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Downing One VCT Plc (DDV1)

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Monday 17 December, 2018

Downing One VCT Plc

Half-year report - Downing ONE VCT plc

Half-year report - Downing ONE VCT plc

Downing ONE VCT plc

Half-Yearly Report for the
six months ended 30 September 2018


 30 Nov30 Sep31 Mar30 SepNov
Net Asset Value per share (“NAV”)84.487.787.588.8100.4
Cumulative dividends paid since 12 Nov 201328.528.525.522.50.0
Total return112.9116.2113.0111.3100.4
(NAV plus cumulative dividends paid per share)


I am pleased to present the Company’s half-yearly report for the six-month period ended 30 September 2018. The portfolio made positive progress during the period under review however the correction to global stock markets in October and November has caused the NAV to fall back since the period end.

The period saw a reasonable level of investment activity following the close of the successful fundraising in April 2018, having reached full capacity of £30 million.

Net asset value and results
As at 30 September 2018, the Company’s NAV stood at 87.7p, an increase of 3.2p (or 3.7%) compared to the 31 March 2018 year-end position, after adding back the 3.0p dividend paid during the period.

The return attributable to equity shareholders for the period was £4.4 million, comprising a revenue return of £731,000 and a capital return of £3.6 million.

Investment activity and performance
The Company has been an active investor during the period with nine qualifying investments made totalling £6.3 million. Five of these were new investments and four were follow on investments into existing portfolio companies.  There were also a small number of partial realisations.

At the period end, the Company held a portfolio of 85 investments. Of these, 31 are either quoted on AIM or the NEX Exchange Growth Market and have a value of £34.5 million (38% of the portfolio). The 54 unquoted investments have a value of £57.1 million and represent 62% of the investment portfolio.

At the period end the Board has undertaken a review of the unquoted valuations and made a number of adjustments. Net unrealised gains across the unquoted and quoted portfolio over the period were £3.9 million. The most significant uplift was the AIM quoted investment in Craneware plc, the financial solutions provider for the healthcare market, which contributed £2.9 million of unrealised gains.

Further details of the investment activities of the Company are in the Investment Advisers Report below.

The Company has a stated policy of seeking to pay dividends equivalent to at least 4% of net asset value each year. Consistent with this policy, the Board has declared an interim dividend of 3.0p which will be paid on 22 February 2019 to Shareholders on the register as at 1 February 2019.

This will take the total dividends paid since the merger in November 2013 to 31.5p.

Share buybacks
The Company operates a policy of buying in its own shares that become available in the market at a 5% discount to NAV (subject to liquidity and any regulatory restrictions).

During the period, the Company purchased 1,186,349 shares at an average price of 81.3p per Ordinary Share, being a 5% discount to the latest announced NAV at the time of purchase.

Performance incentive arrangements
As mentioned in my statement with the last Annual Report, the Board continues its discussions with the Manager regarding the introduction of a performance incentive scheme.  Further details are expected with the year end accounts to 31 March 2019.

In October and November there were significant falls in global stock markets indices. This has been reflected in the valuations of many of the Company’s quoted stocks, resulting in a fall in the NAV of 3.3p from 87.7p to 84.4p per share as at 30 November 2018, which brings Total Return down from 116.2p to 112.9p, a decrease of 0.1p (0.1%) compared to the 31 March 2018 year end position. Despite this small setback, the Manager is satisfied that the prospects of the underlying businesses remain positive, although continuing political and economic uncertainty may produce more market volatility.

Over the remainder of the year, we expect to see a further significant level of new investment activity as the Manager continues to deploy the available funds in order to maintain VCT qualification status. In line with the current VCT regulations, we expect all new investments to be into relatively young growth businesses, where the Manager has developed a steady pipeline of investment opportunities.

I look forward to updating the Shareholders on developments and the progress of the portfolio in my statement with the Annual Report covering the year to 31 March 2019.

Chris Kay


We are pleased to present a review of the investment portfolio and activity over the six months to 30 September 2018. Our review is split into three parts comprising this overview, an unquoted investments review and a report on the quoted investments.

Portfolio Overview

At 30 September 2018, the Company held a portfolio of 85 investments, valued in total at £91.6 million.

There have been some positives and negatives within the portfolio over the period, however overall there has been a rise in value across both the quoted and unquoted portfolios. Overall 82% of the portfolio is held at a valuation either at or above cost.

Portfolio Performance
The net unrealised gains in the quoted portfolio totalled £3.5 million. The largest unrealised gains in the quoted portfolio were Craneware plc (£2.9 million), Tracsis plc (£1.5 million) and Anpario plc (£371,000). These were partially offset by unrealised losses on Universe Group plc (£425,000) and Redhall Group plc (£275,000).

There were several valuation movements in the unquoted portfolio in the period totalling an unrealised gain over valuation of £355,000. Within the unquoted portfolio, the largest unrealised gains were Ludorum plc (£785,000), Doneloans Limited (£600,000), Pearce and Saunders Limited (£238,000) and Kimbolton Lodge Limited (£121,000).

Further details on these and other movements can be found within the quoted and unquoted Investment Adviser Reports below.

Portfolio Composition
The 2017/18 fundraising closed in April 2018, having reached full capacity of £30 million. As a result, a significant proportion of the net assets were held in cash at the prior year end. Since the year end, £6.3 million has been deployed into new or follow on investments. As a result, 21% of the net assets of the Company remains held in cash at the period end.

The chart overleaf shows the diversification of the portfolio illustrating that the main sectors in which the Company has invested are Leisure, Alternative Energy and Software and Computer Services, albeit the maximum exposure to any sector is 15%.

Net assets value and results
The net asset value per Share (“NAV”) at 31 September 2018 stood at 87.7p, compared to the NAV at 31 March 2018 of 87.5p. Total Return (NAV plus cumulative dividends paid since the merger in 2013) is 116.2p.


The existing portfolio now comprises of a significant number of investments which we are broadly satisfied with and can provide good returns for Shareholders.

As demonstrated over the past six months, the Company has a high quality deal flow to utilise the remaining cash in the portfolio. Focus remains on younger growth investments and although the environment remains challenging and competitive, we expect there to be a steady pipeline of such businesses to utilise the remaining cash over the following six months.


We present a review of the unquoted investment portfolio for the six months ended 30 September 2018.

Investment activity
At 30 September 2018, the unquoted portfolio was valued at £57.1 million, comprising 54 investments spread across a number of sectors.

During the period, the Company invested a total of £5.3 million in unquoted companies comprising five new investments and four follow-on investments.

The five new qualifying investments that were made during the six month period are as follows:

Lignia Wood Company Limited (£1.1 million) is a producer of modified sustainable wood based in Barry Wales. The VCT invested as part of a £7.6 million net equity funding round.

Live Better With Limited (£991,000) has developed a healthcare platform aiming to help people with long-term medical conditions, focussing on non-medical products that make day to day life better for patients.

Glownet Limited (£741,000) has developed a technology solution for organisers of mass-attendance live events and festivals, which allows attendees to make cashless payments.

Virtual Class Limited (£525,000), trading as Third Space Learning, has developed an online educational platform that provides mathematics tuition to pupils studying for their Key Stage 2 exams.

Masters of Pie Limited (£166,000) is an early stage technology firm specialising in virtual and augmented reality software for manufacturing and wider enterprise solutions.

Follow on investments totalling £1.8 million were made into E-fundamentals Limited (£639,000), Xupes Limited (£450,000), BridgeU Corporation (£417,000) and Avid Technology Group Limited (£260,000).

Details of the small number of realisations in the year are set out below. Total proceeds of £61,000 were generated, producing profits over holding value of £33,000.

Tramps Nightclub Limited, the owner of three nightclub sites in central Worcester, was the largest disposal during the period after redeeming £43,000 as the company continues to repay loan notes.

Portfolio valuation
A number of adjustments to carrying values have been made at the period end, resulting in an overall gain of £355,000. The most significant of which are summarised below:

Ludorum plc, the owner of the intellectual property rights to various children’s entertainment brands, was uplifted in the period by £785,000 to reflect post period end expected receipts.

Doneloans Limited, a non-qualifying investment company was uplifted by £600,000 as a result of positive outcomes on its loan book.

Pearce and Saunders Limited, the owner of three freehold pubs in south east London, was uplifted by £238,000 supported by independent valuations from industry specialists.

Kimbolton Lodge Limited, which operates a care home for the elderly in Bedford was valued up by £121,000 in the year on the back of stronger trading.

The most significant decrease in value was Quadrate Spa Limited, which owns and operates a health club business in The Cube complex in Birmingham. The company has been written down by £808,000 following poor performance.

The other notable decrease in value was to Tramps Nightclub Limited, the owner of three nightclub sites in central Worcester. Following a challenging period of trading, the valuation was reduced by £251,000.

We remain satisfied with the composition of the portfolio for the period to 30 September 2018 as focus remains on the close monitoring of the current portfolio companies as they reach maturity. In addition, we shall continue to utilise the remaining cash in the Company and expect the Company to be an active investor over the remainder of the year.


Quoted investments
Investment activity
At 30 September 2018 the quoted portfolio was valued at £34.5 million comprising 31 active investments.

During the period, there was a full exit in Mi-Pay Group plc, a full redemption on the Universe Group plc loan notes, a partial sale in Amino Technologies plc and a new qualifying investment in to Bonhill Group plc.

£1 million was invested in Bonhill Group plc, a leading B2B media business specialising in business information, live events and data and insight.

Realisations of quoted investments generated proceeds of £128,000 and a gain over holding value of £6,000. The most significant divestment was Universe Group plc, a designer and supporter of point of sale, payment and online loyalty solutions for the UK petrol forecourt and convenience store markets. The company fully redeemed its loan notes at par.

The investment in Mi-Pay Group plc, who manage and mitigate fraud risk in the payment solutions market was sold, generating proceeds of £26,000 and a gain over holding value of £4,000.

Portfolio valuation
Overall the quoted portfolio produced unrealised gains of £3.5 million. The most notable movements are discussed below.

Craneware plc is a provider of billing and auditing software to the US healthcare industry. It experienced appreciation in its share price following its reporting of very positive results for the year ended 30 June 2018, highlighting five significant contracts wins or contract extensions. This resulted in an increase in market value of £2.9 million.

Tracsis plc, a provider of transport software solutions for rail and bus services, issued a trading update for the year ended 31 July 2018. It was reported that group trading for the year has been strong. An increase to the broker forecast given confidence in future growth prospects resulted in an increase in market value of £1.5 million.

The most significant decrease was to Universe Group plc. The interim profit decreased as a result of new product development costs which resulted in a decrease in market value of £425,000.

Redhall Group plc, a high integrity engineering company, also had a decrease in value across the period. Delays on key projects and slower than expected operational efficiency gains mean the company’s board now anticipates that the group’s full year performance will be materially below its previous expectations. This resulted in a decrease in market value of £275,000.

While we believe that it is a competitive market for AIM VCT qualifying investments, in general, we remain confident in the longer-term prospects for the existing portfolio.

Macro trends and political uncertainty have been consistent features this year, however we believe that the outlook for the UK equity market is not as bleak as some have predicted. Although the overall UK economy has slowed resulting in significant falls in the AIM index since the period end, it is still growing. Despite the headwinds, we believe that the outlook for young and growing companies remains positive and should support future growth.

Downing LLP


as at 30 September 2018



30 Sep
 30 Sep
 31 Mar 2018
  £’000 £’000 £’000
Fixed assets      
Investments 91,628  81,037  81,588 
Current assets      
Debtors 2,168  767  1,574 
Cash at bank and in hand 24,021  8,337  35,456 
  26,189  9,104  37,030 
Creditors: amounts falling due within one year (403) (248) (711)
Net current assets 25,786  8,856  36,319 
Net assets 117,414  89,893  117,907 
Capital and reserves      
Called up share capital 1,338  1,008  1,200 
Capital redemption reserve 1,586  1,564  1,574 
Share premium 44,923  13,710  31,661 
Funds held in respect of shares not yet allotted 60  361  12,876 
Special reserve 60,390  73,559  64,859 
Capital reserve – unrealised 8,899  (259) 4,909 
Revenue reserve 218  (50) 828 
Equity shareholders’ funds 117,414  89,893  117,907 
Basic and diluted net asset value per share 87.7p 88.8p 87.5p

for the six months ended 30 September 2018??

  Six Months ended 30 September 2018

 Six Months ended 30 September 2017

 Year ended 31 March 2018
  RevenueCapitalTotal RevenueCapitalTotal Total
  £'000£'000£'000 £'000£'000£'000 £'000
Income 1,750901,840 2,102-2,102 3,858
Gains on investments          
- realised -3939 -590590 1,037
- unrealised -3,8903,890 -1,3141,314 2,299
  1,7504,0195,769 2,1021,9044,006 7,194
Investment management fees (510)(510)(1,020) (413)(413)(826) (1,670)
Other expenses (381)-(381) (345)-(345) (687)
Return on ordinary activities before tax 8593,5094,368 1,3441,4912,835 4,837
Tax on total comprehensive income and ordinary activities (128)128- (124)124- -
Return/(loss) attributable to equity shareholders 7313,6374,368 1,2201,6152,835 4,837
Basic and diluted return per share 0.5p2.7p3.2p 1.2p1.6p2.8p 4.6p

The total column within the Income Statement represents the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards (“FRS102”). There are no other items of comprehensive income. The supplementary revenue and capital return columns are prepared in accordance with the Statement of Recommended Practice issued in November 2014 by the Association of Investment Companies (“AIC SORP”).

for the six months ended 30 September 2018



premium account
Funds held in respect of shares not yet allottedSpecial

For the six months ended 30 September 2018      
At 1 April 20181,200 1,57431,66112,876 64,859 - 4,909828 117,907 
Total comprehensive income- -- 

 - (254)3,890731 4,367 
Realisation of revaluations from previous years* 









Transfer between reserves**- --- (3,032)3,032 -- - 
Transactions with owners       
Dividends paid- --- - (2,678)-(1,341)(4,019)
Utilised in share issue- --(12,816)- - -- (12,816)
Issue of new shares150 -13,262- - - -- 13,412 
Share issue costs- --- (468)- -- (468)
Purchase of own shares(12)12-- (969)- -- (969)
At 30 September 2018         
1,338 1,58644,92360 60,390 - 8,899218 117,414 

*A transfer of £100,000 representing previously recognised unrealised losses on disposal of investments during the period ended 30 September 2018 (year ended 31 March 2018: losses £3.2 million) has been made from the Capital reserve realised to the Revaluation reserve. 
** A transfer of £3.0 million representing realised gains on disposal of investments, less capital expenses and capital dividends in the year (year ended 31 March 2018: £6.3 million) has been made from Capital Reserves – realised to Special reserve.

for the year ended 31 March 2018



premium account
 held in respect of shares
 not yet

For the year ended 31 March 2018       
At 1 April 20171,016 1,55313,387-77,049 - (1,002)(133)91,870 
Total comprehensive
- ---- 440 2,299 2,098 4,837 
Realisation of revaluations from previous years 



















Realisation of impaired valuations 










Transfer between reserves- ---(9,958)9,958 - - - 
Transactions with owners        
Unallotted shares- --12,876- - - - 12,876 
Dividends paid- ---- (6,786)- (1,137)(7,923)
Issue of new shares205 -18,274-- - - - 18,479 
Share issue costs- ---(464)- - - (464)
Purchase of own shares(21)21--(1,768)- - - (1,768)
At 31 March 20181,200 1,57431,66112,87664,859 - 4,909 828 117,907 

for the six months ended 30 September 2018

  30 Sep 2018 30 Sep 2017 31 Mar 2018
  £’000 £’000 £’000
Cash flow from operating activities      
Profit on ordinary activities before taxation 4,368  2,835  4,837 
Gains on investments (3,929) (1,904) (3,336)
(Increase)/decrease in debtors (594) (317) (1,126)
Decrease in creditors (180) (77) 38 
Cash from operations      
Corporation tax paid -  -  - 
Net cash generated/(utilised) from operating activities (335) 537  413 
Cash flow from investing activities       
Purchase of investments (6,300) (7,910) (10,627)
Proceeds from disposal of investments 189  15,171  18,772 
Net cash generated/(utilised) from investing activities(6,111) 7,261  8,145 
Cash flows from financing activities      
Proceeds from share issue 13,412  323  18,479 
Funds held in respect of shares not yet allotted (12,816) 361  12,876 
Share issue costs (468) -  (464)
Purchase of own shares (1,098) (1,119) (1,593)
Equity dividends paid (4,019) (4,549) (7,923)
Net cash (utilised)/generated from financing activities(4,989) (4,984) 21,375 
Increase/(Decrease) in cash (11,435) 2,814  29,933 
Net increase in cash      
Beginning of year 35,456  5,523  5,523 
Net cash inflow/(outflow) (11,435) 2,814  29,933 
End of year 24,021  8,337  35,456 


as at 30 September 2018

in period
% of portfolio
by value
Top twenty venture capital investments (by value)    
Craneware plc*8506,0292,877 5.2%
Doneloans Limited5,0005,600600 4.8%
Tracsis plc*1,4435,4711,541 4.7%
Downing Care Homes Holdings Limited3,8804,495- 3.9%
Downing Strategic Micro-Cap Investment Trust plc**5,0004,400(200)3.8%
Leytonstone Pub Limited1,9113,686- 3.2%
Cadbury House Holdings Limited3,0823,075- 2.7%
Anpario plc*1,4482,969371 2.6%
Baron House Developments LLP2,6952,695- 2.4%
Pilgrim Trading Limited2,5942,594- 2.2%
Jito Trading Limited2,5002,500- 2.2%
Yamuna Renewables Limited2,5002,500- 2.2%
Xupes Limited2,2502,250- 1.9%
Inland Homes plc*1,5261,801(61)1.6%
Pearce and Saunders Limited1,3201,558238 1.3%
Ludorum plc3,2691,535785 1.3%
Pantheon Trading Limited1,5001,500- 1.3%
Quadrate Catering Limited1,5001,500- 1.3%
Science in Sport plc*1,2391,418(39)1.2%
Harrogate Street LLP1,4001,400- 1.2%
 46,90758,9766,112 51.0%
Other venture capital investments 36,22232,652(2,222)28.2%
 83,12991,6283,890 79.2%
Cash at bank and in hand 24,021 20.8%
Total investments 115,649 100.0%

All venture capital investments are unquoted unless otherwise stated.

* Quoted on AIM    
** Listed and traded on the Main Market of the London Stock Exchange

for the six months ended 30 September 2018


Bonhill Group plc1,000
Lignia Wood Company Limited1,111
Live Better With Limited991
Glownet Limited741
E-Fundamentals Limited639
Virtual Class Limited525
Xupes Limited450
BridgeU Corporation417
Avid Technology Group Limited260
Masters of Pie Limited166
Total additions6,300







Value at

 Disposal Proceeds
Realised gain
in period
Universe Group plc808080-
Mi-Pay Group plc1132226(87)4
Amino Technologies plc1320222
Including loan note redemptions     
Tramps Nightclub Limited33244310 19
VSA Capital Limited--77
Fubar Stirling Limited114117
 44286117 33

* adjusted for purchases in the period

for the six months ended 30 September 2018

1.General Information
Downing ONE VCT plc (“the Company”) is a Venture Capital Trust established under the legislation introduced in the Finance Act 1995 and is domiciled in the United Kingdom and incorporated in England and Wales.

2. Basis of accounting
The unaudited half-yearly financial results cover the six months to 30 September 2018 and have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 March 2018, which were prepared in accordance with the Financial Reporting Standard 102 (“FRS102”) and in accordance with the Statement of Recommended Practice “Financial Statements of Investment Trust Companies” revised November 2014 (“SORP”).

3. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.

4. The comparative figures were in respect of the six months ended 30 September 2017 and the year ended 31 March 2018 respectively.

5. Return per share


Weighted average
number of shares in issue
 £’000 £’000
Period ended 30 September 2018133,284,857 731 3,637
Period ended 30 September 2017101,366,948 1,220 1,615
Year ended 31 March 2018105,306,924 2,098 2,739

6. Dividends paid in the period

 Six months ended
30 September 2018

 Year ended
31 March
 RevenueCapitalTotal Total
 Date paid£’000£’000£’000 £’000
2018 Final24 August 2018: 3.0p1,3412,6784,019 -
2018 Interim23 February 2018: 3.0p--- 3,374
2017 Final18 August 2017: 4.5p--- 4,549
 1,3412,6784,019 7,923

7. Basic and diluted net asset value per share


Shares in issue

Net assets
 NAV per
   £’000 pence
Period ended 30 September 2018133,822,737 117,414 87.7
Period ended 30 September 2017100,829,225 89,893 88.8
Year ended 31 March 2018119,997,574 117,907 87.5

8. Called up share capital

   Shares in issue £’000
Period ended 30 September 2018  133,822,737 1,338
Period ended 30 September 2017  100,829,225 1,008
Year ended 31 March 2018  119,997,574 1,200

9. Reserves
The Special reserve is available to the Company to enable the purchase of its own shares in the market without affecting its ability to pay dividends/capital distributions.

 30 Sep
 30 Sep
 31 Mar
 £’000 £’000 £’000
Capital redemption reserve1,586 1,564  1,574
Share premium account44,923 13,710  31,661
Funds held in respect of shares not yet allotted60 361  12,876
Special reserve60,390 73,559  64,859
Revaluation reserve8,899 (259) 4,909
Revenue reserve218 (50) 828
Total reserves116,076 88,885  116,707

Distributable reserves are calculated as follows:

 30 Sep
 30 Sep
 31 Mar
 £’000 £’000 £’000
Special reserve60,390 73,559  64,859
Revenue reserve218 (50) 828
Unrealised gains/(losses) (excluding unrealised unquoted gains)3,629 (4,115)  523
 64,237 69,394  66,210

10. Investments
The fair value of investments is determined using the detailed accounting policy as shown in the audited financial statements for the year ended 31 March 2018. The Company has categorised its financial instruments using the fair value hierarchy as follows:

Level 1 Reflects financial instruments quoted in an active market (quoted companies and fixed interest bonds);
Level 2 Reflects financial instruments that have prices that are observable either directly or indirectly; and
Level 3 Reflects financial instruments that use valuation techniques that are not based on observable market data (investments in unquoted shares and loan note investments).

11. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 March 2018 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the Auditor’s report on those financial statements was unqualified.

     Level 1    Level 2    Level 3    30 Sep
         Level 1    Level 2    Level 3    31 Mar
 £'000£'000£'000£'000 £'000£'000£'000£'000
Quoted on AIM29,067--29,067 24,390--24,390
Quoted on NEX15--15 29--29
Quoted on 
Main Market
5,430--5,430 5,600--5,600
Unquoted loan notes--23,49023,490 --22,47722,477
Unquoted equity--33,62633,626 --29,09229,092
 34,512-57,11691,628 30,019-51,56981,588

12. Going concern
The Directors have reviewed the Company’s financial resources at the period end and concluded that the Company is well placed to manage its business risks.

The Directors confirm that they are satisfied that the Company has adequate resources to continue to operate for the foreseeable future. For this reason, the Directors believe that the Company continues to be a going concern and that it is appropriate to apply the going concern basis in preparing the financial statements.

13. Risks and uncertainties
Under the Disclosure and Transparency Rules, the Board is required, in the Company’s half-year results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year.

The Board has concluded that the key risks are:
(i) compliance risk of failure to maintain approval as a VCT; and
(ii) investment risk associated with investing in small and immature businesses.

The Company’s compliance with the VCT regulations is continually monitored by the Adviser, who regularly reports to the Board on the current position. The Company also retains Philip Hare & Associates LLP to provide regular reviews and advice in this area.

In order to make VCT qualifying investments, the Company has to invest in small businesses which are often immature. It also has a limited period in which it must invest the majority of its funds into VCT qualifying investments. The Adviser follows a rigorous process in vetting and careful structuring of new investments, including taking a charge over the assets of the business wherever possible and, after an investment is made, closely monitoring the business.

The Board is satisfied that these approaches provide satisfactory management of the key risks.

14. The Directors confirm that, to the best of their knowledge, the half yearly financial report has been prepared in accordance with the “Statement: Half-Yearly Financial Reports” issued by the UK Accounting Standards Board as well as in accordance with FRS 104 Interim Financial Reporting and the half-yearly financial report includes a fair review of the information required by:

(a) DTR 4.2.7R of the Disclosure and Transparency Rules, 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, and a description of the principal risks and uncertainties for the remaining six months of the year; and

(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place during the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

15. Copies of the unaudited half-yearly financial results will be sent to Shareholders shortly. Further copies can be obtained from the Company’s Registered Office and will be available for download from

a d v e r t i s e m e n t