TIDMSURE
RNS Number : 2339X
Sure Ventures PLC
18 December 2019
SURE VENTURES PLC / ISIN: GB00BYWYZ460 / Ticker: SURE / Market:
SFS / Sector: Investment
18 December 2019
Sure Ventures plc ('Sure Ventures' or 'the Company')
Interim Results
Sure Ventures plc, a venture capital fund which invests in early
stage software companies, is pleased to announce its interim
results for the six months ended 30 September 2019.
CHAIRMAN'S STATEMENT
On behalf of my fellow directors, I am delighted to present the
interim results of Sure Ventures plc covering the six-month period
ended 30 September 2019.
FINANCIAL PERFORMANCE
The Company's performance for the half year to 30 September 2019
continues to be broadly in line with expectations with a net asset
value total return of +0.08% (30 September 2018 +10.29%) and a life
to date performance of -16.90%, which is attributable mainly to the
realisation of initial fund formation costs in 2018, ongoing
operational costs and share price volatility of the Company's two
listed investments; Immotion Group plc ('Immotion'), which is held
as a direct investment and VRE Education Holdings plc ('VRE'),
which is held indirectly as part of the Company's investment in
Sure Valley Ventures sub-fund of Suir Valley Fund ICAV (the
'Fund'). It should be noted that share prices for Immotion and VRE
continue to trade at around their respective half year end prices,
with VRE receiving particular attention from its recently announced
launch of Shuttle Commander on PlayStation for early December, and
the Company is fully supportive of Immotion's business model as it
continues to roll out immersive experiences in entertainment and
leisure sites globally.
On 2 September 2019 the Company was pleased to announce it had
increased its subscription to the Fund by EUR2.5m to a total
commitment of EUR7m demonstrating its belief that the Fund
portfolio has become well established and, with a number of
investee companies preparing for further funding rounds, there is
real potential for uplifts from the initial valuations. As a result
the Company's interest in the Fund has increased from 22.17% to
25.93% and as future uplifts from funding rounds occur, any share
price volatility of the listed investments of Immotion and VRE
should have less of a contributory impact on quarterly net asset
values ('NAV') and the Company's overall performance.
Meanwhile the Company's share price continues to trade at a
premium in excess of 20% of the last published NAV, which the
Company believes supports the continued growth potential of its
investments and demonstrates an understanding among shareholders of
the investment rationale and horizon.
PORTFOLIO UPDATE
The Fund has grown steadily during the period ending 30
September 2019 adding investments in VividQ Limited, a deep
technology company pioneering the application of holography in
augmented reality ('AR') and virtual reality ('VR'), and Ambisence
Limited, a company that has developed an environmental risk
assessment platform encompassing internet of things ('IoT') and
artificial intelligence ('AI') solutions. These investments take
the total Fund portfolio to ten, diverse, early stage companies
within the augmented reality AR and VR, IoT and AI sectors. In
addition to the Fund investment, the Company has taken the
opportunity to make a matched, direct investment of GBP500,000 in
VividQ Limited which it sees as an exciting and complimentary
investment to the Fund.
Several investee companies are at different stages of Series A
fundraising and upon completion the Company anticipates further
positive announcements to this effect within the next one-two
quarters.
Further detail is provided in the report of the Investment
Manager which follows this statement.
DIVID
During the interim period to 30 September 2019, the Company has
not declared a dividend (31 March 2019: 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 2019 the Company did not employ any
borrowing (31 March 2019: 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 7 June 2019 the Company announced the raising of gross
proceeds of GBP292,999.68 pursuant to the issue of new ordinary
shares and the Company now has 4,869,956 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
INVESTMENT MANAGER'S REPORT
THE COMPANY
Sure Ventures plc (the "Company") was established to enable
investors to gain access to early stage technology companies in the
three exciting and expansive market verticals of augmented reality
and virtual reality (AR/VR), artificial intelligence (AI) and the
internet of things (IoT).
The Company gains 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 offers
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 a portfolio of this nature themselves. 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 the Company will get
exposure to Sure Valley Ventures which in turn makes direct
investments in the above sectors in the UK & Ireland.
Augmented Reality & Virtual Reality
The AR/VR market is evolving at a rapid pace. The market is
expected to grow into a US$298 billion industry by 2023 growing at
a CAGR of over 60% during the forecast time frame [1]. Significant
investment in 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. This investment has 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 Fund
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; it 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$212 billion dollars by the end of 2019 and is predicted
to reach a size of US$1.6 trillion by 2025[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 created 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 in this area and believe that investor returns
will benefit from exposure to the space.
Artificial Intelligence
According to the market research firm Tractica, the global
artificial intelligence software market is expected to experience
massive growth in the coming years, with revenues increasing from
around US$9.5 billion in 2018 to an expected US$118.6 billion by
2025[3]. The overall AI market includes a wide array of
applications such as natural language processing, robotic process
automation, and machine learning. McKinsey did an analysis
comparing the value created by advanced analytics versus AI and
machine learning across common enterprise use cases. McKinsey found
that 82% of enterprises adopting machine learning and AI have
gained a financial return from their investments. For companies
across all industries, the median return on investment from
cognitive technologies is 17%. AI and machine learning have the
potential to create an additional US$2.6T in value by 2020 in
Marketing and Sales, and up to US$2.0T in manufacturing and supply
chain planning.
1. ARC market research Sep 2019
2. Statista 2019
3. Tractica 2019
PORTFOLIO BREAKDOWN
On 6 February 2018 the Company entered into a EUR4.5m commitment
to Sure Valley Ventures (the "Fund"), the sole sub- fund of Suir
Valley Funds ICAV and its investment was equalised into the Fund at
that date. On 31 August 2019 a further EUR2.5m was committed to the
Fund, taking the total investment in Sure Valley Ventures to EUR7m.
The first drawdown of this commitment was made on 5 March 2018 and
as at 30 September 2019, a total of EUR1,897,048 had been drawn
down against this commitment.
On 26 April 2019 the Company made a direct investment of
GBP500,000 into VividQ Limited, a deep tech start up with world
leading expertise in 3D holography. This investment represents the
second direct investment of the Company, alongside Immotion Group
PLC, which was announced on 24th April 2018. As detailed in the
Statement of Position included in the following financial
statements, these two investments alongside the Fund investment
represent the entire portfolio of Sure Ventures plc as at 30
September 2019.
On 7 June 2019 the Company announced a placing of 305,208
ordinary shares. The ordinary shares were admitted to trading on
the Specialist Fund Segment of the London Stock Exchange on 10 June
2019 under the existing ISIN: GB00BYWYZ460, taking the total shares
in admission as at 30 September 2019 to 4,869,956.
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 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 Sure Valley Ventures, or the Fund, which had an
initial closing date of 1 March 2017. The Fund invests in a broad
range of software companies with a focus on companies in the AR/VR,
AI and IoT sectors.
As at 30 September 2019 the Fund had commitments totalling
EUR27m and had made ten direct investments into companies spanning
the AR/VR, AI 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.
PERFORMANCE
In the period to 30 September 2019 the Company's performance was
broadly in line with expectations, returning a net asset value of
GBP0.83 per unit, which is unchanged from the 31 March 2019 audited
year end figure. This can largely be explained by the increase in
share price of Immotion Group PLC from 5.1p at year end to 6.7p as
at 30 September, which has neutralised the impact of another 6
months of costs on the overall NAV. Immotion plc, a directly held
investment that has subsequently recovered even further since 30
September 2019 year end price and is now trading around 6.65p.
FUTURE INVESTMENT OUTLOOK
The Fund has achieved a number of unrealised gains across the
portfolio and continues to have access to quality deals in our
chosen high growth sectors. The portfolio of current investments is
now beginning to mature and approach series A funding rounds, which
if successful, will begin to provide the NAV growth that was set
out to achieve from inception.
The progress made by the appointed AIFM and the pipeline
outlined to the board, prompted the Company to make a further
commitment to Sure Valley Ventures of EUR2.5 million. This was
announced to the market on the 2nd September 2019 reaffirming that
the board remain positive about the potential value that can be
created for its investors. We also remain confident in the future
outlook of the Company in the forthcoming financial year and in
line with the prospectus, reserve the right to make further direct
investments provided there is sufficient working capital to do
so.
Shard Capital AIFM LLP
Investment Manager
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2019 (unaudited)
Revenue Capital Total
GBP GBP GBP
Income
Other net changes in fair value
on financial assets at fair value
through profit or loss - 111,913 111,913
---------- ---------- ----------
Other income - - -
---------- ---------- ----------
Management fee rebate - - -
---------- ---------- ----------
Total net income - 111,913 111,913
---------- ---------- ----------
Expenses
Management fee - - -
---------- ---------- ----------
Custodian, secretarial and administration
fees (42,478) - (42,478)
---------- ---------- ----------
Other expenses (88,033) - (88,033)
---------- ---------- ----------
Total operating expenses (130,511) - (130,511)
---------- ---------- ----------
(Loss) / Profit before Taxation
and after finance costs (130,511) 111,913 (18,598)
---------- ---------- ----------
Taxation - - -
---------- ---------- ----------
(Loss) / Profit after taxation (130,511) 111,913 (18,598)
---------- ---------- ----------
Earnings per share (2.68)p 2.30p (0.38)p
---------- ---------- ----------
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* (3.56)p 13.43p 9.87p
---------- -------- ----------
*The numbers are changed to the 2018 condensed interim financial
statements due to the shares being rebased.
Condensed Statement of Financial Position
As at 30 September 2019
Notes 30 September 31 March
2019 2019
(unaudited) (audited)
GBP GBP
Non-current assets
Investments held at fair value
through profit or loss 7 2,642,593 1,700,900
------ ------------- -----------
2,642,593 1,700,900
------ ------------- -----------
Current assets
Receivables 6,900 -
------ ------------- -----------
Cash and cash equivalents 1,448,523 2,139,842
------ ------------- -----------
1,455,423 2,139,842
------ ------------- -----------
Total assets 4,098,016 3,840,742
------ ------------- -----------
Current liabilities
Management fee payable - -
------ ------------- -----------
Other payables (52,176) (50,654)
------ ------------- -----------
(52,176) (50,654)
------ ------------- -----------
Total assets less current liabilities 4,045,840 3,790,088
------ ------------- -----------
Total net assets 4,045,840 3,790,088
------ ------------- -----------
Shareholders' funds
Ordinary share capital 8 48,699 45,647
------ ------------- -----------
Share premium 4,699,588 4,428,290
------ ------------- -----------
Revenue reserves (631,931) (501,420)
------ ------------- -----------
Capital reserves (70,516) (182,429)
------ ------------- -----------
Total shareholders' funds 4,045,840 3,790,088
------ ------------- -----------
Net asset value per share 83.08p 83.03p
------ ------------- -----------
Condensed Statement of Changes in Equity
For the six months ended 30 September 2019 (unaudited)
Ordinary Share Premium Revenue Capital Total Total
Share Capital GBP Reserves Reserves Reserves Equity
GBP GBP GBP GBP GBP
For the year
ended 31 March
2019 45,647 4,428,290 (501,420) (182,429) (683,849) 3,790,088
--------------- -------------- ---------- ---------- ---------- ----------
Ordinary shares
issued 3,052 289,948 - - - 293,000
--------------- -------------- ---------- ---------- ---------- ----------
Ordinary shares
issue costs - (18,650) - - - (18,650)
--------------- -------------- ---------- ---------- ---------- ----------
(Loss) / Profit
after taxation - - (130,511) 111,913 (18,598) (18,598)
--------------- -------------- ---------- ---------- ---------- ----------
Dividends paid - - - - - -
in the period
--------------- -------------- ---------- ---------- ---------- ----------
Balance at 30
September 2019 48,699 4,699,588 (631,931) (70,516) (702,447) 4,045,840
--------------- -------------- ---------- ---------- ---------- ----------
For the six months ended 30 September 2018 (unaudited)
Ordinary Share Premium Revenue Capital Total Total
Share GBP Reserves Reserves Reserves Equity
Capital 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
--------- -------------- ---------- ---------- ---------- ----------
Condensed Statement of Cash Flows
For the six months ended 30 September 2019
30 September 30 September
2019 2018
(unaudited) (unaudited)
GBP GBP
Cash flows from operating activities:
(Loss) / Profit after taxation (18,598) 346,135
------------- -------------
Adjustments for:
Increase in receivables (6,900) 686,013
------------- -------------
Increase in payables 1,522 10,064
------------- -------------
Unrealised loss on foreign exchange (45,187) (3,221)
------------- -------------
Decrease in Management fee payable - (4,766)
------------- -------------
Net changes in fair value on financial
assets at fair value through profit
or loss (467,649)
------------- -------------
(68,570)
------------- -------------
Net cash outflow/inflow from operating
activities (137,732) 566,576
------------- -------------
Cash flows from investing activities:
Purchase of investments (827,937) (1,610,873)
------------- -------------
Net cash (outflow) from investing activities (827,937) (1,610,873)
------------- -------------
Cash flows from financing activities:
Proceeds from issue of ordinary shares 293,000 200,000
------------- -------------
Share issue costs (18,650) (29,277)
------------- -------------
Net cash inflow from financing activities 274,350 170,723
------------- -------------
Net change in cash and cash equivalents (691,319) (873,574)
------------- -------------
Cash and cash equivalents at the beginning
of the period 2,139,842 1,663,505
------------- -------------
Net cash and cash equivalents 1,448,523 789,931
------------- -------------
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 2019 does
not constitute statutory accounts as defined in section 435 of
Companies Act 2006. Comparative figures from inception to 31 March
2019 are derived from the financial statements for that period. The
financial statements for the period ended 31 March 2019 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 2019 are available upon request from the Company's
registered office at 23rd 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 2019. 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 2019. 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
2019.
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 2019.
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 pence Total pence
30 September 2019 pence
Earnings per ordinary share (2.68)p 2.30p (0.38)p
--------------------- --------------------- ----------------------
For the financial period ended 31 from March 2019
Earnings per ordinary share (5.48)p (4.90)p (10.38)p
--------------------- --------------------- ----------------------
The calculation of the above is based on revenue return loss of
GBP130,511 (31 March 2019: loss GBP250,133), capital return profit
of GBP111,913 (31 March 2019: profit GBP223,798) and total return
loss of GBP18,598 (31 March 2019: loss GBP473,931) and weighted
average number of ordinary shares of 4,869,956 (31 March 2019:
4,564,748) as at 30 September 2019
7. AT FAIR VALUE THROUGH PROFIT OR LOSS
As at 30 September As at 31
2019 March
GBP 2019
GBP
Opening cost
Opening fair value 1,700,900 739,258
------------------- ------------
Purchases at cost 827,937 2,740,917
------------------- ------------
Sale - (1,590,473)
------------------- ------------
Cost at fair value measurement
Realised gain - 3,400
------------------- ------------
Unrealised (loss) 68,570 (165,609)
------------------- ------------
Unrealised (loss) on foreign exchange 45,186 (26,593)
------------------- ------------
Closing fair value at 31 March 2019
and 2018 2,642,593 1,700,900
------------------- ------------
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
2019 2019
30 September 31 March
2019 2019
GBP GBP
------------------ ------------
Ordinary shares of 1 -
penny each
----------------------------------------------------------------------------------------------
4,869,956 4,564,748 48,699 45,647
------------------------------ ---------------------------- ------------------ ------------
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.
The following table details the subscription activity for the
period ended 30 September 2019.
30 September 31 March
2019 2019
Balance as at 31 March 2019 and 30 September
2018 4,564,748 3,510,000
------------- ----------
Ordinary shares issued 305,208 1,054,748
------------- ----------
Balance as at 30 September 2019 and 31
March 2019 4,869,956 4,564,748
------------- ----------
During the period ended 30 September 2019, all proceeds from
this issue was received (31 March 2019 all proceeds from this issue
was received)
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 2019, there was GBP1,461 (31 March 2019:
GBP1,192) 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 incurred GBP26,740 and was rebated
the full amount (31 March 2019: GBP46,193) of fees and at 30
September 2019, there was GBPnil (31 March 2019: nil) payable to
the manager.
During the period the Company paid GBP18,650 (31 March 2019:
GBP63,621) of placement fees to Shard Capital Partners LLP.
During the period the Company paid GBP6,000 (31 March 2019:
GBP12,000) of advisory fees to Shard Capital Partners LLP.
10. SUBSEQUENT EVENTS
There were no subsequent events which would require disclosure
in the financial statements.
S
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell Sure Ventures plc +44 (0) 20 7186 9918
Catherine Leftley / St Brides Partners (Financial
David Penson PR) +44 (0) 20 7236 1177
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. The Company
aims to provide investors with a diversified exposure to three
rapidly growing markets: augmented reality/virtual reality, fintech
and Internet of Things. Sure Ventures is focusing on companies in
the UK, Republic of Ireland and other European countries, making
seed and series A investments in companies with first rate
management teams, products which benefit from market validation
with target revenue run rates of at least GBP400,000 over the next
12 months. Website: https://www.sureventuresplc.com/
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
contact rns@lseg.com or visit www.rns.com.
END
IR CKODKFBDDFBD
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