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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
New Century Aim Vct 2 Plc | LSE:NCA2 | London | Ordinary Share | GB00B1SN3863 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 26.00 | 41.00 | 33.50 | 33.50 | 33.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | -1.46M | -1.6M | -0.3147 | -1.06 | 1.7M |
TIDMNCA2
New Century AIM VCT 2 plc
For the six months to 30th June 2016
Chairman's Statement
In the six months to 30th June 2016, the net asset value (NAV) of your fund fell 9.5% to 57p. The FTSE AIM Allshare Index declined by 4.2% over the same period.
The fund went ex-dividend to the amount of 1.75p per share in June which falls within the accounting period under review. If we add that back to the NAV, the decline moderates to a fall of 7.1%.
The period started well, however in June we had the shock result of the BREXIT referendum which caused sharp falls across most indices, with the AIM All Share Index being one. Your fund was not immune to these falls as we reported a NAV of 62.56p as at the end of May 2016, but by the end of June this had fallen to 57.04p, as stated earlier. The Markets have since absorbed the outcome of the referendum and have staged encouraging gains and your funds NAV has now recovered to 59.2p as at 19th August 2016.
We continue to expect volatility within the smaller companies sector as we await confirmation of the timetable of our withdrawal from the E.U., although we are currently seeing some attractively priced fund raisings starting to appear.
We made six further VCT qualifying investments in the period, Immupharma, Photonstar LED Group, Yu Group, Scancell Holdings, Medaphor Group and Imaginatik plc.
We top sliced or exited 6 qualifying holdings and 3 non-qualifying.
We are cautiously optimistic for the second half of the year.
Geoff Gamble
Chairman
30 August 2016
New Century AIM VCT2 plc
For the six months to 30th June 2016
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts as at 30 June 2016 as at 31 December 2015* as at 30 June 2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed Assets Investments 2,553 2,878 2,966 Current Assets Sundry debtors - - - Uninvested cash 64 64 51 51 217 217 Current Liabilities Creditors: amounts due within one year (6) (16) (8) 2,611 2,913 3,175 Capital and Reserves Share capital 461 461 512 Share premium 57 57 57 Capital redemption reserve 171 171 120 Capital reserve - realised (1,014) (1,054) (900) Capital reserve - unrealised 2,330 2,668 2,394 Revenue reserve 606 610 992 2,611 2,913 3,175 Asset Value 57p 63p 62p per share *Audited accounts
New Century AIM VCT2 plc
For the six months to 30th June 2016
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 June 2016 Year to 31 December 2015* 6 month period ended 30 June 2015 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Gains/(losses) on investments Realised - 28 28 - 133 133 - 31 31 Unrealised - (317) (317) - 160 160 - 130 130 Income 17 - 17 52 - 52 14 - 14 Investment management (4) (10) (14) (8) (24) (32) (4) (12) (16) fees Other (16) - (16) (38) - (38) (13) - (13) expenses Return on ordinary (3) (299) (302) 6 269 275 (3) 149 146 activities Tax on ordinary - - - - - - - - - activities Return on ordinary activities after (3) (299) (302) 6 269 275 (3) 149 146 taxation Return per ordinary (0.07) (6.49) (6.56) 0.13 5.27 5.40 (0.06) 2.92 2.86 share in pence *Audited Accounts All revenue and capital items in the above statement derive from continuing operations. The company has only one class of business and derives its income from investments in shares and securities, and from bank and money market funds. The weighted average number of shares in issue during the period was 4,606,953.
New Century AIM VCT2 plc
For the six months to 30th June 2016
Unaudited Consolidated Statement of Changes in Equity
Called-up Share Capital Capital Capital Revenue share Premium Redemption realised unrealised reserve Total capital account Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As 461 57 171 (1,054) 2,668 610 2,913 at 1 January 2016 Realised - - - 28 - - 28 gains on disposals Unrealised - - - - (317) - (317) loss Transfer - - - 21 (21) - - of unrealised gain to realised on disposal of investment Net - - - - - (3) (3) revenue before tax Investment - - - (10) (10) - - (10) management - (10) fee - ________ ________ _________ ________ ________ ________ ________ At 30 461 57 171 (1,015) 2,330 607 2,611 June 2016 As 512 57 120 (800) 2,145 995 3,029 at 1 January 2015 Realised - - - 31 - - 31 gains on disposals Unrealised - - - - 130 - 130 gains Transfer - - - (119) 119 - - of unrealised loss to realised on disposal of investment Net - - - - - (3) (3) revenue before tax Investment - - - (12) - - (12) management fee ________ ________ _________ ________ ________ ________ ________ At 30 512 57 120 (900) 2,394 992 3,175 June 2015
New Century AIM VCT2 plc
For the six months to 30th June 2016
Unaudited Cash Flow Statement
6 month period ended 30 June 2016 Year to 31 December 2015* 6 month period ended 30 June 2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Net cash generated from (40) (71) (38) operating activities Cash flow from investing activities Interest received - 1 - Investment income 17 17 51 52 14 14 Cash flows from financing activities Sale of investments 162 1,120 762 Purchase of investments (126) (683) (545) Share capital repurchase - (314) - Dividend paid - 36 (77) 46 - 217 Net increase in cash 13 27 193 and cash equivalents Cash and cash equivalents 51 24 24 at beginning of period
Cash and cash equivalents 64 51 217 at end of period *Audited Accounts
New Century AIM VCT2 plc
For the six months to 30th June 2016
Investment Portfolio
Security Cost Valuation % % 30 June 2016 Cost Valuation Qualifying Investments 2,572,096 2,227,381 83.62 85.09 Non-qualifying 439,217 325,818 14.28 12.44 Investments Uninvested funds 64,590 64,590 2.10 2.47 3,075,903 2,617,789 100.00 100.00 Qualifying Investments AIM Quoted Marechale Capital plc 83,327 10,312 2.71 0.39 HML Holdings plc 244,215 297,000 7.94 11.35 Kurawood plc 150,750 - 4.90 0.00 TP Group plc 160,062 24,308 5.20 0.93 Tristel plc 52,830 134,400 1.72 5.13 Cyan Holdngs plc 204,218 26,272 6.64 1.00 M.Winkworth plc 56,280 77,000 1.83 2.94 Music Festivals plc 45,730 - 1.49 0.00 Inspired Energy plc 50,462 185,063 1.64 7.07 Microsaic Systems plc 66,873 8,745 2.17 0.34 Venn Life Sciences 155,184 161,952 5.05 6.19 Holdings DP Poland plc 25,630 68,000 0.83 2.60 Modern Water plc 50,256 4,750 1.63 0.18 Quixant plc 9,247 37,000 0.30 1.41 Blur Group 6,785 360 0.22 0.01 Keywords Studios 25,161 54,335 0.82 2.08 Sanderson Group 15,203 18,150 0.49 0.69 Cloudbuy plc 41,896 4,367 1.36 0.17 PHSC plc 50,256 42,000 1.63 1.60 EU Supply plc 19,422 5,130 0.63 0.20 Plastics Capital plc 33,168 29,370 1.08 1.12 Daily Internet plc 30,153 34,000 0.98 1.30 Litebulb Group 51,008 - 1.66 0.00 Brighton Pier Group 35,379 19,360 1.15 0.74 Kalibrate Technologies 27,975 22,900 0.91 0.87 plc Syqic plc 26,546 - 0.86 0.00 Outsourcery plc 28,143 - 0.91 0.00 Martinco plc 50,253 61,500 1.63 2.35 Solid State plc 35,248 42,024 1.15 1.61 Audioboom Group 22,615 41,250 0.74 1.58 Scholium Group 40,203 14,000 1.31 0.53 Rosslyn Data Tech. plc 23,219 7,000 0.75 0.27 Coral Products plc 25,104 34,225 0.82 1.31 Software Radio 18,093 35,000 0.59 1.34 Technology plc Security Cost Valuation % % 30 June 2015 Cost Valuation ULS Technology plc 49,751 78,581 1.62 3.00 Gfinity plc 50,405 22,125 1.64 0.85 Premier Technical 52,420 75,225 1.70 2.87 Services Group Angle plc 75,128 66,700 2.44 2.55 Bilby plc 52,465 109,800 1.71 4.19 Hunters Property plc 50,253 59,000 1.63 2.25 Satellite Solutions Group 55,027 85,167 1.79 3.25 Tekcapital plc 60,304 108,000 1.96 4.13 Falanx Group 23,923 6,375 0.78 0.24 Premaitha Health plc 40,204 17,500 1.31 0.67 Photonstar LED Group plc 15,079 13,500 0.49 0.52 Yu Group plc 20,504 24,257 0.67 0.93 Scancell Holdings plc 20,506 18,600 0.67 0.71 Medaphor Group plc 25,129 22,778 0.82 0.87 Imaginatik plc 20,104 20,000 0.65 0.76 Total qualifying 2,572,096 2,227,381 83.62 85.09 investments Non Qualifying Investments AIM Quoted Sanderson Group 10,398 16,500 0.34 0.63 Rotala plc 27,683 42,000 0.90 1.60 Tristel plc 60 105 0.00 0.00 China Food Co plc 31,547 1,100 1.02 0.04 Litebulb Group 21,897 - 0.71 0.00 Sorbic International plc 10,205 1,450 0.33 0.06 TLA Worldwide plc 26,975 54,500 0.88 2.08 Mar City plc 10,053 4,500 0.33 0.17 Audioboom Group 1,163 275 0.04 0.01 Mountfield Group 9,556 6,750 0.31 0.26 Be Heard Group plc 10,040 8,215 0.33 0.31 Oakley Capital Investments 10,374 8,705 0.34 0.33 plc Armstrong Ventures plc 34,994 17,000 1.14 0.65 Yolo Leisure & 12,798 6,375 0.42 0.25 Technology plc 217,743 167,475 7.09 6.39 Security Cost Valuation % % 30 June 2015 Cost Valuation UK Listed Investec plc 169,415 98,513 5.50 3.76 British American 22,104 48,430 0.72 1.85 Tobacco plc Twentyfour Select Inc 9,852 7,800 0.32 0.30 201,371 154,743 6.54 5.91 Unlisted Investments Merchant House Group 20,103 3,600 0.65 0.14 20,103 3,600 0.65 0.14 Total non-qualifying 439,217 325,818 14.28 12.44 investments
New Century AIM VCT2 plc
Notes to the Accounts
1 This interim financial information and the unaudited interim accounts for the six months to 30 June 2016 from which it has been extracted, are the responsibility of the directors and were approved by them on 30 August 2016, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. 2 The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial reporting Council's (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2015) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014. The unaudited interim accounts have been prepared using accounting policies that the company consider will be used in the accounts for the year needing 31 December 2016, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The company have considered the impact of the financial reporting standards and do not consider there will be any material changes to previously reported results as a result of adopting FRS 102. 3 Listed, AIM or ISDX Markets-traded investments are stated at market value, which is based upon market bid prices in an active market at the balance sheet date. These would all meet tier 1 of the fair value hierarchy. 4 4,606,953 Ordinary Shares of 10 pence each were in issue throughout the period under review. 5 Net Asset Value per share at 30 June 2016 was 57p (at 31 December 2015: 63p; 30 June 2015: 62p). 6 No dividend was paid in the period. 7 There have not been any significant events since the balance sheet date. 8 New Century AIM VCT2 plc is managed by M D Barnard & Co. Limited ('MDB'), a company controlled by Michael Barnard who is a non-executive director of the company. Under the terms of the management agreement MDB are entitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the company. During the period the management fee was GBP14k (the year ended 31 December 2015: GBP32k, the period ended 30 June 2015 GBP16k). 9 Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.
New Century AIM VCT2 plc
Directors, Investment Managers and Advisors
Directors, Investment Manager and Advisors Directors Geoffrey Charles Gamble (Chairman) Michael David Barnard Peter William Riley Ian Cameron-Mowat Secretary Tricor Secretaries Ltd and registered office 4th Floor, 50 Mark Lane London EC3R 7QR Investment Manager and Broker MD Barnard & Co Ltd 17-21 New Century Road Laindon Essex SS15 6AG Registrars Neville Registrars Ltd 18 Laurel Lane Halesowen B63 3DA Auditor and VCT status advisors UHY Hacker Young LLP Quadrant House 4 Thomas More Square London E1W 1YW Bankers Bank of Scotland New Uberior House 11 Earl Grey Street Edinburgh EH3 9BN
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830005635/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 30, 2016 07:02 ET (11:02 GMT)
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