Half-yearly report

Hargreave Hale AIM VCT 1 Plc Unaudited Interim Results for the six month period ending 31 March 2011 Chairman's Statement Introduction In the first half of the financial year the NAV rose from 62.67p to 67.60p, a rise of 11.1% taking into account the 2p dividend distribution in February 2011.  During the same period the FTSE AIM All Share Index rose by 15.2%, which whilst the only sensible benchmark, is not wholly comparable as it is has a high proportion of large mining and commodities stocks in which a VCT cannot invest. Results At 31 March 2011 the NAV was 67.60 pence which after adjusting for the dividends paid gives a total return of 88.60 pence. The gain per ordinary share for the six month period was 6.74 pence per share (comprising revenue losses of 0.16 pence and capital gains of 6.90 pence). Investments The Investment Manager, Hargreave Hale Limited, invested a further £1.37 million in 9 qualifying companies during the period and 2 companies were taken over resulting in cash offers realising a net loss of £51,429. The Fair Value of qualifying investments at 31 March 2011 was £11.9 million invested in 43 AIM companies and 4 unquoted companies (Mexican Grill Ltd, IS E&P Ltd, IS NV Ltd and TMO Renewables Ltd), the balance was held in non-qualifying AIM stocks and Gilts. Dividend A final dividend for the year ended 30 September 2010 of 2 pence was paid on 14 February 2011. An interim dividend of 2 pence will be paid on 14 July 2011, to ordinary shareholders on the register on 14 June 2011. A final dividend will be considered at the year end. Buybacks We are able to maintain our policy of offering our shareholders an efficient exit route through the buyback scheme.  In total, 716,175 Shares were purchased during the period at an average price of 61.2 pence per share. Joint Offer for Subscription of Ordinary Shares The Offer closed on 8 March 2011 and since commencement on 20 March 2010, the Offer resulted in funds being received of £1.47 million and 2.16 million shares were issued in respect of Hargreave Hale AIM VCT 1 plc. New Joint Offer for Subscription of Ordinary Shares On the 9 March 2011 a new joint offer for subscription of Ordinary Shares was opened to raise approximately £2.65 million, in aggregate, in New Ordinary Shares for Hargreave Hale AIM VCT 1 plc and Hargreave Hale AIM VCT 2 plc. To date the Offer has resulted in funds being received of £372,000 and 456,700 shares have been issued for Hargreave Hale AIM VCT 1 plc with £52,000 of the funds received to be allotted. The offer will close on the earlier of 29 July 2011 or the date on which the maximum is reached. Outlook The economy in general made an early recovery in 2010, but the question is can this upturn be sustained in 2011,. The VAT rise in January 2011 and the significant public spending cuts being introduced from April 2011 could potentially lead to a double dip recession. I am hopeful that we will see continued recovery but there is little doubt that we live in uncertain economic times. If the market suffers a reversal we will see share prices go lower. As a VCT has to maintain 70 per cent. of its assets in qualifying companies the manager would have little scope to sell assets in such circumstances. However, whilst we may see a short term drop in Net Asset Value, I believe that your portfolio is largely comprised of robust companies with competent management and good growth plans and will be well placed to weather any such storm. Shareholder Communication The Company's daily share price can be found on various financial websites under the EPIC code 'HHV', or on our own dedicated website atwww.hargreave- hale.co.uk/VCT/aimvct. Sir Aubrey Brocklebank Bt Chairman Date: 31 May 2011 Investment Managers Report Market Commentary The stock markets have proven to be more resilient than many have feared. The bull trend remained intact in the first half of this financial year, despite a large spike in volatility in March. The Arab Spring, disaster in Japan, inflation fears, further European sovereign downgrades and persistent hikes in the oil prices all failed to register a larger impact on the positive equity market sentiment and, although there were two significant retracements within the period, the FTSE All-share rose by another 7.0% and FTSE AIM All-Share gained a further 15.2%. Economic surveys have generally been positive, particularly in core Europe, the US and EM.  Sadly, the same cannot be said of the UK, which continues to struggle in the face of fiscal retrenchment, high levels of inflation and falling disposable incomes. Investment Report In the first half of the financial year the NAV rose from 62.67p to 67.60p, a rise of 11.1% taking into account the 2p dividend distribution in February 2011. We have seen substantial increased levels of qualifying issuance and have continued to make selective investments in qualifying companies.  We added positions in Corac (direct drive turbo machinery), Omega Diagnostics (medical diagnostics, follow up investment), IS E&P and IS NV (UK onshore E&P), IS Pharma (hospital medicines in critical care, neurology and oncology), Instem Life (software application for life sciences R&D) and TMO (renewables). We lost two qualifying investments, Mount Engineering and Neutrahealth, to cash bids. Net realised and unrealised gains in the qualifying investments totalled £1.7m, equivalent to 6.51 pence per share. 22 out of the 47 investments increased in value. Intercede was by far the largest contributor to NAV appreciation (2.35p per share, £0.628m) as strong trading and positive updates resulted in a 100% increase in the share price. Animalcare (1.33p per share, £0.355m) was another significant driver of performance after the disposal of their agricultural business in October 2010 triggered a significant re-rating.  K3 also contributed a noteworthy 0.63p per share, £0.168m. There were no significant losses, realised or unrealised, in the period. Portfolio Structure The non-qualifying strategy has seen a small net realised and unrealised gain of £0.14m, or 0.53p per share.  This was a disappointing outcome and reflected some weak performance in Q2 following a respectable Q1.  The sum invested fell from £1.5m to £1.1m as we reduced exposure in Q2 in anticipation of weaker markets.  The weighting to non-qualifying equities fell from 9.2% to 6.0%, the effect slightly magnified by the dilution that arose from the share issuance. Fixed income exposure fell from £4.1m to £3.1m, from 25.0% to 17.1% of net assets as a result of some disposals.  The cash position increased from £1.1m to £2.0m, from 6.5% to 11.2%, as a result of new share issuance, the reduced allocation to non-qualifying equities and the disposal of some fixed income. Investment Test The total number of qualifying investment has grown from 42 to 47 and the fund finished the period at 85.4% invested, as measured by HMRC, 5.3% higher than it was at the year end. We have since made two subsequent qualifying investments in Microsaic (mass spectrometry) and Indeed (online property conveyancing service) whilst also completing the disposal of Rotala. Enfis acquired Photonstar via a reverse takeover. Hargreave Hale Limited Date: 31 May 2011 Income Statement for the six month period to 31 March 2011 (unaudited)   For the six month period to   31 March 2011 (unaudited)   Revenue Capital Total   £000 £000 £000 Realised gains on investments - 504 504 Unrealised gains on investments - 1,409 1,409 Income 144 - 144   ----------- ----------- -----------   144 1,913 2,057 Management fee (33) (100) (133) Other expenses (152)   (152)   ----------- ----------- -----------   (185) (100) (285)   ----------- ----------- ----------- Profit/(loss) before taxation (41) 1,813 1,772 Taxation - - -   ----------- ----------- ----------- Profit/(loss) after taxation (41) 1,813 1,772   ----------- ----------- ----------- Earnings/(loss) per share (Note 2)         (0.16)p 6.90p 6.74p The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. Income Statement for the six month period to 31 March 2010 (unaudited)   For the six month period to   31 March 2010 (unaudited)   Revenue Capital Total   £000 £000 £000 Realised gains on investments - (762) (762) Unrealised losses on investments - 811 811 Income 152 - 152   ----------- ----------- -----------   152 49 201 Management fee (18) (56) (74) Other expenses (176) - (176)   ----------- ----------- -----------   (194) (56) (250)   ----------- ----------- ----------- Profit/(loss) before taxation (42) (7) (49) Taxation - - -   ----------- ----------- ----------- Profit/(loss) after taxation (42) (7) (49)   ----------- ----------- ----------- Earnings/(loss) per share (Note 2)         (0.16)p (0.02)p (0.18)p The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. Balance sheet as at 31 March 2011 (unaudited)   31 March 31 March   2011 2010   (unaudited) (unaudited)   £000 £000 Fixed assets Investments 16,085 15,629   ----------- ----------- Current assets Prepayments and accrued income 44 58 Cash at bank and on deposit 2,029 1,079   ----------- -----------   2,073 1,137 Creditors: amounts falling due within one year Accruals and deferred income (140) (193)   ----------- ----------- Net current assets 1,933 944   ----------- ----------- Net assets 18,018 16,573   ----------- ----------- Capital and Reserves Share capital redemption reserve 769 756 Called up share capital 294 286 Capital reserve - realised (3,233) (3,689) Capital reserve - unrealised (903) (2,322) Special reserve 19,486 21,291 Share Premium 1,461 126 Revenue reserve 144 125   ----------- ----------- Equity shareholders' funds 18,018 16,573   ----------- ----------- Net asset value per share (Note 4) 67.60p 64.06p Cash flow statement for the six month period to 31 March 2011 (unaudited)   2011 2010   £000 £000 Profit on ordinary activities before taxation 1,772 (49) Realised (gains)/losses on investments (504) 762 Unrealised (profit) on investments (1,409) (811) Decrease in debtors 50 37 (Decrease)/Increase in creditors (20) 66   ----------- ----------- Net cash (outflow)/inflow from operating activities (111) 5 Financial investment: Purchase of investments (3,080) (2,274) Sale of investments 4,438 2,770   ----------- ----------- Net financial investment 1,358 496 Dividends paid (526) 0   ----------- ----------- Cash inflow before management of liquid resources 721 501   ----------- ----------- Financing Purchase of shares for cancellation     (439) (610) Net Proceeds from issue of share capital 659 128   ----------- ----------- Net financing             220 (482)   ----------- ----------- Increase in cash 941 19   ----------- ----------- Reconciliation of movements in shareholders' funds for the six month period to 31 March 2011 (unaudited)   Share Capital Capital Capital Special Share Revenue   Capital Redemption Reserve Reserve Reserve Premium Reserve Total     Reserve Realised Unrealised   £000 £000 £000 £000 £000 £000 £000 £000 At beginning 291 762 (3,637) (2,312) 20,451 812 185 16,552 of period Realised - - 504 - - - - 504 gains on investments Unrealised - - - 1,409 - - - 1,409 profit on investments Management - - (100) - - - - (100) fee charged to capital Equity - - - - (526) - - (526) dividends paid Shares (7) 7 - - (439) - - (439) repurchased for cancellation Profit after - - - - - - (41) (41) taxation for the period Subscription 10 - - -   649 - 659   ---------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- At end of 294 769 (3,233) (903) 19,486 1,461 144 18,018 period   ---------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- Reconciliation of movements in shareholders' funds for the six month period to 31 March 2010 (unaudited)   Share Capital Capital Capital Special Share Revenue   Capital Redemption Reserve Reserve Reserve Premium Reserve Total     Reserve Realised Unrealised   £000 £000 £000 £000 £000 £000 £000 £000 At beginning 746 - 17,104 of period     294 (2,871) (3,133) 21,901 167 Realised - - (762) - - - - (762) gains on investments Unrealised - - - 811 - - - 811 gains on investments Management - - (56) - - - - (56) fee charged to capital Equity - - - - - - - - dividends paid Shares (10) 10 - - (610) - - (610) repurchased for cancellation Subscriptions 2 - - - - 126 - 128 Profit after - - - - - - (42) (42) taxation for the period   ---------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- At end of 286 756 (3,689) (2,322) 21,291 126 125 16,573 period   ---------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- Notes to the interim report 1. The accounts of the company are prepared in accordance with Accounting Standards applicable in the United Kingdom. The accounting policies used in preparing this report are consistent with those to be adopted at the year end. All AIM investments are valued at bid price. Unquoted companies are included at fair value. The Company uses a valuation technique to arrive at the fair value, including the use of prices obtained in recent arms length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The fair value of such assets or liabilities will be reviewed on a 6 monthly basis and more frequently if events occur that could have a material impact on the investment. 2. The profit per ordinary share of 6.74p is based on the profit after tax for the period of £1,771,813 and the weighted average number of ordinary shares in issue over the period of 26,303,312. 3. The results should not be taken as a guide to the results for the financial period ending 31 September 2011. 4. The net asset value per ordinary share at 31 March 2011 of 67.60p after deducting the 2p dividend paid in February 2011 is based on net assets of £18,018,217 and on 26,655,036 shares, being the number of ordinary shares in issue as at 31 March 2011. 5. The financial information contained in the 31 March 2011 income statement, balance sheet, cash flow statement and reconciliation of movements in shareholders' funds does not constitute full financial statements and has not been audited. Investment portfolio summary as at 31 March 2011   Book Cost Valuation Valuation Qualifying investments £000 £000 % Intercede Group 518 1,255 7.8 Abcam Plc 100 1,130 7.0 Animal Care 300 845 5.3 Advanced Computer Software 400 824 5.1 Craneware 150 621 3.9 K3 Business Tech Group 270 579 3.6 Pressure Technologies 340 510 3.2 EKF (formerly IBL) 300 440 2.7 Cohort plc 800 399 2.5 Instem Life 297 371 2.3 IS Pharma 350 367 2.3 I-Dox 150 355 2.2 Brulines Holdings 386 289 1.8 Vertu Motors 600 275 1.7 Egdon Resources plc 158 254 1.6 Bglobal 258 248 1.5 Chime (formerly Essentially Group) 220 237 1.5 Keycom 300 225 1.4 Plastics Capital 250 208 1.3 TMO Renewables (unquoted) 200 200 1.2 Mexican Grill A Preference (unquoted) 185 185 1.1 Omega Diagnostics 150 181 1.1 Rotala 372 179 1.1 Reneuron Group 298 177 1.1 Richoux 365 164 1.0 Corac 150 145 1.0 Maxima Holdings 251 137 0.9 Tangent Communications 300 127 0.8 Advanced Power Components 148 113 0.7 CBG Group 534 95 0.6 Jelf Group 174 95 0.6 Feedback 201 84 0.5 Universe Group 385 83 0.5 Autoclenz Holdings 256 78 0.5 Energetix Group 380 76 0.5 Tasty plc 288 68 0.4 Progressive Digital 173 55 0.3 IS E&P (unquoted) 50 50 0.3 IS NV (unquoted) 50 50 0.3 Infrastrata (formerly Portland Gas) 46 37 0.2 Hardide 396 25 0.2 Mexican Grill (unquoted) 20 21 0.1 Expansys 331 16 0.1 Invocas Group 169 12 0.1 Photonstar (formerly Enfis) 146 10 0.1 Invu 200 4 0.0 Sports Media Group 300 3 0.0 Infoserve Group 200 1 0.0   -------- --------- ------- Total qualifying investments 12,865 11,903 74.0   Book Cost Valuation Valuation Non-Qualifying investments £000 £000 % UK Treasury 2.25% 2014 978 1,012 6.3 UK Treasury 2.5% 2016 491 558 3.5   -------- --------- ------- Total - UK gilts 1,469 1,570 9.8 Nationwide 3.75% 2011 1,018 1,017 6.3 Scot Amicable 8.5% 2049 256 261 1.6 Nationwide 7.971% 2049 242 250 1.6   -------- --------- ------- Total - UK corporate bonds 1,516 1,528 9.5 Brady 136 172 1.1 Anglo Pacific 167 170 1.1 Cove Energy plc 35 94 0.6 BP 100 91 0.6 Communisis 105 87 0.5 Immunodiagnostic 84 83 0.5 Skill P&L 100 80 0.5 Optare plc 103 62 0.4 OPG 43 52 0.3 Acta 94 47 0.3 DDD 34 40 0.2 Chariot 33 33 0.2 Cap-XX 30 32 0.2 Expansys 60 29 0.2 Abcam Plc 4 4 0.0 Animalcare Group plc 2 2 0.0 K3 2 2 0.0 Corac 1 1 0.0 Intercede 1 1 0.0 Egdon Resources 1 1 0.0 IS Pharma 1 1 0.0 Richoux 1 0 0.0 EKF 0 0 0.0 Photonstar (formerly Enfis) 0 0 0.0 Tasty Plc 1 0 0.0   -------- --------- ------- Total - non-qualifying equities 1,138 1,084 6.7   -------- --------- ------- Total - non-qualifying investments 4,123 4,182 26.0   --------- --------- ------- Total investments 16,988 16,085 100.0   --------- --------- ------- The top 10 equity investments are shown below, each is valued by reference to the bid price. Intercede   80p plc -------------------------------------------------------------------------------- Investment date May 2007           Unaudited results September 2010 for 6 months to Equity held 3.25% Turnover (£'000) 3,506 Purchase Price 33p Profit before tax 1,225 (£'000) Cost (£'000) 518 Net assets 4,367 (£'000) Valuation (£'000) 1,255 Intercede is an international developer and supplier of software for identity and credential management. This software is branded as the Intercede MyID® Identity and Credential Management System. MyID is a commercial-off-the-shelf product that Intercede has licensed the use of to governments, public authorities and companies around the world to improve the level of identity assurance of their citizens and employees. Abcam plc     376.75p -------------------------------------------------------------------------------- Investment date October 2005 Unaudited results December 2010 for 6 months to Equity held 0.17% Turnover (£'000) 39,353 Purchase Price 34.8p Profit before tax 15,152 (£'000) Cost (£'000) 104 Net assets 60,355 (£'000) Valuation (£'000) 1,134 Abcam is a producer and distributor of research-grade antibodies headquartered in Cambridge, UK, with offices in Cambridge, Massachusetts, USA and Tokyo, Japan.  The Company produces and distributes its own and third party produced antibodies to academic and commercial users throughout the world.  Product ordering is available through the Company's website where customers are also able to access up-to-date and detailed technical product data sheets. All the antibodies are sold under the Abcam brand name and the Company's vision is to build the world's largest online resource of high quality and commercially viable antibodies. Animalcare Group plc   155p -------------------------------------------------------------------------------- Investment date December 2007 Unaudited results December 2010 for 6 months to Equity held 2.68% Turnover (£'000) 5,986 Purchase Price 55.2.p Profit before tax 1,441 (£'000) Cost (£'000) 302 Net assets 14,587 (£'000) Valuation (£'000) 847 Animalcare plc has operated through two trading division, Animalcare and Ritchey.  Animalcare develops, markets and supplies a range of licensed veterinary medicines, companion animal identification microchips and other animal welfare products to veterinary surgeons and other veterinary professionals within the UK and Europe, whilst Ritchey manufactures and supplies livestock identification and other products to agricultural retailers in the UK and Republic of Ireland.   On 20 September 2010, Animalcare sold its Agriculture businesses, including Ritchey, for £3.25m cash.  The company will now focus on its core veterinary medicines business. Advanced Computer Software plc   35p -------------------------------------------------------------------------------- Investment date July 2008 Unaudited results August 2010 for 6 months to Equity held 0.66% Turnover (£'000) 47,314 Av. Purchase Price 17p Profit before tax 1,917 (£'000) Cost (£'000) 400 Net Assets 81,110 (£'000) Valuation (£'000) 824 Advanced Computer Software Group plc is a supplier of software and IT services to the healthcare and commercial sectors with a primary focus on delivering high quality products and services to enable first class delivery of care in the community. Advanced additionally delivers back-office systems for NHS trusts, local authorities and care providers and is further strengthening its position in the health checks and pharmacy services markets. Working with partners in the NHS, local government and the private sector, Advanced delivers IT in support of safe and efficient care delivery and greater information for both the commissioner and care provider. The company offers a range of integrated health and care solutions from patient-facing IT systems through to back-end operational systems and services. Advanced is also a leading supplier of software and IT services to the commercial sector, which represents 35% of the company's revenues. Craneware     530p -------------------------------------------------------------------------------- Investment date September 2007 Unaudited results December 2010 for 6 months to Equity held 0.44% Turnover ($'000) 16,560 Av. Purchase Price 128p Profit before tax 4,334 ($'000) Cost (£'000) 150 Net assets 25,005 ($'000) Valuation (£'000) 621 Craneware provides proprietary software solutions that improve the financial performance of US hospitals and healthcare organisations through strategic pricing, revenue cycle and supply management solutions. The Group's main product, Chargemaster Toolkit(TM) ("CMT"), assists US healthcare providers in reducing billing errors, ensuring accurate submission of claims and managing compliance risk. CMT is designed to help hospital finance departments maintain accurate and up-to-date information, increase operational efficiency and increase reimbursement related to outpatient items. Craneware was founded in 1999 and currently maintains its corporate headquarters in Livingston, Scotland, with offices in Florida, Arizona and Kansas. K3 Business Technology Group             193p -------------------------------------------------------------------------------- Investment date September 2005   Unaudited results December 2010 for 6 months to Equity held 1.16% Turnover (£'000) 24,671  Purchase Price 90.3p Profit before tax 4,233 (£'000) Cost (£'000) 272 Net assets 25,005 (£'000) Valuation (£'000) 581 K3 supplies and installs Microsoft based enterprise resource planning software solutions for the supply chain around the world. The company focuses on the retail, manufacturing and distribution markets.  ERP software is business critical and provides companies with an integrated software solution to manage inventory, resources and business processes.  Once installed these software systems remain in place typically 12 years or more.   K3's customers are primarily mid-tier retailers, manufacturers or distributors but also include larger companies within these sectors. In total, the Company has installed and now supports its Microsoft based software solutions in c1,500 customers operating across 30 countries. Pressure Technologies plc                225p -------------------------------------------------------------------------------- Investment date May 2007         Audited results October 2010 for 52 weeks to Equity held 2.00% Turnover (£'000) 21,714 Purchase Price 150p Profit before tax 3,486 (£'000) Cost (£'000) 340 Net assets 15,907 (£'000) Valuation (£'000) 510 Pressure Technologies is the holding company for Chesterfield Special Cylinders ("CSC") and Chesterfield BioGas. CSC designs, manufactures and offers retesting and refurbishment services for a range of specialty high pressure, seamless steel gas cylinders for global energy and defense markets. Chesterfield BioGas, formed in November 2008 following the signing of a co-operation agreement with Greenlane® Biogas Limited, gives Pressure Technologies exclusive rights to market Greenlane® equipment in the UK and Eire. Chesterfield BioGas will provide turnkey solutions for the cleaning, storage and dispensing of biomethane, produced from waste water treatment and anaerobic digestion of organic waste. Pressure Technologies has also acquired Al-Met Limited in Feb 2010 and Hydratron in October 2010. EKF Diagnostics Holdings plc   22p -------------------------------------------------------------------------------- No financial Investment date June 2010 information available Equity held 1.19% Turnover (£'000) - Av. Purchase Price 15p Profit before tax - (£'000) Cost (£'000) 300 Net assets - (£'000) Valuation (£'000) 440 The EKF Group is a leading diagnostic business with its head office in the UK and operations in Germany, Poland and Russia. The business is focused on the development, production and worldwide distribution of blood analysers. Established in manifold applications, the products are sold into hospitals, universities, laboratories, blood donor centres, for industrial use and point of care testing.   International Brand Licensing acquired EKF Diagnostics in August 2010 by reverse takeover.  The new management team, which has strong credentials in the life sciences arena, intends to develop a meaningful life sciences business through a combination of organic and acquisitive growth.  EKF has completed its aquisition of Quotient Diagnostics in October 2010 and Argutus Medical Limited in December 2010. Quotient has subsequently obtained FDA approval for Quo-Test in China. Cohort plc             65p -------------------------------------------------------------------------------- Investment date February 2006 Unaudited results December 2010 for 6 months to Equity held 1.51% Turnover (£'000) 32,720 Purchase Price 130.2p Profit before tax 721 (£'000) Cost (£'000) 800 Net assets 46,340 (£'000) Valuation (£'000) 399 Cohort was established to capitalise on consolidation and organic growth opportunities primarily in the defence market. The group provides an environment in which complementary companies can grow and cooperate to provide technical advice, managed services, niche products and software across the wider defence, security and associated sectors. Cohort's trading subsidiaries, MASS, SCS and SEA, are leading independent service providers, working for defence, wider government and industry clients. Instem     218p plc -------------------------------------------------------------------------------- Investment date October 2010 Unaudited results December 2010 for 52 weeks to Equity held 1.45% Turnover (£'000) 10,001 Purchase Price 175p Profit before tax 1,415 (£'000) Cost (£'000) 297 Net assets 4,548 (£'000) Valuation (£'000) 371 Instem is a leading supplier of IT solutions (pre-clinical study management solutions) to the early development healthcare market. It has customers in North America, Europe, China, India and Japan, including sixteen of the top twenty pharmaceutical and biotech companies such as GlaxoSmithKline and AstraZeneca. It is estimated that approximately half of the world's pre-clinical drug safety data has been collected over the last 20 years via Instem software. Date: 31 May 2011 For further information please contact: Stuart Brookes Company Secretary Hargreave Hale AIM VCT 1 plc 0207 009 4900 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Hargreave Hale AIM VCT 1 plc via Thomson Reuters ONE [HUG#1519692]

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