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000-855 - i5 iSeries Domino Technical Solutions V5R3 - BrainDump Information

Vendor Name : IBM
Exam Code : 000-855
Exam Name : i5 iSeries Domino Technical Solutions V5R3
Questions and Answers : 98 Q & A
Updated On : August 21, 2018
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000-855 exam Dumps Source : i5 iSeries Domino Technical Solutions V5R3

Test Code : 000-855
Test Name : i5 iSeries Domino Technical Solutions V5R3
Vendor Name : IBM
Q&A : 98 Real Questions

IBM i5 iSeries Domino

IBM, EMC crew on iSeries storage | killexams.com Real Questions and Pass4sure dumps

EMC and IBM on Wednesday announced an additional step in their joint expertise agreement, a good way to now encompass the midrange iSeries server.

The licensing contract will provide EMC with interfaces for storage interoperability and technical guide for the iSeries--IBM's most advantageous-selling, midrange workhorse.

The five-year settlement will help consumers to deploy mixtures of EMC storage and iSeries methods, which EMC says will "allow compatibility between the IBM i5/OS working device and the EMC Symmetrix networked storage systems and application".

IBM will provide technical necessities and new releases of software for the technicians at EMC, which may still enable EMC networked storage methods to connect to IBM iSeries methods. The fiscal details of the agreement had been now not disclosed.

"This contract underscores IBM's commitment to open innovation and is in line with our power towards industry interoperability," stated Brian Connors, vp for highbrow property licensing at IBM.

IBM has been aiming to prolong the attraction of the iSeries in recent months via beginning to flow it backyard its fully proprietary framework. aid for EMC storage is an additional step alongside a route that's slowly moving the latitude faraway from an all-IBM processors, hardware, storage, operating methods and systems software method.

As part of this, in January, IBM introduced aid for iSCSI for the primary time on the iSeries.

EMC and IBM first introduced a licensing settlement in October 2003 that gave EMC access to a range of IBM storage interfaces and utilities. both corporations also agreed to a mutual exchange of open specifications-based interfaces.

It additionally currently emerged that EMC Chief executive Joe Tucci's pay more than doubled closing 12 months, chiefly through a huge furnish of inventory, in response to the Boston Globe.

Tucci's compensation totaled US$29.eight million, the paper suggested, of which US$22.eight million was in confined inventory--shares he can most effective sell below the circumstance that he meets definite ambitions over the subsequent three years.

Tucci's base profits remained unchanged at US$1 million in 2005 with a bonus of US$2.15 million. He has been largely credited with turning EMC round over the last three years into the extremely ecocnomic business it's today.


IBM to Ship vision options disaster restoration and techniques management utility with IBM eServer iSeries | killexams.com Real Questions and Pass4sure dumps

November 21, 2005 12:fifty six ET | supply: imaginative and prescient solutions

IRVINE, Calif., Nov. 21, 2005 (PRIMEZONE) -- vision options, the industry standard in eServer high Availability solutions, nowadays introduced that they have signed an settlement with IBM to distribute their world-type catastrophe recovery and systems management utility with all IBM eServer iSeries operating device, i5/OS. via this software, evaluation versions of vision's tools OS Director, OS data Replication and OS records supervisor could be blanketed with each new and improve cargo of i5/OS V5R3 shipped by way of IBM.

"imaginative and prescient options has made it easier for iSeries clients to manage their methods and facts. high availability comprises the provision of functions and information, and it also includes preserving an organization's facts to ensure it be up-to-the minute and useable with the aid of employees and customers. IBM and its partners permit iSeries availability as one of the crucial business's superior," pointed out Jim Herring, Director, Product administration and enterprise Operations IBM eServer iSeries.

"recent herbal hobbies reminiscent of Hurricanes Katrina, Rita and Wilma have as soon as once again confirmed the business want for disaster recovery options to offer protection to applications and counsel from downtime, both planned and unplanned," observed Alan Arnold, President of imaginative and prescient options. "imaginative and prescient is chuffed to work with IBM in offering groups with the strongest availability and programs-management equipment at their fingertips that are designed exceptionally to meet the excessive availability necessities of the i5 company."

the total range of vision's OS solutions protected in this application are:

-- OS Director -- a extremely integrated set of tools that automates and proactively manages and helps optimize IBM iSeries systems, databases and application environments.

-- OS statistics Replication -- a catastrophe healing solution targeted on the SMB market that allows info to be backed up while users are online employing IBM's advanced faraway Journaling.

-- OS data manager -- A user-primarily based tool that automates the modeling, trying out, purging and archiving actions for IBM iSeries application environments. These solutions provide SMB businesses with the options for disaster recovery, records replication and programs management.

vision solutions' award-profitable CustomerCare group works at once with purchasers to supply technical support and information for his or her comprehensive product suite. The company's global group of companions ensures that valued clientele have the local aid they need, after they want it.

imaginative and prescient options has earned IBM's ServerProven reputation, featuring purchasers with a trusted seal of approval that ensures that the options were effectively applied in real-world iSeries environments. The company's consumers include desirable Fortune 500 organizations in diverse verticals including finance, manufacturing, distribution and gaming.

For greater tips on enabling this trial offer, please contact vision options at (949) 253-6500 or information@visionsolutions.com.

About imaginative and prescient solutions

vision solutions, headquartered in Irvine, Calif., is the trade standard in eServer high Availability offering utility, features and help options for managing a company's mission-critical functions and facts. With greater than 2,000 consumers and 12,000 licenses around the world, the business works intently with a worldwide community of channel companions supporting well-nigh every industry with its world-classification solutions: Visualize(tm), vision Suite(r), ORION(tm), ORION Integrator, OS Director and OS data manager. vision solutions is an IBM Premier enterprise partner and an IBM excessive Availability company partner. imaginative and prescient options is a member of the publicly traded IDION group of corporations (JSE:IDI). For extra information on vision options, please seek advice from the enterprise's web site at www.visionsolutions.com.

vision solutions, Inc. Jennifer Brannon (949) 253-6543

IBM publicizes Public Beta for Lotus Notes and Domino 8 | killexams.com Real Questions and Pass4sure dumps

IBM nowadays introduced that clients can now down load and try IBM Lotus Notes and Domino 8, a next era email and collaboration platform that helps clients streamline each day enterprise initiatives that run throughout a number of computing systems and expertise utility programs.

The open beta software gives clients a peek at a redesigned interface that comprises new time saving facets such the ability to at once view vital emails through grouping them into dialog threads, no-cost productivity editors that create open specifications-primarily based types of spreadsheets, be aware processing and displays, and search capabilities that allow clients prolong searches beyond e-mail and contacts to web and file searches without leaving the inbox.

Beta code is at present purchasable and may be downloaded at: www.ibm.com/lotus/getnd8now .

in the days immediately following availability, there had been greater than 12,000 downloads of the beta customer and server items for lots of structures, together with Linux and home windows for valued clientele and home windows, Linux, sun Solaris, AIX and IBM system i for servers.

"organizations are tired of the one-size-suits-all world of proprietary application and are demanding greater than search and easy electronic mail capabilities to be productive at work," noted Ken Bisconti, vp of Lotus messaging and collaboration. "Lotus Notes and Domino 8 offers a high-efficiency work atmosphere that natively hyperlinks to other Lotus utility add-ons such as social application, collaborative content material management, and unified communications and collaboration. This version enables builders to construct a new category of net 2.0 solutions and faucets into the newest applied sciences from IBM analysis."

"The advances in Lotus Notes and Domino eight display why IBM is still the notion chief in collaboration utility for companies of all sizes," states Joe Lee, CTO of Relavis enterprise. "Our customer relationship administration (CRM) application suite makes use of a company' suggestions from disparate sources and helps corporations focal point on the activities that add price to their shoppers. we are the use of new applied sciences equivalent to a composite utility framework and endeavor-centric computing capabilities brought into Lotus Notes and Domino 8 from IBM research to convey richer solutions in a sooner timeframe. These potent capabilities are what differentiate Lotus Notes and Domino application for the independent utility vendor (ISV) group."

The beta application previews Lotus Notes and Domino eight software with new and stronger aspects including:

-- alternative in office productiveness equipment: Lotus Notes eight will consist of the IBM Lotus productivity Editors at no further can charge. supporting the OpenDocument structure, these editors supply clients with the capacity to create and edit Microsoft office appropriate spreadsheets, displays, and files.

-- Simplified management of email overload: moreover the average view of the inbox, Lotus Notes eight offers clients the ability to view their inbox with the aid of conversations, grouping related messages together. users will also benefit from embedded instant messaging and presence recognition, advanced search capabilities, and icons that reveal even if the consumer become on the "to" or "cc" field of an e-mail message.

-- Simplified introduction of prosperous internet 2.0 applications: developed on an open framework, Lotus Notes 8 brings the energy of "company mashups" to the computing device through composite purposes, which combine varied utility components right into a single consumer interface.

-- prolonged assist for internet features: building on the internet capabilities capabilities of Lotus Domino 7, Lotus Notes 8 customers and Domino eight servers can initiate web provider requests to other programs. This greater assist for device interaction by the use of open standards lets businesses make use of their latest IT investments. for example, with full net services support a company might automatically initiate a request for forex exchange prices from inside a server-based mostly Lotus Domino application. The fees might then be plugged directly into an price reporting software or stored in a database for future reference.

-- Flexibility and selection of operating system: Extending IBM's dedication to open requirements and choice in computing, Lotus Notes and Domino 8 comprises assist for: Microsoft home windows XP or Linux (SLED 10) with feature parity across customers plus full feature internet entry aid for cyber web Explorer and Firefox browsers on multiple structures, plus server platform choice of home windows 2003, home windows 2003 x64, Linux, AIX, solar Solaris, IBM i5/0S. users can upgrade each the customer and server from prior release with identical hardware necessities and compatibility, coexisting with all prior releases.

Lotus Notes and Domino eight is expected to be accessible in mid-2007.

supply: IBM

discover further: IBM Ships Lotus Notes and Domino 8




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000-855 exam Dumps Source : i5 iSeries Domino Technical Solutions V5R3

Test Code : 000-855
Test Name : i5 iSeries Domino Technical Solutions V5R3
Vendor Name : IBM
Q&A : 98 Real Questions

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LONDON--(enterprise WIRE)--

Hargreave Hale purpose VCT 1 plc

Hargreave Hale aim VCT 1 Plc

Unaudited intervening time consequences for the six month length ending 31 March 2016

fiscal HIGHLIGHTS

ordinary Shares (as at 31 March):   31 March 2016   31 March 2015   30 September 2015*   internet asset value per share seventy three.91p seventy five.05p seventy four.64p Cumulative distributions paid per share because launch 40.25p 36.25p 38.00p total return per share 114.16p 111.30p 112.64p     Half each year/Annual Returns per share (basic and Diluted): profits return (0.20)p (0.22)p (0.forty)p Capital return 1.72p (2.38)p (0.66)p combined Return 1.52p (2.60)p (1.06)p   Dividends per share: period in-between proposed/paid 1.75 1.75p 1.75p ultimate paid - - 2.25p   Ongoing price Ratio

 

performance Benchmark:

2.23% 2.17% 2.22% FTSE goal All-share Index (rebased to a hundred at 29 October 2004) 82.ninety three eighty two.43 84.00

* 30 September 2015 fiscal highlights symbolize annual effects

main investment objective

The objective of the VCT is to achieve long run capital growth and to maximise tax free distributions to shareholders by way of investing in a assorted portfolio of small UK corporations primarily traded on aim. at the least 70% of the enterprise’s dollars need to be invested in qualifying holdings within three years of raising the dollars. The balance of the company’s cash will be invested in liquid assets (comparable to gilts, different mounted pastime and bank deposits) and non-qualifying fairness investments on an opportunistic foundation to raise the company’s performance. The business is managed as a task Capital trust so that shareholders within the business may additionally benefit from the tax aid attainable.

CHAIRMAN’S commentary

INTRODUCTION

within the first half of the economic 12 months the web Asset price per share (NAV) lowered from 74.sixty four pence to seventy three.91 pence equivalent to a rise of two.0% after adding lower back the two.25 pence dividend allotted in January 2016. all over the identical period the FTSE 100 complete Return Index rose three.eight% and the FTSE aim All Share total Return Index fell 1.three%.

VCT rules

with a purpose to comply with eu regulations regarding State aid, the VCT rules were area to huge adjustments within the price range. The Inland salary have now issued its guidelines. by way of and big, in keeping with the investments that we made throughout the final 18 months, we don't consider these suggestions will drastically affect the fund. One alternate which is certain is that we'll not be in a position to make investments our non-qualifying monies into goal listed stocks directly. We could be capable of continue to invest by the use of the particular instances Fund and we should be free to put money into agencies listed on the leading market. beneath the new instructions, gilts would appear now not to be an allowable investment; although, we are seeking for clarification.

results

The gain per share for the six month duration was 1.fifty two pence per share (comprising profits losses of 0.20 pence and capital features of 1.seventy two pence). At 31 March 2016 the entire return since inception of the fund become 114.16 pence.

INVESTMENTS

The investment manager, Hargreave Hale constrained, invested a further £1.ninety million in 9 qualifying corporations all the way through the length. The fair price of qualifying investments at 31 March 2016 changed into £26.01 million invested in 62 intention groups and 7 unquoted organizations (Mexican Grill Ltd, Corfe power Ltd, Brigantes power Ltd, Infoserve group plc, Invocas neighborhood plc, Portr Ltd and Laundrapp Ltd). The balance of the money became held in a mixture of cash, fastened profits and different non-qualifying equities.

At 31 March 2016 the VCT changed into 94.42% invested as measured by using HMRC.

DIVIDEND

A closing dividend for the yr ended 30 September 2015 of 2.25 pence turned into paid on 20 January 2016.

The directors proceed to keep a coverage of distributing at least 5% of the 12 months conclusion NAV to shareholders. An intervening time dividend of 1.75 pence (2015: 1.75p) should be paid on eight July 2016, with an ex-dividend date of 9 June 2016 and a checklist date of 10 June 2016.

BUYBACKS

we have been capable of maintain our coverage of offering our shareholders a good exit route throughout the buyback scheme. In total, 902,294 shares were repurchased throughout the six month duration ending 31 March 2016 at a weighted standard rate of 69.forty pence per share.

The Board continues to goal a share price bargain of 5% of the NAV per share (as measured against the mid-price) for market purchases. it'll be emphasised that this target is non-binding and dependent on instances, including the enterprise’s liquidity and market conditions.

challenge OF equity

The administrators of the enterprise announced on 2 December 2015 the launch of a brand new joint offer for subscription for shares to lift up to £15 million in the company and up to £10 million in Hargreave Hale purpose VCT 2 plc. The present become authorized by using shareholders of the enterprise at a regularly occurring meeting on 12 January 2016 and is open to both new and latest shareholders.

given that its launch, the offer has resulted in dollars being obtained of £10.34 million and the subject of 13.eighty five million new shares in the business. The offer will close at 12pm on sixteen November 2016 or prior if the highest subscription has been reached earlier than then.

OUTLOOK

The fund has held up smartly within the first half yr in antagonistic situations. The 2d half can be dominated by means of the shadow cast through the vote on even if or no longer to leave the eu “BREXIT”. there is an important volume of differing opinion in regards to the financial outlook if Britain votes to go away. It looks not possible to find two economists who agree and as inventory markets frequently react adversely to uncertainty we seem set for a turbulent time in the following couple of months. If we do vote to leave, I suppose that the monetary Armageddon scenario anticipated by some is unlikely however how lengthy it will take for the dust to settle is far from clear. besides the fact that the Brexit effect the outlook for the 2d half is showing indications of financial fragility. although the portfolio contains sound organizations which in the future should still prosper.

SHAREHOLDER verbal exchange

The enterprise's day by day share rate will also be discovered on quite a few economic sites under the TIDM code 'HHV’, or on our personal dedicated web site at http://www.hargreaveaimvcts.co.uk.

SIR AUBREY BROCKLEBANK BT.

Chairman

Date: 27 may 2016

funding supervisor’S document

INTRODUCTION

This file covers the first half of the 2015/sixteen monetary 12 months, 1 October 2015 to 31 March 2016. The supervisor’s report contains references to actions within the NAV and complete Return per share (web asset price per share plus allotted dividends per share). movements in the NAV per share don't always mirror the income per share (EPS) pronounced within the accounts and somewhere else, which carry the income after tax inside the business within the mentioned period as a feature of the weighted regular number of shares in concern for the period.

investment document

The period under evaluation included one more period of sustained volatility in global fairness markets. 4 leading factors weighed on markets: unstable commodity markets; US dollar power; downward revisions to international increase; chinese credit markets. The force turned into not constrained to world equities with proof of distress displaying up in FX and credit markets. UK small caps have been, we're sorry to assert, not immune to this contagion and the VCT had a tricky time in January and early February. we're comfortable to record that the markets began to recuperate in late February and we were in a position to record nice efficiency in both March and April.

So where does this depart us? mainly, the united kingdom economic system is still moderately potent. clearly, there stay pockets of weak point. energy is one such illustration. extra these days, it has become clear that the buyer has retrenched to some degree with many retailers and eating places reporting extra difficult trading conditions. high employment, low inflation and actual wage boom (boosted by the living wage) may still be assisting the sector, suggesting different components could be undermining buyer self assurance. We know, as an instance, that the IMF lately reduced its UK growth projections citing the uncertain ambiance and possibility to company funding forward of the Brexit vote. we have exposure to the consumer discretionary sector through Mexican Grill, Tasty and Everyman Media community; although, these businesses are as a whole lot focused on increasing their UK footprint as they are on identical keep yr on yr increase. These organizations are traditional examples of secular boom, of the class we've talked about in our previous reviews.

We are expecting the latest volatility to remain for a while yet, or as a minimum except we comprehend with more suitable sure bet the outcome of the us presidential election, that the uk will continue to be within the eu and that the chinese economic system will not cave in. we're running a big cash weighting and may proceed to installation it as and when we see an opportunity for earnings, either through short-term trading in non-qualifying equities or long term investments in qualifying agencies.

We saw a marked discount in the variety of respectable quality qualifying investment alternatives in January and February; however, March and April have been more suitable. it is complicated to certainly establish the explanations for this, however we suspect the intricate equity markets had been as an awful lot an element as the transition to the new VCT legislation. If here is so, then deal stream should still proceed to improve and we're inspired with the aid of what we have viewed extra lately.

efficiency

in the six months to 31 March 2016, the NAV reduced from 74.64 pence to 73.ninety one pence. Dividends of two.25 pence were paid, giving traders a complete return of 1.fifty two pence per share, which translates to a benefit of +2.0%. all over the same duration the FTSE goal All-Share complete Return fell 1.3%.

The qualifying investments made a net contribution of +0.sixty four pence per share with 27 out of the 74 making gains, 6 marking time and 41 dropping ground. The balance became a mix of non-qualifying portfolio features, expenses, salary and small features made through share buy backs.

discovering applied sciences group was the right performing qualifying funding (+fifty six.5%, +0.8 pence per share). The enterprise received a very encouraging three 12 months contract to supply researching and development features for the whole UK Civil carrier. They mentioned 33% profits increase for the yr ending 31 December 2015 and stay in a sought after place in a particularly fragmented, transforming into e-studying expertise market. vision Direct, a personal business area to a a hit bid via Essilor, also contributed meaningfully to efficiency (+71.7%, +0.67 pence per share). other shares that made a big contribution included Trakm8 (+25.6%, +0.70 pence per share), Quixant (+49.0%, +0.forty six pence per share) and DP Poland (+fifty eight.three%, +0.forty three pence per share).

The largest losses in the period got here from Microsaic (-sixty seven.2%, -0.38 pence per share), EKF Diagnostics (-45.0%, -0.38 pence per share), Imaginatik (-seventy one.four%, -0.33 pence per share) and Gfinity (-58.0%, -0.30 pence per share).

We made nine qualifying investments over the length, which blanketed 4 further investments into latest listed qualifying businesses, two secondary placings into listed corporations, one IPO and two deepest investments. We invested a complete of £1.9 million into qualifying investments over the length.

inside the qualifying portfolio, Essilor achieved their acquisition of imaginative and prescient Direct, realising a benefit of £0.sixty seven million (+326%). We additionally made exits from Jelf and Tangent Communications following money bids for the businesses. Following mighty runs, we decreased the measurement of our investments in Trakm8 and Imaginatik to support keep good particular person weightings within the portfolio. We exited Proxama and Sphere clinical because of terrible trading updates and/or little hope of medium time period healing.

PORTFOLIO constitution

The HMRC funding exams are set out in Chapter 3 of half 6 profits Tax Act 2007, which should be read in conjunction with this portion of the interim administration statement. cash raised by using VCTs are first protected in the investment assessments from the delivery of the accounting duration containing the third anniversary of the date on which the cash were raised. hence, the allocation of qualifying investments as described by using the legislations will also be different to the portfolio weighting as measured through market cost relative to the net property of the VCT.

The VCT is effectively throughout the HMRC defined funding check and ended the length at 94.forty two% invested as measured by means of the HMRC funding look at various. through market price, the VCT had a 62.eight% weighting to qualifying investments.

The allocation to non-qualifying fairness investments elevated from 13.8% to 16.8%, representing the fund’s on-going participation in non-qualifying fairness investments at captivating valuations. Our investment within the Marlborough particular instances fell from four.four% to three.6% of internet belongings as a result of the inflows from the joint present. The non-qualifying investments contributed +1.44 pence per share to the ordinary features. mounted profits as a percentage of the fund stayed flat at 0.8% and cash multiplied from 10.0% to 16.0%.

put up HALF year replace

Deal stream has been constant given that duration end and two extra qualifying investments were made in Medaphor and Osirium. We believe there is a powerful pipeline of qualifying investment alternatives.

JOINT offer FOR SUBSCRIPTION OF typical SHARES

On 2 December 2015 the directors of Hargreave Hale intention VCT 1 plc and Hargreave Hale aim VCT 2 plc announced the launch of a new joint present for subscription of recent shares in each VCTs to carry up to £15 million into Hargreave Hale purpose VCT 1 plc and £10 million into Hargreave Hale purpose VCT 2 plc.

given that its launch on 1 December 2015 and the date of this record the offer has resulted in money being acquired of £10.34m with the aid of Hargreave Hale aim VCT 1, and the difficulty of 13.85m shares.

BUYBACKS

In total, 902,294 usual shares had been bought between 1 October 2015 and 31 March 2016, at a complete price of £630,709.

STUART BROOKES

company Secretary Hargreave Hale aim VCT1 percent01253 754740

Date: 27 can also 2016

funding PORTFOLIO summary

AS AT 31 MARCH 2016

  e-book can charge   Valuation   Valuation Qualifying investments £000 £000 % Cohort plc 619 1829 5.26 Trakm8 Holdings plc 106 1222 three.fifty one Abcam plc 67 1177 three.38 learning technologies group plc 663 1136 three.27 K3 enterprise know-how neighborhood plc 270 987 2.eighty four Intercede neighborhood plc 247 930 2.sixty seven AnimalCare group plc 220 920 2.sixty five Idox plc 135 901 2.fifty nine Craneware plc one hundred fifty 855 2.forty six TLA worldwide plc 300 840 2.forty two Mexican Grill Ltd (A preference Shares)** 185 770 2.21 Quixant plc a hundred and sixty 751 2.sixteen Portr Ltd** 722 722 2.08 Science in recreation plc 778 721 2.07 Vertu Motors plc 600 638 1.83 DP Poland plc 333 601 1.73 Ideagen plc 410 579 1.sixty six Eagle Eye options Ltd 541 552 1.fifty nine Tasty plc 288 456 1.31 Flowgroup plc 577 450 1.29 attitude plc 348 391 1.12 CentralNic group plc 293 380 1.09 Kalibrate technologies plc 323 367 1.05 Clearstar Inc 449 354 1.02 Instem plc 297 349 1.00 Reneuron neighborhood plc 534 327 0.ninety four Belvoir Lettings plc 513 310 0.89 Premaitha health plc 432 308 0.89 MartinCo plc 225 304 0.87 usaexpertise plc 221 304 0.87 Laundrapp Ltd** 301 300 0.86 Porta Communications plc 505 290 0.84 Mirada plc 618 290 0.eighty three floor Transforms plc 289 288 0.eighty three Hardide plc 635 264 0.76 Universe neighborhood plc 210 263 0.seventy five satellite options worldwide community plc 154 249 0.seventy two Plastics Capital plc 250 245 0.70 E G options plc 200 240 0.sixty nine APC know-how neighborhood plc 498 224 0.64 EKF Diagnostics Holdings plc 300 220 0.sixty three Maxcyte Inc a hundred ninety 214 0.62 Verona Pharma plc 127 187 0.54 drive technologies plc 170 181 0.52 Audioboom plc 166 179 0.fifty two Everyman Media community plc 171 171 0.49 Fusionex foreign plc 138 166 0.48 Synety neighborhood plc 259 162 0.forty seven progressive Digital Media neighborhood plc 173 139 0.forty Gfinity plc 233 137 0.39 Lidco neighborhood plc 220 122 0.35 Midatech Pharma plc 200 a hundred and five 0.30 Egdon materials plc 158 102 0.29 Redcentric plc 214 102 0.29 Microsaic programs plc 350 98 0.28 WANDisco plc 89 89 0.25 Mexican Grill Ltd (common Shares)** 21 86 0.25 Imaginatik plc 199 67 0.19 Synairgen plc one hundred forty sixty seven 0.19 Ilika plc 68 65 0.19 Haydale Graphene Industries plc 67 fifty six 0.sixteen Nektan Ltd ninety two 55 0.16 Outsourcery group Ltd 650 54 0.sixteen TP community plc 185 38 0.11 Mporium community plc 301 24 0.07 Mycelx technologies company plc 300 21 0.06 Corfe power Ltd** 50 10 0.03 Brigantes energy Ltd** 50 9 0.03 Infoserve neighborhood plc*** 0 0 0.00 Invocas group plc*** 169 0 0.00 ------- -------- ---------- total-qualifying investments 20,116 26,010 seventy four.seventy six ------- -------- ---------- e-book cost Valuation Valuation Non-Qualifying investments £000 £000 %   UK Treasury 0.a hundred twenty five% 2068 312 311 0.90 -------- -------- -------- complete - UK gilts 312 311 0.90 -------- -------- --------   MFM particular instances Fund ** 1,397 1,494 four.30 -------- -------- -------- total - Unit Trusts 1,397 1,494 4.30 -------- -------- --------   FCFM neighborhood Ltd** 300 514 1.forty eight Fulcrum Utility capabilities Ltd one hundred twenty five 504 1.forty five Royal Dutch Shell plc 333 340 0.ninety eight Halfords neighborhood plc 302 296 0.eighty five Finsbury food neighborhood plc one hundred forty 271 0.78 ARM Holdings plc 231 254 0.73 Atkins (WS) plc 224 245 0.70 Quixant plc 159 243 0.70 Babcock overseas community plc 236 237 0.sixty eight Dart community plc 182 235 0.sixty eight Horizon Discovery neighborhood plc 261 231 0.sixty six BP plc 216 227 0.65 Dechra prescribed drugs plc 186 203 0.58 Melrose Industries plc one hundred seventy 198 0.fifty seven Mexican Grill Ltd (A choice Shares)** 128 196 0.56 British Polythene Industries plc 173 181 0.fifty two Skypharma plc one hundred forty five 179 0.fifty one Lloyds Banking neighborhood plc 171 one hundred seventy 0.49 Metro financial institution plc 200 166 0.forty eight discovering technologies community plc 76 153 0.forty four Dixons Carphone plc 151 149 0.forty three On The seashore neighborhood plc 147 143 0.forty one prison and conventional community plc 152 141 0.41 RPC group plc 108 137 0.39 Regent Pacific group Ltd a hundred and fifty 124 0.36 Newmont Mining Corp 124 123 0.35 Goldcorp Inc 124 120 0.35 Reneuron group plc 104 118 0.34 Barrick Gold Corp 126 116 0.33 Sanne neighborhood plc 106 114 0.33 Worldpay group plc one zero one 89 0.26 Amerisur supplies plc 167 87 0.25 Be Heard community plc 63 eighty four 0.24 Everyman Media community plc eighty five 83 0.24 Midatech Pharma plc 134 70 0.20 Audioboom plc fifty nine fifty eight 0.17 The Fulham Shore plc 38 53 0.15 Eagle Eye solutions Ltd 44 forty eight 0.14 Mexican Grill Ltd (typical Shares)** 26 26 0.07 Plexus Holdings plc one hundred twenty five 25 0.07 Mycelx technologies service provider plc 200 20 0.06 Hardide plc* 1 0 0.00 ------- -------- -------- complete - non-qualifying equities 6,293 6,971 20.04 -------- -------- --------   total - non-qualifying investments eight,002 8,776 25.24 -------- -------- --------   total investments 28,118 34,786 a hundred.00 -------- -------- -------- * here's an exact preserving of under £500 ** Unquoted corporations ***Unquoted business holding of below £500

the vast majority of investments held within the portfolio are listed and/or headquartered in the UK aside from right here:

  Listed   Headquartered   Registered intention listed Investments: Audioboom plc UK UK Jersey Barrick Gold Corp UK Canada Canada Clearstar Inc UK usa Cayman Islands Electrical Geodesics Inc UK united states us of a Fulcrum Utility functions plc UK UK Cayman Islands Fusionex overseas plc UK UK Jersey Goldcorp Inc UK Canada Canada Maxcyte Inc UK country u . s . a . MYCELX applied sciences business enterprise plc UK u . s . country Nektan Ltd UK Gibraltar Gibraltar Newmont Mining organisation UK us of a country Regent Pacific community Ltd UK Hong Kong Cayman Islands Royal Dutch Shell plc UK Netherlands UK Sanne community plc UK Jersey Jersey WANDisco plc UK UK Jersey Unlisted private corporations: Brigantes energy Ltd - UK UK Corfe energy Ltd - UK UK FCFM neighborhood Ltd - UK UK Infoserve neighborhood plc - UK UK Invocas neighborhood plc - UK UK Laundrapp Ltd - UK UK Mexican Grill Ltd - UK UK Portr Ltd - UK UK authorized unit have confidence: Marlborough special situations Fund - UK UK

excellent TEN INVESTMENTS

As at 31 March 2016 (by way of Market price)

The accurate 10 equity investments are proven beneath; each is valued by using reference to the bid rate, or, within the case of unquoted companies, values are either in response to the last arm’s size transaction or valuation concepts, such as profits multiples. Forecasts, where given, are drawn from a mixture of broker research and/or Bloomberg consensus forecasts and exclude amortisation, share based funds and splendid objects. Forecasts are on the subject of a duration conclusion for which the business results are yet to be launched. The web cash values are drawn from published bills in most circumstances.

Cohort plc       385.0p investment date   February 2006     Forecasts for yr to   April 2016 equity held 1.22% Turnover (£’000) 114,300 Av. buy price one hundred thirty.2p income earlier than tax (£’000) 12,a hundred charge (£’000) 619 web cash (£'000) 11,386 Valuation (£’000) 1,829 web property 30 April 2015 (£’000) sixty two,847   enterprise DESCRIPTION

Cohort is the father or mother enterprise of 4 well centered, thoroughly owned subsidiaries proposing a wide array of services and items for UK and international agencies. MASS designs, manufactures and helps digital systems and utility, and gives specialist features and practising. SCS specialises in proposing suggestions and support based on sound technical competencies coupled with event of its useful utility. SEA offers device engineering, utility and digital engineering functions and solutions, including professional design and manufacture. MCL designs, services and supports advanced digital and surveillance gadget.

Trakm8 Holdings plc       255.0p investment date   October 2013     Forecasts for year to   March 2016 equity held 2.02% Turnover (£’000) 26,500 Av. purchase price 22.0p profit before tax (£’000) three,800 cost (£’000) 106 internet cash (£'000) -2,103 Valuation (£’000) 1,222 net assets 31 March 2015 (£’000) 6,995   enterprise DESCRIPTION

Trakm8, the M2M telematics business the usage of big statistics analytics to improve driver behaviour is a number one expertise clothier, developer and manufacturer of telematics items and solutions. The community, based in Shaftesbury, Dorset, distributes its hardware and software through a community of distributors worldwide. in addition, the business provides car monitoring and tracking services direct to the B2B market. Trakm8's products and functions permit automobiles and drivers to be monitored, allowing businesses to manage deliveries and services, or track stolen motors.

studying applied sciences community plc

      36.0p funding date   April 2011     Forecasts for yr to   December 2016 equity held 1.01% Turnover (£’000) 33,000 Av. buy cost 20.6p profit earlier than tax (£’000) 6,a hundred cost (£’000) 739 web cash (£'000) 7,300 Valuation (£’000) 1,289 net assets 31 December 2015 (£’000) 25,479   company DESCRIPTION

gaining knowledge of applied sciences neighborhood (LTG) offers a comprehensive and integrated latitude of e-learning features and technologies to company and executive customers. LTG is making first rate progress against its intention of building a substantial world agency of specialist digital gaining knowledge of agencies from Europe, US, Latin the united states and Asia to form a market-leading applied sciences company.

Abcam plc

      588.5p investment date   October 2005     Forecasts for 12 months to   June 2016 fairness held 0.10% Turnover (£’000) 169,000 Av. purchase fee 34.7p earnings before tax (£’000) fifty one,200 can charge (£’000) 67 net cash (£'000) fifty four,758 Valuation (£’000) 1,177 internet assets 30 June 2015 (£’000) 214,104   business DESCRIPTION

Abcam plc produces and distributes analysis-grade antibodies by way of a web catalogue. The business's customers consist of universities, analysis institutes and pharmaceutical and biotechnology companies in countries around the world.

K3 company know-how neighborhood plc       329.0p investment date   September 2005     Forecasts for year to   June 2016 equity held 0.ninety four% Turnover (£’000) 89,000 buy expense 90.0p profit earlier than tax (£’000) 9,300 can charge (£’000) 270 web cash (£'000) -10,450 Valuation (£’000) 987 web belongings 30 June 2015 (£’000) fifty three,495   enterprise DESCRIPTION

K3 business expertise neighborhood specialises within the provision of commercial enterprise useful resource planning software, which encompasses deliver chain management and e-business solutions products and capabilities. greater than 200 companies rely on K3 business options to recommend, recommend, enforce and aid their vital business techniques.

Intercede group plc       124.0p investment date   might also 2007     Forecasts for 12 months to   March 2016 equity held 1.fifty four% Turnover (£’000) eleven,600 Av. buy fee 33.0p earnings before tax (£’000) -200 cost (£’000) 247 Estimated internet money (£'000) 5,767 Valuation (£’000) 930 web assets 31 March 2015 (£’000) 4,484   company DESCRIPTION

Intercede is the producer of the MyID® identification and Credential management system. MyID® is the only IDCMS software product that allows for corporations to comfortably and securely manage the identitites of people and their associated id credentials inside a single, built-in, workflow pushed platform. This comprises enabling and managing: cozy registration, biometric trap, utility vetting and approval through to sensible card personalisation, issuance and management.

AnimalCare group plc       230.0p investment date   December 2007     Forecasts for year to   June 2016 fairness held 1.90% Turnover (£’000) 13,800 purchase rate fifty five.0p income earlier than tax (£’000) 2,900 can charge (£’000) 220 Estimated net cash (£'000) 6,098 Valuation (£’000) 920 net property 30 June 2015 (£’000) 20,991   company DESCRIPTION

AnimalCare is a number one organization of normal veterinary drugs and animal identification items to associate animal veterinary markets. It develops and sells items and features to veterinary experts principally for use in accomplice animals, working without delay within the UK and thru distribution and development partners in key markets in Western Europe.

Idox plc       50.0p funding date   can also 2007     Forecasts for yr to   October 2016 fairness held 0.fifty one% Turnover (£’000) 79,000 purchase fee 7.5p earnings before tax (£’000) sixteen,500 cost (£’000) a hundred thirty five net cash (£'000) -23,a hundred Valuation (£’000) 901 web belongings 31 October 2015 (£’000) fifty three,639   enterprise DESCRIPTION

Idox operates a software company, which produces and develops integrated and adaptable software systems for doc, content and guidance administration by way of internet-based mostly functions. The group’s main product is an digital method which will also be accessed from any desktop with a community or cyber web link.

Craneware plc       730.0p funding date   September 2007     Forecasts for yr to   June 2016 equity held 0.44% Turnover ($’000) 49,900 buy rate 128.0p earnings earlier than tax ($’000) 15,a hundred charge (£’000) a hundred and fifty web money ($'000) 44,980 Valuation (£’000) 855 internet belongings 30 June 2015 ($’000) forty seven,630   business DESCRIPTION

Craneware develops and sells billing application evaluation tools for the USA healthcare sector. The company’s software automates the checking system, aids in cash movement and revenue generation, and ensures accurate submission of claims and managing compliance possibility.

TLA worldwide plc       56.0p funding date   November 2011     Forecasts for yr to   December 2016 fairness held 1.10% Turnover ($’000) 37,900 buy price 20.0p profit earlier than tax ($’000) 14,one hundred cost (£’000) 300 internet cash ($'000) -16,four hundred Valuation (£’000) 840 net belongings 31 December 2015 ($’000) 37,181   company DESCRIPTION

TLA international is an built-in illustration and advertising company. The enterprise owns and operates sports agencies worried in athlete illustration and activities advertising, with a spotlight basically on professional baseball within the u.s..

For additional assistance please contact:

STUART BROOKES

business Secretary

Hargreave Hale intention VCT 1 plc

01253 754740

Date: 27 may also 2016

statement OF directors’ duties

in respect of the half-every year economic report

in accordance with Disclosure Transparency Rule (DTR) 4.2.10, Aubrey Brocklebank Bt (Chairman), David Brock and Giles Hargreave, the administrators, verify that to the better of their advantage:

  • The half every year financial statements had been organized according to monetary Reporting general 104 (“FRS104”) issued via the monetary Reporting Council and the half-yearly record comprises a fair review of the assets, liabilities, monetary place and earnings of the enterprise as at 31 March 2016 as required through DTR 4.2.4;
  • The interim management file included in the chairman’s remark, investment supervisor’s file, investment portfolio abstract and notes to the half every year file contains a good review of the assistance required with the aid of the financial habits Authority Disclosure and Transparency guidelines, being;
  • an indication of the important movements which have came about during the first six months of the financial yr and their influence on the condensed set of monetary statements;
  • a description of the fundamental dangers and uncertainties for the remaining six months of the yr; and
  • a description of connected birthday party transactions which have taken location within the first six months of the present monetary year, that may have materially affected the financial position or efficiency of the business all the way through that length and any changes in the linked party transactions described within the closing annual record that may accomplish that.
  • On behalf of the Board of administrators.

    SIR AUBREY BROCKLEBANK BT.

    Chairman

    Date: 27 may additionally 2016

    CONDENSED profits remark

    for the six month period to 31 March 2016 (unaudited)

      For the six month duration to   For the six month period to 31 March 2016 (unaudited) 31 March 2015 (unaudited) revenue   Capital   total earnings   Capital   complete £000 £000 £000 £000 £000 £000 Realised features on investments - 714 714 - 1,753 1,753 Unrealised good points/(losses) on investments - 413 413 - (2,566) (2,566) income a hundred forty five - one hundred forty five 113 - 113 ----------- ----------- ----------- ----------- ----------- ----------- one hundred forty five 1,127 1,272 113 (813) (700)   administration fee (70) (211) (281) (fifty eight) (174) (232) different expenses (one hundred eighty) - (one hundred eighty) (147) - (147) ----------- ----------- ----------- ----------- ----------- ----------- (250) (211) (461) (205) (174) (379) ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/return on common activities earlier than taxation (one hundred and five) 916 811 (ninety two) (987) (1,079) Taxation - - - - - - ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/return and complete other finished (105) 916 811 (92) (987) (1,079) revenue after taxation caused by equity shareholders ----------- ---------- ---------- ----------- ----------- -----------   (Loss)/return per share (notice 2) (0.20)p 1.72p 1.52p (0.22)p (2.38)p (2.60)p (primary and Diluted)

    the total column of this observation is the profits observation of the business. All earnings and capital gadgets in the above remark derive from carrying on with operations. The business has no known gains or losses apart from the effects for the six month duration as set out above. The accompanying notes are an essential component of these fiscal statements.

    CONDENSED salary observation

    for the yr ended 30 September 2015 (audited)

      For the yr to 30 September 2015 (audited) revenue   Capital   complete £000 £000 £000 Realised positive factors on investments - 1,792 1,792 Unrealised losses on investments - (1,704) (1,704) revenue 240 - 240 ----------- ----------- ----------- 240 88 328   management payment (127) (381) (508) other costs (290) - (290) ----------- ----------- ----------- (417) (381) (798) ----------- ----------- ----------- (Loss) on ordinary actions earlier than taxation (177) (293) (470) Taxation - - - ----------- ----------- ----------- (Loss) and total other complete profits after (177) (293) (470) taxation caused by fairness shareholders ----------- ----------- -----------   (Loss) per share (be aware 2) (0.40)p (0.66)p (1.06)p (basic and Diluted)

    the total column of this remark is the salary statement of the business. All salary and capital objects within the above observation derive from continuing operations. There aren't any known positive factors or losses other than the loss for the yr. The accompanying notes are an essential component of these financial statements.

    CONDENSED commentary OF financial position

    as at 31 March 2016 (unaudited)

      31 March   31 March   30 September 2016 2015 2015 (unaudited) (unaudited) (audited) £000 £000 £000 fastened belongings Investments at fair value via income or loss 34,786 25,977 32,353 ----------- ----------- ----------- existing assets Prepayments and amassed revenue 25 32 32 cash at financial institution 6,806 9,a hundred and five three,764 ----------- ----------- ----------- 6,831 9,137 3,796 collectors: amounts falling due within 365 days Accruals and deferred earnings (194) (205) (208) ----------- ----------- ----------- internet current property 6,637 8,932 three,588 ----------- ----------- ----------- internet belongings 41,423 34,909 35,941 ----------- ----------- -----------   Capital and Reserves known as up standard share capital 560 465 482 Share premium 17,280 9,320 10,987 Capital redemption reserve 25 10 sixteen special reserve 20,335 23,311 22,044 Capital reserve - realised (three,003) (three,338) (three,506) Capital reserve - unrealised 6,667 5,392 6,254 income reserve (441) (251) (336) ----------- ----------- ----------- complete equity shareholders' dollars 41,423 34,909 35,941 ----------- ----------- ----------- basic and diluted net asset value per share (note four) seventy three.91p seventy five.05p seventy four.64p

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

    CONDENSED observation OF alterations IN equity

    for the six month duration to 31 March 2016 (unaudited)

    normal Shares   called up   Share   Capital   special   Capital   Capital   revenue   complete share premium redemption reserve reserve reserve reserve capital reserve realised unrealised £000 £000 £000 £000 £000 £000 £000 £000 At 1 October 2015 482 10,987 16 22,044 (three,506) 6,254 (336) 35,941 Share buybacks (9) - 9 (631) - - - (631) Share challenge proceeds 87 6,412 - - - - - 6,499 Share subject expenses - (119) - - - - - (119) equity dividends paid   -   -   -   (1,078)   -   -   -   (1,078) Realised features on investments - - - - 714 - - 714 Unrealised (loss) on investments - - - - - 413 - 413 management fee charged to capital - - - - (211) - - (211) income (loss) after taxation for the duration   -   -   -   -   -   -   (one hundred and five)   (one zero five) total return/(loss) after taxation - - - - 503 413 (a hundred and five) 811 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 March 2016 560 17,280 25 20,335 (3,003) 6,667 (441) 41,423 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

    Reserves purchasable for distribution are capital reserve realised, special reserve and salary reserve. complete distributable reserves at 31 March 2016 have been £sixteen.89 million. The accompanying notes are a vital part of these financial statements.

    CONDENSED commentary OF adjustments IN equity

    for the six month period to 31 March 2015 (unaudited)

    general Shares   referred to as up   Share   Capital   special   Capital   Capital   earnings   total share premium redemption reserve reserve reserve reserve capital reserve realised unrealised £000 £000 £000 £000 £000 £000 £000 £000 At 1 October 2014 365 1,308 4 24,734 (4,917) 7,958 (159) 29,293 Share buybacks (6) - 6 (420) - - - (420) Share concern proceeds 106 eight,one hundred sixty five - - - - - 8,271 Share challenge expenses - (153) - - - - - (153) fairness dividends paid   -   -   -   (1,003)   -   -   -   (1,003) Realised good points on investments - - - - 1,753 - - 1,753 Unrealised (loss) on investments - - - - - (2, 566) - (2,566) administration price charged to capital - - - - (174) - - (174) profits (loss) after taxation for the duration   -   -   -   -   -   -   (92)   (92) complete loss after taxation - - - - 1,579 (2,566) (ninety two) (1,079) ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 March 2015 465 9,320 10 23,311 (three,338) 5,392 (251) 34,909 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

    Reserves available for distribution are capital reserve realised, particular reserve and salary reserve. total distributable reserves at 31 March 2015 have been £19.72 million. The accompanying notes are an essential component of these financial statements.

    CONDENSED statement OF changes IN fairness

    for the year ended 30 September 2015 (audited)

    usual Shares   referred to as up   Share   Capital   particular   Capital   Capital   income   complete share top class redemption reserve reserve reserve reserve capital reserve realised unrealised £000 £000 £000 £000 £000 £000 £000 £000 At 1 October 2014 365 1,308 4 24,734 (4,917) 7,958 (159) 29,293 Share buybacks (12) - 12 (850) - - - (850) Share problem proceeds 129 9,871 - - - - - 10,000 Share challenge fees - (192) - - - - - (192) fairness dividends paid   -   -   -   (1,840)   -   -   -   (1,840) Realised positive factors on investments - - - - 1,792 - - 1,792 Unrealised (loss) on investments - - - - - (1,704) - (1,704) management payment charged to capital - - - - (381) - - (381) earnings (loss) after taxation for the period   -   -   -   -   -   -   (177)   (177) complete loss after taxation - - - - 1,411 (1,704) (177) (470) ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 30 September 2015 482 10,987 16 22,044 (three,506) 6,254 (336) 35,941 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

    Reserves obtainable for distribution are capital reserve realised, special reserve and earnings reserve. complete distributable reserves at 30 September 2015 have been £18.20 million. The accompanying notes are an integral part of those economic statements.

    CONDENSED observation OF money FLOWS

    for the six month duration to 31 March 2016 (unaudited)

      31 March 2016   31 March 2015   30 September 2015* (unaudited) (unaudited) (audited) £000 £000 £000 Return/(loss) on average actions before taxation 811 (1,079) (470) Realised (positive aspects) on investments (714) (1,753) (1,792) Unrealised (positive factors)/losses on investments (413) 2,566 1,704 lessen in debtors 7 three 3 (lessen)/enhance in creditors (14) 12 15 ----------- ----------- ----------- net cash (utilized in) working activities (323) (251) (540)   money flows from investing actions buy of investments (7,290) (3,825) (10,253) Disposal of investments 5,984 3,283 4,236 ----------- ----------- ----------- internet money from investing activities (1,306) (542) (6,017)   money flows from financing actions Proceeds from share concerns 6,499 8,271 10,000 Share subject prices (119) (153) (192) buy of personal shares for cancellation (631) (420) (850) equity dividends paid (1,078) (1,003) (1,840) ----------- ----------- ----------- net cash from financing activities four,671 6,695 7,118 ----------- ----------- ----------- enhance in cash and cash equivalents three,042 5,902 561 ----------- ----------- ----------- analysis of net dollars net money at starting of period/yr three,764 three,203 3,203 web money inflows 3,042 5,902 561 web cash at conclusion of length/year 6,806 9,105 3,764

    * 30 September 2015 money circulation represents annual consequences

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

    EXPLANATORY NOTES

    for the six month period to 31 March 2016 (unaudited)

    1. ACCOUNTING policies

    basis of guidance

    The business has organized its financial statements below monetary Reporting commonplace 102 (FRS102) and based on the statement of informed apply for “financial Statements of investment have faith agencies and venture Capital Trusts” (the SORP) which was revised in November 2014 with the aid of the association of investment groups.

    here is the primary length through which the economic statements had been prepared beneath FRS102, youngsters it has now not been quintessential to re-state comparatives because the medicine in the past utilized aligns with the requirements of FRS102.

    A reconciliation of the business’s equity according to its previous fiscal reporting framework to its equity determined in keeping with the brand new economic reporting framework has no longer been included because the treatment prior to now applied aligns with the necessities of FRS102.

    A reconciliation of profit or loss determined in accordance with its outdated economic reporting framework for the similar interim period of the previous monetary 12 months has not been covered because the remedy previously utilized aligns with the necessities of FRS102.

    financial instruments – reasonable price size hierarchy

    FRS 102 requires definite disclosures which require the classification of fiscal assets and monetary liabilities measured at fair price the use of a fair value hierarchy that reflects the significance of the inputs utilized in making the reasonable value dimension.

    The reasonable price hierarchy has the following degrees:

    stage   Methodology (a)   The most effective facts of fair price is a quoted expense for an analogous asset in an lively market. Quoted in an lively market in this context skill quoted expenditures are easily and regularly purchasable and those costs characterize precise and often happening market transactions on an arm’s length basis. The quoted cost is usually the existing bid rate. (b)   When quoted prices are unavailable, the price of a recent transaction for a similar asset gives evidence of fair value provided that there has now not been a major trade in economic situations or a major lapse of time given that the transaction took area. If the entity can demonstrate that the ultimate transaction expense isn't a very good estimate of fair price (for instance, since it reflects the quantity that an entity would acquire or pay in a forced transaction, involuntary liquidation or misery sale), that fee is adjusted. (c)   If the marketplace for the asset isn't energetic and recent transactions of a similar asset on their own aren't a very good estimate of fair cost, an entity estimates the reasonable cost by using a valuation approach. The aim of the use of a valuation approach is to estimate what the transaction expense would had been on the size date in an arm’s size exchange influenced by using average business concerns.     level (a) Investments

    £’000

      level (b)

    Investments

    £’000

      stage (c)

    Investments

    £’000

      complete

    Investments

    £’000

    Six months ended 31 March 2016 (unaudited)   30,659   1,495   2,632   34,786 12 months ended 30 September 2015 (audited)   28,314   1,584   2,455   32,353 Six months ended 31 March 2015 (unaudited)   23,861   303   1,813   25,977

    Investments

    Listed investments and investments traded on aim are brought up at closing bid market costs. Investments are known and derecognised at alternate date the place a purchase order or sale is beneath a contract whose terms require start in the time body centered by using the market worried, and are measured originally at reasonable value.

    These investments might be managed and their performance evaluated on a good price groundwork in accordance with a documented investment method and suggestions about them is provided internally on that groundwork to the Board. for this reason, as accepted by way of FRS 102, the investments are unique as fair value via profit or loss (FVTPL) on the foundation that they qualify as a bunch of assets managed, and whose efficiency is evaluated, on a fair cost basis in keeping with a documented investment method. Subsequent to initial attention, investments are valued at fair price which is deemed to be bid market expenses.

    positive factors and losses coming up from adjustments in reasonable cost (realised and unrealised) are blanketed in the net profit or loss for the duration as a capital item within the profits commentary and are eventually recognised within the unrealised capital reserve or realised capital reserve (as appropriate).

    recognition of impairment and realised losses

    If an investment has been impaired such that there is no sensible expectation that there should be a full return from the investment, the loss is treated as a everlasting impairment and is recognized as a realised loss in the financial statements.

    determining fair value

    the place the classification of a financial instrument requires it to be mentioned at reasonable value, this will depend on reference to the quoted bid price in an energetic market anywhere possible. where no such lively market exists for the particular asset or legal responsibility, the business uses a valuation method to reach at the reasonable cost, together with using expenses obtained in fresh arms-size transactions, discounted cash circulate evaluation and other valuation innovations ordinary by means of market contributors. The fair price of such belongings or liabilities may be reviewed on a 6 month-to-month foundation and greater generally if hobbies ensue that might have a fabric affect on the funding.

    earnings

    fairness dividends are taken into account on the ex-dividend date, web of any linked tax credit. fixed returns on non-equity shares and debt securities are recognized on a time apportionment groundwork as a way to reflect the valuable yield, provided there is no reasonably-priced doubt that charge can be got in due route. All other income, including deposit activity receivable, is known on an accruals groundwork. All income and capital items within the unaudited income remark derive from carrying on with operations. There are not any other gadgets of complete salary other than those disclosed within the unaudited revenue observation.

    Expenditure

    All expenditure is accounted for on an accruals foundation. Of investment administration expenses, 75% are allocated to the capital reserve realised and 25% to the profits account in keeping with the Board’s anticipated future split of investment returns in the form of capital positive factors to the capital column of the salary commentary. All other expenditure is charged to the revenue account.

    Capital Reserves

    Realised earnings and losses on the disposal of investments, losses realised on investments regarded to be permanently impaired and seventy five% of funding administration expenses are accounted for in the capital reserve realised.

    increases and decreases in the valuation of investments held on the period end are accounted for in the capital reserve unrealised.

    working Segments

    there is considered to be one working section as reported to the manager working resolution maker being investment in equity and debt securities.

    Taxation

    The tax impact of expenditure is allotted between capital and salary on the same basis because the specific merchandise to which it relates, the use of the company’s effective cost of tax for the duration. Any legal responsibility to organization tax is in keeping with web salary for the duration.

    Dividends

    only dividends paid all over the length are deducted from earnings or capital reserves. Dividends that are declared subsequent to the steadiness sheet date should not shown as a liability in the stability sheet.

    summary of dividends paid in the six months to 31 March 2016 and the financial year ending 30 September 2015 are special below:

        Six months ended 31 March 2016 (unaudited) £’000   yr ended 30 September 2015 (audited) £’000 ultimate capital dividend of 2.50 pence per share for the 12 months ended 30 September 2014 paid on 28 January 2015   -   1,003 intervening time capital dividend of 1.75 pence per share for the half 12 months ended 31 March 2015 paid on 17 July 2015   -   837 ultimate capital dividend of two.25 pence per share for the 12 months ended 30 September 2015 paid on 20 January 2016   1,078   - complete   1,078   1,840

    functional foreign money

    based on FRS 102 the business is required to appoint a useful forex, being the currency during which the company predominantly operates. The Board has determined that sterling is the enterprise’s useful currency. Sterling is also the foreign money by which these accounts are presented.

    Contingencies, guarantees and economic commitments

    there have been no contingencies, ensures or fiscal commitments of the enterprise at 31 March 2016.

    CAPITAL structure

    Share Capital

    regular shares are classed as fairness. The common shares in subject have a nominal cost of one pence and raise one vote every.

    Reserves

    an outline of each and every of the reserves follows:

    Share premium

    This reserve represents the difference between the concern price of shares and the nominal value of shares on the date of challenge, web of connected problem costs.

    Capital Redemption Reserve

    This reserve is used for the cancellation of shares bought lower back below the buyback facility.

    special Reserve

    Distributable reserve used to pay dividends and re-buy shares under the buyback facility.

    Capital Reserve Realised

    gains and losses on realisation of investments.

    Capital Reserve Unrealised

    Unrealised gains and losses on investments.

    profits Reserve

    net profits returns and losses of the enterprise.

    2. profits PER SHARE (simple AND DILUTED)

    The gain per standard share of 1.52 pence at 31 March 2016 (31 March 2015: loss 2.60 pence and 30 September 2015: loss 1.06 pence) is based on the return after tax for the duration of £810,996 (31 March 2015: loss £1,078,659 and 30 September 2015: loss £469,446) and the weighted usual variety of commonplace shares in concern over the duration of 53,331,291 (31 March 2015: forty one,504,274 and 30 September 2015: 44,087,008).

    3. CAUTIONARY statement

    The effects should not be taken as a e-book to the effects for the monetary length ending 30 September 2016. This document might also contain ahead searching statements related to the economic situation and effects of the company, which might be made in the light of present economic and business situations. Nothing in this record should be considered as a income forecast.

    four. web ASSET cost PER SHARE

    The web asset value per average share at 31 March 2016 of seventy three.91 pence (31 March 2015: seventy five.05 pence and 30 September 2015: seventy four.sixty four pence) after deducting the two.25 pence dividend paid in January 2016 is according to internet belongings of £41,422,656 (31 March 2015: £34,909,171 and 30 September 2015: £35,941,073) and on 56,044,604 shares (31 March 2015: 46,515,627 shares and 30 September 2015: forty eight,152,281 shares), being the number of normal shares in concern as at 31 March 2016.

    5. publication OF NON-STATUTORY money owed

    The monetary counsel contained within the 31 March 2016 income commentary, balance sheet, cash move remark and condensed observation of changes in fairness does not represent full economic statements and has now not been audited.

    6. fundamental risks AND UNCERTAINTIES

    The principal risks dealing with the enterprise relate to the enterprise’s investment actions and consist of regulatory risk, investment possibility and discount volatility. other risks confronted through the company include market possibility, forex possibility, hobby cost chance, liquidity risk and credit risk. These risks and the style during which they're managed are described in more element in the enterprise’s annual record and accounts for the 12 months ended 30 September 2015. The enterprise’s foremost hazards and uncertainties haven't changed materially considering the fact that the date of that report.

    6. TRANSACTIONS IN SHARES

    Buybacks

    In complete, the enterprise repurchased 902,294 shares during the six month length ending 31 March 2016 at a complete can charge of £630,709.

    Share concerns

    In complete, the business issued 8,794,617 new shares all over the six month period ending 31 March 2016 raising internet proceeds of £6,379,905.

    7. related birthday celebration TRANSACTIONS

    Giles Hargreave, a director of the company, is the chairman of Hargreave Hale limited and has an hobby in excess of seven% in that enterprise. As such, Hargreave Hale restricted is regarded to be a connected party to the enterprise. Hargreave Hale restrained acts as funding supervisor, administrator, custodian and offers one non-govt director and the company secretary to the company. all of the functions performed by using Hargreave Hale limited are segregated through branch and site and are independent of every different.

    Hargreave Hale confined in its skill as funding manager of the fund receives annual prices of 1.5% once a year of the net property of the enterprise, calculated and payable quarterly in arrears. charges for the half-12 months are £281,241 (2015: £232,384). with regards to the other assist capabilities described above, Hargreave Hale limited additionally gives administration functions, custody capabilities, business secretarial functions and one non-executive director and acquired expenses of £40,000 per half-12 months (2015: £38,500) in relation to these features. Of those expenses, £forty eight,972 (2015: £fifty five,351) was nonetheless owed on the half-yr conclusion.

    Hargreave Hale constrained has agreed to indemnify the company in opposition t annual working prices (such charges except VAT, any performance incentive payment and any trail commissions the price of which is the accountability of the business) exceeding 3.5% of its web property. No fees had been waved via Hargreave Hale in the first half of the economic yr under the indemnity.

    The directors of the company introduced on 1 December 2015 the launch of a brand new joint present for subscription for shares in each Hargreave Hale intention VCTs to carry up to £15 million within the business and as much as £10 million in Hargreave Hale aim VCT 2 plc. The present turned into approved by using shareholders of the business at a ordinary assembly on 12 January 2016 and is open to both new and present shareholders.

    considering its launch, the present has resulted in cash being acquired of £10.34 million and the issue of 13.85 million new shares within the enterprise. The present will close at 12pm on sixteen November 2016 or past if the highest subscription has been reached before then.

    8. GOING problem

    After making enquires, the directors have a reasonable expectation that the company has sufficient components to proceed in operational existence for the foreseeable future. because of this, they proceed to undertake the going situation groundwork in getting ready the monetary statements.

    9. submit steadiness SHEET routine

    There aren't any publish stability sheet movements to reveal

    company assistance

    Secretary and Registered workplace

    Stuart Brookes

    Accurist condominium

    44 Baker highway

    London

    W1U 7AL

    supervisor

    Hargreave Hale constrained

    Accurist house

    forty four Baker street

    London

    W1U 7AL

    Registrars

    Equiniti

    point condominium

    Spencer street

    Lancing

    West Sussex

    BN99 6DA

    Solicitors

    Howard Kennedy

    No. 1 London Bridge

    London

    SE1 9BG

    Auditors

    BDO LLP

    55 Baker road

    London

    W1U 7EU

    VCT reputation Adviser

    Philip Hare and co-workers LLP

    four-6 Staple inn

    excessive Holborn

    London

    WC1V 7QH

    Brokers

    Singer Capital Markets limited

    One Hanover highway

    London

    W1S 1YZ

    company Registration number

    05206425 in England and Wales

    short identify: Hargreave Hale purpose 1

    class Code: IR

    Sequence number: 528800

    Time of Receipt (offset from UTC): 20160527T162422+0100


    Hargreave Hale intention VCT 2 plc : Half-year document | killexams.com real questions and Pass4sure dumps

    October 19, 2017 10:48 ET | supply: Hargreave Hale intention VCT 2 PLC

    Hargreave Hale intention VCT 2 PlcUnaudited intervening time effects for the six month duration ending 31 August 2017

    monetary HIGHLIGHTS

    ordinary Shares (as at 31 August): 31 August 2017 31 August 2016 28 February 2017*         net asset value per sharea hundred and fifteen.47p 104.58p 109.86p Cumulative distributions paid per share since launchfifty three.00p forty seven.00p forty nine.00p complete return per share168.47p 151.58p 158.86p                 Half every year/Annual Returns per share (primary and diluted):       earnings return (0.18)p (0.09)p (0.43)p Capital return9.75p 7.04p 14.97p combined go back9.57p 6.95p 14.54p         Dividends per share:       interim proposed/paid 2.00p 2.00p 2.00p last paid 4.00p 4.00p four.00p Ongoing fee ratio** 2.10% 2.09% 1.eighty two%         performance Benchmark:       FTSE purpose All-share Index (rebased to a hundred at 6 April 2007) 87.34 68.38 seventy eight.38              

    * 28 February 2017 monetary highlights symbolize annual outcomes** Calculated as complete costs (annualised for half every year consequences) minus advert hoc criminal fees, divided by means of length conclusion web belongings

    investment OBJECTIVEThe objective of the VCT is to achieve long term capital boom and to maximise tax free distributions to shareholders by means of investing in a diversified portfolio of small UK groups essentially traded on intention. at least 70% of the business's funds must be invested in qualifying holdings inside three years of raising the dollars. The balance of the enterprise's funds will be invested in liquid belongings (similar to fixed revenue securities and bank deposits) and non-qualifying equity investments on an opportunistic basis. The business is managed as a project Capital have faith in order that shareholders within the company may also improvement from the tax reduction purchasable.

    CHAIRMAN'S commentary

    INTRODUCTIONIn the first half of the economic 12 months the net Asset value per share (NAV) elevated from 109.86 pence to 115.forty seven pence corresponding to an increase of 8.7% after including back the four pence dividend allotted in July 2017. during the identical period the FTSE 100 total Return Index gained 4.7% and the FTSE goal All Share total Return Index gained 12.2%.

    RESULTSThe profit per share for the duration was 9.57 pence per share (comprising salary losses of 0.18 pence and capital gains of 9.75 pence). At 31 August 2017 the total return on the grounds that inception became 168.forty seven pence.

    INVESTMENTSThe funding supervisor, Hargreave Hale limited, invested a further £4.37 million in 12 qualifying businesses all over the length. The fair price of qualifying investments at 31 August 2017 turned into £26.fifty two million invested in 58 goal organizations and 10 deepest groups. The balance of the funds turned into held in a mix of money, mounted profits and other non-qualifying equities.

    At 31 August 2017 the VCT turned into 89.3% invested in qualifying groups calculated in response to HMRC guidelines.

    DIVIDENDA ultimate dividend for the year ended 28 February 2017 of four pence turned into paid on 25 July 2017.

    The directors continue to retain their policy of targeting a tax free dividend yield similar to 5% of the 12 months end NAV. An meantime dividend of two pence (2016 - 2p) can be paid on 1 December 2017, with an ex-dividend date of 9 November 2017 and a record date of 10 November 2017.

    BUYBACKSWe were in a position to retain our policy of providing our shareholders an efficient exit route throughout the buyback scheme. In total, 430,945 shares were repurchased all the way through the six month length ending 31 August 2017 at a weighted general rate of 109.28 pence per share. for the reason that the period end an extra 75,978 shares have been bought at a price of £eighty five,845.

    The Board continues to target a share cost cut price of 5% of the NAV per share (as measured against the mid-cost) for market purchases. it should be emphasised that this goal is non-binding and dependent on situations together with the enterprise's liquidity every so often and market conditions.  JOINT present FOR SUBSCRIPTIONThe directors of the business introduced on 14 December 2016 the launch of a joint present for subscription for shares in both Hargreave Hale aim VCTs to raise up to £10 million in Hargreave Hale aim VCT 1 plc and up to £10 million in the business. The offer turned into authorised via shareholders of the company at a universal assembly on 12 January 2017 and was open to each new and current shareholders.

    The offer become totally subscribed and resulted in gross dollars being acquired of £10 million and the issue of eight.ninety six million new shares within the company.

    On 18 September 2017 the business announced its intention to re-open the present by using making the Over-Allotment facility attainable and lengthening the facility from £5 million to £7.5 million. A Supplementary Prospectus changed into posted on 2 October 2017 as expanding the present volume constitutes a major event below the Prospectus rules.

    The present will shut on 17 November 2017 unless totally subscribed earlier than then.

    AUDIT TENDERAs introduced within the annual record and bills for the yr ended 28 February 2017 obligatory audit tendering legislations states that the maximum length for which a company may also be appointed auditor of a public listed entity is 10 years. BDO LLP were drawing near the optimum time period accepted and as such an audit gentle has been accomplished.

    The procedure changed into led by way of the Audit Committee who invited a couple of organizations to take part within the smooth technique. agencies have been chosen in keeping with their reputation or by way of suggestion/very own event and where it become well-known they had certain potential and event of VCT/funding have faith auditing.

    The Committee documented the company's objectives and agreed on a variety standards and scorecard to enable them to verify every applicant on a fair basis. Proposals and shows were reviewed by using the committee and a recommendation made to the Board.

    i am completely happy to announce that the Board agreed BDO LLP were the strongest candidate and re-appointed them as statutory auditor for the enterprise.

    OUTLOOKThe progress we now have made in contemporary months in making a choice on and extending our funding within the qualifying portfolio has inspired us to re-open our December 2016 share present. In selected, we've accomplished investments in a number of early stage private companies, a lot of whom have unique and 'disruptive' business plans. The knowledge of some of those is appreciable however we know their larger chance profiles and illiquidity and may proceed cautiously with this part of the fund.

    Given the ever expanding uncertainty with domestic politics we are a little shocked at how benign equity markets have been over fresh months and, as our fund manager states in his document, 'we continue to be cautious'. however, as long term buyers we can proceed to construct our qualifying portfolio when the correct opportunities existing themselves.

    DAVID HURST-BROWNChairman

    Date: 19 October 2017

    investment supervisor'S document

    This report covers the first half of the economic 12 months, 1 March 2017 to 31 August 2017. The manager's record incorporates references to actions within the web Asset cost (NAV) per share and complete Return per share (NAV per share plus disbursed salary per share). movements within the NAV per share don't necessarily replicate the revenue per share (EPS) said in the money owed and somewhere else, which bring the income after tax in the enterprise in the pronounced duration as a characteristic of the weighted regular variety of shares in subject for the length.

    funding REPORTThe duration beneath assessment has been commonly high quality with global fairness markets advancing off the returned of strong company profits and encouraging financial records. In distinction, the FTSE 100 became risky over the duration and ended flat as buyers grappled with the implications of the election outcomes for Sterling, for inflation and for government coverage in a couple of areas, most most likely our path out of the european Union. That aside, small and mid-caps continued to make floor as potent company information move helped feed traders' urge for food for growth groups with gigantic and global addressable markets, which in turn fed via to some robust efficiency within the junior indices.

    As we seem to be towards the 2d half of the monetary year we continue to be cautious given the abilities headwinds coming near. UK inflation has risen to 3% and the bank of England has insinuated that a rate upward push is possible this 12 months. The competencies impact on customer spending and company investment is unknown however probably poor. we now have witnessed weaker trading from several 'high road' brands, mainly in retail and informal dining, as companies combat to manage margin drive (enter fee inflation, greater company charges and the living wage) towards the backdrop of an more and more cautious client. In parallel, the united kingdom govt continues to are trying and navigate a way out of the european. We nonetheless consider it is simply too early to know the impact (if any) of Brexit on our portfolio; that appears not going to alternate within the brief time period. with the aid of and massive we have left the portfolio of qualifying and non-qualifying investments untouched. while we're cautious of certain sectors, client discretionary for example, we proceed to find exciting investment alternatives in qualifying organizations that we agree with can develop inspite of the result. To that conclusion, we intend to continue with business as average whereas protecting an in depth eye on hobbies as they unfold and, perhaps, cutting back at the margin some of our non-qualifying fairness risk.

    performance was good in the six months to 31 August 2017 with the NAV expanding from 109.86p to 115.47p and the payment of a 4 pence per share dividend. the overall return of 9.61 pence per share translates to a benefit of 8.7%. all the way through the equal duration the FTSE intention All-Share total Return received 12.2%.

    The qualifying investments made a net contribution of 5.fifty four pence per share with the non-qualifying investments adding a further four.83 pence per share. The stability was a mixture of fees, earnings and small positive factors made via share buy backs.

    Zoo Digital, a fresh funding, turned into the true performing qualifying funding (+166.7%, +1.90 pence per share) as the shares answered to potent income boom and a significantly more advantageous balance sheet. Gfinity additionally performed smartly (+seventy six.7%, +0.76 pence per share) after saying broadcasting agreements with BT activity and the BBC and a partnership with system 1 to convey the formula 1 ESports series. other shares that made a significant contribution blanketed Faron prescription drugs (+a hundred.0%, +0.74 pence per share), Eagle Eye (+ninety one.7%, +0.69 pence per share) and Tristel (+79.4%, +0.60 pence per share).

    The greatest loss within the length came from Portr (-30.0%, -0.75 pence per share), which we marked to the expense of a recent funding round that saw a large UK listed business make a strategic investment into the enterprise. although the new mark become reduce than the prior circular, it is still above our entry expense. business growth has been made via Portr's partnership with British Airways and we seem ahead to news of growth with different airlines over the coming months. other losses got here from DP Poland (-27.2%, -0.64 pence per share) following a consolidation within the share fee despite fresh stories of strong trading; Science in recreation (-14.1%, -0.28 pence per share), TLA (-50.0%, -0.26 pence per share) and Creo medical (-14.4%, -0.22 pence per share).

    We made 12 qualifying investments over the period, which blanketed 6 extra investments into present qualifying organizations (1 inner most business), 2 IPOs, 2 secondary placings into listed companies and a couple of inner most investments. We invested a complete of £4.37 million into qualifying investments over the duration.

    in the qualifying portfolio, we reduced our investments in Gfinity, Faron Pharma and Hardide following robust runs in their share prices.  We exited Electrical Geodesics, Kalibrate and electric note through M&A exercise and disposed of all our shares in ECSC, Haydale Graphene, Audioboom, Directa Plus and Synairgen following extended periods of bad news stream. We also offered our shares in Free Agent after a disappointing update that hinted at talents weak point of their mannequin.

    PORTFOLIO STRUCTUREThe VCT is easily in the course of the HMRC defined investment examine and ended the length at 89.three% invested as measured by way of the HMRC investment check. with the aid of market cost, the VCT had a 52.four% weighting to qualifying investments.

    The allocation to non-qualifying equity investments improved marginally from 20.6% to 21.5%.  We persisted to utilize the Marlborough special cases Fund as a brief home for proceeds from fundraising; the allocation accelerated from 12.0% to 14.eight%. fixed revenue as a percentage of the fund decreased from 0.four% to 0.3% and cash fell from 20.three% to 11.4%.

    The HMRC investment exams are set out in Chapter 3 of part 6 income Tax Act 2007, which should still be examine at the side of this component of the funding manager's file. cash raised by means of VCTs are first included within the investment tests from the beginning of the accounting length containing the third anniversary of the date on which the funds had been raised. therefore, the allocation of qualifying investments as described by means of the law can be distinct to the portfolio weighting as measured with the aid of market price relative to the web belongings of the VCT.

    put up length end UPDATEDeal move has been decent due to the fact that duration conclusion with 4 additional qualifying investments being made in Gfinity, Laundrapp, Faron Pharma and angle. There are a number of offers in the pipeline which we are expecting to finished in the coming weeks. .

    For extra tips, please contact:                            

     

    STUART BROOKES

    company Secretary  

    Hargreave Hale purpose VCT 2 plc

     Date: 19 October 2017

    investment PORTFOLIO SUMMARYAs at 31 August 2017

    Qualifying Investments can charge£000 Valuation£000 Valuation% net assets% Sector Zoo Digital neighborhood plc  501  1,333  2.ninety six  2.sixty three  suggestions technologyIdeagen plc  a hundred ninety  1,238  2.75  2.forty four  guidance technologyLearning technologies neighborhood plc  534  1,195  2.65  2.36  assistance generationMexican Grill Ltd (A selection Shares)**  277  1,154  2.fifty six  2.28  client Discretionary Quixant plc  a hundred and twenty  1,096  2.forty three  2.16  buyer Discretionary SCA Investments Ltd (Gousto)**  1,002  1,000  2.22  1.ninety seven  purchaser Discretionary Eagle Eye solutions Ltd  811  997  2.21  1.97  counsel generationDP Poland plc  574  955  2.12  1.89  customer Discretionary Portr Ltd**  689  770  1.71  1.52  tips eraScience in activity plc  518  760  1.69  1.50  client Staples Zappar Ltd**  701  seven hundred  1.fifty five  1.38  information technologyGfinity plc  255  693  1.fifty four  1.37  tips technologyAnimalCare community plc  one hundred  687  1.53  1.36  health Care break out Hunt plc  618  658  1.forty six  1.30  purchaser Discretionary Hardide plc  224  656  1.forty six  1.30  constituentsTristel plc  81  591  1.31  1.17  health Care Creo clinical neighborhood plc  559  565  1.25  1.12  health Care Fulcrum Utility capabilities Ltd  a hundred  525  1.17  1.04  Utilities Faron prescription drugs Oy  201  518  1.15  1.02  health Care sincere Brew Ltd**  501  500  1.11  0.ninety nine  client Discretionary Infinity Reliance Ltd (My 1st Years)**  501  500  1.11  0.ninety nine  customer Discretionary Maxcyte Inc Com Stk USD0.01 (DI)  142  487  1.08  0.ninety six  health Care Loopup community plc  236  420  0.ninety three  0.eighty three  counsel technologyE G options plc  200  415  0.ninety two  0.82  guidance eraULS technology plc  139  411  0.ninety one  0.eighty one  assistance technologyAquis alternate Ltd**  401  400  0.89  0.seventy nine  information technologyLaundrapp Ltd**  301  384  0.85  0.seventy six  counsel technologyFairFX community plc  295  370  0.eighty two  0.seventy three  tips eraTrakM8 Holdings plc  91  352  0.78  0.69  tips generationCentralNic neighborhood plc  207  347  0.seventy seven  0.69  tips eraVelocity Composites plc  332  331  0.74  0.65  Industrials Clearstar Inc  360  322  0.72  0.sixty four  Industrials Everyman Media neighborhood plc  172  320  0.seventy one  0.sixty three  purchaser Discretionary floor Transforms plc  301  318  0.71  0.63  Industrials Osirium technologies plc  301  269  0.60  0.fifty three  counsel technologyBelvoir Lettings plc  335  257  0.57  0.51  true property Lombard risk administration plc  ninety two  247  0.fifty five  0.49  information technologySanderson neighborhood plc  200  240  0.fifty three  0.47  counsel generationEKF Diagnostics Holdings plc  a hundred and fifty  235  0.fifty two  0.forty six  fitness Care Plastics Capital plc  202  220  0.forty nine  0.forty three  partsWANDisco plc  53  216  0.forty eight  0.43  assistance eraPremaitha health plc  330  one hundred ninety  0.forty two  0.37  fitness Care Omega Diagnostics neighborhood plc  129  189  0.forty two  0.37  fitness Care Cloudcall neighborhood plc  234  181  0.forty  0.36  Telecommunication facilitiesSatellite options worldwide community plc  103  166  0.37  0.33  Telecommunication amenitiesParagon entertainment Ltd  200  156  0.35  0.31  Industrials The Property Franchise group  113  152  0.34  0.30  real estate Lidco neighborhood plc  146  142  0.32  0.28  health Care angle plc  252  142  0.31  0.28  health Care Reneuron group plc  262  139  0.31  0.27  fitness Care Intercede group plc  ninety one  a hundred thirty five  0.30  0.27  guidance generationMexican Grill Ltd (average Shares)**  31  128  0.28  0.25  consumer Discretionary Ilika plc  203  126  0.28  0.25  Industrials Imaginatik plc  215  124  0.28  0.24  counsel technologyMaxcyte Inc Com Stk USD0.01 (DI/REG S)  141  123  0.27  0.24  health Care APC technology neighborhood plc  350  114  0.25  0.22  suggestions technologyTLA worldwide plc  150  113  0.25  0.22  purchaser Discretionary Medaphor neighborhood plc  251  seventy eight  0.17  0.15  purchaser Discretionary Verona Pharma plc  seventy one  75  0.17  0.15  fitness Care Mycelx technologies organization plc (Com SHS $0.025 REG S+ shares)  150  64  0.14  0.13  Industrials Porta Communications plc  200  60  0.13  0.12  consumer Discretionary TP community plc  one hundred twenty five  fifty seven  0.13  0.eleven  Industrials Genedrive plc  one hundred forty  56  0.12  0.11  health Care Midatech Pharma plc  one hundred fifty  50  0.eleven  0.10  fitness Care Mirada plc  ninety five  forty two  0.09  0.08  guidance generationFusionex international plc**  sixty nine  29  0.06  0.06  advice eraMporium neighborhood plc  23  15  0.03  0.03  assistance technologyMicrosaic techniques plc  20  eleven  0.02  0.02  tips eraFlowgroup plc  54  10  0.02  0.02  Industrials Brigantes energy Ltd*  -    -    -    -    caloriesTotal Qualifying Investments  17,865  26,519  fifty eight.85  fifty two.35               Non-Qualifying Investments charge£000 Valuation£000 Valuation% web property% Sector Scottish Amicable eight.5% 2049  154  159  0.35  0.31   total - corporate bonds  154  159  0.35  0.31   Marlborough special situations Fund**  5,742  7,487  sixteen.sixty two  14.78   complete - Unit Trusts  5,742  7,487  sixteen.sixty two  14.seventy eight   NMC health plc  426  757  1.sixty eight  1.50  fitness Care Melrose Industries plc  444  682  1.51  1.35  Industrials Royal Dutch Shell plc  582  648  1.44  1.28  caloriesDechra prescription drugs plc  461  612  1.36  1.21  health Care BP plc  596  579  1.28  1.14  caloriesOn the seaside neighborhood plc  391  574  1.28  1.13  buyer Discretionary Anglo American plc  373  421  0.93  0.eighty three  componentsSanne neighborhood plc  292  413  0.92  0.82  Financials Ascential plc  326  403  0.90  0.80  purchaser Discretionary Merlin Entertainments plc  386  401  0.89  0.seventy nine  customer Discretionary Cohort plc  176  394  0.87  0.seventy eight  Industrials Wizz Air Holdings plc  220  353  0.seventy eight  0.70  consumer Discretionary Medica neighborhood plc  213  340  0.seventy five  0.sixty seven  health Care RPC community plc  289  296  0.66  0.59  ingredientsHilton food community plc  252  291  0.sixty five  0.fifty seven  buyer Discretionary XP power Ltd  292  286  0.64  0.fifty six  Industrials FCFM community Ltd**  one hundred fifty  283  0.63  0.56  Financials Renishaw plc  276  274  0.sixty one  0.fifty four  tips technologyClipper Logistics plc  234  267  0.fifty nine  0.fifty three  buyer Discretionary JD sports fashion plc  274  259  0.fifty seven  0.51  customer Discretionary Fulcrum Utility capabilities Ltd  fifty six  256  0.57  0.50  Utilities Lloyds Banking neighborhood plc  285  255  0.57  0.50  Financials Sportech plc  209  230  0.51  0.forty five  consumer Discretionary gaining knowledge of technologies community plc  80  207  0.46  0.41  advice eraMicro focal point international plc  121  196  0.forty four  0.39  advice technologyHorizon Discovery group plc  124  167  0.37  0.33  health Care Everyman Media community plc  eighty five  155  0.34  0.31  buyer Discretionary Eurocell plc  119  a hundred thirty five  0.30  0.27  Industrials Finsbury meals neighborhood plc  70  129  0.29  0.26  purchaser Staples Alfa fiscal software Holdings plc  ninety two  128  0.29  0.25  counsel eraJust devour plc  82  a hundred  0.22  0.20  tips eraEgdon components plc  one hundred forty  sixty nine  0.15  0.14  caloriesEagle Eye options Ltd  44  64  0.14  0.13  counsel generationThe Fulham Shore plc  38  57  0.13  0.11  client Discretionary Amerisur materials plc  167  forty five  0.10  0.09  caloriesMidatech Pharma plc  134  44  0.10  0.09  health Care Regent Pacific community Ltd  93  forty three  0.09  0.08  fitness Care Mycelx technologies enterprise plc (Com SHS $0.025 + (D1) shares)  170  40  0.09  0.08  Industrials Reneuron community plc  41  29  0.06  0.06  fitness Care Mexican Grill Ltd (A alternative Shares)**  3  10  0.02  0.02  consumer Discretionary Genagro Ltd**  22  2  -    -    Industrials Mycelx applied sciences corporation plc (Com SHS $0.025 REG S+ shares)  eight  2  -    -    Industrials complete - Non-Qualifying equities  8,836  10,896  24.18  21.fifty three   complete -Non-Qualifying Investments  14,732  18,542  forty one.15  36.sixty two   total investments  32,597  forty five,061  a hundred.00  88.97   money at financial institution    5,773    11.forty   Prepayments & Accruals   (186)   (0.37)   internet assets    50,648    one hundred.00  

    * Unquoted enterprise protecting of below £500**Unquoted companies

    the majority of investments held inside the portfolio are listed and/or headquartered in the UK apart from the following:

      listedcenteredRegistered aim listed Investments:       Clearstar Inc ukCayman Islands Cayman Islands DP Poland united kingdomPoland united kingdomFaron pharmaceuticals Oy ukFinland Finland Fulcrum Utility services Ltd united kingdomukCayman Islands Maxcyte Inc united kingdomUSA united statesMycelx technologies company %UK usausaParagon entertainment Ltd united kingdomunited kingdomCayman Islands Regent Pacific group Ltd Hong Kong Hong Kong Cayman Islands Royal Dutch Shell p.cUK Netherlands ukSanne group p.cUK Jersey Jersey WANDisco percentUK UK and usaJersey Wizz Air Holdings percentUK Switzerland Jersey XP power Ltd united kingdomSingapore Singapore         Unlisted private businesses:       Aquis change Ltd   -  united kingdomunited kingdomBrigantes energy Ltd   -  ukukFCFM neighborhood Ltd   -  ukunited kingdomFusionex foreign plc   -  united kingdomJersey Genagro Ltd   -  Jersey Jersey honest Brew Ltd   -  united kingdomukInfinity Reliance Ltd (My 1st Years)   -  ukunited kingdomLaundrapp Ltd   -  united kingdomukMexican Grill Ltd   -  ukunited kingdomPortr Ltd   -  united kingdomukSCA Investments Ltd (Gousto)   -  united kingdomukZappar Ltd   -  united kingdomUK         authorized unit trust:       Marlborough particular cases Fund   -  ukUK

    exact TEN INVESTMENTSAs at 31 August 2017 (by means of Market cost)

    The proper 10 equity investments are shown beneath; every is valued by using reference to the bid expense, or, in the case of unquoted corporations, values are both in keeping with the remaining arm's length transaction or valuation options, such as profits multiples. Forecasts, the place given, are drawn from a combination of broker research and/or Bloomberg consensus forecasts and exclude amortisation, share primarily based payments and great objects. Forecasts are in terms of a period conclusion for which the enterprise consequences are yet to be launched. The web cash values are drawn from posted money owed in most instances.

    studying technology neighborhood plc   forty seven.0p funding date April 2014 Forecasts for the 12 months to December 2017 fairness held 0.52% Turnover (£'000) fifty one,500 Av buy cost20.6p profit/(loss) earlier than tax (£'000) 11,300can charge (£'000) 614 internet cash (£'000) (eight,486) Valuation (£'000) 1,402 internet belongings December 2016 (£'000) 30,710   enterprise DESCRIPTION discovering technologies community (LTG) gives a complete and built-in latitude of e-researching functions and technologies to corporate and executive purchasers. LTG is making first rate growth in opposition t its aim of building a substantial international supplier of expert digital discovering companies from Europe, US, Latin america and Asia to form a market-leading applied sciences company. Zoo Digital community plc   24.0p funding date April 2017 Forecasts for the yr to March 2018 fairness held 7.56% Turnover ($'000) 20,988 Av buy price9.0p profit/(loss) earlier than tax ($'000) 347 cost (£'000) 501 internet cash ($'000) (300) Valuation (£'000) 1,333 net belongings March 2017 ($'000) 2,561   business DESCRIPTION Zoo is a number one company of subtitling and digital distribution functions for the global amusement trade. Zoo combine their personal technology with gifted customer teams across the globe to translate long-established video programmes into greater than 50 international languages. Their expertise helps manner the edited digital substances to satisfy the technical birth necessities of a turning out to be number of on-line video features. Mexican Grill Ltd   8,550.0p funding date October 2009 effects for the yr to December 2016 equity held 4.25% Turnover (£'000) 25,327 Av purchase price2,059.0p profit/(loss) before tax (£'000) (1,025) can charge (£'000) 311 net cash (£'000) (2,862) Valuation (£'000) 1,292 net property December 2016 (£'000) three,312 profits recognised in period (£) 0       enterprise DESCRIPTION Mexican Grill is a non-public enterprise that operates 33 quickly casual California-Mexican eating places that supply fresh, made to order cuisine for eat in or take-away, making it among the many biggest chains inside its area of interest. Ideagen  plc   ninety.0p investment date March 2011 Forecasts for the yr to April 2018 equity held 0.69% Turnover (£'000) 34,900 Av purchase cost13.8p profit/(loss) before tax (£'000) 9,seven hundred charge (£'000) one hundred ninety internet cash (£'000) four,205 Valuation (£'000) 1,238 internet belongings April 2017 (£'000) 46,419   business DESCRIPTION Ideagen is a service provider of compliance based guidance management application with operations in the UK and the united states. The business specialises in enterprise governance, chance and compliance and healthcare solutions for organisations operating inside incredibly regulated industries. Ideagen gives complete content material lifecycle solutions that enable businesses to meet their regulatory and quality compliance requirements, helping them to cut back charges and enrich efficiency. Quixant plc   420.0p funding date might also 2013 Forecasts for the yr to December 2017 equity held 0.forty% Turnover ($'000) 102,three hundredAv purchase costforty six.0p earnings/(loss) before tax ($'000) 15,800 charge (£'000) 120 internet cash ($'000) (69) Valuation (£'000) 1,096 web assets December 2016 ($'000) 34,306   enterprise DESCRIPTION Quixant designs and manufactures complete superior hardware and software options for the pay-for-play gaming and slot computer industry. Quixant's specialised items give an all-in-one answer, in line with pc know-how but with further hardware elements and operating utility developed in particular to handle the necessities of the gaming industry.  Eagle Eye options plc   255.0p funding date April 2014 Forecasts for the 12 months to June 2018 equity held 1.sixty four% Turnover (£'000) 15,900 Av buy price205.7 earnings/(loss) before tax (£'000) (3,600) charge (£'000) 855 internet money (£'000) 3,724 Valuation (£'000) 1,061 internet belongings June 2017 (£'000) eight,862   business DESCRIPTION Eagle Eye options plc operates within the e-commerce industry. The company offers a digital platform that makes it possible for dealers to join with purchasers to bring presents, rewards and services that will also be redeemed. SCA Investments Ltd (Gousto)   2,988.0p funding date July 2017 results for the year to December 2016 equity held 1.fifty three% Turnover (£'000) 12,755 Av purchase cost2,994.0p earnings/(loss) earlier than tax (£'000) (6,739) charge (£'000) 1,002 web money (£'000) 5,407 Valuation (£'000) 1,000 net property December 2016 (£'000) 6,512 income known in duration (£) 0       business DESCRIPTION situated in February 2012, Gousto is an e-commerce business offering recipe package boxes which include sparkling elements for step-by-step chef designed recipes to be made at home. purchasers opt for food from a number of alternate options on Gousto's e-commerce platform. Gousto then offers the pre-proportioned components to your doorstep, together with directions on the way to prepare the meal. DP Poland plc   forty.8p funding date November 2012 Forecasts for the 12 months to December 2017 fairness held 1.fifty seven% Turnover (£'000) eleven,000 Av purchase cost24.5p earnings/(loss) earlier than tax (£'000) (2,000) can charge (£'000) 574 net money (£'000) 6,001 Valuation (£'000) 955 net property December 2016 (£'000) eleven,210   enterprise DESCRIPTION DP Poland (Domino's Pizza Poland) is a fast meals business that operates a sub-franchise of the Domino's Pizza brand in Poland. The company function in 14 Polish cities, with sixteen corporate and 23 sub-franchised outlets. They proceed to roll out and expect finishing the current 12 months with 50 operational websites, with an extended-term ambition of a hundred shops through 2020. Fulcrum Utility features Ltd   52.5p funding date December 2009 Forecasts for the year to March 2018 equity held 0.85% Turnover (£'000) 41,six hundredAv buy cost10.5p earnings/(loss) earlier than tax (£'000) 7,400 can charge (£'000) 156 web cash (£'000) 12,561 Valuation (£'000) 781 net property March 2017 (£'000) 10,446   company DESCRIPTION Fulcrum Utility services offers utility infrastructure solutions. The business presents options that include gasoline connection, multi utility, meter setting up, outlet pipe work, and fuel disconnection capabilities, renewable power options and consulting features. Portr Ltd   741.0p investment date July 2015 outcomes for the 12 months to December 2016 equity held 3.64% Turnover (£'000) - Av purchase cost662.4p profit/(loss) earlier than tax (£'000) (four,824) can charge (£'000) 689 net money (£'000) 825 Valuation (£'000) 770 internet assets December 2016 (£'000) 1,a hundred earnings recognized in period (£) 0       business DESCRIPTION Portr run's AirPortr, London's identical day bags switch carrier. In its most basic kind they carry luggage from London Airports to your inn, workplace or home and vice versa. They currently launched an off airport check in solution in partnership with British Airways, enabling you to check in your bag out of your condo, inn or office for an outbound flight from London airports.   CO-investment

    As at 31 August 2017, other money managed by using Hargreave Hale Ltd had been also invested in all of the investments held within the enterprise's portfolio except for the following: Omega Diagnostics neighborhood plc, Paragon leisure Ltd, Scottish Amicable eight.5% 2049 and Tristel plc.

    For extra suggestions please contact:

    STUART BROOKES  company SecretaryHargreave Hale purpose VCT 2 plc01253 754740

    Date: 19 October 2017

    statement OF DIRECTOR'S RESPONSIBILITIESin respect of the half-every year fiscal record

    based on Disclosure Transparency Rule (DTR) four.2.10, David Hurst-Brown (Chairman), Philip Cammerman and Oliver Bedford, the administrators, ascertain that to the best of their knowledge:  

  • The half yearly financial outcomes were organized based on UK GAAP and give a real and fair overview of the belongings, liabilities, fiscal place and income of the enterprise as at 31 August 2017 as required via DTR four.2.4; 
  • The meantime administration file covered inside the chairman's observation, funding manager's file, investment portfolio abstract and notes to the half yearly file contains a good assessment of the assistance required by way of the financial habits Authority Disclosure and Transparency rules, being; 
  • an illustration of the critical events which have came about during the primary six months of the financial year and their have an impact on on the condensed set of fiscal statements; 
  • an outline of the primary risks and uncertainties for the last six months of the yr; and 
  • a description of connected birthday party transactions that have taken location in the first six months of the present economic 12 months, that may additionally have materially affected the economic place or performance of the company right through that length and any alterations within the linked birthday celebration transactions described within the last annual report that could do so.
  • On behalf of the Board

    DAVID HURST-BROWNChairman

    Date: 19 October 2017

    CONDENSED earnings STATEMENTfor the six month period to 31 August 2017 (unaudited)

      For the six month period to For the six month length to   31 August 2017 (unaudited) 31 August 2016 (unaudited)   salary Capital wholeRevenue Capital complete   £000 £000 £000 £000 £000 £000 Realised positive aspects on investments held at reasonable cost through income or loss - 626 626 -  228 228 Unrealised positive factors on investments held at fair price through profit or loss - 3,936 three,936 - 2,328 2,328 profits 184 - 184 164 - 164   ----------- ----------- ----------- ----------- ----------- -----------   184 4,562 four,746 164 2,556 2,720               management price (93) (280) (373) (60) (179) (239) different expenses (172) (13) (185) (134) - (134)   ----------- ----------- ----------- ----------- ----------- -----------   (265) (293) (558) (194) (179) (373)   ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/profit on ordinary actions before taxation (eighty one) 4,269 4,188 (30) 2,377 2,347 Taxation - - - - - -   ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/gain on usual activities after taxation (81) 4,269 4,188 (30) 2,377 2,347   ----------- ---------- ---------- ----------- ---------- ----------               (Loss)/profit per share fundamental and diluted (observe 2)       (0.18)p 9.75p 9.57p (0.09)p 7.04p 6.95p              

    the overall column of this remark is the profits commentary of the business. All earnings and capital gadgets in the above commentary derive from carrying on with operations. The business has no other comprehensive revenue other than the outcomes for the six month period as set out above. The accompanying notes are an essential component of those fiscal statements.

    CONDENSED salary STATEMENTfor the yr ended 28 February 2017 (audited)

      For the 12 months to   28 February 2017 (audited)   revenue Capital total   £000 £000 £000 Realised (losses) on investments held at reasonable value via earnings or loss - (339) (339) Unrealised gains on investments held at fair cost via earnings or loss - 5,876 5,876 salary 286 15 301   ----------- ----------- -----------   286 5,552 5,838         administration fee (129) (387) (516) different prices (305) (28) (333)   ----------- ----------- -----------   (434) (415) (849)   ----------- ----------- ----------- (Loss)/gain on average activities before taxation (148) 5,137 four,989 Taxation - - -   ----------- ----------- ----------- (Loss)/benefit after taxation (148) 5,137 four,989   ----------- ----------- -----------         (Loss)/benefit per share fundamental and diluted (word 2)       (0.43)p 14.97p 14.54p        

    the entire column of this remark is the profits statement of the business. All revenue and capital objects in the above statement derive from carrying on with operations. The company has no other complete salary apart from the consequences for the year as set out above. The accompanying notes are an integral part of these economic statements.

    CONDENSED steadiness SHEETas at 31 August 2017 (unaudited)

      31 August 31 August 28 February   2017 2016 2017   (unaudited) (unaudited) (audited)   £000 £000 £000 fixed assets       Investments at reasonable value via earnings or loss forty five,061 27,757 36,359   ----------- ----------- ----------- latest assets       Prepayments and accrued profits 68 54 37 cash at bank 5,773 eight,096 9,a hundred ninety   ----------- ----------- -----------   5,841 eight,a hundred and fifty 9,227 creditors: amounts falling due inside twelve months       Accruals and deferred income (254) (183) (219)   ----------- ----------- ----------- net present belongings 5,587 7,967 9,008   ----------- ----------- ----------- internet assets 50,648 35,724 forty five,367   ----------- ----------- -----------         Capital and Reserves       referred to as up share capital 439 342 413 Share top class - 26,509 34,246 Capital redemption reserve 14 nine10 particular reserve 38,two hundred3,699 2,891 Capital reserve - realised 961 1,416 628 Capital reserve - unrealised 12,465 four,981 eight,529 income reserve (1,431) (1,232) (1,350)   ----------- ----------- ----------- complete shareholders' budget50,648 35,724 forty five,367   ----------- ----------- ----------- net asset cost per share primary and diluted (word four) a hundred and fifteen.47p 104.58p 109.86p        

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

    CONDENSED commentary OF changes IN EQUITYfor the six month period to 31 August 2017 (unaudited)

    typical sharesknown as up               shareCapital particular Capital Capital earnings complete   share         top class redemption reserve reserve reserve reserve     capital   reserve   realised unrealised       £000 £000 £000 £000 £000 £000 £000 £000 At 1 March 2017               413 34,246 10 2,891 628 eight,529 (1,350) forty five,367 Share buybacks (4)   four (475)       (475) Share problems30 three,378           three,408 situation expenses   (eighty one)           (81) Capital reduction   (37,543)   37,543       - equity dividends paid       (1,759)       (1,759) Realised beneficial properties on investments         626     626 Unrealised positive factors on investments           3,936   three,936 administration charge charged to capital         (280)     (280) Due diligence funding costs         (13)     (13) salary loss after taxation for the length             (eighty one) (81) total income after taxation         333 3,936 (eighty one) 4,188   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 August 2017 439 - 14 38,two hundred961 12,465 (1,431) 50,648   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

    The distributable reserves are capital reserve realised, special reserve and earnings reserve. total distributable reserves at 31 August 2017 were £37.73 million of which £6.ninety one million is purchasable to pay dividends now. The accompanying notes are an essential component of these fiscal statements.

    CONDENSED observation OF alterations IN EQUITYfor the six month length to 31 August 2016 (unaudited)

    average stockscalled up               shareCapital special Capital Capital salary total   share         premium redemption reserve reserve reserve reserve     capital   reserve   realised unrealised       £000 £000 £000 £000 £000 £000 £000 £000 At 1 March 2016              295 21,484 7 5,250 1,367 2,653 (1,202) 29,854 Share buybacks (2)   2 (198)       (198) Share complications49 5,153           5,202 concern fees   (128)           (128) equity dividends paid       (1,353)       (1,353) Realised features on investments         228     228 Unrealised beneficial properties on investments           2,328   2,328 administration payment charged to capital         (179)     (179) earnings loss after taxation for the period             (30) (30) total loss after taxation         49 2,328 (30) 2,347   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 August 2016 342 26,509 93,699 1,416 four,981 (1,232) 35,724   ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------                  

    Reserves available for distribution are capital reserve realised, particular reserve and revenue reserve. complete distributable reserves at 31 August 2016 were £three.88 million. The accompanying notes are an integral part of those monetary statements.

    CONDENSED observation OF changes IN EQUITYfor the 12 months ended 28 February 2017 (audited)

    normal stocksknown as up               proportionCapital particular Capital Capital profits complete     share         premium redemption reserve reserve reserve reserve       capital   reserve   realised unrealised         £000 £000 £000 £000 £000 £000 £000 £000   At 1 March 2016             295 21,484 7 5,250 1,367 2,653 (1,202) 29,854   Share buybacks (3)   3 (313)       (313)   Share problems121 13,034           13,155   subject charges   (272)           (272)   equity dividends paid       (2,046)       (2,046)   Realised gains on investments         (339)     (339)   Unrealised features on investments           5,876   5,876   management charge charged to capital         (387)     (387)   arrangement payment earnings         15     15   Due Diligence funding charge         (28)     (28)   salary loss after taxation for the length             (148) (148)   complete loss after taxation         (739) 5,876 (148) four,989     ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------   At 28 February 2017 413 34,246 10 2,891 628 8,529 (1,350) forty five,367     ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------  

    Reserves available for distribution are capital reserve realised, particular reserve and earnings reserve. complete distributable reserves at 28 February 2017 had been £2.17 million. The accompanying notes are a vital part of those financial statements.

    CONDENSED statement OF cash FLOWSfor the six month length to 31 August 2017 (unaudited)

      31 August 2017  31 August 2016 28 February 2017*   (unaudited) (unaudited) (audited)   £000 £000 £000 Return on average activities after taxation four,188 2,347 four,989 Realised (gain)/loss on investments (626) (228) 339 Unrealised (gain) on investments (three,936) (2,328) (5,876) (boost) in debtors (31) (34) (17) enhance/(reduce) in collectors 35 (8) 28   ----------- ----------- ----------- web cash (outflow) from working actions (370) (251) (537)         money flows from investing actions       buy of investments (9,359) (7,309) (sixteen,778) Sale of investments 5,219 5,139 eight,987   ----------- ----------- ----------- internet money (outflow) from investing activities (4,one hundred forty) (2,a hundred and seventy) (7,791)         money flows from financing actions       Proceeds from share complications3,408 5,202 13,155 Share issue fees (eighty one) (128) (272) Share buybacks (475) (198) (313) Dividends paid (1,759) (1,353) (2,046)   ----------- ----------- ----------- net money from financing activities            1,093 three,523 10,524   ----------- ----------- ----------- raise in cash (3,417) 1,102 2,196   ----------- ----------- ----------- evaluation of web dollars       Opening cash 9,a hundred ninety 6,994 6,994 money circulation (three,417) 1,102 2,196 Closing cash 5,773 8,096 9,a hundred ninety

    * 28 February 2017 money stream represents annual effects

    The accompanying notes are an essential component of these economic statements

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

  • ACCOUNTING policies
  • basis of preparationThe business has prepared its half-yearly financial consequences for the six month period ending 31 August 2017 in response to fiscal Reporting common 104 (FRS104) and the remark of suggested follow for "fiscal Statements of investment believe companies and challenge Capital Trusts" (the SORP).

    The equal accounting guidelines and techniques of computation are adopted in the half-every year economic effects as in comparison with probably the most recent annual fiscal statements.

    InvestmentsAll investments are categorized as fair cost through income or loss. Investments are measured in the beginning and because of this at fair value which is deemed to be bid market expenses for listed investments and investments traded on purpose. Unquoted investments are valued the use of the most appropriate methodology recommended with the aid of the international inner most fairness task Capital ("IPEV") guidelines.

    where the classification of a financial instrument requires it to be brought up at reasonable value, this is dependent upon reference to the quoted bid price in an energetic market wherever feasible. where no such energetic market exists for the selected asset or liability the business holds the investment at charge for a period the place there's regarded to be no trade in fair value.

    Valuations of unquoted investments are reviewed on a six month-to-month basis and more commonly if events ensue that may have a fabric influence on the funding. the place cost isn't any longer considered acceptable the company will use a price indicated via a material arms-length transaction by an unbiased third party within the shares of a company. where no such transaction exists, the enterprise will use essentially the most acceptable valuation approach including discounted cash movement analysis, revenue multiples, internet belongings and trade valuation benchmarks. All inputs are market observable apart from stage C monetary contraptions.

    Investments are acknowledged and derecognised at trade date where a purchase order or sale is beneath a contract whose terms require beginning inside the time body dependent via the market involved. Purchases and earnings of unlisted investments are known when the contract for acquisition or sale becomes unconditional. Transaction charges are covered in the initial ebook cost or deducted from the disposal proceeds as acceptable.

    These investments will be managed and their performance evaluated on a good cost foundation in accordance with a documented investment approach and information about them is provided internally on that groundwork to the Board.

    beneficial properties and losses arising from alterations in reasonable cost (realised and unrealised) are included in the net earnings or loss for the period as a capital merchandise in the profits statement and are taken to the unrealised capital reserve or realised capital reserve as applicable.

    If an funding has been impaired such that there is not any realistic expectation that there could be a full return from the funding, the loss is handled as a permanent impairment and transferred to the capital reserve realised.

    fiscal devices - reasonable price measurement hierarchyFRS 102 requires certain disclosures which require the classification of monetary assets and financial liabilities measured at reasonable price using a fair value hierarchy that reflects the magnitude of the inputs used in making the reasonable cost measurement.                 The fair cost hierarchy has right here levels:

    degree Methodology (a) The highest quality evidence of fair cost is a quoted rate for an analogous asset in an lively market. Quoted in an energetic market in this context capability quoted costs are with no trouble and often accessible and people fees signify specific and regularly occurring market transactions on an arm's size foundation. The quoted expense is always the current bid fee. (b) When quoted expenditures are unavailable, the expense of a fresh transaction for an identical asset offers facts of fair value so long as there has not been a major exchange in economic instances or a major lapse of time considering that the transaction took vicinity. If the entity can reveal that the last transaction expense isn't a superb estimate of fair value (e.g. since it reflects the volume that an entity would obtain or pay in a pressured transaction, involuntary liquidation or distress sale), that cost is adjusted. (c) If the marketplace for the asset isn't energetic and up to date transactions of the same asset on their own aren't an excellent estimate of fair cost, an entity estimates the fair price by using a valuation approach. The aim of using a valuation approach is to estimate what the transaction fee would have been on the dimension date in an arm's size trade encouraged by common business issues.   degree (a) Investments£'000 degree (b)Investments£'000 degree (c)Investments£'000 TotalInvestments£'000 Six months ended 31 August 2017 (unaudited) 33,242 7,487 four,332 forty five,061 year ended 28 February 2017 (audited) 26,469 5,462 4,428 36,359 Six months ended 31 August 2016 (unaudited) 21,421 three,921 2,415 27,757

    Key judgements and estimatesThe training of the financial statements requires the Board to make judgements and estimates that have an effect on the utility of guidelines and said quantities of assets, liabilities, income and expenses. Key estimation uncertainties certainly relate to the fair valuation of unquoted investments, which are according to old adventure and other components which are regarded not pricey including the switch cost of the most fresh transaction on an arm's size basis. The estimates are below continuous evaluation with specific consideration paid to the carrying cost of the investments. The method of estimation is additionally littered with the choice of the fair price hierarchy.                 salary        fairness dividends are taken under consideration on the ex-dividend date, web of any linked tax credit. fixed returns on non-fairness shares and debt securities are regarded on a time apportionment foundation to be able to mirror the beneficial yield, provided there is no comparatively cheap doubt that price could be received in due course. All other earnings, together with deposit interest receivable, is acknowledged on an accruals groundwork. All salary and capital objects in the unaudited salary observation derive from carrying on with operations. There are no different gadgets of finished income apart from those disclosed within the unaudited earnings observation.                 Expenditure        All expenditure is accounted for on an accruals basis. 75% of administration expenses are allotted to the capital reserve realised and 25% to the profits account in keeping with the Board's expected future split of funding returns in the kind of capital positive factors to the capital column of the profits remark. All different expenditure is charged to the salary account.                 trail commission        trail fee in the past due is held as a creditor unless such time as claims are made by way of the crucial intermediary and assisting documentation offered. If claims are not received these amounts are written off after a period of six years.                 Capital reserves        Realised gains and losses on the disposal of investments, due diligence fees and salary on the subject of deepest company investments, losses realised on investments considered to be completely impaired and 75% of investment management prices are accounted for in the capital reserve realised.                 increases and reduces in the valuation of investments held at the 12 months end are accounted for within the capital reserve unrealised.                 working Segments        there's considered to be one operating section as reported to the manager operating decision maker being funding in fairness and debt securities.                 Taxation        Deferred tax is recognized in recognize of all timing adjustments which have originated however no longer yet reversed at the steadiness sheet date. Deferred tax property are best acknowledged to the extent that recovery is probably in the foreseeable future.                 existing tax is anticipated tax payable on the taxable earnings for the length the use of the existing tax expense. The tax effect of different items of income and expenditure is allocated between capital and profits on the identical foundation as the certain item to which it relates.                 authorized VCTs are exempt from tax on capital positive aspects from the sale of fastened asset investments. The administrators intend that the company will continue to conduct its affairs to retain its VCT reputation, no deferred tax has been offered in recognize of any capital positive aspects or losses arising from the revaluation or disposal of investments.                 Dividends        simplest dividends acknowledged all the way through the duration are deducted from profits or capital reserves. final and period in-between dividends are known within the money owed when the business's legal responsibility to pay them has been centered.                 abstract of dividends paid within the six months to 31 August 2017 and the fiscal year ending 28 February 2017 are exact below:

      Six months ended 31 August 2017 (unaudited) £'000 12 months ended 28 February 2017 (audited) £'000 ultimate capital dividend of 4 pence per share for the year ended 29 February 2016 paid on 20 July 2016 - 1,353 period in-between capital dividend of 2 pence per share for the half year ended 31 August 2016 paid on 2 December 2016 - 693 closing capital dividend of four pence per share for the 12 months ended 28 February 2017 paid on 25 July 2017 1,759 - entire1,759 2,046

             practical CurrencyIn accordance with FRS 102 s.30, the enterprise is required to appoint a useful foreign money, being the foreign money in which the company predominantly operates. The Board has decided that sterling is the enterprise's functional forex. Sterling is additionally the foreign money wherein these accounts are presented.

    Repurchase of shares to cling in TreasuryThe cost of repurchasing shares into treasury, including the related stamp duty and transaction expenses is charged to the special reserve and dealt with within the statement of adjustments in fairness. Share repurchase transactions are accounted for on a change date foundation. where shares held in treasury are consequently cancelled, the nominal value of those shares is transferred out of share capital and into capital redemption reserve.

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

     Contingencies, ensures and economic commitments there were no contingencies, guarantees or fiscal commitments of the company on the 31 August 2017.

     legal form and most important activitiesThe company was included and registered in England and Wales on 20 September 2006 below the corporations Act 1985, registered number 05941261.

    The company has been authorized as a undertaking Capital have confidence by HMRC beneath section 259 of the salary Taxes Act 2007. The shares of the enterprise were first admitted to the legit checklist of the uk record Authority and buying and selling on the London stock change on 16 April 2007 and might be discovered below the TIDM code "HHVT". The enterprise is premium listed.

    The business's foremost exercise is to invest in a diverse portfolio of qualifying small UK based businesses, primarily trading on aim, with a purpose to maximising tax free dividend distributions to shareholders.

    The enterprise is an externally managed fund with a Board comprising of three non-govt directors. Hargreave Hale limited acts as funding manager, administrator and custodian to the company and supply the enterprise secretary.

    The Board has ordinary accountability for the company's affairs including the resolution of its investment policy, despite the fact, the Board may additionally undertaking these obligations through delegation to Hargreave Hale because it considers acceptable.

    The administrators have managed and proceed to manage the business's affairs in such a fashion as to conform to area 259 of the salary Taxes Act 2007.

    The business's registered office is Accurist condo, 44 Baker street, London, W1U 7AL.

    CAPITAL constitution

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

    ReservesA description of each and every of the reserves follows:

    Share premiumThis reserve represents the difference between the situation fee of shares and the nominal price of shares on the date of challenge, internet of related problem costs.

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

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

    Capital reserve realisedGains/losses on disposal of investments, due diligence prices and earnings from private company investments, everlasting impairment of monetary belongings and seventy five% of the funding management fee are accounted for within the capital reserve realised.

    Capital reserve unrealisedUnrealised positive aspects and losses on investments held on the year-conclusion arising from actions in fair price are taken to the capital reserve unrealised.

    earnings reserveNet income returns and losses of the enterprise.

  • salary PER SHARE (primary AND DILUTED)
  • The benefit per usual share of 9.fifty seven pence at 31 August 2017 (31 August 2016: gain 6.95 pence and 28 February 2017: gain 14.fifty four pence) is in accordance with a web profit for the duration of £four,187,739 (31 August 2016: profit £2,347,000 and 28 February 2017: benefit £4,989,474) and the weighted regular variety of normal shares in difficulty over the period of 43,776,326 (31 August 2016: of 33,764,458 and 28 February 2017: 34,327,158).

  • CAUTIONARY commentary
  • The outcomes may still not be taken as a e-book to the results for the financial period ending 28 February 2018. This file may also contain forward searching statements concerning the financial circumstance and consequences of the company, which might be made within the gentle of latest financial and enterprise circumstances. Nothing during this document should still be considered as a earnings forecast.

  • internet ASSET price PER SHARE
  • The internet asset cost per general share at 31 August 2017 of a hundred and fifteen.47 pence (31 August 2016: 104.58 pence and 28 February 2017: 109.86 pence) is in accordance with net property of £50,648,374 (31 August 2016: £35,723,815 and 28 February 2017: £45,366,681) and on forty three,863,946 shares (31 August 2016: 34,159,249 shares and 28 February 2017: forty one,296,035 shares), being the variety of usual shares in concern as at 31 August 2017.

  • book OF NON-STATUTORY bills
  • The financial information contained within the 31 August 2017 income commentary, stability sheet, remark of money flows and statement of alterations in fairness doesn't represent full financial statements and has now not been audited.

  • major dangers AND UNCERTAINTIES
  • The foremost hazards facing the enterprise relate to the enterprise's investment actions and consist of project capital have confidence approval, funding, cut price volatility, compliance, financial, fraud, operational, reputational, liquidity and outsourcing risk. other dangers confronted by the business consist of market, foreign money, activity cost and credit score possibility. These dangers and the manner through which they're managed are described in more element in the company's annual record and money owed for the 12 months ended 28 February 2017. The enterprise's principal dangers and uncertainties haven't changed materially since the date of that file.

    7.         TRANSACTIONS IN SHARES BuybacksIn complete, the business repurchased 430,945 shares all the way through the six month duration ending 31 August 2017 at a total charge of £474,473. The repurchased shares signify 1.04% of standard shares in challenge on 1 March 2017. The got shares had been cancelled.

     Share IssuesIn total, the business issued 2,998,856 new shares during the six month period ending 31 August 2017 elevating web proceeds of £three,326,563.

  • related birthday celebration TRANSACTIONS
  • Hargreave Hale restricted is regarded to be a connected birthday celebration to the business. Oliver Bedford, a non-executive director of the business and a member of its key administration personnel, is an employee of Hargreave Hale confined. moreover, Hargreave Hale constrained acts as investment supervisor, administrator and custodian to the business and it provides the company secretary. the entire assist capabilities carried out by way of Hargreave Hale restrained are segregated by using branch and site and are impartial of each other.

            Hargreave Hale restricted in its skill as investment supervisor of the fund receives annual prices of 1.5% once a year of the net assets of the enterprise, calculated and payable quarterly in arrears. costs for the half-year are £373,557 (2016: £238,524). in relation to the different support features described above, Hargreave Hale limited also offers administration services, custody features, business secretarial features and one non-executive director and get hold of costs of £50,000 per half-yr (2016: £forty,000) in relation to these functions. Of these prices, £192,975 (2016: £137,010) changed into still owed on the half-year end.                 Hargreave Hale confined has agreed to indemnify the company in opposition t annual working fees (such fees aside from VAT, any performance incentive price and any trail commissions the payment of which is the accountability of the business) exceeding 3.5% of its web property. No costs were waived by means of Hargreave Hale in the first half of the economic yr under the indemnity.                 right through the half 12 months, the enterprise issued 2,998,856 regular shares (nominal price £29,989) in a joint present for subscription which resulted in gross money being acquired of £three,407,743. As advertising adviser and receiving agent to the company, and in return for overlaying the fees of the joint present, Hargreave Hale constrained become entitled to three.5% of the gross proceeds (£119,271), frequently mentioned because the 'premium'. From this, Hargreave Hale restricted paid for the allotment of extra shares to investors with a worth of £38,091 and introducer commission of £990, resulting in internet charges payable to Hargreave Hale of £80,190.

  • GOING concern
  • After making enquires, the directors have an affordable expectation that the company has adequate materials to continue in operational existence for the foreseeable future. for this reason, they proceed to adopt the going challenge basis in making ready the financial statements.

  • publish stability SHEET routine
  • BuybacksSince the length end, a further 75,978 regular shares had been repurchased at a total cost of £85,845.

    New investmentsAn investment in the following company has been made due to the fact the length conclusion:charter court fiscal services group plc

    Qualifying companiesThe business has made further investments into right here qualifying businesses considering that the length end:Gfinity plc (£60k)Laundrapp Ltd (£501k)Faron pharmaceuticals Oy (£469k)angle plc (£100k)

    SHAREHOLDER tips

    The business's standard shares (Code: HHVT) are listed on the London inventory trade. Shareholders can discuss with the London inventory change web site, www.londonstockexchange.com, for the latest news and share prices of the business. additional assistance for the enterprise can be found on its site at www.hargreaveaimvcts.co.uk.

    internet ASSET price PER SHAREThe enterprise's NAV per share as at 13 October 2017 was a hundred and twenty.eighty pence per share. The business publishes its unaudited NAV per share on a weekly basis.

    DIVIDENDSThe Board has authorized the price of an meantime dividend of 2 pence in respect of the six months ended 31 August 2017.

    Shareholders who want to have future dividends paid without delay into their bank account rather than despatched by means of cheque to their registered handle can comprehensive a mandate for this aim. Mandates will also be acquired via contacting the company's registrar, Equiniti.

    selling YOUR SHARESHargreave Hale purpose VCT 2 plc operates a share buy-lower back policy to enrich the liquidity in its commonplace shares.  Share buy-lower back policies are discipline to the Act, the checklist rules and tax legislations, which may also avert the VCTs' means to purchase shares again in. The coverage is non-binding and is at the discretion of the Board.

    The buy-lower back coverage goals a 5% bargain to the closing published NAV per share as introduced on the London stock exchange through a regulatory news provider issuer. The discount is measured against the mid-rate per share as listed on the London inventory change and displays the rate at which the company buys its shares off the market makers. The company publishes its unaudited NAV per share on a weekly foundation.

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

    VCT share disposals are exempt of capital gains tax when the disposal is made at hands' size, which potential a shareholder ought to sell their shares to a market maker through a stockbroker or another share dealing carrier. Hargreave Hale has particular capabilities within the sale of VCT shares and is capable of act for VCT shareholders who are looking to sell their shares. however, you're free to nominate any stockbroker or share dealing service to act for you. if you would like Hargreave Hale to behave for you as their client (as antagonistic to a shareholder within the company) then please contact Andrew Pang for further tips (020 7009 4900, andrew.pang@hargreave.com).

    Please observe that Hargreave Hale will need to be in possession of the percentage certificate and a completed CREST transfer kind before executing the sale. in case you have misplaced your share certificate, then that you could request a replacement certificates from the company's registrar Equiniti. The registrar will send out an indemnity kind, which you'll should signal. The indemnity form will additionally should be countersigned by way of a UK coverage enterprise or bank it's a member of the affiliation of British Insurers. for the reason that indemnification is a type of coverage, the indemnifying body will ask for a payment to mirror their risk. prices will replicate the price of the knowledge liability.

    SHAREHOLDER ENQUIRIES:For regular Shareholder enquiries, please contact Hargreave Hale restricted on 01253 754755 or by using email to aimvct@hargreave.com.

    For enquiries concerning the efficiency of the enterprise, please contact the investment manager on 0207 009 4937 or by way of e mail to aimvct@hargreave.com.

    digital copies of this report and different published assistance will also be found on the company's website at www.hargreaveaimvcts.co.uk.

    exchange OF ADDRESSTo notify the business of a change of handle please contact the enterprise's registrar.

    enterprise counsel

    SECRETARY AND REGISTERED OFFICEStuart Brookes                                     Accurist House44 Baker StreetLondonW1U 7AL

     

    DIRECTORSDavid Hurst-Brown, ChairmanPhilip CammermanOliver 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

     

     

      company REGISTRATION NUMBER05941261 in England and Wales

    20:00 Gabriel Howard Memorial Handicap | killexams.com real questions and Pass4sure dumps

    Verdict

    several of those are on dropping runs and have dropped to winnable marks. They encompass eight-times winner Beau Satchel, who ran his premier race for some time at Cork, and No way Jack, even though the latter does foremost on softer ground. Alfirak has best ever raced at Dundalk so tonight's going is an unknown although he did show true braveness to win when remaining considered in April. Stamp Of Authority is 1-33 notwithstanding very pretty much doubled his profitable tally at Sligo. although, he's rarely raced on quick floor and can get taken off his toes. Bouquet Garni is losing to simple mark although her best victory in 25 begins got here at Dundalk so a chance is thinking about DOUBLE CZECH. thrice a winner in the UK, he's yet to ranking for new connections however gave observe of better to return at Sligo and Ben Coen's declare can see him domestic.

    Formwatch


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