TIDMHHVT
Hargreave Hale AIM VCT 2 Plc
Unaudited Interim Results for the six month period ending 31
August 2015
FINANCIAL HIGHLIGHTS
Ordinary Shares (as 31 August 2015 31 August 2014 28 February 2015*
at 31 August):
Net asset value 106.62p 109.05p 110.33p
per share
Cumulative 41.00p 35.00p 37.00p
distributions
paid
per share since
launch
Total return 147.62p 144.05p 147.33p
per share
Half Yearly/Annual
Returns per
share (Basic and
Diluted):
Revenue return (0.52)p (0.50)p (1.09)p
Capital return 0.93p (6.78)p (1.88)p
Combined return 0.41p (7.28)p (2.97)p
Dividends per
share:
Interim 2.00p 2.00p 2.00p
proposed/paid
Final paid - - 4.00p
Performance
Benchmark:
FTSE AIM All-share 63.49 67.43 61.73
Index (rebased
to 100 at 6 April
2007)
* 28 February 2015 financial highlights represent annual
results
Principal Investment Objective
The objective of the VCT is to achieve long term capital growth
and to maximise tax free distributions to shareholders by investing
in a diversified portfolio of small UK companies primarily traded
on AIM. At least 70% of the Company's funds must be invested in
qualifying holdings within three years of raising the funds. The
balance of the Company's funds will be invested in liquid assets
(such as gilts, other fixed interest and bank deposits) and
non-qualifying equity investments on an opportunistic basis to
boost the Company's performance. The Company is managed as a
Venture Capital Trust in order that shareholders in the Company may
benefit from the tax relief available.
Chairman's Statement
Introduction
In the first half of the financial year the Net Asset Value per
share (NAV) decreased from 110.33 pence to 106.62 pence equivalent
to an increase of 0.3% after adding back the 4 pence dividend
distributed in August 2015. During the same period the FTSE 100
Total Return Index fell 7.9% and the FTSE AIM All Share Index
gained 2.9%.
VCT Regulation
The Government is in the advanced stages of amending rules on
VCT schemes. This has required extensive consultation and
negotiation with the EU to ensure that the new regulations comply
fully with EU rules on the granting of State aid because VCT`s are
regarded as beneficiaries of such aid. Whilst some of the detail of
the new rules is not yet finalised, based on recent announcements,
we are confident that changes to the rules, which are expected to
receive Royal Assent shortly, will allow us to continue to manage
the business without any material changes in strategy or
emphasis.
Results
The gain per share for the six month period was 0.41 pence per
share (comprising revenue losses of 0.52 pence and capital gains of
0.93 pence). At 31 August 2015 the total return since inception of
the fund was 147.62 pence.
Investments
The Investment Manager, Hargreave Hale Limited, invested a
further GBP2.61 million in 13 qualifying companies during the
period. The fair value of qualifying investments at 31 August 2015
was GBP14.54 million invested in 57 AIM companies and 5 unquoted
companies (Mexican Grill Ltd, Corfe Energy Ltd, Brigantes Energy
Ltd, Portr Ltd and Vision Direct Group Ltd). The balance of the
funds was held in a mix of cash, fixed income and other
non-qualifying equities.
At 31 August 2015 the VCT was 94.34% invested as measured by
HMRC.
Dividend
A final dividend for the year ended 28 February 2015 of 4 pence
was paid on 28 August 2015.
The directors continue to maintain a policy of distributing at
least 5% of the year end NAV to shareholders. An interim dividend
of 2 pence (2014 - 2p) will be paid on 11 December 2015, with an
ex-dividend date of 12 November 2015 and a record date of 13
November 2015.
Buybacks
We have been able to maintain our policy of offering our
shareholders an efficient exit route through the buyback scheme. In
total, 105,941 shares were repurchased during the six month period
ending 31 August 2015 at an average price of 104.32 pence per
share.
The Board continues to target a share price discount of 5% of
the NAV per share (as measured against the mid-price) for market
purchases. It should be emphasised that this target is non-binding
and dependent on circumstances including the Company's liquidity
from time to time and market conditions.
Issue of Equity
On 18 August 2015 the joint offer for subscription for new
shares in Hargreave Hale AIM VCT1 plc and AIM VCT2 plc (launched in
October 2014) was closed fully subscribed with GBP10m raised for
Hargreave Hale AIM VCT2 plc.
A new joint offer for subscription is expected to launch
shortly.
Outlook
The fund has performed reasonably well in the first half year in
difficult market conditions. The collapse in the energy prices and
problems in a number of emerging markets have changed business
dynamics for many companies and the fall-out from these factors has
probably not yet been fully absorbed by stock markets. The
dependence of many of our investments on a resilient UK economy and
our ample cash reserves position us well in the current
circumstances.
Shareholder Communication
The Company's daily share price can be found on various
financial websites under the EPIC code 'HHVT', or on our own
dedicated website at
www.hargreave-hale.net/fund-management/venture-capital-trusts/hargreave-hale-aim-vct-2/share-price-and-nav/
David Hurst-Brown
Chairman
Date: 30 October 2015
Investment Manager's Report
This report covers the first half of the financial year, 1 March
2015 to 31 August 2015. The manager's report contains references to
movements in the Net Asset Value per share (NAV) and Total Return
per share (net asset value per share plus distributed dividends per
share). Movements in the NAV per share do not necessarily mirror
the earnings per share (EPS) reported in the accounts and
elsewhere, which convey the profit after tax within the Company
within the reported period as a function of the weighted average
number of shares in issue for the period.
Market Commentary
The first half of the financial year was dominated by several
episodes of elevated volatility across global financial markets.
Political risk was an early feature, with the prospect of a Greek
default and exit from Eurozone dominating the headlines. By
mid-August, the focus had firmly switched to events in China as
investors reflected on the implications for global growth of the
devaluation of the Renminbi, the rout within Chinese equities and a
succession of weak Chinese economic surveys. Overlying all of this
was the prospect of the first increase in US interest rates.
Ironically, the decision to remain on hold triggered a sharp
sell-off in global equities as markets read the decision as a
signal that the Chinese slow down might depress US economic
activity.
Whilst a sluggish China has clear implications for certain
industries (commodities, autos and capital goods), we still believe
the outlook for small UK companies looks healthy with the impact of
lower energy prices, strong real wage growth, low unemployment all
feeding through to increased consumer confidence and consumer
spending. Business investment has started to pick up, which should
in turn support UK domestic growth and improved productivity. We
are yet to see what impact the living wage will have on profit
margins within the leisure industry; however, management teams
appear confident of their ability to pass the cost burden through
to consumers through modest price increases. Domestically
orientated mid and small caps have outperformed off the back of
strong corporate news-flow. While certain parts of the portfolio
are exposed (in some cases materially) to the cyclical headwinds
referred to above, our predominant focus on UK centric small
businesses with secular growth leads us to believe that our long
term returns are unlikely to be materially influenced by events in
China. We therefore continue to deploy capital into attractively
valued UK centric companies that should benefit from a business
friendly government and a healthy UK economy.
Performance
In the six months to 31 August 2015, the NAV decreased from
110.33p to 106.62p. 4 pence per share in dividends were paid,
giving investors a total return of 0.29 pence per share, which
translates to a gain of 0.3%. During the same period, the FTSE 100
Total Return Index fell 7.9%, whilst the FTSE AIM All-Share gained
2.9%.
The qualifying investments made a net contribution of 0.06 pence
per share with 26 out of the 63 making gains, 6 unchanged and 31
falling in value. The balance was a mixture of non-qualifying
portfolio gains (1.43 pence per share), costs, income and small
gains made through buy backs.
TrakM8 was the top performing qualifying investment (+58.5%,
+1.87 pence per share). The company reported a 94% increase in
revenues in 2015 as a result of strong organic and acquisition led
growth, with adjusted earnings per share 66% higher year on year. A
strong outlook statement guided the market to material upgrades for
2016. Other stocks that made a significant contribution included
Imaginatik (+163.6%, +0.91 pence per share), Reneuron (+61.5%,
+0.53 pence per share) and Ideagen (+20.0%, +0.41 pence per share).
On 10 July 2015, Reneuron announced a well-supported GBP68m
fundraising that underpins an accelerated clinical programme for
several years.
The biggest losses within the period came from APC Technologies
(-61.5%, -1.05 pence per share), Flowgroup (-61.4%, -1.03 pence per
share) and Audioboom (-48.5%, -0.55 pence per share).
(MORE TO FOLLOW) Dow Jones Newswires
October 30, 2015 13:03 ET (17:03 GMT)
We made 13 qualifying investments over the six months, which
included eight additional investments into existing qualifying
companies, four secondary placings into listed companies and one
private investment. We invested a total of GBP2.61m into qualifying
investments over the period.
Within the portfolio of qualifying investments, Vista Partners
completed their acquisition of Advanced Computer Software,
realising a gain of GBP492,000 (+724%). We reduced the size of our
investments in Premaitha Health, Imaginatik and TrakM8 following
particularly strong runs in the shares. We also reduced our
positions in Nektan following its listing on AIM and in Tangent
Communications, which continues to report difficult trading.
Portfolio Structure
The VCT is comfortably through the HMRC defined investment test
and ended the period at 94.34% invested as measured by the HMRC
investment test. By market value, the VCT had a 54.4% weighting to
qualifying investments.
The allocation to non-qualifying equity investments increased
from 10.4% to 14.9% as we sought to deploy more of the proceeds of
the 2014/15 offer into the market following the correction in late
August. At the same time, we further increased our investment in
the Marlborough Special Situations Fund, lifting the weighting from
6.3% to 9.9% of net assets. The qualifying and non-qualifying
investment activity led to a fall in the cash weighting from 27.8%
as at 28 February 2015 to 20.2% at 31 August 2015. The reduction
would have been more significant were it not for the significant
cash inflows that came from the 2014/15 offer and the proceeds from
the Advanced Computer Software bid. Fixed income as a percentage of
the fund fell from 2.2% to 1.1%.
The HMRC investment tests are set out in Chapter 3 of Part 6
Income Tax 2007, which should be read in conjunction with this
section of the investment manager's report. Funds raised by VCTs
are first included in the investment tests from the start of the
accounting period containing the third anniversary of the date on
which the funds were raised. Therefore the allocation of qualifying
investments as defined by the legislation can be different to the
portfolio weighting as measured by market value relative to the net
assets of the Company.
Post Period Update
Three additional qualifying investments have been made in
Belvoir, Science in Sports and Mirada following the period end.
Joint Offer for Subscription of Ordinary Shares
On 3 October 2014 the Directors of Hargreave Hale AIM VCT 1 plc
and Hargreave Hale AIM VCT 2 plc announced the launch of a joint
offer for subscription of new shares in both Hargreave Hale AIM
VCT's to raise up to GBP10 million into each company. I am pleased
to report the offer was fully subscribed and 9.02 million new
shares were issued in Hargreave Hale AIM VCT 2 plc. The offer
closed on 18 August 2015.
A new joint offer for subscription is expected to launch
shortly.
Buybacks
In total, 128,164 ordinary shares were purchased between 1 March
2015 and the date of this report, at a total value of
GBP133,398.
Dividends
A dividend payment of 4 pence per share was made to shareholders
on 28 August 2015.
For further information please contact:
Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT2 plc
01253 754740
Date: 30 October 2015
Investment Portfolio Summary as at 31 August 2015
Book Cost Valuation Valuation
Qualifying investments GBP000 GBP000 %
Mexican Grill Ltd (A Preference 277 1154 5.38
Shares) **
TrakM8 Holdings plc 134 1020 4.75
Ideagen plc 190 619 2.88
Learning Technologies Group plc 534 610 2.84
Premaitha Health plc 330 435 2.03
TLA Worldwide plc 150 426 1.99
Reneuron Group plc 262 418 1.95
Portr Ltd ** 410 410 1.91
DP Poland plc 332 394 1.84
Eagle Eye Solutions Ltd 385 394 1.84
Quixant plc 120 378 1.76
AnimalCare Group plc 100 364 1.70
Angle plc 252 322 1.50
Microsaic Systems plc 272 311 1.45
CentralNic Group plc 207 296 1.38
Intercede Group plc 91 290 1.35
Hardide plc 77 268 1.25
Clearstar Inc 360 265 1.24
Lombard Risk Management plc 92 265 1.23
Belvoir Lettings plc 293 264 1.23
Vision Direct Group Ltd ** 132 264 1.23
Science in Sport plc 160 238 1.11
Sanderson Group plc 200 233 1.09
EKF Diagnostics Holdings plc 150 222 1.03
Mirada plc 266 213 0.99
Plastics Capital plc 202 212 0.99
Kalibrate Technologies plc 161 206 0.96
E G Solutions plc 200 191 0.89
Gfinity plc 125 187 0.87
Imaginatik plc 106 182 0.85
Tristel plc 79 180 0.84
Electric Word plc 185 179 0.83
Everyman Media Group plc 172 177 0.83
Fulcrum Utility Services Ltd 100 170 0.79
ULS Technology plc 139 170 0.79
Electrical Geodesics, Inc 145 167 0.78
MartinCo plc 113 163 0.76
APC Technology Group plc 350 162 0.75
Flowgroup plc 268 161 0.75
Fusionex International plc 69 157 0.73
Verona Pharma plc 71 154 0.72
Midatech Pharma plc 150 151 0.70
Audioboom plc 126 147 0.69
Porta Communications plc 200 145 0.68
Lidco Group plc 146 135 0.63
Synety Group plc 234 132 0.62
Mexican Grill Ltd (Ordinary Shares) ** 31 128 0.60
Omega Diagnostics Group plc 129 127 0.59
Paragon Entertainment Ltd 200 97 0.45
Sphere Medical Holdings plc 241 95 0.44
Satellite Solutions Worldwide Group plc 103 94 0.44
Ilika plc 53 61 0.28
Synairgen plc 90 59 0.27
WANDisco plc 53 52 0.24
Nektan Ltd 40 47 0.22
Outsourcery Group Ltd 300 45 0.21
Mycelx Technologies Corporation plc 150 34 0.16
(Com SHS $0.025 + (D1) shares)
TP Group plc 125 32 0.15
Proxama plc 63 31 0.14
Tangent Communications plc 98 22 0.10
Mporium Group plc 150 7 0.03
Brigantes Energy Ltd ** 25 6 0.03
Corfe Energy Ltd ** 25 6 0.03
------- -------- ----------
Total-qualifying investments 10,993 14,544 67.78
------- -------- ----------
Book Cost Valuation Valuation
Non-Qualifying investments GBP000 GBP000 %
UK Treasury Stock 2.5% 2024 121 118 0.55
-------- -------- --------
Total - UK gilts 121 118 0.55
-------- -------- --------
Scottish Amicable Finance 8.5% 2049 154 167 0.78
-------- -------- --------
Total - Corporate bonds 154 167 0.78
-------- -------- --------
MFM Special Situations Fund ** 2,333 2653 12.36
-------- -------- --------
Total-MFM 2,333 2653 12.36
-------- -------- --------
Cohort plc 176 399 1.86
Clipper Logistics plc 92 154 0.72
FC Fund Managers Ltd ** 150 150 0.70
Flowtech Fluidpower plc 100 150 0.70
Crawshaw Group plc 100 145 0.68
Eurocell plc 109 131 0.61
Vertu Motors plc 76 130 0.61
Finsbury Food Group plc 75 125 0.58
Greene King plc 114 115 0.54
Cineworld Group plc 103 106 0.49
Learning Technologies Group plc 80 106 0.49
Horizon Discovery Group plc 124 100 0.47
Egdon Resources plc 140 99 0.46
(MORE TO FOLLOW) Dow Jones Newswires
October 30, 2015 13:03 ET (17:03 GMT)
Puretech Health plc 114 98 0.46
Babcock International Group plc 95 97 0.45
Plexus Holdings plc 125 97 0.45
Flowgroup plc 199 89 0.41
JD Sports Fashion plc 82 88 0.41
Everyman Media Group plc 85 86 0.40
Reneuron Group plc 41 86 0.40
Fulcrum Utility Services Ltd 58 85 0.40
Idox plc 68 82 0.38
K3 Business Tech Group plc 61 80 0.37
Melrose Industries plc 79 80 0.37
Amerisur Resources plc 167 77 0.36
Clinigen Group plc 54 74 0.35
Playtech plc 69 68 0.32
DS Smith plc 64 67 0.31
Johnson Service Group plc 57 67 0.31
Restaurant Group plc 67 67 0.31
Tarsus Group plc 72 67 0.31
RPC Group plc 63 66 0.31
Dixons Carphone plc 63 65 0.30
Legal and General Group plc 63 63 0.29
Workspace Group plc 53 54 0.25
Mycelx Technologies Corporation plc 170 53 0.25
(Com SHS $0.025 REG S+ shares)
Mithril Capital plc 42 50 0.23
Eagle Eye Solutions Ltd 44 49 0.23
The Fulham Shore plc 38 48 0.22
AA plc 46 47 0.22
Fevertree Drinks plc 26 47 0.22
Plethora Solutions Holdings plc 93 35 0.16
Genagro Ltd ** 22 10 0.05
Mexican Grill Ltd (A Preference 3 10 0.05
Shares) **
Westmount Energy Ltd 9 3 0.01
TLA Worldwide plc 2 2 0.01
CentralNic Group plc 1 1 0.01
MartinCo plc 1 1 0.01
Microsaic Systems plc 1 1 0.01
Quixant plc 1 1 0.01
Verona Pharma plc 1 1 0.01
AnimalCare Group plc 1 1 0.00
Gfinity plc 1 1 0.00
Mycelx Technologies Corporation plc 8 1 0.00
(Com SHS $0.025 + (D1) shares)
Science in Sport plc 1 1 0.00
Angle plc* 1 0 0.00
Paragon Entertainment Ltd* 1 0 0.00
Premaitha Health plc* 1 0 0.00
Proxama plc* 1 0 0.00
ULS Technology plc* 1 0 0.00
------- -------- --------
Total - non-qualifying equities 3,754 3,976 18.53
-------- -------- --------
Total - non-qualifying investments 6,362 6,914 32.22
-------- -------- --------
Total investments 17,355 21,458 100.00
-------- -------- --------
* This is an actual holding
of less than GBP500
** Unquoted Companies
The majority of investments held within the portfolio are listed
and/or headquartered in the UK with the exception of the
following:
Listed Headquartered Registered
AIM listed Investments:
Audioboom plc UK London Jersey
Clearstar Inc UK Cayman Islands Cayman Islands
Fulcrum Utility Services plc UK South Yorkshire Cayman Islands
Fusionex International plc UK London Jersey
MYCELX Technologies UK USA USA
Corporation plc
Nektan Ltd UK Gibraltar Gibraltar
Paragon Entertainment Ltd UK Jersey Cayman Islands
Tarsus Group Ltd UK Dublin Jersey
WANDisco plc UK Sheffield Jersey
Westmount Energy Ltd UK Jersey Jersey
Unlisted private companies:
Brigantes Energy Ltd - Middlesex UK
Corfe Energy Ltd - Middlesex UK
FC Fund Managers Ltd - Cornwall UK
Genagro Ltd - Jersey Jersey
Mexican Grill Ltd - London UK
Portr Ltd - London UK
Vision Direct Group Ltd - London UK
Authorised unit trust:
Marlborough Special - Bolton UK
Situations Fund
The top 10 equity investments are shown below; each is valued by
reference to the bid price, or, in the case of unquoted companies,
values are either based on the last arm's length transaction or
valuation techniques, such as earnings multiples. Forecasts, where
given, are drawn from a combination of broker research and/or
Bloomberg consensus forecasts and exclude amortisation, share based
payments and exceptional items. Forecasts are in relation to a
period end for which the company results are yet to be released.
The net cash values are drawn from published accounts in most
cases.
DP Poland plc 18.5p
Investment date November 2012 Forecasts for year to December 2015
Equity held 1.63% Turnover (GBP'000) 3,400
Av Purchase Price 15.6p Profit before tax (GBP'000) -2,300
Cost (GBP'000) 332 Net Cash (GBP'000) 6,000
Valuation (GBP'000) 394 Net Assets December 2014 (GBP'000) 6,668
Company Description:
DP Poland is a fast food service company. Through its wholly owned subsidiary DP Polska S.A., DP Poland has the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland. There are currently 19 Domino's Pizza stores in Poland, across Warsaw and Krakow, 12 corporately managed and 7 sub-franchised.
Eagle Eye Solutions Ltd 195.0p
Investment date April 2014 Forecasts for year to June 2016
Equity held 1.03% Turnover (GBP'000) 9,100
Av. Purchase Price 189.2p Profit before tax (GBP'000) 0
Cost (GBP'000) 429 Net Cash (GBP'000) 4,300
Valuation (GBP'000) 443 Net Assets June 2015 (GBP'000) 8,839
Company Description:
Eagle Eye Solutions is a leading UK provider of digital consumer engagement solutions, enabling the retail and hospitality industries to deliver real-time digital promotions. The company provides a digital transaction platform, Eagle Eye AIR, for the secure, real-time, multi-channel issuance, management and redemption of digital offers, vouchers and rewards, replacing previously used paper-based methods.
Ideagen plc 45.0p
Investment date March 2011 Forecasts for year to April 2016
Equity held 0.77% Turnover (GBP'000) 21,800
Av. Purchase Price 13.8p Profit before tax (GBP'000) 5,700
Cost (GBP'000) 190 Net Cash (GBP'000) 5,300
Valuation (GBP'000) 619 Net Assets April 2015 (GBP'000) 31,189
Company Description:
Ideagen is a software development business specialising in information management solutions for organisations that generally operate within industries that are subject to regulatory standards. As authors of an excellent portfolio of software products, the group is able to provide complete content lifecycle solutions that enable organisations to meet their regulatory and quality compliance standards, helping them to reduce costs and improve efficiency.
Learning Technologies Group plc 24.0p
Investment date April 2011 Forecasts for year to December 2015
Equity held 0.84% Turnover (GBP'000) 21,500
Av. Purchase Price 20.6p Profit before tax (GBP'000) 4,000
Cost (GBP'000) 614 Net Cash (GBP'000) 3,000
Valuation (GBP'000) 716 Net Assets December 2014 (GBP'000) 14,409
Company Description:
Learning Technologies provides a comprehensive and integrated range of e-learning services and technologies to corporate and government clients. LTG is making good progress towards its goal of establishing a substantial global organisation of specialist digital learning businesses from Europe, US, Latin America and Asia to form a market-leading technologies agency.
Mexican Grill Ltd 8550.00p
Investment date October 2009 Forecasts for year to December 2015
Equity held 4.21% Turnover (GBP'000) 22,933
Purchase Price 2059.1p Profit before tax (GBP'000) 877
Cost (GBP'000) 311 Net Cash (GBP'000) -731
Valuation (GBP'000) 1,292 Net Assets December 2014 (GBP'000) 4,797
Company Description:
(MORE TO FOLLOW) Dow Jones Newswires
October 30, 2015 13:03 ET (17:03 GMT)
Mexican Grill, is a private company that operates 24 fast casual California-Mexican restaurants that provide fresh, made to order cuisine for eat in or take-away, making it amongst the largest chains within its niche.
Portr Ltd 600.00p
Investment date July 2015 Forecasts for year to December 2015
Equity held 2.98% Turnover (GBP'000) N/A
Purchase Price 600.0p Profit before tax (GBP'000) N/A
Cost (GBP'000) 410 Net Cash (GBP'000) 1,456
Valuation (GBP'000) 410 Net Assets December 2014 (GBP'000) 390
Company Description:
Portr run's AirPortr, London's premium same day luggage transfer service. In its most basic form they deliver luggage through a flexible, transparent and cost efficient solution from London Airports to your hotel, office or home and vice versa. Additional functionality will launch later, allowing users to specify service enhancements such as carousel collection and delivery and off-airport check in solutions.
Premaitha Health plc 19.5p
Investment date June 2014 Forecasts for year to March 2016
Equity held 0.98% Turnover (GBP'000) 4,900
Av. Purchase Price 14.8p Profit before tax (GBP'000) -2,600
Cost (GBP'000) 331 Estimated Net Cash (GBP'000) 10,700
Valuation (GBP'000) 435 Net Assets March 2015 (GBP'000) 3,896
Company Description:
Premaitha Health is an innovative molecular diagnostics company employing the latest advances in DNA analysis technology to develop tests for non-invasive prenatal screening (NIPT) and other applications. Premaitha's flagship product, the IONA test is the first non-invasive in vitro diagnostics CE marked product for prenatal screening enabling clinical laboratories to offer a regulated NIPT in-house.
Reneuron Group plc 5.3p
Investment date March 2009 Forecasts for year to March 2016
Equity held 0.30% Turnover (GBP'000) 1,000
Purchase Price 3.2p Profit before tax (GBP'000) -9,200
Cost (GBP'000) 303 Estimated Net Cash (GBP'000) 80,800
Valuation (GBP'000) 504 Net Assets March 2015 (GBP'000) 13,136
Company Description:
Reneuron is a clinical-stage stem cell business investigating the use of novel stem cell therapies targeting areas of significant unmet or poorly met medical needs. The lead therapeutic candidate is ReN001, which is in clinical development for use in the treatment of patients left disabled by the effects of a stroke. The company has other programmes developing therapies for critical limb ischaemia, a series side effect of some forms of diabetes, and blindness-causing diseases of the retina.
TLA Worldwide plc 56.8p
Investment date November 2011 Forecasts for year to December 2015
Equity held 0.55% Turnover ($'000) 33,900
Purchase Price 20.1p Profit before tax ($'000) 12,700
Cost (GBP'000) 152 Net Cash ($'000) -22,400
Valuation (GBP'000) 428 Net Assets December 2014 ($'000) 34,823
Company Description:
TLA Worldwide is an integrated representation and marketing business. The company owns and operates sports agencies involved in athlete representation and sports marketing, with a focus primarily on professional baseball in the United States.
TrakM8 Holdings plc 168.0p
Investment date October 2013 Forecasts for year to March 2016
Equity held 2.02% Turnover (GBP'000) 25,000
Purchase Price 22.0p Profit before tax (GBP'000) 3,400
Cost (GBP'000) 134 Net Cash (GBP'000) -2,600
Valuation (GBP'000) 1,020 Net Assets March 2015 (GBP'000) 6,995
Company Description:
Trakm8, the M2M telematics company using big data analytics to improve driver behaviour is a leading technology designer, developer and manufacturer of telematics products and solutions. The Group, based in Shaftesbury, Dorset, distributes its hardware and software through a network of distributions worldwide. In addition, the Group provides vehicle monitoring and tracking services direct to the B2B market. Trakm8's IP owned products and services allow vehicles and drivers to be monitored, allowing organisations to manage deliveries and services, or track stolen vehicles down to five metres.
Date: 30 October 2015
For further information please contact:
Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT 2 plc
01253 754740
Statement of Directors' Responsibilities in respect of the
half-yearly financial report
In accordance with Disclosure Transparency Rule (DTR) 4.2.10,
David Hurst-Brown (Chairman), Philip Cammerman and Giles Hargreave,
the Directors, confirm that to the best of their knowledge:
-- The half yearly financial statements have been prepared in accordance
with Financial Reporting Standard 104 ("FRS104") issued by
the
Financial Reporting Council and the half-yearly report includes
a fair
review of the assets, liabilities, financial position and profit
of
the Company as at 31 August 2015 as required by DTR 4.2.4;
-- The interim management report included within the chairman's
statement, investment manager's report, investment portfolio
summary
and notes to the half yearly report includes a fair review of
the
information required by the Financial Conduct Authority
Disclosure and
Transparency Rules, being;
-- an indication of the important events that have occurred during the
first six months of the financial year and their impact on
the
condensed set of financial statements;
-- a description of the principal risks and uncertainties for the
remaining six months of the year; and
-- a description of related party transactions that have taken place in
the first six months of the current financial year, that may
have
materially affected the financial position or performance of
the
Company during that period and any changes in the related
party
transactions described in the last annual report that could do
so.
On behalf of the Board
David Hurst-Brown
Chairman
Date: 30 October 2015
Condensed Income Statement for the six month period to 31 August
2015 (unaudited)
For the six month period to For the six month period to
31 August 2015 (unaudited) 31 August 2014 (unaudited)
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Realised - 906 906 - 142 142
gains
on
investments
Unrealised - (527) (527) - (1,103) (1,103)
losses
on
investments
Income 66 - 66 65 - 65
----------- ----------- ----------- ----------- ----------- -----------
66 379 445 65 (961) (896)
Management (50) (149) (199) (32) (96) (128)
fee
Other (143) - (143) (110) - (110)
expenses
----------- ----------- ----------- ----------- ----------- -----------
(193) (149) (342) (142) (96) (238)
----------- ----------- ----------- ----------- ----------- -----------
(Loss)/return (127) 230 103 (77) (1,057) (1,134)
on
ordinary
activities
before
taxation
Taxation - - - - - -
----------- ----------- ----------- ----------- ----------- -----------
(Loss)/return (127) 230 103 (77) (1,057) (1,134)
and
total
other
comprehensive
income ----------- ---------- ---------- ----------- ----------- -----------
after
taxation
attributable
to
equity
shareholders
(Loss)/return (0.52)p 0.93p 0.41p (0.50)p (6.78)p (7.28)p
per
share
(Note
2)
(Basic
and
Diluted)
The total column of this statement is the income statement of
the Company. All revenue and capital items in the above statement
derive from continuing operations. The Company has no recognised
gains or losses other than the results for the six month period as
set out above. The accompanying notes are an integral part of these
financial statements.
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Condensed Income Statement for the year ended 28 February 2015
(audited)
For the year to
28 February 2015 (audited)
Revenue Capital Total
GBP000 GBP000 GBP000
Realised gains on investments - 313 313
Unrealised losses - (430) (430)
on investments
Income 116 - 116
----------- ----------- -----------
116 (117) (1)
Management fee (68) (206) (274)
Other expenses (234) - (234)
----------- ----------- -----------
(302) (206) (508)
----------- ----------- -----------
(Loss) on ordinary activities (186) (323) (509)
before taxation
Taxation - - -
----------- ----------- -----------
(Loss) and total other (186) (323) (509)
comprehensive
income after
taxation attributable to ----------- ----------- -----------
equity shareholders
(Loss) per share (Note 2) (1.09)p (1.88)p (2.97)p
(Basic and Diluted)
The total column of this statement is the income statement of
the Company. All revenue and capital items in the above statement
derive from continuing operations. There are no recognised gains or
losses other than the loss for the year. The accompanying notes are
an integral part of these financial statements.
Condensed Statement of financial position as at 31 August 2015
(unaudited)
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Fixed assets
Investments at fair value 21,458 15,868 17,544
through profit or loss
----------- ----------- -----------
Current assets
Prepayments and accrued income 16 33 26
Cash at bank 5,391 1,647 6,709
----------- ----------- -----------
5,407 1,680 6,735
Creditors: amounts falling
due within one year
Accruals and deferred income (149) (113) (141)
----------- ----------- -----------
Net current assets 5,258 1,567 6,594
----------- ----------- -----------
Net assets 26,716 17,435 24,138
----------- ----------- -----------
Capital and Reserves
Called up ordinary share capital 251 160 219
Share premium 16,673 6,721 13,118
Capital redemption reserve 4 2 3
Special reserve 6,011 7,503 7,124
Capital reserve - realised 756 (62) (1)
Capital reserve - unrealised 4,102 3,956 4,629
Revenue reserve (1,081) (845) (954)
----------- ----------- -----------
Total equity shareholders' funds 26,716 17,435 24,138
----------- ----------- -----------
Basic and diluted net asset 106.62p 109.05p 110.33p
value per share (Note 4)
The accompanying notes are an integral part of these financial
statements.
Condensed Statement of Changes in Equity for the six month
period to 31 August 2015 (unaudited)
Ordinary Called up Share Capital Special Capital Capital Revenue Total
Shares
share premium redemption reserve reserve reserve reserve
capital reserve realised unrealised
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 219 13,118 3 7,124 (1) 4,629 (954) 24,138
1 March
2015
Share (1) - 1 (111) - - - (111)
buybacks
Share 33 3,644 - - - - - 3,677
issue
proceeds
Share - (89) - - - - - (89)
issue
costs
Equity - - - (1,002) - - - (1,002)
dividends
paid
Realised - - - - 906 - - 906
gains
on
investments
Unrealised - - - - - (527) - (527)
(loss)
on
investments
Management - - - - (149) - - (149)
fee
charged
to
capital
Revenue - - - - - - (127) (127)
(loss)
after
taxation
for the
period
Total - - - - 757 (527) (127) 103
profit/(loss)
after
taxation
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
At 251 16,673 4 6,011 756 4,102 (1,081) 26,716
31 August
2015
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
Reserves available for distribution are capital reserve
realised, special reserve and revenue reserve. Total distributable
reserves at 31 August 2015 were GBP5.69 million. The accompanying
notes are an integral part of these financial statements.
Condensed Statement of Changes in Equity for the six month
period to 31 August 2014 (unaudited)
Ordinary Called up Share Capital Special Capital Capital Revenue Total
Shares
share premium redemption reserve reserve reserve reserve
capital reserve realised unrealised
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 139 4,217 2 8,152 (108) 5,059 (768) 16,693
1 March
2014
Share (0) - 0 (15) - - - (15)
buybacks*
Share 21 2,567 - - - - - 2,588
issue
proceeds
Share - (63) - - - - - (63)
issue
costs
Equity - - - (634) - - - (634)
dividends
paid
Realised - - - - 142 - - 142
gains
on
investments
Unrealised - - - - - (1,103) - (1,103)
(loss)
on
investments
Management - - - - (96) - - (96)
fee
charged
to
capital
Revenue - - - - - - (77) (77)
(loss)
after
taxation
for
the
period
Total - - - - 46 (1,103) (77) (1,134)
loss
after
taxation
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
At 160 6,721 2 7,503 (62) 3,956 (845) 17,435
31
August
2014
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
* 13,838 shares were bought back in the period with a nominal
value of GBP138.38.
Reserves available for distribution are capital reserve
realised, special reserve and revenue reserve. Total distributable
reserves at 31 August 2014 were GBP6.60 million. The accompanying
notes are an integral part of these financial statements.
Condensed Statement of Changes in Equity for the year ended 28
February 2015 (audited)
Ordinary Called up Share Capital Special Capital Capital Revenue Total
Shares
share premium redemption reserve reserve reserve reserve
capital reserve realised unrealised
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 139 4,217 2 8,152 (108) 5,059 (768) 16,693
1 March
2014
Share (1) - 1 (71) - - - (71)
buybacks
Share 81 9,073 - - - - - 9,154
issue
proceeds
Share - (172) - - - - - (172)
issue
costs
Equity - - - (957) - - - (957)
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dividends
paid
Realised - - - - 313 - - 313
gains
on
investments
Unrealised - - - - - (430) - (430)
(loss)
on
investments
Management - - - - (206) - - (206)
fee
charged
to
capital
Revenue - - - - - - (186) (186)
(loss)
after
taxation
for
the
period
Total - - - - 107 (430) (186) (509)
loss
after
taxation
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
At 219 13,118 3 7,124 (1) 4,629 (954) 24,138
28
February
2015
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
Reserves available for distribution are capital reserve
realised, special reserve and revenue reserve. Total distributable
reserves at 28 February 2015 were GBP6.17 million. The accompanying
notes are an integral part of these financial statements.
Condensed Statement of Cash Flows for the six month period to 31
August 2015 (unaudited)
31 August 2015 31 August 2014 28 February 2015*
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
(Loss)/return 103 (1,134) (509)
on ordinary
activities
before taxation
Realised (gains) (906) (142) (313)
on investments
Unrealised losses 527 1,103 430
on investments
Decrease/(Increase) 10 (9) (2)
in debtors
Increase in 8 4 32
creditors
----------- ----------- -----------
Net cash generated (258) (178) (362)
from/(used
in) operating
activities
Cash flows from
investing
activities
Purchase (5,549) (4,266) (6,609)
of investments
Disposal 2,014 1,498 3,009
of investments
----------- ----------- -----------
Net cash from (3,535) (2,768) (3,600)
investing
activities
Cash flows from
financing
activities
Proceeds from 3,677 2,588 9,154
share issues
Share issue costs (89) (63) (172)
Purchase of (111) (15) (71)
own shares
for cancellation
Equity dividends (1,002) (634) (957)
paid
----------- ----------- -----------
Net cash from 2,475 1,876 7,954
financing
activities
----------- ----------- -----------
Increase/(decrease) (1,318) (1,070) 3,992
in cash
and
cash equivalents
----------- ----------- -----------
Analysis of
net funds
Net cash at 6,709 2,717 2,717
beginning
of period/year
Net (1,318) (1,070) 3,992
cash
inflows/(outflows)
Net cash at end 5,391 1,647 6,709
of period/year
* 28 February 2015 cash flow represents annual results
Explanatory notes for the six month period to 31 August 2015
(unaudited)
1.Accounting Policies
Basis of preparation
The Company has prepared its financial statements under
Financial Reporting Standard 102 (FRS102) and in accordance with
the Statement of Recommended Practice for "Financial Statements of
Investment Trust Companies and Venture Capital Trusts" (the SORP)
which was revised in November 2014 by the Association of Investment
Companies.
This is the first period in which the financial statements have
been prepared under FRS102, however it has not been necessary to
re-state comparatives as the treatment previously applied aligns
with the requirements of FRS102.
A reconciliation of the Company's equity in accordance with its
previous financial reporting framework to its equity determined in
accordance with the new financial reporting framework has not been
included as the treatment previously applied aligns with the
requirements of FRS102.
A reconciliation of profit or loss determined in accordance with
its previous financial reporting framework for the comparable
interim period of the preceding financial year has not been
included as the treatment previously applied aligns with the
requirements of FRS102.
Financial Instruments - fair value measurement hierarchy
FRS 102 requires certain disclosures which require the
classification of financial assets and financial liabilities
measured at fair value using a fair value hierarchy that reflects
the significance of the inputs used in making the fair value
measurement.
The fair value hierarchy has the following levels:
Level Methodology
(a) The best evidence of fair value is a quoted price
for an identical asset in an active market.
Quoted in an active market in this context means
quoted prices are readily and regularly
available and those prices represent actual and
regularly occurring market transactions
on an arm's length basis. The quoted price
is usually the current bid price.
(b) When quoted prices are unavailable, the
price of a recent transaction
for an identical asset provides evidence
of fair value as long as
there has not been a significant change
in economic circumstances
or a significant lapse of time since the transaction took place.
If the entity can demonstrate that the
last transaction price is not
a good estimate of fair value (e.g.
because it reflects the amount
that an entity would receive or pay in
a forced transaction, involuntary
liquidation or distress sale), that price is adjusted.
(c) If the market for the asset is not active and recent transactions
of an identical asset on their own are
not a good estimate of fair value, an entity estimates
the fair value by using a valuation technique.
The objective of using a valuation technique is to
estimate what the transaction price would have been
on the measurement date in an arm's length exchange
motivated by normal business considerations.
Level Level (b) Level (c) Total
(a) Investments Investments Investments Investments
GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 16,665 2,653 2,140 21,458
31 August
2015 (unaudited)
Year ended 28 14,268 1,528 1,748 17,544
February
2015 (audited)
Six months ended 13,308 1,467 1,093 15,868
31 August
2014 (unaudited)
Investments
Listed investments and investments traded on AIM are stated at
closing bid market prices. Investments are recognised and
derecognised at trade date where a purchase or sale is under a
contract whose terms require delivery within the time frame
established by the market concerned, and are measured initially at
fair value.
These investments will be managed and their performance
evaluated on a fair value basis in accordance with a documented
investment strategy and information about them is provided
internally on that basis to the Board. Accordingly, as permitted by
FRS 102, the investments are designated as fair value through
profit or loss (FVTPL) on the basis that they qualify as a group of
assets managed, and whose performance is evaluated, on a fair value
basis in accordance with a documented investment strategy.
Subsequent to initial recognition, investments are valued at fair
value which is deemed to be bid market prices.
Gains and losses arising from changes in fair value (realised
and unrealised) are included in the net profit or loss for the
period as a capital item in the income statement and are ultimately
recognised in the unrealised capital reserve or realised capital
reserve (as appropriate).
Recognition of impairment and realised losses
If an investment has been impaired such that there is no
realistic expectation that there will be a full return from the
investment, the loss is treated as a permanent impairment and is
recognised as a realised loss in the financial statements.
Determining fair value
Where the classification of a financial instrument requires it
to be stated at fair value, this is determined by reference to the
quoted bid price in an active market wherever possible. Where no
such active market exists for the particular asset or liability,
the Company uses a valuation technique to arrive at the fair value,
including the use of prices obtained in recent arms-length
transactions, discounted cash flow analysis and other valuation
techniques commonly used by market participants. The fair value of
such assets or liabilities will be reviewed on a 6 monthly basis
and more frequently if events occur that could have a material
impact on the investment.
Income
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Equity dividends are taken into account on the ex-dividend date,
net of any associated tax credit. Fixed returns on non-equity
shares and debt securities are recognised on a time apportionment
basis so as to reflect the effective yield, provided there is no
reasonable doubt that payment will be received in due course. All
other income, including deposit interest receivable, is recognised
on an accruals basis. All revenue and capital items in the
unaudited income statement derive from continuing operations. There
are no other items of comprehensive income other than those
disclosed in the unaudited income statement.
Expenditure
All expenditure is accounted for on an accruals basis. 75% of
investment management fees are allocated to the capital reserve
realised and 25% to the revenue account in line with the Board's
expected long term split of investment returns in the form of
capital gains to the capital column of the income statement. All
other expenditure is charged to the revenue account.
Capital Reserves
Realised profits and losses on the disposal of investments,
losses realised on investments considered to be permanently
impaired and 75% of investment management fees are accounted for in
the capital reserve realised.
Increases and decreases in the valuation of investments held at
the period end are accounted for in the capital reserve
unrealised.
Operating Segments
There is considered to be one operating segment as reported to
the chief operating decision maker being investment in equity and
debt securities.
Taxation
The tax effect of expenditure is allocated between capital and
revenue on the same basis as the particular item to which it
relates, using the Company's effective rate of tax for the period.
Any liability to corporation tax is based on net revenue for the
period.
Dividends
Only dividends paid during the period are deducted from revenue
or capital reserves. Dividends which are declared subsequent to the
balance sheet date will not be shown as a liability in the balance
sheet.
Summary of dividends paid in the six months to 31 August 2015
and the financial year ending 28 February 2015 are detailed
below:
Six months ended Year ended 28 February
31 August 2015 (audited) GBP'000
2015 (unaudited)
GBP'000
Final capital dividend - 633
of 4
pence per share for the
year ended 28
February 2014
paid on 10 July 2014
Interim capital - 324
dividend of 2
pence per share
for the half
year ended 31
August 2014
paid on 31 October 2014
Final capital dividend 1,002 -
of 4 pence
per share for the year
ended 28 February
2015
paid on 28 August 2015
Total 1,002 957
Functional Currency
In accordance with FRS 102 the Company is required to nominate a
functional currency, being the currency in which the Company
predominantly operates. The Board has determined that sterling is
the Company's functional currency. Sterling is also the currency in
which these accounts are presented.
Repurchase of shares to hold in Treasury
The cost of repurchasing shares into treasury, including the
related stamp duty and transaction costs is charged to capital
reserves and dealt with in The Reconciliation of Movements in
Shareholder's Funds. Share repurchase transactions are accounted
for on a trade date basis. Where shares held in treasury are
subsequently cancelled, the nominal value of those shares is
transferred out of share capital and into capital redemption
reserve.
Should shares held in treasury be reissued, the sale proceeds
will be treated as a realised profit up to the amount of the
purchase price of those shares and will be transferred to capital
reserves. The excess of the sale proceeds over the purchase price
will be transferred to share premium.
Contingencies, guarantees and financial commitments
There were no contingencies, guarantees or financial commitments
of the Company at the 31 August 2015.
Capital Structure
Share Capital
Ordinary shares are classed as equity. The ordinary shares in
issue have a nominal value of one pence and carry one vote
each.
Reserves
A description of each of the reserves follows:
Share Premium
This reserve represents the difference between the issue price
of shares and the nominal value of shares at the date of issue, net
of related issue costs.
Capital Redemption Reserve
This reserve is used for the cancellation of shares bought back
under the buyback facility.
Special Reserve
Distributable reserve used to pay dividends and re-purchase
shares under the buyback facility.
Capital Reserve Realised
Gains and losses on realisation of investments.
Capital Reserve Unrealised
Unrealised gains and losses on investments.
Revenue Reserve
Net revenue profits and losses of the Company.
2.Earnings per share (Basic and Diluted)
The gain per ordinary share of 0.41 pence at 31 August 2015 (31
August 2014: loss 7.28 pence and 28 February 2015: loss 2.97 pence)
is based on the profit after tax for the period of GBP102,694 (31
August 2014: loss GBP1,134,065 and 28 February 2015: loss
GBP508,782) and the average number of ordinary shares in issue over
the period of 24,771,103 (31 August 2014: 15,579,666 and 28
February 2015: 17,152,222).
3.Cautionary Statement
The results should not be taken as a guide to the results for
the financial period ending 28 February 2016. This report may
contain forward looking statements with regards to the financial
condition and results of the Company, which are made in the light
of current economic and business circumstances. Nothing in this
report should be considered as a profit forecast.
4.Net asset value per share
The net asset value per ordinary share at 31 August 2015 of
106.62 pence (31 August 2014: 109.05 pence and 28 February 2015:
110.33 pence) after deducting the 4.00 pence dividend paid in
August 2015 is based on net assets of GBP26,716,143 (31 August
2014: GBP17,435,068 and 28 February 2015: GBP24,138,351) and on
25,058,142 shares (31 August 2014: 15,988,769 shares and 28
February 2015: 21,879,274 shares), being the number of ordinary
shares in issue as at 31 August 2015.
5.Publication of non-statutory accounts
The financial information contained in the 31 August 2015 income
statement, balance sheet, cash flow statement and reconciliation of
movements in shareholders' funds does not constitute full financial
statements and has not been audited.
6.Principle Risks and Uncertainties
The principal risks facing the Company relate to the Company's
investment activities and include regulatory risk, investment risk
and discount volatility. Other risks faced by the Company include
market risk, currency risk, interest rate risk, liquidity risk and
credit risk. These risks and the way in which they are managed are
described in more detail in the Company's annual report and
accounts for the year ended 28 February 2015. The Company's
principal risks and uncertainties have not changed materially since
the date of that report.
7.Transactions in shares
Buybacks
In total, the Company repurchased 105,941 shares during the six
month period ending 31 August 2015 at a total cost of
GBP110,515
Share Issues
In total, the Company issued 3,284,809 new shares during the six
month period ending 31 August 2015 raising net proceeds of
GBP3,587,781.
8.Related party transactions
Giles Hargreave, a director of the Company, is the chairman of
Hargreave Hale Limited and has an interest in excess of 7% in that
company. As such, Hargreave Hale Limited is considered to be a
related party to the Company. Hargreave Hale Limited acts as
investment manager, administrator, custodian and provides one
non-executive director and the company secretary to the Company.
All of the functions performed by Hargreave Hale Limited are
segregated by department and location and are independent of each
other.
Hargreave Hale Limited in its capacity as investment manager of
the fund receives annual fees of 1.5% per annum of the net assets
of the Company, calculated and payable quarterly in arrears. Fees
for the half-year are GBP198,739 (2014: GBP128,527). In relation to
the other support functions described above, Hargreave Hale Limited
also provides administration services, custody services, company
secretarial services and one non-executive director and received
fees of GBP38,500 per half-year (2014: GBP38,500) in relation to
these services. Of those fees, GBP105,240 (2014: GBP70,609) was
still owed at the half-year end.
At the Annual General Meeting held on 21 August 2015 an ordinary
resolution was passed to increase the annual administration charge
payable to Hargreave Hale Limited by GBP20,000 per annum to account
for an additional member of support staff required for Hargreave
Hale Limited to provide administrative services to the Company
under the current administration agreement.
This increased charge shall become effective once such
additional member of support staff has been employed (which will be
once shareholders have approved a similar increase for the annual
administration charge payable by Hargreave Hale AIM VCT 1 plc to
Hargreave Hale Limited, which is anticipated to be later in
2015).
Hargreave Hale Limited has agreed to indemnify the Company
against annual running costs (such costs excluding VAT, any
performance incentive fee and any trail commissions the payment of
which is the responsibility of the Company) exceeding 3.5% of its
net assets. No fees were waved by Hargreave Hale in the first half
of the financial year under the indemnity.
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