TIDMNCA2
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Chairman's Statement
The Net Asset Value (NAV) of your fund declined by 16.8% to
39.6p, compared to the FSTE AIM Allshare index which declined by
9.4% over the same period.
We made two further investments in the period, investing in
Cordel Group plc and Light Science Technologies plc. These new
investments have either a healthcare or technology bias where we
have seen an increased amount of interest from investors.
We made four sales where we either exited or top-sliced a
holding.
It has a been a particularly tricky period for the fund as
investors continued to be nervous of inflationary pressures,
interest rate rises, as well as the cost of living crisis, in
addition to constrained supply chains and the war in Ukraine that
all caused a general lack of appetite and liquidity in many small
companies. There have also been many redemptions across small and
micro-cap institutional funds which has had a negative effect on
share prices. Whilst we acknowledge the performance of the fund has
been disappointing, the second half of the year has started
positively with the NAV increasing by 3.2% when adjusting for the
2.5p dividend being paid. Indeed, over the past 3 years, from 20
July 2020 to 20 July 2023, it is the best performing AIM VCT fund
measured by NAV as well as share price. (source: Citywire).
We continue to have a wide spread of established companies
across a variety of sectors within the fund and whilst we hope your
fund will perform over the rest of the year, we are mindful that we
could see further volatility in the months ahead.
Geoffrey Gamble
Chairman
6 September 2023
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 30 June as at 31 December as at 30 June
2023 2022* 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 1,838 2,190 2,679
Current Assets
Uninvested
cash 405 405 354 354 356 356
Current
Liabilities
Creditors:
amounts due
within one
year (34) (131) (7)
2,209 2,413 3,028
Capital and
Reserves
Share capital 557 507 507
Share premium 547 382 382
Capital
redemption
reserve 171 171 171
Special
distributable
reserve 2,915 2,915 3,118
Capital
reserve -
realised (281) (62) (24)
Capital
reserve -
unrealised (1,487) (1,345) (1,007)
Revenue
reserve (213) (155) (119)
2,209 2,413 3,028
Net Asset Value 39.6p 47.6p 59.7p
per share
*Audited
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 6 month period ended 30
June 2023 Year to 31 December 2022* June 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments
Realised - 27 27 - (2) (2) - 37 37
Unrealised - (381) (381) - (1,481) (1,481) - (1,154) (1,154)
Income 11 - 11 27 - 27 15 - 15
Investment
management fees (3) (8) (11) (7) (22) (29) (4) (12) (16)
Other expenses (66) - (66) (110) - (110) (65) - (65)
Return on
ordinary
activities (58) (362) (420) (90) (1,505) (1,595) (54) (1,129) (1,183)
Tax on ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after taxation (58) (362) (420) (90) (1,505) (1,595) (54) (1,129) (1,183)
Return per
ordinary share
in pence (1.14) (7.06) (8.20) (1.80) (30.21) (32.01) (1.09) (23.07) (24.16)
*Audited
All revenue and capital items in the above statement are from continuing
operations in the current six month period. No operations were acquired or
discontinued in the current period. Other than that shown above, the Company had
no recognised gains or losses. Accordingly, the above represents the total
comprehensive income for the period.
The weighted average number of shares in issue during
the period was 5,118,039.
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Consolidated Statement of Changes in Equity
Called-up Share Capital Special
share Premium Redemption distributable Capital Capital Revenue
capital account reserve reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
January
2023 507 382 171 2,915 (62) (1,345) (155) 2,413
Realised
gains on
disposals
in period - - - - 27 - - 27
Unrealised
losses - - - - - (381) - (381)
Transfer of
unrealised
gain to
realised
on
disposal
of
investment - - - - (238) 238 - -
Net revenue
before
tax - - - - - - (58) (58)
New shares
issued 51 165 - - - - - 216
Capital
element of
investment
management
fee - - - - (8) - - (8)
________ ________ _________ _________ _______ ________ ________ ________
At 30 June
2023 557 547 171 2,915 (281) (1,487) (213) 2,209
As at 1
January
2022 461 57 171 3,118 (236) 334 (65) 3,840
Realised
loss on
disposals - - - - (2) - - (2)
Unrealised
losses - - - - - (1,481) - (1,481)
Transfer of
unrealised
gain to
realised
on
disposal
of
investment - - - - 199 (199) - -
Net revenue
before
tax - - - - - - (90) (90)
New shares
issued 46 325 - - - - - 371
Capital
element of
investment
management
fee - - - - (22) - - (22)
Dividends
paid - - - (203) - - - (203)
________ ________ _________ _________ ________ ________ ________ ________
At 31
December
2022 507 382 171 2,915 (62) (1,345) (155) 2,413
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Unaudited Consolidated Statement of Changes in Equity
(continued)
Called-up Share Capital Special
share Premium Redemption distributable Capital Capital Revenue
capital account reserve reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
January
2022 461 57 171 3,118 (236) 334 (65) 3,840
Realised
gains on
disposals - - - - 37 - - 37
Unrealised
gains - - - - - (1,154) - (1,154)
Transfer of
unrealised
loss to
realised
on
disposal
of
investment - - - - 187 (187) - -
Net revenue
before
tax - - - - - - (54) (54)
New shares
issued 46 325 - - - - - 371
Capital
element of
investment
management
fee - - - - (12) - - (12)
________ ________ _________ _________ ________ ________ ________ ________
At 30 June
2022 507 382 171 3,118 (24) (1,007) (119) 3,028
New Century AIM VCT 2 plc
For the six months to 30 June 2023
Investment Portfolio
Security Cost Valuation % %
30 June 2023 Cost Valuation
Qualifying Investments 3,253,173 1,819,493 87.20 81.12
Non-qualifying Investments 72,787 18,959 1.95 0.84
Uninvested funds 404,562 404,562 10.85 18.04
3,730,522 2,243,014 100.00 100.00
Qualifying Investments
AIM Quoted
Abingdon Health plc 35,218 4,198 0.94 0.19
Access Intelligence plc 10,053 17,750 0.27 0.79
Actual Experience plc 63,174 356 1.69 0.02
AFC Energy plc 50,254 39,438 1.35 1.76
Arecor Therapeutic plc 12,818 12,412 0.34 0.55
Audioboom Group plc 41,758 34,983 1.12 1.56
Belluscura plc 52,263 38,018 1.40 1.69
Blackbird plc 18,845 22,500 0.51 1.00
Brighton Pier Group plc 35,379 12,540 0.95 0.56
C4X Discovery Holdings plc 35,179 45,325 0.94 2.02
Clean Power Hydrogen plc 50,253 27,944 1.35 1.25
Cloudbuy plc 41,896 0 1.12 0.00
Coral Products plc 25,104 27,750 0.67 1.24
Cordel Group plc 30,656 31,517 0.82 1.41
Creo Medical Group plc 20,504 9,368 0.55 0.42
CyanConnode Holdngs plc 204,219 11,248 5.47 0.50
Deepverge plc 93,203 235 2.50 0.01
Destiny Pharma plc 175,882 86,962 4.71 3.88
Diaceutics plc 10,314 11,340 0.28 0.51
DP Poland plc 25,631 12,920 0.69 0.58
ECSC Group plc 20,104 18,546 0.54 0.83
Falanx Group Ltd 85,234 9,740 2.28 0.43
Feedback plc 100,511 59,933 2.69 2.67
Fusion Antibodies plc 7,540 746 0.20 0.03
Gfinity plc 33,229 971 0.89 0.04
I-Nexus Global plc 30,153 1,473 0.81 0.07
Inspired plc 33,641 107,100 0.90 4.77
Intelligent Ultrasound Group
plc 134,808 108,957 3.61 4.86
Kinovo plc 52,465 36,270 1.41 1.62
Let's Explore plc 33,420 12,218 0.90 0.54
Libertine Holdings plc 125,628 43,750 3.37 1.95
Light Science Technologies plc 50,254 47,500 1.35 2.12
Location Sciences Group plc 72,643 4,044 1.95 0.18
Loopup Group plc 15,078 269 0.40 0.01
Security Cost Valuation % %
30 June 2023 Cost Valuation
Lunglife AI Inc 20,104 2,875 0.54 0.13
M.Winkworth plc 56,280 98,700 1.51 4.40
Marechale Capital plc 75,752 11,925 2.03 0.53
Microsaic Systems plc 142,261 158 3.81 0.01
Mirriad Advertising plc 30,154 1,849 0.81 0.08
MyHealthChecked plc 103,202 63,963 2.77 2.85
N4 Pharma plc 40,204 6,000 1.08 0.27
Nexteq plc 8,091 28,000 0.22 1.25
Pelatro plc 25,128 3,200 0.67 0.14
PHSC plc 50,256 24,000 1.35 1.07
Polarean Imaging plc 7,539 12,075 0.20 0.54
Property Franchise Group plc 45,482 115,721 1.22 5.16
Rosslyn Data Technologies plc 23,219 455 0.62 0.02
Scancell Holdings plc 45,233 42,900 1.21 1.91
SEEEN plc 100,511 26,444 2.69 1.18
Solid State plc 35,248 170,994 0.94 7.62
SRT Marine Systems plc 4,523 13,000 0.12 0.58
Strip Tinning plc 15,890 5,127 0.43 0.23
Sysgroup plc 45,232 21,975 1.21 0.98
Trellus Health plc 25,128 3,438 0.67 0.15
Tristel plc 1,651 14,160 0.04 0.63
Verici Dx plc 101,505 42,354 2.72 1.89
XP Factory plc 31,006 4,216 0.83 0.19
Yourgene Health plc 40,204 388 1.08 0.02
Yu Group plc 20,504 67,589 0.55 3.01
2,921,616 1,679,824 78.32 74.89
Qualifying Investments
AQSE Quoted
Sulnox Grp plc 135,786 108,522 3.64 4.84
Truspine Technology plc 100,283 13,500 2.69 0.60
236,069 122,022 6.33 5.44
Qualifying Investments
Unlisted Investments
Anglo African Oil & Gas plc 65,329 0 1.75 0.00
LightwaveRF plc 30,158 17,647 0.81 0.79
95,487 17,647 2.56 0.79
Total qualifying investments 3,253,173 1,819,493 87.20 81.12
Security Cost Valuation % %
30 June 2023 Cost Valuation
Non Qualifying Investments
AIM Quoted
Audioboom Group plc 1,163 207 0.03 0.01
Rotala plc 9,907 11,098 0.27 0.49
Tristel plc 60 354 0.00 0.02
11,130 11,659 0.30 0.52
Non Qualifying Investments
UK Listed
Twentyfour Income Fund Ltd 9,852 7,300 0.26 0.32
9,852 7,300 0.26 0.32
Non Qualifying Investments
Unlisted Investments
China Food Co plc 31,547 0 0.85 0.00
Sorbic International plc 10,205 0 0.27 0.00
Mar City plc 10,053 0 0.27 0.00
51,805 0 1.39 0.00
Total non-qualifying investments 72,787 18,959 1.95 0.84
New Century AIM VCT 2 plc
Notes to the Accounts
For the six months to 30 June 2023
This interim financial information and the unaudited interim
accounts for the six months to 30 June 2023 from which it has been
extracted, are the responsibility of the directors and were
approved by them on 31 August 2023, do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006 and have not been delivered to the Registrar of Companies.
The Company is an investment company as defined in Section 833
of the Companies Act 2006. The unaudited interim accounts have been
prepared in accordance with the Financial Reporting Council's (FRC)
Financial Reporting Standard 104 Interim Financial Reporting
(January 2022) and with the Statement of Recommended Practice for
Investment Companies re-issued by the Association of Investment
Companies in November 2014 and updated in July 2022.
The unaudited interim accounts have been prepared using
accounting policies that the Company applied in the accounts for
the year ended 31 December 2022, incorporating FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of
Ireland. The Company considers these accounting policies will be
used in the accounts for the year ending 31 December 2023.
Listed, AIM or AQUIS Markets - traded investments are stated at
market value, which is based upon market bid prices in an active
market at the balance sheet date. These would all meet tier 1 of
the fair value hierarchy.
5,067,643 Ordinary Shares of 10 pence each were in issue from 1
January 2023 until 12 June 2023. On the 13 June 2023 the Company
issued 506,760 new shares at a price of 42.55p per share. At the 30
June 2023 there were 5,574,403 shares in issue. The average
weighted number of shares in issue in the period was 5,118,039.
Net Asset Value per share at 30 June 2023 was 39.6p (at 31
December 2022: 47.6p; 30 June 2022: 59.7p).
No dividend was paid in the period, but a final dividend for the
year ended 31 December 2022, of 2.5p per share (totaling
GBP139,360) was paid on 21 July 2023.
There have not been any other significant events since the
balance sheet date.
New Century AIM VCT 2 plc is managed by Oberon Investments
Limited ('OIL'). Under the terms of the management agreement, OIL
is entitled to a fee (exclusive of VAT) equal to 1% per annum of
the net assets of the Company. During the period the management fee
was GBP10.7k (the year ended 31 December 2022, GBP28.8k; the period
ended 30 June 2022, GBP16.3k).
Bearing in mind that the assets of the Company consist mainly of
marketable securities, the directors are of the opinion that at the
time of approving this interim financial information, the Company
has adequate resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing this interim financial
information.
Copies of the Interim Report to Shareholders have been sent to
shareholders and are available at the Company's Registered Office:
Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R
7QR.
New Century AIM VCT 2 plc
Directors, Investment Managers and Advisors
Directors Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Ian Cameron-Mowat
Simon Like
Secretary Tricor Secretaries Ltd
and registered office 4th Floor, 50 Mark Lane
London EC3R 7QR
Registrar Neville Registrars Limited
Neville House
Steelpark Road
Halesowen
West Midlands B62 8HD
Solicitors Dundas & Wilson
5(th) Floor, Northwest Wing
Bush House
Aldwych
London WC2B 4EZ
Investment Manager and Broker Oberon Investments Limited
1(st) Floor
12 Hornsby Square
Southfields Business Park
Basildon
Essex SS15 6SD
Auditor Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230906924338/en/
CONTACT:
New Cent. Aim Vct 2
SOURCE: New Cent. Aim Vct 2
Copyright Business Wire 2023
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
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