TIDMKAY2
Kings Arms Yard VCT 2 PLC
As required by the UK Listing Authority's Disclosure and Transparency Rule 4.2,
Kings Arms Yard VCT 2 PLC today makes public its information relating to the
Half-yearly Financial Report (which is unaudited) for the six months to 30 June
2011. This announcement was approved by the Board of Directors on 22 August
2011.
The full Half-yearly Financial Report (which is unaudited) for the period to
30 June 2011, will shortly be sent to shareholders. Copies of the full Half-
yearly Financial Report will be shown via the Albion Ventures LLP website
www.albion-ventures.co.uk under the "Our Funds" section by clicking on Kings
Arms Yard VCT 2 PLC and looking under the Financial Reports and Circulars
section for the Half-yearly Financial Report to 30 June 2011.
Investment policy
The Company is a Venture Capital Trust. The new investment policy, approved by
shareholders at the General Meeting held on 10 February 2011, is intended to
produce a regular and predictable dividend stream with an appreciation in
capital value as set out below.
* The Company intends to achieve its strategy by adopting an amended
investment policy for new investments which over time will rebalance the
portfolio such that approximately 50 per cent. of the portfolio comprises an
asset-based portfolio of lower risk, ungeared businesses, principally
operating in the healthcare, environmental and leisure sectors (the "Asset-
Based Portfolio"). The balance of the portfolio, other than funds retained
for liquidity purposes, will be invested in a portfolio of higher growth
businesses across a variety of sectors of the UK economy. These will range
from lower risk, income producing businesses to a limited number of higher
risk technology companies (the "Growth Portfolio").
* In neither category would portfolio companies normally have any external
borrowing with a charge ranking ahead of the VCT. Up to two thirds of
qualifying investments by cost will comprise loan stock secured with a first
charge on the portfolio company's assets.
* The Company's investment portfolio will thus be structured to provide a
balance between income and capital growth for the longer term. The Asset-
Based Portfolio is designed to provide stability and income whilst still
maintaining the potential for capital growth. The Growth Portfolio is
intended to provide highly diversified exposure through its portfolio of
investments in unquoted UK companies.
* Funds held pending investment or for liquidity purposes will be held as cash
on deposit or in floating rate notes or similar instruments with banks or
other financial institutions with a Moody's rating of 'A' or above.
Financial calendar
Financial year end 31 December
Interim Report date 30 June
Announcement of interim results for the six months ended 30 June 22 August 2011
2011
Financial highlights
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2011 30 June 2010 2010
(pence per share) (pence per share) (pence per share)
=-------------------------------------------------------------------------------
Net asset value 21.1 30.0 23.6
Dividends
Dividends paid during the
period 1.0 - 1.0
Cumulative dividend paid
to 30 June 2011 8.9 6.9 7.9
Total net asset value
return((1))
To shareholders of Kings
Arms Yard VCT 2 PLC
(formerly SPARK VCT 2 plc) 30.0 36.9 31.5
Total net asset value
return including tax
benefits((2)) 50.0 56.9 51.5
Total net asset value
return to former
shareholders of:
SPARK VCT 3 plc ((3)) 37.3 47.3 39.4
Total net asset value
return including tax
benefits((2)) 57.3 67.3 59.4
Notes
(1) Net asset value plus cumulative dividend per share to ordinary shareholders
in the Company since the launch of the Company (then called Quester VCT 4 plc)
in November 2000.
(2) Return after 20 per cent. income tax relief but excluding capital gains
deferral.
(3) Total return to original shareholders in SPARK VCT 3 plc, launched in
December 2001 (under the name Quester VCT 5 plc), which was merged with the
Company (then called Quester VCT 4 plc) in November 2008. The share exchange
ratio for former shareholders in SPARK VCT 3 plc was 1.4613. The total return
stated is applicable only to subscribers of shares in Quester VCT 5 plc at the
time of the launch of the Company in 2001-02. It does not represent the return
to subsequent subscribers or purchasers of shares.
Chairman's statement
Overview
The interim results for the six month period to 30 June 2011 showed a negative
total return of 1.5 pence per share, resulting in a net asset value per share of
21.1 pence per share. The key activities since the start of the year, when the
investment management of your VCT was transferred to Albion Ventures, have been
the further stabilisation of our current investments and the start of the
process towards establishing a lower risk, more diversified portfolio. To this
end some GBP460,000 has been invested in four existing investee companies, while
partial exits amounting to GBP357,000 have been achieved through the sale of the
shares in the quoted companies MediGene and Allergy Therapeutics. In addition,
subsequent to the half year, GBP500,000 was realised from the sale of Imagesound
plc. Meanwhile a number of investments are under way under your company's new
policy as described below.
Investment Performance and Progress
The investment portfolio as a whole saw a decline in value of GBP857,000. The two
key underperformers were Antenova, whose reduction in valuation stemmed from a
sharp decline in sector quoted trading multiples, and Xtera, where progress to
profitability remains slower than expected. Other parts of the portfolio,
however, saw stronger progress in trading including UniServity and, despite a
cautious view on its valuation, Level Four Software.
Albion Ventures' programme of new investments has now commenced. Two lower risk
investments in the environmental and leisure sectors are currently underway
which will increase the revenue available to the VCT. Work is also in progress
on a number of higher growth opportunities, the first of which, Abcodia, was
completed during the first part of the year. This company, which is a joint
investment with University College London, owns a library of five million bio-
marker samples for the use in development of new drugs.
Set out at the end of this announcement is the current distribution of assets by
sector as at 30 June 2011.
Risks and uncertainties
The outlook for the UK and the global economies continue to be the key risk
facing your Company. Many of our investments operate in international markets
where the continuing concerns over debt and currencies seem certain to have an
effect on the general business environment. Nevertheless, a number of our
companies have strong positions in resilient markets, while the process of
rebalancing the portfolio and an increase in lower risk investments, with no
bank borrowings, is continuing.
Other risks and uncertainties remain unchanged and are as detailed on pages 18
and 19 of the Annual Report and Financial Statements for the year ended 31
December 2010.
Proposed merger with Kings Arms Yard VCT PLC
As announced on 16 May 2011, it is proposed that Kings Arms Yard 2 VCT PLC will
merge with Kings Arms Yard VCT PLC through a scheme of reconstruction pursuant
to section 110 of the Insolvency Act 1986. The merger ratio will be based upon
the net asset value per share for the respective companies as at 30 June 2011,
adjusted for material movements in the net assets of each company before the
effective date and for costs of merger. This will be subject to shareholder
approval as detailed in the Company's circular and the Kings Arms Yard VCT PLC
Prospectus which will soon be dispatched to shareholders. If the appropriate
resolutions are passed, the Company will be placed in members' voluntary
liquidation and all assets and liabilities transferred to Kings Arms Yard VCT
PLC. New shares in Kings Arms Yard VCT PLC in exchange for your current
shareholding will be dispatched on 3 October 2011. Based on the net asset values
at 30 June 2011, you would receive approximately 1.3152 Kings Arms Yard VCT PLC
shares for every share you currently now hold in the Company.
Full details are to be found in the Company's Circular and Kings Arms Yard VCT
PLC Prospectus which will soon be despatched to all shareholders.
Related party transactions
Details of material related party transactions for the reporting period can be
found in note 10 of this Half-yearly Financial Report.
Results and dividends
Your Company recorded a negative total return of 1.5 pence per share to the six
months to 30 June 2011 compared to a negative total return of 1 penny per share
for the six months to 30 June 2010 and a negative return of 6.4 pence per share
for the year to 31 December 2010.
Robert Wright
Chairman
22 August 2011
Responsibility statement
The Directors, Robert Wright, Thomas Chambers and Alan Lamb, are responsible for
preparing the Half-yearly Financial Report. The Directors have chosen to
prepare this Half-yearly Financial Report for the Company in accordance with
United Kingdom Generally Accepted Accounting Practice ("UK GAAP").
In preparing these summarised financial statements for the period to 30 June
2011, we the Directors of the Company, confirm that to the best of our
knowledge:
(a) the summarised set of financial statements has been prepared in accordance
with the pronouncement on interim reporting issued by the Accounting Standards
Board;
(b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year);
(c) the summarised set of financial statements gives a true and fair view in
accordance with UK GAAP of the assets, liabilities, financial position and
profit and loss of the Company for the six months ended 30 June 2011 and comply
with UK GAAP and Companies Act 2006 and;
(d) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and changes
therein).
The accounting policies applied to the Half-yearly Financial Report have been
consistently applied in current and prior periods and are those applied in the
Annual Report and Financial Statements for the year ended 31 December 2010.
This Half-yearly Financial Report has not been audited or reviewed by the
Auditor.
By order of the Board
Robert Wright
Chairman
22 August 2011
Portfolio of investments
The following is a summary of fixed asset investments as at 30 June 2011:
+----------------+------+---------+-----------+-----------+---------+----------+
| | | | | | | Change in|
| | | | | | | value for|
| | | | | | | the six|
| | | | | Cumulative| | months to|
| | | Equity %| Accounting| movement| | 30 June|
| |Equity| held by| Cost((2))| in value|Valuation| 2011((5))|
| |% held| AVL((1))| GBP'000| GBP'000| GBP'000| GBP'000|
+----------------+------+---------+-----------+-----------+---------+----------+
|Unquoted | | | | | | |
|investments | | | | | | |
+----------------+------+---------+-----------+-----------+---------+----------+
|UniServity | | | | | | |
|Limited | 28.7| 49.2| 1,692| 610| 2,302| (70)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Workshare | | | | | | |
|Limited | 9.5| 11.3| 2,946| (1,630)| 1,316| 83|
+----------------+------+---------+-----------+-----------+---------+----------+
|Oxford Immunotec| | | | | | |
|Limited | 7.8| 7.8| 2,937| (1,632)| 1,305| 3|
+----------------+------+---------+-----------+-----------+---------+----------+
|Elateral | | | | | | |
|Holdings Limited| 13.3| 36.7| 479| 756| 1,235| 21|
+----------------+------+---------+-----------+-----------+---------+----------+
|Level Four | | | | | | |
|Software | | | | | | |
|Holdings Limited| | | | | | |
|((3)) | 12.0| 24.9| 916| 134| 1,050| (180)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Cluster Seven | | | | | | |
|Limited ((3)) | 5.8| 14.8| 845| (195)| 650| 33|
+----------------+------+---------+-----------+-----------+---------+----------+
|Xention Limited | | | | | | |
|((4)) | 6.9| 6.9| 2,437| (1,829)| 608| -|
+----------------+------+---------+-----------+-----------+---------+----------+
|Haemostatix | | | | | | |
|Limited | 8.1| 21.1| 363| 195| 558| 20|
+----------------+------+---------+-----------+-----------+---------+----------+
|Imagesound plc | | | | | | |
|((3)) | 0.5| 12.2| 489| 11| 500| 24|
+----------------+------+---------+-----------+-----------+---------+----------+
|Celoxica | | | | | | |
|Holdings plc | 3.7| 3.7| 294| 83| 377| (44)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Vivacta Limited | 5.1| 13.1| 1,121| (781)| 340| (42)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Sift Limited | | | | | | |
|((3)) | 8.9| 31.4| 1,021| (767)| 254| 13|
+----------------+------+---------+-----------+-----------+---------+----------+
|Perpetuum | | | | | | |
|Limited | 4.4| 11.4| 582| (343)| 239| (109)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Antenova Limited| 7.0| 12.3| 1,718| (1,483)| 235| (261)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Abcodia Limited | 3.6| 21.4| 125| -| 125| -|
+----------------+------+---------+-----------+-----------+---------+----------+
|Xtera | | | | | | |
|Communications | | | | | | |
|Inc | 1.3| 1.3| 3,191| (3,106)| 85| (311)|
+----------------+------+---------+-----------+-----------+---------+----------+
|We7 Limited | 3.8| 13.0| 334| (288)| 46| (22)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Symetrica | | | | | | |
|Limited | 1.0| 3.4| 44| -| 44| (3)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Academia | | | | | | |
|Networks Limited| 1.7| 5.8| 44| -| 44| -|
+----------------+------+---------+-----------+-----------+---------+----------+
|Teraview Limited| 4.8| 9.6| 1,064| (1,039)| 25| 1|
+----------------+------+---------+-----------+-----------+---------+----------+
|Oxonica Limited | 0.6| 2.1| 63| (60)| 3| (1)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Skinkers Limited| 1.2| 5.2| 353| (353)| -| (16)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Total unquoted | | | | | | |
|investments | | | 23,058| (11,717)| 11,341| (861)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Quoted | | | | | | |
|investments | | | | | | |
+----------------+------+---------+-----------+-----------+---------+----------+
|Allergy | | | | | | |
|Therapeutics plc| | | | | | |
|(AIM) | 0.6| 0.9| 376| (261)| 115| 47|
+----------------+------+---------+-----------+-----------+---------+----------+
|Celldex | | | | | | |
|Therapeutics Inc| | | | | | |
|(NASDAQ) | 0.3| 0.5| 1,234| (1,046)| 188| (38)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Total quoted | | | | | | |
|investments | | | 1,610| (1,307)| 303| 9|
+----------------+------+---------+-----------+-----------+---------+----------+
|Total | | | | | | |
|investments | | | 24,668| (13,024)| 11,644| (852)|
+----------------+------+---------+-----------+-----------+---------+----------+
|Cash and other | | | | | | |
|net assets | | | | | 4,672| |
+----------------+------+---------+-----------+-----------+---------+----------+
|Net assets | | | | | 16,316| |
+----------------+------+---------+-----------+-----------+---------+----------+
(1) Equity held by Albion Ventures LLP managed companies.
(2) Amounts shown as accounting cost represent the acquisition cost in the case
of investments originally made by the Company and/or the valuation attributed to
the investments acquired from SPARK VCT 3 plc at the date of the merger in
2008, plus any subsequent acquisition costs, as reduced in certain cases by
amounts written off as representing an impairment in value.
(3) Includes Loan Stock.
(4) Xention Limited was split into two separate companies in December 2010 and
is presented as one investment in the table above for comparative purposes.
(5) As adjusted for additions and disposals during the period.
Summary income statement
+-----------+----+-----------------------+-----------------------+-----------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 30 June 2011 | 30 June 2010 | 31 December 2010 |
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
| | |Revenue|Capital| Total|Revenue|Capital| Total|Revenue|Capital| Total|
| |Note| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Losses on | | | | | | | | | | |
|valuation | | | | | | | | | | |
|of | | | | | | | | | | |
|investments| | | | | | | | | | |
|at fair | | | | | | | | | | |
|value | | | | | | | | | | |
|through | | | | | | | | | | |
|profit and | | | | | | | | | | |
|loss | | -| (857)| (857)| -|(1,166)|(1,166)| -|(5,184)|(5,184)|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
| | | | | | | | | | | |
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Profit on | | | | | | | | | | |
|disposals | | | | | | | | | | |
|of | | | | | | | | | | |
|investments| | | | | | | | | | |
|at fair | | | | | | | | | | |
|value | | | | | | | | | | |
|through | | | | | | | | | | |
|profit and | | | | | | | | | | |
|loss | | -| 40| 40| -| 748| 748| -| 770| 770|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
| | | | | | | | | | | |
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|income | 3| 40| -| 40| 26| -| 26| 62| -| 62|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
| | | | | | | | | | | |
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|management | | | | | | | | | | |
|fees | | (242)| -| (242)| (289)| -| (289)| (345)| -| (345)|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
| | | | | | | | | | | |
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Other | | | | | | | | | | |
|expenses | | (163)| -| (163)| (135)| -| (135)| (269)| -| (269)|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Loss on | | | | | | | | | | |
|ordinary | | | | | | | | | | |
|activities | | | | | | | | | | |
|before tax | | (365)| (817)|(1,182)| (398)| (418)| (816)| (552)|(4,414)|(4,966)|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
| | | | | | | | | | | |
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Tax on | | | | | | | | | | |
|ordinary | | | | | | | | | | |
|activities | | -| -| -| -| -| -| -| -| -|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Loss on | | | | | | | | | | |
|ordinary | | | | | | | | | | |
|activities | | | | | | | | | | |
|after tax | | (365)| (817)|(1,182)| (398)| (418)| (816)| (552)|(4,414)|(4,966)|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
|Basic and | | | | | | | | | | |
|diluted | | | | | | | | | | |
|(loss) per | | | | | | | | | | |
|share | | | | | | | | | | |
|(pence) | 5| (0.5)| (1.0)| (1.5)| (0.5)| (0.5)| (1.0)| (0.7)| (5.7)| (6.4)|
+-----------+----+-------+-------+-------+-------+-------+-------+-------+-------+-------+
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2010 and the audited statutory accounts
for the year ended 31 December 2010.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
The total column of this Summary income statement represents the profit and loss
account of the Company. The supplementary revenue and capital columns have been
prepared in accordance with The Association of Investment Companies' Statement
of Recommended Practice. All revenue and capital items in the above statement
derive from continuing operations. The Company has only one class of business
and derives its income from investments made in shares and securities and from
bank deposits.
There are no recognised gains or losses other than the results for the periods
disclosed above. Accordingly a Statement of total recognised gains and losses
is not required. The difference between the reported loss on ordinary
activities before tax and the historical cost profit/(loss) is due to the fair
value movements on investments. As a result a note on historical cost profit and
losses has not been prepared.
Summary balance sheet
+--------------------------+----+------------+-+------------+-+----------------+
| | | Unaudited| | Unaudited| | Audited|
| | | | | | | |
| | |30 June 2011| |30 June 2010| |31 December 2010|
| | | | | | | |
| |Note| GBP'000| | GBP'000| | GBP'000|
+--------------------------+----+------------+-+------------+-+----------------+
|Fixed asset investments | | 11,644| | 15,976| | 12,267|
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Current assets | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Trade and other debtors | | 239| | 1,250| | 377|
+--------------------------+----+------------+-+------------+-+----------------+
|Current asset investments | | 989| | 5,480| | 4,407|
+--------------------------+----+------------+-+------------+-+----------------+
|Cash at bank and in hand | 8| 3,544| | 724| | 1,325|
+--------------------------+----+------------+-+------------+-+----------------+
| | | 4,772| | 7,454| | 6,109
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Creditors: amounts falling| | | | | | |
|due within one year | | (100)| | (247)| | (118)|
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Net current assets | | 4,672| | 7,207| | 5,991|
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Net assets | | 16,316| | 23,183| | 18,258|
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Capital and reserves | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Called-up share capital | 6| 774| | 773| | 773|
+--------------------------+----+------------+-+------------+-+----------------+
|Share premium | | 351| | 339| | 339|
+--------------------------+----+------------+-+------------+-+----------------+
|Capital redemption reserve| | 91| | 91| | 91|
+--------------------------+----+------------+-+------------+-+----------------+
|Investment holding losses | | (13,022)| | (13,124)| | (16,899)|
+--------------------------+----+------------+-+------------+-+----------------+
|Merger reserve | | 12,615| | 12,615| | 12,615|
+--------------------------+----+------------+-+------------+-+----------------+
|Special reserve | | 14,016| | 19,717| | 19,482|
+--------------------------+----+------------+-+------------+-+----------------+
|Profit and loss account | | 1,491| | 2,772| | 1,857|
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Total equity shareholders'| | | | | | |
|funds | | 16,316| | 23,183| | 18,258|
+--------------------------+----+------------+-+------------+-+----------------+
| | | | | | | |
+--------------------------+----+------------+-+------------+-+----------------+
|Basic and diluted net | | | | | | |
|asset value per share | | | | | | |
|(pence) | | 21.1| | 30.0| | 23.6|
+--------------------------+----+------------+-+------------+-+----------------+
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2010 and the audited statutory accounts
for the year ended 31 December 2010.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
These financial statements were approved by the Board of Directors, and
authorised for issue on 22 August 2011 and were signed on its behalf by
Robert Wright
Chairman
Company number: 4063505
Summary reconciliation of movements in shareholders' funds
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
| |Called-| | | | | | Profit| |
| | up| Share| Capital|Investment| | | and| |
| | share|premium|redemption| holding| Merger|Special| loss| |
| |capital|account| reserve| losses|reserve|reserve|account| Total|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|1 January | | | | | | | | |
|2011 | | | | | | | | |
|(audited) | 773| 339| 91| (16,899)| 12,615| 19,482| 1,857| 18,258|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Realisation | | | | | | | | |
|of prior | | | | | | | | |
|years' net | | | | | | | | |
|recognised | | | | | | | | |
|losses on | | | | | | | | |
|investments | -| -| -| 4,734| -| -|(4,734)| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Transfer | | | | | | | | |
|from special| | | | | | | | |
|reserve to | | | | | | | | |
|profit and | | | | | | | | |
|loss account| -| -| -| -| -|(5,466)| 5,466| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Investment | | | | | | | | |
|holding loss| | | | | | | | |
|on valuation| | | | | | | | |
|of | | | | | | | | |
|investments | -| -| -| (857)| -| -| 857| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Issue of | | | | | | | | |
|equity (net | | | | | | | | |
|of costs) | 1| 12| -| -| -| -| -| 13|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Loss on | | | | | | | | |
|ordinary | | | | | | | | |
|activities | | | | | | | | |
|after | | | | | | | | |
|taxation | -| -| -| -| -| -|(1,182)|(1,182)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Dividends | | | | | | | | |
|paid | -| -| -| -| -| -| (773)| (773)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|As at 30 | | | | | | | | |
|June 2011 | | | | | | | | |
|(unaudited) | 774| 351| 91| (13,022)| 12,615| 14,016| 1,491| 16,316|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|1 January | | | | | | | | |
|2010 | | | | | | | | |
|(audited) | 775| 339| 89| (12,962)| 12,615| 20,056| 3,117| 24,029|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Shares | | | | | | | | |
|purchased | | | | | | | | |
|for | | | | | | | | |
|cancellation| (2)| -| 2| -| -| (30)| -| (30)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Realisation | | | | | | | | |
|of prior | | | | | | | | |
|years' net | | | | | | | | |
|recognised | | | | | | | | |
|losses on | | | | | | | | |
|investments | -| -| -| 1,004| -| -|(1,004)| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Transfer | | | | | | | | |
|from special| | | | | | | | |
|reserve to | | | | | | | | |
|profit and | | | | | | | | |
|loss account| -| -| -| -| -| (309)| 309| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Investment | | | | | | | | |
|holding loss| | | | | | | | |
|on valuation| | | | | | | | |
|of | | | | | | | | |
|investments | -| -| -| (1,166)| -| -| 1,166| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Loss on | | | | | | | | |
|ordinary | | | | | | | | |
|activities | | | | | | | | |
|after | | | | | | | | |
|taxation | -| -| -| -| -| -| (816)| (816)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Dividends | | | | | | | | |
|paid | -| -| -| -| -| -| -| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|As at 30 | | | | | | | | |
|June 2010 | | | | | | | | |
|(unaudited) | 773| 339| 91| (13,124)| 12,615| 19,717| 2,772| 23,183|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|1 January | | | | | | | | |
|2010 | | | | | | | | |
|(audited) | 775| 339| 89| (12,962)| 12,615| 20,056| 3,117| 24,029|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Shares | | | | | | | | |
|purchased | | | | | | | | |
|for | | | | | | | | |
|cancellation| (2)| -| 2| -| -| (30)| -| (30)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Realisation | | | | | | | | |
|of prior | | | | | | | | |
|years' net | | | | | | | | |
|recognised | | | | | | | | |
|losses on | | | | | | | | |
|investments | -| -| -| 1,247| -| -|(1,247)| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Transfer | | | | | | | | |
|from special| | | | | | | | |
|reserve to | | | | | | | | |
|profit and | | | | | | | | |
|loss account| -| -| -| -| -| (544)| 544| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Investment | | | | | | | | |
|holding loss| | | | | | | | |
|on valuation| | | | | | | | |
|of | | | | | | | | |
|investments | -| -| -| (5,184)| -| -| 5,184| -|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Loss on | | | | | | | | |
|ordinary | | | | | | | | |
|activities | | | | | | | | |
|after | | | | | | | | |
|taxation | -| -| -| -| -| -|(4,966)|(4,966)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|Dividends | | | | | | | | |
|paid | -| -| -| -| -| -| (773)| (773)|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
|As at 31 | | | | | | | | |
|December | | | | | | | | |
|2010 | | | | | | | | |
|(audited) | 773| 339| 91| (16,899)| 12,615| 19,482| 1,857| 18,258|
+------------+-------+-------+----------+----------+-------+-------+-------+-------+
The total distributable reserves are GBP2,485,000 (30 June 2010: GBP9,365,000; 31
December 2010: GBP4,440,000), comprising the special reserve and the profit and
loss account, less net investment holdings losses.
Summary cash flow statement
+----------------------+----+---------------+-+---------------+-+--------------+
| | | Unaudited| | Unaudited| | Audited|
| | | six months| | six months| | year ended|
| | | ended| | ended| | 31 December|
| | | 30 June 2011| | 30 June 2010| | 2010|
| |Note| GBP'000| | GBP'000| | GBP'000|
+----------------------+----+---------------+-+---------------+-+--------------+
|Net cash flow from | | | | | | |
|operating activities | 7| (257)| | (1,251)| | (650)|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Taxation | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|UK corporation tax | | | | | | |
|recovered/(paid) | | -| | -| | -|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Financial investments | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Purchase of fixed | | | | | | |
|asset investments | | (607)| | (532)| | (854)|
+----------------------+----+---------------+-+---------------+-+--------------+
|Purchase of current | | | | | | |
|asset investments | | (985)| | -| | -|
+----------------------+----+---------------+-+---------------+-+--------------+
|Disposal of fixed | | | | | | |
|asset investments | | 417| | 1,867| | 1,939|
+----------------------+----+---------------+-+---------------+-+--------------+
|Disposal of current | | | | | | |
|asset investments | | 4,412| | 209| | 1,282|
+----------------------+----+---------------+-+---------------+-+--------------+
|Amounts recovered from| | | | | | |
|investments previously| | | | | | |
|written off | | -| | 14| | -|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Net cash flow from | | | | | | |
|investing activities | | 3,237| | 1,558| | 2,367|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Equity dividends paid | | | | | | |
|(net of costs of | | | | | | |
|issuing shares under | | | | | | |
|the Dividend | | | | | | |
|Reinvestment Scheme) | | (760)| | -| | (773)|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Net cash flow before | | | | | | |
|financing | | 2,220| | 307| | 944|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Financing | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Purchase of own shares| | -| | (30)| | (66)|
+----------------------+----+---------------+-+---------------+-+--------------+
|Costs of issue of | | | | | | |
|share capital | | (1)| | -| | -|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Net cash flow from | | | | | | |
|financing | | (1)| | (30)| | (66)|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
|Cash flow in the | | | | | | |
|period | 8| 2,219| | 277| | 878|
+----------------------+----+---------------+-+---------------+-+--------------+
| | | | | | | |
+----------------------+----+---------------+-+---------------+-+--------------+
The accompanying notes form an integral part of this Half-yearly Financial
Report.
Notes to the unaudited summarised financial statements
1. Accounting convention
The Financial Statements have been prepared in accordance with the historical
cost convention, except for the measurement of fair value of investments, and in
accordance with applicable UK law and accounting standards and with the
Statement of Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' ("SORP") issued by The Association of
Investment Companies ("AIC") in January 2009. Accounting policies have been
applied consistently in current and prior periods. The accounts are prepared on
a going concern basis.
2. Accounting policies
Fixed asset investments
The Company's business is investing in financial assets with a view to profiting
from their total return in the form of income and capital growth. This
portfolio of financial assets is managed and its performance evaluated on a fair
value basis, in accordance with a documented investment policy, and information
about the portfolio is provided internally on that basis to the Board.
Upon initial recognition (using trade date accounting) investments are
designated by the Company as 'at fair value through profit or loss' and are
included at their initial fair value, which is cost (excluding expenses
incidental to the acquisition which are written off to the profit and loss
account).
Subsequently, the investments are valued at 'fair value', which is measured as
follows:
* Investments listed on recognised exchanges are valued at their bid prices at
the end of the accounting period or otherwise at fair value based on
published price quotations;
* Unquoted investments, where there is not an active market, are valued using
an appropriate valuation technique in accordance with the International
Private Equity and Venture Capital Valuation guidelines. Indicators of fair
value are derived using established methodologies including earnings
multiples, prices of recent investment rounds, net assets and industry
valuation benchmarks. Where the Company has an investment in an early stage
enterprise, the price of a recent investment round is often the most
appropriate approach to determining fair value. In situations where a
period of time has elapsed since the date of the most recent transaction,
consideration is given to the circumstances of the investee company since
that date in determining fair value. This includes consideration of whether
there is any evidence of deterioration or strong definable evidence of an
increase in value. In the absence of these indicators, the investment in
question is valued at the amount reported at the previous reporting date.
Examples of events or changes that could indicate a diminution include:
* the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was based;
* a significant adverse change either in the investee company's business or in
the technological, market, economic, legal or regulatory environment in
which the business operates; or
* market conditions have deteriorated, which may be indicated by a fall in the
share prices of quoted businesses operating in the same or related sectors.
It is not the Company's policy to exercise control or significant influence over
investee companies. Therefore, in accordance with the exemptions under FRS 9
"Associates and Joint Ventures", those undertakings in which the Company holds
more than 20 per cent., but less than 50 per cent., of the equity of an
investment company, and the investment company is not a subsidiary, are not
regarded as associated undertakings.
Current asset investments
In accordance with FRS 26, units held in funds used for cash management are
designated as fair value through profit and loss. These investments are
classified as current asset investments as they are investments held for the
short term and comparative classification in the Balance sheet and Cash flow
statements have been represented accordingly.
Gains and losses on Investments
Gains and losses arising from changes in the fair value of the investments are
included in the Income statement for the year as a Capital item and are
allocated to Investment holding losses.
Investment income
Dividends receivable on quoted equity shares are recognised into account on the
ex-dividend date. Income receivable on unquoted equity and non-equity shares
and loan notes is recognised when the Company's right to receive payment and
expect settlement is established. Fixed returns on non-equity shares and debt
securities are recognised on a time apportionment basis (including amortisation
of any premium or discount to redemption) so as to reflect the effective
interest rate, provided there is no reasonable doubt that payment will be
received in due course. Income from fixed interest securities and deposit
interest is included on an effective interest rate basis.
Expenses
All expenses, including expenses incidental to the acquisition or disposal of an
investment, are accounted for on an accruals basis and are charged wholly to the
profit and loss account. Costs associated with the issue of shares are charged
to the share premium account. Costs associated with the buy back of shares are
charged to the special reserve.
All other expenses, including management fees, are presented within the Revenue
column of the Income statement.
Taxation
Corporation tax is applied to profits chargeable to corporation tax, if any, at
the applicable rate for the period. The Company has not provided for deferred
tax on any capital gains or losses arising on the revaluation or disposal of
investments as these items are not subject to tax whilst the Company maintains
its Venture Capital Trust status. The Company intends to continue to meet the
conditions required for it to hold approved Venture Capital Trust status for the
foreseeable future. Deferred tax assets in respect of surplus management
expenses are only recognised to the extent that such assets are likely to be
recoverable against future taxable profits of the Company.
Foreign exchange
The currency of the primary economic environment in which the Company operates
(the functional currency) is pounds sterling ("Sterling"), which is also the
presentational currency of the Company. Transactions involving currencies other
than Sterling are recorded at the exchange rate ruling on the transaction date.
At each Balance sheet date, monetary items and non-monetary assets and
liabilities that are measured at fair value, which are denominated in foreign
currencies, are retranslated at the closing rates of exchange. Exchange
differences arising on settlement of monetary items and from retranslating at
the Balance sheet date of investments and other financial instruments measured
at fair value through profit or loss, and other monetary items, are included in
the Profit and loss account. Exchange differences relating to investments and
other financial instruments measured at fair value are subsequently included in
the transfer to the Investment holding losses.
Dividends
Dividends payable to equity shareholders are recognised when they are paid, or
have been approved by shareholders at an Annual General Meeting.
3. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2011 30 June 2010 31 December 2010
GBP'000 GBP'000 GBP'000
Income recognised on
investments held at fair
value through profit or
loss
UK dividend income - 1 1
Interest on listed fixed
interest securities 1 - -
Interest on loans to
venture capital investee
companies 12 16 31
Other income - 8 23
------------------ ------------------ -----------------
13 25 55
Interest recognised on
investments held at
amortised cost
Bank deposit interest 27 1 7
------------------ ------------------ -----------------
40 26 62
------------------ ------------------ -----------------
4. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2011 30 June 2010 31 December 2010
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Interim dividend of 1
penny per share paid on
24 September 2010 in
respect of the year ended
31 December 2010 - - 773
Final dividend of 1 penny
per share paid on
24 June 2011 in
respect of the year ended
31 December 2010 773 - -
------------------ ------------------ -----------------
773 773
------------------ ------------------ -----------------
5. Basic and diluted return per share
Return per share has been calculated on 77,311,310 Ordinary shares (30 June
2010: 77,501,217; 31 December 2010: 77,403,665) being the weighted average
number of shares in issue for the period.
6. Share Capital
Unaudited Unaudited Audited
30 June 2011 30 June 2010 31 December 2010
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Authorised:
100,000,000 Ordinary shares of 1
penny each (30 June 2010 and 31
December 2010: 100,000,000) 1,000 1,000 1,000
-------------- -------------- -----------------
Allotted, issued and fully paid:
77,367,856 Ordinary shares of 1
penny each (30 June 2010 and 31
December 2010: 77,309,035) 774 773 773
-------------- -------------- -----------------
During the period from 1 January to 30 June 2011, the Company issued the
following New Ordinary shares of 1 penny each under the terms of the Dividend
Reinvestment Scheme Circular dated 18 April 2011:
Mid market price
Number of Issue price on issue date Net proceeds
Date of allotment shares issued (pence per share) (pence per share) GBP'000
=-------------------------------------------------------------------------------
24 June 2011 58,821 22.60 9.75 13
No shares were bought back for cancellation by the Company during the period
ended 30 June 2011 (30 June 2010 and 31 December 2010: 245,000 shares).
7. Reconciliation of loss on ordinary activities before taxation to net
cash flow from operating activities
Audited
Unaudited Unaudited year ended
six months ended six months ended 31 December
30 June 2011 30 June 2010 2010
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Loss on ordinary
activities before tax (1,182) (816) (4,966)
Loss on investments at
fair value through profit
or loss 817 418 4,414
Decrease/(increase) in
debtors 122 (968) (121)
(Decrease)/increase in
creditors (14) 115 23
------------------ ------------------ ----------------
Net cash flow from
operating activities (257) (1,251) (650)
------------------ ------------------ ----------------
8. Analysis of change in cash during the period
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2011 30 June 2010 31 December 2010
GBP'000 GBP'000 GBP'000
=---------------------------------------------------------------------------
Opening cash balances 1,325 447 447
Net cash flow 2,219 277 878
------------------ ------------------ -----------------
Closing cash balances 3,544 724 1,325
------------------ ------------------ -----------------
9. Post balance sheet events
Since 30 June 2011, the Company has completed the following material
transaction:
* Disposal of Imagesound plc for GBP500,000 in July 2011
10. Related party disclosures
The Manager, Albion Ventures LLP, is considered to be a related party by virtue
of the fact that it is party to a management agreement with the Company (details
disclosed on pages 36 and 37 of the Annual Report and Financial Statements for
the year ended 31 December 2010). Albion Ventures LLP has agreed to waive its
management and administration fees for the first year to 31 December 2011.
During the period, the previous Manager, SPARK Venture Management Limited,
continued to be entitled to the management and administration fees under the
terms of the Termination Agreement and fees totalling GBP275,000 (30 June 2010:
GBP320,000; 31 December 2010: GBP408,000) were paid by the Company to SPARK Venture
Management Limited.
At the financial period end, an amount of GBP103,000 (31 December 2010: GBP217,000)
reflected prepayments to SPARK Venture Management Limited. At 30 June 2010, an
amount of GBP96,000 was included in accruals in respect of fees due to SPARK
Venture Management Limited.
There are no other related party transactions or balances requiring disclosure.
11. Going concern
The Board's assessment of liquidity risk remains unchanged since the last Annual
Report and Financial Statements for the year ended 31 December 2010 and is
detailed on page 19 of those accounts.
The Company has significant cash and liquid resources, and the major cash
outflows of the Company (namely investments and dividends) are within the
Company's control. The Directors have a reasonable expectation that the Company
has adequate resources to continue in operational existence for the foreseeable
future. The Directors will shortly be proposing a merger of the Company with
Kings Arms Yard VCT PLC. If the relevant proposals are passed at the
forthcoming General Meeting, the Company will be liquidated soon thereafter.
However, the terms of the merger (if approved) would transfer the assets and
liabilities of the Company at book value. On this basis the Directors would not
expect any material adjustments to these Half-yearly results if a going concern
basis was not used for the preparation of these accounts. As the merger
proposals have not yet been passed by shareholders, the Directors have adopted
the going concern basis in preparing the accounts in accordance with "Going
Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009",
published by the Financial Reporting Council.
12. Risks and uncertainties
The Board considers that the Company faces the following major risks and
uncertainties:
1. Investment risk
This is the risk of investment in poor quality assets which reduces the capital
and income returns to shareholders, and negatively impacts on the Company's
reputation. By nature, smaller unquoted businesses, such as those that qualify
for venture capital trust purposes, are more fragile than larger, long
established businesses.
To reduce this risk, the Board places reliance upon the skills and expertise of
the Manager and its strong track record for investing in this segment of the
market. In addition, the Manager operates a formal and structured investment
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites comments from non-executive Directors of
the Company on investments discussed at the Investment Committee meetings.
Investments are actively and regularly monitored by the Manager (investment
managers normally sit on investee company boards) and the Board receives
detailed reports on each investment as part of the Manager's report at quarterly
board meetings.
2. Venture Capital Trust approval risk
The Company's current approval as a venture capital trust allows investors to
take advantage of tax reliefs on initial investment and ongoing tax free capital
gains and dividend income. Failure to meet the qualifying requirements could
result in investors losing the tax relief on initial investment and loss of tax
relief on any tax-free income or capital gains received. In addition, failure to
meet the qualifying requirements could result in a loss of listing of the
shares.
To reduce this risk, the Board has appointed the Manager, who has a team with
significant experience in venture capital trust management, used to operating
within the requirements of the venture capital trust legislation. In addition,
to provide further formal reassurance, the Board has appointed Grant Thornton UK
LLP as its taxation advisors. Grant Thornton UK LLP report to the Board to
independently confirm compliance with the venture capital trust legislation, to
highlight areas of risk and to inform on changes in legislation.
3. Compliance risk
The Company is listed on The London Stock Exchange and is required to comply
with the rules of the UK Listing Authority, as well as with the Companies Act,
Accounting Standards and other legislation. Failure to comply with these
regulations could result in a delisting of the Company's shares, or other
penalties under the Companies Act or from financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior levels
within quoted businesses. In addition, the Board and the Manager receive regular
updates on new regulation from its auditors, lawyers and other professional
bodies.
4. Internal control risk
Failures in key controls, within the Board or within the Manager's business,
could put assets of the Company at risk or result in reduced or inaccurate
information being passed to the Board or to shareholders.
The Audit Committee will meet with the Manager's internal auditors Littlejohn
LLP at least once a year, receiving a report regarding the last formal internal
audit performed on the Manager, and providing the opportunity for the Audit
Committee to ask specific and detailed questions. The Manager has a
comprehensive business continuity plan in place in the event that operational
continuity is threatened. Further details regarding the Board's management and
review of the Company's internal controls through the implementation of the
Turnbull guidance are detailed on page 25 of the Annual Report and Financial
Statements for the year ended 31 December 2010. Measures are in place to
mitigate information risk in order to ensure the integrity, availability and
confidentiality of information used within the business.
5. Reliance upon third parties risk
The Company is reliant upon the services of Albion Ventures LLP for the
provision of investment management and administrative functions. There are
provisions within the management agreement for the change of Manager under
certain circumstances (for further detail, see the investment management
agreement details in note 4 Annual Report and Financial Statements for the year
ended 31 December 2010). In addition, the Manager has demonstrated to the Board
that there is no undue reliance placed upon any one individual within Albion
Ventures LLP.
6. Financial risks
By its nature, as a venture capital trust, the Company is exposed to investment
risk (which comprises investment price risk and cash flow interest rate risk),
credit risk and liquidity risk. The Company's policies for managing these risks
and its financial instruments are outlined in full in note 18 to the Annual
Report and Financial Statements for the year ended 31 December 2010.
All of the Company's income and expenditure is denominated in sterling and hence
the Company has no foreign currency risk. The Company is financed through equity
and does not have any borrowings. The Company does not use derivative financial
instruments.
13. Other information
The information set out in this Half-yearly Financial Report does not constitute
the Company's statutory accounts within the terms of section 434 of the
Companies Act 2006 for the periods ended 30 June 2011 and 30 June 2010, and is
unaudited. The information for the year ended 31 December 2010 does not
constitute statutory accounts within the terms of section 434 of the Companies
Act 2006 and is derived from the statutory accounts for that financial year,
which have been delivered to the Registrar of Companies. The Auditor reported
on those accounts; their report was unqualified and did not contain a statement
under s498 (2) or (3) of the Companies Act 2006.
14. Publication
This Half-yearly Financial Report is being sent to shareholders and copies will
be made available to the public at the registered office of the Company,
Companies House, the National Storage Mechanism and also electronically
atwww.albion-ventures.co.uk under the 'Our Funds' section by clicking on Kings
Arms Yard VCT 2 PLC, and looking in the Financial Reports and Circulars section
for the Half-yearly Financial Report to 30 June 2011.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kings Arms Yard VCT 2 PLC via Thomson Reuters ONE
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