ANNUAL REPORT & ACCOUNTS 2025
Puma AIM VCT plc
2
Contents
Officers and
Professional Advisers
Chairman’s
Statement
Directors'
biographies
Directors'
Report
Independent
Auditor’s Report
Income
Statement
Balance
Sheet
Statement of
Cash Flows
Statement of
Changes in Equity
Notes to the
Financial Statements
Notice of Annual
General Meeting
1
Officers and
Professional Advisers
Directors
Jonathan Di-Stefano (Chairman)
Lynn Drummond
Eliot Kaye
Secretary
Amy Coburn
Registered Number
15801440
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 Limited
Neville House
Steelpark Road
Halesowen
B62 8HD
Independent Auditor
MHA
6th Floor
2 London Wall Place
London
EC2Y 5AU
Sponsors and Solicitors
Howard Kennedy
No 1 London Bridge
London
SE1 9BG
VCT Tax Advisor
Shoosmiths LLP
1 Bow Churchyard
London
EC4M 9DQ
Custodian
Pershing Securities Limited
1 Canada Square
London
E14 5AL
Bankers
The Royal Bank of Scotland plc
250 Bishopsgate
London
EC2M 4AA
Overvie
Chairman’s
Statement
Overview
The Company was raising funds during the period being
reported upon. As a result, it was preparing to trade but
not investing during this period. Following the period end,
the Company successfully completed its first fund-raising
rounds totalling £5.8m through the issuance of ordinary
share capital and was admitted for listing on the premium
market of the London Stock Exchange on 2 April 2025, the
first AIM VCT to do so in 18 years.
During the period, in addition to raising funds, the
Company has been identifying and engaging with
potential opportunities for investment. Headwinds from
the extreme nature of the recent interest cycle that have
been so difficult for smaller companies to contend are
beginning to abate whilst domestic political intentions are
clearer. We were encouraged by the flow of prospective
qualifying investments that included both initial public
offerings and companies already listed on London Stock
Exchange’s AIM as well as the Aquis stock exchange.
These prospective investments cover a diverse range of
high-quality businesses seeking scale-up capital which
we believe offer the potential for future growth in the net
asset value of the Company.
Puma AIM VCT is one of 15 Puma VCTs that have been
established since 2005. As a series, the Puma VCTs have
invested into over 60 qualifying private companies and
achieved over 36 full exits.
Following the
period-end, the
Company successfully
raised £.m through
the issuance of
ordinary share capital
and was admitted for
listing on the London
Stock Exchange
The Company
completed its first
investment following
the period-end
2
I am pleased to present to you
as Chairman, the first report and
accounts for Puma AIM VCT plc
("the Company") for the period
ended 28 February 2025.
Overvie
Puma AIM VCT is managed by the same team as
the Puma AIM Inheritance Tax Service which is
typically invested in between 30 and 40 AIM traded
companies. Since inception of this service, Puma has
invested in over 55 AIM traded companies and has
exited from more than 20 of these. The Management
Team monitors, approximately, a further 50 AIM
traded companies. While the investments for the
Puma AIM Inheritance Tax Service may have different
characteristics from those required for the Company,
this demonstrates the Investment Manager’s depth
of experience in AIM investments.
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
Since the year end, we have continued to see a healthy
number of prospective qualifying investments.
In particular, we have witnessed an increase in the
number of companies motivated to list on AIM or
Aquis by the need to raise growth capital and that
have cited the validation that a public listing gives to
customers and suppliers. We are finding high quality,
innovative companies with strong intellectual property
operating in markets which offer significant potential
for growth. This is despite significant sentiment
headwinds from the potential implications of tariffs
being imposed by the US. These investment
opportunities are presenting themselves at a time
when corporate valuations are particularly attractive.
I am pleased to inform you that, following the period end,
the Company made its first investment as part of the
initial public offering of Quantum Base Holding plc, an
intellectual property-rich university spin out in the market
of non-replicable authenticity tags as a solution to
counterfeiting which is a significant market opportunity.
Subsequently, a small investment was made in Time To
ACT plc which has two business divisions: Greenspur which
is a designer of compact, lighter, higher power density
wind turbines, and: Diffusion Alloys which has expertise
in industrial coatings applicable to products used in Blue
(and subsequently Green) Hydrogen production and
small modular nuclear reactors. We believe that this is
an encouraging start and that Puma AIM VCT is well
positioned, to build a broad portfolio of investments that
can deliver attractive returns for shareholders.
Jonathan Di-Stefano
Chairman
17 June 2025
3
CHAIRMAN’S STATEMENT > CONTINUED
4
5
Directors’ biographies
Jonathan Di-Stefano
NONEXECUTIVE CHAIRMAN
Jon is a Chartered Accountant by background and has over 20 years' experience in AIM
listed real estate companies. Jon joined Telford Homes Plc in 2002 as CFO and became
CEO in 2011, overseeing a prolonged period of business growth and a substantial increase
in shareholder value. Telford Homes was AIM listed until a takeover in 2019 by CBRE.
Jon subsequently joined Greencore Homes as CEO in 2022. Greencore builds better
than net zero carbon homes and is majority owned by M&G, with its investment fuelling
an ambitious growth plan. Jon is also Senior Independent Director at The Property
Franchise Group (TPFG), having previously been non-executive Chairman at Belvoir
Group Plc until its merger with TPFG. Jon sits on the remuneration, audit, nomination
and ESG committees. He was previously a non-executive director at Urban & Civic plc.
Eliot Kaye
Lynn Drummond
Lynn is currently Chair of Zotefoams plc, a non-executive director at Stevenage Bioscience
Catalyst, and is a Board Mentor for Criticaleye. Lynn was, until August 2024, the Chair
of the Board of Governors at the University of Hertfordshire. She has held additional
non-executive directorships at Venture Life Group plc; RPC Group plc; Infirst Healthcare
Limited; Shield Holdings AG; Allocate Software plc; Consort Medical plc; and Alimentary
Health Ireland. Lynn has also been chairman of Trustees for Breast Cancer Haven,
and was on the University of Cambridge, Centre for Science and Policy Development
Group. Lynn has had a long career in the pharmaceutical and life sciences sectors. She
spent 16 years as a Managing Director within Investment Banking for Rothschild. Prior
to Rothschild, she worked in the Cabinet Office in London as Private Secretary to the
Chief Scientific Adviser. Lynn holds a Bachelor of Science Degree in Chemistry from the
University of Glasgow and a PhD in Biochemistry from the University of London. She is a
Fellow of the Royal Society of Chemistry, and a Fellow of the Royal Society of Edinburgh.
Eliot helped establish Puma Investments in 2012, and has been an integral part of the
creation, development, growth and continued success of the business ever since. He sits
on the main Puma Capital Group Board and chairs the Puma VCT Fund Management
Committee. Eliot is a qualified solicitor and spent seven years practising at law firm Berwin
Leighton Paisner (now Bryan Cave Leighton Paisner). He joined Shore Capital in 2006
initially as Funds Counsel, before moving to a commercial role on the investment side
of its asset management business, primarily leading the investment team running the
Puma VCTs. He previously sat on the Association of Investment Companies VCT Board and
was a member of the HM Treasury VCT Schemes Advisory Group. Eliot is also Managing
Director of Puma Property Finance, with responsibility for originating, underwriting,
executing and exiting first-charge real estate development finance loans across the UK,
as well as liaising with the boards of the entities whose funds the business manages.
6
Directors’ Report
The Directors present their
report and financial statements for
the period from 25 June 2024 to
28 February 2025. The Company’s
Registered Number is 15801440.
7
Results and dividends
The results for the financial period are set out
on page 14. As this is the Company's first year
and it has not yet commenced trading, the
Directors will not propose a resolution at the
Annual General Meeting to pay a dividend.
Post Balance Sheet events
Details of material post Balance Sheet events are
set out in note 8 to the financial statements.
Future developments
The Company will operate as a VCT to enable
its shareholders to benefit from tax reliefs
available. The Directors will 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 will target
investments in unquoted companies, primarily
AIM traded companies, but also AQSE traded and
private companies, with a strong management
team, a proposition that is commercially
validated, a clear and comprehensive plan for
growth, and operating in attractive markets.
Capital structure
The issued share capital of the Company is
detailed in note 7 to the financial statements.
Directors
The Directors of the Company were appointed on
6 September 2024 and have no beneficial interests
in the issued ordinary shares of the Company at
28 February 2025. There have been no changes in
the holdings of the Directors since the year end.
Investment management, administration and
performance fees
The Company has delegated the investment
management of the portfolio to Puma Investment
Management Limited (Puma Investments).
Under the terms of this agreement Puma
Investments will be paid an annual fee of
2% of the NAV payable quarterly in arrears
calculated on the relevant quarter end NAV of
the Company. 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 NAV at each
quarter end, payable quarterly in arrears, with
this arrangement commencing following the
allotment of the first shares after the period end.
In relation to all accounting periods that
commence after the fourth anniversary of the
first allotment of Shares, the annual running costs
of the Company will be subject to a cap of 3.5%
of the Company’s net assets at each year-end.
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 110p
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.
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 (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 twelve
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 geo-political
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.
DIRECTORS’ REPORT > CONTINUED
8
Substantial shareholdings
As at 28 February 2025 the following shareholders
hold interests representing 3% or more of the
issued share capital of the Company:
Holding %
Marc Douglas Proudfoot
50%
Stephen Heinemann
50%
Post period-end, the following shareholders
interests represent 3% or more of the issued share
capital of the Company:
Holding %
Oliver Sykes
3.47%
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
The auditor, MHA, previously traded through the
legal entity MacIntyre Hudson LLP. In response to
regulatory changes, MacIntyre Hudson LLP ceased
to hold an audit registration with the engagement
transitioning to MHA Audit Services LLP.
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 5th August 2025
at 3pm. 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
Directors’ 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
9
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 5, 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 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.
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.
Jonathan Di-Stefano
Chairman
17 June 2025
10
Independent Auditor’s Report
TO THE MEMBERS OF PUMA AIM VCT PLC
Opinion
We have audited the financial statements of Puma
AIM VCT plc (the ‘company’) for the year ended
28 February 2025 which comprise the income
statement, the balance sheet, the statement of
cash flows, the statement of changes in equity
and notes to the financial statements, including
significant 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 2025 and
of the Company’s 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 the Companies Act 2006.
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 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, 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.
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.
Our responsibilities and the responsibilities of
the directors with respect to going concern are
described in the relevant sections of this report.
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
11
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.
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 Directors’ report
for the financial year for which the financial
statements are prepared is consistent
with the financial statements; and
• the Directors’ report has 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 Directors’ report.
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 by 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
• we have not received all the information and
explanations we require for our audit; or
• the directors were not entitled to prepare the
financial statements in accordance with the
small companies regime and take advantage
of the small companies’ exemptions in
preparing the directors’ report and from the
requirement to prepare a strategic report.
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 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.
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. The
specific procedures for this engagement and the
extent to which these are capable of detecting
irregularities, including fraud is detailed below:
• Enquiry of management around actual
and potential litigation and claims;
• Performing audit work over the risk of
management override of controls, including
testing of journal entries and other adjustments
for appropriateness, evaluating the business
rationale of significant transactions
INDEPENDENT AUDITOR’S REPORT > CONTINUED
12
outside the normal course of business and
reviewing accounting estimates for bias;
• Reviewing minutes of meetings of
those charged with governance;
• Reviewing financial statement disclosures and
testing to supporting documentation to assess
compliance with applicable laws and regulations.
Because of the inherent limitations of an
audit, there is a risk that we will not detect all
irregularities, including those leading to a material
misstatement in the financial statements or non-
compliance with regulation. This risk increases the
more that compliance with a law or regulation
is removed from the events and transactions
reflected in the financial statements, as we will be
less likely to become aware of instances of non-
compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than
error, as fraud involves intentional concealment,
forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for
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.
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.
INDEPENDENT AUDITOR’S REPORT > CONTINUED
Ahmer Khan
(Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
London, United Kingdom
17 June 2025
MHA is the trading name of MHA Audit Services
LLP, a limited liability partnership in England
and Wales (registered number OC455542)
13
Period ending 28 February 2025 Period ending 29 February 2024
Note
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Income - - - - - -
- - - - - -
Other expenses 2 (40) - (40) - - -
(40) - (40) - - -
Loss before tax (40) - (40) - - -
Tax 3 - - - - - -
Loss after tax (40) - (40) - - -
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 period.
FOR THE PERIOD ENDED 28 FEBRUARY 2025
Income Statement
14
15
FOR THE PERIOD ENDED 28 FEBRUARY 2025
Balance Sheet
As at 28 February 2025 As at 29 February 2024
Note £'000 £'000
Current assets
Debtors 4 144
-
Applications cash 2,086 -
2,230 -
Current liabilities 5 (2,270) -
Net current liabilities
(40) -
Net liabilities
(40) -
Capital and reserves - -
Called up share capital - -
Share premium account - -
Capital reserve - realised - -
Capital reserve - unrealised - -
Revenue reserve (40) -
Special distributable reserve - -
Total equity (40) -
Funds raised from investors since the Company opened for new investment in September 2024 which have not been
allotted as at year end.
The financial statements on pages 14 to 20 were approved and authorised for issue by the Board of Directors on
17 June 2025 and were signed on their behalf by:
Jonathan Di-Stefano
Chairman
FOR THE PERIOD ENDED 28 FEBRUARY 2025
Statement of Cash Flows
Period ending
28 February 2025
Period ending
29 February 2024
Note £’000 £’000
Reconciliation of loss before tax
Loss before tax (40) -
Increase in debtors 4 (144) -
Increase in creditors 5 184 -
Inflow from operating activities - -
Cash flow from financing activities
Movement in applications account 2,086 -
Inflow from financing activities 2,086 -
Net increase in cash and cash equivalents 2,086 -
Cash and cash equivalents at the beginning of the year - -
Cash and cash equivalents at the end of the year 2,086 -
Cash and cash equivalents comprise
Cash at bank - -
Applications cash 2,086 -
Cash and cash equivalents at the end of the year 2,086 -
16
17
FOR THE PERIOD ENDED 28 FEBRUARY 2025
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 25 June 2024 - - - - - - -
Comprehensive income for the period
Loss after tax - - - - (40) - (40)
Total comprehensive income for the period - - - - (40) - (40)
Balance as at 28 February 2025 - - - - (40) - (40)
Notes to the Financial Statements
FOR THE PERIOD ENDED 28 FEBRUARY 2025
18
. Accounting policies
Accounting convention
Puma AIM VCT plc (“the Company”) was
incorporated in England on 25th June 2024
and is registered and domiciled in England and
Wales. The Company’s registered number is
15801440. The registered office is Cassini House,
57 St James’s Street, London SW1A 1LD. The
Company is a public limited company (limited
by shares). The Company's principal activities
and a description of the nature of the Company’s
operations are disclosed in the Directors’ Report.
The financial statements have been prepared
under the historical cost convention 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.
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.
Expenses
All expenses (inclusive of VAT) are accounted for
on an accrual's basis. Expenses are charged
wholly to revenue.
Tax
Corporation tax is applied to profits chargeable
to corporation tax, if any, at the applicable rate
for the year.
Reserves
Realised losses and gains on investments,
transaction costs, the capital element of the
investment management fee, performance fee
and taxation will be taken through the Income
Statement and recognised in the capital reserve –
realised on the Balance Sheet. Unrealised losses
and gains on investments will be taken through
the Income Statement and are recognised in
the capital reserve – unrealised. The special
distributable reserve will include 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.
19
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 Directors do not
consider any estimates and assumptions to have a
significant risk of causing a material adjustment to
the assets or liabilities within the next financial year.
. Other expenses
Period ending
28 February
2025
Period ending
29 February
2024
£’000 £’000
Auditor's remuneration
for statutory audit
12 -
Insurance 4 -
Other expenses 24 -
40 -
. Taxation
There is no corporation tax charge for the period
(29 February 2024: £nil) and no deferred tax asset
has been recognised in respect of the tax losses
in the period due to the uncertainty as to timing
of its recovery.
. Debtors
As at
28 February
2025
As at
29 February
2024
£’000 £’000
Debtors 131 -
Redeemable
preference shares
13
144 -
Debtors relate to expenses incurred in connection
with fundraising activities.
See note 5 for further details regarding the
redeemable preference shares.
. Creditors
As at
28 February
2025
As at
29 February
2024
£’000 £’000
Accruals 171 -
Redeemable
preference shares
13 -
Applications cash 2,086 -
2,270 -
Redeemable preference shares were issued for
total consideration £12,500 to Puma Investment
Management Limited, being one quarter paid
up, so as to enable the Company to obtain a
certificate under s.761 of the Companies Act 2006.
Each of the redeemable preference shares carries
the right to a fixed, cumulative, preferential
dividend of 0.1% per annum (exclusive of any
imputed tax credit available to shareholders)
on the nominal amount thereof but confers no
other right to a dividend or right to vote except
where the rights of holders of the redeemable
preference shares are to be varied or abrogated.
On a winding-up, the redeemable preference shares
confer the right to be paid the nominal amount
paid on such shares but do not confer any right to
participate in any surplus assets of the Company.
The redeemable preference shares are redeemable
at any time at par by the Company. Each of
the redeemable preference shares which
are redeemed, shall, thereafter be cancelled
without further resolution or consent.
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
20
6. Management performance
incentive arrangements
On 17 September 2024, the Company entered into an
Agreement with the Investment Manager such that
they will be entitled to a performance incentive fee
payable in relation to each accounting period, subject
to the Performance Value per Share being at least
110p at the end of the relevant period. The amount
of the performance incentive fee 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 110p 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.
The performance incentive structure provides a strong
incentive for the Investment Manager to ensure that
the Company performs well, enabling the Board to
approve distributions as high and as soon as possible.
The profit and loss expense for the period in relation
to this Agreement is £nil.
. Called up share capital
On incorporation, two ordinary shares of £0.01 each
were allotted, called up and fully paid at par value.
On 3rd July 2024, 50,000 redeemable preference
shares of £1 per share were allotted as one
quarter paid up for total consideration of
£12,500. The rights attached to these shares
are outlined in note 5 in further detail.
. Post Balance Sheet events
Post period-end, the Company issued 5,765,449
ordinary shares for consideration of £5.8m.
NOTES TO THE FINANCIAL STATEMENTS > CONTINUED
21
Notice of Annual
General Meeting
Puma AIM 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 5 August 2025 at 3.00 pm.
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 period ended 28 February 2025, together with the
reports of the Directors and Auditors thereon (the "Annual Report and Accounts 2025").
2. To re-elect Jonathan Di-Stefano 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 Dr Lynn Drummond as a director who retires in accordance with the UK Corporate
Governance Code and, being eligible, offers herself for re-election.
4. To re-elect Eliot Kaye as a director who retires pursuant to 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. 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 £ 330,000, such authority to expire on the later of 15 months from the date
of the resolution or the next annual general meeting of the Company (unless previously renewed, varied
or revoked by the Company in general meeting).
7. That, in addition to existing authorities, the Directors be and hereby are generally and unconditionally
authorised in accordance with 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 www.pumainvestments.co.uk/landing-pages/dividend-
reinvestment-scheme-puma-aim-vct (“DRIS”) up to an aggregate nominal amount of £5,766, representing
approximately 10% of the share capital in issue as at 16 June 2025, such authority to expire on the date
of the next annual general meeting of the Company (unless previously varied or revoked by the Company
in general meeting).
22
Special Resolutions
8. 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:
8.1 the maximum aggregate number of Shares that is purchased is 864,241;
8.2 the minimum price paid for a Share is £0.01;
8.3 the maximum price paid for a Share is 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) an amount equal to the value of a Share calculated on the basis of the higher of the price quoted for:
(a) the last independent trade of; and
(b) the highest current independent bid for,
a Share as derived from the London Stock Exchange Trading System;
8.4 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
8.5 unless renewed, the authority conferred by this resolution shall expire either at the conclusion of
the next annual general meeting of the Company or on 4 November 2026, 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.
9. That, subject to the passing of resolution 6 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 6 above as if
section 561 of CA 2006 did not apply to any such allotment, such power to expire at the conclusion of
the Company’s next annual general meeting, or on the expiry of 15 months following the passing of the
resolution, whichever was the later (unless previously renewed or extended by the Company in general
meeting). This power is limited to the allotment of equity securities:
9.1 in connection with any offer for subscription;
9.2 in connection with an offer of equity securities by way of rights; and
9.3 otherwise than pursuant to paragraphs 9.1 and 9.2 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 9.1 above.
10. That, subject to the passing of resolution 7 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 7 above as if section 561
of CA 2006 did not apply to any such allotment, provided this power shall expire on the date of the next
annual general meeting of the Company (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 £5,766, representing approximately
10% of the share capital in issue as at 16 June 2025.
11. That, subject to approval by the High Court of Justice, the amount standing to the credit of the share
premium account of the Company, at the date an order is made confirming such cancellation by the
Court, is cancelled.
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
23
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: www.pumainvestments.co.uk/pages/view/investors-information-vcts.
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 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 after it is demanded,
the document(s) must be delivered as aforesaid not less than 24 hours before the time appointed for
taking the poll, or where the poll is taken not more than 48 hours 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 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. 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.
Amy Coburn
Company Secretary
Registered Office:
Cassini House
57 St James’s Street
London SW1A 1LD
Dated: 17 June 2025
24
(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 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 1 August 2025, 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 pm on 1 August 2025 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 16 June 2025 the Company's issued share capital comprised 5,765,451 Ordinary Shares. The total
number of voting rights in the Company as at 16 June 2025 is 5,765,451. The website referred to above will
include information on the number of shares and voting rights.
(k) If you are a person who has been nominated under section 146 of the CA 2006 to enjoy information rights
(“Nominated Person”):
• 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.
(l) 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
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
25
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
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.
(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 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 2025.
(r) Under section 338 of the CA 2006, shareholders meeting the threshold requirements set out in that
section, may, subject to conditions, require the Company to give to shareholders notice of a resolution
which may properly be moved and is intended to be moved at the Annual General Meeting. A resolution
cannot be moved if it would be ineffective, or if it is defamatory, frivolous or vexatious.
(s) Under section 338A of the CA 2006, shareholders meeting the threshold requirements set out in that
section may, subject to conditions, require the Company to include in the business to be dealt with at the
Annual General Meeting a matter (other than a proposed resolution) which may properly be included in
the business (a matter of business). A matter shall not be properly included in the business to be dealt
with at the Annual General Meeting if it is defamatory, frivolous or vexatious.
Explanation of Resolutions 8 to 11 to be proposed at the Annual General Meeting
On page 21 of the Report is the notice of Annual General Meeting which will be held on 5 August 2025.
Set out below is a brief explanation of certain resolutions (including those comprising special business)
to be proposed at the Annual General Meeting.
Resolution 8
In certain circumstances it may be advantageous for the Company to purchase its own shares. Resolution 8,
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 2026 Annual General Meeting or 4 November 2026,
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 the date of the resolution) and the maximum and
minimum prices at which they may be bought.
26
Resolution 9
The notice of the Annual General Meeting includes a resolution (Resolution 6) which will be proposed to
ensure the Directors have authority to allot ordinary shares in the Company until the date of the 2026
Annual General Meeting or, if later, 4 November 2026, up to an aggregate nominal amount of £330,000
(representing approximately 572.37 per cent of the issued ordinary share capital of the Company as at
16 June 2025). Resolution 9 (which will be proposed as a special resolution) will empower the Directors to
allot ordinary shares under Resolution 6 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 10
Resolution 10 will be proposed as a special resolution and seeks shareholder authority to empower the
Directors to allot ordinary shares under Resolution 7 in connection with the operation of the DRIS without
regard to any statutory pre-emption rights. The authority conferred by this Resolution 10 will expire on the
date of the Company's 2026 Annual General Meeting (unless previously varied or revoked by the Company
in general meeting).
Resolution 11
Resolution 11, 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.
NOTICE OF ANNUAL GENERAL MEETING > CONTINUED
2727
PI002819 0625
Get in touch
We’re here to help
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 7408 4100 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 7408 4070 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 a private limited company in England and Wales No. 08210180.