TIDMFAMT
Framlington AIM VCT 2 PLC
Interim report for the six months ended 31 August 2011
Overview of results
31 August 31 August 28 February
2011 2010 2011
Net asset values ("NAV") at bid
valuation
NAV of the Company GBP12,589,000 GBP14,108,000 GBP16,222,000
NAV per ordinary share 43.43p 47.66p 55.02p
Market prices (mid market)
Ordinary shares 31.00p 40.50p 41.00p
Adjusted NAV
NAV per ordinary share 43.43p 47.66p 55.02p
Cumulative dividends paid since 24.00p 20.00p 20.00p
launch
Adjusted NAV 67.43p 67.66p 75.02p
VCT status % % %
VCT value of qualifying investments 94 80 85
VCT value of non-qualifying 5 18 15
investments
VCT value of non-qualifying cash 1 2 -
balances
Total VCT value 100 100 100
The VCT values of investments are based on the original book cost of the
investment adjusted to reflect the price of subsequent purchases of the
investment.
Chairman's statement
In the six months to the end of August the outlook for the world economy
worsened. A potent combination of factors has combined to lessen confidence. At
the beginning of the period, the unrest in various countries in the Middle East
was widespread, culminating in the uprising in Libya. The major impact on the
world economy was to cause oil prices to rise, draining spending power from
Western consumers. Furthermore industrial production has been adversely
affected by component supply disruptions arising from the Japanese earthquake
and tsunami.
Throughout the period, the problems in the Eurozone sovereign debt markets
continued to worsen. The problems began to escalate to the larger economies of
Spain and Italy. Their scale is such that any bail out will be hard to fund and
require strong political leadership. Markets have continued to be volatile
since the period end as views change as to whether politicians can address the
underlying problems. Global prospects remain uncertain with unemployment
staying stubbornly high while sovereign debt and bank recapitalisations remain
on the agenda.
Slowing global growth and a rise in risk aversion were a poor combination for
the AIM market. The commodity related shares which dominate the index were in
the main weak. Also, early stage companies suffered from the rise in risk
aversion. This was most noticeable in those shares where additional capital
might have to be raised to fund the company until they begin to generate
positive cash flow.
The net asset value (NAV) suffered, falling from 55.02p to 43.43p, after
payment of a dividend of 4 pence per share in August 2011. Taking the payment
of this dividend into account, the net asset value fell by 13.8% which compares
with a fall of 7.9% in the All Share index and 16.7% in the Aim All Share Index
(both on a total return basis).
Within the portfolio those companies that needed to raise additional capital
included Cyan Holdings, Plethora and Suretrack Monitoring, with 3D Diagnostics
following just after the period end. The Company participated in all these fund
raisings. Other poor performers during the period included AFC Energy (after a
big rise), Avacta, Theo Fennell and BGlobal. The Company's largest holding,
Craneware, fell during the period from 579p to 490p on profit taking, but
rallied in September to around 600p on the back of strong results.
On a brighter note too, good rises were seen in Photonstar, Green Compliance
and Cohort, which announced that they were undertaking a strategic review to
try and close the gap between the market capitalisation and underlying value.
Also, Angle's share price has approximately doubled since the half year end
after they announced that they were making excellent progress in the
development of their separation device for the capture of cancer cells in the
blood.
New qualifying purchases were made in Futura Medical, Music Festivals and
Norman Broadbent. Futura Medical have products licensed to Reckitt Benckiser
and Ansell Limited which are very close to market launch, when the company will
begin to earn royalties. Music Festivals is run by Vince Power, who
successfully built up the Mean Fiddler Group prior to its profitable sale.
Norman Broadbent is a leading provider of executive search and leadership
consultancy services.
The Allied Domecq bond was sold and the Treasury holding was redeemed and the
proceeds helped fund the dividend payment. In addition, the Chime Communication
holding was sold.
At a strategic level the Board has responded to the disappointing performance
of the Company's investment portfolio. It is currently carrying out a review of
its options in relation to the Company's operations, with a view to improving
the overall future prospects for shareholders.
Chris Marsh
Chairman
31 October 2011
Directors' responsibility statement
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Interim Management Report and Financial
Statements.
The Directors confirm that, to the best of their knowledge:
* the condensed set of financial statements for the six months ended 31
August 2011 has been prepared in accordance with applicable accounting
standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies and Venture Capital Trusts" ("the
SORP") issued in January 2009, and in accordance with the pronouncements on
interim reporting issued by the Accounting Standards Board;
* the Interim Management Report includes a fair review of the information
required by DTR 4.2.7R in relation to the indication of important events
during the first six months, and of the principal risks and uncertainties
facing the Company during the remaining six months, of the year ending 28
February 2012; and
* the Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8R in relation to related party
transactions and any changes therein.
The interim report was approved by the Board on 31 October 2011 and the above
responsibility statement was signed on its behalf by the Chairman, Chris Marsh.
Income statement
Six months to 31 August 2011 (unaudited)
Revenue Capital Total
Return Return
GBP000s GBP000s GBP000s
Realised gains on investments - 2 2
Unrealised losses on investments - (2,217) (2,217)
Income 151 - 151
Investment management fee (36) (108) (144)
Other expenses (84) - (84)
Return/(loss) on ordinary 31 (2,323) (2,292)
activities before taxation
Tax on ordinary activities - - -
Return/(loss) on ordinary 31 (2,323) (2,292)
activities after taxation
attributable to equity
shareholders
Return/(loss) per ordinary
share:
Basic 0.11p (7.95)p (7.84)p
Six months to 31 August 2010 (unaudited)
(as restated*)
Revenue Capital Total
Return Return
GBP000s GBP000s GBP000s
Realised gains on investments - 784 784
Unrealised losses on investments - (947) (947)
Income 214 - 214
Investment management fee (37) (113) (150)
Other expenses (115) - (115)
Return/(loss) on ordinary 62 (276) (214)
activities before taxation
Tax on ordinary activities - - -
Return/(loss) on ordinary 62 (276) (214)
activities after taxation
attributable to equity
shareholders
Return/(loss) per ordinary
share:
Basic 0.21p (0.92)p (0.71)p
Year ended 28 February 2011 (audited)
Revenue Capital Total
Return Return
GBP000s GBP000s GBP000s
Realised gains on investments - 1,116 1,116
Unrealised gains on investments - 970 970
Income 353 - 353
Investment management fee (78) (234) (312)
Other expenses (184) - (184)
Return on ordinary activities 91 1,852 1,943
before taxation
Tax on ordinary activities - - -
Return on ordinary activities 91 1,852 1,943
after taxation attributable to
equity shareholders
Return per ordinary share:
Basic 0.31p 6.23p 6.54p
The total column of this statement represents the Company's Income Statement
prepared in accordance with UK GAAP. The revenue and capital columns are
supplementary to this and are published under guidance from the Association of
Investment Companies.
All revenue and capital items in the above statement derive from continued
operations. No operations were acquired or discounted in the period.
*The comparative figures for realised and unrealised gains have been restated
to be aligned with the corresponding disclosures as set out in note 7 of the
"Notes to the financial statements" in the Company's Annual Report and accounts
for the year to 28 February 2011.
Reconciliation of movements in shareholders' funds
Six months to 31 August 2011 (unaudited)
Share Share Distributable Capital Capital Capital Revenue Total
capital premium special redemption reserve reserve reserve
account reserve reserve realised unrealised
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 28 February 2,948 122 19,177 167 - (6,401) 209 16,222
2011
Share buybacks (50) - (178) 50 - - - (178)
Movements on - - - - - (2,217) - (2,217)
revaluation of
investments
Gains on - - - - 2 - - 2
realisation of
investments
Transfer on - - - - (683) 683 - -
disposal of
assets
Investment - - - - (108) - - (108)
management fee
charged to
capital
Transfer from - - (851) - 851 - - -
distributable
special reserve
Dividends paid - - (1,014) - (62) - (87) (1,163)
re period ended
28 February 2011
Revenue return - - - - - - 31 31
for the period
At 31 August 2,898 122 17,134 217 - (7,935) 153 12,589
2011
Six months to 31 August 2010 (unaudited)
Share Share Distributable Capital Capital Capital Revenue Total
capital premium special redemption reserve reserve reserve
account reserve reserve realised unrealised
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 28 February 3,005 67 21,487 96 - (9,250) 267 15,672
2010
Share buybacks (59) - (224) 59 - - - (224)
Shares issued re 14 55 - - - - - 69
dividend
reinvestment
scheme
Movements on - - - - - (947) - (947)
revaluation of
investments
Gains on - - - - 784 - - 784
realisation of
investments
Transfer on - - - - (343) 343 - -
disposal of
assets
Investment - - - - (113) - - (113)
management fee
charged to
capital
Transfer from - - (224) - 224 - - -
distributable
special reserve
Dividends paid - - (494) - (552) - (149) (1,195)
re period ended
28 February 2010
Revenue return - - - - - - 62 62
for the period
At 31 August 2,960 122 20,545 155 - (9,854) 180 14,108
2010
Year ended 28 February 2011 (audited)
Share Share Distributable Capital Capital Capital Revenue Total
capital premium special redemption reserve reserve reserve
account reserve reserve realised unrealised
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 28 February 3,005 67 21,487 96 - (9,250) 267 15,672
2010
Share buybacks (71) - (267) 71 - - - (267)
Shares issued re 14 55 - - - - - 69
dividend
reinvestment
scheme
Movements on - - - - - 970 - 970
revaluation of
investments
Gains on - - - - 1,116 - - 1,116
realisation of
investments
Transfer on - - - - (1,879) 1,879 - -
disposal of
assets
Investment - - - - (234) - - (234)
management fee
charged to
capital
Transfer from - - (1,858) - 1,858 - - -
distributable
special reserve
Dividends paid re - - (185) - (861) - (149) (1,195)
period ended 28
February 2010
Revenue return - - - - - - 91 91
for the period
At 28 February 2,948 122 19,177 167 - (6,401) 209 16,222
2011
Summarised balance sheet
31 August 2011 31 August 2010 28 February
2011
GBP000s GBP000s GBP000s
(unaudited) (unaudited) (audited)
Qualifying investments 11,625 9,665 12,704
Non-qualifying investments 828 4,104 3,370
Current assets 211 497 240
Creditors due within one year (75) (158) (92)
Net assets 12,589 14,108 16,222
Called up share capital 2,898 2,960 2,948
Share premium account 122 122 122
Capital redemption reserve 217 155 167
Distributable special reserve 17,134 20,545 19,177
Capital reserves (7,935) (9,854) (6,401)
Revenue reserves 153 180 209
Equity shareholders' funds 12,589 14,108 16,222
Net asset value per share 43.43p 47.66p 55.02p
(bid basis)
Cash Flow Statement
Six months to Six months to Year ended 28
31 August 2011 31 August 2010 February 2011
GBP000s GBP000s GBP000s
(unaudited) (unaudited) (audited)
Net cash inflow from operating 97 136 126
activities
Net cash outflow from servicing of - - -
finance
Net cash inflow from investment 1,294 892 662
activities
Equity dividends paid (1,163) (1,126) (1,126)
Net cash outflow from financing (178) (224) (268)
(note 5)
Increase/(decrease) in cash 50 (322) (606)
Reconciliation of operating profit
to net cash inflow from operating
activities
Net (loss)/return before finance (2,292) (214) 1,943
costs and taxation
Less capital return for the period 2,323 276 (1,852)
Net revenue before finance costs 31 62 91
and taxation
Decrease in revenue debtors 79 58 32
(Decrease)/ increase in revenue (13) 16 3
creditors
Net cash inflow from operating 97 136 126
activities
Reconciliation of net cashflow to
net funds
Increase/(decrease) in cash 50 (322) (606)
Net funds at the beginning of the 125 731 731
period
Net funds at the end of period 175 409 125
Notes
1 Accounting policies
The financial information has been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 28
February 2011. Where presentational guidance set out in the Statement of
Recommended Practice (SORP) "Financial Statements of Investment Trust Companies
and Venture Capital Trusts", issued in January 2009, is consistent with the
requirements of UK GAAP, the directors have sought to prepare the financial
statements on a consistent basis compliant with the recommendations of the
SORP.
2 Financial information
This interim report has not been audited or reviewed by auditors pursuant to
the Auditing Practices Board guidance on Review of Interim Financial
Information.
The figures for the six months ended 31 August 2011 and the comparative figures
for the corresponding period in the previous financial year are unaudited.
The financial information for the year ended 28 February 2011 is extracted from
the latest published accounts and does not constitute statutory accounts for
that period. Those accounts carry an unqualified report from the auditors and
have been filed with the Registrar of Companies.
3 Investment management fee
6 months to 6 months to 31 Year ended 28
31 August August 2010 February 2011
2011
GBP000s GBP000s GBP000s
(unaudited) (unaudited) (audited)
Amount charged to revenue 36 37 78
(25%)
Amount charged to capital 108 113 234
(75%)
Total investment management 144 150 312
fee
4 Return/(loss) per ordinary share
6 months to 6 months to 31 Year ended 28
31 August August 2010 February 2011
2011
GBP000s GBP000s GBP000s
(unaudited) (unaudited) (audited)
The return per share is based
on the following figures:
Revenue return 31 62 91
Capital (loss)/return (2,323) (276) 1,852
Total (2,292) (214) 1,943
Weighted average number of 29,237,902 29,930,991 29,717,299
ordinary shares in issue
during the period
Revenue return per ordinary 0.11p 0.21p 0.31p
share
Capital (loss)/return per (7.95)p (0.92)p 6.23p
ordinary share
Total (loss)/return per (7.84)p (0.71)p 6.54p
ordinary share
5 Called up share capital
During the six months ended 31 August 2011, the Company repurchased 500,000
shares for a total consideration of GBP178,000 (six months ended 31 August 2010:
592,000 shares for a total consideration of GBP224,000; year ended 28 February
2011: 710,000 shares for a total consideration of GBP268,000).
As stated in the Company's Report and Accounts for the year ended 28 February
2011, the dividend reinvestment scheme has been terminated by the directors due
to the small number of shareholders who have taken up this option. Accordingly,
no further shares have been issued under the scheme. In the corresponding
period to 31 August 2010, 145,694 shares were issued.
The number of ordinary shares in issue at 31 August 2011 was 28,986,299.
6 Net asset value per share
The net asset value per share and the net assets attributable to the ordinary
shares at the period end calculated in accordance with the Articles of
Association were as follows:
31 August 31 August 28 February
2011 2010 2011
GBP000s GBP000s GBP000s
(unaudited) (unaudited) (audited)
Net assets attributable to GBP12,589,000 GBP14,108,000 GBP16,222,000
ordinary shareholders
Ordinary shares in issue 28,986,299 29,604,299 29,486,995
Net asset value per share 43.43p 47.66p 55.02p
Net asset value per share 67.43p 67.66p 75.02p
adjusted for cumulative
dividends paid since launch
7 Related Party Transactions
During the first six months of the current financial year, no transactions with
related parties have taken place which have materially affected the financial
position or the performance of the Company during the period.
Investment objective
The Company's investment objective is to achieve long term capital growth
primarily through investment in a diversified portfolio of qualifying companies
quoted on AIM. It is expected that realised capital gains, along with income,
will be returned to the shareholders, at the discretion of the Directors,
through the payment of dividends. The Investment Manager may also invest the
assets of the Company in companies traded on the PLUS Market trading facility
and in unquoted stocks, although this is not currently expected to be
significant.
The majority of the Company's investments will be in newly issued shares, as it
is a VCT requirement that 70% of the funds raised pursuant to the offer be
invested in new issues of shares that qualify as qualifying holdings within
three years of the share issue. The Company had to achieve this requirement by
28 February 2009 and now has to comply on an on-going basis.
Qualifying holdings are defined as holdings of shares or securities in unquoted
(including AIM and PLUS Market companies) whose purpose is to carry on a
qualifying trade wholly or mainly in the UK. Sectors that are excluded include
property, financial services and commodities. Companies must not be controlled
by the VCT or any other company. At the end of three years, up to 30% of a
VCT's assets can be invested in non-qualifying investments such as bank
deposits, gilts and fixed interest stock. At least 30% of the VCT's qualifying
holdings must be ordinary shares with no preferential rights. The remainder can
be in loans of at least five years' duration, or preference shares.
The size of companies in which the Company may invest is limited by the VCT
rules. Qualifying holdings, as defined above, must have gross assets of GBP15
million or less immediately prior to investment and GBP16 million or less
immediately after investment. Although the companies in which the Company
invests are small, the risk that this entails is mitigated by the
diversification of holdings which results from the requirement to invest 70% of
funds raised in qualifying holdings.
The maximum exposure to any one stock or group, other than another VCT, is 15%
of the Company's investments.
The Company's borrowings must be restricted to an amount which is less than 10%
of the Company's issued share capital and reserves.
Principal risks and uncertainties
The directors believe that the principal risk faced by the Company is the loss
of approval as a venture capital trust arising from a breach of the
requirements of Section 274 of the Income Taxes Act 2007. This would mean that
shareholders might have to repay the income tax relief they obtained on their
investment in the Company and that the Company would lose its exemption from
tax on any capital gains. The Manager reports to the board at each meeting on
the Company's compliance with Section 274 and the board is advised on VCT
issues by PricewaterhouseCoopers. The board considers that the most appropriate
key performance indicators for the Company are its compliance with the
requirements of Section 274.
Other significant risks include the risk of a serious or prolonged fall in the
stock market which would affect the Company's performance and value; consistent
underperformance by the Manager; and the Company's shares failing to achieve a
rating which reflects performance. The board seeks to mitigate these risks by
monitoring the Manager's performance at each board meeting and discussing
appropriate action where considered necessary.
Investor information
Structure of the Company
The Company has one class of share capital, ordinary shares of 10p each. The
Company had 28,986,299 ordinary shares in issue at 31 August 2011. VCTs are
long term investments, with the full benefit of their tax reliefs being
available to qualifying subscribers only where they hold their investment for
three years. The initial duration of the Company has been set at seven years.
The Board is required, under the Articles, to put a proposal for the
continuation of the Company as a venture capital trust to Shareholders at the
Company's annual general meeting in 2013 and thereafter at three year
intervals.
The Company is the second VCT to be managed by the Manager, the first being the
Framlington AIM VCT PLC which was launched in December 2004. The two companies
have the same investment policy. Where investments are identified which are
suitable for both companies, the investment manager will allocate such
investments between the two companies equitably taking account of all relevant
factors including portfolio composition and the availability of cash for
investment.
Results
Results for year ending 28 February announced June
Report and Accounts posted to shareholders June
Annual General Meeting held July
Results for six months to 31 August announced October
Dividend policy
Venture capital trusts can use all distributable reserves, including realised
capital profits from the sale of underlying investments and income, for the
payment of dividends, which are free of income tax to qualifying subscribers
and qualifying purchasers. It is intended that the Company will take advantage
of this by distributing some or all of its realised profits and other
distributable reserves from time to time.
Shareholders who wish to have dividends paid directly into a bank account,
rather than by cheque to their registered address, may complete a mandate form
for this purpose, which may be obtained from the Registrars.
Market information
The Company's shares are listed on the London Stock Exchange. The net asset
value per ordinary share is calculated weekly and published on the London Stock
Exchange Company Announcements Service and, together with the share price, on
the Manager's website axaframlington.com.
Shareholder enquiries
Capita Registrars are the Company's registrars and maintain the share register.
In the event of queries regarding their holdings of shares, lost certificates,
dividend payments, registered details, etc, shareholders should contact them on
0871 664 0300 (calls cost 10p per minute plus network extras, lines open 8.30am
to 5.30pm, Monday to Friday) or +44 (0)20 8639 3399 (from overseas). Changes of
name or address must be notified to the registrars in writing.
Any general enquiries about the Company should be directed to the Company
Secretary, at the Company's registered office.
Further information on the company can be found on the AXA Framlington website
at www.axaframlington.com. The website contains information on all the AXA
Framlington investment trusts, including up-to-date performance data, and AXA
Framlington's Guide to VCTs.
Copies of the 2011 annual accounts are available from the Company's registered
office - 7 Newgate Street, London EC1A 7NX.
Investment portfolio summary as at 31 August 2011
The VCT values of investments are based on the original book cost of the
investment adjusted to reflect the price of subsequent purchases of the
investment.
Qualifying Holding Book Bid value % of net
investments cost
GBP GBP assets
by value
Craneware Ord 1p 234,375 300,000 1,148,438 9.12
London Italian Unsecured Variable 875,000 875,000 875,000 6.95
Restaurants Rate Loan Notes 2013
Locale Enterprises Ord GBP1 2,500 540,000 665,000 5.28
Brulines Group Ord 10p 664,333 826,730 611,186 4.86
EKF Diagnostics Ord 1p 2,333,333 350,000 565,833 4.49
Holdings
AFC Energy Ord 0.1p 1,354,989 136,673 555,545 4.41
Plastics Capital Ord 1p 500,000 500,000 415,000 3.30
Sinclair IS Pharma Ord 1p 1,496,929 390,000 407,913 3.24
Manroy Ord 5p 412,281 325,001 399,913 3.18
Instem Life Science Ord 10p 176,552 308,966 388,414 3.09
Systems
Vertu Motors Ord 10p 1,333,334 800,000 356,667 2.83
PhotonStar LED Ord 10p 2,031,334 568,868 345,327 2.74
Group
Kiotech Ord 23p 362,318 250,000 300,724 2.39
International
Futura Medical Ord 0.2p 370,370 250,000 251,852 2.00
Tristel Ord 1p 625,625 309,310 250,250 1.99
Music Festivals Ord 10p 384,616 250,000 242,308 1.92
Cohort Ord 10p 265,300 363,930 230,811 1.83
Pressure Ord 5p 144,000 216,000 208,800 1.66
Technologies
Norman Broadbent Ord 1p 384,615 250,000 203,846 1.62
Green Compliance Ord 50p 333,333 250,000 199,166 1.58
Energetix Group Ord 5p 875,000 350,000 196,875 1.56
Avacta Group Ord 0.1p 25,000,000 250,000 195,000 1.55
Brady Ord 1p 245,000 144,550 169,050 1.34
Suretrack Ord 0.05p 41,904,762 230,000 167,619 1.33
Monitoring
Active Risk Group Ord 1p 436,854 162,177 166,005 1.32
Hasgrove Ord 10p 277,778 250,000 150,000 1.19
Tangent Ord 1p 2,692,308 350,000 148,077 1.18
Communications
Angle Ord 10p 569,125 233,609 142,281 1.13
Nanoco Group Ord 10p 211,864 250,000 138,771 1.10
Surface Transforms Ord 1p 1,471,875 250,219 132,469 1.05
Theo Fennell Ord 5p 614,375 233,462 122,875 0.98
Hightex Group Ord 1p 2,857,143 200,000 107,143 0.85
Byotrol Ord 0.25p 877,500 526,500 105,300 0.84
Corero Network Ord 1p 284,028 143,635 99,410 0.79
Security
PHSC Ord 10p 412,399 218,571 82,480 0.66
Plethora Solutions Ord 1p 2,689,394 250,002 80,682 0.64
Holdings
VSA Capital Group Ord 0.2p 1,333,333 200,000 80,000 0.64
Corac Group Ord 10p 750,000 315,000 73,125 0.58
Cyan Holdings Ord 0.2p 10,615,385 630,000 69,000 0.55
Frontier IP Group Ord 10p 300,000 150,000 69,000 0.55
Imagelinx Ord 0.1p 9,000,000 450,000 67,500 0.54
3D Diagnostic Ord 0.1p 3,333,333 200,000 66,667 0.53
Imaging
Dillistone Group Ord 5p 90,000 37,500 65,700 0.52
Wheelsure Holdings Ord 1p 2,000,000 100,000 65,000 0.52
Getech Group Ord 0.25p 288,461 75,000 51,923 0.41
Hot Tuna Ord 0.01p 82,733,333 248,200 49,640 0.39
(International)
Bglobal Ord 1p 426,667 213,334 48,000 0.38
Savile Group Ord 3p 300,000 201,000 39,000 0.31
Accumuli Ord 0.25p 316,906 225,003 26,145 0.21
Managed Support Ord 1p 1,000,000 504,949 15,000 0.12
Services
Invocas Group Ord 0.25p 68,575 76,118 6,857 0.05
Travelzest Ord 2p 79,365 100,000 5,952 0.05
Western & Oriental Ord 0.5p 4,000,000 400,000 400 -
Aero Inventory Ord 1.25p 4,725 14,175 - -
Argentvive Ord 0.1p 600,000 300,000 - -
Bioganix Ord 10p 208,333 250,000 - -
Cashbox Ord 1p 5,000,000 250,000 - -
Cashbox Warrants 1,000,000 1 - -
Hat Pin Ord 2.5p 400,000 291,284 - -
Hexagon Human Ord 1p 334,848 552,499 - -
Capital
London Italian Ord GBP1 25 125,000 - -
Restaurants
Optimisa Ord 25p 91,002 197,171 - -
Relax Group Ord 10p 83,334 150,001 - -
Sport Media Group Ord 0.25p 666,667 500,000 - -
Total qualifying investments 11,624,939 92.34
Non-qualifying investments 828,171 6.58
Total fixed asset investments 12,453,110 98.92
END
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