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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 | 12,820 | 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
Kings Arms Yard VCT PLC
LEI Code 213800DK8H27QY3J5R45
As required by the UK Listing Authority's Disclosure Guidance 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 2018. This announcement was
approved by the Board of Directors on 29 August 2018.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2018, 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
https://www.globenewswire.com/Tracker?data=DlkMQrexAvh4Csh6Pw0AhRe-rPCIHJIm4Utq-eiNNBlaJ80oi9gatcC_JLFK30PUoViLjXr1VdeCNAhRBl7Ga7lrH6bzyB4wzI0s5niBv0T7CWLaH88LNBJcpykQLuHEDcMbRUT6fKjlvHd1mhZ0OQ==
www.albion.capital/funds/KAY/30Jun18.pdf.
Investment policy
Kings Arms Yard VCT PLC is a Venture Capital Trust and the investment
policy is intended to produce a regular and predictable dividend stream
with an appreciation in capital value.
The Company will invest in a broad portfolio of higher growth businesses
across a variety of sectors of the UK economy including higher risk
technology companies. Allocation of assets will be determined by the
investment opportunities which become available but efforts will be made
to ensure that the portfolio is diversified both in terms of sector and
stage of maturity of company.
Funds held pending investment or for liquidity purposes are held as cash
on deposit or similar instruments with bank or other financial
institutions with high credit ratings assigned by international credit
rating agencies.
Risk diversification and maximum exposures
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
portfolio 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.
The Company's maximum exposure in relation to gearing is restricted to
the amount equal to its adjusted capital and reserves. The Directors do
not currently have any intention to utilise long term gearing.
Financial calendar
Record date for second dividend 5 October 2018
Payment date of second dividend 31 October 2018
Financial year end 31 December
Financial highlights
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2018 30 June 2017 31 December 2017
(pence per share) (pence per share) (pence per share)
Revenue return 0.15 0.23 0.56
Capital return 1.62 0.75 0.69
----------------- ----------------- -----------------
Total return 1.77 0.98 1.25
Dividends paid 0.60 0.50 1.00
Net asset value 22.74 21.81 21.60
---------------- ----------------- ----------------- -------------------
From Launch
to 1 January 2011 From Launch
31 December to to
2010 30 June 2018 30 June 2018
Total shareholder return (pence per share) (pence per share) (pence per share)
Subscription price per share
at launch 100.00 - 100.00
Dividends paid 58.66 7.27 65.93
(Decrease)/increase in net asset
value (83.40) 6.14 (77.26)
------------------ ------------------ ------------------
Total shareholder return 75.26 13.41 88.67
------------------ ------------------ ------------------
Current annual dividend objective (pence per share) 1.20
---------------------------------------------------- ----
The Directors have declared a second dividend of 0.60 pence per share
for the year ending 31 December 2018, which will be paid on 31 October
2018 to shareholders on the register on 5 October 2018.
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 1.77 pence per share (8.2% on
opening net asset value) for the six month period to 30 June 2018,
compared to a total return of 0.98 pence per share 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 1.25 pence per
share return in 2017 and 2.32 pence per share return in 2016.
Results
Net asset value increased from 21.60 pence per share at 31 December 2017
to 22.74 pence per share at 30 June 2018, following the payment of a
0.60 pence per share dividend on 30 April 2018.
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 0.60 pence per share to be paid on 31 October 2018, to
shareholders on the register on 5 October 2018. The annual dividend
target per share of 1.20 pence represents a tax free yield of 5.6% on
the mid-market share price of 21.60 pence per share as at 30 June 2018.
The Company continues to offer a Dividend Reinvestment Scheme whereby
shareholders can elect to receive dividends in the form of new shares.
Valuations
The net effect of the Board's regular portfolio revaluation has been an
overall gain on investments of GBP5.8m. The key movements in the period
include: a further GBP2.3m uplift following the disposal of Grapeshot to
Oracle Corporation (NYSE:ORCL); a GBP1.4m uplift in the valuation of
Quantexa following a third party led funding round. There were increases
on a variety of investments following independent valuations performed
as at March 2018 including: Active Lives Care, Chonais River Hydro, and
Ryefield Court Care offset by a reduction in the valuation of a number
of investments including Edo Consulting and Elateral due to lower growth
than anticipated. 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 2018. The Company has invested GBP0.4m into three
new portfolio companies, with the expectation of further funding rounds
over time to support success. In addition, the Company invested GBP1.9m
to support existing portfolio companies scale.
New investments in the period included:
-- An initial investment of GBP204k (Albion VCTs: GBP1.2m) to fund the early
expansion of Koru Kids, a provider of an online marketplace connecting
parents and nannies;
-- An initial amount of GBP160k (Albion VCTs: GBP1.0m) to fund the early
expansion of uMotif, a provider of a patient engagement and data capture
platform;
-- An initial investment of GBP80k (Albion VCTs: GBP0.5m), to fund the
development of Healios, a provider of an online platform delivering
family centric psychological care primarily to children and adolescents.
In the period, the Company sold its investment in Grapeshot generating
proceeds at completion of GBP4.3m (excluding an amount placed in
escrow). If the full escrow amount is received, the Company will realise
approximately 10x the total investment cost of GBP0.5m. In addition, the
Company sold all of its remaining quoted securities in Oxford Immunotec
Global (GBP0.8m) and disposed of further securities in ErgoMed
(GBP0.3m). For more information please see the realisation table below.
Current portfolio sector allocation
The pie chart at the end of this announcement outlines the different
sectors in which the Company's assets, at carrying value, are currently
invested.
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 2017/18 was fully subscribed and closed
early raising net proceeds of GBP7.8m. Further details can be found in
note 7. The proceeds of the Offer are being deployed into new
investments as mentioned above, and supporting further funding of
existing portfolio companies to promote growth.
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.
Risks and uncertainties
The outlook for the UK economy continues to be the key risk affecting
your Company. The Company's investment risk is mitigated through a
variety of processes, including investing in a diversified portfolio in
terms of sector and stage of maturity and focusing on opportunities
where it is believed growth can be both resilient and sustainable.
Other risks and uncertainties remain unchanged and are detailed in note
12 below.
Outlook
Your Board remains cautious on the economic outlook but positive on the
long term prospects of the portfolio. Our investments are well
diversified in more than 50 companies in a wide variety of sectors and
stages of maturity. 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 2018
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 2018 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.
For and on behalf of the Board
Robin Field
Chairman
29 August 2018
Portfolio of investments
The following is a summary of fixed asset investments as at 30 June
2018:
Cumulative Change in
movement value for
% voting Cost(1) in value Value the period(2)
Fixed asset investments rights GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- ---------- -------- --------------
Unquoted investments
Active Lives Care Limited 20.3 4,395 2,588 6,983 615
Ryefield Court Care Limited 18.7 3,070 2,043 5,113 457
Chonais River Hydro Limited 6.5 2,428 948 3,376 373
Proveca Limited 14.7 1,304 1,613 2,917 (147)
Antenova Limited 28.7 1,733 888 2,621 (4)
Elateral Group Limited 47.9 4,663 (2,070) 2,593 (213)
Egress Software Technologies
Limited 5.3 1,003 1,264 2,267 -
Anthropics Technology Limited 13.8 19 1,933 1,952 177
The Street by Street Solar
Programme Limited 10.0 1,040 759 1,799 89
MyMeds&Me Limited 15.4 1,459 229 1,688 (9)
Alto Prodotto Wind Limited 11.1 974 691 1,665 144
Perpetuum Limited 13.4 2,373 (755) 1,618 -
Quantexa Limited 1.7 190 1,378 1,568 1,378
Regenerco Renewable Energy
Limited 9.8 988 507 1,495 26
Dragon Hydro Limited 17.2 736 453 1,189 84
Academia Inc 3.0 351 781 1,132 (30)
Bravo Inns II Limited 5.0 800 253 1,053 63
G.Network Communications
Limited 6.8 635 397 1,032 397
Sandcroft Avenue Limited 5.3 954 38 992 26
Shinfield Lodge Care Limited 2.9 535 412 947 61
OmPrompt Holdings Limited 13.2 1,197 (273) 924 (10)
Earnside Energy Limited 5.2 835 13 848 4
Symetrica Limited 3.5 389 458 847 (134)
Gharagain River Hyrdo Limited 5.0 620 184 804 100
Sift Limited 42.1 2,306 (1,607) 699 (29)
AVESI Limited 14.8 484 206 690 (3)
Black Swan Data Limited 1.4 671 - 671 -
Women's Health (London West
One) Limited 4.7 583 - 583 -
Convertr Media Limited 3.1 425 127 552 150
MPP Global Solutions Limited 1.9 550 - 550 -
Beddlestead Limited 5.1 502 - 502 -
Edo Consulting Limited 38.6 923 (442) 481 (555)
Greenenerco Limited 8.6 286 194 480 46
Oviva AG 2.1 367 91 458 -
Zift Channel Solutions Inc 0.6 321 57 378 58
Celoxica Holdings plc 4.4 513 (144) 369 -
Mirada Medical Limited 1.1 303 58 361 21
Panaseer Limited 1.5 253 97 350 30
Secured By Design Limited 1.7 260 81 341 81
Abcodia Limited 4.3 735 (475) 260 (128)
Koru Kids Limited 1.7 204 - 204 -
The Wentworth Wooden Jigsaw
Company Limited 5.4 - 178 178 (33)
Infinite Ventures (Goathill)
Limited 2.7 112 48 160 12
uMotif Limited 1.0 160 - 160 -
Erin Solar Limited 5.7 160 (7) 153 -
Aridhia Informatics Limited 2.2 381 (243) 138 (52)
InCrowd Sports Limited 1.5 126 12 138 12
Cisiv Limited 2.8 216 (104) 112 -
Locum's Nest Limited 1.6 75 23 98 23
Healios Limited 0.8 80 - 80 -
Harvest AD Limited(i) - 70 2 72 2
Innovation Broking Group
Limited 4.5 45 24 69 1
Xention Limited 10.6 38 (28) 10 -
Other holdings (7 companies) 26 (19) 7 -
Total unquoted investments 43,866 12,861 56,727 3,083
--------------------------------------- -------- ---------- -------- --------------
Quoted investments
ErgoMed PLC 841 210 1,051 (30)
--------------------------------------- -------- ---------- -------- --------------
Total quoted investments 841 210 1,051 (30)
--------------------------------------- -------- ---------- -------- --------------
Total fixed asset investments 44,707 13,071 57,778 3,053
--------------------------------------- -------- ---------- -------- --------------
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 period from the opening
balance as at 1 January 2018 to the closing balance as at 30 June 2018
after adjustments for additions and disposals.
(i) Early stage investment of convertible loan stock.
Total change in value of investments
for the period 3,053
Movement in loan stock accrued interest (74)
-----
Unrealised gains on fixed asset investments sub-total 2,979
Realised gains in current period 2,426
Unrealised gains on current asset investments 373
Total gains on investments as per
Income statement 5,778
---------------------------------------------------------- -----
Cumulative Change in
movement value for
Cost in value Value the period
Current asset investments GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- -------- ---------- -------- -----------
ErgoMed PLC* - 373 373 373
------------------------------- -------- ---------- -------- -----------
Total current asset investments - 373 373 373
------------------------------- -------- ---------- -------- -----------
*Amounts shown represent future contingent receipts.
Gain/(loss)
Opening Realised on opening
carrying Disposal gain on or acquired
Realisations in the period Cost value proceeds cost value
to 30 June 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------- --------- --------- ---------- ------------
Disposals:
---------------------------
Grapeshot Limited 518 2,478 4,795 4,277 2,317
Oxford Immunotec Global PLC 279 743 776 497 33
ErgoMed PLC 171 220 295 124 75
Loan stock repayments and
other:
---------------------------
MyMeds&Me Limited 620 840 839 219 (1)
Alto Prodotto Wind Limited 11 16 16 5 -
Greenenerco Limited 6 8 8 2 -
Escrow adjustments - - 2 2 2
Total 1,605 4,305 6,731 5,126 2,426
--------------------------- -------- --------- --------- ---------- ------------
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2018 30 June 2017 31 December 2017
---------------------- ---- ---------------------------- ---------------------------- ----------------------------
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 - 5,778 5,778 - 2,527 2,527 - 2,753 2,753
Investment income 3 918 - 918 940 - 940 2,116 - 2,116
Investment management
fee 4 (162) (486) (648) (142) (427) (569) (291) (873) (1,164)
Performance incentive
fee 4 (142) (426) (568) (32) (95) (127) - - -
Other expenses (159) - (159) (152) - (152) (303) - (303)
Profit on ordinary
activities before
tax 455 4,866 5,321 614 2,005 2,619 1,522 1,880 3,402
Tax on ordinary
activities - - - - - - - - -
---------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit and total
comprehensive
income attributable
to shareholders 455 4,866 5,321 614 2,005 2,619 1,522 1,880 3,402
---------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted
return per share
(pence)* 6 0.15 1.62 1.77 0.23 0.75 0.98 0.56 0.69 1.25
---------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
*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 2017 and the audited
statutory accounts for the year ended 31 December 2017.
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 2018 30 June 2017 2017
Note GBP'000 GBP'000 GBP'000
------------------------------ ---- ------------- ------------- ------------
Fixed asset investments 57,778 54,697 55,815
------------- ------------- ------------
Current assets
Current asset investments 373 - -
Trade and other receivables
less than one year 713 66 368
Cash and cash equivalents 11,689 5,388 6,700
------------- ------------- ------------
12,775 5,454 7,068
Total assets 70,553 60,151 62,883
Payables: amounts falling
due within one year
Trade and other payables
less than one year (1,032) (605) (391)
------------- ------------- ------------
Total assets less current
liabilities 69,521 59,546 62,492
------------- ------------- ------------
Equity attributable to equity
holders
Called up share capital 7 3,509 3,127 3,321
Share premium 27,693 19,899 23,841
Capital redemption reserve 11 11 11
Unrealised capital reserve 12,770 14,523 12,118
Realised capital reserve 9,934 3,440 5,720
Other distributable reserve 15,604 18,546 17,481
------------- ------------- ------------
Total equity shareholders'
funds 69,521 59,546 62,492
------------- ------------- ------------
Basic and diluted net asset
value per share (pence)* 22.74 21.81 21.60
------------------------------ ---- ------------- ------------- ------------
*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 2017 and the audited
statutory accounts for the year ended 31 December 2017.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 29 August 2018 and were signed on its behalf by
Robin Field
Chairman
Company number: 03139019
Condensed statement of changes in equity
Called Capital Unrealised Realised
up share Share redemption capital capital Other 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 2018 3,321 23,841 11 12,118 5,720 17,481 62,492
Profit and total comprehensive
income for the period - - - 3,352 1,514 455 5,321
Transfer of previously
unrealised gains on
disposal of investments - - - (2,700) 2,700 - -
Purchase of own shares
for treasury - - - - - (495) (495)
Issue of equity 188 3,952 - - - - 4,140
Cost of issue of equity - (100) - - - - (100)
Dividends paid - - - - - (1,837) (1,837)
At 30 June 2018 3,509 27,693 11 12,770 9,934 15,604 69,521
------------------------------- --------- ------- ----------- ---------- --------- ------------------- -------
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 2017 2,840 14,218 11 12,526 3,432 19,983 53,010
Profit and total comprehensive
income for the period - - - 1,695 185 1,522 3,402
Transfer of previously
unrealised gains on
disposal of investments - - - (2,103) 2,103 - -
Purchase of own shares
for treasury - - - - - (1,301) (1,301)
Issue of equity 481 9,880 - - - - 10,361
Cost of issue of equity - (257) - - - - (257)
Dividends paid - - - - - (2,723) (2,723)
------------------------------- --------- ----------- ---------
At 31 December 2017 3,321 23,841 11 12,118 5,720 17,481 62,492
------------------------------- --------- ------- ----------- ---------- --------- ------------------- -------
*The total distributable reserves are GBP25,538,000 (30 June 2017:
GBP21,986,000; 31 December 2017: GBP23,201,000).
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 2017 and the audited
statutory accounts for the year ended 31 December 2017.
Condensed statement of cash flows
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2018 30 June 2017 2017
GBP'000 GBP'000 GBP'000
---------------------------------- ------------- ------------- ------------
Cash flow from operating
activities
Investment income received 596 594 1,218
Deposit interest received 9 1 3
Dividend income received 32 337 782
Investment management fees
paid (609) (526) (1,128)
Performance incentive fee
paid - (513) (513)
Other cash payments (173) (136) (295)
Net cash flow from operating
activities (145) (243) 67
Cash flow from investing
activities
Purchase of fixed asset investments (2,304) (1,573) (5,735)
Disposal of fixed asset investments 5,688 1,422 4,498
Net cash flow from investing
activities 3,384 (151) (1,237)
Cash flow from financing
activities
Issue of share capital 3,826 5,824 9,814
Cost of issue of equity (2) - (2)
Purchase of own shares (including
costs) (448) (602) (1,300)
Equity dividends paid* (1,626) (1,228) (2,430)
------------- ------------- ------------
Net cash flow from financing
activities 1,750 3,994 6,082
------------- ------------- ------------
Increase in cash and cash
equivalents 4,989 3,600 4,912
Cash and cash equivalents
at start of period 6,700 1,788 1,788
------------- ------------- ------------
Cash and cash equivalents
at end of period 11,689 5,388 6,700
Cash and cash equivalents
comprise:
Cash at bank and in hand 11,689 5,388 6,700
Cash equivalents - - -
------------- ------------- ------------
Total cash and cash equivalents 11,689 5,388 6,700
----------------------------------- ------------- ------------- ------------
* The equity 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 2017 and the audited
statutory accounts for the year ended 31 December 2017.
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 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 Financial 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% 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, are
designated 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.
Receivables and payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
payables.
Current asset investments
Contractual future contingent receipts on the disposal of investments
are designated at fair value through profit or loss and are subsequently
measured at fair value.
Gains and losses on investments
Gains and losses arising from changes in the fair value of the
investments are included in the 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 expected 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 other 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 the 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 the 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 FVTPL, 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 the 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 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 2018 30 June 2017 2017
GBP'000 GBP'000 GBP'000
-------------------------------- ------------- ------------- -------------
Unrealised gains on fixed asset
investments 2,979 2,395 1,695
Unrealised gains on current
asset investments 373 - -
Realised gains on fixed asset
investments 2,426 132 1,058
5,778 2,527 2,753
------------- ------------- -------------
3. Investment income
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2018 30 June 2017 2017
GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------- -------------
Interest from loans to portfolio
companies 743 602 1,331
Dividends 165 337 782
Bank deposit interest 10 1 3
918 940 2,116
------------- ------------- -------------
4. Investment management fee and performance incentive fee
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2018 30 June 2017 2017
GBP'000 GBP'000 GBP'000
---------------------------------- ------------- ------------- -------------
Investment management fee charged
to revenue 162 142 291
Investment management fee charged
to capital 486 427 873
Performance incentive fee charged
to revenue 142 32 -
Performance incentive fee charged
to capital 426 95 -
------------- ------------- -------------
1,216 696 1,164
------------- ------------- -------------
Further details of the Management agreement under which the investment
management fee and performance incentive fee are paid is given in the
Strategic report on page 12 of the Annual Report and Financial
Statements for the year ended 31 December 2017.
During the period, services with a value of GBP648,000 (30 June 2017:
GBP569,000; 31 December 2017: GBP1,164,000) and GBP25,000 (30 June 2017:
GBP25,000; 31 December 2017: 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 GBP348,000 (30 June 2017: GBP317,000; 31 December 2017:
GBP309,000). For the period to 30 June 2018, a provisional performance
incentive fee of GBP568,000 has been accrued, however any performance
incentive fee is only payable on year end results (30 June 2017:
GBP127,000; 31 December 2017: nil).
Albion Capital Group LLP is, from time to time, eligible to receive
arrangement fees and monitoring fees from portfolio companies. During
the period, fees of GBP145,000 (30 June 2017: GBP113,000; 31 December
2017: GBP233,000) attributable to the investments of the Company were
paid pursuant to these arrangements.
Albion Capital Group LLP, its partners and staff hold 897,071 Ordinary
shares in the Company.
5. Dividends
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2018 30 June 2017 2017
GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------- ------------
First dividend of 0.5 pence per
share paid on 28 April 2017 - 1,375 1,375
Second dividend of 0.5 pence per
share paid on 31 October 2017 - - 1,363
First dividend of 0.6 pence per
share paid on 30 April 2018 1,842 - -
Unclaimed dividends returned to
the Company (5) - (15)
1,837 1,375 2,723
------------- ------------- ------------
The Directors have declared a second dividend of 0.6 pence per share for
the year ending 31 December 2018, which will be paid on 31 October 2018
to shareholders on the register on 5 October 2018.
6. Basic and diluted return per share
Audited
Unaudited Unaudited year ended
six months ended six months ended 31 December
30 June 2018 30 June 2017 2017
Revenue Capital Revenue Capital Revenue Capital
-------------------------------------- -------- --------- -------- --------- ------- -------
Profit attributable to shareholders
(GBP'000) 455 4,866 614 2,005 1,522 1,880
Weighted average shares in
issue (excluding treasury
shares) 299,536,878 267,189,319 272,042,345
Return attributable per equity
share (pence) 0.15 1.62 0.23 0.75 0.56 0.69
The weighted average number of Ordinary shares is calculated excluding
the treasury shares of 45,209,000 (30 June 2017: 39,731,000; 31 December
2017: 42,771,000)
There are no convertible instruments, derivatives or contingent share
agreements in issue so basic and diluted return per share are the same.
7. Called up share capital
Audited
Unaudited Unaudited 31 December
30 June 2018 30 June 2017 2017
GBP'000 GBP'000 GBP'000
--------------------------------- -------------- -------------- ------------
Allotted, issued and fully paid:
350,885,505 Ordinary shares
of 1 penny each (30 June 2017:
312,691,928; 31 December 2017:
332,100,215) 3,509 3,127 3,321
--------------- --------------- ------------
Voting rights
305,676,505 Ordinary shares of 1 penny each (net of treasury shares) (30
June 2017: 272,960,928; 31 December 2017: 289,329,215).
The Company operates a share buy-back programme, as detailed in the
Interim management report above. During the period the Company purchased
2,438,000 Ordinary shares (nominal value of GBP24,380) at a cost of
GBP495,000. The total number of Ordinary shares held in treasury as at
30 June 2018 was 45,209,000 (30 June 2017: 39,731,000; 31 December 2017:
42,771,000) representing 12.9% of the issued Ordinary share capital as
at 30 June 2018.
During the period from 1 January 2018 to 30 June 2018, the Company
issued the following new Ordinary shares of 1 penny each under the terms
of the Dividend Reinvestment Scheme Circular dated 19 April 2011:
Aggregate Opening market
nominal value Issue price price on allotment
Date of Number of of shares (pence per Net invested date
allotment shares allotted (GBP'000) share) (GBP'000) (pence per share)
---------- ---------------- --------------- ----------- ------------ -------------------
30 April
2018 1,030,225 10 21.00 214 22.40
Under the terms of the Albion VCTs Prospectus Top Up Offers 2017/18, the
following new Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 June 2018:
Opening market
Aggregate nominal Issue price Net consideration price on allotment
Number of value of shares (pence per received date
Date of allotment shares allotted (GBP'000) share) (GBP'000) (pence per share)
------------------- ---------------- ------------------- ----------- ----------------- -------------------
31 January 2018 5,979,493 60 21.90 1,277 21.30
5 April 2018 9,261,391 93 22.20 2,005 19.80
11 April 2018 94,086 1 22.00 20 19.80
11 April 2018 8,144 - 22.10 2 19.80
11 April 2018 2,411,951 24 22.20 522 19.80
17,755,065 178 3,826
---------------- ------------------- -----------------
8. Commitments, contingencies and guarantees
As at 30 June 2018, the Company had no financial commitments (30 June
2017: GBP5,000; 31 December 2017: nil).
There were no contingent liabilities or guarantees given by the Company
as at 30 June 2018 (30 June 2017: nil; 31 December 2017: nil).
9. Post balance sheet events
Since 30 June 2018, the Company has completed the following investments:
--Investment of GBP374,000 in Phrasee Limited;
--Investment of GBP248,000 in Quantexa Limited.
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 61 of the Annual Report and Financial Statements for
the year ended 31 December 2017.
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 matters 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 or our
professional advisers.
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.
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
instruments 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-backs 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 provdiding 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 any buyback authorities. 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 2018 and 30
June 2017, and is unaudited. The information for the year ended 31
December 2017 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 Quester VCT 2 PLC (QVCT2) and Quester VCT
3 PLC (QVCT3) merged into QVCT
June 2008 All Quester names changed to SPARK:
QVCT became Spark VCT plc (SVCT)
Quester VCT 4 PLC (QVCT4) became Spark
VCT 2 plc (SVCT2)
Quester VCT 5 PLC (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 2018 30 June 2017 2017
(pence per (pence per (pence per
share) share) share)
Net asset value of the Company 22.74 21.81 21.60
------------ ------------ -----------
Dividends paid to shareholders
of the Company
Dividends paid during the period 0.60 0.50 1.00
Cumulative dividend paid 65.93 64.83 65.33
------------ ------------ -----------
Total shareholder return(1) (per
100p invested)
To shareholders of the Company
(formerly SPARK VCT plc; Quester
VCT plc) 88.67 86.64 86.93
Total shareholder return including
tax benefits(2) 108.67 106.64 106.93
------------ ------------ -----------
Total shareholder return to former
shareholders of:
Quester VCT 2 plc, per 100p invested
in shares of that company
Total shareholder return 74.94 72.86 73.16
Total shareholder return including
tax benefits(2) 94.94 92.86 93.16
------------ ------------ -----------
Quester VCT 3 plc, per 100p invested
in shares of that company
Total shareholder return 48.23 46.24 46.53
Total shareholder return including
tax benefits(2) 68.23 66.24 66.53
------------ ------------ -----------
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 46.48 43.88 44.25
Total shareholder return including
tax benefits(2) 66.48 63.88 64.25
------------ ------------ -----------
Quester VCT 5 plc (renamed SPARK
VCT 3 PLC), per 100p invested
in shares of that company
Total shareholder return 61.33 57.53 58.07
Total shareholder return including
tax benefits(2) 81.33 77.53 78.07
------------ ------------ -----------
(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 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
31 December 2017 1.000
30 June 2018 0.600
-----------------
Total dividends paid to 30 June 2018 65.929
Net asset value as at 30 June 2018 22.740
-----------------
Total shareholder return to 30 June 2018 88.669
-----------------
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
29 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
31 December 2017 1.025
30 June 2018 0.615
-----------------
Total dividends paid to 30 June 2018 51.635
Net asset value as at 30 June 2018 23.306
-----------------
Total shareholder return to 30 June 2018 74.941
-----------------
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
31 December 2017 0.982
30 June 2018 0.589
-----------------
Total dividends paid to 30 June 2018 25.912
Net asset value as at 30 June 2018 22.322
-----------------
Total shareholder return to 30 June 2018 48.234
-----------------
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
31 December 2017 1.281
30 June 2018 0.768
-----------------
Total dividends paid to 30 June 2018 17.354
Net asset value as at 30 June 2018 29.121
-----------------
Total shareholder return to 30 June 2018 46.475
-----------------
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
31 December 2017 1.871
30 June 2018 1.123
-----------------
Total dividends paid to 30 June 2018 18.771
Net asset value as at 30 June 2018 42.554
-----------------
Total shareholder return to 30 June 2018 61.325
-----------------
Attachment
-- Split of portfolio by sector
https://prlibrary-eu.nasdaq.com/Resource/Download/6a3969b2-28ad-49ba-94b6-cead725e1787
(END) Dow Jones Newswires
August 29, 2018 10:35 ET (14:35 GMT)
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