Half Yearly Report

RNS Number : 6796N
Baronsmead VCT 2 PLC
19 May 2015
 



Baronsmead VCT 2 plc

Half-Yearly Financial Report

31 March 2015

 

The Directors announce the unaudited half-yearly financial report for the six months to 31 March 2015 as follows:-

 

Copies of the half-yearly report can be obtained from the following website: www.baronsmeadvct2.co.uk.

 

Our Investment Objective

 

Baronsmead VCT 2 is a tax efficient listed company which aims to achieve long-term investment returns for private investors, including tax free dividends.

 

Investment Policy

 

·      To invest primarily in a diverse portfolio of UK growth businesses, whether unquoted or traded on AIM.

·      Investments are made selectively across a range of sectors in companies that have the potential to grow and enhance their value.

 

Dividend Policy

 

The Board of Baronsmead VCT 2 aims to sustain a minimum annual dividend level at an average of 6.5p per ordinary share, mindful of the need to maintain net asset value. The ability to meet these twin objectives depends significantly on the level and timing of profitable realisations and cannot be guaranteed. There will be variations in the amount of dividends paid year on year.

 

Shareholder choice

 

The Board wishes to provide shareholders with a number of choices that enable them to utilise their investment in Baronsmead VCT 2 in ways that best suit their personal investment and tax planning requirements and in a way that treats all shareholders equally.

 

·      Fund raising | From time to time the Company seeks to raise additional funds by issuing new shares at a premium to the latest published net asset value to account for issue costs. This enables shareholders seeking additional investments to do so with taxation relief.

 

·      Dividend Reinvestment Plan >

 

·      Buy back of shares | From time to time the Company buys its own shares through the market in accordance with its share price discount policy. Subject to certain conditions, the Company seeks to maintain a mid market share price discount of approximately 5 per cent to net asset value. In the six months to 31 March 2015, 1,115,000 shares were bought back representing 1.3 per cent of the shares in issue at 31 March 2015 at prices which represented an average of 5.1 per cent discount to the latest published net asset values at the time the shares were bought back. By providing support to market pricing, this helps those shareholders who need to realise their investment.

 

·      Secondary market | The Company's shares are listed on the London Stock Exchange and can be bought or sold by shareholders using a stockbro ker or authorised share dealing service in the same way as shares of any other listed company. Approximately 160,000 shares were bought by investors in the Company's existing shares in the six months to 31 March 2015.

 

Financial Headlines

 

·      + 1.6% - Net asset value ("NAV") per share increased 1.6 per cent to 100.24p in the six months to 31 March 2015.

 

·      324.0p - NAV total return to shareholders for every 100.0p invested at launch in April 1998.

 

·      2.5p - Interim dividend of 2.5p for the six month period to 31 March 2015 to be paid on 19 June 2015.

 

·      £5.2m - £3.9m unquoted investments and £1.3m quoted investments made in the six months to 31 March 2015.

 

Cash Returned to Shareholders

 

The table below shows the cash returned to shareholders dependent on their subscription cost, including the income tax available to be reclaimed on the subscription.

 

Year subscribed

Cash invested (p)

Income tax reclaim

(p)

Cumulative dividends (p)*

Return on cash invested

%

1998 (April) - Ordinary

100.00

20.00

117.90

137.9

1999 (May) - Ordinary

102.00

20.40

114.40

132.2

2000 (February) - Ordinary

137.00

27.40

111.20

101.2

2000 (March) - Ordinary

130.00

26.00

111.20

105.5

2004 (October) - C**

100.00

40.00

68.40

108.4

2009 (April)

91.60

27.48

50.00

84.6

2012 (December)

111.80

33.54

24.50

51.9

2014 (March)

103.80

31.14

7.00

36.7

 

* Includes 2.5p interim tax free dividend payable 19 June.

** share dividend calculated using conversion ratio of 0.9657, which is the rate the C shares were converted into ordinary shares.

 

 

Chairman's Statement 

 

The six months to 31 March 2015 was an active period of investment. After the significant divestments of some of our older investments in recent years, the portfolio continues to be refreshed. We made four new unquoted and four new quoted investments in the period. An acceptable growth of 1.6 per cent in the value of the fund was achieved, despite the need to make a significant provision against one unquoted investment (Impetus Holdings ("Impetus")).  The Board has declared an interim dividend of 2.5p per share.

 


pence per Ordinary
share

NAV as at 1 October 2014

98.62

Increase in the value of the fund
(1.6 per cent)

1.62

NAV as at 31 March 2015 before dividend

100.24

Interim dividend payable on 19 June 2015 to shareholders on the register on 29 May 2015

(2.50)‌‌

NAV as at 31 March 2015 after accounting for interim dividend

97.74

 

The increase in NAV of 1.6 per cent was the result of steady progress in our more mature investments (delivering an increase in the unquoted portfolio valuation of 6.6 per cent) offset principally by the reduction in value of Impetus. The value of the quoted portfolio (comprising AIM-traded and other listed investments as well as Wood Street Microcap Investment Fund) decreased by 0.3 per cent.

 

Portfolio Review

 

At 31 March 2015, the portfolio comprised 67 companies: 21 unquoted and 46 quoted. In addition, the Company's investment in Wood Street Microcap provides investment exposure to a further 39 AIM-traded and fully listed companies.

 

The net assets of £83.4 million were invested as follows:

·      Unquoted companies 30 per cent

·      AIM-traded 34 per cent

·      Wood Street Microcap Investment Fund 9 per cent

·      Other net assets, primarily cash and fixed interest instruments 27 per cent

 

Over the past two years, realisations of unquoted investments and the increase in the value of quoted investments have had a significant impact on the Company's asset mix. The proportion of the Company's assets in unquoted investments is considered to be at a cyclical low. It is expected that this will rise over the medium term as growth in the value of the newer unquoted investments occurs. Over 70 per cent, by value, of the Company's new and follow on investments over this two year period were in unquoted companies.

 

Investment and Divestment Activity

 

This has been a busy six months for investment activity.  The Company invested £4.4m in four new unquoted and four new quoted companies.  Smaller follow-on investments in one unquoted company and three quoted companies totalled £0.8m.

 

A total of £7.7m was realised from the full and partial sale of investments and loan note redemptions.

·      The sale of the Company's investment Luxury for Less generated a return 2.0 times its original cost within a relatively short investment period of 20 months.

·      The Company's largest investment at the beginning of the period, Nexus Vehicle Holdings, was de-risked as a result of the redemption of loan notes which provided a return of approximately 1.4 times cost. The Company has, though, retained its equity stake which is currently valued at approximately 12 times cost.  

 

Against these successes some losses were realised on other investments: notably Playforce Holdings ("Playforce"), Surgi C and Impetus. While it was disappointing to have three poor realisations in the period, it is in the nature of private equity investment that some investments will fail to achieve their full potential. However, the impact of these realisations on the NAV at 31 March 2015 was limited as the Board had made provisions against the value of Playforce and Surgi C in earlier periods.

 

More positively, the Investment Manager has continued to consolidate the gains achieved in the quoted portfolio with partial realisations from a number of quoted companies realising a return of approximately 2.1 times the cost of those investments.

 

Full details about the investments and divestments during the period are set out in the tables below.

 

Long Term Performance

 

Baronsmead VCT 2 has been investing funds for shareholders since 1998 and, despite the inherent risk of investing in small companies, the trust has delivered consistently good returns for investors. While VCT tax reliefs do not change the underlying risks associated with investing in smaller companies, the upfront tax relief and the payment of tax free dividends helps to lessen the amount of shareholders original investment cost which remains "at risk".

 

As shown in the table above those shareholders who subscribed for shares in any of the Company's various fundraisings between April 1998 and October 2004 had their entire investment returned in dividends and reliefs. For instance, since investing 100p in 1998, founder shareholders have received cash payments totalling 137.9p (being 20p VCT income tax relief and 117.9p in dividends) and they still have an investment in the trust with a NAV of 97.74p per share (after accounting for the interim dividend).

 

While this analysis does not take account of the on-going value of the tax free nature of VCT dividends, it serves as a useful indicator of investment performance over the long term and the cumulative cash that has been returned to shareholders.

 

The ten year record of performance and the full record is set out on our website, www.baronsmeadvct2.co.uk.

 

VCT legislation

 

In the March 2015 Budget, the Chancellor announced changes that are designed to ensure that VCTs continue to be approved by the European Union and remain effective in giving small and growing businesses access to finance. The UK government has proposed introducing new criteria regarding the age of companies that will be eligible as qualifying investments for the purposes of tax advantaged venture capital schemes (EIS, SEIS and VCTs) as well as a lifetime cap on the total amount of state aided investment that a company may receive. The Manager believes that, if these proposals gain EU State aid approval and come into law, it will still be possible to continue sourcing suitable VCT qualifying investments in the future.

 

Outlook

 

The improvement in the UK economy now appears to be more firmly established. However, the economy does not operate in isolation and the external environment remains uncertain with concerns over the on-going issues related to Greece and the Euro, slowing growth in China and continued political instability in various regions. It is to be hoped that, at least in the UK, the clear election result will ensure that opportunities are enhanced for the entrepreneurial growth companies in which we seek to invest.

 

The unquoted portfolio now contains a significant number of newer investments made following recent sales. As a result, growth in the value of the unquoted portfolio is likely to be more modest until these investments mature, although some increase in value has begun to take place. The development of the new investments and the Company's portfolio diversity and asset mix should help to deliver consistent returns.

 

 

Clive Parritt

Chairman
19 May 2015

 Table of Investments and Realisations

Investments in the period

 

 

* Technology, Media & Telecommunications ("TMT").

# During the period, the EG Solutions plc Loan note and capitalised interest was converted into Ordinary Shares.

^ Fulcrum Utility Services Ltd and Paragon Entertainment Ltd shares were received in exchange for Marwyn Value Investor Ltd shares following a scheme of arrangement.

 

Realisations in the period

 

Company

Location

Sector

Activity

Unquoted investments

New

Kirona Ltd

Cheshire

TMT*

Provider of Field Force Automation software and services

955

Centre4 Testing Ltd

Sussex

Business Services

Provider of software testing services, primarily through use of contractors

954

IP Solutions Ltd

London

TMT*

Unified communications ('UC') provider

954

Upper Street Events Ltd

London

Consumer Markets

Consumer events owner and operator

953

Follow on





Happy Days Consultancy Ltd

Cornwall

Healthcare & Education

Provider of nursery based childcare in the South West of England

39

Total unquoted investments

3,855

AIM-traded investments

New

Venn Life Sciences Holdings plc

London

Healthcare & Education

Clinical Research organisation providing consulting and clinical trial services

225

Plant Impact plc

Hertfordshire

Business Services

Crop enhancing products

189

Castleton Technology plc

Cambridgeshire

TMT*

Public sector IT managed services and software

68

Gresham House plc

London

TMT*

Investment Trust vehicle

56

Follow on





Ideagen plc

Derbyshire

TMT*

Compliance software solutions

450

EG Solutions plc#

Staffordshire

TMT*

Back office optimisation software

228

Plastics Capital plc

London

Business Services

Specialist plastic products buy and build

132

Total AIM-traded investments

1,348^

Total investments in the period

5,203

Company


Unquoted realisations

Nexus Vehicle Holdings Ltd

Loan repayment

Feb 08

2,131

3,082

1.4

Luxury For Less Ltd

Full trade sale

Jul 13

955

1,787

2.0

Playforce Holdings Ltd

Full trade sale

Jan 08

1,196

380

0.5

Surgi C Ltd

Full trade sale

Apr 10

1,102

325

0.3

Eque2 Ltd

Loan repayment

Apr 13

111

124

1.1

Kingsbridge Ltd

Loan repayment

Jan 14

53

96

1.8

Impetus Holdings Ltd

Full trade sale

Apr 12

1,305

0

0.0

Total unquoted realisations



6,853

5,794


AIM-traded realisations

Jelf Group plc

Market sale

Oct 04

210

737

3.5

GB Group plc

Full market sale

Nov 11

108

384

3.6

Cohort plc

Full market sale

Oct 07

179

285

1.7

RTC Group plc

Full market sale

Jun 98

355

258

0.8

Anpario plc

Market sale

Nov 06

54

235

4.3

Total AIM-traded realisations



906^

1,899


Total realisations in the period



7,759

7,693†


‡ Proceeds at time of realisation including redemption premium and interest.

* Includes interest/dividends received, loan note redemptions and partial realisations accounted for in prior periods.

^ Fulcrum Utility Services Ltd and Paragon Entertainment Ltd shares were received in exchange for Marwyn Value Investor Ltd shares following a scheme of arrangement.

† Deferred consideration of £195,000 was also received in respect of MLS Ltd.

 



Summary Investment Portfolio

 

Investment Diversification at 31 March 2015

 

 

Sector by value

 

Percentage



Business Services

39%

Consumer Markets

15%

Healthcare & Education

11%

Technology, Media & Telecommunications ("TMT")

35%

 

 

Total Assets by value

 

Percentage



Unquoted - loan notes

21%

Unquoted - equity

9%

AIM & collective investment vehicle

43%

Interest bearing securities

12%

Net current assets

15%

 

 

Time Investments Held by value

 

Percentage



Less than 1 year

11%

Between 1 and 3 years

28%

Between 3 and 5 years

22%

Greater than 5 years

39%

 

 

Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report

 

We confirm that to the best of our knowledge:

 

·      the condensed set of financial statements has been prepared in accordance with the Statement 'Half-Yearly Financial Reports' issued by the UK Accounting Standards Board;

 

·      the Chairman's Statement (constituting the interim management report) includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, 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;

 

·      the Statement of Principal Risks and Uncertainties below  is a fair review of the information required by DTR 4.2.7R being a description of the principal risks and uncertainties for the remaining six months of the year; and

 

·      the financial statements include a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last annual report that could do so.

 

On behalf of the Board,

Clive Parritt

Chairman

19 May 2015



Unaudited Income Statement

 For the six months to 31 March 2015

 


Six months to
31 March 2015

Six months to
31 March 2014

Year to
30 September 2014*


Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000


Capital

£'000


Total

£'000


Revenue

£'000


Capital

£'000


Total

£'000

 

 

 

 

 

 

 

 

    

 

 

 

 

 

   

Unrealised gains on movements in fair value of investments

-

629

629

-


8,383


8,383


-


7,898


7,898

Realised (losses)/gains on disposal of investments

-

(85)‌‌‌‌

(85)‌‌‌‌

-


(963)‌‌‌‌


(963)‌‌‌‌


-


639


639

Income

1,745

-

1,745

1,527


-


1,527


2,100


-


2,100

Investment management fee

(191)‌‌‌‌

(573)‌‌‌‌

(764)‌‌‌‌

(185)‌‌‌‌


(1,198)‌‌‌‌


(1,383)‌‌‌‌


(382)‌‌‌‌‌‌‌


(1,701)‌‌‌‌‌‌‌


(2,083)‌‌‌‌‌‌‌

Other expenses

(238)‌‌‌‌

-

(238)‌‌‌‌

(242)‌‌‌‌


-


(242)‌‌‌‌


(464)‌‌‌‌‌‌‌


-


(464)‌‌‌‌‌‌‌

 

 

 

 

 

 

 

 

    

 

 

 

 

 

   

Profit/(loss) on ordinary activities before taxation

1,316

(29)‌‌‌‌

1,287

1,100


6,222


7,322


1,254


6,836


8,090

Taxation on ordinary activities

(203)‌‌‌‌

203

-

(177)‌‌‌‌


177


-


(164)‌‌‌‌‌‌‌


164


-

 

 

 

 

 

 

 

 

    

 

 

 

 

 

   

Profit on ordinary activities
after taxation

1,113

174

1,287

923


6,399


7,322


1,090


7,000


8,090

 

 

 

 

 

 

 

 

    

 

 

 

 

 

   

Return per ordinary share:















Basic

1.32p

0.21p

1.53p

1.21

p

8.40

p

9.61

p

1.35

p

8.71

p

10.06p

 

 

 

 

 

 

 

 

    

 

 

 

 

 

   

 

* Figures as at 30 September 2014 are audited.

 

 

 

Unaudited Reconciliation of Movements in Shareholders' Funds

 

For the six months to 31 March 2015

 


Six
months to
31 March 2015

£'000

Six
months to
31 March
2014

£'000

Year to
30 September  2014*

£'000

 

 

 

 

Opening shareholders' funds

83,139

75,789

75,789

Profit on ordinary activities after taxation

1,287

7,322

8,090

Costs of buybacks & net proceeds of share issues

(1,038)‌‌‌‌

9,409

9,078

Dividends paid

-

(6,017)‌‌‌‌

(9,818)‌‌‌‌‌‌‌

 

 

 

 

Closing shareholders' funds

83,388

86,503

83,139

 

 

 

 

 

* Figures as at 30 September 2014 are audited.

 

 

Notes

1.    The unaudited interim results which cover the six months to 31 March 2015 have been prepared in accordance with applicable accounting standards and adopted the accounting policies set out in the statutory accounts of the Company for the year to 30 September 2014.

 

2.    Return per share is based on a weighted average of 83,909,220 ordinary shares in issue (30 September 2014 - 80,388,884 ordinary shares; 31 March 2014 - 76,201,217 ordinary shares).

 

3.    Earnings for the first six months should not be taken as a guide to the results of the financial year to 30 September 2015.

 

4.    During the period the Company has purchased 1,115,000 shares to be held in treasury. At 31 March 2015 the Company holds 11,783,819 ordinary shares in treasury. These shares may be re-issued below Net Asset Value as long as the discount at issue is narrower than the average discount at which the shares were bought back.

 

5.    Excluding treasury shares, there were 83,188,313 ordinary shares in circulation at 31 March 2015 (30 September 2014 - 84,303,313 ordinary shares; 31 March 2014 - 84,648,313 ordinary shares).

 

6.    The interim dividend of 2.5p per share (1.2p capital, 1.3p revenue) will be paid on 19 June 2015 to shareholders on the register on 29 May 2015. The ex-dividend date is 28 May 2015.

 

7.    The financial information contained in this half-yearly report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The information for the year to 30 September 2014 has been extracted from the latest published audited financial statements. The audited financial statements for the year to 30 September 2014, which were unqualified, have been filed with the Registrar of Companies. No statutory accounts in respect of any period after 30 September 2014 have been reported on by the Company's auditors or delivered to the Registrar of Companies.

 

8.    Copies of the half-yearly report have been made available to shareholders and are also available from the Registered Office of the Company at 100 Wood Street, London EC2V 7AN.

 



Unaudited Balance Sheet

 

As at 31 March 2015

 


 

As at

31 March

2015

£'000

As at
 31 March 2014

£'000

As at
30 September 2014

£'000

*

 

 

 

 


Fixed assets





Unquoted investments

24,785

26,363

24,988


Traded on AIM

28,346

30,928

28,835


Traded on ISDX

-

511

485


Listed on LSE

-

2,454

24


Collective investment vehicle

7,930

7,883

7,608


Listed interest bearing securities

9,995

-

10,996


 

 

 


Investments

71,056

68,139

72,936







Current assets





Debtors

3,029

3,580

1,320


Cash at bank and on deposit

10,073

16,101

10,139


 

 

 

 



13,102

19,681

11,459







Creditors (amounts falling due within one year)

(770)‌‌‌‌

(1,317)‌‌‌‌

(1,256)‌‌‌‌‌‌‌


 

 

 

 


Net current assets

12,332

18,364

10,203


 

 

 

 


Net assets

83,388

86,503

83,139


 

 

 

 


Capital and reserves





Called-up share capital

9,497

9,497

9,497


Share premium

16,550

16,545

16,545


Capital reserve

37,784

41,591

40,330


Revaluation reserve

18,174

18,598

16,497


Revenue reserve

1,383

272

270


 

 

 

 


Equity shareholders' funds

83,388

86,503

83,139


 

 

 

 


 

* Figures as at 30 September 2014 are audited.



 


 

As at

31 March

2015

£'000


As at
 31 March 2014

£'000


As at
30 September 2014

£'000

*

 

 

 

 

 

 


Net asset value per share

100.24

p

102.19

p

98.62

p

Number of ordinary shares in circulation

83,188,313


84,648,313


84,303,313


 

 

 

 

 

 


Treasury net asset value per share

99.50

p

101.49

p

98.02

p

Number of ordinary shares in circulation

83,188,313


84,648,313


84,303,313


Number of ordinary shares held in treasury

11,783,819


10,323,819


10,668,819


Number of listed ordinary shares in issue

94,972,132


94,972,132


94,972,132


 

 

 

 

 

 


 

* Figures as at 30 September 2014 are audited.

 

Unaudited Cash Flow Statement

 

For the six months to 31 March 2015

 


Six
months to
31 March 2015

£'000

Six
months to
31 March
2014

£'000

Year

to
30 September 2014*

£'000

 

 

 

 

Net cash inflow/(outflow) from operating activities

250

(404)‌‌‌‌

(482)‌‌‌‌‌‌‌

Net cash inflow from financial investment

878

10,046

8,327

Equity dividends paid

-

(6,017)‌‌‌‌

(9,818)‌‌‌‌‌‌‌

 

 

 

 

Net cash inflow/(outflow) before financing

1,128

3,625

(1,973)‌‌‌‌‌‌‌

Net cash outflow/(inflow) from financing

(1,194)‌‌‌‌

9,601

9,237

 

 

 

 

(Decrease)/increase in cash

(66)‌‌‌‌

13,226

7,264

 

 

 

 

Reconciliation of net cash flow to movement in net cash




(Decrease)/increase in cash

(66)‌‌‌‌

13,226

7,264

Opening cash position

10,139

2,875

2,875

 

 

 

 

Closing cash at bank and on deposit

10,073

16,101

10,139

 

 

 

 

Reconciliation of profit on ordinary activities before taxation to net cash inflow/(outflow) from operating activities




Profit on ordinary activities before taxation

1,287

7,322

8,090

Gains on investments

(544)‌‌‌‌

(7,420)‌‌‌‌

(8,537)‌‌‌‌‌‌‌

Changes in working capital and other non-cash items

(493)‌‌‌‌

(306)‌‌‌‌

(35)‌‌‌‌‌‌‌

 

 

 

 

Net cash inflow/(outflow) from operating activities

250

(404)‌‌‌‌

(482)‌‌‌‌‌‌‌

 

 

 

 

 

* Figures as at 30 September 2014 are audited.

 

Principal Risks and Uncertainties

 

The Company's assets consist of equity and fixed interest investments, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include investment performance, regulatory and compliance, legislative, loss of approval as a Venture Capital Trust, economic, political and other external factors and operational risks. These risks, and the way in which they are managed, are described in more detail in the Risk Matrix within the Strategic Report section in the Company's Annual Report and Accounts for the year to 30 September 2014. The Company's principal risks and uncertainties have not changed materially since the date of that report.

 

Related Parties

 

Livingbridge VC LLP ('the Manager') manages the investments of the Company. The Manager also provides or procures the provision of secretarial, administrative and custodian services to the Company. Under the management agreement, the Manager receives a fee of 2.0 per cent per annum of the net assets of the Company. This is described in more detail under the heading The Investment Management Agreement within the Strategic Report in the Company's Annual Report and Accounts for the year to 30 September 2014. During the period the Company has incurred management fees of £764,000 and secretarial fees of £63,000 payable to the Manager. No performance fee has been accrued at 31 March 2015.

 

Going Concern

 

After making enquires, and bearing in mind the nature of the Company's business and assets, the Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this conclusion the Directors have considered the liquidity of the Company and its ability to meet obligations as they fall due for a period of at least twelve months from the date that these financial statements were approved. As at 31 March 2015 the Company held cash and readily realisable securities totalling £20,068,000. Cash flow projections have been reviewed and show that the Company has sufficient funds to meet both its contracted expenditure and its discretionary cash outflows in the form of the share buyback programme and dividend policy. The Company has no external loan finance in place and therefore is not exposed to any gearing covenants.

 

Corporate Information

 

Directors

Clive Anthony Parritt (Chairman)

Gillian Nott OBE†

Howard Goldring*

Christina McComb

 

Secretary

Livingbridge VC LLP

 

Registered Office

100 Wood Street

London EC2V 7AN

 

Investment Manager

Livingbridge VC LLP

100 Wood Street

London EC2V 7AN

020 7506 5717

 

Registered Number

03504214

 

Registrars and Transfer Office

Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol BS99 6ZZ

Tel: 0800 923 1532

 

Brokers

Panmure Gordon & Co

One New Change

London EC4M 9AF

Tel: 020 7886 2500

 

Auditor

KPMG LLP

Saltire Court

20 Castle Terrace

Edinburgh EH1 2EG

 

Solicitors

Dickson Minto W.S.

Broadgate Tower

20 Primrose Street

London EC2A 2EW

 

VCT Status Adviser

RobertsonHare LLP
4-6 Staple Inn
Holborn
London WC1V 7QH

 

Website

www.baronsmeadvct2.co.uk

 

 

 

† Chairman of Management Engagement and Remuneration Committee,

  Chairman of the Nomination Committee and Senior Independent Director

* Chairman of the Audit Committee

 

 

National Storage Mechanism

 

A copy of the Half-Yearly Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at: www.hemscott.com/nsm.do.

 

 

END

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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