TIDMBDV
Baronsmead VCT plc
Half-Yearly Financial Report
31 March 2014
The Directors announce the unaudited half-yearly financial report for the six
months to 31 March 2014 as follows:-
Copies of the half-yearly report can be obtained from the following website:
www.baronsmeadvct.co.uk.
Investment Objective
Baronsmead VCT 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 wishes to maintain a minimum dividend level of around 5.5p per
ordinary share if possible, but this depends primarily on the level of
realisations achieved and it cannot be guaranteed. There will be variations in
the amount of dividends paid year on year.
Since launch the average annual tax free dividend paid to shareholders has been
7.14p per ordinary share (equivalent to a pre-tax return of 9.5p per ordinary
share for a 40 per cent. higher rate taxpayer). For shareholders who received
up front tax reliefs of 20 per cent., 30 per cent. or 40 per cent., their
returns will have been even higher.
Shareholder choice
The Board wishes to provide shareholders with a number of choices that enable
them to utilise their investment in Baronsmead VCT in ways that best suit their
personal investments and tax planning 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. In February 2014, the Company's offer for subscription
to raise GBP10 million (GBP9.7 million after costs) was fully subscribed.
? Dividend Reinvestment Plan - The Company offers a Dividend Reinvestment Plan
which enables shareholders to purchase additional shares through the market in
lieu of cash dividends. Approximately 808,000 shares were bought in this way
between 30 September 2013 and 31 March 2014.
? 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 2014, 300,000 shares were bought back representing 0.3 per cent. of
the shares in issue at 31 March 2014 at a price which represented a 5.1 per
cent. discount to the latest published net asset value.
? Secondary market - The Company's shares are listed on the London Stock
Exchange and can be bought using a stockbroker or authorised share dealing
service in the same way as shares of any other listed company. Approximately
744,000 shares were bought by investors in the Company's existing shares in the
six months to 31 March 2014.
Financial Headlines
? +9.44% - Net asset value ("NAV") per share increased 9.44 per cent to 84.66p
in the six months to 31 March 2014, before deduction of dividends.
? 341.8p - NAV total return to shareholders for every 100.0p invested at
launch.
? 6.0p - Dividend payment of 6.0p for the six months to 31 March 2014.
? GBP5.3m - GBP3.3m unquoted investments and GBP2.0m quoted investments made in the
six months to 31 March 2014.
Cash Returned to Shareholders
The table below shows the cash returned to shareholders, dependent on their
subscription cost, including their income tax reclaimed on subscription in
respect of the various prospectuses issued by the company between 1995 and
2012.
Income Cumulative Net Net Gross
Cash tax dividends cash annual equivalent
invested reclaim paid invested yield| yield|
Year Subscribed p p p p % %
1995 (November) 100.00 20.00 132.05 80.00 9.0 12.0
1997 (April) 104.00 20.80 127.23 83.20 9.0 12.0
2003 (April) - C 100.00 20.00 93.01 80.00 10.6 14.1
share
2005 (March) - C 100.00 40.00 64.36 60.00 11.8 15.7
share
2009 (April) 75.70 22.70 38.00 53.00 14.4 19.1
2012 (December) 83.20 25.00 12.00 58.20 16.2 21.6
Note - The total return could be higher for those shareholders who were able to
defer a capital gain on subscription and the net sum invested may be less.
| Net annual yield represents the cumulative dividends paid expressed as an
annualised percentage of the net cash invested.
| The gross equivalent yield if the dividends had been subject to the higher
rate of tax on dividends (currently 32.5 per cent.). For those shareholders who
earn over GBP150,000 per tax year and who would otherwise pay this additional
rate of tax on dividends, the gross equivalent yield will be higher than the
figures stated above.
Dividends paid to 2003 C shareholders post conversion have been adjusted by the
conversion ratio (1.1044001).
Dividends paid to 2005 C shareholders post conversion have been adjusted by the
conversion ratio (1.1286715).
Chairman's Statement
I am delighted to report a 9.4 per cent. (7.3p) increase in Net Asset Value per
share before payment of dividends for the six months to 31 March 2014. This was
largely attributable to an increase in valuation of the quoted portfolio.
Following the profitable realisation of several investments in the latter half
of 2013, an interim dividend of 6p per share was paid on 7 March 2014 to
shareholders on the register on 21 February 2014.
The Company raised GBP9.7 million (after costs) and on 14 March 2014 allotted
12,546,774 new ordinary shares at 79.70p per share. As at 31 March 2014, the
Company's net assets totalled GBP82.7 million.
Results
Pence per share
NAV as at 1 October 2013 77.36
Valuation uplift (9.4 per cent.) 7.3
NAV as at 31 March 2014 before dividends 84.66
Less:
Interim dividend paid on 7 March 2014 (6.00)
NAV as at 31 March 2014 after paying dividends 78.66
The strong growth was largely driven by the quoted portfolio which increased by
approximately 29 per cent. (including the investment in Wood Street Microcap
Fund). This is a welcome reward for patience through the uncertain market
conditions in recent years. The value of the underlying portfolio of unquoted
investments has been broadly flat over the quarter, which reflects the shorter
periods that these have been held, following the recent disposals of several of
our more mature holdings.
PORTFOLIO REVIEW
At 31 March 2014, the portfolio comprised 71 companies. In addition, the
Company has invested in Wood Street Microcap, a fund giving investment exposure
to a further 40 AIM-traded and fully listed companies, making a total of 111
companies. The direction of travel showing trading and profitability of these
companies is recorded quarterly so that the Board can monitor the health of the
portfolio. At 31 March 2014, 79 per cent. of companies in the portfolio were
progressing steadily or better.
Investment and Divestment Activity
The six months to 31 March 2014 was an exceptional period of realisations from
the unquoted portfolio. Sales of investments realised proceeds of GBP16.9 million
and delivered net capital gains of GBP6.0 million. New and follow-on investments
totalled GBP5.3 million across four unquoted and eight AIM companies. This
activity has seen a significant renewal of assets in the unquoted portfolio in
particular with the full realisation of six investments and the addition of
three new unquoted companies.
Full details regarding the investments and divestments during the period are
set out in the Half-yearly report which can be found on our website.
LONG TERM PERFORMANCE
The Company's investment objective remains focussed on companies with strong
growth potential so as to produce consistent returns for shareholders over the
long-term. To this end, the Manager is now working to help the Company's newer
investments achieve their potential for growth in future years.
Investment performance in the six months to 31 March 2014 has built on that
achieved in recent years. For instance, the total return has increased by 38.6
per cent. in the three years to 31 March 2014 and is a reflection of the
quality of the Company's portfolio and the management provided by ISIS. Should
this investment performance continue to the end of the current financial year,
the returns to shareholders should be such that another performance fee will
again be due to the Manager.
The full record of performance can be found on our website,
www.baronsmeadvct.co.uk.
SHAREHOLDER MATTERS
Fundraising
An offer for subscription to raise gross proceeds of up to GBP10 million was
launched on 22 January 2014. I am very pleased to report that the Company's
offer was fully subscribed by 3 February 2014, raising GBP9.7 million net of
expenses. On behalf of the Board of Directors, I would like to thank the 350
existing shareholders and extend a very warm welcome to 292 new shareholders
who subscribed to this fundraising.
VCT legislation
In the March 2014 Budget, The Chancellor announced changes that are designed to
ensure that VCT tax relief continues to be well-targeted to encourage
individuals to make investments into growth companies that may not otherwise be
able to access finance. With effect from 6 April 2014, legislation has been
introduced that will prevent the use of "Enhanced Share Buy Backs" by VCTs and
restrict the availability of upfront VCT income tax relief if a shareholder
sells and reinvests in new shares within a six month period in the same VCT.
Since the Company has never used Enhanced Share Buy Backs, having preferred to
create an orderly market for all shareholders through maintaining a narrow
share price discount, it is expected that this legislation will have no impact
on the Company.
In addition, legislation will be introduced to prevent VCTs from distributing
reserves created from converted share premium accounts within three years of
new funds being raised. This will apply to new shares issued after 5 April 2014
and is in order to prevent the return of capital to shareholders prior to any
profits being generated from investments. As the Company already has
significant distributable reserves, it is expected that this legislation will
have limited impact on the Company although we are waiting to see the final
wording to be included in the legislation.
The European Commission is currently undertaking a review of the state aid
regulations including the risk capital guidelines under which VCTs are approved
at the European level. The aim of the review is to set out a clear framework to
allow member states to grant aid without the need for the European Commission
to be involved. The AIC is engaged in the discussion and the Manager has
provided data and case studies to assist the construction of a suitable
response.
Management Arrangements
The Board has considered the impact on your Company of the Alternative
Investment Fund Managers Directive ("AIFMD"), an EU Directive that came into
force in July 2013 to regulate the Managers of Alternative Investment Funds.
The legislation provides for Investment Trusts and VCTs to opt to become self
managed for the purposes of the Directive, which would result in the Company
becoming the Alternative Investment Fund Manager ("AIFM"). The legislation also
provides that AIFMs that manage assets under EUR500m can take advantage of a
light touch regime and register as Small Registered Managers which only imposes
some minimal additional reporting on the AIFM. To minimise the cost of
compliance with this Directive, the Board has decided that the Company will
register as the AIFM. This development will not impact on the day to day
investment activities other than for regulatory reasons the need to novate the
Investment Management Agreement to ISIS VC LLP which is a sister partnership of
our current Manager, ISIS EP LLP, controlled and managed by the same
individuals.
BOARD SUCCESSION
John Mackie resigned from the Board with effect from 8 May 2014 and Godfrey
Jillings has informed the Board of his intention to resign as a Director of the
Company with effect from 1 June 2014. I would like to thank Godfrey and John
for their contribution to our Board and the development of the Company, in
Godfrey's case since its inception in 1995. Through passionate belief in
long-term returns for shareholders, Godfrey has seen Baronsmead VCT grow to one
of the longest established and largest VCTs in the industry. We wish him all
the best in his well earned retirement.
Following a rigorous and independent recruitment process, I am delighted to
welcome Susannah Nicklin and Les Gabb who both joined the Board with effect
from 12 May 2014. Susannah is non executive director of Pantheon International
Participations PLC and is a member of the Investment Committee of Impact
Ventures UK. Les is the Finance Partner at Advent Venture Partners LLP, a
venture capital group that managed the Advent VCTs until 2005. Between them
Susannah and Les have extensive private equity, venture capital trust and
private client portfolio management experience which will be invaluable in
monitoring, reviewing and valuing our investments and the future development of
our Company.
OUTLOOK
The recovery of the UK economy now appears to be more firmly established. This
improvement in the economic environment in which portfolio companies operate is
to be welcomed. However, our focus is on the strengths of the businesses in
which the Company has invested and using the expertise and experience of the
Manager to help them to deliver increasing profits, employment and profitable
exits over the medium to longer term.
The unquoted portfolio has undergone a phase of refreshment following recent
sales and new investments. As a result, growth in the value of the unquoted
portfolio companies might be expected to be more modest in the next year or two
as a phase of investment in their capacity to grow takes place. The recent
growth in the value of the quoted portfolio can present an opportunity to
realise profits from these investments. The Company's portfolio diversity and
asset mix should help to deliver consistent returns over differing phases of
economic cycles.
Peter Lawrence
Chairman
16 May 2014
Summary Investment Portfolio
Investment Classification at 31 March 2014
Sector by value Percentage
Business Services 47%
Technology, Media & Telecommunications 24%
("TMT")
Healthcare & Education 16%
Consumer Markets 13%
Total Assets by value Percentage
AIM, listed, ISDX & collective investment vehicle 44%
Unquoted - loan stock 26%
Net current assets principally cash 24%
Unquoted - equity 6%
Time Investments Held by value Percentage
Less than 1 year 15%
Between 1 and 3 years 29%
Between 3 and 5 years 14%
Greater than 5 years 42%
Table of Investments and Realisations
Investments in the six months to 31 March 2014
Book
Cost GBP
Company Location Sector Activity '000
Unquoted
investments
New
CableCom II
Networking
Holdings
Limited Somerset TMT* Provider of network solutions 1,250
Carousel Logistics Business Provider of bespoke logistics
Limited Kent Services and supply chain solutions 955
Kingsbridge Business
Limited Gloucestershire Services Independent insurance broker 952
Follow on
Crew Clothing Consumer
Holdings Limited London Markets Branded clothing retailer 110
Total unquoted investments 3,267
AIM-traded & listed investments
New
Consumer Rare book and collectibles
Scholium Group plc London Markets dealer 450
Everyman Media Consumer Boutique independent cinema
Group plc London Markets chain 392
Consumer UK letting agency franchise
MartinCo plc Bournemouth Markets network 343
SME Domain registration &
Daily Internet plc Stockport TMT* hosting 250
EG Solutions plc Back office optimisation
Loan note Staffordshire TMT* software 33
Follow on
Sanderson Group
plc Coventry TMT* Retail and manufacturing IT 225
Plastics Capital London Business Specialist plastic products 189
plc Services
Tasty plc London Consumer Restaurant chain 126
Markets
Total AIM-traded investments 2,008
Total investments in the period 5,275
* Technology, Media and Telecommunications ("TMT")
Realisations in the six months to 31 March 2014
30
September
First 2013 Overall
Proceeds
investment valuation | multiple
Company date GBP'000 GBP'000 return*
Unquoted realisations
CableCom Networking Full trade
Holdings Limited sale May 07 5,447 5,748 4.8
Full trade
CSC (World) Limited sale Jan 08 2,838 3,115 2.4
Full trade
Kafevend Holdings Limited sale Oct 05 2,569 2,430 2.5
Inspired Thinking Group Full trade
Limited sale May 10 1,837 2,315 3.4
Arcas Investments Limited Dissolved Sep 11 1,000 998 1.0
Empire World Trade Full trade
Limited sale Aug 06 0 25 0.0
Total unquoted
realisations 13,691 14,631
AIM-traded realisations
Staffline Group plc Market sale Jul 00 1,285 1,682 8.4
Full market
PROACTIS Holdings plc sale May 06 409 621 1.0
Zattikka plc Write off Apr 12 0 0 0.0
Total AIM-traded realisations 1,694 2,303
Total realisations in the period 15,385 16,934|
| 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.
| Proceeds of GBP14,000 were also received in respect of Quantix Limited, which
had been sold in a prior period.
# Deferred consideration of GBP57,000 was also received in respect of CSC (World)
Limited.
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
Peter Lawrence
Chairman
16 May 2014
Unaudited Income Statement
For the six months to 31 March 2014
Six months to 31 March Six months to 31 March Year to 30 September
2014 2013 2013*
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
Unrealised gains
on movements
in fair value of
investments - 7,935 7,935 - 5,959 5,959 - 8,272 8,272
Realised
(losses)/gains
on
disposal of
investments - (963) (963) - 390 390 - 896 896
Income 1,490 - 1,490 910 - 910 3,366 - 3,366
Investment
management fee (175) (1,144) (1,319) (164) (1,124) (1,288) (333) (2,146) (2,479)
Other expenses (235) - (235) (211) - (211) (411) - (411)
Profit on
ordinary
activities
before taxation 1,080 5,828 6,908 535 5,225 5,760 2,622 7,022 9,644
Taxation on
ordinary
activities (181) 181 - (82) 82 - (517) 517 -
Profit on
ordinary
activities
after taxation 899 6,009 6,908 453 5,307 5,760 2,105 7,539 9,644
Return per
ordinary share:
Basic 0.96p 6.41p 7.37p 0.52p 6.04p 6.56p 2.33p 8.35p 10.68p
* Figures as at 30 September 2013 are audited.
Unaudited Reconciliation of Movements in Shareholders' Funds
For the six months to 31 March 2013
Six months to Six months to Year to
31 March 31 March 30 September
2014 2013 2013*
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 71,706 61,978 61,978
Profit on ordinary activities after taxation 6,908 5,760 9,644
Net proceeds of share issues & buybacks 9,583 8,906 8,906
Other costs charged to capital - - (5)
Dividends paid (5,543) (3,255) (8,817)
Closing shareholders' funds 82,654 73,389 71,706
* Figures as at 30 September 2013 are audited.
Notes
1. The unaudited interim results which cover the six months to 31 March 2014
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 2013.
2. Return per share is based on a weighted average of 93,748,547 ordinary
shares in issue (30 September 2013 - 90,244,833 ordinary shares; 31 March 2013
- 87,790,575 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 2014.
4. On 3 December 2013 the Company purchased 300,000 shares to be held in
Treasury. On 10 March 2014 the Company sold 150,000 shares from Treasury. At 31
March 2014 the Company holds 6,603,751 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. On 14 March 2014 the Company issued 12,546,774 shares. Excluding treasury
shares, there were 105,082,454 ordinary shares in circulation at 31 March 2014
(30 September 2013 - 92,685,680 ordinary shares; 31 March 2013 - 92,685,680
ordinary shares).
6. The interim dividend of 6p per share (4.9p capital, 1.1p revenue) was paid
on 7 March 2014 to shareholders on the register on 21 February 2014. The
ex-dividend date was 19 February 2014.
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 2013 has been extracted from
the latest published audited financial statements. The audited financial
statements for the year to 30 September 2013, which were unqualified, have been
filed with the Registrar of Companies. No statutory accounts in respect of any
period after 30 September 2013 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 2013
As at As at As at
31 March 31 March 30 September
2014 2013 2013*
GBP'000 GBP'000 GBP'000
Fixed assets
Unquoted investments 26,363 38,859 36,485
Traded on AIM 26,455 18,947 20,800
Traded on ISDX 511 - 346
Listed on LSE 1,841 1,240 1,457
Collective investment vehicle 7,883 5,092 6,141
Listed interest bearing securities - 3,999 2,999
Investments 63,053 68,137 68,228
Current assets
Debtors 3,584 2,400 1,963
Cash at bank and on deposit 17,097 8,349 3,109
20,681 10,749 5,072
Creditors (amounts falling due within one (1,080) (5,497) (1,594)
year)
Net current assets 19,601 5,252 3,478
Net assets 82,654 73,389 71,706
Capital and reserves
Called-up share capital 11,169 9,914 9,914
Share premium 20,101 11,655 11,655
Capital reserve 35,550 36,705 35,062
Revaluation reserve 15,653 14,383 14,777
Revenue reserve 181 732 298
Equity shareholders' funds 82,654 73,389 71,706
* Figures as at 30 September 2013 are audited.
As at As at As at
31 March 31 March 30 September
2014 2013 2013*
Net asset value per share 78.66p 79.18p 77.36p
Number of ordinary shares in 105,082,454 92,685,680 92,685,680
circulation
Treasury net asset value per share 78.35p 78.88p 77.06p
Number of ordinary shares in 105,082,454 92,685,680 92,685,680
circulation
Number of ordinary shares held in 6,603,751 6,453,751 6,453,751
treasury
Number of listed ordinary shares in 111,686,205 99,139,431 99,139,431
issue
* Figures as at 30 September 2013 are audited.
Unaudited Cash Flow Statement
For the six months to 31 March 2014
Six Six
months months Year
to to to
31 March 31 March 30 September
2014 2013 2013*
GBP'000 GBP'000 GBP'000
Net cash inflow/(outflow) from operating activities (100) 88 971
Tax - 17 17
Net cash inflow from financial investment 10,048 1,994 394
Equity dividends paid (5,543) (3,255) (8,817)
Net cash inflow/(outflow) before financing 4,405 (1,156) (7,435)
Net cash inflow from financing 9,583 7,862 8,901
Increase in cash 13,988 6,706 1,466
Reconciliation of net cash flow to movement in net cash
Increase in cash 13,988 6,706 1,466
Opening cash position 3,109 1,643 1,643
Closing cash at bank and on deposit 17,097 8,349 3,109
Reconciliation of profit on ordinary activities before
taxation to net cash (outflow)/inflow from operating
activities
Profit on ordinary activities before taxation 6,908 5,760 9,644
Gains on investments (6,972) (6,349) (9,168)
Changes in working capital and other non-cash items (36) 677 495
Net cash (outflow)/inflow from operating activities (100) 88 971
* Figures as at 30 September 2013 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 economic, loss of
approval as a Venture Capital Trust, investment and strategic, regulatory,
reputational, operational and financial risks. These risks, and the way in
which they are managed, are described in more detail under the heading
Principal risks, risk management and regulatory environment within the
Strategic Report, in the Company's Annual Report and Accounts for the year to
30 September 2013. The Company's principal risks and uncertainties have not
changed materially since the date of that report.
Related Parties
ISIS EP 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 per cent. per annum of the net assets of the Company. This
is described in more detail under the heading Management within the Report of
the Directors in the Company's Annual Report and Accounts for the year to 30
September 2013. During the period the Company has incurred management fees of GBP
700,000 and secretarial fees of GBP54,000 payable to the Manager. A performance
fee of GBP619,000 based on valuations at 31 March 2014 has been accrued to
reflect the potential fee that could be payable to the Manager at 30 September
2014 should the current investment performance continue to the end of the
current financial year.
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 2014 the Company held cash balances of GBP17,097,000. 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 Registrars and Transfer
Office
Peter Lawrence| Computershare Investor
Services PLC
Godfrey Jillings| The Pavilions
Valerie Marshall# Bridgwater Road
Les Gabb* Bristol BS99 6ZZ
Susannah Nicklin* Tel: 0870 703 0137
Secretary
ISIS EP LLP Brokers
Panmure Gordon & Co
Registered Office One New Change
100 Wood Street London
London EC2V 7AN EC4M 9AF
Tel: 020 7886 2500
Investment Manager
ISIS EP LLP Auditors
100 Wood Street KPMG LLP
London EC2V 7AN Saltire Court
020 7506 5717 20 Castle Terrace
Edinburgh EH1 2EG
ISIS VC LLP (liquid assets only)
100 Wood Street Solicitors
London EC2V 7AN SGH Martineau LLP
No 1 Colmore Square
Registered Number Birmingham B4 6AA
03035709
VCT Status Adviser
Website PricewaterhouseCoopers
LLP
www.baronsmeadvct.co.uk 1 Embankment Place
London WC2N 6RH
| Chairman
| Senior Independent Director and Chairman of the Nomination
Committee
# Chairman of the Management Engagement and Remuneration Committee and
Audit Committee
* Appointed to the Board with effect from 12 May 2014
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: http://www.morningstar.co.uk/uk/NSM
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.
END
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