Elderstreet VCT Plc Elderstreet Vct Plc : Half-yearly Report

 
TIDMEDV 
 
 
   Elderstreet VCT plc 
 
   Half-Yearly Report for the six months ended 30 June 2017 
 
   FINANCIAL HIGHLIGHTS 
 
 
 
 
                                     30 Jun 2017  31 Dec 2016  30 Jun 2016 
                                        Pence        Pence        pence 
 
Net asset value per share                   61.6         62.8         68.9 
Cumulative distributions paid per 
 share                                      97.5         96.0         93.5 
Total return per share                     159.1        158.8        162.4 
 
 
   CHAIRMAN'S STATEMENT 
 
   I am pleased to present the Half-Yearly Report for Elderstreet VCT plc 
for the six months ended 30 June 2017. During the period the Company 
undertook a successful new fundraising and has now started to benefit 
from the enhanced resources as part of the co-investment agreement 
between the Investment Manager and Draper Esprit. 
 
   Net asset value, results and dividends 
 
   At 30 June 2017, the Company's net asset value ("NAV") per share stood 
at 61.6p, an increase of 0.3p or 0.5% since 31 December 2016, after 
adjusting for the total dividends of 1.5p per share paid during the 
period. 
 
   The return on activities after taxation for the period was GBP75,000 
(2016: GBP316,000), comprising a revenue return of GBP271,000 (2016: 
GBP333,000) and a capital loss of GBP196,000 (2016: GBP17,000). 
 
   In view of a number of realisations that have taken place, the Board has 
decided to pay the interim dividend at an earlier date than usual this 
year. A dividend of 1.5p per share will therefore be paid on 29 
September 2017 to Shareholders on the register at 8 September 2017. The 
Board expects the interim dividend to revert to being paid in December 
in future. 
 
   Fundraising 
 
   The Company launched an offer for subscription in December 2016, which 
has to date raised GBP17.0 million.  The offer has now been extended to 
30 November 2017. 
 
   The offer has resulted in the Company now having a significant level of 
funds available for investment. A number of potential investments are 
now starting to flow through from the new arrangements with Draper 
Esprit and we believe this should allow these new funds to be employed 
in attractive opportunities in a reasonably short period of time. 
 
   In view of the positive response by investors to the fundraising and the 
indications that there is strong deal flow, the Company is planning to 
launch a further GBP20 million offer for subscription in the coming 
months. Full details will be available in due course. 
 
   Venture capital investments 
 
   During the period, actual investment activity was at a relatively low 
level. 
 
   The Company made one full and one partial disposal and received further 
deferred consideration from a previous disposal. These transactions 
generated total proceeds of GBP4.3m and gains over carrying value of 
GBP740,000. 
 
   The partial disposal was in respect of GBP450,000 of the loan notes 
issued to Fords Packaging Top Co Limited, which were redeemed at par 
value. The Company continues to hold a small loan note holding of 
GBP8,332, alongside the equity interest. 
 
   The full disposal was the realisation of the Company's investment in 
Concorde Solutions Limited. Total proceeds were GBP1.6m, resulting in a 
gain in the period of GBP224,000. 
 
   Also, Wessex Advanced Switching Products Limited ("WASP"), a successful 
realisation from 2015, paid further deferred consideration of GBP525,000 
to the Company. This is the now final proceeds from an investment that 
has produced an excellent outcome for Shareholders. 
 
   There were also two additions during the period which totalled 
GBP475,000. Macranet Limited was restructured such that loan notes of 
GBP776,250 were converted at par along with accrued interest of 
GBP175,000, as part of a funding round by new third party investors, 
into equity. There were also two follow on investments totalling 
GBP300,000 in AngloINFO. This business is making some headway but the 
Manager is taking a cautious approach in funding the company. 
 
   At the period end, the Company held a portfolio of 22 venture capital 
investments, valued at GBP16.9 million. 
 
   During the period the Manager has presented a number of new investment 
opportunities to the Board which have been approved and have 
subsequently completed or are expected to complete over the coming 
months. The Board has committed to four of these new deals, totalling 
GBP5 million, alongside Draper Esprit funds, and completion is subject 
to receiving HMRC approval. Two of these opportunities are in the 
healthtech sector, one in fintech and the other in the digital marketing 
space. We therefore expect to see increased new investment activity over 
the second half of the year. 
 
 
 
   At the period end the Board reviewed the valuation of the unquoted 
investments and made some adjustments. The largest adjustment was an 
uplift in the value of Fords Packaging Top Co Limited by GBP505,000. The 
business has continued to perform strongly and is starting to 
successfully explore new markets. 
 
   On the negative side, a reduction in value of GBP490,000 for Baldwin and 
Francis was required. The business has faced some major challenges but a 
refinancing has been completed and there are some prospects that the 
business can now make some recovery. The other major adjustment has been 
a write down of GBP351,000 against the investment in Ridee. The Company 
operates in the same space as Deliveroo, UberEATS and others and has 
found competition to be fierce. 
 
   In terms of the quoted investments, the holding in Access Intelligence 
plc fell by GBP513,000.  The Manager is, however, satisfied that the 
business is continuing to make progress and the investment remains a 
long term hold. 
 
   In total the portfolio produced unrealised losses of GBP817,000 for the 
period. Despite the movement in this period, the Board remains generally 
satisfied with the investment portfolio. 
 
 
 
   Fixed income securities 
 
   The Company disposed of its remaining fixed income investments during 
the period. New fixed interest investments cannot be made under the 
current VCT regulations and so the decision was taken to hold these 
funds as cash while awaiting qualifying investment opportunities. 
 
   The realisation of the fixed income portfolio generated proceeds of 
GBP1.5m and resulted in total gains over cost of GBP26,000. 
 
   Share buybacks 
 
   The Company has a policy of buying in shares that become available in 
the market at approximately a 7.5% discount to the latest published net 
asset value (subject to applicable regulations and liquidity 
considerations). 
 
   In line with this policy, during the period the Company purchased 
194,000 shares for cancellation for an aggregate consideration of 
GBP112,000, equating to an average price of 57.4p per share. 
 
   Any Shareholders who are considering selling their shares will need to 
use a stockbroker. Such Shareholders should ask their stockbroker to 
register their interest in selling their shares with Shore Capital, who 
act as the Company's corporate broker. 
 
   Year end and Company name 
 
   As the company starts to work more closely with Draper Esprit, it will 
be helpful to align the reporting periods of the Company with that of 
Draper Esprit. The Board has therefore decided to change the Company's 
year end from 31 December to 31 March. The next Annual Report will cover 
the 15 month period to 31 March 2018 and will be published in June or 
July 2018. 
 
   The Board has also given consideration to whether it is now appropriate 
to make a change to the Company's name. In view of the fact that Draper 
Esprit is now providing a significant level of resources to the Company 
through Elderstreet, the Board is planning to rename the Company 
Elderstreet Draper Esprit VCT plc. The Board believes that this change 
will help avoid confusion in the marketplace, especially for new 
investors, and expects the change of name to coincide with the 
fundraising launch mentioned above. 
 
   Outlook 
 
   As I indicated in my statement in the last Annual Report, this is a time 
of transition for your Company. Draper Esprit is now working closely 
with the Company's Manager, Elderstreet Investments, in sourcing new 
investments, focussed on the technology sector. As we have noted 
previously, this approach will, over time, increase the risk profile of 
the portfolio, however the rewards in this area can be great. 
 
   The UK Government is currently undertaking a "Patient Capital Review" 
which seeks to strengthen the UK as a place for growing innovative 
businesses. The VCT scheme is being reviewed as part of this exercise 
and is possible that there are further changes to the VCT regulations as 
a result. The Board believes that VCTs have a valuable role to play in 
this area, which has been demonstrated by some of the Company's past 
successes. With the changes to VCT regulations that have already taken 
place over the last two years, the Board believes that the support that 
VCTs provide for growing businesses is now well focussed. We expect to 
see a number of new businesses join the portfolio over the remainder of 
the year and look forward to supporting them in their development, while 
providing the prospect of good returns for our Shareholders. 
 
   I look forward to updating Shareholders in the next Annual Report for 
the 15 month period to 31 March 2018. 
 
   David Brock 
 
   Chairman 
 
   SUMMARY OF INVESTMENT PORTFOLIO as at 30 June 2017 
 
 
 
 
                                                        Valuation      % of 
                                                         movement    portfolio 
                                     Cost    Valuation   in period   by value 
                                    GBP'000   GBP'000    GBP'000 
Top ten venture capital 
investments 
Lyalvale Express Limited              1,915      3,903           -       10.5% 
Fords Packaging Topco Limited         2,433      3,850         505       10.3% 

Access Intelligence plc*              2,333      2,476       (513)        6.6% 
Fulcrum Utility Services Limited*       500      2,271         124        6.1% 
AngloINFO Limited                     2,577      1,869           -        5.0% 
Macranet Limited                      1,037        876       (161)        2.4% 
Baldwin & Francis Limited             1,534        422       (490)        1.1% 
Cashfac PLC                             260        394          66        1.1% 
Servoca PLC                             333        300          72        0.8% 
Interquest Group PLC                    226        172          16        0.5% 
                                     13,148     16,533       (381)       44.4% 
 
Other venture capital investments     5,081        368       (436)        0.9% 
 
                                     18,229     16,901       (817)       45.3% 
 
Cash at bank and in hand                        20,357                   54.7% 
 
Total investments                               37,258                  100.0% 
 
 
   All venture capital investments are unquoted unless otherwise stated. 
 
   * Quoted on AIM 
 
   SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 30 June 2017 
 
   Additions 
 
 
 
 
                              GBP'000 
Venture capital investments 
AngloINFO Limited                 300 
Macranet Limited                  175 
                                  475 
 
 
   Disposals 
 
 
 
 
                                     Value at              Profit   Realised 
                                     1 January               vs      (loss)/ 
                              Cost     2017     Proceeds    cost      gain 
                           GBP'000   GBP'000     GBP'000   GBP'000   GBP'000 
 
Fixed income securities 
United Kingdom 1.25% Gilt 
 22/07/2018                    892         925       919        28       (6) 
United Kingdom 1.00% Gilt 
 07/09/2017                    614         616       613       (2)       (3) 
S&W Investment Funds Cash 
 Fund                           10          10        10         -         - 
                             1,516       1,551     1,542        26       (9) 
 
Venture capital 
investments 
Concorde Solutions 
 Limited                     1,650       1,525     1,749        99       224 
Fords Packaging Top Co 
 Limited                       450         450       450         -         - 
                             2,100       1,975     2,199        99       224 
 
Retention proceeds 
Wessex Advanced Switching 
 Products Limited                -           -       525       525       525 
 
                             3,616       3,526     4,266       650       740 
 
 
   UNAUDITED BALANCE SHEET as at 30 June 2017 
 
 
 
 
                                                                   31 Dec 
                                         30 Jun 2017  30 Jun 2016    2016 
                                   Note    GBP'000      GBP'000    GBP'000 
 
Fixed assets 
Investments                                   16,901       21,319   20,769 
 
Current assets 
Debtors                                          358        1,853      342 
Cash at bank and in hand                      20,357        2,560    2,302 
                                              20,715        4,413    2,644 
 
Creditors: amounts falling due 
 within one year                               (192)        (151)    (153) 
 
Net current assets                            20,523        4,262    2,491 
 
Net assets                                    37,424       25,581   23,260 
 
 
Capital and reserves 
Called up share capital               7        3,035        1,855    1,852 
Capital redemption reserve            9          495          481      485 
Share premium                         9       19,776        5,452    5,452 
Merger Reserve                        9        1,828        1,828    1,828 
Special reserve                       9        1,722        2,394    2,058 
Capital reserve - unrealised          9        2,432        4,060    3,161 
Capital reserve - realised            9        8,115        9,064    8,088 
Revenue reserve                       9           21          447      336 
 
Equity shareholders' funds            6       37,424       25,581   23,260 
 
Basic and diluted net asset value     6        61.6p        68.9p    62.8p 
 per share 
 
 
   UNAUDITED INCOME STATEMENT for the six months ended 30 June 2017 
 
 
 
 
                                                                        Year 
                                                                        ended 
                      Six months ended           Six months ended       31 Dec 
                         30 Jun 2017                30 Jun 2016          2016 
                 Revenue  Capital   Total   Revenue  Capital   Total    Total 
           Note  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
 
Income               470        -      470      526        -      526      603 
Gains/(losses) 
on 
investments: 
- realised             -      740      740        -      539      539  (1,312) 
- unrealised           -    (817)    (817)        -    (373)    (373)      445 
                     470     (77)      393      526      166      692    (264) 
 
Investment 
 management 
 fees               (58)    (175)    (233)     (61)    (183)    (244)    (500) 
Other expenses     (141)       56     (85)    (132)        -    (132)    (269) 
 
Return on 
 ordinary 
 activities 
 before tax          271    (196)       75      333     (17)      316  (1,033) 
 
Tax on total 
comprehensive 
income and 
ordinary 
activities             -        -        -        -        -        -        - 
 
Return 
 attributable 
 to 
 shareholders   4    271    (196)       75      333     (17)      316  (1,033) 
 
Basic/diluted 
 return per 
 share          4   0.7p   (0.5p)     0.2p     0.9p     0.0p     0.9p     3.0p 
 
 
   All Revenue and Capital items in the above statement are derived from 
continuing operations. The total column within the Income Statement 
represents the profit and loss account of the Company. 
 
   UNAUDITED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 
June 2017 
 
 
 
 
                           Capital 
               Called up  redemption   Share   Merger   Special       Capital            Capital       Revenue 
           share capital   reserve    Premium  reserve  reserve  reserve-unrealised  reserve-realised  reserve   Total 
                 GBP'000   GBP'000    GBP'000  GBP'000  GBP'000       GBP'000            GBP'000       GBP'000  GBP'000 
 
At 1 January 
 2017              1,852         485    5,452    1,828    2,058               3,161             8,088      336   23,260 
Issue of new 
 shares            1,193           -   14,324        -        -                   -                 -        -   15,517 
Share Issue 
 costs                 -           -        -        -        -                   -                 -    (404)    (404) 
Purchase of own 
 shares             (10)          10        -        -    (112)                   -                 -        -    (112) 
Expenses 
 charged to 
 capital               -           -        -        -        -                   -             (119)        -    (119) 
(Losses)/gains 
 on 
 investments           -           -        -        -        -               (817)               740        -     (77) 
Transfer 
 between 
 reserves              -           -        -        -    (224)                  88               136        -        - 
Dividends paid         -           -        -        -        -                   -             (730)    (182)    (912) 
Revenue return 
 for the 
 period                -           -        -        -        -                   -                 -      271      271 
At 30 June 2017    3,035         495   19,776    1,828    1,722               2,432             8,115       21   37,424 
 
 
   UNAUDITED STATEMENT OF CASH FLOWS for the six months ended 30 June 2017 
 
 
 
 
                                         Six months  Six months   Year 
                                            ended       ended     ended 
                                           30 Jun      30 Jun     31 Dec 
                                            2017        2016       2016 
                                          GBP'000     GBP'000    GBP'000 
 
Cash flow from operating activities 
Return on ordinary activities before 
 tax                                             75         316  (1,033) 
Losses/(gains) on investments                    77       (166)      867 
(Increase)/decrease in debtors                 (15)       (101)    1,415 
Increase/(decrease) in creditors                 38       (459)    (448) 
 
Return attributable to equity 
 shareholders                                   175       (410)      801 
 
Cash flow from investing activities 
Purchase of investments                       (475)     (1,502)  (1,892) 
Sale of investments                           4,266         544      445 
 
Net cash (outflow)/inflow from 
 investing activities                         3,791       (958)  (1,447) 
 
Cash flows from financing activities 
Proceeds from share issue                    15,517       1,839    1,830 
Share issue costs                             (404)           -        - 
Purchase of own shares                        (112)        (93)    (139) 
Equity dividends paid                         (912)       (931)  (1,856) 
 
Net cash inflow/(outflow) from 
 financing activities                        14,089         815    (165) 
 
(Decrease)/increase in cash                  18,055       (553)    (811) 
 
Net movement in cash 
 
Beginning of period                           2,302       3,113    3,113 
Net cash (outflow)/inflow                    18,055       (553)    (811) 
End of period                                20,357       2,560    2,302 
 
 
 
 
   NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the six months ended 30 
June 2017 
 
   1. The unaudited half yearly results cover the six months to 30 June 

2017 and have been prepared in accordance with the Statement of 
Recommended Practice "Financial Statements of Investment Trust Companies 
and Venture Capital Trusts" revised January 2009 and in accordance with 
the accounting policies set out in the statutory accounts for the year 
ended 31 December 2016, which were prepared in accordance with the 
United Kingdom Generally Accepted Accounting Practice (United Kingdom 
accounting standards and applicable law), including Financial Reporting 
Standard 102, the financial reporting standard applicable in the UK and 
Republic of Ireland. 
 
   2. The Company has only one class of business and derives its income 
from investments made in shares, securities and bank deposits. 
 
   3. The comparative figures are in respect of the six months ended 30 
June 2016 and the year ended 31 December 2016 respectively. 
 
   4. Basic and diluted return per share 
 
 
 
 
                                   Six months    Six months       Year 
                                      ended         ended         ended 
                                   30 Jun 2017   30 Jun 2016   31 Dec 2016 
 
Return per share based on: 
Net revenue gain for the period 
 (GBP'000)                                 271           333           222 
 
Capital return per share based 
on: 
Net capital loss for the period 
 (GBP'000)                               (196)          (17)       (1,255) 
 
Weighted average number of 
 shares                             41,615,341    35,889,194    35,214,342 
 
 
   5. Dividends 
 
 
 
 
                                                                 Year 
                                       Six months ended          ended 
                                          30 Jun 2017         31 Dec 2016 
                      Per share   Revenue  Capital   Total      Total 
                          pence   GBP'000  GBP'000  GBP'000    GBP'000 
Paid in the period 
2016 Final                  1.5p      304      608      912             - 
2016 Interim                2.5p        -        -        -           926 
2015 Final                  2.5p        -        -        -           930 
                                      304      608      912         1,856 
 
 
   6. Basic and diluted net asset value per share 
 
 
 
 
                                   Six months    Six months       Year 
                                      ended         ended         ended 
                                   30 Jun 2017   30 Jun 2016   31 Dec 2016 
 
Net asset value per share based 
on: 
Net assets (GBP'000)                    37,424        25,581        23,260 
 
Number of shares in issue at the 
 period end                         60,716,778    37,106,366    37,034,366 
 
Net asset value per share                61.6p         68.9p         62.8p 
 
 
   7. Called up share capital 
 
 
 
 
                                   Six months    Six months       Year 
                                      ended         ended         ended 
                                   30 Jun 2017   30 Jun 2016   31 Dec 2016 
 
Ordinary shares of 5p each 
Number of shares in issue at the 
 period end                         60,716,778    37,106,366    37,034,366 
 
Nominal value (GBP'000)                  3,035         1,855         1,852 
 
 
   During the period the Company allotted 23,876,412 Ordinary Shares of 5p 
each ("Ordinary Shares") under an Offer for Subscription that launched 
in December 2016, at an average price of 63.3p per share. Gross proceeds 
received thereon were GBP15.5 million, with issue costs in respect of 
the offer amounting to GBP403,760. 
 
   During the period, the Company purchased 194,000 shares for cancellation 
for an aggregate consideration of GBP112,000, at an average price of 
57.4p per share (approximately equal to a 7.5% discount to the most 
recently published NAV at the time of purchase) and representing 0.5% of 
the share capital in issue as at 1 January 2017. 
 
   8. Investment commitments 
 
   Since the end of the tax year the VCT has committed to four new 
investments totalling GBP5 million as part of the co-investment 
agreement alongside Draper Esprit funds. Completion of these investments 
is contingent on receiving VCT clearance from HMRC. Two of these deals 
are in healthtech, one in fintech, and one in an affiliate marketing 
software business. Total funds committed in these four investment rounds 
was over GBP50 million. 
 
   9. Reserves 
 
   The special reserve is available to the Company to enable the purchase 
of its own shares in the market without affecting its ability to pay 
dividends, and allows the Company to write back realised capital losses 
arising on disposals and impairments. 
 
   Distributable reserves are calculated as follows: 
 
 
 
 
                                           Six months    Six months       Year 
                                              ended         ended         ended 
                                           30 Jun 2017   30 Jun 2016   31 Dec 2016 
                                            GBP'000       GBP'000       GBP'000 
 
Special reserve                                  1,722         2,394         2,058 
 Capital reserve - realised                      8,115         9,064         8,088 
 Revenue reserve                                    21           447           336 
 Merger reserve - distributable element            423           423           423 
 Unrealised losses 
  - excluding unrealised unquoted gains        (1,781)            57         (657) 
                                                 8,500        12,385        10,248 
 
 
   The Company has categorised its financial instruments using the fair 
value hierarchy as follows: 
 
   - Level a Reflects financial instruments quoted in an active market 
(fixed interest investments, and investments in shares quoted on either 
the Main or AIM Markets); 
 
   - Level b Reflects financial instruments that have prices that are 
observable either directly or indirectly; and 
 
   - Level c i) Reflects financial instruments that use valuation 
techniques that are based on observable market data. 
 
   ii) Reflects financial instruments that use valuation techniques that 
are not based on observable market data (unquoted equity investments and 
loan note investments). 
 
 
 
 
               Six months ended 30 June 2017                 Year ended 31 Dec 2016 
                                Level                               Level 
             Level a  Level b   c(ii)    Total   Level a  Level b   c(ii)    Total 
             GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
 
Fixed 
 interest 
 securities        -        -        -        -    1,551        -        -    1,551 
AIM quoted 
 shares        4,248        -       87    4,335    4,516        -      204    4,720 
Loan notes         -        -    3,272    3,272        -        -    4,839    4,839 
Unquoted 
 shares            -        -    9,294    9,294        -        -    9,659    9,659 
               4,248        -   12,653   16,901    6,067        -   14,702   20,769 
 
   10. Risks and uncertainties 
 
   Under the Disclosure and Transparency Directive, the Board is required 
in the Company's half-yearly results to report on principal risks and 
uncertainties facing the Company over the remainder of the financial 
year. 
 
   The Board has concluded that the key risks facing the Company over the 
remainder of the financial period are as follows: 
 
   - investment risk associated with investing in small and immature 
businesses; 
 
   - liquidity risk arising from investing mainly in unquoted businesses; 
and 
 
   - failure to maintain approval as a VCT. 
 
   In all cases the Board is satisfied with the Company's approach to these 
risks. As a VCT, the Company is forced to have significant exposure to 
relatively immature businesses. This risk is mitigated to some extent by 
holding a well-diversified portfolio. 
 
   With a reasonably illiquid venture capital investment portfolio, the 
Board ensures that it maintains an appropriate proportion of its assets 
in cash and liquid instruments. 
 
   The Company's compliance with the VCT regulations is continually 
monitored by the Administration Manager, who regularly reports to the 
Board on the current position. The Company also retains Philip Hare and 
Associates LLP to provide regular reviews and advice in this area. The 
Board considers that this approach reduces the risk of a breach of the 
VCT regulations to a minimal level. 
 
   The Company has considerable financial resources at the period end, and 
holds a diversified portfolio of investments. As a result, the Directors 
believe that the Company is well placed to manage its business risks 
successfully despite the current uncertain economic outlook. 
 
   The Directors have concluded that the Company has adequate resources to 
continue in operational existence for the foreseeable future. Thus, they 
continue to adopt the going concern basis of accounting in preparing the 
financial statements. 
 
   11. The Directors confirm that, to the best of their knowledge, the 
half-yearly financial statements have been prepared in accordance with 
the "Statement: Half-Yearly Financial Reports" issued by the UK 
Accounting Standards Board and the half-yearly financial report includes 
a fair review of the information required by: 
 
   (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an 
indication of important events that have occurred during the first six 
months of the current financial year and their impact on the condensed 
set of financial statements, and a description of the principal risks 
and uncertainties for the remaining six months of the year; and 
 
   (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related 
party transactions that have taken place in the first six months of the 
current financial year and that have materially affected the financial 
position or performance of the entity during that period, and any 
changes in the related party transactions described in the last annual 

report that could do so. 
 
   12. The unaudited financial statements set out herein 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 
figures for the year ended 31 December 2016 have been extracted from the 
financial statements for that year, which have been delivered to the 
Registrar of Companies; the Auditor's report on those financial 
statements was unqualified. 
 
   13. Copies of the unaudited half-yearly results will be sent to 
Shareholders shortly. Further copies can be obtained from the Company's 
registered office or downloaded from www.elderstreet.com and 
www.downing.co.uk. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Elderstreet VCT plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

September 28, 2017 11:39 ET (15:39 GMT)

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