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% 49.00 47.00 51.00 49.00 49.00 49.00 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 -0.3 - 3

New Cent. Aim Vct 2 Half-year Report

29/08/2019 12:27pm

UK Regulatory (RNS & others)


New Century Aim Vct 2 (LSE:NCA2)
Historical Stock Chart

6 Months : From Jun 2019 to Dec 2019

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TIDMNCA2 
 
 

New Century AIM VCT 2 plc

 

For the six months to 30th June 2019

 

Chairman's Statement

 

It is pleasing to report that following a difficult end to last year when the Markets had a large set back, your fund has returned a positive performance for the six months to 30 June 2019.

 

The net asset value (NAV) of your fund increased by 10.42% to 53p, whereas the FSTE AIM Allshare index gained 7.11% over the same period.

 

We made six further investments in the period, investing in Concepta plc, Diaceutics plc, Immotion Group plc, Integumen plc, LightwaveRF plc and N4 Pharma plc.

 

We made 9 sales where we either exited or top-sliced a holding.

 

The current uncertainty with regards to BREXIT looks set to carry on until the end of October and the USA and China trade wars continue. Throughout these uncertain times we are still seeing some interesting investment opportunities from companies seeking growth capital listed on AIM. There has also been some corporate activity where we received take over approaches on two of our investments, EU Supply and Premier Technical Services Group.

 

We have a wide spread of established companies across a variety of sectors within the fund that we hope can weather any of the volatility that may occur in the period ahead.

 

It is these factors above that give us cautious optimism for the remainder of the year.

 

Geoff Gamble

 

Chairman

 

29 August 2019

 

New Century AIM VCT2 plc

 

For the six months to 30th June 2019

 

Unaudited Balance Sheet

 
                                                 Interim Accounts        Final Accounts               Interim Accounts 
                                                 as at 30 June 2019      as at 31 December 2018*      as at 30 June 2018 
                                                 GBP'000  GBP'000            GBP'000  GBP'000                 GBP'000  GBP'000 
Fixed 
Assets 
                  Investments                           2,465                   2,214                        3,124 
Current 
Assets 
                  Uninvested cash                4      4                31     31                    67     67 
Current 
Liabilities 
                  Creditors: amounts due 
                  within one year                       (6)                     (16)                         (8) 
                                                        2,463                   2,229                        3,183 
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            (1,072)                 (1,185)                      (1,406) 
                  Capital reserve - unrealised          (786)                   (916)                        103 
                  Revenue reserve                       192                     201                          357 
                                                        2,463                   2,229                        3,183 
Net Asset Value                                         53p                     48p                          69p 
per share 
                                                                         *Audited 
 
 

New Century AIM VCT2 plc

 

For the six months to 30th June 2019

 

Unaudited Statement of Comprehensive Income

 

(incorporating the revenue account)

 
                                         6 month period ended 30 June 2019      Year to 31 December 2018*                                                                                                                                                                                                                                                                                    6 month period ended 30 June 2018 
                                         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                                 -        46       46                   -              121                                                                                                                                                                                                                                                                              121          -        82       82 
Unrealised                               -        206      206                  -              (850)                                                                                                                                                                                                                                                                            (850)        -        (22)     (22) 
Income                                   15       -        15                   46             -                                                                                                                                                                                                                                                                                46           14       -        14 
Investment management fees               (3)      (9)      (12)                 (8)            (22)                                                                                                                                                                                                                                                                             (30)         (4)      (13)     (17) 
Other expenses                           (21)     -        (21)                 (52)           -                                                                                                                                                                                                                                                                                (52)         (20)     -        (20) 
Return on ordinary activities            (9)      243      234                  (14)           (751)                                                                                                                                                                                                                                                                            (765)        (10)     47       37 
Tax on ordinary activities               -        -        -                    -              -                                                                                                                                                                                                                                                                                -            -        -        - 
Return on ordinary activities 
after taxation                           (9)      243      234                  (14)           (751)                                                                                                                                                                                                                                                                            (765)        (10)     47       37 
Return per ordinary share in pence       (0.20)   5.28     5.08                 (0.31)         (16.30)                                                                                                                                                                                                                                                                          (16.61)      (0.22)   1.02     0.80 
                                                                                *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 VCT2 plc

 

For the six months to 30th June 2019

 

Unaudited Consolidated Statement of Changes in Equity

 
               Called-up  Share     Capital     Capital        Capital   Capital     Revenue 
               share      Premium   Redemption  Reserve-       realised  unrealised  reserve   Total 
               capital    account   reserve     distributable  GBP'000     GBP'000       GBP'000     GBP'000 
               GBP'000      GBP'000     GBP'000       GBP'000 
As             461        57        171         3,440          (1,185)   (916)       201       2,229 
at 1 January 
2019 
Realised       -          -         -           -              46        -           -         46 
gains 
on 
disposals 
in period 
Unrealised     -          -         -           -              -         206         -         206 
gain 
Transfer of    -          -         -           -              76        (76)        -         - 
unrealised 
gain 
to realised 
on disposal 
of 
investment 
Net revenue    -          -         -           -              -         -           (9)       (9) 
before tax 
Investment     -          -         -           -              (9) (10)  -           -         (9) 
management                          -                                                          (10) 
fee                                 - 
               ________   ________  _________   _________      ________  ________    ________  ________ 
At 30 June     461        57        171         3,440          (1072)    (786)       192       2,463 
2019 
As             461        57        171         3,440          (1,537)   187         367       3,146 
at 1 January 
2018 
Realised       -          -         -           -              82        -           -         82 
gains 
on 
disposals 
Unrealised     -          -         -           -              -         (22)        -         (22) 
gains 
Transfer of    -          -         -           -              62        (62)        -         - 
unrealised 
loss 
to realised 
on disposal 
of 
investment 
Net revenue    -          -         -           -              -         -           (24)      (24) 
before tax 
Investment     -          -         -           -              (13)      -           -         (13) 
management 
fee 
               ________   ________  _________   _________      ________  ________    ________  ________ 
At 30 June     461        57        171         3,440          (1,406)   103         357       3,183 
2018 
 
 

New Century AIM VCT2 plc

 

For the six months to 30th June 2019

 

Unaudited Cash Flow Statement

 
                           Six month period ended 30 June 2019    Year to 31 December 2018*    Six month period ended 30 June 2018 
                           GBP'000  GBP'000                           GBP'000  GBP'000                 GBP'000  GBP'000 
Net cash generated from           (43)                                   (84)                         (47) 
operating activities 
Cash flow from investing 
activities 
Interest received          -                                      -                            - 
Investment income          15                                     46                           14 
                                  15                                     46                           14 
Cash flows from financing 
activities 
Sale of investments        227                                    572                          249 
Purchase of investments    (226)                                  (388)                        (186) 
Dividend paid              -                                      (152)                        - 
                                  1                                      32                           63 
Net decrease in cash              (27)                                   (6)                          (30) 
and cash equivalents 
Cash and cash equivalents         31                                     37                           37 
at beginning of period 
Cash and cash equivalents         4                                      31                           67 
at end of period 
                                                                  *Audited 
 
 

New Century AIM VCT2 plc

 

For the six months to 30th June 2019

 

Investment Portfolio

 
   Security                   Cost       Valuation     %       % 
                                         30 June 2019  Cost    Valuation 
   Qualifying Investments     2,902,381  2,318,067     91.01   93.87 
   Non-qualifying             282,818    147,528       8.87    5.97 
   Investments 
   Uninvested funds           3,872      3,872         0.12    0.16 
                              3,189,071  2,469,467     100.00  100.00 
   Qualifying Investments 
   AIM Quoted 
   Marechale Capital plc      75,752     4,875         2.37    0.19 
   HML Holdings plc           94,972     115,500       2.98    4.67 
   TP Group plc               160,062    50,860        5.02    2.06 
   Tristel plc                3,715      25,200        0.11    1.02 
   Cyanconnode Holdings plc   204,219    4,515         6.40    0.18 
   M.Winkworth plc            56,280     80,500        1.76    3.26 
   Inspired Energy plc        33,641     136,500       1.05    5.52 
   Microsaic Systems plc      142,261    50,544        4.46    2.04 
   Open Orphan plc            155,184    40,188        4.86    1.63 
   DP Poland plc              25,631     13,600        0.80    0.55 
   Modern Water plc           75,385     9,818         2.36    0.40 
   Quixant plc                8,091      38,500        0.25    1.56 
   Keywords Studios plc       7,666      113,150       0.24    4.58 
   Sanderson Group plc        15,204     35,200        0.48    1.43 
   Cloudbuy plc               41,896     1,952         1.31    0.08 
   PHSC plc                   50,256     18,000        1.58    0.73 
   EU Supply plc              19,422     15,048        0.61    0.61 
   Synnovia plc               33,168     29,040        1.04    1.18 
   Sysgroup plc               45,232     30,750        1.42    1.25 
   Brighton Pier Group plc    35,379     13,640        1.11    0.55 
   Property Franchise         50,253     80,500        1.58    3.26 
   Group plc 
   Solid State plc            35,248     70,426        1.11    2.85 
   Audioboom Group plc        148,252    114,000       4.65    4.62 
   Scholium Group plc         40,203     16,000        1.26    0.65 
   Rosslyn Data Technologies  23,219     4,900         0.73    0.20 
   plc 
   Coral Products plc         25,104     15,725        0.79    0.64 
   SRT Marine Systems plc     18,093     32,500        0.57    1.32 
   ULS Technology plc         18,091     33,930        0.57    1.37 
   Premier Technical          26,288     104,121       0.82    4.22 
   Services 
   Group plc 
   Angle plc                  75,128     69,000        2.36    2.79 
   Bilby plc                  52,465     27,900        1.65    1.13 
   Hunters Property plc       50,253     35,000        1.58    1.42 
   Bigblu Broadband plc       29,247     45,267        0.92    1.83 
   Tekcapital plc             82,292     39,875        2.58    1.61 
 
 
   Security                     Cost       Valuation     %      % 
                                           30 June 2019  Cost   Valuation 
   Falanx Group Ltd             45,031     15,660        1.41   0.63 
   Yourgene Health plc          40,204     26,000        1.26   1.05 
   Bould Opportunities plc      15,079     150           0.47   0.01 
   Yu Group plc                 20,504     17,090        0.64   0.69 
   Scancell Holdings plc        45,233     21,125        1.42   0.86 
   Intelligent Ultrasound       50,251     21,672        1.58   0.88 
   Group plc 
   Loopup Group plc             15,078     38,250        0.47   1.55 
   Faron Pharmaceuticals Ltd    20,103     8,560         0.63   0.35 
   Cloudcall Group plc          20,230     38,500        0.63   1.56 
   Creo Medical Group plc       30,053     70,816        0.94   2.87 
   Anglo African Oil & Gas plc  65,329     15,600        2.05   0.63 
   Escape Hunt plc              31,006     13,253        0.97   0.54 
   Location Sciences Group plc  57,564     71,755        1.81   2.91 
   Fusion Antibodies plc        22,113     13,683        0.69   0.55 
   Pelatro plc                  25,128     32,000        0.79   1.30 
   Polarean Imaging plc         20,104     26,667        0.63   1.08 
   Access Intelligence plc      10,053     14,000        0.32   0.57 
   Blackbird plc                50,254     70,000        1.58   2.83 
   I-Nexus Global plc           30,153     12,532        0.95   0.51 
   Immotion Group plc           70,357     76,667        2.21   3.10 
   N4 Pharma plc                40,204     18,000        1.26   0.73 
   Lightwaverf plc              30,158     25,588        0.95   1.04 
   Diaceutics plc               10,314     11,475        0.32   0.46 
   Concepta plc                 75,383     67,500        2.36   2.73 
   Integumen plc                50,254     75,000        1.58   3.04 
                                2,847,690  2,318,067     89.30  93.87 
   Unlisted Investments 
   Outsourcery plc              28,143     0             0.88   0.00 
   Syqic plc                    26,546     0             0.83   0.00 
                                54,689     0             1.71   0.00 
   Total qualifying             2,902,381  2,318,067     91.01  93.87 
   investments 
   Non Qualifying Investments 
   AIM Quoted 
   Rotala plc                   27,683     40,600        0.87   1.64 
   Tristel plc                  60         280           0.00   0.01 
   Audioboom Group plc          1,163      190           0.04   0.01 
   Be Heard Group plc           10,040     2,915         0.31   0.12 
   Yolo Leisure &               12,799     2,850         0.40   0.12 
   Technology plc 
                                51,745     46,835        1.62   1.90 
   Security                     Cost       Valuation     %      % 
                                           30 June 2019  Cost   Valuation 
   UK Listed 
   Investec plc                 169,416    91,413        5.31   3.70 
   Twentyfour Income Fund Ltd   9,852      9,280         0.31   0.37 
                                179,268    100,693       5.62   4.07 
   Unlisted Investments 
   China Food Co plc            31547      0             0.99   0.00 
   Sorbic International plc     10,205     0             0.32   0.00 
   Mar City plc                 10,053     0             0.32   0.00 
                                51,805     0             1.63   0.00 
   Total non-qualifying         282,818    147,528       8.87   5.97 
   investments 
 
 

New Century AIM VCT2 plc

 

Notes to the Accounts

 

For the six months to 30th June 2019

 

This interim financial information and the unaudited interim accounts for the six months to 30 June 2019 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 August 2019, 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 2018, 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 2019.

 

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 2019 was 53p (at 31 December 2018: 48p; 30 June 2018: 69p).

 

No dividend was paid in the period.

 

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

 

New Century AIM VCT2 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 GBP12k (the year ended 31 December 2018: GBP30k, the period ended 30 June 2018 GBP17k).

 

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 VCT2 plc

 

Directors, Investment Managers and Advisors

 
Directors                       Geoffrey Charles Gamble (Chairman) 
                                Michael David Barnard 
                                Peter William Riley 
                                Ian Cameron-Mowat 
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 
                                5th Floor, Northwest Wing 
                                Bush House 
                                Aldwych 
                                London WC2B 4EZ 
Investment Manager and Broker   MD Barnard & Company Limited 
                                1stFloor 
                                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/20190829005359/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

August 29, 2019 07:27 ET (11:27 GMT)

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