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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mobeus Income & Growth 2 Vct Plc | LSE:MIG | London | Ordinary Share | GB00B0LKLZ05 | 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% | 59.00 | 57.50 | 60.50 | 59.00 | 59.00 | 59.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -7.57M | -9.64M | -0.0987 | -5.98 | 57.62M |
From May 2019 to May 2024
TIDMMIG
RNS Number : 1302C
Mobeus Income & Growth 2 VCT PLC
23 June 2016
Mobeus Income & Growth 2 VCT plc
Results announcement for the year ended 31 March 2016
Mobeus Income & Growth 2 VCT plc, ("MIG2", the "Company", "VCT", or the "Fund") is a Venture Capital Trust ("VCT") advised by Mobeus Equity Partners LLP ("Mobeus"), investing primarily in established, unquoted companies.
OBJECTIVE OF COMPANY
The Objective of the Company is to provide investors with a regular income stream, arising both from the income generated by companies selected for the portfolio and from realising any growth in capital, while continuing at all times to qualify as a VCT.
VENTURE CAPITAL TRUST STATUS
Mobeus Income & Growth 2 VCT has satisfied the requirements for full approval as a Venture Capital Trust under section 274 of the Income Tax Act 2017 ("ITA"). It is the Directors' intention to continue to manage the Company's affairs in such a manner as to comply with section 274 of the ITA.
FINANCIAL HIGHLIGHTS
Results for the year ended 31 March 2016
-- Net Asset Value ("NAV") and Share Price Total Return per share for the year was 7.9% and 5.5% respectively.
-- Shareholders received an interim dividend of 5.00 pence per share on 18 March 2016.
-- A special interim dividend of 5.00 pence per share for the year ending 31 March 2017 has been declared by the Board, payable on 8 August 2016. This will bring total dividends paid since inception of the current share class* to 52.00 pence per share.
-- GBP4.51 million was invested during the year into four new investments totalling GBP4.19 million with a further GBP0.32 million invested into existing investments.
-- A total of GBP5.00 million was received as net cash proceeds from realisations, compared with a total cost of GBP2.84 million.
-- Total liquid assets available for investment are GBP20.44 million.
Note: The above data does not reflect the benefit of income tax relief.
*The first allotment of the former "C" share class, now the current share class, took place on 23 December 2005.
Performance Summary
The NAV per share as at 31 March 2016 was 119.61 pence.
The table below shows the recent past performance of the current share class, first raised in 2005 at an original subscription price of 100p per share before the benefit of income tax relief. Performance data for all fundraising rounds are shown in the tables on pages 69 and 70 of the Annual Report and Financial Statements (the "Annual Report").
Hot Features
Premium
Cumulative total return per share
since launch
---------------------- ----------- ------------------------------------ ------------------------------- ------------------------------------
(NAV basis) (Share price basis)
Net assets Share price (mid-market price) Cumulative dividends paid per share (p)(2) (p)(3)
Reporting date as at (GBP m) Net asset value (NAV) per share (p) (p)(1) (p)
---------------------- ----------- ------------------------------------ ------------------------------- ------------------------------------ ------------ --------------------
31 March 2016 43.14 119.61 105.25 47.00 166.61 152.25
31 March 2015 42.10 115.45 104.50 42.00 157.45 146.50
31 March 2014(4) 33.88 120.73 103.50 23.00 143.73 126.50
30 April 2013 25.70 106.75 70.30 18.00 124.75 88.30
30 April 2012 24.53 98.71 67.00 14.00 112.71 81.00
(1) Source: London Stock Exchange.
(2) NAV as at the reporting date plus cumulative dividends paid since shares were first allotted in the fund in December 2005.
(3) Mid-market share price as at the reporting date plus cumulative dividends paid since shares were first allotted in the fund in December 2005.
(4) Data relates to an 11 month period, as the Company shortened its accounting period by 1 month during the year.
The data in the table above excludes the benefit of any income tax relief.
Chairman's Statement
I am pleased to present the annual results of Mobeus Income & Growth 2 VCT plc for the year ended 31 March 2016.
Overview of performance
It has been a solid year for the Company. The Net Asset Value ("NAV") Total Return was 7.9% (2015:11.4%) for the year.
This year's return benefited from one realisation at a substantial gain over both cost and its valuation at the start of the year, as well as several other partial, profitable realisations. In addition, a number of existing investee companies have returned good performances in the portfolio, causing an increase in their valuations.
At 31 March 2016, your Company was rated 5th out of 31 VCTS, 2nd out of 44 VCTs, 3rd out of 53 VCTs and 21st out of 55 VCTs over the previous 10, 5, 3 and 1 years respectively in the Association of Investment Companies' analysis of NAV Cumulative Total Return for all Generalist VCTs.
Further details of the calculations demonstrating the Company's performance for the year are contained in the Strategic Report in the Annual Report.
Shareholders will have noted that the UK Finance (No2) Act 2015, which became law in November 2015, requires some changes to the type of investment that the VCT is now permitted to make. These regulatory changes will require the Company to amend its Investment Policy. For further explanation, please refer to the Industry developments and Changes to the Investment Policy sections below.
Dividends
The Company paid an interim dividend of 5.00 pence (2015: two interim dividends of 14.00 pence and 5.00 pence) per share on 18 March 2016, meeting the Company's annual dividend target of a minimum of 5.00 pence per share for the year.
Shareholders will be pleased to note that a special interim dividend of 5.00 pence per share in respect of the financial year ending 31 March 2017 has been declared by the Board. It will be paid on 8 August 2016 to shareholders on the register on 1 July 2016. This will bring cumulative dividends paid to 52.00 pence per share since the launch of the current share class.
Investment portfolio
There has been a steady flow of new investments resulting in a total of GBP4.51 million being successfully invested in six new and existing investee companies during the year. GBP4.19 million related to investments into Jablite, Tushingham, Access IS and Redline. A further GBP0.32 million was invested into existing companies.
Cash proceeds totalled GBP5.00 million in the year, reflecting principally GBP2.10 million received from one sale, GBP0.84 million of deferred consideration received from sales in the previous year and GBP2.06 million received from loan repayments from existing companies. Realised gains over the original cost of investments sold or partially sold were GBP2.16 million.
Full details of all of these transactions are included in the Investment Review in the Annual Report.
A number of companies in the portfolio continued to perform well, although several have experienced more mixed results but the performance of the portfolio as a whole remained good. The current portfolio at the year-end was valued at GBP29.33 million (2015: GBP22.35 million). The movement in value is due to new investment of GBP9.16 million (including companies preparing to trade), and an increase in valuations of GBP1.09 million less disposals (at opening valuation) of GBP3.27 million, in the year.
Industry developments
The UK Finance (No 2) Act 2015 became law on 18 November 2015. This introduced rules designed to ensure that VCTs comply with the new European Union ("EU") State Aid rules, while remaining able to provide finance to small and growing businesses.
The UK's VCT scheme must comply with EU State Aid rules, as the tax relief given to investors is deemed to be State Aid to the companies in which the VCTs invest. They prohibit governments from providing State Aid to companies which are deemed capable of raising finance from investors, banks and financial assistance without such support.
The new VCT rules have introduced new criteria regarding:
-- a requirement that VCT investment is to be used for growth and development purposes only; and
-- the maximum age of companies that are eligible for investments (generally seven years); and
-- besides an annual limit of GBP5 million, already in place, there is now also a lifetime cap on the total amount of State Aid risk finance investment a company can receive (generally GBP12 million).
Impact on the Company's Investment Policy
The practical consequences of the application of these EU State Aid rules by the UK Finance (No 2) Act 2015 are that the range and size of potential investments open to generalist VCTs, such as Mobeus Income & Growth 2 VCT plc, will reduce. The Government has decided that VCT investments made to finance the purchase of existing business owners' shareholdings and the acquisition of businesses will no longer be permitted. Previous legislation had prevented such transactions if they used the VCT's funds raised after 5 April 2012. The UK Finance (No 2) Act 2015 has extended this restriction firstly, to apply to previously exempted monies raised prior to 5 April 2012 and secondly, to prevent such investment, even if it would be a non-qualifying holding. The new rules will prevent all VCTs' future participation in funding management buyout ("MBO") transactions. However, such investments that have already been made remain qualifying investments as part of our investment portfolio.
The UK Finance (No 2) Act 2015 requires the VCT to re-adjust its focus for new investments to provide growth capital to younger companies, which is likely to alter the balance of the portfolio of the Company over a number of years. The UK Government has also announced an intention to permit VCTs to provide some replacement capital finance within investments, subject to agreement with the EU State Aid authorities. If this comes to pass, it would enlarge the pool of possible investment opportunities for VCTs compared to the more restricted regime that now applies under the new VCT Rules.
How could these changes affect returns?
The change in focus to investments in younger, smaller companies requiring growth (and possibly replacement) capital carries a higher risk, but also the prospect of higher, but more variable, returns. Generating the level of consistently high returns achieved over the last six years in particular is likely to be more challenging.
Shareholders should note that the nature of the more restrictive range and size of new potential investments is likely to reduce gradually the overall income yield on the portfolio as a whole, although there should be a commensurate increase in the level of capital returns albeit with a more volatile profile. However, shareholders should note that the existing portfolio is comprised almost exclusively of MBO investments whose full potential should be realised over the next five years or so and thus changes to the balance of the portfolio and therefore to the risk and reward metrics are likely to be gradual.
Previously, the Board has set a minimum average return target of 8% per annum that the Company should achieve. The Board is now considering an appropriate target to take account of the changed circumstances outlined above.
How is the Company responding?
Your Board has questioned the Investment Adviser on its ability to comply with the new rules. The Board is pleased to note that recruitment of two senior hires with extensive experience of growth capital has already taken place and further recruitment is planned. The Board has confidence in the Investment Adviser, justified by the past strong returns to shareholders, being able to adapt its investment approach to the new rules so as to generate attractive returns in the future.
Changes to the Investment Policy
The new VCT legislation above requires revisions to this VCT's current Investment Policy (the "Policy") which, in turn, will require the approval by shareholders of an ordinary resolution that will be proposed at the Annual General Meeting. Although the proposed changes to the Policy appear substantial, the underlying investment methodology remains broadly similar with one principal exception. The current Investment Policy makes particular reference to investing in MBO transactions, which we propose to remove as VCTs are no longer permitted to fund them.
The current policy also includes some of the key specific VCT legislative requirements, which we propose are removed, to be replaced by an intent that every investment will meet the requirements of prevailing VCT legislation. This should reduce the requirement to amend the Policy, which can be a costly and time-consuming process, each time VCT legislation changes.
The proposed Policy retains flexibility to enable the Board and the Investment Adviser to consider a wide range of opportunities amongst established businesses to provide growth capital under the new VCT legislative environment. These amendments should also ensure that your Company complies with the new EU State Aid Rules and thereby continues to retain its VCT qualifying status. The potential impact of the changes on the VCT's portfolio and investment risk is set out under Industry developments above.
Further details of the proposed changes to the Policy itself are contained in the Directors' Report, in the Annual Report, explaining the ordinary resolution to approve a revised Policy. The Board strongly recommends that shareholders approve the resolution. If the resolution is not approved, the Company is unlikely to continue to operate under current VCT regulations, and the Board will need to explore alternative strategies which may have a substantial impact on the Company and its shareholders.
Your Directors continue to work closely with Mobeus and our other professional advisers to understand the full implications of the new rules, so as to apply the revised Policy at a practical level. There remain many detailed points to be clarified in interpreting the new legislation. The draft VCT Guidance published by HMRC in May has provided some clarification in respect of the application of the new rules, which the Investment Adviser is now reviewing. Practical experience in applying the Guidance to particular transactions, once the former is finalised, will also be needed.
Share buybacks
During the year ended 31 March 2016, the Company bought back 1.1% (2015: 2.2%) of its share capital in issue at the beginning of the year, maintaining an average discount of 10%. Further details are included in the Strategic Report and the Directors' Report in the Annual Report.
Liquidity
At 31 March 2016, net assets were GBP43.14 million (2015: GBP42.10 million), comprising principally GBP22.60 million (2015: GBP19.97 million) in investments (52.3% of net assets (2015: 47.4 %)) and liquidity of GBP20.44 million (2015: GBP22.12 million) (47.4% of net assets (2015: 52.5%)). GBP6.74 million (2015: GBP2.38 million) of this liquidity was invested in companies preparing to trade. This factor explains why the return on the investment portfolio of 12.6% for the year exceeds the NAV return of 7.9%.
These figures indicate a relatively high level of liquidity currently held by the Company, bolstered by last year's fundraising and substantial realisation proceeds over the last two years. The Board is conscious that this level of liquidity may reduce overall returns in the short term, until further sums are applied to new investments. The unexpected changes in the VCT Rules are likely to slow down the rate of new investment initially. In the meantime, the Company continues to seek opportunities to increase returns on its liquid assets without compromising the overriding requirement that any risk to the liquid assets within the portfolio be minimised. Of the liquidity above, GBP7.38 million is spread across deposit and term accounts at four UK banks and GBP13.06 million is held in a selection of money market funds with AAA credit ratings.
Fundraising
Having considered the level of liquidity above, the Board has concluded that there is no need to raise further funds in the current tax year.
Industry awards for the Investment Adviser
Your Board is pleased to see the Investment Adviser, once again, winning significant industry awards. The Investment Adviser was named VCT House of the Year for the fourth consecutive year at the unquote" British Private Equity Awards 2015 and also received the award for Exit of the Year for Focus Pharmaceuticals. In addition, Mobeus was named VCT Manager of the Year by Investor Allstars. These three awards recognised again the continuing high level of performance achieved by the Investment Adviser in all areas of its activity including deals, exits, portfolio management and fundraising.
Annual General Meeting
The Annual General Meeting of the Company will be held at 11.00 am on Thursday, 15 September 2016 at 33 St James's Square, London SW1Y 4JS. Both the Board and the Investment Adviser look forward to welcoming shareholders to the meeting which will provide shareholders with the opportunity to ask questions and to receive a presentation from the Investment Adviser on the investment portfolio. The Notice of the meeting is included on pages 72 to 74 of the Annual Report, which includes a resolution approving the proposed changes in the Investment Policy, which I referred to above under "Changes to the Investment Policy".
Shareholder Communications
The annual shareholder event was held on Tuesday 26 January 2016 at the Royal Institute of British Architects in central London. This annual event included presentations on the Mobeus advised VCTs' investment activity and performance including presentations by the Chief Executives of Jablite and Plastic Surgeon. There were separate day-time and evening sessions, and feedback from those who attended found it informative and worthwhile.
A similar event will be held on 24 January 2017 once again at the Royal Institute of British Architects in central London. Further details and an invitation will be sent to shareholders in due course.
Future prospects
A number of global uncertainties continue to overshadow investment markets, which in turn could affect the VCT.
As indicated, we are proposing changes to the Company's current Investment Policy at the forthcoming AGM to ensure full compliance with the provisions of the UK Finance (No 2) Act 2015. There may be a reduction in the level of new investment in the shorter term while the Investment Adviser identifies opportunities that comply with the requirements of the new legislation.
The Company and its Investment Adviser are confident that they will be able to adjust to the changes in VCT regulation introduced by the UK Finance (No 2) Act 2015, and still produce attractive returns in the future. The existing portfolio continues to perform well and to provide a good foundation for future performance.
Finally, I would like to express my thanks to all shareholders for their continuing support of the Company.
Nigel Melville
Chairman
23 June 2016
Investment Review
Portfolio review
This has been another positive year for the investment portfolio. The market continued to provide a healthy pipeline of good investment opportunities and conditions have remained favourable for both new investment and realisations. The portfolio is performing well, demonstrated by the fact that the valuation of the portfolio as a whole has increased by 12.6% during the year on a like-for-like basis*. The portfolio continues to be cash generative and many companies made partial repayments of their loan stock during the year.
Investments are spread across a number of sectors, primarily in support services, general retailers, media and fixed line telecommunications and software and computer services.
The Company made four new and two follow-on investments in the year, investing GBP4.51 million in total. Realisations totalled GBP5.00 million, the highlight being the sale of Tessella in December 2015. This realised cash proceeds of GBP2.10 million, and a gain over current cost of GBP1.39 million, being 3.85 pence per share. Total proceeds over the life of the investment were GBP2.55 million, representing a return of 2.8 times the original cost of the investment of GBP0.91 million, over the three and a half years that this investment was held.
Further proceeds from several investments sold in previous years totalled GBP0.84 million. Finally, GBP2.06 million, comprising loan repayments from companies held within the portfolio, make up the balance of total net realisation proceeds of GBP5.00 million.
Further details of the portfolio transactions above are included later under New investment and Realisations.
Impact of changes in VCT Rules
The changes to VCT Rules, introduced by the UK Finance (No2) Act 2015, have required all VCTs to reconsider the type of investments that they can make in future. This process is not yet complete and we anticipate a phase of familiarisation with the practical application of the rules. The new environment in which your Company is now operating is better defined than it was when first announced (but further clarity is needed) and this will support the Company in applying its Investment Policy at a detailed level to be consistent with the new VCT Rules. It is hoped that finalisation of the draft guidance recently published by HMRC will also assist this process. Nevertheless we have been able to make two investments under the new rules, in Redline in February 2016, and in MPB Group Limited after the year end in June 2016.
In response to the changes, we also intend to recruit additional investment professionals, who will focus primarily upon growth capital transactions and supplement our current resources. Mobeus are pleased to have already recruited both a senior experienced individual to head up this team, and another senior experienced individual, who both have a good track record of profitable investments in the VCT growth capital sector.
Mobeus Equity Partners LLP
*"Like for like" basis is calculated by dividing the value of the portfolio at 31 March 2016 plus the proceeds of any realisations that occurred in the year less the total cost of new investments made in the year, with the portfolio valuation at 31 March 2015.
New investment
A total of GBP4.51 million was invested in new deals during the year under review. This included GBP4.19 million in new investments into Jablite, Tushingham, Access IS and Redline and GBP0.32 million in two follow-on investments in CGI Creative Graphics International and Racoon International.
Principal new investments in the year
Company Business Date of Amount of
Investment new Investment
(GBPm)
------------------- ------------------------- ------------- ----------------
Expanded polystyrene
Jablite products April 2015 0.84 *
------------------- ------------------------- ------------- ----------------
Jablite is the UK's largest domestic manufacturer
of Expanded Polystyrene products operating under
two divisions manufacturing packaging (Styropack)
and construction (Jablite) products. The business
was acquired from its Dutch parent and operates
from five production sites in the UK. For the
year ended 31 December 2014, Jablite Limited
and Styropack (UK) Limited generated annual sales
of GBP32.83 million and GBP15.17 million respectively
and profit before interest, tax and amortisation
of goodwill of GBP2.01 million and GBP0.34 million
respectively.
* GBP0.84 million was invested into Duncary 16,
a company preparing to trade, on 2 April 2015.
This enabled Duncary 16 to acquire Jablite on
23 April 2015. Duncary 16 has subsequently changed
its name to Jablite Holdings Limited.
-------------------------------------------------------------------------------
Tushingham Supplier of watersports
Sails equipment July 2015 0.72*
------------------- ------------------------- ------------- ----------------
Tushingham Sails is a supplier of sails to the
UK windsurfing market. It has recently moved
into the young and rapidly expanding watersport
of stand-up paddleboarding, as the manufacturer
of its own fast growing brand called Red Paddle.
The Company's design ethos and historical market
knowledge have enabled Tushingham to penetrate
this world market and we are optimistic that
its strong growth will continue. The Company
had a turnover of GBP7.54 million and generated
an adjusted profit before interest, tax and amortisation
of goodwill of GBP1.08 million during the year
ended 28 February 2015.
* GBP0.85 million was invested in Vian Marketing,
a company preparing to trade, which acquired
Tushingham Sails Limited. This resulted in a
net repayment to the Company of GBP0.13 million.
-------------------------------------------------------------------------------
Data capture and October
Access IS scanning hardware 2015 1.95*
------------------- ------------------------- ------------- ----------------
Access IS is a leading provider of data capture
and scanning hardware. The company has a significant
share of the worldwide market for this technology
in airports and strong positions in the fast
growing markets of both ID & Security and Transport
& Ticketing. This was an opportunity to invest
in a longstanding and profitable business that
is well positioned in its niche market. The company's
latest audited accounts for the year ended 31
December 2014 show annual sales of GBP9.95 million
and profit before interest, tax and amortisation
of goodwill of GBP1.22 million.
*GBP0.85 million invested into Tovey Management
Limited, a company preparing to trade and GBP0.88
million held in Knighton Management Limited, a
company preparing to trade held at 31 March 2015,
along with GBP0.22 million from the Company, were
used for this investment.
-------------------------------------------------------------------------------
Provision of security February
Redline Worldwide products and services 2016 0.68*
------------------- ------------------------- ------------- ----------------
Redline Worldwide Limited ("Redline") is a market
leader in the provision of security consultancy
and training services to airlines, governments,
institutions, airports and global distribution
companies. Redline currently operates predominantly
in the aviation security market and is at the
forefront of counter terrorism training and services.
The investment will be applied to enable the
Company to grow in its core aviation market and
in other sectors. The company's latest accounts
for the year ended 31 March 2015 show turnover
of GBP4.81 million and profit before interest,
tax and amortisation of goodwill of GBP0.82 million.
* GBP0.85 million invested in Pound FM Consultants
Limited, a company preparing to trade, was used
for this investment. This resulted in a net repayment
of GBP0.17 million to the Company. Pound FM Consultants
Limited has subsequently changed its name to
Redline Worldwide Limited.
-------------------------------------------------------------------------------
New Investment after the year-end
Company Business Date of Amount of
Investment new Investment
(GBPm)
--------------------------------- ------------------------- ---------------- ----------------------
Online marketplace
for used photo
MPB Group and video equipment June 2016 0.37
--------------------------------- ------------------------- ---------------- ----------------------
MPB is Europe's leading online marketplace for
used photo and video equipment. Based in Brighton,
their custom-designed pricing technology enables
MPB to offer both buy and sell services through
the same platform and offers a one-stop shop
for all its customers. The investment is to fund
expansion of their platform globally, with launches
into both the US and German markets. The company's
latest audited accounts for the year ended 31
March 2015 show turnover of GBP7.49 million and
profit before interest, tax and amortisation
of goodwill of GBP0.30 million.
------------------------------------------------------------------------------------------------------
Company Business Date of Amount of
Investment new Investment
(GBPm)
--------------------------------- ------------------------- ---------------- ----------------------
Producer of adhesive
decorative graphics
CGI for vehicles June 2015 0.27
--------------------------------- ------------------------- ---------------- ----------------------
CGI Creative Graphics International is a leading
specialist provider of adhesive decorative graphics
to the automotive, recreational vehicle and airline
markets. It operates from two centres, in Bedford,
England and Cape Town, South Africa. The VCT
made a further loan stock investment in June
2015 which had been negotiated at the time of
the original investment in June 2014. The Company's
latest audited accounts for the year ended 28
February 2015 show annual sales of GBP9.19 million
and profits before interest, tax and amortisation
of goodwill of GBP1.30 million.
------------------------------------------------------------------------------------------------------
Hair extension,
hair care products October
Racoon International and training 2015 0.05
--------------------------------- ------------------------- ---------------- ----------------------
Racoon International is a premier supplier of
ethically sourced hair for hair extensions. A
small further investment had been made in January
2015 with the expectation that this, together
with the appointment of a successful sales-orientated
Mobeus operating partner to the management team
of the business, will add value to a previously
unsuccessful investment. A further GBP0.05 million
was advanced in October 2015 to provide working
capital. Racoon has a GBP1.57 million turnover
and generated profit before interest, tax and
amortisation of goodwill in the year ended 31
March 2015 of GBP0.01 million.
------------------------------------------------------------------------------------------------------
The VCT also invested a further GBP4.25 million
into new companies preparing to trade, in April
2015 and a further investment of GBP1.00 million
into an existing company preparing to trade,
in July 2015.
Realisations
As noted in the portfolio review above, the sale
of Tessella Holdings Limited generated attractive
returns, realising sale proceeds in the year
totalling GBP2.10 million. Other capital receipts
were GBP0.84 million being a further consideration
of GBP0.68 million received in respect of investments
realised in earlier periods, most notably Focus
Pharma (GBP0.37 million), Monsal Holdings (GBP0.09
million) and Youngman (GBP0.07 million), and
GBP0.16 million from Newquay Helicopters (2013)
Limited, as interim distributions resulting from
the members' voluntary liquidation of the company.
With the loan repayments of GBP2.06 million (listed
below), total net cash proceeds for the year
amounted to GBP5.00 million.
------------------------------------------------------------------------------------------------------
Company Business Period of Total cash
investment proceeds
over the
life of
investment/
Multiple
over cost
-------------------------------- ------------------------- ----------------- ----------------------
Tessella Science powered July 2012 GBP2.55
technology and - December million
consulting services 2015 2.8 times
cost
-------------------------------- ------------------------- ----------------- ----------------------
The VCT sold its investment in Tessella to
the French engineering consultancy, Altran
Group plc for GBP2.10 million. Founded in 1980,
Tessella is now a global business. In 2011
the company received the prestigious Queen's
Award for Enterprise in innovation for its
work on preserving the integrity of digital
information over long periods of time, irrespective
of numerous changes in technology. As part
of the sale transaction, the Company has retained
a small investment in this data archiving business,
Preservica, which was previously held within
Tessella. The sale returned an IRR of 42% and
during the three and a half years of this investment,
revenue has increased by 43% from GBP18.5 million
in 2012 to GBP26.5 million forecast for the
current financial year.
------------------------------------------------------------------------------------------------------
Loan stock repayments
Loan stock repayments totalled GBP2.74 million
for the year, including GBP0.68 million as
part of the proceeds from the Tessella realisation
above. Positive cash flow at four other companies
contributed to the balance of GBP2.06 million,
summarised below:-
Company Business Month Amount (GBP000's)
Leap New Co Logistics, storage
(Ward Thomas) and removals business May-January 849
Expanded polystyrene
Jablite products May-November 730
Vehicle cleaning
Motorclean and valeting services April-February 251
Company preparing
Vian Marketing to trade July 131
Tessella Consultancy services June-September 50
Company preparing
Pound FM Consultants to trade February 46
Total 2,057
Investment Portfolio Summary
as at 31 March 2016
Total
Book Valuation Valuation Change % of
cost at at in net
at 31 Additions Disposals 31 valuation assets
31 March March at at March for by
2016 2015 cost valuation 2016 year value
GBP GBP GBP GBP GBP GBP
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Qualifying
investments
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Unquoted
investments
ASL Technology
Holdings
Limited December
Printer and 2010
photocopier Support
services services 2,092,009 2,394,873 - - 2,397,086 2,213 5.6%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Entanet Holdings
Limited February
Wholesale 2014 voice and data Fixed communications Line provider Telecommunications 1,444,090 2,180,042 - - 2,045,102 (134,940) 4.7% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Virgin Wines Holding Company November Limited 2013 Online wine General retailer retailers 1,284,333 1,374,970 - - 1,886,136 511,166 4.4% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Tovey Management Limited (trading as Access IS)(1) October Provider of 2015 data capture Software and scanning and Computer hardware Services 1,733,500 885,000 848,500 - 1,733,500 - 4.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Manufacturing Services Investment Limited Company seeking to carry on a business February in the 2014 manufacturing Support sector services 1,608,300 608,000 1,000,300 - 1,608,300 - 3.7% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Fullfield Limited (trading as Motorclean Limited) Vehicle cleaning July 2011 and valet Support services services 1,025,152 930,735 - 251,452 1,281,548 602,265 3.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Tharstern Group Limited Software based management information July 2014 systems to Software the print and Computer sector Services 789,815 789,815 - - 977,681 187,866 2.3% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Veritek Global Holdings Limited Maintenance July 2013 of imaging Support equipment services 967,780 1,089,947 - - 974,052 (115,895) 2.2% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Media Business Insight Holdings Limited (formerly South West Services Investment Limited) A publishing and events business focused on the creative January production 2015 industries Media 1,447,188 1,447,188 - - 910,360 (536,828) 2.1% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- CGI Creative Graphics International Limited Vinyl graphics to global automotive, recreation vehicle and June 2014 aerospace General markets Industrials 999,568 731,032 268,536 - 889,634 (109,934) 2.1% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Hollydale Management Limited Company seeking to carry on March a business 2015 in the food Support sector Services 885,000 885,000 - - 885,000 - 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Backhouse Management Limited Company seeking to carry on April a business 2015 in the motor Support sector Services 848,500 - 848,500 - 848,500 - 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Barham Consulting Limited Company seeking to carry on April a business 2015 in the catering Support sector Services 848,500 - 848,500 - 848,500 - 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Chatfield Services Limited Company seeking to carry on April a business 2015 in the retail Support sector Services 848,500 - 848,500 - 848,500 - 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Creasy Marketing Services Limited Company seeking to carry on April a business 2015 in the textile Support sector Services 848,500 - 848,500 - 848,500 - 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- McGrigor Management Limited Company seeking to carry on a business April in the 2015 pharmaceutical Support sector Services 848,500 - 848,500 - 848,500 - 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- EOTH Limited (trading as Rab and Lowe Alpine) Branded outdoor October equipment and 2011 General clothing retailers 817,185 915,779 - - 842,686 (73,093) 2.0% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Turner Topco Limited (trading as ATG Media) Publisher and online auction October platform 2008 operator Media 1,320,963 1,317,247 - - 798,686 (518,561) 1.8% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Jablite Holdings Limited (formerly Duncary 16 Limited)(2) Manufacturer April of expanded 2015 polystyrene Construction products and materials 312,091 - 840,015 527,924 788,021 475,930 1.8% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- The Plastic Surgeon Holdings Limited Snagging and finishing of April domestic and 2008 commercial Support properties services 392,348 511,002 84 - 767,053 255,967 1.8% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Gro-Group Holdings March Limited 2013 Baby sleep General products retailers 1,123,088 695,892 - - 751,930 56,038 1.7% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Blaze Signs Holdings Limited Manufacturing April and 2006 installation Support of signs services 437,030 816,333 - - 738,939 (77,394) 1.7% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Vian Marketing Limited (trading as Tushingham Sails)(3) Design, manufacture and sale of stand-up paddleboards July 2015 and windsurfing Leisure sails goods 717,038 - 848,500 131,462 717,038 - 1.7% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Redline Worldwide Limited (formerly Pound FM Consultants)(4) Provider of security February services 2016 to the aviation Support industry services 682,222 - 848,500 166,278 682,222 - 1.6% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- RDL Corporation Limited Recruitment consultants for the pharmaceutical, business October intelligence 2010 and IT Support industries services 1,000,000 607,325 - - 669,057 61,732 1.5% ---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- -------- Bourn Bioscience Limited January Management 2014 of In-vitro Healthcare fertilisation Equipment
clinics & Services 757,101 607,329 - - 626,517 19,188 1.4%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Leap New Co
Limited
(trading
as Anthony
Ward Thomas,
Bishopsgate
and Aussie
Man & Van)(5)
A specialist
logistics, December
storage and 2014
removals Support
business services 369,625 1,221,841 - 852,216 534,927 165,302 1.2%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Vectair Holdings
Limited
Designer and January
distributor 2006
of washroom Support
products services 60,293 190,542 - - 271,156 80,614 0.6%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Racoon
International
Holdings
Limited
Supplier of
hair
extensions, December
hair care 2006
products Personal
and training goods 1,045,985 119,613 47,845 - 167,458 - 0.4%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Newquay
Helicopters
(2013) Limited
(in members'
voluntary
liquidation)
Helicopter June 2006
service Support
operators services 66,169 226,000 - 159,831 66,169 - 0.2%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Lightworks
Software
Limited April
Provider of 2006
software for Software
CAD and CAM and Computer
vendors Services 25,727 60,279 - - 65,592 5,313 0.1%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Preservica
Limited(6)
Seller of December
proprietary 2015
digital Software
archiving and Computer
software Services - - - - - - 0.0%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
PXP Holdings
Limited (no
longer trading)
Design,
manufacture
and supply December
of timber 2006
frames Construction
for buildings and materials 1,220,579 - - - - - 0.0%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Tessella
Holdings
Limited
Provider of
science powered
technology July 2012
and consulting Support
services services - 1,179,963 - 1,179,963 - - 0.0%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Total unquoted
investments 28,866,679 21,785,747 8,944,780 3,269,126 28,318,350 856,949 65.6%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
AIM quoted
investments
365 Agile Group
plc (formerly
Iafyds plc)
Development March
of energy 2001
saving Electronic
devices for and electrical
domestic use equipment 254,586 - - - 8 8 0.0%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Total AIM quoted
investments 254,586 - - - 8 8 0.0%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Total qualifying
investments 29,121,265 21,785,747 8,944,780 3,269,126 28,318,358 856,957 65.6%(7)
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Non-qualifying
investments
Media Business
Insight Limited as above 561,884 561,884 - - 794,824 232,940 1.8%
Tovey Management
Limited
(trading
as Access
IS)(8) as above 219,873 - 219,873 - 219,873 - 0.5%
Century 3370
plc (formerly
Fuse 8 plc)
Promotional March
goods and 2004
services Support
agency Services 250,000 - - - - - 0.0%
---------------- ------------------- ---------- ---------- --------- --------- ---------- --------- --------
Total non-qualifying
investments 1,031,757 561,884 219,873 - 1,014,697 232,940 2.3%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Total investments
per note 8,
page 54 of
the Annual
Report 30,153,022 22,347,631 9,164,653 3,269,126 29,333,055 1,089,897 67.9%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Cash and current
asset investments(9) 13,702,539 19,739,427 - - 13,702,539 31.8%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Total investments
including cash
and current
asset investments 43,855,561 42,087,058 9,164,653 3,269,126 43,035,594 1,089,897 99.7%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Other assets 266,308 180,065 266,308 0.6%
Current liabilities (160,890) (164,306) (160,890) (0.3)%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Totals 43,960,979 9,164,653 3,269,126
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
Net assets
at the year
end 42,102,817 43,141,012 100.0%
------------------------------------- ---------- ---------- --------- --------- ---------- --------- --------
(1) GBP848,500 invested in Tovey Management Limited,
a company preparing to trade, was used to acquire
Knighton Management Limited, a company preparing
to trade held at 31 March 2015, and Access IS, on
2 October 2015.
(2) GBP840,015 was invested into Duncary 16 Limited
on 2 April 2015, a company preparing to trade. This
enabled Duncary 16 to acquire Jablite on 23 April
2015. Duncary 16 has subsequently changed its name
to Jablite Holdings Limited.
(3) GBP717,038 invested in Vian Marketing Limited,
a company preparing to trade, was used to acquire
Tushingham Sails Limited. This resulted in a net
repayment to the Company of GBP131,462.
(4) GBP682,222 invested in Pound FM Consultants
Limited, a company preparing to trade, was used
for the investment into Redline Assured Security
Limited ("Redline"). This resulted in a net repayment
to the Company of GBP166,278. Pound FM Consultants
Limited subsequently changed its name to Redline
Worldwide Limited.
(5) On 31 July 2015, Leap New Co Limited (trading
as Ward Thomas and Bishopsgate) acquired Aussie
Man & Van Limited via a share for share exchange
plus a small amount of cash. The figures represent
the combined holding which was the position at 31
March 2016.
(6) The Company realised its investment in Tessella
Holdings Limited in December 2015. As part of the
consideration, in addition to cash, the Company
received a small share holding in Preservica Limited,
a subsidiary of Tessella Holdings that was demerged
as part of the transaction. The fair value of the
holding received was deemed to be zero at the date
of the transaction and therefore, the investment
cost is zero.
(7) As at 31 March 2016, the Company held more than
70% of its total investments in qualifying holdings,
and therefore complied with the VCT Qualifying Investment
test. For the purposes of the VCT qualifying test,
the Company is permitted to disregard disposals
of investments for six months from the date of disposal.
It also has up to three years to bring in new funds
raised, before these need to be included in the
qualifying investment test.
(8) The Company also advanced a non-qualifying loan
of GBP219,873 to Access IS Limited on 20 October
2015.
(9) Disclosed as Current asset investments and Cash
at bank within Current assets in the Balance Sheet
on page 43 of the Annual Report.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year and the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss for the Company for that period.
In preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether the financial statements have been prepared in accordance with United Kingdom accounting standards, subject to any material departures disclosed and explained in the financial statements;
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
-- prepare a Strategic Report, a Directors' Report and Directors' Annual Remuneration Report which comply with the requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website. Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.
Directors' responsibilities pursuant to Disclosure and Transparency Rule 4 of the UK Listing Authority
The Directors confirm to the best of their knowledge that:
(a) The financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice give a true and fair view of the assets, liabilities, financial position and the profit of the Company.
(b) The Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
The Board considers that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Company's performance, business model and strategy.
Neither the Company nor the Directors accept any liability to any person in relation to the Annual Report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A and schedule 10A of the Financial Services and Markets Act 2000.
The names and functions of the Directors are stated on page 25 of the Annual Report.
For and on behalf of the Board
Nigel Melville
Chairman
23 June 2016
FINANCIAL STATEMENTS
Income Statement
for the year ended 31 March 2016
Year ended 31 March
2016 Year ended 31 March 2015
Notes Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
-------------------------- ----- ---------- --------- --------- --------- ----------- -----------
Unrealised gains/(losses)
on investments 8 - 1,089,897 1,089,897 - (1,032,124) (1,032,124)
Realised gains on
investments 8 - 1,732,241 1,732,241 - 4,618,332 4,618,332
Income 3 1,736,490 - 1,736,490 1,901,055 - 1,901,055
Investment Adviser's
fees 4a (246,651) (739,953) (986,604) (222,228) (666,684) (888,912)
Other expenses 4b (302,518) - (302,518) (293,602) - (293,602)
Profit on ordinary
activities before
taxation 1,187,321 2,082,185 3,269,506 1,385,225 2,919,524 4,304,749
Taxation on profit
on ordinary activities 5 (147,991) 147,991 - (140,960) 140,960 -
Profit for the year
and total comprehensive
income 1,039,330 2,230,176 3,269,506 1,244,265 3,060,484 4,304,749
Basic and diluted
earnings per ordinary
share: 7 2.86p 6.14p 9.00p 4.02p 9.88p 13.90p
The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the unrealised gains and realised gains on investments and the proportion of the Investment Adviser's fee charged to capital.
The total column is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS"). In order to better reflect the activities of a VCT and in accordance with the Statement of Recommended Practice ("SORP") issued in November 2014 by the Association of Investment Companies ("AIC"), supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The revenue column of profit attributable to equity shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 274 Income Tax Act 2007.
All the items in the above statement derive from continuing operations of the Company. No operations were acquired or discontinued in the year.
Balance Sheet
as at 31 March 2016
Company number: 03946235
31 March 31 March
2016 2015
Notes GBP GBP
Fixed assets
Investments at fair value 8 29,333,055 22,347,631
Current assets
Debtors and prepayments 266,308 180,065
Current asset investments 9,337,621 8,227,301
Cash at bank 4,364,918 11,512,126
13,968,847 19,919,492
Creditors: amounts falling
due within one year (160,890) (164,306)
Net current assets 13,807,957 19,755,186
Net assets 43,141,012 42,102,817
Capital and reserves
Called up share capital 360,685 364,686
Share premium reserve 15,901,497 15,901,497
Capital redemption reserve 83,622 79,621
Revaluation reserve 1,783,724 1,116,647
Special distributable reserve 8,524,729 9,537,078
Realised capital reserve 15,529,419 14,279,820
Revenue reserve 957,336 823,468
Equity shareholders' funds 43,141,012 42,102,817
Basic and diluted net asset
value per ordinary share 119.61p 115.45p
Statement of Changes in Equity
for the year ended 31 March 2016
Non-distributable reserves Distributable reserves
Called
up Share Capital Special Realised
share premium redemption Revaluation distributable capital Revenue
capital reserve reserve reserve reserve reserve Reserve Total
(Note (Note (Note
a) b) b)
GBP GBP GBP GBP GBP GBP GBP GBP
------------------ -------- ---------- ----------- ----------- -------------- ---------- --------- -----------
At 1 April
2015 364,686 15,901,497 79,621 1,116,647 9,537,078 14,279,820 823,468 42,102,817
Comprehensive
income for
the year
Profit for
the year - - - 1,089,897 - 1,140,279 1,039,330 3,269,506
Total
comprehensive
income for
the year - - - 1,089,897 - 1,140,279 1,039,330 3,269,506
Contributions
by and
distributions
to owners -
Shares bought
back (note
c) (4,001) - 4,001 - (420,387) - - (420,387)
Dividends
paid - - - - - (905,462) (905,462) (1,810,924)
Total
contributions
by and
distributions
to owners (4,001) - 4,001 - (420,387) (905,462) (905,462) (2,231,311) Other movements Realised losses transferred to special reserve (note a) - - - - (591,962) 591,962 - - Realisation of previously unrealised appreciation - - - (422,820) - 422,820 - - Total other movements - - - (422,820) (591,962) 1,014,782 - - At 31 March 2016 360,685 15,901,497 83,622 1,783,724 8,524,729 15,529,419 957,336 43,141,012
Notes
a): The cancellation of the formerly named C Share Fund's share premium account (as approved at the Extraordinary General meeting held on 10 September 2008 and by the order of the Court dated 28 October 2009), together with the previous cancellation of the share premium account attributable to the former Ordinary Share Fund and C Shares, has provided the Company with a special distributable reserve. The purpose of this reserve is to fund market purchases of the Company's own shares as and when it is considered by the Board to be in the interests of the Shareholders, and to write-off existing and future losses as the Company must take into account capital losses in determining distributable reserves. The total transfer of GBP591,962 from the special distributable reserve to the realised capital reserve above is the total of realised losses incurred by the Company in the year.
b): The realised capital reserve and the revenue reserve together comprise the Profit and Loss Account of the Company.
c): During the year, the Company purchased 400,169 of its own shares at the prevailing market price for a total cost of GBP420,387, which were subsequently cancelled. The difference between the total cost above of GBP420,387 and that per the Statement of Cash Flows of GBP376,756 is due to a share buyback creditor at 31 March 2016 of GBP43,631.
The composition of each of these reserves is explained below:
Called up share capital
The nominal value of shares originally issued, increased for subsequent share issues either via an Offer for Subscription or reduced due to shares bought back by the Company.
Capital redemption reserve
The nominal value of shares bought back and cancelled is held in this reserve, so that the company's capital is maintained.
Share premium reserve
This reserve contains the excess of gross proceeds less issue costs over the nominal value of shares allotted under Offers for Subscription in 2014 and 2015.
Revaluation reserve
Increases and decreases in the valuation of investments held at the year-end are accounted for in this reserve, except to the extent that the diminution is deemed permanent. In accordance with stating all investments at fair value through profit and loss (as recorded in note 8), all such movements through both revaluation and realised capital reserves are shown within the Income Statement for the year.
Special distributable reserve
The cost of share buybacks is charged to this reserve. In addition, any realised losses on the sale or impairment of investments (excluding transaction costs), and 75% of the Investment Adviser fee expense, and the related tax effect, are transferred from the realised capital reserve to this reserve.
Realised capital reserve
The following are accounted for in this reserve:
-- Gains and losses on realisation of investments; -- Permanent diminution in value of investments; -- Transaction costs incurred in the acquisition and disposal of investments;
-- 75% of the Investment Adviser's fee and 100% of any performance fee payable, together with the related tax effect to this reserve in accordance with the policies; and
-- Capital dividends paid.
Revenue reserve
Income and expenses that are revenue in nature are accounted for in this reserve together with the related tax effect, as well as income dividends paid that are classified as revenue in nature.
Statement of Changes in Equity
for the year ended 31 March 2015
Non-distributable reserves Distributable reserves
Called
up Share Capital Special Realised
share Premium redemption Revaluation distributable capital Revenue
capital reserve reserve reserve reserve reserve Reserve Total
GBP GBP GBP GBP GBP GBP GBP GBP
----------------- -------- ---------- ----------- ----------- -------------- ----------- --------- -----------
At 1 April
2014 280,621 5,363,551 73,413 5,930,144 11,565,499 10,099,137 566,014 33,878,379
Comprehensive
income for
the year
Profit for
the year - - - (1,032,124) - 4,092,608 1,244,265 4,304,749
Total
comprehensive
income for
the year - - - (1,032,124) - 4,092,608 1,244,265 4,304,749
Contributions
by and
distributions
to owners -
Shares issued
via Linked
Offer for
Subscription 90,273 10,537,946 - - (45,871) - - 10,582,348
Shares bought
back (6,208) - 6,208 - (652,628) - - (652,628)
Dividends
paid - - - - - (5,023,220) (986,811) (6,010,031)
Total
contributions
by and
distributions
to owners 84,065 10,537,946 6,208 - (698,499) (5,023,220) (986,811) 3,919,689
Other movements -
Realised
losses
transferred
to special
reserve - - - - (1,329,922) 1,329,922 - -
Realisation
of previously
unrealised
appreciation - - - (3,781,373) - 3,781,373 - -
Total other
movements - - - (3,781,373) (1,329,922) 5,111,295 - -
At 31 March
2015 364,686 15,901,497 79,621 1,116,647 9,537,078 14,279,820 823,468 42,102,817
Statement of Cash Flows
for the year ended 31 March 2016
Year ended Year ended
31 March 31 March
2016 2015
Notes GBP GBP
Cash flows from operating activities
Profit for the financial year 3,269,506 4,304,749
Adjustments for:
Net unrealised (gains)/losses
on investments (1,089,897) 1,032,124
Net gains on realisations on
investments (1,732,241) (4,618,332)
(Increase)/decrease in debtors (86,327) 216,588
(Decrease)/increase in creditors
and accruals (47,047) 54,945
Net cash inflow from operating
activities 313,994 990,074
Cash flows from investing activities
Purchase of investments 8 (9,164,569) (7,374,456)
Disposal of investments 8 5,001,367 13,145,958
Increase in bank deposits with
a maturity over three months (7,061) (500,000)
Net cash (outflow)/inflow from
investing activities (4,170,263) 5,271,502
Cash flows from financing activities
Shares issued as part of Offer
for subscription - 12,782,668
Equity dividends paid 6 (1,810,924) (6,010,031)
Purchase of own shares (376,756) (680,302)
Net cash (outflow)/inflow from
financing activities (2,187,680) 6,092,335
Net (decrease)/increase in cash
and cash equivalents (6,043,949) 12,353,911
Cash and cash equivalents at
start of year 19,239,427 6,885,516
Cash and cash equivalents at
end of the year 13,195,478 19,239,427
Cash and cash equivalents comprise:
Cash equivalents 8,830,560 7,727,301
Cash at bank and in hand 4,364,918 11,512,126
Notes to the Financial Statements
for the year ended 31 March 2016
1 Company Information
Mobeus Income and Growth 2 VCT plc is a public limited company incorporated in England, registration number 03946235. The registered office is 30 Haymarket, London, SW1Y 4EX.
2 Basis of preparation
A summary of the principal accounting policies, all of which have been applied consistently throughout the year, are set out at the start of the related disclosure throughout the Notes to the Financial Statements within an outlined box.
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, Financial Reporting Standard 102 ("FRS102"), with the Companies Act 2006 and the 2014 Statement of Recommended practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('the SORP') issued by the Association of Investment Companies.
This is the first year in which the financial statements have been prepared under FRS102. There has been no material change in the accounting policies and so there has been no restatement of comparatives, other than in relation to Cash at bank and Current asset investments which was just a presentational change and had no effect on net assets. The Company has elected to apply early the revised disclosure requirements as set out in Amendments to FRS 102 - Fair Value hierarchy disclosures issued in March 2016.
3 Income
Dividends receivable on quoted equity shares
are brought into account on the ex-dividend date.
Dividends receivable on unquoted equity shares
are brought into account when the Company's right
to receive payment is established and there is
no reasonable doubt that payment will be received.
Interest income on loan stock is accrued on a
daily basis. Provision is made against this income
where recovery is doubtful or where it will not
be received in the foreseeable future. Where
the loan stocks only require interest or a redemption
premium to be paid on redemption, the interest
and redemption premium is recognised as income
or capital as appropriate once redemption is
reasonably certain. When a redemption premium
is designed to protect the value of the instrument
holder's investment rather than reflect a commercial
rate of revenue return the redemption premium
is recognised as capital. The treatment of redemption
premiums is analysed to consider if they are
revenue or capital in nature on a company by
company basis. Accordingly, the redemption premium
recognised in the year ended 31 March 2016 has
been classified as capital and has been included
within realised gains on investments.
-------------------------------------------------------
2016 2015
GBP GBP
---------------------------------- --------- ---------
Income from bank deposits 49,237 29,815
Income from investments
- from equities 87,073 286,492
- from overseas based OEICs 14,913 10,873
- from UK based OEICs 6,493 4,811
- from loan stock 1,578,774 1,566,646
1,687,253 1,868,822
Other income - 2,418
Total income 1,736,490 1,901,055
Total income comprises
Dividends 108,479 302,176
Interest 1,628,011 1,596,461
Other - 2,418
1,736,490 1,901,055
2016 2015
GBP GBP
---------------------------------- --------- ---------
Income from investments comprises
---------------------------------- --------- ---------
Listed overseas securities 14,913 10,873
Unlisted UK securities 93,566 291,303
Loan stock interest 1,578,774 1,566,646
---------------------------------- --------- ---------
1,687,253 1,868,822
---------------------------------- --------- ---------
Total loan stock interest due but not recognised
in the year was GBP166,537 (2015: GBP103,565).
4 Investment Adviser's fees and Other expenses
All expenses are accounted for on an accruals
basis.
----------------------------------------------
a) Investment Adviser's fees and performance fees
25% of the Investment Adviser's fees are charged
to the revenue column of the Income Statement,
while 75% is charged against the capital column
of the Income Statement. This is in line with
the Board's expected long-term split of returns
from the investment portfolio of the Company.
100% of any performance incentive fee payable
for the year is charged against the capital column
of the Income Statement, as it is based upon
the achievement of capital growth.
----------------------------------------------------
2016 2015
Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
--------------------- ------- ------- ------- ------- ------- -------
Investment Adviser's
Fees 246,651 739,953 986,604 222,228 666,684 888,912
Under the terms of a revised investment management agreement dated 10 September 2010, Mobeus Equity Partners LLP ("Mobeus") provides investment advisory, administrative and company secretarial services to the Company, for a fee of 2% per annum calculated on a quarterly basis by reference to the net assets at the end of the preceding quarter, plus a fee of GBP113,589 per annum, the latter being subject to changes in the retail prices index each year. In 2013, Mobeus has agreed to waive such further increases due to indexation, until otherwise agreed by the Board. In accordance with the policy statement published under "Management and Administration" in the Company's prospectus dated 10 May 2000, the Directors have charged 75% of the investment management expenses to the capital account. This is in line with the Board's expectation of the long-term split of returns from the investment portfolio of the Company.
Under the terms of the management agreement the total Investment Adviser and administration expenses of the Company excluding any irrecoverable VAT, exceptional costs and any performance incentive fee, are linked to a maximum of 3.6% of the value of the Company's closing net assets. For the year ended 31 March 2016, the expense cap has not been breached (2015:GBPnil).
The Company is responsible for external costs such as legal and accounting fees, incurred on transactions that do not proceed to completion ("abort expenses") subject to the cap on total annual expenses referred to above.
In accordance with general market practice, the Investment Adviser earned arrangement fees and fees for supplying Directors and/or monitoring services from investee companies. The share of such fees attributable to the investments made by the Company were GBP111,903 (2015: GBP150,817) and GBP124,601 (2015: GBP136,277) respectively. The fees for supplying directors and/or monitoring services were from 26 (2015: 30) investee companies during the year. These figures are not part of these financial statements.
Performance incentive agreement
The following performance incentive fee agreement dated 20 September 2005 continues to be in place, and operated as detailed below:
New Ordinary and former C share fund shares
Basis of Calculation
The performance incentive fee payable is calculated as an amount equivalent to 20 per cent of the excess of a "Target rate" comprising:-
i) an annual dividend target (indexed each year for RPI) and
ii) a requirement that any cumulative shortfalls below the annual dividend target must be made up in later years. Any excess is not carried forward, whether a fee is payable for that year or not.
Payment of a fee is also conditional upon the average Net Asset Value ("NAV") per share for each such year equalling or exceeding the average "Base NAV" per share for the same year. Base NAV commenced at GBP1 per share when C fund shares were first issued in 2005, which is adjusted for subsequent shares issued and bought back.
Any performance fee will be payable annually. It will be reduced to the proportion which the number of "Incentive Fee Shares" represent of the total number of shares in issue at any calculation date. Incentive Fee Shares are the only shares upon which an incentive fee is payable. They will be the number of C fund shares in issue just before the Merger of the two former share classes on 10 September 2010, (which subsequently became Ordinary shares) plus Ordinary shares issued under new fundraisings since the Merger. This total is then reduced by an estimated proportion of the shares bought back by the Company since the Merger, that are attributable to the Incentive Fee Shares.
Position at 31 March 2016
The cumulative dividend shortfall at 31 March 2016 is 7.40p per share (GBP2,085,484 in aggregate, being 78.1% of the total shortfall) at the year-end (where 78.1% is the proportion of Incentive Fee Shares to the total number of shares in issue at the year-end date) and taking into account the target rate of dividends and the dividends paid to shareholders.
The 6p annual dividend hurdle was 7.32p per share at the year-end after adjustment for RPI. The Base NAV was 106.12p per share at the year-end and an average of 106.11p for the year, compared to an average NAV for the year of 119.62p.
Accordingly, no Incentive payment is payable for the year, as there is a cumulative dividend shortfall at the year-end of 7.40p per share.
Clarifications in the year
The Board and the Investment Adviser have agreed to confirm and clarify in more detail a number of principles and interpretations applied to the Agreement. The principal ones are reflected in the paragraphs above and explained below:-
First, the incentive payment is payable upon dividends paid in a year, not declared and paid in a year, as the original agreement stated. Secondly, the average NAV referred to above is calculated on a daily weighted average basis throughout the year. In turn, this average NAV is compared to a Base NAV that is also calculated on a daily weighted average basis throughout the year. Thirdly, the methodologies to account for new shares issued and buybacks of shares, their consequent impact upon the incentive fee calculations and to identify the proportion of Incentive Fee Shares upon which an incentive fee is payable, have been clarified.
Finally, it has been agreed that any excess of cumulative dividends paid over the cumulative annual dividend target is not carried forward, whether a fee is paid for that year or not.
These clarifications have been incorporated into the performance incentive agreement. The Board has been advised that, as these and a number of more minor clarifications, are clarifications of the Incentive Agreement, rather than changes to it, there is no need to seek shareholder approval for them.
b) Other expenses
Expenses are charged wholly to revenue, with
the exception of expenses incidental to the acquisition
or disposal of an investment, which are written
off to the capital column of the Income Statement
or deducted from the disposal proceeds as appropriate.
---------------------------------------------------------
2016 2015
GBP GBP
Directors' remuneration (including
NIC) (note a) 97,080 92,614
IFA trail commission 27,009 49,642
Broker's fees 12,000 12,000
Auditors' fees - audit 33,537 21,060
- tax compliance services (note
b) 4,448 2,160
- audit related assurance services
(note b) 5,720 5,580
Registrar's fees 26,914 21,662
Printing 24,194 34,357
Legal & professional fees 6,091 8,772
VCT monitoring fees 7,500 10,320
Director's insurance 8,838 9,063
Listing and regulatory fees 20,810 24,359
Sundry 3,534 2,013
Running costs 277,675 293,602
Provision against loan interest
receivable (note c) 24,843 -
Other expenses 302,518 293,602
a): See analysis in the Directors' emoluments table on page 32 of the Annual Report, which excludes the NIC above. The key management personnel are the four non-executive directors. The Company has no employees.
b): The Directors consider the Auditor was best placed to provide the other services disclosed above. The Audit Committee reviews the nature and extent of these services to ensure that auditor independence is maintained.
c): Provision against loan interest receivable of GBP24,843 (2015: GBPnil) is a provision made against loan stock interest recognised in previous years.
5 Taxation on ordinary activities
The tax expense for the year comprises current
tax and is recognised in profit or loss. The
current income tax charge is calculated on the
basis of tax rates and laws that have been enacted
or substantively enacted by the reporting date.
Any tax relief obtained in respect of Investment
Adviser fees allocated to capital is reflected
in the capital reserve - realised and a corresponding
amount is charged against revenue. The tax relief
is the amount by which corporation tax payable
is reduced as a result of these capital expenses.
Deferred tax is recognised in respect of all
timing differences that have originated but not
reversed at the balance sheet date where transactions
or events that result in an obligation to pay
more tax in the future or a right to pay less
tax in the future have occurred at the balance
sheet date. Timing differences are differences
between the Company's taxable profits and its
results as stated in the financial statements
that arise from the inclusion of gains and losses
in the tax assessments in periods different from
those in which they are recognised in the Financial
Statements.
Deferred tax is measured at the average tax rates
that are expected to apply in the years in which
the timing differences are expected to reverse
based on tax rates and laws that have been enacted
or substantively enacted at the balance sheet
date. Deferred tax is measured on a non-discounted
basis.
A deferred tax asset would be recognised only
to the extent that it is more likely than not
that future taxable profits will be available
against which the asset can be utilised.
-------------------------------------------------------
2016 2015
Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
----------------------- --------- --------- --------- --------- --------- ---------
a) Analysis
of tax charge:
UK Corporation
tax on profits
for the year 147,991 (147,991) - 140,960 (140,960) -
Total current
tax charge 147,991 (147,991) - 140,960 (140,960) -
Corporation
tax is based
on a rate of
20% (2015: 20%)
b) Profit on
ordinary activities
before tax 1,187,321 2,082,185 3,269,506 1,385,225 2,919,524 4,304,749
Profit on ordinary
activities multiplied
by small company
rate of corporation
tax in the UK
of 20% (2015:
20%) 237,464 416,437 653,901 277,045 583,905 860,950
Effect of:
UK dividends (17,414) - (17,414) (57,298) - (57,298)
Unrealised gains
not taxable - (217,979) (217,979) - 206,425 206,425
Realised gains
not taxable - (346,449) (346,449) - (923,666) (923,666)
Marginal rate
relief - - - 7,624 (7,624) -
Utilisation
of losses on
which deferred
tax not recognised (72,059) - (72,059) (86,411) - (86,411)
Actual tax charge 147,991 (147,991) - 140,960 (140,960) -
Tax relief relating to Investment Adviser fees is allocated between revenue and capital where such relief can be utilised.
No asset or liability has been recognised for deferred tax in relation to capital gains or losses on revaluing investments as the Company is exempt from corporation tax in relation to capital gains or losses as a result of qualifying as a Venture Capital Trust.
There is no potential liability to deferred tax (2015: GBPnil). There is an unrecognised deferred tax asset of GBP18,875 (2015: GBP90,934).
6 Dividends paid and payable
Dividends payable are recognised as distributions
in the financial statements when the Company's
liability to pay them has been established. This
liability is established for interim dividends
when they are paid, and for final dividends when
they are approved by the shareholders, usually
at the Company's Annual General Meeting.
The Company's status as a VCT means it has to
comply with Section 259 of the Income Tax Act
2007, which requires that no more than 15% of
the income from shares and securities in a year
can be retained from the revenue available for
distribution for the year. Accordingly, the Board
is required to determine the amount of minimum
income dividend.
---------------------------------------------------
Amounts recognised as distributions
to equity shareholders in the year:
For year
ended Pence 2016 2015
Dividend Type 31 March per share Date Paid GBP GBP
Interim Capital 2015 14.00p 20/10/2014 - 4,215,829
Interim Income 2015 2.75p 20/03/2015 - 986,811
Interim Capital 2015 2.25p 20/03/2015 - 807,391
Interim Income 2016 2.50p 18/03/2016 905,462 -
Interim Capital 2016 2.50p 18/03/2016 905,462 -
1,810,924 6,010,031
Any proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
Set out below are the total income dividends payable in respect of the financial year, which is the basis on which the requirements of section 274 of the Income Tax Act 2007 are considered.
Recognised income distributions
in the financial statements for
the year:
For year
ended Pence 2016 2015
Dividend Type 31 March per share Date Paid GBP GBP
Revenue available for distribution
by way of dividends for the year 1,039,330 1,244,265
Interim Income 2015 2.75p 20/03/2015 - 986,811
Interim Income 2016 2.50p 18/03/2016 905,462 -
Total income dividends for
the year 905,462 986,811
The Board has declared a special interim dividend of 5.00 pence per share in respect of the year ending 31 March 2017, which is not reflected in any of the figures above.
7 Basic and diluted earnings per share
2016 2015
GBP GBP
------------------------------------- ----------- -----------
Total earnings after taxation: 3,269,506 4,304,749
Basic and diluted earnings per share
(note a) 9.00p 13.90p
Net revenue earnings from ordinary
activities after taxation 1,039,330 1,244,265
Basic and diluted revenue earnings
per share (note b) 2.86p 4.02p
Unrealised capital gains/(losses) 1,089,897 (1,032,124)
Realised capital gains 1,732,241 4,618,332
Capital expenses (net of taxation) (591,962) (525,724)
Total capital earnings 2,230,176 3,060,484
Basic and diluted capital earnings
per share (note c) 6.14p 9.88p
Weighted average number of shares
in issue in the year 36,312,815 30,966,734
Notes:
a) Basic earnings per share is total earnings after taxation divided by the weighted average number of shares in issue.
b) Revenue earnings per share is the revenue return after taxation divided by the weighted average number of shares in issue.
c) Capital earnings per share is the total capital return after taxation divided by the weighted average number of shares in issue.
d) There are no instruments that will increase the number of shares in issue in future. Accordingly, the above figures currently represent both basic and diluted earnings.
8 Investments at fair value
The most critical estimates, assumptions and
judgments relate to the determination of the
carrying value of investments at "fair value
through profit and loss" (FVTPL). All investments
held by the Company are classified as FVTPL and
measured in accordance with the International
Private Equity and Venture Capital Valuation
("IPEVCV") guidelines, as updated in December
2015. This classification is followed as the
Company's business is to invest in financial
assets with a view to profiting from their total
return in the form of capital growth and income.
For investments actively traded on organised
financial markets, fair value is generally determined
by reference to Stock Exchange market quoted
bid prices at the close of business on the balance
sheet date. Purchases and sales of quoted investments
are recognised on the trade date where a contract
of sale exists whose terms require delivery within
a time frame determined by the relevant market.
Purchases and sales of unlisted investments are
recognised when the contract for acquisition
or sale becomes unconditional.
Unquoted investments are stated at fair value
by the Directors in accordance with the following
rules, which are consistent with the IPEVCV guidelines:
All investments are held at the price of a recent
investment for an appropriate period where there
is considered to have been no change in fair
value. Where such a basis is no longer considered
appropriate, each investment is considered as
a whole on a 'unit of account' basis, alongside
the following factors:
(i) Where a value is indicated by a material
arms-length transaction by an independent third
party in the shares of a company, this value
will be used.
(ii) In the absence of i) and depending upon
both the subsequent trading performance and investment
structure of an investee company, the valuation
basis will usually move to either:-
a) an earnings multiple basis. The shares may
be valued by applying a suitable price-earnings
ratio to that company's historic, current or
forecast post-tax earnings before interest and
amortisation (the ratio used being based on a
comparable sector but the resulting value being
adjusted to reflect points of difference identified
by the Investment Adviser compared to the sector
including, inter alia, a lack of marketability).
or:-
b) where a company's underperformance against
plan indicates a diminution in the value of the
investment, provision against cost is made, as
appropriate.
(iii) Premiums that will be received upon repayment
of loan stock investments are accrued at fair
value when the Company receives the right to
the premium and when considered recoverable.
(iv) Where an earnings multiple or cost less
impairment basis is not appropriate and overriding
factors apply, discounted cash flow or net asset
valuation bases may be applied.
A key judgement made in applying the above accounting
policy relates to investments that are permanently
impaired. Where the value of an investment has
fallen permanently below cost, the loss is treated
as a permanent impairment and as a realised loss,
even though the investment is still held. The
Board assesses the portfolio for such investments
and, after agreement with the Investment Adviser,
will agree the values that represent the extent
to which an investment loss has become realised.
This is based upon an assessment of objective
evidence of that investment's future prospects,
to determine whether there is potential for the
investment to recover in value. None were identified
in the year.
------------------------------------------------------------
Movements in investments during the year are summarised as follows:
Unquoted Unquoted
Traded equity preference Loan
on AIM shares shares Stock Total
GBP GBP GBP GBP GBP
-------------------------- --------- ----------- ----------- ----------- -----------
Cost at 31 March 2015 254,586 7,914,104 23,963 15,792,128 23,984,781
Permanent impairments
at 31 March 2015 (254,586) (1,688,074) (739) (810,398) (2,753,797)
Unrealised (losses)/gains
at 31 March 2015 - (280,955) 19,974 1,377,628 1,116,647
Valuation at 31 March
2015 - 5,945,075 43,198 16,359,358 22,347,631
Purchases at cost - 2,969,664 170 6,194,819 9,164,653
Sale proceeds - (2,264,020) (1,000) (2,736,347) (5,001,367)
Reclassification at
value - (122,903) 178 122,725 -
Realised gains - 1,530,455 - 201,786 1,732,241
Unrealised gains/(losses)
on investments 8 194,782 (21,011) 916,118 1,089,897
Closing valuation
at 31 March 2016 8 8,253,053 21,535 21,058,459 29,333,055
Cost at 31 March 2016 254,586 10,176,306 23,311 19,698,819 30,153,022
Permanent impairments
at 31 March 2016 (note
a) (254,586) (1,537,968) (739) (810,398) (2,603,691)
Unrealised gains/(losses)
at 31 March 2016 8 (385,285) (1,037) 2,170,038 1,783,724
Valuation at 31 March
2016 8 8,253,053 21,535 21,058,459 29,333,055
A breakdown of the increases and the decreases in unrealised valuations of the portfolio is shown in the Investment Portfolio Summary on pages 18 to 20 of the Annual Report.
a) During the year, permanent impairments of the cost of investments have reduced from GBP2,753,797 to GBP2,603,691. The reduction of GBP150,106 is due to an investee company being dissolved in the year, which removes the cost and related impairment of this investment from these accounts.
Reconciliation of investment transactions to Statement of Cash Flows
Purchases above of GBP9,164,653 are greater than that reported in the Statement of Cash Flows of GBP9,164,569 by GBP84. This relates to the purchase of shares through exercising options in an investee company, which completed in the year.
9 Post balance sheet events
On 15 June 2016, the Company invested GBP0.37 million in MPB Group Limited.
10 Statutory information
The financial information set out in these statements does not constitute the Company's statutory accounts for the year ended 31 March 2016 in terms of section 434 of the Companies Act 2006 but is derived from those accounts. Statutory accounts for the year ended 31 March 2016 will be delivered to Companies House following the Company's Annual General Meeting. The auditors have reported on those accounts: their report was unqualified and did not contain a statement under Section 498 of the Companies Act 2006.
11 Annual Report
The Annual Report for the year ended 31 March 2016 will shortly be made available on the Company's website: www.mig2vct.co.uk. and Shareholders will be notified of this by email or post or sent a hard copy in the post in accordance with their instructions. Copies will be available thereafter to members of the public from the Company's registered office.
12 Annual General Meeting
The Annual General Meeting of the Company will be held at 11.00 am on Thursday, 15 September 2016 at 33 St James's Square, London SW1Y 4JY.
Contact details for further enquiries:
Robert Brittain of Mobeus Equity Partners LLP (the Company Secretary) on 020 7024 7600 or by e-mail to vcts@mobeusequity.co.uk.
Mark Wignall or Mike Walker at Mobeus Equity Partners LLP (the Investment Adviser) on 020 7024 7600 or by e-mail to info@mobeusequity.co.uk.
DISCLAIMER
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FJMITMBATBAF
(END) Dow Jones Newswires
June 23, 2016 11:07 ET (15:07 GMT)
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