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NCA2 New Century Aim Vct 2 Plc

33.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec -1.46M -1.6M -0.3147 -1.06 1.7M

New Cent. Aim Vct 2 Half-year Report

04/09/2017 7:34am

UK Regulatory


New Century Aim Vct 2 (LSE:NCA2)
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From Mar 2019 to Mar 2024

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TIDMNCA2 
 
 

New Century AIM VCT 2 plc

 

For the six months to 30th June 2017

 

Chairman's Statement

 

In the six months to 30th June 2017, the net asset value (NAV) of your fund increased by 8.2% to 66p. The FSTE AIM Allshare index gained 14.4% over the same period. This index encompasses all sectors and includes many mining, oil and gas companies that have performed well in the year. Your fund is constrained from investing in these types of businesses as part of the VCT rules.

 

The fund went ex-dividend to the amount of 3p per share in June which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 13.12%. The Board realises the importance of income to its shareholders as well as trying to achieve an increase in its NAV, and based on a current mid-market price of 57p for its shares, the fund has a dividend yield of 5.26%.

 

The Stock Market performance has been quite strong although this has helped mask some volatility within the period. The fund has continued to increase its NAV since the half year seeing the NAV rise from 64.58p (ex div) at 30th June to that of 67.49p as at 14th August 2017 which is a further rise of 4.51%. This NAV is based on mid-market prices, the industry standard, in-line with those reported to the Market at the end of each month, whereas in our annual and interim report we quote the NAV based on bid prices as a statutory requirement.

 

We made seven further VCT qualifying investments in the period, TEK Capital, Infrastrata, Anglo African Oil and Gas, Audioboom, Escape Hunt, Velocity Composites and Modern Water Group.

 

We top sliced or exited 6 qualifying investments and three non-qualifying.

 

We continue to see potential new qualifying issues, but remain cautious in our approach. The uncertainty regarding the BREXIT negotiations following the General election results may cause increased volatility in the months ahead, however the majority of our investee companies continue to trade well which bodes well and gives us some optimism for the remainder of the year.

 

Geoff Gamble

 

Chairman

 

29 August 2017

 

New Century AIM VCT2 plc

 

For the six months to 30th June 2017

 

Unaudited Balance Sheet

 
                                             Interim Accounts        Final Accounts               Interim Accounts 
                                             as at 30 June 2017      as at 31 December 2016*      as at 30 June 2016 
                                             GBP'000  GBP'000            GBP'000  GBP'000                 GBP'000  GBP'000 
Fixed 
Assets 
              Investments                           2,979                   2,725                        2,553 
Current 
Assets 
              Sundry debtors                 -                       -                            - 
              Uninvested cash                70     70               97     97                    64     64 
Current 
Liabilities 
              Creditors: amounts due 
              within one year                       (17)                    (17)                         (6) 
                                                    3,032                   2,805                        2,611 
Capital and 
Reserves 
              Share capital                         461                     461                          461 
              Share premium                         57                      57                           57 
              Capital redemption reserve            171                     171                          171 
              Capital reserve-distributable         3,440                   3,440                        - 
              Capital reserve - realised            (1,602)                 (1,725)                      (1,015) 
              Capital reserve - unrealised          1                       (127)                        2,330 
              Revenue reserve                       504                     528                          607 
                                                    3,032                   2,805                        2,611 
Asset Value                                         66p                     61p                          57p 
per share 
                                                                     *Audited accounts 
 
 

New Century AIM VCT2 plc

 

For the six months to 30th June 2017

 

Unaudited Statement of Comprehensive Income

 

(incorporating the revenue account)

 
                                                               6 month period ended 30 June 2017      Year to 31 December 2016*         6 month period ended 30 June 2016 
                                                               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                                                       -        60       60                   -        29          29           -        28       28 
Unrealised                                                     -        203      203                  -        (34)        (34)         -        (317)    (317) 
Income                                                         12       -        12                   50       -           50           17       -        17 
Investment management                                          (4)      (12)     (16)                 (7)      (21)        (28)         (4)      (10)     (14) 
fees 
Other                                                          (32)     -        (32)                 (44)     -           (44)         (16)     -        (16) 
expenses 
Return on ordinary                                             (24)     251      227                  (1)      (26)        (27)         (3)      (299)    (302) 
activities 
Tax on ordinary                                                -        -        -                    -        -           -            -        -        - 
activities 
Return on ordinary 
activities 
after                                                          (24)     251      227                  (1)      (26)        (27)         (3)      (299)    (302) 
taxation 
Return per ordinary                                            (0.52)   5.45     4.93                 (0.02)   (0.56)      (0.58)       (0.07)   (6.49)   (6.56) 
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 2017

 

Unaudited Consolidated Statement of Changes in Equity

 
               Called-up  Share     Capital     Capital        Capital    Capital     Revenue 
               share      Premium   Redemption  Reserve-       realised   unrealised  reserve   Total 
               capital    account   reserve     distributable  GBP'000      GBP'000       GBP'000     GBP'000 
               GBP'000      GBP'000     GBP'000       GBP'000 
As             461        57        171         3,440          (1,725)    (127)       528       2,805 
at 1 January 
2017 
Realised       -          -         -           -              60         -           -         60 
gains 
on 
disposals 
in period 
Unrealised     -          -         -           -              -          203         -         203 
gain 
Transfer of    -          -         -           -              75         (75)        -         - 
unrealised 
gain 
to realised 
on disposal 
of 
investment 
Net revenue    -          -         -           -              -          -           (24)      (24) 
before tax 
Investment     -          -         -           -              (12) (10)  -           -         (12) 
management                          -                                                           (10) 
fee                                 - 
               ________   ________  _________   _________      ________   ________    ________  ________ 
At 30 June     461        57        171         3,440          (1,602)    1           504       3,032 
2017 
As             461        57        171         -              (1054)     2,668       610       2,913 
at 1 January 
2016 
Realised       -          -         -           -              28         -           -         28 
gains 
on 
disposals 
Unrealised     -          -         -           -              -          (317)       -         (317) 
gains 
Transfer of    -          -         -           -              21         (21)        -         - 
unrealised 
loss 
to realised 
on disposal 
of 
investment 
Net revenue    -          -         -           -              -          -           (3)       (3) 
before tax 
Investment     -          -         -           -              (10)       -           -         (10) 
management 
fee 
               ________   ________  _________   _________      ________   ________    ________  ________ 
At 30 June     461        57        171         -              (1,015)    2,330       607       2,611 
2016 
 
 

New Century AIM VCT2 plc

 

For the six months to 30th June 2017

 

Unaudited Cash Flow Statement

 
                          6 month period ended 30 June 2017        Year to 31 December 2016*        6 month period ended 30 June 2016 
                          GBP'000    GBP'000                           GBP'000    GBP'000                   GBP'000    GBP'000 
Net cash generated from            (47)                                     (72)                             (40) 
operating activities 
Cash flow from 
investing 
activities 
Interest received         -                                        -                                - 
Investment income         12                                       50                               17 
                                   12                                       50                               17 
Cash flows from 
financing 
activities 
Sale of investments       237                                      413                              162 
Purchase of investments   (229)                                    (265)                            (126) 
Dividend paid             -                                        (81)                             - 
                                   8                                        67                               36 
Net (decrease)                     (27)                                     46                               13 
/ increase in 
cash and cash 
equivalents 
Cash and cash                      97                                       51                               51 
equivalents 
at beginning of period 
Cash and cash                      70                                       97                               64 
equivalents 
at end of period 
                                                                   *Audited Accounts 
 
 

New Century AIM VCT2 plc

 

For the six months to 30th June 2017

 

Investment Portfolio

 
  Security                    Cost       Valuation     %       % 
                                         30 June 2017  Cost    Valuation 
  Qualifying Investments      2,526,180  2,623,407     84.68   86.02 
  Non-qualifying Investments  386,568    356,068       12.96   11.67 
  Uninvested funds            70,351     70,351        2.36    2.31 
                              2,983,099  3,049,826     100.00  100.00 
  Qualifying Investments 
  AIM Quoted 
  Marechale Capital plc       75,752     9,375         2.54    0.30 
  HML Holdings plc            108,540    160,000       3.64    5.24 
  TP Group plc                160,062    54,226        5.36    1.77 
  Tristel plc                 29,098     131,130       0.97    4.30 
  Cyanconnode Holdngs plc     204,219    24,630        6.85    0.81 
  M.Winkworth plc             56,280     74,200        1.89    2.43 
  Inspired Energy plc         50,462     271,687       1.69    8.91 
  Microsaic Systems plc       92,002     11,532        3.08    0.38 
  Venn Life Sciences          155,184    80,976        5.20    2.66 
  Holdings plc 
  DP Poland plc               25,630     72,250        0.86    2.37 
  Modern Water plc            75,385     37,636        2.53    1.23 
  Quixant plc                 8,091      60,900        0.27    2.00 
  Blur Group plc              6,785      0             0.23    0.00 
  Keywords Studios plc        18,979     114,588       0.64    3.76 
  Sanderson Group plc         15,203     18,425        0.51    0.60 
  Cloudbuy plc                41,896     3,082         1.40    0.10 
  PHSC plc                    50,256     24,000        1.68    0.79 
  EU Supply plc               19,422     13,680        0.65    0.45 
  Plastics Capital plc        33,168     38,940        1.11    1.28 
  Sysgroup plc                45,232     32,250        1.52    1.06 
  Brighton Pier Group plc     35,379     20,900        1.19    0.69 
  Kalibrate Technologies plc  27,975     28,537        0.94    0.94 
  Property Franchise          50,253     80,000        1.68    2.62 
  Group plc 
  Solid State plc             35,247     57,892        1.18    1.90 
  Audioboom Group plc         72,869     73,500        2.44    2.41 
  Scholium Group plc          40,203     16,800        1.35    0.55 
  Rosslyn Data Technologies   23,219     2,975         0.78    0.10 
  plc 
  Coral Products plc          25,104     27,750        0.84    0.91 
  SRT Marine Systems plc      18,093     45,000        0.61    1.48 
  ULS Technology plc          18,091     55,350        0.61    1.81 
  Gfinity plc                 50,405     57,525        1.69    1.89 
  Premier Technical Services  52,420     124,372       1.76    4.08 
  Group plc 
  Angle plc                   75,128     79,350        2.52    2.60 
  Bilby plc                   52,465     63,900        1.76    2.10 
 
 
  Security                     Cost       Valuation     %      % 
                                          30 June 2017  Cost   Valuation 
  Hunters Property plc         50,253     55,000        1.68   1.80 
  Satellite Solutions          55,027     82,125        1.84   2.69 
  Worldwide 
  Group plc 
  Tekcapital plc               82,292     108,750       2.76   3.57 
  Falanx Group Ltd             23,923     11,900        0.80   0.39 
  Premaitha Health plc         40,204     20,500        1.35   0.67 
  Photonstar LED Group plc     15,079     8,700         0.51   0.29 
  Yu Group plc                 20,504     46,309        0.69   1.52 
  Scancell Holdings plc        20,506     15,000        0.69   0.49 
  Medaphor Group plc           25,129     8,889         0.84   0.29 
  Imaginatik plc               20,104     14,000        0.67   0.46 
  Loopup Group plc             20,104     29,400        0.67   0.96 
  Faron Pharmaceuticals Ltd    20,103     58,000        0.67   1.90 
  Cloudcall Group plc          20,230     31,150        0.68   1.02 
  Creo Medical Group plc       37,691     41,447        1.26   1.36 
  InfraStrata plc              15,077     21,000        0.51   0.69 
  Anglo African Oil & Gas plc  65,329     54,438        2.19   1.78 
  Escape Hunt plc              31,006     32,904        1.04   1.08 
  Velocity Composites plc      9,425      10,147        0.32   0.33 
                               2,420,483  2,617,017     81.14  85.81 
  Unlisted Investments 
  Litebulb Group Ltd           51,008     0             1.71   0.00 
  Outsourcery plc              28,143     0             0.94   0.00 
  Syqic plc                    26,546     6,390         0.89   0.21 
                               105,697    6,390         3.54   0.21 
  Total qualifying             2,526,180  2,623,407     84.68  86.02 
  investments 
  Non Qualifying Investments 
  AIM Quoted 
  Sanderson Group plc          10,398     16,750        0.35   0.55 
  Rotala plc                   27,683     40,600        0.93   1.33 
  Tristel plc                  60         186           0.00   0.00 
  China Food Co plc            31,547     1,100         1.06   0.04 
  TLA Worldwide plc            26,975     16,000        0.90   0.52 
  Audioboom Group plc          1,163      210           0.04   0.01 
  Mountfield Group plc         7,645      5,600         0.25   0.18 
  Be Heard Group plc           10,040     8,480         0.34   0.28 
  EVR Holdings plc             27,995     136,000       0.94   4.46 
  Yolo Leisure &               12,798     3,750         0.43   0.12 
  Technology plc 
                               156,304    228,676       5.24   7.49 
  Security                     Cost       Valuation     %      % 
                                          30 June 2017  Cost   Valuation 
  UK Listed 
  Investec plc                 169,416    90,525        5.68   2.97 
  British American             8,841      20,936        0.30   0.69 
  Tobacco plc 
  Twentyfour Income Fund Ltd   9,852      9,950         0.33   0.32 
                               188,109    121,411       6.31   3.98 
  Unlisted Investments 
  Litebulb Group Ltd           21,897     0             0.73   0.00 
  Sorbic International plc     10,205     1,450         0.34   0.05 
  Mar City plc                 10,053     4,531         0.34   0.15 
                               42,155     5,981         1.41   0.20 
  Total non-qualifying         386,568    356,068       12.96  11.67 
  investments 
 
 

New Century AIM VCT2 plc

 

Notes to the Accounts

 

This interim financial information and the unaudited interim accounts for the six months to 30 June 2017 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 August 2017, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

 

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Council's (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2015) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in January 2017.

 

The unaudited interim accounts have been prepared using accounting policies that the company applied in the accounts for the year ending 31 December 2016, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The company considers these accounting policies will be used in the accounts for the year ending 31 December 2017.

 

Listed, AIM or NEX Markets-traded investments are stated at market value, which is based upon market bid prices in an active market at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

 

4,606,953 Ordinary Shares of 10 pence each were in issue throughout the period under review.

 

Net Asset Value per share at 30 June 2017 was 66p (at 31 December 2016: 61p; 30 June 2016: 57p).

 

No dividend was paid in the period.

 

There have not been any significant events since the balance sheet date.

 

New Century AIM VCT2 plc is managed by M D Barnard & Co. Limited ('MDB'), 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 GBP16k (the year ended 31 December 2016: GBP28k, the period ended 30 June 2016 GBP14k).

 

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 
 
 
 
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20170903005096/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

September 04, 2017 02:34 ET (06:34 GMT)

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