TIDMNCA2
New Century AIM VCT 2 plc
For the six months to 30th June 2017
Chairman's Statement
In the six months to 30th June 2017, the net asset value (NAV)
of your fund increased by 8.2% to 66p. The FSTE AIM Allshare index
gained 14.4% over the same period. This index encompasses all
sectors and includes many mining, oil and gas companies that have
performed well in the year. Your fund is constrained from investing
in these types of businesses as part of the VCT rules.
The fund went ex-dividend to the amount of 3p per share in June
which falls within the accounting period under review. If we add
that back to the NAV, the fund increased by 13.12%. The Board
realises the importance of income to its shareholders as well as
trying to achieve an increase in its NAV, and based on a current
mid-market price of 57p for its shares, the fund has a dividend
yield of 5.26%.
The Stock Market performance has been quite strong although this
has helped mask some volatility within the period. The fund has
continued to increase its NAV since the half year seeing the NAV
rise from 64.58p (ex div) at 30th June to that of 67.49p as at 14th
August 2017 which is a further rise of 4.51%. This NAV is based on
mid-market prices, the industry standard, in-line with those
reported to the Market at the end of each month, whereas in our
annual and interim report we quote the NAV based on bid prices as a
statutory requirement.
We made seven further VCT qualifying investments in the period,
TEK Capital, Infrastrata, Anglo African Oil and Gas, Audioboom,
Escape Hunt, Velocity Composites and Modern Water Group.
We top sliced or exited 6 qualifying investments and three
non-qualifying.
We continue to see potential new qualifying issues, but remain
cautious in our approach. The uncertainty regarding the BREXIT
negotiations following the General election results may cause
increased volatility in the months ahead, however the majority of
our investee companies continue to trade well which bodes well and
gives us some optimism for the remainder of the year.
Geoff Gamble
Chairman
29 August 2017
New Century AIM VCT2 plc
For the six months to 30th June 2017
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2017 as at 31 December 2016* as at 30 June 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed
Assets
Investments 2,979 2,725 2,553
Current
Assets
Sundry debtors - - -
Uninvested cash 70 70 97 97 64 64
Current
Liabilities
Creditors: amounts due
within one year (17) (17) (6)
3,032 2,805 2,611
Capital and
Reserves
Share capital 461 461 461
Share premium 57 57 57
Capital redemption reserve 171 171 171
Capital reserve-distributable 3,440 3,440 -
Capital reserve - realised (1,602) (1,725) (1,015)
Capital reserve - unrealised 1 (127) 2,330
Revenue reserve 504 528 607
3,032 2,805 2,611
Asset Value 66p 61p 57p
per share
*Audited accounts
New Century AIM VCT2 plc
For the six months to 30th June 2017
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 June 2017 Year to 31 December 2016* 6 month period ended 30 June 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments
Realised - 60 60 - 29 29 - 28 28
Unrealised - 203 203 - (34) (34) - (317) (317)
Income 12 - 12 50 - 50 17 - 17
Investment management (4) (12) (16) (7) (21) (28) (4) (10) (14)
fees
Other (32) - (32) (44) - (44) (16) - (16)
expenses
Return on ordinary (24) 251 227 (1) (26) (27) (3) (299) (302)
activities
Tax on ordinary - - - - - - - - -
activities
Return on ordinary
activities
after (24) 251 227 (1) (26) (27) (3) (299) (302)
taxation
Return per ordinary (0.52) 5.45 4.93 (0.02) (0.56) (0.58) (0.07) (6.49) (6.56)
share in pence
*Audited Accounts
All revenue and capital items in the above statement
derive from continuing operations.
The company has only one class of business and derives its
income from investments in shares and securities, and
from bank and money
market funds.
The weighted average number of shares in
issue during the period was 4,606,953.
New Century AIM VCT2 plc
For the six months to 30th June 2017
Unaudited Consolidated Statement of Changes in Equity
Called-up Share Capital Capital Capital Capital Revenue
share Premium Redemption Reserve- realised unrealised reserve Total
capital account reserve distributable GBP'000 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000
As 461 57 171 3,440 (1,725) (127) 528 2,805
at 1 January
2017
Realised - - - - 60 - - 60
gains
on
disposals
in period
Unrealised - - - - - 203 - 203
gain
Transfer of - - - - 75 (75) - -
unrealised
gain
to realised
on disposal
of
investment
Net revenue - - - - - - (24) (24)
before tax
Investment - - - - (12) (10) - - (12)
management - (10)
fee -
________ ________ _________ _________ ________ ________ ________ ________
At 30 June 461 57 171 3,440 (1,602) 1 504 3,032
2017
As 461 57 171 - (1054) 2,668 610 2,913
at 1 January
2016
Realised - - - - 28 - - 28
gains
on
disposals
Unrealised - - - - - (317) - (317)
gains
Transfer of - - - - 21 (21) - -
unrealised
loss
to realised
on disposal
of
investment
Net revenue - - - - - - (3) (3)
before tax
Investment - - - - (10) - - (10)
management
fee
________ ________ _________ _________ ________ ________ ________ ________
At 30 June 461 57 171 - (1,015) 2,330 607 2,611
2016
New Century AIM VCT2 plc
For the six months to 30th June 2017
Unaudited Cash Flow Statement
6 month period ended 30 June 2017 Year to 31 December 2016* 6 month period ended 30 June 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash generated from (47) (72) (40)
operating activities
Cash flow from
investing
activities
Interest received - - -
Investment income 12 50 17
12 50 17
Cash flows from
financing
activities
Sale of investments 237 413 162
Purchase of investments (229) (265) (126)
Dividend paid - (81) -
8 67 36
Net (decrease) (27) 46 13
/ increase in
cash and cash
equivalents
Cash and cash 97 51 51
equivalents
at beginning of period
Cash and cash 70 97 64
equivalents
at end of period
*Audited Accounts
New Century AIM VCT2 plc
For the six months to 30th June 2017
Investment Portfolio
Security Cost Valuation % %
30 June 2017 Cost Valuation
Qualifying Investments 2,526,180 2,623,407 84.68 86.02
Non-qualifying Investments 386,568 356,068 12.96 11.67
Uninvested funds 70,351 70,351 2.36 2.31
2,983,099 3,049,826 100.00 100.00
Qualifying Investments
AIM Quoted
Marechale Capital plc 75,752 9,375 2.54 0.30
HML Holdings plc 108,540 160,000 3.64 5.24
TP Group plc 160,062 54,226 5.36 1.77
Tristel plc 29,098 131,130 0.97 4.30
Cyanconnode Holdngs plc 204,219 24,630 6.85 0.81
M.Winkworth plc 56,280 74,200 1.89 2.43
Inspired Energy plc 50,462 271,687 1.69 8.91
Microsaic Systems plc 92,002 11,532 3.08 0.38
Venn Life Sciences 155,184 80,976 5.20 2.66
Holdings plc
DP Poland plc 25,630 72,250 0.86 2.37
Modern Water plc 75,385 37,636 2.53 1.23
Quixant plc 8,091 60,900 0.27 2.00
Blur Group plc 6,785 0 0.23 0.00
Keywords Studios plc 18,979 114,588 0.64 3.76
Sanderson Group plc 15,203 18,425 0.51 0.60
Cloudbuy plc 41,896 3,082 1.40 0.10
PHSC plc 50,256 24,000 1.68 0.79
EU Supply plc 19,422 13,680 0.65 0.45
Plastics Capital plc 33,168 38,940 1.11 1.28
Sysgroup plc 45,232 32,250 1.52 1.06
Brighton Pier Group plc 35,379 20,900 1.19 0.69
Kalibrate Technologies plc 27,975 28,537 0.94 0.94
Property Franchise 50,253 80,000 1.68 2.62
Group plc
Solid State plc 35,247 57,892 1.18 1.90
Audioboom Group plc 72,869 73,500 2.44 2.41
Scholium Group plc 40,203 16,800 1.35 0.55
Rosslyn Data Technologies 23,219 2,975 0.78 0.10
plc
Coral Products plc 25,104 27,750 0.84 0.91
SRT Marine Systems plc 18,093 45,000 0.61 1.48
ULS Technology plc 18,091 55,350 0.61 1.81
Gfinity plc 50,405 57,525 1.69 1.89
Premier Technical Services 52,420 124,372 1.76 4.08
Group plc
Angle plc 75,128 79,350 2.52 2.60
Bilby plc 52,465 63,900 1.76 2.10
Security Cost Valuation % %
30 June 2017 Cost Valuation
Hunters Property plc 50,253 55,000 1.68 1.80
Satellite Solutions 55,027 82,125 1.84 2.69
Worldwide
Group plc
Tekcapital plc 82,292 108,750 2.76 3.57
Falanx Group Ltd 23,923 11,900 0.80 0.39
Premaitha Health plc 40,204 20,500 1.35 0.67
Photonstar LED Group plc 15,079 8,700 0.51 0.29
Yu Group plc 20,504 46,309 0.69 1.52
Scancell Holdings plc 20,506 15,000 0.69 0.49
Medaphor Group plc 25,129 8,889 0.84 0.29
Imaginatik plc 20,104 14,000 0.67 0.46
Loopup Group plc 20,104 29,400 0.67 0.96
Faron Pharmaceuticals Ltd 20,103 58,000 0.67 1.90
Cloudcall Group plc 20,230 31,150 0.68 1.02
Creo Medical Group plc 37,691 41,447 1.26 1.36
InfraStrata plc 15,077 21,000 0.51 0.69
Anglo African Oil & Gas plc 65,329 54,438 2.19 1.78
Escape Hunt plc 31,006 32,904 1.04 1.08
Velocity Composites plc 9,425 10,147 0.32 0.33
2,420,483 2,617,017 81.14 85.81
Unlisted Investments
Litebulb Group Ltd 51,008 0 1.71 0.00
Outsourcery plc 28,143 0 0.94 0.00
Syqic plc 26,546 6,390 0.89 0.21
105,697 6,390 3.54 0.21
Total qualifying 2,526,180 2,623,407 84.68 86.02
investments
Non Qualifying Investments
AIM Quoted
Sanderson Group plc 10,398 16,750 0.35 0.55
Rotala plc 27,683 40,600 0.93 1.33
Tristel plc 60 186 0.00 0.00
China Food Co plc 31,547 1,100 1.06 0.04
TLA Worldwide plc 26,975 16,000 0.90 0.52
Audioboom Group plc 1,163 210 0.04 0.01
Mountfield Group plc 7,645 5,600 0.25 0.18
Be Heard Group plc 10,040 8,480 0.34 0.28
EVR Holdings plc 27,995 136,000 0.94 4.46
Yolo Leisure & 12,798 3,750 0.43 0.12
Technology plc
156,304 228,676 5.24 7.49
Security Cost Valuation % %
30 June 2017 Cost Valuation
UK Listed
Investec plc 169,416 90,525 5.68 2.97
British American 8,841 20,936 0.30 0.69
Tobacco plc
Twentyfour Income Fund Ltd 9,852 9,950 0.33 0.32
188,109 121,411 6.31 3.98
Unlisted Investments
Litebulb Group Ltd 21,897 0 0.73 0.00
Sorbic International plc 10,205 1,450 0.34 0.05
Mar City plc 10,053 4,531 0.34 0.15
42,155 5,981 1.41 0.20
Total non-qualifying 386,568 356,068 12.96 11.67
investments
New Century AIM VCT2 plc
Notes to the Accounts
This interim financial information and the unaudited interim
accounts for the six months to 30 June 2017 from which it has been
extracted, are the responsibility of the directors and were
approved by them on 29 August 2017, do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006 and have not been delivered to the Registrar of Companies.
The Company is an investment company as defined in Section 833
of the Companies Act 2006. The unaudited interim accounts have been
prepared in accordance with the Financial Reporting Council's (FRC)
Financial Reporting Standard 104 Interim Financial Reporting (March
2015) and with the Statement of Recommended Practice for Investment
Companies re-issued by the Association of Investment Companies in
November 2014 and updated in January 2017.
The unaudited interim accounts have been prepared using
accounting policies that the company applied in the accounts for
the year ending 31 December 2016, incorporating FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of
Ireland. The company considers these accounting policies will be
used in the accounts for the year ending 31 December 2017.
Listed, AIM or NEX Markets-traded investments are stated at
market value, which is based upon market bid prices in an active
market at the balance sheet date. These would all meet tier 1 of
the fair value hierarchy.
4,606,953 Ordinary Shares of 10 pence each were in issue
throughout the period under review.
Net Asset Value per share at 30 June 2017 was 66p (at 31
December 2016: 61p; 30 June 2016: 57p).
No dividend was paid in the period.
There have not been any significant events since the balance
sheet date.
New Century AIM VCT2 plc is managed by M D Barnard & Co.
Limited ('MDB'), a company controlled by Michael Barnard who is a
non-executive director of the company. Under the terms of the
management agreement MDB are entitled to a fee (exclusive of VAT)
equal to 1% per annum of the net assets of the company. During the
period the management fee was GBP16k (the year ended 31 December
2016: GBP28k, the period ended 30 June 2016 GBP14k).
Copies of the Interim Report to Shareholders have been sent to
shareholders and are available at the Company's Registered Office:
Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R
7QR.
New Century AIM VCT2 plc
Directors, Investment Managers and Advisors
Directors, Investment Manager and Advisors
Directors Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Peter William Riley
Ian Cameron-Mowat
Secretary Tricor Secretaries Ltd
and registered office 4th Floor, 50 Mark Lane
London EC3R 7QR
Investment Manager and Broker MD Barnard & Co Ltd
17-21 New Century Road
Laindon
Essex SS15 6AG
Registrars Neville Registrars Ltd
18 Laurel Lane
Halesowen
B63 3DA
Auditor and VCT status advisors UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London E1W 1YW
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170903005096/en/
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(END) Dow Jones Newswires
September 04, 2017 02:34 ET (06:34 GMT)
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