TIDMNCA2
New Century AIM VCT 2 plc
For the six months to 30th June 2019
Chairman's Statement
It is pleasing to report that following a difficult end to last
year when the Markets had a large set back, your fund has returned
a positive performance for the six months to 30 June 2019.
The net asset value (NAV) of your fund increased by 10.42% to
53p, whereas the FSTE AIM Allshare index gained 7.11% over the same
period.
We made six further investments in the period, investing in
Concepta plc, Diaceutics plc, Immotion Group plc, Integumen plc,
LightwaveRF plc and N4 Pharma plc.
We made 9 sales where we either exited or top-sliced a
holding.
The current uncertainty with regards to BREXIT looks set to
carry on until the end of October and the USA and China trade wars
continue. Throughout these uncertain times we are still seeing some
interesting investment opportunities from companies seeking growth
capital listed on AIM. There has also been some corporate activity
where we received take over approaches on two of our investments,
EU Supply and Premier Technical Services Group.
We have a wide spread of established companies across a variety
of sectors within the fund that we hope can weather any of the
volatility that may occur in the period ahead.
It is these factors above that give us cautious optimism for the
remainder of the year.
Geoff Gamble
Chairman
29 August 2019
New Century AIM VCT2 plc
For the six months to 30th June 2019
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 30 June 2019 as at 31 December 2018* as at 30 June 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed
Assets
Investments 2,465 2,214 3,124
Current
Assets
Uninvested cash 4 4 31 31 67 67
Current
Liabilities
Creditors: amounts due
within one year (6) (16) (8)
2,463 2,229 3,183
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 3,440
Capital reserve - realised (1,072) (1,185) (1,406)
Capital reserve - unrealised (786) (916) 103
Revenue reserve 192 201 357
2,463 2,229 3,183
Net Asset Value 53p 48p 69p
per share
*Audited
New Century AIM VCT2 plc
For the six months to 30th June 2019
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 June 2019 Year to 31 December 2018* 6 month period ended 30 June 2018
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 - 46 46 - 121 121 - 82 82
Unrealised - 206 206 - (850) (850) - (22) (22)
Income 15 - 15 46 - 46 14 - 14
Investment management fees (3) (9) (12) (8) (22) (30) (4) (13) (17)
Other expenses (21) - (21) (52) - (52) (20) - (20)
Return on ordinary activities (9) 243 234 (14) (751) (765) (10) 47 37
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation (9) 243 234 (14) (751) (765) (10) 47 37
Return per ordinary share in pence (0.20) 5.28 5.08 (0.31) (16.30) (16.61) (0.22) 1.02 0.80
*Audited
All revenue and capital items in the above statement are from continuing operations in the current six month period. No operations were acquired or discontinued in the current period. Other than that shown above, the company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period.
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 2019
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 (1,185) (916) 201 2,229
at 1 January
2019
Realised - - - - 46 - - 46
gains
on
disposals
in period
Unrealised - - - - - 206 - 206
gain
Transfer of - - - - 76 (76) - -
unrealised
gain
to realised
on disposal
of
investment
Net revenue - - - - - - (9) (9)
before tax
Investment - - - - (9) (10) - - (9)
management - (10)
fee -
________ ________ _________ _________ ________ ________ ________ ________
At 30 June 461 57 171 3,440 (1072) (786) 192 2,463
2019
As 461 57 171 3,440 (1,537) 187 367 3,146
at 1 January
2018
Realised - - - - 82 - - 82
gains
on
disposals
Unrealised - - - - - (22) - (22)
gains
Transfer of - - - - 62 (62) - -
unrealised
loss
to realised
on disposal
of
investment
Net revenue - - - - - - (24) (24)
before tax
Investment - - - - (13) - - (13)
management
fee
________ ________ _________ _________ ________ ________ ________ ________
At 30 June 461 57 171 3,440 (1,406) 103 357 3,183
2018
New Century AIM VCT2 plc
For the six months to 30th June 2019
Unaudited Cash Flow Statement
Six month period ended 30 June 2019 Year to 31 December 2018* Six month period ended 30 June 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash generated from (43) (84) (47)
operating activities
Cash flow from investing
activities
Interest received - - -
Investment income 15 46 14
15 46 14
Cash flows from financing
activities
Sale of investments 227 572 249
Purchase of investments (226) (388) (186)
Dividend paid - (152) -
1 32 63
Net decrease in cash (27) (6) (30)
and cash equivalents
Cash and cash equivalents 31 37 37
at beginning of period
Cash and cash equivalents 4 31 67
at end of period
*Audited
New Century AIM VCT2 plc
For the six months to 30th June 2019
Investment Portfolio
Security Cost Valuation % %
30 June 2019 Cost Valuation
Qualifying Investments 2,902,381 2,318,067 91.01 93.87
Non-qualifying 282,818 147,528 8.87 5.97
Investments
Uninvested funds 3,872 3,872 0.12 0.16
3,189,071 2,469,467 100.00 100.00
Qualifying Investments
AIM Quoted
Marechale Capital plc 75,752 4,875 2.37 0.19
HML Holdings plc 94,972 115,500 2.98 4.67
TP Group plc 160,062 50,860 5.02 2.06
Tristel plc 3,715 25,200 0.11 1.02
Cyanconnode Holdings plc 204,219 4,515 6.40 0.18
M.Winkworth plc 56,280 80,500 1.76 3.26
Inspired Energy plc 33,641 136,500 1.05 5.52
Microsaic Systems plc 142,261 50,544 4.46 2.04
Open Orphan plc 155,184 40,188 4.86 1.63
DP Poland plc 25,631 13,600 0.80 0.55
Modern Water plc 75,385 9,818 2.36 0.40
Quixant plc 8,091 38,500 0.25 1.56
Keywords Studios plc 7,666 113,150 0.24 4.58
Sanderson Group plc 15,204 35,200 0.48 1.43
Cloudbuy plc 41,896 1,952 1.31 0.08
PHSC plc 50,256 18,000 1.58 0.73
EU Supply plc 19,422 15,048 0.61 0.61
Synnovia plc 33,168 29,040 1.04 1.18
Sysgroup plc 45,232 30,750 1.42 1.25
Brighton Pier Group plc 35,379 13,640 1.11 0.55
Property Franchise 50,253 80,500 1.58 3.26
Group plc
Solid State plc 35,248 70,426 1.11 2.85
Audioboom Group plc 148,252 114,000 4.65 4.62
Scholium Group plc 40,203 16,000 1.26 0.65
Rosslyn Data Technologies 23,219 4,900 0.73 0.20
plc
Coral Products plc 25,104 15,725 0.79 0.64
SRT Marine Systems plc 18,093 32,500 0.57 1.32
ULS Technology plc 18,091 33,930 0.57 1.37
Premier Technical 26,288 104,121 0.82 4.22
Services
Group plc
Angle plc 75,128 69,000 2.36 2.79
Bilby plc 52,465 27,900 1.65 1.13
Hunters Property plc 50,253 35,000 1.58 1.42
Bigblu Broadband plc 29,247 45,267 0.92 1.83
Tekcapital plc 82,292 39,875 2.58 1.61
Security Cost Valuation % %
30 June 2019 Cost Valuation
Falanx Group Ltd 45,031 15,660 1.41 0.63
Yourgene Health plc 40,204 26,000 1.26 1.05
Bould Opportunities plc 15,079 150 0.47 0.01
Yu Group plc 20,504 17,090 0.64 0.69
Scancell Holdings plc 45,233 21,125 1.42 0.86
Intelligent Ultrasound 50,251 21,672 1.58 0.88
Group plc
Loopup Group plc 15,078 38,250 0.47 1.55
Faron Pharmaceuticals Ltd 20,103 8,560 0.63 0.35
Cloudcall Group plc 20,230 38,500 0.63 1.56
Creo Medical Group plc 30,053 70,816 0.94 2.87
Anglo African Oil & Gas plc 65,329 15,600 2.05 0.63
Escape Hunt plc 31,006 13,253 0.97 0.54
Location Sciences Group plc 57,564 71,755 1.81 2.91
Fusion Antibodies plc 22,113 13,683 0.69 0.55
Pelatro plc 25,128 32,000 0.79 1.30
Polarean Imaging plc 20,104 26,667 0.63 1.08
Access Intelligence plc 10,053 14,000 0.32 0.57
Blackbird plc 50,254 70,000 1.58 2.83
I-Nexus Global plc 30,153 12,532 0.95 0.51
Immotion Group plc 70,357 76,667 2.21 3.10
N4 Pharma plc 40,204 18,000 1.26 0.73
Lightwaverf plc 30,158 25,588 0.95 1.04
Diaceutics plc 10,314 11,475 0.32 0.46
Concepta plc 75,383 67,500 2.36 2.73
Integumen plc 50,254 75,000 1.58 3.04
2,847,690 2,318,067 89.30 93.87
Unlisted Investments
Outsourcery plc 28,143 0 0.88 0.00
Syqic plc 26,546 0 0.83 0.00
54,689 0 1.71 0.00
Total qualifying 2,902,381 2,318,067 91.01 93.87
investments
Non Qualifying Investments
AIM Quoted
Rotala plc 27,683 40,600 0.87 1.64
Tristel plc 60 280 0.00 0.01
Audioboom Group plc 1,163 190 0.04 0.01
Be Heard Group plc 10,040 2,915 0.31 0.12
Yolo Leisure & 12,799 2,850 0.40 0.12
Technology plc
51,745 46,835 1.62 1.90
Security Cost Valuation % %
30 June 2019 Cost Valuation
UK Listed
Investec plc 169,416 91,413 5.31 3.70
Twentyfour Income Fund Ltd 9,852 9,280 0.31 0.37
179,268 100,693 5.62 4.07
Unlisted Investments
China Food Co plc 31547 0 0.99 0.00
Sorbic International plc 10,205 0 0.32 0.00
Mar City plc 10,053 0 0.32 0.00
51,805 0 1.63 0.00
Total non-qualifying 282,818 147,528 8.87 5.97
investments
New Century AIM VCT2 plc
Notes to the Accounts
For the six months to 30th June 2019
This interim financial information and the unaudited interim
accounts for the six months to 30 June 2019 from which it has been
extracted, are the responsibility of the directors and were
approved by them on 29 August 2019, 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 2018) and with the Statement
of Recommended Practice for Investment Companies re-issued by the
Association of Investment Companies in November 2014 and updated in
February 2018.
The unaudited interim accounts have been prepared using
accounting policies that the company applied in the accounts for
the year ending 31 December 2018, 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 2019.
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 2019 was 53p (at 31
December 2018: 48p; 30 June 2018: 69p).
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'). 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 GBP12k (the year ended 31 December 2018: GBP30k, the period
ended 30 June 2018 GBP17k).
Bearing in mind that the assets of the company consist mainly of
marketable securities, the directors are of the opinion that at the
time of approving this interim financial information, the company
has adequate resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing this interim financial
information.
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 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
Registrar Neville Registrars Limited
Neville House
Steelpark Road
Halesowen
West Midlands B62 8HD
Solicitors Dundas & Wilson
5th Floor, Northwest Wing
Bush House
Aldwych
London WC2B 4EZ
Investment Manager and Broker MD Barnard & Company Limited
1stFloor
12 Hornsby Square
Southfields Business Park
Basildon
Essex SS15 5AD
Auditor UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London E1W 1YW
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190829005359/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 29, 2019 07:27 ET (11:27 GMT)
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