Inc&gwth Vct Regulatory News (IGV)

24 May 2006 16:16

TRIVEST VCT PLCInterim Results for the six months ended 31 March 2006Chairman's StatementI am pleased to present the Company's Interim results for the six months ended31 March 2006.PortfolioDuring the six-month period ended 31 March 2006 the FTSE100 index rose 10.72%,the FTSE All-Share index rose 12.71%, and the FTSE AIM index rose 9.98%,reflecting continuing high institutional liquidity.On the investment side there has been no shortage of equity and debt providerslooking for good propositions. The competition to finance such situationsremains strong. The Chancellor's recent budget and the proposed legislation inrespect of VCTs ensured that demand, before 6 April 2006, for investment inthese vehicles was at an all time high. This will mean that over the nextcouple of years our Investment Managers will face even stiffer competition forgood investments which could result in price/earnings ratios rising. Theconverse of this position could be that realisation levels may also rise.Subscriptions into new VCTs are likely to be lower in the light of the newtaxation legislation in respect of VCTs.The last six months have largely been a period of consolidation for theportfolio with the slight decline in the Net Asset Value (NAV) per share beingmainly attributable to the fall in share price of several of our quotedtechnology stocks. Whilst the portfolio during this period has not seen thesharp increase in the NAV per share enjoyed in the previous period, the Boardand Investment Managers are pleased with the continuing progress of theportfolio and the possibility of a number of profitable realisations during thenext period. At 31 March 2006, the Company's NAV per share was 117.06 pence (30September 2005: 122.53 pence as restated).Within the Foresight portfolio, in January 2006 Blue Curve Limited was sold toMondas plc for an initial consideration of ‚£925,000 with up to ‚£2,075,000 tofollow through based on an earnout of revenues. During October and November2005 TriVest purchased a total of a further 150,000 shares in Sarantel plc. InFebruary 2006, Oxonica plc, our largest single investment, continued to makeprogress and completed the acquisitions of US based Nanoplex Technologies Incfor a total consideration of up to 7,538,440 fully paid ordinary shares inOxonica which is equivalent to approximately 17% of the equity.Overall, the MPEP portfolio has performed well with strong profit growth beingshown by Image Source, Original Additions and Secure Mail Services, the last ofwhich has consolidated the turnaround in its trading seen over the previousyear. The past six months has seen three companies added to the portfolio. Weinvested ‚£1 million in October 2005 to support the MBO of Youngman Group, aleading manufacturer of ladders and access towers. This was followed by twofurther investments in January 2006; first ‚£215,914 was invested in VectairHoldings, a Basingstoke-based producer of air-care and sanitary products usedprimarily in office and commercial washrooms, and secondly, ‚£334,880 wasinvested in Campden Media, a London-based publisher of magazines and yearbooksand arranger of conferences aimed at the healthcare and private wealthmanagement markets. Shortly after the period end a new investment of ‚£388,842was made into VSI, a Group of associated businesses that specialises indeveloping and marketing 3D software. Two further new investments of ‚£360,969into Blaze Signs Holdings, a designer, manufacturer and installer of shop frontand internal signage for major multiple retailers; and of an additional ‚£126,229 into BBI Holdings were completed after the period end. Also during thisperiod, BG Consulting Group carried out a reconstruction as a result of whichTriVest now also holds an equity stake and loan stock in a new company calledDuncary 4. The valuation of our interest remains largely unchanged.Disappointingly, since the period end, The Hunter Rubber Company has beenplaced into administration after incurring continuing losses. This has had noeffect on the current NAV as TriVest had already made a full provision againstthis investment.Within the Nova portfolio, in January 2006 a further investment of ‚£100,000 wasmade into NexxtDrive Limited (formerly DriveTec (UK) Ltd) as it moves towards aflotation.Revenue AccountAt 31 March 2006, revenue reserves available for distribution to shareholderswere ‚£199,160 (31 March 2005; ‚£118,309 as restated). As in previous years, theBoard does not propose to declare an interim dividend but expects to be able topropose a final dividend for the year ended 30 September 2006. The net assetvalue per share as at 31 March 2006 was 117.06 pence (122.53 pence as at 31March 2005 as restated) and the total loss per share was 2.50 pence (23.25pence earnings per share as at 31 March 2005 as restated).Investment company statusThe Company revoked its investment company status on 30 November 2005. Thiswill enable the Company to make distributions out of capital gains that havestarted to be realised as the portfolio matures. The first dividend out ofcapital gains of 2.5 pence per share was paid to Shareholders on 14 February2006.Share buy-backsDuring the six months ended 31 March 2006, the Company bought back 600,000Ordinary Shares (representing 1.47% of the shares in issue at the period end)at a total cost of ‚£581,100 (net of expenses). These shares were subsequentlycancelled by the Company.Dividend Investment Scheme170 Shareholders, who between them held a total of 1,895,589 Ordinary Sharesrepresenting 4.77% of the Company, have joined the Dividend Investment SchemeValuation PolicyQuoted stocks are now valued at bid prices, rather than mid-market prices inaccordance with new accounting standards. It is worth commenting that the Funddoes hold a number of relatively early stage AIM listed stocks with limitedmarketability. In such cases, the price at which a sizeable block of sharescould be traded, if at all, may vary significantly from the market price used.TriVest WebsiteMay I remind you that the Company now has its own website which is available atwww.trivestvct.co.uk.Colin Hook,ChairmanInvestment Portfolio Summaryas at 31 March 2006 Valuation at Additional Valuation Total cost 30 September investments at at 2005 in the 31 March 31 March (restated) period 2006 2006 (unaudited) ‚£ ‚£ ‚£ ‚£ Foresight Venture Partners Oxonica plc 2,136,763 8,780,297 - 8,012,905 Specialist in the design, manipulation and engineering of properties of materials at the nano-scale Camwood Limited 1,028,181 1,780,937 - 2,843,331 Provider of software repackaging services SmartFOCUS Group plc 700,000 1,899,292 - 2,110,908 Provider of analytic software to support targeting and execution of marketing campaigns Aquasium Technology 700,000 2,067,997 - 1,850,780Limited Design, manufacture and marketing of bespoke electron beam welding and vacuum furnace equipment Sarantel Group plc 1,670,252 3,729,170 58,500 1,644,219 Antennae for mobile phones and other wireless devices Alaric Systems Limited 595,802 595,762 - 595,762 Software development, implementation and support in the credit/debit card authorisation and payments market ANT plc 462,816 472,749 - 512,145 Provider of embedded browser/email software for consumer electronics and Internet appliances Aigis Blast Protection 272,120 333,320 - 333,320Limited Specialist blast containment materials company DCG Datapoint Group 312,074 312,074 - 311,853Limited Design, supply and interrogation of data storage solutions Wire-e Limited 500,000 250,000 - 200,000 Provider of mobile data communication services Mondas plc (investment 600,000 450,183 33,000 142,953formerly in Blue Curve Limited) Specialist provider of software solutions To the banking & securities and Education markets Monactive Limited 339,285 160,667 - 23,909 Provider of software asset management tools that monitor usage of software versus licences held Broadreach Networks - 15,000 - -Limited Public access WLAN and fixed line Internet Service Provider Other investments in the 250,000 - - -portfolio* ---------- ---------- ---------- ---------- 9,567,293 20,847,448 91,500 18,582,085 Matrix Private Equity Partners Limited HWA Limited (trading as 69,105 3,219,023 - 3,352,810Holloway White Allom) Specialist contractor in the high- value residential and heritage property refurbishment market Secure Mail Services 1,230,256 2,590,494 - 3,165,388Limited (formerly Special Mail Services Limited) Specialist, secure credit card delivery business Image Source Group 1,000,000 2,618,253 - 2,877,372Limited Royalty free picture library Original Additions 1,000,000 2,301,687 - 2,540,863(Beauty Products) Limited Manufacturer and distributor of beauty products Youngman Group Limited 1,000,000 - 1,000,000 1,000,000 Manufacture of ladders and access towers Tottel Publishing 514,800 514,800 - 867,229Limited Specialist law and tax imprint Ministry of Cake Limited 721,280 721,280 - 721,280 Manufacturer of desserts and cakes for the food service industry BBI Holdings plc 369,890 731,910 - 731,910 Manufacturer of gold conjugate for the medical diagnostics industry Letraset Limited 1,000,000 487,737 - 719,878 Manufacturer and distributor of graphic art products Brookerpaks Limited 500,000 1,033,058 - 676,570 Importer and distributor of garlic and vacuum-packed vegetables Campden Media Limited 334,880 - 334,880 334,880 Magazine publisher and conference organiser F H Ingredients Limited 403,303 403,303 - 317,602 Processor of fresh herbs to produce a frozen product used by food processing companies in the production of ready meals Vectair Holdings Limited 215,914 - 215,914 215,914 Provider of air care and sanitary Washroom products Inca Interiors Limited 350,000 300,562 - 200,000 Supplier of quality kitchens to house developers SectorGuard plc 150,00 128,571 - 160,714 Provision of manned guarding, mobile Patrolling and alarm response services B G Consulting Group 1,153,976 125,000 153,976 114,828Limited/ Duncarry 4 Limited Technical training business and outplacement careers consultancy Other investments in the 1,316,482 - - -portfolio* ---------- ---------- ---------- ---------- 11,329,886 15,175,678 1,704,770 17,997,238 Nova Capital Management Limited Tikit Group plc 517,624 882,607 - 869,564 Provider of consultancy services and software solutions for law firms IDOX plc 737,625 668,500 - 859,500 Developer of products for document, content and information management Biomer Technology 137,170 753,837 - 753,837Limited Developer of biomaterials for medical devices NexxtDrive Limited 600,000 412,500 100,000 512,500 Developer of patented transmission technology Other investments in the 698,999 - - -portfolio* ---------- ---------- ---------- ---------- 2,691,418 2,717,444 100,000 2,995,401 ---------- ---------- ---------- ---------- Total 23,588,597 38,740,570 1,896,270 39,574,274 ---------- ---------- ---------- ----------* Other investments in the portfolio comprises those investments that have been valued at nil and from which the Directors only expect to receive small recoveries; iDesk plc in the Foresight portfolio; The Hunter Rubber Company Limited, in administration and Stortext-FM in the MPEP portfolio and Trident Publishing Limited (dissolved 24 April 2006) in the Nova portfolio. Investment Managers' ReviewForesight Venture PartnersThe last six month period has been one of mixed fortunes for the portfolioinvestments. On the one hand a number of the portfolio companies have beenbenefiting from improved market conditions. For example, SmartFOCUS has madegood progress since we increased our investment in the company at the time ofits AIM flotation in October 2004. During 2005 the company achieved a 112%growth in revenues to ‚£6.0 million, a maiden profit and made its firstacquisition. Aquasium benefited from capital investment programmes,particularly in China, and achieved another year of increased sales andprofits. On the other hand, there was considerable downward pressure on theprices of certain of the AIM listed investments, in particular Sarantel andANT, and these are described in more detail below.Oxonica, which engineers the properties of materials at the nano-scale levelfor application in fuel additives, UV protection and other products, has seenencouraging demand for its products and Stagecoach is now using its fueladditive product throughout its UK and New Zealand bus fleets. Furthermore,Boots plc has incorporated Oxonica's UV protection additive into a sunscreenproduct, which is currently available throughout its stores. Oxonica's sharesplaced on AIM at 95.8p per share and were trading at ‚£1.55 at 31 March 2006,representing an uplift of ‚£5.8 million on the fund's investment cost. Oxonicaannounced an agreement to acquire US based Nanoplex Technologies Inc. inDecember 2005 and completed the transaction in February 2006.Sarantel, which manufactures miniature antennas used in mobile phones andpersonal digital systems offering location based services through navigationsatellites, announced a sales increase to ‚£2.8 million in the year to 30September 2005 from ‚£0.8 million in 2004 but a series of contract delaysresulted in negative trading updates and the price fell sharply to 35p pershare at the end of March (from a float price of 82p). Your Investment Managerremains confident, however, that the company's strategy will produce morepositive results over the next twelve to eighteen months.Similarly ANT, which listed on the AIM market on 16 March 2005 raising ‚£11million, has, as a result of a negative trading update, fallen from a floatprice of 126p to 78p per share at 31 March 2006. The company has more recentlyexperienced increased demand for its software products and reported anencouraging pipeline for new business prospects in 2006.Camwood has continued to enjoy improved trading conditions, which has resultedin increased profitability and a significant upward movement in its valuation.On the negative side, Broadreach Networks went into administration in the finalquarter of 2005 and the valuation was reduced accordingly.During December 2005, Blue Curve agreed terms for a takeover by Mondas plc foran initial consideration of ‚£925,000 with up to ‚£2.1 million to follow from arevenue based earn-out. The transaction was share based and recent falls in theMondas share price have resulted in a provision against the previous valuationof Blue Curve. However, the enlarged business has had recent contract successesand early indications suggest that Mondas' increased product offerings haveappealed to their enlarged customer base.Matrix Private Equity Partners LimitedThe past six months has seen three companies added to the MPEP portfolio, allof which were Management Buy Outs ("MBOs"). TriVest invested ‚£1 million inOctober 2005 to support the MBO of Youngman Group, a leading manufacturer ofladders and access towers. This was followed by two further investments inJanuary 2006; first ‚£215,914 was invested in Vectair Holdings, aBasingstoke-based producer of air-care and sanitary products used primarily inoffice and commercial washrooms, and secondly ‚£334,880 was invested in CampdenMedia, a London-based publisher of magazines and yearbooks and arranger ofconferences aimed at the healthcare and private wealth management markets.Overall the portfolio has again performed well, with particularly strong profitgrowth being shown by Image Source, Original Additions and Secure MailServices, the last of which has consolidated the turnaround in its trading seenover the previous year. During the period, BG Consulting Group carried out areconstruction as a result of which TriVest now also holds an equity stake andloan stock in Duncary 4; the valuation of TriVest's interest has remainedlargely unchanged. Disappointingly, since the period end, The Hunter RubberCompany was placed in administration after incurring continuing losses despiterapid expansion and diversification. Other investments have shown solidprogress and the portfolio continued to generate yield from MPEP's gearedinvestment structuring.The MPEP portfolio now comprises 19 investments, over three quarters of whichare MBOs. The value of the portfolio has increased by a further ‚£1.2 millionover cost since the year end and now stands at just under ‚£18 million, or 167%of current cost (31 March 2005: 166%).Nova Capital Management LimitedThere are four investments in the portfolio as at 31 March 2006. No investmentswere made into any new companies in the period under review. The emphasis ofNova's work has been on value improvement within the existing financialresources of each company unless there is clear evidence that new investmentwill make a significant difference.Tikit, an AIM quoted company, specialising in providing consultancy servicesand software solutions to law firms, had a small decline in its market valueover the last six months, while it consolidated its operations from theacquisition of three smaller companies but we remain optimistic about its longterm prospects.IDOX, an AIM quoted company providing knowledge management software andsolutions to the public sector had an increase of 18% in its share price overthe period.Biomer is a company concerned with the development of novel polymers forproduct applications in cardiovascular and other interventional medicaldevices. Development work with a leading American medical devices corporationappears to be making good progress.NexxtDrive is developing technology which will increase fuel efficiency andperformance of conventional and hybrid vehicles. During the period TriVest madea further investment of ‚£100,000 in NexxtDrive as part of a ‚£550,000 fundinground. At the period end, TriVest's total holding was valued at ‚£512,500 whichincludes ‚£325,000 of convertible loan notes. NexxtDrive is considering an IPOon the AIM market.Unaudited Profit and Loss Accountfor the six months ended 31 March 2006 Six months to 31 March 2006 (unaudited) Revenue Capital Total ‚£ ‚£ ‚£ Unrealised (losses)/gains on - (893,173) (893,173)investments (Losses)/gains on realisation of - (1,498) (1,498)investments Cost of investment transactions - (17,524) (17,524) Income 596,717 - 596,717 Investment management fees (119,952) (359,854) (479,806) Other expenses (216,430) - (216,430) ---------- ---------- ---------- Profit/(loss) before income tax 260,335 (1,272,049) (1,011,714) Tax on ordinary activities (61,175) 61,175 - ---------- ---------- ---------- Profit/(loss) for the financial 199,160 (1,210,874) (1,011,714)period ---------- ---------- ---------- Earnings per share (2.50)p Six months to 31 March 2005 (Unaudited and restated) Revenue Capital Total ‚£ ‚£ ‚£ Unrealised (losses)/gains on - 9,306,029 9,306,029 investments (Losses)/gains on realisation of - 355,867 355,867 investments Cost of investment transactions - - - Income 553,515 - 553,515 Investment management fees (87,446) (262,337) (349,783) Other expenses (305,892) - (305,892) ---------- ---------- ---------- Profit/(loss) before income tax 160,177 9,399,559 9,559,736 Tax on ordinary activities (41,868) 41,868 - ---------- ---------- ---------- Profit/(loss) for the financial 118,309 9,441,427 9,559,736 period ---------- ---------- ---------- Earnings per share 23.25p Year to 30 September 2005 (restated) Revenue Capital Total ‚£ ‚£ ‚£ Unrealised (losses)/gains on - 16,221,200 16,221,200 investments (Losses)/gains on realisation of - 1,080,192 1,080,192 investments Cost of investment transactions - - - Income 1,163,788 - 1,163,788 Investment management fees (193,717) (581,150) (774,867) Other expenses (537,493) - (537,493) ---------- ---------- ---------- Profit/(loss) before income tax 432,578 16,720,242 17,152,820 Tax on ordinary activities (106,870) 106,047 (823) ---------- ---------- ---------- Profit/(loss) for the financial 325,708 16,826,289 17,151,997 period ---------- ---------- ---------- Earnings per share 42.05p Unaudited Note of Historical Cost Profits and LossesFor the six months ended 31 March 2006 Six months Six months Year to 30 to to September 31 March 31 March 2005 2006 2005 (restated) (restated) ‚£ ‚£ ‚£ (Loss)/profit on ordinary activities (1,011,714) 9,559,736 17,152,820 before taxation Add/(less) unrealised losses/(gains) on 893,173 (9,306,029) (16,221,200)investments (Less)/add realisation of revaluation (4,417,530) 130,616 350,156 (losses)/gains of previous Years ---------- ---------- ---------- Historical cost (loss)/profit on (4,536,071) 384,323 1,281,776 ordinary activities before taxation ---------- ---------- ---------- Historical cost (loss)/profit on (5,779,578) (129,868) 767,585 ordinary activities after taxation and dividends ---------- ---------- ---------- Unaudited Balance Sheetas at 31 March 2006 31 March 31 March 30 September 2006 2005 2005 (unaudited) (unaudited (restated) and restated) ‚£ ‚£ ‚£ Non current assets Investments at fair 39,574,724 30,949,359 38,740,570 value ---------- ---------- ---------- 39,574,724 30,949,359 38,740,570 Current assets Debtors and prepayments 1,235,863 420,799 1,386,381 Current asset 5,601,089 9,716,441 6,345,873 investments Cash at bank 48,838 1,329,476 2,926,233 ---------- ---------- ---------- 6,885,790 11,466,716 10,658,487 Creditors: amounts (95,030) (314,252) (194,338)falling due within one year ---------- ---------- ---------- Net current assets 6,790,760 11,152,464 10,464,149 ---------- ---------- ---------- Net assets 46,365,484 42,101,823 49,204,719 ---------- ---------- ---------- Capital and reserves Called up share capital 396,099 407,347 401,574 Share premium account 60,973 - - Capital redemption 22,441 10,668 16,441 reserve Special reserve 26,756,241 38,388,923 32,229,428 Revaluation reserve 16,140,070 5,920,082 12,615,713 Profit and loss account 2,989,660 (2,625,197) 3,941,563 ---------- ---------- ---------- Equity shareholders' 46,365,484 42,101,823 49,204,719 funds ---------- ---------- ---------- Net asset value per 117.06p 103.36p 122.53pshare Unauditied Summarised Cash flow StatementFor the six months ended 31 March 2006 Six months Six months Year to to to 30 31 March 31 March September 2006 2005 2005 (unaudited) (unaudited) ‚£ ‚£ ‚£ Operating activities Net revenue on activities before taxation 260,335 160,177 432,578 Interest receivable converted into an - (36,506) (36,506)investment Capitalised fees (359,854) (262,337) (581,150) Transaction costs (17,524) - - (Increase)/decrease in debtors (115,721) 81,008 54,464 (Decrease)/increase in creditors (99,308) 51,772 35,522 ---------- ---------- ---------- Net cash outflow from operating (332,072) (5,886) (95,092)activities Equity dividends paid (1,243,507) (514,191) (514,191) Taxation paid - - (25,279) Acquisitions of investments (1,492,138) (1,778,732) (3,660,979) Disposals of investments 29,552 1,094,310 2,885,804 Management of liquid resources 744,784 (1,789,500) 581,068 Financing (584,014) (309,744) (878,317) ---------- ---------- ---------- Decrease in cash for the period (2,877,395) (3,303,743) (1,706,986) ---------- ---------- ---------- Reconciliation of net cash flow to movement in net debt Decrease in cash for the period (2,877,395) (3,303,743) (1,706,986) Net funds at the start of the period 2,926,233 4,633,219 4,633,219 ---------- ---------- ---------- Net funds at the end of the period 48,838 1,329,476 2,926,233 ---------- ---------- ----------Unaudited reconciliation of Movements in Shareholders' Fundsfor the six months ended 31 March 2006 Six months Year to Six months to 30 September to 31 March 2005 31 March 2006 (restated) 2006 (restated) ‚£ ‚£ ‚£Opening shareholders' funds 49,386,890 33,031,728 33,031,728 Restated for the application of new (182,171) 413,502 413,502 accounting policies ---------- ---------- ---------- As at 1 October 2005 (restated) 49,204,719 33,445,230 33,445,230 Net share capital (bought back)/ (584,014) (388,952) (878,317)subscribed for in the year (Loss)/profit for the period (1,011,714) 9,559,736 17,151,997 Dividends paid in period (1,243,507) (514,191) (514,191) ---------- ---------- ---------- Closing Shareholders' Funds 46,365,484 42,101,823 49,204,719 ---------- ---------- ----------NOTES 1. The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments, and in accordance with the Companies Act 1985 and applicable accounting standards in the United Kingdom. 2. Changes in Accounting Policies With effect from 1 October 2005, the Company has adopted the followingFinancial Reporting Standards (FRS):FRS 21 (Events after the Balance Sheet Date) - Dividends paid by the Companyare accounted for in the period in which the Company is liable to pay them.Previously, the Company accrued dividends in the period in which the netrevenue, to which those dividends related, was accounted for.FRS 25 (Financial Instruments: Disclosure and Presentation) and FRS 26(Financial Instruments: Measurement) - The Company has designated itsinvestment assets as being measured at "fair value through profit and loss".The fair value of quoted investments is deemed to be the bid value of theseinvestments at the close of business on 31 March 2006. 3. In accordance with the policy statement published under "Management and Administration" in the Company's prospectus dated 13 October 2000, the Directors have charged 75% of the investment management expenses to the capital reserve. 4. All revenue and capital items in the above Profit and Loss account derive from continuing operations 5. Earnings for the six months to 31 March 2006 should not be taken as a guide to the results for the full year. 6. Earnings and return per share Six months Six months Year to ended ended 30 September 31 March 2006 31 March 2005 2005 Total earning after taxation: ‚£(1,011,714) ‚£9,559,736 ‚£17,151,997 Basic earnings per share (2.50)p 23.25p 42.05p ----------------------------------------------------- ---------- ---------- ---------- Net revenue from ordinary activities before taxation ‚£260,335 ‚£160,177 ‚£432,578 Revenue return per share 0.64p 0.38p 1.06p ----------------------------------------------------- ---------- ---------- ---------- Net realised capital losses ‚£(1,498) ‚£355,867 ‚£1,080,192 Net unrealised capital losses ‚£(893,173) ‚£9,306,029 ‚£16,221,200 Capital income - - - Capital expenses ‚£(377,378) ‚£(262,337) (581,150) ----------------------------------------------------- ---------- ---------- ---------- Total capital return ‚£(1,272,049) ‚£9,399,559 ‚£16,720,242 Capital return per share (3.14)p 22.87p 40.99p ----------------------------------------------------- ---------- ---------- ---------- Weighted average number of shares in issue in the period 40,522,780 41,109,734 40,786,094 7. The financial information for the six months ended 31 March 2006 and the six months ended 31 March 2005 has not been audited. The information for the year ended 30 September 2005 does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. The financial statements for the year ended 30 September 2005 have been filed with the Registrar of Companies. The auditors have reported on these financial statements and that report was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. 8. Copies of the Interim Report to Shareholders for the six months ended 31 March 2006 will be sent to all Shareholders shortly. Further copies will be available free of charge from the Company's registered office, One Jermyn Street, London SW1Y 4UH. ENDENDTRIVEST VCT PLC