New Cent.2 Regulatory News (NCA2)

4 Sep 2017 07:34

New Century AIM VCT 2 plc

For the six months to 30th June 2017

Chairman’s Statement

In the six months to 30th June 2017, the net asset value (NAV) of your fund increased by 8.2% to 66p. The FSTE AIM Allshare index gained 14.4% over the same period. This index encompasses all sectors and includes many mining, oil and gas companies that have performed well in the year. Your fund is constrained from investing in these types of businesses as part of the VCT rules.

The fund went ex-dividend to the amount of 3p per share in June which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 13.12%. The Board realises the importance of income to its shareholders as well as trying to achieve an increase in its NAV, and based on a current mid-market price of 57p for its shares, the fund has a dividend yield of 5.26%.

The Stock Market performance has been quite strong although this has helped mask some volatility within the period. The fund has continued to increase its NAV since the half year seeing the NAV rise from 64.58p (ex div) at 30th June to that of 67.49p as at 14th August 2017 which is a further rise of 4.51%. This NAV is based on mid-market prices, the industry standard, in-line with those reported to the Market at the end of each month, whereas in our annual and interim report we quote the NAV based on bid prices as a statutory requirement.

We made seven further VCT qualifying investments in the period, TEK Capital, Infrastrata, Anglo African Oil and Gas, Audioboom, Escape Hunt, Velocity Composites and Modern Water Group.

We top sliced or exited 6 qualifying investments and three non-qualifying.

We continue to see potential new qualifying issues, but remain cautious in our approach. The uncertainty regarding the BREXIT negotiations following the General election results may cause increased volatility in the months ahead, however the majority of our investee companies continue to trade well which bodes well and gives us some optimism for the remainder of the year.

Geoff Gamble

Chairman

29 August 2017

New Century AIM VCT2 plc

For the six months to 30th June 2017

Unaudited Balance Sheet

New Century AIM VCT2 plc

For the six months to 30th June 2017

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

New Century AIM VCT2 plc

For the six months to 30th June 2017

Unaudited Consolidated Statement of Changes in Equity

New Century AIM VCT2 plc

For the six months to 30th June 2017

Unaudited Cash Flow Statement

New Century AIM VCT2 plc

For the six months to 30th June 2017

Investment Portfolio

New Century AIM VCT2 plc

Notes to the Accounts

This interim financial information and the unaudited interim accounts for the six months to 30 June 2017 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 August 2017, 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 (March 2015) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in January 2017.

The unaudited interim accounts have been prepared using accounting policies that the company applied in the accounts for the year ending 31 December 2016, 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 2017.

Listed, AIM or NEX 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.

4,606,953 Ordinary Shares of 10 pence each were in issue throughout the period under review.

Net Asset Value per share at 30 June 2017 was 66p (at 31 December 2016: 61p; 30 June 2016: 57p).

No dividend was paid in the period.

There have not been any significant events since the balance sheet date.

New Century AIM VCT2 plc is managed by M D Barnard & Co. Limited (‘MDB’), a company controlled by Michael Barnard who is a non-executive director of the company. Under the terms of the management agreement MDB are 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 £16k (the year ended 31 December 2016: £28k, the period ended 30 June 2016 £14k).

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 VCT2 plc

Directors, Investment Managers and Advisors

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