Half-yearly Report

Matrix Income & Growth 2 VCT plc ("the Company") Half-Yearly Report for the six months ended 31 October 2009 INVESTMENT OBJECTIVE Matrix Income & Growth 2 VCT plc is a Venture Capital Trust ("VCT") managed by Matrix Private Equity Partners LLP ("MPEP") investing primarily in established, profitable, unquoted companies. The Company's objective is to provide investors with a regular and growing stream of income, arising both from the income generated by the companies selected for the portfolio and from realising capital gains. FINANCIAL HIGHLIGHTS Half-yearly results for the six months ended 31 October 2009 Ordinary Shares (listed on 11 July 2000) Initial net asset value per Ordinary Share 94.00 pence Initial net assets Â£12,388,236 31 October 30 April 31 October 2009 2009 2008 Net assets Â£7,464,008 Â£7,772,227 Â£8,854,954 Net asset value per Ordinary Share 66.29 pence 69.03 77.84 pence pence Total dividends per Ordinary Share paid 26.79 pence 26.79 26.79 pence to date pence Total return to shareholders since 93.08 pence 95.82 104.63 launch per share* pence pence (Loss)/earnings per Ordinary Share in (2.74) (22.34) (13.12) the period pence pence pence Total dividends per Ordinary Share paid nil pence 6.00 pence 6.00 pence in the period C Shares (listed on 21 December 2005) Initial net asset value per C Share 94.50 pence Initial net assets Â£8,648,486 31 October 30 April 31 October 2009 2009 2008 Net assets Â£14,853,313 Â£ Â£8,336,391 14,546,917 Net asset value per C Share 85.38 pence 86.02 91.15 pence pence Total dividends per C Share paid to date 5.00 pence 4.00 pence 4.00 pence Total return to shareholders since 90.38 pence 90.02 95.15 pence launch per share* pence (Loss)/earnings per C Share in the 0.14 pence (10.56) (4.84) pence period pence Total dividends per C Share paid in the 1.00 pence 2.50 pence 2.50 pence period * Net asset value per share plus cumulative dividends per share. This compares to an original investment cost of 80.00 pence per share for the Ordinary Share Fund after allowing for income tax relief of 20.00 pence. The original investment cost for C Shares issued on or before 5 April 2006 is 60.00 pence per share after allowing for income tax relief of 40.00 pence per share. C Shares issued after 5 April 2006 have an original investment cost of 70.00 pence after allowing for income tax relief of 30.00 pence per share. INVESTMENT POLICY The VCT's policy is to invest primarily in a diverse portfolio of UK established, profitable, unquoted companies in order to generate capital gains from trade sales and flotations. Investments are structured as part loan and part equity in order to receive regular income and to provide downside protection in the event of under-performance. Investments are made selectively across a number of sectors, primarily in management buyout transactions (MBOs) i.e. to support incumbent management teams in acquiring the business they manage but do not own. Investments are primarily made in companies that are established and profitable. Uninvestedfunds are held in cash and low risk money market funds. UK Companies The companies in which investments are made must have no more than Â£15 million of gross assets at the time of investment to be classed as a VCT qualifying holding. VCT regulation The investment policy is designed to ensure that the VCT continues to qualify and is approved as a VCT by HMRC. Amongst other conditions, the VCT may not invest more than 15% of its investments in a single company and must achieve at least 70% by value of its investments throughout the period in shares or securities in qualifying holdings, of which a minimum overall of 30% by value must be ordinary shares which carry no preferential rights. In addition, although the VCT can invest less than 30% of an investment in a specific company in ordinary shares it must have at least 10% by value of its total investments in each qualifying company in ordinary shares which carry no preferential rights. Asset mix The Investment Manager aims to hold approximately 80% by value of the VCT's investments in qualifying holdings. The balance of the portfolio is held in readily realisable interest bearing investments and deposits. Risk diversification and maximum exposures Risk is spread by investing in a number of different businesses across different industry sectors. To reduce the risk of high exposure to equities, each qualifying investment is structured using a significant proportion of loan stock (up to 70% of the total investment in each VCT qualifying company). Initial investments in VCT qualifying companies are generally made in amounts ranging from Â£200,000 to Â£1 million at cost. No holding in any one company will represent more than 10% of the value of the VCT's investments, based on cost, at the time of investment. Ongoing monitoring of each investment is carried out by the Manager generally through taking a seat on the Board of each VCT qualifying company. Co-investment The VCT aims to invest alongside four other Income and Growth VCTs advised by the Manager with a similar investment policy. This enables the VCT to participate in combined investments by the Investment Manager of up to Â£5 million. Borrowing The VCT has no borrowing and does not have any current plans for future borrowings. CHAIRMAN'S STATEMENT I am pleased to enclose the Half-Yearly Report of Matrix Income & Growth 2 VCT plc (the "Company") for the period from 1 May 2009 to 31 October 2009. Overview Economic conditions for smaller companies have remained tough since I lasted reported to you. Since 30 April 2009, net asset values per share for both funds have fallen, mainly because trading conditions for several investee companies have continued to be challenging. We continue to remain cautious and to retain liquidity. No new investments were made during the period by either Share Fund. However, both Share Funds participated in a follow-on investment after the period end in British International Holdings; and one new investment was made into Iglu.com Holdings Limited, via the acquisition company Barnfield. I am pleased to report that the Company realised its investment in PastaKing Holdings shortly after the period end, generating a good return for shareholders. The overall performance of the portfolio remains satisfactory in the current economic circumstances. Several companies continue to produce encouraging results and secure new contracts. Further details can be found in the Investment Manager's Review. Ordinary Share Fund The Net Asset Value ("NAV") per Ordinary Share at 31 October 2009 was 66.29 pence, a 14.84% decrease when compared with 77.84 pence per share as at 31 October 2008. The NAV decreased by 3.97% when compared to the NAV at 30 April 2009 of 69.03 pence per share. The Fund's total return since launch is 93.08 pence per share (30 April 2009: 95.82 pence per share). Further details of the performance of the Ordinary Share Fund investments are set out in the Investment Manager's Review below. C Share Fund The NAV per C Share at 31 October 2009 stood at 85.38 pence, a 6.33% decrease on the NAV when compared with 91.15 pence per share as at 31 October 2008, or 5.23% after adjusting for the 1.00 penny dividend paid in this period. Excluding the 1.00 penny dividend, the NAV decreased marginally by 0.74% when compared to the NAV at 30 April 2009 of 86.02 pence per share. This stronger relative performance reflects the fact that the C Fund is not yet fully invested, so held a higher level of assets in cash. The Fund's total return since launch is 90.38 pence per share (30 April 2009: 90.02 pence per share). Further details of the performance of the C Share Fund investments are set out in the Investment Manager's Review below. Return to Shareholders The results for this period are set out on the following pages and show a revenue loss (after tax) attributable to Ordinary Fund Shareholders of 0.15 pence per Ordinary Share (31 October 2008: profit of 1.09 pence). The total loss (after tax) attributable to Ordinary Fund Shareholders was 2.74 pence per Ordinary Share (31 October 2008: loss of 13.12 pence). The revenue loss (after tax) attributable to C Fund Shareholders was 0.20 pence per C share (31 October 2008: profit of 1.28 pence). The total profit (after tax) attributable to C Fund Shareholders was 0.14 pence per C share (31 October 2008: loss of 4.84 pence). Revenue returns for both Funds continue to be adversely affected by historically low levels of interest rates and by a number of investee companies being unable to pay their loan stock interest. Share Buybacks During the period 87,825 C Shares were bought back for cancellation, at an average price of 56.8 pence per share (net of expenses). No Ordinary Shares were bought back during the period. Dividends The Board's objective is, subject to the availability of sufficient reserves and liquidity, to distribute regular and consistent dividends. The Board intends to review the level of dividends to be paid at the year-end, although it is unlikely that dividends from revenue returns will be possible this year. Outlook Your Board and Investment Manager continue to monitor economic conditions and continue their prudent approach to further investments, whilst remaining alert to the new opportunities that the current downturn will produce. I would like to thank all our Shareholders for their continuing support. Nigel Melville Chairman 22 December 2009 PRINCIPAL RISKS AND UNCERTAINTIES In accordance with DTR 4.2.7, the Board considers that the principal risks and uncertainties facing the Company have not materially changed from those identified in the Annual Report and Accounts for the year ended 30 April 2009. The principal risks faced by the Company are: economic risk; investment and strategic risk; regulatory risk (including VCT status); financial and operating risk; market risk; asset liquidity risk; market liquidity risk; credit/counterparty risk. A detailed explanation of the principal risks facing the Company can be found in the 2009 Annual Report and Accounts on pages 23 - 24. Copies are available from www.mig2vct.co.uk. RELATED PARTY TRANSACTIONS Details of related party transactions in accordance with Disclosure and Transparency Rule 4.2.8 can be found in Note 13 to the Accounts below. RESPONSIBILITY STATEMENT The Directors confirm that to the best of their knowledge: (a) the half-yearly financial statements have been prepared in accordance with the Statement "Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and give a true and fair view of the assets, liabilities, financial position and loss of the Company as at 31 October 2009, as required by DTR 4.2.4; (b) the interim management report included within the Chairman's Statement and Investment Manager's Review includes a fair review of the information required by DTR 4.2.7 being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; (c) a description of the principal risks and uncertainties facing the Company for the remaining six months is set out above, in accordance with DTR 4.2.7; and (d) the financial statements include a description of the related party transactions in the first six months of the current financial year that have materially affected the financial position or performance of the Company during the period, and any material changes to the related party transactions since the last Annual Report, in accordance with DTR 4.2.8. For and on behalf of the Board: Nigel Melville Chairman 22 December 2009 INVESTMENT MANAGER'S REVIEW Overview The environment for new investment has continued to be challenging during the period. We have therefore remained cautious and selective when considering potential deals. We have avoided transactions that require significant levels of bank borrowing, believing that over-leveraged investments will be particularly vulnerable. Investment Activity No new investments were made by the Ordinary or C Share Funds during the period. However, after the period end, two investments and one disposal were made. In November, both Share Funds participated in a follow-on investment in British International Holdings Limited. The Ordinary Share Fund invested Â£133,252 and the C Share Fund Â£26,748 in the form of secured loan notes, as part of a Â£1 million working capital injection by shareholders. The investment will provide additional working capital during a time when leasing revenues have fallen through lack of demand in the oil and gas sector. British International has, however, secured a further contract to commence early in 2010, which will generate leasing revenue greater than produced in 2009. The Company successfully realised its investment in PastaKing Holdings, the Newton Abbot based supplier of fresh pasta meals, in November for proceeds of Â£731,000 for the Ordinary Share Fund and Â£510,000 for the C Share Fund. This realisation contributed to total proceeds over the life of the investment of Â£891,000 for the Ordinary Share Fund and Â£622,000 for the C Share Fund, representing a 3.25 fold return on original investment costs of Â£274,624 and Â£191,720 respectively. In December, the Company invested in Iglu.com Holdings Limited via Barnfield Management Investments Limited, as part of our operating partner programme. The C Share Fund's original investment of Â£1 million was partially refunded and the Ordinary Share Fund invested Â£437,309 alongside Â£562,691 from the C Share Fund as part of the acquisition by Matrix-advised VCTs of Iglu.com Limited, a specialist provider of cruise and ski holidays. This investment was completed without recourse to bank debt and its revenues remain resilient despite the recessionary environment. Iglu is the largest specialist independent ski travel agent in the UK and fastest growing independent specialist cruise travel agent in the UK. Its reputation for offering knowledgeable impartial advice via its website and telephone operators means it enjoys a high level of repeat or referral bookings. This value added service has enabled Iglu to increase its market share in ski holidays and provide continuing growth in cruise holidays. Ordinary Share Fund Portfolio Highlights As at 31 October 2009, the Ordinary Share Fund comprised investments in 15 companies at cost of Â£7.41 million and current valuation of Â£5.10 million; on a like for like basis the portfolio shows a 4.37% fall compared with the valuations prevailing at 30 April 2009. Over the same period the FTSE All Share and FTSE SmallCap indices have risen by 18.94% and 26.19% respectively. Those companies in the portfolio with either direct or indirect exposure to the construction and housebuilding sectors have continued to suffer from weakness in their markets. These include Youngman, PXP and Plastic Surgeon, all of whom continue to underperform their budgeted performance. We have worked closely with management in each case to reduce costs significantly and ensure that they are able to withstand the fall in demand in their markets. A number of portfolio companies have, however, continued to perform strongly; DiGiCo Europe continues to grow rapidly and new product launches have led to rising profit growth. A partial loan repayment of Â£137,552 was made in May 2009. ATG Media is experiencing increasing interest in its online auction platform and VSI remains on track to meet its forecasts. Campden Media has seen a return to profitability as it enters its traditionally strong last quarter and Blaze Signs has successfully cut costs and is beginning to see increased demand for its services. Vectair is trading ahead of budget and making further progress in export markets including the Middle East and India. Racoon's profitability is also ahead of budget, albeit well below pre-investment expectations. C Share Fund Portfolio Highlights The C Share Fund now holds investments in 13 companies at a total cost of Â£6.24 million and a current valuation of Â£5.51 million. On a like for like basis the portfolio shows a 3.37% increase compared with the valuations prevailing at 30 April 2009. Most of the C Share Fund's investments were made alongside the Ordinary Share Fund. In addition to these, the C Share Fund holds investments in two other companies. Monsal has recovered from a difficult period since its MBO and met its forecast for its year to 30 September. Monsal has a strong order book for 2010 and several other opportunities are being explored. Focus Pharma continues to trade well, is growing profits and has good visibility of further profit growth in 2009-2010. Outlook The economic outlook will continue to be difficult over the next six months, especially for small companies where recessionary pressures are greatest. We continue to monitor portfolio companies to ensure they maximise their liquidity and are well placed to take advantage of the opportunities they are presented. Both Share Funds retain liquidity to support deserving portfolio companies where required. The recent increase in new investment opportunities now coming forward, as shown by the MBO of Iglu, bodes well for a more active year ahead. Matrix Private Equity Partners LLP 22 December 2009 INVESTMENT PORTFOLIO SUMMARY As at 31 October 2009 Ordinary Share Fund Date of Total Valuation % of first Book cost net investment assets by value Â£ Â£ Qualifying investments AiM/PLUS quoted investments Legion Group plc (formerly SectorGuard plc) August 150,000 64,286 0.9% 2005 Provision of manned guarding, mobile patrolling, and alarm response services Vphaseplc (formerly Flightstore Group plc) March 2001 254,586 5,386 0.1% Development of energy saving devices for domestic use Award International Holdings plc March 2004 250,000 - 0.0% Sales promotion activities ------ ------ ------ 654,586 69,672 1.0% Unquoted investments DiGiCoEurope Limited July 2007 460,867 1,093,276 14.6% Design and manufacture of audio mixing desks VSI Limited April 2006 231,020 751,392 10.1% Developer and marketer of 3D software PastaKingHoldings Limited June 2006 274,624 731,301 9.8% Supplier to the educational and food service market Youngman Group Limited October 1,000,052 699,966 9.4% 2005 Manufacturer of ladders and access towers British International Holdings Limited June 2006 832,827 527,348 7.1% Supplier of helicopter services ATG Media Holdings Limited October 508,736 487,268 6.4% 2008 Antiques publication VectairHoldings Limited January 243,784 358,905 4.8% 2006 A provider of air care and sanitary washroom products CampdenMedia Limited January 975,000 150,717 2.0% 2006 Magazine publisher and conference organiser Racoon International Holdings Limited December 517,350 94,616 1.3% 2006 Supplier of hair extensions, hair care products and training Blaze Signs Holdings Limited April 2006 791,608 71,690 0.9% Sign writer The Plastic Surgeon Holdings Limited April 2008 230,986 57,747 0.8% Snagging and finishing of domestic and commercial properties PXP Holdings Limited (Pinewood Structures) December 685,131 - 0.0% 2006 Designer, manufacturer and supplier of timber frames for housing ------ ------ ------ 6,751,985 5,024,226 67.2% ------ ------ ------ Total qualifying investments 7,406,571 5,093,898 68.2% 1 ====== ====== ====== Non-qualifying investments Money market funds 2 2,121,693 2,121,693 28.4% Cash 27,981 27,981 0.4% Legion Group plc (formerly SectorGuard plc) 106 37 0.0% ------ ------ ------ Total non-qualifying investments 2,149,780 2,149,711 28.8% ====== ====== ====== Debtors 276,176 3.7% Creditors (55,777) (0.7%) ------ ------ Net assets 7,464,008 100.0% ====== ====== 1 As at 31 October 2009, the Company (comprising both share classes) held more than 70% of its total investments in qualifying holdings, and therefore complied with the VCT Investment test. For the purposes of the VCT Investment tests, the Company is permitted to disregard disposals of investments for six months from the date of disposal. 2 Disclosed within Current assets as Investments at fair value in the Balance Sheet. C Share Fund Date of Total Valuation % of first Book cost net investment assets by value Â£ Â£ Qualifying investments Unquoted investments BarnfieldManagement Investments July 2008 1,000,000 1,000,000 6.7% Limited Company seeking to acquire businesses in the food manufacturing, distribution or brand management sectors VanirConsultants Limited October 1,000,000 1,000,000 6.7% 2008 Company seeking to acquire businesses in the database management, mapping or data mapping sectors DiGiCoEurope Limited July 2007 321,741 763,238 5.1% Design and manufacture of audio mixing desks MonsalHoldings Limited December 854,450 723,261 4.9% 2007 Engineering services to water and waste sectors Focus Pharma Holdings Limited October 660,238 656,472 4.4% 2007 Licensing and distribution of generic pharmaceuticals PastaKingHoldings Limited June 2006 191,720 510,472 3.5% Supplier to the educational and food service market ATG Media Holdings Limited October 355,159 340,172 2.3% 2008 Antiques publication VSI Limited April 2006 77,623 252,470 1.7% Developer and marketer of 3D software British International Holdings June 2006 167,173 105,854 0.7% Limited Supplier of helicopter services Racoon International Holdings Limited December 361,177 66,054 0.4% 2006 Supplier of hair extensions, hair care products and training Blaze Signs Holdings Limited April 2006 606,890 54,961 0.4% Sign writer The Plastic Surgeon Holdings Limited April 2008 161,278 40,320 0.3% Snagging and finishing of domestic and commercial properties PXP Holdings Limited (Pinewood December 478,305 - 0.0% Structures) 2006 Designer, manufacturer and supplier of timber frames for housing ------ ------ ------ 6,235,754 5,513,274 37.1% ------ ------ ------ Total qualifying investments 6,235,754 5,513,274 37.1% 1 ====== ====== ====== Non-qualifying investments Money market funds 2 9,543,467 9,543,467 64.2% Cash 27,678 27,678 0.2% ------ ------ ------ Total non-qualifying investments 9,571,145 9,571,145 64.4% ====== ====== Debtors 25,727 0.2% Creditors (256,833) (1.7%) ------ ------ Net assets 14,853,313 100.0% ====== ====== 1 At 31 October 2009, the Company (comprising of both share classes) held more than 70% of its total investments in qualifying holdings, and therefore complied with the VCT Investment test. For the purposes of the VCT Investment tests, the Company is permitted to disregard disposals of investments for 6 months from the date of disposal. 2 Disclosed within Current assets as Investments at fair value in the Balance Sheet. The other Funds managed by MPEP include Matrix Income & Growth VCT plc (MIG VCT), Matrix Income & Growth 3 VCT plc (MIG3), Matrix Income & Growth 4 VCT plc (MIG4) and The Income and Growth VCT plc (I&G). All of these Funds have co-invested alongside the Company in Blaze Signs Holdings Limited, British International Holdings Limited, DiGiCo Europe Limited, Focus Pharma Holdings Limited, Monsal Holdings Limited, PastaKing Holdings Limited, PXP Holdings Limited, Racoon International Holdings Limited, The Plastic Surgeon Holdings Limited,and VSI Limited. All of these Funds with the exception of MIG3 have also co-invested alongside the Company in Campden Media Limited, Legion Group plc (formerly SectorGuard plc), Vectair Holdings Limited and Youngman Group Limited. MIG VCT and MIG3 have co-invested alongside the Company in Barnfield Investment Management Ltd and MIG3 has also co-invested in Vanir Consultants Limited. UNAUDITED NON-STATUTORY ANALYSIS BETWEEN THE ORDINARY AND C SHARE FUNDS Unaudited Income Statement for the six months ended 31 October 2009 Ordinary Share Fund C Share Fund Notes Revenue Capital Total Revenue Capital Total Â£ Â£ Â£ Â£ Â£ Â£ Unrealised (losses)/profit on investments held at fair value - (248,485) (248,485) - 176,182 176,182 Realised gains on investments held at fair value - 9,533 9,533 - 6,655 6,655 Income 3 68,655 - 68,655 111,950 - 111,950 Recoverable VAT 4 2,074 6,223 8,297 1,225 3,674 4,899 Investment management expense 5 (19,649) (58,946) (78,595) (38,164) (114,491) (152,655) Other expenses (67,624) - (67,624) (117,377) - (117,377) ------ ------ ------ ------ ------ ------ (Loss)/profit on ordinary activities before taxation (16,544) (291,675) (308,219) (42,366) 72,020 29,654 Tax on (loss)/profit on ordinary - - - - - - activities ------ ------ ------ ------ ------ ------ (Loss)/profit attributable to equity shareholders (16,544) (291,675) (308,219) (42,366) 72,020 29,654 ====== ====== ====== ====== ====== ====== Basic and diluted earnings per share 7 (0.15)p (2.59)p (2.74)p (0.20)p 0.34p 0.14p Average number of shares in issue 11,259,333 20,875,823 Total of both Funds (per Half-Yearly Income Statement) Notes Revenue Capital Total Â£ Â£ Â£ Unrealised (losses)/profit on investments held at fair value - (72,303) (72,303) Realised gains on investments held at fair value - 16,188 16,188 Income 3 180,605 - 180,605 Recoverable VAT 4 3,299 9,897 13,196 Investment management expense 5 (57,813) (173,437)(231,250) Other expenses (185,001) - (185,001) ------ ------ ------ (Loss)/profit on ordinary activities before taxation (58,910) (219,655)(278,565) Tax on (loss)/profit on ordinary activities - - - ------ ------ ------ (Loss)/profit attributable to equity shareholders (58,910)(219,655) (278,565) ====== ====== ====== Unaudited Balance Sheet for each Fund as at 31 October 2009 Ordinary Share Fund C Share Fund Notes Â£ Â£ Â£ Â£ Non-current assets Assets held at fair value through profit and loss investments 10 5,093,935 5,513,274 Current Assets Debtors and prepayments 276,176 25,727 Investments at fair value 2,121,693 9,543,467 Cash at bank 27,981 27,678 ------ ------ 2,425,850 9,596,872 Creditors: amounts falling due within one year (55,777) (256,833) ------ ------ ------ ------ Net current assets 2,370,073 9,340,039 ------ ------ Net assets 7,464,008 14,853,313 ====== ====== Capital and reserves Called up share capital 112,593 173,963 Capital redemption reserve 19,213 878 Share premium account - 7,208,326 Revaluation reserve (2,062,743) (722,480) Special distributable reserve 2,356,473 8,041,666 Profit and loss account 7,038,472 150,960 ------ ------ Equity shareholders' funds 7,464,008 14,853,313 ====== ====== Number of shares in issue 11,259,333 17,396,263 Net asset value per share 8 66.29 p 85.38 p Adjustments Total of both Funds (see note (per Half-Yearly below) Balance Sheet) Notes Â£ Â£ Non-current assets Assets held at fair value through profit and loss investments 10 10,607,209 Current Assets Debtors and prepayments (238,779) 63,124 Investments at fair value 11,665,160 Cash at bank 55,659 ------ ------ (238,779) 11,783,943 Creditors: amounts falling due within one year 238,779 (73,831) ------ ------ Net current assets 11,710,112 Net assets - 22,317,321 ====== Capital and reserves Called up share capital 286,556 Capital redemption reserve 20,091 Share premium account 7,208,326 Revaluation reserve (2,785,223) Special distributable reserve 10,398,139 Profit and loss account 7,189,432 ------ Equity shareholders' funds 22,317,321 ====== Note: The adjustment above nets off the inter-fund debtor and creditor balances. So that the "Total of both funds" balance sheet agrees to the interim Balance Sheet below. UNAUDITED INCOME STATEMENT For the six months ended 31 October 2009 Six months ended 31 October 2009 Year ended 30 April 2009 (unaudited) (audited) Notes Revenue Capital Total Revenue Capital Total Â£ Â£ Â£ Â£ Â£ Â£ Unrealised losses on investments held - (72,303) (72,303) - (3,778,380)(3,778,380) at fair value Realised gains/(losses) on investments held at fair value - 16,188 16,188 - (29) (29) Income 3 180,605 - 180,605 735,597 108,375 843,972 Recoverable VAT 4 3,299 9,897 13,196 22,618 67,854 90,472 Investment management expense 5 (57,813) (173,437)(231,250) (93,039) (279,115) (372,154) Other expenses (185,001) - (185,001) (351,173) - (351,173) ------ ------ ------ ------ ------ ------ (Loss)/profit on ordinary activities (58,910) (219,655)(278,565) 314,003 (3,881,295) (3,567,292) before taxation Tax on (loss)/profit on ordinary activities - - - (43,586) 43,586 - ------ ------ ------ ------ ------ ------ (Loss)/profit on ordinary activities after (58,910) (219,655)(278,565) 270,417 (3,837,709) (3,567,292) taxation ====== ====== ====== ====== ====== ====== Basic and diluted earnings per share Ordinary shares 7 (0.15)p (2.59)p (2.74)p 1.29p (23.63)p (22.34)p C Shares 7 (0.20)p 0.34p 0.14p 1.27p (11.83)p (10.56)p Six months ended 31 October 2008 (unaudited) Notes Revenue Capital Total Â£ Â£ Â£ Unrealised (losses)/gains on investments held at fair value - (2,207,313)(2,207,313) Realised gains/(losses) on investments held at fair value - (29) (29) Income 3 464,611 - 464,611 Recoverable VAT 4 28,736 86,208 114,944 Investment management expense 5 (34,336) (103,011) (137,347) Other expenses (182,832) - (182,832) ------ ------ ------ (Loss)/profit on ordinary activities before taxation 276,179 (2,224,145) (1,947,966) Tax on (loss)/profit on ordinary activities (34,582) 34,582 - ------ ------ ------ (Loss)/profit on ordinary activities after taxation 241,597 (2,189,563) (1,947,966) ====== ====== ====== Basic and diluted earnings per share Ordinary shares 7 1.09p (14.21)p (13.12)p C Shares 7 1.28p (6.12)p (4.84)p The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. There were no other recognised gains or losses in the period. Other than revaluation movements arising on investments held at fair value through profit and loss there were no differences between the profit/(loss) as stated above and at historical cost. The notes to the unaudited financial statements below form part of these Half-Yearly financial statements. UNAUDITED BALANCE SHEET As at 31 October 2009 31 October 2009 30 April 2009 31 October 2008 (unaudited) (audited) (unaudited) Notes Â£ Â£ Â£ Non-current assets Assets held at fair value through profit 10 10,607,209 10,896,904 12,219,085 and loss - investments Current Assets Debtors and prepayments 63,124 273,662 303,814 Investments at fair value 11 11,665,160 11,198,762 4,694,360 Cash at bank 55,659 61,346 49,291 ------ ------ ------ 11,783,943 11,533,770 5,047,465 Creditors: amounts falling due within one year (73,831) (111,530) (75,205) ------ ------ ------ Net current assets 11,710,112 11,422,240 4,972,260 ------ ------ ------ Net assets 22,317,321 22,319,144 17,191,345 ====== ====== ====== Capital and reserves 12 Called up share capital 286,556 281,697 205,215 Capital redemption reserve 20,091 19,213 18,051 Share premium account 7,208,326 6,712,239 - Capital reserve - unrealised (2,785,223) (2,712,919) (1,141,852) Special distributable reserve 10,398,139 10,611,920 10,727,749 Profit and loss account 7,189,432 7,406,994 7,382,182 ------ ------ ------ 22,317,321 22,319,144 17,191,345 ====== ====== ====== Net asset value per share Ordinary Shares 8 66.29p 69.03p 77.84p C Shares 8 85.38p 86.02p 91.15p These accounts are unaudited and are not the Company's statutory accounts. UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the six months ended 31 October 2009 Six months ended Year ended Six months ended 31 October 2009 30 April 2009 31 October 2008 (unaudited) (audited) (unaudited) Notes Â£ Â£ Â£ Opening shareholders funds 22,319,144 20,142,891 20,142,891 Net share capital issued in the year 501,824 6,789,883 - (net of expenses) Net share capital bought back (50,241) (128,228) (85,470) Loss for the year (278,565) (3,567,292) (1,947,966) Dividends paid in year 9 (174,841) (918,110) (918,110) ------ ------ ------ Closing shareholders' funds 22,317,321 22,319,144 17,191,345 ====== ====== ====== UNAUDITED CASH FLOW STATEMENT For the six months ended 31 October 2009 Six months ended Year ended Six months ended 31 October 2009 30 April 2009 31 October 2008 (unaudited) (audited) (unaudited) Â£ Â£ Â£ Operating activities Investment income received 185,626 935,111 521,393 VAT received 120,068 - - Investment management fees paid (234,308) (373,826) (213,765) Other cash payments (212,861) (377,434) (233,858) ------ ------ ------ Net cash (outflow)/inflow from operating activities (141,475) 183,851 73,770 Investing activities Acquisition of investments - (3,758,017) (3,509,131) Disposal of investments 233,580 757,966 757,966 ------ ------ ------ Net cash inflow/(outflow) from investing activities 233,580 (3,000,051) (2,751,165) Dividends Dividends paid (174,841) (918,110) (918,110) ------ ------ ------ Net cash outflow before liquid resource management and financing (82,736) (3,734,310) (3,595,505) Movement in money market and other deposits (466,398) (2,840,588) 3,663,814 Financing Purchase of own shares (50,241) (151,530) (108,772) Share capital raised (net of expenses) 593,688 6,698,020 - ------ ------ ------ Net cash inflow/(outflow) from financing 543,447 6,546,490 (108,772) ------ ------ ------ Increase/(decrease) in cash (5,687) (28,408) (40,463) ====== ====== ====== Reconciliation of net cash flow to movement in net funds Â£ Â£ Â£ Net funds at start of period 61,346 89,754 89,754 Decrease in cash for the period (5,687) (28,408) (40,463) ------ ------ ------ Net funds at the end of the period 55,659 61,346 49,291 ====== ====== ====== RECONCILIATION OF LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION TO NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES Six months ended Year ended Six months ended 31 October 2009 30 April 2009 31 October 2008 (unaudited) (audited) (unaudited) Â£ Â£ Â£ Loss on ordinary activities before taxation (278,565) (3,567,292) (1,947,966) Net unrealised losses on investments 72,303 29 2,207,313 Net (gains)/losses on realisations on investments (16,188) 3,778,380 - Transaction costs - - 29 Decrease/(increase) in debtors 54,480 (114,664) (138,647) Increase/(decrease) in creditors and accruals 26,495 87,398 (46,959) ------ ------ ------ Net cash (outflow)/inflow from operating activities (141,475) 183,851 73,770 ====== ====== ====== The notes to the unaudited financial statements below form part of these Half-Yearly financial statements. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. Principal accounting policies The following accounting policies have been applied consistently throughout the period. Full details of principal accounting policies will be disclosed in the Annual Report. (a) Basis of accounting The unaudited results cover the six months to 31 October 2009 and have been prepared under UK Generally Accepted Accounting Practice (UK GAAP), consistent with the accounting policies set out in the statutory accounts for the year ended 30 April 2009 and the 2009 Statement of Recommended Practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ("the SORP"). The Half-yearly Report has not been audited, nor has it been reviewed by the auditors pursuant to the Auditing Practices Board (APB)'s guidance on Review of Interim Financial Information. (b) Presentation of the Income Statement In order to better reflect the activities of a VCT and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The revenue column of profit attributable to equity shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 274 Income Tax Act 2007. (c) Investments All investments held by the Company are classified as "fair value through profit and loss" in accordance with International Private Equity and Venture Capital Valuation ("IPEVCV") guidelines, as updated in September 2009, which have not materially changed the results reported last year. This classification is followed as the Company's business is to invest in financial assets with a view to profiting from their total return in the form of capital growth and income. For investments actively traded in organised markets, fair value is generally determined by reference to Stock Exchange market quoted bid prices at the close of business on the balance sheet date. Purchases and sales of AiM quoted investments are recognised on the trade date where a contract of sale exists whose terms require delivery within a time frame determined by the relevant market. Purchases and sales of unlisted investments are recognised when the contract for acquisition or sale becomes unconditional. Unquoted investments are stated at fair value by the Directors in accordance with the following rules, which are consistent with the IPEVCV guidelines: All investments are held at the price of a recent investment for an appropriate period where there is considered to have been no change in fair value. Where such a basis is no longer considered appropriate, the following factors are considered: (i) Where a value is indicated by a material arms-length transaction by an independent third party in the shares of a company, this value will be used. (ii) In the absence of i), and depending upon both the subsequent trading performance and investment structure of an investee company, the valuation basis will usually move to either:-. (a) an earnings multiple basis. The shares may be valued by applying a suitable price-earnings ratio to that company's historic, current or forecast post-tax earnings before interest and amortisation (the ratio used being based upon a comparable sector but the resulting value being adjusted to reflect points of difference identified by the Investment Manager compared to the sector including, inter alia, a lack of marketability). Or:- (b) where a company's underperformance against plan indicates a diminution in the value of the investment, provision against cost is made, as appropriate. Where the value of an investment has fallen permanently below cost, the loss is treated as a permanent impairment and as a realised loss, even though the investment is still held. The Board assesses the portfolio for such investments and, after agreement with the Investment Manager, will agree the values that represent the extent to which an investment loss has become realised. This is based upon an assessment of objective evidence of that investment's future prospects, to determine whether there is potential for the investment to recover in value. (iii) Premiums on loan stock investments are accrued at fair value when the Company receives the right to the premium and when considered recoverable. (iv) Where an earnings multiple or cost less impairment basis is not appropriate and overriding factors apply, discounted cashflow or net asset valuation bases may be applied. (d) Capital gains and losses Capital gains and losses on investments, whether realised or unrealised, are dealt with in the profit and loss and revaluation reserves and movements in the period are shown in the Income Statement. 2. The Company revoked its status as an investment company on 7 September 2005, so that it can regard realised capital profits as part of the profits available for distribution. 3. Income Six months ended Year ended Six months ended 31 October 2009 30 April 2009 31 October 2008 (unaudited) (unaudited) (audited) Â£ Â£ Â£ Income from investments Dividends 2,945 214,825 90,682 Money-market funds 45,406 236,292 184,995 Loan stock interest 116,005 391,124 188,052 Bank deposit and other interest 82 1,731 882 Interest received on VAT 16,167 - - ------ ------ ------ Total Income 180,605 843,972 464,611 ====== ====== ====== 4. VAT recoverable At 30 April 2009, the Directors considered it reasonably certain that the Company would obtain a repayment of VAT of not less than Â£112,000. This estimate was based upon information supplied by the Company's Investment Manager and discussions with the Company's professional advisors as a result of the European Court of Justice ruling and subsequent HMRC briefing that management fees be exempt for VAT purposes. During this period Â£125,196 of recoverable VAT was actually received. The excess of Â£13,196 has been credited to the Income Statement, allocated 25% to revenue and 75% to capital return and is in the same proportion as that in which the irrecoverable VAT was originally charged. 5. Investment management expense In accordance with the policy statement published under "Management and Administration" in the Company's prospectus dated 10 May 2000, the Directors have charged 75% of the investment management expenses to the capital account. This is in line with the Board's expectation of the long-term split of returns from the investment portfolio of the Company. 6. Taxation There is no tax charge in the period, as there were taxable losses in the period. 7. Basic and diluted earnings per share Six months ended 31 October 2009 Year ended 30 April 2009 (unaudited) (audited) Ordinary C Share Total Ordinary C Share Total Share Fund Share Fund Fund Fund Â£ Â£ Â£ Â£ Â£ Â£ Total earnings after taxation: (308,219) 29,654 (278,565) (2,545,615) (1,021,677) (3,567,292) Basic and diluted earnings per share (2.74)p 0.14p (22.34)p (10.56)p (note a) Revenue (loss)/profit from ordinary activities after taxation (16,544) (42,366) (58,910) 147,005 123,412 270,417 Basic and diluted revenue earnings per (0.15)p (0.20)p 1.29p 1.27p share (note b) Net realised capital gains/(losses) on 9,533 6,655 16,188 (29) - (29) investments Net (losses)/gains on realisations on (248,485) 176,182 (72,303) (2,671,234) (1,107,146) (3,778,380) investments Dividends treated as capital - - - 63,825 44,550 108,375 VAT recoverable 6,223 3,674 9,897 37,650 30,204 67,854 Capital management fees less taxation (58,946) (114,491) (173,437) (122,832) (112,697) (235,529) Total capital (losses)/profit on ordinary activities after taxation (291,675) 72,020 (219,655) (2,692,620) (1,145,089) (3,837,709) Basic and diluted capital earnings (2.59)p 0.34p (23.63)p (11.83)p per share (note c) Weighted average number of shares in 11,259,333 20,875,823 11,394,390 9,677,798 issue in the year Six months ended 31 October 2008 (unaudited) Ordinary C Share Share Fund Fund Total Â£ Â£ Â£ Total earnings after taxation: (1,505,646) (442,320) (1,947,966) Basic and diluted earnings per share (note a) (13.12)p (4.84)p Revenue (loss)/profit from ordinary activities after taxation 124,694 116,903 241,597 Basic and diluted revenue earnings per share (note b) 1.09p 1.28p Net realised capital gains/(losses) on investments (29) - (29) Net (losses)/gains on realisations on investments (1,644,871) (562,442) (2,207,313) Dividends treated as capital - - - VAT recoverable 54,177 32,031 86,208 Capital management fees less taxation (39,617) (28,812) (68,429) Total capital (losses)/profit on ordinary activities after taxation (1,630,340) (559,223) (2,189,563) Basic and diluted capital earnings per share (note c) (14.21)p (6.12)p Weighted average number of shares in issue in the year 11,473,436 9,145,990 Notes a) Basic and diluted earnings per share istotal earnings after taxation divided by the weighted average number of shares in issue. b) Basic and diluted revenue earnings per share is revenue earnings after taxation divided by the weighted average number of shares in issue. c) Basic and diluted capital earnings per share is total capital earnings divided by the weighted average number of shares in issue. 8. Net asset value per share As at 31 October 2009 As at 30 April 2009 As at 31 October 2008 (unaudited) (audited) (unaudited) Ordinary C Share Fund Ordinary C Share Fund Ordinary C Share Fund Share Fund Share Fund Share Fund Â£ Â£ Â£ Â£ Â£ Â£ Net assets 7,464,008 14,853,313 7,772,227 14,546,917 8,854,954 8,336,391 Number of shares in issue 11,259,333 17,396,263 11,259,333 16,910,386 11,375,533 9,145,990 ------ ------ ------ ------ ------ ------ Net asset value per share (pence) 66.29 p 85.38 p 69.03 p 86.02 p 77.84 p 91.15 p 9. Dividends Six months to 31 October 2009 Year to 30 April 2009 Six months to 31 October 2008 (unaudited) (audited) (unaudited) Â£ Â£ Â£ Ordinary Share Fund Dividends paid in period - nil (30 April 2009: 6 pence; 31 October 2008: 6 pence) - 689,460 689,460 C Share Fund Dividends paid in period - 1 pence per share (30 April 2009: 2.5 pence; 31 October 2008: 2.5 pence) 174,841 228,650 228,650 ------ ------ ------ Total 174,841 918,110 918,110 ====== ====== ====== 10. Summary of non current asset investments at fair value during the period Traded on Unquoted Preference Qualifying Total AiM or OFEX Ordinary Shares loans shares Â£ Â£ Â£ Â£ Â£ Cost at 1 May 2009 654,692 4,813,279 42,576 9,349,276 14,859,823 Unrealised (losses)/gains at 1 May 2009 (322,044) 393,852 (35,046) (2,749,681) (2,712,919) Permanent impairment at 1 May 2009 (250,000) (1,000,000) - - (1,250,000) ------ ------ ------ ------ ------ Value at 1 May 2009 82,648 4,207,131 7,530 6,599,595 10,896,904 Purchases at cost - - - - - Sale proceeds - - - (233,580) (233,580) Increase in unrealised (losses)/gains (12,939) 116,262 (1,000) (174,626) (72,303) Realised gains - - - 16,188 16,188 ------ ------ ------ ------ ------ Cost/valuation at 31 October 2009 69,709 4,323,393 6,530 6,207,577 10,607,209 ====== ====== ====== ====== ====== Book cost at 31 October 2009 654,692 3,813,279 42,576 9,131,884 13,642,431 Unrealised (losses)/gains at 31 October 2009 (584,983) 510,114 (36,046) (2,924,307) (3,035,222) ------ ------ ------ ------ ------ Valuation at 31 October 2009 69,709 4,323,393 6,530 6,207,577 10,607,209 ====== ====== ====== ====== ====== Unrealised (losses)/gains at 1 May 2009 (322,044) 393,852 (35,046) (2,749,681) (2,712,919) Net movement in unrealised(depreciation)/ appreciation in the period (12,939) 116,262 (1,000) (174,626) (72,303) Permanent impairment at 31 October 2009 (250,000) (1,000,000) - - (1,250,000) Realisation of previously unrealised losses - 1,000,000 - - 1,000,000 ------ ------ ------ ------ ------ (Losses)/gains on investments at 31 October 2009 (584,983) 510,114 (36,046) (2,924,307) (3,035,222) ====== ====== ====== ====== ====== 11. Investments at fair value These comprise investments in five OEIC money market funds (four Dublin based and one London based), managed by Barclays Global Investors (two funds), Royal Bank of Scotland, Prime Rate Capital Management, Scottish Widows Investment Partnership and Blackrock. Â£11,664,255 (30 April 2009: Â£11,197,873; 31 October 2008: Â£4,655,274) of this sum is subject to same day access, while Â£905 (30 April 2009: Â£889; 31 October 2008: Â£39,086) is subject to two day access. 12. Capital and reserves for the period ended 31 October 2009 Called up Capital Share Capital Special Profit and Total share capital redemption premium reserve distributable Loss reserve reserve (unrealised) reserve Account Â£ Â£ Â£ Â£ Â£ Â£ Â£ At 1 May 2009 281,697 19,213 6,712,239 (2,712,919) 10,611,920 7,406,994 22,319,144 Issue of shares 5,737 - 524,306 - - - 530,043 Expenses of share offer - - (28,219) - - - (28,219) Shares bought back (878) 878 - - (50,241) - (50,241) Realisation of previously unrealised - - - - - - - losses Transfer of realised capital losses from Cancelled Share Premium account (see note below) - - - - (163,540) 163,540 - Dividends paid - - - - - (174,841) (174,841) Loss for the year - - - (72,303) - (206,262) (278,565) ------ ------ ------ ------ ------ ------ ------ At 31 October 2009 286,556 20,091 7,208,326 (2,785,222) 10,398,139 7,189,431 22,317,321 ====== ====== ====== ====== ====== ====== ====== The cancelled share premium accounts for the Ordinary Share Fund and the C Share Fund raised in 2006 provide the Company with a special reserve out of which it can fund buy-backs of each Fund's Shares as and when it is considered by the Board to be in the interests of the Shareholders, and to absorb any existing and future realised losses. Under Resolution 7 of the Annual General Meeting held on 10 September 2009, each class of Shareholders authorised the Company to purchase its own shares pursuant to section 166 of the Companies Act 1985. The authority is limited to a maximum of 14.99 per cent of the issued Ordinary Share Capital of the Company or, as the case maybe, 14.99% of the C Share capital, and will unless previously revoked or renewed expire on the conclusion of the Annual General Meeting of the Company to be held in 2010. The maximum price that may be paid for Ordinary Shares and C Shares will be an amount equal to 105 per cent of the average of the middle market quotation as taken from the London Stock Exchange daily official list for the five business days immediately preceding the day on which that Ordinary Share or, as the case maybe, C Share, is purchased. The minimum price that may be paid for Ordinary Shares and C Shares is 1 penny per share. The authority provides that the Company may make a contract to purchase Ordinary Shares or, as the case maybe, C Shares under the authority conferred by this resolution prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make a purchase of Ordinary Shares or C Shares pursuant to such contract. 13. Related party transactions Kenneth Vere Nicoll is a director and shareholder of Matrix Group Limited, which owns Matrix-Securities Limited, MPE Partners Limited and has a 51% interest in Prime Rate Capital Management LLP. MPE Partners Limited has a 50% interest in Matrix Private Equity Partners LLP, the Company's Investment Manager. He is also a director of Matrix-Securities Limited who act as promoter to the Company but received no fees for any of the periods under review, and provided accountancy and company secretarial services to the Company for which it received payment of Â£60,695 (year ended 30 April 2009: Â£95,318; six months ended 31 October 2008: Â£46,180). Â£Nil (30 April 2009: Â£Nil; 31 October 2008: Â£ Nil) was payable to Matrix-Securities Limited at the period-end. Matrix Private Equity Partners LLP is the Company's Investment Manager in respect of venture capital investments and earned fees of Â£231,250 (year ended 30 April 2009: Â£ 372,154; six months ended 31 October 2008: Â£137,347), for the period. The Company has invested Â£2,827,853 in a liquidity fund managed by Prime Rate Capital Management LLP, and earned income of Â£11,325 from this fund in the period. Details of co-investments by other Funds managed by MPEP can be found in the Investment Portfolio Summary. 14 The financial information set out in this half-yearly financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The information for the year ended 30 April 2009 has been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies. The auditors have reported on these financial statements and that report was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. 15. Copies of this statement are being sent to all Shareholders. Further copies are available free of charge from the Company's registered office, One Vine Street, London, W1J 0AH or downloaded via the Company's website at www.mig2vct.co.uk. SHAREHOLDER INFORMATION Shareholders wishing to follow the Company's progress can visit the Company's website at www.mig2vct.co.uk which contains publicly available information or links to information about our largest investments, the latest NAV and the share price. The London Stock Exchange's website at www.londonstockexchange.com /en-gb/pricesnews provides up to the minute details of the share price and latest NAV announcements, etc. A number of commentators such as Allenbridge at www.taxshelterreport.co.uk provide comparative performance figures for the VCT sector as a whole. The share price is also quoted in the Financial Times. The Company circulates a bi-annual newsletter to Shareholders in the quarters in which it does not publish annual or half-yearly accounts. The next edition will be distributed in March 2010. Net asset value per share The Company's NAV per share as at 31 October 2009 was 66.29 pence per Ordinary Share and 85.38 pence per C Share. The Company announces its unaudited NAV on a quarterly basis. Dividend The Board is not recommending the payment of an interim dividend in respect of the six months ended 31 October 2009 to either Ordinary Shareholders or C Shareholders. The Directors will consider the payment of final dividends in respect of the year-ending 30 April 2010 when they review the full year results. Shareholders who wish to have future dividends paid directly into their bank account rather than sent by cheque to their registered address can complete a mandate for this purpose. Mandates can be obtained by contacting the Company's Registrars, Capita Registrars at the address below. Shareholder enquiries: For enquiries concerning the investment portfolio, please contact the Investment Manager, Matrix Private Equity Partners LLP, on 020 3206 7266 or by e-mail to info@matrixpep.co.uk. For information on your holding, to notify the Company of a change of address or to request a dividend mandate form (should you wish to have future dividends paid directly into your bank account) please contact the Company's Registrars, Capita Registrars, on 0871 664 0300, (calls cost 10p per minute plus network extras, lines are open 8.30 am - 5.30 pm Mon-Fri. If calling from overseas please dial +44 208 639 3399) or write to them at Northern House, Woodsome Park, Fennay Bridge, Huddersfield, West Yorkshire, HD8 0LA. Alternatively you can contact them via their web site at www.capitaregistrars.com. CORPORATE INFORMATION Directors Nigel Melville (Chairman) Adam Kingdon Sally Duckworth Kenneth Vere Nicoll Company's registered office and head office One Vine Street London W1J 0AH Company Registration Number 3946235 Website www.mig2vct.co.uk Secretary Investment Manager Promoter and Company Accountants Matrix-Securities Matrix Private Equity Matrix-Securities Limited Limited Partners LLP One Vine Street One Vine Street One Vine Street London London London W1J 0AH W1J 0AH W1J 0AH e-mail: e-mail: mig2@matrixgroup.co.uk info@matrixpep.co.uk Auditors and Tax VCT Tax Adviser Solicitors Advisers PricewaterhouseCoopers Martineau PKF (UK) LLP LLP No 1 Colmore Square Farringdon Place 1 Embankment Place Birmingham 20 Farringdon Road London B4 6AA London WC2N 6RN EC1M 3AP Also at 35 New Bridge Street London EC4V 6BW Bankers Stockbrokers Registrar Barclays Bank plc Matrix Corporate Capita Registrars PO Box 544 Capital LLP Northern House 54 Lombard Street One Vine Street Woodsome Park London London Fennay Bridge EC3V 9EX W1J 0AH Huddersfield West Yorkshire HD8 0LA

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