Interim Results

British SmallerTechCompaniesVCT2PLC 18 September 2001 BRITISH SMALLER TECHNOLOGY COMPANIES VCT 2 PLC Initial Trading Report and Interim Results to 30 June 2001 British Smaller Technology Companies VCT 2 plc ('the Company'), the venture capital trust launched in December 2000 as a successor to the successful British Smaller Technologies VCT plc, today announces interim results for its initial period of trading to 30 June 2001 together with its next round of fund raising in the autumn. HIGHLIGHTS * Nearly £7m raised so far * Further fundraising in the autumn to meet strong demand for finance from companies with high growth potential * £275,000 invested in 2 companies since period end Fund raising Initial fund raising closed on 31 May 2001 with £6.7m raised - a satisfactory result in a difficult market. Given the strong demand for finance from high growth potential companies, the Board has decided to raise further funds from the market this autumn. The Board's investment adviser, Yorkshire Fund Managers, also reports continuing steady demand from IFAs and investors for new shares in the Company and a new prospectus will, therefore, be issued shortly. Investments No investments were made during the month from the close of fund raising to the period end. Since 30 June 2001, a total of £275,000 has been invested in two companies: £150,000 in Tamesis Limited, a company that designs, develops and sells financial software and £125,000 in Amino Holdings Limited , a networked product development company. A further £250,000 has been committed to a third company. Financial Results The net revenue profit for the period was £13,000. There was a net loss on capital account of £51,000 resulting in a total return loss of £38,000. The net asset value per share at the period end of 93.4p reflects this result and the costs of initial fund raising. Outlook Commenting on the Company's prospects, the Chairman, Sir Andrew Hugh Smith, said that the Board is already being presented with a number of proposals for financing companies that meet the investment criteria set out in the Prospectus. ' Current market sentiment towards technology based companies enables your Company to invest at valuations well below those which were being asked 12 months ago. This presents opportunities to achieve the aim of capital growth over the medium-to-long term and provide shareholders with a satisfactory return on their investment,' he said. For further information, please contact: Phil Cammerman, Yorkshire Fund Managers Ltd Tel: 0113 294 5050 David Hardy, Binns & Co Tel: 020 7786 9600 Simon Mountford, Simon Mountford Communications Tel: 01347 844844 CHAIRMAN'S STATEMENT I am pleased to present my first report to Shareholders for the initial period of trading to 30 June 2001. Fund raising As expected, the conditions for raising funds, particularly those for a technology-based fund in the current market sentiment, were very difficult. The fund raising closed on 31 May 2001, with a total of £6.7m committed by shareholders. Given both the strong demand for finance from high growth potential companies and continuing steady demand from IFAs and investors being reported by your Board's Investment Adviser, Yorkshire Fund Managers Limited, your Board has decided to come back to the Market for further funds this autumn. A new prospectus will therefore be issued shortly. Investments There were no investments made in the short period to 30 June 2001. However, since the period end a total of £275,000 has been invested in 2 companies with a further £250,000 committed to a third company. On 10 July 2001, £150,000 was invested in Tamesis Limited alongside a further £700,000 from other funds under the management of Yorkshire Fund Managers Limited as part of a total funding package of £2.35m. Tamesis designs, develops and sells financial software that provides a solution to the increasing strain being put on risk management systems within global investment banks. On 30 August 2001, £125,000 was invested in Amino Holdings Limited, a networked product development company, alongside a further £375,000 from other funds under the management of Yorkshire Fund Managers Limited as part of a £3m package. Financial results The net revenue profit for the period was £13,000. There was a net loss on the capital account of £51,000 resulting in a total return loss of £38,000, or 0.83p per Ordinary share. The Board is not declaring an interim dividend - which is consistent with the stated aim of the Company. The net asset value per Ordinary share reflects this total return result and the costs of the fund raising. At the period end the net asset value per share was 93.4p. Outlook Your Board is already being presented with a number of proposals for financing companies that meet the criteria laid out in the Prospectus. The current market sentiment towards technology based companies enables your Company to invest at valuations well below those which were being asked 12 months ago. This presents better opportunities to achieve the aim of capital growth over the medium-to-long-term and provide shareholders with a satisfactory return on their investment. Sir Andrew Hugh Smith Chairman 13 September 2001 Statement of total return Unaudited period ended 30 June 2001 Notes £000 Revenue Gross revenue 106 Administrative expenses (90) Taxation 2 (3) ----- 13 ----- Capital Unrealised losses (39) Management fee allocated to capital (15) Tax effect of capital items 3 ----- (51) ----- Total return (38) ===== Appropriated: Revenue Transfer to revenue reserve 13 ===== Capital Decrease on reserves (51) ===== Total return per Ordinary share Revenue 0.29p Capital (1.12)p ----- 3 (0.83)p ===== Notes The revenue column of this statement is the profit and loss account of the Company. All activity has arisen from continuing operations. There is no difference between the net return on ordinary activities before taxation and the transfer to/(from) reserves for the financial period and their historic cost equivalents. Balance sheet Unaudited 30 June PRIVATE Notes 2001 £000 Current assets Short-term investments 6,147 Debtors 34 Cash and short term deposits 122 ----- 6,303 Creditors: Amounts payable within one year (17) ----- Net current assets 6,286 ===== Capital and reserves Called up share capital 673 Share premium account 5,651 Capital reserve (51) Revenue reserve 13 ----- Equity shareholders' funds 6,286 ===== Net asset value per share Ordinary shares 4 93.4p Cash Flow Statement Unaudited period ended 30 June 2001 £000 Net cash outflow from operating activities and net cash outflow before use of liquid resources and financing (15) ----- Management of liquid resources Purchase of fixed interest government stocks (6,186) Financing Issue of Ordinary shares 6,727 Issue expenses (404) ----- Net cash inflow from financing activities 6,323 ----- Increase in cash 122 ===== Notes To The Financial Statements 1. Basis of Reporting The interim financial statements, which have been approved by the directors, are unaudited and do not constitute full financial statements as defined in section 240 of the Companies Act 1985. 2. Taxation Charge Unaudited period ended 30 June 2001 Revenue Capital Total £'000 £'000 £'000 Corporation tax at 20% 3 (3) - ------ ------ ------ 3. Return per Ordinary share The return per share is based on net revenue from ordinary activities after tax attributable to shareholders of £13,000 and on 4,551,912 shares, being the weighted average number of shares in issue during the period. There is no difference between the return per share and the fully diluted return per share in the period. 4. Net Asset Value per Ordinary share The net asset value per Ordinary share is calculated on attributable assets of £6,286,000 and 6,727,878 shares in issue at the period end. 5. Interim Report and Accounts Copies of the interim report are being posted to shareholders and can be obtained from the Company's registered office: Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ thereafter. Unaudited interim accounts will be lodged with the Registrar of Companies.

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