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000-816 - IBM Certified for On Demand Business Solution Sales - BrainDump Information

Vendor Name : IBM
Exam Code : 000-816
Exam Name : IBM Certified for On Demand Business Solution Sales
Questions and Answers : 132 Q & A
Updated On : September 24, 2018
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000-816 exam Dumps Source : IBM Certified for On Demand Business Solution Sales

Test Code : 000-816
Test Name : IBM Certified for On Demand Business Solution Sales
Vendor Name : IBM
Q&A : 132 Real Questions

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The legal professional Who Took On Uber Is Suing IBM for Age Discrimination | Real Questions and Pass4sure dumps

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    Video via Fortune

    Shannon Liss-Riordan has been in comparison to “a pit bull with a Chihuahua in its mouth.” In a career spanning pretty much 20 years, the Boston-based mostly legal professional has long past after businesses which have either harmed buyers or their personal personnel. She’s represented employees towards Amazon, Uber and Google and has styled her company as the premier champion for personnel left in the back of by means of effective tech businesses.

    Now Liss-Riordan, 49, is gunning for international enterprise Machines Corp. 

    On Monday, she filed a category-action lawsuit on behalf of three former IBM personnel who say the tech massive discriminated in opposition t them in line with their age when it fired them. “Over the closing several years, IBM has been in the procedure of systematically shedding older personnel with a purpose to construct a younger team of workers,” the previous employees claim in the suit.

    in the final decade, IBM has fired heaps of americans in the U.S., Canada and different high-wage jurisdictions with a view to cut fees and retool its workforce after coming late to the cloud computing and cell tech revolutions. a more moderen crop of tech giants has outpaced the enterprise in measurement, profits and status, and massive Blue is pushing to get back in the online game.

    The waves of firings spawned a legion of disaffected former employees who congregate on-line to air their grievances and swap reviews. To them, the firings are a mockery of the values they signed up for when joining the enterprise. IBM has argued alternate in its personnel is critical to dwell fresh and aggressive. 

    “adjustments in our group of workers are about talents, not age,” IBM spokesman Ed Barbini referred to in an emailed remark. “basically, considering that 2010 there is no change within the age of our U.S. staff, but the expertise profile of our personnel has modified dramatically. this is why we've been and may continue investing closely in worker expertise and retraining—to make each person a hit in this new period of know-how.”

    however the enterprise is beneath mounting drive to alternate its conduct. In March, ProPublica posted a damning report making the case that IBM systematically broke age-discrimination suggestions. in the meantime, the Equal Employment chance fee has consolidated complaints against IBM right into a single, focused investigation, in response to an individual usual with it. A spokeswoman for the EEOC declined to remark.

    Liss-Riordan, a associate at Lichten & Liss-Riordan in Boston, expects many former IBM employees to be a part of her lawsuit. “plenty is at stake for IBM—how they’re going about making these selections for his or her staff truly must be addressed and re-assessed,” Liss-Riordan noted in an interview. “It will be within the thousands of americans who might be affected. We believe IBM should pay these personnel.”

    Shannon Liss-Riordan in 2013. © bill green/Boston Globe by means of Getty images Shannon Liss-Riordan in 2013.

    If she’s a success, IBM could be on the hook for tons of of hundreds of thousands of dollars in damages and may take a hit to its popularity as a corporation once famous for being among the world’s most benevolent employers.

    IBM is infrequently the only big business that has fired people in an effort at reinvention. everyday electric powered Co. has reduce hundreds of employees and sold off complete enterprise units. but in a departure, IBM has stopped disclosing the variety of americans it has reduce in the U.S. or what number of it employs. The business says it’s still hiring, but there’s no indication what number of of those open slots get crammed each year.

    In interviews, more than a dozen these days laid off personnel say near-consistent, rolling firings have created an atmosphere of confusion and fear in lots of ingredients of the company, certainly for older personnel who consider they’re the most likely to be terminated. Former managers say large quantities of their time have been spent deciding who to let go next. different employees talk of invariably analyzing the tea leaves, swapping gossip about what division may be hit subsequent and trying to transfer to a greater favored community in time to evade getting cut.

    for many of the remaining two decades, Belinda Kromer’s existence revolved around her job at IBM. She criss-crossed the American southwest selling mainframe computing device application,  the facts-crunching behemoths that have been critical to IBM’s success for many years. For the only mom, spending half her time on the street wasn’t convenient, however the job paid neatly and helped put her son via school. Kromer, who became knocking down about $one hundred fifteen,000 a 12 months now not including bonuses, planned to work correct until she was 70.

    but last year IBM fired Kromer. Her father had died per week past. Kromer says she had simply obtained a glowing assessment from her manager however was advised her expertise had been not principal. Now 65 and tethered to the small Texas city the place she owns a house and nonetheless supports her son, she struggles along with her new reputation (“Getting up in the morning and not logging into your computer is a weird factor in case you’ve accomplished it for 17 years”) and is having a hard time finding work. In August, she utilized for a retail job at her local Lowes home growth shop. “They informed me i used to be overqualified.”

    Kromer won’t be participating within the lawsuit. She’s certainly one of heaps of personnel who signed away their correct to sue; Kromer did it so she would get a 401(ok) fit for her final year of employment.  workers typically agree not to sue IBM over age discrimination, for my part or in classification action proceedings. It’s a coverage common in company america and one which was recently affirmed in a might also 2018 Supreme court ruling.

    but over time, IBM has diminished the quantity of severance it offers to just one month in most situations, say former personnel interviewed for this story, who spoke on situation of anonymity for worry of professional repercussions. For some, the offer became so inconsequential they decided to leave the funds on the table and preserve their right to sue later. These are the americans Liss-Riordan is relying on. “IBM changed into providing individuals that it’s been letting go a extremely, very stingy severance,” she says. “We are expecting there are lots of others who didn’t feel that became ample.” 

    one of those people is Edvin Rusis. He joined IBM in 2003 throughout the $2.1 billion acquisition of Rational utility, the place he’d been working on the time. the primary firings got here barely a year later, but he held on. The work his branch became doing appeared to be in excessive demand, and Rusis, who’s now 59, wasn’t ready to retire. nevertheless, in March 2018, the firing computing device found him. Managers refused to supply him a reason anyway vague mentions of his potential not being up up to now, Rusis says.

    “once I acquired the be aware, i was relatively bitterly stunned that it was one month and that they had been even asking me to signal away all my rights,” he recollects. Rusis firstly filed a criticism against IBM to the EEOC, but withdrew it to sue the business as a substitute, Liss-Riordan says.

    Liss-Riordan is a bold lawyer, however the case her enterprise is most advantageous-general for hasn’t been an unalloyed victory. A high-profile force to get Uber to respect drivers as employees resulted in an preliminary $one hundred million agreement however turned into as a result blocked by a federal choose. Liss-Riordan remains going after Uber, together with filing a separate lawsuit towards co-founders Travis Kalanick and Garrett Camp.

    category action proceedings are drawn-out tactics, and there's no assure this case might be successful, and even be certified within the first area. additionally, age discrimination is a troublesome difficulty on which to hold a category-action. For a courtroom to enable Liss-Riordan to symbolize fired IBM employees as a class, she’d need to exhibit that age discrimination affected all the employees in the lawsuit, says Michael Willemin, an employment attorney with Wigdor LLP who isn’t worried in any IBM-connected cases.

    Liss-Riordan believes the evidence is there. The ProPublica story surveyed more than 1,000 employees and mentioned internal IBM files that, among different things, outlined a methodology of “correcting seniority mix.” The enterprise also fired people for now not having the quintessential knowledge for his or her work, but then re-employed them as contractors in similar positions, ProPublica suggested. 

    A excessive-profile lawsuit may harm IBM’s recognition notwithstanding the plaintiffs don’t win. different former employees could be emboldened to birth inner most lawsuits or arbitration drives, pushing up legal expenses for the company, Willemin says. “you have got a possible nine-determine liability,” he says.

    IBM Cloud deepest for records preps crimson Hat OpenShift certification, queryplex search tool | Real Questions and Pass4sure dumps

    IBM talked about its IBM Cloud inner most for data (ICP) is working to certify on pink Hat OpenShift, the container software platform and launching an edition of the provider for developers as smartly a brand new search tool code named Queryplex.

    large Blue released Cloud deepest for information in may to deliver a personal cloud architecture for businesses who have policies that rule out public clouds. In a nutshell, IBM Cloud inner most for records is similar to an information warehouse in a box, but with help for facts science and engineering.

    The company's latest announcement builds on IBM's partnership with red Hat too. That partnership become outlined in may additionally to prolong IBM Cloud deepest and Cloud private for information to crimson Hat's OpenShift.

    What a hybrid cloud is in the 'multi-cloud era,' and why you may additionally have already got one | What Kubernetes truly is, and how orchestration redefines the records center | enterprise analytics: The necessities of statistics-driven choice-making

    For IBM, Cloud inner most for information gives a migration path for present purchasers and a method to join with a bevy of technologies. for example, by way of connecting with purple Hat OpenShift, IBM Cloud inner most for records will also hook up with HortonWorks, which is certifying for OpenShift too.

    in the meantime, IBM is also launching a new edition for ICP for statistics known as ICP for information Experiences, a trial edition for builders and new valued clientele to are attempting out the platform. The trial enables builders and records engineers to compile and put together statistics for computing device researching models and analytics.

    IBM additionally noted that it is going to add Queryplex to permit for analytics queries that may entry data on-premise and on private and public clouds. IBM's Rob Thomas, universal manager for IBM Analytics, referred to "it be like we're giving americans the capacity to SQL the realm."

    crimson Hat partners IBM, Hortonworks for Hybrid architecture | Real Questions and Pass4sure dumps

    purple Hat RHT currently introduced a collaboration with Hortonworks HDP and overseas company Machines IBM for Open Hybrid architecture Initiative, which is geared toward bringing large records to hybrid cloud environments.

    The initiative is aimed at managing massive facts workloads throughout multi-cloud, part architectures and hybrid on-premises to support shoppers take care of their data and access analytical and choice-making functions.

    With records increasing at a enormous tempo, businesses require purposes and protection to assist them arrive at company selections quicker than ever. The collaboration will cater to this need and additionally give personalized tools that will also be deployed on-premise with hybrid cloud environments.

    Deal particulars

    pink Hat’s collaboration with Hortonworks and IBM will aid install huge records analytical equipment, laptop researching, cloud management options and protection on pink Hat OpenShift business container and Kubernetes application platform.

    Reportedly, Hortonworks will work to certify its huge information products Hortonworks information Platform, Hortonworks DataFlow and Hortonworks DataPlane as “crimson Hat certified Containers on purple Hat OpenShift.”

    furthermore, IBM is also working toward pink Hat OpenShift certification technique for its private cloud platform.

    certainly, IBM and Hortonworks will proceed their collaboration made remaining June to supply corporations with resolution making power in line with informative statistics output units.

    We consider this collaboration will aid red Hat’s purchasers take potential of the hybrid facts architecture, which permits short choice making.

    moreover, crimson Hat’s partners have played a crucial role in assisting the business deliver cost and success to its shoppers.

    purple Hat, Inc. revenue (TTM)

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    purple Hat, Inc. profits (TTM) | purple Hat, Inc. Quote

    Partnerships to enhance the top Line

    red Hat’s expanding companion base with established IT gamers like Hewlett Packard commercial enterprise, IBM, Microsoft MSFT, Oracle, SAP SE, Cisco, Dell, Fujitsu limited and a lot of others is a good.

    moreover, the enterprise’s collaborations with cloud suppliers like Amazon, Google and Alibaba position it for deal wins on a continual groundwork. here's anticipated power deferred revenues. in particular, in the closing pronounced quarter, total deferred revenues extended 19% yr over 12 months to $2.4 billion.despite the fact, Pivotal Container carrier (PKS) formed in the course of the partnership of Google, Pivotal and VMware is a major probability in this regard. in addition, purple Hat’s expanding investments on emerging technologies is expected to position pressure on margins.

    having said that, this Zacks Rank #three (hang) business is anticipated to advantage from its transforming into partnerships with large names and robust demand for OpenShift.

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    000-816 exam Dumps Source : IBM Certified for On Demand Business Solution Sales

    Test Code : 000-816
    Test Name : IBM Certified for On Demand Business Solution Sales
    Vendor Name : IBM
    Q&A : 132 Real Questions

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    Hargreave Hale goal VCT 2 plc : last effects | real questions and Pass4sure dumps

    INTRODUCTIONFollowing the success of our joint present for subscription i would like to welcome a big variety of new shareholders.

    At 28 February 2017 the net Asset value (NAV) was 109.86 pence which after adjusting for the dividends paid offers a complete return due to the fact that inception of 158.86 pence. The benefit per normal share for the year changed into 14.54 pence per share (comprising a earnings lack of 0.43 pence and capital gains of 14.ninety seven pence).  complete return for the length multiplied via 10.2% compared to a gain of 33.1% within the FTSE intention All-share complete Return Index. Given the constraints placed on managers of VCT cash we are glad with this performance.

    INVESTMENTSThe funding supervisor, Hargreave Hale limited, invested an additional £5.fifty two million in 21 qualifying organizations all the way through the 12 months. The reasonable price of Qualifying Investments at 28 February 2017 became £21.39 million invested in 64 purpose groups and seven unquoted companies. £24.sixteen million become held in a mixture of cash, fastened earnings and different non-qualifying equities; extra aspect can be found in the investment manager`s report.

    DIVIDENDAn period in-between dividend of two.00 pence changed into paid on 2 December 2016 (meantime 2016: 2.00 pence).

    A last dividend of four.00 pence is proposed (2016:4.00 pence) which, area to shareholder approval on the Annual normal assembly might be paid on 25 July 2017, to regular shareholders on the register on sixteen June 2017. 

    supplied the underlying investment efficiency of the enterprise is still proper and the liquidity position permits, it remains our coverage to goal a 5% distribution yield referenced to the yr end NAV per share of the enterprise.

    BUYBACKSIn total, 312,908 shares have been bought throughout the yr at a weighted regular rate of 99.25 pence per share. an extra 341,473 shares were bought considering the year end at a weighted usual fee of 109.70 pence.

    The Board continues to target a share rate bargain of 5% to the NAV per share (as measured towards the mid-cost) for market purchases. it is going to be emphasised that this target is non-binding and dependent on instances together with the enterprise`s liquidity sometimes and market situations.

    JOINT present FOR SUBSCRIPTION - 2015On 17 November 2016 the joint present for subscription for new shares in Hargreave Hale goal VCT 1 plc and Hargreave Hale purpose VCT 2 plc (launched in December 2015) became closed with £11.5 million raised for Hargreave Hale intention VCT 2 plc.

    JOINT offer FOR SUBSCRIPTION - 2016The administrators of the company announced on 14 December 2016 the launch of a new joint present for subscription for shares in both Hargreave Hale intention VCTs to raise as much as £10 million in Hargreave Hale goal VCT 1 plc and up to £10 million within the enterprise. The offer changed into accepted by shareholders of the company at a everyday assembly on 12 January 2017 and become open to both new and current shareholders.

    The offer changed into completely subscribed and resulted in gross dollars being received of £10 million and the problem of eight.96 million new shares in the business.

    VCT STATUSTo hold its VCT qualifying repute we should make investments as a minimum 70% of the net funds raised in any one accounting duration in Qualifying Investments by the birth of the accounting period containing the third anniversary of the date on which the dollars have been raised. i am glad to record that we continue to make good development against this verify and, on the yr conclusion, we had accomplished 88.88% and have convinced all the primary checks.

    VCT REGULATIONIn order to conform to ecu laws involving State support, the VCT suggestions had been discipline to vast changes within the funds on eight July 2015, which got here into impact on 18 November 2015. within the round we don't believe these guidelines have tremendously affected the enterprise, however we can not be able to make non-qualifying investments in agencies listed on intention or UK govt bonds. we are in a position to proceed to make investments via the Marlborough special instances Fund and we are free to put money into organizations listed on the main market.

    BOARD CHANGESGiles Hargreave stepped down as a director of the company on 13 December 2016. i want to take this opportunity to thank Giles for all his challenging work on the Board. Following the resignation of Giles Hargreave, Oliver Bedford changed into appointed as a non-executive director of the company on 13 December 2016.

    digital COMMUNICATIONSFollowing approval at a generic assembly on 12 January 2017, the business has adopted electronic communications. Your Board believes here is a good suggestion to the enterprise and its shareholders and may result in significant can charge reductions and enhanced timeliness and transparency of communications.

    CAPITAL REDUCTIONFollowing approval at a familiar meeting on 12 January 2017 the steadiness of the share premium account changed into cancelled on 18 may additionally 2017 leading to £37.5 million being transferred to the special reserve Reserves accessible for distribution as at the date of this doc are £7.9 million.

    AUDIT TENDERMandatory audit tendering law states that the highest length for which an organization will also be appointed auditor of a public listed entity is 10 years.  BDO LLP are coming near the highest term and as such a young manner may be completed in the latest fiscal year.

    OUTLOOKThe year has started smartly with an additional boost in NAV up except 31 may additionally 2017 of 9.72 pence reminiscent of 8.8%. additional a success fundraising all the way through the past 12 months has extended our internet property as at the present date to round £45m for the first time. This has ended in superior range in our portfolio.

    up to now the funding climate publish Brexit has remained exceedingly benign. besides the fact that children, it might be bad to be too complacent. company valuations have benefited from the steady economic upswing of the previous few years and aim in selected has attracted activity, and due to this fact bigger valuations, from traders in the hunt for Inheritance Tax aid.

    less than half of our internet belongings at 28 February had been invested in qualifying property. Our leading challenge for this reason is to determine and make investments in more excessive pleasant, VCT qualifying, alternatives. To this conclusion we now have been greater lively investing in inner most companies which now account for 8.8% of the portfolio. we are seeing some entertaining opportunities during this box but will take a measured method recognising that the work concerned in this style of investment is more time drinking and these investments are typically early stage excessive possibility corporations; additionally there's rarely any secondary market liquidity until there's a change of manage or a public market list.

    David Hurst-BrownChairman

    Date: 5 June 2017

    STRATEGIC record

    The purpose of the strategic record is to inform shareholders on key matters and aid them to determine how the directors have carried out of their responsibility to promote the success of the business. The file has been prepared by way of the administrators in keeping with the requirements of section 414A of the companies Act 2006. The enterprise`s unbiased auditor is required by means of law to record on even if the tips given inside the strategic record is in line with the economic statements and has been prepared based on relevant prison necessities. 

    THE business AND ITS enterprise MODELThe enterprise changed into integrated and registered in England and Wales on 20 September 2006 below the organizations Act 1985, registered number 5941261.

    The enterprise has been permitted as a venture Capital have faith through HMRC under part 259 of the revenue Taxes Act 2007. The shares of the company were first admitted to the reputable listing of the united kingdom list Authority and trading on the London stock alternate on 6 April 2007 and can be discovered beneath the TIDM code "HHVT". The business is top class listed.

    In standard with many other VCTs, the enterprise revoked its fame as an funding business as defined in section 266 of the companies Act 1985 on 20 September 2007 to facilitate the payment of dividends out of capital gains.

    The company`s essential pastime is to put money into a diverse portfolio of qualifying small UK primarily based organizations, primarily trading on intention, with a purpose to maximising tax free dividend distributions to shareholders.

    The business is an externally managed fund with a Board comprising of three non-executive administrators. Hargreave Hale confined acts as investment manager, administrator and custodian to the enterprise and provide the company secretary.

    The Board has universal accountability for the business`s affairs together with the choice of its funding coverage, youngsters, the Board may also undertaking these duties through delegation to Hargreave Hale as it considers acceptable.

     The administrators have managed and proceed to control the enterprise`s affairs in such a way as to conform to part 259 of the salary Taxes Act 2007.

    funding OBJECTIVESThe company`s funding ambitions are:

  • to invest in a assorted portfolio of small UK based mostly agencies on a excessive chance, medium term capital boom basis, primarily being corporations which are traded on purpose and which give you the option for gigantic price appreciation; 
  • to put money into smaller companies which may additionally no longer be without problems attainable to inner most individuals and which additionally are typically more risky; 
  • to maximise distributions to shareholders from capital good points and earnings generated from the business`s dollars; 
  • targeted investment in equities that are non-qualifying investments on an opportunistic foundation; and 
  • to maintain the company`s exposure to small agencies through an initial funding of latest capital into the Marlborough special situations Fund pending investment into Qualifying corporations.
  • ASSET ALLOCATIONThe enterprise will have a variety of investments in four different asset classes:

  • equity investments in qualifying corporations, referred to as "Qualifying Investments". Qualifying Investments will:
  • include qualifying holdings for a VCT as described in Chapter four half 6 of the earnings Tax Act 2007;
  • essentially be made in intention organizations, however the enterprise`s funding supervisor will additionally agree with NEX exchange-quoted agencies (previously ISDX) and private corporations that meet the funding standards summarised beneath; and
  • differ in dimension from £50,000 to £1 million.
  • Quasi-sovereign debt, bonds and other fixed income securities;
  • bank deposits which are effortlessly realisable; and
  • Non qualifying fairness exposure in the type of equity publicity to UK and international equities via centered investments made on an opportunistic basis or through an funding into the Marlborough particular cases Fund.
  • investment MANAGERThe company is managed by using Hargreave Hale confined, a fund supervisor with about £8.6 billion under administration and £7.5 billion beneath managed accounts. Hargreave Hale has been managing investments in UK Small and Micro Cap businesses for 19 years and VCTs for 13 years. It has a long established acceptance that stems from its administration of the Marlborough special situations Fund and the Marlborough UK Micro Cap Fund, and greater currently the VCTs.  It has won a lot of awards for its administration of small cap dollars.  based on the funding coverage, both Hargreave Hale intention VCT 1 and Hargreave Hale aim VCT 2 have made investments within the Marlborough particular instances Fund, which has again 2,498% (to twenty-eight February 2017) seeing that Giles Hargreave took accountability for it in July 1998.

    The investments of the enterprise are co-managed by Giles Hargreave and Oliver Bedford, with assist from the relaxation of the company`s investment group together comprising a total investment group of 14. The investment crew manages about £4.0 billion, of which approximately £2.6 billion is invested in small agencies, many of which are quoted on aim.  The breadth of the funding team, the scale of investment in small corporations and the investment supervisor`s track list help appeal to deal movement. 

    investment strategy

    QUALIFYING INVESTMENTSThe investment supervisor will preserve a assorted and completely invested portfolio of Qualifying Investments, primarily in small UK companies with a quotation on purpose. The simple purpose of the funding strategy is to be certain the business maintains its fame as a VCT. To achieve this, the company must have 70% of all cash raised from the situation of shares invested in Qualifying Investments all through accounting durations of the VCT beginning no later than three years after the date on which these shares are issued.

    besides the fact that children VCTs are required to make investments and keep at the very least 70% of their cash invested in Qualifying Investments as measured via the VCT suggestions, it is likely that the investment supervisor will target a better threshold of approximately eighty% as a way to provide some factor of insurance plan towards an inadvertent breach of the VCT guidelines. The business`s optimum publicity to a single Qualifying investment is proscribed to fifteen% of web property.

    the important thing preference standards used in determining which Qualifying Investments to make include, inter alia:

  • the strength and credibility of the administration group; 
  • the marketing strategy; 
  • the possibility/reward profile of the investment opportunity; 
  • the first-class of the finance function and budgetary process; 
  • the strength of the steadiness sheet relative to expected cash flow from operations; and 
  • the existing stability of investments within the portfolio of Qualifying Investments.
  • The funding supervisor follows a inventory certain, rather than sector selected, investment strategy and is greater more likely to give expansionary capital than seed capital.

    The funding supervisor will basically focal point on investments in businesses with a quotation on goal or plans to trade on intention. The funding supervisor prefers to participate in secondary considerations of organizations that are quoted on purpose as such corporations have an established track record that can also be extra quite simply assessed and superior disclosure of economic performance. Secondary considerations are often priced at a good looking cut price to the market fee.

    NON-QUALIFYING INVESTMENTSThe company will have extra non-qualifying equity exposure to UK and foreign equities via targeted investments made on an opportunistic groundwork. this will differ based on the investment manager`s view of the fairness markets and may fluctuate between nil and 30% of the net property of the business. The funding supervisor will additionally invest in different fixed revenue securities and cash.The funding manager might also invest as much as 75% of the net proceeds of any subject of recent shares into the Marlborough special situations Fund area to a optimum of 20% of the gross property of the business. this could enable the company to keep their exposure to small businesses indirectly, while the funding supervisor identifies alternatives to make investments directly into small UK businesses via an appropriate number of Qualifying Investments.

    The allocation between asset classes in the non-qualifying portfolio will range based upon opportunities that come up with a maximum exposure of a hundred% of the non-qualifying portfolio to anyone asset type.

    business REVIEWThe chairman`s statement and investment manager`s document contain a balanced and complete evaluation of the company throughout the financial year and the place of the investments at the yr end. The economic position of the enterprise at 28 February 2017 became effective without a debt or gearing.

    KEY performance INDICATORSAt each board meeting, the administrators trust a few efficiency measures to examine the funding supervisor`s performance, thereby helping shareholders to verify how the enterprise is performing in opposition t its goals. the important thing performance indications (KPIs) are centered trade measures and are as follows:

  • net asset value; 
  • total return; 
  • Ongoing rate ratio; 
  • revenue and dividend per share; and 
  • percent invested in Qualifying corporations
  • Commentary on the efficiency of these KPIs has been discussed in the chairman`s remark and investment manager`s document. in addition to the above, the Board considers peer group comparative efficiency. performance is additionally measured in opposition t the business`s closest benchmark, the FTSE aim All-share Index. The efficiency measures for the yr are blanketed in the economic highlights.

    OVERVIEW OF THE YEARIn the financial year under assessment, internet property multiplied from £29.9m to £45.4m. during this period the NAV per share multiplied from a hundred and one.18p to 109.86p. This resulted in a profit to normal shareholders of 14.68 pence per share after adjusting for dividends paid of 6.00 pence per share.

    ONGOING EXPENSESThe ongoing costs of the enterprise for the economic year beneath evaluation represented 1.eighty two% (2016: 2.28%) of 12 months conclusion net belongings, which remains aggressive when compared with different aim concentrated VCTs. Shareholders should notice that this ratio has been calculated as total costs minus ad hoc legal fees, adjusted for path fee written off in the year and divided by using yr-end internet assets.

    profits PER SHAREThe company`s income per share for the year ended 28 February 2017 become 14.54 pence per share (2016:loss -three.39 pence per share). The Board is still blissful with the enterprise`s performance.

    DIVIDENDSAn interim dividend of 2.00 pence become paid on 2 December 2016 and a last dividend of four.00p has been proposed.                 

    INVESTMENTSAs an entire, all through the yr, the qualifying portfolio increased from £13.4m to £21.4m. The enterprise made 22 qualifying investments at a cost of £5.5m, of which 15 had been investments into new Qualifying agencies.

    For further details please confer with the investment manager`s file.

    BORROWINGSIt is not the enterprise`s latest intention to have any borrowings. The enterprise does, although, have the means to borrow a highest volume up to 15% of the "Adjusted Capital and Reserves" amount (as such term is defined within the Articles of affiliation of the business), which is easily the aggregate of the nominal capital of the enterprise issued and paid up and the amount standing to the credit of the consolidated reserves of the enterprise, much less distinctive changes, exclusions and deductions. There aren't any plans to utilise this potential at the latest time.

    BUYBACKSIn total, 312,908 shares had been purchased all the way through the year at a weighted standard fee of ninety nine.25 pence per share.

    fundamental dangers AND UNCERTAINTIESThe administrators well known that they are responsible for the effectiveness of the enterprise`s risk management and interior controls and periodically evaluate the principal hazards confronted by using the company at the quarterly board meetings.  The Board may also endeavor these duties through delegation to Hargreave Hale limited as it considers appropriate. 

    The principal hazards facing the business relate to the company`s funding actions and consist of dangers brought up below:

    possibility How the Board mitigates chance project Capital trust approval chance - the company operates in a fancy regulatory environment and faces a few connected dangers. A breach of section 259 of the income Taxes Act 2007 might outcomes in the disqualification of the enterprise as a VCT and the loss of tax reliefs for the business and particular person shareholders. To cut back this possibility, the Board has appointed the investment manager, who has big event in mission capital have confidence administration and experiences to the Board consistently during the 12 months. furthermore, to deliver additional formal assurance, the Board has appointed Philip Hare & buddies LLP to video display compliance with rules and provide half every year compliance stories to the Board. funding chance - most of the business`s investments are held in excessive risk businesses, which might be either listed on intention or privately held. The funding supervisor keeps a vast portfolio of investments and holds average business conferences to display screen investments and establish potential chance. typical board meetings and speak with the administrators guide powerful governance. even as tax legislations limits each business`s optimum publicity to a single Qualifying funding to fifteen% of web assets (at book charge), the funding supervisor`s option for portfolio diversification capacity that Qualifying Investments rarely exceed 5% of web property. bargain volatility - undertaking Capital have faith shares tend to change at coupon codes to their underlying web asset values, which may fluctuate considerably. To minimise the have an effect on of such fluctuations, the business has a share buyback policy whereby the business purchases shares for cancellation. Compliance possibility - The business is required to conform to the guidelines of the uk list Authority, the groups Act, Accounting necessities and other legislation. The enterprise is additionally a small registered option investment Fund manager ("AIFM") and has to comply with the necessities of the AIFM Directive. Failure to conform to these rules might outcome in a delisting of the business`s shares, fiscal penalties, certified audit record or lack of shareholder have confidence. Board members and the funding manager have considerable event of operating at senior ranges within quoted agencies. Regulatory necessities are invariably reviewed and the Board searching for prison counsel when appropriate. financial possibility - hobbies reminiscent of economic recession and movement in hobby charges may have an effect on smaller corporations` valuations. The funding supervisor perpetually displays the markets and the portfolio organizations and reviews to the Board at each assembly. The possibility that the cost of a protection or portfolio of securities may decline sooner or later is mitigated via holding a diverse portfolio, across a huge range of sectors. Fraud - Fraud may take place enacted via a 3rd party, the investment manager or administrator. inner controls are documented and periodically reviewed on a quarterly groundwork with the aid of senior management. The investment management and administration functions are segregated via branch and placement. Operational chance - Failure of the investment manager/administrator`s methods or disruption to their business may result in the lack of ability to provide accurate reporting. The Board continuously stories the equipment of interior controls, both financial and non-fiscal, operated by way of the enterprise and Hargreave Hale Ltd. Hargreave Hale Ltd has in place its personal interior policies and procedures together with a documented business continuity plan and a regularly demonstrated catastrophe healing plan to mitigate possibility. Reputational risk - inadequate or failed controls might outcomes in breaches of laws or lack of shareholder trust. The funding supervisor operates a robust possibility administration device which is reviewed continuously to be certain controls continue to be beneficial in mitigating risks to the enterprise. details of the business`s internal controls are protected in the corporate governance observation. Liquidity possibility - Investments in small businesses are sometimes illiquid and can be difficult to recognise. The funds liquidity is monitored on a month-to-month foundation. Outsourcing risk - Any task outsourced to an external business. professional businesses used and files reviewed internally.

    further dangers and additional details of the above risks and the way they are managed are defined in word sixteen of the fiscal statements.  trends affecting future traits are discussed within the chairman`s remark and in the funding manager`s record.

    ENVIRONMENTAL AND SOCIAL RESPONSIBILITYThe Board conducts the company`s affairs responsibly and expects the funding manager to consider social and environmental concerns when applicable, notably with reference to funding choices. The business offers digital communications where perfect to reduce the volume of paper it makes use of.

    HUMAN RIGHTSThe Board conducts the enterprise`s affairs responsibly and expects the investment supervisor to believe human rights when pleasant their position, mainly with reference to investment selections.

    long run VIABILITY STATEMENTIn accordance with provision C.2.2 of the uk corporate Governance Code, the directors have performed a robust assessment of the most important risks regarding the company. This assessment has been conducted over a longer duration than the 365 days required via the `Going difficulty` provision. The Board carried out this review for a period of 5 years, which turned into chosen since it:

  • falls in accordance with the company continuation vote and investors minimum protecting duration to retain tax aid; and
  • covers a ample length for all funds raised to comply with HMRC investment examine guidelines.
  • The Board consider the viability of the company as part of their carrying on with programme of monitoring chance. The enterprise has a detailed chance manage framework, documented procedures and forecasting mannequin in region to in the reduction of the chance and have an impact on of possibility taking that exceeds the agreed ranges by the Board. These controls are reviewed by means of the Board and Hargreave Hale on a quarterly basis.

    The Board has regarded severe however low-budget eventualities and the impact of any mitigating actions, the talents impact of those hazards on the enterprise model, future performance and liquidity of the company.

    The administrators trust the enterprise to be potential for a further five years for right here causes:

  • The business maintains a huge portfolio of investments including approximately £15.0 million invested in non-qualifying investments and an extra £9.0 million in money. The enterprise therefore has adequate liquidity and here's monitored on a month-to-month basis; 
  • The enterprise is neatly invested in opposition t the VCT repute check and ended the 12 months at 88.88% invested in qualifying agencies. The Board count on that there will continue to be proper qualifying investments attainable over the next five years; 
  • the ongoing price ratio of the business for the yr conclusion turned into 1.eighty two%, which is competitive for the VCT sector; 
  • The economic place of the business at 28 February 2017 become effective and not using a debt or gearing; and 
  • The company has ample processes in region to establish, computer screen and control possibility.
  • in line with this assessment the administrators have a reasonable expectation that the company could be in a position to continue in operation and meet its liabilities as they fall due over the next 5 years.

    PROSPECTSThe prospects and future building of the business are discussed in aspect within the outlook portion of the chairman`s remark.

    additional DISCLOSURES REQUIRED by means of THE businesses ACT

    EMPLOYEESThe enterprise had no employees all over the 12 months. Board members are appointed in line with advantage and knowledge. The Board at the moment contains of three male non-executive administrators who confirm they are going to believe gender diversity when making future appointments

    by using order of the Board of directors.

    STUART BROOKESCompany Secretary

    Date: 5 June 2017

    funding supervisor`S report

    INTRODUCTIONThis file covers the 2016/17 economic year, 1 March 2016 to 28 February 2017. The supervisor`s report carries references to actions in the internet Asset cost (NAV) per share and total Return per share (NAV per share plus distributed earnings per share). movements in the NAV per share don't necessarily replicate the income per share (EPS) mentioned in the money owed and elsewhere, which convey the earnings after tax inside the business within the pronounced length as a function of the weighted general variety of shares in difficulty for the duration.

    investment REPORTGlobal equity markets had a strong yr towards a backdrop of gigantic political uncertainty and change. Politics apart, international financial growth changed into largely mighty, with US GDP increase and low interest charges leading developed markets greater. rising markets also performed well, supported by way of getting better commodity expenses.

    the united kingdom`s decision to depart the ecu Union dominated the year; doubtless it is going to proceed to do so this yr and subsequent.  The decline in Sterling provided welcome aid to the most important UK indices as traders moved to re-rate these organizations with colossal remote places salary.  by and big, VCT laws channel us into small domestically focussed boom organizations, so we were unable to absolutely benefit from the vogue that persevered through the 2nd half of our monetary year, however we did derive some improvement via elements of our non-qualifying portfolio.  The closing quarter noticed a high-quality uptick in possibility sentiment within small cap equities.

    the new fiscal 12 months has already thrown up a number of risks, the French and UK elections being probably the most recent examples.  little doubt there will be greater; youngsters, for now the united kingdom economy feels effective enough, despite the fact we now have seen some evidence of weakness inside the housing market and features of the informal eating sub-sector.  We predict the uk customer to be extra challenged this year as true wage growth turns terrible, with some weak point already displaying up in consumer self belief information. On steadiness, the macro image remains practicable and we discover most corporations to be tremendous in regards to the outlook; there looks to be in your price range demand for new capital to support their boom and development.

    PERFORMANCEIn the twelve months to twenty-eight February 2017, the NAV expanded from one hundred and one.18p to 109.86p. 6.0p in dividends have been paid, giving investors a complete return of 14.68 pence per share, which translates to a profit of 14.5%. during the same duration the FTSE goal All-Share complete Return received 33.1%.

    The qualifying investments made a internet contribution of 9.ninety one pence per share with forty two out of the seventy seven making features, 6 marking time and 29 losing ground. The non-qualifying investments contributed 6.sixteen pence per share.  The stability became a mix of charges, revenue and small positive aspects made through share buy backs.

    DP Poland turned into the proper performing qualifying investment (+a hundred and fifteen.four%, +1.87 pence per share). The enterprise reported a sequence of sturdy updates over the yr while demonstrating cloth traction as they roll out the Domino`s Pizza proposition throughout Poland. In February, they introduced seventeen consecutive quarters of double digit like for like system earnings increase, with thirty-9 operational websites in fourteen towns and cities. The contemporary fairness raise turned into smartly acquired and they are now on the right track to conclude 2017 with fifty operational websites. Quixant (+98.9%, +1.32 pence per share) introduced a superb set of 2016 period in-between consequences that featured strong organic revenue growth, a more robust than anticipated contribution from the Densitron acquisition and cash flows forward of expectations. post (our) yr end, the company has due to the fact that released its 2016 full year effects which, as soon as once more, got here in ahead of market expectations and triggered additional enhancements to forecasts for this economic year. Ideagen (+70.2%, +1.24 pence per share) and Science in activity (+91.7%, +1.18 pence per share) also carried out smartly.

    The largest losses inside the period came from TrakM8 (-99.7%, -1.86 pence per share), which announced a material profit downgrade after contract deferrals left the company exposed to an overhead that was outsized relative to the revised profits outcomes.  other losses got here from Intercede (-fifty nine.three%, -0.57 pence per share), Mirada (-57.1%, -0.38 pence per share) and Microsaic (-eighty five.1%, -0.36 pence per share), all of which posted negative updates.

    We made 22 qualifying investments over the 12 months, which included 7 further investments into latest qualifying companies (1 inner most); four secondary placings into listed businesses; 7 IPOs; and 4 deepest investments. We invested a total of £5.52m into qualifying investments over the yr.

    inside the qualifying portfolio, a few our investee organizations experienced potent runs out there, which led us to make partial disposals in Creo, Directa Plus, DP Poland, ECSC, Imaginatik, Loop Up, Maxcyte and surface Transforms.  due to endured negative performance, we exited investments in Sphere medical, Tangent Communications (by way of an MBO), Nektan and Outsourcery.

    PORTFOLIO STRUCTUREThe VCT is conveniently during the HMRC defined funding examine and ended the period at 88.88% invested as measured by way of the HMRC investment look at various. by using market price, the VCT had a 47.2% weighting to qualifying investments.

    The allocation to non-qualifying fairness investments multiplied from 18.4% to twenty.6%, representing the funds on-going participation in non-qualifying fairness investments. in keeping with the funding policy, we endured to make use of the Marlborough special instances Fund as a temporary domestic for proceeds from fundraising. The allocation marginally lowered from 13.1% ultimate yr to 12.0% this yr. fixed profits as a percentage of the fund fell from 0.9% to 0.4% and money fell from 23.four% to 20.three%

    The HMRC funding exams are set out in Chapter 3 of part 6 profits Tax Act 2007, which should be examine in conjunction with this component to the funding manager`s file. money raised by way of VCTs are first covered within the investment checks from the beginning of the accounting duration containing the third anniversary of the date on which the dollars were raised. for this reason, the allocation of qualifying investments as described via the legislations can also be diverse to the portfolio weighting as measured by way of market value relative to the web assets of the VCT.

    post year end UPDATEDeal circulate has been strong seeing that 12 months end with 5 extra qualifying investments being made in Dorcaster plc, Eagle Eye options neighborhood plc, Portr Ltd, velocity Composites plc and Zoo Digital community plc.  we have a powerful pipeline of deals we predict to complete within the coming weeks.

    NAV performance has also been good publish length conclusion, with the NAV per share gaining 8.8% to 119.58 pence per share.

    For further assistance please contact:

    STUART BROOKESCompany Secretary

    Registered office:Hargreave Hale purpose VCT 2 plc,Accurist condominium,forty four Baker StreetLondon W1U 7AL01253 754740   

    Date: 5 June 2017

    statement OF directors` RESPONSIBILITIESIn appreciate of the fiscal statements

    The directors are answerable for getting ready the annual record and the economic statements in accordance with applicable legislations and rules. they're also chargeable for ensuring that the annual file comprises tips required by using the record suggestions of the monetary conduct Authority.

    company legislation requires the directors to prepare economic statements for each and every monetary 12 months.  under that legislations the directors are required to prepare the monetary statements and have elected to put together the business`s monetary statements in keeping with uk frequently authorised Accounting apply ("UK GAAP") (united kingdom Accounting requirements and relevant law). beneath company legislation the directors must not approve the economic statements except they are satisfied that they give a real and reasonable view of the situation of the company and of the income or loss for the company for that duration. 

    In getting ready these fiscal statements, the administrators are required to:

    ·           select relevant accounting guidelines and then follow them consistently;

    ·           make judgements and accounting estimates which are affordable and prudent;

  • state no matter if they have been organized according to UK GAAP; field to any cloth departures disclosed and defined in the monetary statements; 
  • put together the fiscal statements on the going challenge groundwork unless it's inappropriate to presume that the enterprise will continue in company; and 
  • put together a director`s record, a strategic document and director`s remuneration report which agree to the necessities of the corporations Act 2006.
  • The administrators are chargeable for preserving adequate accounting statistics which are enough to display and explain the enterprise`s transactions and disclose with reasonably-priced accuracy at any time the monetary place of the company and permit them to be sure that the economic statements agree to the groups Act 2006. they are also chargeable for safeguarding the assets of the enterprise and therefore for taking low cost steps for the prevention and detection of fraud and different irregularities.

    The directors are accountable for making certain that the annual record and money owed, taken as a whole, are reasonable, balanced, understandable and supply the guidance quintessential for shareholders to assess the company`s position and efficiency, company mannequin and approach.

    site PUBLICATIONThe directors are answerable for making certain the annual document and the financial statements are made attainable on a site.  monetary statements are published on the enterprise`s site according to legislation in the uk governing the education and dissemination of monetary statements, which may vary from legislation in other jurisdictions.  The upkeep and integrity of the company`s web page is the responsibility of the administrators.  The administrators` accountability also extends to the continued integrity of the monetary statements contained therein.

    administrators` responsibility commentary PURSUANT TO DTR4David Hurst-Brown (Chairman), Philip Cammerman and Oliver Bedford, the administrators, ascertain to the better of their potential that:

  • The monetary statements have been organized according to UK GAAP and provides a real and reasonable view of the assets, liabilities, financial position and profit and loss of the business. 
  • The annual record contains a good overview of the building and efficiency of the enterprise and the financial position of the enterprise, along side an outline of the foremost risks and uncertainties that it faces.
  • For and on behalf of the Board

    DAVID HURST-BROWNChairmanDate: 5 June 2017

    directors` REMUNERATIONThe directors` remuneration file become permitted by way of the Board of directors on 5 June 2017 and will be additional subject to an advisory vote on the Annual widely wide-spread assembly being held on 20 July 2017 and every year thereafter.

    salary STATEMENTFor the year ended 28 February 2017

    word       profits Capital total     £000 £000 £000 net profit on investments held at fair price through income or loss   - 5,537   5,537 profits   286 15 301     -------- -------- --------     286 5,552 5,838           management price   (129) (387) (516) different fees   (305) (28) (333)     -------- -------- --------     (434) (415) (849)     -------- -------- -------- (Loss)/profit on commonplace activities before taxation   (148) 5,137 four,989 Taxation   - - -     -------- -------- -------- (Loss)/gain after taxation   (148) 5,137 four,989     -------- -------- -------- (Loss)/gain per share basic and diluted 2 (0.43)p 14.97p 14.54p       --------   --------   --------

    earnings STATEMENTFor the yr ended 29 February 2016 (Comparative counsel)

    note       revenue Capital total     £000 £000 £000 web loss on investments held at reasonable value via income or loss   - (300)   (300) earnings   146 - 146     -------- -------- --------     146 (300) (154)     -------- -------- -------- administration charge   (103) (308) (411) other charges   (291) - (291)     -------- -------- --------     (394) (308) (702)     -------- -------- -------- (Loss) on usual activities before taxation   (248) (608) (856) Taxation   - - -     -------- -------- -------- (Loss) after taxation   (248) (608) (856)     -------- -------- -------- (Loss) per share primary and diluted 2 (0.98)p (2.forty one)p (three.39)p       --------   --------   --------

    the entire column of those statements is the revenue observation of the business. All revenue and capital items in the above statements derive from carrying on with operations. There turned into no different complete income aside from the profit/loss for the yr.

    The accompanying notes are an essential component of those fiscal statements.

    steadiness SHEET                                                                                                                                                                            enterprise registration number: 5941261As at 28 February 2017                                                                                    (in England and Wales)

        2017 2016   be aware               £000   £000             mounted property           Investments at reasonable value through earnings or loss     36,359   23,031       --------   --------             current assets           Debtors     37   20 money at bank     9,190   6,994       --------   --------       9,227   7,014             creditors: quantities falling due within three hundred and sixty five days     (219)   (191)       --------   -------- web present assets     9,008   6,823       --------   -------- total property much less latest liabilities     45,367   29,854       --------   --------             Capital and reserves           referred to as up share capital     413   295 Share top rate     34,246   21,484 Capital redemption reserve     10   7 particular reserve     2,891   5,250 Capital reserve - realised     628   1,367 Capital reserve - unrealised     eight,529   2,653 income reserve     (1,350)   (1,202)       --------   -------- total shareholders` cash     forty five,367   29,854       --------   --------             web asset cost per share3   109.86p   one zero one.18p            

    These financial statements had been approved and accepted for concern by means of the Board of directors on 5 June 2017 and signed on its behalf by way of

    David Hurst-BrownChairman

    5 June 2017

    The accompanying notes are an essential component of those financial statements.

    remark OF adjustments IN fairness

    For the yr ended 28 February 2017

      known as up  Share  Capital   

    Share  premium

    Capital RedemptionReserve  

    special Reserve

    Capital ReserveRealised Capital ReserveUnrealised  




        £000 £000  £000   £000  £000  £000  £000  £000 At 1March2016 295 21,484  7 5,250 1,367 2,653 (1,202) 29,854                   Share buybacks (three)   3 (313)       (313) Share problems121 13,034           13,a hundred and fifty five challenge prices   (272)           (272) equity dividends paid       (2,046)       (2,046) Realised losses on investments         (339)     (339) Unrealised positive aspects on investments           5,876   5,876 administration fee charged to capital         (387)     (387) association charge revenue         15     15 Due Diligence funding prices         (28)     (28) salary loss after taxation for the yr             (148) (148) total benefit after taxation         (739) 5,876 (148) 4,989                     ------ --------- --------- --------- --------- --------- ------ --------- At 28 February 2017 413 34,246 10 2,891 628 8,529 (1,350) 45,367   ------ ---------  --------- --------- --------- --------- ------ ---------                  

    Reserves available for distribution are capital reserve realised, particular reserve and salary reserve.  total distributable reserves at 28 February 2017 have been £2.17 million. The accompanying notes are a vital part of those fiscal statements.

    remark OF adjustments IN fairness

    For the yr ended 29 February 2016 (Comparative suggestions)



    referred to as up  Share  Capital   

    Share top class


    particular Reserve

    Capital ReserveRealised Capital ReserveUnrealised  




        £000 £000  £000   £000  £000  £000 £000  £000 At1March2015 219 13,118  three 7,124 (1) 4,629 (954) 24,138                   Share buybacks (4)    4 (372)       (372) Share issues80 8,536           eight,616 issue expenses   (one hundred seventy)           (a hundred and seventy) fairness dividends paid       (1,502)       (1,502) Realised gains on investments         1,676     1,676 Unrealised losses on investments           (1,976)   (1,976) administration price charged to capital         (308)     (308) profits loss after taxation for the year             (248) (248) total loss after taxation         1,368 (1,976) (248) (856)                     ------ ---------  --------- --------- --------- --------- ------ --------- At 29 February 2016 295 21,484  7 5,250 1,367 2,653 (1,202) 29,854   ------ ---------  --------- --------- --------- --------- ------ ---------                  


    Reserves available for distribution are capital reserve realised, special reserve and salary reserve.  complete distributable reserves at 29 February 2016 were £5.forty two million.  The accompanying notes are an integral part of those financial statements.commentary OF money FLOWSFor the 12 months ended 28 February 2017

        2017 2016     £000 £000 complete benefit/(loss) on standard activities earlier than taxation   four,989 (856) Realised loss/(benefit) on investments   339 (1,676) Unrealised (benefit)/loss on investments   (5,876) 1,976 (increase)/lower in debtors   (17) 6 raise in collectors   28 50     ---------- ---------- net money (outflow) from operating activities   (537) (500)     ---------- ---------- purchase of investments   (sixteen,778) (eleven,321) Sale of investments   8,987   5,534     ---------- ---------- internet money (outflow) from funding activities   (7,791) (5,787)     ---------- ---------- Share buybacks   (313) (372) difficulty of share capital   12,883 eight,446 Dividends paid   (2,046) (1,502)     ---------- ---------- net money influx from financing actions   10,524 6,572     ---------- ---------- increase in money   2,196   285     ---------- ---------- Opening money    6,994 6,709 money flow    2,196 285     ---------- ---------- Closing money   9,one hundred ninety 6,994

                                                                                                                                                                                                                   The accompanying notes are a vital part of those fiscal statements.

    Notes to the preliminary Announcement

  • foundation of education
  •       The monetary tips set out during this preliminary announcement doesn't represent the enterprise`s statutory bills for the years ended 28 February 2017 or 29 February 2016. Statutory accounts for the year ended 29 February 2016 had been filed with the Registrar of companies and people of the 12 months ended 28 February 2017 could be dropped at the Registrar in due course; both were stated on by using the unbiased auditors. The unbiased auditor`s reports on the Statutory money owed for the years ended 29 February 2016 and 28 February 2017 have been unqualified, did not draw consideration to any concerns by means of emphasis, and didn't comprise a statement beneath 498(2) or 498(3) of the companies Act 2006.             The bills of the enterprise are prepared according to Accounting requirements relevant in the united kingdom. The business`s monetary statements are organized in accordance with FRS 102 and the observation of suggested observe (SORP) for economic Statements of funding believe agencies issued in November 2014.             The accounting guidelines utilized in getting ready this preliminary announcement are in step with these used in the instruction of the fiscal statements.             All purpose investments are valued at bid price. Unquoted agencies are included at fair value. the place can charge is no longer considered appropriate the company will use a price indicated by a cloth hands-size transaction by an impartial third party within the shares of a corporation. where no such transaction exists the company will use probably the most acceptable valuation method together with discounted cash movement analysis, earnings multiples, web property and industry valuation benchmarks. The fair value of such property or liabilities will be reviewed on a 6 monthly basis and extra commonly if routine happen that might have a fabric influence on the investment.             The accounting guidelines adopted in these preliminary results were invariably utilized to all the years presented and are in keeping with the policies used in the preparation of the statutory debts for the years ended 28 February 2017 and 29 February 2016. the entire statutory annual bills might be published in June 2017. Copies may additionally in due course be acquired during standard enterprise hours from Hargreave Hale constrained, Talisman condominium, Boardmans manner, Blackpool, FY4 5FY.             The Annual usual meeting of the enterprise should be held on the enterprise`s registered workplace on 20 July 2017 at 1.30pm.       

  • revenue per share (basic and diluted)
  • profits return per ordinary share is according to a internet income loss on standard activities after taxation of £148,026 (2016: £247,629) and on 34,327,158 (2016: 25,200,417) common shares, being the weighted typical number of general shares in challenge all over the 12 months.  Capital return per common share is in keeping with a net capital benefit of £5,137,499 (2016: loss £608,113) for the year and on 34,327,158 (2016: 25,200,417) average shares, being the weighted typical variety of normal shares in concern right through the 12 months. total return per ordinary share is in keeping with a web profit of £4,989,474 for the 12 months and on 34,327,158 (2016: 25,200,417) regular shares, being the weighted normal variety of regular shares in concern all the way through the yr.

  • web asset value per normal share
  • The web asset cost per normal share at 28 February 2017 of 109.86 pence (2016:one hundred and one.18 pence) is in accordance with web property of £45,366,681 on the yr-conclusion (2016: £29,854,033) and on 41,296,035 typical shares, being the variety of shares in subject at year end (2016: 29,507,084).

  • predominant dangers and Uncertainties
  •       The main risks dealing with the enterprise relate to the company`s investment actions and encompass mission capital have faith approval possibility, investment risk, cut price volatility, compliance possibility, financial risk, fraud, operational risk, reputational risk, liquidity risk and outsourcing possibility. different dangers faced via the business encompass market chance, forex possibility, interest price possibility and credit chance. These dangers and the manner during which they are managed are described in more aspect within the Strategic document.       5.       related birthday party transactions Hargreave Hale limited      Hargreave Hale limited is regarded to be a related party to the business.  Oliver Bedford, a non-government director of the company and a member of its key management personnel, is an employee of Hargreave Hale confined. additionally Hargreave Hale restrained acts as funding supervisor, administrator and custodian to the company and it offers the business secretary. all the aid services performed by way of Hargreave Hale restrained are segregated by department and location and are independent of each different.             Hargreave Hale constrained in its capability as investment supervisor of the fund receives annual charges of 1.5% once a year of the internet asset value of the business, calculated and payable quarterly in arrears. expenses for the 12 months are £515,272 (2016: £411,258) as specific in observe 3. in terms of the different help capabilities described above, Hargreave Hale confined received fees of £ninety,000 (2016: £80,000). Of those mixed prices, £153,253 (2016: £120,835) was nonetheless owed at the yr conclusion.             Hargreave Hale confined has agreed to indemnify the company in opposition t annual operating charges (such charges excluding VAT, any performance incentive payment and any trail commissions the payment of which is the accountability of the business) exceeding three.5% of its internet property. No expenses have been waived between 1 March 2016 and 28 February 2017 under the indemnity..6.       Shares Issued      all the way through the year, the business issued 12,101,859 usual shares of 1 pence per share (nominal price £121,019) which resulted in dollars being acquired of £13,155,057. The 3.5% top class of £460,427 was payable to Hargreave Hale constrained to cowl the can charge of further shares distributed of £188,425 leading to internet charges payable to Hargreave Hale restricted of £272,002.

  •  Capital constitution
  • Share capitalOrdinary shares are classed as equity. The regular shares in issue have a nominal cost of one pence and carry one vote each. large holdings within the company are disclosed within the administrators` record.

    Share premiumThis reserve represents the difference between the challenge price of shares and the nominal price of shares on the date of challenge, web of linked challenge costs.

    Capital redemption reserveThis reserve is used for the cancellation of shares purchased returned below the buyback facility.

    special reserveDistributable reserve used to pay dividends and re-purchase shares beneath the buyback facility.

    Capital reserve realisedGains/losses on disposal of investments, due diligence expenses and salary from private enterprise investments, everlasting impairment of financial belongings and 75% of the investment management fee are accounted for within the capital reserve realised.

    Capital reserve unrealisedUnrealised features and losses on investments held at the yr-end arising from movements in reasonable value are taken to the capital reserve unrealised.

    income reserveNet profits earnings and losses of the enterprise.

                                                                                                                                                                                                                   funding PORTFOLIO abstract

    general Share FundAs at 28 February 2017

    Qualifying Investments cost£000 Valuation£000 Valuation% web property% Sector Mexican Grill Ltd (A selection Shares)**  277  1,154  three.17  2.54 purchaser Discretionary Ideagen plc  190  1,100  3.03  2.forty three counsel technologyLearning applied sciences group plc  534  1,068  2.94  2.36 suggestions generationDP Poland plc  324  987  2.72  2.18 consumer Discretionary Portr Ltd**  538  950  2.61  2.09 suggestions technologyQuixant plc  a hundred and twenty  908  2.50  2.00 customer Discretionary Science in activity plc  518  885  2.43  1.ninety five customer Staples Zappar Ltd**  701  seven hundred  1.ninety three  1.fifty four information generationAnimalCare community plc  a hundred  664  1.eighty three  1.forty six fitness Care Creo medical community plc  559  660  1.eighty two  1.46 fitness Care Fulcrum Utility capabilities Ltd  a hundred  620  1.70  1.37 Utilities Infinity Reliance Ltd (My 1st Years)**  501  500  1.38  1.10 client Discretionary Maxcyte Inc  142  467  1.28  1.03 fitness Care Gfinity plc  290  446  1.23  0.ninety eight advice generationHardide plc  227  420  1.16  0.ninety three ingredientsAquis exchange Ltd**  401  four hundred  1.10  0.88 tips technologyECSC community plc  301  378  1.04  0.eighty three counsel technologyLoopup community plc  237  349  0.ninety six  0.seventy seven assistance eraULS know-how plc  139  340  0.ninety four  0.seventy five tips eraFaron prescribed drugs Oy  260  336  0.ninety two  0.74 health Care Tristel plc  79  330  0.ninety one  0.73 fitness Care Laundrapp Ltd**  301  300  0.82  0.66 counsel generationSanderson neighborhood plc  200  280  0.77  0.62 assistance generationTrakM8 Holdings plc  ninety one  273  0.seventy five  0.60 information generationEagle Eye options group plc  385  269  0.seventy four  0.59 suggestions technologyFreeagent Holdings plc  185  268  0.74  0.fifty nine suggestions eraPremaitha health plc  330  262  0.72  0.fifty eight fitness Care Plastics Capital plc  202  261  0.seventy two  0.fifty eight partsCentralNic community plc  207  241  0.66  0.fifty three counsel technologySurface Transforms plc  201  238  0.sixty five  0.fifty two Industrials Everyman Media group plc  172  233  0.sixty four  0.fifty one customer Discretionary Belvoir Lettings plc  335  232  0.64  0.51 true property Paragon leisure Ltd  200  227  0.sixty three  0.50 Industrials TLA international plc  one hundred fifty  225  0.62  0.50 client Discretionary angle plc  252  213  0.fifty nine  0.forty seven health Care Osirium technologies plc  301  212  0.fifty eight  0.47 tips technologyLombard risk administration plc  ninety two  201  0.55  0.44 suggestions eraE G solutions plc  200  200  0.fifty five  0.forty four suggestions eraSatellite solutions worldwide neighborhood plc  103  195  0.53  0.forty three Telecommunication amenitiesClearstar Inc  360  189  0.52  0.42 Industrials Ilika plc  203  186  0.fifty one  0.forty one Industrials Reneuron group plc  262  183  0.50  0.40 health Care EKF Diagnostics Holdings plc  one hundred fifty  one hundred eighty  0.forty nine  0.40 fitness Care electric powered observe plc  185  179  0.forty nine  0.39 purchaser Discretionary Electrical Geodesics Inc  one hundred forty five  167  0.forty six  0.37 health Care Omega Diagnostics neighborhood plc  129  159  0.forty four  0.35 health Care MartinCo plc  113  157  0.forty three  0.35 true property Medaphor neighborhood plc  251  139  0.38  0.31 buyer Discretionary Intercede community plc  91  138  0.38  0.30 guidance technologyMexican Grill Ltd (typical Shares)**  31  128  0.35  0.28 customer Discretionary Cloudcall group plc  234  128  0.35  0.28 Telecommunication servicesKalibrate technologies plc  161  a hundred and twenty  0.33  0.27 tips technologyImaginatik plc  164  114  0.31  0.25 tips eraWANDisco plc  53  114  0.31  0.25 guidance technologyAPC know-how community plc  350  one zero five  0.29  0.23 guidance eraMirada percent95  95  0.26  0.21 assistance generationVerona Pharma plc  71  ninety three  0.25  0.20 fitness Care Audioboom plc  126  87  0.24  0.19 suggestions generationLidco group plc  146  eighty four  0.23  0.19 health Care TP community plc  125  seventy one  0.20  0.sixteen Industrials Porta Communications plc  200  70  0.19  0.15 customer Discretionary Midatech Pharma plc  150  69  0.19  0.15 fitness Care Fusionex international plc  69  68  0.19  0.15 information generationHaydale Graphene Industries plc  64  68  0.19  0.15 materialsGenedrive plc  140  sixty seven  0.18  0.15 fitness Care Directa Plus plc  forty five  65  0.18  0.14 materialsFlowgroup percentfifty four  54  0.15  0.12 Industrials Synairgen plc  ninety  forty five  0.12  0.10 fitness Care Mycelx technologies supplier plc (Com SHS $0.025 REG S+ shares)  one hundred fifty  36  0.10  0.08 Industrials Mporium community %23  23  0.06  0.05 tips technologyMicrosaic systems p.c20  20  0.06  0.05 assistance eraBrigantes power Ltd*  -   -   -   -  energyTotal Qualifying Investments 14,895 21,393 fifty eight.eighty three forty seven.sixteen               Non-Qualifying Investments can charge£000 Valuation£000 Valuation% web assets% Sector MFM particular cases Fund** four,542 5,462 15.02 12.04   total - Unit Trusts four,542 5,462 15.02 12.04   UK Treasury stock 0.0125% 2068 154 159 0.forty four 0.35   total - UK gilts 154 159 0.44 0.35               RPC neighborhood plc  588  689  1.89  1.fifty two constituentsMelrose Industries plc  444  660  1.eighty two  1.46 Industrials Dechra prescription drugs plc  462  515  1.forty two  1.14 health Care BP plc  502  499  1.37  1.10 caloriesAtkins (WS) plc  463  495  1.36  1.09 Industrials NMC health plc  426  488  1.34  1.08 health Care Royal Dutch Shell plc  379  478  1.31  1.05 caloriesCohort plc  176  462  1.27  1.02 Industrials On the beach group plc  376  429  1.18  0.ninety four consumer Discretionary Merlin Entertainments plc  386  428  1.18  0.ninety four purchaser Discretionary Sanne group plc  331  421  1.sixteen  0.93 Financials JD sports fashion plc  265  316  0.87  0.70 purchaser Discretionary Fulcrum Utility functions Ltd  fifty six  302  0.83  0.sixty seven Utilities FCFM neighborhood Ltd**  a hundred and fifty  283  0.78  0.sixty two Financials Lloyds Banking neighborhood plc  285  275  0.76  0.sixty one Financials Taylor Wimpey plc  299  261  0.seventy two  0.57 buyer Discretionary DFS furniture plc  288  248  0.68  0.55 consumer Discretionary Hilton food community plc  252  235  0.sixty five  0.fifty two consumer Discretionary Clipper Logistics plc  234  227  0.sixty three  0.50 buyer Discretionary Wizz Air Holdings plc  220  200  0.fifty five  0.44 customer Discretionary getting to know applied sciences neighborhood plc  eighty  185  0.fifty one  0.41 assistance technologyMicro center of attention foreign plc  121  one hundred seventy five  0.48  0.39 counsel technologySportech plc  one hundred thirty  156  0.forty three  0.34 consumer Discretionary Finsbury meals community plc  70  137  0.38  0.30 customer Staples Everyman Media neighborhood plc  85  113  0.31  0.25 buyer Discretionary Horizon Discovery community plc  124  a hundred and ten  0.30  0.24 health Care Regent Pacific group Ltd  ninety three  eighty two  0.22  0.18 fitness Care Egdon components plc  a hundred and forty  seventy nine  0.22  0.17 caloriesAmerisur substances plc  167  66  0.18  0.15 caloriesThe Fulham Shore plc  38  65  0.18  0.14 purchaser Discretionary Midatech Pharma plc  134  sixty one  0.17  0.13 health Care Plexus Holdings plc  one hundred twenty five  forty three  0.12  0.09 caloriesReneuron group plc  forty one  38  0.10  0.08 fitness Care Eagle Eye options group plc  44  33  0.09  0.07 advice generationFlowgroup percent30  30  0.08  0.07 Industrials Audioboom plc  31  25  0.07  0.06 tips technologyMycelx technologies agency plc (Com SHS $0.025 + (D1) shares)  a hundred and seventy  23  0.06  0.05 Industrials Mexican Grill Ltd (A selection Shares)**  three  10  0.03  0.02 client Discretionary Genagro Ltd**  22  2  0.01  -  Industrials Mycelx applied sciences corporation plc (Com SHS $0.025 REG S+ shares)  8  1  -   -  Industrials total - Non-Qualifying equities eight,238 9,345 25.71 20.fifty nine   total -Non-Qualifying Investments 12,934 14,966 forty one.17 32.98   complete investments 27,829 36,359 a hundred.00 eighty.14   cash at bank   9,one hundred ninety   20.26   Prepayments & Accruals   (182)   (0.40)   net assets   45,367   100.00   * Unquoted company conserving of below £500           **Unquoted businesses          

    the vast majority of listed investments held in the portfolio are listed, headquartered and registered within the UK with the exception of the following:

      listedsituatedRegistered purpose listed Investments:       Audioboom p.cUK ukJersey Clearstar Inc united kingdomCayman Islands Cayman Islands Electrical Geodesics Inc ukUSA usaFaron prescribed drugs Oy ukFinland Finland Fulcrum Utility capabilities Ltd ukunited kingdomCayman Islands Fusionex foreign percentUK united kingdomJersey Maxcyte Inc ukUSA usaMycelx applied sciences supplier plc (Com SHS $0.025 + (D1) shares) ukUSA united statesMycelx applied sciences agency plc (Com SHS $0.025 REG S+ shares) united kingdomUSA united statesParagon enjoyment Ltd united kingdomCayman Islands Cayman Islands Regent Pacific group Ltd united kingdomHong Kong ukRoyal Dutch Shell p.cUK Netherlands united kingdomSanne community p.cUK Jersey Jersey WANDisco percentUK united kingdomJersey Wizz Air Holdings p.cUK Jersey Jersey         Unlisted inner most agencies:       Aquis change Ltd   -  ukukBrigantes power Ltd   -  united kingdomunited kingdomFCFM community Ltd   -  united kingdomunited kingdomGenagro Ltd   -  Jersey Jersey Laundrapp Ltd   -  ukunited kingdomMexican Grill Ltd (A alternative Shares)   -  united kingdomunited kingdomMexican Grill Ltd (regular Shares)   -  united kingdomukInfinity Reliance Ltd (My 1st Years)   -  united kingdomunited kingdomPortr Ltd   -  ukukZappar Ltd   -  united kingdomUK         authorized unit have confidence:       Marlborough special instances Fund - ukUK

    appropriate TEN INVESTMENTSAs at 28 February 2017 (through Market price)

    The properly 10 fairness investments are shown below; each and every is valued through reference to the bid expense, or in the case of unquoted corporations, values are both according to the last arm`s size transaction or valuation thoughts, comparable to income multiples. Forecasts, the place given, are drawn from a combination of broking service analysis and/or Bloomberg consensus forecasts and exclude amortisation, share primarily based funds and wonderful objects. Forecasts are with regards to a period end for which the enterprise results are yet to be released. Forecasts don't seem to be proven for personal agencies.  The net asset figures are drawn from audited bills and internet cash values are from posted accounts in most situations.

    Mexican Grill Ltd   8550.0p investment date October 2009 consequences for the 12 months to December 2015 equity held 4.25% Turnover (£`000) 21,314 Av. purchase price2059.1p profit/(loss) before tax (£`000) (475) cost (£`000) 311 internet money (£`000) (668) Valuation (£`000) 1,292 web belongings December 2015 (£`000) four,337 income regarded in duration (£)  0       enterprise DESCRIPTION Mexican Grill is a private company that operates 36 quickly informal California-Mexican restaurants that give clean, made to order cuisine for consume in or take-away, making it among the many biggest chains within its area of interest. gaining knowledge of know-how group plc   42.0p funding date April 2014 Forecasts for the yr to December 2017 equity held 0.55% Turnover (£`000) 49,600Av. buy cost20.6p profit/(loss) before tax (£`000) 10,000 cost (£`000) 614 internet cash (£`000) (eight,486) Valuation (£`000) 1,253 internet belongings December 2016 (£`000) 30,710   business DESCRIPTION studying applied sciences community (LTG) gives a finished and integrated latitude of e-gaining knowledge of services and technologies to corporate and govt purchasers. LTG is making first rate growth against its goal of establishing a considerable international supplier of specialist digital getting to know groups from Europe, US, Latin america and Asia to form a market-leading technologies agency. Ideagen plc   eighty.0p investment date March 2011 Forecasts for the year to April 2017 fairness held 0.seventy five% Turnover (£`000) 27,a hundred Av. purchase cost13.8p profit/(loss) earlier than tax (£`000) 6,910 charge (£`000) a hundred ninety web cash (£`000) 6,317 Valuation (£`000) 1,100 internet belongings April 2016 (£`000) 33,683   company DESCRIPTION Ideagen is a corporation of compliance based guidance management application with operations within the UK and the us. The business specialises in commercial enterprise governance, risk and compliance and healthcare solutions for corporations working within particularly regulated industries. Ideagen gives finished content material lifecycle options that allow businesses to meet their regulatory and excellent compliance requirements, assisting them to in the reduction of prices and improve efficiency. DP Poland plc   fifty six.0p funding date November 2012 Forecasts for the yr to December 2017 fairness held 1.28% Turnover (£`000) 10,900 Av. purchase price18.4p earnings/(loss) before tax (£`000) (1,900) cost (£`000) 324 net cash (£`000) 6,001 Valuation (£`000) 987 web belongings December 2016 (£`000) eleven,210           enterprise DESCRIPTION DP Poland (Domino`s Pizza Poland) is a quick meals business that operates a sub-franchise of the Domino`s Pizza manufacturer in Poland. The enterprise function in fourteen Polish cities, with sixteen corporate and 23 sub-franchised shops. They continue to roll out and assume finishing the existing yr with 50 operational sites, with an extended-time period ambition of one hundred retailers by using 2020. Portr Ltd   1058.0p funding date July 2015 results for the yr to December 2015 fairness held 3.17% Turnover (£`000) - Av. buy cost599.5p profit/(loss) earlier than tax (£`000) - cost (£`000) 538 net cash (£`000) 816 Valuation (£`000) 950 net belongings December 2015 (£`000) 819 income acknowledged in duration (£)  0               company DESCRIPTION Portr run`s AirPortr, London`s same day bags switch carrier. In its most primary form they carry bags from London Airports to your hotel, office or domestic and vice versa. They currently launched an off airport sign in answer in partnership with British Airways, permitting you to check in your bag from your condominium, hotel or workplace for an outbound flight from London airports. Fulcrum Utility functions Ltd   sixty two.0p funding date July 2010 Forecasts for the yr to March 2017 fairness held 0.89% Turnover (£`000) 35,500  Av. buy cost10.5p income/(loss) earlier than tax (£`000) 6,520 charge (£`000) 156 web money (£`000) eight,323 Valuation (£`000) 922 internet property March 2016 (£`000) 5,837   company DESCRIPTION Fulcrum Utility services offers utility infrastructure options. The enterprise presents solutions that include gasoline connection, multi utility, meter installing, outlet pipe work, and fuel disconnection capabilities, renewable power solutions and consulting features. Quixant plc   348.0p funding date may additionally 2013 Forecasts for the yr to December 2017 fairness held 0.40% Turnover ($`000) 102,three hundredAv. purchase price46.0p earnings/(loss) earlier than tax ($`000) 15,800 cost (£`000) one hundred twenty net money ($`000) (69) Valuation (£`000) 908 web property December 2016 ($`000) 34,306   enterprise DESCRIPTION Quixant designs and manufactures complete superior hardware and application options for the pay-for-play gaming and slot laptop industry. Quixant`s specialised items give an all-in-one answer, according to notebook expertise but with additional hardware features and operating utility developed mainly to tackle the requirements of the gaming industry.  Science in game plc   92.0p investment date April 2014 Forecasts for the yr to December 2017 fairness held 2.22% Turnover (£`000) 15,2 hundredAv. buy cost53.9p income/(loss) earlier than tax (£`000) (1,seven hundred) cost (£`000) 518 net cash (£`000) 6,130 Valuation (£`000) 885 net assets December 2016 (£`000) 10,819   business DESCRIPTION Science in game manufactures and sells sports nutrients products. The enterprise develops and distributes meals, nutritional supplements, and beverages formulated to hydrate, energise, get well, and enhance sports performance. Zappar Ltd   7445.0p investment date December 2016 consequences for the 12 months to March 2016 equity held 3.12% Turnover (£`000) - Av. purchase cost7460.0p profit/(loss) earlier than tax (£`000) - cost (£`000) 701 internet cash (£`000) 884 Valuation (£`000) seven-hundred internet property March 2016 (£`000) 248 income recognised in duration (£)  0       business DESCRIPTION Zappar is a small UK business within the swiftly evolving market for AR-enabling (Augmented reality) product and infotainment experiences on handheld devices. the usage of proprietary patented expertise, Zappar works intently with leading brands, license partners and marketers internationally to provide imaginative, customisable solutions that hyperlink the digital world to the physical world. RPC community plc   912.5p investment date August 2015 Forecasts for the yr to March 2017 fairness held 0.02% Turnover (£`000) 2,714,000 Av. purchase price778.4p earnings/(loss) before tax (£`000) 256,667 cost (£`000) 588 internet cash (£`000) (775,000) Valuation (£`000) 689 web assets March 2016 (£`000) 893,900   enterprise DESCRIPTION RPC group is a design and engineering business specialising in polymer conversion with centres international. The business presents product design capabilities across all conversion applied sciences, and thru its international manufacturing base offers a wide range of buyer items and technical accessories for the packaging and non-packaging markets. Co-InvestmentAs at 28 February 2017, different dollars managed by using Hargreave Hale Ltd had been also invested in all the investments held within the enterprise`s portfolio with the exception of right here: electric powered notice plc, Omega Diagnostics neighborhood plc, Paragon leisure Ltd,  UK Treasury stock 0.0125% 2068 and Tristel plc .


    This announcement is disbursed by using NASDAQ OMX company options on behalf of NASDAQ OMX corporate solutions valued clientele.

    The provider of this announcement warrants that they're entirely accountable for the content, accuracy and originality of the suggestions contained Hargreave Hale intention VCT 2 plc via GlobeNewswireHUG#2110516

    Hargreave Hale intention VCT 1 plc : Half-yearly report | real questions and Pass4sure dumps

    Hargreave Hale purpose VCT 1 PlcUnaudited period in-between effects for the six month period ending 31 March 2017

    * 30 September 2016 financial highlights signify annual consequences** Calculated as complete fees (annualised for half yearly consequences) minus advert hoc criminal expenses and adjusted for trail fee written off, divided by way of length end net property

    funding OBJECTIVEThe objective of the VCT is to achieve long term capital boom and to maximise tax free distributions to shareholders by way of investing in a various portfolio of small UK corporations basically traded on aim. at least 70% of the company`s money have to be invested in qualifying holdings within three years of elevating the cash. The stability of the business`s money may be invested in liquid assets (akin to fastened salary securities and financial institution deposits) and non-qualifying equity investments on an opportunistic groundwork. The enterprise is managed as a venture Capital believe in order that shareholders within the enterprise may advantage from the tax aid purchasable.

    INTRODUCTIONIn the primary half of the fiscal year the web Asset price (NAV) per share extended from 75.93 pence to 78.12 pence reminiscent of an increase of 5.eight% after including lower back the 2.25 pence dividend dispensed in January 2017. right through the identical period the FTSE 100 complete Return Index rose 8.1% and the FTSE intention All Share total Return Index rose 14.three%.

    RESULTSThe profit per share for the six month length become three.ninety eight pence per share (comprising profits losses of 0.14 pence and capital positive factors of four.12 pence). At 31 March 2017 the entire return given that inception of the fund became 122.37 pence.

    INVESTMENTSThe funding supervisor, Hargreave Hale restrained, invested an additional £3.44 million in 9 qualifying organizations right through the period of which 6 have been purpose corporations and three unquoted. The fair price of qualifying investments at 31 March 2017 was £33.33 million invested in sixty nine purpose businesses and 10 unquoted organizations. The steadiness of the funds become held in a mix of money and non-qualifying equities.

    At 31 March 2017 the VCT turned into 87.30% invested as measured via HMRC.

    DIVIDENDA final dividend for the 12 months ended 30 September 2016 of 2.25 pence changed into paid on 17 January 2017.

    The administrators continue to hold a policy of distributing at the least 5% of the yr conclusion NAV to shareholders. An interim dividend of 1.seventy five pence (2016:1.75p) will be paid on 30 June 2017, with an ex-dividend date of eight June 2017 and a listing date of 9 June 2017.

    BUYBACKSWe were in a position to keep our coverage of providing our shareholders an effective exit route in the course of the buyback scheme. In complete, 318,221 shares were repurchased all through the six month period ending 31 March 2017 at a weighted average price of 74.59 pence per share. when you consider that the length a further 206,867 shares have been repurchased at a weighted normal price of seventy six.07 pence.

    The Board continues to target a share price discount of 5% of the NAV per share (as measured in opposition t the mid-rate) for market purchases. it will be emphasised that this goal is non-binding and elegant on instances, together with the business`s liquidity once in a while and market conditions.

    JOINT offer FOR SUBSCRIPTION - 2015On Revolutionary Organization 17 November 2016 the joint offer for subscription for brand new shares in Hargreave Hale purpose VCT 1 plc and Hargreave Hale intention VCT 2 plc (launched in December 2015) changed into closed with £12.forty six million raised for Hargreave Hale aim VCT 1 plc.

    JOINT offer FOR SUBSCRIPTION - 2016The administrators of the business announced on 14 December 2016 the launch of a new joint offer for subscription for shares in both Hargreave Hale aim VCTs to carry as much as £10 million in the business and up to £10 million in Hargreave Hale aim VCT 2 plc. The offer was authorised through shareholders of the business at a generic meeting on 12 January 2017 and turned into open to both new and current shareholders.

    On 9 March 2017 Hargreave Hale aim VCT 1 plc announced that it had bought applications in excess of £10 million and, therefore, the directors of Hargreave Hale aim VCT 1 plc announced that they intended to utilise the £5 million Over-Allotment Facility.

    On 15 March 2017 the company announced that the offer become utterly subscribed, leading to gross cash being obtained of £15 million and the concern of 18.ninety six million new shares within the company.

    i am happy to report that a right away effect is that the continuing price ratio has dropped from 1.99% in September 2016 to 1.83% as at 31 March 2017.

    VCT REGULATIONIn order to conform to european regulations regarding State support, the VCT guidelines were area to massive alterations within the price range on 8 July 2015, which got here into effect on 18 November 2015. within the circular we do not think these guidelines have tremendously affected the company, despite the fact we will not be in a position to make non-qualifying investments in companies listed on intention or UK executive bonds. we're able to continue to invest by the use of the Marlborough particular instances Fund and we are free to invest in groups listed on the main market.

    BOARD CHANGESGiles Hargreave resigned as a director of the business on 13 December 2016. i would like to take this chance to thank Giles for all his challenging work on the Board. Following the resignation of Giles Hargreave, Oliver Bedford became appointed as a non-govt director of the business on 13 December 2016. i'm pleased to document that Giles nevertheless works for the manager and that we nonetheless benefit from his knowledge and sagacity.

    electronic COMMUNICATIONSFollowing approval at a typical meeting on 12 January 2017, the business has adopted digital communications. Your Board believes here's really useful to the enterprise and its shareholders and may influence in large can charge mark downs and greater timeliness and transparency of communications.

    AUDIT TENDERAs introduced in the annual record and accounts for the year ended 30 September 2016 a compulsory audit gentle is required within the existing 12 months. i am completely happy to confirm the method is underway and a further update might be given in due path.

    OUTLOOKThe outcome of the American elections and Brexit vote doesn't appear to have had an adverse effect on the stock markets and the drop in the price of sterling seems to have a beneficial impact on exports and the balance of exchange.  After the effects of contemporary polls around the world i am reluctant to publish my views on the influence of the coming near near election!

    For the subsequent two years it seems that we'll undergo the media`s fascination with the Brexit negotiations. on account that the eu has best managed to barter one alternate deal, Canada, in the final 10 or so years it is tough to trust that the uk will obtain an awful lot in two. this could have little effect in the short term but may additionally make the markets extra risky within the long term. We continue to put money into groups with respectable administration and effective enterprise plans that we hope will weather any storms. furthermore we are seeing more inner most fairness alternatives in sound companies with future growth and these aren't affected by the vagaries of the market.


    Date: 24 may 2017

    funding manager`S file

    INTRODUCTIONThis report covers the first half of the 2016/17 fiscal yr, 1 October 2016 to 31 March 2017. The manager`s document incorporates references to movements within the net Asset cost (NAV) per share and total Return per share (NAV per share plus dispensed salary per share). movements within the NAV per share do not necessarily replicate the salary per share (EPS) suggested in the bills and in different places, which deliver the income after tax for the enterprise in the stated period as a feature of the weighted typical variety of shares in situation for the period.

    investment REPORTThe duration beneath evaluate turned into a strong length for equities with markets taking Trump`s election as the US President as a substantial tremendous regardless of the various political uncertainties that accompanied his victory.  Politics aside, international financial boom was effective, with US GDP increase and low pastime fees leading developed markets higher.

    despite the fact no longer new news, ongoing weak spot in sterling helped UK equities proceed their potent run with foreign revenue providing a welcome earnings kicker for export orientated organizations. through and massive, VCT rules channel us into small domestically focussed boom experiences, so we were unable to totally advantage from the vogue that persevered through a lot of the first quarter of the fiscal year, despite the fact we did derive some advantage through corporations equivalent to Abcam and Craneware, as well as parts of our non-qualifying portfolio.  The effective mood in the foremost indices filtered down the chain and the 2nd quarter saw a a good suggestion uptick in risk sentiment within smallcap equities, which favoured our qualifying investments.

    The 2nd half of the fiscal yr has already thrown up a number of hazards and surprises, the French and UK elections being essentially the most recent examples.  probably there might be greater; besides the fact that children, for now the united kingdom economy feels mighty adequate and, although we have considered some evidence of weakness within the housing market and facets of the informal eating sub-sector, by and massive the macro picture remains practicable.  We are expecting the united kingdom customer to be extra challenged this yr as precise wage boom turns terrible, with some weak point already showing up in client self belief data. but within the circular, we discover most corporations to be high quality in regards to the outlook and there looks to be low-budget demand for new capital to assist their growth and development.

    PERFORMANCEIn the six months to 31 March 2017, the NAV accelerated from seventy five.ninety three pence to 78.12 pence. a complete of 2.25 pence per share turned into paid in dividends, giving investors a complete return of 4.forty four pence per share, which interprets to a gain of 5.eight%. during the equal length the FTSE goal All-Share complete Return received 14.three%, even as the FTSE 100 complete Return received eight.1%.

    The qualifying investments made a internet contribution of two.86 pence per share with 34 out of the 79 making features, 11 unchanged and 34 dropping floor. The balance was the internet of non-qualifying portfolio features, running expenses and investment revenue.

    Cohort turned into the appropriate performing qualifying funding (+38.7%, +0.90 pence per share). The business confirmed the outlook for the 12 months ending April 2017 and introduced a sequence of fabric contract wins.  The company has a significant internet cash steadiness and remains neatly placed to improvement from structural boom in defence spending on certain applied sciences and platforms.  Animalcare also carried out well (+55.4%, +0.82 pence per share). The business delivered a extremely effective trading update in January, prompting analysts to improve numbers. Product building and foreign earnings are translating via to increase in revenues and earnings. Maxcyte (+219.three%, +0.73 pence per share), Quixant (+40.7%, +0.55 pence per share) and studying applied sciences neighborhood (+29.7%, +0.48 pence per share) were all also huge contributors over the duration.

    The greatest (unrealised) losses within the length came from TrakM8 (-60.0%, -0.88 pence per share) and K3 company technology (-29.0%, -0.48 pence per share).  TrakM8 introduced a cloth income downgrade after contract deferrals left the enterprise exposed to an overhead that changed into outsized relative to the revised salary outcome. K3 business expertise turned into one other business to record softer market situations and lengthening revenue cycles.  different losses got here from Instem life (-forty two.0%, -0.34 pence per share) and attractive (-51.7%, -0.30 pence per share), all of which pared back their earnings guidance.

    We invested £3.44m into 9 qualifying organizations over the length, together with 3 additional investments into existing qualifying corporations; 3 IPOs and three additional private investments.

    in the qualifying portfolio, a couple of investee businesses skilled effective runs in the market, which led us to make partial disposals in Abcam, Craneware, Creo, Directa Plus, DP Poland, ECSC, Loop Up, Maxcyte and floor Transforms.

    PORTFOLIO STRUCTUREThe VCT is simply during the HMRC defined investment look at various and ended the duration at 87.30% invested as measured by way of the HMRC investment verify. through market cost, the VCT had a fifty two.4% weighting to qualifying investments.

    The allocation to non-qualifying equity investments elevated marginally from 15.4% to 18.9%.  We endured to utilize the Marlborough special situations Fund as a brief home for proceeds from fundraising, lifting the allocation from 4.7% to 10.2%. The non-qualifying investments contributed +2.03 pence per share to the usual positive factors. We offered our last fixed salary investment and saved cash constant at 18.8%.

    The HMRC funding assessments are set out in Chapter 3 of part 6 profits Tax Act 2007, which should be read along with this part of the funding manager`s report. money raised through VCTs are first blanketed in the funding checks from the beginning of the accounting length containing the third anniversary of the date on which the dollars were raised. therefore, the allocation of qualifying investments as defined by means of the legislations will also be distinct to the portfolio weighting as measured with the aid of market cost relative to the net belongings of the VCT.

    put up HALF yr UPDATEDeal circulation has been decent seeing that duration conclusion with four new qualifying investments made, 1 as a comply with-on investment into an existing qualifying protecting and 3 into new qualifying organizations. We also have a couple of offers within the pipeline which we predict to complete within the coming weeks.

    NAV performance has additionally been good publish length conclusion, with the internet asset per share gaining four.four% to eighty one.fifty five pence.



    enterprise Secretary Hargreave Hale purpose VCT 1 p.c01253 754740

    Date:  24 may also 2017

    investment PORTFOLIO abstract

    AS AT 31 MARCH 2017Qualifying Investments charge£000 Valuation£000 Valuation% internet assets% Sector Cohort plc   619   2,042   3.94   3.21 Industrials Animalcare community %220   1,660   three.20   2.sixty one fitness Care Portr Ltd** 873   1,425   2.75   2.24 tips eraAbcam %55   1,362   2.sixty three  2.14 health Care Quixant percentone hundred sixty   1,322   2.55   2.08 purchaser Discretionary gaining knowledge of applied sciences group percent663   1,310   2.53   2.06 advice technologyScience in activity p.c778   1,270   2.forty five   2.00 consumer Staples Idox %a hundred thirty five   1,261   2.forty three   1.98 suggestions generationCraneware percentone hundred twenty five   1,181   2.28   1.86 fitness Care Ideagen percent410   941   1.eighty two   1.48 advice eraZappar Ltd** 902   900   1.74   1.forty two guidance generationDP Poland p.c343   875   1.69   1.38 consumer Discretionary Mexican Grill Ltd (A preference Shares)** 185   769   1.49   1.21 client Discretionary K3 enterprise expertise neighborhood p.c270   750   1.forty five   1.18 suggestions eraCreo scientific neighborhood percent659   701   1.35   1.10 fitness Care Maxcyte Inc 173   652   1.26   1.02 health Care Gfinity p.c326   569   1.10   0.90 information technologyULS technology percent221   536   1.04   0.eighty four tips generationTLA international %300   525   1.01   0.83 customer Discretionary Faron prescribed drugs Oy 260   519   1.00   0.82 fitness Care Hardide p.c786   518   1.00   0.81 partsInfinity Reliance Ltd (My 1st Years)** 501   500   0.ninety seven   0.seventy nine client Discretionary Vertu Motors percent600   483   0.93   0.seventy six buyer Discretionary Eagle Eye options Ltd 541   474   0.92   0.75 counsel generationEKF Diagnostics Holdings p.c300   425   0.82   0.67 health Care ECSC neighborhood %251   420   0.81   0.66 assistance generationAquis exchange Ltd** 401   400   0.77   0.sixty three assistance technologyTrakM8 Holdings percent106   374   0.seventy two   0.fifty nine tips eraPremaitha health percent432   363   0.70   0.57 fitness Care Belvoir Lettings p.c513   357   0.sixty nine   0.fifty six true property Loopup neighborhood percent236   354   0.68   0.fifty six tips technologyCentralNic group percent293   340   0.66   0.fifty three assistance technologySurface Transforms %273   332   0.64   0.fifty two Industrials Property Franchise group p.c225   326   0.63   0.fifty one actual property Instem percent297   314   0.sixty one   0.forty nine health Care Plastics Capital p.c250   308   0.59   0.forty eight materialsIntercede group p.c247   307   0.59   0.48 counsel eraLaundrapp Ltd** 301   300   0.fifty eight   0.47 assistance technologyGlobaldata %173   293   0.56   0.forty six information eraSatellite options international neighborhood percent154   283   0.55   0.forty five Telecommunication facilitiesFreeagent Holdings p.c185   264   0.fifty one   0.forty two assistance technologyEveryman Media group percent171   258   0.50   0.41 customer Discretionary Universe community %210   240   0.46   0.38 tips technologyClearstar Inc 449   236   0.forty six   0.37 fitness Care attitude percent348   236   0.45   0.37 Industrials Electrical Geodesics Inc 200   231   0.forty five   0.36 fitness Care Reneuron neighborhood plc   534   226   0.44   0.36 fitness Care Kalibrate applied sciences plc   323   224   0.43   0.35 tips technologyWANDisco plc   89   209   0.40   0.33 information eraTasty plc   288   208   0.40   0.33 buyer Discretionary Cloudcall community plc   259   200   0.39   0.31 Telecommunication servicesOsirium technologies plc   301   192   0.37   0.30 information technologyIlika plc   218   186   0.36   0.29 Industrials pressure technologies plc   one hundred seventy   176   0.34   0.28 energyAPC expertise neighborhood plc   498   168   0.32   0.26 counsel eraPorta Communications plc   505   164   0.32   0.26 consumer Discretionary Verona Pharma plc   127   161   0.31   0.25 health Care Imaginatik plc   254   134   0.26   0.21 guidance eraAudioboom plc   166   131   0.25   0.21 suggestions eraEgdon components plc   158   131   0.25   0.21 caloriesMirada plc   618   129   0.25   0.20 guidance eraFusionex foreign plc   138   one hundred twenty five   0.24   0.20 information generationFlowgroup plc   577   119   0.23   0.19 Industrials Lidco neighborhood plc   220   114   0.22   0.18 health Care TP neighborhood plc   185   108   0.21   0.17 Industrials Medaphor community plc   251   106   0.20   0.17 consumer Discretionary Midatech Pharma plc   200   ninety   0.17   0.14 health Care Mexican Grill Ltd (commonplace Shares)**   21   86   0.17   0.13 purchaser Discretionary Synairgen plc   140   seventy eight   0.15   0.12 health Care Directa Plus %60   76   0.15   0.12 partsMycelx applied sciences corporation plc (Com SHS $0.025 + (D1) shares) 300   seventy one   0.14   0.11 Industrials Genedrive p.c140   70   0.14   0.11 fitness Care Redcentric percent214   forty six   0.09   0.07 information generationMporium community %301   forty two   0.08   0.07 suggestions generationHaydale Graphene Industries p.c35   36   0.07   0.06 componentsMicrosaic systems percent51   23   0.04   0.04 assistance generationBrigantes power Ltd*   -    -    -    -  caloriesInfoserve group plc*   -    -    -    -  customer Discretionary Invocas neighborhood plc*   -    -    -    -  client Discretionary total Qualifying Investments 23,461 33,335 64.35 fifty two.forty four               Non-Qualifying Investments charge£000 Valuation£000 Valuation% internet property% Sector MFM special cases Fund** 6,062 6,459 12.47 10.16   total - Unit Trusts 6,062 6,459 12.forty seven 10.16   Melrose Industries plc   592   913   1.76   1.44 Industrials Fulcrum Utility services Ltd   125   804   1.55   1.26 Utilities FCFM group Ltd**   300   565   1.09   0.89 Financials Dechra prescribed drugs plc   461   536   1.03   0.84 health Care Atkins (WS) plc   462   524   1.01   0.82 Industrials Sanne community plc   370   518   1.00   0.eighty one Financials BP plc   506   503   0.97   0.79 caloriesNMC health plc   426   495   0.96   0.78 health Care Royal Dutch Shell plc   473   481   0.ninety three   0.seventy six caloriesQuixant plc   159   427   0.83   0.67 customer Discretionary Merlin Entertainments plc   386   417   0.eighty one   0.66 buyer Discretionary On the beach group plc   376   417   0.eighty   0.sixty six client Discretionary RPC neighborhood plc   445   376   0.seventy three   0.fifty nine partsMedica plc   271   371   0.72   0.fifty eight fitness Care JD sports trend plc   265   347   0.67   0.55 purchaser Discretionary Ascential plc   326   345   0.sixty seven   0.54 buyer Discretionary simply consume plc   329   340   0.sixty six   0.fifty three suggestions technologyDFS furniture plc   331   293   0.57   0.forty six client Discretionary Taylor Wimpey plc   299   280   0.fifty four   0.forty four consumer Discretionary Horizon Discovery group plc   261   273   0.53   0.43 fitness Care Lloyds Banking group plc   285   265   0.51   0.forty two Financials Finsbury meals neighborhood plc   140   249   0.forty eight   0.39 customer Staples Clipper Logistics plc   234   245   0.47   0.39 customer Discretionary Hilton food neighborhood plc   252   245   0.forty seven   0.39 purchaser Discretionary Micro center of attention overseas plc   152   228   0.forty four   0.36 counsel technologyWizz Air Holdings plc   220   197   0.38   0.31 purchaser Discretionary Mexican Grill Ltd (A choice Shares)**   128   196   0.38   0.31 client Discretionary learning technologies neighborhood plc   76   176   0.34   0.28 suggestions technologySportech plc   one hundred thirty   163   0.31   0.26 client Discretionary Eurocell plc   119   138   0.27   0.22 Industrials Everyman Media group plc   eighty five   a hundred twenty five   0.24   0.20 purchaser Discretionary Regent Pacific neighborhood Ltd   150   111   0.21   0.17 health Care Reneuron community plc   104   82   0.sixteen   0.13 fitness Care Amerisur elements plc   167   sixty two   0.12   0.10 energyThe Fulham Shore plc   38   sixty one   0.12   0.10 consumer Discretionary Midatech Pharma plc   134   60   0.12   0.09 health Care Audioboom plc   fifty nine   42   0.08   0.07 counsel generationEagle Eye solutions Ltd   forty four   forty two   0.08   0.06 suggestions eraPlexus Holdings plc   125   36   0.07   0.06 caloriesMycelx applied sciences enterprise plc (Com SHS $0.025 REG S+ shares)   200   27   0.05   0.04 Industrials Mexican Grill Ltd (common Shares)**   26   26   0.05   0.04 buyer Discretionary total - Non-Qualifying equities 10,031 12,001 23.18 18.89   complete -Non-Qualifying Investments 16,093 18,460 35.sixty five 29.05   total investments 39,554 fifty one,795 one hundred.00 81.49   money at financial institution   11,930   18.77   Prepayments & Accruals   (162)   (0.26)   internet belongings   sixty three,563   a hundred.00   * Unquoted enterprise preserving of under £500           **Unquoted businesses          

    the majority of listed investments held within the portfolio are listed, headquartered and registered in the UK aside from the following:

      listedheadquarteredRegistered intention listed Investments:       Audioboom p.cUK ukJersey Clearstar Inc ukCayman Islands Cayman Islands Electrical Geodesics Inc ukUSA usaFaron pharmaceuticals Oy united kingdomFinland Finland Fulcrum Utility capabilities Ltd united kingdomukCayman Islands Fusionex international %UK united kingdomJersey Maxcyte Inc united kingdomUSA united statesMycelx applied sciences agency plc (Com SHS $0.025 + (D1) shares) ukUSA usaMycelx applied sciences agency plc (Com SHS $0.025 REG S+ shares) united kingdomUSA usaRegent Pacific community Ltd ukHong Kong united kingdomRoyal Dutch Shell %UK Netherlands united kingdomSanne neighborhood p.cUK Jersey Jersey WANDisco percentUK united kingdomJersey Wizz Air Holdings %UK Jersey Jersey         Unlisted private groups:       Aquis trade Ltd   -  ukunited kingdomBrigantes power Ltd   -  ukunited kingdomFCFM group Ltd   -  united kingdomukLaundrapp Ltd   -  united kingdomukMexican Grill Ltd   -  ukunited kingdomInfinity Reliance Ltd (My 1st Years)   -  united kingdomunited kingdomInfoserve group plc   -  united kingdomunited kingdomInvocas community plc   -  ukunited kingdomPortr Ltd   -  united kingdomunited kingdomZappar Ltd   -  united kingdomUK         permitted unit trust:       MFM particular instances Fund   -  ukUK

    good TEN INVESTMENTSAs at 31 March 2017 (by way of Market cost)The suitable 10 fairness investments are proven under; every is valued with the aid of reference to the bid rate, or, in the case of unquoted organizations, values are either in response to the final arm`s size transaction or valuation innovations, similar to income multiples. Forecasts, the place given, are drawn from a mix of broker analysis and/or Bloomberg consensus forecasts and exclude amortisation, share based funds and incredible items. Forecasts are relating to a length end for which the company results are yet to be released. The net cash values are drawn from posted money owed in most circumstances.

    Cohort plc   430.0p investment date February 2006 Forecasts for the 12 months to April 2017 fairness held 1.sixteen% Turnover (£`000) 123,one hundred Av buy pricea hundred thirty.2p income/(loss) earlier than tax (£`000) 14,three hundredcan charge (£`000) 619 web money (£`000) 9,911 Valuation (£`000) 2,042 net assets April 2016 (£`000) 70,789   enterprise DESCRIPTION Cohort, via its subsidiary, offers a number technical services to customers within the defence and protection sectors. Quixant plc   380.0p   funding date might also 2013 Forecasts for the yr to December 2017   fairness held 0.70% Turnover ($`000) 102,300   Av. buy costsixty nine.3p income/(loss) earlier than tax ($`000) 15,800   cost (£`000) 319 net cash ($`000) (69)   Valuation (£`000) 1,749 net assets December 2016 ($`000) 34,306           enterprise DESCRIPTION       Quixant designs and manufactures finished advanced hardware and application solutions for the pay-for-play gaming and slot machine industry. Quixant`s specialised products give an all-in-one solution, according to computing device expertise however with further hardware elements and operating software developed specially to handle the requirements of the gaming business.        Animalcare group plc   415.0p investment date December 2007 Forecasts for the yr to June 2017 equity held 1.88% Turnover (£`000) 15,900 Av. buy pricefifty five.0p profit/(loss) before tax (£`000) three,600can charge (£`000) 220 internet cash (£`000) 7,012 Valuation (£`000) 1,660 web belongings June 2016 (£`000) 22,515   company DESCRIPTION Animalcare neighborhood markets and sells a wide range of pharmaceutical and other premium items and functions to vets and vet wholesalers. discovering technologies neighborhood plc   forty one.5p investment date November 2014 Forecasts for the 12 months to December 2017 fairness held 0.66% Turnover (£`000) 49,600Av. buy price20.6p earnings/(loss) earlier than tax (£`000) 10,000 can charge (£`000) 739 web cash (£`000) (8,486) Valuation (£`000) 1,486 internet property December 2016 (£`000) 30,710           enterprise DESCRIPTION researching applied sciences gives a complete and integrated latitude of e-researching functions and applied sciences to corporate and government customers. LTG is making respectable progress against its aim of creating a substantial global employer of specialist digital discovering corporations from Europe, US, Latin the usa and Asia to kind a market-main applied sciences company. Portr Ltd   1058.0p investment date July 2015 effects for the 12 months to December 2015 fairness held 5.14% Turnover (£`000) - Av purchase price648.0p income/(loss) earlier than tax (£`000) - cost (£`000) 873 web cash (£`000) 816 Valuation (£`000) 1,425 internet belongings December 2015 (£`000) 819 earnings recognized in period (£)  0               company DESCRIPTION Portr run`s AirPortr, London`s identical day baggage transfer service. In its most simple kind they convey bags from London Airports to your resort, workplace or home and vice versa. They these days launched an off airport sign in answer in partnership with British Airways, permitting you to sign in your bag from your residence, lodge or office for an outbound flight from London airports. Abcam plc   825.5p investment date October 2005 Forecasts for the year to June 2017 equity held 0.08% Turnover (£`000) 215,seven-hundred  Av buy cost33.4p income/(loss) earlier than tax (£`000) 63,seven hundred charge (£`000) fifty five web money (£`000) seventy six,429 Valuation (£`000) 1,362 internet property June 2016 (£`000) 261,a hundred ninety     company DESCRIPTION   Abcam is a worldwide existence sciences company offering highly validated antibodies and different binders and assays to the research and scientific communities to help advance the knowing of biology and cause of sickness.  The company`s purchasers encompass universities, research institutes, and pharmaceutical and biotechnology groups in nations all over the world.   Science in game plc   88.0p investment date April 2014 Forecasts for the 12 months to December 2017 equity held three.33% Turnover (£`000) 15,200Av. purchase price53.9p earnings/(loss) before tax (£`000) (1,seven-hundred) charge (£`000) 778 net cash (£`000) 6,a hundred thirty Valuation (£`000) 1,270 web property December 2016 (£`000) 10,819   business DESCRIPTION Science in activity manufactures and sells activities meals items. The company develops and distributes meals, dietary dietary supplements, and beverages formulated to hydrate, energise, recuperate, and raise sports performance. Idox plc   70.0p funding date may additionally 2007 Forecasts for the 12 months to October 2017 equity held 0.44% Turnover (£`000) ninety eight,one hundred Av purchase price7.5p income/(loss) before tax (£`000) 21,800 cost (£`000) 135 web cash (£`000) (25,048) Valuation (£`000) 1,261 net assets October 2016 (£`000) 65,232   business DESCRIPTION Idox is a supplier of specialist tips management solutions and services to the general public sector and to extremely regulated asset intensive industries everywhere within the wider corporate sector. Craneware plc   1205.0p investment date September 2007 Forecasts for the year to June 2017 equity held 0.36% Turnover ($`000) 56,seven hundred Av buy price128.0p earnings/(loss) earlier than tax ($`000) 17,two hundredcharge (£`000) a hundred twenty five web money ($`000) forty five,098 Valuation (£`000) 1,181 net assets June 2016 ($`000) ninety three,779   enterprise DESCRIPTION Craneware develops and sells billing utility evaluation equipment for the U.S. healthcare capabilities sector. The business`s utility automates the checking method, aids in money flow and profits generation, and ensures accurate submission of claims and managing compliance dangers. Mexican Grill Ltd   8550.0p funding date October 2009 results for the yr to December 2015 equity held 3.fifty four% Turnover (£`000) 21,314 Av buy price2,849.9p income/(loss) before tax (£`000) (475) cost (£`000) 360 web money (£`000) (668) Valuation (£`000) 1,077 web property December 2015 (£`000) 4,337 salary regarded in length (£) 0       company DESCRIPTION Mexican Grill is a personal business that operates 36 quickly casual California-Mexican eating places that deliver sparkling, made to order delicacies for devour in or take-away, making it among the biggest chains within its niche. Co-InvestmentAs at 31 March 2017, different funds managed by using Hargreave Hale Ltd were additionally invested in all the investments held in the company`s portfolio with the exception of here: Infoserve community plc, Invocas group plc, Redcentric plc, Universe group plc and Vertu Motors plc.

    For extra tips please contact:

    STUART BROOKES  enterprise SecretaryHargreave Hale intention VCT 1 plc01253 754740

    Date: 24 may additionally 2017

    observation OF administrators` RESPONSIBILITIESin recognize of the half-every year economic document

    according to Disclosure Transparency Rule (DTR) four.2.10, Aubrey Brocklebank Bt (Chairman), David Brock and Oliver Bedford, the administrators, ascertain that to the best of their expertise:  

  • The half every year economic results were prepared in accordance with UK GAAP and provides a true and reasonable evaluate of the belongings, liabilities, financial place and profit of the business as at 31 March 2017 as required by way of DTR four.2.4; 
  • The meantime management record covered within the chairman`s observation, funding manager`s record, funding portfolio abstract and notes to the half each year document comprises a fair review of the tips required by means of the monetary habits Authority Disclosure and Transparency suggestions, being; 
  • an indication of the vital movements that have happened all through the first six months of the economic year and their influence on the condensed set of fiscal statements; 
  • an outline of the foremost dangers and uncertainties for the final six months of the 12 months; and 
  • an outline of related birthday celebration transactions which have taken region in the first six months of the current monetary yr, that may have materially affected the monetary place or performance of the business all through that duration and any adjustments in the linked party transactions described within the final annual document that could achieve this.
  • On behalf of the Board of directors.


    Date: 24 might also 2017

    CONDENSED profits STATEMENTfor the six month period to 31 March 2017 (unaudited)

      For the six month length to For the six month period to   31 March 2017 (unaudited) 31 March 2016 (unaudited)   income Capital completeRevenue Capital total   £000 £000 £000 £000 £000 £000 Realised features on investments held at reasonable price via income or loss - 757 757 - 714 714 Unrealised good points on investments held at fair value via profit or loss - 2,590 2,590 - 413 413 income 175 15 a hundred ninety a hundred forty five - one hundred forty five   ----------- ----------- ----------- ----------- ----------- -----------   one hundred seventy five three,362 three,537 145 1,127 1,272               administration charge (ninety four) (282) (376) (70) (211) (281) different prices (187) (32) (219) (one hundred eighty) - (a hundred and eighty)   ----------- ----------- ----------- ----------- ----------- -----------   (281) (314) (595) (250) (211) (461)   ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/gain on commonplace actions earlier than taxation (106) 3,048 2,942 (one hundred and five) 916 811 Taxation - - - - - -   ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/profit on commonplace actions after taxation (106) three,048 2,942 (105) 916 811   ----------- ---------- ---------- ----------- ---------- ----------               (Loss)/profit per share basic and diluted (word 2)  (0.14)p four.12p three.98p (0.20)p 1.72p 1.52p              

    the entire column of this statement is the income statement of the business. All profits and capital objects within the above remark derive from continuing operations. The business has no other comprehensive revenue apart from the consequences for the six month period as set out above. The accompanying notes are an essential component of those monetary statements.

    CONDENSED income STATEMENTfor the 12 months ended 30 September 2016 (audited)

        For the yr to     30 September 2016 (audited)   earnings Capital total   £000 £000 £000 Realised good points on investments held at reasonable price via income or loss - 249 249 Unrealised positive factors on investments held at reasonable cost through profit or loss - three,396 three,396 income 369 - 369   ----------- ----------- -----------   369 three,645 4,014         management price (156) (467) (623) different charges (276) - (276)   ----------- ----------- -----------   (432) (467) (899)   ----------- ----------- ----------- (Loss)/benefit on general actions before taxation (sixty three) 3,178 three,115 Taxation - - -   ----------- ----------- ----------- (Loss)/gain after taxation (63) three,178 3,one hundred fifteen   ----------- ----------- -----------         (Loss)/gain per share primary and diluted (word 2)  (0.11)p 5.69p 5.58p        

    the whole column of this remark is the income observation of the company. All income and capital objects in the above statement derive from carrying on with operations. The enterprise has no other finished profits other than the effects for the year as set out above. The accompanying notes are an integral part of these monetary statements.

    CONDENSED stability SHEETas at 31 March 2017 (unaudited)

      31 March 31 March 30 September   2017 2016 2016   (unaudited) (unaudited) (audited)   £000 £000 £000 fixed belongings       Investments at reasonable price via profit or loss fifty one,795 34,786 38,572   ----------- ----------- ----------- existing property       Prepayments and amassed revenue forty 25 44 cash at financial institution eleven,930 6,806 8,647   ----------- ----------- -----------   11,970 6,831 eight,691 creditors: amounts falling due inside 365 days       Accruals and deferred profits (202) (194) (191)   ----------- ----------- ----------- internet existing assets eleven,768 6,637 8,500   ----------- ----------- ----------- web property sixty three,563 forty one,423 forty seven,072   ----------- ----------- -----------         Capital and Reserves       known as up share capital 814 560 620 Share top class 36,863 17,280 21,845 Capital redemption reserve 31 25 28 special reserve 17,386 20,335 19,052 Capital reserve - realised (three,267) (3,003) (3,725) Capital reserve - unrealised 12,241 6,667 9,651 income reserve (505) (441) (399)   ----------- ----------- ----------- complete shareholders` funds63,563 forty one,423 47,072   ----------- ----------- ----------- net asset value per share primary and diluted (notice 4) seventy eight.12p seventy three.91p 75.93p        

    The accompanying notes are an integral part of those financial statements.

    CONDENSED remark OF changes IN fairness

    for the six month length to 31 March 2017 (unaudited)

    average sharesShare  proportionCapital special Capital Capital salary complete   capital  top class redemption reserve reserve reserve reserve         reserve   realised unrealised       £000 £000 £000 £000 £000 £000 £000 £000 At 1 October 2016  620 21,845 28 19,052 (three,725) 9,651 (399) forty seven,072 Share buybacks (3)   three (236)       (236) Share complications197 15,361           15,558 issue fees   (343)           (343) equity dividends paid       (1,430)       (1,430) Realised profit on investments         757     757 Unrealised profit on investments           2,590   2,590 administration fee charged to capital         (282)     (282) arrangement price revenue         15     15 Due diligence investment costs         (32)     (32) revenue (loss) after taxation for the period             (106) (106) total gain/(loss) after taxation         458 2,590 (106) 2,942   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 March 2017 814 36,863 31 17,386 (three,267) 12,241 (505) sixty three,563   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------                  

    Reserves available for distribution are capital reserve realised, particular reserve and profits reserve. total distributable reserves at 31 March 2017 were £13.61 million.  The accompanying notes are an essential component of these fiscal statements.

    CONDENSED statement OF alterations IN EQUITYfor the six month length to 31 March 2016 (unaudited)

    usual stockssharepercentageCapital special Capital Capital income total   capital  top class redemption reserve reserve reserve reserve         reserve   realised unrealised       £000 £000 £000 £000 £000 £000 £000 £000 At 1 October 2015  482 10,987 sixteen 22,044 (3,506) 6,254 (336) 35,941 Share buybacks (9)   9 (631)       (631) Share complications87 6,412           6,499 situation expenses   (119)           (119) equity dividends paid       (1,078)       (1,078) Realised profit on investments         714     714 Unrealised benefit on investments           413   413 management price charged to capital         (211)     (211) earnings (loss) after taxation for the period             (105) (105) total gain/(loss) after taxation         503 413 (a hundred and five) 811   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 March 2016 560 17,280 25 20,335 (three,003) 6,667 (441) forty one,423   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------                  

    Reserves available for distribution are capital reserve realised, particular reserve and revenue reserve. total distributable reserves at 31 March 2016 were £16.89 million.  The accompanying notes are an integral part of those financial statements.

    CONDENSED observation OF changes IN EQUITYfor the year ended 30 September 2016 (audited)

    average sharesShare  proportionCapital special Capital Capital profits total   capital  top class redemption reserve reserve reserve reserve         reserve   realised unrealised       £000 £000 £000 £000 £000 £000 £000 £000 At 1 October 2015  482 10,987 16 22,044 (3,506) 6,254 (336) 35,941 Share buybacks (12)   12 (846)       (846) Share problemsone hundred fifty 11,093           eleven,243 situation costs   (235)           (235) fairness dividends paid       (2,146)       (2,146) Realised benefit on investments         248     248 Unrealised gain on investments           3,397   3,397 management payment charged to capital         (467)     (467) earnings (loss) after taxation for the period             (63) (sixty three) complete (loss)/gain after taxation         (219) 3,397 (63) three,115   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 30 September 2016 620 21,845 28 19,052 (three,725) 9,651 (399) 47,072   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------                  

    Reserves attainable for distribution are capital reserve realised, particular reserve and profits reserve. total distributable reserves at 30 September 2016 were £14.93 million.  The accompanying notes are a vital part of those financial statements.

    CONDENSED remark OF cash FLOWSfor the six month period to 31 March 2017 (unaudited)

      31 March 2017  31 March 2016 30 September 2016*   (unaudited) (unaudited) (audited)   £000 £000 £000 total gain on commonplace activities after taxation 2,942 811 three,115 Realised (gain) on investments (757) (714) (248) Unrealised (benefit) on investments (2,590) (413) (3,397) decrease/(enhance) in borrowersfour 7 (12) raise/(reduce) in creditors eleven (14) (17)   ----------- ----------- ----------- internet money (outflow) from working activities (390) (323) (559)         cash flows from investing actions       purchase of investments (14,270) (7,290) (13,410) Sale of investments four,394 5,984 10,836   ----------- ----------- ----------- web cash (outflow) from investing actions (9,876) (1,306) (2,574)         money flows from financing actions       Proceeds from share complications15,558 6,499 eleven,243 Share subject fees (343) (119) (235) Share buybacks (236) (631) (846) Dividends paid (1,430) (1,078) (2,146)   ----------- ----------- ----------- net cash from financing activities  13,549 four,671 8,016   ----------- ----------- ----------- enhance in cash three,283 3,042 four,883   ----------- ----------- ----------- evaluation of net dollars       Opening cash eight,647 three,764 three,764 money stream three,283 three,042 4,883 Closing money eleven,930 6,806 eight,647

    * 30 September 2016 cash circulation represents annual results

    The accompanying notes are a vital part of these economic statements.

    EXPLANATORY NOTESfor the six month period to 31 March 2017 (unaudited)

  • ACCOUNTING policies
  • A summary of the foremost accounting policies, all of which had been applied consistently throughout the period, is decided out beneath:

    basis of preparationThe company has prepared its half-every year fiscal outcomes for the six month duration ending 31 March 2017 in response to financial Reporting average 104 (FRS104) and the observation of informed follow for "financial Statements of funding believe groups and mission Capital Trusts" (the SORP).

    The identical accounting guidelines and strategies of computation are followed in the half-every year financial effects as in comparison with the most recent annual financial statements.

    InvestmentsAll investments are categorized as reasonable cost via earnings or loss. Investments are measured initially and as a result at fair price which is deemed to be bid market expenses for listed investments and investments traded on aim. Unquoted investments are valued using the most applicable methodology advised with the aid of the overseas private equity mission Capital ("IPEV") instructions.

    the place the classification of a fiscal instrument requires it to be mentioned at fair cost, this depends on reference to the quoted bid fee in an lively market at any place viable. where no such active market exists for the selected asset or liability the business holds the funding at charge for a length the place there is regarded to be no change in fair cost.

    Valuations of unquoted investments are reviewed on a six monthly groundwork and more frequently if hobbies turn up that may have a fabric have an impact on on the investment. where charge is not any longer considered applicable the enterprise will use a value indicated with the aid of a material fingers-size transaction by means of an independent third party in the shares of a company. the place no such transaction exists the company will use the most applicable valuation technique including discounted money move analysis, earnings multiples, internet belongings and trade valuation benchmarks. All inputs are market observable apart from stage C fiscal gadgets.

    Investments are known and derecognised at trade date the place a purchase order or sale is below a contract whose phrases require birth within the time body centered by means of the market concerned. Purchases and revenue of unlisted investments are recognized when the contract for acquisition or sale turns into unconditional. Transaction expenses are blanketed in the initial booklet can charge or deducted from the disposal proceeds as appropriate.

    These investments can be managed and their performance evaluated on a fair cost groundwork based on a documented funding method and suggestions about them is provided internally on that foundation to the Board.

    gains and losses coming up from adjustments in reasonable cost (realised and unrealised) are covered within the internet earnings or loss for the length as a capital merchandise in the salary commentary and are taken to the unrealised capital reserve or realised capital reserve as acceptable.

    If an funding has been impaired such that there isn't any simple expectation that there should be a full return from the investment, the loss is treated as a everlasting impairment and transferred to the capital reserve realised.

    fiscal contraptions - fair cost size hierarchyFRS 102 requires definite disclosures which require the classification of monetary property and economic liabilities measured at reasonable value using a good price hierarchy that displays the importance of the inputs utilized in making the reasonable cost measurement.                 The fair value hierarchy has the following tiers:

    level Methodology (a) The best facts of reasonable price is a quoted rate for the same asset in an lively market. Quoted in an lively market in this context ability quoted fees are quite simply and often available and people expenditures characterize precise and regularly happening market transactions on an arm`s length foundation. The quoted expense is continually the latest bid expense. (b) When quoted prices are unavailable, the price of a fresh transaction for the same asset provides evidence of reasonable price so long as there has no longer been a significant change in financial cases or a major lapse of time since the transaction took area. If the entity can show that the final transaction expense is not a great estimate of fair value (e.g. since it displays the volume that an entity would obtain or pay in a forced transaction, involuntary liquidation or distress sale), that cost is adjusted. (c) If the marketplace for the asset isn't active and up to date transactions of a similar asset on their own aren't a fine estimate of reasonable value, an entity estimates the reasonable price by using a valuation approach. The aim of the use of a valuation approach is to estimate what the transaction fee would had been on the size date in an arm`s size trade inspired via regular company concerns.   stage (a) Investments£`000 stage (b)Investments£`000 stage (c)Investments£`000 TotalInvestments£`000 Six months ended 31 March 2017(unaudited) 40,169 6,459 5,167 51,795 yr ended 30 September 2016 (audited) 33,149 2,206 3,217 38,572 Six months ended 31 March 2016(unaudited) 30,659 1,495 2,632 34,786

    Key judgements and estimatesThe preparation of the financial statements requires the Board to make judgements and estimates that have an effect on the application of policies and said amounts of belongings, liabilities, salary and expenses. Key estimation uncertainties specifically relate to the fair valuation of unquoted investments, which are in keeping with historic journey and different elements which are considered low-cost including the switch fee of essentially the most recent transaction on an arm`s size groundwork. The estimates are beneath continuous overview with certain consideration paid to the carrying cost of the investments. The technique of estimation is also affected by the determination of the reasonable price hierarchy.                 salary        fairness dividends are taken into consideration on the ex-dividend date, internet of any linked tax credit. fastened returns on non-equity shares and debt securities are recognized on a time apportionment groundwork in an effort to replicate the constructive yield, supplied there is not any low in cost doubt that price can be acquired in due direction. All different revenue, together with deposit pastime receivable, is regarded on an accruals foundation. All revenue and capital objects in the unaudited profits statement derive from carrying on with operations. There are no other gadgets of complete earnings apart from those disclosed within the unaudited profits statement.                 Expenditure        All expenditure is accounted for on an accruals groundwork. seventy five% of management costs are allotted to the capital reserve realised and 25% to the profits account in response to the Board`s expected long term cut up of funding returns in the type of capital beneficial properties to the capital column of the salary commentary. All different expenditure is charged to the revenue account.                 path fee        trail commission in the past due is held as a creditor until such time as claims are made through the primary intermediary and helping documentation offered. If claims are not got these quantities are written off after a period of six years.                 Capital reserves        Realised earnings and losses on the disposal of investments, due diligence prices and earnings with regards to inner most enterprise investments, losses realised on investments considered to be completely impaired and 75% of funding management prices are accounted for within the capital reserve realised.                 raises and decreases within the valuation of investments held on the yr conclusion are accounted for in the capital reserve unrealised.                 working segments        there's regarded to be one operating phase as said to the executive operating decision maker being funding in fairness and debt securities.                 Taxation        Deferred tax is regarded in appreciate of all timing variations which have originated however not yet reversed on the steadiness sheet date. Deferred tax assets are handiest recognized to the extent that recovery is probably in the foreseeable future.                 latest tax is anticipated tax payable on the taxable earnings for the duration the usage of the current tax fee. The tax effect of diverse objects of earnings and expenditure is allocated between capital and revenue on the equal foundation as the specific merchandise to which it relates.                 approved VCTs are exempt from tax on capital good points from the sale of fixed asset investments. The administrators intend that the enterprise will continue to conduct its affairs to hold its VCT repute, no deferred tax has been provided in respect of any capital gains or losses coming up from the revaluation or disposal of investments.                 Dividends        only dividends acknowledged during the yr are deducted from income or capital reserves. ultimate and meantime dividends are recognised in the money owed when the business`s legal responsibility to pay them has been established.                 summary of dividends paid in the six months to 31 March 2017 and the fiscal year ending 30 September 2016 are specified under:         

      Six months ended 31 March 2017 (unaudited) £`000 yr ended 30 September 2016 (audited) £`000 remaining capital dividend of 2.25 pence per share for the yr ended 30 September 2015 paid on 20 January 2016 - 1,079 interim capital dividend of 1.seventy five pence per share for the half 12 months ended 31 March 2016 paid on 8 July 2016 - 1,067 last capital dividend of 2.25 pence per share for the 12 months ended 30 September 2016 paid on 17 January 2017 1,430 - whole1,430 2,146

             practical currencyIn accordance with FRS 102 s.30, the business is required to nominate a purposeful currency, being the forex wherein the business predominantly operates. The Board has decided that sterling is the enterprise`s useful forex. Sterling is also the foreign money by which these money owed are offered.

    Repurchase of shares to grasp in treasuryThe charge of repurchasing shares into treasury, together with the linked stamp responsibility and transaction charges is charged to particular reserve and dealt with within the statement of adjustments in equity. Share repurchase transactions are accounted for on a change date foundation. the place shares held in treasury are subsequently cancelled, the nominal value of those shares is transferred out of share capital and into capital redemption reserve.

    should shares held in treasury be reissued, the sale proceeds may be handled as a realised income up to the quantity of the purchase cost of those shares and will be transferred to capital reserves. The extra of the sale proceeds over the purchase cost should be transferred to share top rate.

     Contingencies, ensures and economic commitments there have been no contingencies, guarantees or fiscal commitments of the enterprise at 31 March 2017. felony kind and most important activitiesThe enterprise become included and registered in England and Wales on sixteen August 2004 under the corporations Act 1985, registered quantity 5206425.

    The business has been accepted as a task Capital have confidence via HMRC under section 259 of the salary Taxes Act 2007. The shares of the company had been first admitted to the respectable record of the uk record Authority and buying and selling on the London inventory alternate on 29 October 2004 and might be discovered beneath the TIDM code "HHV". The enterprise is premium listed.

    The company`s primary activity is to invest in a different portfolio of qualifying small UK based mostly businesses, primarily buying and selling on aim, to be able to maximising tax free dividend distributions to shareholders.

    The company is an externally managed fund with a Board comprising of three non-executive directors. Hargreave Hale restrained acts as investment manager, administrator and custodian to the business and provide the business secretary.

    The Board has universal responsibility for the company`s affairs together with the decision of its funding coverage, however, the Board may additionally recreation these responsibilities via delegation to Hargreave Hale as it considers acceptable.

    The administrators have managed and proceed to manipulate the enterprise`s affairs in such a manner as to conform to area 259 of the earnings Taxes Act 2007.

    The company`s registered workplace is Accurist condo, 44 Baker highway, London, W1U 7AL.

    CAPITAL structure

    Share capitalOrdinary shares are classed as equity. The average shares in challenge have a nominal cost of one pence and raise one vote every.

    ReservesA description of every of the reserves follows:

    Share premiumThis reserve represents the change between the challenge fee of shares and the nominal price of shares on the date of challenge, net of related concern charges.

    Capital redemption reserveThis reserve is used for the cancellation of shares bought returned below the buyback facility.

    special reserveDistributable reserve used to pay dividends and re-buy shares beneath the buyback facility.

    Capital reserve realisedGains/losses on disposal of investments, due diligence expenses and revenue from deepest enterprise investments, everlasting impairment of economic assets and seventy five% of the investment management payment are accounted for in the capital reserve realised.

    Capital reserve unrealisedUnrealised positive aspects and losses on investments held at the 12 months-conclusion arising from movements in reasonable cost are taken to the capital reserve unrealised.

    salary reserveNet profits returns and losses of the enterprise.

  • revenue PER SHARE (primary AND DILUTED)
  • The profit per ordinary share of three.98 pence at 31 March 2017 (31 March 2016: 1.fifty two pence and 30 September 2016: benefit 5.fifty eight pence) is in response to a internet gain for the period of £2,942,172 (31 March 2016:  benefit £810,996 and 30 September 2016: gain £3,one hundred fifteen,012) and the weighted typical variety of ordinary shares in situation over the length of 73,942,080 (31 March 2016: 53,331,291 and 30 September 2016: fifty five,810,087).

  • CAUTIONARY statement
  • The effects should now not be taken as a e-book to the outcomes for the economic period ending 30 September 2017. This file may include ahead searching statements related to the fiscal condition and effects of the enterprise, which are made in the light of latest financial and business circumstances. Nothing in this record may still be regarded as a earnings forecast.

  • net ASSET value PER SHARE
  • The net asset value per usual share at 31 March 2017 of 78.12 pence (31 March 2016: 73.ninety one pence and 30 September 2016: seventy five.93 pence) after deducting the 2.25 pence dividend paid in January 2017 is in keeping with net assets of £sixty three,562,650 (31 March 2016: £forty one,422,656 and 30 September 2016: £forty seven,071,964) and on 81,370,569 shares (31 March 2016: 56,044,604 shares and 30 September 2016: sixty one,995,274 shares), being the variety of commonplace shares in issue as at 31 March 2017.

  • booklet OF NON-STATUTORY money owed
  • The monetary information contained in the 31 March 2017 income commentary, balance sheet, remark of money flows and statement of alterations in fairness doesn't constitute full fiscal statements and has not been audited.

  • fundamental dangers AND UNCERTAINTIES
  • The foremost dangers facing the enterprise relate to the business`s funding actions and include challenge capital have faith approval, investment, bargain volatility, compliance, financial, fraud, operational, reputational, liquidity and outsourcing chance. other dangers faced by using the company encompass market chance, foreign money possibility, pastime price possibility and credit score risk. These risks and the style in which they're managed are described in additional detail within the enterprise`s annual file and money owed for the 12 months ended 30 September 2016. The business`s essential risks and uncertainties have not modified materially considering the date of that document.

  • BuybacksIn complete, the enterprise repurchased 318,221 shares during the six month period ending 31 March 2017 at a total can charge of £236,079. The repurchased shares signify 0.fifty one% of general shares in challenge on 1 October 2016. The received shares had been cancelled.

    Share issuesIn complete, the company issued 19,693,516 new shares (nominal cost £196,935) all over the six month duration ending 31 March 2017 raising web proceeds of £15,214,886.

  • related celebration TRANSACTIONS
  •         Hargreave Hale constrained is considered to be a connected birthday celebration to the business.  Oliver Bedford, a non-govt director of the business and a member of its key management personnel, is an worker of Hargreave Hale constrained. in addition Hargreave Hale constrained acts as investment manager, administrator and custodian to the enterprise and it gives the enterprise secretary. the entire help services carried out with the aid of Hargreave Hale restrained are segregated by using department and site and are independent of every different.

            Hargreave Hale restrained in its potential as funding supervisor of the fund receives annual costs of 1.5% once a year of the web assets of the company, calculated and payable quarterly in arrears. fees for the half-yr are £376,830 (2016: £281,241). when it comes to the other assist capabilities described above, Hargreave Hale constrained also offers administration features, custody services, company secretarial services and one non-executive director and acquired expenses of £50,000 within the length (2016: £40,000) in relation to those features. Of these costs, £90,032 (2016: £forty eight,972) changed into nonetheless owed at the half-yr conclusion.                 Hargreave Hale confined has agreed to indemnify the business against annual running fees (such prices aside from VAT, any performance incentive fee and any path commissions the charge of which is the responsibility of the business) exceeding three.5% of its net property. No fees were waved by Hargreave Hale in the first half of the fiscal 12 months under the indemnity.                 all over the half year, the company issued 19,693,516 ordinary shares (nominal value £196,935) in a joint offer for subscription which resulted in gross cash being acquired of £15,545,734. As marketing adviser and receiving agent to the enterprise, and in return for covering the prices of the joint offer, Hargreave Hale limited changed into entitled to three.5% of the gross proceeds (£544,a hundred and one), regularly noted because the `top class`. From this, Hargreave Hale constrained paid for the allotment of further shares to investors with a price of £213,253 and introducer fee of £740, leading to internet fees payable to Hargreave Hale of £330,108.         

  • GOING subject
  • After making enquires, the administrators have an affordable expectation that the business has satisfactory supplies to continue in operational existence for the foreseeable future. for that reason, they continue to undertake the going challenge foundation in preparing the financial statements.

  • submit balance SHEET routine
  • challenge of equityFollowing the period end, the present for subscription resulted in an further 844,468 normal shares being issued, elevating gross proceeds of £671,931.

    BuybacksSince the period conclusion, an extra 206,867 general shares had been repurchased at a total price of £158,516.

    New investmentsThe business has invested in the following new groups since the duration conclusion:

    Qualifying companiesAn funding of £618k has been made in Dorcaster plc, £501k in Zoo Digital community plc and £332k in speed Composites plc.

    SHAREHOLDER assistance

    The business`s common shares (HHV.L) are listed on the London stock exchange. Shareholders can talk over with the London stock change web page,, for the latest information and share costs of the enterprise. additional suggestions for the company may also be found on its website at

    net ASSET price PER SHAREThe business`s NAV per share as at 19 may 2017 become eighty one.55 pence per share. The enterprise publishes its unaudited NAV per share on a weekly basis.

    DIVIDENDSThe board has authorised the price of an period in-between dividend of 1.75 pence in respect of the six months ended 31 March 2017.

    Shareholders who want to have future dividends paid without delay into their bank account instead of sent by means of cheque to their registered address can finished a mandate for this intention. Mandates will also be obtained with the aid of contacting the business`s Registrar, Equiniti.

    selling YOUR SHARESHargreave Hale intention VCT 1 plc operates a share purchase-again policy to improve the liquidity in its general shares for cancellation. Share buy-back guidelines are area to the Act, the record guidelines and tax legislation, which may preclude the VCTs` potential to buy shares back in. The coverage is non-binding and is at the discretion of the Board.

    The purchase-back policy ambitions a 5% cut price to the final posted NAV per share as introduced on the London stock alternate via a regulatory news carrier issuer. The cut price is measured in opposition t the mid-rate per share as listed on the London inventory trade and reflects the expense at which the business buys its shares off the market makers. The business publishes its unaudited NAV per share on a weekly groundwork.

    VCT share disposals settle two business days post change if the shares are already dematerialised or positioned into CREST ahead of the change, or ten days publish trade if the stock is held in certificated kind.

    VCT share disposals are exempt of capital features tax when the disposal is made at fingers` length, which ability a shareholder need to promote their shares to a market maker through a stockbroker or a different share dealing carrier. Hargreave Hale has specific skills in the sale of VCT shares and is capable of act for VCT shareholders who wish to sell their shares. despite the fact, you are free to appoint any stockbroker or share dealing carrier to act for you. if you want Hargreave Hale to act for you as their client (as adverse to a shareholder in the company) then please contact Andrew Pang for further suggestions (020 7009 4900,

    Please notice that Hargreave Hale will should be in possession of the share certificate and a completed CREST transfer kind before executing the sale. when you've got misplaced your share certificates, then that you could request a replacement certificates from the company`s registrar Equiniti. The registrar will send out an indemnity kind, which you will should signal. The indemnity form will also deserve to be countersigned by a UK assurance enterprise or bank it really is a member of the association of British Insurers. considering the fact that indemnification is a kind of assurance, the indemnifying body will ask for a price to replicate their possibility. fees will reflect the value of the expertise liability.

    SHAREHOLDER ENQUIRIES:For familiar Shareholder enquiries, please contact Hargreave Hale confined on 01253 754700 or by way of email to

    For enquiries in regards to the performance of the enterprise, please contact the funding supervisor on 0207 009 4937 or through e mail to

    electronic copies of this report and other published information will also be discovered on the enterprise`s web site at

    trade OF ADDRESSTo notify the enterprise of a transformation of handle please contact the company`s Registrar.

    company assistance

    SECRETARY AND REGISTERED OFFICEStuart Brookes Accurist House44 Baker StreetLondonW1U 7AL DIRECTORSSir Aubrey BrocklebankDavid BrockOliver Bedford  

    MANAGERHargreave Hale LimitedAccurist House44 Baker StreetLONDONW1U 7AL


    AUDITORSBDO LLP55 Baker StreetLondonW1U 7EU



    REGISTRARSEquinitiAspect HouseSpencer RoadLancingWest SussexBN99 6DA


    VCT status ADVISERPhilip Hare & acquaintances LLP4-6 Staple InnHigh HolbornLondonWC1V 7QH



    SOLICITORSHoward KennedyNo. 1 London BridgeLondonSE1 9BG


    BROKERSSinger Capital Markets LimitedOne Hanover StreetLondonW1S 1YZ


    business REGISTRATION NUMBER05206425 in England and Wales

    This announcement is allotted with the aid of NASDAQ OMX corporate options on behalf of NASDAQ OMX company solutions purchasers.

    The company of this announcement warrants that they are fully responsible for the content material, accuracy and originality of the tips contained therein.source: Hargreave Hale purpose VCT 1 plc by means of GlobeNewswireHUG#2107589

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