TIDMMVCT
Molten Ventures VCT plc
LEI: 2138003I9Q1QPDSQ9Z97
Half-Year Report
14 December 2023
Recent performance summary
30 Sept 31 Mar 30 Sept
2023 2023 2022
Pence Pence Pence
Net Asset Value ("NAV")
per Share 49.9 53.3 52.8
Cumulative distributions
paid per Share 115.1 113.6 113.6
Total Return per Share 165.0 166.9 166.4
======= ====== =======
CHAIRMAN'S STATEMENT
I am pleased to present the Half-Yearly Report for the Company
for the six months ended 30 September 2023.
Market conditions have remained difficult throughout the period,
however we have seen a steady level of new investment activity,
utilising some of the funds raised from the successful offer for
subscription earlier this year.
Net Asset Value and results
At 30 September 2023, the Company's Net Asset Value per share
("NAV") stood at 49.9p, a decrease of 1.9p or 3.6% since 31 March
2023 (after adding back the dividend paid during the period).
The loss on ordinary activities after taxation for the period
was GBP3.8 million, comprising a revenue loss of GBP209,000 and a
capital loss of GBP3.6 million.
Dividend
In 2023, the Company paid dividends in April and September 2023,
totalling 1.5p. As explained in the 2023 Annual Report, VCT
regulations restrict the payment of dividends out of reserves
related to funds raised in the last three to four years. Following
a series of successful fundraising offers in recent years, the
Company has raised substantial levels of funds and as a result the
Board currently has to carefully monitor reserves to ensure that
the VCT regulations remain adhered to. The Board targets a total
annual dividend of equal to 5% of net asset value, although
ensuring continuing compliance with the VCT regulations will always
take precedent.
As a result of the above, the Board is not proposing to pay a
dividend prior to the end of the accounting period but intends to
review this and continue a strong dividend policy once a greater
level of reserves is "unlocked" from the VCT regulation
restrictions in future.
With this in mind, the Company will pay an interim dividend on 5
April 2024 of 1.0p per share, to Shareholders on the register at 23
February 2024.
Shareholders are reminded that the Company operates a Dividend
Reinvestment Scheme, which allows Shareholders to automatically
reinvest their dividends into new shares in the Company and obtain
further income tax relief on that investment. Further details about
how to opt-in can be found in the "Shareholder Information" section
on the inside cover of this report. The last date for elections
under the Dividend Reinvestment Scheme for the above dividend will
be 8 March 2024.
Venture capital investments
During the period, the Company made four new and three follow-on
investments, at a total cost of GBP13.2 million.
New investments were made in Morressier GmbH, Melio Healthcare
Limited, Binalyze OU, and Oliva Health Holdings Inc. Follow-on
investments were made in Global Satellite Vu Limited, Allplants
Limited, and Apperio Limited.
At the period end, the Company held a portfolio of 52 venture
capital investments, valued at GBP92.2 million.
As usual, the Board has reviewed the valuations of the unquoted
investments as at 30 September 2023 and a number of adjustments to
their carrying values have been made. This has resulted in a net
valuation downturn of GBP2.6 million for the period across the
whole portfolio.
The Company holds two AIM-quoted investments; Access
Intelligence plc and Fulcrum Utility Services Limited, which are
both valued at their share prices as at 30 September 2023. The
valuation of the investment in Access Intelligence saw a decrease
of GBP1.7 million over the period and that in Fulcrum of
GBP383,000.
Fundraising
As noted in the last Annual Report, the Company closed a
successful offer for subscription in February 2023, having raised
GBP29.6 million.
In view of the strong demand from investors and the expectation
of a continuing stream of good quality deal flow, the Company
launched a new offer for subscription in October, seeking to raise
up to GBP20 million (with an overallotment facility of GBP20
million to be used at the Directors' discretion). Approximately
GBP3.5 million has been raised to date.
Shareholders can find full details of the offer, including the
prospectus, and online application at:
investors.moltenventures.com/investor-relations/vct
https://www.globenewswire.com/Tracker?data=od5aBy1U4DwkVll1w4jpSTaqryiWc7CVrhOguw5C_TEvkddRYPLE1KDGgopEcOKw2moJQ6HqOOhMxEBV_9aJzyf53V4nToPkxovP1UVHIIOcMvilOKRcsYriEAl1vLKYesthg8UVrMo5XbWFnFvZEe-ydDtDzRyO4U6yL2o76NDh2BYouBJ9kQYmcJA48_9O
Investors are recommended to consult their financial adviser
before making any investment decisions.
Share buybacks
The Company continues to operate a policy of buying in its
shares that become available in the market at approximately a 5%
discount to the latest published NAV, subject to regulatory and
liquidity constraints.
In line with this policy, during the period, the Company
purchased 1,233,000 shares for cancellation at an average price of
48.91p per share.
As noted above in respect of the dividend, the Board is
currently monitoring the Company's reserves to ensure continued
compliance with the VCT regulations. In view of this, it is not
expected that any further share buybacks will be made prior to the
end of March 2024. However, the Board confidently expects to resume
buybacks, subject to the above, in the Company's next financial
year.
Any Shareholders considering selling their shares will need to
use a stockbroker, whom you should ask to contact Panmure Gordon
(UK) Limited, who acts as the Company's corporate broker, and
maintains a list of potential sellers to be contacted when the next
buyback is undertaken by the Company.
Outlook
Although we have seen a slight fall in NAV over the period, the
Board is satisfied with the approach taken by the manager in
supporting existing portfolio companies and continuing to identify
suitable new opportunities.
We are hopeful that conditions will begin to improve in 2024 and
that we may now be approaching a point in the cycle when excellent
investment opportunities in the sectors in which your Company
operates are available at attractive prices which can drive strong
performance in future.
I look forward to updating Shareholders on progress in my
statement in the Annual Report to 31 March 2024, which will be
published in the summer.
David Brock
Chairman
INVESTMENT MANAGER'S REPORT
The challenging market backdrop has continued for the period
however we continue to actively support our portfolio companies as
well as making new investments.
The valuation movements in the first half of the year showed a
NAV Total Return (NAVTR - adding back dividends paid in the period)
decrease of 3.6%. While we are disappointed to report this small
decline in NAVTR in the period, our long-held and consistent
approach to valuations has enabled the manager to demonstrate
relative resilience. Having acted quickly at the onset of the
downturn in early 2022, we are now seeing evidence of greater
stability in our valuations, and we anticipate further
stabilisation, and in parts, recovery.
Following a successful fundraising season, deployment has been
strong for the first seven months of the year. Including one new
investment made post the period end, the team completed eight
investments totalling GBP15.9 million. This compares with a total
invested in the previous twelve months of GBP17.3 million. This
comprised five new investments totalling GBP12.1 million alongside
three follow-on investments totalling GBP3.8 million.
At the period end, Molten technology companies represented 87%
of the portfolio and legacy companies 13%. The net asset valuation
split was 76% in investments, and 24% in cash and other net current
assets, which was reduced by the new investment made post the
period end.
Five new investments (including one made post the period end),
alongside the Molten EIS and Molten Ventures plc funds, were made
into the following companies:
GBP'000
Oliva Health Holdings Inc
Non-clinical mental health solutions 1,628
Morressier GmbH
Publishes workflow and integrity
software 3,162
Binalyze OU
Cybersecurity Forensics and incident
response 2,161
Melio Healthcare Limited t/a IMU
Bioscience
Immune system bio diagnostics 2,520
Anima Group Inc (made after the
period end)
Care enablement platform 2,653
12,124
-------
In the period, one portfolio company, Global Satellite Vu
Limited, attracted a GBP12.7 million follow-on investment bringing
their total investment to GBP30.5m in venture capital funding. The
round was led by Molten Ventures, with participation from Seraphim
Space Investment Trust PLC, A/O Proptech, Lockheed Martin,
Ridgeline Ventures, Earth Sciences Foundation, and Stellar Ventures
- all existing investors.
Global Satellite Vu Limited, is a UK-based company that is
launching a constellation of infrared satellites capable of
monitoring the thermal footprint of any building on earth multiple
times a day. The technology, built by Airbus, is proven, and
there's commercial exclusivity over the intellectual property in
perpetuity. The first satellite launched in June 2023 with SpaceX.
By 2024/5 a constellation of just 7 satellites will provide global
coverage with the ability to capture data over specific areas of
interest 10-20 times a day.
Global Satellite Vu is not just focusing on delivering
geospatial intelligence for defence and government customers; its
long-term vision is to create proprietary data, analytics, and
solutions focusing on energy efficiency, retrofit, and net-zero
markets. Global Satellite Vu has already secured customer
commitments through its Early Access Option Programme (EAP) valued
at over GBP128 million.
Two further smaller follow-on investments were made into Apperio
Limited and AllPlants Limited.
There were no successful exits in the period, however, post the
period end Fluidic Analytics entered administration. While
disappointing from a returns perspective, we are hopeful that the
technology will be sold to continue the ground-breaking work
achieved by the company.
Following the successful fundraise of GBP29.6 million in the
last tax season, the Company recently launched its new fundraising
offer with a target first close of GBP20 million. The prospectus is
available to download from the VCT's website at
investors.moltenventures.com/investor-relations/vct
https://www.globenewswire.com/Tracker?data=od5aBy1U4DwkVll1w4jpSTaqryiWc7CVrhOguw5C_TEvkddRYPLE1KDGgopEcOKw2moJQ6HqOOhMxEBV_9aJz63ae3d_2khcktOWARKU447zw1W_QWXomdIki5QY7sS_1ZGQOqten2yIa1tZ3gLwxplxlb6BT14C1ljaAEP6NEN79PxfDrzW9DKAmAENGBxy
Access to the application portal and other documentation is also
available on that page.
The Investment Manager is an active member of the VCT
Association (VCTA) which represents 13 of the largest VCT fund
managers and makes up over 90% of the GBP6.6 billion VCT industry.
We were delighted to see that the Chancellor has officially
confirmed the extension of the sunset clause on the VCT scheme to
2035. This fantastic result is a testament to the hard work of the
VCTA and its members over the last few years. The data, resources
and site visit opportunities provided by VCT managers were vital in
helping to make the case to HM Treasury that the VCT scheme
deserves to be extended and help the next generation of British
businesses scale and grow.
As your fund manager, we are cautiously optimistic for the year
ahead as the technology markets continue to stabilise and recover
in places. Our focus remains on positioning ourselves to capture
exceptional opportunities at attractive valuations in what is
increasingly a buyers' market for venture capital.
Elderstreet Investments Limited
Part of the Molten Ventures Group
SUMMARY OF INVESTMENT PORTFOLIO
Valuation % of
Investment Portfolio as movement portfolio
at 30 September 2023 Cost Valuation in period by value
GBP'000 GBP'000 GBP'000
Top ten venture capital
investments
Thought Machine Group Limited 2,400 9,688 (613) 8.0%
Endomagnetics Limited 2,147 8,698 63 7.2%
Form3 Limited 1,420 8,251 1,646 6.8%
Fords Packaging Topco Limited 2,433 5,867 - 4.8%
Focal Point Positioning
Limited 3,300 5,561 - 4.6%
Global Satellite Vu Limited 4,089 4,688 583 3.9%
Access Intelligence plc* 2,586 4,488 (1,741) 3.7%
River Lane Research Limited 2,661 4,113 - 3.4%
IESO Digital Health Limited 3,567 3,758 (119) 3.1%
Evonetix Limited 2,999 3,383 - 2.8%
27,602 58,495 (181) 48.2%
Other venture capital investments 46,847 33,673 (2,430) 27.8%
74,449 92,168 (2,611) 76.0%
Cash at bank and in hand/Money
market funds 29,104 24.0%
Total investments 121,272 100.0%
*Quoted on AIM
All venture capital investments are unquoted unless otherwise
stated.
SUMMARY OF INVESTMENT MOVEMENTS
Investment additions
Venture capital investments GBP'000
Morressier GmbH 3,162
Global Satellite Vu Limited 3,111
Melio Healthcare Limited 2,520
Binalyze OU 2,161
Oliva Health Holdings Inc 1,628
Allplants Limited 400
Apperio Limited 240
13,222
=======
All venture capital investments are unquoted unless otherwise
stated.
UNAUDITED BALANCE SHEET
as at 30 September 2023
30 30 31
Sept Sept Mar
2023 2022 2023
GBP'000 GBP'000 GBP'000
Fixed assets
Investments 92,168 71,756 81,557
Current assets
Debtors 143 8 27
Cash at bank and in hand 2,885 28,665 28,845
Money market fund investments 26,219 - -
29,247 28,673 28,872
Creditors: amounts falling
due
within one year (101) (1,083) (117)
Net current assets 29,146 27,590 28,755
Net assets 121,314 99,346 110,312
Capital and reserves
Called up Share capital 12,146 9,406 10,347
Capital redemption reserve 62 925 -
Share premium account 25,510 63,628 8,689
Special reserve 63,602 2,285 65,178
Capital reserve - unrealised 24,735 23,744 27,346
Capital reserve - realised (2,431) 936 853
Revenue reserve (2,310) (1,578) (2,101)
Equity Shareholders' funds 121,314 99,346 110,312
Basic and diluted Net Asset 49.9p 52.8p 53.3p
Value per Share
UNAUDITED INCOME STATEMENT
for the six months ended 30 September 2023
Year
ended
Six months ended Six months ended 31 Mar
30 Sept 2023 30 Sept 2022 2023
Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 348 - 348 - - - 1
Gains on investments
Realised - - - - - - (1,036)
Unrealised - (2,611) (2,611) - (6,922) (6,922) (3,890)
348 (2,611) (2,263) - (6,922) (6,922) (4,925)
Investment management
fees (324) (973) (1,297) (289) (867) (1,156) (2,167)
Performance incentive
fees - - - - (621) (621) -
Other expenses (233) - (233) (197) - (197) (468)
(Loss) on ordinary
activities before
taxation (209) (3,584) (3,793) (486) (8,410) (8,896) (7,560)
Tax on total comprehensive
income and
ordinary activities - - - - - - -
(Loss) attributable
to equity Shareholders (209) (3,584) (3,793) (486) (8,410) (8,896) (7,560)
======= ======= ======= ======= ======= ======= =======
Basic and diluted
return
per Share (0.1p) (1.6p) (1.7p) (0.3p) (4.4p) (4.7p) (4.0p)
All Revenue and Capital items in the above statement are derived
from continuing operations. The total column within the Income
Statement represents the profit and loss account of the
Company.
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2023
Called
up Capital Capital Capital
Share redemption Share Merger Special reserve- reserve- Revenue
capital reserve premium reserve reserve unrealised realised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April
2022 8,880 794 56,273 673 5,303 35,220 1,516 (1,092) 107,567
-------- ----------- -------- -------- -------- ----------- --------- -------- -------
Total comprehensive
income - - - - - (3,890) (2,661) (1,009) (7,560)
Transfer
between
reserves - - - (673) (3,239) (3,984) 7,896 - -
Cancellation
of
Share Premium - - (63,628) - 63,628 - - - -
Cancellation
of
Capital Redemption - (925) - - 925 - - - -
Transactions
with
owners
Issue of
new
Shares 1,598 - 16,915 - - - - - 18,513
Share issue
costs - - (871) - - - - (871)
Purchase
of own Shares (131) 131 - - (1,439) - - - (1,439)
Dividends
paid - - - - - - (5,898) - (5,898)
At 31 March
2023 10,347 - 8,689 - 65,178 27,346 853 (2,101) 110,312
-------- ----------- -------- -------- -------- ----------- --------- -------- -------
Total comprehensive
income - - - - - (2,611) (973) (209) (3,793)
Transfer
between
reserves - - - - (973) - 973 - -
Transactions
with
owners
Issue of
new
Shares 1,861 - 17,838 - - - - - 19,699
Share issue
costs - - (1,017) - - - - - (1,017)
Purchase
of
own Shares (62) 62 - - (603) - - - (603)
Dividends
paid - - - - - - (3,284) - (3,284)
At 30 September
2023 12,146 62 25,510 - 63,602 24,735 (2,431) (2,310) 121,314
======== =========== ======== ======== ======== =========== ========= ======== =======
A transfer of GBP973,000 was made from the Special Reserve to
the Capital Reserve -- realised in respect of capital expenses for
the period.
UNAUDITED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2023
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 Mar
2023 2022 2023
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Return on ordinary activities
before taxation (3,793) (8,896) (7,560)
Losses on investments 2,611 6,922 4,926
(Increase)/decrease
in debtors (113) 14 (5)
(Decrease)/increase
in creditors (16) 400 (179)
Net cash (outflow) generated
from operating activities (1,311) (1,560) (2,818)
---------- ---------- --------
Cash flow from investing activities*
Purchase of investments
Venture capital investments (13,223) (8,209) (17,370)
Money market funds (45,219) - -
Sale of investments
Venture capital investments - 6,339 7,695
Money market funds 19,000 - -
Net cash outflow from investing activities (39,442) (1,870) (9,675)
---------- ---------- --------
Cash flows from financing activities
Proceeds from Share issue 19,699 8,424 (5,898)
Share issue costs (1,019) (414) 18,513
Purchase of own Shares (603) (1,112) (873)
Equity dividends paid (3,284) (5,898) (1,499)
Net cash inflow from financing activities 14,793 1,000 10,243
---------- ---------- --------
Net (decrease) in cash (25,960) (2,430) (2,520)
Net movement in cash
Beginning of period 28,845 31,095 31,095
Net cash (outflow) (25,960) (2,430) (2,520)
End of period 2,885 28,665 28,845
========== ========== ========
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
for the six months ended 30 September 2023
1. The unaudited Half-Yearly Report covers the six months to 30
September 2023 and has been prepared in accordance with the
accounting policies set out in the statutory accounts for the
period ended 31 March 2023, which were prepared in accordance with
the Financial Reporting Standard 102 ("FRS 102") and the Statement
of Recommended Practice "Financial Statements of Investment Trust
Companies" issued in July 2022 ("SORP").
2. The Company has only one class of business and derives its
income from investments made in shares, securities and bank
deposits.
3. The comparative figures are in respect of the six months
ended 30 September 2022 and the year ended 31 March 2023,
respectively.
4. Basic and diluted return per Share
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 Mar
2023 2022 2023
Return per Share based on:
Net revenue (loss) (GBP'000) (209) (486) (1,009)
Capital return per Share based
on:
Net capital (loss) (GBP'000) (3,584) (8,410) (6,551)
Weighted average number of
Shares 224,828,251 189,766,121 190,419,643
5. Dividends
31 March
30 September 2023 2023
Per Share Revenue Capital Total Total
Pence GBP'000 GBP'000 GBP'000 GBP'000
Forthcoming dividends
2024 Interim (5 April
2024) 1.0p - 2,429 2,429 -
- 2,429 2,429 -
======= ======= ======= ========
Paid in the period
2023 Final 0.5p - 1,214 1,214 -
2023 Interim 1.0p - 2,070 2,070 -
2022 Final 3.1p - - - 5,898
- 3,284 3,284 5,898
======= ======= ======= ========
6. Basic and diluted Net Asset Value per Share
30 Sept 2023 30 Sept 2022 31 Mar 2023
Net asset value per Share
based on:
Net assets (GBP'000) 121,314 99,346 110,312
Number of Shares in issue at
period end 242,913,196 188,123,911 206,931,912
Net Asset Value per Share 49.9p 52.8p 53.3p
7. Called up Share capital
30 Sept 2023 30 Sept 2022 31 Mar 2023
Ordinary Shares of 5p each
Number of Shares in issue at
period end 242,913,196 188,123,911 206,931,912
Nominal value (GBP'000) 12,146 9,406 10,347
During the period, the Company allotted 36,846,664 Ordinary
Shares of 5p each ("Shares") under an Offer for Subscription that
launched in October 2022, at an average price of 52.96p per Share.
Gross proceeds received thereon were GBP19.5 million, with issue
costs in respect of the Offer amounting to GBP1.0 million.
During the period the Company allotted 367,620 Ordinary Shares
of 5p each ("Shares") under a Dividend Reinvestment Scheme, at an
average price of 50.29p per Share. Gross proceeds received thereon
were GBP185,000.
During the period, the Company purchased Shares for cancellation
for an aggregate consideration of GBP603,000, at an average price
of 48.91p per Share (approximately equal to a 5.0% discount to the
most recently published NAV at the time of purchase) and
representing 0.6% of the share capital in issue as at 1 April
2023.
8. Reserves
The special reserve is available to the Company to enable the
purchase of its own shares in the market without affecting its
ability to pay dividends and allows the Company to write back
realised capital losses arising on disposals and impairments.
Distributable reserves are calculated as follows:
30 Sept 30 Sept 31 Mar
2023 2022 2023
GBP'000 GBP'000 GBP'000
Special reserve 63,602 2,285 65,178
Capital reserve - realised (2,431) 936 853
Revenue reserve (2,310) (1,578) (2,101)
Unrealised losses - net of unquoted gains (6,149) (1,057) (1,579)
52,712 586 62,351
======= =======
During the year ended 31 March 2023, the balances on the Share
Premium account and the capital redemption reserve were cancelled
and added to the special reserve, contributing an additional
GBP64.5 million to distributable reserves. The VCT regulations
place some restrictions on the use of these reserves during the
first three to four years after the funds on which they arose were
raised. Currently, GBP54.9 million of the special reserve is
restricted by these regulations.
9. Investments
The fair value of investments is determined using the detailed
accounting policy as set out in Note 1 of the Annual Report.
The Company has categorised its financial instruments using the
fair value hierarchy as follows:
Level 1 Reflects financial instruments quoted in an active market (fixed interest investments, and investments in shares quoted on either the Main or AIM Markets);
Level 2 Reflects financial instruments that have prices that are observable either directly or indirectly; and
Level 3 Reflects financial instruments that use valuation techniques that are not based on observable market data (unquoted equity investments and loan note investments).
30 Sept
2023
Level Level Level
1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
AIM quoted shares 4,135 356 - 4,491
Loan notes - - 508 508
Unquoted shares - - 87,169 87,169
4,135 356 87,677 92,168
31 Mar 2023
Level Level Level
1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
AIM quoted shares 5,661 600 - 6,261
Loan notes - - 508 508
Unquoted shares - - 74,788 74,788
5,661 600 75,296 81,557
10. Risks and uncertainties
Under the Disclosure and Transparency Directive, the Board is
required in the Company's half-yearly results to report on
principal risks and uncertainties facing the Company over the
remainder of the financial year.
The Board has concluded that the key risks facing the Company
over the remainder of the financial period are as follows:
-- investment risk associated with investing in small and immature
businesses;
-- liquidity risk arising from investing mainly in unquoted businesses; and
-- failure to maintain approval as a VCT.
In all cases the Board is satisfied with the Company's approach
to these risks. As a VCT, the Company is forced to have significant
exposure to relatively immature businesses. This risk is mitigated
to some extent by holding a well-diversified portfolio.
With a reasonably illiquid venture capital investment portfolio,
the Board ensures that it maintains an appropriate proportion of
its assets in cash and liquid instruments.
The Company's compliance with the VCT regulations is continually
monitored by the Administration Manager, who regularly reports to
the Board on the current position. The Company also retains Philip
Hare and Associates LLP to provide regular reviews and advice in
this area. The Board considers that this approach reduces the risk
of a breach of the VCT regulations to a minimal level.
The Company has considerable financial resources at the period
end and holds a diversified portfolio of investments. As a result,
the Directors believe that the Company is well placed to manage its
business risks successfully despite the current uncertain economic
outlook.
The Directors have concluded that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
11. The Directors confirm that, to the best of their knowledge,
the half-yearly financial statements have been prepared in
accordance with the "Statement: Half-Yearly Financial Reports"
issued by the UK Accounting Standards Board as well as in
accordance with FRS 104 Interim Financial Reporting and the
half-yearly financial report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the current financial year and their impact on
the condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period, and any changes in the related party transactions
described in the last Annual Report that could do so.
12. The unaudited financial statements set out herein 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 figures for the period ended 31 March 2023 have
been extracted from the financial statements for that period, which
have been delivered to the Registrar of Companies; the Auditor's
report on those financial statements was unqualified.
13. Copies of the unaudited Half-Yearly Report will be sent to
Shareholders shortly. Further copies can be obtained from the
Company's registered office or downloaded from
investors.moltenventures.com/investor-relations/vct
https://www.globenewswire.com/Tracker?data=od5aBy1U4DwkVll1w4jpSTaqryiWc7CVrhOguw5C_TEvkddRYPLE1KDGgopEcOKw2moJQ6HqOOhMxEBV_9aJz3JXji8nSxOPAIC2CuOet9ZTB3eRqNuGh-hqyG0QZVc-FL_nhfacfaaI9AQ0gA0DtMgh1mNiZ_JLADH-dfWdSl8yx2FV6S4EDK_BuTRijS9M
.
(END) Dow Jones Newswires
December 14, 2023 07:35 ET (12:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Molten Ventures Vct (LSE:MVCT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Molten Ventures Vct (LSE:MVCT)
Historical Stock Chart
From Nov 2023 to Nov 2024
