OCTOP U S UNAUDITED HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2012

Transcription

1 Octopus Second AIM VCT Interim 31/07/ :38 Page fci OCTOPUS OCTOP U S SECOND S ECO N D A AIM I M VCT VC T PLC UNAUDITED HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2012

2 FINANCIAL HEADLINES Octopus Second AIM VCT plc I Half-Yearly Report I p Net asset value per share as at 31 May p Interim dividend declared for the half-year to 31 May 2012 CONTENTS 2 About Octopus Second AIM VCT PLC 3 Financial Summary 5 Chairman s Statement 8 Investment Portfolio 11 Responsibility Statement of the Directors 12 Income Statement 14 Reconciliation of Movements in Shareholders Funds 15 Balance Sheet 16 Cash Flow Statement 18 Notes to the Half-Yearly Report 21 Details of Advisers 1

3 ABOUT OCTOPUS SECOND AIM VCT PLC Octopus Second AIM VCT PLC (the Company or Fund ) is a venture capital trust ( VCT ) which aims to provide shareholders with attractive tax-free dividends and long-term capital growth. The Investment Manager is Octopus Investments Limited ( Octopus or Manager ). The Company was launched as Close IHT AIM VCT PLC in March 2006 and raised 25 million through an offer for subscription. On 12 August 2010 the Company acquired the assets and liabilities of Octopus Third AIM VCT plc (formerly Octopus Second AIM VCT plc) ( the merger ) and changed its name from Octopus IHT AIM VCT plc to Octopus Second AIM VCT plc. Shareholders of Octopus Third AIM VCT received Ordinary shares in the Company for each Ordinary share they held prior to the merger. On 25 April 2012 the VCT issued a top-up offer, proposing to raise up to 1.6 million by way of an issue of new shares. Full details of the offer can be found in the offers document available on the Octopus Investments website, This offer will close on 31 July

4 FINANCIAL SUMMARY Octopus Second AIM VCT plc I Half-Yearly Report I 2012 Year to Six months to Six months to 30 November 31 May May Net assets ( 000s) 27,483 29,009 26,590 Net profit/(loss) after tax ( 000s) 1, (1,208) Net asset value per share ( NAV ) 63.6p 68.6p 62.4p The tables below depict the Net Asset Value (NAV) per share and the dividends that have been paid since the launch of Octopus Second AIM VCT plc for the different share classes. The figures represent a NAV, rebased to assume investment (including initial charge) at 100p, and adjusted in accordance with the relevant conversion factors. Investment has been assumed at the first allotment of each tax year: 140.0p Total return (p) 120.0p 100.0p 80.0p 60.0p 40.0p 30.0p 40.0p 7.0p 40.0p 16.1p 14.8p 20.0p 91.5p 63.6p 74.8p 27.2p 20.0p Octopus Second AIM VCT Ordinary shares 2010/11 Octopus Second AIM VCT (formerly Octopus IHT AIM VCT A&B shares) 2005/06 Octopus Third AIM VCT C&D shares 2005/06 (formerly Octopus Second AIM VCT) 30.8p Octopus Third AIM Ordinary shares 2000/01 shares (formerly Octopus Second AIM VCT plc) Adjusted NAV (p) Total dividends paid (p) Income tax relief (p) Cost of investment 3

5 FINANCIAL SUMMARY (continued) Octopus Octopus Third AIM Octopus Third AIM Ordinary Octopus Second AIM VCT C&D shares 2000/1 Second VCT (formerly shares 2005/6 shares AIM VCT Octopus IHT (formerly (formerly Ordinary AIM VCT Octopus Octopus Dividends paid during shares A&B shares) Second Second AIM financial year ending 2010/ /06 AIM VCT) VCT plc) * * 1.6* * * 0.8* Cumulative dividends paid (p) 7.0* * 27.2* NAV as at 31 May 2012 (p) 91.5** ** 30.8** NAV plus cumulative dividends paid (p) 98.5*** *** 58.0*** Following the merger with Octopus Third AIM VCT plc and various share re-organisations, there is now only one share class, Ordinary shares. For Octopus Third AIM VCT Ordinary shares and 'C' & 'D' shares, the figures above represent a notionally adjusted NAV per share in accordance with the relevant conversion factors. * Notional dividends assuming investment at 100p and adjusting for conversion of various share classes into Second AIM VCT plc Ordinary shares. ** NAV assuming investment at 100p and adjusting for conversion of various share classes into Second AIM VCT plc Ordinary shares. *** NAV plus cumulative dividends adjusting for conversion, assuming investment at 100p showing the notional return to shareholders based on their original investment share class. Notes Octopus Third AIM VCT D shares converted into C shares in May 2009, in accordance with a conversion factor of 1 C share for each D share. Octopus Third AIM VCT C shares converted into Octopus Third AIM VCT Ordinary shares in May 2009, in accordance with a conversion factor of Ordinary shares for each C share. Octopus IHT AIM VCT B shares converted into A shares in May 2009, in accordance with a conversion factor of 1 A share for each B share. In August 2010, Octopus IHT AIM VCT was renamed Octopus Second AIM VCT and Octopus Second AIM VCT was renamed Octopus Third AIM VCT. Octopus Third AIM Ordinary shares converted into Octopus Second AIM Ordinary shares in August 2010, in accordance with a conversion factor of Octopus Second AIM Ordinary shares, for each Octopus Third AIM Ordinary share. 4

6 CHAIRMAN S STATEMENT Overview The period under review started with the equity market in a more positive mood, and as a result smaller company share prices appreciated through the first quarter of 2012 as appetite for risk began to return. Unfortunately, with the fundamental problems of the Euro remaining unresolved, this optimism soon dissipated, resulting in a sharp correction in stock market indices in May and an increased level of volatility ever since. In the six months the Smaller Companies Index Ex Investment Trusts appreciated by 8.8%, although the AIM Index, with its heavy weighting in resource stocks, fell by 4%. After what ended up being a busy period for investments in the year to November 2011, the latest six months has been quieter, with the feeling that potential new issuers are waiting to see how the market settles down in 2012 before committing to a market debut. These have now started to appear, and there has also been a steady stream of fundraisings from existing companies, although your Manager has only made three new qualifying investments in the year to date. There have been a number of fundraisings from companies already in the portfolio that are no longer VCT qualifying. Some of these such as Brady, Enteq and Breedon Aggregates have seen their issues oversubscribed, demonstrating that the AIM market remains firmly open for companies raising new capital. Performance Against the background of a better environment for the performance of smaller company shares, the NAV of the Fund rose in each of the first four months of 2012 and ended the period up 4.5% if the 1.6p dividend is added back. This was achieved as a result of positive news flow from individual investee companies rather than as a result of general enthusiasm for smaller company shares, although there were signs of the latter for a brief period at the beginning of the year, giving us hope that such conditions will return in due course. Among the larger holdings in the Fund, Breedon Aggregates announced a maiden full year profit and a successful fundraising to enable it to make further bolt-on acquisitions. It is also expected to be a beneficiary of the Monopolies and Mergers Commission ruling on the merger between Tarmac and Lafarge. Advanced Computer Software Group and Idox have also produced figures ahead of expectations, despite exposure to the public sector in both cases. Both have been growing organically and by acquisition. Brooks Macdonald continued its steady growth, with funds under management up by 8% in the first three months of Some of the newer holdings invested over the previous twelve months have made good early progress. Escher Group announced its longawaited $50 million US contract, one of the consequences of which is expected to be other large contract wins elsewhere in the world, and TLA Worldwide, the US baseball representation business, produced maiden figures in line with expectations. Enteq Upstream announced the purchase of a Texas-based upstream oil service company together with a fundraising of 42 million which will enable it to continue on the acquisition trail. There have, inevitably, been some holdings which have suffered setbacks in the period. Two non- 5

7 CHAIRMAN S STATEMENT (continued) qualifying holdings, Immunodiagnostics and Hargreaves Services have both had their profits downgraded; the former because of increased competition in the Vitamin D testing market and the latter because of geological problems in one of its coal mines. Both groups are cash generative and we view the shares at current levels as being in deep value territory. In the qualifying portfolio Craneware has suffered delays to some large software contracts which has caused the shares to be de-rated as the market adjusts to a lower forecast growth rate. In the period, the Company made three new qualifying investments totalling 784,000. Two of these were investments into existing AIM companies and one was a new issue. Corero Network Security has developed software that helps to prevent mass internet security breaches and attacks on websites. This area is very much in the news at the moment, and the business has a relatively new management team which is setting about capitalising on years of investment into its software product by focusing on sales. It also has a less-exciting but still growing UK based business selling software to manage schools. This has benefitted from the recent rise in the number of Academies in the UK. The Company also invested in Judges Scientific, an existing AIM company which distributes scientific instruments with niche market positions to the laboratory market and took a holding in WANdisco, a new flotation in another software company. As well as qualifying holdings, your Managers have used market volatility as an opportunity to add to some of the non-qualifying holdings at lower prices. In the period, they invested 462,000 into non-qualifying holdings, principally adding to positions in Gooch & Housego and Augean. There were a number of disposals in the six months realising 1,136,000 in total. Following a strong run up in the shares, some profit was taken in Advanced Computer Software shares. Hamworthy and Atlantic Global were disposed of as a result of takeovers, whilst Optare and Colliers were the final disposals of two unsuccessful investments which had ceased to be VCT qualifying. The Budget Following the 2012 Budget, from 6 April 2012 the gross asset limit for investee companies rose from 7 million to 15 million and the number of employees increased from 50 to 250. Both these relaxations of investment restrictions, and the increase from 2 million to 5 million in the annual investment limit, are to be welcomed. Although the changes will place some additional restraints and obligations on your Manager as to how they invest the VCT going forwards, the changes should not have a great impact on the portfolio which is already over 80% invested in qualifying companies. Dividend In line with the stated objective of a 5% yield outlined in the prospectus, the Board is pleased to declare an interim dividend of 1.6p per share to be paid on 30 August 2012 to those shareholders on the register on 10 August Fundraising The top-up Fundraising closed on 5 April with 1,815,635 shares issued, and has since been re-opened until the end of July

8 CHAIRMAN S STATEMENT (continued) Outlook Many of the companies in the portfolio have continued to make good commercial progress and we have been rewarded with some positive share price movements in the recent results season. We do not deny the seriousness of the issues facing major economies that still have to be resolved, nor of the potential ones, such as any inflationary pressures resulting from quantitative easing. There is a growing awareness that achieving an acceptable economic solution for Europe is at odds with the political will of the electorate and this is likely to mean that intermittent periods of market turmoil remain a feature for the foreseeable future. However, the portfolio has little exposure to the retail sector or to the consumer directly, giving it some defensive qualities. In addition, smaller companies of the kind in which VCTs invest can, by their nature, be more flexible in their reaction to prevailing market trends, and it is encouraging that many of the growth companies in which we are invested have managed to improve profits and to increase their dividend payments, despite the current conditions. We remain optimistic that these kinds of companies will be re-rated as the economic clouds lift, giving scope for further appreciation in the NAV. Keith Mullins Chairman 26 July

9 INVESTMENT PORTFOLIO Fair value % equity Book cost Cumulative as at % equity held by as at 31 change in 31 May held by all Funds May 2012 fair value 2012 Second managed Investee Company Sector ( 000) ( 000) ( 000) AIM VCT by Octopus Advanced Computer Software plc Software , % 2.8% Idox plc Software 382 1,091 1, % 3.9% Animalcare Group plc Food producers , % 8.1% EKF Diagnostics plc Media & marketing , % 6.3% Breedon Aggregates Limited Construction , % 2.2% Escher Group Holdings plc Software & Computer Services % 7.5% Brooks MacDonald Group plc Financial consultants % 2.4% Sinclair Pharma plc Healthcare equipment 921 (29) % 1.6% Enteq Upstream plc Oil Services % 3.8% Tasty plc Restaurants % 4.9% Vianet Group plc Support services 867 (178) % 4.7% Brady plc Software % 2.6% MyCelx Technologies plc Oil services % 7.6% Netcall plc Telecommunications % 5.1% TLA Worldwide plc Media & marketing % 15.7% Plastics Capital plc Manufacturing % 17.7% Vertu Motors plc General retailers 776 (261) % 7.4% Omega Diagnostics Group plc Healthcare equipment 553 (66) % 10.5% Matchtech Group plc Support services % 11.1% Craneware plc Software 479 (44) % 1.2% Chime Communications plc Media & marketing 541 (124) % 0.5% Corero Network Security plc Software & Computer Services % 4.7% RWS Holdings plc Translation services % 4.5% GB Group plc Support services % 2.2% Access Intelligence plc Support services 544 (190) % 10.2% Hargreaves Services plc Support services % 3.8% Marwyn Management plc Travel & leisure 670 (360) % 1.9% Augean plc Support services % 5.8% Active Risk Group plc Software 535 (245) % 9.8% Gooch & Housego plc Electronic & Electrical 326 (42) % 2.9% Staffline Recruitment Group plc Support services % 13.4% Lombard Medical Technologies plc Healthcare equipment 589 (345) % 1.0% WANdisco plc Software % 3.5% Judges Scientific plc Electronic & Electrical % 1.9% Bond International Software plc Software 303 (97) % 3.4% SQS Software plc Software 207 (9) % 9.5% Goals Soccer Centres plc Travel and Leisure % 2.6% In-Deed Online plc Support services 201 (24) % 5.8% 8

10 INVESTMENT PORTFOLIO (continued) Fair value % equity Book cost Cumulative as at % equity held by as at 31 change in 31 May held by all Funds May 2012 fair value 2012 Second managed Investee Company Sector ( 000) ( 000) ( 000) AIM VCT by Octopus Adept Telecom plc Telecommunications 501 (329) % 4.1% Immunodiagnostic Systems plc Healthcare equipment 454 (304) % 3.1% Corac plc Technology 252 (105) % 1.8% Hasgrove plc Media & marketing 436 (291) % 13.0% Woodspeen plc Training services 250 (111) % 11.4% Mears Group plc Support services % 0.3% Snacktime plc Food vendors 367 (278) % 8.8% Mattioli Woods plc Financial consultants 96 (19) % 3.6% Jelf Group plc Financial consultants 122 (51) % 0.9% Work Group plc Support services 473 (406) % 6.1% Altitude Group plc Media & marketing % 4.6% Zetar plc Food producers 68 (8) % 3.8% Cello Group plc Media & marketing 54 (4) % 7.8% Daisy Group plc Telecommunications % 0.1% Datong plc Manufacturing 29 (8) % 3.4% Media Square plc Media & marketing 7 (7) 0.2% 1.0% Twenty plc Media & marketing 565 (565) 7.8% 12.2% Total fixed asset investments 22, ,081 Money market funds 3,330 3,330 Total fixed asset investments and money market funds 25, ,411 Cash at bank 1,408 Debtors less creditors (336) Total net assets 27,483 9

11 INVESTMENT PORTFOLIO (continued) SECTOR ANALYSIS The graph below shows the sectors the Fund is invested in by value as at 31 May 2012: General retailers Manufacturing 2% 2% Restaurants 3% Telecommunications 3% Financial consultants 4% Construction 5% Software 28% Food producers 6% Oil services 6% Other 8% Support services 14% Healthcare equipment 8% Media & marketing 11% The graph below shows the sectors the Fund is invested in by value as at 31 May 2011: Manufacturing Telecommunications 3% 3% Travel & leisure 4% Construction 4% Financial consultants 6% Software 23% Food producers 8% Support services 11% Other 13% Healthcare equipment 12% Media & marketing 13% 10

12 RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE HALF-YEARLY REPORT We confirm that to the best of our knowledge: the half-yearly financial statements have been prepared in accordance with the statement Half-Yearly Financial Reports issued by the UK Accounting Standards Board; the half-yearly report includes a fair review of the information required by the Financial Services Authority Disclosure and Transparency Rules, being: an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements. a description of the principal risks and uncertainties for the remaining six months of the year; and a description of related party transactions that have taken place in the first six months of the current financial year, that may have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board Keith Mullins Chairman 26 July

13 INCOME STATEMENT Six months to 31 May 2012 Revenue Capital Total Gain/(loss) on disposal of fixed asset investments Gain/(loss) on valuation of fixed asset investments 1,080 1,080 Income Investment management fees (66) (199) (265) Other expenses (93) (93) Profit/(loss) on ordinary activities before tax 16 1,029 1,045 Taxation on profit/(loss) on ordinary activities Profit/(loss) on ordinary activities after tax 16 1,029 1,045 Return per share basic and diluted 0.0p 2.4p 2.4p The Total column of this statement is the profit and loss account of the Company; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies. all revenue and capital items in the above statement derive from continuing operations. the accompanying notes are an integral part of the half-yearly report. The Company has no recognised gains or losses other than those disclosed in the income statement. 12

14 INCOME STATEMENT (continued) Octopus Second AIM VCT plc I Half-Yearly Report I 2012 Six months to 31 May 2011 Year to 30 November 2011 Revenue Capital Total Revenue Capital Total Gain/(loss) on disposal of fixed asset investments (697) (697) Gain/(loss) on valuation of fixed asset investments 1,004 1,004 (68) (68) Income Investment management fees (59) (178) (237) (135) (403) (538) Other expenses (113) (113) (220) (220) Profit/(loss) on ordinary activities before tax (78) (40) (1,168) (1,208) Taxation on profit/(loss) on ordinary activities Profit/(loss) on ordinary activities after tax (78) (40) (1,168) (1,208) Return per share basic and diluted (0.2)p 2.3p 2.1p (0.1)p (2.9)p (3.0)p The Total column of this statement is the profit and loss account of the Company; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies. all revenue and capital items in the above statement derive from continuing operations. the accompanying notes are an integral part of the half-yearly report. The Company has no recognised gains or losses other than those disclosed in the income statement. 13

15 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Year to Six months to Six months to 30 November 31 May May Shareholders Funds at start of period 26,590 24,774 24,774 Profit/(loss) on ordinary activities after tax 1, (1,208) Purchase of own shares (689) (827) (1,362) Issue of shares 1,238 4,902 5,770 Shares to be issued 52 Dividends paid (701) (704) (1,384) Shareholders Funds at end of period 27,483 29,009 26,590 14

16 BALANCE SHEET Octopus Second AIM VCT plc I Half-Yearly Report I 2012 As at As at As at 31 May May November Fixed asset investments* 23,081 20,329 21,742 Current assets: Investments* 3,330 9,324 3,901 Debtors Cash at bank 1, ,780 9,444 5,043 Creditors: amounts falling due within one year (378) (764) (195) Net current assets 4,402 8,680 4,848 Net assets 27,483 29,009 26,590 Called up equity share capital Shares to be issued 52 Share premium 1,257 18, Special distributable reserve 30,992 12,654 31,681 Capital reserve realised (5,176) (1,393) (3,855) unrealised 593 (780) (1,056) Revenue reserve (188) (242) (204) Total equity shareholders' Funds 27,483 29,009 26,590 Net asset value per share 63.6p 68.6p 62.4p *Held at fair value through profit and loss The statements were approved by the Directors and authorised for issue on 26 July 2012 and are signed on their behalf by: Keith Mullins Chairman Company Number:

17 CASH FLOW STATEMENT Year to Six months to Six months to 30 November 31 May May Net Cash inflow/(outflow) from operating activities (603) Taxation: UK Corporation tax paid Financial investment: Purchase of fixed asset investments (1,246) (1,956) (5,963) Disposal of fixed asset investments 1, ,366 Management of liquid resources: Purchase of current asset investments (1,375) (12,171) (16,364) Disposal of current asset investments 1,945 9,432 19,050 Equity dividends paid: Dividends paid (701) (704) (1,384) Financing: Proceeds from issue of shares 1,238 4,902 5,770 Shares to be issued 52 Purchase of own shares (689) (827) (1,362) Increase/(decrease) in cash at bank 772 (16)

18 RECONCILIATION OF OPERATING PROFIT BEFORE TAXATION TO CASH FLOW FROM OPERATING ACTIVITIES Year to Six months to Six months to 30 November 31 May May Gain/(loss) on ordinary activities before tax 1, (1,208) (Gain)/loss on disposal of fixed asset investments (148) (64) 697 (Gain)/loss on valuation of fixed asset investments (1,080) (1,004) 68 Decrease/(increase) in debtors (295) Increase in creditors Net cash inflow/(outflow) from operating activities (603) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH RESOURCES Year to Six months to Six months to 30 November 31 May May Increase/(decrease) in cash at bank 772 (16) 510 Movement in cash equivalents (571) 2,737 (2,686) Opening net cash resources 4,537 6,713 6,713 Net cash resources at end of period 4,738 9,434 4,537 17

19 NOTES TO THE HALF-YEARLY REPORT 1. Basis of preparation The unaudited half-yearly results which cover the six months to 31 May 2012 have been prepared in accordance with the Accounting Standard Board s (ASB) statement on half-yearly financial reports (July 2007) and adopting the accounting policies set out in the statutory accounts of the Company for the year ended 30 November 2011, which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for Investment Companies issued by the Association of Investment Companies in January Publication of non-statutory accounts The unaudited half-yearly results for the six months ended 31 May 2012 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act The comparative figures for the year ended 30 November 2011 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor s report on those financial statements in accordance with Chapter 3, part 16 of the Companies Act 2006 was unqualified. This half-yearly report has not been reviewed by the Company s auditor. 3. Earnings per share The earnings per share at 31 May 2012 are calculated on the basis of 42,481,048 (31 May 2011: 38,656,954 and 30 November 2011: 40,589,911) shares, being the weighted average number of Ordinary shares in issue during the period. There are no potentially dilutive capital instruments in issue and, therefore, no diluted returns per share figures are relevant. 4. Net asset value per share The NAV per share is based on net assets as at 31 May 2012 divided by 43,225,974 (31 May 2011: 42,234,030 and 30 November 2011: 42,586,289) Ordinary shares in issue at that date. 5. Dividends The Directors have declared a dividend of 1.6 pence per Ordinary share, payable from capital reserves. This dividend will be paid on 30 August 2012 to those shareholders on the register at 10 August A final dividend for the year ended 30 November 2011 of 1.6 pence per Ordinary share was paid from capital reserves on 8 June 2012 to shareholders who were on the register on 11 May

20 6. Buybacks/shares issued During the six months ended 31 May 2012 the Company repurchased the following shares: Date No. of shares Price (p) 9 December , January , February , March , March , March , April , May , May , May , The weighted average price of all buybacks during the period was pence per share. During the six months ended 31 May 2012 the Company issued the following shares: Date No. of shares Price (p) 5 April ,815, The weighted allotment price of all shares issued during the period was 72.1 pence per share. 19

21 7. Principal risks and uncertainties The Company s assets consist of equity, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic, loss of approval as a VCT, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the way in which they are managed, are described in more detail in the Company s Annual Report and Accounts for the year ended 30 November The Company s principal risks and uncertainties have not changed materially since the date of that report. 8. Related party transactions Octopus acts as the investment manager of the Company. Under the management agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of the Company for the investment management services. During the period, the Company incurred management fees of 265,000 (31 May 2011: 237,000 and 30 November 2011: 538,000). 9. Copies of this statement are being made available to all shareholders. Copies are also available from the registered office of the Company at 20 Old Bailey, London, EC4M 7AN, and will also be available to view on the Investment Manager s website at 20

22 DIRECTORS AND ADVISERS Board of Directors Keith Richard Mullins (Chairman) Andrew Paul Raynor FCA Elizabeth Anita Kennedy Alastair James Ritchie Secretary and Registered office Celia L Whitten FCIS 20 Old Bailey London EC4M 7AN Registered in England No: Investment Manager Octopus Investments Limited 20 Old Bailey London EC4M 7AN Tel: Custodians Octopus Investments Limited 20 Old Bailey London EC4M 7AN Corporate Broker Matrix Corporate Capital LLP One Vine Street London W1J 0AH Tel: Independent Auditor PKF (UK) LLP Farringdon Place 20 Farringdon Road London EC1M 3AP Taxation Advisor PricewaterhouseCoopers UK 1 Embankment Place London WC2N 6RH VCT Status Adviser PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH Registrar Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU Tel: (Calls cost 10p per minute plus network extras) Perivan Financial Print

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