholders
as well as considering the wider community
including the company’s service providers
and its investee companies (as disclosed in
the Investment Manager’s Report on pages
6 to 7). The Board consider that the Company
does not have customers, only shareholders,
and its suppliers are the service providers.
The Annual Report sets out how the Board
promotes the success of the Company for the
benefit of its shareholders. The Board is focused on
high standards of business conduct and recognises
the need to act fairly between shareholders. Further
details on relations with shareholders is set out in
the Corporate Governance Statement on page 26.
The Board engages with the Investment Manager
at every Board meeting to ensure that there is a
close and constructive working relationship and a
good understanding of the investee companies.
The Company also engages regularly with its
other service providers. The Board ensures that
the interests of current and potential stakeholders,
and the impact of the Company’s investments
on the wider community and the environment
are considered when decisions are made.
STRATEGIC REPORT > CONTINUED
19
STRATEGIC REPORT > CONTINUED
Position at
28 February 2026
.
The Company has invested 30% of funds raised in an accounting period,
in qualifying companies within 12 months after the end of the accounting
period.
Complied
.
The Company holds at least 80% of its investments in qualifying
companies.
Complied
.
At least 70% of the Company’s qualifying investments are held in “eligible
shares”.
Complied
.
No investment constitutes more than 15% of the Company’s portfolio at
time of investment.
Complied
.
The Company’s income for each financial year is derived wholly or mainly
from shares and securities.
Complied
.
The Company distributes sufficient revenue dividends to ensure that not
more than 15% of the income from shares and securities in any one year is
retained.
Complied
.
A maximum unit size of £5 million in each VCT qualifying investment
(per tax year).
Complied
Directors and employees
The Company has not disclosed any information about, or policies in relation to, employees
as it has no employees (other than the Directors). All the Directors are male.
Approved by the Board and signed on its behalf by
Egmont Kock
Chairman
12 June 2026
VCT status monitoring
The Company has engaged Shoosmiths LLP to advise it on compliance with VCT requirements,
including evaluation of investment opportunities, as appropriate, and regular review of the portfolio.
Although Shoosmiths LLP work closely with the Investment Manager, they report directly to the Board.
Compliance with the VCT regulations (as described in the Investment Policy) for the year under
review is summarised as follows:
20
Directors’ Report
The Directors present their Annual Report and the
audited financial statements of the Company for
the year ended 28 February 2026. The Company’s
Registered Number is 11939975. The Company has,
in accordance with S.414C of the Companies Act, set
out in the Strategic Report, information regarding
financial risk management, future developments and
engagement with suppliers, customers and others
in a business relationship with the Company that
would otherwise be set out in the Directors’ Report.
21
Results and dividends
The results for the financial year are set out on
page 38. A dividend was not declared during
the year (2025: £0.9 million). It is the aim of the
Directors to maximise tax free distributions to
shareholders by way of dividends paid out of
income received from investments and capital
gains received following successful realisations.
Post Balance Sheet events
Details of material post Balance Sheet events are
set out in note 19 to the financial statements.
Future developments
The long-term strategy of the Company has been
disclosed on page 16 of the Strategic Report.
Capital structure
The issued share capital of the Company is
detailed in note 13 to the financial statements.
Details of share voting rights and authority to
repurchase ordinary shares are disclosed in the
Corporate Governance Statement on page 29.
Directors
The Directors of the Company during the year and
their beneficial interests in the issued ordinary shares
of the Company at 28 February 2026 were as follows:
£0.01 Ordinary Shares
28 February
2026
28 February
2025
Egmont Kock (Chairman) 20,600 20,600
Richard Oirschot 42,479 20,600
Michael van Messel 30,000 20,600
No options over the share capital of the
Company have been granted to the Directors.
Investment management, administration and
performance fees
The Company has delegated the investment
management of the portfolio to Puma Investment
Management Limited (Puma Investments). The
principal terms of the Company’s management
agreement with Puma Investments is set out in
note 3 to the financial statements. The annual
running costs of the Company are subject to a cap of
3.5% of the Company’s Net Assets at each year-end.
Puma Investments also provide company secretarial
and other accounting and administrative support
to the Company for an aggregate annual fee
of 0.35% of the Net Assets of the Fund at each
quarter end, payable quarterly in arrears.
The Investment Manager will also be entitled
to a performance incentive fee payable in
relation to each accounting period, subject to
the Performance Value per Share exceeding
the High Water Mark (being the higher of 120p
and the highest Performance Value per Share
at the end of any previous accounting period).
It is the Directors’ opinion that the continued
appointment of the Investment Manager, Puma
Investments, on the terms agreed, is in the best
interest of the shareholders. The Investment
Manager is part of the Shore Capital Group which
has a proven track record in VCT management
and has a strong network within the industry.
Corporate Governance Statement
The Company’s Corporate Governance Statement
is set out on pages 26 to 29 and forms part of the
Directors’ Report.
Global greenhouse gas emissions
The Company has no physical assets, operations,
premises or employees of its own. Consequently,
it consumed less than 40,000kWh of energy
during the year so has no greenhouse gas emissions
to report from its operations, nor does it have
responsibility for any other emissions producing
sources under the Companies Act 2006 (Strategic
Report and Directors’ Report) Regulations 2013.
Going concern
The Board receive regular reports from Puma
Investments, and in accordance with the
guidance issued by the Financial Reporting
Council, the Directors have considered a period
of 12 months from the date of this report for the
purposes of determining the Company’s going
concern status. As part of this assessment, they
have taken into consideration the geopolitical
climate, and believe that there are no material
uncertainties leading to significant doubt.
On this basis, the Directors believe that it is
appropriate to continue to apply the going concern
basis in preparing the financial statements. This
is appropriate as the Company’s non-qualifying
investments are held for liquidity purposes and
DIRECTORS’ REPORT > CONTINUED
22
will be sold as and when required to ensure
the Company has adequate cash reserves
to meet the Company’s running costs.
Financial instruments
The material risks arising from the Company’s
financial instruments are market price risk, credit
risk, liquidity risk and interest rate risk. The Board
reviews and agrees policies for managing each
of these risks and these are summarised in note
15 to the financial statements. These policies
have remained unchanged since the beginning
of the financial year. As a Venture Capital Trust,
it is the Company’s specific business to evaluate
and control the investment risk in its portfolio.
Substantial shareholdings
As at 28 February 2026 and as at the date of this
report, the Company had not been notified of
any direct interests representing 3% or more
of the issued share capital of the Company.
Third-party indemnity provision for Directors
Qualifying third party indemnity provision was in
place for the benefit of all Directors of the Company.
Independent auditor
A resolution to reappoint MHA as independent
auditor will be proposed at the next Annual
General Meeting.
Statement as to disclosure of information
to the auditor
The Directors in office at the date of this report
have confirmed that, as far as they are each
aware, there is no relevant audit information
of which the auditor is unaware. Each of the
Directors have confirmed that they have taken
all the steps that they ought to have taken as
Directors in order to make themselves aware of
any relevant audit information and to establish
that it has been communicated to the auditor.
Annual General Meeting
The Annual General Meeting of the Company
will be held at Cassini House, 57 St James’s
Street, London SW1A 1LD on 27th July 2026 at
2.30pm. Notice of the Annual General Meeting
is inserted within this document. Members will
be provided with a separate Form of Proxy.
Statement of Directors’ responsibilities
The Directors are responsible for preparing the
Strategic Report, the Directors’ Report, the Directors’
Remuneration Report, and the financial statements
in accordance with applicable law and regulations.
Company law requires the Directors to prepare
financial statements for each financial year. Under
that law, the Directors have elected to prepare
the financial statements in accordance with
United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards,
comprising FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of
Ireland”, and applicable law). Under company
law, the Directors must not approve the financial
statements unless they are satisfied that they
give a true and fair view of the state of affairs
of the Company and of the profit or loss of the
Company for that period. In preparing those
financial statements, the Directors are required to:
(a) select suitable accounting policies and then
apply them consistently;
(b) make judgements and accounting estimates
that are reasonable and prudent;
(c) state whether applicable UK Accounting
Standards (comprising FRS 102 “The Financial
Reporting Standard applicable in the UK and
Republic of Ireland”, and applicable law) have
been followed, subject to any material departures
disclosed and explained in the financial
statements;
(d) prepare the financial statements on the going
concern basis unless it is inappropriate to
presume that the Company will continue in
business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Company’s transactions and disclose
with reasonable accuracy at any time the financial
position of the Company and enable them to
ensure that the financial statements and the
Directors’ Remuneration Report comply with the
Companies Act 2006. They are also responsible
for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
DIRECTORS’ REPORT > CONTINUED
Directors’ statement pursuant to the disclosure
and transparency rules
Each of the Directors, whose names and
functions are listed in the Directors’ Biographies
on page 15, confirms that, to the best of each
person’s knowledge:
(a) the financial statements, prepared in
accordance with United Kingdom Generally
Accepted Accounting Practice (United
Kingdom Accounting Standards, comprising
FRS 102 “The Financial Reporting Standard
applicable in the UK and Republic of Ireland”,
and applicable law), give a true and fair view
of the assets, liabilities, financial position
and profit/(loss) of the Company; and
(b) the Chairman’s Statement, Investment
Manager’s Report, the Strategic Report
and Directors’ Report contained in the
Annual Report include a fair review of the
development and performance of the business
and the position of the Company together
with a description of the principal risks and
uncertainties that it faces.
Directors’ statement regarding Annual
Report and Accounts
The Directors consider that the Annual
Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides
the information necessary for shareholders
to assess the Company’s position and
performance, business model and strategy.
DIRECTORS’ REPORT > CONTINUED
23
Electronic publication
The Directors are responsible for the maintenance
and integrity of the corporate and financial
information included on the Company’s
website. The financial statements are published
on www.pumainvestments.co.uk, a website
maintained by the Investment Manager.
Legislation in the United Kingdom regulating
the preparation and dissemination of the
financial statements may differ from legislation
in other jurisdictions.
On behalf of the Board.
Egmont Kock
Chairman
12 June 2026
24
Directors’ Remuneration Report
This report is prepared in accordance with Schedule 420-422 of the
Companies Act 2006. A resolution to approve this report will be put to the
members at the Annual General Meeting to be held on 27th July 2026.
Directors’ remuneration policy
The Board as a whole considers Directors’
remuneration and, as such, a Remuneration
Committee has not been established. The Board’s
policy is that the remuneration of Non-Executive
Directors should reflect time spent and the
responsibilities borne by the Directors on the
Company’s affairs and should be sufficient to
enable candidates of high calibre to be recruited.
Directors’ fees payable during the year totalled
£77,000 (excluding VAT) as set out in note 4 to
the financial statements.
On 5 July 2019 the Directors were appointed for
a period of 12 months after which either
party must give three calendar months’ notice
to end the contract.
Directors’ remuneration
The Directors are all non-executive and received
emoluments as detailed below:
Audited
Year ended
28 February
2026
£
Audited
Year ended
28 February
2025
£
Egmont Kock (Chairman) 27,000 23,000
Richard Oirschot 25,000 22,000
Michael van Messel 25,000 22,000
77,000 67,000
These are the total emoluments. There are no pension
contributions or share options. There is no
requirement for the Directors to hold shares in the
Company. Directors’ share interests are disclosed in
the Directors’ Report on page 21. Brief biographical
notes on the Directors are given on page 15.
The Directors shall be paid by the Company all
travelling, hotel and other expenses they may incur
in attending meetings of the Directors or general
meetings or otherwise in connection with the
discharge of their duties. The remuneration to be
paid is as per the prospectus.
Directors’ and officers’ liability insurance cover is
held by the Company in respect of the Directors.
Statement of voting at Annual General Meeting
Resolutions to approve the Directors’ Remuneration
Policy and the Directors’ Remuneration Report were
approved by shareholders at the AGM on 30 July 2025.
Votes cast are summarised as follows:
Directors’
Remuneration
Report
For 90.8%
Against 9.2%
Number of votes
withheld 8,437
On behalf of the Board
Egmont Kock
Chairman
12 June 2026
2525
26
Corporate Governance
Statement
The FRC has confirmed that members of the AIC,
who report against the AIC Code, will be meeting
their obligations in relation to the UK Code and the
associated disclosure requirements under paragraph
9.8.6 of the Listing Rules. The AIC Code is available
on the AIC’s website www.theaic.co.uk. It includes
an explanation of how the AIC Code adapts the
principles and provisions set out in the UK Code to
make them relevant for investment companies.
Corporate governance within the investment
company industry differs from that of other
companies. In addition, VCTs differ from most
other investment companies in that they have,
developed over many years, a complex range of
additional legal, tax and regulatory requirements.
As a VCT, Puma Alpha VCT has a number
of structural features that influence how
governance is applied. These are set out below.
• The VCT outsources all day-to-day activities
(such as portfolio management, administration,
accounting, custody and company secretarial).
This means that it is governed entirely by
a Board of Non-Executive Directors. In
these circumstances, the proper oversight
of these relationships is the key aspect of
achieving good corporate governance.
• The VCT does not have executive Directors
or employees. As a consequence,
the only ‘corporate memory’ is that
of the Non-Executive Directors.
The Association of Investment Companies Code of Corporate
Governance (the “AIC Code”), issued by the AIC in August 2024,
addresses the principles and provisions set out in the UK Corporate
Governance Code (the “UK Code”), issued by the Financial Reporting
Council (“FRC”) in January 2024, as well as setting out additional
provisions on issues that are of specific relevance to Puma Alpha VCT.
• The VCT does not have customers,
only shareholders.
The AIC Code deals with matters such as the
relationship with the manager and other service
providers. In practise, most of the time spent
by the Board of a well-functioning investment
company should be spent on matters of general
corporate governance (e.g. the investment
strategy, policy and performance).
Alpha VCT is committed to maintaining high
standards in corporate governance. With the
exception of the limited items outlined below,
the Directors consider that Alpha VCT has,
throughout the year under review, complied
with the provisions set out in the AIC Code:
• Provision 14 - Due to the size of the Board,
the role of Chairman and Senior Independent
Director are both performed by Egmont Kock.
The recommendation in the Code is for the
Senior Independent Director and Chairman
to be separate positions on the Board. The
Board believes that Egmont Kock’s experience
allows him to exercise proper judgement
in distinguishing between the roles.
• Provision 22, 28, 37 - Due to the size of the
Board and because there are no Executive
Directors or senior management, the Company
does not have a nominations committee or
remuneration committee. Since appointment
there have been no changes to the Board of
the Directors. The Board does not have plans
27
in place for orderly succession to the Board.
• Provision 26 - Due to the size of the Board,
a formal annual performance evaluation of
the Board, its committees and the individual
Directors has not been undertaken. Specific
performance issues are dealt with as they arise.
The Board
The Company has a Board comprising three
Non-Executive Directors. All Directors are
independent as defined by the Code except for
Michael van Messel as a result of his directorship
in the parent of the Investment Manager and his
shareholding in the ultimate parent company of
the Investment Manager. The Board considers
that all Directors have sufficient experience to
be able to exercise proper judgement within the
meaning of the Code. The Board has appointed
Egmont Kock as the senior independent Director
and he is also the Chairman. Biographical details
of all Board members are shown on page 15.
In accordance with the recommendations of the
Code, all the Directors will retire at the forthcoming
Annual General Meeting and, being eligible,
will offer themselves for re-election. The Board
believe that all the Directors have made valuable
contributions during the year and remain committed
to the role. The Board therefore recommends
that shareholders re-elect Egmont Kock, Richard
Oirschot and Michael van Messel as Directors
at the forthcoming Annual General Meeting.
Full Board meetings take place quarterly and
additional meetings are held as required to address
specific issues. The Board has a formal schedule
of matters specifically reserved for its decision.
These include:
• considering recommendations from
the Investment Manager;
• providing oversight in relation to the
performance of the investment portfolio; and
• reviewing, annually, the terms of engagement
of all third-party advisers (including
investment managers and administrators).
The Board makes decisions and sets policies in
line with its purpose and outlined strategy.
The attendance of individual Directors at full
Board meetings during the year was as follows:
Board meetings
Egmont Kock 4/4
Richard Oirschot 4/4
Michael van Messel 4/4
The Board has also established procedures
whereby Directors wishing to do so in the
furtherance of their duties may take independent
professional advice at the Company’s expense.
All Directors have access to the advice and
services of the Company Secretary. The Company
Secretary provides the Board with full information
on the Company’s assets and liabilities and
other relevant information requested by the
Chairman, in advance of each Board meeting.
The Board has not established a nominations
committee or remuneration committee as they
consider the Board to be small and comprises
wholly of Non-Executive Directors. Appointments
of new Directors and Directors’ remuneration are
dealt with by the full Board. The remuneration for
2026/27 for the Board will be as per the prospectus.
The Board reviewed Directors’ remuneration
during the year. Details of the specific levels of
remuneration to each Director are set out in the
Directors’ Remuneration Report on page 24,
and this is subject to shareholder approval.
There had been no changes to the composition
of the Board since the date of issue of the
prospectus and there are no planned changes.
As a result, the Company does not have plans
in place for orderly succession to the Board.
Audit Committee
The Audit Committee comprises the two
independent Non-Executive directors. It is
chaired by Richard Oirschot and meets annually
with the external auditor prior to approval of
the Company’s financial statements. There
was one Audit Committee meeting during the
year which was attended by both independent
Non-Executive Directors. The Audit Committee
monitors the external auditor’s independence,
the effectiveness of the audit process and
other relevant matters. The Audit Committee
receives written confirmation each year of
the external auditor’s independence.
The Audit Committee considered the need for an
internal audit function and concluded that this
function would not be an appropriate control for
CORPORATE GOVERNANCE STATEMENT > CONTINUED
28
a Venture Capital Trust. The Audit Committee
considers that the significant issues in relation to
these financial statements relate to the carrying
value and disclosure of the unquoted investments.
The Audit Committee challenge findings and
comments received from the Investment Manager
on the financial performance of the investments.
The Audit Committee, after taking into
consideration comments from the Investment
Manager and Administrator regarding the
effectiveness of the audit process, recommends
to the Board that MHA continues in office.
The Audit Committee reviews and agrees the
audit strategy paper, presented by the auditor in
advance of the audit, which sets out the significant
risk areas to be covered during the audit. The
Audit Committee meets prior to the approval of
the financial statements to consider the auditor’s
findings and challenge the work performed,
especially in relation to unquoted investments.
When considering the effectiveness of the
external audit, the Board considers the quality and
content of the audit plan and report provided to
the Committee by the auditor and the resultant
reporting and discussions on topics raised.
The Audit Committee approves the provision of
any non-audit work prior to it being undertaken.
No non-audit fees were charged during the year.
Relations with shareholders
Shareholders have the opportunity to meet
representatives of the investment management
team and the Board at the AGM. The Board
is also happy to respond to any written
queries made by shareholders, or to meet
with shareholders if so requested.
In addition to the formal business of the AGM,
representatives of the investment management
team and the Board are available to answer
any questions a shareholder may have.
Separate resolutions are proposed at the AGM on
each substantially separate issue. The Registrars
collate proxy votes, and the results (together with
the proxy forms) are forwarded to the Company
Secretary immediately prior to the AGM.
Proxy votes are announced at the AGM, following
each vote on a show of hands, except in the
event of a poll being called. The notice of the next
AGM is at the end of this document. Members
will be provided with a separate Form of Proxy.
Financial reporting
The Directors’ statement of responsibilities for
preparing the accounts is set out in the Directors’
Report on page 22, and a statement by the
auditor about their reporting responsibilities is set
out in the Auditor’s Report on pages 30 to 36.
Internal control
The Board is responsible for the Company’s
system of internal controls which have been
designed to provide reasonable, but not absolute,
assurance against material misstatement or loss.
The Board is responsible for ensuring that the
procedures to be followed by the advisers and
the Directors are in place, and for reviewing the
effectiveness of the system of internal controls
on a regular basis to ensure that the controls
remain relevant and are operating effectively.
The Board will implement additional controls
if they consider it appropriate to do so.
The Directors confirm that they have established
a continuing process throughout the year and
up to the date of this report for identifying,
evaluating and managing the significant potential
risks faced by the Company and have reviewed
the effectiveness of the internal control and risk
management systems. As part of this process,
an annual review of the internal control and risk
management systems is carried out in accordance
with the Financial Reporting Council guidelines
for internal control. There were no problems
identified from the Directors’ annual review of the
internal control and risk management systems.
Although the Board is ultimately responsible for
safeguarding the assets of the Company, the
Board has delegated, through written agreements,
the day-to-day operation of the Company to
Puma Investment Management Limited.
Puma Investment Management Limited
identifies investment opportunities and
monitors the portfolio of investments and makes
recommendations to the Board in terms of
suggested disposals and further acquisitions.
Puma Investment Management Limited holds
a discretionary investment mandate for all
investments, although qualifying investments
decisions are all approved by the Board.
Puma Investment Management Limited is
also engaged to carry out the accounting
function and manages the retention of
physical custody of the documents of title
CORPORATE GOVERNANCE STATEMENT > CONTINUED
relating to unquoted investments. Any
quoted investments will be in CREST.
Internal control systems include production and
review of monthly management accounts. Both
the annual and interim report are reviewed and
approved by the Board. All outflows made from
the VCT’s bank accounts require the authority
of two signatories from Puma Investments,
the Investment Manager. The Investment
Manager is subject to internal monitoring
as part of the Compliance Framework.
The Board review the performance of the
Investment Manager and are satisfied with
the performance. It is considered it would
be unnecessarily burdensome to establish
a separate management engagement
committee given the entity’s size.
Board diversity and inclusion
The Board currently comprises all male
Directors. The Board is conscious of the need
for diversity and will consider male and female
candidates from all backgrounds and walks
of life when appointing new Directors. The
Board considers that each candidate should
be appointed on merit with reference to
their professional achievement, skill set and
experience to make sure the best candidate
for the role is appointed when required.
The Manager has an equal opportunities
policy and as at 28 February 2026, the
Investment Manager employed 79 men
and 63 women, representing approximately
56% male and 44% female employees.
Share capital, rights attaching to the shares and
restrictions on voting and transfer
Ordinary shares are freely transferable in
both certificated and uncertificated form
and can be transferred by means of the
CREST system. There are no restrictions on
the transfer of any fully paid up share. With
respect to voting rights, the ordinary shares
rank pari passu as to rights to attend and vote
at any general meeting of the Company. The
Company’s ordinary shareholders do not have
differing voting rights. Further details of the
Company’s rules are set out in the Company’s
prospectus at www.pumainvestments.co.uk.
CORPORATE GOVERNANCE STATEMENT > CONTINUED
Repurchase of ordinary shares
Although the ordinary shares are traded
on the London Stock Exchange, there is
likely to be an illiquid market and, in such
circumstances, shareholders may find it
difficult to sell their ordinary shares in the
market. In order to try to improve the liquidity
in the ordinary shares, the Board may establish
a buyback policy whereby the Company will
purchase ordinary shares for cancellation.
The Board has authority to make market
purchases of the Company’s own shares.
This authority for up to 4,932,922 of the
Company’s issued share capital was granted
at the 2025 Annual General Meeting. A
resolution will be put to the next Annual
General Meeting to renew this authority.
Gearing
The Board has the authority to borrow up
to 50% of the amount received from the
issued share capital but there are currently
no plans to take advantage of this authority.
On behalf of the Board
Egmont Kock
Chairman
12 June 2026
29
Independent Auditor’s Report
TO THE MEMBERS OF PUMA ALPHA VCT PLC
For the purpose of this report, the terms “we” and “our” denote
MHA in relation to UK legal, professional and regulatory
responsibilities and reporting obligations to the members of
Puma Alpha VCT plc. For the purposes of the table on page
31 to 32 that sets out the key audit matters and how our audit
addressed the key audit matters, the terms “we” and “our” refer
to MHA. The “Company” is defined as Puma Alpha VCT plc.
The relevant legislation governing the Company is the United
Kingdom Companies Act 2006 (“Companies Act 2006”).
Opinion
We have audited the financial statements of the
Company for the year ended 28 February 2026. The
financial statements that we have audited comprise:
• The Income Statement;
• The Balance Sheet;
• The Statement of Cash Flows;
• The Statement of Changes in Equity; and
• Notes 1 to 19 to the financial statements,
including material accounting policies.
The financial reporting framework that has been
applied in the preparation of the Company’s
financial statements is applicable law and United
Kingdom Accounting Standards, including
Financial Reporting Standard 102 “The Financial
Reporting Standard applicable in the UK and
Republic of Ireland” (United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial statements:
• Give a true and fair view of the state of the
Company’s affairs as at 28 February 2026
and its loss for the year then ended;
• Have been properly prepared in
accordance with United Kingdom Generally
Accepted Accounting Practice; and
• Have been prepared in accordance with the
requirements of Companies Act 2006.
Our opinion is consistent with our reporting to the
Audit Committee.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our responsibilities
under those standards are further described in
the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We
are independent of the Company in accordance
with the ethical requirements that are relevant to
our audit of the financial statements in the UK,
including the FRC’s Ethical Standard as applied to
listed public interest entities, and we have fulfilled
our ethical responsibilities in accordance with those
requirements. We believe that the audit evidence
we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have
concluded that the Directors' use of the going
concern basis of accounting in the preparation of
the financial statements is appropriate.
30
Our evaluation of the Directors’ assessment of the
Company’s ability to continue to adopt the going
concern basis of accounting included:
• Considering the inherent risks to the Company’s
operations and specifically its business model.
• Evaluating how those risks could impact the
Company’s available financial resources.
• Obtaining the Company's compliance reports
prepared by management’s expert during
the year and at year end and reviewing the
underlying calculations to assess whether
the Company was meeting the requirements
necessary to retain its VCT status.
• Considering the Company’s expected future
compliance with legislation, the absence of
bank debt, contingencies and commitments,
and any market or reputational risks.
• Reviewing the forecast cash flows supporting
the Directors’ going concern assessment,
challenging the assumptions and judgements
applied within the forecasts, and assessing their
reasonableness by comparing available cash
resources to forecast expenditure, benchmarking
against the prior year where appropriate, and
considering the level of liquid investments,
including quoted investments held at year end.
• Considering the liquidity risks associated with
the VCT’s investment portfolio, particularly
arising from its exposure to unlisted companies.
Based on the work we have performed, we have
not identified any material uncertainties relating to
events or conditions that, individually or collectively,
may cast significant doubt on the Company’s
ability to continue as a going concern for a period
of at least twelve months from when the financial
statements are authorised for issue.
In relation to the Company’s reporting on how it
has applied the UK Corporate Governance Code,
we have nothing material to add or draw attention
to in relation to the Directors’ statement in the
company’s financial statements about whether the
Directors considered it appropriate to adopt the
going concern basis of accounting.
Our responsibilities and the responsibilities of
the directors with respect to going concern are
described in the relevant sections of this report.
OVERVIEW OF OUR AUDIT APPROACH
Scope Our audit was scoped by obtaining an understanding of the Company and its
environment, including the Company’s system of internal control, and
assessing the risks of material misstatement in the financial statements. We
also addressed the risk of management override of internal controls,
including assessing whether there was evidence of bias by the directors that
may have represented a risk of material misstatement.
Materiality 2026 2025
Overall materiality £313.3k £307.2k 1% (2025: 1%) of the net assets
KEY AUDIT MATTERS
Recurring Valuation of unquoted investments
31
INDEPENDENT AUDITOR’S REPORT > CONTINUED
32
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we identified. These matters included those matters which had
the greatest effect on the overall audit strategy, the allocation of resources in the audit, and directing the efforts
of the engagement team. These matters were addressed in the context of our audit of the financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
INDEPENDENT AUDITOR’S REPORT > CONTINUED
VALUATION OF UNQUOTED INVESTMENTS
Financial
Statement
Elements
Unquoted investments held at fair value through
profit and loss (Note 8)
Key audit
matter
description
The Company holds a significant portfolio of unquoted investments, which are
measured at fair value in accordance with the International Private Equity and Venture
Capital Valuation (IPEV) Guidelines. Fair value is typically determined using valuation
techniques such as earnings or revenue-based multiples. These valuations involve a
significant level of judgement, particularly in selecting appropriate methodologies
and inputs to determine the fair value of the investments.
There is therefore a risk that the judgements applied in the valuation methodologies
could result in a material misstatement of investment values.
As a result, we identified the valuation of unquoted investments as a key audit matter due
to its significant impact on our overall audit strategy and the allocation of our resources.
How the
scope of
our audit
responded
to the key
audit matter
We responded to this matter by testing the valuation of the portfolio of investments.
Our audit procedures included:
• Obtaining an understanding of the internal controls over the investment valuations,
including assessing the design and implementation of key management
controls, such as the review and approval process for investment valuations.
• Reviewing the most recent financial statements of the underlying
investee companies.
• Evaluating management’s valuation methodology for unquoted investments,
including reviewing underlying investment agreements and other relevant
supporting documentation.
• Involving external valuation experts to evaluate whether the valuation
methodology was appropriate under the IPEV Guidelines.
• Engaging external valuation experts to reperform the calculation of investment
valuations and assess key judgments and assumptions used by management
in the valuation model.
• Challenging the assumptions inherent in the valuation of unquoted investments
by developing our own point estimates where alternative assumptions could
reasonably be applied and considering the overall impact of such sensitivities on
the portfolio to determine whether valuations were reasonable and unbiased.
• Considered whether any other events that occurred subsequent to the period
end affect the underlying assumptions of the valuations at 28 February 2026.
Key
observations
Nothing has come to our attention to indicate that the assumptions and judgements
applied by management in determining the valuation of unquoted investments as
at 28 February 2026 are unreasonable or materially misstated in accordance with
FRS 102 and the IPEV Guidelines.
FY26
£24.4m
FY25
£25.6m
33
Our application of materiality
Our definition of materiality considers the value of error or omission on the financial statements that,
individually or in aggregate, would change or influence the economic decision of a reasonably knowledgeable
user of those financial statements. Misstatements below these levels will not necessarily be evaluated
as immaterial as we also take account of the nature of identified misstatements, and the particular
circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.
Materiality is used in planning the scope of our work, executing that work and evaluating the results.
Overall
materiality
£313.3k (2025: £307.2k)
Basis of
determining
overall
materiality
We determined materiality based on 1% (2025: 1%) of net asset value.
We have considered net asset value per share to be the Company’s key financial metric,
as it is one of the principal measures used by shareholders in assessing the Company’s
financial position and performance. Accordingly, we have used net assets as the
benchmark for determining materiality.
Performance
materiality
£219.3k (2025: £215k)
Basis of
determining
overall
performance
materiality
We determined performance materiality based on 70% (2025: 70%) of overall materiality.
Performance materiality is the application of materiality at the individual account or
balance level, set at an amount to reduce, to an appropriately low level, the probability
that the aggregate of uncorrected and undetected misstatements exceeds materiality
for the financial statements as a whole.
The determination of performance materiality reflects our assessment of the risk of
undetected errors existing, the nature of the systems and controls and the level of
misstatements identified in previous audits.
Error
reporting
threshold
We agreed to report any corrected or uncorrected adjustments exceeding £15.7k
(2025: £15.4k) to the Audit Committee as well as differences below this threshold that
in our view warranted reporting on qualitative grounds.
INDEPENDENT AUDITOR’S REPORT > CONTINUED
The control environment
We evaluated the design and implementation of those internal controls of the Company which are
relevant to our audit, such as those relating to the investments, and financial reporting cycle.
Reporting on other information
The other information comprises the information included in the annual report other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other
information contained within the annual report. Our opinion on the financial statements does not
cover the other information and, except to the extent otherwise explicitly stated in our report, we
do not express any form of assurance conclusion thereon. Our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements, or our knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misstatement in
the financial statements themselves. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR’S REPORT > CONTINUED
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion, based on the work undertaken in the
course of the audit:
• The information given in the Strategic Report
and the Directors’ Report for the financial year
for which the financial statements are prepared
is consistent with the financial statements; and
• The Strategic Report and the Directors’ Report
have been prepared in accordance with applicable
legal requirements.
In the light of the knowledge and understanding
of the Company and its environment obtained
in the course of the audit, we have not identified
material misstatements in the Strategic Report or
the Directors’ Report.
Directors’ Remuneration Report
Those aspects of the Directors’ Remuneration
Report which are required to be audited have
been prepared in accordance with applicable legal
requirements.
Corporate Governance Statement
We have reviewed the Directors’ statement in
relation to going concern, longer-term viability and
that part of the Corporate Governance Statement
relating to the entity’s compliance with the
provisions of the UK Corporate Governance Code
specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit,
we have concluded that each of the following
elements of the Corporate Governance Statement
is materially consistent with the financial statements
and our knowledge obtained during the audit:
• Directors' statement with regards the
appropriateness of adopting the going
concern basis of accounting and any material
uncertainties identified set out on page 21;
• Directors’ explanation as to its assessment
of the group’s prospects, the period this
assessment covers and why the period is
appropriate set out on page 21;
• Directors’ statement on whether it has a
reasonable expectation that the group will be
able to continue in operation and meets its
liabilities set out on page 21;
• Directors' statement on fair, balanced and
understandable set out on page 23;
• Board’s confirmation that it has carried out a
robust assessment of the emerging and principal
risks set out on page 17;
• Section of the annual report that describes the
review of effectiveness of risk management and
internal control systems set out on page 28; and
• Section describing the work of the audit
committee set out on page 27.
Matters on which we are required to report
by exception
We have nothing to report in respect of the following
matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
• Adequate accounting records have not been kept,
or returns adequate for our audit have not been
received from branches not visited by us; or
• The financial statements are not in agreement
with the accounting records and returns; or
• Certain disclosures of Directors’ remuneration
specified by law are not made; or
• The part of the Directors’ Remuneration Report
to be audited is not in agreement with the
accounting records and returns; or
• We have not received all the information and
explanations we require for our audit; or
• A Corporate Governance Statement has not
been prepared by the Company.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities
statement, the Directors are responsible for the
preparation of the financial statements and for being
satisfied that they give a true and fair view, and for
such internal control as the Directors determine
is necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Directors
are responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless the Directors
either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
35
INDEPENDENT AUDITOR’S REPORT > CONTINUED
to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of
these financial statements.
A further description of our responsibilities
for the audit of the financial statements is
located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of
our auditor’s report.
Extent to which the audit was considered capable
of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined
above, to detect material misstatements in respect of
irregularities, including fraud.
These audit procedures were designed to provide
reasonable assurance that the financial statements
were free from fraud or error. The risk of not detecting
a material misstatement due to fraud is higher than
the risk of not detecting one resulting from error
and detecting irregularities that result from fraud is
inherently more difficult than detecting those that
result from error, as fraud may involve collusion,
deliberate concealment, forgery or intentional
misrepresentations. Also, the further removed non-
compliance with laws and regulations is from events
and transactions reflected in the financial statements,
the less likely we would become aware of it.
Identifying and assessing potential risks arising
from irregularities, including fraud
The extent of the procedures undertaken to identify
and assess the risks of material misstatement in
respect of irregularities, including fraud, included
the following:
• We considered the nature of the industry
and sector, the control environment, business
performance including remuneration policies
and the Company’s own risk assessment that
irregularities might occur as a result of fraud or
error. From our sector experience and through
discussion with the directors, we obtained
an understanding of the legal and regulatory
frameworks applicable to the Company focusing
on laws and regulations that could reasonably
be expected to have a direct material effect on
the financial statements, such as provisions of
the Companies Act 2006, the FCA listing and
DTR rules, the principles of the UK Corporate
Governance Code applied through adherence
to the AIC Code of Corporate Governance (the
"AIC Code"), industry practice represented by the
Statement of Recommended Practice: Financial
Statements of Investment Trust Companies and
Venture Capital Trusts (“the SORP”) and updated
in July 2022 with consequential amendments,
the Company's qualification as a Venture Capital
Trust under section 274 of the Income Tax Act
2007 and the applicable financial reporting
framework. We also considered the Company’s
qualification as VCT under UK tax legislation.
• We enquired with the directors and
management concerning the Company’s
policies and procedures relating to:
– Identifying, evaluating and complying with the
laws and regulations and whether they were
aware of any instances of non-compliance;
– Detecting and responding to the risks of
fraud and whether they had any knowledge
of actual or suspected fraud; and
– The internal controls established to
mitigate risks related to fraud or non-
compliance with laws and regulations.
• We assessed the susceptibility of the Company’s
financial statements to material misstatement,
including fraud and considered the fraud risk
areas to the valuation of unquoted investments
and management override of controls.
Audit response to risks identified
In respect of the above procedures:
• We corroborated the results of our enquiries
through our review of the minutes of the
Company’s Board;
• Audit procedures performed by the
engagement team in connection with
the risks identified included:
– Reviewing financial statement disclosures
and testing to supporting documentation
to assess compliance with applicable laws
and regulations expected to have a direct
impact on the financial statements;
– Assessing journal entries recorded during
the year and at period end to identify
and evaluate those with higher risk
36
INDEPENDENT AUDITOR’S REPORT > CONTINUED
characteristics, including unusual posting
patterns or account combinations;
– Evaluating the business rationale of
significant transactions outside the
normal course of business, and reviewing
accounting estimates for bias;
– Making enquiries of management
concerning the existence and status of
actual and potential litigation and claims.
– Challenging the assumptions and
judgements made by management in
its significant accounting estimates, in
particular those relating to the investment
valuations as reported in the key audit
matter section of our report; and
– Obtaining confirmations from third parties to
confirm existence of a sample of balances.
– We communicated relevant laws and
regulations and potential fraud risks to all
engagement team members, including
specialists, and remained alert to any
indications of fraud or non-compliance with
laws and regulations throughout the audit.
Other requirements
We were appointed by the Directors on 1 February
2022 for the audit of statutory financial statements
of the Company for the year ended 28 February
2022. The period of total uninterrupted engagement
including previous renewals and reappointments
of the firm is 4 years, initially under the legal entity
Macintyre Hudson LLP and subsequently under
MHA Audit Services LLP.
We did not provide any non-audit services which
are prohibited by the FRC’s Ethical Standard to
the Company, and we remain independent of the
Company in conducting our audit.
Use of our report
This report is made solely to the Company’s
members, as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2006. Our audit
work has been undertaken so that we might state
to the Company’s members those matters we are
required to state to them in an auditor’s report and
for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s
members as a body, for our audit work, for this
report, or for the opinions we have formed.
The Company is required to include these financial
statements in an annual financial report prepared
under Disclosure Guidance and Transparency
Rules 4.1.15R to 4.1.18R. This auditor’s report provides
no assurance over whether the annual financial
report has been prepared in accordance with
those requirements.
Ahmer Khan CA
(Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
London, United Kingdom
12 June 2026
MHA is the trading name of MHA Audit Services LLP,
a limited liability partnership in England and Wales
(registered number OC455542)
37
All items in the above statement derive from continuing operations.
There are no gains or losses other than those disclosed in the Income Statement.
The total column of this statement is the Statement of Total Comprehensive Income of the Company
prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and
Republic of Ireland’. The supplementary revenue and capital columns are prepared in accordance with
the Statement of Recommended Practice, ‘Financial Statements of Investment Trust Companies and
Venture Capital Trusts’ issued by the Association of Investment Companies.
There were no items of other comprehensive income during the year.
FOR THE YEAR ENDED 28 FEBRUARY 2026
Income Statement
38
Year ended 28 February 2026 Year ended 28 February 2025
Note
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Loss on fixed asset investments 8 (b) - (2,874) (2,874) - (1,043) (1,043)
Gain on current asset investments 10 - 22 22 - 67 67
Income 2 225 - 225 269 - 269
225 (2,852) (2,627) 269 (976) (707)
Investment management fees 3 (147) (441) (588) (149) (446) (595)
Performance fee 3 - - - - - -
Other expenses 4 (508) - (508) (469) - (469)
(655) (441) (1,096) (618) (446) (1,064)
Loss before tax (430) (3,293) (3,723) (349) (1,422) (1,771)
Tax 5 - - - - - -
Loss after tax
(430) (3,293) (3,723) (349) (1,422) (1,771)
Basic and diluted loss per
Ordinary Share (pence)
6 (1.27p) (9.72p) (10.99p) (1.27p) (5.14p) (6.41p)
39
AS AT 28 FEBRUARY 2026
Balance Sheet
Funds raised from investors since Alpha VCT opened for new investment which have not been allotted as at year-end.
The financial statements on pages 38 to 53 were approved and authorised for issue by the Board of Directors on 12 June 2026
and were signed on their behalf by:
Egmont Kock
Chairman
As at 28 February 2026 As at 28 February 2025
Note £'000 £'000
Fixed assets
Investments 8a 24,183 25,553
Other assets 8d 259 -
24,442 25,553
Current assets
Debtors 9 671 2,519
Investments 10 5,408 2,786
Applications cash 572 2,214
Cash at bank 976 992
7,627 8,511
Current liabilities 11 (738) (3,378)
Net current assets
6,889 5,133
Net assets
31,331 30,686
Capital and reserves
Called up share capital 13 352 309
Share premium 22,941 16,511
Capital reserve - realised (5,244) (1,456)
Capital reserve - unrealised 2,056 1,561
Revenue reserve (2,013) (1,583)
Special distributable reserve 13,239 15,344
Total equity 31,331 30,686
Net Asset Value per Ordinary Share
14 88.82p 99.32p
FOR THE YEAR ENDED 28 FEBRUARY 2026
Statement of Cash Flows
40
Year ended
28 February 2026
Year ended
28 February 2025
£’000 £’000
Reconciliation of loss before tax
Loss before tax (3,723) (1,771)
Loss on fixed asset investments 2,874 1,043
Gain on current asset investments (22) (67)
Investment income (225) (269)
Investment income received 164 144
Decrease/(increase) in debtors 1,909
(2,112)
(Decrease)/increase in creditors (998) 943
Outflow from operating activities (21) (2,089)
Cash flow from investing activities
Purchase of fixed asset investments (1,975) (4,342)
Purchase of current asset investments (4,600) (1,436)
Proceeds from disposal of investments 2,212 2,251
Outflow from investing activities (4,363) (3,527)
Cash flow from financing activities
Proceeds received from issue of ordinary share capital 6,759 5,917
Expense paid for issue of share capital (262) (168)
Movement in applications account (1,642) 1,388
Dividends paid - (927)
Shares cancelled in the year (2,129) (31)
Inflow from financing activities
2,726 6,179
Net increase/(decrease) in cash and cash
equivalents
(1,658) 563
Cash and cash equivalents at the beginning of the year 3,206 2,643
Cash and cash equivalents at the end of the year
1,548 3,206
Cash and cash equivalents comprise
Cash at bank 976 992
Applications cash 572 2,214
Cash and cash equivalents at the end of the year 1,548 3,206
41
FOR THE YEAR ENDED 28 FEBRUARY 2026
Statement of Changes in Equity
The Capital reserve - realised will include gains/losses that have been realised due to the sale of investments, net of
related costs. The Capital reserve - unrealised represents the investment holding gains/losses and shows the gains/losses
on investments still held by the Company not yet realised by an asset sale. Share premium account represents premium
on shares issued less issue costs. The Revenue reserve represents the cumulative revenue earned less cumulative
expenses. The Special distributable reserve represents reserves available for dividends and repurchases of shares subject
to additional VCT restrictions surrounding retention of the share capital and share premium account.
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
reserve -
realised
£’000
Capital
reserve -
unrealised
£’000
Revenue
reserve
£’000
Special
distributable
reserve
£’000
Total
£’000
Balance as at 1 March 2024 225 10,816 (1,032) 2,559 (1,234) 16,302 27,666
Comprehensive income for the year
Loss after tax - - (430) (992) (349) - (1,771)
Total comprehensive income for the year - - (430) (992) (349) - (1,771)
Transactions with owners, recognised
directly in equity
Issue of shares 54 5,863 - - - - 5,917
Share issue cost - (168) - - - - (168)
Transaction in own shares -
-
- - - (31) (31)
Dividends paid -
-
- - - (927) (927)
Total transactions with owners,
recognised directly in equity
54 5,695 - - - (958) 4,791
Other movements
Prior year current asset gains now realised - -
6
(6) - - -
Total other movements - - 6 (6) - - -
Balance as at 28 February 2025 309 16,511 (1,456) 1,561 (1,583) 15,344 30,686
Comprehensive income for the year
Loss after tax - - (1,987) (1,306) (430)
-
(3,723)
Total comprehensive income for the year - - (1,987) (1,306) (430) - (3,723)
Transactions with owners,
recognised directly in equity
Issue of shares 67 6,692 - - - - 6,759
Share issue cost - (262) - - - - (262)
Transaction in own shares (24) - - - - (2,105) (2,129)
Total transactions with owners,
recognised directly in equity
43 6,430 - - - (2,105) 4,368
Other movements
Prior year investment loss now realised - - (1,801) 1,801 - - -
Total other movements -
-
(1,801) 1,801 - -
-
Balance as at 28 February 2026 352 22,941 (5,244) 2,056 (2,013) 13,239 31,331
Notes to the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2026
42
. Accounting policies
Accounting convention
Puma Alpha VCT plc (“the Company”) was
incorporated in England on 11 April 2019 and is
registered and domiciled in England and Wales.
The Company’s registered number is 11939975. The
registered office is Cassini House, 57 St James’s
Street, London SW1A 1LD. The Company is a public
limited company (limited by shares) whose shares
are listed on LSE as a Closed Ended Investment
Fund. The Company's principal activities and
a description of the nature of the Company’s
operations are disclosed in the Strategic Report.
The financial statements have been prepared
under the historical cost convention, modified to
include investments at fair value, and in accordance
with the requirements of the Companies Act
2006, including the provisions of the Large and
Medium-sized Companies and Groups (Accounts
and Reports) Regulations 2008 and with FRS 102
‘The Financial Reporting Standard applicable in
the UK and Republic of Ireland’ (“FRS 102”) and the
Statement of Recommended Practice, ‘Financial
Statements of Investment Trust Companies and
Venture Capital Trusts’ issued in October 2019 by the
Association of Investment Companies (“the SORP”).
Monetary amounts in these financial statements
are rounded to the nearest whole £1,000, except
where otherwise indicated. The functional and
presentational currency of the Company is sterling.
Going concern
The Directors have considered a period of 12 months
from the date of this report for the purposes of
determining the Company’s going concern status
which has been assessed in accordance with the
guidance issued by the Financial Reporting Council.
The Directors have a reasonable expectation that
the Company has adequate resources to continue
in operational existence for the foreseeable future
and believe that it is appropriate to continue to apply
the going concern basis in preparing the financial
statements. This is appropriate as the Company’s
investments in non-qualifying investments are held
for liquidity purposes and will be sold as and when
required to ensure the Company has adequate cash
reserves to meet the Company’s running costs.
Cash and cash equivalents
Cash, for the purposes of the cash flow statement,
comprises cash at bank and applications cash.
Applications cash relates to funds raised from
investors since the VCT opened for new investment
which have not been allotted as at year-end. Cash
equivalents are investments which are disposable
without curtailing or disrupting the business and
are either readily convertible into known amounts
of cash at or close to their carrying values. Interest
earned on cash balances is recorded as income.
Investments
All investments are measured at fair value through
profit or loss. They are all held as part of the Company’s
investment portfolio and are managed in accordance
with the investment policy set out on page 16.
Unquoted investments are stated at fair value by
the Directors with reference to the International Private
Equity and Venture Capital Valuation Guidelines
(“IPEV”) as follows:
• Investments which have been made within the
last 12 months or where the investee company
is in the early stage of development are initially
recognised and will usually be valued at either
the price of recent investment or cost as the
closest approximation to fair value, except
where the company’s performance against
plan is significantly different from expectations
on which the investment was made, in which
case a different valuation methodology will
be adopted. Investments are derecognised
when the VCT has transferred substantially
all risks and rewards of ownership.
• For investments that have been held for longer
than 12 months, methods of valuation such as
earnings or revenue-based multiples or net asset
value may be used to arrive at the fair value.
• Investments in debt instruments are held at
amortised cost and accrue interest at the rate
agreed within the Investment Agreement.
Interest is shown separately within debtors.
• Realised gains and losses on the disposal of
investments are first recognised in the profit
and loss and subsequently taken to realised
capital reserves.
43
• Unrealised gains and losses on the revaluation
of investments are first recognised in the profit
and loss and subsequently taken to unrealised
capital reserves.
• In preparation of the valuations of assets, the
Directors are required to make judgements and
estimates that are reasonable and incorporate their
knowledge of the performance of the portfolio
companies. A key judgement made in applying
the above accounting policy relates to impairment
of the investments. Valuations are based upon
financial information received from the underlying
investee companies. Together with the extensive
knowledge and expertise of the team who work
closely with the investee companies, a fair value is
reached using appropriate valuation techniques
consistent with the IPEV guidelines. Any deviations
in expectations of performance of the underlying
companies are captured within the information
received and as such, reflected in the fair value.
• Impairment of debt instruments is considered
when arriving at the valuations for equity
shareholders. Loan notes are deducted from the
overall enterprise value before distributing in line
with the appropriate waterfall arrangements
between equity shareholders. If the enterprise
value is greater than the debt instrument, the
loan note is not considered to be impaired.
Income
Dividends receivable on listed equity shares are
brought into account on the ex-dividend date.
Dividends receivable on unquoted equity shares
are brought into account when the Company’s
right to receive payment is established and
there is no reasonable doubt that payment will
be received. Interest receivable is recognised
wholly as a revenue item on an accruals basis.
Performance fees
Performance fees are payable to the Investment
Manager, Puma Investment Management Limited,
and members of the investment management team
at 20% of the amount by which the Performance
Value per Share at the end of an accounting
period exceeds the High Water Mark (being the
higher of 120p and the highest Performance Value
per Share at the end of any previous accounting
period) and multiplied by the number of Shares
in issue at the end of the relevant period.
At each Balance Sheet date, the Company accrues
for any performance fee payable based on the
calculation set out above.
Expenses
All expenses (inclusive of VAT) are accounted
for on an accruals basis. Expenses are charged
wholly to revenue, with the exception of:
• expenses incidental to the acquisition or
disposal of an investment and performance
fees charged to capital; and
• the investment management fee, 75% of which
has been charged to capital to reflect an element
which is, in the Directors’ opinion, attributable to
the maintenance or enhancement of the value of
the Company’s investments in accordance with the
Board’s expected long-term split of return; and
• the performance fee which is charged to capital.
Tax
Corporation tax is applied to profits chargeable
to corporation tax, if any, at the applicable rate
for the year. The tax effect of different items of
income/gain and expenditure/loss is allocated
between capital and revenue return on the
marginal basis as recommended by the SORP.
Deferred tax is recognised in respect of all timing
differences that have originated but not reversed
at the Balance Sheet date, where transactions or
events that result in an obligation to pay more, or
right to pay less, tax in the future have occurred at
the Balance Sheet date. This is subject to deferred
tax assets only being recognised if it is considered
more likely than not that there will be suitable
taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Timing differences are differences arising between
the Company’s taxable profits and its results as
stated in the financial statements which are capable
of reversal in one or more subsequent periods.
Deferred tax is measured on a non-discounted basis
at the tax rates that are expected to apply in the
periods in which timing differences are expected
to reverse, based on tax rates and laws enacted or
substantively enacted at the Balance Sheet date.
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
44
Reserves
Realised losses and gains on investments, transaction
costs, the capital element of the investment
management fee, performance fee and taxation are
taken through the Income Statement and recognised
in the Capital reserve – realised on the Balance
Sheet. Unrealised losses and gains on investments
are also taken through the Income Statement and
are recognised in the Capital reserve – unrealised.
The Special distributable reserve includes cancelled
share premium and represents reserves available
for dividends and repurchases of shares subject to
additional VCT restrictions surrounding retention
of the share capital and share premium account.
Debtors
Debtors include other debtors and accrued income.
These are initially recorded at the transaction price
and subsequently measured at amortised cost, being
the transaction price less any amounts settled.
Creditors
Creditors are initially measured at the transaction
price and subsequently measured at amortised cost,
being the transaction price less any amounts settled.
Dividends
Dividends payable are recognised as distributions
in the financial statements when the VCT’s liability
to make the payment has been established.
This liability is established on the record date,
the date on which those shareholders on the
share register are entitled to the dividend.
Key accounting estimates and assumptions
The Company makes estimates and assumptions
concerning the future. The resulting accounting
estimates and assumptions will, by definition, seldom
equal the related actual results. The estimates and
assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets
within the next financial year relate to the fair value
of unquoted investments. Unquoted investments
are stated at fair value at each measurement date
in accordance with the appropriate valuation
techniques consistent with the IPEV guidelines
outlined in the Investments section in note 1 to the
financial statements. Valuations are based upon
financial information received from the underlying
investee companies, together with the extensive
knowledge and expertise of the team who work
closely with the investee companies. Any deviations
in expectations of performance of the underlying
companies are captured within the information
received and as such, reflected in the fair value.
Further details can be found within the Investments
section in Note 1 of the financial statements.
Further details of the unquoted investments are
disclosed in the Investment Manager’s Report
on pages 6 to 7 and notes 8 and 15 to the
financial statements.
The Company has also made estimates in relation
to deferred consideration receivable arising on the
disposal of Le Col. This amount is contingent on
the future performance of the business and has
been valued using management’s best estimate
of expected outcomes. Actual receipts may differ
from amounts recognised, with any revisions
reflected in future valuations. Further detail can
be found in note 17 of the financial statements.
. Income
Year ended
28 February
2026
Year ended
28 February
2025
£’000 £’000
Income from investments
Qualifying interest income 38 115
Qualifying dividend income 164 138
Non-qualifying interest
income
23 16
225 269
. Investment management
and performance fees
Year ended
28 February
2026
Year ended
28 February
2025
£’000 £’000
Investment management fee 588 595
588 595
Puma Investment Management Limited
(“Puma Investments”) has been appointed as the
Investment Manager of the Company for an initial
period of five years, which can be terminated by
no less than 12 months’ notice, given at any time
by either party, on or after the fifth anniversary.
Puma Investments has been appointed as the
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
45
Investment Manager for six years. The Board is
satisfied with the performance of the Investment
Manager. Under the terms of this agreement
Puma Investments will be paid an annual fee of
2% of the Net Asset Value payable quarterly in
arrears calculated on the relevant quarter end NAV
of the Company. These fees commenced on 16
January 2020 (the date of the first share allotment).
These fees are capped, the Investment Manager
having agreed to reduce its fee (if necessary to
nothing) to contain total annual costs (excluding
performance fee and trail commission) to within
3.5% of Net Asset Value. Total costs this year
were 3.5% of the Net Asset Value (2025: 3.4%).
In addition to the investment manager fees
disclosed above, during the year ended 28
February 2026, Puma Investment Management
Limited charged fees totalling £69,431 (2025:
£47,286) in relation to share issue costs.
. Other expenses
Year ended
28 February
2026
Year ended
28 February
2025
£’000 £’000
Administration fees 100 104
Marketing fees 81 117
Auditors’ fees 78 54
Directors' fees 77 67
Listing fees 25 16
Tax compliance fees 21 18
Transaction fees 9 3
Other fees
117 90
508 469
Puma Investments Management Limited (‘Puma
Investments’) provides administrative services to
the Company for an aggregate annual fee of 0.35%
of the Net Asset Value of the Fund, payable
quarterly in arrears.
Directors’ fees paid in the year are disclosed in the
Directors’ Remuneration Report on page 24.
The Company has no employees other than
Non-Executive Directors (2025: none). The average
number of Non-Executive Directors during the
year was 3 (2025: 3).
Auditor’s fees of £55,944 (2025: £53,955) have
been grossed up in the table above to be inclusive
of VAT. No non-audit services were provided by
the Company’s auditor in the year (2025: £nil).
Other fees are made up of several smaller items.
. Taxation
Year ended
28 February
2026
Year ended
28 February
2025
£’000 £’000
UK corporation tax
charge for the period - -
Factors affecting tax
charge for the period
Loss before taxation (3,723) (1,771)
Tax charge calculated
on loss before taxation
at the applicable
weighted average rate
of 25% (931) (443)
Loss on investments 713 244
Tax losses carried
forward
218 199
- -
The corporation tax rate for the current year is
25% (2025: 25%).
Capital returns are not taxable as the Company
is exempt from tax on realised capital gains
whilst it continues to comply with the VCT
regulations, so no corporation tax is recognised
on capital gains or losses. Due to the intention
to continue to comply with the VCT regulations,
the Company has not provided for deferred
tax on any realised or unrealised capital gains
and losses. No deferred tax asset has been
recognised in respect of the tax losses carried
forward due to the uncertainty as to recovery.
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
46
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
. Basic and diluted profit/(loss) per Ordinary Share
This calculation is carried out in accordance with FRS 102 Section 33.
. Dividends
No dividends were declared or paid in respect of the year ending 28 February 2026.
For the year ending 28 February 2025, a dividend of 3p per Ordinary Share was declared and
subsequently paid after the prior year-end, reflecting gains realised within the non-qualifying
investment portfolio. The dividend, totalling £0.9 million, was paid on 24 March 2025.
. Investments
(a) Movements in investments
Qualifying
investments
£’000
Total
£’000
Book cost at 1 March 2025 24,114 24,114
Net unrealised gains at 1 March 2025 1,439 1,439
Valuation at 1 March 2025 25,553 25,553
Purchases at cost 1,716 1,716
Disposal proceeds (212) (212)
Movement in net unrealised losses (2,874) (2,874)
Valuation at 28 February 2026 24,183 24,183
Book cost at 28 February 2026 22,272 22,272
Unrealised gains at 28 February 2026 1,911 1,911
Valuation at 28 February 2026 24,183 24,183
Year ended 28 February 2026
Revenue
£’000
Capital
£’000
Total
£’000
Loss for the year
(430) (3,293) (3,723)
Weighted average number of shares
33,882,963 33,882,963 33,882,963
Loss per share (1.27)p (9.72)p (10.99)p
Year ended 28 February 2025
Revenue
£’000
Capital
£’000
Total
£’000
Loss for the year
(349) (1,422) (1,771)
Weighted average number of shares
27,645,677 27,645,677 27,645,677
Loss per share (1.27)p (5.14)p (6.41)p
47
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
(b) Gains/(losses) on investments
Year ended
28 February 2026
£’000
Year ended
28 February 2025
£’000
Realised loss in the year (1,545) -
Unrealised loss in the year (1,329) (1,043)
(2,874) (1,043)
(c) Unquoted investments
Market value as at
28 February 2026
£’000
Market value as at
28 February 2025
£’000
Unquoted investments
24,183 25,553
24,183 25,553
(d) Other assets
Market value as at
28 February 2026
£’000
Market value as at
28 February 2025
£’000
Contingent consideration
259 -
259 -
The Company’s investments are revalued each year, so until they are sold any unrealised
gains or losses are included in the fair value of the investments.
All the Company’s qualifying investments as at 28 February 2026 and 28 February 2025 were
unquoted.
Further details of these investments are disclosed in the Chairman’s Statement, Investment
Manager’s Report, Investment Portfolio Summary on pages 2 to 9 of the Annual Report.
During the year, the Company completed the disposal of its investment in Le Col Holdings Limited
to HEAD Group.
As part of the disposal consideration, the Company is entitled to receive contingent consideration
equal to 10% of Le Col’s revenue for the financial year ending December 2029, in accordance with
the agreed disposal terms.
The contingent consideration has been recognised as a contingent asset and measured at
fair value at the date of disposal. The fair value attributable to Alpha VCT at the year-end was
£0.3 million.
48
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
. Debtors
As at
28 February
2026
As at
28 February
2025
£’000 £’000
Other debtors 369 2,150
Prepayments 35 140
Accrued income 267 229
671 2,519
. Current asset investments
(a) Movements in investments
Non-qualifying
investments
£’000
Total
£’000
Book cost at 1 March 2025 2,664 2,664
Net unrealised gains at 1 March 2025 122 122
Valuation at 1 March 2025 2,786 2,786
Purchases at cost 4,600 4,600
Disposal proceeds (2,000) (2,000)
Movement in net unrealised gains 22 22
Valuation at 28 February 2026 5,408 5,408
Book cost at 28 February 2026 5,264 5,264
Unrealised gains at 28 February 2026 144 144
Valuation at 28 February 2026 5,408 5,408
(b) Gains/(losses) on investments
Year ended
28 February 2026
£’000
Year ended
28 February 2025
£’000
Realised gains in the year
- 16
Unrealised gains in the year
22 51
22 67
(c) Quoted and unquoted investments
Market value as at
28 February 2026
£’000
Market value as at
28 February 2025
£’000
Quoted investments
5,408 2,786
5,408 2,786
Current asset investments comprise short term bonds held through collective investment schemes.
49
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
As at
28 February
2026
As at
28 February
2025
As at
28 February
2026
As at
28 February
2025
£’000 £’000
Allotted, called up and fully paid:
Ordinary shares of £0.01 each 35,273,928 30,894,324 352 309
. Creditors – amounts
falling due within one year
As at
28 February
2026
As at
28 February
2025
£’000 £’000
Accruals 166 1,164
Applications cash 572 2,214
738 3,378
Included within accruals is nil (2025: £nil) in
relation to performance fees payable.
Applications cash is cash received from investors
to Puma Alpha VCT but not yet allotted.
. Management performance
incentive arrangement
On 5 July 2019, the Company entered into an
Agreement with the Investment Manager such
that they will be entitled to a Performance Incentive
Fee (“PIF”) payable in relation to each accounting
period, subject to the Performance Value per Share
being at least 120p at the end of the relevant period.
The amount of the PIF will be equal to 20% of the
amount by which the Performance Value per Share
at the end of an accounting period exceeds the
High Water Mark (being the higher of 120p and the
highest Performance Value per Share at the end of
any previous accounting period) and multiplied by
the number of Shares in issue at the end of the
relevant period.
. Called up share capital
During the year, 6,755,340 shares were issued at an average price of 100.1p per share (2025: 5,390,825
shares were issued at a price of 109.8p per share). The gross consideration received for these shares
was £6.8 million (2025: £5.9 million).
The rights attached to the Ordinary Shares have been disclosed within the Corporate Governance
Statement on page 29.
. Net Asset Value per Ordinary Share
As at
28 February 2026
As at
28 February 2025
Net assets
31,331,000 30,686,000
Number of shares in issue for purposes of Net
Asset Value per share calculation 35,273,928 30,894,324
Net Asset Value per share
88.82p 99.32p
50
. Financial instruments
The Company’s financial instruments comprise its
investments, cash balances, debtors and certain
creditors. The fair value of all the Company’s
financial assets and liabilities is represented
by the carrying value in the Balance Sheet.
Excluding cash balances, the Company held the
following categories of financial instruments:
Management of risk
The main risks the Company faces from its financial
instruments are market price risk, being the risk that
the value of investment holdings will fluctuate as a
result of changes in market prices caused by factors
other than interest rate or currency movements,
liquidity risk, credit risk and interest rate risk.
The Board regularly reviews and agrees policies for
managing each of these risks. The Board’s policies
for managing these risks are summarised below
and have been applied throughout the period.
Management of risk
The main risks the Company faces from its financial
instruments are market price risk, being the risk that
the value of investment holdings will fluctuate as a
result of changes in market prices caused by factors
other than interest rate or currency movements,
liquidity risk, credit risk and interest rate risk.
The Board regularly reviews and agrees policies for
managing each of these risks. The Board’s policies for
managing these risks are summarised below and have
been applied throughout the period.
Credit risk
Credit risk is the risk that the counterparty to a
financial instrument will fail to discharge an obligation
or commitment that it has entered into with the
Company. The Investment Manager monitors
counterparty risk on an ongoing basis. The Company’s
maximum exposure to credit risk is as follows:
As at
28 February
2026
As at
28 February
2025
£’000 £’000
Investments in loan notes 1,637 2,776
Cash at bank and in hand 976 992
Applications cash 572 2,214
Current asset investments 5,408 2,786
Other receivables
671 2,519
9,264 11,287
As at
28 February
2026
As at
28 February
2025
£’000 £’000
Financial assets at fair value
through profit or loss 28,213 25,563
Financial assets measured
at amortised cost 2,308 5,295
Financial liabilities measured
at amortised cost (166) (1,164)
30,355 29,694
Investments in loans and loan notes comprises
a fundamental part of the Company’s venture
capital investments, therefore credit risk in
respect of these assets is managed within the
Company’s main investment procedures.
The cash held by the Company at the year-end is
held in RBS and the applications cash is held at
NatWest. Bankruptcy or insolvency of the banks
may cause the Company’s rights with respect to
the receipt of cash held to be delayed or limited.
The Board monitors the Company’s risk by
reviewing regularly the financial position of the
bank and should it deteriorate significantly the
Investment Manager will, on instruction of the
Board, move the cash holdings to another bank.
Both banks currently have a credit rating of A1.
Equity investments in investee companies do not
give rise to contractual rights to receive cash and
are therefore not exposed to credit risk in the same
manner as loan notes or receivables. Instead, the
Company’s exposure in respect of equity investments
is reflected through valuation and market price risks,
which arise from the performance of the underlying
businesses. These risks are managed through the
same investment selection, due diligence and ongoing
monitoring processes applied across the portfolio.
Credit risk relating to current asset investments is
mitigated by investing in a portfolio of investment
instruments of high credit quality with over 90% of
the portfolio invested in investment grade bonds.
Credit risk associated with other receivables are
predominantly covered by the investment
management procedures.
Market price risk
Market price risk arises mainly from uncertainty
about future prices of financial instruments held
by the Company. It represents the potential loss
the Company might suffer through holding
investments in the face of price movements. The
Investment Manager actively monitors market
prices and reports to the Board, which meets
regularly in order to consider investment strategy.
The Company’s views on the economic environment
which also impacts market price risk are discussed
in the Investment Manager’s Report on page 6.
The Company’s strategy on the management
of market price risk is driven by the Company’s
investment policy as outlined in the Strategic Report
on page 16. The management of market price risk
is part of the investment management process.
The portfolio is managed with an awareness of
the effects of adverse price movements through
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
51
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
detailed and continuing analysis, with an objective
of maximising overall returns to shareholders.
Holdings in unquoted investments may pose
higher price risk than quoted investments. Some
of that risk can be mitigated by close involvement
with the management of the investee companies
along with review of their trading results.
100% (2025: 100%) of the Company’s investments
are unquoted investments held at fair value. 68% of
the portfolio (53% of net assets) is valued using the
application of earnings/revenue-based multiples. An
increase in the multiple used by 20% would increase
the net asset value by 7.3% (£33.7 million). Conversely, a
decrease in the multiple used by 20% would decrease
the net asset value by 5.7% (£29.6 million). The 20%
sensitivity used provides the most meaningful impact
of average multiple changes across the portfolio.
The sensitivity analysis is based on the year-end
position of the investments and so may not be
reflective of the year as a whole.
Liquidity risk
Details of the Company’s unquoted investments
are provided in the Investment Portfolio summary
on page 14. By their nature, unquoted investments
may not be readily realisable and the Board
considers exit strategies for these investments
throughout the period for which they are held. As
at the year-end, the Company had no borrowings.
The Company’s liquidity risk associated with
investments is managed on an ongoing basis
by the Investment Manager in conjunction with
the Directors and in accordance with policies
and procedures in place as described in the
Directors’ Report and the Strategic Report. The
Company’s overall liquidity risks are monitored
on a quarterly basis by the Board. The Company
maintains access to sufficient cash resources to
pay accounts payable and accrued expenses.
Fair value interest rate risk
The benchmark that determines the interest
paid or received on the current account is the
Bank of England base rate, which was 3.75% at
28 February 2026 (2025: 4.50%).
Cash flow interest rate risk
The Company has exposure to interest rate
movements primarily through its cash deposits
which track the Bank of England base rate.
Interest rate risk profile of financial assets
The following analysis sets out the interest
rate risk of the Company’s financial assets as
at 28 February 2026.
Rate status
Average
interest rate
Period until
maturity
Total
£'000
Cash at bank - RBS
Floating 0.00% - 421
Cash at bank - RBS Floating 0.85% - 5
Applications cash – NatWest Floating 0.00% - 572
Loan notes Fixed 3.60% 43 months 1,637
Balance of assets Non-interest bearing - 29,434
32,069
Rate status
Average
interest rate
Period until
maturity
Total
£'000
Cash at bank - RBS
Floating 0.00% - 113
Cash at bank - RBS Floating 1.26% - 879
Applications cash – NatWest Floating 0.00% - 2,214
Loan notes Fixed 6.30% 49 months 2,776
Balance of assets Non-interest bearing - 28,082
34,064
If interest rates were 1% higher/(lower), this would only affect the cash held at bank earning interest and
the NAV would increase/(decrease) by £93/(£93). This is based on the cash balance at the end of the year
and not reflective of the cash balance over the year as a whole.
The following analysis sets out the interest rate risk of the Company’s financial assets as at 28 February 2025.
52
Foreign currency risk
The Company’s functional and presentation
currency is sterling. The Company has not held
any non-Sterling investments during the year.
Fair value hierarchy
Financial assets and liabilities measured at fair
value are disclosed using a fair value hierarchy
that reflects the significance of the inputs used in
making the fair value measurements, as follows:
• Level 1 - Fair value is measured using the
unadjusted quoted price in an active market
for identical assets.
• Level 2 - Fair value is measured using inputs
other than quoted prices that are observable
using market data.
• Level 3 - Fair value is measured using
unobservable inputs.
Fair values have been measured at the end of
the reporting period as follows:
As at 28
February
2026
As at 28
February
2025
£’000 £’000
Level 1
Current asset investments 5,408 2,786
Level 3
Unquoted investments 24,442 25,553
29,850 28,339
The Level 1 investments have been valued
using the current quoted price.
The Level 3 investments have been valued in
line with the Company’s accounting policies and
IPEV guidelines. This comprises of both loan
and equity instruments, which are considered
to be one instrument due to them being
bound together when assessing the portfolio's
returns to the shareholders. There have been
no transfers between levels during the year.
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
6. Capital management
The Company’s objectives when managing capital
are to safeguard the Company’s ability to continue as
a going concern, so that it can provide an adequate
return to shareholders by allocating its capital to
assets commensurate with the level of risk.
The Company must have an amount of capital, at
least 80% (as measured under the tax legislation) of
which must be, and remain, invested in the relatively
high-risk asset class of small UK companies within
three years of that capital being subscribed.
The Company accordingly has limited scope to
manage its capital structure in the light of changes
in economic conditions and the risk characteristics
of the underlying assets. Subject to this overall
constraint upon changing the capital structure,
the Company may adjust the amount of dividends
paid to shareholders, issue new shares, or sell
assets to maintain a level of liquidity to remain
a going concern.
The Board has the opportunity to consider
levels of gearing, however there are no current
plans to do so. It regards the net assets of the
Company as the Company’s capital, as the
level of liabilities is small, and the management
of those liabilities is not directly related to
managing the return to shareholders.
. Contingencies, guarantees
and financial commitments
At the year-end, the Company held a contingent right
to receive consideration in respect of the disposal
of its investment in Le Col Holdings Limited.
The contingent consideration represents an
entitlement to 10% of Le Col’s revenue for the financial
year ending December 2029 and is dependent
on the future performance of the business.
While a fair value of £0.3 million has been recognised
within investments, the receipt and ultimate value
of this consideration remain uncertain and there is
no certainty that the full amount recognised, or any
amount, will ultimately be received.
There were no commitments, contingencies or
guarantees of the Company as at February 2025.
53
8. Related party disclosures
The Company has delegated the investment
management of the portfolio to Puma
Investment Management Limited. Further
details of the transactions with these entities
are disclosed in the Directors’ Report in page
20 and in note 3 of the financial statements.
Transactions with Key Management Personnel
are disclosed within the Directors Report from
pages 20 to 23.
. Post Balance Sheet events
Following the year-end, a further 856,663
Ordinary Shares were allotted for cash
consideration of £0.8 million.
Post year-end further follow on investments
were made for £0.08 million into Love Corn,
£0.5 million into Aveni, £0.09 million into HR Duo,
£0.07 million into Thingtrax and £0.08 million
into Pockit.
Subsequent to the year-end but prior to the
approval of these financial statements, the
Company completed a partial exit of its
investment in MySafeDrive Ltd (trading as
CameraMatics).
The Company sold the majority of its holding
in CameraMatics to a syndicate of third-party
investors led by Blume Equity (a European
climate tech focussed private equity firm)
whilst retaining a minority stake. As part of the
transaction Blume Equity also invested new
primary growth capital. This leaves the Company
having realised a substantial upfront cash
sum of €4.6 million whilst retaining a minority
stake in a well-capitalised and fast-growing
business with potential for yet further gain.
As the transaction occurred after the Balance
Sheet date, no adjustment has been made
to the carrying value of this investment in
these financial statements. The disposal has
therefore been treated as a non-adjusting
post Balance Sheet event.
54
Notice of Annual
General Meeting
Puma Alpha VCT plc
THE “COMPANY”
Notice is hereby given that the Annual General Meeting of the Company will be held at Cassini House,
57 St James’s Street, London, SW1A 1LD, on 27 July 2026 at 2.30 p.m.
The purpose of the Annual General Meeting is to consider and, if thought fit, pass the following resolutions:
Ordinary Resolutions
1. To receive and adopt the accounts for the financial year ended 28 February 2026, together with the
reports of the Directors and Auditors thereon (the "Annual Report and Accounts 2026").
2. To re-elect Egmont Kock as a director who retires in accordance with the UK Corporate Governance Code
and, being eligible, offers himself for re-election.
3. To re-elect Richard Oirschot as a director who retires in accordance with the UK Corporate Governance
Code and, being eligible, offers himself for re-election.
4. To re-elect Michael van Messel as a director who retires pursuant to the UK Listing Rules of the Financial
Conduct Authority and, being eligible, offers himself for re-election.
5. To re-appoint MHA Audit Services LLP (trading as “MHA”) as Auditors of the Company and to authorise
the Directors to determine their remuneration.
6. To approve the Directors' Remuneration Policy set out in the Directors' Remuneration Report in the
Annual Report and Accounts 2026.
7. To approve the report on the implementation of the Directors' Remuneration Policy set out in the
Directors' Remuneration Report in the Annual Report and Accounts 2026.
8. That, in addition to existing authorities, the Directors be and hereby are generally and unconditionally
authorised in accordance with section 551 of the Companies Act 2006 (“CA 2006”) to exercise all the
powers of the Company to allot ordinary shares of £0.01 each in the Company (“Shares”) up to an
aggregate nominal amount of £600,000, such authority to expire on the later of 15 months from the date
of the passing of this resolution or the date of the annual general meeting of the Company to be held in
2027 (unless previously renewed, varied or revoked by the Company in general meeting).
9. That, pursuant to article 34.1 of the articles of association of the Company, the Directors be and hereby
are generally and unconditionally authorised in accordance with that article and section 551 of CA 2006
to exercise all the powers of the Company to allot Shares in connection with the Company’s dividend
reinvestment scheme (the terms and conditions of which are set out on the Company’s webpage
at https://investor.pumainvestments.co.uk/venture-capital-trusts/puma-alpha-vct/puma-alpha-vct-
dividend-reinvestment-scheme) (“DRIS”) up to an aggregate nominal amount of £36,130, representing
approximately 10% of the share capital in issue as at 12 June 2026, such authority to relate to any
dividends which may be declared and paid by the Company in the period ending on the date of the
annual general meeting of the Company to be held in 2027, with such authority to expire on the date of
that meeting (unless such authority is previously varied or revoked by the Company in general meeting).
55
Special Resolutions
10. To authorise the Company generally and unconditionally to make one or more market purchases (within
the meaning of section 693(4) of CA 2006) of Shares provided that:
10.1 the maximum aggregate number of Shares that is purchased is 5,415,975;
10.2 the minimum price paid for a Share is £0.01;
10.3 the maximum price which may be paid for a Share (exclusive of expenses) shall be not more than
an amount equal to the higher of:
(i) an amount equal to 105 per cent of the average of the middle market quotations for a Share
taken from the London Stock Exchange Daily Official List for the five business days immediately
preceding the day on which that Share is purchased; and
(ii) the amount stipulated by article 5(6) of the Market Abuse Regulation (596/2014/EU) (as such
regulation forms part of UK law as amended);
10.4 the Company may validly make a contract to purchase Shares under the authority hereby conferred
prior to the expiry of such authority which will or may be executed wholly or partly after the expiry of
such authority, and may validly make a purchase of Shares in pursuance of any such contract; and
10.5 unless renewed, the authority conferred by this resolution shall expire either at the conclusion of
the annual general meeting of the Company to be held in 2027 or on 26 October 2027, whichever
is the earlier to occur, save that the Company may, prior to such expiry, enter into a contract to
purchase Shares which will or may be completed or executed wholly or partly after such expiry.
11. That, subject to the passing of resolution 8 above, the Directors be and hereby are empowered (pursuant
to section 570(1) of CA 2006) to allot or make offers or agreements to allot equity securities (as defined in
section 560(1) of CA 2006) for cash pursuant to the authority referred to in resolution 8 above as if section
561 of CA 2006 did not apply to any such allotment, such power to expire on the later of 15 months from the
date of the passing of this resolution or the date of the annual general meeting of the Company to be held
in 2027 (unless previously renewed, varied or revoked by the Company in general meeting). This power is
limited to the allotment of equity securities:
11.1 in connection with any offer for subscription;
11.2 in connection with an offer of equity securities by way of rights;
11.3 otherwise than pursuant to paragraphs 11.1 and 11.2 above, an offer of equity securities up to an
aggregate nominal amount of 20% of the issued share capital of the Company immediately
following closing of any offer for subscription referred to in paragraph 11.1 above.
12. That, subject to the passing of resolution 9 above, the Directors be and hereby are empowered (pursuant
to section 570(1) of CA 2006) to allot or make offers or agreements to allot equity securities (as defined
in section 560(1) of CA 2006) pursuant to the authority referred to in resolution 9 above as if section 561
of CA 2006 did not apply to any such allotment, provided such power shall expire on the date of the
annual general meeting of the Company to be held in 2027 (unless previously varied or revoked by the
Company in general meeting) and provided further that this power shall be limited to the allotment and
issue of Shares in connection with the DRIS up to an aggregate nominal amount of £36,130, representing
approximately 10% of the share capital in issue as at 12 June 2026.
13. That, subject to the approval by the High Court of Justice, the amount standing to the credit of the share
premium account of the Company, at the date the court order is made confirming such cancellation, be
and is hereby cancelled and the amount by which the account is so reduced be credited to a reserve of
the Company.
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
56
Eliot Kaye
Company Secretary
Registered Office:
Cassini House
57 St James’s Street
London
SW1A 1LD
Dated: 12 June 2026
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
BY ORDER OF THE BOARD
Information regarding the Annual General Meeting, including the information required by section 311A of
the CA 2006, is available from: https://adviser.pumainvestments.co.uk/venture-capital-trusts/puma-alpha-vct.
Notes:
(a) A member entitled to attend and vote at the meeting is entitled to appoint more than one proxy to
exercise all or any of his rights to attend, speak and vote in his place on a show of hands or on a poll
provided that each proxy is appointed to a different share or shares. Such proxy need not be a member
of the Company. A form of proxy is enclosed.
(b) A proxy need not be a member of the Company but must attend the Annual General Meeting in order
to represent his appointor. A member entitled to attend and vote at the Annual General Meeting may
appoint the Chairman or another person as his proxy although the Chairman will not speak for the
member. A member who wishes his proxy to speak for him should appoint his own choice of proxy (not
the Chairman) and give instructions directly to that person. If you are not a member of the Company
but you have been nominated by a member of the Company to enjoy information rights, you do not
have a right to appoint any proxies under the procedures set out in these Notes.
(c) Under section 319A of the CA 2006, the Company must answer any question a member asks relating to
the business being dealt with at the Annual General Meeting unless:
• answering the question would interfere unduly with the preparation for the Annual General Meeting
or involve the disclosure of confidential information;
• the answer has already been given on a website in the form of an answer to a question; or
• it is undesirable in the interests of the Company or the good order of the Annual General Meeting
that the question be answered.
(d) To be valid, a Form of Proxy and the power of attorney or other written authority, if any, under which it
is signed or an office or notarially certified copy or a copy certified in accordance with the Powers of
Attorney Act 1971 of such power and written authority, must be delivered to the Company’s registrars,
Neville Registrars Limited, Neville House, Steelpark Road, Halesowen, B62 8HD. Alternatively, a member
can appoint a proxy or proxies electronically by registering the proxy with Neville Registrars Limited at
www.sharegateway.co.uk using the personal proxy registration code which will be set out in your Form
of Proxy. In each case, your appointment of proxy must be received not less than 48 hours (excluding
weekends and public holidays) before the time appointed for holding the Annual General Meeting
or adjourned meeting at which the person named in the Form of Proxy proposes to vote. In the case
of a poll taken more than 48 hours (excluding weekends and public holidays) after it is demanded,
the document(s) must be delivered as aforesaid not less than 24 hours (excluding weekends and
public holidays) before the time appointed for taking the poll, or where the poll is taken not more
than 48 hours (excluding weekends and public holidays) after it was demanded, be delivered at the
meeting at which the demand is made.
(e) CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy
appointment service may do so by utilising the procedures described in the CREST Manual. CREST
Personal Members or other CREST sponsored members, and those CREST members who have
appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s),
who will be able to take the appropriate action on their behalf. In order for a proxy appointment made
by means of CREST to be valid, the appropriate CREST message must be transmitted so as to be
received by the Company’s agent, Neville Registrars (whose CREST ID is 7RA11) not less than 48 hours
(excluding weekends and public holidays) before the time appointed for holding the Annual General
Meeting or adjourned meeting. For this purpose, the time of receipt will be taken to be the time (as
determined by the timestamp applied to the message by the CREST Applications Host) from which
the Company’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed.
57
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation
35(5)(A) of the Uncertificated Securities Regulations 2001.
(f) In order to revoke a proxy instruction a member will need to inform the Company using one of the
following methods:
• by sending a signed hard copy notice clearly stating the intention to revoke the proxy appointment
to the Company’s registrars, Neville Registrars Limited, Neville House, Steelpark Road, Halesowen,
B62 8HD. In the case of a member which is a company, the revocation notice must be executed
under its common seal or signed on its behalf by an officer of the company or an attorney for the
company. Any power of attorney or any other authority under which the revocation notice is signed
(or a duly certified copy of such power or authority) must be included with the revocation notice.
• by sending the signed notice as an email attachment to info@nevilleregistrars.co.uk.
In either case, the revocation notice must be received by the Company’s registrars, Neville Registrars
Limited, before the Annual General Meeting or the holding of a poll subsequently thereto. If a member
attempts to revoke his or her proxy appointment but the revocation is received after the time specified
then, subject to Note (g) directly below, the proxy appointment will remain valid.
(g) Completion and return of a Form of Proxy will not preclude a member of the Company from attending
and voting in person. If a member appoints a proxy and that member attends the Annual General
Meeting in person, the proxy appointment will automatically be terminated.
(h) Copies of the Directors’ Letters of Appointment and a copy of the current articles of association of the
Company will be available for inspection at the registered office of the Company during usual business
hours on any weekday (Saturday and Public Holidays excluded) from the date of this notice, until the
end of the Annual General Meeting, and at the place of the Annual General Meeting for at least 15
minutes prior to and during the Annual General Meeting.
(i) Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company has specified
that only those holders of the Company’s shares registered on the Register of Members of the
Company as at 6.00 pm on 23 July 2026, in the event that the Annual General Meeting is adjourned,
on the Register of Members 48 hours (excluding weekends and public holidays) before the time of any
adjourned meeting, shall be entitled to attend and vote at the said Annual General Meeting in respect
of such shares registered in their name at the relevant time. Changes to entries on the Register of
Members after 6.00 p.m. on 23 July 2026 or, in the event that the Annual General Meeting is adjourned,
on the Register of Members less than 48 hours (excluding weekends and public holidays) before the
time of any adjourned meeting, shall be disregarded in determining the right of any person to attend
and vote at the Annual General Meeting.
(j) As at 12 June 2026 the Company's issued share capital comprised 36,130,591 Ordinary Shares. The total
number of voting rights in the Company as at 12 June 2026 is 36,130,591. The website referred to above
will include information on the number of shares and voting rights.
(k) Under section 527 of the CA 2006 (i) members representing at least 5% of the total voting rights
of all the members or (ii) at least 100 members who have a relevant right to vote and hold shares
in the Company on which there has been paid up an average sum, per member, of at least £100
(in accordance with section 527 of CA 2006) have the right to require the Company to publish on
a website a statement setting out any matter relating to: (i) the audit of the Company’s accounts
(including the Auditor’s report and the conduct of the audit) that are to be laid before the Annual
General Meeting: or (ii) any circumstances connected with an Auditor of the Company ceasing to hold
office since the previous Annual General Meeting at which the annual accounts and reports were
laid in accordance with section 437 of the CA 2006. The Company may not require the members
requesting any such website publication to pay its expenses in complying with section 527 and 528 of
the CA 2006. Where the Company is required to place a statement on a website under section 527 of
the CA 2006, it must forward the statement to the Company’s Auditor not later than the time when
it makes the statement available on the website. The business which may be dealt with at the Annual
General Meeting includes any statement that the Company has been required under section 527 of
the CA 2006 to publish on a website.
(l) If you are a person who has been nominated under section 146 of the CA 2006 to enjoy information
rights (“Nominated Person”):
58
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
• You may have a right under an agreement between you and the member of the Company who has
nominated you to have information rights (“Relevant Member”) to be appointed or to have someone
else appointed as a proxy for the Annual General Meeting;
• If you either do not have such a right or if you have such a right but do not wish to exercise it, you may
have a right under an agreement between you and the Relevant Member to give instructions to the
Relevant Member as to the exercise of voting rights;
• Your main point of contact in terms of your investment in the Company remains the Relevant Member
(or, perhaps your custodian or broker) and you should continue to contact them (and not the Company)
regarding any changes or queries relating to your personal details and your interest in the Company
(including any administrative matters). The only exception to this is where the Company expressly
requests a response from you.
(m) A corporation which is a member can appoint one or more corporate representatives who may exercise,
on its behalf, all its powers as a member provided that no more than one corporate representative
exercises powers over the same share.
(n) A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of
votes for or against the resolution. If no voting indication is given, the proxy will vote or abstain from
voting at his or her discretion. The proxy will vote (or abstain from voting) as he or she thinks fit in
relation to any other matter which is put before the Annual General Meeting.
(o) Except as provided above, members who have general queries about the Annual General Meeting
should call the Company’s registrars, Neville Registrars Limited, Neville House, Steelpark Road,
Halesowen, B62 8HD on 0121 585 1131 during normal office hours.
(p) Members may not use any electronic address provided either in this notice of Annual General Meeting,
or any related documents (including the Chairman's letter and proxy form), to communicate with the
Company for any purposes other than those expressly stated.
(q) Resolutions 2-4: Information about the Directors who are proposed by the Board for re-election at the
Annual General Meeting is shown in the Annual Report and Accounts 2026.
59
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
Explanation of Resolutions 10 to 13 to be proposed at the Annual General Meeting
On page 54 of the Report is the notice of Annual General Meeting which will be held on 27 July 2026.
Set out below is a brief explanation of the resolutions comprising special business to be proposed at the
Annual General Meeting.
Resolution 10
In certain circumstances, it may be advantageous for the Company to purchase its own shares. Resolution
10, which will be proposed as a special resolution, would give the Board authority from shareholders to do
so. Such authority will expire on the date of the Annual General Meeting to be held in 2027 or 26 October
2027, whichever is the earlier. The Directors intend to exercise this power only if and when, in the light of
market conditions prevailing at the time, they believe that the effect of such purchases would be in the best
interests of the Company and shareholders generally. Any shares purchased in this way will be cancelled (in
which case the number of shares in issue will be accordingly reduced).
This resolution specifies the maximum number of shares which may be acquired (being approximately
14.99% of the Company’s issued ordinary shares as at 12 June 2026) and the maximum and minimum prices
at which they may be bought.
Resolution 11
The notice of Annual General Meeting includes a resolution (Resolution 8) which will be proposed to ensure
the Directors have authority to allot ordinary shares in the Company until the date of the Annual General
Meeting to be held in 2027 or 26 October 2027, whichever is the later, up to an aggregate nominal amount
of £600,000 (representing approximately 166.06 per cent of the issued ordinary share capital of the Company
as at 12 June 2026). Resolution 11 (which will be proposed as a special resolution) will empower the Directors
to allot ordinary shares under Resolution 8 in connection with any offer for subscription, offer of equity
securities by way of rights or any further offer of equity securities that may be issued by the Company
without regard to any right of pre-emption on the part of the existing shareholders.
Resolution 12
Resolution 12 will be proposed as a special resolution and seeks shareholder authority to empower the
Directors to allot ordinary shares under Resolution 9 in connection with the operation of the DRIS without
regard to any statutory pre-emption rights. The authority conferred by this Resolution 12 will expire on the
date of the Company's Annual General Meeting to be held in 2027.
Resolution 13
Resolution 13, which will be proposed as a special resolution, is a resolution to cancel, pursuant to the
Companies Act 2006 and the Company's articles of association, its share premium account at the date an
order is made confirming such cancellation by the Court, to create a pool of distributable reserves.
60
Notes
61
PI002474 0626
VCTAL CL-602
Get in touch
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INVESTORS
We recommend you speak to a financial adviser in the first
instance, as we cannot offer investment or tax advice.
If you have any other questions please contact us on
020 7096 8453 or email us at
clientrelations@pumainvestments.co.uk
ADVISERS
Our expert national Business Development Team are here to
help, and would be happy to discuss any of our offers in more
detail with you either by phone or by visiting your offices.
Please contact us on 020 7096 8451 or email us at
businessdevelopment@pumainvestments.co.uk
For further information, please visit
www.pumainvestments.co.uk
Cassini House
57 St James’s Street
London SW1A 1LD
Puma Investments is a trading name of Puma Investment Management Limited which
is authorised and regulated by the Financial Conduct Authority. FCA Number 590919.
Registered office address: Cassini House, 57 St James’s Street, London, SW1A 1LD.
Registered as private limited company in England and Wales No 08210180.