Half-yearly Report
Matrix Income & Growth 2 VCT plc ("the Company")
Half-Yearly Report for the six months ended 31 October 2011
INVESTMENT OBJECTIVE
Matrix Income & Growth 2 VCT plc is a Venture Capital Trust ("VCT") managed by
Matrix Private Equity Partners LLP ("MPEP") investing primarily in established,
profitable, unquoted companies.
The Company's objective is to provide investors with a regular and growing
stream of income, arising both from the income generated by the companies
selected for the portfolio and from realising capital gains.
FINANCIAL HIGHLIGHTS
As at 31 October 2011
- Increase of 3.4% in net asset value (NAV) per Ordinary Share over the six
month period
- Increase of 3.1% in total Ordinary shareholder return (net asset value basis)
over the six month period
- Increase of 3.8% in total Ordinary shareholder return (share price basis)
over the six month period
Half-yearly results for the six months ended 31 October 2011
Ordinary Shares of 1 pence (formerly C Shares until 10 September 2010)
Net Net Cumulative NAV total Share Share price
assets asset dividends return to price total
value paid per shareholders (p)1 return to
(£ per share (p) since launch shareholders
million) Share per Share (p)
(NAV) (p)
(p)
Ordinary Share Fund (formerly C Share Fund until 10 September 2010)
As at 31 October 25.2 99.4 10.0 109.4 64.8 74.8
2011
As at 30 April 2011 24.9 96.2 10.0 106.2 62.0 72.0
As at 31 October 24.5 93.0 6.0 99.0 56.0 62.0
2010
As at 30 April 2010 15.2 87.5 5.0 92.5 57.5 62.5
As at 30 April 2009 14.5 86.0 4.0 90.0 74.5 78.5
At close of Offer 8.7 94.5 - - - -
for subscription in
2005
Net Net Cumulative NAV total Share Share price
assets asset dividends return to price total
(£ value paid per shareholders (p)1 return to
million) per share (p) since launch shareholders
Share per Share (p)
(NAV) (p)
(p)
Former Ordinary Share Fund (raised in 2000/2001)
As at 31 October - 82.2 30.1 112.3 - -
2011*
As at 30 April 2011 - 79.5 30.1 109.6 - -
As at 31 October - 76.9 26.8 103.7 - -
2010
As at 30 April 2010 8.1 72.1 26.8 98.9 40.5 67.3
As at 30 April 2009 7.8 69.0 26.8 95.8 48.5 75.3
At close of Offer 12.4 94.0 - - - -
for
subscription in 2001
1 Source: London Stock Exchange
* The data at 31 October 2011 shows the return on an initial subscription price
of 100p at the date of inception of the former Ordinary Share Fund taken from
the next table, divided by £10,000.
The table below shows the NAV total return at 31 October 2011 for a shareholder
that invested £10,000 at £1 per share at the date of launch of a particular
fundraising.
BEFORE BENEFIT OF INITIAL INCOME TAX RELIEF
Fund Number Net Dividends NAV total Profit
of Asset paid return to /
shares Value to shareholders (loss)
held (NAV) shareholders since before
post- at since subscription income
merger 31 subscription tax
October relief
2011 1
(£) (£) (£) (£)
Ordinary Share Fund
(formerly C Share Fund) 10,000 9,942 1,000 10,942 942
2005/2006
Ordinary Share Fund
(formerly C Share Fund)
2008/2009 (10,823 shares 10,823 10,760 649 11,409 1,409
issued for £10,000 at
92.39p per share)
Former Ordinary Share Fund 8,2702 8,222 3,010 11,232 1,232
(raised 2000/2001)
1 NAV total return minus initial investment cost (before applicable income
tax relief).
2 Number of shares held post-merger has been calculated by multiplying a
notional 10,000 former ordinary shares for a £10,000 investment by the merger
conversion ratio of 0.827.
AFTER BENEFIT OF INITIAL INCOME TAX RELIEF
Fund Rate Cost Net Dividends NAV total Profit
of net of Asset paid return to /
Income income Value to shareholders (loss)
tax tax (NAV) shareholders since after
relief relief at 31 since subscription income
October subscription tax
% 2011 relief
2
(£) (£) (£) (£) (£)
Ordinary Share Fund
(formerly C Share 40% 6,000 9,942 1,000 10,942 4,942
Fund) 2005/2006
Ordinary Share Fund
(formerly C Share
Fund) 2008/2009
(10,823 shares 30% 7,000 10,760 649 11,409 4,409
issued for £10,000
at 92.39p per
share)
Former Ordinary
Share Fund (raised 20% 1 8,000 8,222 3,010 11,232 3,232
2000/2001)
1 Additional capital gains tax deferral relief of up to £4,000 available to
qualifying shareholders.
2 NAV total return minus cost net of income tax relief.
INVESTMENT POLICY
The VCT's policy is to invest primarily in a diverse portfolio of UK
established, profitable, unquoted companies in order to generate capital gains
from trade sales and flotations.
Investments are structured as part loan and part equity in order to receive
regular income and to provide downside protection in the event of
under-performance.
Investments are made selectively across a number of sectors, primarily in
management buyout transactions (MBOs) i.e. to support incumbent management
teams in acquiring the business they manage but do not own. Investments are
primarily made in companies that are established and profitable.
Uninvested funds are held in cash and low risk money market funds.
UK Companies
The companies in which investments are made must have no more than £15 million
of gross assets at the time of investment to be classed as a VCT qualifying
holding. The additional £7.3 million funds raised by the Company after 6 April
2006 are subject to a £7 million gross assets test for an investment to be VCT
qualifying.
VCT regulation
The investment policy is designed to ensure that the VCT continues to qualify
and is approved as a VCT by HMRC. Amongst other conditions, the VCT may not
invest more than 15% of its investments in a single company and must achieve at
least 70% by value of its investments throughout the period in shares or
securities in qualifying holdings, of which a minimum overall of 30% by value
must be ordinary shares which carry no preferential rights. In addition,
although the VCT can invest less than 30% of an investment in a specific
company in ordinary shares it must have at least 10% by value of its total
investments in each qualifying company in ordinary shares which carry no
preferential rights.
Asset mix
The Investment Manager aims to hold approximately 80% by value of the VCT's
investments in qualifying holdings. The balance of the portfolio is held in
readily realisable interest bearing investments and deposits.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses across
different industry sectors. To reduce the risk of high exposure to equities,
each qualifying investment is structured using a significant proportion of loan
stock (up to 70% of the total investment in each VCT qualifying company).
Initial investments in VCT qualifying companies are generally made in amounts
ranging from £200,000 to £1 million at cost. Ongoing monitoring of each
investment is carried out by the Manager generally through taking a seat on the
Board of each VCT qualifying company.
Co-investment
The VCT aims to invest alongside three other Income and Growth VCTs advised by
the Manager with a similar investment policy. This enables the VCT to
participate in combined investments by the Investment Manager of up to £5
million.
Borrowing
The VCT has no borrowing and does not have any current plans for future
borrowings.
Management
The Board has overall responsibility for the Company's affairs including the
determination of its investment policy. Investment and divestment proposals are
originated, negotiated and recommended by the Manager and are then subject to
formal approval by the Directors. Matrix Private Equity Partners LLP provides
Investment Advisory, Company Secretarial and Accountancy services to the VCT.
CHAIRMAN'S STATEMENT
I am pleased to enclose the Half-Yearly Report of Matrix Income & Growth 2 VCT
plc (the "Company") for the period from 1 May 2011 to 31 October 2011.
Portfolio Overview
The first six months of the financial year have seen a progressively
deteriorating outlook for the UK economy. The recent Autumn Statement announced
by the Chancellor of the Exchequer on 29 November envisages continued downward
pressure upon public sector expenditure for many years, which will in turn
reduce consumer confidence and spending.
In a wider context, as these six months progressed, concerns over the sustainability
of the global economic recovery began to re-emerge. The continuing sovereign debt
crisis in the Eurozone, exceptionally high levels of borrowing in the US and signs
of a slowdown in emerging market economies have all contributed to a heightened
sense of uncertainty. The problems caused by excessive levels of debt continue
to affect the global economy. The consequences of the above were evident in weak,
volatile equity markets towards the end of the half-year.
Against this background, it is pleasing to report that the Company's performance
has been relatively stable, with a number of portfolio companies continuing to perform well.
The Company has invested £2.4 million in the period and a further £1.1 million
on 1 November, in three new investments and two follow-on investments. As
explained in the Manager's review, the Company has experienced an upward trend
in dealflow during this half-year under review, enabling the Company to invest
in a number of better priced, profitable and cash generative businesses seeking
investment.
In June 2011, a further amount was invested in the loan stock of ASL Technology
Holdings Limited, to support that company's objective to be a larger player in
its sector.
In July 2011, the Company invested £1,160,548 in Fullfield Limited to fund the
management buy-out of Motorclean Group Limited, part of which is
non-qualifying. Motorclean, is a provider of vehicle cleaning and valet
services to the car dealership market.
As part of a total potential commitment of £192,000, £76,897 was invested in
three tranches of loan stock in Monsal Holdings Limited, to provide working
capital to enable Monsal to pursue larger contracts in the waste and water sectors.
In October, the Company completed an investment in EOTH Limited, trading as
Equip Outdoor Technologies Limited. This company operates in the branded
outdoor clothing sector.
Just after the period end, the Company made a further investment on 1 November
2011, to support a management buyout (MBO) of EMaC Limited. EMaC is the UK
market leader in enabling motor manufacturers and dealers to provide service
plans to their customers.
The Board is pleased to note that the sale of DiGiCo Europe Limited ("DiGiCo")
has occurred after the period-end in October 2011, realising cash proceeds of £
2,138,243. The Company made a substantial disposal of its investment in DiGiCo
to ISIS Equity Partners. The Company has received total cash proceeds of £
3,024,832 representing a 3 times cash return on this investment to date. In
addition, the Company retains a 2.39% equity and new loan stock investment in
DiGiCo worth £1,334,291. The sale proceeds in cash alone show a good return for
the Company, whilst enabling a valuable stake to be retained in the business.
DiGiCo is a good example of how a properly financed business with strong
management and a quality product can develop a niche opportunity, and achieve
good profits.
Further details of these portfolio movements are provided in the Manager's
Review.
Performance
The Net Asset Value ("NAV") per Ordinary Share at 31 October 2011 was 99.42
pence. The NAV total return since launch was 109.4 pence per share (30 April
2011: 106.2 pence per share).
Shareholders should note that the performance data in my statement relates to
the one Ordinary Share class now in existence, which was formerly called the C
share class. This single share class was created after a share class merger of
the former Ordinary and C share class on 10th September 2010.
To assist shareholders to monitor the performance of their original Ordinary or
C Share investment in a particular fundraising on a consistent basis, we have
included separate performance data.
Return to Shareholders
The results for this period are set out on the following pages and show a
revenue gain (after tax) of 1.08 pence per Ordinary Share (30 April 2011: gain
of 0.46 pence). The total gain (after tax) was 2.56 pence per Ordinary Share
(30 April 2011: gain of 12.49 pence).
Revenue returns have benefited firstly from an increase in loan stock interest
of £160,198 and secondly, an increase in dividend income of £81,283 (being
increases of 85% and 114% respectively, compared to the comparable period last
year). The rise in loan stock interest reflects the new loan stock investments
made over the last year, but also the resumption of current interest payments
by several investee companies in the last year. The rise in dividend income was
mainly due to a doubled dividend from DiGiCo. This return has also benefited
from a reduction in other expenses of £51,756, caused by costs last year that
this year are treated as part of the Investment Management fees. Last year's
costs also included merger costs of £58,797.
Liquidity
As a result of the investment activity referred to above, the Company retains
cash liquidity of £4.2 million. The sum has since been increased by £2.1
million due to the sale of DiGiCo this month. When the investments in
acquisition companies are taken into account, the Company remains well
positioned to make new investments and support deserving portfolio companies,
if required.
Share Buybacks
During the six months ended 31 October 2011 the Company continued to implement
its buy-back policy and bought back 498,309 Ordinary Shares, representing 1.93%
of the shares in issue at the start of the year, at a total cost of £315,397.
The shares above were bought back for an average price of 63.3 pence per share,
at discounts to the net asset value at the date of each buyback ranging from
33.13% to 36.56%. These shares were subsequently cancelled by the Company.
Dividends
The Board's objective is, subject to the availability of sufficient reserves
and liquidity, to distribute regular and consistent dividends. The Board
intends to review the level of dividends to be paid at the year-end.
Outlook
The majority of companies in the portfolio continue to trade profitably and
several are also reporting results ahead of their budget and prior year.
However, the economic environment will continue to be tough for small companies
and your Board and Investment Manager will continue to monitor the portfolio.
There will also be a focus on ensuring that existing investee companies remain
well equipped to respond to the difficult times that lie ahead.
I would like to thank all our Shareholders for their continuing support.
Nigel Melville
Chairman
20 December 2011
PRINCIPAL RISKS AND UNCERTAINTIES
In accordance with Disclosure and Transparency Rule (DTR) 4.2.7, the Board
considers that the principal risks and uncertainties facing the Company have
not materially changed from those identified in the Annual Report and Accounts
for the year ended 30 April 2011. The principal risks faced by the Company are:
economic risk;
loss of approval as a Venture Capital Trust;
investment and strategic risk;
regulatory risk;
financial and operating risk;
market risk;
asset liquidity risk;
market liquidity risk;
credit/counterparty risk.
A detailed explanation of the principal risks facing the Company can be found
in the 2011 Annual Report and Accounts on page 25. Copies are available from
www.mig2vct.co.uk.
Related Party Transactions
Details of related party transactions in accordance with DTR 4.2.8 can be found
in Note 13 to the financial statements.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
the condensed set of financial statements, which have been prepared in
accordance with the statement "Half-Yearly Reports" issued by the Accounting
Standards Board, give a true and fair view of the assets, liabilities,
financial position and loss of the Company as required by DTR 4.2.4;
the interim management report included within the Chairman's Statement,
Investment Manager's Review and Investment Portfolio Summary includes a fair
review of the information required by DTR 4.2.7 being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
a description of the principal risks and uncertainties facing the Company for
the remaining six months is set out above, in accordance with DTR 4.2.7; and
the considered financial statements include a description of the related party
transactions in the first six months of the current financial year that have
materially affected the financial position or performance of the Company during
the period, and any material changes to the related party transactions since
the last Annual Report, in accordance with DTR 4.2.8.
For and on behalf of the Board:
Nigel Melville
Chairman
20 December 2011
INVESTMENT MANAGER'S REVIEW
Overview
The investment market for our target deals has improved, both in new investment
and for realisations. Dealflow has shown an upward trend, giving us access to
more attractively priced, profitable, well-positioned and cash generative
businesses seeking investment. We believe that this is due to two important
converging factors which have combined to make our level of investment over
recent months the highest for several years, without compromising our quality
criteria. Firstly, the lower level of activity in the economy has led to
greater realism amongst vendors regarding the value of their companies, leading
to more realistic pricing. Secondly, our ability to invest significant levels
of capital in a market lacking bank funding means that management buy-out
("MBO") teams are increasingly turning to us as a source of finance.
On the sell-side there continues to be interest in a number of our portfolio
companies both from trade purchasers and larger private equity firms that have
cash to invest and are seeking quality assets. After the year-end, the
portfolio's largest investment was part realised in a valuable secondary
private equity transaction.
Investment Activity
Our new investment activity continues to focus on management buyouts. We seek
to capitalise companies conservatively at the time of investment so that they
are well positioned to contend with an uncertain macro-economic environment.
In June 2011, a further £360,265 was invested in the loan stock of ASL Technology
Holdings Limited, making the total investment in ASL Technology Holdings £1,360,130,
to finance its acquisition of Transcribe Copier Systems Limited,
as part of its strategy to be a large player in this sector.
In July 2011, the Company invested £1,160,549 in Fullfield Limited to fund the
management buy-out of Motorclean Limited, £160,549 of which is non-qualifying.
Mortorclean is a supplier of car valeting services to the retail motor sector.
Three tranches of the new funding round totalling £76,897 in Monsal Holdings
Limited ("Monsal") have been drawn down to date during July and August 2011 and
these investments are held at cost. The terms of this new investment provided
that it would rank ahead of the existing rounds of investment. With this
additional funding, Monsal now has the ability to pursue a number of major
contracts in the waste and water sector which will advance the potential for
recovery of value in the original investment. Since approval of this facility
Monsal has materially advanced its negotiations on a number of new contracts.
In October, the Company completed a £817,184 investment in Equip Outdoor
Technologies Limited, to support the acquisition of the international
intellectual property and assets of Lowe Alpine Srl out of administration in
Italy by Equip Outdoor Technologies Limited. Equip operates in the branded
outdoor clothing sector.
Just after the period end, on 1 November 2011, the Company completed a £
1,095,723 investment to support a management buyout (MBO) of EMaC Limited. EMaC
is another outsourcing company to the UK motor industry, being the UK market
leader in enabling motor manufacturers and dealers to provide service plans to
their customers.
In December 2011, the Company realised a substantial portion of investment in
DiGiCo Europe Limited to ISIS Equity Partners. The Company received total cash
proceeds of £3,024,832 in addition to continuing to retain a 2.39% equity and
new loan stock investment in DiGiCo worth £1,334,291. Overall, the VCT has
received a 3 times cash return on this investment to date. DiGiCo manufactures
and distributes sound mixing consoles which are in demand at major corporate
and sporting events worldwide.
Portfolio Highlights
At 31 October 2011, the investment portfolio comprised 28 companies at a cost
of £19.6 million and current valuation of £21.0 million. On a like for like
basis the portfolio has increased by 3.2% compared with the valuations
prevailing at 30 April 2011. Over the same period the FTSE All-Share and FTSE
SmallCap indices have fallen by 7.8% and 12.4% respectively.
The portfolio's performance as a whole continues to be solid. Some investee
companies, notably DiGiCo, Iglu.com Holidays and ATG Media, have increased
sales and profits despite the challenges of the economic environment.
The new investments made since last year, RDL Corporation, Faversham House,
Omega Diagnostics Group plc, ASL Technology and Fullfield (Motorclean Group)
are all progressing steadily. Fullfield and Faversham continue to be valued at
cost while ASL and RDL have been valued at small reductions from original
cost.
Iglu.com Holidays continues to perform well and has held its value above cost
following out-performance of its business plans at the time of investment.
DiGiCo and ATG both experienced increased trading and profitability which has
contributed to their higher valuations. Blaze Signs continues to return
improved results demonstrating a strong recovery from the recession. Focus
Pharma continues to trade satisfactorily but is experiencing a fall in
profitability, due to investment in new products. It launched two new products
during 2011 and expects to progress further with several further product
launches planned for 2012. Racoon continues to perform steadily.
As a result of agreeing to sell a site upon which planning permission to
develop a supermarket has been received, the financial position of BIH has
markedly improved. However, the company has recently experienced poor trading,
reducing profits and therefore our valuation. ASL's profitability since
investment has been slightly below expectation, partly due to initial
performance at its new acquisition, which has caused a slight fall in valuation
below cost. However its sales and profitability, excluding the new acquisition,
have increased from last year.
Other companies are still endeavouring to recover from the effects of the
continuing downturn. Recovery in the construction and house building sectors
remains fragile and this continues to affect the performance of PXP and Plastic
Surgeon. In early December, a modest follow on investment in PXP was approved.
Youngman has now fully repaid its bank debt since investment and is well
positioned to benefit from any upturn in its construction markets.
Outlook
The outlook for the UK economy is uncertain, but we have been encouraged by
developments in the last year in our sector. Although the coming months are
likely to prove more testing as the public sector cuts begin to take effect and
the economy struggles to stabilise its faltering growth, we consider that good
quality companies of the calibre in which we seek to invest, capable of
maintaining competitive advantage, still have the potential to succeed in this
environment.
The difficult economic outlook and the volatility in quoted markets will
inevitably continue to impact on the valuations of the companies in the
portfolio. However, we believe that the portfolio overall is resilient and
essentially of high value which will be released in the long-term. Our
strategy of investing primarily in MBOs and structuring investments to include
loan stock will continue to mitigate downside risk.
Having retained significant uninvested cash, the VCT is well placed to support
certain portfolio companies should the need arise and to capitalise on
attractive new investment opportunities. Alongside this, the Manager is
conscious of the need to ensure that investee companies take appropriate
actions to respond to the challenging environment ahead.
Matrix Private Equity Partners LLP
20 December 2011
INVESTMENT PORTFOLIO SUMMARY
As at 31 October 2011
Date of Total Book Valuation % of
first cost net
investment assets
by
value
£ £
Qualifying investments
AiMquoted investments
Omega Diagnostics plc December 2010 214,998 241,873 1.0%
Sales promotion activities
Vphaseplc (formerly March 2001 254,586 1,609 0.0%
Flightstore Group plc)
Development of energy
saving devices for domestic
use
---- ---- ----
469,584 243,482 1.0%
Unquoted investments
DiGiCoEurope Limited July 2007 495,651 3,472,534 13.7%
Design and manufacture
of audio mixing desks
ATG Media Holdings Limited October 2008 767,907 1,526,391 6.1%
Publisher and online auction
platform operator
Blaze Signs Holdings Limited April 2006 1,398,498 1,486,544 5.9%
Manufacturer and installer of
signs
ASL Technology Holdings December 2010 1,360,130 1,278,574 5.1%
Limited
Printer and photocopier
services
FullfieldLimited July 2011 1,160,549 1,000,000 4.0%
(Motorclean Holdings)
Vehicle cleaning and
valet services
BackbarrowLimited April 2010 1,000,000 1,000,000 4.0%
Company seeking to invest
in food manufacturing,
distribution and brand
management
RuslandManagement Limited April 2011 1,000,000 1,000,000 4.0%
Company seeking to acquire
businsesses in the brand
management, consumer
products and retail sectors
SawreyLimited March 2011 1,000,000 1,000,000 4.0%
Company seeling to acquire
businesses in the marketing
services and media sectors
TorvarLimited April 2011 1,000,000 1,000,000 4.0%
Company seeking to acquire
businesses in the database
management, data mapping
and management services to
legal and building sectors
VanirConsultants Limited October 2008 1,000,000 1,000,000 4.0%
The Company acquired EMaC
Limited on 1 November 2011, a
provider of service plans to the
motor trade
British International June 2006 1,000,000 952,041 3.7%
Holdings Limited
Supplier of helicopter services
Iglu.com Holidays Limited December 2010 152,326 930,978 3.7%
Online ski and cruise travel
agent
RDL Corporation Limited
(formerly Aust Recruitment October 2010 1,000,000 924,454 3.7%
Group Limited)
Recruitment consultants for
the pharmaceutical, business
intelligence and IT industries
EOTH Limited (trading as
Equip Outdoor Technologies October 2011 817,184 817,184 3.1%
Limited)
Branded outdoor equipment
and clothing
Focus Pharma Holdings Limited October 2007 660,238 794,405 3.1%
Licensing and distribution of
generic pharmaceuticals
Youngman Group Limited October 2005 1,000,052 589,122 2.3%
Manufacturer of ladders and
access towers
MachineworksLimited April 2006 25,727 426,172 1.7%
Software for CAM and machine
tool vendors
Faversham House December 2010 374,870 374,870 1.5%
Publisher, exhibition organiser
and operator of websites for the
environmental, visual
communications and
building services sectors
Racoon International December 2006 878,527 324,212 1.3%
Holdings Limited
Supplier of hair extensions, hair
care products and training
VectairHoldings Limited January 2006 60,293 171,979 0.7%
A provider of air care and
sanitary washroom products
The Plastic Surgeon April 2008 392,264 98,067 0.4%
Holdings Limited
Snagging and finishing of
domestic and commercial
properties
MonsalHoldings Limited December 2007 847,614 76,897 0.3%
Engineering services to water
and waste sectors
LightworksLimited April 2006 25,727 49,400 0.2%
Software for CAD vendors
PXP Holdings Limited December 2006 1,163,436 - 0.0%
(Pinewood Structures)
Designer, manufacturer and
supplier of timber frames for
housing
Legion Group plc (in August 2005 150,000 - 0.0%
administration)
Provision of manned guarding,
mobile patrolling, and alarm
response services
---- ---- ----
18,730,993 20,293,824 80.5%
---- ---- ----
Total qualifying investments 19,200,577 20,537,306 81.5%
Non-qualifying investments
British International Holdings 160,000 320,000 1.3%
Limited
Fullfield Limited (Motorclean - 160,549 0.6%
Holdings)
Fuse 8 plc 250,000 750 0.0%
ATG Media Holdings Limited 104 328 0.0%
Legion Group plc 106 - 0.0%
---- ---- ----
Total non-qualifying 410,210 481,627 1.9%
investments
Money market funds 2 4,121,576 16.3%
Debtors 215,722 0.9%
Cash 112,861 0.4%
Creditors (256,309) (1.0%)
---- ----
Net assets 25,212,783 100.0%
==== ====
1 As at 31 October 2011 the Company held more than 70% of its total investments
in qualifying holdings, and therefore complied with the VCT Investment test.
For the purposes of the VCT Investment tests, the Company is permitted to
disregard disposals of investments for six months from the date of disposal.
2 Disclosed within Current assets as Investments at fair value in the Balance
Sheet.
UNAUDITED INCOME STATEMENT
For the six months ended 31 October 2011
Six months ended 31 October 2011
(unaudited)
Notes Revenue Capital Total
£ £ £
Unrealised gains on investments held at fair value - 577,783 577,783
Realised gains/(losses) on investments held at fair - - -
value
Income 3 520,516 - 520,516
Investment management expense 4 (75,443) (226,330) (301,773)
Merger costs - - -
Other expenses (136,664) - (136,664)
---- ---- ----
Profit/(loss) on ordinary activities before taxation 308,409 351,453 659,862
Tax on profit/(loss) on ordinary activities (31,355) 31,355 -
---- ---- ----
Profit/(loss) on ordinary activities after taxation 277,054 382,808 659,862
==== ==== ====
Basic and diluted earnings per share
Ordinary shares 6 1.08p 1.48p 2.56p
Year ended 30 April 2011
(audited)
Notes Revenue Capital Total
£ £ £
Unrealised gains on investments held at fair value - 2,911,008 2,911,008
Realised gains/(losses) on investments held at fair - 624,055 624,055
value
Income 3 637,008 - 637,008
Investment management expense 4 (139,450) (418,352) (557,802)
Merger costs (52,928) - (52,928)
Other expenses (311,288) - (311,288)
---- ---- ----
Profit/(loss) on ordinary activities before taxation 133,342 3,116,711 3,250,053
Tax on profit/(loss) on ordinary activities (12,181) 12,181 -
---- ---- ----
Profit/(loss) on ordinary activities after taxation 121,161 3,128,892 3,250,053
==== ==== ====
Basic and diluted earnings per share
Ordinary shares 6 0.46p 12.03p 12.49p
Six months ended 31 October 2010
(unaudited)
Notes Revenue Capital Total
£ £ £
Unrealised gains on investments held at fair value - 1,819,526 1,819,526
Realised gains/(losses) on investments held at fair - ( 64,323) ( 64,323)
value
Income 3 295,154 - 295,154
Investment management expense 4 (63,892) (191,675) (255,567)
Merger costs (58,797) - (58,797)
Other expenses (188,410) - (188,410)
---- ---- ----
Profit/(loss) on ordinary activities before taxation (15,945) 1,563,528 1,547,583
Tax on profit/(loss) on ordinary activities - - -
---- ---- ----
Profit/(loss) on ordinary activities after taxation (15,945) 1,563,528 1,547,583
==== ==== ====
Basic and diluted earnings per share
Ordinary shares 6 (0.08)p 7.62p 7.54p
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
There were no other recognised gains or losses in the period.
Other than revaluation movements arising on investments held at fair value
through profit and loss there were no differences between the profit/(loss) as
stated above and at historical cost.
The notes to the unaudited financial statements below form part of these
Half-Yearly financial statements.
UNAUDITED BALANCE SHEET
As at 31 October 2011
31 October 2011 30 April 2011 31 October 2010
(unaudited) (audited) (unaudited)
Notes
£ £ £
Non-current assets
Investments at fair value 9 21,018,933 18,026,151 14,032,202
Current Assets
Debtors and prepayments 215,722 441,684 100,482
Investments at fair value 10 4,121,576 6,538,497 10,419,732
Cash at bank 112,861 76,291 119,290
---- ---- ----
4,450,159 7,056,472 10,639,504
Creditors: amounts falling due within one year (256,309) (218,655) (179,829)
---- ---- ----
Net current assets 4,193,850 6,837,817 10,459,675
---- ---- ----
Net assets 25,212,783 24,863,968 24,491,877
==== ==== ====
Capital and reserves 11
Called up share capital 253,595 258,578 263,392
Capital redemption reserve 53,052 48,069 43,255
Revaluation reserve 1,808,252 1,230,469 (437,102)
Special distributable reserve 15,748,617 16,258,990 16,896,264
Profit and loss account 7,349,267 7,067,862 7,726,068
---- ---- ----
25,212,783 24,863,968 24,491,877
==== ==== ====
Net asset value per share
Ordinary Shares 7 99.42p 96.16p 92.99p
These accounts are unaudited and are not the Company's statutory accounts.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 31 October 2011
Six months Year ended Six months
ended 31 30 April ended 31
October 2011 2011 October 2010
(unaudited) (audited) (unaudited)
Notes £ £ £
Opening shareholders funds 24,863,968 23,290,949 23,290,949
Net share capital bought back (315,397) (457,264) (173,192)
Profit for the year 659,862 3,250,053 1,547,583
Dividends refunded/(paid) in period 8 4,350 (1,219,770) (173,463)
---- ---- ----
Closing shareholders' funds 25,212,783 24,863,968 24,491,877
==== ==== ====
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 October 2011
Six months ended Year ended 30 Six months ended
31 October 2011 April 2011 31 October 2010
(unaudited) (audited) (unaudited)
£ £ £
Operating activities
Investment income 488,734 614,371 264,365
received
Other income - 2,753 -
Investment management (301,773) (557,802) (255,567)
fees paid
Merger costs paid by - (49,988) (28,338)
the Company
Other cash payments (193,360) (320,136) (200,416)
for other expenses
---- ---- ----
Net cash outflow
from operating (6,399) (310,802) (219,956)
activities
Investing activities
Acquisition of (2,150,457) (5,951,715) (1,001,717)
investments
Disposal of investments - 2,631,829 256,185
---- ---- ----
Net cash outflow (2,150,457) (3,319,886) (745,532)
from investing activities
Dividends
Dividends refunded/(paid) 4,350 (1,219,770) (173,463)
---- ---- ----
Net cash outflow before
liquid resource (2,152,506) (4,850,458) (1,138,951)
management and
financing
Movement in money 2,416,921 5,213,916 1,332,681
market and other deposits
Financing
Purchase of own shares (227,845) (375,591) (162,864)
---- ---- ----
Net cash outflow from (227,845) (375,591) (162,864)
financing
---- ---- ----
Increase/(decrease) 36,570 (12,133) 30,866
in cash
==== ==== ====
Reconciliation of net
cash flow to movement
in net funds
£ £ £
Net funds at start of 76,291 88,424 88,424
period
Increase/(decrease) 36,570 (12,133) 30,866
in cash for the period
---- ---- ----
Net funds at the end 112,861 76,291 119,290
of the period
==== ==== ====
Reconciliation of profit on ordinary activities before taxation to net cash
outflow from operating activities
Six months ended Year ended Six months ended
31 October 2011 30 April 2011 31 October 2010
(unaudited) (audited) (unaudited)
£ £ £
Profit on ordinary activities 659,862 3,250,053 1,547,583
before taxation
Net unrealised gains on (577,783) (624,055) (1,819,526)
investments
Net (gains)/losses on realisations - (2,911,008) 64,323
on investments
Increase in debtors (38,580) (20,412) (39,475)
(Decrease)/increase in creditors (49,898) (5,380) 27,139
and accruals
---- ---- ----
Net cash outflow from operating (6,399) (310,802) (219,956)
activities
==== ==== ====
The notes to the unaudited financial statements below form part of these
Half-Yearly financial statements.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
Principal accounting policies
The following accounting policies have been applied consistently throughout the
period. Full details of principal accounting policies will be disclosed in the
Annual Report.
a) Basis of accounting
The unaudited results cover the six months to 31 October 2011 and have been
prepared under UK Generally Accepted Accounting Practice (UK GAAP), consistent
with the accounting policies set out in the statutory accounts for the year
ended 30 April 2011 and the 2009 Statement of Recommended Practice, 'Financial
Statements of Investment Trust Companies and Venture Capital Trusts' ("the
SORP") issued by the Association of Investment Companies.
The Half-yearly Report has not been audited, nor has it been reviewed by the
auditors pursuant to the Auditing Practices Board (APB)'s guidance on Review of
Interim Financial Information.
b) Presentation of the Income Statement
In order to better reflect the activities of a VCT and in accordance with the
SORP, supplementary information which analyses the Income Statement between
items of a revenue and capital nature has been presented alongside the Income
Statement. The revenue column of profit attributable to equity shareholders is
the measure the Directors believe appropriate in assessing the Company's
compliance with certain requirements set out in Section 274 Income Tax Act
2007.
c) Investments
Investments are accounted for on a trade date
basis
All investments held by the Company are classified as "fair value through
profit and loss" as the Company's business is to invest in financial assets
with a view to profiting from their total return in the form of capital growth
and income. For investments actively traded in organised financial markets,
recognition and fair value is determined by reference to Stock Exchange market
trading rules and quoted bid prices at the close of business on the balance
sheet date.
Unquoted investments are valued by the Directors at 'fair value through profit
and loss'. Accordingly, in the absence of a market price, the Directors have
valued unquoted investments in accordance with International Private Equity
Venture Capital Valuation (IPEVCV) guidelines as updated in September 2009,
which have not materially changed the results reported last year.
All investments are held at the price of a recent investment for an appropriate
period where there is considered to have been no change in fair value. Where
such a basis is no longer considered appropriate, the following factors will be
considered:
(i) Where a value is indicated by a material arms-length transaction by an
independent third party in the shares of a company, this value will be used.
(ii) In the absence of i), and depending upon both the subsequent trading
performance and investment structure of an investee company, the valuation
basis will usually move to either:-
a) an earnings multiple basis. The shares may be valued by applying a
suitable price-earnings ratio to that company's historic, current or forecast
post-tax earnings before interest and amortisation (the ratio used being based
on a comparable sector but the resulting value being adjusted to reflect points
of difference identified by the Investment Manager compared to the sector
including, inter alia, a lack of marketability).
or:-
b) where a company's underperformance against plan indicates a diminution
in the value of the investment, provision against cost is made, as appropriate.
Where the value of an investment has fallen permanently below cost, the loss is
treated as a permanent impairment and as a realised loss, even though the
investment is still held. The Board assesses the portfolio for such investments
and, after agreement with the Investment Manager, will agree the values that
represent the extent to which an investment loss has become realised. This is
based upon an assessment of objective evidence of that investment's future
prospects, to determine whether there is potential for the investment to
recover in value.
(iii) Premiums on loan stock investments are accrued at fair value when the
Company receives the right to the premium and when considered recoverable.
(iv) Where an earnings multiple or cost less impairment basis is not
appropriate and overriding factors apply, discounted cash flow or net asset
valuation bases may be applied.
d) Capital gains and losses
Capital gains and losses on investments, whether realised or unrealised, are
dealt with in the profit and loss and revaluation reserves and movements in the
period are shown in the Income Statement.
The Company revoked its status as an investment company on 7 September 2005, so
that it can regard realised capital profits as part of the profits available
for distribution.
Income
Six months ended Year ended Six months ended
31 October 2011 30 April 2011 31 October 2010
(unaudited) (audited) (unaudited)
Income from investments £ £ £
Dividends 152,285 172,933 71,002
Money-market funds 20,296 24,148 36,726
Loan stock interest 347,597 437,080 187,399
Bank deposit and other interest 338 94 27
Other income - 2,753 -
---- ---- ----
Total Income 520,516 637,008 295,154
==== ==== ====
Investment management expense
Under the terms of a revised investment management agreement dated 10 September
2010, MPEP provides investment advisory, administrative and company secretarial
services to the Company, for a fee of 2.0% per annum calculated on a quarterly
basis by reference to the net assets at the end of the preceding quarter, plus
a fee of £104,432 per annum, the latter being subject to changes in the retail
prices index each year. This agreement replaced the previous agreements with
MPEP dated 10 May 2000 and 20 September 2005, both novated to MPEP on 20
October 2006, and the accounting services agreement and the secretarial
services agreement with Matrix-Securities Limited both dated 20 September 2005,
all of which were terminated on 10 September 2010. In accordance with the
policy statement published under "Management and Administration" in the
Company's prospectus dated 10 May 2000, the Directors have charged 75% of the
investment management expenses to the capital account. This is in line with the
Board's expectation of the long-term split of returns from the investment
portfolio of the Company.
Taxation
There is no tax charge in the period as the Company has tax losses in the
current year as tax deductible expenditure charged against the capital return
exceeds the taxable revenue return.
Basic and diluted earnings per share
Six months
ended 31 Year ended Six months
October 30 April ended 31
2011 2011 October 2010
(unaudited) (audited) (unaudited)
Ordinary Shares Ordinary Shares Ordinary Shares
£ £ £
Total earnings after taxation: 659,862 3,250,053 1,547,583
Basic and diluted earnings 2.56p 12.49p 7.54p
per share (note a)
---- ---- ----
Revenue profit/(loss) from 277,054 121,161 (15,945)
ordinary activities after taxation
Basic and diluted revenue 1.08p 0.46p (0.08)p
earnings per share (note b)
---- ---- ----
Net unrealised capital gains 577,783 624,055 1,819,526
on investments
Net gains/(losses) on - 2,911,008 (64,323)
realisations on investments
Capital management fees (194,975) (406,171) (191,675)
less taxation
---- ---- ----
Total capital profit on 382,808 3,128,892 1,563,528
ordinary activities after taxation
Basic and diluted capital 1.48p 12.03p 7.62p
earnings per share (note c)
---- ---- ----
Weighted average number 25,764,981 26,015,053 20,529,194
of shares in issue in the year
==== ==== ====
Notes
Basic and diluted earnings per share is total earnings after taxation divided
by the weighted average number of shares in issue.
Basic and diluted revenue earnings per share is revenue earnings after taxation
divided by the weighted average number of shares in issue.
Basic and diluted capital earnings per share is total capital earnings divided
by the weighted average number of shares in issue.
Net asset value per share
As at 31 October 2011 As at 30 April 2011 As at 31 October 2010
(unaudited) (audited) (unaudited)
£ £ £
Net assets 25,212,783 24,863,968 24,491,877
Number of shares in issue 25,359,455 25,857,764 26,339,245
---- ---- ----
Net asset value per share (pence) 99.42 p 96.16 p 92.99 p
==== ==== ====
Dividends
Six months Year Six months
to 31 October 2011 to 30 April 2011 to 31 October 2010
(unaudited) (audited) (unaudited)
£ £ £
Ordinary shares
Dividends paid in period -
nil pence per share (30 April - 1,219,770 173,463
2011: 5 pence; 31 October
2010: 1 pence)
Dividends refunded* (4,350)
---- ---- ----
(4,350) 1,219,770 173,463
==== ==== ====
* - This amount represents dividends that were paid on shares that were
subsequently bought back by the Company. As a result, the dividends have been
refunded to the Company.
Summary of non-current asset investments at fair value during the period
Traded on Unquoted Preference Qualifying Total
AiM or Ordinary Shares loans
OFEX shares
£ £ £ £ £
Cost at 1 May 2011 719,584 5,571,314 42,017 10,862,873 17,195,788
Unrealised (losses)/gains (223,416) 2,543,304 (17,565) (1,071,854) 1,230,469
at 1 May 2011
Permanent impairment (250,000) (150,106) - - (400,106)
at 1 May 2011
---- ---- ---- ---- ----
Value at 1 May 2011 246,168 7,964,512 24,452 9,791,019 18,026,151
Purchases at cost - 449,329 918 1,964,752 2,414,999
(Decrease)/increase (1,936) 574,592 - 5,127 577,783
in unrealised gains
Value at 1 May 2011 246,168 7,964,512 24,452 9,791,019 18,026,151
---- ---- ---- ---- ----
Cost/valuation at 31 244,232 8,988,433 25,370 11,760,898 21,018,933
October 2011
==== ==== ==== ==== ====
Book cost at 31 October 2011 719,584 6,020,643 42,935 12,827,625 19,610,787
Unrealised (losses)/gains (475,352) 2,967,790 (17,565) (1,066,727) 1,408,146
at 31 October 2011
---- ---- ---- ---- ----
Valuation at 31 October 2011 244,232 8,988,433 25,370 11,760,898 21,018,933
==== ==== ==== ==== ====
Unrealised (losses)/gains (473,416) 2,393,198 (17,565) (1,071,854) 830,363
at 1 May 2011
Net movement in unrealised
(depreciation)/appreciation (1,936) 574,592 - 5,127 577,783
in
the period
---- ---- ---- ---- ----
(Losses)/gains on investments (475,352) 2,967,790 (17,565) (1,066,727) 1,408,146
at 31 October 2011
==== ==== ==== ==== ====
Investment purchases shown in the Cash Flow Statement of £2,150,457 differs to
that shown above by £264,542. This is due to £360,265 held in escrow at 30
April 2011 and invested into ASL Technology Holdings Limited during the period
and £95,723 held in escrow at 31 October 2011 awaiting investment into EMaC
Limited.
Investments at fair value
These comprise investments in four OEIC money market funds (three Dublin based
and one London based), managed by Blackrock, Royal Bank of Scotland, Prime Rate
Capital Management and Scottish Widows Investment Partnership. £4,121,576 (30
April 2011: £6,538,497; 31 October 2010: £10,418,805) of this sum is subject to
same day access, while £nil (30 April 2011: £nil; 31 October 2010: £927) is
subject to two day access. The manager of Prime Rate Capital Management
liquidity fund is a member of Matrix Group Limited, as is MPEP. There are no
arrangements in place to prevent duplicated management fees from these two
different parts of the Matrix Group in view of the small amount of fees paid.
Capital and reserves for the period ended 31 October 2011
Called up Capital Capital Special Profit and Total
share redemption reserve distributable Loss
capital reserve (unrealised) reserve Account
£ £ £ £ £ £
At 1 May 2011 258,578 48,069 1,230,469 16,258,990 7,067,862 24,863,968
Shares bought (4,983) 4,983 - (315,397) - (315,397)
back
Transfer of
realised capital
losses from - - - (194,976) 194,976 -
Cancelled Share
Premium account
(see note below)
Dividends - - - - 4,350 4,350
refunded
Profit for the - - 577,783 - 82,079 659,862
period
---- ---- ---- ---- ---- ----
At 31 October 253,595 53,052 1,808,252 15,748,617 7,349,267 25,212,783
2011
==== ==== ==== ==== ==== ====
The cost of shares bought back shown in the Cash Flow Statement of £227,845
differs to that disclosed above by £87,552. This due to an opening share
buyback creditor of £81,673 settled during the period and an share buyback
creditor of £169,225 as at 31 October 2011 settled following the period end.
The cancelled share premium account provides the Company with a special reserve
out of which it can fund buy-backs of the Company's Shares as and when it is
considered by the Board to be in the interests of the Shareholders, and to
absorb any existing and future realised losses. Under Resolution 9 of the
Annual General Meeting held on 8 September 2011, each class of Shareholders
authorised the Company to purchase its own shares pursuant to section 693(4) of
the Companies Act 2006. The authority is limited to a maximum of 14.99 per cent
of the issued Ordinary Share Capital of the Company, and will unless,
previously revoked or renewed, expire on the conclusion of the Annual General
Meeting of the Company to be held in 2012.
The maximum price that may be paid for Ordinary Shares will be an amount equal
to 105 per cent of the average of the middle market quotation as taken from the
London Stock Exchange daily official list for the five business days
immediately preceding the day on which that Ordinary Share is purchased. The
minimum price that may be paid for Ordinary Shares is 1 penny per share. The
authority provides that the Company may make a contract to purchase Ordinary
Shares under the authority conferred by this resolution prior to the expiry of
such authority which will or may be executed wholly or partly after the
expiration of such authority and may make a purchase of Ordinary Shares
pursuant to such contract.
Related party transactions
Kenneth Vere Nicoll is a shareholder in Matrix Group Limited, which owns
Matrix-Securities Limited, MPE Partners Limited and has an interest in Prime
Rate Capital Management LLP and Matrix Corporate Capital LLP "MCC"). MPE
Partners Limited has a 50% interest in Matrix Private Equity Partners LLP, the
Company's Investment Manager. Matrix-Securities Limited provided accountancy
and company secretarial services to the Company up to 10 September 2010. Matrix
Private Equity Partners LLP is the Company's Investment Manager in respect of
venture capital investments, administrator and Company Secretary and earned
fees of £301,773 (year ended 30 April 2011: £557,802; six months ended 31
October 2010: £255,567), for the period. The Company has invested £2,515,802 in
a liquidity fund managed by Prime Rate Capital Management LLP, and earned
income of £11,539 (30 April 2011: £24,148, 31 October 2010: £12,756) from this
fund in the period. MCC are the Company's brokers and earned fees of £6,000 (30
April 2011: £11,833; 31 October 2010: £5,875). Three (30 April 2011: seven, 31
October 2010: three) share buybacks were undertaken by MCC on the Company's
instruction totalling £315,397 (30 April 2011: £457,264, 31 October 2010: £
173,192) with £169,225 outstanding at the period end (30 April 2011: £81,088,
31 October 2010: £10,327).
Post Balance Sheet Events
On 1 November 2011, £1,096,723 was invested in EMaC Limited.
On 9 December 2011, the Company's investment in DiGiCo Europe Limited was sold
to ISIS LLP for net cash proceeds of £2,138,243. In addition, the Company also
received £1,331,900 of loan stock, and retained a 2.39% equity holding.
The financial information set out in this half-yearly financial report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The information for the year ended 30 April 2011 has been extracted from
the latest published audited financial statements, which have been filed with
the Registrar of Companies. The auditors have reported on these financial
statements and that report was unqualified and did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
Copies of this statement are being sent to all Shareholders. Further copies are
available free of charge from the Company's registered office, One Vine Street,
London, W1J 0AH or downloaded via the Company's website at www.mig2vct.co.uk.
SHAREHOLDER INFORMATION
Shareholders wishing to follow the Company's progress can visit the Company's
website at www.mig2vct.co.uk which contains publicly available information or
links to information about our largest investments, the latest NAV and the
share price. The London Stock Exchange's website at www.londonstockexchange.com
/en-gb/pricesnews provides up to the minute details of the share price and
latest NAV announcements, etc. A number of commentators such as Allenbridge at
www.taxshelterreport.co.uk provide comparative performance figures for the VCT
sector as a whole. The share price is also quoted in the Financial Times.
The Company circulates a bi-annual newsletter to Shareholders, as well as the
usual Annual and Half-Yearly Reports. The next edition will be distributed in
October 2011.
Net asset value per share
The Company's NAV as at 30 April 2011 was 96.16 pence per Ordinary Share . The
Company announces its unaudited NAV on a quarterly basis.
Dividends
The Board is not recommending the payment of an interim dividend in respect of
the six months ended 31 October 2011 to Ordinary Shareholders. The Directors
will consider the payment of a dividend in respect of the year-ending 30 April
2012 in due course.
Shareholders who wish to have future dividends paid directly into their bank
account rather than sent by cheque to their registered address can complete a
mandate for this purpose. Mandates can be obtained by contacting the Company's
Registrars, Capita Registrars, at the address below.
Shareholder enquires:
For enquiries concerning the investment portfolio, please contact the
Investment Manager, Matrix Private Equity Partners LLP, on 020 3206 7000 or by
e-mail to info@matrixpep.co.uk.
For information on your holding, to notify the Company of a change of address
or to request a dividend mandate form (should you wish to have future dividends
paid directly into your bank account) please contact the Company's Registrars,
Capita Registrars, on 0871 664 0300 (calls cost 10p per minute plus network
extras.
If calling from overseas please ring +44 208 639 2157) or write to them at The
Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. Alternatively you can
contact them via their website at www.capitaregistrars.com.
CORPORATE INFORMATION
Directors
Nigel Melville (Chairman)
Sally Duckworth
Adam Kingdon
Kenneth Vere Nicoll
Company's registered office and head office
One Vine Street
London
W1J 0AH
Company Registration Number
3946235
Website
www.mig2vct.co.uk
Company Secretary Investment Manager, Promoter and Auditors and Tax
Matrix Private Equity Company Accountants Advisers
Partners LLP Matrix Private Equity Partners LLP PKF (UK) LLP
One Vine Street One Vine Street Farringdon Place
London London 20 Farringdon Road
W1J 0AH W1J 0AH London
EC1M 3AP
e-mail: e-mail: info@matrixpep.co.uk
mig2@matrixgroup.co.uk
Bankers Solicitors Stockbrokers
Barclays Bank plc Martineau Matrix Corporate
PO Box 544 No 1 Colmore Square Capital LLP
54 Lombard Street Birmingham One Vine Street
London B4 6AA London
W1J 0AH
Also at
35 New Bridge Street
London
EC4V 6BW
Registrar VCT Tax Adviser
Capita Registrars PricewaterhouseCoopers LLP
The Registry 1 Embankment Place
34 Beckham Road London
Beckham WC2N 6RN
Kent
BR3 4TU
END
DISCLAIMER
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
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