Half-year Report

Half-year Report

Hargreave Hale AIM 1

Hargreave Hale AIM VCT 1 plc

Hargreave Hale AIM VCT 1 Plc

Unaudited Interim Results for the six month period ending 31 March 2016

FINANCIAL HIGHLIGHTS

Ordinary Shares (as at 31 March):   31 March 2016   31 March 2015   30 September 2015*
 
Net asset value per share 73.91p 75.05p 74.64p
Cumulative distributions paid per share since launch 40.25p 36.25p 38.00p
Total return per share 114.16p 111.30p 112.64p
 
 
Half Yearly/Annual Returns per share (Basic and Diluted):
Revenue return (0.20)p (0.22)p (0.40)p
Capital return 1.72p (2.38)p (0.66)p
Combined Return 1.52p (2.60)p (1.06)p
 
Dividends per share:
Interim proposed/paid 1.75 1.75p 1.75p
Final paid - - 2.25p
 
Ongoing Expense Ratio

 

Performance Benchmark:

2.23% 2.17% 2.22%
FTSE AIM All-share Index (rebased to 100 at 29 October 2004) 82.93 82.43 84.00

* 30 September 2015 financial highlights represent annual results

Principal Investment Objective

The objective of the VCT is to achieve long term capital growth and to maximise tax free distributions to shareholders by investing in a diversified portfolio of small UK companies primarily traded on AIM. At least 70% of the Company’s funds must be invested in qualifying holdings within three years of raising the funds. The balance of the Company’s funds will be invested in liquid assets (such as gilts, other fixed interest and bank deposits) and non-qualifying equity investments on an opportunistic basis to boost the Company’s performance. The Company is managed as a Venture Capital Trust in order that shareholders in the Company may benefit from the tax relief available.

CHAIRMAN’S STATEMENT

INTRODUCTION

In the first half of the financial year the Net Asset Value per share (NAV) decreased from 74.64 pence to 73.91 pence equivalent to an increase of 2.0% after adding back the 2.25 pence dividend distributed in January 2016. During the same period the FTSE 100 Total Return Index rose 3.8% and the FTSE AIM All Share Total Return Index fell 1.3%.

VCT REGULATION

In order to comply with EU regulations regarding State Aid, the VCT rules were subject to substantial changes in the budget. The Inland Revenue have now issued its guidelines. By and large, based on the investments that we made during the last 18 months, we do not think these rules will greatly affect the fund. One change which is certain is that we will no longer be able to invest our non-qualifying monies into AIM listed stocks directly. We will be able to continue to invest via the Special Situations Fund and we will be free to invest in companies listed on the main market. Under the new guidelines, gilts would appear not to be an allowable investment; however, we are seeking clarification.

RESULTS

The gain per share for the six month period was 1.52 pence per share (comprising revenue losses of 0.20 pence and capital gains of 1.72 pence). At 31 March 2016 the total return since inception of the fund was 114.16 pence.

INVESTMENTS

The Investment Manager, Hargreave Hale Limited, invested a further £1.90 million in 9 qualifying companies during the period. The fair value of qualifying investments at 31 March 2016 was £26.01 million invested in 62 AIM companies and 7 unquoted companies (Mexican Grill Ltd, Corfe Energy Ltd, Brigantes Energy Ltd, Infoserve Group plc, Invocas Group plc, Portr Ltd and Laundrapp Ltd). The balance of the funds was held in a mix of cash, fixed income and other non-qualifying equities.

At 31 March 2016 the VCT was 94.42% invested as measured by HMRC.

DIVIDEND

A final dividend for the year ended 30 September 2015 of 2.25 pence was paid on 20 January 2016.

The directors continue to maintain a policy of distributing at least 5% of the year end NAV to shareholders. An interim dividend of 1.75 pence (2015: 1.75p) will be paid on 8 July 2016, with an ex-dividend date of 9 June 2016 and a record date of 10 June 2016.

BUYBACKS

We have been able to maintain our policy of offering our shareholders an efficient exit route through the buyback scheme. In total, 902,294 shares were repurchased during the six month period ending 31 March 2016 at a weighted average price of 69.40 pence per share.

The Board continues to target a share price discount of 5% of the NAV per share (as measured against the mid-price) for market purchases. It should be emphasised that this target is non-binding and dependent on circumstances, including the Company’s liquidity and market conditions.

ISSUE OF EQUITY

The Directors of the Company announced on 2 December 2015 the launch of a new joint offer for subscription for shares to raise up to £15 million in the Company and up to £10 million in Hargreave Hale AIM VCT 2 plc. The offer was approved by shareholders of the Company at a General Meeting on 12 January 2016 and is open to both new and existing shareholders.

Since its launch, the offer has resulted in funds being received of £10.34 million and the issue of 13.85 million new shares in the Company. The offer will close at 12pm on 16 November 2016 or earlier if the maximum subscription has been reached before then.

OUTLOOK

The fund has held up well in the first half year in adverse conditions. The second half will be dominated by the shadow cast by the vote on whether or not to leave the EU “BREXIT”. There is a huge amount of differing opinion about the economic outlook if Britain votes to leave. It seems impossible to find two economists who agree and as stock markets generally react adversely to uncertainty we seem set for a turbulent time in the next few months. If we do vote to leave, I think that the financial Armageddon scenario predicted by some is unlikely but how long it will take for the dust to settle is far from clear. Notwithstanding the Brexit effect the outlook for the second half is showing signs of economic fragility. However the portfolio comprises sound companies which in the long term should prosper.

SHAREHOLDER COMMUNICATION

The Company's daily share price can be found on various financial websites under the TIDM code 'HHV’, or on our own dedicated website at http://www.hargreaveaimvcts.co.uk.

SIR AUBREY BROCKLEBANK BT.

Chairman

Date: 27 May 2016

INVESTMENT MANAGER’S REPORT

INTRODUCTION

This report covers the first half of the 2015/16 financial year, 1 October 2015 to 31 March 2016. The manager’s report contains references to movements in the NAV and Total Return per share (net asset value per share plus distributed dividends per share). Movements in the NAV per share do not necessarily mirror the earnings per share (EPS) reported in the accounts and elsewhere, which convey the profit after tax within the company within the reported period as a function of the weighted average number of shares in issue for the period.

INVESTMENT REPORT

The period under review included another period of sustained volatility in global equity markets. Four main factors weighed on markets: volatile commodity markets; US Dollar strength; downward revisions to global growth; Chinese credit markets. The pressure was not limited to global equities with evidence of distress showing up in FX and credit markets. UK small caps were, we are sorry to say, not immune to this contagion and the VCT had a difficult time in January and early February. We are pleased to report that the markets started to recover in late February and we were able to report positive performance in both March and April.

So where does this leave us? Broadly speaking, the UK economy remains reasonably robust. Clearly, there remain pockets of weakness. Energy is one such example. More recently, it has become clear that the consumer has retrenched to some degree with many retailers and restaurants reporting more challenging trading conditions. High employment, low inflation and real wage growth (boosted by the living wage) should be supporting the sector, suggesting other factors may be undermining consumer confidence. We know, for example, that the IMF recently reduced its UK growth projections citing the uncertain environment and risk to business investment ahead of the Brexit vote. We have exposure to the consumer discretionary sector through Mexican Grill, Tasty and Everyman Media Group; however, those companies are as much focused on expanding their UK footprint as they are on same store year on year growth. These companies are classic examples of secular growth, of the type we have referred to in our previous reports.

We expect the current volatility to remain for some time yet, or at least until we know with greater certainty the outcome of the US presidential election, that the UK will remain in the EU and that the Chinese economy will not collapse. We are running a significant cash weighting and will continue to deploy it as and when we see an opportunity for profit, either through short-term trading in non-qualifying equities or longer term investments in qualifying companies.

We saw a marked reduction in the number of good quality qualifying investment opportunities in January and February; however, March and April were better. It is difficult to clearly identify the reasons for this, but we suspect the difficult equity markets were as much a factor as the transition to the new VCT legislation. If this is so, then deal flow should continue to improve and we are encouraged by what we have seen more recently.

PERFORMANCE

In the six months to 31 March 2016, the NAV decreased from 74.64 pence to 73.91 pence. Dividends of 2.25 pence were paid, giving investors a total return of 1.52 pence per share, which translates to a gain of +2.0%. During the same period the FTSE AIM All-Share Total Return fell 1.3%.

The qualifying investments made a net contribution of +0.64 pence per share with 27 out of the 74 making gains, 6 marking time and 41 losing ground. The balance was a mixture of non-qualifying portfolio gains, costs, income and small gains made through share buy backs.

Learning Technologies Group was the top performing qualifying investment (+56.5%, +0.8 pence per share). The company won a very encouraging three year contract to provide learning and development services for the entire UK Civil Service. They reported 33% revenue growth for the year ending 31 December 2015 and remain in a prominent position in a highly fragmented, growing e-learning technology market. Vision Direct, a private company subject to a successful bid by Essilor, also contributed meaningfully to performance (+71.7%, +0.67 pence per share). Other stocks that made a significant contribution included Trakm8 (+25.6%, +0.70 pence per share), Quixant (+49.0%, +0.46 pence per share) and DP Poland (+58.3%, +0.43 pence per share).

The biggest losses within the period came from Microsaic (-67.2%, -0.38 pence per share), EKF Diagnostics (-45.0%, -0.38 pence per share), Imaginatik (-71.4%, -0.33 pence per share) and Gfinity (-58.0%, -0.30 pence per share).

We made nine qualifying investments over the period, which included four additional investments into existing listed qualifying companies, two secondary placings into listed companies, one IPO and two private investments. We invested a total of £1.9 million into qualifying investments over the period.

Within the qualifying portfolio, Essilor completed their acquisition of Vision Direct, realising a gain of £0.67 million (+326%). We also made exits from Jelf and Tangent Communications following cash bids for the companies. Following strong runs, we reduced the size of our investments in Trakm8 and Imaginatik to help maintain sensible individual weightings within the portfolio. We exited Proxama and Sphere Medical due to poor trading updates and/or little hope of medium term recovery.

PORTFOLIO STRUCTURE

The HMRC investment tests are set out in Chapter 3 of Part 6 Income Tax Act 2007, which should be read in conjunction with this section of the interim management statement. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised. Therefore, the allocation of qualifying investments as defined by the legislation can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.

The VCT is comfortably through the HMRC defined investment test and ended the period at 94.42% invested as measured by the HMRC investment test. By market value, the VCT had a 62.8% weighting to qualifying investments.

The allocation to non-qualifying equity investments increased from 13.8% to 16.8%, representing the fund’s on-going participation in non-qualifying equity investments at attractive valuations. Our investment in the Marlborough Special Situations fell from 4.4% to 3.6% of net assets as a result of the inflows from the joint offer. The non-qualifying investments contributed +1.44 pence per share to the overall gains. Fixed income as a percentage of the fund stayed flat at 0.8% and cash increased from 10.0% to 16.0%.

POST HALF YEAR UPDATE

Deal flow has been steady since period end and two additional qualifying investments have been made in Medaphor and Osirium. We believe there is a strong pipeline of qualifying investment opportunities.

JOINT OFFER FOR SUBSCRIPTION OF ORDINARY SHARES

On 2 December 2015 the Directors of Hargreave Hale AIM VCT 1 plc and Hargreave Hale AIM VCT 2 plc announced the launch of a new joint offer for subscription of new shares in both VCTs to raise up to £15 million into Hargreave Hale AIM VCT 1 plc and £10 million into Hargreave Hale AIM VCT 2 plc.

Since its launch on 1 December 2015 and the date of this report the offer has resulted in funds being received of £10.34m by Hargreave Hale AIM VCT 1, and the issue of 13.85m shares.

BUYBACKS

In total, 902,294 ordinary shares were purchased between 1 October 2015 and 31 March 2016, at a total value of £630,709.

STUART BROOKES

Company Secretary
Hargreave Hale AIM VCT1 plc
01253 754740

Date: 27 May 2016

INVESTMENT PORTFOLIO SUMMARY

AS AT 31 MARCH 2016

  Book Cost   Valuation   Valuation
Qualifying investments £000 £000 %
Cohort plc 619 1829 5.26
Trakm8 Holdings plc 106 1222 3.51
Abcam plc 67 1177 3.38
Learning Technologies Group plc 663 1136 3.27
K3 Business Technology Group plc 270 987 2.84
Intercede Group plc 247 930 2.67
AnimalCare Group plc 220 920 2.65
Idox plc 135 901 2.59
Craneware plc 150 855 2.46
TLA Worldwide plc 300 840 2.42
Mexican Grill Ltd (A Preference Shares)** 185 770 2.21
Quixant plc 160 751 2.16
Portr Ltd** 722 722 2.08
Science in Sport plc 778 721 2.07
Vertu Motors plc 600 638 1.83
DP Poland plc 333 601 1.73
Ideagen plc 410 579 1.66
Eagle Eye Solutions Ltd 541 552 1.59
Tasty plc 288 456 1.31
Flowgroup plc 577 450 1.29
Angle plc 348 391 1.12
CentralNic Group plc 293 380 1.09
Kalibrate Technologies plc 323 367 1.05
Clearstar Inc 449 354 1.02
Instem plc 297 349 1.00
Reneuron Group plc 534 327 0.94
Belvoir Lettings plc 513 310 0.89
Premaitha Health plc 432 308 0.89
MartinCo plc 225 304 0.87
ULS Technology plc 221 304 0.87
Laundrapp Ltd** 301 300 0.86
Porta Communications plc 505 290 0.84
Mirada plc 618 290 0.83
Surface Transforms plc 289 288 0.83
Hardide plc 635 264 0.76
Universe Group plc 210 263 0.75
Satellite Solutions Worldwide Group plc 154 249 0.72
Plastics Capital plc 250 245 0.70
E G Solutions plc 200 240 0.69
APC Technology Group plc 498 224 0.64
EKF Diagnostics Holdings plc 300 220 0.63
Maxcyte Inc 190 214 0.62
Verona Pharma plc 127 187 0.54
Pressure Technologies plc 170 181 0.52
Audioboom plc 166 179 0.52
Everyman Media Group plc 171 171 0.49
Fusionex International plc 138 166 0.48
Synety Group plc 259 162 0.47
Progressive Digital Media Group plc 173 139 0.40
Gfinity plc 233 137 0.39
Lidco Group plc 220 122 0.35
Midatech Pharma plc 200 105 0.30
Egdon Resources plc 158 102 0.29
Redcentric plc 214 102 0.29
Microsaic Systems plc 350 98 0.28
WANDisco plc 89 89 0.25
Mexican Grill Ltd (Ordinary Shares)** 21 86 0.25
Imaginatik plc 199 67 0.19
Synairgen plc 140 67 0.19
Ilika plc 68 65 0.19
Haydale Graphene Industries plc 67 56 0.16
Nektan Ltd 92 55 0.16
Outsourcery Group Ltd 650 54 0.16
TP Group plc 185 38 0.11
Mporium Group plc 301 24 0.07
Mycelx Technologies Corporation plc 300 21 0.06
Corfe Energy Ltd** 50 10 0.03
Brigantes Energy Ltd** 50 9 0.03
Infoserve Group plc*** 0 0 0.00
Invocas Group plc*** 169 0 0.00
------- -------- ----------
Total-qualifying investments 20,116 26,010 74.76
------- -------- ----------
Book Cost Valuation Valuation
Non-Qualifying investments £000 £000 %
 
UK Treasury 0.125% 2068 312 311 0.90
-------- -------- --------
Total - UK gilts 312 311 0.90
-------- -------- --------
 
MFM Special Situations Fund ** 1,397 1,494 4.30
-------- -------- --------
Total - Unit Trusts 1,397 1,494 4.30
-------- -------- --------
 
FCFM Group Ltd** 300 514 1.48
Fulcrum Utility Services Ltd 125 504 1.45
Royal Dutch Shell plc 333 340 0.98
Halfords Group plc 302 296 0.85
Finsbury Food Group plc 140 271 0.78
ARM Holdings plc 231 254 0.73
Atkins (WS) plc 224 245 0.70
Quixant plc 159 243 0.70
Babcock International Group plc 236 237 0.68
Dart Group plc 182 235 0.68
Horizon Discovery Group plc 261 231 0.66
BP plc 216 227 0.65
Dechra Pharmaceuticals plc 186 203 0.58
Melrose Industries plc 170 198 0.57
Mexican Grill Ltd (A Preference Shares)** 128 196 0.56
British Polythene Industries plc 173 181 0.52
Skypharma plc 145 179 0.51
Lloyds Banking Group plc 171 170 0.49
Metro Bank plc 200 166 0.48
Learning Technologies Group plc 76 153 0.44
Dixons Carphone plc 151 149 0.43
On The Beach Group plc 147 143 0.41
Legal and General Group plc 152 141 0.41
RPC Group plc 108 137 0.39
Regent Pacific Group Ltd 150 124 0.36
Newmont Mining Corp 124 123 0.35
Goldcorp Inc 124 120 0.35
Reneuron Group plc 104 118 0.34
Barrick Gold Corp 126 116 0.33
Sanne Group plc 106 114 0.33
Worldpay Group plc 101 89 0.26
Amerisur Resources plc 167 87 0.25
Be Heard Group plc 63 84 0.24
Everyman Media Group plc 85 83 0.24
Midatech Pharma plc 134 70 0.20
Audioboom plc 59 58 0.17
The Fulham Shore plc 38 53 0.15
Eagle Eye Solutions Ltd 44 48 0.14
Mexican Grill Ltd (Ordinary Shares)** 26 26 0.07
Plexus Holdings plc 125 25 0.07
Mycelx Technologies Corporation plc 200 20 0.06
Hardide plc* 1 0 0.00
------- -------- --------
Total - non-qualifying equities 6,293 6,971 20.04
-------- -------- --------
 
Total - non-qualifying investments 8,002 8,776 25.24
-------- -------- --------
 
Total investments 28,118 34,786 100.00
-------- -------- --------
* This is an actual holding of less than £500
** Unquoted Companies
***Unquoted company holding of less than £500

The majority of investments held within the portfolio are listed and/or headquartered in the UK with the exception of the following:

  Listed   Headquartered   Registered
AIM listed Investments:
Audioboom plc UK UK Jersey
Barrick Gold Corp UK Canada Canada
Clearstar Inc UK USA Cayman Islands
Electrical Geodesics Inc UK USA USA
Fulcrum Utility Services plc UK UK Cayman Islands
Fusionex International plc UK UK Jersey
Goldcorp Inc UK Canada Canada
Maxcyte Inc UK USA USA
MYCELX Technologies Corporation plc UK USA USA
Nektan Ltd UK Gibraltar Gibraltar
Newmont Mining Corporation UK USA USA
Regent Pacific Group Ltd UK Hong Kong Cayman Islands
Royal Dutch Shell plc UK Netherlands UK
Sanne Group plc UK Jersey Jersey
WANDisco plc UK UK Jersey
Unlisted private companies:
Brigantes Energy Ltd - UK UK
Corfe Energy Ltd - UK UK
FCFM Group Ltd - UK UK
Infoserve Group plc - UK UK
Invocas Group plc - UK UK
Laundrapp Ltd - UK UK
Mexican Grill Ltd - UK UK
Portr Ltd - UK UK
Authorised unit trust:
Marlborough Special Situations Fund - UK UK

TOP TEN INVESTMENTS

As at 31 March 2016 (By Market Value)

The top 10 equity investments are shown below; each is valued by reference to the bid price, or, in the case of unquoted companies, values are either based on the last arm’s length transaction or valuation techniques, such as earnings multiples. Forecasts, where given, are drawn from a combination of broker research and/or Bloomberg consensus forecasts and exclude amortisation, share based payments and exceptional items. Forecasts are in relation to a period end for which the company results are yet to be released. The net cash values are drawn from published accounts in most cases.

Cohort plc       385.0p
Investment date   February 2006     Forecasts for year to   April 2016
Equity held 1.22% Turnover (£’000) 114,300
Av. Purchase Price 130.2p Profit before tax (£’000) 12,100
Cost (£’000) 619 Net Cash (£'000) 11,386
Valuation (£’000) 1,829 Net Assets 30 April 2015 (£’000) 62,847
 
COMPANY DESCRIPTION

Cohort is the parent company of four well established, wholly owned subsidiaries providing a wide range of services and products for UK and international companies. MASS designs, manufactures and supports electronic systems and software, and provides specialist services and training. SCS specialises in providing advice and support based on sound technical knowledge coupled with experience of its practical application. SEA delivers system engineering, software and electronic engineering services and solutions, including specialist design and manufacture. MCL designs, services and supports advanced electronic and surveillance equipment.

Trakm8 Holdings plc       255.0p
Investment date   October 2013     Forecasts for year to   March 2016
Equity held 2.02% Turnover (£’000) 26,500
Av. Purchase Price 22.0p Profit before tax (£’000) 3,800
Cost (£’000) 106 Net Cash (£'000) -2,103
Valuation (£’000) 1,222 Net Assets 31 March 2015 (£’000) 6,995
 
COMPANY DESCRIPTION

Trakm8, the M2M telematics company using big data analytics to improve driver behaviour is a leading technology designer, developer and manufacturer of telematics products and solutions. The Group, based in Shaftesbury, Dorset, distributes its hardware and software through a network of distributors worldwide. In addition, the company provides vehicle monitoring and tracking services direct to the B2B market. Trakm8's products and services allow vehicles and drivers to be monitored, allowing organisations to manage deliveries and services, or track stolen vehicles.

Learning Technologies Group plc

      36.0p
Investment date   April 2011     Forecasts for year to   December 2016
Equity held 1.01% Turnover (£’000) 33,000
Av. Purchase Price 20.6p Profit before tax (£’000) 6,100
Cost (£’000) 739 Net Cash (£'000) 7,300
Valuation (£’000) 1,289 Net Assets 31 December 2015 (£’000) 25,479
 
COMPANY DESCRIPTION

Learning Technologies Group (LTG) provides a comprehensive and integrated range of e-learning services and technologies to corporate and government clients. LTG is making good progress towards its goal of establishing a substantial global organisation of specialist digital learning businesses from Europe, US, Latin America and Asia to form a market-leading technologies agency.

Abcam plc

      588.5p
Investment date   October 2005     Forecasts for year to   June 2016
Equity held 0.10% Turnover (£’000) 169,000
Av. Purchase Price 34.7p Profit before tax (£’000) 51,200
Cost (£’000) 67 Net Cash (£'000) 54,758
Valuation (£’000) 1,177 Net Assets 30 June 2015 (£’000) 214,104
 
COMPANY DESCRIPTION

Abcam plc produces and distributes research-grade antibodies via an online catalogue. The company's customers include universities, research institutes and pharmaceutical and biotechnology companies in countries around the world.

K3 Business Technology Group plc       329.0p
Investment date   September 2005     Forecasts for year to   June 2016
Equity held 0.94% Turnover (£’000) 89,000
Purchase Price 90.0p Profit before tax (£’000) 9,300
Cost (£’000) 270 Net Cash (£'000) -10,450
Valuation (£’000) 987 Net Assets 30 June 2015 (£’000) 53,495
 
COMPANY DESCRIPTION

K3 Business Technology Group specialises in the provision of enterprise resource planning software, which encompasses supply chain management and e-business solutions products and services. More than 200 companies rely on K3 Business Solutions to advise, recommend, implement and support their critical business systems.

Intercede Group plc       124.0p
Investment date   May 2007     Forecasts for year to   March 2016
Equity held 1.54% Turnover (£’000) 11,600
Av. Purchase Price 33.0p Profit before tax (£’000) -200
Cost (£’000) 247 Estimated Net Cash (£'000) 5,767
Valuation (£’000) 930 Net Assets 31 March 2015 (£’000) 4,484
 
COMPANY DESCRIPTION

Intercede is the producer of the MyID® Identity and Credential Management System. MyID® is the only IDCMS software product that enables organisations to easily and securely manage the identitites of people and their associated identity credentials within a single, integrated, workflow driven platform. This includes enabling and managing: secure registration, biometric capture, application vetting and approval through to smart card personalisation, issuance and management.

AnimalCare Group plc       230.0p
Investment date   December 2007     Forecasts for year to   June 2016
Equity held 1.90% Turnover (£’000) 13,800
Purchase Price 55.0p Profit before tax (£’000) 2,900
Cost (£’000) 220 Estimated Net Cash (£'000) 6,098
Valuation (£’000) 920 Net Assets 30 June 2015 (£’000) 20,991
 
COMPANY DESCRIPTION

AnimalCare is a leading supplier of generic veterinary medicines and animal identification products to companion animal veterinary markets. It develops and sells goods and services to veterinary professionals principally for use in companion animals, operating directly in the UK and through distribution and development partners in key markets in Western Europe.

Idox plc       50.0p
Investment date   May 2007     Forecasts for year to   October 2016
Equity held 0.51% Turnover (£’000) 79,000
Purchase Price 7.5p Profit before tax (£’000) 16,500
Cost (£’000) 135 Net Cash (£'000) -23,100
Valuation (£’000) 901 Net Assets 31 October 2015 (£’000) 53,639
 
COMPANY DESCRIPTION

Idox operates a software company, which produces and develops integrated and adaptable software systems for document, content and information management via web-based applications. The Group’s main product is an electronic process which can be accessed from any computer with a network or internet link.

Craneware plc       730.0p
Investment date   September 2007     Forecasts for year to   June 2016
Equity held 0.44% Turnover ($’000) 49,900
Purchase Price 128.0p Profit before tax ($’000) 15,100
Cost (£’000) 150 Net Cash ($'000) 44,980
Valuation (£’000) 855 Net Assets 30 June 2015 ($’000) 47,630
 
COMPANY DESCRIPTION

Craneware develops and sells billing software analysis tools for the United States healthcare sector. The Company’s software automates the checking process, aids in cash flow and revenue generation, and ensures accurate submission of claims and managing compliance risk.

TLA Worldwide plc       56.0p
Investment date   November 2011     Forecasts for year to   December 2016
Equity held 1.10% Turnover ($’000) 37,900
Purchase Price 20.0p Profit before tax ($’000) 14,100
Cost (£’000) 300 Net Cash ($'000) -16,400
Valuation (£’000) 840 Net Assets 31 December 2015 ($’000) 37,181
 
COMPANY DESCRIPTION

TLA Worldwide is an integrated representation and marketing business. The company owns and operates sports agencies involved in athlete representation and sports marketing, with a focus primarily on professional baseball in the United States.

For further information please contact:

STUART BROOKES

Company Secretary

Hargreave Hale AIM VCT 1 plc

01253 754740

Date: 27 May 2016

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

in respect of the half-yearly financial report

In accordance with Disclosure Transparency Rule (DTR) 4.2.10, Aubrey Brocklebank Bt (Chairman), David Brock and Giles Hargreave, the Directors, confirm that to the best of their knowledge:

  • The half yearly financial statements have been prepared in accordance with Financial Reporting Standard 104 (“FRS104”) issued by the Financial Reporting Council and the half-yearly report includes a fair review of the assets, liabilities, financial position and profit of the Company as at 31 March 2016 as required by DTR 4.2.4;
  • The interim management report included within the chairman’s statement, investment manager’s report, investment portfolio summary and notes to the half yearly report includes a fair review of the information required by the Financial Conduct Authority Disclosure and Transparency Rules, being;
  • an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;
  • a description of the principal risks and uncertainties for the remaining six months of the year; and
  • a description of related party transactions that have taken place in the first six months of the current financial year, that may 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 of Directors.

SIR AUBREY BROCKLEBANK BT.

Chairman

Date: 27 May 2016

CONDENSED INCOME STATEMENT

for the six month period to 31 March 2016 (unaudited)

  For the six month period to   For the six month period to
31 March 2016 (unaudited) 31 March 2015 (unaudited)
Revenue   Capital   Total Revenue   Capital   Total
£000 £000 £000 £000 £000 £000
Realised gains on investments - 714 714 - 1,753 1,753
Unrealised gains/(losses) on investments - 413 413 - (2,566) (2,566)
Income 145 - 145 113 - 113
----------- ----------- ----------- ----------- ----------- -----------
145 1,127 1,272 113 (813) (700)
 
Management fee (70) (211) (281) (58) (174) (232)
Other expenses (180) - (180) (147) - (147)
----------- ----------- ----------- ----------- ----------- -----------
(250) (211) (461) (205) (174) (379)
----------- ----------- ----------- ----------- ----------- -----------
(Loss)/return on ordinary activities before taxation (105) 916 811 (92) (987) (1,079)
Taxation - - - - - -
----------- ----------- ----------- ----------- ----------- -----------
(Loss)/return and total other comprehensive (105) 916 811 (92) (987) (1,079)
income after taxation attributable to equity shareholders ----------- ---------- ---------- ----------- ----------- -----------
 
(Loss)/return per share (Note 2) (0.20)p 1.72p 1.52p (0.22)p (2.38)p (2.60)p
(Basic and Diluted)

The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. The Company has no recognised gains or losses other than the results for the six month period as set out above. The accompanying notes are an integral part of these financial statements.

CONDENSED INCOME STATEMENT

for the year ended 30 September 2015 (audited)

  For the year to
30 September 2015 (audited)
Revenue   Capital   Total
£000 £000 £000
Realised gains on investments - 1,792 1,792
Unrealised losses on investments - (1,704) (1,704)
Income 240 - 240
----------- ----------- -----------
240 88 328
 
Management fee (127) (381) (508)
Other expenses (290) - (290)
----------- ----------- -----------
(417) (381) (798)
----------- ----------- -----------
(Loss) on ordinary activities before taxation (177) (293) (470)
Taxation - - -
----------- ----------- -----------
(Loss) and total other comprehensive income after (177) (293) (470)
taxation attributable to equity shareholders ----------- ----------- -----------
 
(Loss) per share (Note 2) (0.40)p (0.66)p (1.06)p
(Basic and Diluted)

The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. There are no recognised gains or losses other than the loss for the year. The accompanying notes are an integral part of these financial statements.

CONDENSED STATEMENT OF FINANCIAL POSITION

as at 31 March 2016 (unaudited)

  31 March   31 March   30 September
2016 2015 2015
(unaudited) (unaudited) (audited)
£000 £000 £000
Fixed assets
Investments at fair value through profit or loss 34,786 25,977 32,353
----------- ----------- -----------
Current assets
Prepayments and accrued income 25 32 32
Cash at bank 6,806 9,105 3,764
----------- ----------- -----------
6,831 9,137 3,796
Creditors: amounts falling due within one year
Accruals and deferred income (194) (205) (208)
----------- ----------- -----------
Net current assets 6,637 8,932 3,588
----------- ----------- -----------
Net assets 41,423 34,909 35,941
----------- ----------- -----------
 
Capital and Reserves
Called up ordinary share capital 560 465 482
Share premium 17,280 9,320 10,987
Capital redemption reserve 25 10 16
Special reserve 20,335 23,311 22,044
Capital reserve - realised (3,003) (3,338) (3,506)
Capital reserve - unrealised 6,667 5,392 6,254
Revenue reserve (441) (251) (336)
----------- ----------- -----------
Total equity shareholders' funds 41,423 34,909 35,941
----------- ----------- -----------
Basic and diluted net asset value per share (Note 4) 73.91p 75.05p 74.64p

The accompanying notes are an integral part of these financial statements.

CONDENSED STATEMENT OF CHANGES IN EQUITY

for the six month period to 31 March 2016 (unaudited)

Ordinary Shares   Called up   Share   Capital   Special   Capital   Capital   Revenue   Total
share premium redemption reserve reserve reserve reserve
capital reserve realised unrealised
£000 £000 £000 £000 £000 £000 £000 £000
At 1 October 2015 482 10,987 16 22,044 (3,506) 6,254 (336) 35,941
Share buybacks (9) - 9 (631) - - - (631)
Share issue proceeds 87 6,412 - - - - - 6,499
Share issue costs - (119) - - - - - (119)
Equity dividends paid   -   -   -   (1,078)   -   -   -   (1,078)
Realised gains on investments - - - - 714 - - 714
Unrealised (loss) on investments - - - - - 413 - 413
Management fee charged to capital - - - - (211) - - (211)
Revenue (loss) after taxation for the period   -   -   -   -   -   -   (105)   (105)
Total return/(loss) after taxation - - - - 503 413 (105) 811
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
At 31 March 2016 560 17,280 25 20,335 (3,003) 6,667 (441) 41,423
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

Reserves available for distribution are capital reserve realised, special reserve and revenue reserve. Total distributable reserves at 31 March 2016 were £16.89 million. The accompanying notes are an integral part of these financial statements.

CONDENSED STATEMENT OF CHANGES IN EQUITY

for the six month period to 31 March 2015 (unaudited)

Ordinary Shares   Called up   Share   Capital   Special   Capital   Capital   Revenue   Total
share premium redemption reserve reserve reserve reserve
capital reserve realised unrealised
£000 £000 £000 £000 £000 £000 £000 £000
At 1 October 2014 365 1,308 4 24,734 (4,917) 7,958 (159) 29,293
Share buybacks (6) - 6 (420) - - - (420)
Share issue proceeds 106 8,165 - - - - - 8,271
Share issue costs - (153) - - - - - (153)
Equity dividends paid   -   -   -   (1,003)   -   -   -   (1,003)
Realised gains on investments - - - - 1,753 - - 1,753
Unrealised (loss) on investments - - - - - (2, 566) - (2,566)
Management fee charged to capital - - - - (174) - - (174)
Revenue (loss) after taxation for the period   -   -   -   -   -   -   (92)   (92)
Total loss after taxation - - - - 1,579 (2,566) (92) (1,079)
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
At 31 March 2015 465 9,320 10 23,311 (3,338) 5,392 (251) 34,909
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

Reserves available for distribution are capital reserve realised, special reserve and revenue reserve. Total distributable reserves at 31 March 2015 were £19.72 million. The accompanying notes are an integral part of these financial statements.

CONDENSED STATEMENT OF CHANGES IN EQUITY

for the year ended 30 September 2015 (audited)

Ordinary Shares   Called up   Share   Capital   Special   Capital   Capital   Revenue   Total
share premium redemption reserve reserve reserve reserve
capital reserve realised unrealised
£000 £000 £000 £000 £000 £000 £000 £000
At 1 October 2014 365 1,308 4 24,734 (4,917) 7,958 (159) 29,293
Share buybacks (12) - 12 (850) - - - (850)
Share issue proceeds 129 9,871 - - - - - 10,000
Share issue costs - (192) - - - - - (192)
Equity dividends paid   -   -   -   (1,840)   -   -   -   (1,840)
Realised gains on investments - - - - 1,792 - - 1,792
Unrealised (loss) on investments - - - - - (1,704) - (1,704)
Management fee charged to capital - - - - (381) - - (381)
Revenue (loss) after taxation for the period   -   -   -   -   -   -   (177)   (177)
Total loss after taxation - - - - 1,411 (1,704) (177) (470)
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
At 30 September 2015 482 10,987 16 22,044 (3,506) 6,254 (336) 35,941
---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------

Reserves available for distribution are capital reserve realised, special reserve and revenue reserve. Total distributable reserves at 30 September 2015 were £18.20 million. The accompanying notes are an integral part of these financial statements.

CONDENSED STATEMENT OF CASH FLOWS

for the six month period to 31 March 2016 (unaudited)

  31 March 2016   31 March 2015   30 September 2015*
(unaudited) (unaudited) (audited)
£000 £000 £000
Return/(loss) on ordinary activities before taxation 811 (1,079) (470)
Realised (gains) on investments (714) (1,753) (1,792)
Unrealised (gains)/losses on investments (413) 2,566 1,704
Decrease in debtors 7 3 3
(Decrease)/increase in creditors (14) 12 15
----------- ----------- -----------
Net cash (used in) operating activities (323) (251) (540)
 
Cash flows from investing activities
Purchase of investments (7,290) (3,825) (10,253)
Disposal of investments 5,984 3,283 4,236
----------- ----------- -----------
Net cash from investing activities (1,306) (542) (6,017)
 
Cash flows from financing activities
Proceeds from share issues 6,499 8,271 10,000
Share issue costs (119) (153) (192)
Purchase of own shares for cancellation (631) (420) (850)
Equity dividends paid (1,078) (1,003) (1,840)
----------- ----------- -----------
Net cash from financing activities 4,671 6,695 7,118
----------- ----------- -----------
Increase in cash and cash equivalents 3,042 5,902 561
----------- ----------- -----------
Analysis of net funds
Net cash at beginning of period/year 3,764 3,203 3,203
Net cash inflows 3,042 5,902 561
Net cash at end of period/year 6,806 9,105 3,764

* 30 September 2015 cash flow represents annual results

The accompanying notes are an integral part of these financial statements.

EXPLANATORY NOTES

for the six month period to 31 March 2016 (unaudited)

1. ACCOUNTING POLICIES

Basis of preparation

The Company has prepared its financial statements under Financial Reporting Standard 102 (FRS102) and in accordance with the Statement of Recommended Practice for “Financial Statements of Investment Trust Companies and Venture Capital Trusts” (the SORP) which was revised in November 2014 by the Association of Investment Companies.

This is the first period in which the financial statements have been prepared under FRS102, however it has not been necessary to re-state comparatives as the treatment previously applied aligns with the requirements of FRS102.

A reconciliation of the Company’s equity in accordance with its previous financial reporting framework to its equity determined in accordance with the new financial reporting framework has not been included as the treatment previously applied aligns with the requirements of FRS102.

A reconciliation of profit or loss determined in accordance with its previous financial reporting framework for the comparable interim period of the preceding financial year has not been included as the treatment previously applied aligns with the requirements of FRS102.

Financial Instruments – fair value measurement hierarchy

FRS 102 requires certain disclosures which require the classification of financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement.

The fair value hierarchy has the following levels:

Level   Methodology
(a)   The best evidence of fair value is a quoted price for an identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted price is usually the current bid price.
(b)   When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value (for example, because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted.
(c)   If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations.
    Level (a) Investments

£’000

  Level (b)

Investments

£’000

  Level (c)

Investments

£’000

  Total

Investments

£’000

Six months ended 31 March 2016 (unaudited)   30,659   1,495   2,632   34,786
Year ended 30 September 2015 (audited)   28,314   1,584   2,455   32,353
Six months ended 31 March 2015 (unaudited)   23,861   303   1,813   25,977

Investments

Listed investments and investments traded on AIM are stated at closing bid market prices. Investments are recognised and derecognised at trade date where a purchase or sale is under a contract whose terms require delivery within the time frame established by the market concerned, and are measured initially at fair value.

These investments will be managed and their performance evaluated on a fair value basis in accordance with a documented investment strategy and information about them is provided internally on that basis to the Board. Accordingly, as permitted by FRS 102, the investments are designated as fair value through profit or loss (FVTPL) on the basis that they qualify as a group of assets managed, and whose performance is evaluated, on a fair value basis in accordance with a documented investment strategy. Subsequent to initial recognition, investments are valued at fair value which is deemed to be bid market prices.

Gains and losses arising from changes in fair value (realised and unrealised) are included in the net profit or loss for the period as a capital item in the income statement and are ultimately recognised in the unrealised capital reserve or realised capital reserve (as appropriate).

Recognition of impairment and realised losses

If an investment has been impaired such that there is no realistic expectation that there will be a full return from the investment, the loss is treated as a permanent impairment and is recognised as a realised loss in the financial statements.

Determining fair value

Where the classification of a financial instrument requires it to be stated at fair value, this is determined by reference to the quoted bid price in an active market wherever possible. Where no such active market exists for the particular asset or liability, the Company uses a valuation technique to arrive at the fair value, including the use of prices obtained in recent arms-length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The fair value of such assets or liabilities will be reviewed on a 6 monthly basis and more frequently if events occur that could have a material impact on the investment.

Income

Equity dividends are taken into account on the ex-dividend date, net of any associated tax credit. Fixed returns on non-equity shares and debt securities are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course. All other income, including deposit interest receivable, is recognised on an accruals basis. All revenue and capital items in the unaudited income statement derive from continuing operations. There are no other items of comprehensive income other than those disclosed in the unaudited income statement.

Expenditure

All expenditure is accounted for on an accruals basis. Of investment management fees, 75% are allocated to the capital reserve realised and 25% to the revenue account in line with the Board’s expected long term split of investment returns in the form of capital gains to the capital column of the income statement. All other expenditure is charged to the revenue account.

Capital Reserves

Realised profits and losses on the disposal of investments, losses realised on investments considered to be permanently impaired and 75% of investment management fees are accounted for in the capital reserve realised.

Increases and decreases in the valuation of investments held at the period end are accounted for in the capital reserve unrealised.

Operating Segments

There is considered to be one operating segment as reported to the chief operating decision maker being investment in equity and debt securities.

Taxation

The tax effect of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates, using the Company’s effective rate of tax for the period. Any liability to corporation tax is based on net revenue for the period.

Dividends

Only dividends paid during the period are deducted from revenue or capital reserves. Dividends which are declared subsequent to the balance sheet date will not be shown as a liability in the balance sheet.

Summary of dividends paid in the six months to 31 March 2016 and the financial year ending 30 September 2015 are detailed below:

    Six months ended 31 March 2016 (unaudited) £’000   Year ended 30 September 2015 (audited) £’000
Final capital dividend of 2.50 pence per share for the year ended 30 September 2014 paid on 28 January 2015   -   1,003
Interim capital dividend of 1.75 pence per share for the half year ended 31 March 2015 paid on 17 July 2015   -   837
Final capital dividend of 2.25 pence per share for the year ended 30 September 2015 paid on 20 January 2016   1,078   -
Total   1,078   1,840

Functional Currency

In accordance with FRS 102 the Company is required to nominate a functional currency, being the currency in which the Company predominantly operates. The Board has determined that sterling is the Company’s functional currency. Sterling is also the currency in which these accounts are presented.

Contingencies, guarantees and financial commitments

There were no contingencies, guarantees or financial commitments of the Company at 31 March 2016.

CAPITAL STRUCTURE

Share Capital

Ordinary shares are classed as equity. The ordinary shares in issue have a nominal value of one pence and carry one vote each.

Reserves

A description of each of the reserves follows:

Share Premium

This reserve represents the difference between the issue price of shares and the nominal value of shares at the date of issue, net of related issue costs.

Capital Redemption Reserve

This reserve is used for the cancellation of shares bought back under the buyback facility.

Special Reserve

Distributable reserve used to pay dividends and re-purchase shares under the buyback facility.

Capital Reserve Realised

Gains and losses on realisation of investments.

Capital Reserve Unrealised

Unrealised gains and losses on investments.

Revenue Reserve

Net revenue returns and losses of the Company.

2. EARNINGS PER SHARE (BASIC AND DILUTED)

The gain per ordinary share of 1.52 pence at 31 March 2016 (31 March 2015: loss 2.60 pence and 30 September 2015: loss 1.06 pence) is based on the return after tax for the period of £810,996 (31 March 2015: loss £1,078,659 and 30 September 2015: loss £469,446) and the weighted average number of ordinary shares in issue over the period of 53,331,291 (31 March 2015: 41,504,274 and 30 September 2015: 44,087,008).

3. CAUTIONARY STATEMENT

The results should not be taken as a guide to the results for the financial period ending 30 September 2016. This report may contain forward looking statements with regards to the financial condition and results of the Company, which are made in the light of current economic and business circumstances. Nothing in this report should be considered as a profit forecast.

4. NET ASSET VALUE PER SHARE

The net asset value per ordinary share at 31 March 2016 of 73.91 pence (31 March 2015: 75.05 pence and 30 September 2015: 74.64 pence) after deducting the 2.25 pence dividend paid in January 2016 is based on net assets of £41,422,656 (31 March 2015: £34,909,171 and 30 September 2015: £35,941,073) and on 56,044,604 shares (31 March 2015: 46,515,627 shares and 30 September 2015: 48,152,281 shares), being the number of ordinary shares in issue as at 31 March 2016.

5. PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information contained in the 31 March 2016 income statement, balance sheet, cash flow statement and condensed statement of changes in equity does not constitute full financial statements and has not been audited.

6. PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Company relate to the Company’s investment activities and include regulatory risk, investment risk and discount volatility. Other risks faced by the Company include market risk, currency risk, interest rate risk, liquidity risk and credit risk. These risks and the way in which they are managed are described in more detail in the Company’s annual report and accounts for the year ended 30 September 2015. The Company’s principal risks and uncertainties have not changed materially since the date of that report.

6. TRANSACTIONS IN SHARES

Buybacks

In total, the Company repurchased 902,294 shares during the six month period ending 31 March 2016 at a total cost of £630,709.

Share Issues

In total, the Company issued 8,794,617 new shares during the six month period ending 31 March 2016 raising net proceeds of £6,379,905.

7. RELATED PARTY TRANSACTIONS

Giles Hargreave, a director of the Company, is the chairman of Hargreave Hale Limited and has an interest in excess of 7% in that company. As such, Hargreave Hale Limited is considered to be a related party to the Company. Hargreave Hale Limited acts as investment manager, administrator, custodian and provides one non-executive director and the company secretary to the Company. All of the functions performed by Hargreave Hale Limited are segregated by department and location and are independent of each other.

Hargreave Hale Limited in its capacity as investment manager of the fund receives annual fees of 1.5% per annum of the net assets of the Company, calculated and payable quarterly in arrears. Fees for the half-year are £281,241 (2015: £232,384). In relation to the other support functions described above, Hargreave Hale Limited also provides administration services, custody services, company secretarial services and one non-executive director and received fees of £40,000 per half-year (2015: £38,500) in relation to these services. Of those fees, £48,972 (2015: £55,351) was still owed at the half-year end.

Hargreave Hale Limited has agreed to indemnify the Company against annual running costs (such costs excluding VAT, any performance incentive fee and any trail commissions the payment of which is the responsibility of the Company) exceeding 3.5% of its net assets. No fees were waved by Hargreave Hale in the first half of the financial year under the indemnity.

The Directors of the Company announced on 1 December 2015 the launch of a new joint offer for subscription for shares in both Hargreave Hale AIM VCTs to raise up to £15 million in the Company and up to £10 million in Hargreave Hale AIM VCT 2 plc. The offer was approved by shareholders of the Company at a General Meeting on 12 January 2016 and is open to both new and existing shareholders.

Since its launch, the offer has resulted in funds being received of £10.34 million and the issue of 13.85 million new shares in the Company. The offer will close at 12pm on 16 November 2016 or earlier if the maximum subscription has been reached before then.

8. GOING CONCERN

After making enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

9. POST BALANCE SHEET EVENTS

There are no post balance sheet events to disclose

COMPANY INFORMATION

Secretary and Registered Office

Stuart Brookes

Accurist House

44 Baker Street

London

W1U 7AL

Manager

Hargreave Hale Limited

Accurist House

44 Baker Street

London

W1U 7AL

Registrars

Equiniti

Aspect House

Spencer Road

Lancing

West Sussex

BN99 6DA

Solicitors

Howard Kennedy

No. 1 London Bridge

London

SE1 9BG

Auditors

BDO LLP

55 Baker Street

London

W1U 7EU

VCT Status Adviser

Philip Hare and Associates LLP

4-6 Staple Inn

High Holborn

London

WC1V 7QH

Brokers

Singer Capital Markets Limited

One Hanover Street

London

W1S 1YZ

Company Registration Number

05206425 in England and Wales

Companies

Hargreave Hale AIM VCT (HHV)
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