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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kings Arms Yard Vct Plc | LSE:KAY | London | Ordinary Share | GB0007174294 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.40 | 18.90 | 19.90 | 19.40 | 19.40 | 19.40 | 13,871 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 3.32M | 726k | 0.0014 | 138.57 | 100.91M |
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TIDMKAY
LEI Code 213800DK8H27QY3J5R45
As required by the UK Listing Authority's Disclosure and Transparency
Rule 4.2, Kings Arms Yard VCT PLC today makes public its information
relating to the Half-yearly Financial Report (which is unaudited) for
the six months to 30 June 2017. This announcement was approved by the
Board of Directors on 29 August 2017.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2017, will shortly be sent to shareholders. Copies of
the full Half-yearly Financial Report will be shown via the Albion
Capital Group LLP website by clicking
www.albion.capital/funds/KAY/30Jun2017.pdf.
Investment policy
The Company is a Venture Capital Trust. The investment policy is
intended to produce a regular and predictable dividend stream with an
appreciation in capital value as set out below.
-- The Company's investment policy is for approximately
50% of the portfolio to comprise of more stable,
ungeared businesses, with the balance, other than
funds retained for liquidity purposes, being invested
in a portfolio of higher growth businesses across a
variety of sectors of the UK economy including higher
risk technology companies. The Company's investment
portfolio is thus structured to provide a balance
between income and capital growth for the longer
term.
-- Portfolio companies do not normally have any external
borrowings with a charge ranking ahead of the
Company.
-- Funds held pending investment or for liquidity
purposes are held as cash on deposit or similar
instruments with banks or other financial
institutions with high credit ratings assigned by
international credit rating agencies.
Under its Articles of Association, the Company's maximum exposure in
relation to gearing is restricted to its adjusted share capital and
reserves.
In this way, risk is spread by investing in a number of different
businesses within venture capital trust qualifying industry sectors
using a mixture of securities. The maximum amount which the Company will
invest in a single company is 15 per cent. of the Company's assets at
cost, thus ensuring a spread of investment risk. The value of an
individual investment may increase over time as a result of trading
progress and it is possible that it may grow in value to a point where
it represents a significantly higher proportion of total assets prior to
a realisation opportunity being available.
Financial calendar
Record date for second dividend 6 October 2017
Payment date of second dividend 31 October 2017
Financial year end 31 December
Financial highlights
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2017 30 June 2016 31 December 2016
(pence per share) (pence per share) (pence per share)
Revenue return 0.23 0.17 0.29
Capital return/(loss) 0.75 (0.12) 2.03
Dividends paid 0.50 0.50 1.00
Net asset value 21.81 19.66 21.41
From Launch to 1 January 2011 to From Launch to
Total shareholder 31 December2010 30 June 2017 30 June 2017
return (pence per share) (pence per share) (pence per share)
Subscription price
per share at
launch 100.00 - 100.00
Dividends paid 58.66 6.17 64.83
(Decrease)/increase
in net asset value (83.40) 5.21 (78.19)
Total shareholder
return 75.26 11.38 86.64
Current annual dividend objective (pence per share) 1.00
The Directors have declared a second dividend of 0.5 pence per share for
the year ending 31 December 2017, which will be paid on 31 October 2017
to shareholders on the register on 6 October 2017.
The above financial summary is for the Company, Kings Arms Yard VCT PLC
only. Details of the financial performance of the various Quester,
SPARK and Kings Arms Yard VCT 2 PLC companies, which have been merged
into the Company, can be found at the end of this announcement.
Interim management report
Introduction
We are pleased to report a total return of 0.98 pence per share (4.6% on
opening net asset value) for the six month period to 30 June 2017. This
continues to build on the strong performance the Company has had in
recent years of a 2.32 pence per share return in 2016 and 1.77 pence per
share return in 2015. The Company's income continues to cover the annual
operating costs (management fee and other expenses).
Results
Net asset value increased from 21.41 pence per share at 31 December 2016
to 21.81 pence per share at 30 June 2017, following the payment of a
0.50 pence per share dividend on 28 April 2017. Both the Asset-Based
portfolio and the Growth portfolio have shown overall improvements
including an increase in the share price of the two quoted stocks held
(ErgoMed PLC and Oxford Immunotec Global PLC).
Dividends
Progress to date gives the Board confidence in the sustainability of our
dividend policy and we are therefore pleased to announce a further
dividend of 0.50 pence per share to be paid on 31 October 2017, to
shareholders on the register on 6 October 2017. The total dividend per
share paid in the last year of 1.0p represents a tax free yield of 4.8%
on the mid-market share price of 20.75 pence per share as at 30 June
2017. The Company continues to offer a Dividend Reinvestment Scheme
which continues to be popular amongst existing shareholders.
Valuations
As always, the Board has rigorously examined and revalued the portfolio.
The net effect has been an overall gain on investments of GBP2.5m. The
asset based investments, most of which were subject to recent third
party valuations, have increased in value by GBP1.64m, while the growth
companies have increased in value by GBP0.24m. Increases in the share
price of Oxford Immunotec Global PLC and ErgoMed PLC resulted in
increases of GBP0.1m and GBP0.4m respectively and an additional GBP0.1m
was from realised gains in the period. Further details of the portfolio
of investments can be found below.
Investment activity
There has been a significant level of investment activity in the six
months ended 30 June 2017. The Company has invested GBP1.0m into five
new portfolio companies, with the expectation of supporting further
funding rounds over time to support success. In addition, the company
invested GBP0.6m to support existing portfolio companies scale.
New investments in the period included:
-- An investment of GBP550k (Albion VCTs: GBP4.0m) to fund the international
expansion of MPP Global Solutions Limited, a provider of cloud
subscription management platform for the media, sports and retail sectors
for clients including Now TV, Philips, Sky, The Times and The Daily Mail;
-- An initial amount of GBP204k (Albion VCTs: GBP1.5m) to fund the early
expansion of G.Network Communications Limited, a provider of ultra high
speed fibre optic broadband to SME's in central London founded in 2016.
The company has installed high speed broadband in around 25 streets
(including Harley Street and Jermyn Street) and has signed up around 130
SME customers;
-- An initial investment of GBP190k (Albion VCTs: GBP1.3m), to fund the
development of Quantexa Limited, a cybersecurity software company founded
in 2016, using a predictive analytics platform to protect and detect
complex financial crime for the financial services, corporate and
government sectors. In its first year of trading it generated over
GBP1.0m revenue and is expected to grow very quickly;
-- An initial investment of GBP75k (Albion VCTs: GBP0.5m) to fund the early
development of Locum's Nest Limited, a platform and mobile application
founded in 2016 which allows NHS Trusts to manage their requirements for
locum doctors in a more efficient and cost effective manner. The company
is operating with 6 NHS Trusts and thousands of shifts have been
fulfilled using the platform;
-- An initial investment of GBP6k (Albion VCTs: GBP50k) to fund Beddlestead
Farm Limited, a start-up wedding venue business.
In the period, the company sold c.GBP1.0m of quoted securities in Oxford
Immunotec Global PLC (GBP0.56m) and ErgoMed PLC (GBP0.40m). For more
information please see the realisation table below.
Portfolio split as at 30 June 2017
Set out at the bottom of this announcement is the sector diversification
of the portfolio of investments as at 30 June 2017.
Transactions with the Manager
Details of transactions with the Manager for the reporting period can be
found in note 4. Details of related party transactions can be found in
note 10.
Albion VCTs Top Up Offers
The Company is pleased to announce that its participation in the Albion
VCTs Prospectus Top Up Offers 2016/2017 was fully subscribed and closed
early raising net proceeds of GBP5.82m. Further details can be found in
note 7. The proceeds of the Offer are being used to provide further
resources at a time when a number of attractive new investment
opportunities are being seen.
The Company announced on 14 June 2017 that, subject to regulatory
approval, it intends to launch a prospectus top up offer of new ordinary
shares for subscription. Full details of the Offer will be contained in
a prospectus that is expected to be published in early September 2017
and will be available on the Albion Capital website
(www.albion.capital).
Share buy-backs
It remains the Board's policy to buy-back shares in the market, subject
to the overall constraint that such purchases are in the Company's
interest. This includes the maintenance of sufficient cash resources
for investment in new and existing portfolio companies and the continued
payment of dividends to shareholders. It is the Board's intention over
time for such buy-backs to be in the region of a 5 per cent. discount to
net asset value, so far as market conditions and liquidity permit.
At 30 June 2017 the Company holds GBP5.39m in cash and cash equivalents
and GBP3.46m in readily realisable securities.
Risks and uncertainties
The outlook for the UK and global economies continues to be the key risk
affecting the Company. The withdrawal of the UK from the European Union
is likely to have an impact on the Company and its investments, although
it is difficult to quantify at this time. Overall investment risk,
however, is mitigated through a variety of processes, including our
policies of first ensuring that the Company has a first charge over
portfolio companies' assets wherever possible, and second of aiming to
achieve balance in the portfolio through the inclusion of sectors that
are less exposed to the business consumer cycles.
Other risks and uncertainties remain unchanged and are detailed in note
12.
Outlook
Your Board remains cautious on the economic outlook but positive on the
long term prospects of the portfolio. The portfolio is well diversified
by company (over 50 portfolio companies), sector, and stage. The Board
believes the portfolio offers significant long-term growth potential
which will be determined primarily by the success of the underlying
businesses rather than the macroeconomic environment.
Robin Field
Chairman
29 August 2017
Responsibility statement
The Directors, Robin Field, Thomas Chambers and Martin Fiennes, are
responsible for preparing the Half-yearly Financial Report. In preparing
these condensed Financial Statements for the period to 30 June 2017 we,
the Directors of the Company, confirm that to the best of our knowledge:
(a) the condensed set of Financial Statements, which has been prepared
in accordance with Financial Reporting Standard 104 "Interim Financial
Reporting", gives a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company as required by DTR
4.2.4R;
(b) the Interim management report, includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim management report, includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
By order of the Board
Robin Field
Chairman
29 August 2017
Portfolio of investments
The following is a summary of fixed asset investments as at 30 June
2017:
Cumulative Change in
% movement value for the
voting Cost(1) in value Value period(2)
Fixed asset investments rights GBP'000 GBP'000 GBP'000 GBP'000
Asset-based unquoted
investments
Active Lives Care Limited 20.3 4,140 2,075 6,215 838
Ryefield Court Care Limited 18.7 2,800 1,722 4,522 587
Chonais River Hydro Limited 6.5 2,428 511 2,939 4
The Street by Street Solar
Programme Limited 10.0 1,040 611 1,651 87
Alto Prodotto Wind Limited 11.1 988 557 1,545 28
Regenerco Renewable Energy
Limited 9.8 988 385 1,373 12
Dragon Hydro Limited 17.2 736 361 1,097 (17)
Bravo Inns II Limited 5.0 800 140 940 40
Shinfield Lodge Care Limited 2.9 535 341 876 74
Earnside Energy Limited 5.2 835 8 843 (7)
Gharagain River Hyrdo Limited 5.0 620 71 691 (2)
AVESI Limited 14.8 484 163 647 5
Greenenerco Limited 8.6 296 156 452 (11)
G.Network Communications
Limited 4.5 204 - 204 -
Erin Solar Limited 5.7 160 (6) 154 (3)
Infinite Ventures (Goathill)
Limited 2.7 112 33 145 7
Harvest AD Limited(i) - 70 (1) 69 (1)
Beddlestead Farm Limited 6.0 6 - 6 -
Total asset-based unquoted investments 17,242 7,127 24,369 1,641
1. Early stage investment of convertible loan stock.
High growth unquoted
investments
Elateral Group Limited 37.7 4,194 (168) 4,026 (649)
Proveca Limited 15.1 1,304 1,664 2,968 60
Antenova Limited 28.7 1,733 1,124 2,857 133
Anthropics Technologies
Limited 14.9 19 1,720 1,739 376
Egress Software Technologies
Limited 4.3 430 1,264 1,694 457
Hilson Moran Holdings Limited 10.4 301 1,300 1,601 185
Perpetuum Limited 15.0 2,073 (652) 1,421 -
MyMeds&Me Limited 7.0 848 412 1,260 21
Academia Inc. 3.2 351 894 1,245 (58)
Grapeshot Limited 2.6 518 572 1,090 413
Edo Consulting Limited
(Formerly Sift Digital
Limited) 38.6 923 112 1,035 (37)
Sift Limited 42.1 2,306 (1,566) 740 (300)
OmPrompt Holdings Limited 10.2 945 (247) 698 (284)
MPP Global Solutions Limited 1.9 550 - 550 -
Symetrica Limited 3.5 389 135 524 (235)
Celoxica Holdings plc 4.4 513 (144) 369 -
Mirada Medical Limited 1.1 303 32 335 23
Relayware Limited 1.0 324 (3) 321 (2)
Black Swan Data Limited 0.9 293 - 293 -
Convertr Media Limited 3.1 284 - 284 -
Aridhia Informatics Limited 2.2 354 (75) 279 39
Secured By Design Limited 1.7 260 - 260 -
Abcodia Limited 4.3 548 (313) 235 -
The Wentworth Wooden Jigsaw
Company Limited 5.4 - 214 214 93
Quantexa Limited 1.7 190 - 190 -
Panaseer Limited 1.3 113 29 142 29
Cisiv Limited 2.8 216 (105) 111 -
Sandcroft Avenue Limited (T/A
payasugym.com) 1.3 120 (16) 104 -
Oviva AG 1.2 91 - 91 -
Locum's Nest Limited 1.6 75 - 75 -
Dickson Financial Services
Limited 4.5 45 22 67 5
InCrowd Sports Limited 0.8 36 - 36 -
Xention Limited 10.6 38 (28) 10 (26)
Ario Pharma Limited 3.6 24 (23) 1 -
De Novo Pharmaceuticals
Limited 0.0 - 1 1 -
Furzeland Limited 0.0 - 1 1 -
Keronite Limited 1.1 - 1 1 -
Lectus Therapeutics Limited 4.5 - 1 1 -
Oxonica Limited 2.1 1 - 1 -
TeraView Limited 1.0 1 - 1 -
Total high growth unquoted investments 20,713 6,158 26,871 243
Total unquoted investments 37,955 13,285 51,240 1,884
Quoted investments
Oxford Immunotec Global PLC (NASDAQ) 551 1,280 1,831 115
ErgoMed PLC 1,173 453 1,626 360
Total quoted investments 1,724 1,733 3,457 475
Total fixed asset investments 39,679 15,018 54,697 2,359
Total change in value of investments for the period 2,359
Movement in loan stock accrued interest 36
Unrealised gains sub-total 2,395
Realised gains in current period 132
Total gains on investments as per Income statement 2,527
(1) Amounts shown as cost represent the acquisition cost in the case of
investments originally made by the Company and/or the valuation
attributed to the investments acquired from Quester VCT 2 plc and
Quester VCT 3 plc at the date of the merger in 2005, and those acquired
from Kings Arms Yard VCT 2 PLC at the merger on 30 September 2011, plus
any subsequent acquisition costs, as reduced in certain cases by amounts
written off as representing an impairment value.
(2) The above column shows the movement in the year from the opening
balance as at 1 January 2017 to the closing balance as at 30 June 2017
after adjustments for additions and disposals.
Gain on
opening
Opening Realised or
carrying Disposal gain on acquired
Realisations and loan stock repayments in the period Cost value proceeds cost value
to 30 June 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Oxford Immunotec Global PLC 175 544 560 385 16
ErgoMed PLC 294 317 404 110 87
Haemostatix Limited (additional escrow) - - 26 26 26
Alto Prodotto Wind Limited (loan stock repayment) 10 15 15 5 -
Greenenerco Limited (loan stock repayment) 3 5 5 2 -
Silent Herdsman Holdings Limited (escrow adjustment) - - 3 3 3
Total 482 881 1,013 531 132
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2017 30 June 2016 31 December 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on investments 2 - 2,527 2,527 - 59 59 - 6,076 6,076
Investment income 3 940 - 940 661 - 661 1,370 - 1,370
Investment management fees 4 (142) (427) (569) (118) (355) (473) (244) (733) (977)
Performance incentive fee 4 (32) (95) (127) - - - (128) (385) (513)
Other expenses (152) - (152) (133) - (133) (279) - (279)
Profit/(loss) on ordinary activities before tax 614 2,005 2,619 410 (296) 114 719 4,958 5,677
Tax on ordinary activities - - - - - - - - -
Profit/(loss) and total comprehensive income attributable
to shareholders 614 2,005 2,619 410 (296) 114 719 4,958 5,677
Basic and diluted return/(loss) per share (pence) 6 0.23 0.75 0.98 0.17 (0.12) 0.05 0.29 2.03 2.32
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2016 and the audited
statutory accounts for the year ended 31 December 2016.
The total column of this condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice.
Condensed balance sheet
Audited
Unaudited Unaudited 31 December
30 June 2017 30 June 2016 2016
Note GBP'000 GBP'000 GBP'000
Fixed asset investments 54,697 44,425 51,601
Current assets
Trade and other
receivables less than
one year 66 618 476
Cash and cash equivalents 5,388 4,267 1,788
5,454 4,885 2,264
Total assets 60,151 49,310 53,865
Creditors: amounts
falling due within one
year
Trade and other payables
less than one year (605) (383) (855)
Total assets less current
liabilities 59,546 48,927 53,010
Equity attributable to
equity holders
Called up share capital 7 3,127 2,833 2,840
Share premium 19,899 14,103 14,218
Capital redemption
reserve 11 11 11
Unrealised capital
reserve 14,523 7,217 12,526
Realised capital reserve 3,440 3,488 3,432
Other distributable
reserve 18,546 21,275 19,983
Total equity
shareholders' funds 59,546 48,927 53,010
Basic and diluted net
asset value per share
(pence)* 21.81 19.66 21.41
*excluding treasury shares
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2016 and the audited
statutory accounts for the year ended 31 December 2016.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 29 August 2017 and were signed on its behalf by
Robin Field
Chairman
Company number: 03139019
Condensed statement of changes in equity
Called up Capital Unrealised Realised Other
share Share redemption capital capital distributable
capital premium reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2017 2,840 14,218 11 12,526 3,432 19,983 53,010
Profit/(loss) and total comprehensive income for the
period - - - 2,395 (390) 614 2,619
Transfer of previously unrealised gains on disposal
of investments - - - (398) 398 - -
Purchase of own shares for treasury - - - - - (676) (676)
Issue of equity 287 5,853 - - - - 6,140
Cost of issue of equity - (172) - - - - (172)
Dividends paid - - - - - (1,375) (1,375)
At 30 June 2017 3,127 19,899 11 14,523 3,440 18,546 59,546
At 1 January 2016 2,533 8,399 11 7,170 3,830 22,669 44,612
Profit/(loss) and total comprehensive income for the
period - - - 5 (301) 410 114
Transfer of previously unrealised losses on disposal
of investments - - - 41 (41) - -
Purchase of own shares for treasury - - - - - (548) (548)
Issue of equity 300 5,863 - - - - 6,163
Cost of issue of equity - (159) - - - - (159)
Dividends paid - - - - - (1,256) (1,256)
At 30 June 2016 2,833 14,103 11 7,217 3,488 21,275 48,927
At 1 January 2016 2,533 8,399 11 7,170 3,830 22,669 44,612
Profit/(loss) and total comprehensive income for the
period - - - 5,718 (760) 719 5,677
Transfer of previously unrealised gains on disposal
or write off of investments - - - (362) 362 - -
Purchase of own shares for treasury - - - - - (905) (905)
Issue of equity 307 5,981 - - - - 6,288
Cost of issue of equity - (162) - - - - (162)
Dividends paid - - - - - (2,500) (2,500)
At 31 December 2016 2,840 14,218 11 12,526 3,432 19,983 53,010
*The total distributable reserves are GBP21,986,000 (30 June 2016:
GBP24,763,000; 31 December 2016: GBP23,415,000).
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2016 and the audited
statutory accounts for the year ended 31 December 2016.
Condensed statement of cash flows
Unaudited Unaudited Audited
six month six months year ended
ended ended 31 December
30 June 2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
Cash flow from operating
activities
Investment income received 594 480 902
Deposit interest received 1 18 32
Dividend income received 337 46 84
Investment management fees
paid (526) (450) (994)
Performance incentive fee
paid (513) (242) (242)
Other cash payments (129) (135) (227)
Exchange rate movement on a
part disposal of an asset (7) 4 7
Net cash flow from operating
activities (243) (279) (438)
Cash flow from investing
activities
Purchase of fixed asset
investments (1,573) (3,873) (5,935)
Disposal of fixed asset
investments 1,422 651 1,918
Net cash flow from investing
activities (151) (3,222) (4,017)
Cash flow from financing
activities
Issue of share capital 5,824 5,880 5,880
Cost of issue of equity - - (2)
Purchase of own shares
(including costs) (602) (499) (905)
Equity dividends paid* (1,228) (1,131) (2,248)
Net cash flow from financing
activities 3,994 4,250 2,725
Increase/(decrease) in cash
and cash equivalents 3,600 749 (1,730)
Cash and cash equivalents at
start of period 1,788 3,518 3,518
Cash and cash equivalents at
end of period 5,388 4,267 1,788
Cash and cash equivalents
comprise:
Cash at bank and in hand 5,388 4,267 1,788
Cash equivalents - - -
Total cash and cash
equivalents 5,388 4,267 1,788
* The dividend paid in the cash flow is different to the dividend
disclosed in note 5 due to the non-cash effect of the Dividend
Reinvestment Scheme.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2016 and the audited
statutory accounts for the year ended 31 December 2016.
Notes to the condensed Financial Statements
1. Basis of accounting
The condensed Financial Statements have been prepared in accordance with
the historical cost convention, modified to include the revaluation of
investments, in accordance with applicable United Kingdom law and
accounting standards, including Financial Reporting Standard 102 ("FRS
102"), Financial Reporting Standard 104 - Interim Financial Reporting
("FRS 104"), and with the 2014 Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture Capital
Trusts" ("SORP") issued by The Association of Investment Companies
("AIC").
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at fair value through profit and loss
("FVTPL"). The Company values investments by following the IPEVCV
Guidelines and further detail on the valuation techniques used are
outlined below.
The half-yearly report has not been audited, nor has it been reviewed by
the auditor pursuant to the FRC's guidance on Review of interim
financial information.
Company information can be found on page 2 of the Half-yearly Financial
Report.
Accounting policies
Fixed asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments,
including loan stock, are classified by the Company as FVTPL and are
included at their initial fair value, which is cost (excluding expenses
incidental to the acquisition which are written off to the income
statement).
Subsequently, the investments are valued at fair value, which is
measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations;
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEVCV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, prices of recent investment rounds, net assets and
industry valuation benchmarks. Where the Company has an investment in an
early stage enterprise, the price of a recent investment round is often
the most appropriate approach to determining fair value. In situations
where a period of time has elapsed since the date of the most recent
transaction, consideration is given to the circumstances of the portfolio
company since that date in determining fair value. This includes
consideration of whether there is any evidence of deterioration or strong
definable evidence of an increase in value. In the absence of these
indicators, the investment in question is valued at the amount reported
at the previous reporting date. Examples of events or changes that could
indicate a diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was
based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or
regulatory environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the
same or related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the income statement when a share becomes ex-dividend.
Debtors and creditors and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
creditors.
Gains and losses on investments
Gains and losses arising from changes in the fair value of the
investments are included in the Condensed income statement for the
period as a capital item and are allocated to the unrealised capital
reserve.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expect settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fees and expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the other distributable reserve except the following
which are charged through the realised capital reserve:
-- 75 per cent. of management fees are allocated to realised capital
reserve. This is in line with the Board's expectation that over the long
term 75 per cent. of the Company's investment returns will be in the form
of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Performance incentive fee
Any performance incentive fee will be allocated between other
distributable and realised capital reserves based upon the proportion to
which the calculation of the fee is attributable to revenue and capital
returns.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the financial
statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in financial statements. As a VCT the Company has an exemption from tax
on capital gains. The Company intends to continue meeting the conditions
required to obtain approval as a VCT in the foreseeable future. The
Company therefore, should have no material deferred tax timing
differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Foreign exchange
The currency of the primary economic environment in which the Company
operates (the functional currency) is pounds Sterling ("Sterling"),
which is also the presentational currency of the Company. Transactions
involving currencies other than Sterling are recorded at the exchange
rate ruling on the transaction date. At each Balance sheet date,
monetary items and non-monetary assets and liabilities that are measured
at fair value, which are denominated in foreign currencies, are
retranslated at the closing rates of exchange. Exchange differences
arising on settlement of monetary items and from retranslating at the
Balance sheet date of investments and other financial instruments
measured at fair value through profit or loss, and other monetary items,
are included in the Income statement. Exchange differences relating to
investments and other financial instruments measured at fair value are
subsequently included in the unrealised capital reserve.
Reserves
Share premium
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs and
transfers to other distributable reserve.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year
end against cost are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2012 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the revenue column of the
Income statement, the payment of dividends, the buy-back of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
operating segment of business, being investment in equity and debt. The
Company invests in smaller companies principally based in the UK.
2. Gains on investments
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
Unrealised gains on fixed
asset investments 2,395 5 5,718
Realised gains on fixed asset
investments 132 54 358
2,527 59 6,076
3. Investment income
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
Income recognised on
investments
Interest from loans to
portfolio companies 602 596 1,257
Dividends 337 46 84
Bank deposit interest 1 19 29
940 661 1,370
4. Investment management fees
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
Investment management fees
charged to revenue 142 118 244
Investment management fees
charged to capital 427 355 733
Performance incentive fee
charged to revenue 32 - 128
Performance incentive fee
charged to capital 95 - 385
696 473 1,490
Further details of the management agreement under which the investment
management fee is paid are given in the Strategic report on pages 11 and
12 of the Annual Report and Financial Statements for the year ended 31
December 2016.
During the period, services with a value of GBP569,000 (30 June 2016:
GBP473,000; 31 December 2016: GBP977,000) and GBP25,000 (30 June 2016:
GBP25,000; 31 December 2016: GBP50,000) were purchased by the Company
from Albion Capital Group LLP in respect of investment management and
administration fees respectively. At the period end, the amount due to
Albion Capital Group LLP in respect of these services disclosed as
accruals was GBP317,000 (30 June 2016: GBP263,000: 31 December 2016:
GBP273,000). For the period to 30 June 2017, a provisional performance
incentive fee of GBP127,000 has been accrued, however any performance
incentive fee is only payable on year end results (30 June 2016: nil: 31
December 2016: GBP513,000).
Albion Capital Group LLP is, from time to time, eligible to receive
transaction fees and Directors' fees from portfolio companies. During
the period, fees of GBP113,000 (30 June 2016: GBP118,000; 31 December
2016: GBP173,000) attributable to the investments of the Company were
paid pursuant to these arrangements.
Albion Capital Group LLP holds 90,660 Ordinary shares in the Company.
5. Dividends
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
First dividend of 0.5 pence per share paid on 29 April
2016 - 1,256 1,256
Second dividend of 0.5 pence per share paid on 31
October 2016 - - 1,244
First dividend of 0.5 pence per share paid on 28 April
2017 1,375 - -
1,375 1,256 2,500
The Directors have declared a second dividend of 0.5 pence per share for
the year ending 31 December 2017, which will be paid on 31 October 2017
to shareholders on the register on 6 October 2017.
6. Basic and diluted return/(loss) per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2017 30 June 2016 31 December 2016
Revenue Capital Revenue Capital Revenue Capital
Profit/(loss) attributable to shares (GBP'000) 614 2,005 410 (296) 719 4,958
Weighted average shares in issue (excluding treasury
shares) 267,189,319 240,621,271 244,550,634
Return/(loss) per share (pence) 0.23 0.75 0.17 (0.12) 0.29 2.03
The weighted average number of Ordinary shares is calculated excluding
the treasury shares of 39,731,000 (30 June 2016: 34,461,000; 31 December
2016: 36,375,000)
There are no convertible instruments, derivatives or contingent share
agreements in issue so basic and diluted return/(loss) per share are the
same.
7. Called up share capital
Unaudited Unaudited Audited
30 June 2017 30 June 2016 31 December 2016
GBP'000 GBP'000 GBP'000
Allotted, issued and fully paid:
312,691,928 Ordinary shares of 1 penny each (30 June
2016: 283,344,311; 31 December 2016: 283,993,804) 3,127 2,833 2,840
Voting rights
272,960,928 Ordinary shares of 1 penny each (net of treasury shares) (30
June 2016: 248,883,311; 31 December 2016: 247,618,804).
The Company operates a share buy-back programme, as detailed in the
Interim management report above. During the period the Company
purchased 3,356,000 Ordinary shares (nominal value of GBP33,560) at a
cost of GBP676,000 including stamp duty (30 June 2016: GBP548,000; 31
December 2016: GBP905,000) to be held in treasury. The Company holds a
total of 39,731,000 Ordinary shares in treasury at a nominal value of
GBP397,310, representing 12.7 per cent. of the issued Ordinary share
capital as at 30 June 2017. The shares purchased for treasury were
funded from the other distributable reserve.
During the period from 1 January 2017 to 30 June 2017, the Company
issued the following new shares of 1 penny each under the terms of the
Dividend Reinvestment Scheme Circular dated 19 April 2011:
Aggregate Opening market
Number of nominal value price on
Date of shares of shares Issue price Net invested allotment date
allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
28 April
2017 704,941 7 20.91 145 20.75
Under the terms of the Albion VCTs Prospectus Top Up Offers 2016/2017,
the following Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 June 2017:
Aggregate Net Opening market
Number of nominal value consideration price on allotment
Date of shares of shares Issue price received date
allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
31 January
2017 4,249,243 42 20.90 870 19.00
31 January
2017 1,647,857 16 21.00 338 19.00
31 January
2017 12,460,938 125 21.10 2,550 19.00
28 March
2017 8,437,199 84 22.10 1,809 20.00
7 April
2017 119,403 1 21.90 25 20.00
7 April
2017 72,916 1 22.00 16 20.00
7 April
2017 1,005,627 10 22.10 216 20.00
27,993,183 280 5,824
8. Commitments, contingencies and guarantees
As at 30 June 2017, the Company had the following financial commitments
totalling GBP5,000 (30 June 2016: GBP1,058,000; 31 December 2016:
GBPnil), which are expected to be invested during the next 12 months:
-- GBP5,000 Aridhia Informatics Limited.
9. Post balance sheet events
Since 30 June 2017, the Company has completed the following investment
transactions:
-- Investment of GBP255,000 in Active Lives Care Limited;
-- Investment of GBP250,000 in Ryefield Court Care Limited;
-- Investment of GBP204,000 in G.Network Communications Limited;
-- Investment of GBP6,000 in Beddlestead Farm Limited;
-- Investment of GBP5,000 in Aridhia Informatics Limited; and
-- Partial disposal of ErgoMed PLC for proceeds of GBP86,000.
10. Related party disclosures
Other than transactions with the Manager as disclosed in note 4, there
are no related party transactions or balances requiring disclosure.
11. Going concern
The Board's assessment of liquidity risk remains unchanged and is
detailed on page 53 of the Annual Report and Financial Statements for
the year ended 31 December 2016.
The Company has adequate cash and liquid resources. The portfolio of
investments is diversified in terms of sector, and the major cash
outflows of the Company (namely investments, dividends and share
buy-backs) are within the Company's control. Accordingly, after making
diligent enquiries, the Directors have a reasonable expectation that the
Company has adequate resources to continue in operational existence for
the foreseeable future. For this reason, the Directors have adopted the
going concern basis in preparing this Half-yearly Financial Report and
this is in accordance with the Guidance on Risk Management, Internal
Control and Related Financial and Business Reporting issued by the
Financial Reporting Council in September 2014.
12. Risks and uncertainties
In addition to the current economic risks outlined in the Interim
management report, the Board considers that the Company faces the
following major risks and uncertainties:
1. Investment and performance risk
The risk of investment in poor quality assets, which could reduce the
capital and income returns to shareholders, and could negatively impact
on the Company's current and future valuations. By nature, smaller
unquoted businesses, such as those that qualify for venture capital
trust purposes, are more fragile than larger, long established
businesses.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager and its track record over many years of making
successful investments in this segment of the market. In addition, the
Manager operates a formal and structured investment appraisal and review
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites and takes account of comments
from non-executive Directors of the Company on investments discussed at
the Investment Committee meetings. Investments are actively and
regularly monitored by the Manager (investment managers normally sit on
portfolio company boards), including the level of diversification in the
portfolio, and the Board receives detailed reports on each investment as
part of the Manager's report at quarterly board meetings.
1. VCT approval risk
The Company must comply with section 274 of the Income Tax Act 2007
which enables its investors to take advantage of tax relief on their
investment and on future returns. Breach of any of the rules enabling
the Company to hold VCT status could result in the loss of that status.
To reduce this risk, the Board has appointed the Manager, which has a
team with significant experience in venture capital trust management,
used to operating within the requirements of the venture capital trust
legislation. In addition, to provide further formal reassurance, the
Board has appointed Philip Hare & Associates LLP as its taxation adviser,
who report quarterly to the Board to independently confirm compliance
with the venture capital trust legislation, to highlight areas of risk
and to inform on changes in legislation. Each investment in a new
portfolio company is also pre-cleared with H.M. Revenue & Customs.
1. Regulatory and compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards and other legislation. Failure to
comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior
levels within or advising quoted companies. In addition, the Board and
the Manager receive regular updates on new regulation from its auditor,
lawyers and other professional bodies. The Company is subject to
compliance checks through the Manager's Compliance Officer. The Manager
reports monthly to its Board on any issues arising from compliance or
regulation. These controls are also reviewed as part of the quarterly
Board meetings, and also as part of the review work undertaken by the
Manager's Compliance Officer. The report on controls is also evaluated
by the internal auditors.
1. Operational and internal control risk
The Company relies on a number of third parties, in particular the
Manager, for the provision of investment management and administrative
functions. Failures in key systems and controls within the Manager's
business could put assets of the Company at risk or result in reduced or
inaccurate information being passed to the Board or to shareholders.
The Company and its operations are subject to a series of rigorous
internal controls and review procedures exercised throughout the year.
The Audit Committee reviews the Internal Audit Reports prepared by the
Manager's internal auditors, PKF Littlejohn LLP. On an annual basis, the
Audit Committee chairman meets with the internal audit Partner to
provide an opportunity to ask specific detailed questions in order to
satisfy itself that the Manager has strong systems and controls in place
including those in relation to business continuity and cyber security.
In addition, the Board regularly reviews the performance of its key
service providers, particularly the Manager, to ensure they continue to
have the necessary expertise and resources to deliver the Company's
investment objective and policies. The Manager and other service
providers have also demonstrated to the Board that there is no undue
reliance placed upon any one individual within Albion Capital Group LLP.
1. Economic and political risk
Changes in economic conditions, including, for example, interest rates,
rates of inflation, industry conditions, competition, political and
diplomatic events and other factors could substantially and adversely
affect the Company's prospects in a number of ways.
The Company invests in a diversified portfolio of companies across a
number of industry sectors and in addition often invests a mixture of
equity and secured loan stock in portfolio companies and has a policy of
not normally permitting any external bank borrowings within portfolio
companies. At any given time, the Company has sufficient cash resources
to meet its operating requirements, including share buy back and follow
on investments.
1. Market value of Ordinary shares
The market value of Ordinary shares can fluctuate. The market value of
an Ordinary share, as well as being affected by its net asset value and
prospective net asset value, also takes into account its dividend yield
and prevailing interest rates. As such, the market value of an Ordinary
share may vary considerably from its underlying net asset value. The
market prices of shares in quoted investment companies can, therefore,
be at a discount or premium to the net asset value at different times,
depending on supply and demand, market conditions, general investor
sentiment and other factors. Accordingly the market price of the
Ordinary shares may not fully reflect their underlying net asset value.
The Company operates a share buyback policy, which is designed to limit
the discount at which the Ordinary shares trade to around 5 per cent to
net asset value, by providing a purchaser through the Company in absence
of market purchasers. From time to time buyback cannot be applied, for
example when the Company is subject to a close period, or if it were to
exhaust its buyback authorities, which are renewed each year. New
Ordinary shares are issued at sufficient premium to net asset value to
cover the costs of issue and to avoid asset value dilution to existing
investors.
13. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of section
435 of the Companies Act 2006 for the periods ended 30 June 2017 and 30
June 2016, and is unaudited. The information for the year ended 31
December 2016 does not constitute statutory accounts within the terms of
section 435 of the Companies Act 2006 and is derived from the statutory
accounts for that financial year, which have been delivered to the
Registrar of Companies. The Auditor reported on those accounts; their
report was unqualified and did not contain a statement under s498 (2) or
(3) of the Companies Act 2006.
14. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at www.albion.capital/funds/KAY, where the Report can be
accessed from the 'Financial Reports and Circulars' section.
Merger history for the Company and for previous funds
February 1996 Quester VCT PLC (QVCT) launched
June 2005 QVCT2 and QVCT3 merged into QVCT
June 2008 All Quester names changed to SPARK:
QVCT became Spark VCT plc (SVCT)
QVCT4 became Spark VCT 2 plc (SVCT2)
QVCT5 became Spark VCT 3 plc (SVCT3)
November 2008 SVCT3 merged into SVCT2
January 2011 Albion Capital became Manager
February 2011 All SPARK names changed to Kings Arms Yard:
SVCT became Kings Arms Yard VCT PLC (KAY)
SVCT2 became Kings Arms Yard VCT 2 PLC (KAY2)
September 2011 KAY2 merged into KAY
Financial summary for the Company and for previous funds
31 December
30 June 2017 30 June 2016 2016
(pence per share) (pence per share) (pence per share)
Net asset value of the Company 21.81 19.66 21.41
Dividends paid to shareholders of the Company
Dividends paid during the period 0.50 0.50 1.00
Cumulative dividend paid 64.83 63.83 64.33
Total shareholder return(1) (per 100p invested)
To shareholders of the Company
(formerly SPARK VCT plc; Quester VCT plc) 86.64 83.49 85.74
Total shareholder return including tax benefits(2) 106.64 103.49 105.74
Total shareholder return to former shareholders of:
Quester VCT 2 plc, per 100p invested in shares of
that company
Total shareholder return 72.86 69.63 71.94
Total shareholder return including tax benefits(2) 92.86 89.63 91.94
Quester VCT 3 plc, per 100p invested in shares of
that company
Total shareholder return 46.24 43.15 45.36
Total shareholder return including tax benefits(2) 66.24 63.15 65.36
Quester VCT 4 plc (renamed SPARK VCT 2 PLC and then
Kings Arms Yard VCT 2 PLC), per 100p invested in shares
of that company
Total shareholder return 43.88 39.84 42.72
Total shareholder return including tax benefits(2) 63.88 59.84 62.72
Quester VCT 5 plc (renamed SPARK VCT 3 PLC), per 100p
invested in shares of that company
Total shareholder return 57.53 51.63 55.84
Total shareholder return including tax benefits(2) 77.53 71.63 75.84
(1) Net asset value plus cumulative dividend per share to ordinary
shareholders in the Company since the launch of the Company (then called
Quester VCT plc) in April 1996.
(2) Return after 20 per cent. income tax relief but excluding capital
gains deferral.
The total returns stated are applicable only to shareholders of shares
at the time of each companies launch. They do not represent the return
to subsequent subscribers or purchasers of shares.
Source: Albion Capital Group LLP
Dividend history for the Company and for previous funds
Kings Arms Yard VCT PLC (KAY)
Dividends paid to shareholders of KAY launched in 1996 (formerly SPARK
VCT plc ("SVCT") and originally Quester VCT PLC ("QVCT")).
(pence per share)
31 January 1997 0.937
31 January 1998 2.547
31 January 1999 2.875
31 January 2000 7.110
31 January 2001 26.650
31 January 2002 1.350
28 February 2006 1.250
28 February 2007 3.910
31 December 2007 4.220
31 December 2008 2.810
31 December 2010 5.000
31 December 2011 0.670
31 December 2012 1.000
31 December 2013 1.000
31 December 2014 1.000
31 December 2015 1.000
31 December 2016 1.000
30 June 2017 0.500
Total dividends paid to 30 June 2017 64.829
Net asset value as at 30 June 2017 21.810
Total shareholder return to 30 June 2017 86.639
Quester VCT 2 PLC (QVCT2)
QVCT2 was launched in 1998 and was merged with KAY (formerly SPARK VCT
plc ("SVCT") and originally Quester VCT PLC ("QVCT")) in June 2005 with
a share exchange ratio of 1.0249 QVCT shares for each QVCT2 share.
(pence per share)
28 February 1999 1.000
28 February 2000 3.065
28 February 2001 20.500
28 February 2002 2.000
28 February 2006 1.281
28 February 2007 4.007
31 December 2007 4.325
31 December 2008 2.880
31 December 2010 5.125
31 December 2011 0.687
31 December 2012 1.025
31 December 2013 1.025
31 December 2014 1.025
31 December 2015 1.025
31 December 2016 1.025
30 June 2017 0.512
Total dividends paid to 30 June 2017 50.507
Net asset value as at 30 June 2017 22.353
Total shareholder return to 30 June 2017 72.860
Quester VCT 3 PLC (QVCT3)
QVCT3 was launched in 2000 and was merged with KAY (formerly SPARK VCT
plc ("SVCT") and originally Quester VCT PLC ("QVCT")) in June 2005 with
a share exchange ratio of 0.9816 QVCT shares for each QVCT3 share.
(pence per share)
28 February 2001 0.750
28 February 2002 1.000
28 February 2003 0.150
28 February 2006 1.227
28 February 2007 3.838
31 December 2007 4.142
31 December 2008 2.758
31 December 2010 4.908
31 December 2011 0.658
31 December 2012 0.982
31 December 2013 0.982
31 December 2014 0.982
31 December 2015 0.982
31 December 2016 0.982
30 June 2017 0.491
Total dividends paid to 30 June 2017 24.832
Net asset value as at 30 June 2017 21.409
Total shareholder return to 30 June 2017 46.241
Quester VCT 4 PLC (QVCT4)
QVCT4 was launched in 2000 and was renamed SPARK VCT 2 plc ("SVCT2") and
then Kings Arms Yard VCT 2 PLC ("KAY2"). KAY2 merged with Kings Arms
Yard VCT PLC ("KAY") in September 2011 with a share exchange ratio of
1.2806 KAY shares for each KAY2 share.
(pence per share)
31 October 2002 1.750
31 October 2003 1.150
31 October 2005 1.000
31 October 2006 1.000
31 December 2007 1.000
31 December 2008 1.000
31 December 2010 1.000
31 December 2011 1.000
31 December 2012 1.281
31 December 2013 1.281
31 December 2014 1.281
31 December 2015 1.281
31 December 2016 1.281
30 June 2017 0.640
Total dividends paid to 30 June 2017 15.945
Net asset value as at 30 June 2017 27.930
Total shareholder return to 30 June 2017 43.875
Quester VCT 5 PLC (QVCT5)
QVCT5 was launched in 2002 and was renamed SPARK VCT 3 plc ("SVCT3") and
merged with SPARK VCT 2 plc ("SVCT2") (originally QVCT4) in November
2008 with a share exchange ratio of 1.4613 SVCT2 shares for each SVCT3
share. The merged company was then renamed Kings Arms Yard VCT 2 PLC
("KAY2"). KAY2 merged with Kings Arms Yard VCT PLC ("KAY") in September
2011 with a share exchange ratio of 1.2806 KAY shares for each KAY2
share.
(pence per share)
31 December 2003 0.500
31 December 2004 1.000
31 December 2006 1.000
31 December 2007 1.000
31 December 2010 1.461
31 December 2011 1.461
31 December 2012 1.871
31 December 2013 1.871
31 December 2014 1.871
31 December 2015 1.871
31 December 2016 1.871
30 June 2017 0.936
Total dividends paid to 30 June 2017 16.713
Net asset value as at 30 June 2017 40.814
Total shareholder return to 30 June 2017 57.527
Split of potfolio of investments by sector:
http://hugin.info/145558/R/2129901/813671.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Kings Arms Yard VCT PLC via Globenewswire
http://www.sparkventures.com
(END) Dow Jones Newswires
August 29, 2017 10:24 ET (14:24 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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