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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 30 June 2023
Chairman's Statement
The Net Asset Value (NAV) of your fund declined by 16.8% to 39.6p, compared to the FSTE AIM Allshare index which declined by 9.4% over the same period.
We made two further investments in the period, investing in Cordel Group plc and Light Science Technologies plc. These new investments have either a healthcare or technology bias where we have seen an increased amount of interest from investors.
We made four sales where we either exited or top-sliced a holding.
It has a been a particularly tricky period for the fund as investors continued to be nervous of inflationary pressures, interest rate rises, as well as the cost of living crisis, in addition to constrained supply chains and the war in Ukraine that all caused a general lack of appetite and liquidity in many small companies. There have also been many redemptions across small and micro-cap institutional funds which has had a negative effect on share prices. Whilst we acknowledge the performance of the fund has been disappointing, the second half of the year has started positively with the NAV increasing by 3.2% when adjusting for the 2.5p dividend being paid. Indeed, over the past 3 years, from 20 July 2020 to 20 July 2023, it is the best performing AIM VCT fund measured by NAV as well as share price. (source: Citywire).
We continue to have a wide spread of established companies across a variety of sectors within the fund and whilst we hope your fund will perform over the rest of the year, we are mindful that we could see further volatility in the months ahead.
Geoffrey Gamble
Chairman
6 September 2023
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts as at 30 June as at 31 December as at 30 June 2023 2022* 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed Assets Investments 1,838 2,190 2,679 Current Assets Uninvested cash 405 405 354 354 356 356 Current Liabilities Creditors: amounts due within one year (34) (131) (7) 2,209 2,413 3,028 Capital and Reserves Share capital 557 507 507 Share premium 547 382 382 Capital redemption reserve 171 171 171 Special distributable reserve 2,915 2,915 3,118 Capital reserve - realised (281) (62) (24) Capital reserve - unrealised (1,487) (1,345) (1,007) Revenue reserve (213) (155) (119) 2,209 2,413 3,028 Net Asset Value 39.6p 47.6p 59.7p per share *Audited
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 6 month period ended 30 June 2023 Year to 31 December 2022* June 2022 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 - 27 27 - (2) (2) - 37 37 Unrealised - (381) (381) - (1,481) (1,481) - (1,154) (1,154) Income 11 - 11 27 - 27 15 - 15 Investment management fees (3) (8) (11) (7) (22) (29) (4) (12) (16) Other expenses (66) - (66) (110) - (110) (65) - (65) Return on ordinary activities (58) (362) (420) (90) (1,505) (1,595) (54) (1,129) (1,183) Tax on ordinary activities - - - - - - - - - Return on ordinary activities after taxation (58) (362) (420) (90) (1,505) (1,595) (54) (1,129) (1,183) Return per ordinary share in pence (1.14) (7.06) (8.20) (1.80) (30.21) (32.01) (1.09) (23.07) (24.16) *Audited All revenue and capital items in the above statement are from continuing operations in the current six month period. No operations were acquired or discontinued in the current period. Other than that shown above, the Company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period. The weighted average number of shares in issue during the period was 5,118,039.
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Consolidated Statement of Changes in Equity
Called-up Share Capital Special share Premium Redemption distributable Capital Capital Revenue capital account reserve reserve realised unrealised reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 1 January 2023 507 382 171 2,915 (62) (1,345) (155) 2,413 Realised gains on disposals in period - - - - 27 - - 27 Unrealised losses - - - - - (381) - (381) Transfer of unrealised gain to realised on disposal of investment - - - - (238) 238 - - Net revenue before tax - - - - - - (58) (58) New shares issued 51 165 - - - - - 216 Capital element of investment management fee - - - - (8) - - (8) ________ ________ _________ _________ _______ ________ ________ ________ At 30 June 2023 557 547 171 2,915 (281) (1,487) (213) 2,209 As at 1 January 2022 461 57 171 3,118 (236) 334 (65) 3,840 Realised loss on disposals - - - - (2) - - (2) Unrealised losses - - - - - (1,481) - (1,481) Transfer of unrealised gain to realised on disposal of investment - - - - 199 (199) - - Net revenue before tax - - - - - - (90) (90) New shares issued 46 325 - - - - - 371 Capital element of investment management fee - - - - (22) - - (22) Dividends paid - - - (203) - - - (203) ________ ________ _________ _________ ________ ________ ________ ________ At 31 December 2022 507 382 171 2,915 (62) (1,345) (155) 2,413
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Consolidated Statement of Changes in Equity (continued)
Called-up Share Capital Special share Premium Redemption distributable Capital Capital Revenue capital account reserve reserve realised unrealised reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 1 January 2022 461 57 171 3,118 (236) 334 (65) 3,840 Realised gains on disposals - - - - 37 - - 37 Unrealised gains - - - - - (1,154) - (1,154) Transfer of unrealised loss to realised on disposal of investment - - - - 187 (187) - - Net revenue before tax - - - - - - (54) (54) New shares issued 46 325 - - - - - 371 Capital element of investment management fee - - - - (12) - - (12) ________ ________ _________ _________ ________ ________ ________ ________ At 30 June 2022 507 382 171 3,118 (24) (1,007) (119) 3,028
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Investment Portfolio
Security Cost Valuation % % 30 June 2023 Cost Valuation Qualifying Investments 3,253,173 1,819,493 87.20 81.12 Non-qualifying Investments 72,787 18,959 1.95 0.84 Uninvested funds 404,562 404,562 10.85 18.04 3,730,522 2,243,014 100.00 100.00 Qualifying Investments AIM Quoted Abingdon Health plc 35,218 4,198 0.94 0.19 Access Intelligence plc 10,053 17,750 0.27 0.79 Actual Experience plc 63,174 356 1.69 0.02 AFC Energy plc 50,254 39,438 1.35 1.76 Arecor Therapeutic plc 12,818 12,412 0.34 0.55 Audioboom Group plc 41,758 34,983 1.12 1.56 Belluscura plc 52,263 38,018 1.40 1.69 Blackbird plc 18,845 22,500 0.51 1.00 Brighton Pier Group plc 35,379 12,540 0.95 0.56 C4X Discovery Holdings plc 35,179 45,325 0.94 2.02 Clean Power Hydrogen plc 50,253 27,944 1.35 1.25 Cloudbuy plc 41,896 0 1.12 0.00 Coral Products plc 25,104 27,750 0.67 1.24 Cordel Group plc 30,656 31,517 0.82 1.41 Creo Medical Group plc 20,504 9,368 0.55 0.42 CyanConnode Holdngs plc 204,219 11,248 5.47 0.50 Deepverge plc 93,203 235 2.50 0.01 Destiny Pharma plc 175,882 86,962 4.71 3.88 Diaceutics plc 10,314 11,340 0.28 0.51 DP Poland plc 25,631 12,920 0.69 0.58 ECSC Group plc 20,104 18,546 0.54 0.83 Falanx Group Ltd 85,234 9,740 2.28 0.43 Feedback plc 100,511 59,933 2.69 2.67 Fusion Antibodies plc 7,540 746 0.20 0.03 Gfinity plc 33,229 971 0.89 0.04 I-Nexus Global plc 30,153 1,473 0.81 0.07 Inspired plc 33,641 107,100 0.90 4.77 Intelligent Ultrasound Group plc 134,808 108,957 3.61 4.86 Kinovo plc 52,465 36,270 1.41 1.62 Let's Explore plc 33,420 12,218 0.90 0.54 Libertine Holdings plc 125,628 43,750 3.37 1.95 Light Science Technologies plc 50,254 47,500 1.35 2.12 Location Sciences Group plc 72,643 4,044 1.95 0.18 Loopup Group plc 15,078 269 0.40 0.01 Security Cost Valuation % % 30 June 2023 Cost Valuation Lunglife AI Inc 20,104 2,875 0.54 0.13 M.Winkworth plc 56,280 98,700 1.51 4.40 Marechale Capital plc 75,752 11,925 2.03 0.53 Microsaic Systems plc 142,261 158 3.81 0.01 Mirriad Advertising plc 30,154 1,849 0.81 0.08 MyHealthChecked plc 103,202 63,963 2.77 2.85 N4 Pharma plc 40,204 6,000 1.08 0.27 Nexteq plc 8,091 28,000 0.22 1.25 Pelatro plc 25,128 3,200 0.67 0.14 PHSC plc 50,256 24,000 1.35 1.07 Polarean Imaging plc 7,539 12,075 0.20 0.54 Property Franchise Group plc 45,482 115,721 1.22 5.16 Rosslyn Data Technologies plc 23,219 455 0.62 0.02 Scancell Holdings plc 45,233 42,900 1.21 1.91 SEEEN plc 100,511 26,444 2.69 1.18 Solid State plc 35,248 170,994 0.94 7.62 SRT Marine Systems plc 4,523 13,000 0.12 0.58 Strip Tinning plc 15,890 5,127 0.43 0.23 Sysgroup plc 45,232 21,975 1.21 0.98 Trellus Health plc 25,128 3,438 0.67 0.15 Tristel plc 1,651 14,160 0.04 0.63 Verici Dx plc 101,505 42,354 2.72 1.89 XP Factory plc 31,006 4,216 0.83 0.19 Yourgene Health plc 40,204 388 1.08 0.02 Yu Group plc 20,504 67,589 0.55 3.01 2,921,616 1,679,824 78.32 74.89 Qualifying Investments AQSE Quoted Sulnox Grp plc 135,786 108,522 3.64 4.84 Truspine Technology plc 100,283 13,500 2.69 0.60 236,069 122,022 6.33 5.44 Qualifying Investments Unlisted Investments Anglo African Oil & Gas plc 65,329 0 1.75 0.00 LightwaveRF plc 30,158 17,647 0.81 0.79 95,487 17,647 2.56 0.79 Total qualifying investments 3,253,173 1,819,493 87.20 81.12 Security Cost Valuation % % 30 June 2023 Cost Valuation Non Qualifying Investments AIM Quoted Audioboom Group plc 1,163 207 0.03 0.01 Rotala plc 9,907 11,098 0.27 0.49 Tristel plc 60 354 0.00 0.02 11,130 11,659 0.30 0.52 Non Qualifying Investments UK Listed Twentyfour Income Fund Ltd 9,852 7,300 0.26 0.32 9,852 7,300 0.26 0.32 Non Qualifying Investments Unlisted Investments China Food Co plc 31,547 0 0.85 0.00 Sorbic International plc 10,205 0 0.27 0.00 Mar City plc 10,053 0 0.27 0.00 51,805 0 1.39 0.00 Total non-qualifying investments 72,787 18,959 1.95 0.84
New Century AIM VCT 2 plc
Notes to the Accounts
For the six months to 30 June 2023
This interim financial information and the unaudited interim accounts for the six months to 30 June 2023 from which it has been extracted, are the responsibility of the directors and were approved by them on 31 August 2023, 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 (January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in July 2022.
The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ended 31 December 2022, 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 2023.
Listed, AIM or AQUIS 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.
5,067,643 Ordinary Shares of 10 pence each were in issue from 1 January 2023 until 12 June 2023. On the 13 June 2023 the Company issued 506,760 new shares at a price of 42.55p per share. At the 30 June 2023 there were 5,574,403 shares in issue. The average weighted number of shares in issue in the period was 5,118,039.
Net Asset Value per share at 30 June 2023 was 39.6p (at 31 December 2022: 47.6p; 30 June 2022: 59.7p).
No dividend was paid in the period, but a final dividend for the year ended 31 December 2022, of 2.5p per share (totaling GBP139,360) was paid on 21 July 2023.
There have not been any other significant events since the balance sheet date.
New Century AIM VCT 2 plc is managed by Oberon Investments Limited ('OIL'). Under the terms of the management agreement, OIL is 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 GBP10.7k (the year ended 31 December 2022, GBP28.8k; the period ended 30 June 2022, GBP16.3k).
Bearing in mind that the assets of the Company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.
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 VCT 2 plc
Directors, Investment Managers and Advisors
Directors Geoffrey Charles Gamble (Chairman) Michael David Barnard Ian Cameron-Mowat Simon Like Secretary Tricor Secretaries Ltd and registered office 4th Floor, 50 Mark Lane London EC3R 7QR Registrar Neville Registrars Limited Neville House Steelpark Road Halesowen West Midlands B62 8HD Solicitors Dundas & Wilson 5(th) Floor, Northwest Wing Bush House Aldwych London WC2B 4EZ Investment Manager and Broker Oberon Investments Limited 1(st) Floor 12 Hornsby Square Southfields Business Park Basildon Essex SS15 6SD Auditor Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP
View source version on businesswire.com: https://www.businesswire.com/news/home/20230906924338/en/
CONTACT:
New Cent. Aim Vct 2
SOURCE: New Cent. Aim Vct 2 Copyright Business Wire 2023
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
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