PLUS1
| 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)
Historical Stock Chart
From Jul 2020 to Jan 2021
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
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August 28, 2020 02:00 ET (06:00 GMT)
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