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Share Name Share Symbol Market Type Share ISIN Share Description
Mobeus Income & Growth Vct Plc LSE:MIX London Ordinary Share GB00B01WL239 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -2.52% 58.00 56.50 59.50 58.00 58.00 58.00 4,267 08:00:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.9 2.0 1.7 35.2 74

Mobeus Income & Growth VCT PLC Half-year Report

11/09/2020 3:30pm

UK Regulatory (RNS & others)


TIDMMIX

RNS Number : 7971Y

Mobeus Income & Growth VCT PLC

11 September 2020

 
 MOBEUS INCOME & GROWTH VCT PLC 
 
 HALF YEAR RESULTS FOR THE SIX MONTHSED 30 JUNE 2020 
 Mobeus Income & Growth VCT plc ("the Company") today announces 
  its half-year results for the six months ended 30 June 2020. 
                                                                                                                                                                               As at 30 June 2020: 
                                                                                                                                                                      Net assets: GBP74.71 million 
                                                                                                                                                    Net asset value ("NAV") per share: 58.86 pence 
 Financial Highlights 
 Results for the six months ended 30 June 2020 
 
             *    Net asset value total return(1) per share was 0.1% 
                  for the six months. 
 
             *    Share price total return(1) per share fell by 5.1% 
                  for the six months. 
 
             *    The Company declared an interim dividend in respect 
                  of the current year of 6.00 pence per share, paid to 
                  Shareholders on 7 May 2020. 
 
             *    The Company realised investments for a total of 
                  GBP9.35 million, a gain of GBP1.99 million for the 
                  six months over their valuation at 31 December 2019. 
 
             *    The Company invested GBP1.68 million into one new 
                  growth capital investment and two follow-on 
                  investments. 
 
 
 
            (1) Alternative performance measure (APM). See glossary of terms 
            on page 30 of the Half-Year Report. 
 Performance summary 
 The table below shows the recent past performance of the original 
  fundraising launched in 2004. Performance data for all fundraising 
  rounds and for former Matrix Income & Growth 3 VCT plc ("MIG3 VCT") 
  shareholders are shown in the tables on pages 28 and 29 of the 
  Half-Year Report and will be available on the Company's website. 
 Reporting       Net     NAV        Share  Cumulative         Cumulative total  Dividends 
  date         assets     per        Price   dividends         return per share  per share 
                        Share  (mid-market        paid       to shareholders(2)   declared 
                                 price)(1)   per share                                  in 
                                                                                   respect 
                                                                                    of the 
                                                                                    period 
                                                            (NAV   (Share price 
                                                          basis)         basis) 
  As at        (GBPm)     (p)          (p)         (p)       (p)            (p)        (p) 
  ----------  -------  ------  -----------  ----------  --------  -------------  --------- 
  30 June 
   2020         74.71   58.86        50.50      134.80    193.66         185.30    6.00(3) 
  31 
   December 
   2019         71.89   68.78     63.75(4)      124.80    193.58         188.55      10.00 
  30 June 
   2019         77.13   73.00        61.50      118.80    191.80         180.30       4.00 
       1 Source: Panmure Gordon (mid-price). Note that the Share price 
        at 30 June 2020 is by reference to the last announced NAV per share 
        at 31 March 2020 of 52.78p (after adjusting for a 6.00 pence per 
        share dividend paid in May 2020). 
        2 Cumulative total return per share comprises either the NAV per 
        share (NAV basis) or the mid-market price per share (share price 
        basis), plus cumulative dividends paid since launch in 2004. 
        3 The Directors declared an interim dividend of 6.00 pence per 
        share in respect of the year ending 31 December 2020. The dividend 
        was paid to Shareholders on 7 May 2020. 
        4 The share price has been adjusted for a 4.00 pence dividend paid 
        after the year-end on 8 January 2020 which was ex-div at 31 December 
        2019. 
 Chairman's Statement 
  I am pleased to present the Company's Half-Year Report for the 
  six months ended 30 June 2020. 
 
  Overview 
  The 2020 half-year was preceded by a strong NAV total return of 
  13.6% for the year ended 31 December 2019. This excellent performance 
  continued in the early part of 2020 with two profitable realisations, 
  Biosite and Auction Technology Group, the latter of which was the 
  Company's most successful exit in its history. 
 
  Midway through this half-year, COVID-19 and the UK Government's 
  lockdown measures provoked significant uncertainty and instability. 
  This resulted in a significant dip in consumer and business confidence 
  and the public markets saw a sharp fall for the first quarter of 
  the year. 
 
  Over this unprecedented time, the Board has liaised closely with 
  the Investment Adviser, Mobeus Equity Partners LLP ("Mobeus"), 
  who responded well in ensuring that all practical steps were being 
  taken to enable each company to trade through the crisis where 
  possible and could seek to grow in value thereafter. 
 
  Amongst many portfolio initiatives, all investee companies were 
  alerted to, and some utilised, available government support packages. 
  The Company also provided loan interest payment holidays to certain 
  portfolio companies, generating vital cash headroom for them during 
  the lockdown period. 
 
  The immediate impact for Shareholders of the COVID-19 crisis was 
  that a number of valuation adjustments were made at the end of 
  March resulting in a fall of 8.7% in underlying NAV per share for 
  the quarter to 58.78 pence. These adjustments were partly stock 
  market related, but also partly in response to COVID-19's impact 
  on specific market segments and investee companies. This fall in 
  NAV was tempered by the beneficial impact of the sale of Auction 
  Technology Group. 
 
  In the second quarter, greater clarity has emerged on the impact 
  of the crisis upon the portfolio. To date, this has been more modest 
  than was initially expected and it has become apparent that there 
  have been several portfolio beneficiaries arising from a structural 
  change in activity, behaviour and consumer purchasing habits. Much 
  of the portfolio has demonstrated a strong degree of resilience. 
  Also, quoted stock markets have seen a significant rally since 
  the March low point, although at the time of writing the FTSE-100 
  Index has still fallen by almost a fifth over the six months under 
  review. Overall, the view of the Board and Mobeus is that the environment 
  for our investee companies has been less volatile and less uncertain 
  than initially thought, such that the valuation of the portfolio 
  recovered strongly at the end of June. Over the six months to 30 
  June 2020, the NAV total return was stable which the Board considers 
  a very creditable result in this environment. Further information 
  is set out under Performance in my Statement below. 
 
  A number of transactions occurred during the period. In the first 
  quarter, the Company made two profitable portfolio realisations: 
  Biosite and Auction Technology Group. The exit of Auction Technology 
  Group generated the Company's highest absolute profit to date. 
  In May, two follow-on investments were made into existing portfolio 
  companies, Rotageek and MyTutor, and one new investment was made 
  into Andersen EV in June. Since the period-end, a follow-on investment 
  of GBP1.42 million was made in Buster and Punch Holdings Limited. 
  Further details of the investment activity are contained in the 
  Investment Adviser's Review. 
 
  The Board is very encouraged by the recent profitable disposals, 
  following the period-end, of Tovey Management (trading as Access 
  IS) and Blaze Signs realising cash proceeds of GBP7.07 million 
  and GBP1.98 million respectively, in what remains a challenging 
  environment. The impact of these realisations on the NAV per share 
  of 58.86 pence at 30 June 2020 is estimated to be an increase of 
  1.71 pence per share. This is in isolation to any other matters 
  that may affect NAV per share. 
  Performance 
  The Company's NAV total return per share was 0.1% for the six months 
  to 30 June 2020 (2019: 11.0%). This NAV total return reflects a 
  material recovery in NAV per share compared to that announced at 
  the height of the pandemic as at 31 March 2020. The share price 
  total return was a fall of 5.1% (2019: increase of 7.3%), at 30 
  June, mainly because the share price at 30 June is by reference 
  to the 52.78 pence NAV per share at 31 March 2020 (after deducting 
  a dividend of 6.00 pence per share paid in May 2020), and does 
  not reflect the increase in NAV per share in the quarter to 30 
  June 2020. 
 
  Although the NAV was reduced by falls in the valuations of specific 
  portfolio companies, reflecting the impact of COVID-19, this adverse 
  impact was partly offset by a number of factors. Positive returns 
  came both from realised gains from portfolio exits as well as a 
  strong revenue return. Several of the Company's investment structures 
  incorporate a preference, such that any reduction in the value 
  of the enterprise does not feed directly into the same reduction 
  in the value of the Company's investment. In addition, the Company 
  has significant liquidity which, in accordance with its policy, 
  has been invested in lower risk liquidity funds and bank deposit 
  accounts and these have retained their value. 
 
  The Board therefore believes that the Company's performance has 
  demonstrated a good degree of resilience over the half-year. At 
  the period-end, your Company was ranked 12th out of 43 Generalist 
  VCTs over five years and 2nd out of 31 over 10 years, in the Association 
  of Investment Companies' analysis of NAV Cumulative Total Return. 
 
  For further details on the performance of the Company, please refer 
  to the Investment Adviser's Report on pages 5 to 8 and the longer-term 
  Performance Data on pages 28 and 29 of the Half-Year Report. 
 
  Dividends 
  A further interim dividend for last year of 4.00 pence per share 
  had been paid on 8 January 2020. On 2 April 2020, the Board declared 
  an interim dividend of 6.00 pence per share in respect of the current 
  financial year, paid to Shareholders on 7 May 2020, whose names 
  were on the Register on 14 April 2020. 
 
  Your Board has therefore already met the 4.00 pence per share annual 
  dividend target in respect of the current financial year. However, 
  the gradual move of the portfolio to growth capital investments 
  may make the target more difficult to achieve in future financial 
  years without recourse to the Company's reserves. 
 
  Shareholders should note that there may continue to be circumstances 
  where the Company is required to pay dividends in order to maintain 
  its regulatory status as a VCT, for example, to stay above the 
  minimum percentage of assets required to be held in qualifying 
  investments. Such dividends may cause the Company's NAV per share 
  to reduce by a corresponding amount. 
 
  Investment portfolio 
  In the context of a very challenging business environment, the 
  portfolio has performed comparatively well during this period. 
  The overall value has decreased by GBP0.78 million (2019: GBP7.59 
  million increase), or -1.5% (2019: +15.7%), compared to the start 
  of the year. This fall was comprised of a net unrealised decrease 
  in valuations of GBP2.77 million, partially offset by GBP1.99 million 
  in realised gains over the six-month period. Taking into account 
  these realisations, new investments and valuation movements, the 
  portfolio was valued at GBP43.25 million at the period-end (31 
  December 2019: GBP51.70 million). 
 
  During the six-months under review, the Company invested a total 
  of GBP1.68 million, (2019: GBP2.30 million) into one new and two 
  existing investments. The existing investments were: 
 
  -- MyTutor - A digital marketplace for school tutoring GBP0.84 
  million 
  -- Rotageek - A workforce management software provider GBP0.57 
  million 
 
  and the new investment was: 
 
  -- Andersen EV - An electric vehicle charge point business GBP0.27 
  million 
 
  The Company realised investments in Pattern Analytics (trading 
  as Biosite) and Turner Topco (trading as Auction Technology Group) 
  during the period, which, combined with other capital receipts, 
  generated total proceeds of GBP9.35 million. 
 
  The realisation of Auction Technology Group achieved a substantial 
  gain over cost and represented proceeds of GBP6.84 million and 
  a gain of GBP1.88 million in the period. Over the 11 1/2 year life 
  of the investment, total proceeds of GBP14.77 million have been 
  received, an overall multiple of over 4.5x original cost and an 
  IRR of 29%. 
 
  Pattern Analytics (trading as Biosite), an investment made after 
  the 2015 rule change, was realised for proceeds of GBP2.34 million. 
  Over the three-year life of the investment, this company generated 
  a return on original cost of 1.5x and an IRR of 21%. 
 
  Other capital proceeds of GBP0.17 million and realised gains of 
  GBP0.11 million were principally generated from Redline Worldwide, 
  an investment realised in a prior period and a loan repayment from 
  BookingTek, an existing portfolio company. 
 
  Following the period-end, there were additional realisations from: 
 
   *    Access IS - GBP8.25 million cash proceeds received 
        since investment equating to a 2.5x multiple of cost 
        and an IRR of 23%; 
 
 
   *    Blaze - GBP5.27 million cash proceeds received over 
        the life of the investment; a 2.7x multiple of cost 
        and an IRR of 14%. 
 
 
 
  Details of this investment activity and the performance of the 
  portfolio are contained in the Investment Adviser's Review and 
  the Investment Portfolio Summary later in this announcement. 
  Revenue account 
  The results for the period are set out in the Unaudited Condensed 
  Income Statement and show a revenue return (after tax) of 1.54 
  pence per share (2019: 0.92 pence per share). The revenue return 
  for the period of GBP1.92 million has increased from last year's 
  comparable figure of GBP0.98 million. This increase is mainly due 
  to a significant receipt of loan interest, previously unrecognised, 
  arising from the sale of Auction Technology Group, partially offset 
  by a number of provisions against loan interest. 
 
  Fundraising 
  The Board was very pleased with the support in respect of the Company's 
  Offer for Subscription which was launched on 25 October 2019. This 
  Offer became fully subscribed within two months and raised GBP15.00 
  million in total. The Company allotted a total of 23,233,293 shares 
  of 1 penny each in the Company on 8 January and 2 April 2020. The 
  Board extends a warm welcome to all new Shareholders. 
 
  Shareholder Event 
  The Investment Adviser held its annual Shareholder event on 4 February 
  2020 and is planning to hold a virtual event in the first quarter 
  of 2021. Details will be notified to Shareholders once confirmed 
  and will be shown on the Company's website: www.migvct.co.uk. 
 
  Share buybacks 
  During the six months under review, the Company bought back and 
  cancelled 840,716 of its own shares, representing 0.8% (2019: 1.2%) 
  of the shares in issue at the beginning of the period, at a total 
  cost of GBP0.42 million (2019: GBP0.76 million) inclusive of expenses. 
 
  It is the Company's policy to cancel all shares bought back in 
  this way. The Board regularly reviews its buyback policy and currently 
  seeks to maintain the discount at which the Company's shares trade 
  at no more than 5% below the latest published NAV. 
 
  Liquidity 
  Following the Company's successful fundraising and significant 
  realisation proceeds, cash or near cash resources held by the Company 
  as at 30 June 2020 was GBP31.77 million or 42.5% of net assets. 
  After the period-end, following the realisations of Access and 
  Blaze, and the further investment in Buster and Punch, the pro 
  forma level of liquidity will be GBP39.41 million or 51.2% of net 
  assets. The Board considers the Company to be in a strong cash 
  position. 
 
  Shareholder communications 
  May I remind you that the Company has its own website which is 
  available at www.migvct.co.uk containing useful information for 
  Shareholders. 
 
  Outlook 
  The full impact of COVID-19 is still unclear and is likely to be 
  felt for several years to come. Nevertheless, your Board considers 
  that your Company is well positioned to cope with most of the likely 
  scenarios in so far as they can presently be foreseen. The successful 
  realisations and recent fundraising have given the Company strong 
  liquidity not only to support the existing portfolio if appropriate 
  and allowed by VCT regulations, but also to capitalise on opportunities 
  which may arise for new investment. The portfolio comprises a foundation 
  of mature investments that are still providing an income return, 
  as well as a younger growth capital portfolio seeking to achieve 
  scale, higher levels of profitability and hence value. 
 
  The challenges arising from the COVID-19 pandemic should not be 
  underestimated. However, once conditions stabilise, the Board and 
  Mobeus believe that attractive new and follow-on investment opportunities 
  will emerge and are pleased to see that some recovery has been 
  achieved in the last quarter. 
 
  As the world gradually returns to a new normal in the aftermath 
  of COVID-19, attention may well return to Brexit and the degree 
  to which the UK can reach agreements with the rest of the EU for 
  tariff-free access to our respective markets. All the portfolio 
  companies have been planning for that since before the COVID-19 
  pandemic took centre stage. 
 
  Finally, I would like to take this opportunity once again to thank 
  all Shareholders for their continued support. 
 
  Clive Boothman 
  Chairman 
  11 September 2020 
 Investment Policy 
  The Investment Policy is designed to meet the Company's objective. 
 
  Investments 
  The Company invests primarily in a diverse portfolio of UK unquoted 
  companies. Investments are made selectively across a number of 
  sectors, principally in established companies. Investments are 
  usually structured as part loan stock and part equity in order 
  to produce a regular income stream and to generate capital gains 
  from realisations. 
 
  There are a number of conditions within the VCT legislation which 
  need to be met by the Company and which may change from time to 
  time. The Company will seek to make investments in accordance with 
  the requirements of prevailing VCT legislation. 
 
  Asset allocation and risk diversification policies, including the 
  size and type of investments the Company makes, are determined 
  in part by the requirements of prevailing VCT legislation. No single 
  investment may represent more than 15% (by VCT tax value) of the 
  Company's total investments at the date of investment. 
 
  Liquidity 
  The Company's cash and liquid funds are held in a portfolio of 
  readily realisable interest bearing investments, deposit and current 
  accounts, of varying maturities, subject to the overriding criterion 
  that the risk of loss of capital be minimised. 
 
  Borrowing 
  The Company's articles of association permit borrowings of amounts 
  up to 10% of the adjusted capital and reserves (as defined therein). 
  However, the Company has never borrowed and the Board would only 
  consider doing so in exceptional circumstances. 
 Investment Review 
 
  COVID-19 Pandemic 
  In March 2020, in response to the COVID-19 pandemic, the UK Government 
  introduced lockdown and social distancing measures. These measures 
  had an immediate adverse impact on UK businesses, with many companies 
  experiencing a significant reduction in consumer and business demand. 
  Businesses' ability to trade was further impacted by restrictions 
  on their employees' working practices and disruption to their supply 
  chains. The six months to 30 June 2020 have therefore been characterised 
  by ongoing volatility and uncertainty caused by these lockdown 
  measures, together with global stock market falls. Following the 
  low point in March however, there has been a strong trend of recovery 
  in stock market and business activity levels. 
 
  Looking forward, there are still uncertainties ahead. The impact 
  on transaction activity has been mixed. New investment activity 
  has been low due to difficulties of appraisal and diligence in 
  lockdown and owners of businesses being unwilling to accept downward 
  price adjustments thus far. The level of portfolio follow-on investment 
  has been higher and there are opportunities to back known portfolio 
  companies that are achieving strong relative performance. The realisation 
  activity outlook continues to be positive with several approaches 
  received from trade and financial investors for a number of investee 
  companies. 
 
  Portfolio review 
  Overall, the value of the portfolio decreased by GBP0.78 million 
  over the period comprising a decrease of GBP2.77 million in the 
  unrealised portfolio and gains of GBP1.99 million through realisations. 
  This represents a recovery of the majority of the value lost in 
  the first quarter. It is important to note that the usual approach 
  to portfolio valuation by the Investment Adviser continued to be 
  applied throughout this period and that the recovery in the second 
  quarter was not all market related. It reflected a number of other 
  factors such as earnings and revenues being more resilient than 
  expected, the removal of provisions related to the uncertainty 
  that were put in place during the March quarter, and improved cash 
  generation as the UK Government lock down restrictions were eased. 
 
  There have been a number of portfolio companies that have been 
  clear beneficiaries from UK lockdown which have traded strongly 
  throughout. There is a reasonable expectation that some of these 
  gains will prove permanent. The majority of the portfolio has remained 
  resilient, more so than first thought at the 31 March valuation 
  point which coincided with the height of uncertainty. In particular, 
  there have been very few COVID-19 closures, Tapas Revolution being 
  the only temporary one of note. Several portfolio companies that 
  saw significant falls in activity early in the crisis are now trading 
  strongly again whilst a number have raised capital to ensure that 
  they are ready to capitalise on demand when it returns. 
 
  In the six months to 30 June 2020, the Company made two follow-on 
  investments of GBP0.84 million into MyTutor and GBP0.57 million 
  into Rotageek. One new growth capital investment has also been 
  made into Andersen EV of GBP0.27 million, a manufacturer of premium 
  electric vehicle (EV) chargers. 
 
  Following the period-end, there was an additional follow-on investment 
  of GBP1.42 million into Buster and Punch. 
 
  The Company realised its investments in Biosite and Auction Technology 
  Group during the period, receiving a total of GBP9.18 million in 
  proceeds from these realisations, which contributed to total receipts 
  of GBP9.35 million during the period. The realisation of Biosite 
  generated proceeds of GBP2.45 million over the life of the investment 
  and contributed a gain over original cost of 1.5x. Auction Technology 
  Group generated a realised gain in the period of GBP1.88 million 
  and generated proceeds over the life of the investment of GBP14.77 
  million compared to an original cost of GBP3.27 million, a multiple 
  on cost of 4.5x over the 11 1/2 years this investment was held 
  - an exceptional return for Shareholders. 
 
  Following the period-end, there were additional realisations from 
  Access IS and Blaze receiving a total of GBP9.05 million in cash 
  proceeds. The gains from these will be reflected in the second 
  half of the financial year. 
 
  The investment portfolio's activity in the six months to 30 June 
  2020 is summarised as follows: 
                                      2020       2019 
                                      GBPm       GBPm 
   Opening portfolio value          51. 70      48.49 
                                   -------  --------- 
   New and follow-on investments     1. 68       2.30 
                                   -------  --------- 
   Disposal proceeds                (9.35)   (10. 08) 
                                   -------  --------- 
   Net realised gains                 1.99       2.33 
                                   -------  --------- 
   V aluation movements             (2.77)       5.26 
                                   -------  --------- 
   Portfolio value at 30 June        43.25      48.30 
                                   -------  --------- 
 
 
  The investment and divestment activity during the period has increased 
  the proportion of the portfolio comprised of investments made since 
  the change in the VCT rules to 52.2% by value at the period-end 
  (31 December 2019: 45.2%). The portfolio decreased from 34 to 32 
  investments at the period end. 
 
  The portfolio's contribution to the overall results of the Company 
  for the six-month period is summarised as follows: 
   Investment Portfolio Capital Movement        2020     2019 
                                                GBPm     GBPm 
   Increase in the value of unrealised 
    investments                                 4.59     6.54 
                                            --------  ------- 
   Decrease in the value of unrealised 
    investments                               (7.36)   (1.28) 
                                            --------  ------- 
   Net (decrease) / increase in the value 
    of unrealised investments                 (2.77)     5.26 
                                            --------  ------- 
   Realised gains                              2. 05     2.33 
                                            --------  ------- 
   Realised losses                              (0 .        - 
                                                 06) 
                                            --------  ------- 
   Net realised gains in the period             1.99     2.33 
                                            --------  ------- 
   Net portfolio movement in the period      (0 .78)    7 .59 
                                            --------  ------- 
 
 
  Valuation changes of portfolio investments still held 
  The valuation reductions of GBP2.77 million principally arise from 
  the Investment Adviser's review of the portfolio and the impact 
  of COVID-19. 
 
  Within total valuation decreases, the main reductions were CGI 
  Creative Graphics International - GBP1.44 million, Tapas Revolution 
  - GBP1.35 million, and Media Business Insight - GBP0.97 million. 
  These three companies saw some of the most significant impacts 
  of a sudden decline in demand for their products or services which, 
  even as restrictions are being eased, may take time for value to 
  recover. 
 
  By contrast, in 5 of the 32 investee companies, trading has benefited 
  from the lockdown, being Access IS, Virgin Wines, MyTutor, Parsley 
  Box and Bleach London. Within total valuation increases, the principal 
  contributors were Access IS: GBP1.28 million, Virgin Wines: GBP0.90 
  million and, Parsley Box: GBP0.84 million. Access IS's valuation 
  reflects the long-term nature of many of its projects. Both Virgin 
  Wines and Parsley Box have generated record earnings and revenues 
  respectively and time will tell if this increased demand will continue 
  in the medium-term. 
 
  The period also saw portfolio companies, Jablite and Super Carers, 
  appointing administrators. These two companies were struggling 
  before the impact of COVID-19. Valuation reductions for these companies 
  had already been made, so there has been only a modest GBP0.06 
  million realised loss as a result of these administrations. 
 
  Growth capital investing involves companies which often have not 
  achieved profitability, and as a result, have to be measured on 
  other metrics. The table below shows the proportion of the portfolio 
  that is represented by high growth but yet to be profitable companies 
  (often valued by reference to revenue or gross profit multiple), 
  compared with more mature, established companies with a history 
  of profitability and which can therefore be valued on an earnings 
  multiple. 
   Valuation methodology      30 June   31 December 
                                 2020          2019 
                                 GBPm          GBPm 
   Earnings multiple            20.34         30.94 
                             --------  ------------ 
   Revenue multiple             19.84         14.14 
                             --------  ------------ 
   Gross profit multiple         1.32          3.51 
                             --------  ------------ 
   Recent investment price       0.27          2.98 
                             --------  ------------ 
   Other                         1.48          0.13 
                             --------  ------------ 
   Total                        43.25         51.70 
                             --------  ------------ 
 
 
  Investment portfolio yield 
  In the period under review, the Company received the following 
  amounts in interest and dividend income: Investment Portfolio Yield     2020    2019 
                                  GBPm    GBPm 
   Interest received in the 
    period                        2.39    1.20 
                                ------  ------ 
   Dividends received in the 
    period                        0.30    0.26 
                                ------  ------ 
   Total portfolio income 
    in the period (1)            2. 69    1.46 
                                ------  ------ 
   Portfolio value at 30 June    43.25   48.30 
                                ------  ------ 
   Portfolio Income Yield 
    (Income for the half year 
    as a % of Portfolio value 
    at 30 June)                   6.2%    3.0% 
                                ------  ------ 
 
  (1) The increase in income was principally due to interest of 
  GBP1.78 million received on the loan instruments in Auction Technology 
  Group being paid, as part of the sale transaction, which had not 
  previously been recognised. This income will not be repeated. 
 
  New investments in the half-year 
  The Company made one new investment during the period, as detailed 
  below. 
  Company            Business      Date of Investment      Amount of new 
                                                           investment (GBPm) 
                    E l ec tri c 
                    vehicle ( EV 
     Andersen EV     ) chargers          June 2020               0.27 
                  ---------------  --------------------  ------------------- 
   Muller EV Limited (trading as Andersen EV) is a design-led 
    manufacturer of premium electric vehicle (EV) chargers. 
    Incorporated in 2016, this business has secured high profile 
    partnerships with Porsche and Jaguar Land Rover, establishing 
    an attractive niche position in charging points for the high 
    end EV market. The Company's funds will be used to scale 
    the 
    business through investment in further products and software, 
    sales and marketing and electric vehicle manufacturer 
    partnerships. Andersen is well positioned in a nascent sector 
    experiencing significant growth and has increased sales by 
    over 350% for its most recent financial year. 
 
  Follow-on investments made in the half-year 
  The Company made two follow-on investments totalling GBP1.41 million 
  into existing portfolio companies in the period, as detailed 
  below: Company              Business          Date of Investment      Amount of new 
                                                                 investment (GBPm) 
                  Digital marketplace 
                    connecting school 
                     pupils seeking 
                   one-to- one online 
       MyTutor          tutoring                May 2020               0.84 
                -----------------------  --------------------  ------------------- 
   MyTutorWeb Limited (trading as MyTutor) is a digital marketplace 
    that connects school pupils who are seeking private 
    one-to-one tutoring with university students. The business 
    is satisfying a growing demand from both schools and parents 
    to 
    improve pupils' exam results to enhance their academic and 
    career prospects. This further investment, alongside other 
    existing shareholders, seeks to build and reinforce its position 
    as a UK category leader in the online education market as 
    well 
    as to begin to develop a broader, personalised, learning 
    product offering. The COVID-19 impact on the education sector 
    has 
    significantly heightened the awareness of online learning 
    and tutoring. MyTutor has grown strongly over the last six 
    months 
    with average year-on-year revenue growth of 70%. 
                  Workforce management 
      Rotageek          software                May 2020               0.57 
                -----------------------  --------------------  ------------------- 
   Rota Geek Limited is a provider of cloud-based enterprise 
    software to help larger retail leisure and healthcare organisations 
    predict and meet demand to schedule staff more effectively. 
    This investment will be used to capitalise on opportunities 
    that 
    will emerge as the retail sector recovers from lockdown restrictions. 
    Rotageek has also moved into healthcare to help address the 
    workforce management issues of a sector that has become chronically 
    overburdened. For the year ended 31 December 2019, revenues 
    have grown over 45% on the prior year. 
 
   Follow-on investments post the half-year 
   After the period-end, the Company made one follow-on investment 
   as detailed below: Company               Business      Date of Investment      Amount of new 
                                                               investment (GBPm) 
 
                        Lighting and 
                          interiors 
      Buster & Punch        brand          September 2020            1.42 
                      ---------------  --------------------  ------------------- 
    Buster and Punch is a well-established, premium branded, 
     fast growing business which designs and manufactures a complete 
     range of high-quality functional fittings (lighting, electrical 
     and hardware and other accessories) for the home. The VCT 
     first invested in 2017 and since then, the business delivered 
     consistent high growth across its ranges, with revenues growing 
     in excess of 65%, and reaching nearly GBP10 million in 2020. 
     Buster and Punch's products are now sold in 99 countries 
     via both its highly invested ecommerce platform and direct 
     services to consumers, trade and retailers across the world. 
     Buster and Punch also operates flagship showrooms in London, 
     Stockholm and Los Angeles. To support the continued growth 
     of Buster and Punch, the new funding will be used to drive 
     the global business plans of the fast-growing luxury interior 
     fashion label with further expansion and strategic new penetration 
     into the US and Asia Pacific markets. 
 
   Realisations in the half-year 
   The Company realised two investments during the period, as detailed 
   below: Company                    Business         Period of investment   Total cash proceeds 
                                                                             over the life 
                                                                         of the investment 
                                                                           / Multiple over 
                                                                                      cost 
                         Workforce management   November 2016              GBP2.45 million 
     Biosite              and secu rit           to Fe bru a r                  1.5 x cost 
                          y ser v i ces          y 2020 
                        ---------------------  --------------------- 
    The Company sold its investment in Biosite to ASSA ABLOY 
     AB for GBP2.34 million. Since investment in 2016, the investment 
     has generated proceeds of GBP2.45 million compared to an 
     original investment cost of GBP1.58 million, which is a multiple 
     on cost of 1.5x and an IRR of 21%. 
    Auction Technology    SaaS based online         October 2008          GBP14.77 million 
     Group                auction marketplace     to February 2020              4.5 x cost 
                               platform 
                        ---------------------  ---------------------  -------------------- 
    The Company sold its investment in Auction Technology Group 
     to TA Associates for GBP8.62 million (including GBP1.78 million 
     loan interest due on completion). This investment generated 
     proceeds of GBP14.77 million over the life of the investment 
     compared to an original cost of GBP3.27 million, which is 
     a multiple on cost of 4.5x and an IRR of 29%. 
 
   Realisations post the half-year 
   Following the period end, there were additional realisations from 
   Access IS and Blaze. Company          Business      Period of investment       Total cash proceeds 
                                                                    over the life 
                                                               of the investment/ 
                                                                    Multiple over 
                                                                             cost 
    A cce ss IS    Data capture          O c to b er 2           GBP 8.25 million 
                   and scanning             0 15 to                    2.5 x cost 
                     hardware            Au g u st 2 0 
                                               20 
                 ---------------  ---------------------  ------------------------ 
    The Company sold its investment in Tovey Management Limited 
     (trading as Access IS) to ASSA ABLOY AB for GBP7.04 million. 
     Since investment in 2015, the investment has generated proceeds 
     of GBP8.25 million compared to an original investment cost 
     of GBP3.26 million, which is a multiple on cost of 2.5x and 
     an IRR of 23%. 
    Blaze         Manufacturer        April 2006 to               GBP5.27 million 
                   and installer      September 2020                   2.7 x cost 
                   of signs 
                 ---------------  ---------------------  ------------------------ 
    The Company sold its investment in Blaze Signs Holdings Limited 
     via a secondary buy out backed by Elaghmore Advisor LLP and 
     has received cash proceeds of GBP1.98 million. Over the 14 
     years this investment was held, cash proceeds of GBP5.27 
     million have been received compared to original cost of GBP1.95 
     million, which is a multiple of cost of 2.7x and an IRR of 
     14%. 
 
      Mobeus Equity Partners LLP 
      Investment Adviser 
      11 September 2020 
   Investment Portfolio Summary 
    as at 30 June 2020 
                                      Market      Date of       Total              V          Lik e     % value 
                                      sector   investment        book       aluation        for lik      of net 
                                                                 cost                   e valuation      assets 
                                                                                          increase/ 
    Qualifying                                                GBP'000                    (decrease) 
    investments                                                              GBP'000    over period 
                                                                                                  1 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Unquoted 
    investments 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Tovey Management 
     Limited 
     (trading as Access 
     IS) 
     Provider of data 
     capture                   Electronic 
     and scanning              & electrical 
     hardware                   equipment       Oct-15       2,979         5,715         27 . 1%       7.7 % 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Virgin Wines 
     Holding Company 
     Limited 
     Online wine                General 
     retailer                   retailers       Nov-13       2,439         4,029          28.8%         5.4% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    MPB Group Limited 
     Online mark 
     etplace for 
     used photographic 
     and                        General 
     video equipment            retailers       Jun-16       1,900         3,640          5.1%          4.9% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Preservica Limited 
     Seller of 
     proprietary                 Software 
     digital archiving          and computer 
     software                     services      Dec-15       2,099         3,370         24. 6%         4.5% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    V ectair Holdings 
     Limited 
     Designer and 
     distributor 
     of washroom 
     products               Support services    Jan-06        138          2,434         (16.8)%        3.3% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    My Tutorweb Limited 
     (trading 
     as MyTutor) 
     Digital mark 
     etplace connecting 
     school 
     pupils seeking 
     one-to-one 
     online tutoring        Support services    May-17       2,374         2,374            -           3.2% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Proactive Group 
     Holdings 
     Inc 
     Provider of media 
     services 
     and investor 
     conferences 
     for companies 
     primarily 
     listed on 
     secondary public             General 
     mark ets                      financial    Jan-18        926          2,331            -           3.1% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    EO TH Limited 
     (trading 
     as Equip Outdoor 
     Technologies) 
     Branded outdoor 
     equipment                  General 
     and clothing               retailers       Oct-11       1, 000        2,203         (13.8)%        2.9% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Vian Marketing 
     Limited 
     (trading as R ed P 
     addle 
     Co) 
     Design, 
     manufacture and 
     sale of stand-up 
     paddleboards 
     and windsurfing 
     sails                     Leisure goods    Jul-15       1, 189       1, 768            -           2.4% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Parsley Box Limited 
     Supplier of home 
     delivered 
     ambient ready 
     meals for                  General 
     the elderly                retailers       May-19        854         1, 744          93.8%         2.3% 
                         -------------------  -----------  ----------  -------------  -------------  ---------- 
    Data Discovery 
     Solutions 
     Limited (trading 
     as Active 
     Navigation) 
     Provider of global 
     mark 
     et leading file 
     analysis 
     software for 
     information 
     governance ,                Software 
     security                   and computer 
     and compliance               services      Nov-19         1,413          1, 713         21.3%     2.3% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    Buster and Punch 
     Holdings 
     Limited 
     Industrial 
     inspired lighting 
     and interiors              General 
     retailer                   retailers       Mar-17           668          1,320          13.2%     1.8% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    R ota Geek Limited 
     Workforce 
     management                                                                                         1. 
     software               Support services    A ug-18        1, 142         1,290           0.9%      7% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    Arkk Consulting 
     Limited 
     (trading as Arkk 
     Solutions) 
     Provider of 
     services and 
     software to enable 
     organisations 
     to remain 
     compliant with 
     regulatory                  Software 
     reporting                  and computer                                                            1. 
     requirements                 services      May-19         1,447          1,270        (14. 0)%     6% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    Bleach L ondon 
     Holdings 
     Limited 
     Hair colourants            General 
     brand                      retailers       Dec-19           674           944          40.0 %     1.3% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    Tharstern Group 
     Limited 
     Software based 
     management                  Software 
     information                and computer 
     systems                      services      Jul-14         1,377            915        (34.4)%     1.2% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    IPV Limited 
     Provider of media           Software 
     asset                      and computer 
     software                     services      Nov-19          890            890          -          1.2% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
    Blaze Signs 
     Holdings Limited 
     Manufacturer and 
     installer                                                                                          1. 
     of signs               Support services    Apr-06           492           847         (19. 6)%     1% 
                         -------------------  -----------  ----------  -------------  -------------  -------- 
 Media Business Insight 
  Holdings Limited 
  A publishing and events 
  business focused on the                                                                                                                                                         1. 
  creative production industries                                     Media                  Jan-15                 2,518                 806            (42.3)%                   1% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Master R emovers Group 
  2019 Limited 
  (trading as Anthony 
  Ward Thomas, Bishopsgate 
  and Aussie Man & V an) 
  A specialist logistics,                                                                                                                                                         0 
  storage and removals                                            Support                                                                                                         .7 
  business                                                        services                  Dec-14                    419                536            (43.2)%                    % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Manufacturing Services 
  Investment Limited (trading 
  as W etsuit Outlet) 
  Online retailer in the                                          General                                                                                                        0.6 
  water sports mark et                                            retailers                 Jul-17                  2,174                482            (31.1)%                    % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 K udos Innovations Limited 
  Online platform that 
  provides and promotes                                           Support                                                                                                        0.6 
  academic research dissemination                                 services                  Nov-18                    421                421            (36.3)%                    % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Muller EV Limited (trading 
  as Andersen EV)                                               Electronic 
  Provider of premium electric                                  & electrical                                                                               New 
  vehicle (EV) chargers                                          equipment                  Jun-20                   270                 270           investment                0.4% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 CGI Creative Graphics 
  International Limited 
  Vinyl graphics to global 
  automotive , recreational 
  vehicle and aerospace                                          General 
  mark ets                                                      industrials                 Jun-14                 1,808                 240            (85.7)%                  0.3% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
  Spanish Restaurant Group 
   Limited (formerly 
   Ibericos Etc. Limited) 
   (trading as Tapas 
   Revolution)                                                    Travel & 
   Spanish restaurant chain                                        leisure                  Jan-17                 1,245                 167            (89.0)%                  0.2% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Jablite Holdings Limited                                           Construction                                                                                                  0 
  Manufacturer of expanded                                               and                                                                                                      .1 
  polystyrene products                                                materials             Apr-15                   502                  66            (47.5)%                    % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Veritek Global Holdings 
  Limited 
  Maintenance of imaging                                          Support                                                                                                        0.0 
  equipment                                                       services                  Jul-13                 2,045              -                 -                          % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 RDL Corporation Limited 
  R ecruitment consultants 
  for the pharmaceutical, 
  business intelligence                                           Support                                                                               (100.                    0.0 
  and IT industries                                               services                  Oct-10                 1,558              -                   0)%                      % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 R acoon International 
  Group Limited 
  Supplier of hair extensions, 
  hair care products and                                          Personal                                                                                                       0.0 
  training                                                          goods                   Dec-06                  1,213             -                 -                          % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 BookingT ek Limited                                               Software 
  Direct booking software                                         and computer                                                                                                   0.0 
  for hotel groups                                                  services                Oct-16                   687              -                 -                          % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Oakheath Limited (trading 
  as Super Carers) (in 
  liquidation) 
  Online platform that 
  connects people seeking 
  home care from experienced                                      Support                                                                                                        0.0 
  independent carers                                              services                  Mar-18                   580              -                 -                          % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 CB Imports Group Limited 
  (trading as Country Baskets) 
  Importer and distributor 
  of artificial flowers                                           General                                                                                                        0.0 
  and floral sundries                                             retailers                 Dec-09                    350             -                 -                          % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
                                                                                                                   39                41, 
 Total qualifying investments                                                                                      ,791               785                                       55.9% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 
 Non-qualifying investments                                                  Market                  Date          Total            V aluation                 Lik                               % 
                                                                             sector         of investment           book                                     e for                           value 
                                                                                                                    cost                                     lik e                              of 
                                                                                                                                                         valuation                             net 
                                                                                                                   GBP'000             GBP'000           increase/                          assets 
                                                                                                                                                        (decrease) 
                                                                                                                                                              over 
                                                                                                                                                            period 
                                                                                                                                                                 1 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Media Business Insight 
  Limited 
  A publishing and events                                                                                                                                                         0 
  business focused on the                                                                                                                              7. 1                       .7 
  creative production industries                                     Media                  Jan-15                 765               512                 %                         % 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Manufacturing Services 
  Investment Limited (trading 
  as W etsuit Outlet) 
  Online retailer in the                                          General 
  water sports mark et                                            retailers                 Jul-17                 571               343             (40.0)%                     0.5% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 EO TH Limited (trading 
  as Equip Outdoor Technologies) 
  Branded outdoor equipment                                       General 
  and clothing                                                    retailers                 Oct-11                 298               324                -                        0.4% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Tovey Management Limited 
  (trading as Access IS)                                          Electronic 
  Provider of data capture                                       & electrical 
  and scanning hardware                                           eq uipment                Oct-15                 285               285                -                        0.4% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Total non-qualifying                                                                                                                                                             2. 
  investments                                                                                                     1,919             1,464                                         0% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
                                                                                                                                                                                  57 
 Total investment portfolio                                                                                      41,710             43,249                                        .9% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Current asset investments 
  and Cash at bank and 
  in hand 2                                                                                                      31,774             31,774                                      42.5% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
                                                                                                                                     75, 
 Total investments                                                                                               73,484               023                                       100.4% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Other assets                                                                                                                        249                                         0.4% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Current liabilities                                                                                                                (562)                                       (0.8)% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Net assets                                                                                                                         74,710                                      100.0% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Portfolio split by type 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Investments made prior                                                                                                               20                                          47 
  to 2015 V CT rule change                                                                                       21,375              , 682                                        .8% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Investments made after                                                                                            20 
  2015 V CT rule change                                                                                            ,335             22,567                                      52.2% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 Total Investment Portfolio                                                                                      41,710             43,249                                      100.0% 
                                                      -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 
   (1) - This percentage change in 'like for like' valuations 
   is a comparison of the 30 June 2020 valuations with the 31 
   December 2019 valuations (or where a new investment has been 
   made in the period, the investment amount) having adjusted 
   for partial disposals, loan stock repayments or new or new 
   or follow-on investments in the period. 
 2 - Disclosed as Current Asset Investments and Cash at bank 
  and in hand within Current assets in the Balance Sheet. 
 
        Statement of the Directors' Responsibilities 
 
        Responsibility statements 
        In accordance with Disclosure and Transparency Rule (DTR) 
        4.2.10, Clive Boothman (Chairman), Bridget Guérin (Chairman 
        of the Nomination & Remuneration and Management Engagement 
        Committees), and Catherine Wall (Chairman of the Audit Committee), 
        being the Directors of the Company, confirm that, to the best 
        of their 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 of 
        the Company, as required by DTR 4.2.10; 
 
        b) the Half-Year Management Report which comprises the Chairman's 
        Statement, Investment Policy, Investment Review and Investment 
        Portfolio Summary includes a fair review of the information 
        required by DTR 4.2.7, being an indication of the important 
        events that have occurred during the first six months of the 
        financial year and their impact on the condensed set of financial 
        statements; 
 
        c) a description of the principal risks and uncertainties 
        facing the Company for the remaining six months is set out 
        below, in accordance with DTR 4.2.7; and 
 
        d) there were no related party transactions in the first six 
        months of the current financial year that are required to 
        be disclosed in accordance with DTR 4.2.8. 
 
        Principal risks and uncertainties 
        In accordance with DTR 4.2.7, the Board confirms, that the 
        principal risks and uncertainties facing the company have 
        not changed materially since the publication of the Annual 
        Report and Financial Statements for the year ended 31 December 
        2019 other than the risks arising from the COVID-19 pandemic, 
        referred to in the Chairman's Statement and the Investment 
        Advisor's Report, the impact of which has been reflected in 
        the valuation of the Company's investment portfolio. The Board 
        acknowledges that there is regulatory risk and continues to 
        manage the Company's affairs in such a manner as to comply 
        with section 274 of the Income Tax Act 2007. 
 
        The principal risks faced by the Company are: 
 
         *    Economic; 
 
 
         *    Loss of approval as a Venture Capital Trust; 
 
 
         *    Investment and strategic; 
 
 
         *    Regulatory; 
 
 
         *    Financial and operating; 
 
 
         *    Valuations and stock market; 
 
 
         *    Asset liquidity; 
 
 
         *    Market liquidity; 
 
 
         *    Counterparty; and 
 
 
         *    Key staff. 
 
 
 
        A detailed explanation of these risks can be found in the 
        Strategic Report on pages 27 to 28 and in Note 15 on pages 
        62 - 68 of the Annual Report and Financial Statements for 
        the year ended 31 December 2019, copies of which can be viewed 
        or downloaded from the Company's website: www.migvct.co.uk. 
 
        Going concern 
        The Board has assessed the Company's operation as a going 
        concern. The Company's business activities, together with 
        the factors likely to affect its future development, performance 
        and position are set out in the Half-Year Management Report. 
        The Directors have satisfied themselves that the Company's 
        cash position, bolstered by the recent fundraising and four 
        disposals since the year-end, is adequate to enable the Company 
        to continue as a going concern under any plausible stress 
        scenario. The portfolio taken as a whole remains resilient 
        and well-diversified although the impact of the COVID-19 pandemic 
        is still being experienced. The major cash outflows of the 
        Company (namely investments, share buy-backs and dividends) 
        are within the Company's control. 
 
        The Board's assessment of liquidity risk and details of the 
        Company's policies for managing its capital and financial 
        risks are shown in Notes 15 and 16 on pages 62 to 69 of the 
        Annual Report and Financial Statements for the year ended 
        31 December 2019. Accordingly, the Directors continue to adopt 
        the going concern basis of accounting in preparing the half-year 
        report and annual financial statements. 
 
        Cautionary statement 
        This report may contain forward looking statements with regards 
        to the financial condition and results of the Company, which 
        are made in the light of current economic and business circumstances. 
        Nothing in this report should be construed as a profit forecast. 
 
        For and on behalf of the Board: 
 
        Clive Boothman 
        Chairman 
        11 September 2020 
  Unaudited Condensed Income Statement 
   for the six months ended 30 June 2020 
                                               Six months ended 30                 Six months ended 30 
                                                          June 2019                           June 2019 
                                                        (unaudited)                         (unaudited) 
                      Notes      Revenue        Capital       Total     Revenue     Capital       Total 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
                                     GBP            GBP         GBP         GBP         GBP         GBP 
   ----------------  ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Net investment 
     portfolio 
     (losses)/gains     9              -      (787,177)   (787,177)           -   7,594,291   7,594,291 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
                                   2,770                      2,770 
    Income              4          , 006              -       , 006   1,561,649           -   1,561,649 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Investment                     (214,                      (856, 
     Adviser's fees     5           035)      (642,106)        141)   (201,020)   (603,058)   (804,078) 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Other expenses             (253,172)              -   (253,172)   (205,390)           -   (205,390) 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Profit/(loss) 
     on ordinary 
     activities 
     before 
     taxation                  2,302,799    (1,429,283)     873,516   1,155,239   6,991,233   8,146,472 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Tax on profit 
     on ordinary                                   122, 
     activities         6      (380,390)            000   (258,390)   (171,952)     114,581    (57,371) 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Profit/(loss) 
     and total 
     comprehensive                               (1,307 
     income                    1,922,409          ,283)     615,126     983,287   7,105,814   8,089,101 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
    Basic and 
     diluted 
     earnings per                                   (1. 
     share              7          1.54p           05)p       0.49p       0.92p       6.69p       7.61p 
                     ------  -----------  -------------  ----------  ----------  ----------  ---------- 
 
                                                    Year ended 31 December 
                                                                      2019 
                                                                 (audited) 
                            Notes      Revenue       Capital         Total 
                           ------  -----------  ------------  ------------ 
                                           GBP           GBP           GBP 
   ----------------------  ------  -----------  ------------  ------------ 
    Unrealised gains 
     on investments                          -    9 ,144,246    9 ,144,246 
                           ------  -----------  ------------  ------------ 
    Income                    4      2,854,837             -     2,854,837 
                           ------  -----------  ------------  ------------ 
    Investment Adviser's 
     fees                     5      (406,306)   (1,218,918)   (1,625,224) 
                           ------  -----------  ------------  ------------ 
                                         (411,                       (411, 
    Other expenses                        005)             -          005) 
                           ------  -----------  ------------  ------------ 
    Profit on ordinary 
     activities before 
     taxation                        2,037,526     7,925,328     9,962,854 
                           ------  -----------  ------------  ------------ 
    Tax on profit 
     on ordinary 
     activities               6      (293,485)       231,594      (61,891) 
                           ------  -----------  ------------  ------------ 
    Profit for the 
     year and total 
     comprehensive 
     income                          1,744,041     8,156,922     9,900,963 
                           ------  -----------  ------------  ------------ 
    Basic and diluted 
     earnings per 
     share                    7          1.65p         7.71p         9.36p 
                           ------  -----------  ------------  ------------ 
  The revenue column of the Income Statement includes all income 
   and expenses. The capital column accounts for the net investment 
   portfolio (losses)/gains (unrealised (losses)/gains and realised 
   gains on investments) and the proportion of the Investment 
   Adviser's fee charged to capital. 
 
   The total column is the Statement of Total Comprehensive Income 
   of the Company prepared in accordance with Financial Reporting 
   Standards ("FRS"). In order to better reflect the activities 
   of a VCT and in accordance with the 2014 Statement of Recommended 
   Practice ("SORP") updated in October 2019 by the Association 
   of Investment Companies ("AIC"), supplementary information 
   which analyses the Income Statement between items of a revenue 
   and capital nature has been presented alongside the Income 
   Statement. The revenue column of profit attributable to equity 
   Shareholders is the measure the Directors believe appropriate 
   in assessing the Company's compliance with certain requirements 
   set out in Section 274 Income Tax Act 2007. 
 
   All the items in the above statement derive from continuing 
   operations of the Company. No operations were acquired or 
   discontinued in the period/year. 
 
   Unaudited Condensed Balance Sheet 
   as at 30 June 2020 
 Company registration number: 05153931 
                                                                                             30 June 2020                         30 June 2019                                                  31 
                                                                                              (unaudited)                          (unaudited)                                            December 
                                                                                                                                                                                              2019 
                                                                                                                                                                                         (audited) 
                                                                          Notes                       GBP                                  GBP                                                 GBP 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Fixed assets 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
                                                                                                                                                                                               51, 
                                                                                                                                                                                              703, 
 Investments at fair value                                                 9                   43,248,661                           48,296,028                                                 161 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Current assets 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Debtors and prepayments                                                                         249 ,195                              243,315                                             225,562 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Current asset investments                                                 10                  28,570,843                           19,902,109                                          12,914,124 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Cash at bank                                                              10                   3,203,047                          9 , 074,632                                           7,261,618 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
                                                                                               32,023,085                         29,220 , 056                                         20 ,401,304 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 
   Creditors: amounts falling                                                                                                                                                                (216, 
   due within one year                                                                          (561,945)                          (387 , 090)                                                090) 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Net current assets                                                                            31,461,140                           28,832,966                                         20 ,185,214 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Net assets                                                                                  74, 709 ,801                           77,128,994                                          71,888,375 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 
 
   Capital and reserves 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Called up share capital                                                                       1,269, 191                            1,056,569                                          1, 045,265 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Capital redemption reserve                                                                        19,711                               44,644                                              11,304 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Share premium reserve                                                                        14,397 ,509                           43,669,335                                                   - 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
                                                                                                                                                                                            8,719, 
 Revaluation reserve                                                                            3,767,953                          7 , 777,490                                                 606 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
                                                                                                                                                                                               45, 
 Special distributable reserve                                                                 31,759,150                            7,984,414                                             731,919 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Realised capital reserve                                                                      19,722,344                          13,920 ,908                                          14,528,747 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Revenue reserve                                                                                3,773,943                            2,675,634                                           1,851,534 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 Equity Shareholders' funds                                                                  74, 709 ,801                           77,128,994                                          71,888,375 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 
 
   Basic and diluted net asset 
   value per share                                                          11                     58.86p                              73. 00p                                              68.78p 
                                                                     --------------  --------------------  -----------------------------------  -------------------------------------------------- 
 
   The financial information for the six months ended 30 June 
   2020 and the six months ended 30 June 2019 has not been audited. 
 
 
   Unaudited Condensed Statement of Changes in Equity 
   for the six months ended 30 June 2020 
                                                           Non-distributable reserves                                      Distributable reserves 
                                              Called        Capital           Share           Revaluation              Special        Realised             Revenue                           Total 
                                            up share     redemption         premium               reserve        distributable         capital             reserve                             GBP 
                                             capital        reserve         reserve                   GBP              reserve         reserve 
                                                 GBP            GBP             GBP                                      (Note           (Note 
                                                                                                                            a)              b) 
                                Notes                                                                                      GBP             GBP 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
           At 1 January                                                                           8, 719, 
                   2020                    1,045,265                       11,304 -                   606          45, 731,919      14,528,747        1,851,534                         71,888,375 
          Comprehensive 
                 income 
         for the period 
          (Loss)/profit 
         for the period                            -                            - -           (2,777,454)                    -       1,470,171       1,922,409                             615,126 
 
    Total comprehensive 
             income for                                                                            (2,777 
             the period                            -                            - -                 ,454)                    -       1,470,171        1,922,409                 615,126 
 
 
          Contributions 
                 by and 
          distributions 
              to owners 
          Shares issued 
              via Offer 
                                                                                                                                                                                 15, 
                                                                                                                                                                                  000 
       for Subscription                                                     14, 767                                                                                                , 
               (Note c)                      232,333              -           , 667                     -                    -               -          -                         000 
            Issue costs 
                    and 
           facilitation 
          fees on Offer 
       for Subscription 
               (Note c)                            -                    - (370,158)                     -            (152,153)               -          -                       (522,311) 
          Shares bought 
             back (Note                                                                                                  (424,                                                    (424, 
                     d)                      (8,407)                        8,407 -                     -                 741)               -          -                          741) 
                                                                                                                      (11,846,                                                 (11,846, 
         Dividends paid        8                   -                            - -                     -                 648)               -          -                        648) 
 
 
    Total contributions 
   by and distributions                                                8,407 14,397 
              to owners                      223,926                           ,509                     -         (12,423,542)               -           -                      2,206,300 
 
 
        Other movements 
        Realised losses 
            transferred 
             to special 
          reserve (Note 
                     a)                            -              -               -                     -          (1,549,227)       1,549,227          -                         - 
            Realisation 
          of previously 
             unrealised                                                                          (2, 174, 
                  gains                            -                            - -                  199)                    -       2,174,199          -                         - 
            Total other                                                                               (2,               (1,549 
              movements                            -                            - -              174,199)                ,227)      3, 723,426          -                         - 
-----------------------  ------------  -------------  -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 
                                                                                                                                                                                  74, 
             At 30 June                                                                             3,767                  31,                                                    709 
                   2020                    1,269,191              19,711 14,397,509                  ,953             759 ,150      19,722,344       3, 773,943                  ,801 
-----------------------  ------------  -------------  -----------------------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 
   Note a: The purpose of this reserve is to fund market purchases 
   of the Company's own shares, to write off existing and future 
   losses and for any other corporate purpose. The transfer of 
   GBP1,549,227 to the special reserve from the realised capital 
   reserve above is the total of realised losses incurred by 
   the Company in the period. As at 30 June 2020, the Company 
   has a special reserve of GBP31,759,150, of which GBP7,553,664 
   arises from shares issued more than three years after the 
   end of the financial year in which they were issued. Reserves 
   originating from share issues are not distributable under 
   VCT rules if they arise from share issues that are within 
   three years of the end of an accounting period in which shares 
   were issued. 
 
   Note b: The Realised capital reserve and the Revenue reserve 
   together comprise the Profit and Loss Account of the Company. 
 
   Note c: Under the Company's Offer for Subscription launched 
   on 25 October 2019, 23,233,293 Ordinary Shares were allotted 
   between 8 January 2020 and 2 April 2020, raising net funds 
   of GBP14,477,689 for the Company. This figure is net of issue 
   costs of GBP370,158 and facilitation fees of GBP152,153. 
 
   Note d: During the period, the Company repurchased 840,716 
   of its own shares at the prevailing market price for a total 
   cost of GBP424,741, which were subsequently cancelled. This 
   figure is GBP42,866 more than that shown in the Unaudited 
   Statement of Cash flows due to a creditor held at the period-end. 
 Unaudited Condensed Statement of Changes in Equity 
  for the six months ended 30 June 2019 
 
                                                           Non-distributable reserves                                      Distributable reserves 
                                              Called        Capital           Share           Revaluation              Special        Realised             Revenue                             Total 
                                            up share     redemption         premium               reserve        distributable         capital             reserve                               GBP 
                                             capital        reserve         reserve                   GBP              reserve         reserve 
                                                 GBP            GBP             GBP                                      (Note           (Note 
                                                                                                                            a)              b) 
                                Notes                                                                                      GBP             GBP 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 At 1 January                                1, 068,            32,                                                                                         3,546,                            75,077 
  2019                                           659            191      43,644,698             5,285,632           12,681,614       8,818,475                 713                              ,982 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 Comprehensive 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 income for the 
  period 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 Profit for the                                                                                                                                                                                8,089 
  period                                           -              -               -             5,262,037                    -       1,843,777             983,287                              ,101 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 
 Total comprehensive 
  income for the                                                                                                                                                                               8,089 
  period                                           -              -               -             5,262,037                    -       1,843,777             983,287                              ,101 
                                       -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 
          Contributions 
                 by and 
                         ------------  -------------  -------------  --------------  -------------------- 
          distributions 
              to owners 
                         ------------  -------------  -------------  --------------  -------------------- 
          Shares issued 
               pursuant 
                         ------------  -------------  -------------  --------------  -------------------- 
         to application                          363              -          24,637                     -                    -               -                   -                            25,000 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
          Shares bought 
                   back                     (12,453)         12,453               -                     -            (764,900)               -                   -                         (764,900) 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
              Dividends                                                                                                                                                                      (5,298, 
                   paid       8                    -              -               -                     -          (3,443,823)               -         (1,854,366)                              189) 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 
 
    Total contributions 
   by and distributions                         (12,                                                                   (4,208, 
              to owners                         090)         12,453          24,637                     -                 723)                         (1,854,366)                      (6, 038,089) 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 
 
        Other movements 
                         ------------  -------------  -------------  ------------------------------------ 
               Realised 
                 losses 
                         ------------  -------------  -------------  ------------------------------------ 
            transferred 
                     to 
                         ------------  -------------  -------------  ------------------------------------ 
        special reserve                            -              -               -                     -            (488,477)         488,477                                                     - 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
            Realisation 
          of previously 
                         ------------  -------------  -------------  ------------------------------------  -------------------  ----------------------------------  -------------------------------- 
             unrealised                                                                            (2,770                                2,770 
                  gains                            -              -               -                 ,179)                    -           , 179                   -                                 - 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
            Total other                                                                            (2,770                               3,258, 
              movements                            -              -               -                 ,179)            (488,477)             656                   -                                 - 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
             At 30 June                                         44,                                 7,777                               13,920 
                   2019                   1, 056,569            644      43,669,335                  ,490            7,984,414            ,908           2,675,634                        77,128,994 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  -------------------------------- 
 
The composition of each of these reserves is explained below: 
 Called up share capital - The nominal value of shares originally 
 issued increased for subsequent share issues either via an Offer 
 for Subscription or reduced due to shares bought back by the 
 Company. 
 Capital redemption reserve - The nominal value of shares bought 
 back and cancelled is held in this reserve, so that the Company's 
 capital is maintained. 
 Share premium reserve - This reserve contains the excess of 
 gross proceeds less issue costs over the nominal value of shares 
 allotted under recent Offers for Subscription. 
 Revaluation reserve - Increases and decreases in the valuation 
 of investments held at the period-end are accounted for in this 
 reserve, except to the extent that the diminution is deemed 
 permanent. 
 In accordance with stating all investments at fair value through 
 profit and loss, all such movements through both revaluation 
 and realised capital reserves are shown within the Income Statement 
 for the period. 
 Special distributable reserve - This reserve is created from 
 cancellations of the balances upon the Share premium reserve, 
 which are transferred to this reserve from time to time. The 
 cost of share buybacks and any realised losses on the sale or 
 impairment of investments (excluding transaction costs) are 
 charged to this reserve. 75% of the Investment Adviser fee expense, 
 and the related tax effect, that are charged to the realised 
 capital reserve. This reserve will also be charged any facilitation 
 payments to financial advisers, which arose as part of the Offer 
 for Subscription. 
Realised capital reserve - The following are accounted for 
 in this reserve: 
 -- Gains and losses on realisation of investments; 
 -- Permanent diminution in value of investments; 
 -- Transaction costs incurred in the acquisition and disposal 
 of investments; 
  *    75% of the Investment Adviser fee expense and 100% of 
       any performance incentive fee payable, together with 
       the related tax effect to this reserve in accordance 
       with the policies; and 
 
 
 -- Capital dividends paid. 
 Revenue reserve - Income and expenses that are revenue in nature 
 are accounted for in this reserve together with the related 
 tax effect, as well as income dividends paid that are classified 
 as revenue in nature. 
 
  Unaudited Condensed Statement of Cash Flows 
  for the six months ended 30 June 2020 
                                                                                               Six months                           Six months                                            Year ended 
                                                                                            ended 30 June                        ended 30 June 
                                                                                         2020 (unaudited)                     2019 (unaudited) 
                                                                                                                                                                                         31 December 
                                                                                                                                                                                                2019 
                                                                                                                                                                                           (audited) 
                                                           Notes                                      GBP                                  GBP                                                   GBP 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
 Cash flows from operating 
  activities 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Profit after tax for 
  the financial period                                                                            615,126                         8, 089 , 101                                             9,900,963 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Adjustments for: 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Net investment portfolio 
  losses/(gains)                                                                                 787 ,177                          (7,594,291)                                          (9 ,144,246) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Tax charge for current 
  period                                                    6                                     258,390                              57 ,371                                                61,891 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 (Increase)/decrease in 
  debtors                                                                                        (23,667)                             331, 692                                               285,660 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Increase/(decrease) in 
  creditors and accruals                                                                           44,458                               49,449                                             (17 ,589) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Net cash inflow from 
  operations                                                                                   1, 681,484                              933,322                                            1, 086,679 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
   Corporation tax refunded/(paid)                                                                    175                                    -                                             (108,482) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Net cash inflow from 
  operating activities                                                                         1,681, 659                              933,322                                              978, 197 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
   Cash flows from investing 
   activities 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Purchases of investments                                   9                               (1, 680 ,145)                          (2,300,908)                                           (5,853,554) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Disposals of investments                                   9                                   9,347,468                           10,013,168                                           11, 772,421 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Decrease/no change in 
  bank deposits with a 
  maturity over three months                                                                          769                                   24                                                     - 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
 Net cash inflow from 
  investing activities                                                                        7, 668, 092                            7,712,284                                             5,918,867 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
   Cash flows from financing 
   activities 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Shares issued as part                                                                          15, 000 , 
  of Offer for subscription                                                                           000                               25,000                                                25,000 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Issue costs and facilitation 
  fees as part of Offer                                                                         (522,311)                                    -                                                     - 
  for subscription 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
                                                                                                                                                                                           (11, 622, 
 Equity dividends paid                                      8                               (11,846, 648)                          (5,298,189)                                                  745) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Share capital bought 
  back                                                                                          (381,875)                            (887,442)                                          (1, 615,367) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
 Net cash inflow/(outflow) 
  from financing activities                                                                    2,249 ,166                          (6,160,631)                                          (13,213,112) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
 Net increase/(decrease) 
  in cash and cash equivalents                                                                 11,598,917                            2,484,975                                          (6,316, 048) 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Cash and cash equivalents                                                                      19, 170 , 
  at start of period                                                                                  060                           25,486,108                                            25,486,108 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Cash and cash equivalents                                                                                                            27 ,971, 
  at end of period                                                                           30 , 768,977                                  083                                           19,170, 060 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
   Cash and cash equivalents 
   comprise: 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Cash at bank and in hand                                  10                                   3,203,047                          9 , 074,632                                             7,261,618 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 Cash equivalents                                          10                                  27,565,930                           18,896,451                                            11,908,442 
                                                      -------------  ------------------------------------  -----------------------------------  ---------------------------------------------------- 
 
  Notes to the Unaudited Condensed Financial Statements 
  for the six months ended 30 June 2020 
       1. Company information 
        Mobeus Income and Growth VCT plc is a public limited company 
        incorporated in England, registration number 5153931. The registered 
        office is 30 Haymarket, London, SW1Y 4EX. 
 
        2. Basis of preparation of the Financial Statements 
        These Financial Statements are prepared in accordance with accounting 
        policies consistent with Financial Reporting Standard 102 ("FRS 
        102"), Financial Reporting Standard 104 ("FRS 104") - Interim 
        Financial Reporting, with the Companies Act 2006 and the 2014 
        Statement of Recommended Practice, 'Financial Statements of 
        Investment Trust Companies and Venture Capital Trusts' ('the 
        SORP') (updated in October 2019) issued by the Association of 
        Investment Companies ("AIC"). 
 
        The Half-Year Report has not been audited, nor has it been reviewed 
        by the Auditor pursuant to the Financial Reporting Council's 
        (FRC) guidance on Review of Interim Financial Information. 
 
        3. Principal accounting policies 
        The accounting policies have been applied consistently throughout 
        the period. Full details of principal accounting policies will 
        be disclosed in the Annual Report, while the policy in respect 
        of investments is included at the top of note 9 on investments. 
 
        4. Income                                Six months           Six months               Year ended 
                                     ended 30 June        ended 30 June              31 December 
                                  2020 (unaudited)     2019 (unaudited)                     2019 
                                               GBP                  GBP                      GBP 
                                 -----------------  -------------------  ----------------------- 
 
 
          Dividends                        300,003             260 ,215                  505,401 
                                 -----------------  -------------------  ----------------------- 
         Money-market funds                61, 670               81,840                  151,532 
                                 -----------------  -------------------  ----------------------- 
         Loan stock interest             2,393,778           1, 196,940               2, 161,352 
                                 -----------------  -------------------  ----------------------- 
         Bank deposit interest              10,974               15,776                 29 , 674 
                                 -----------------  -------------------  ----------------------- 
         Interest on preference 
          share 
          dividend arrears                     726                6,878                    6,878 
                                 -----------------  -------------------  ----------------------- 
         Other income                        2,855                    -                        - 
                                 -----------------  -------------------  ----------------------- 
         Total Income                   2,770, 006           1,561, 649                2,854,837 
                                 -----------------  -------------------  ----------------------- 
 
 
        5. Investment Adviser's fees 
  In accordance with the policy statement published under "Management 
   and Administration" in the Company's prospectus dated 9 July 
   2004, the Directors have charged 75% of the Investment Adviser's 
   fees to the capital reserve. This is in line with the Board's 
   expectation of the long-term split of returns from the investment 
   portfolio of the Company. For further details, see note 4a on 
   page 52 of the 2019 Annual Report.                                       Six months        Six months      Year ended 
                                       ended 30 June     ended 30 June     31 December 
                                                2020              2019            2019 
                                                 GBP               GBP             GBP 
                                    ----------------  ----------------  -------------- 
 
 
     Allocated to revenue return: 
     Investment Adviser's fees              214, 035          201, 020         406,306 
                                    ----------------  ----------------  -------------- 
    Allocated to capital return: 
     Investment Adviser's fees               642,106           603,058       1,218,918 
                                    ----------------  ----------------  -------------- 
    Total Income                            856, 141           804,078      1, 625,224 
                                    ----------------  ----------------  -------------- 
 
 
   Between 1 July 2020 and 30 June 2021, the Investment Adviser's 
   fee upon the net funds raised from the use of the over- 
   allotment facility of GBP5 million under the 2019/20 Offer 
   will be reduced to 1% from 2% per annum, for one year. 
 
   Between 1 April 2018 and 31 March 2019, the Investment Adviser's 
   fee upon the net funds raised from the use of the over- allotment 
   facility of GBP10 million under the 2017/18 Offer was reduced 
   to 1% from 2% per annum, for one year. 
Between 1 April 2018 and 31 March 2019, the Investment Adviser's 
fee upon the net funds raised from the use of the overallotment 
facility of GBP10 million under the 2017/18 Offer was reduced 
to 1% from 2% per annum, for one year. 
 
6. Taxation 
There is a tax charge for the period as the Company has taxable 
income in excess of deductible expenses 
.                                     Six months                                            Six months ended 
    Year ended 
                                      ended 30 June                                    30 June 2019 (unaudited) 
   31 December 
                                      2020 (unaudited)                                   Capital Total Revenue 
       2019 
                                      Capital Total                                           GBP GBP GBP 
    (audited) 
                       R evenue       GBP GBP 
  Capital Total 
                       GBP 
     GBP GBP 
                                                            R evenue 
                                                             GBP 
                      ------------------------------------ 
 
 
 a) Analysis of 
 tax charge: 
 UK Corporation 
 tax on profit                         (122, 
 for the period         380,390         000)       258,390       171,952      (114,581)        57 ,371     293,485   (23 
1,594)         61,891 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Total current                  380,390 (122, 
 tax charge/(credit)                    000)       258,390       171,952      (114,581)        57 ,371       293,485 (23 
1,594)         61,891 
--------------------  ----------------------  ------------  ------------  -------------  -------------  ---------------- 
------  ------------- 
Corporation tax 
 is based on a 
 rate 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
of 19. 0% (2019: 
 19. 0%) 
-------------------- 
 
b) Profit on 
 ordinary activities 
-------------------- 
 
before tax            2,302,799  (1,429,283)       873,516    1, 155,239      6,991,233      8,146,472   2,037,526   7,9 
25,328      9,962,854 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Profit on ordinary 
 activities 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
multiplied by 
 rate of corporation 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
tax in the UK 
 of 19. 0% (2019:                                                                                1,547         387 
 19. 0%)                437,532    (271,564)       165,968       219,495      1,328,334           ,829        ,129   1,5 
05,813      1,892,942 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Effect of: 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
UK dividends           (57,001)            -      (57,001)     (49 ,441)              -      (49 ,441)    (96,026) 
     -       (96,026) 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Net investment 
 portfolio losses/ 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
(gains) not 
   (1, 
 allowable/(taxable)          -      149,564       149,564             -    (1,442,915)    (1,442,915)           -    73 
7,407)   (1, 737,407) 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Unrelieved 
 expenditure                  -            -             -         1,898              -          1,898       2,382 
     -          2,382 
 
 
 
 
 
Under provision 
 in prior period      (141)      -                   (141)  -             -              -              -           - 
        - 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Actual current                    (122, 
 tax charge           380,390      000)        258,390        171,952       (114,581)        57 ,371      293,485   (231 
,594)        61,891 
--------------------  ---------  -----------  ------------  ------------  -------------  -------------  ----------  ---- 
------  ------------- 
Over provision 
 in prior period                (141)              -          (141)               -                     -        -                           -                   -                               - 
 Actual current 
  tax charge                  380,390      (122,000)        258,390         171,952             (114,581)               57,371         293,485           (231,594)                          61,891 
                         ------------  -------------  -------------  --------------  --------------------  -------------------  --------------  ------------------  ------------------------------ 
 
 
   7.     Basic and diluted earnings per share 

The basic and diluted earnings, revenue return and capital return per share shown below for each period are respectively based on numerators i)-iii), each divided by the weighted average number of shares in issue in the period - see iv) below.

 
                                             Six months         Six months     Year ended 
                                           ended 30 June      ended 30 June    31 December 
                                        2020 (unaudited)   2019 (unaudited)           2019 
                                                                                 (audited) 
                                                     GBP                GBP            GBP 
                                      ------------------  -----------------  ------------- 
 
   i) Total earnings after taxation              615,126        8, 089 ,101      9,900,963 
                                      ------------------  -----------------  ------------- 
   Basic and diluted earnings per 
    share (Note a)                                 0.49p            7 . 61p          9.36p 
                                      ------------------  -----------------  ------------- 
   ii) Revenue earnings from 
    ordinary 
    activities after taxation                  1,922,409            983,287    1, 744, 041 
                                      ------------------  -----------------  ------------- 
   Basic and diluted revenue 
    earnings 
    per share (Note b)                             1.54p              0.92p         1. 65p 
                                      ------------------  -----------------  ------------- 
   Net investment portfolio 
    (losses)/gains 
    on investments                             (787,177)          7,594,291     9 ,144,246 
                                      ------------------  -----------------  ------------- 
   Capital Investment Adviser's fees 
    less taxation                             (520 ,106)          (488,477)      (987,324) 
                                      ------------------  -----------------  ------------- 
   iii) Total capital earnings              (1,307 ,283)          7,105,814      8,156,922 
                                      ------------------  -----------------  ------------- 
   Basic and diluted capital 
    earnings 
    per share (Note c)                          (1. 05)p              6.69p          7.71p 
                                      ------------------  -----------------  ------------- 
 
    iv) W eighted average number of                                              105, 785, 
     shares in issue in the period          124, 645,269        106,355,772            777 
                                      ------------------  -----------------  ------------- 
  Notes: 
  a) Basic earnings per share is total earnings after taxation divided 
  by the weighted average number of shares in issue. 
  b) Basic revenue earnings per share is the revenue earnings after 
  taxation divided by the weighted average number of shares in issue. 
  c) Basic capital earnings per share is the total capital earnings 
  after taxation divided by the weighted average number of shares in 
  issue. 
8. Dividends paid 
                                                                       Six months    Six months    Year ended 
                                                                            ended         ended   31 December 
                                                                          30 June       30 June 
                                                                             2020          2019          2019 
                                                                      (unaudited)   (unaudited)     (audited) 
                                    For the          P                        GBP           GBP           GBP 
                                       year       ence 
                                   ended 31        per 
  Dividend          Type           December      share  Date paid 
                                                                   --------------  ------------  ------------ 
 
 
                                                           17 May 
     Final        Income               2018    1. 75p        2019               -     1,854,366     1,854,366 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                           17 May 
     Final       Capital               2018     3.25p*       2019               -     3,443,823     3,443,822 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                               20 
                                                        September 
   Interim        Income               2019    1.50p         2019               -             -     1,584,854 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                               20 
                                                        September 
   Interim       Capital               2019     2.50p*       2019               -             -     2,641,423 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                                6 
                                                         December 
   Interim       Capital               2019     2.00p*       2019               -             -     2,098,280 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                        8 January         4, 181, 
   Interim       Capital               2019     4.00p*       2020             060             -             - 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                            7 May 
   Interim       Capital               2020     6.00p*       2020     7 , 665,588             -             - 
            ------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
                                                                          11,846,        5,298, 
                                                                              648           189   11, 622,745 
  ----------------------  -----------------  ---------  ---------  --------------  ------------  ------------ 
 
 * These dividends were paid out of the Company's special distributable 
 reserve. 
9. Summary of movement on investments during the period 
 The most critical estimates, assumptions and judgements relate to 
 the determination of the carrying value of investments at "fair value 
 through profit and loss" (FVTPL). All investments held by the Company 
 are classified as FVTPL and measured in accordance with the International 
 Private Equity and Venture Capital Valuation ("IPEV") guidelines, 
 as updated in December 2018. This classification is followed as the 
 Company's business is to invest in financial assets with a view to 
 profiting from their total return in the form of capital growth and 
 income. 
 Purchases and sales of unlisted investments are recognised when the 
 contract for acquisition or sale becomes unconditional. For investments 
 actively traded on organised financial markets, fair value is generally 
 determined by reference to Stock Exchange market quoted bid prices 
 at the close of business on the balance sheet date. Purchases and 
 sales of quoted investments are recognised on the trade date where 
 a contract of sale exists whose terms require delivery within a time 
 frame determined by the relevant market. Where the terms of the disposal 
 state that consideration may be received at some future date and, 
 subject to the conditionality and materiality of the amount of deferred 
 consideration, an estimate of the fair value, discounted for the 
 true value of money, may be recognised through the Income Statement. 
 In other cases, the proceeds will only be recognised once the right 
 to receive payment is established and there is no reasonable doubt 
 that payment will be received. 
 Unquoted investments are stated at fair value by the Directors at 
 each measurement date in accordance with appropriate valuation techniques, 
 which are consistent with the IPEV guidelines:- 
 (i) Each investment is considered as a whole on a 'unit of account' 
 basis, i.e. that the value of each portfolio company is considered 
 as a whole, alongside consideration of:- 
 The price of new or follow on investments made, if deemed to be made 
 as part of an orderly transaction, are considered to be at fair value 
 at the date of the transaction. The inputs that derived the investment 
 price are calibrated within individual valuation models and at subsequent 
 quarterly measurement dates are reconsidered for any changes in light 
 of more recent events or changes in the market performance of the 
 investee company. The valuation bases used are the following: 
 
  *    a multiple basis. The enterprise value of the 
       investment may be determined by applying a suitable 
       price-earnings ratio, revenue or gross profit 
       multiple to that company's historic, current or 
       forecast post-tax earnings before interest and 
       amortisation, or revenue, or gross profit (the ratio 
       used being based on a comparable sector but the 
       resulting value being adjusted to reflect points of 
       difference identified by the Investment Adviser 
       compared to the sector including, inter alia, a lack 
       of marketability). 
 
 
 or:- 
  *    where a company's underperformance against plan 
       indicates a diminution in the value of the investment, 
       provision against the price of a new investment is 
       made, as appropriate. 
 
 
 (iI) Premiums, to the extent that they are considered capital in 
 nature, and that they will be received upon repayment of loan stock 
 investments are accrued at fair value when the Company receives the 
 right to the premium and when considered recoverable. 
 (iII) Where a multiple or the price of recent investment less impairment 
 basis is not appropriate and overriding factors apply, a discounted 
 cash flow, net asset valuation, realisation proceeds or a weighted 
 average of these bases may be applied. 
 Capital gains and losses on investments, whether realised or unrealised, 
 are dealt with in the profit and loss and revaluation reserves and 
 movements in the period are shown in the Income Statement. 
 All investments are initially recognised and subsequently measured 
 at fair value. Changes in fair value are recognised in the Income 
 Statement. 
 A key judgement made in applying the above accounting policy relates 
 to investments that are permanently impaired. Where the value of 
 an investment has fallen permanently below the price of recent investment, 
 the loss is treated as a permanent impairment and as a realised loss, 
 even though the investment is still held. The Board assesses the 
 portfolio for such investments and, after agreement with the Investment 
 Adviser, will agree the values that represent the extent to which 
 an investment loss has become realised. This is based upon an assessment 
 of objective evidence of that investment's future prospects, to determine 
 whether there is potential for the investment to recover in value. 
 Accounting standards classify methods of fair value measurement as 
 Levels 1,2 and 3. This hierarchy is based upon the reliability of 
 information used to determine the valuation. All of the unquoted 
 investments are Level 3, i.e. fair value is measured using techniques 
 using inputs that are not based on observable market data. 
 Notes to the Unaudited Condensed Financial Statements 
 for the six months ended 30 June 2020 
                                     Unquoted      Unquoted       Unquoted          Total 
                                        equity    preference     loan stock 
                                        shares        shares 
                                                     Level 3        Level 3 
                                       Level 3 
                                           GBP           GBP            GBP            GBP 
                                 -------------  ------------  -------------  ------------- 
 
                                       30 ,967                                    51, 703, 
   V aluation at 1 January 2020           ,137        27,420   20 , 708,604            161 
                                 -------------  ------------  -------------  ------------- 
   Purchases at cost                 1,437,325             -        242,820    1, 680 ,145 
                                 -------------  ------------  -------------  ------------- 
   Sales - proceeds                (5,941,887)             -    (3,405,581)    (9,347,468) 
                                 -------------  ------------  -------------  ------------- 
   Net realised gains/(losses) 
    (Note a)                         1,905,594         (302)         84,985      1,990,277 
                                 -------------  ------------  -------------  ------------- 
   Net unrealised 
    gains/(losses) 
    on investments (Note a)          1,562,089             -    (4,339,543)    (2,777,454) 
                                 -------------  ------------  -------------  ------------- 
                                                                                   43,248, 
   V aluation at 30 June 2020       29,930,258      27 , 118     13,291,285            661 
                                 -------------  ------------  -------------  ------------- 
                                                                   17, 658, 
   Book cost at 30 June 2020        24,024,389      27 , 108            009    41, 709,506 
                                 -------------  ------------  -------------  ------------- 
   Permanent impairment in 
    value 
    of investments                 (2,228,496)         (302)              -    (2,228,798) 
                                 -------------  ------------  -------------  ------------- 
   Unrealised gains/(losses) at 
    30 June 2020                     8,134,365           312    (4,366,724)      3,767,953 
                                 -------------  ------------  -------------  ------------- 
                                                                                   43,248, 
   V aluation at 30 June 2020       29,930,258      27 , 118     13,291,285            661 
                                 -------------  ------------  -------------  ------------- 
   Gains on investments 
                                 -------------  ------------  -------------  ------------- 
   Net realised gains/(losses) 
    based on historical cost         4,162,412         (302)          2,366      4,164,476 
                                 -------------  ------------  -------------  ------------- 
   Less amounts recognised as 
    unrealised 
    (gains)/losses in previous 
    years                          (2,256,818)             -         82,619   (2, 174,199) 
                                 -------------  ------------  -------------  ------------- 
   Net realised gains/(losses) 
    based on carrying value at 
    31 
    December 2019                    1,905,594         (302)         84,985      1,990,277 
                                 -------------  ------------  -------------  ------------- 
   Net movement in unrealised 
    gains/(losses) 
    in the period                    1,562,089             -    (4,339,543)    (2,777,454) 
                                 -------------  ------------  -------------  ------------- 
   Net investment portfolio 
    gains/(losses) 
    for the period ended 30 
    June                               3,467 , 
    2020                                   683         (302)    (4,254,558)      (787,177) 
                                 -------------  ------------  -------------  ------------- 
  Note a) Net realised gains on investments of GBP1,990,277 together 
  with net unrealised losses of GBP2,777,454 equal net investment portfolio 
  losses of GBP787,177 as disclosed in the Income Statement. 
  There has been no significant change in the risk analysis as disclosed 
  in Note 15 of the Financial Statements in the Company's Annual Report. 
  The decrease in unrealised valuations of the loan stock investments 
  above reflect the changes in the entitlement to loan premiums, and/or 
  in the underlying enterprise value of the investee company. The decrease 
  does not arise from assessments of credit or market risk upon these 
  instruments. 
  Level 3 unquoted equity and loan investments are valued in accordance 
  with IPEV guidelines as follows:                                    As at 30 June      As at 30 June   As at 31 December 
                                   2020 (unaudited)   2019 (unaudited)                2019 
                                                GBP                GBP           (audited) 
                                                                                       GBP 
 
 
     Multiple of earnings, 
     revenue 
     , or gross margin, as 
     appropriate                         41,503,626         45,494,032        48, 600 ,751 
                                -------------------  -----------------  ------------------ 
    Net asset value                       1,409,041            163,390             125,484 
                                -------------------  -----------------  ------------------ 
    Recent investment price                 269,800          2,300,908           2,976,926 
                                -------------------  -----------------  ------------------ 
    Estimated realisation 
     proceeds                                66,194           192, 693                   - 
                                -------------------  -----------------  ------------------ 
    Recent investment price 
     (reviewed 
     for impairment)                              -           145, 005                   - 
                                -------------------  -----------------  ------------------ 
    Total                               43,248, 661         48,296,028        51, 703, 161 
                                -------------------  -----------------  ------------------ 
10. Current asset investments and cash at bank                                   As at 30 June      As at 30 June    As at 31 December 
                                 2020 (unaudited)   2019 (unaudited)                 2019 
                                              GBP                GBP            (audited) 
                                                                                      GBP 
 
 
    OEIC Money mark et funds           27,565,930         18,896,451           11,908,442 
                                -----------------  -----------------  ------------------- 
   Cash equivalents per S 
    tatement 
    of Cash Flows                      27,565,930         18,896,451           11,908,442 
                                -----------------  -----------------  ------------------- 
   Bank deposits that mature 
    after 
    three months                        1,004,913         1, 005,658           1, 005,682 
                                -----------------  -----------------  ------------------- 
   Current asset investments          28,570 ,843       19 ,902, 109           12,914,124 
                                -----------------  -----------------  ------------------- 
   Cash at bank                         3,203,047        9 ,074, 632            7,261,618 
                                -----------------  -----------------  ------------------- 
11. Basic and diluted net asset value per share                                 As at 30 June        As at 30 June    As at 31 December 
                               2020 (unaudited)     2019 (unaudited)                 2019 
                                                                                (audited) 
 
 
    Net assets                       GBP74, 709        GBP77,128,994        GBP71,888,375 
                                           ,801 
                              -----------------  -------------------  ------------------- 
   Number of shares in issue       126,919, 084          105,656,926          104,526,507 
                              -----------------  -------------------  ------------------- 
   Basic and diluted net 
    asset 
    value per share (pence)              58.86p              73. 00p               68.78p 
                              -----------------  -------------------  ------------------- 
12. Post balance sheet events 
 On 14 August 2020, the Company realised its investment in Tovey Management 
 Limited (trading as Access IS) generating proceeds of GBP7.04 million. 
 On 1 September 2020, the Company invested a further GBP1.42 million 
 into Buster and Punch Holdings Limited, an existing portfolio company. 
 
 On 2 September 2020, the Company realised its investment in Blaze 
 Signs Holdings Limited generating cash proceeds of GBP1.98 million. 
 
 13. Financial statements for the period ended 30 June 2020 
 The information for the six months ended 30 June 2020 does not comprise 
 statutory accounts within the meaning of Section 434 of the Companies 
 Act 2006. The Financial Statements for the year ended 31 December 
 2019 have been filed with the Registrar of Companies. The auditor 
 has reported on these Financial Statements and that report was unqualified 
 and did not contain a statement under section 498(2) or (3) of the 
 Companies Act 2006. 
 14. Half-Year Report 
 This Half-Year Report will shortly be made available on our website: 
 www.migvct.co.uk and will be circulated by post to those Shareholders 
 who have requested copies of the Report. Further copies are available 
 free of charge from the Company's registered office, 30 Haymarket, 
 London, SW1Y 4EX or can be downloaded via the website. 
Contact details for further enquiries: 
 Mobeus Equity Partners LLP (the Company Secretary) on 020 7024 7600 
 or by e-mail to vcts@mobeus.co.uk 
 Mobeus Equity Partners LLP (the Investment Adviser) on 020 7024 7600 
 or by e-mail to info@mobeus.co.uk 
 
 
 DISCLAIMER 
 Neither the contents of the Company's website nor the contents of 
 any website accessible from hyperlinks on the Company's website (or 
 any other website) is incorporated into, or forms part of, this announcement. 
 
 

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END

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