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Share Name Share Symbol Market Type Share ISIN Share Description
New Century Aim Vct 2 Plc LSE:NCA2 London Ordinary Share GB00B1SN3863 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 52.00 44.00 60.00 52.00 52.00 52.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.0 -0.5 - 3

NEW CENT. AIM VCT 2: Half-year Report

28/08/2020 7:00am

UK Regulatory (RNS & others)


New Century Aim Vct 2 (LSE:NCA2)
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From Jul 2020 to Jan 2021

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TIDMNCA2 
 
 

New Century AIM VCT 2 plc

 

For the six months to 30(th) June 2020

 

Chairman's Statement

 

It is pleasing to report that following a very difficult period for the Market during February and March 2020, your fund regained nearly all of the declines in its net asset value (NAV) incurred during those months, and considerably outperformed its benchmark for the six months to 30 June 2019.

 

The NAV of your fund decreased by 2.5% to 48.3p (when measured using bid-prices), compared to the FTSE AIM Allshare index which declined by 7.8% over the same period.

 

It is also pleasing to note that the NAV reported for 31 July 2020 (based on mid-prices) is now higher than that reported for the 31 December 2019. We believe the difficult decision to use existing cash resources to invest in new opportunities rather than fund a dividend has proved to be the correct one as we have seen a strong recovery in the NAV from the lows experienced in the Stock Market sell off in March 2020 and we hope, subject to the possible volatility mentioned below, to be able to recommence paying a dividend next year.

 

We made seven further investments in the period, investing in Concepta PLC, Eden Research PLC, ECSC Group PLC, Fusion Antibodies PLC, Gfinity PLC, Intelligent Ultrasound Group PLC and Synairgen PLC. We are pleased to report each of these investments are currently priced higher than when we made our investment and we exited one at a 100% profit.

 

We made seven sales where we either exited or top-sliced a holding.

 

We have a wide spread of established companies across a variety of sectors within the fund and whilst we hope your fund will continue to outperform over the rest of the year, we are mindful that we could see further volatility this Autumn / Winter. The second half of the year has political events such as the US Presidential elections and the uncertainty over what type of BREXIT we will have as well as the possibility of a second wave of the virus.

 

Geoff Gamble

 

Chairman

 

28 August 2020

 

New Century AIM VCT 2 plc

 

For the six months to 30 June 2020

 

Unaudited Balance Sheet

 
                         Interim Accounts   Final Accounts     Interim Accounts 
                         as at 30 June      as at 31 December  as at 30 June 
                         2020               2019*              2019 
                         GBP'000  GBP'000   GBP'000  GBP'000   GBP'000  GBP'000 
Fixed Assets 
 Investments                      2,127              2,253              2,465 
 
Current Assets 
 Uninvested cash         104      104       45       45        4        4 
 
Current Liabilities 
 Creditors: amounts due 
 within one year                  (6)                (16)               (6) 
 
                                  2,225              2,282              2,463 
Capital and Reserves 
 Share capital                    461                461                461 
 Share premium                    57                 57                 57 
 Capital redemption 
  reserve                         171                171                171 
 Capital 
  reserve-distributable           3,440              3,440              3,440 
 Capital reserve - 
  realised                        (712)              (866)              (1,072) 
 Capital reserve - 
  unrealised                      (1,193)            (1,002)            (786) 
 Revenue reserve                  1                  21                 192 
 
                                  2,225              2,282              2,463 
 
Net Asset Value per               48.3p              49.5p              53.5p 
 share 
                                            *Audited 
 

New Century AIM VCT 2 plc

 

For the six months to 30 June 2020

 

Unaudited Statement of Comprehensive Income

 

(incorporating the revenue account)

 
                   6 month period ended 30                               6 month period ended 30 
                   June 2020                  Year to 31 December 2019*  June 2019 
                   Revenue  Capital  Total    Revenue  Capital  Total    Revenue  Capital  Total 
                   GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
Gains/(losses) 
on investments 
Realised           -        116      116      -        209      209      -        46       46 
Unrealised         -        (145)    (145)    -        42       42       -        206      206 
Income             7        -        7        35       -        35       15       -        15 
Investment 
 management fees   (2)      (8)      (10)     (6)      (18)     (24)     (3)      (9)      (12) 
Other expenses     (25)     -        (25)     (52)     -        (52)     (21)     -        (21) 
Return on 
 ordinary 
 activities        (20)     (37)     (57)     (23)     233      210      (9)      243      234 
Tax on ordinary 
activities         -        -        -        -        -        -        -        -        - 
Return on 
ordinary 
activities 
after taxation     (20)     (37)     (57)     (23)     233      210      (9)      243      234 
Return per 
 ordinary share 
 in pence          (0.44)   (0.80)   (1.24)   (0.51)   5.06     4.55     (0.20)   5.28     5.08 
 
                                              *Audited 
 
All revenue and capital items in the above statement are from 
 continuing operations in the current six month period. No 
 operations were acquired or discontinued in the current 
 period. Other than that shown above, the company had no 
 recognised gains or losses. Accordingly, the above represents 
 the total comprehensive income for the period. 
The weighted average number of shares in issue during 
 the period was 4,606,953. 
 

New Century AIM VCT 2 plc

 

For the six months to 30 June 2020

 

Unaudited Consolidated Statement of Changes in Equity

 
             Called-up  Share     Capital     Capital 
             share      Premium   Redemption  Reserve-        Capital    Capital      Revenue 
             capital    account   reserve     distributable   realised   unrealised   reserve   Total 
             GBP'000    GBP'000   GBP'000     GBP'000         GBP'000    GBP'000      GBP'000   GBP'000 
 
As at 1 
 January 
 2020        461        57        171         3,440           (866)      (1,002)      21        2,282 
 
Realised 
 gains on 
 disposals 
 in period   -          -         -           -               116        -            -         116 
Unrealised 
 gain        -          -         -           -               -          (145)        -         (145) 
Transfer of 
 unrealised 
 gain to 
 realised 
 on 
 disposal 
 of 
 investment   -         -         -           -               46         (46)         -         - 
Net revenue 
 before 
 tax         -          -         -           -               -          -            (20)      (20) 
Investment 
 management 
 fee         -          -         -           -               (8)        -            -         (8) 
             ________   ________  _________   _________       ________   ________     ________  ________ 
At 30 June 
 2020        461        57        171         3,440           (712)      (1,193)      1         2,225 
 
 
 
 
 
 
As at 1 
 January 
 2019        461        57        171         3,440           (1,185)    (916)        201       2,229 
 
Realised 
 gains on 
 disposals   -          -         -           -               46         -            -         46 
Unrealised 
 gains       -          -         -           -               -          206          -         206 
Transfer of 
 unrealised 
 loss to 
 realised 
 on 
 disposal 
 of 
 investment   -         -         -           -               76         (76)         -          - 
Net revenue 
 before 
 tax         -          -         -           -               -          -            (9)       (9) 
Investment 
 management 
 fee         -          -         -           -               (9)        -            -         (9) 
             ________   ________  _________   _________       ________   ________     ________  ________ 
At 30 June 
 2019        461        57        171         3,440           (1,072)    (786)        192       2,463 
 
 
 

New Century AIM VCT 2 plc

 

For the six months to 30 June 2020

 

Unaudited Cash Flow Statement

 
                      Six month period                     Six month period 
                      ended 30 June     Year to 31         ended 30 June 
                      2020              December 2019*     2019 
                      GBP'000  GBP'000  GBP'000  GBP'000   GBP'000  GBP'000 
 
Net cash generated 
 from operating 
 activities                    (45)              (76)               (43) 
 
Cash flow from 
investing 
activities 
Interest received     -                 -                  - 
Investment income     7                 35                 15 
                               7                 35                 15 
 
Cash flows from 
financing 
activities 
Sale of investments   252               700                227 
Purchase of 
 investments          (155)             (488)              (226) 
Dividend paid         -                 (157)              - 
                               97                55                 1 
 
Net 
 increase/(decrease) 
 in cash and cash 
 equivalents                   59                14                 (27) 
 
Cash and cash 
 equivalents at 
 beginning of 
 period                        45                31                 31 
 
Cash and cash 
 equivalents at end 
 of period                     104               45                 4 
 
                                        *Audited 
 

New Century AIM VCT 2 plc

 

For the six months to 30 June 2019

 

Investment Portfolio

 
 Security                         Cost       Valuation     %       % 
                                             30 June 2020  Cost    Valuation 
 
 Qualifying Investments           2,891,826  2,028,516     88.54   90.93 
 Non-qualifying Investments       270,018    98,070        8.27    4.40 
 Uninvested funds                 104,105    104,105       3.19    4.67 
                                  3,265,949  2,230,691     100.00  100.00 
 Qualifying Investments 
 AIM Quoted 
 Access Intelligence plc          10,053     14,250        0.31    0.64 
 Anglo African Oil & Gas plc      65,329     975           2.00    0.04 
 Audioboom Group plc              148,252    108,000       4.54    4.84 
 Bigblu Broadband plc             29,247     41,387        0.90    1.86 
 Bilby plc                        52,465     17,460        1.61    0.78 
 Blackbird plc                    41,460     170,363       1.27    7.64 
 Brighton Pier Group plc          35,379     8,360         1.08    0.37 
 C4X Discovery Holdings plc       35,179     33,600        1.08    1.51 
 Cloudbuy plc                     41,896     153           1.28    0.01 
 Cloudcall Group plc              20,230     27,650        0.62    1.24 
 Concepta plc                     100,511    61,875        3.08    2.77 
 Coral Products plc               25,104     9,435         0.77    0.42 
 Creo Medical Group plc           20,504     56,368        0.63    2.53 
 CyanConnode Holdngs plc          204,219    3,440         6.25    0.15 
 Diaceutics plc                   10,314     20,318        0.32    0.91 
 DP Poland plc                    25,631     12,155        0.78    0.54 
 ECSC Group plc                   20,104     23,455        0.62    1.05 
 Eden Research plc                41,837     54,113        1.28    2.43 
 Entertainment AI plc             50,257     27,778        1.54    1.25 
 Escape Hunt plc                  31,006     1,942         0.95    0.09 
 Falanx Group Ltd                 45,031     11,745        1.38    0.53 
 Feedback plc                     20,104     16,667        0.62    0.75 
 Fusion Antibodies plc            12,064     13,466        0.37    0.60 
 Gfinity plc                      60,311     56,189        1.85    2.52 
 HML Holdings plc                 58,340     53,750        1.79    2.41 
 Hunters Property plc             50,253     52,000        1.54    2.33 
 Immotion Group plc               95,486     26,481        2.92    1.19 
 I-Nexus Global plc               30,153     1,519         0.92    0.07 
 Inspired Energy plc              33,641     182,700       1.03    8.19 
 Integumen plc                    75,383     92,976        2.31    4.17 
 Intelligent Ultrasound Group 
  plc                             95,482     86,639        2.92    3.88 
 Keywords Studios plc             2,473      36,220        0.08    1.62 
 Lightwaverf plc                  30,158     2,118         0.92    0.09 
 Location Sciences Group plc      72,643     11,636        2.22    0.52 
 
 
 Security                          Cost       Valuation     %      % 
                                              30 June 2020  Cost   Valuation 
 Loopup Group plc                  15,078     20,325        0.46   0.91 
 M.Winkworth plc                   56,280     84,000        1.72   3.77 
 Marechale Capital plc             75,752     6,375         2.32   0.29 
 Microsaic Systems plc             142,261    20,534        4.36   0.92 
 Modern Water plc                  75,385     5,629         2.31   0.25 
 N4 Pharma plc                     40,204     18,760        1.23   0.84 
 Open Orphan plc                   155,184    71,079        4.75   3.19 
 Pelatro plc                       25,128     26,920        0.77   1.21 
 PHSC plc                          50,256     15,900        1.54   0.71 
 Polarean Imaging plc              20,104     36,533        0.62   1.64 
 Property Franchise Group plc      35,177     60,900        1.08   2.73 
 Quixant plc                       8,091      19,775        0.25   0.89 
 Rosslyn Data Technologies plc     23,219     3,710         0.71   0.17 
 Scancell Holdings plc             45,233     17,323        1.38   0.78 
 Scholium Group plc                40,203     11,520        1.23   0.52 
 Solid State plc                   35,248     80,860        1.08   3.62 
 SRT Marine Systems plc            18,093     32,150        0.55   1.44 
 Sysgroup plc                      45,232     26,475        1.38   1.19 
 TP Group plc                      160,062    51,085        4.90   2.29 
 Tristel plc                       1,651      16,800        0.05   0.75 
 ULS Technology plc                18,091     22,410        0.55   1.00 
 Yourgene Health plc               40,204     32,900        1.23   1.47 
 Yu Group plc                      20,504     9,372         0.63   0.42 
 
                                   2,837,137  2,028,516     86.87  90.93 
 Qualifying Investments 
 Unlisted Investments 
 Outsourcery plc                   28,143     0             0.86   0.00 
 Syqic plc                         26,546     0             0.81   0.00 
                                   54,689     0             1.67   0.00 
 
 Total qualifying investments      2,891,826  2,028,516     88.54  90.93 
 
 Non Qualifying Investments 
 AIM Quoted 
 Audioboom Group plc               1,163      180           0.04   0.01 
 Be Heard Group plc                10,040     1,060         0.31   0.05 
 Rotala plc                        27,683     19,670        0.85   0.88 
 Tristel plc                       60         420           0.00   0.02 
 
                                   38,946     21,330        1.19   0.96 
 
 
 
 
 Security                          Cost       Valuation     %    % 
                                              30 June 2020  Cost   Valuation 
 
 Non qualifying investments 
  UK listed 
  Investec plc                     169,415    68,160        5.19   3.06 
 Twentyfour Income Fund Ltd        9,852      8,580         0.30   0.38 
                                   179,267    76,740        5.49   3.44 
 
  Non qualifying investments 
  Unlisted Investments 
 China Food Co plc                 31547      0             0.97   0.00 
 Sorbic International plc          10,205     0             0.31   0.00 
 Mar City plc                      10,053     0             0.31   0.00 
 
                                   51,805     0             1.59   0.00 
 
 Total non-qualifying investments  270,018    98,070        8.27   4.40 
 

New Century AIM VCT 2 plc

 

Notes to the Accounts

 

For the six months to 30 June 2020

 

This interim financial information and the unaudited interim accounts for the six months to 30 June 2020 from which it has been extracted, are the responsibility of the directors and were approved by them on 28 August 2020, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

 

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Council's (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2018) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in February 2018.

 

The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ending 31 December 2019, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Company considers these accounting policies will be used in the accounts for the year ending 31 December 2020.

 

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

 

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

 

Net Asset Value per share at 30 June 2020 was 48.3p (at 31 December 2019: 49.5p; 30 June 2019: 53.5p).

 

No dividend was paid in the period.

 

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

 

New Century AIM VCT 2 plc is managed by M D Barnard & Co. Limited ('MDB'). Under the terms of the management agreement MDB are entitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the Company. During the period the management fee was GBP10k (the year ended 31 December 2019: GBP24k, the period ended 30 June 2018 GBP12k).

 

Bearing in mind that the assets of the Company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.

 

Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

 

New Century AIM VCT 2 plc

 

Directors, Investment Managers and Advisors

 
 
 
Directors                      Geoffrey Charles Gamble (Chairman) 
                               Michael David Barnard 
                               Peter William Riley 
                               Ian Cameron-Mowat 
                                Simon Like 
 
Secretary                      Tricor Secretaries Ltd 
and registered office          4th Floor, 50 Mark Lane 
                               London EC3R 7QR 
 
 Registrar                      Neville Registrars Limited 
                                Neville House 
                                Steelpark Road 
                                Halesowen 
                                West Midlands B62 8HD 
 
 Solicitors                     Dundas & Wilson 
                                5(th) Floor, Northwest Wing 
                                Bush House 
                                Aldwych 
                                London WC2B 4EZ 
Investment Manager and Broker  MD Barnard & Company Limited 
                               1(st) Floor 
                                12 Hornsby Square 
                                Southfields Business Park 
                               Basildon 
                                Essex SS15 5AD 
 
Auditor                        UHY Hacker Young LLP 
                               Quadrant House 
                               4 Thomas More Square 
                               London E1W 1YW 
 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200827005036/en/

 
    CONTACT: 

New Cent. Aim Vct 2

 
    SOURCE: New Century AIM VCT 2 plc 
Copyright Business Wire 2020 
 

(END) Dow Jones Newswires

August 28, 2020 02:00 ET (06:00 GMT)

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