TIDMSURE
RNS Number : 6142L
Sure Ventures PLC
28 December 2018
Chairman's Statement
Dear Shareholders.
On behalf of my fellow directors, I am delighted to present the
interim results of Sure Ventures plc (the 'Company') covering the
six months ended 30 September 2018.
FINANCIAL Performance
In the six month period to 30 September 2018 the Company's
performance has been in line with expectations with a net asset
value total return of 10.29% (31 March 2018: -7.88%) and a life to
date performance of +1.60%. The profitability of the Company in the
first reporting period to 31(st) March 2018 was impacted by the
realisation of all fund related formation costs in this first
period of trading in accordance with International Financial
Reporting Standards.
The improvement in performance in the interim period to 30
September 2018 has been driven in large part by the performance of
the Company's first direct investment, Immotion Group PLC
('Immotion'). Immotion, is a UK based company that creates its own
high-quality VR content and enhances the immersive experience by
coupling this content with motion simulation. The GBP500,000
investment made on 24 April 2018 is the only direct investment made
by the Company to date. Immotion listed on the Alternative
Investment Market on 12 July 2018, at a price that represented a
notable uplift in the value of the Company's original investment
and has continued to perform positively. Whilst the fair value of
the Company's investment in Suir Valley Ventures has fallen during
the period since 31 March 2018, the life to date performance of
Suir Valley Ventures is 15.8%.
Further detail is provided in the report of the Investment
Manager which follows this statement.
Dividend
During the interim period to 30 September 2018, the Company has
not declared a dividend (31 March 2018: GBPnil). Pursuant to the
Company's dividend policy the directors intend to manage the
Company's affairs to achieve shareholder returns through capital
growth rather than income. The Company does not expect to receive a
material amount of dividends or other income from its direct or
indirect investments. It should not be expected that the Company
will pay a significant annual dividend, if any.
Gearing
The Company may deploy gearing of up to 20% of net asset value
(calculated at the time of borrowing) to seek to enhance returns
and for the purposes of capital flexibility and efficient portfolio
management. The Company's gearing is expected to primarily comprise
bank borrowings, but may include the use of derivative instruments
and such other methods as the board may determine. During the
period to 30 September 2018 the Company did not employ any
borrowing (31 March 2018: GBPnil).
The board will continue to review the Company's borrowing, in
conjunction with the Company's investment Manager on a regular
basis pursuant with the Company's overall cash management and
investment strategy.
Outlook
On 2 July 2018 the Company announced the raising of gross
proceeds of GBP200,000 pursuant to the issue of new ordinary
shares.
On 27 September 2018 the Company raised gross proceeds of
GBP1,078,480 by conditionally allotting ordinary shares at
GBP1.0225 each. The issue of these shares became effective on 3
October 2018 when the shares were admitted to the Specialist Funds
Segment of the Main Market of the London Stock Exchange. The
Company now has 4,564,748 ordinary shares in issue.The Investment
Manager's Report following this Statement gives further detail on
the affairs of the Company. The board is confident of the long-term
prospects for the Company in pursuit of its investment
objectives.
Perry Wilson
Chairman
21 December 2018
Investment Manager's Report
The company
Sure Ventures plc (the 'Company') has been established to enable
investors to gain access to early stage technology companies within
the market verticals of augmented reality and virtual reality
(AR/VR), the Internet of Things (IoT) and financial technology
(FinTech).
The Company aims to gain access to deal flow ordinarily reserved
for venture capital funds and ultra-high net worth angel investors,
establishing a diversified software-centric portfolio with a clear
strategy. Listing the fund on the London Stock Exchange should
offer investors:
Relative liquidity
A quoted share price
A high level of corporate governance
It is often too expensive, too risky and too labour intensive
for investors to build their own portfolio of the type. We are
leveraging the diverse skillsets of an experienced management team
who have the industry network to gain access to quality deal flow,
the expertise to complete extensive due diligence in target markets
and the entrepreneurial skills to help these companies to mature
successfully. Those investing in our fund will get exposure to Suir
Valley Ventures which in turn makes direct investments in the above
sectors in the Republic of Ireland.
Augmented Reality & Virtual Reality
The AR/VR market is evolving at a rapid pace. The market is
expected to grow into a US$108 billion industry within the next
five years [1] Significant investment in VR hardware capability and
headset development has been made by major industry players such as
Facebook (through its Oculus division), Microsoft, Sony (through
its PlayStation division), HTC, Samsung and others. In 2017 Apple
and Google launched development tools supporting the growth of AR
smartphone apps. These investments have ignited a new and exciting
industry within the technology sector. Hardware manufacturers and
AR/VR users are now searching for software capabilities/support and
content, and we believe that exposure to this industry via the
Company and direct investment into software companies in the space
will offer significant upside potential for investors. Through our
network of technology accelerators, angel investor partners and
industry contacts in the AR/VR space, we expect to have a strong
chance of discovering the industry leaders of tomorrow.
Internet of Things
The Internet of Things (IoT) as a segment of the market is a
broad investment area, but is defined as the interconnection via
the internet of computing devices embedded in everyday objects
enabling them to send and receive data. The market was estimated to
be worth US$120 billion dollars in 2016 and is predicted to reach a
size of US$253 billion by 2021[2]. The global growth and
advancement of internet coverage, the increased speed and
capability of connectivity and the mass market penetration of
smartphones/tablet sales has opened up significant opportunities
for software companies. Businesses from many industries are
embracing the efficiencies, cost savings and the "direct to
consumer" penetration this technological advancement has offered.
We see continued growth opportunities in this area and believe that
investor returns will benefit from exposure to the space.
FinTech
FinTech is an industry segment that has grown significantly and
continues to do so at a rapid pace. It has a transaction value
that's estimated to be US$2.6 trillion US dollars. The market is
predicted to expand to a size of US$6.9 trillion in the next 5
years, which represents a transaction value at a compound annual
growth rate of 20.5%[3]. The banking, finance and insurance
industries are increasingly accepting and embracing the
efficiencies and benefits of technology. Ever changing financial
regulation, cyber security requirements and payment trends are
driven by technological advancement. We continue to see new and
exciting deal flow in this area and believe that this market
segment will continue to develop at pace. We believe that investors
looking for exposure to the emerging software technology market
should include a FinTech element in their investment strategy.
[1] eDigi-Capital, 2017 (https://www.digi-capital.com/)
[2] Zinnov Zones 2016 - Internet Of Things Technology Services
(http://zinnovzones.com)
[3] Statistica, June 2017
(https://www.statista.com/chart/4204/fintech-market-outlook/
PORTFOLIO BREAKDOWN
On 17 January 2018 the placing of 3.31m ordinary shares of Sure
Ventures plc was concluded, following an extensive fundraising
programme as described in the prospectus published on 17 November
2017 ('the prospectus'). The ordinary shares were admitted to
trading on the Specialist Fund Segment of the London Stock Exchange
on 19 January 2018 under the ISIN: GB00BYWYZ460. On 2 July 2018 the
Company announced the raising of gross proceeds of GBP200,000 by
the placing of new ordinary shares.
On 6 February 2018, Sure Ventures entered into a EUR4.5m
commitment to Suir Valley Ventures, the sole sub-fund of Suir
Valley Funds ICAV and its investment was equalised into the
sub-fund at that date. The first drawdown of this commitment was
made on 5 March 2018 with the second drawdown on 22 August
2018.
In addition to investing in Suir Valley Ventures, Sure Ventures
plc may, in pursuit of its investment objectives, invest directly
in investee companies. On 24 April 2018 the Company announced a
GBP500,000 direct investment in Immotion Group Plc a UK-based
company focused on creating superior out-of-home immersive VR
experiences in Europe and the USA. On 12 July 2018 it was announced
that the company had listed on AIM (ticker IMMO.L) having raised
GBP5.75mm through an oversubscribed placing.
In addition to the two investments made above, the Company has
pursued the cash management strategy as outlined in the prospectus
and made an investment in UK Treasury Bills.
suir valley Funds ICAV
Suir Valley Funds ICAV (the "ICAV") is a close-ended Irish
collective asset-management vehicle with segregated liability
between sub-funds incorporated in the Republic of Ireland pursuant
to the Irish Collective Asset-management Vehicles Act 2015 and
constituted as an umbrella fund insofar as the share capital of the
ICAV is divided into different series with each series representing
a portfolio of assets comprising a separate sub-fund.
The ICAV was registered on 18 October 2016 and authorised by the
Central Bank of Ireland as a qualifying investor alternative
investment fund ("QIAIF") on 10 January 2017. The initial sub-fund
of the ICAV is Suir Valley Ventures (the "Fund"), which had an
initial closing date of 1 March 2017. The Fund intends to invest in
a broad range of software companies but with a focus on companies
in the AR/VR, FinTech and IoT sectors.
As at 30 September 2018 the Fund had commitments totalling
EUR20.3m and had made five direct investments into companies
spanning the AR/VR and IoT sectors. On 12 March 2018, Immersive VR
Education Limited, the Fund's first investment, completed a
flotation on the London Stock Exchange (AIM) and the Dublin Stock
Exchange (ESM). The public company is now called VR Education
Holdings PLC - ticker VRE. VRE was the first software company to
list on the ESM since that market's inception. The Company's
EUR4,500,000 commitment to the Fund was made at a price of EUR1.00
per share; the last recorded dealing NAV of the Fund as at 30
September 2018 was at EUR1.1583 representing a return since
inception for investors of 15.83%.
DIRECT INVESTMENTS
Immotion Group PLC ('Immotion'), a UK based company that creates
its own high-quality VR content and enhances the immersive
experience by coupling this content with motion simulation, is the
only direct investment made by the Company to date, with a
GBP500,000 investment made in February 2018. Immotion listed on AIM
in July 2018, at a price that represented a notable uplift in the
value of Sure Venture's original investment. Immotion has made
continued progress, rolling out VR centres in Yorkshire,
Manchester, Cardiff, Newcastle, Derby and Uxbridge. It has also
created new proprietary content (such as Delta Zero VR) and a
branded roller coaster experience for the Lego discovery centre in
Manchester.
performance
During the period to 30 September 2018 the Company has made a
total return on net asset value per share of +10.29% (31 March
2018: -7.88%), which represents a life to date performance of
+1.60%.
This return since commencement of operations is in line with
expectation and can be attributed to the recognition of one-off
formation costs, placing fees and fund operating costs tempered by
the positive performance of the investments in the Fund and the
direct investment in Immotion.
FutuRe Investment OUTLOOK
We are pleased with the progress the Fund has made thus far. The
Fund has built a well balanced portfolio with exposure to several
exciting and rapidly growing companies. Overall our investments
have grown at a healthy rate which we believe provides an
encouraging outlook for further investments in our chosen sectors.
We are especially pleased with the successful flotation of our
first direct investment, Immotion, that came to fruition shortly
after investment. We look forward to providing further updates as
further investments are made by the Company directly and by the
Fund and the current investee companies continue to develop.
Shard Capital AIFM LLP
Investment Manager
21 December 2018
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2018 (unaudited)
Revenue Capital Total
GBP GBP GBP
========== ========
Income
=========================================== ========== ======== ==========
Other net changes in fair value on
financial assets at fair value through
profit or loss - 467,649 467,649
============================================ ========== ======== ==========
Other income 3,174 - 3,174
============================================ ========== ======== ==========
Management fee rebate 1,155 3,611 4,766
============================================ ========== ======== ==========
Total net income 4,329 471,260 475,589
============================================ ========== ======== ==========
Expenses
=========================================== ========== ======== ==========
Management fee - - -
=========================================== ========== ======== ==========
Custodian, secretarial and administration
fees (36,933) - (36,933)
============================================ ========== ======== ==========
Other expenses (92,521) - (92,521)
============================================ ========== ======== ==========
Total operating expenses (129,454) - (129,454)
============================================ ========== ======== ==========
(Loss) / Profit before Taxation and
after finance costs (125,125) 471,260 346,135
============================================ ========== ======== ==========
Taxation - - -
=========================================== ========== ======== ==========
(Loss) / Profit after taxation (125,125) 471,260 346,135
============================================ ========== ======== ==========
Earnings per share (3.67) 13.84 10.17
============================================ ========== ======== ==========
For the period from 21 June 2017 (date of incorporation) to 31
March 2018 (audited)
Revenue Capital Total
GBP GBP GBP
========== ========
Income
=========================================== ========== ======== ==========
Other net changes in fair value on
financial assets at fair value through
profit or loss - 44,980 44,980
============================================ ========== ======== ==========
Total net income - 44,980 44,980
============================================ ========== ======== ==========
Expenses
=========================================== ========== ======== ==========
Management fee (1,155) (3,611) (4,766)
============================================ ========== ======== ==========
Custodian, secretarial and administration
fees (19,850) - (19,850)
============================================ ========== ======== ==========
Other expenses (230,282) - (230,282)
============================================ ========== ======== ==========
Total operating expenses (251,287) (3,611) (254,898)
============================================ ========== ======== ==========
(Loss) / Profit before Taxation and
after finance costs (251,287) 41,369 (209,918)
============================================ ========== ======== ==========
Taxation - - -
=========================================== ========== ======== ==========
(Loss) / Profit after taxation (251,287) 41,369 (209,918)
============================================ ========== ======== ==========
Earnings per share (7.59)p 1.25p (6.34)p
============================================ ========== ======== ==========
The total comprehensive income and expense for the period is
attributable to shareholders of the Company
The accompanying notes on pages 11 to 17 form part of these
condensed interim financial statements.
Condensed Statement of Financial Position
As at 30 September 2018
Notes 30 September 31 March 2018
2018
(unaudited) (audited)
GBP GBP
====== =============
Non-current assets
======================================= ====== ============= ==============
Investments held at fair value
through profit or loss 7 2,821,001 739,258
======================================= ====== ============= ==============
2,821,001 739,258
======================================= ====== ============= ==============
Current assets
======================================= ====== ============= ==============
Receivables 3,700 689,713
======================================= ====== ============= ==============
Cash and cash equivalents 789,931 1,663,505
======================================= ====== ============= ==============
793,631 2,353,218
======================================= ====== ============= ==============
Total assets 3,614,632 3,092,476
======================================= ====== ============= ==============
Current liabilities
======================================= ====== ============= ==============
Management fee payable - (4,766)
======================================= ====== ============= ==============
Other payables (48,614) (38,550)
======================================= ====== ============= ==============
(48,614) (43,316)
======================================= ====== ============= ==============
Total assets less current liabilities 3,566,018 3,049,160
======================================= ====== ============= ==============
Total net assets 3,566,018 3,049,160
======================================= ====== ============= ==============
Shareholders' funds
======================================= ====== ============= ==============
Ordinary share capital 8 35,100 33,100
======================================= ====== ============= ==============
Share premium 3,394,701 3,225,978
======================================= ====== ============= ==============
Revenue reserves (376,412) (251,287)
======================================= ====== ============= ==============
Capital reserves 512,629 41,369
======================================= ====== ============= ==============
Total shareholders' funds 3,566,018 3,049,160
======================================= ====== ============= ==============
Net asset value per share 101.59p 92.12p
======================================= ====== ============= ==============
The accompanying notes on pages 11 to 17 form part of these
condensed interim financial statements.
The financial statements on pages 11 to 17 were approved by the
board of directors and authorised for issue on 21 December 2018.
They were signed on its behalf by:
Perry Wilson, Chairman
Condensed Statement of Changes in Equity
For the six months ended 30 September 2018 (unaudited)
Ordinary Share Revenue Capital Total Total
Share Premium Reserves Reserves Reserves Equity
Capital GBP GBP GBP GBP GBP
GBP
========= ========== ========== ========== ==========
Balance at 31
March 2018 33,100 3,225,978 (251,287) 41,369 (209,918) 3,049,160
================= ========= ========== ========== ========== ========== ==========
Ordinary shares
issued 2,000 198,000 - - - 200,000
================= ========= ========== ========== ========== ========== ==========
Ordinary shares
issue costs - (29,277) - - - (29,277)
================= ========= ========== ========== ========== ========== ==========
(Loss) / Profit
after taxation - - (125,125) 471,260 346,135 346,135
================= ========= ========== ========== ========== ========== ==========
Dividends paid - - - - - -
in the period
================= ========= ========== ========== ========== ========== ==========
Balance at 30
September 2018 35,100 3,394,701 (376,412) 512,629 136,217 3,566,018
================= ========= ========== ========== ========== ========== ==========
For the period from 21 June 2017 (date of incorporation) to 31
March 2018 (audited)
Ordinary Share Revenue Capital Total Total
Share Premium Reserves Reserves Reserves Equity
Capital GBP GBP GBP GBP GBP
GBP
========= ========== ========== ========== ==========
Balance at 21 - - - - - -
June 2017
================= ========= ========== ========== ========== ========== ==========
Ordinary shares
issued 33,100 3,276,900 - - - 3,310,000
================= ========= ========== ========== ========== ========== ==========
Ordinary shares
issue costs - (50,922) - - - (50,922)
================= ========= ========== ========== ========== ========== ==========
(Loss) / Profit
after taxation - - (251,287) 41,369 (209,918) (209,918)
================= ========= ========== ========== ========== ========== ==========
Dividends paid - - - - - -
in the period
================= ========= ========== ========== ========== ========== ==========
Balance at 31
March 2018 33,100 3,225,978 (251,287) 41,369 (209,918) 3,049,160
================= ========= ========== ========== ========== ========== ==========
The accompanying notes on pages 11 to 17 form part of these
condensed interim financial statements.
Condensed Statement of Cash Flows
For the six months ended 30 September 2018
30 September 31 March 2018
2018
(unaudited) (audited)
GBP GBP
==== =============
Cash flows from operating activities:
============================================ ==== ============= ==============
Profit / (Loss) after taxation 346,135 (209,918)
================================================== ============= ==============
Adjustments for:
============================================ ==== ============= ==============
Decrease in receivables 686,013 -
============================================ ==== ============= ==============
Increase in payables 10,064 43,316
================================================== ============= ==============
Unrealised (loss)/gain on foreign
exchange (3,221) 6,875
================================================== ============= ==============
Decrease in Management fee payable (4,766) -
============================================ ==== ============= ==============
Net changes in fair value on financial
assets at fair value through profit
or loss (467,649) (51,855)
================================================== ============= ==============
Net cash inflow/outflow from operating
activities 566,576 (211,582)
================================================== ============= ==============
Cash flows from investing activities:
============================================ ==== ============= ==============
Purchase of investments (1,610,873) (694,278)
================================================== ============= ==============
Net cash (outflow) from investing
activities (1,610,873) (694,278)
================================================== ============= ==============
Cash flows from financing activities:
============================================ ==== ============= ==============
Proceeds from issue of ordinary shares 200,000 2,620,287
================================================== ============= ==============
Share issue costs (29,277) (50,922)
================================================== ============= ==============
Net cash inflow from financing activities 170,723 2,569,365
================================================== ============= ==============
Net change in cash and cash equivalents (873,574) 1,663,505
================================================== ============= ==============
Cash and cash equivalents at the beginning
of the period 1,663,505 -
============================================ ==== ============= ==============
Net cash and cash equivalents 789,931 1,663,505
================================================== ============= ==============
The accompanying notes on pages 11 to 17 form part of these
condensed interim financial statements.
Notes to the Condensed Interim Financial Statements
1) General information
Sure Ventures plc (the "Company") is a company incorporated in
England and Wales (registration number: 10829500) on 21 June 2017,
commencing trading on 19 January 2018 upon listing. The registered
office of the Company is 23rd Floor, 20 Fenchurch Street, London,
United Kingdom, EC3M 3BY.
The Company is an investment company within the meaning of
section 833 of the Companies Act 2006.
The Company operates as an investment trust in accordance with
Chapter 4 of Part 24 of the Corporation Tax Act 2010 and the
Investment Trust (Approved Company) (Tax) Regulations 2011. In the
opinion of the directors, the Company has conducted its affairs so
that it is able to maintain its status as an investment trust.
Approval of The Company's application for approval as an investment
trust was received from HMRC on 22 November 2018, applicable from
the accounting period commencing 1 April 2018.
The Company is an externally managed closed-ended investment
company with an unlimited life and has no employees.
The information set out in these unaudited condensed interim
financial statements for the period ended 30 September 2018 does
not constitute statutory accounts as defined in section 435 of
Companies Act 2006. Comparative figures from inception to 31 March
2018 are derived from the financial statements for that period. The
financial statements for the period ended 31 March 2018 have been
delivered to the Registrar of Companies and contain an unqualified
audit report and did not contain a statement under emphasis of
matter or statements under section 498(2) or (3) of the Companies
Act 2006. The financial statements of the Company for the period
ended 31 March 2018 are available upon request from the Company's
registered office at 23(rd) Floor, 20 Fenchurch Street, London,
United Kingdom, EC3M 3BY.
2) Basis of accounting
The financial statements of the Company have been prepared in
accordance with International Financial Reporting Standards (IFRS)
and IFRIC interpretations (IFRS IC) as adopted by the European
Union. They do not include all the information required for the
full annual financial statements, and should be read in conjunction
with the annual financial statements of the Company for the period
ended 31 March 2018. The principal accounting policies adopted in
the preparation of the financial information in these unaudited
condensed interim financial statements are unchanged from those
used in the Company's financial statements for the period ended 31
March 2018. This report does not itself contain sufficient
information to comply with IFRS.
3) Estimates
The preparation of the unaudited condensed interim financial
statements requires management to make judgement, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
In preparing these unaudited condensed interim financial
statements, the significant judgement made by management in
applying the Company's accounting policies and the key sources of
estimation were the same as those that applied to the Company
financial statements as at and for the period ended 31 March
2018.
4) Financial risk management
The Company's financial risk management objectives and policies
are consistent with those disclosed in the Company financial
statements as at and for the period ended 31 March 2018.
5) Taxation
As an investment trust the Company is exempt from corporation
tax on capital gains. The Company's revenue income is subject to
tax, but offset by any interest distribution paid, which has the
effect of reducing that corporation tax to nil. This means the
interest distribution may be taxable in the hands of the Company's
shareholders.
6) Earnings per Share
For the six months period ended Revenue Capital Total
30 September 2018 pence pence pence
======== ========
Earnings per ordinary share (3.67)p 13.84p 10.17p
================================= ======== ======== ========
For the financial period ended 31 from March 2018
Earnings per ordinary share (7.59)p 1.25p (6.34)p
================================= ======== ======== ========
The calculation of the above is based on revenue return loss of
GBP125,125 (31 March 2018: loss GBP251,287), capital return profit
of GBP471,260 (31 March 2018: profit GBP41,369) and total return
profit of GBP346,135 (31 March 2018: loss GBP209,919) and weighted
average number of ordinary shares of 3,405,082 (31 March 2018:
3,310,000) as at 30 September 2018
7) INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
As at 30 September As at 31 March
2018 2018
GBP GBP
===================
Opening cost -
======================================= =================== ===============
Opening fair value 739,258 -
======================================= =================== ===============
Purchases at cost 1,610,873 694,278
======================================= =================== ===============
Cost at fair value measurement 467,649 51,855
======================================= =================== ===============
Unrealised (loss) on foreign exchange 3,221 (6,875)
======================================= =================== ===============
Closing fair value 2,821,001 739,258
======================================= =================== ===============
8) Ordinary Share Capital
The table below details the issued share capital of the Company
as at the date of the Financial Statements.
Issued and allotted No. of shares No. of shares 30 September 31 March
30 September 31 March 2018 2018
2018 2018 GBP GBP
============== ============== ==============
Ordinary shares of 1 penny -
each
============================ ============== ============== ============== ==========
3,510,000 3,310,000 35,100 33,100
============================ ============== ============== ============== ==========
On incorporation, the issued share capital of the Company was
GBP0.01 represented by one ordinary share of GBP0.01. Redeemable
preference shares of 50,000 were also issued with a nominal value
of GBP1 each, of which 25% were paid. The redeemable shares were
issued to enable the Company to obtain a certificate of entitlement
to conduct business and to borrow under section 761 of the
Companies Act 2006. The redeemable shares were redeemed on listing
from the proceeds of the issue of the new ordinary shares upon
admission on 19 January 2018.
3,310,100 ordinary shares of GBP0.01 each were issued to
shareholders as part of the placing and offer for subscription in
accordance with the Company's prospectus dated 17 November 2017 and
the supplementary prospectus dated 2 January 2018. The shares were
admitted to trading on the Specialist Fund Segment ('SFS') of the
London Stock Exchange on 19 January 2018.
An additional 200,000 ordinary shares of GBP0.01 each were
issued to shareholders as part of the placing and offer for
subscription and admitted to trading on the SFS on 5 July 2018.
9) Related Party Transactions and Transactions with the
Manager
Directors - There were no contracts subsisting during or at the
end of the period in which a director of the Company is or was
interested and which are or were significant in relation to the
Company's business. There were no other transactions during the
period with the directors of the Company. The directors do not hold
any ordinary shares of the Company.
At 30 September 2018, there was GBP1,672 (31 March 2018: GBP203)
payable in respect of directors fees and expenses.
Manager - Shard Capital AIFM LLP (the 'Manager'), a UK-based
company authorised and regulated by the Financial Conduct
Authority, has been appointed the Company's manager and authorised
investment fund manager for the purposes of the Alternative
Investment Fund Managers Directive. Details of the services
provided by the manager and the fees paid are given in the
prospectus dated 17 November 2017.
During the period the Company was rebated GBP4,767 (31 March
2018: paid GBP4,767) of fees and at 30 September 2018, there was
GBPnil (31 March 2018: GBP4,767) payable to the manager.
During the period the Company paid GBP9,697 (31 March 2018:
GBP50,922) of placement fees to Shard Capital Partners LLP.
During the period the Company paid GBP6,000 (31 March 2018:
GBP3,000) of advisory fees to Shard Capital Partners LLP.
10) SubsequENT EVENTS
On 27 September 2018 the Company raised gross proceeds of
GBP1,078,480 by conditionally allotting ordinary shares at
GBP1.0225 each. The issue of these shares became effective on 3
October 2018 when the shares were admitted to the Specialist Funds
Segment of the Main Market of the London Stock Exchange. The
Company now has 4,564,748 ordinary shares in issue.
On 12 October 2018 the Company made a further EUR306,480
investment in Suir Valley Ventures (the "Fund"), representing the
third drawdown against the Company's EUR4,500,000 commitment to the
Fund.
On 20 December 2018 Sean Nicolson resigned as Non-Executive
Director of the Company and Chairman of the Board.
On 20 December 2018 Perry Wilson was appointed as a
Non-Executive Director of the Company and Chairman of the
Board.
This information is provided by RNS, the news service of the
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 28, 2018 02:00 ET (07:00 GMT)
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