TIDMKAY
Kings Arms Yard VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency
Rule 4.2, Kings Arms Yard VCT PLC today makes public its information
relating to the Half-yearly Financial Report (which is unaudited) for
the six months to 30 June 2015. This announcement was approved by the
Board of Directors on 27 August 2015.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2015 will shortly be sent to shareholders. Copies of
the full Half-yearly Financial Report will be shown via the Albion
Ventures LLP website by clicking
www.albion-ventures.co.uk/ourfunds/KAY.htm under the 'Investor Centre'
in the 'Financial Reports and Circulars' section.
Investment objectives
The Company is a Venture Capital Trust. The investment policy is
intended to produce a regular and predictable dividend stream with an
appreciation in capital value as set out below.
-- The Company intends to achieve its strategy by
adopting an investment policy for new investments
which over time will rebalance the portfolio such
that approximately 50 per cent. of the portfolio
comprises an asset-backed portfolio of more stable,
ungeared businesses, principally operating in the
healthcare, environmental and leisure sectors (the
"Asset-Backed Portfolio"). The balance of the
portfolio, other than funds retained for liquidity
purposes, will be invested in a portfolio of higher
growth businesses across a variety of sectors of the
UK economy. These will range from more stable, income
producing businesses to a limited number of higher
risk technology companies (the "Growth Portfolio").
-- In neither category would portfolio companies
normally have any external borrowing with a charge
ranking ahead of the Company. Up to two-thirds of
qualifying investments by cost will comprise loan
stock secured with a first charge on the portfolio
company's assets.
-- The Company's investment portfolio will thus be
structured to provide a balance between income and
capital growth for the longer term. The Asset-Backed
Portfolio is designed to provide stability and income
whilst still maintaining the potential for capital
growth. The Growth Portfolio is intended to provide
highly diversified exposure through its portfolio of
investments in unquoted UK companies.
-- Funds held pending investment or for liquidity
purposes will be held as cash on deposit or in
floating rate notes or similar instruments with banks
or other financial institutions with high credit
ratings assigned by international credit rating
agencies.
Financial calendar
Record date for second dividend 2 October 2015
Payment date of second dividend 30 October 2015
Financial year end 31 December 2015
Financial highlights
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
(pence per share) (pence per share) (pence per share)
Net asset value 19.90 19.98 19.31
Dividends paid 0.50 0.50 1.00
Revenue return 0.16 0.15 0.27
Capital return/(loss) 0.92 (0.13) (0.43)
Net asset value
enhancement as a
result of share
buy-backs 0.01 0.01 0.02
Shareholder net From Launch to 1 January 2011* to From Launch to
asset value total 31 December 2010 30 June 2015 30 June 2015
return (pence per share) (pence per share) (pence per share)
Subscription price
per share at
launch 100.00 - 100.00
Dividends paid 58.66 4.17 62.83
(Decrease)/increase
in shareholder net
asset value (83.40) 3.30 (80.10)
Shareholder net
asset value total
return 75.26 7.47 82.73
* Date that Albion Ventures LLP was appointed Manager.
Current annual dividend objective (pence per share) 1.00
The Directors have declared a second dividend of 0.5 pence per share for
the year ended 31 December 2015, which will be paid on 30 October 2015
to shareholders on the register as at 2 October 2015.
The above financial summary is for the Company, Kings Arms Yard VCT PLC
only. Details of the financial performance of the various Quester,
SPARK and Kings Arms Yard VCT 2 PLC companies, which have been merged
into the Company, can be found at the end of this announcement.
Chairman's statement
Introduction
We are pleased to report a total return of 5.6% in the six month period
to 30 June 2015. The Manager continues to rebalance the portfolio so
that asset backed investments now comprise approximately a third of net
asset value. The Company reported a profit in the period, excluding the
uplift in portfolio valuation, as investment income covered the annual
operating costs including management fee and other expenses.
Results
Net asset value per share increased in the period from 19.31 pence per
share at 31 December 2014 to 19.90 pence per share at 30 June 2015,
following the payment of a 0.50 pence per share dividend on 30 April
2015. Total net asset value return (per 100 pence originally invested)
has risen in the period from 81.64 pence per share at 31 December 2014
to 82.73 pence per share on 30 June 2015 (30 June 2014: 81.81 pence per
share).
Both the asset-backed investment portfolio and the growth portfolio have
shown overall improvements in value.
Investment activity
There has been a reasonable level of investment activity in the six
months ended 30 June 2015 with GBP2.2m invested in existing portfolio
companies. No new companies were added to the portfolio in the period,
partly as a result of the significant investment activity in 2014 and
related follow-on investments in 2015 which include three new build
freehold care homes in Cumnor Hill (Oxford), Hillingdon (Uxbridge) and
Shinfield (Reading).
The most significant follow-on investments include: Chonais River Hydro
(GBP550,000); Elateral Group Holdings (GBP300,000); Perpetuum
(GBP180,000); and Abcodia (GBP130,000).
During the period, the Company sold its stake in Cluster Seven for
GBP1.9m and disposed of GBP0.7m worth of shares in Oxford Immunotec
Global PLC.
Valuations
Once again the Board has rigorously examined and revalued the portfolio.
The net effect has been a GBP2.3m uplift partly as a result of third
party revaluations following the achievement of critical stages in asset
backed projects and partly improved performance in the growth portfolio,
including an increase of GBP0.8m in the value of Lab M Holdings Limited,
the disposal of which had been under negotiation for some time. The sale
was completed on 27th August after the balance sheet date. Overall the
asset backed investments have increased in value by GBP1.1m and the
growth companies have increased in value by GBP1.2m despite a loss on
disposal of Cluster Seven of GBP0.5m.
Net asset value split as at 30 June 2015
Set out at the bottom of this announcement are sector and asset class
diversification pie charts of the net asset value of the Company as at
30 June 2015.
Dividends
Progress to date gives the Board confidence in the sustainability of our
dividend policy and we are therefore pleased to announce a further
dividend of 0.50 pence per share to be paid on 30 October 2015, to
shareholders on the register as at 2 October 2015.
Transactions with the Manager
Details of transactions with the Manager for the reporting period can be
found in note 4 of this Half-yearly Financial Report. Details of related
party transactions can be found in note 12.
Albion VCTs Top Up Offers
During the period 1 January 2015 to the date of this report, the Company
has raised GBP4.5 million under the Albion VCTs Top Up Offers, which
will close on 30 September 2015 unless fully subscribed earlier.
The proceeds of the Offers are being used to provide further resources
at a time when a number of attractive new investment opportunities are
being seen.
Share buy-backs
It remains the Company's policy to buy-back shares in the market,
subject to the overall constraint that such purchases are in the
Company's interest. This includes the maintenance of sufficient cash
resources for investment in new and existing portfolio companies and the
continued payment of dividends to shareholders. It is the Board's
current intention for such buy-backs to be in the region of a 5 per
cent. discount to net asset value, so far as market conditions and
liquidity permit.
In view of other investment opportunities available, the Company intends
to limit the amount of buy-backs during the six month period to 31
December 2015 to approximately GBP0.75m, unless a material investment
exit occurs.
Risks and uncertainties
The outlook for the UK economy continues to be the key risk affecting
your Company. Investment in small and unquoted companies also carries
particular risks of its own. The Company's investment risk is mitigated
by a number of processes, including our policy of ensuring that the
Company has a first charge over portfolio companies' assets wherever
possible.
Other risks and uncertainties remain unchanged and are as detailed in
note 14.
Changes in VCT legislation
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
The July budget introduced a number of changes to VCT legislation,
including restrictions over the age of investments, a prohibition on
management buyouts or the purchase of existing businesses and an overall
lifetime investment cap of GBP12m from tax-advantaged funds into any
portfolio company. While these changes are significant, had they been in
place previously they would only have affected a relatively small
minority of the investments that we have made into new portfolio
companies over recent years. Our current view is that there will be no
change in our investment policy as a result of these changes, but the
legislation is still being worked on and we will have a more detailed
view of its effect after Royal Assent, expected in October 2015.
Outlook
Whilst the UK economy continues to improve, uncertainties remain
including the impact of any withdrawal of monetary stimulation
(Quantitative Easing and ultra-low interest rates) and sovereign and
consumer debt burdens. In addition, the global economic environment
remains uncertain.
Your Board nonetheless believes the current investment policy of
combining asset-backed, income yielding investments with investments
offering a higher risk/return profile, offers the best prospect of
further improvements in capital value and a sustainable long term
dividend.
Robin Field
Chairman
27 August 2015
Responsibility statement
The Directors, Robin Field, Thomas Chambers and Martin Fiennes, are
responsible for preparing the Half-yearly Financial Report. In preparing
these condensed Financial Statements for the period to 30 June 2015 we,
the Directors of the Company, confirm that to the best of our knowledge:
(a) the condensed set of Financial Statements, which has been prepared
in accordance with the pronouncement on interim reporting issued by the
Accounting Standards Board, gives a true and fair view of the assets,
liabilities, financial position and profit and loss of the Company as
required by DTR 4.2.4;
(b) the interim management report, of which the Chairman's statement
forms a part, includes a fair review of the information required by DTR
4.2.7R (indication of important events during the first six months and
description of principal risks and uncertainties for the remaining six
months of the year); and
(c) the interim management report, of which the Chairman's statement
forms a part, includes a fair review of the information required by DTR
4.2.8R (disclosure of related parties' transactions and changes
therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
By order of the Board
Robin Field
Chairman
27 August 2015
Portfolio of investments
The following is a summary of fixed asset investments as at 30 June
2015:
Cumulative movement Change in
Fixed asset % voting Cost(1) in value Value value for the period(2)
investments rights GBP'000 GBP'000 GBP'000 GBP'000
Asset-backed
unquoted
investments
Chonais River
Hydro Limited 6.5 2,428 302 2,729 276
Active Lives
Care Limited 15.5 2,062 96 2,158 46
Alto Prodotto
Wind Limited 11.1 1,000 473 1,473 131
The Street by
Street Solar
Programme
Limited 10.0 1,040 417 1,457 68
Regenerco
Renewable
Energy Limited 9.8 988 244 1,232 120
Ryefield Court
Care Limited 11.0 1,103 54 1,158 27
Dragon Hydro
Limited 17.2 736 373 1,109 222
Bravo Inns II
Limited 5.0 800 17 817 4
Gharagain River
Hydro Limited 5.0 620 157 777 150
AVESI Limited 14.8 484 103 587 54
Greenenerco
Limited 8.6 300 155 455 53
Erin Solar
Limited 5.7 160 (3) 157 (3)
Infinite
Ventures
(Goathill)
Limited 2.7 112 - 112 -
Harvest AD
Limited 0.0 70 - 70 -
Total asset-backed
unquoted investments 11,903 2,388 14,291 1,148
High growth
unquoted
investments
Elateral Group
Limited 37.7 3,644 1,617 5,261 (38)
Sift Limited 40.1 3,277 (670) 2,607 (34)
Lab M Holdings
Limited 26.4 858 1,243 2,101 759
Proveca Limited 16.4 930 463 1,393 48
Hilson Moran
Holdings
Limited 15.0 460 770 1,230 272
MyMeds&Me
Limited 6.4 730 410 1,140 419
Perpetuum
Limited 15.0 1,773 (652) 1,121 170
OmPrompt
Holdings
Limited 7.4 900 21 921 11
Antenova Limited 21.3 1,585 (728) 857 385
Academia Inc 5.3 351 497 848 (15)
Xention Limited 5.1 608 194 802 -
Symetrica
Limited 3.5 389 253 642 8
Egress Software
Technology
Limited 4.3 430 110 540 32
Haemostatix
Limited 18.9 1,642 (1,124) 518 (72)
Abcodia Limited 5.0 428 60 488 57
Anthropics
Technology
Limited 12.4 - 427 427 (196)
Celoxica
Holdings plc 4.4 513 (144) 369 -
Relayware
Limited 1.4 325 12 337 4
Grapeshot
Limited 2.5 309 - 309 -
Aridhia
Informatics
Limited 0.8 299 (65) 234 (21)
Cisiv Limited 2.6 170 60 230 61
Mirada Medical
Limited 1.1 230 (7) 223 (7)
The Wentworth
Wooden Jigsaw
Company
Limited 5.4 - 145 145 5
Ario Pharma
Limited 1.7 - 96 96 -
Silent Herdsman
Holdings
Limited 3.7 153 (75) 78 (19)
Sandcroft Avenue
Limited (T/A
payasugym.com) 1.3 84 (10) 74 -
Xtera
Communications
Inc 0.9 85 (75) 10 -
Uniservity
Limited(3) 93.6 250 (240) 10 (140)
Oxonica Limited 2.1 185 (184) 1 -
TeraView Limited 1.0 1 - 1 -
Lectus
Therapeutics
Limited 4.5 - 1 1 -
Keronite Group
Limited 1.1 - 1 1 -
De Nova
Pharmaceuticals
Limited 0.0 - 1 1 -
Furzeland
Limited 0.0 - 1 1 -
Total high growth unquoted
investments 20,609 2,408 23,017 1,689
Total unquoted investments 32,512 4,796 37,308 2,837
Quoted investments
Oxford Immunotec Global
PLC (NASDAQ) 1,114 1,407 2,521 19
Total quoted investments 1,114 1,407 2,521 19
Total fixed asset
investments 33,626 6,203 39,829 2,856
Total change in value on investments for the period 2,856
Movement in loan stock accrued interest (119)
Unrealised gains sub-total 2,737
Realised losses in current period (486)
Total gains on investments as per Income statement 2,251
(1) Amounts shown as cost represent the acquisition cost in the
case of investments originally made by the Company and/or the valuation
attributed to the investments acquired from Quester VCT 2 plc and
Quester VCT 3 plc at the date of the merger in 2005, plus any subsequent
acquisition costs, as reduced in certain cases by amounts written off as
representing an impairment in value.
(2) As adjusted for additions and disposals during the period.
(3) In accordance with FRS102 a subsidiary shall be excluded from
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
consolidation where the interest in the subsidiary is held exclusively
with a view for subsequent re-sale and held as part of an investment
portfolio. These should be measured at fair value, with changes in fair
value recognised in profit or loss.
Opening
Fixed asset realisations in the period to 30 June Cost carrying value Disposal proceeds Total realised (loss)/gain on cost (Loss)/gain on opening or acquired value
2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cluster Seven Limited 2,076 2,400 1,928 (148) (472)
Oxford Immunotec Global PLC 307 688 683 376 (5)
Orchard Portman Group 175 206 225 50 19
Perpetuum Limited (loan stock repayment) 51 51 63 12 12
Hilson Moran Holdings Limited (loan stock
repayment) 35 48 48 13 -
Clear2Pay NV - - 3 3 3
Atego Group Limited (escrow adjustment) - - (43) (43) (43)
Total 2,644 3,393 2,907 263 (486)
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on
investments 2 - 2,251 2,251 - 40 40 - (370) (370)
Investment
income 3 582 - 582 546 - 546 1,007 112 1,119
Investment
management
fees 4 (101) (303) (404) (100) (300) (400) (200) (601) (801)
Other expenses (132) - (132) (145) - (145) (270) - (270)
Exchange rate
movement (9) - (9) (2) - (2) (2) - (2)
Return/(loss)
on ordinary
activities
before tax 340 1,948 2,288 299 (260) 39 535 (859) (324)
Tax on ordinary
activities - - - - - - - - -
Return/(loss)
on ordinary
activities
after tax 340 1,948 2,288 299 (260) 39 535 (859) (324)
Basic and
diluted
return/(loss)
per share
(pence)* 6 0.16 0.92 1.08 0.15 (0.13) 0.02 0.27 (0.43) (0.16)
*Excluding treasury shares
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2014 and the audited
statutory accounts for the year ended 31 December 2014.
The total column of this Condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice.
All revenue and capital items in the above statement derive from
continuing operations.
The Company has only one class of business and derives its income from
investments made in shares and securities and from bank deposits.
There are no recognised gains or losses other than the results for the
periods disclosed above. Accordingly a Statement of comprehensive
income is not required. The difference between the reported
return/(loss) on ordinary activities before tax and the historical cost
profit/(loss) is due to the fair value movements on investments. As a
result a note on historical cost profit and losses has not been
prepared.
Condensed balance sheet
Unaudited Unaudited Audited
30 June 2015 30 June 2014 31 December 2014
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments 39,829 35,876 38,205
Current assets
Trade and other
receivables less
than one year 835 2,304 473
Current asset
investments - 470 -
Cash and cash
equivalents 9 3,648 1,463 798
4,483 3,767 1,271
Total assets 44,312 40,113 39,476
Creditors: amounts
falling due within
one year
Trade and other
payables less than
one year (341) (305) (535)
Net assets 43,971 39,808 38,941
Equity attributable
to equity
shareholders
Called up share
capital 7 2,501 2,214 2,265
Share premium 7,796 2,476 3,444
Capital redemption
reserve 11 11 11
Investment holding
reserve 5,969 338 3,981
Other distributable
reserve 27,694 34,769 29,240
Total equity
shareholders'
funds 43,971 39,808 38,941
Basic and diluted
net asset value
per share
(pence)* 19.90 19.98 19.31
*Excluding treasury shares
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2014 and the audited
statutory accounts for the year ended 31 December 2014.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 27 August 2015 and were signed on its behalf by
Robin Field
Chairman
Company number: 03139019
Condensed statement of changes in equity
Capital Investment Other
Called-up share Share redemption holding distributable
capital premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January 2015 2,265 3,444 11 3,981 29,240 38,941
Return/(loss) and total comprehensive income for the
period - - - 2,737 (449) 2,288
Transfer of previously unrealised gains on disposal
of investments - - - (749) 749 -
Purchase of treasury shares - - - - (767) (767)
Issue of equity 236 4,484 - - - 4,720
Cost of issue of equity - (132) - - - (132)
Equity dividends paid - - - - (1,079) (1,079)
As at 30 June 2015 2,501 7,796 11 5,969 27,694 43,971
As at 1 January 2014 2,099 82 - 1,711 35,370 39,262
Return/(loss) and total comprehensive income for the
period - - - 613 (574) 39
Transfer of previously unrealised gains on disposal
of investments - - - (1,986) 1,986 -
Purchase of treasury shares - - - - (788) (788)
Purchase of shares for cancellation (11) - 11 - (214) (214)
Issue of equity 126 2,466 - - - 2,592
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
Cost of issue of equity - (72) - - - (72)
Equity dividends paid - - - - (1,011) (1,011)
As at 30 June 2014 2,214 2,476 11 338 34,769 39,808
As at 1 January 2014 2,099 82 - 1,711 35,370 39,262
Loss and total comprehensive income for the year - - - (279) (45) (324)
Transfer of previously unrealised losses on disposal
of investments - - - 2,549 (2,549) -
Purchase of shares for cancellation (11) - 11 - (214) (214)
Purchase of treasury shares - - - - (1,297) (1,297)
Issue of equity 177 3,466 - - - 3,624
Cost of issue of equity - (104) - - - (85)
Equity dividends paid - - - - (2,025) (2,025)
As at 31 December 2014 2,265 3,444 11 3,981 29,240 38,941
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2014 and the audited
statutory accounts for the year ended 31 December 2014.
The total distributable reserves are GBP27,694,000 (30 June 2014:
GBP34,769,000; 31 December 2014: GBP29,240,000).
Condensed statement of cash flows
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
Note GBP'000 GBP'000 GBP'000
Cash flow from
operating
activities
Loan stock income
received 384 338 829
Deposit interest
received 9 151 164
Dividend income
received 62 159 77
Investment
management fees
paid (596) (379) (379)
Other cash payments (175) (147) (451)
Net cash flow from
operating
activities 8 (316) 122 240
Cash flow from
investing
activities
Purchase of fixed
asset investments (2,164) (4,895) (8,353)
Disposal of fixed
asset investments 3,136 39 3,899
Disposal of current
asset investments - 3,750 3,750
Cash from
investments
previously sold or
written off - 708 30
Net cash flow from
investing
activities 972 (398) (674)
Cash flow from
financing
activities
Issue of share
capital 3,918 2,479 3,450
Cost of issue of
shares (6) (2) (3)
Equity dividends
paid* (1,003) (968) (1,929)
Purchase of own
shares (including
costs) (715) (995) (1,511)
Net cash flow from
financing
activities 2,194 514 7
Increase/(decrease)
in cash and cash
equivalents 2,850 238 (427)
Cash and cash
equivalents at
start of period 798 1,225 1,225
Cash and cash
equivalents at end
of period 9 3,648 1,463 798
Cash and cash
equivalents
comprise:
Cash at bank and in
hand 3,648 1,463 798
Cash equivalents - - -
Total cash and cash
equivalents 3,648 1,463 798
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2014 and the audited
statutory accounts for the year ended 31 December 2014.
* The equity dividend paid in the cash flow is different to the dividend
disclosed in note 5 due to the non-cash effect of the Dividend
Reinvestment Scheme.
Notes to the condensed Financial Statements
1. Basis of preparation
The condensed Financial Statements have been prepared in accordance with
the historical cost convention, modified to include the revaluation of
investments, in accordance with applicable United Kingdom law and
accounting standards, including Financial Reporting Standard 102 ("FRS
102"), and with the 2014 Statement of Recommended Practice "Financial
Statements of Investment Trust Companies and Venture Capital Trusts"
("SORP") issued by The Association of Investment Companies ("AIC"). This
is the first period in which the financial statements have been prepared
under FRS 102. There has been no material change in the accounting
policies and so there has been no restatement of comparatives.
The half-yearly report has not been audited, nor has it been reviewed by
the auditor pursuant to the FRC's guidance on Review of interim
financial information.
Accounting policies
Consolidation
In accordance with FRS 102, a subsidiary is excluded from consolidation
where the interest in the subsidiary is held exclusively with a view for
subsequent re-sale and is held as part of an investment portfolio. These
should be measured at fair value, with changes in fair value recognised
in profit or loss.
The results of UniServity Limited, where the Company holds in excess of
50% of that company's equity are, therefore, excluded from consolidation
as the interest in UniServity Limited is held as part of an investment
portfolio.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at fair value through
profit or loss.
Fixed asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
Upon initial recognition (using trade date accounting) investments are
designated by the Company as 'at fair value through profit or loss' and
are included at their initial fair value, which is cost (excluding
expenses incidental to the acquisition which are written off to the
income statement).
Subsequently, the investments are valued at 'fair value', which is
measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations;
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEVCV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, prices of recent investment rounds, net assets and
industry valuation benchmarks. Where the Company has an investment in an
early stage enterprise, the price of a recent investment round is often
the most appropriate approach to determining fair value. In situations
where a period of time has elapsed since the date of the most recent
transaction, consideration is given to the circumstances of the portfolio
company since that date in determining fair value. This includes
consideration of whether there is any evidence of deterioration or strong
definable evidence of an increase in value. In the absence of these
indicators, the investment in question is valued at the amount reported
at the previous reporting date. Examples of events or changes that could
indicate a diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was based;
-- a significant adverse change either in the portfolio company's business
or in the technological, market, economic, legal or regulatory
environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a fall in
the share prices of quoted businesses operating in the same or related
sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Gains and losses on investments
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
Gains and losses arising from changes in the fair value of the
investments are included in the Income statement for the period as a
capital item and are allocated to the investment holding reserve.
Investment income
Dividends receivable on quoted equity shares are recognised on the
ex-dividend date. Income receivable on unquoted equity and non-equity
shares and loan notes is recognised when the Company's right to receive
payment and expect settlement is established. Fixed returns on
non-equity shares and debt securities are recognised on a time
apportionment basis using an effective interest rate over the life of
the financial instrument. Income which is not capable of being received
within a reasonable period of time is reflected in the capital value of
the investment. Interest income is recognised on an accruals basis using
the rate of interest agreed with the bank.
Investment management fees and other expenses
All expenses, including expenses incidental to the acquisition or
disposal of an investment, are accounted for on an accruals basis and
are charged to the Income statement except for 75% of management fees
which are allocated to capital to the extent that these relate to an
enhancement in the value of the investments. This is in line with the
Board's expectation that over the long term 75% of the Company's
investment returns will be in the form of capital gains.
Costs associated with the issue of shares are charged to the share
premium account. Costs associated with the buy-back of shares are
charged to the other distributable reserve, which now includes the
special reserve to which these costs were previously charged.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the financial
statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in financial statements.
Foreign exchange
The currency of the primary economic environment in which the Company
operates (the functional currency) is pounds Sterling ("Sterling"),
which is also the presentational currency of the Company. Transactions
involving currencies other than Sterling are recorded at the exchange
rate ruling on the transaction date. At each Balance sheet date,
monetary items and non-monetary assets and liabilities that are measured
at fair value, which are denominated in foreign currencies, are
retranslated at the closing rates of exchange. Exchange differences
arising on settlement of monetary items and from retranslating at the
Balance sheet date of investments and other financial instruments
measured at fair value through profit or loss, and other monetary items,
are included in the Income statement. Exchange differences relating to
investments and other financial instruments measured at fair value are
subsequently included in the Investment holding reserve.
Reserves
Share premium account
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs and
transfers to other distributable reserve.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Investment holding reserve
Increases and decreases in the valuation of investments held at the year
end against cost are included in this reserve.
Other distributable reserve
This reserve accounts for movements from the revenue column of the
Income statement, gains and losses compared to cost on the realisation
of investments, expenses charged in accordance with the above policies,
the payment of dividends, the buy-back of shares and other non-capital
realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
2. Gains/(losses) on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Unrealised gains/(losses) on fixed asset investments
held at fair value through profit or loss 2,737 140 (279)
Unrealised gains on current asset investments held
at fair value through profit or loss - 470 -
Unrealised gain on deferred consideration held at
fair value through profit or loss - 3 -
Unrealised gains sub-total 2,737 613 (279)
Realised losses on fixed asset investments held at
fair value through profit or loss (486) (638) (156)
Realised gains in respect of escrow receipts from
previously sold investments and distributions from
investments in liquidation - 65 65
Realised losses sub-total (486) (573) (91)
2,251 40 (370)
3. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Income recognised on investments held at fair value
through profit or loss
Dividends 62 146 176
Loan stock interest 505 360 892
567 506 1,068
Income recognised on investments held at amortised
cost
Bank deposit interest 15 40 51
582 546 1,119
4. Investment management fees
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Investment
management fees
charged to
revenue 101 100 200
Investment
management fees
charged to
capital 303 300 601
404 400 801
Further details of the management agreement under which the investment
management fee is paid are given in the Strategic report on page 11 of
the Annual Report and Financial Statements for the year ended 31
December 2014.
During the period, services with a value of GBP404,000 (30 June 2014:
GBP400,000; 31 December 2014: GBP801,000) and GBP25,000 (30 June 2014:
GBP25,000; 31 December 2014: GBP50,000) were purchased by the Company
from Albion Ventures LLP in respect of investment management and
administration fees respectively. At the period end, the amount due to
Albion Ventures LLP in respect of these services disclosed as accruals
was GBP221,000 (30 June 2014: GBP216,000: 31 December 2014: GBP426,000).
Albion Ventures LLP is, from time to time, eligible to receive
transaction fees and Directors' fees from portfolio companies. During
the period, fees of GBP52,000 (30 June 2014: GBP153,000; 31 December
2014: GBP294,000) attributable to the investments of the Company were
received pursuant to these arrangements.
Albion Ventures LLP holds 7,487 Ordinary shares as a result of
fractional entitlements and dissenting shareholders arising from the
merger with Kings Arms Yard VCT 2 PLC on 30 September 2011. In addition,
Albion Ventures LLP holds a further 82,031 Ordinary shares in the
Company.
5. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
First dividend of 0.5 pence per share paid on 30 April
2014 - 1,017 1,017
Second dividend of 0.5 pence per share paid on 31
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
October 2014 - - 1,014
First dividend of 0.5 pence per share paid on 30 April
2015 1,109 - -
Unclaimed dividends returned to Company (30) (6) (6)
1,079 1,011 2,025
The Directors have declared a second dividend of 0.5 pence per share for
the year ended 31 December 2015, which will be paid on 30 October 2015
to shareholders on the register as at 2 October 2015.
6. Basic and diluted return/(loss) per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
Revenue Capital Revenue Capital Revenue Capital
Return/(loss) attributable to shares (GBP'000) 340 1,948 299 (260) 535 (859)
Weighted average shares in issue (excluding treasury
shares) 212,279,721 197,858,496 199,680,249
Return/(loss) per share (pence) 0.16 0.92 0.15 (0.13) 0.27 (0.43)
The weighted average number of shares is calculated excluding the
treasury shares of 29,132,000 (30 June 2014: 22,130,000; 31 December
2014: 24,875,000)
There are no convertible instruments, derivatives or contingent share
agreements in issue so basic and diluted return/(loss) per share are the
same.
7. Called-up share capital
Unaudited Unaudited Audited
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Allotted, issued and fully paid:
Allotted, issued and fully paid
Ordinary shares of 1 penny nominal value (GBP'000) 2,501 2,214 2,265
Number of shares of 1 penny nominal value 250,103,228 221,416,908 226,503,705
Voting rights
Number of shares of 1 penny nominal value with voting
rights 220,971,228 199,286,908 201,628,705
The Company operates a share buy-back programme, as detailed in the
Chairman's statement. During the period the Company purchased 4,257,000
Ordinary shares at a cost of GBP767,000 including stamp duty (30 June
2014: GBP788,000; 31 December 2014; GBP1,297,000) to be held in
treasury. The Company holds a total of 29,132,000 Ordinary shares in
treasury, representing 11.6 per cent. of the issued Ordinary share
capital as at 30 June 2015. The shares purchased for treasury were
funded from Other distributable reserve.
During the period the Company did not purchase any shares for
cancellation (30 June 2014: 1,134,000 shares at a cost of GBP214,000; 31
December 2014: 1,134,000 shares at a cost of GBP214,000).
During the period, the Company issued the following new Ordinary shares
of nominal value 1 penny each under the terms of the Dividend
Reinvestment Scheme Circular dated 19 April 2011:
Number
of
Date of shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment date
allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
30 April
2015 411,322 4 18.81 75 18.00
Under the terms of the Albion VCTs Prospectus Top Up Offers 2014/2015,
the following new Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 June 2015:
Number of
shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment date
Date of allotment allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
30 January 2015 3,630,710 36 19.90 708 18.00
30 January 2015 2,026,810 20 20.00 395 18.00
2 April 2015 14,511,698 145 20.00 2,815 17.88
30 June 2015 118,239 2 20.10 23 18.50
30 June 2015 41,253 - 20.20 8 18.50
30 June 2015 2,859,491 29 20.30 563 18.50
23,188,201 232 4,512
The Albion VCTs Prospectus Top Up Offers 2014/2015 will close on 30
September 2015 (unless fully subscribed by an earlier date).
8. Reconciliation of revenue return on ordinary activities
before taxation to net cash flow from operating activities
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Revenue return on
ordinary activities
before tax 340 299 535
Exchange rate
movement 9 2 2
Investment
management fees
allocated to
capital (303) (300) (601)
Movement in accrued
loan stock
interest (119) (3) (66)
Decrease in debtors 6 111 127
(Decrease)/increase
in creditors (249) 13 243
Net cash flow from
operating
activities (316) 122 240
9. Analysis of change in cash during the period
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Opening cash
balances 798 1,225 1,225
Net cash flow 2,850 238 (427)
Closing cash
balances 3,648 1,463 798
10. Commitments, contingencies and guarantees
As at 30 June 2015, the Company was committed to making investments of
GBP3,634,000 in respect of further funding to be provided to existing
portfolio companies (30 June 2014: GBP6,502,000; 31 December 2014:
GBP923,000).
11. Post balance sheet events
Since 30 June 2015, the Company has made investments in the following:
- GBP160,000 in Haemostatix Limited;
- GBP150,000 in Active Lives Care Limited;
- GBP118,000 in MyMeds&Me Limited;
- GBP50,000 in Ryefield Court Care Limited;
- GBP25,000 in Anthropics Technology Limited; and
- Proceeds of GBP2,200,000 from the disposal of Lab M Holdings
Limited
12. Related party disclosures
Albion Ventures LLP, the Company's Manager and Company Secretary did not
receive any monitoring or arrangement fees from UniServity Limited
during the period (30 June 2014:nil; 31 December 2014: nil).
Kings Arms Yard VCT PLC received loan stock interest of GBP5,000 (30
June 2014:GBP5,000; 31 December 2014: GBP10,000) from UniServity
Limited.
Details of the holding in UniServity Limited can be found in note 11 on
page 48 of the Annual Report and Financial Statements for the year ended
31 December 2014.
There are no other related party transactions or balances requiring
disclosure.
13. Going concern
The Board's assessment of liquidity risk remains unchanged and is
detailed on pages 52 and 53 of the Annual Report and Financial
Statements for the year ended 31 December 2014.
The Company has adequate cash and liquid resources, and the major cash
outflows of the Company (namely investments, dividends and share
buy-backs) are within the Company's control. Accordingly, after making
diligent enquiries the Directors have a reasonable expectation that the
Company has adequate resources to continue in operational existence for
the foreseeable future. For this reason, the Directors have adopted the
going concern basis in preparing the accounts in accordance with "Going
Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009",
published by the Financial Reporting Council.
14. Risks and uncertainties
In addition to the current economic risks outlined in the Chairman's
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
statement, the Board considers that the Company faces the following
major risks and uncertainties:
1. Economic risk
Changes in economic conditions, including, for example, interest rates,
rates of inflation, industry conditions, competition, political and
diplomatic events and other factors could substantially and adversely
affect the Company's prospects in a number of ways.
To reduce this risk, in addition to investing equity in portfolio
companies, the Company often invests in secured loan stock and has a
policy of not normally permitting any external bank borrowings within
portfolio companies. Additionally, the Manager has been rebalancing the
sector exposure of the portfolio with a view to reducing reliance on
consumer led sectors.
1. Investment risk
This is the risk of investment in poor quality assets which reduces the
capital and income returns to shareholders and negatively impacts on the
Company's reputation. By nature, smaller unquoted businesses, such as
those that qualify for venture capital trust purposes, are more fragile
than larger, long established businesses. The success of investments in
certain sectors is also subject to regulatory risk, such as those
affecting companies involved in UK renewable energy.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager in investing in this segment of the market. In
addition, the Manager operates a formal and structured investment
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites, and takes account of, comments
from non-executive Directors of the Company on investments discussed at
the Investment Committee meetings. Investments are actively and
regularly monitored by the Manager (investment managers normally sit on
portfolio company boards) and the Board receives detailed reports on
each investment as part of the Manager's report at quarterly board
meetings. It is the policy of the Company for portfolio companies to not
normally have external borrowings. The Board and the Manager closely
monitor regulatory changes in the sectors in which the Company is
invested.
1. Valuation risk
The Company's investment valuation methodology is reliant on the
accuracy and completeness of information that is issued by portfolio
companies. In particular, the Directors may not be aware of or take into
account certain events or circumstances which occur after the
information issued by such companies is reported.
As described in note 1 of the Financial Statements, the unquoted equity
investments, loan stock, convertible loan stock and debt issued at a
discount held by the Company are designated at fair value through profit
or loss and valued in accordance with the International Private Equity
and Venture Capital Valuation Guidelines. These guidelines set out
recommendations, intended to represent current best practice on the
valuation of venture capital investments. These investments are valued
on the basis of forward looking estimates and judgments about the
business itself, its market and the environment in which it operates,
together with the state of the mergers and acquisitions market, stock
market conditions and other factors. In making these judgments the
valuation takes into account all known material facts up to the date of
approval of the Financial Statements by the Board. The values of a
number of investments are also underpinned by independent third party
professional valuations.
1. Venture Capital Trust approval risk
The Company's current approval as a venture capital trust allows
investors to take advantage of tax reliefs on initial investment and
ongoing tax free capital gains and dividend income. Failure to meet the
qualifying requirements could result in investors losing the tax relief
on initial investment and loss of tax relief on any tax-free income or
capital gains received. In addition, failure to meet the qualifying
requirements could result in a loss of listing of the shares.
To reduce this risk, the Board has appointed the Manager, which has a
team with significant experience in venture capital trust management,
used to operating within the requirements of the venture capital trust
legislation. In addition, to provide further formal reassurance, the
Board has appointed Robertson Hare LLP as its taxation adviser.
Robertson Hare LLP report quarterly to the Board to independently
confirm compliance with the venture capital trust legislation, to
highlight areas of risk and to inform on changes in legislation. Each
investment in a new portfolio company is also pre-cleared with H.M.
Revenue & Customs.
1. Compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards and other legislation. Failure to
comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting oversight bodies.
The Board members and the Manager have experience of operating at senior
levels within quoted businesses. In addition, the Board and the Manager
receive regular updates on new regulation from its Auditor, lawyers and
other professional bodies.
1. Internal control risk
Failures in key controls, within the Board or within the Manager's
business, could put assets of the Company at risk or result in reduced
or inaccurate information being passed to the Board or to shareholders.
The Audit Committee meets with the Manager's Internal Auditor, PKF
Littlejohn LLP, when required, receiving a report regarding the last
formal internal audit performed on the Manager and providing the
opportunity for the Audit Committee to ask specific and detailed
questions. Thomas Chambers, Chairman of the Audit Committee, met with
the internal audit Partner of PKF Littlejohn LLP in January 2015 to
discuss the most recent Internal Audit Report on the Manager.
The Manager has a comprehensive business continuity plan in place in the
event that operational continuity is threatened. Further details
regarding the Board's management and review of the Company's internal
controls through the implementation of the Turnbull guidance are
detailed on page 29 of the Annual Report and Financial Statements for
the year ended 31 December 2014.
Measures are in place to mitigate information risk in order to ensure
the integrity, availability and confidentiality of information used
within the business.
1. Reliance upon third parties risk
The Company is reliant upon the services of Albion Ventures LLP for the
provision of investment management and administrative functions.
There are provisions within the Management agreement for the change of
Manager under certain circumstances (for further detail, see the
Management agreement paragraph on page 11 of the Annual Report and
Financial Statements for the year ended 31 December 2014). In addition,
the Manager has demonstrated to the Board that there is no undue
reliance placed upon any one individual within Albion Ventures LLP. The
Board monitors the performance of other third party service providers
annually.
1. Financial risks
By its nature, as a venture capital trust, the Company is exposed to
investment risk (which comprises investment price risk and cash flow
interest rate risk), credit risk and liquidity risk.
The Company's policies for managing these risks and its financial
instruments are outlined in full in note 18 of the Annual Report and
Financial Statements for the year ended 31 December 2014.
Most of the Company's income and expenditure is denominated in sterling.
As at 30 June 2015, the Company held an investment denominated in US
dollars of GBP2,521,000. It is therefore likely that the Company would
be affected by currency fluctuations; however, this is not expected to
be material. The Company does not use derivative financial instruments
for speculative purposes.
15. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of section
435 of the Companies Act 2006 for the periods ended 30 June 2015 and 30
June 2014, and is unaudited. The information for the year ended 31
December 2014 does not constitute statutory accounts within the terms of
section 435 of the Companies Act 2006 and is derived from the statutory
accounts for that financial year, which have been delivered to the
Registrar of Companies. The Auditor reported on those accounts; their
report was unqualified and did not contain a statement under s498 (2) or
(3) of the Companies Act 2006.
16. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at http://www.albion-ventures.co.uk/ourfunds/KAY.htm.
Financial summary for the Company and for previous funds
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2015 30 June 2014 31 December 2014
(pence per share) (pence per share) (pence per share)
Net asset value of the Company 19.90 19.98 19.31
Dividends paid to shareholders of the Company
Dividends paid during the period 0.50 0.50 1.00
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
Cumulative dividend paid 62.83 61.83 62.33
Total net asset value return(1) (per 100p invested)
To shareholders of the Company
(formerly SPARK VCT plc; Quester VCT plc) 82.73 81.81 81.64
Total net asset value return including tax benefits(2) 102.73 101.81 101.64
Total net asset value return to former shareholders
of:
Quester VCT 2 plc, per 100p invested in shares of
that company
Total net asset value return 68.85 67.91 67.74
Total net asset value return including tax benefits(2) 88.85 87.91 87.74
Quester VCT 3 plc, per 100p invested in shares of
that company
Total net asset value return 42.40 41.50 41.33
Total net asset value return including tax benefits(2) 62.40 61.50 61.33
Quester VCT 4 plc (renamed SPARK VCT 2 PLC and then
Kings Arms Yard VCT 2 PLC), per 100p invested in shares
of that company
Total net asset value return 38.87 37.69 37.47
Total net asset value return including tax benefits(2) 58.87 57.69 57.47
Quester VCT 5 plc (renamed SPARK VCT 3 PLC), per 100p
invested in shares of that company
Total net asset value return 50.21 48.49 48.17
Total net asset value return including tax benefits(2) 70.21 68.49 68.17
(1) Net asset value plus cumulative dividend per share to
ordinary shareholders in the Company since the launch of the Company
(then called Quester VCT plc) in April 1996.
(2) Return after 20 per cent. income tax relief but excluding
capital gains deferral.
The total returns stated are applicable only to shareholders of shares
at the time of each companies launch. They do not represent the return
to subsequent subscribers or purchasers of shares.
Source: Albion Ventures LLP
Merger history for the Company and for previous funds
February 1996 Quester VCT PLC (QVCT) launched
June 2005 QVCT2 and QVCT3 merged into QVCT
June 2008 All Quester names changed to SPARK:
QVCT became Spark VCT plc (SVCT)
QVCT4 became Spark VCT 2 plc (SVCT2)
QVCT5 became Spark VCT 3 plc (SVCT3)
November 2008 SVCT3 merged into SVCT2
January 2011 Albion Ventures became Manager
February 2011 All SPARK names changed to Kings Arms Yard:
SVCT became Kings Arms Yard VCT PLC (KAY)
SVCT2 became Kings Arms Yard VCT 2 PLC (KAY2)
September 2011 KAY2 merged into KAY
Dividend history for the Company and for previous funds
Kings Arms Yard VCT PLC ("KAY")
Dividends paid to shareholders of KAY launched in 1996 (formerly SPARK
VCT plc ("SVCT") and originally Quester VCT PLC ("QVCT")).
(pence per share)
31 January 1997 0.937
31 January 1998 2.547
31 January 1999 2.875
31 January 2000 7.110
31 January 2001 26.650
31 January 2002 1.350
28 February 2006 1.250
28 February 2007 3.910
31 December 2007 4.220
31 December 2008 2.810
31 December 2010 5.000
31 December 2011 0.670
31 December 2012 1.000
31 December 2013 1.000
31 December 2014 1.000
30 June 2015 0.500
Total dividends paid to 30 June 2015 62.829
Net asset value as at 30 June 2015 19.900
Total net asset value return to 30 June 2015 82.729
Quester VCT 2 PLC ("QVCT2")
QVCT2 was launched in 1998 and was merged with KAY (formerly SPARK VCT
plc ("SVCT") and originally Quester VCT PLC ("QVCT")) in June 2005 with
a share exchange ratio of 1.0249 QVCT shares for each QVCT2 share.
(pence per share)
28 February 1999 1.000
28 February 2000 3.065
28 February 2001 20.500
28 February 2002 2.000
28 February 2006 1.281
28 February 2007 4.007
31 December 2007 4.325
31 December 2008 2.880
31 December 2010 5.125
31 December 2011 0.687
31 December 2012 1.025
31 December 2013 1.025
31 December 2014 1.025
30 June 2015 0.512
Total dividends paid to 30 June 2015 48.457
Net asset value as at 30 June 2015 20.396
Total net asset value return to 30 June 2015 68.853
Quester VCT 3 PLC ("QVCT3")
QVCT3 was launched in 2000 and was merged with KAY (formerly SPARK VCT
plc ("SVCT") and originally Quester VCT PLC ("QVCT")) in June 2005 with
a share exchange ratio of 0.9816 QVCT shares for each QVCT3 share.
(pence per share)
28 February 2001 0.750
28 February 2002 1.000
28 February 2003 0.150
28 February 2006 1.227
28 February 2007 3.838
31 December 2007 4.142
31 December 2008 2.758
31 December 2010 4.908
31 December 2011 0.658
31 December 2012 0.982
31 December 2013 0.982
31 December 2014 0.982
30 June 2015 0.491
Total dividends paid to 30 June 2015 22.868
Net asset value as at 30 June 2015 19.534
Total net asset value return to 30 June 2015 42.402
Quester VCT 4 PLC ("QVCT4")
QVCT4 was launched in 2000 and was renamed SPARK VCT 2 plc ("SVCT2") and
then Kings Arms Yard VCT 2 PLC ("KAY2"). KAY2 merged with Kings Arms
Yard VCT PLC ("KAY") in September 2011 with a share exchange ratio of
1.2806 KAY shares for each KAY2 share.
(pence per share)
31 October 2002 1.750
31 October 2003 1.150
31 October 2005 1.000
31 October 2006 1.000
31 December 2007 1.000
31 December 2008 1.000
31 December 2010 1.000
31 December 2011 1.000
31 December 2012 1.281
31 December 2013 1.281
31 December 2014 1.281
30 June 2015 0.640
Total dividends paid to 30 June 2015 13.383
Net asset value as at 30 June 2015 25.484
Total net asset value return to 30 June 2015 38.867
Quester VCT 5 PLC ("QVCT5")
QVCT5 was launched in 2002 and was renamed SPARK VCT 3 plc ("SVCT3") and
merged with SPARK VCT 2 plc ("SVCT2") (originally QVCT4) in November
2008 with a share exchange ratio of 1.4613 SVCT2 shares for each SVCT5
share. The merged company was then renamed Kings Arms Yard VCT 2 PLC
("KAY2"). KAY2 merged with Kings Arms Yard VCT PLC ("KAY") in September
2011 with a share exchange ratio of 1.2806 KAY shares for each KAY2
share.
(pence per share)
31 December 2003 0.500
31 December 2004 1.000
31 December 2006 1.000
31 December 2007 1.000
31 December 2010 1.461
31 December 2011 1.461
31 December 2012 1.871
31 December 2013 1.871
31 December 2014 1.871
30 June 2015 0.936
Total dividends paid to 30 June 2015 12.971
Net asset value as at 30 June 2015 37.240
Total net asset value return to 30 June 2015 50.211
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2015 10:29 ET (14:29 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Quester Vct (LSE:QUR)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Quester Vct (LSE:QUR)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
