TIDMAAM
RNS Number : 4375R
Artemis VCT PLC
30 June 2020
ARTEMIS VCT PLC
Legal Entity Identifier: 549300R6443VUTMRCP48
Half-Yearly Financial Report (unaudited) for the six months
ended 31 March 2020
Financial Highlights
As at As at As at
31 March 2020 31 March 2019 30 September
2019
Net assets GBP13.6m GBP25.0m GBP21.8m
--------------- --------------- --------------
Net asset value per ordinary
share 25.86p 47.24p 41.48p
--------------- --------------- --------------
Share price 20.00p 43.50p 37.50p
--------------- --------------- --------------
Discount (22.6)% (7.9)% (9.6)%
--------------- --------------- --------------
VCT qualifying holdings
percentage 148.9% 83.2% 91.6%
--------------- --------------- --------------
Ongoing charges 2.8% 2.7% 2.7%
--------------- --------------- --------------
As at As at As at
Dividends 31 March 2020 31 March 2019 30 September
2019
Ordinary dividend 2.00p 2.00p 4.00p
--------------- --------------- --------------
Special dividend 10.00p 1.00p 8.00p
--------------- --------------- --------------
Cumulative dividends
since launch* 137.20p 116.20p 125.20p
--------------- --------------- --------------
Since
Total returns 6 months 1 year 3 years 5 years 10 years launch*
Net asset value (16.4)% (23.3)% (4.3)% 59.7% 176.9% 115.6%
----------- ---------- ---------- ---------- ----------- ---------
Peer group size
weighted average
return(**) (13.7)% (11.0)% (10.3)% 16.9% 106.5% N/A
----------- ---------- ---------- ---------- ----------- ---------
Share price (29.6)% (36.6)% (18.6)% 42.6% 163.7% 62.7%
----------- ---------- ---------- ---------- ----------- ---------
Peer group size
weighted average
return(**) (16.7)% (14.7)% (12.2)% 11.7% 124.0% N/A
----------- ---------- ---------- ---------- ----------- ---------
Total return is capital appreciation (or depreciation) and any
dividends paid by the Company which are deemed to be
reinvested.
Source: Artemis Fund Managers Limited ('Artemis'), unless
otherwise indicated.
*24 March 2005.
**The Association of Investment Companies ('AIC'). Peer group
comparison is based on the information published by the AIC on 8
April 2020 as at 31 March 2020.
Alternative Performance Measure
Chairman's Statement
Performance
Over the six months to 31 March 2020, we have seen performance
continue to suffer. The Company's net asset value total return fell
by 11.1% (assuming dividends are not reinvested) and the share
price total return was down 29.6%. This compares to a fall in the
FTSE AIM All-Share Index of 21.3% over the same period.
Portfolio
During the reporting period, the Investment Manager realised a
further proportion of the portfolio, with sales totalling GBP4.5
million. This realised total gains of GBP3.5 million.
As I have reported in previous statements, there continues to be
a lack of suitable investment opportunities and against this
background, no new investments were made.
Further details of the Company's investment activities are
provided in the Investment Manager's review.
Dividends
The above noted cash proceeds and realised gains enable the
Company to continue paying dividends to shareholders. The Board
declared an interim dividend of 2.00 pence per share and a special
dividend of 5.00 pence per share earlier this month. These will be
paid on 30 June 2020, to shareholders on the register on 5 June
2020. These are in addition to the 5.00 pence dividend paid on 6
March 2020.
Total dividends declared to date by the Company amount to 137.20
pence per share.
Outlook
As noted in the last Annual Report, and discussed at the last
annual general meeting of the Company, the new VCT regulations have
resulted in a significant reduction in suitable deal flow for the
Company. This situation therefore limits opportunities to continue
to develop and refresh the portfolio on an ongoing basis, as
highlighted in the portfolio activity section above. The Board has
been exploring options for the future of the Company and there have
been a number of discussions between the Company's advisers, the
Board and the Investment Manager on delivering a solution which
achieves the best possible outcome for shareholders overall.
A number of options have been discussed, all of which had
various pros and cons, which were considered in detail. The
culmination of these discussions will see a proposal and
recommendation to shareholders that a members' voluntary
liquidation of the Company be undertaken (the 'Proposal'). In
addition, in view of the Proposal, the Company will be withdrawing
its share buy back policy with immediate effect.
The Board strongly believes that this route will enable the
Investment Manager to realise the portfolio in an orderly manner,
maximising shareholder returns and minimising the significant
ongoing costs incurred in running the Company.
It is intended that a circular (the 'Circular') be issued to
shareholders in September 2020, outlining the full details of the
Proposal. The Circular will also include a notice for a general
meeting of the Company, to be convened prior to the Company's year
end, enabling resolutions to be proposed and voted on by
shareholders to this effect.
If approved, a liquidator will be appointed by shareholders and
the Company will de-list from the London Stock Exchange. The
liquidator, with assistance from the Investment Manager, will
realise the remaining assets of the Company and distribute the
proceeds to shareholders through periodic distributions. Once all
of the assets have been realised and the liquidator is satisfied
that there are no outstanding creditors or other liabilities the
Company will be wound up.
Given the continuing challenges faced by the Company in its
operating environment it is your Board's belief that the time is
now appropriate for the Company to follow this route.
As indicated above, full details of the Proposal will be
provided upon publication of the Circular, however, I wanted to
provide shareholders with as detailed an update as possible at this
point.
Should you wish to, you can e-mail me at
vctchairman@artemisfunds.com .
Fiona Wollocombe
Chairman
29 June 2020
Investment Manager's review
Performance
Over the last six months, the Company's net asset value per
share declined from 41.48p to 25.86p. Adding back dividends of 11p
per share equates to a total return of (11.1)% assuming dividends
are not reinvested. Although the Company has no formal benchmark,
for comparison the FTSE AIM All-Share Index declined by 21.3% in
the same period.
We manage the portfolio with an absolute value mindset - so we
take no pleasure in reporting relative outperformance. We would,
however, highlight that this relative outperformance was, in no
small part, due to the dividends we paid to shareholders in
November and March, which cushioned the decline in the NAV. This
has been a consistent theme over recent years. We have consistently
noted expanding valuations on the back of strong equity markets. In
response, our transaction activity has been dominated by disposals.
This becomes more evident in the longer-term performance numbers.
Over five and 10 years the Company has delivered total returns of
64.0% and 129.1% respectively. The FTSE AIM All-Share Index rose by
just 2.1% and 8.8% over the same periods.
Review
The last six months have been dominated by the escalating
coronavirus pandemic. Before commenting on its impact on the
Company's holdings we would make a few general observations.
The word 'unprecedented' has often been deployed during this
crisis - and rightly so. While we and company management teams are
used to 'stress testing' business models, the complete shutdown of
operations for an indeterminate period is well beyond even the most
pessimistic scenarios. Yet while the ultimate impact will vary from
company to company there has been consistency in the initial
actions being taken by management teams. Their first concern has,
almost universally, been the welfare and safety of their employees.
New working practices are being adopted and business continuity
plans put to the test.
In time, the development of a vaccine may mean a return to
normality but with the timescale for that unknown, the range of
potential outcomes is wide. On that basis, guidance from company
management teams is understandably being withdrawn and their
immediate ambition is survival. Dividends are being cut and banking
facilities drawn down. Any discretionary spending is being reduced
and capital expenditure deferred. Cash is king. The scale and speed
of government support has been widely welcomed as has the support
of banks. We would expect our portfolio companies to be planning
for the worst while hoping for the best.
All of our holdings are likely to feel some impact from the
pandemic in some form or other. But the last six months has,
nevertheless, seen a number of larger holdings delivering positive
contributions.
Five largest stock contributors
% of Contribution
Company net assets %
Nasstar 0.0 0.77
Instem 7.9 0.75
Judges Scientific 6.6 0.59
Ideagen 8.3 0.30
Anpario 7.1 0.15
The strongest contributor in the period was IT services company
Nasstar. Its management team has spent the last three years
integrating earlier acquisitions and investing in a robust
platform. As this phase was nearing its conclusion, the company
appeared ready to embark on the next phase of its growth. We
weren't the only ones with that opinion. We received a recommended
private equity-backed bid in December.
Software companies Instem and Ideagen continue to perform well.
Both are migrating their businesses towards recurring revenues and
away from upfront licence fees. This makes their revenues and
profits more resilient, a feature that is both timely and typically
rewarded by a higher valuation. Ideagen illustrated the point well
just after the reporting period ended. While revenues are expected
to be impacted by coronavirus related interruptions to business in
the months ahead, it currently enjoys 80% recurring revenues. As a
result management still expect to meet profit expectations. We
expect Instem to do likewise.
The management team at Judges Scientific also deserve
recognition for delivering a record year in 2019. They enter this
period of uncertainty with a solid order book and a strong balance
sheet. It is worth noting that the nature of their business is such
that customers' purchases are driven by specific needs rather than
being discretionary. So, while there is a risk of order deferrals,
we would expect any short-term downturn in trading to be recovered
in time.
Meanwhile Anpario's position in the food supply chain
categorises it as an 'essential' business. The move in recent years
to a direct sales model is proving well-timed. Its regional sales
network is a distinct advantage given the global travel bans - the
company can continue to service and support local customers.
Five largest stock detractors
% of Contribution
Company net assets (%)
Vianet Group 3.9 (2.40)
Dods Group 2.6 (2.40)
Clearstar 4.8 (2.13)
Cohort 6.7 (1.53)
AB Dynamics 1.6 (1.33)
As the coronavirus pandemic originated in China, our initial
thought was that AB Dynamics could be an early casualty. With 50%
of its sales coming from the Asia Pacific region in 2019 and with
the automotive sector under pressure we felt that profits looked
vulnerable in the near term. Indeed, a trading update in March
highlighted the potential for order deferrals as well as potential
supply constraints, albeit less materially than we feared.
Events have moved quickly since then and as we look through the
portfolio today one of the companies we expect to be hardest hit is
Vianet. The mandatory closure of all pubs, bars and restaurants in
the UK will have a material impact on its beer-monitoring business.
Office closures will represent a material headwind for the
company's vending business.
Dods Group plc relies on government policy decision-making. So
there could hardly have been a worse trading backdrop over the last
12 months: Brexit, a General Election and now coronavirus have
understandably narrowed the government's focus and thereby hurt the
company's publishing, events and training businesses.
Clearstar has underperformed for reasons unrelated to
coronavirus. A profit warning in December showed that sales
momentum has remained strong but a change in product mix has
squeezed margins: growth has come from the company's lower-margin
medical information services business. We expect a difficult period
ahead for the company. Background screening is driven by employment
and most companies are considering letting staff go rather than
hiring at present.
Cohort appeared to get caught up in the general sell-off. We
expect trading to remain resilient in line with the updates from
other defence companies.
Investment activity
It has been another active six-month period for disposals but
with no new investments. In aggregate, we generated proceeds of
over GBP4.5 million, realising gains of over GBP3.5 million in the
process.
Our largest disposal in the period was not a matter of choice.
Although we had taken modest profits in Nasstar, we considered it
to be a long-term 'core' holding. We were therefore somewhat
reluctant sellers when the recommended takeover was completed in
January. In hindsight, that takeover could not have been better
timed, coming just weeks ahead of the widespread market sell off.
The cash offer of 12.88 pence per share compared to our initial
investment at 5 pence per share six years ago.
We also sold the Company's holdings in both Craneware and
Advanced Medical Solutions - stocks we have held for even longer
than Nasstar. Both were sold for similar reasons: recent results
had been lacklustre, putting pressure on profit expectations. At
the same time valuations remained elevated and as such we felt the
balance between risk and reward of owning the shares had become
skewed to the downside.
Our activity in direct response to the coronavirus outbreak has
been relatively limited. In February, we halved our holding in AB
Dynamics due to the fears we outlined earlier.
As well as the direct exposure we were conscious of the high
valuation and as such we erred on the side of caution. We sold a
significant portion of our investment in Abcam in March for similar
reasons.
The bulk of the remaining disposal activity - namely the sales
of Instem, Ideagen and Judges Scientific - was driven by
portfolio-management considerations: their weightings in the fund
had become too high.
Outlook
Whilst the short-term impact of coronavirus has undoubtedly been
severe, stock markets tend to be forward looking in nature. With
China showing signs of recovery - being first in and first out of
lockdown measures - attention has now shifted to the scale and pace
of any subsequent improvement in trading as other countries follow
a similar path. This change in sentiment has seen the net asset
value of the Company recover sharply since the period end to
broadly the level we reported at the end of the last financial year
once dividends are added back. Yet, whilst share prices may have
discounted the recovery quickly, we are acutely aware that many
difficult months still lie ahead for our companies. On that note,
we would like to take this opportunity to record our thanks to the
leadership teams and their colleagues in all our holdings for their
hard work over many years and in these extraordinary times.
Andy Gray
Fund Manager
29 June 2020
Statement of Principal Risks and Uncertainties
Pursuant to DTR 4.2.7R of the Disclosure Guidance and
Transparency Rules, the principal risks faced by the Company
include general market risk, regulatory, operational, financial and
gearing risks.
These risks, which have not materially changed since the Annual
Financial Report for the year ended 30 September 2019, and the way
in which they are managed, are described in more detail in the
Annual Financial Report which is available at artemisfunds.com/vct
.
As a result of the continuing challenging operating environment
faced by the Company, as outlined in the Annual Financial Report
for the year ended 30 September 2019, the Board has elected to take
the action outlined in the Chairman's Statement.
The main uncertainty and risk that contributed to the intention
to liquidate the Company being regulatory and investment risk, the
restrictions on re-investing capital in new qualifying investments,
and a lack of new investments meeting the Investment Manager's
valuation criteria.
Responsibility statement of the Directors in respect of the
Half-Yearly Financial Report
The Directors confirm that to the best of their knowledge in
respect of the Half-Yearly Financial Report for the six months
ended 31 March 2020:
- the condensed set of financial statements has been prepared in
accordance with the Financial Reporting Standard ('FRS') 104:
'Interim Financial Reporting';
- having considered the future of the Company, and elected to
take the action outlined in the Chairman's Statement, the Directors
do not believe it is appropriate to prepare the Half-Yearly
Financial Report on a going concern basis. Other than investments
now being classified as current assets, these financial statements
are no different to results that would have been reported had the
Company been a going concern;
- the Chairman's statement to shareholders, Investment Manager's
review and Statement of Principal Risks and Uncertainties include a
fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of the important events that have
occurred during the first six months of the financial year and
their impact on the financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the Disclosure Guidance 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
entity during that period, and any changes in the related party
transactions described in the last annual financial report that
could do so.
The Half-Yearly Financial Report for the six months ended 31
March 2020 was approved by the Board and the above responsibility
statement has been signed on its behalf by:
Fiona Wollocombe
Chairman
29 June 2020
Condensed statement of comprehensive income
Six months ended Six months ended Year ended
31 March 2020 31 March 2019 30 September 2019
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Losses on
investments - (2,295) (2,295) - (5,690) (5,690) - (5,403) (5,403)
Investment
income 142 - 142 109 - 109 264 - 264
Other income 14 - 14 13 - 13 - - -
Investment
management
fee (38) (115) (153) (61) (184) (245) (109) (327) (436)
Other expenses (136) - (136) (129) - (129) (253) (1) (254)
--------------------- ------- ------- ------- ------- -------- -------- ------- -------- --------
Loss on ordinary
activities
before taxation (18) (2,410) (2,428) (68) (5,874) (5,942) (98) (5,731) (5,829)
Taxation on
ordinary activities - - - - - - - - -
--------------------- ------- ------- ------- ------- -------- -------- ------- -------- --------
Loss on ordinary
activities
after taxation (18) (2,410) (2,428) (68) (5,874) (5,942) (98) (5,731) (5,829)
--------------------- ------- ------- ------- ------- -------- -------- ------- -------- --------
Loss per share (0.03)p (4.59)p (4.62)p (0.13)p (11.06)p (11.19)p (0.18)p (10.83)p (11.01)p
--------------------- ------- ------- ------- ------- -------- -------- ------- -------- --------
Notes:
The total column of this statement represents the profit and
loss account of the Company.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
during the period.
The net loss for the periods disclosed above represents the
Company's total comprehensive income.
Condensed statement of financial position
As at As at As at
30 September
31 March 2020 31 March 2019 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Investments - 20,868 16,752
Current assets
Investment 9,932 - -
Debtors 290 183 9
Cash and cash equivalents 3,493 4,128 5,179
----------------------------- -------------- -------------- -------------
Total assets 13,715 25,179 21,940
----------------------------- -------------- -------------- -------------
Creditors - amounts failing
due within one year (142) (163) (167)
----------------------------- -------------- -------------- -------------
Net assets 13,573 25,016 21,773
----------------------------- -------------- -------------- -------------
Capital and reserves
Share capital 5,249 5,296 5,249
Share premium 2,828 2,828 2,828
Capital reserve - realised 3,980 7,169 6,298
Capital reserve - unrealised (870) 7,336 4,994
Capital redemption reserve 2,635 2,588 2,635
Revenue reserve (249) (201) (231)
----------------------------- -------------- -------------- -------------
Equity shareholders' funds 13,573 25,016 21,773
----------------------------- -------------- -------------- -------------
Net asset value per share 25.86p 47.24p 41.48p
----------------------------- -------------- -------------- -------------
Condensed statement of changes in equity
For the six months ended 31 March 2020 (unaudited)
Capital Capital Capital
Share Share reserve reserve redemption Revenue
capital premium - realised* - unrealised reserve reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 September
2019 5,249 2,828 6,298 4,994 2,635 (231) 21,773
Return/(loss)
on ordinary
activities
after taxation - - 215 (2,625) - (18) (2,428)
Transfer on
disposal of
investments - - 3,239 (3,239) - - -
Dividends paid - - (5,772) - - - (5,772)
----------------- -------- -------- ------------ ------------- ----------- --------- --------
At 31 March
2020 5,249 2,828 3,980 (870) 2,635 (249) 13,573
----------------- -------- -------- ------------ ------------- ----------- --------- --------
For the six months ended 31 March 2019 (unaudited)
Capital Capital Capital
Share Share reserve reserve redemption Revenue
capital premium - realised* - unrealised reserve reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 September
2018 5,315 2,828 9,411 14,241 2,569 (133) 34,231
Repurchase
of shares for
cancellation (19) - (84) - 19 - (84)
Loss on ordinary
activities
after taxation - - (93) (5,781) - (68) (5,942)
Transfer on
disposal of
investments - - 1,124 (1,124) - - -
Dividends paid - - (3,189) - - - (3,189)
----------------- -------- -------- ------------ ------------- ----------- --------- --------
At 31 March
2019 5,296 2,828 7,169 7,336 2,588 (201) 25,016
----------------- -------- -------- ------------ ------------- ----------- --------- --------
For the year ended 30 September 2019 (audited)
Capital Capital Capital
Share Share reserve reserve redemption Revenue
capital premium - realised* - unrealised reserve reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 September
2018 5,315 2,828 9,411 14,241 2,569 (133) 34,231
Repurchase
of shares for
cancellation (66) - (281) - 66 - (281)
Loss on ordinary
activities
after taxation - - (198) (5,533) - (98) (5,829)
Transfer on
disposal of
investments - - 3,714 (3,714) - - -
Dividends paid - - (6,348) - - - (6,348)
----------------- -------- -------- ------------ ------------- ----------- --------- --------
At 30 September
2019 5,249 2,828 6,298 4,994 2,635 (231) 21,773
----------------- -------- -------- ------------ ------------- ----------- --------- --------
* The aggregate of these reserves, being GBP3,731,000,
represents the distributable reserves of the Company at 31 March
2020 (31 March 2019: GBP6,968,000; 30 September 2019:
GBP6,067,000).
Condensed statement of cash flows
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2020 2019 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash used in operations (177) (320) (494)
Interest received 14 13 29
-------------------------------------- ------------ ------------ -------------
Net cash generated from operating
activities (163) (307) (465)
-------------------------------------- ------------ ------------ -------------
Cash flow from investing activities
Sales of investments 4,249 1,506 6,071
Net cash from investing activities 4,249 1,506 6,071
--------------------------------------
Cash flow from financing activities
Repurchase of shares for cancellation - (84) (281)
Dividends paid (5,772) (3,189) (6,348)
Net cash used in financing activities (5,772) (3,273) (6,629)
Decrease in cash and cash equivalents (1,686) (2,074) (1,023)
-------------------------------------- ------------ ------------ -------------
Cash and cash equivalents at the
start of the period 5,179 6,202 6,202
Decrease in cash in the period (1,686) (2,074) (1,023)
-------------------------------------- ------------ ------------ -------------
Cash and cash equivalents at the
end of the period 3,493 4,128 5,179
-------------------------------------- ------------ ------------ -------------
Notes to the Half-Yearly Financial Report
1. Basis of Accounting
Accounting policies
The financial statements for the six months to 31 March 2020
have been prepared in accordance with the Company's accounting
policies as set out in the Annual Financial Report for the year
ended 30 September 2019 and are presented in accordance with the
Companies Act 2006 (the 'Act'), FRS 104 and the requirements of the
Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' ('SORP')
issued by the Association of Investment Companies (the 'AIC') in
October 2019.
The financial information contained within this Half-Yearly
Financial Report does not constitute statutory accounts as defined
in Sections 434 to 436 of the Act. The financial information for
the year ended 30 September 2019 has been extracted from the
statutory accounts which have been filed with the Registrar of
Companies. The Auditor's report on those accounts was not qualified
and did not contain statements under sections 498(2) or (3) of the
Act.
Going Concern
Based on the continuing challenging operating environment and
the absence of a meaning solution available to the Board at the
current time to mitigate these issues, the Board intends to seek
shareholder approval to wind up the Company in an orderly manner
via a members' voluntary liquidation.
As a result of the lack of a realistic alternative, and the
intention to wind up the Company, the Board has therefore prepared
the financial statements on a wind up basis. Other than investments
now being classified as current assets, these financial statements
are no different to results that would have been reported had the
Company been a going concern.
2. Loss per share
Loss per ordinary share has been calculated based on the
weighted average number of ordinary shares in issue for the six
months ended 31 March 2020 being 52,493,516 ordinary shares (31
March 2019: 53,111,450; 30 September 2019: 52,926,190).
3. Dividends
A special dividend for the six months ended 31 March 2020 of
5.00 pence per ordinary share was declared on 5 February 2020 and
paid on 6 March 2020 to shareholders on the register at close of
business on 14 February 2020.
An additional special dividend for the six months ended 31 March
2020 of 5.00 pence per ordinary share (2019: 1.00 pence) has been
declared and will be paid on 30 June 2020 (2019: 28 June 2019) to
shareholders on the register at close of business on 5 June 2020
(2019: 31 May 2019).
An interim dividend for the six months ended 31 March 2020 of
2.00 pence per ordinary share (2019: 2.00 pence) has been declared
and will be paid on 30 June 2020 (2019: 28 June 2019) to those
shareholders on the register at close of business on 5 June 2020
(2019: 31 May 2019).
4. Fair value hierarchy
All investments (both non-current and current assets) are
designated at fair value through profit or loss on initial
recognition in accordance with FRS 102. The following table
provides an analysis of these investments based on the fair value
hierarchy as described below which reflects the reliability and
significance of the information used to measure their fair
value.
The disclosure is split into the following categories:
Level 1 - Investments with unadjusted quoted prices in an active
market;
Level 2 - Investments whose fair value is based on inputs other
than quoted prices that are either directly or indirectly
observable;
Level 3 - Investments whose fair value is based on inputs that
are unobservable (i.e. for which market data is unavailable).
Current Non-current Non-current
assets assets assets
31 March 31 March 30 September
2020 2019 2019
GBP'000 GBP'000 GBP'000
Level 1 9,932 18,907 14,414
Level 2 - 1,961 2,338
---------------------------- --------- ------------ -------------
Total value of investments 9,932 20,868 16,752
---------------------------- --------- ------------ -------------
5. Share capital
The net asset value per ordinary share has been calculated based
on 52,493,516 ordinary shares in issue (31 March 2019: 52,960,516;
30 September 2019: 52,493,516).
In the six months ended 31 March 2020, no ordinary shares were
bought back and cancelled (six months ended 31 March 2019: 190,000
ordinary shares were bought back and cancelled at a total cost of
GBP84,000; twelve months ended 30 September 2019: 657,000 ordinary
shares were bought back and cancelled at a total cost of
GBP281,000).
6. Related party transactions
Fees payable during the period to the Directors of the Company
are considered to be related party transactions.
Directors fees payable for the six months ended 31 March 2020
was GBP31,500 (six months ended 31 March 2019: GBP31,500; twelve
months ended 30 September 2019: GBP63,000) of which GBPnil (31
March 2019: GBPnil; 30 September 2019: GBPnil) was outstanding at
the period end.
7. Transactions with the Investment Manager
The investment management fee payable to Artemis Fund Managers
Limited for the six months ended 31 March 2020 was GBP153,000 (six
months ended 31 March 2019: GBP245,000; twelve months ended 30
September 2019: GBP436,000) of which GBP69,000 (31 March 2019:
GBP101,000; 30 September 2019: GBP90,000) was outstanding at the
period end.
Availability of Half-Yearly Financial Report
Copies of the Half-Yearly Financial Report for the six months
ended 31 March 2020 will be sent to shareholders shortly and will
also be available on the Company's website at
artemisfunds.com/vct
For further information, please contact:
Artemis Fund Managers Limited
Company Secretary
0131 225 7300
30 June 2020
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
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END
IR FLMFTMTITBIM
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