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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kings Arms Yard Vct Plc | LSE:KAY | London | Ordinary Share | GB0007174294 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.40 | 18.90 | 19.90 | 19.40 | 19.40 | 19.40 | 12,820 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 3.32M | 726k | 0.0014 | 138.57 | 100.91M |
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Kings Arms Yard VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency
Rule 4.2, Kings Arms Yard VCT PLC today makes public its information
relating to the Half-yearly Financial Report (which is unaudited) for
the six months to 30 June 2016. This announcement was approved by the
Board of Directors on 25 August 2016.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2016, will shortly be sent to shareholders. Copies of
the full Half-yearly Financial Report will be shown via the Albion
Ventures LLP website by clicking www.albion-ventures.co.uk/funds/KAY.
Investment objective and policy
The Company is a Venture Capital Trust. The investment policy is
intended to produce a regular and predictable dividend stream with an
appreciation in capital value as set out below.
-- The Company's strategy is to adopt an investment policy for new
investments which over time will rebalance the portfolio such that
approximately 50% of the portfolio comprises an asset-backed portfolio of
more stable, ungeared businesses, principally operating in the healthcare,
environmental and leisure sectors (the "Asset-Backed Portfolio"). The
balance of the portfolio, other than funds retained for liquidity
purposes, are invested in a portfolio of higher growth businesses across
a variety of sectors of the UK economy. These range from more stable,
income producing businesses to a limited number of higher risk technology
companies (the "Growth Portfolio").
-- In neither category does portfolio companies normally have any external
borrowing with a charge ranking ahead of the Company. Up to two-thirds
of qualifying investments by cost comprise loan stock secured with a
first charge on the portfolio company's assets.
-- The Company's investment portfolio is structured to provide a balance
between income and capital growth for the longer term. The Asset-Backed
Portfolio is designed to provide stability and income whilst still
maintaining the potential for capital growth. The Growth Portfolio is
intended to provide highly diversified exposure through its portfolio of
investments in unquoted UK companies.
-- Funds held pending investment or for liquidity purposes are held as cash
on deposit with banks or other financial institutions with high credit
ratings assigned by international credit rating agencies.
Financial calendar
Record date for second dividend 7 October 2016
Payment date of second dividend 31 October 2016
Financial year end 31 December
Financial highlights
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
(pence per share) (pence per share) (pence per share)
Dividends paid 0.50 0.50 1.00
Revenue return 0.17 0.16 0.40
Capital (loss)/return (0.12) 0.92 1.37
Net asset value
enhancement as a
result of share
buy-backs - 0.01 0.03
Net asset value 19.66 19.90 20.11
From Launch to 1 January 2011* to From Launch to
Shareholder total 31 December 2010 30 June 2016 30 June 2016
return (pence per share) (pence per share) (pence per share)
Subscription price
per share at
launch 100.00 - 100.00
Dividends paid 58.66 5.17 63.83
(Decrease)/increase
in net asset value (83.40) 3.06 (80.34)
Shareholder total
return 75.26 8.23 83.49
*Date that Albion Ventures LLP was appointed Manager.
Current annual dividend objective (pence per share) 1.00
The Directors have declared a second dividend of 0.5 pence per share for
the year ending 31 December 2016, which will be paid on 31 October 2016
to shareholders on the register as at 7 October 2016.
The above financial summary is for the Company, Kings Arms Yard VCT PLC
only. Details of the financial performance of the various Quester,
SPARK and Kings Arms Yard VCT 2 PLC companies, which have been merged
into the Company, can be found at the end of this announcement.
Interim management report
Introduction
We are pleased to present the results for the six month period to 30
June 2016. The Manager continues to rebalance the portfolio with new
investment into both asset backed investments (currently 39% of net
asset value) and new growth investments alongside various disposals. The
Company reported a profit in the period, excluding the uplift in
portfolio valuation, as investment income covered the annual operating
costs (management fee and other expenses).
Results
Net asset value decreased from 20.11 pence per share at 31 December 2015
to 19.66 pence per share at 30 June 2016, following the payment of a
0.50 pence per share dividend on 29 April 2016. Both the Asset-Backed
portfolio and the Growth portfolio have shown overall improvements in
value offset by a decline in the share price of the two quoted stocks
held (ErgoMed PLC and Oxford Immunotec Global PLC).
Dividends
Progress to date gives the Board confidence in the sustainability of our
dividend policy and we are therefore pleased to announce a further
dividend of 0.50 pence per share to be paid on 31 October 2016, to
shareholders on the register as at 7 October 2016. The total dividend
per share paid in the last year of 1.0p represents a tax free yield of
5.7% on the bid price of 17.5 pence per share as at 24 August 2016. The
Company continues to offer a Dividend Reinvestment Scheme which
continues to be popular amongst existing shareholders.
Valuations
Once again the Board has rigorously examined and revalued the portfolio.
The net effect has been a small increase in valuation. Overall the
asset backed investments have increased in value by GBP0.3m and the
growth companies have increased in value by GBP0.3m offset by a decline
in the share prices of Oxford Immunotec Global PLC (GBP0.3m) and ErgoMed
PLC (GBP0.2m).
Investment activity
There has been a significant level of investment activity in the six
months ended 30 June 2016 with GBP3.9m invested in a combination of new
and existing portfolio companies (compared with GBP2.2m in the
equivalent period last year).
New investments in the period included Earnside Energy Limited, Black
Swan Data Limited and InCrowd Sports Limited and post the period end new
investments were made in Oviva AG and Secured by Design Limited.
Earnside Energy Limited is the operator of an anaerobic digestion plant
in Perth, Scotland. Black Swan Data Limited provides data analysis to
support corporate decision making. InCrowd Sports Limited is a sports
marketing company that has developed a mobile platform that gives sports
clubs and brands access to fans at live events. Oviva AG is a technology
enabled service business in medical nutritional therapy. Secured by
Design Limited is an automotive technology research and consultancy
provider.
The most significant follow-on investments included: approximately
GBP2.0m invested in the construction of three new build freehold care
homes in Cumnor Hill (Oxford), Hillingdon (Uxbridge) and Shinfield
(Reading); Perpetuum Limited (GBP0.3m); Elateral Group Limited (GBP0.2m)
and Proveca Limited (GBP0.2m).
During the period, the Company exchanged its shares in Haemostatix for
shares in AiM listed ErgoMed PLC and sold its entire holdings in Silent
Herdsman, Uniservity and Xtera and sold part of its holdings in
Anthropics and Relayware. Although the net effect of these disposals was
a small uplift over the combined carrying values, the subsequent fall in
share price of ErgoMed PLC has since reversed this gain. For more
information please see the realisation table.
Portfolio split as at 30 June 2016
Set out at the bottom of this announcement is the sector diversification
of the portfolio of investments as at 30 June 2016.
Transactions with the Manager
Details of transactions with the Manager for the reporting period can be
found in note 4. Details of related party transactions can be found in
note 10.
Albion VCTs Top Up Offers
The Company is pleased to announce that the Albion VCTs Prospectus Top
Up Offers 2015/2016 were fully subscribed and closed early. The proceeds
of the Offer are being used to provide further resources at a time when
a number of attractive new investment opportunities are being seen.
Share buy-backs
It remains the Board's policy to buy-back shares in the market, subject
to the overall constraint that such purchases are in the Company's
interest. This includes the maintenance of sufficient cash resources
for investment in new and existing portfolio companies and the continued
payment of dividends to shareholders. It is the Board's intention over
time for such buy-backs to be in the region of a 5 per cent. discount to
net asset value, so far as market conditions and liquidity permit.
In view of other investment opportunities available, the Company intends
to limit the amount of buy-backs during the period to 31 December 2016
to approximately GBP0.75m, unless a material investment exit occurs.
At 30 June 2016 the Company holds GBP4.27m in cash and cash equivalents
and GBP3.19m in readily realisable securities.
Risks and uncertainties
The prospective exit of the UK from the EU has had a negative effect on
consumer and business confidence and it would be wise to prepare for a
renewed economic slowdown in the UK. Meanwhile, global growth is muted
and many countries are close to recession. Overall investment risk,
however, is mitigated through a variety of processes, including our
policies of first ensuring that the Company has a first charge over
portfolio companies' assets wherever possible, and second of aiming to
achieve balance in the portfolio through the inclusion of sectors that
are less exposed to the business consumer cycles.
Other principal risks and uncertainties remain unchanged and are as
detailed in note 12.
Outlook
Your Board believes the current investment policy of combining
asset-backed, income yielding investments with investments offering a
higher risk/return profile, offers the best prospect of improvement in
capital value and a sustainable dividend over the long term. Overall,
given the growth opportunities within a number of our investments, we
remain positive of the Company's medium term prospects.
Robin Field
Chairman
25 August 2016
Responsibility statement
The Directors, Robin Field, Thomas Chambers and Martin Fiennes, are
responsible for preparing the Half-yearly Financial Report. In preparing
these condensed Financial Statements for the period to 30 June 2016 we,
the Directors of the Company, confirm that to the best of our knowledge:
(a) the condensed set of Financial Statements, which has been prepared
in accordance with Financial Reporting Standard 104 "Interim Financial
Reporting", gives a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company as required by DTR
4.2.4R;
(b) the Interim management report, includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim management report, includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
By order of the Board
Robin Field
Chairman
25 August 2016
Portfolio of investments
The following is a summary of fixed asset investments as at 30 June
2016:
Cumulative movement Change in
Fixed asset % voting Cost(1) in value Value value for the period(2)
investments rights GBP'000 GBP'000 GBP'000 GBP'000
Asset-backed
unquoted
investments
Active Lives Care
Limited 20.3 3,650 238 3,888 82
Chonais River
Hydro Limited 6.5 2,428 521 2,949 23
Ryefield Court
Care Limited 17.4 2,312 140 2,452 50
Alto Prodotto
Wind Limited 11.1 1,000 540 1,540 67
The Street by
Street Solar
Programme
Limited 10.0 1,040 464 1,504 28
Regenerco
Renewable Energy
Limited 9.8 988 276 1,264 (19)
Dragon Hydro
Limited 17.2 736 361 1,097 13
Bravo Inns II
Limited 5.0 800 53 853 31
Earnside Energy
Limited 5.2 835 9 844 9
Gharagain River
Hydro Limited 5.0 620 205 825 (56)
Shinfield Lodge
Care Limited 2.9 525 105 630 101
AVESI Limited 14.8 484 110 594 (21)
Greenenerco
Limited 8.6 300 172 472 14
Erin Solar
Limited 5.7 160 (3) 157 -
Infinite Ventures
(Goathill)
Limited 2.7 112 22 134 22
Harvest AD
Limited 0.0 70 - 70 -
Total asset-backed unquoted
investments 16,060 3,213 19,273 344
High growth
unquoted
investments
Elateral Group
Limited 37.7 3,843 1,888 5,731 (190)
Proveca Limited 17.3 1,109 789 1,898 527
Sift Limited 42.1 2,306 (679) 1,627 (191)
Perpetuum Limited 15.0 2,073 (652) 1,421 (1)
MyMeds&Me Limited 10.9 848 371 1,219 (101)
Antenova Limited 28.7 1,733 (597) 1,136 219
Hilson Moran
Holdings
Limited 10.4 345 779 1,124 (231)
OmPrompt Holdings
Limited 7.1 900 26 926 5
Academia Inc. 5.3 351 546 897 15
Sift Digital
Limited 38.6 923 (82) 841 (82)
Anthropics
Technologies
Limited 14.9 19 768 787 327
Symetrica Limited 3.5 389 370 759 118
Egress Software
Technology
Limited 4.3 430 279 709 79
Grapeshot Limited 2.5 434 60 494 -
Abcodia Limited 4.8 428 (38) 390 (146)
Celoxica Holdings
plc 4.4 513 (144) 369 -
Relayware Limited 1.1 324 (6) 318 (12)
Aridhia
Informatics
Limited 2.2 349 (94) 255 3
Mirada Medical
Limited 1.1 254 (1) 253 2
Cisiv Limited 2.8 216 (1) 215 (43)
Black Swan Data
Limited 0.5 170 - 170 -
Sandcroft Avenue
Limited (T/A
payasugym.com) 1.3 120 11 131 -
The Wentworth
Wooden Jigsaw
Company Limited 5.4 - 114 114 (25)
Panaseer Limited 1.0 50 - 50 -
Dickson Financial
Services
Limited 4.5 45 - 45 -
Xention Limited 10.5 38 (2) 36 3
InCrowd Sports
Limited 0.8 36 - 36 -
Ario Pharma
Limited 3.6 24 (23) 1 -
Furzeland Limited 0.0 - 1 1 -
De Nova
Pharamaceuticals
Limited 0.0 - 1 1 -
Keronite Group
Limited 1.1 - 1 1 -
Lectus
Therapeutics
Limited 4.5 - 1 1 -
Oxonica Limited 2.1 1 - 1 -
TeraView Limited 1.0 1 - 1 -
Total high growth unquoted
investments 18,272 3,686 21,958 276
Total unquoted investments 34,332 6,899 41,231 620
Quoted investments
Oxford Immunotec Global PLC
(NASDAQ) 1,114 812 1,926 (298)
ErgoMed PLC 1,468 (200) 1,268 (200)
Total quoted investments 2,582 612 3,194 (498)
Total fixed asset
investments 36,914 7,511 44,425 122
Total change in value of
investments for the
period 122
Movement in loan stock accrued interest (117)
Unrealised gains sub-total 5
Realised gains in current period 54
Total gains on investments
as per Income statement 59
(1) Amounts shown as cost represent the acquisition cost
in the case of investments originally made by the
Company and/or the valuation attributed to the investments
acquired from Quester VCT 2 plc and Quester VCT 3
plc at the date of the merger in 2005, plus any subsequent
acquisition costs, as reduced in certain cases by
amounts written off as representing an impairment
in value.
(2) As adjusted for additions and disposals during the
period.
Opening
Fixed asset realisations in the period to 30 June Cost carrying value Disposal proceeds Realised (loss)/gain on cost Gain/(loss) on opening or acquired value
2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Haemostatix Limited 1,877 1,550 1,639 (238) 89
UniServity Limited 88 88 166 78 78
Anthropics Limited 6 153 150 144 (3)
Silent Herdsman Holdings Limited 153 138 137 (16) (1)
Xtera Inc. 85 227 98 13 (129)
Relayware Limited 93 93 93 - -
Hilson Moran Limited (loan stock repayment) 36 48 48 12 -
Atego Limited (escrow adjustment) - - 20 20 20
Total 2,338 2,297 2,351 13 54
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on
investments 2 - 59 59 - 2,251 2,251 - 3,784 3,784
Investment
income 3 661 - 661 582 - 582 1,412 - 1,412
Investment
management
fees 4 (118) (355) (473) (101) (303) (404) (212) (636) (848)
Performance
incentive
fee 4 - - - - - - (60) (182) (242)
Other expenses (137) - (137) (132) - (132) (263) - (263)
Exchange rate
movement 4 - 4 (9) - (9) (8) - (8)
Return/(loss)
on ordinary
activities
before tax 410 (296) 114 340 1,948 2,288 869 2,966 3,835
Tax on
ordinary
activities - - - - - - - - -
Return/(loss)
on ordinary
activities
after tax 410 (296) 114 340 1,948 2,288 869 2,966 3,835
Basic and
diluted
return/(loss)
per share
(pence) 6 0.17 (0.12) 0.05 0.16 0.92 1.08 0.40 1.37 1.77
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2015 and the audited
statutory accounts for the year ended 31 December 2015.
The total column of this Condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice.
There is no other comprehensive income other than the results for the
periods disclosed above. Accordingly a Statement of comprehensive
income is not required.
The difference between the reported return/(loss) on ordinary activities
before tax and the historical profit/(loss) is due to the fair value
movements on investments.
Condensed balance sheet
Unaudited Unaudited Audited
30 June 2016 30 June 2015 31 December 2015
Note GBP'000 GBP'000 GBP'000
Fixed asset investments 44,425 39,829 41,257
Current assets
Trade and other
receivables less than one
year 618 835 388
Cash and cash equivalents 4,267 3,648 3,518
4,885 4,483 3,906
Total assets 49,310 44,312 45,163
Creditors: amounts falling
due within one year
Trade and other payables
less than one year (383) (341) (551)
Total assets less current
liabilities 48,927 43,971 44,612
Equity attributable to
equityholders
Called up share capital 7 2,833 2,501 2,533
Share premium 14,103 7,796 8,399
Capital redemption reserve 11 11 11
Unrealised capital reserve 7,217 5,969 7,170
Realised capital reserve 3,488 2,939 3,830
Other distributable
reserve 21,275 24,755 22,669
Total equity shareholders'
funds 48,927 43,971 44,612
Basic and diluted net
asset value per share
(pence)* 19.66 19.90 20.11
*excluding treasury shares
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2015 and the audited
statutory accounts for the year ended 31 December 2015.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 25 August 2016 and were signed on its behalf by
Robin Field
Chairman
Company number: 03139019
Condensed statement of changes in equity
Share Capital Unrealised Realised Other
Called up share premium redemption capital capital distributable
capital account reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
1 January 2016 2,533 8,399 11 7,170 3,830 22,669 44,612
Return/(loss) and total comprehensive income for the
period - - - 5 (301) 410 114
Transfer of previously unrealised losses on disposal
of investments - - - 41 (41) - -
Purchase of treasury shares - - - - - (548) (548)
Issue of equity 300 5,863 - - - - 6,163
Cost of issue of equity - (159) - - - - (159)
Dividends paid - - - - - (1,256) (1,256)
As at 30 June 2016 2,833 14,103 11 7,217 3,488 21,275 48,927
1 January 2015 2,265 3,444 11 3,981 2,978 26,262 38,941
Return/(loss) and total comprehensive income for the
period - - - 2,737 (788) 340 2,288
Transfer of previously unrealised gains on disposal
of investments - - - (749) 749 - -
Purchase of treasury shares - - - - - (767) (767)
Issue of equity 236 4,484 - - - - 4,720
Cost of issue of equity - (132) - - - - (132)
Dividends paid - - - - - (1,079) (1,079)
As at 30 June 2015 2,501 7,796 11 5,969 2,939 24,755 43,971
1 January 2015 2,265 3,444 11 3,981 2,978 26,262 38,941
Return/(loss) and total comprehensive income for the
period - - - 3,523 (557) 869 3,835
Transfer of previously unrealised gains on disposal
or write off of investments - - - (334) 334 - -
Purchase of treasury shares - - - - - (1,192) (1,192)
Issue of equity 268 5,105 - - - - 5,373
Cost of issue of equity - (150) - - - - (150)
Transfer from other distributable reserve to realised
capital reserve - - - - 1,075 (1,075) -
Dividends paid - - - - - (2,195) (2,195)
As at 31 December 2015 2,533 8,399 11 7,170 3,830 22,669 44,612
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2015 and the audited
statutory accounts for the year ended 31 December 2015.
*The total distributable reserves are GBP24,763,000 (30 June 2015:
GBP27,694,000; 31 December 2015: GBP26,499,000).
Condensed statement of cash flows
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
Note GBP'000 GBP'000 GBP'000
Cash flow from
operating
activities
Loan stock income
received 480 384 1,036
Deposit interest received 18 9 37
Dividend income received 46 62 282
Investment management
fees paid (450) (596) (1,024)
Performance incentive fee
paid (242) - -
Other cash payments (135) (164) (313)
Exchange rate movement on
a part disposal of an
asset 4 (11) (10)
Net cash flow from
operating activities (279) (316) 8
Cash flow from
investing
activities
Purchase of fixed asset
investments (3,873) (2,164) (4,375)
Disposal of fixed asset
investments 651 3,136 5,250
Net cash flow from
investing activities (3,222) 972 875
Cash flow from
financing
activities
Issue of share capital 5,880 3,918 5,059
Equity Dividends paid* (1,131) (1,003) (1,192)
Cost of issue of equity - (6) (2)
Purchase of own shares
(including costs) (499) (715) (2,028)
Net cash flow from
financing activities 4,250 2,194 1,837
Increase in cash and cash
equivalents 749 2,850 2,720
Cash and cash equivalents
at start of period 3,518 798 798
Cash and cash equivalents
at end of period 4,267 3,648 3,518
Cash and cash
equivalents
comprise:
Cash at bank and in hand 4,267 3,648 3,518
Cash equivalents - - -
Total cash and cash
equivalents 4,267 3,648 3,518
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2015 and the audited
statutory accounts for the year ended 31 December 2015.
* The dividend paid in the cash flow is different to the dividend
disclosed in note 5 due to the non-cash effect of the Dividend
Reinvestment Scheme.
Notes to the condensed Financial Statements
1. Basis of preparation
The condensed Financial Statements have been prepared in accordance with
the historical cost convention, modified to include the revaluation of
investments, in accordance with applicable United Kingdom law and
accounting standards, including Financial Reporting Standard 102 ("FRS
102"), Financial Reporting Standard 104 - Interim Financial Reporting
("FRS 104"), and with the 2014 Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture Capital
Trusts" ("SORP") issued by the Association of Investment Companies
("AIC").
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at fair value through profit and loss
("FVTPL"). The Company values investments by following the IPEVCV
Guidelines and further detail on the valuation techniques used are
outlined below.
The half-yearly report has not been audited, nor has it been reviewed by
the auditor pursuant to the FRC's guidance on Review of interim
financial information.
Accounting policies
Fixed asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments,
including loan stock, are classified by the Company as FVTPL and are
included at their initial fair value, which is cost (excluding expenses
incidental to the acquisition which are written off to the income
statement).
Subsequently, the investments are valued at 'fair value', which is
measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations;
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEVCV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, prices of recent investment rounds, net assets and
industry valuation benchmarks. Where the Company has an investment in an
early stage enterprise, the price of a recent investment round is often
the most appropriate approach to determining fair value. In situations
where a period of time has elapsed since the date of the most recent
transaction, consideration is given to the circumstances of the portfolio
company since that date in determining fair value. This includes
consideration of whether there is any evidence of deterioration or strong
definable evidence of an increase in value. In the absence of these
indicators, the investment in question is valued at the amount reported
at the previous reporting date. Examples of events or changes that could
indicate a diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was
based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or
regulatory environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the
same or related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the Other distributable reserve when a share becomes ex-dividend.
Debtors and creditors and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
creditors.
Gains and losses on investments
Gains and losses arising from changes in the fair value of the
investments are included in the Condensed income statement for the
period as a capital item and are allocated to the Unrealised capital
reserve.
Investment income
Unquoted equity income
Dividend income is shown in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expect settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fees and expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the other distributable reserve except the following
which are charged through the realised capital reserve:
-- 75 per cent. of management fees are allocated to realised capital
reserve. This is in line with the Board's expectation that over the long
term 75 per cent. of the Company's investment returns will be in the form
of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Performance incentive fee
Any performance incentive fee will be allocated between other
distributable and realised capital reserves based upon the proportion to
which the calculation of the fee is attributable to revenue and capital
returns.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the financial
statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in financial statements. As a VCT the Company has an exemption from tax
on capital gains. The Company intends to continue meeting the conditions
required to obtain approval as a VCT in the foreseeable future. The
Company therefore, should have no material deferred tax timing
differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Foreign exchange
The currency of the primary economic environment in which the Company
operates (the functional currency) is pounds Sterling ("Sterling"),
which is also the presentational currency of the Company. Transactions
involving currencies other than Sterling are recorded at the exchange
rate ruling on the transaction date. At each Balance sheet date,
monetary items and non-monetary assets and liabilities that are measured
at fair value, which are denominated in foreign currencies, are
retranslated at the closing rates of exchange. Exchange differences
arising on settlement of monetary items and from retranslating at the
Balance sheet date of investments and other financial instruments
measured at fair value through profit or loss, and other monetary items,
are included in the Income statement. Exchange differences relating to
investments and other financial instruments measured at fair value are
subsequently included in the unrealised capital reserve.
Reserves
Share premium account
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs and
transfers to other distributable reserve.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year
end against cost are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments, or
permanent diminutions in value;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2012 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the revenue column of the
Income statement, the payment of dividends, the buy-back of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
2. Gains on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Unrealised gains
on fixed asset
investments 5 2,737 3,523
Realised
gains/(losses)
on fixed asset
investments 54 (486) 261
59 2,251 3,784
3. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Income
recognised on
investments
Interest from
loans to
portfolio
companies 596 505 1,095
Dividends 46 62 282
Bank deposit
interest 19 15 35
661 582 1,412
4. Investment management fees
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Investment
management fees
charged to
revenue 118 101 212
Investment
management fees
charged to
capital 355 303 636
Performance
incentive fee
charged to
revenue - - 60
Performance
incentive fee
charged to
capital - - 182
473 404 1,090
Further details of the management agreement under which the investment
management fee is paid are given in the Strategic report on page 11 of
the Annual Report and Financial Statements for the year ended 31
December 2015.
During the period, services with a value of GBP473,000 (30 June 2015:
GBP404,000; 31 December 2015: GBP848,000) and GBP25,000 (30 June 2015:
GBP25,000; 31 December 2015: GBP50,000) were purchased by the Company
from Albion Ventures LLP in respect of investment management and
administration fees respectively. At the period end, the amount due to
Albion Ventures LLP in respect of these services disclosed as accruals
was GBP263,000 (30 June 2015: GBP221,000: 31 December 2015: GBP468,000).
For the period to 30 June 2016, no performance incentive fee is due to
be paid (30 June 2015: nil: 31 December 2015: GBP248,000).
Albion Ventures LLP is, from time to time, eligible to receive
transaction fees and Directors' fees from portfolio companies. During
the period, fees of GBP118,000 (30 June 2015: GBP52,000; 31 December
2015: GBP189,000) attributable to the investments of the Company were
received pursuant to these arrangements.
Albion Ventures LLP holds 86,291 Ordinary shares in the Company.
5. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
GBP'000 GBP'000 GBP'000
First dividend of 0.5 pence per share paid on 30 April
2015 - 1,109 1,109
Second dividend of 0.5 pence per share paid on 30
October 2015 - - 1,116
First dividend of 0.5 pence per share paid on 29 April
2016 1,256 - -
Unclaimed dividends returned to Company - (30) (30)
1,256 1,079 2,195
The Directors have declared a second dividend of 0.5 pence per share for
the year ending 31 December 2016, which will be paid on 31 October 2016
to shareholders on the register as at 7 October 2016.
6. Basic and diluted return/(loss) per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
Revenue Capital Revenue Capital Revenue Capital
Return/(loss) attributable to shares (GBP'000) 410 (296) 340 1,948 869 2,966
Weighted average shares in issue (excluding treasury
shares) 240,621,271 212,279,721 216,878,531
Return/(loss) per share (pence) 0.17 (0.12) 0.16 0.92 0.40 1.37
The weighted average number of Ordinary shares is calculated excluding
the treasury shares of 34,461,000 (30 June 2015: 29,132,000; 31 December
2015: 31,463,000)
There are no convertible instruments, derivatives or contingent share
agreements in issue so basic and diluted return/(loss) per share are the
same.
7. Called up share capital
Unaudited Unaudited Audited
30 June 2016 30 June 2015 31 December 2015
GBP'000 GBP'000 GBP'000
Allotted, issued and fully paid:
283,344,311 Ordinary shares of 1 penny each (30 June
2015: 250,103,228; 31 December 2015: 253,303,558) 2,833 2,501 2,533
Voting rights
248,883,311 Ordinary shares of 1 penny each (net of treasury shares) (30
June 2015: 220,971,228; 31 December 2015: 221,840,558).
The Company operates a share buy-back programme, as detailed in the
Interim management report. During the period the Company purchased
2,998,000 Ordinary shares at a nominal value of GBP29,980 at a cost of
GBP548,000 including stamp duty (30 June 2015: GBP767,000; 31 December
2015; GBP1,192,000) to be held in treasury. The Company holds a total
of 34,461,000 Ordinary shares in treasury, representing 12.2 per cent.
of the issued Ordinary share capital as at 30 June 2016. The shares
purchased for treasury were funded from other distributable reserve.
During the period from 1 January 2016 to 30 June 2016, the Company
issued the following new shares of 1 penny each under the terms of the
Dividend Reinvestment Scheme Circular dated 19 April 2011:
Number
of
Date of shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment date
allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
29 April
2016 636,545 6 19.61 123 18.50
Under the terms of the Albion VCTs Prospectus Top Up Offers 2015/2016,
the following Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 June 2016:
Number of
shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment date
Date of allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
29 January 2016 8,861,834 89 20.20 1,754 18.25
29 January 2016 4,851,404 48 20.30 961 18.25
31 March 2016 15,306,074 153 20.80 3,088 18.25
6 April 2016 175,236 2 20.60 35 18.25
6 April 2016 44,280 - 20.70 9 18.25
6 April 2016 165,380 2 20.80 33 18.25
29,404,208 294 5,880
8. Commitments, contingencies and guarantees
As at 30 June 2016, the Company had the following financial commitments
totalling GBP1,058,000 (30 June 2015: GBP3,634,000; 31 December 2015:
GBP2,396,000), which are expected to be invested during the next 12
months:
-- GBP490,000 Active Lives Care Limited;
-- GBP486,000 Ryefield Court Care Limited;
-- GBP72,000 Proveca Limited; and
-- GBP10,000 Shinfield Lodge Care Limited.
9. Post balance sheet events
Since 30 June 2016, the Company has made investments in the following:
-- GBP486,000 in Ryefield Court Care Limited;
-- GBP260,000 in Secured By Design Limited;
-- GBP245,000 in Active Lives Care Limited;
-- GBP92,000 in Oviva AG; and
-- GBP56,000 in Proveca Limited.
10. Related party disclosures
Other than transactions with the Manager as described in note 4, there
are no other related party transactions.
11. Going concern
The Board's assessment of liquidity risk remains unchanged and is
detailed on page 54 of the Annual Report and Financial Statements for
the year ended 31 December 2015.
The Company has adequate cash and liquid resources. The portfolio of
investments is diversified in terms of sector, and the major cash
outflows of the Company (namely investments, dividends and share
buy-backs) are within the Company's control. Accordingly, after making
diligent enquiries, the Directors have a reasonable expectation that the
Company has adequate resources to continue in operational existence for
the foreseeable future. For this reason, the Directors have adopted the
going concern basis in preparing this Half-yearly Financial Report and
this is in accordance with the Guidance on Risk Management, Internal
Control and Related Financial and Business Reporting issued by the
Financial Reporting Council in September 2014.
12. Risks and uncertainties
In addition to the current economic risks outlined in the Interim
Management Report, the Board considers that the Company faces the
following major risks and uncertainties:
1. Economic risk
Changes in economic conditions, including, for example, interest rates,
rates of inflation, industry conditions, competition, political and
diplomatic events and other factors could substantially and adversely
affect the Company's prospects in a number of ways.
To reduce this risk, in addition to investing equity in portfolio
companies, the Company often invests in secured loan stock and has a
policy of not normally permitting any external bank borrowings within
portfolio companies. Additionally, the Manager has been rebalancing the
sector exposure of the portfolio with a view to reducing reliance on
consumer led sectors.
2. Investment risk
This is the risk of investment in poor quality assets which reduces the
capital and income returns to shareholders and negatively impacts on the
Company's reputation. By nature, smaller unquoted businesses, such as
those that qualify for venture capital trust purposes, are more fragile
than larger, long established businesses. The success of investments in
certain sectors is also subject to regulatory risk, such as those
affecting companies involved in UK renewable energy.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager in investing in this segment of the market. In
addition, the Manager operates a formal and structured investment
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites, and takes account of, comments
from non-executive Directors of the Company on investments discussed at
the Investment Committee meetings. Investments are actively and
regularly monitored by the Manager (investment managers normally sit on
portfolio company boards) and the Board receives detailed reports on
each investment as part of the Manager's report at quarterly board
meetings.
3. Valuation risk
The Company's investment valuation methodology is reliant on the
accuracy and completeness of information that is issued by portfolio
companies. In particular, the Directors may not be aware of or take into
account certain events or circumstances which occur after the
information issued by such companies is reported.
As described in note 1 of the Financial Statements, the investments held
by the Company are designated at fair value through profit or loss and
valued in accordance with the International Private Equity and Venture
Capital Valuation Guidelines. These guidelines set out recommendations,
intended to represent current best practice on the valuation of venture
capital investments. These investments are valued on the basis of
forward looking estimates and judgements about the business itself, its
market and the environment in which it operates, together with the state
of the mergers and acquisitions market, stock market conditions and
other factors. In making these judgements the valuation takes into
account all known material facts up to the date of approval of the
Financial Statements by the Board. The values of a number of
investments are also underpinned by independent third party professional
valuations.
4. VCT approval risk
The Company's current approval as a venture capital trust allows
investors to take advantage of tax reliefs on initial investment and
ongoing tax free capital gains and dividend income. Failure to meet the
qualifying requirements could result in investors losing the tax relief
on initial investment and loss of tax relief on any tax-free income or
capital gains received. In addition, failure to meet the qualifying
requirements could result in a loss of listing of the shares.
To reduce this risk, the Board has appointed the Manager, which has a
team with significant experience in venture capital trust management,
used to operating within the requirements of the venture capital trust
legislation. In addition, to provide further formal reassurance, the
Board has appointed Philip Hare & Associates LLP as its taxation
adviser. Philip Hare & Associates LLP report quarterly to the Board to
independently confirm compliance with the venture capital trust
legislation, to highlight areas of risk and to inform on changes in
legislation. Each investment in a new portfolio company is also
pre-cleared with H.M. Revenue & Customs.
5. Compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards and other legislation. Failure to
comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior
levels within or advising quoted businesses. In addition, the Board and
the Manager receive regular updates on new regulation from its auditor,
lawyers and other professional bodies. The Company is subject to
compliance checks via the Manager's Compliance Officer. The Manager
reports monthly to its Board on any issues arising from compliance or
regulation. These controls are also reviewed as part of the quarterly
Manager Board meetings, and also as part of the review work undertaken
by the Manager's Compliance Officer. The report on controls is evaluated
by Internal Audit during its reports.
6. Internal control risk
Failures in key controls, within the Board or within the Manager's
business, could put assets of the Company at risk or result in reduced
or inaccurate information being passed to the Board or to shareholders.
The Audit Committee meets with the Manager's Internal Auditor, PKF
Littlejohn LLP, when required, receiving a report regarding the last
formal internal audit performed on the Manager and providing the
opportunity for the Audit Committee to ask specific and detailed
questions. Thomas Chambers, Chairman of the Audit Committee, met with
the internal audit Partner of PKF Littlejohn LLP in January 2016 to
discuss the most recent Internal Audit Report on the Manager.
The Manager has a comprehensive business continuity plan in place in the
event that operational continuity is threatened. Further details
regarding the Board's management and review of the Company's internal
controls through the implementation of the Guidance on Risk Management,
Internal Control and Related Financial and Business Reporting are
detailed on page 30 of the Annual Report and Financial Statements for
the year ended 31 December 2015.
Measures are in place to mitigate information risk in order to ensure
the integrity, availability and confidentiality of information used
within the business.
7. Reliance upon third parties risk
The Company is reliant upon the services of Albion Ventures LLP for the
provision of investment management and administrative functions.
There are provisions within the Management agreement for the change of
Manager under certain circumstances (for further detail, see the
Management agreement paragraph on page 11 of the Annual Report and
Financial Statements for the year ended 31 December 2015). In addition,
the Manager has demonstrated to the Board that there is no undue
reliance placed upon any one individual within Albion Ventures LLP. The
Board monitors the performance of other third party service providers
annually.
8. Financial risks
By its nature, as a venture capital trust, the Company is exposed to
investment risk (which comprises investment price risk and cash flow
interest rate risk), credit risk and liquidity risk.
The Company's policies for managing these risks and its financial
instruments are outlined in full in note 17 of the Annual Report and
Financial Statements for the year ended 31 December 2015.
Most of the Company's income and expenditure is denominated in sterling.
As at 30 June 2016, the Company held an investment denominated in US
dollars of GBP1,926,000 (30 June 2015: GBP2,521,000; 31 December 2015:
GBP2,451,000). It is therefore likely that the Company would be
affected by currency fluctuations; however, this is not expected to be
material. The Company does not use derivative financial instruments for
speculative purposes.
13. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of section
435 of the Companies Act 2006 for the periods ended 30 June 2016 and 30
June 2015, and is unaudited. The information for the year ended 31
December 2015 does not constitute statutory accounts within the terms of
section 435 of the Companies Act 2006 and is derived from the statutory
accounts for that financial year, which have been delivered to the
Registrar of Companies. The Auditor reported on those accounts; their
report was unqualified and did not contain a statement under s498 (2) or
(3) of the Companies Act 2006.
14. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at www.albion-ventures.co.uk/funds/KAY, where the Report
can be accessed as a PDF document in the 'Financial Reports and
Circulars' section.
Financial summary for the Company and for previous funds
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2016 30 June 2015 31 December 2015
(pence per share) (pence per share) (pence per share)
Net asset value of the Company 19.66 19.90 20.11
Dividends paid to shareholders of the Company
Dividends paid during the period 0.50 0.50 1.00
Cumulative dividend paid 63.83 62.83 63.33
Shareholder total return(1) (per 100p invested)
To shareholders of the Company
(formerly SPARK VCT plc; Quester VCT plc) 83.49 82.73 83.44
Shareholder total return including tax benefits(2) 103.49 102.73 103.44
Shareholder total return to former shareholders of:
Quester VCT 2 plc, per 100p invested in shares of
that company
Shareholder total return 69.63 68.85 69.58
Shareholder total return including tax benefits(2) 89.63 88.85 89.58
Quester VCT 3 plc, per 100p invested in shares of
that company
Shareholder total return 43.15 42.40 43.10
Shareholder total return including tax benefits(2) 63.15 62.40 63.10
Quester VCT 4 plc (renamed SPARK VCT 2 PLC and then
Kings Arms Yard VCT 2 PLC), per 100p invested in shares
of that company
Shareholder total return 39.84 38.87 39.78
Shareholder total return including tax benefits(2) 59.84 58.87 59.78
Quester VCT 5 plc (renamed SPARK VCT 3 PLC), per 100p
invested in shares of that company
Shareholder total return 51.63 50.21 51.54
Shareholder total return including tax benefits(2) 71.63 70.21 71.54
(1) Net asset value plus cumulative dividend per share
to ordinary shareholders in the Company since the
launch of the Company (then called Quester VCT plc)
in April 1996.
(2) Return after 20 per cent. income tax relief but excluding
capital gains deferral.
The total returns stated are applicable only to shareholders of shares
at the time of each companies launch. They do not represent the return
to subsequent subscribers or purchasers of shares.
Source: Albion Ventures LLP
Merger history for the Company and for previous funds
February 1996 Quester VCT PLC (QVCT) launched
June 2005 QVCT2 and QVCT3 merged into QVCT
June 2008 All Quester names changed to SPARK:
QVCT became Spark VCT plc (SVCT)
QVCT4 became Spark VCT 2 plc (SVCT2)
QVCT5 became Spark VCT 3 plc (SVCT3)
November 2008 SVCT3 merged into SVCT2
January 2011 Albion Ventures became Manager
February 2011 All SPARK names changed to Kings Arms Yard:
SVCT became Kings Arms Yard VCT PLC (KAY)
SVCT2 became Kings Arms Yard VCT 2 PLC (KAY2)
September 2011 KAY2 merged into KAY
Dividend history for the Company and for previous funds
Kings Arms Yard VCT PLC (KAY)
Dividends paid to shareholders of KAY launched in 1996 (formerly SPARK
VCT plc ("SVCT") and originally Quester VCT PLC ("QVCT")).
(pence per share)
31 January 1997 0.937
31 January 1998 2.547
31 January 1999 2.875
31 January 2000 7.110
31 January 2001 26.650
31 January 2002 1.350
28 February 2006 1.250
28 February 2007 3.910
31 December 2007 4.220
31 December 2008 2.810
31 December 2010 5.000
31 December 2011 0.670
31 December 2012 1.000
31 December 2013 1.000
31 December 2014 1.000
31 December 2015 1.000
30 June 2016 0.500
Total dividends paid to 30 June 2016 63.829
Net asset value as at 30 June 2016 19.660
Shareholder total return to 30 June 2016 83.489
Quester VCT 2 PLC (QVCT2)
QVCT2 was launched in 1998 and was merged with KAY (formerly SPARK VCT
plc ("SVCT") and originally Quester VCT PLC ("QVCT")) in June 2005 with
a share exchange ratio of 1.0249 QVCT shares for each QVCT2 share.
(pence per share)
28 February 1999 1.000
28 February 2000 3.065
28 February 2001 20.500
28 February 2002 2.000
28 February 2006 1.281
28 February 2007 4.007
31 December 2007 4.325
31 December 2008 2.880
31 December 2010 5.125
31 December 2011 0.687
31 December 2012 1.025
31 December 2013 1.025
31 December 2014 1.025
31 December 2015 1.025
30 June 2016 0.512
Total dividends paid to 30 June 2016 49.482
Net asset value as at 30 June 2016 20.150
Shareholder total return to 30 June 2016 69.632
Quester VCT 3 PLC (QVCT3)
QVCT3 was launched in 2000 and was merged with KAY (formerly SPARK VCT
plc ("SVCT") and originally Quester VCT PLC ("QVCT")) in June 2005 with
a share exchange ratio of 0.9816 QVCT shares for each QVCT3 share.
(pence per share)
28 February 2001 0.750
28 February 2002 1.000
28 February 2003 0.150
28 February 2006 1.227
28 February 2007 3.838
31 December 2007 4.142
31 December 2008 2.758
31 December 2010 4.908
31 December 2011 0.658
31 December 2012 0.982
31 December 2013 0.982
31 December 2014 0.982
31 December 2015 0.982
30 June 2016 0.491
Total dividends paid to 30 June 2016 23.850
Net asset value as at 30 June 2016 19.298
Shareholder total return to 30 June 2016 43.148
Quester VCT 4 PLC (QVCT4)
QVCT4 was launched in 2000 and was renamed SPARK VCT 2 plc ("SVCT2") and
then Kings Arms Yard VCT 2 PLC ("KAY2"). KAY2 merged with Kings Arms
Yard VCT PLC ("KAY") in September 2011 with a share exchange ratio of
1.2806 KAY shares for each KAY2 share.
(pence per share)
31 October 2002 1.750
31 October 2003 1.150
31 October 2005 1.000
31 October 2006 1.000
31 December 2007 1.000
31 December 2008 1.000
31 December 2010 1.000
31 December 2011 1.000
31 December 2012 1.281
31 December 2013 1.281
31 December 2014 1.281
31 December 2015 1.281
30 June 2016 0.640
Total dividends paid to 30 June 2016 14.664
Net asset value as at 30 June 2016 25.177
Shareholder total return to 30 June 2016 39.841
Quester VCT 5 PLC (QVCT5)
QVCT5 was launched in 2002 and was renamed SPARK VCT 3 plc ("SVCT3") and
merged with SPARK VCT 2 plc ("SVCT2") (originally QVCT4) in November
2008 with a share exchange ratio of 1.4613 SVCT2 shares for each SVCT3
share. The merged company was then renamed Kings Arms Yard VCT 2 PLC
("KAY2"). KAY2 merged with Kings Arms Yard VCT PLC ("KAY") in September
2011 with a share exchange ratio of 1.2806 KAY shares for each KAY2
share.
(pence per share)
31 December 2003 0.500
31 December 2004 1.000
31 December 2006 1.000
31 December 2007 1.000
31 December 2010 1.461
31 December 2011 1.461
31 December 2012 1.871
31 December 2013 1.871
31 December 2014 1.871
31 December 2015 1.871
30 June 2016 0.936
Total dividends paid to 30 June 2016 14.842
Net asset value as at 30 June 2016 36.791
Shareholder total return to 30 June 2016 51.633
Portfolio Split as at 30 June 2016:
http://hugin.info/145558/R/2037259/759136.pdf
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: Kings Arms Yard VCT PLC via Globenewswire
http://www.sparkventures.com
(END) Dow Jones Newswires
August 25, 2016 11:37 ET (15:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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