REG - Unicorn AIM VCT PLC - Half-year Report
23/05/2024 07:00
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RNS Number : 5519P Unicorn AIM VCT PLC 23 May 2024
Unicorn AIM VCT plc ("The Company")
Half-Yearly Report Announcement for the six months ended 31 March 2024
Financial Highlights
For the six months ended 31 March 2024
· Special interim dividend of 11.7 pence per share paid during the period.
· Net Asset Value ("NAV") total return per share for the six months ended 31 March 2024, after adding the back the dividends paid in the period, was -3.1%.
· £8.9 million of qualifying investments (£5.5 million new, £3.4 million follow-on) made in the period.
· Interim dividend of 3.0 pence per share declared for the six months ended 31 March 2024.
· The Offer for Subscription launched on 26 January 2024 and was fully subscribed raising £19.5 million (after costs of £0.5 million).
Fund Performance
Ordinary Shares Shareholders' Net asset value per share (NAV) Cumulative dividends paid per share** Net asset value plus cumulative dividends paid per share** Share price
Funds* (p) (p) (p) (p)
(£million)
31 March 2024 199.5 103.6 114.7 218.3 91.5
30 September 2023 211.9 122.6 99.5 222.1 103.5
31 March 2023 218.4 125.5 96.5 222.0 103.5
30 September 2022 221.1 134.8 93.0 227.8 126.5
* Shareholders' funds/net assets as shown in the Condensed Statement of Financial Position below.
** Total dividends (including special dividends) paid since 30 September 2014.
Percentage of Assets Held as at 31 March 2024
Description Total Qualifying Non- qualifying
% % %
AIM Traded 63.0 61.6 1.4
Unquoted 14.8 14.8 -
Other funds 14.0 - 14.0
Fully Listed 7.3 - 7.3
Cash and other assets 0.9 - 0.9
Valuation based on fair value
Chair's Statement
I am pleased to present the unaudited Half-Yearly Report of the Company for
the six-month period ended 31 March 2024.
As at 31 March 2024, the net assets of the Company were £199.5 million. This
figure is £12.3 million lower than at the start of the current financial
year. After accounting for the additional shares in issue following a
successful Offer for Subscription, and adding back dividends paid in the
period, the total return in the six-month period under review was -3.1%. This
compared to a total return of +3.3% from the FTSE AIM All-Share Index. It is
worth noting that the FTSE AIM 100 Index (the largest 100 companies on AIM)
delivered a total return of +5.4% for the period, while the rest of the index
delivered a return of -1.23%, illustrating the weak performance of the smaller
companies listed on the Index, many of which we hold.
As was the case in the first half of the Company's previous financial year,
the relative returns during the first six months of this financial year have
been underwhelming overall. While it is encouraging that the Company has once
again delivered meaningful income returns to Shareholders via both special and
regular dividends, it is nonetheless disappointing to report on a period of
underperformance in capital value. The relative underperformance experienced
during the period under review was predominantly caused by the Company's
requirement to invest in early stage, scale-up businesses that are typically
loss-making. Such businesses often require multiple funding rounds in order to
achieve sustainable profitability. Securing further funding is often a
challenging process, but this challenge becomes particularly acute during
periods in which investor sentiment is weak. Inevitably, many of our
investments are in businesses that are at an early stage of their development.
It is this portion of the portfolio that has experienced the greatest share
price pressure.
The wider UK equity market continues to struggle more than most global equity
markets, and it is clear that investor sentiment towards listed UK companies
remains weak. This may be due to the weighting towards value rather than
growth stocks in the UK index and also because UK economic performance remains
relatively weak.
The first quarter of the Company's financial year (Q4 2023) saw a positive
return for AIM stocks with the FTSE AIM All-Share Index staging a reasonable
recovery from the lows reached in October 2023 and registering a total return
of +5.7% in the three months ended 31 December 2023. These gains were largely
in response to improving trends in inflation, supported by increased M&A
activity, and slowly improving levels of overall market liquidity. During this
same three-month period, the Unicorn portfolio delivered a net asset value
total return of +1.3%.
The second quarter of the Company's financial year (Q1 2024) saw a negative
return for the AIM Index, as investor optimism surrounding the prospects for
many smaller companies on both the main market and AIM once again subsided.
During the three months ended 31 March 2024, the FTSE AIM All-Share Index
registered a total return of -2.3%, while the Company delivered a net asset
value total return of -4.4%. This reversal of fortune, from the previous three
months, was largely triggered by geopolitical tensions and the realisation
that interest rates might remain higher for longer than initially anticipated.
The biggest UK listed companies once again performed more strongly,
illustrated by the FTSE 100 Index total return of +3.9% over the same
three-month period.
Persistently elevated interest rates, combined with inflation woes and an
uncertain economic and political landscape continue to depress the valuations
of smaller listed businesses, which in turn has acted as a trigger for
increased levels of M&A activity. Following successful trade bids in 2023
for Abcam, City Pub Company and Instem, the first quarter of 2024 has seen
further corporate activity. One of our longest held investments, Mattioli
Woods recently received a takeover bid from Pollen Street Capital, a UK listed
private equity firm. The bid values Mattioli Woods at a 34% premium to its
pre-announcement share price. Meanwhile, Belvoir Group, another meaningful
holding within the portfolio, announced that it had agreed to merge with The
Property Franchise Group, its closest competitor, to create a business of
greater scale. Given the currently depressed valuations of many smaller
companies on both the main market and AIM, it is likely that takeover activity
will remain a feature of the UK stock market this year.
While there have been a small number of unexpectedly weak trading updates in
the six months under review, the resilience of the majority of the portfolio
has been encouraging. Tough periods are never easy; however, Shareholders
should take comfort in the fact that Unicorn's investment team is highly
experienced and has effectively managed the portfolio through multiple market
cycles. They believe that the portfolio is currently particularly well placed
to deliver positive total returns for investors in the longer term.
Investment Performance
A review of the ten most meaningful contributors to performance in absolute
terms (both positive and negative) follows.
Hasgrove (13.4% of assets, +£3.40 million)
Hasgrove is an unquoted holding company, which owns an operating subsidiary
called Interact. Interact is a fast-growing global provider of corporate
intranet solutions that operates a Software-as-a-Service (SaaS) business
model. In the financial year ended 31 December 2023, Hasgrove's revenues grew
by 26%, while adjusted earnings increased by 23%. The current financial year
has begun in a more subdued fashion however, with new business prospects
taking longer to convert into formal contracts. Despite this slow start, the
pipeline of new contracts remains strong, with a notable increase in the
number of opportunities nearing finalisation, indicating promising growth
ahead for Hasgrove. Reflecting the company's strong performance history and
the positive results in FY23, the carrying Fair Value of the Company's
investment was raised to £26.8 million, marking a +13.6% increase from the
closing Fair Value of £23.6 million as at the VCT's last financial year-end.
Mattioli Woods (3.8% of net assets, +£2.14 million)
Mattioli Woods is a leading provider of wealth management and employee
benefits in the UK. With over 20,000 clients and greater than £15 billion
assets under management, it offers a range of financial services including
pension advice and administration, asset management, property management and
employee benefits. During the period, a listed private equity firm, Pollen
Street Capital, agreed to buy Mattioli Woods for £432 million in cash. The
transaction, if approved via a Scheme of Arrangement, values Mattioli Woods at
£8.04 per share, equivalent to a 34.0% premium to its closing price
immediately prior to the bid offer announcement. The proposed transaction
remains subject to regulatory approval and Shareholder consent.
MaxCyte (4.2% of net assets, +£2.11 million)
MaxCyte is a leading biotechnology business, which has developed a technology
platform to enable the precision engineering of human cells for a wide range
of therapeutic applications. Several prominent drug developers and academic
institutions already utilise MaxCyte's unique technology to pioneer new cell
therapies targeting cancer and other rare genetic diseases. During 2023,
MaxCyte achieved a significant milestone when its cell therapy-based treatment
for Sickle Cell Disease (SCD), secured FDA approval. This is the first
treatment therapy utilising MaxCyte's Flow Electroporation technology to gain
FDA approval. In January 2024, this treatment also obtained regulatory
approval for treating transfusion-dependent beta-thalassemia (TDT). MaxCyte is
set to receive royalty payments from the sales of these treatments, without
the need for any further capital expenditure. While the period under review
was operationally challenging, these new FDA approvals further validate
MaxCyte's platform and its ability to generate significant future value for
all Shareholders.
Cohort (3.9% of net assets, +£1.97 million)
Cohort is a holding company that wholly owns several subsidiaries focusing on
technology for defence and security customers. These subsidiaries specialise
in areas such as electro-optical systems and communication technologies. Their
product and service-based solutions span land, sea, and air domains, while
also serving civil customers in the transport and oil & gas markets. In
recent months, Cohort has secured multiple significant, long-term contracts.
Notably, its subsidiary, Systems Engineering and Assessments Ltd, received a
major award from the UK's Ministry of Defence. The contract's minimum value
over the next ten years is £135 million, with work due to begin immediately.
Together with other recent business wins, this contract is expected to
materially enhance Cohort's forecast earnings. The Group, as a whole, ended
its interim trading period, with a record order book of £353.9 million and
over 95% visibility over its full-year revenue target.
Tracsis (7.4% of net assets, +£1.65 million)
Tracsis is a technology and software business split into two divisions; a rail
technology business and a traffic and data services business. Renowned for its
provision of software, hardware, data analytics, and services for rail,
traffic data, and broader transport industries, Tracsis develops innovative
solutions such as; smart ticketing and automated delay repayment software to
enhance customer experiences. In its recent interim trading update, the
company highlighted notable advancements. Within its rail technology and
services division, the addressable pipeline for major software opportunities
in the UK and North American markets has more than doubled, owing to increased
investment in sales teams. Similarly, the data, analytics, consultancy, and
events division surpassed expectations, driven by heightened activity in
events and traffic data survey work, which supports large UK transport
infrastructure projects. Tracsis also continues to implement a transformation
project, focusing on enhancing operational agility and efficiency, thereby
positioning the Group for further expansion.
Directa Plus (0.5% of net assets, -£1.70 million)
Directa Plus is a leading manufacturer and supplier of graphene. Graphene is a
versatile material with applications spanning the consumer, energy,
automotive, and aerospace markets. Directa Plus continues to advance its
groundbreaking technology, solidifying its position as a global leader in
graphene production. Despite facing many challenges during the past year, such
as delays in anticipated contract awards and general macro and geopolitical
uncertainties, Directa Plus made significant progress in 2023. The company has
secured multiple new contracts across key geographies and verticals, improved
margins through rigorous cost-control measures, and further advanced its
portfolio of innovative graphene-based products. This progress has not been
reflected in share price terms, which may be because investors are concerned
about the company's future funding requirements as it currently remains a
loss-making business.
Aurrigo (3.5% of net assets, -£1.69 million)
Aurrigo is a leading provider of highly specialised autonomous transport
solutions, which are predominately for use in the aviation ground handling
industry. Aurrigo's patent protected autonomous vehicles promise more
efficient baggage transportation to and from aircraft, thereby reducing labour
reliance and minimising the frequency and severity of accidents. Since its IPO
in September 2022, Aurrigo has made significant progress, signing partnerships
with prominent entities such as Changi Airport in Singapore, International
Airlines Group (IAG) in the UK, Cincinnati Airport, Stuttgart Airport, Munich
Airport, and Amsterdam Airport Schiphol. To support this increased activity
and cover customer rollout investments, Aurrigo successfully raised
approximately £4 million during the period. Despite having met expectations
in terms of product development and the successful signing of commercial
agreements with various airport operators, this funding round proved to be
particularly challenging for Aurrigo. As a consequence, the new shares were
issued at a significant discount to the prevailing share price.
Avacta Group (1.1% of net assets, -£3.07 million)
Avacta is a clinical-stage biotechnology company developing novel cancer
therapies and powerful diagnostic tools based on its proprietary Affimer® and
pre|CISION™ platforms. Its lead programme, AVA6000, is currently undergoing
Phase 1a clinical trials, the initial results of which have been encouraging.
During the period under review, Avacta raised a further £30 million to help
fund AVA6000's continued development pathway. Given the difficult funding
environment, Avacta's equity issuance was completed at a substantial discount
to the underlying share price at the time of the funding round. Subject to the
successful completion of clinical trials and receipt of all necessary
regulatory approvals, AVA6000 has the potential to become a leading form of
cancer treatment.
Surface Transforms (0.8% of net assets, -£3.21 million)
Surface Transforms is a manufacturer of carbon fibre ceramic brake discs for
the automotive industry. In the first quarter of its current financial year,
the company generated revenues of £3 million, which fell well short of
expectations. Despite making significant operational improvements, some issues
persist; most notably surrounding quality control and unacceptably low
manufacturing yields. Investment in new equipment and an expansion of the
manufacturing facility, combined with numerous operational improvements,
should enable management to achieve its full year revenue target of £23
million (FY 2023: £8.3 million).
Oxford Biodynamics (0.8% of assets, -£4.29 million)
Oxford Biodynamics is a biotechnology company dedicated to advancing
healthcare by creating and distributing precision tests for life-changing
diseases. The company's pioneering EpiSwitch technology, is principally
acknowledged for its ability to assist in a more accurate diagnosis of
prostate cancer. With two precision medical tests already available in the US,
and two more tests awaiting market release, the company is now fully focused
on commercialisation. During its most recent financial year; a heightened
level of commercial activity, laboratory expansion and an increased investment
in building sales & marketing capacity, have resulted in high levels of
cash outflows. A successful £10 million fund raise was concluded in March
2024, which should now enable management to guide the business toward
sustainable profitability. Given the challenges faced by early-stage
businesses such as Oxford Biodynamics, the successful completion of its latest
funding round was creditable, despite having to be concluded at a substantial
discount to the underlying share price. With further funding now secured,
Oxford Biodynamics has a significant market opportunity. The effectiveness and
relevance of its key product is proven and the management team are now focused
on maximising revenues from the sale of EpiSwitch in North America.
Investment Activity
Investment activity has continued to increase from a low base and has been
markedly more active than during the first half of the previous financial
year. Whilst the economic and geopolitical backdrop remains mixed the outlook
for many companies wishing to pursue an AIM listing or seeking follow-on
funding has improved. The first half of the financial year has seen the
Manager deploy almost £9.0 million of capital in eight qualifying
opportunities vs. two investments totalling £2.1 million in the first half of
the previous year.
Qualifying investments have included new positions in; Eden Research (£1.5
million), SkinBio Theraputics (£1.5 million), EDX Medical Group (£1.0
million) and Equipmake (£1.5 million) as well as follow-on investments in;
Aurrigo (£1.5 million), Verici DX (£1.0 million), LungLife AI (£0.8
million) and PCI-PAL (£0.1 million). The Investment Manager maintains regular
contact with the management teams of investee companies in order to monitor
performance and help ensure that they continue to effectively navigate the
difficult prevailing economic conditions. While the IPO market remains
relatively subdued, the increase in deal flow in the first half of the
financial year, combined with a promising investment pipeline, provides some
confidence that investment conditions may continue to improve during the
second half.
Offer for Subscription
The Company's latest Offer for Subscription was launched on 26 January 2024
and opened for applications on 8 February 2024. The Offer reached full
subscription of £20 million on 15 February 2024 and was closed shortly
thereafter. Under the Offer the Company allotted 18,692,025 Ordinary Shares on
11 March 2024. On behalf of the Board, I would like to welcome all new
Shareholders and to thank existing Shareholders for their continued support.
Dividends
The Board has declared an interim dividend of 3.0 pence per share, for the six
months ended 31 March 2024. This interim dividend will be paid on 13 August
2024 to Shareholders on the register on 12 July 2024. The shares will be
quoted ex-dividend on 11 July 2024. Dividend decisions are taken by the VCT
Board and are always subject to a number of factors including; market
conditions, satisfactory returns, and/or availability of cash and
distributable reserves.
Sanctions Checking
Following recent legislative changes and the widening of the UK financial
sanctions regime, the Company must ensure that dividends are only paid to
persons who have been sanction checked. As described on page 22 of the Half
Yearly Report a small number of Shareholders have not provided date of birth
information for this checking to be undertaken. The Directors have taken the
decision to withhold payments to those Shareholders until this information is
received. Please contact us via any of the 3 methods detailed on page 22 of
the Half Yearly Report if you have not responded to requests to provide your
date of birth to ensure that you receive all dividends owing to you.
Dividend Reinvestment Scheme ("DRIS")
On 14 February 2024, 3,258,145 Ordinary Shares were allotted at a price of
107.7 pence per share, being the latest published net asset value at 31
January 2024, to Shareholders who elected to receive Ordinary Shares under the
DRIS as an alternative to the final cash dividend for the year ended 30
September 2023 and the special cash dividend in respect of the year ending 30
September 2024.
Share Buybacks
During the period from 1 October 2023 to 31 March 2024, the Company bought
back 2,190,947 of its own Ordinary Shares for cancellation, at a price of 92.0
pence per share excluding costs, 92.5 pence including costs.
As at 31 March 2024, there were 192,635,379 Ordinary Shares in issue.
Material Transactions
Other than the Offer for Subscription, Share Buybacks and the purchase of
investments described above, there were no material transactions in the
six-month period ended 31 March 2024.
VCT Status
The Company comfortably exceeded the VCT qualifying threshold required by HM
Revenue & Customs, with approximately 100% (excluding new capital) of
total assets by VCT value being invested in VCT qualifying companies at the
end of the period under review. The Company has complied with all other HM
Revenue & Customs regulations, and your Board has been advised by PwC that
the Company has maintained its Venture Capital Trust status.
Summary & Outlook
The AIM Index is a key component in the sourcing of funding for early-stage
growth companies. In more benign environments AIM-listed stocks can often
deliver attractive returns. However, in the current environment the challenges
are clear. In recent years, a growing disillusionment with the UK stock market
as a whole, aggravated by a persistently weak economy, has disproportionately
impacted the value of AIM-listed companies. As a result, many AIM companies
now appear to be fundamentally undervalued, and a Venture Capital Trust
presents a unique opportunity for discerning investors to access both new
businesses coming to market at attractive valuations and provide follow-on
funding to many others trading at a significant discount to their historic
valuations.
Economic indicators are gradually improving, including the decline in the rate
of inflation. This positive trend has prompted the Bank of England to consider
reducing interest rates, a move that historically benefits smaller companies.
Additionally, a resurgence in IPO activity and M&A deals hints at some
renewed market optimism. Government initiatives designed to encourage greater
investment into the UK equity market, such as the newly launched British ISA
and the potential introduction of laws requiring UK pension funds to increase
the percentage of their total assets invested in UK equities, signal
increasing cross-party support for the UK equity market.
With the valuation of the FTSE AIM All-Share Index currently at historically
low levels and with realistic prospects for a steady decline in interest
rates, combined with an improvement in economic performance, there are sound
reasons for optimism about prospects for the portfolio during the second half
of the current financial year.
Tim Woodcock
Chair
22 May 2024
Investment Objective
The Company's objective is to provide Shareholders with an attractive return
from a diversified portfolio of investments, predominantly in the shares of
AIM quoted companies, by maintaining a steady flow of dividend distributions
to Shareholders from the income as well as capital gains generated by the
portfolio.
It is also the objective that the Company should continue to qualify as a
Venture Capital Trust, so that Shareholders benefit from the taxation
advantages that this brings. To achieve this at least 80% for accounting
periods commencing after 6 April 2019 (previously 70%) of the Company's total
assets are to be invested in qualifying investments of which 70% by VCT value
(30% in respect of investments made before 6 April 2018 from funds raised
before 6 April 2011) must be in ordinary shares which carry no preferential
rights (save as permitted under VCT rules) to dividends or return of capital
and no rights to redemption.
Investment Policy
In order to achieve the Company's investment objective, the Board has agreed
an investment policy which requires the Investment Manager to identify and
invest in a diversified portfolio, predominantly of VCT qualifying companies
quoted on AIM that display a majority of the following characteristics:
➢ experienced and well-motivated management;
➢ products and services supplying growing markets;
➢ sound operational and financial controls; and
➢ potential for good cash generation in due course, to finance ongoing
development and support for a progressive dividend policy.
Asset allocation and risk diversification policies, including maximum
exposures, are to an extent governed by prevailing VCT legislation. No single
holding may represent more than 15% (by VCT value) of the Company's total
investments and cash, at the date of investment.
There are a number of VCT conditions which need to be met by the Company which
may change from time to time. The Investment Manager will seek to make
qualifying investments in accordance with such requirements.
Asset Mix
Where capital is available for investment while awaiting suitable VCT
qualifying opportunities or is in excess of the 80% VCT qualification
threshold for accounting periods commencing after 6 April 2019 (previously
70%), it may be held in cash or invested in money market funds, collective
investment vehicles or non-qualifying shares and securities of fully listed
companies registered in the UK.
Borrowing
To date the Company has operated without recourse to borrowing. The Board may
however consider the possibility of introducing modest levels of gearing up to
a maximum of 10% of the adjusted capital and reserves, should circumstances
suggest that such action is in the interests of Shareholders.
Venture Capital Trust Status
The Company has satisfied the requirements for approval as a Venture Capital
Trust ("VCT") under section 274 of the Income Tax Act 2007 (ITA). It is the
Directors' intention to continue to conduct the business of the Company so as
to maintain compliance with that section.
Unaudited Investment Portfolio Summary
as at 31 March 2024
Qualifying investments Book cost Valuation % of net assets by value *
£'000 £'000
AIM quoted investments:
Tracsis 1,500 14,850 7.4
MaxCyte 2,926 8,326 4.2
Cohort 1,279 7,872 3.9
Mattioli Woods 1,626 7,646 3.8
Tristel 878 7,032 3.5
Aurrigo Group 4,458 6,896 3.5
Avingtrans 996 6,308 3.2
AB Dynamics 793 4,250 2.1
Anpario 1,422 4,196 2.1
The Property Franchise Group (formerly Belvoir Group) 1,883 4,154 2.1
Idox 1,242 3,946 2.0
Access Intelligence 3,159 3,522 1.8
Animalcare Group 2,401 3,380 1.7
Keywords Studio 304 3,213 1.6
Feedback 4,000 3,036 1.5
Futura Medical 2,300 2,277 1.1
Avacta Group 932 2,129 1.1
SulNOx Group 1,800 2,092 1.0
Verici DX 3,125 1,832 0.9
Arecor Therapeutics 2,778 1,618 0.8
Surface Transforms 3,164 1,603 0.8
Oxford Biodynamics 2,750 1,567 0.8
Oberon Investments Group 2,000 1,500 0.8
Equipmake Holdings 1,500 1,375 0.7
PCI-PAL 1,023 1,221 0.6
Tribe Technology 2,000 1,100 0.6
Directa Plus 4,610 1,057 0.5
Destiny Pharma 2,500 1,019 0.5
Eden Research 1,500 992 0.5
SkinBioTherapeutics 1,500 987 0.5
48 investments, each valued at less than 0.5% of net assets 56,184 11,926 6.0
118,533 122,922 61.6
Qualifying investments
Unlisted investments
Hasgrove 1,283 26,786 13.4
nkoda Limited 2,496 1,283 0.7
Heartstone Inns 1,113 766 0.4
Phynova Group 1,500 301 0.2
LightwaveRF 2,616 279 0.1
7 investments, each valued at less than 0.1% of net assets 9,755 - -
18,763 29,415 14.8
Total qualifying investments 137,296 152,337 76.4
Non-qualifying investments
Fully listed UK equities 16,632 14,523 7.3
AIM quoted investments 3,680 2,893 1.4
Other unlisted investments each valued at less than 0.1% of net assets 368 - -
20,680 17,416 8.7
OEICs and Unit Trusts
Blackrock Cash Fund Class D (Unit Trust) 12,583 12,587 6.3
Royal London Short Term Money Market Fund Y(OEIC) 11,538 11,560 5.8
Unicorn Ethical Fund (OEIC) Income 4,483 3,765 1.9
28,604 27,912 14.0
Total non-qualifying investments 49,284 45,328 22.7
Total investments 186,580 197,665 99.1
Cash and cash equivalents 3,438 1.7
Current assets 385 0.2
Current liabilities (1,948) (1.0)
Net assets 199,540 100.0
* Based on fair value not VCT carrying value
Responsibility Statement
Directors' Statement of Principal Risks and Uncertainties
The important events that have occurred during the period under review and the
key factors influencing the financial statements are set out in the Chair's
Statement above.
In accordance with DTR 4.2.7, the Directors consider that with the exception
of those mentioned below, the principal risks and uncertainties facing the
Company have not materially changed since the publication of the Annual Report
and Accounts for the year ended 30 September 2023.
The principal risks faced by the Company include, but are not limited to:
• investment and strategic
• regulatory and tax
• operational
• fraud, dishonesty and cyber
• financial instruments
• economic and political
• black swan events
In addition, the Directors also assess the possibility of new and emerging
risks.
A more detailed explanation of these risks and the way in which they are
managed can be found in the Strategic Report on pages 32 and 33 and in the
Notes to the Financial Statements on pages 79 and 80 of the 2023 Annual Report
and Accounts - copies can be found via the Company's website,
www.unicornaimvct.co.uk (http://www.unicornaimvct.co.uk) .
Directors' Statement of Responsibilities in Respect of the Financial
Statements
In accordance with Disclosure and Transparency Rule (DTR) 4.2.10, Tim Woodcock
(Chair), Charlotta Ginman (Senior Independent Director), Jeremy Hamer (Chair
of the Audit Committee) and Josie Tubbs, the Directors, confirm that to the
best of their knowledge:
● the condensed set of financial statements, which have been prepared in
accordance with FRS 104 "Interim Financial Reporting" give a true and fair
view of the assets, liabilities, financial position and loss of the Company
for the period ended 31 March 2024, as required by DTR 4.2.4;
● this Half-Yearly Report includes a fair review of the information required
as follows:
the interim management report included within the Chair's Statement and the
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; and a description of the principal
risks and uncertainties facing the Company for the remaining six months of the
year; and
were no other related party transactions in the first six months of the
current financial year that are required to be disclosed in accordance with
DTR 4.2.8.
Cautionary Statement
This report may contain forward looking statements with regards to the
financial condition and results of the Company, which are made in the light of
current economic and business circumstances. Nothing in this report should be
construed as a profit forecast.
The Half-Yearly Report was approved by the Board of Directors on 22 May 2024
and the above responsibility statement was signed on its behalf by:
Tim Woodcock
Chair
22 May 2024
Management of the Company
The Board has overall responsibility for the Company's affairs including the
determination of its investment policy. Risk is spread by investing in a
number of different businesses across different industry sectors. The
Investment Manager, Unicorn Asset Management Limited, is responsible for
managing sector and stock specific risk and the Board does not impose formal
limits in respect of such exposures. However, in order to maintain compliance
with HMRC rules and to ensure that an appropriate spread of investment risk is
achieved, the Board receives and reviews comprehensive reports from the
Investment Manager on a monthly basis. When the Investment Manager proposes to
make any investment in an unquoted company, the prior approval of the Board is
required. The Board continues to take the need for transparency and
independence seriously. When a conflict arises involving a relationship
between any Director and an investee or proposed investee company, that
Director abstains from any discussion or consideration on any such investment
by the Company.
The Administrator, ISCA Administration Services Limited, provides Company
Secretarial and Accountancy services to the Company.
Unaudited Condensed Income Statement
for the six months ended 31 March 2024
Six months ended 31 March 2024 (unaudited) Six months ended 31 March 2023 (unaudited) Year ended 30 September 2023 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net unrealised - (8,809) (8,809) - (8,773) (8,773) - (8,975) (8,975)
losses on investments 7
Net gains on realisation of investments 7 - 2,899 2,899 - 7 7 - 994 994
Income 4 1,262 - 1,262 751 - 751 2,312 - 2,312
Investment management fees
2 (486) (1,459) (1,945) (523) (1,567) (2,090) (1,048) (3,144) (4,192)
Other expenses (406) - (406) (382) - (382) (725) - (725)
Profit/ (loss) on ordinary activities before taxation
370 (7,369) (6,999) (154) (10,333) (10,487) 539 (11,125) (10,586)
Tax on profit/(loss) on ordinary activities
3 - - - - - - - - -
Profit/ (loss) and total comprehensive income after taxation (10,586)
370 (7,369) (6,999) (154) (10,333) (10,487) 539 (11,125)
Basic and diluted earnings per share: Ordinary Shares
5 0.21p (4.20)p (3.99)p (0.09)p (6.23)p (6.32)p 0.32p (6.55)p (6.23)p
All revenue and capital items in the above statement derive from continuing
operations of the Company.
The total column of this statement is the Statement of Total Comprehensive
Income of the Company prepared in accordance with Financial Reporting
Standards ("FRS"). The supplementary revenue return and capital return columns
are prepared in accordance with the Statement of Recommended Practice ("AIC
SORP") issued in July 2022 by the Association of Investment Companies.
Other than revaluation movements arising on investments held at fair value
through Profit or Loss, there were no differences between the profit/(loss) as
stated above and at historical cost.
The notes form part of these Half-Yearly financial statements.
Unaudited Condensed Statement of Financial Position
as at 31 March 2024
As at As at As at
31 March 2024 31 March 2023 30 September 2023
Notes (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value 1e, 7 197,665 205,869 207,531
Current assets
Debtors 385 174 675
Cash and cash equivalents 3,438 13,851 5,357
3,823 14,025 6,032
Creditors; amounts falling due within one year
(1,948) (1,473) (1,707)
1,875 12,552 4,325
Net current assets
Net assets 199,540 218,421 211,856
Share capital and reserves
Called up share capital 1,926 1,741 1,729
Capital redemption reserve 169 129 147
Share premium account 123,741 100,292 100,974
Capital reserve 24,593 46,267 56,883
Special reserve 28,949 59,207 39,040
Profit and loss account 20,162 10,785 13,083
Equity Shareholders' funds 199,540 218,421 211,856
Basic and diluted net asset value per share of 1p each
Ordinary Shares 8 103.58p 125.45p 122.55p
The financial information for the six months ended 31 March 2024 and the six
months ended 31 March 2023 have not been audited.
The notes form part of these Half-Yearly financial statements.
Unaudited Condensed Statement of Changes in Equity
for the six months ended 31 March 2024
Called up share capital
£'000 Capital redemption reserve Share premium account Unrealised capital reserve Profit and loss account*
£'000 £'000 £'000 Special reserve* £'000
£'000 Total
£'000
Six months ended 31 March 2024
At 1 October 2023 1,729 147 100,974 56,883 39,040 13,083 211,856
(Loss)/profit after taxation - - - (32,290) - 25,291 (6,999)
Transfer to special reserve - - - - (2,014) 2,014 -
Shares issued under Offer for Subscription, net of costs 187 - 19,309 - - - 19,496
Net proceeds from DRIS share issue 32 - 3,458 - - - 3,490
Shares purchased for cancellation and cancelled (22) 22 - - (2,026) - (2,026)
Dividends paid - - - - (6,051) (20,226) (26,277)
At 31 March 2024 1,926 169 123,741 24,593 28,949 20,162 199,540
Six months ended 31 March 2023
At 1 October 2022 1,640 113 85,063 55,038 68,338 10,934 221,126
Loss after taxation - - - (8,771) - (1,716) (10,487)
Transfer to special reserve - - - - (1,567) 1,567 -
Shares issued under Offer for Subscription, net of costs 111 - 14,508 - - - 14,619
Net proceeds from DRIS share issue 6 - 721 - - - 727
Shares purchased for cancellation and cancelled (16) 16 - - (1,823) - (1,823)
Dividends paid - - - - (5,741) - (5,741)
At 31 March 2023 1,741 129 100,292 46,267 59,207 10,785 218,421
Year ended 30 September 2023
At 1 October 2022 1,640 113 85,063 55,038 68,338 10,934 221,126
Profit/(loss) after taxation - - - 1,845 - (12,431) (10,586)
Transfer to special reserve - - - - (14,568) 14,568 -
Shares issued under Offer for Subscription, net of costs 111 - 14,508 - - - 14,619
Net proceeds from DRIS share issues 12 - 1,403 - - - 1,415
Shares purchased for cancellation and cancelled (34) 34 - - (3,785) - (3,785)
Dividends paid - - - - (10,945) 12 (10,933)
At 30 September 2023 1,729 147 100,974 56,883 39,040 13,083 211,856
The financial information for the six months ended 31 March 2024 and the six
months ended 31 March 2023 have not been audited.
The profit and loss account comprises the revenue reserve of £237,000 and the
realised capital reserve of £19,925,000.
*The special reserve and profit and loss account are distributable to
Shareholders. The special reserve is used to fund market purchases of the
Company's own shares, to make distributions and to write-off existing and
future losses.
The notes form part of these Half-Yearly financial statements.
Unaudited Condensed Statement of Cash Flows
for the six months ended 31 March 2024
Notes Six months ended Six months ended Year ended
31 March 2024 31 March 2023 30 September 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Investment income received 1,587 1,119 2,145
Investment management fees paid (2,072) (2,133) (4,227)
Other cash payments (476) (440) (766)
Net cash outflow from operating activities (961) (1,454) (2,848)
Investing activities
Purchase of investments 7 (18,795) (2,100) (7,604)
Purchase of money market funds
7 (35,000) (14,000) (19,000)
Sale of investments 7 34,781 8 2,636
Sale of money market funds 23,000 - 7,000
7
Net cash inflow/(outflow) from investing activities 3,986 (16,092) (16,968)
Net cash inflow/(outflow) before financing 3,025 (17,546) (19,816)
Financing
Dividends paid 6 (22,768) (5,014) (9,483)
Unclaimed dividends returned - - 504
Shares issued under Offer for Subscription (net of transaction costs paid in 19,850 14,881 14,619
the period)
Expenses of DRIS share issues - - (35)
Shares repurchased for cancellation (2,026) (2,221) (4,183)
Net cash (outflow)/inflow from financing (4,944) 7,646 1,422
Net (decrease) in cash and cash equivalents (1,919) (9,900) (18,394)
Cash and cash equivalents at start of period 5,357 23,751 23,751
Cash and cash equivalents at end of period 3,438 13,851 5,357
Reconciliation of operating loss to net cash outflow from operating activities
Loss for the period (6,999) (10,487) (10,586)
Net unrealised losses on investments 8,809 8,773 8,975
Net gains on realisation of investments (2,899) (7) (994)
Transaction costs (60) - (1)
Decrease/(increase) in debtors and prepayments 319 341 (160)
(Decrease) in creditors and accruals (131) (72) (80)
Reconciling items - dividends reinvested - (2) (2)
Net cash outflow from operating activities (961) (1,454) (2,848)
The financial information for the six months ended 31 March 2024 and the six
months ended 31 March 2023 have not been audited.
The notes form part of these Half-Yearly financial statements.
Notes to the unaudited financial statements
for the six months ended 31 March 2024
1. Principal accounting policies
a) Statement of compliance
The Company's Financial Statements for the six months to 31 March 2024 have been prepared under UK Generally Accepted Accounting Practice ("UK GAAP") and the Statement of Recommended Practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('the SORP') issued in July 2022 by the Association of Investment Companies.
The financial statements have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 30 September 2023.
b) Financial information
The financial information contained in this report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the periods ended 31 March 2024 and 31 March 2023 have not been audited or reviewed by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews. The information for the year to 30 September 2023 has been extracted from the latest published Annual Report and Financial Statements, which have been lodged with the Registrar of Companies, contained an unqualified auditors' report and did not contain a statement required under Section 498 (2) or (3) of the Companies Act 2006.
c) Going concern
After due consideration, the Directors believe that the Company has adequate resources for the foreseeable future and that it is appropriate to apply the going concern basis in preparing the financial statements. As at 31 March 2024, the Company held cash balances of £3.4 million and a further £27.9 million is held in OEIC funds and a Unit Trust. A large proportion of the Company's investment portfolio remains invested in AIM and fully listed equities which may be realised, subject to the need for the Company to maintain its VCT status. Cash flow projections covering a period of twelve months from the date of approving the financial statements have been reviewed and show that the Company has sufficient funds to meet both contracted expenditure and any discretionary cash outflows from buybacks and dividends. The Company has no external loan finance in place and is therefore not exposed to any gearing covenants.
d) 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
Statement of Comprehensive Income. The revenue column of profit attributable
to 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.
e) Investments
All investments held by the Company are classified as "fair value through
profit or loss", in accordance with FRS102. This classification is followed as
the Company's business is to invest in financial assets with a view profiting
from their total return in the form of capital growth and income and in
accordance with the Company's risk management and investment policy. In the
preparation of the valuation of assets, in accordance with current IPEV
guidelines, the Directors are required to make judgements and estimates that
are reasonable and incorporate their knowledge of the performance of the
investee companies.
· For investments actively traded on organised financial markets, fair
value is generally determined by reference to Stock Exchange market quoted bid
prices at the close of business on the balance sheet date. Purchases and sales
of quoted investments are recognised on the trade date where a contract of
sale exists whose terms require delivery within a time frame determined by the
relevant market.
· For level 2 investments fair value is determined by the Net Asset
Value of the OEICs at the Balance Sheet date.
· Unquoted investments are reviewed at least quarterly to ensure that
the fair values are appropriately stated and are valued in accordance with
current IPEV guidelines as updated in December 2022, which relies on
subjective estimates. Fair value is established by assessing different methods
of valuation, such as price of recent transaction, sales multiples, earnings
multiples, discounted cash flows and net assets. Purchases and sales of
unlisted investments are recognised when the contract for acquisition or sale
becomes unconditional.
· Where a company's underperformance against plan indicates a
diminution in the value of the investment, provision against cost is made, as
appropriate. Where it is considered 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.
· Redemption premiums on loan stock investments are recognised at fair
value when the Company receives the right to the premium and when considered
recoverable.
f) Capital reserves
(i) Realised (included within the Profit and Loss Account reserve)
The following are accounted for in these reserves:
• the costs associated with the running of the
Company;
• gains and losses on realisation of investments;
• permanent diminution in value of investments; and
• transaction costs incurred in the acquisition of investments.
(ii) Unrealised capital reserve (Revaluation reserve)
Increases and decreases in the valuation of investments held at the period end
are accounted for in this reserve, except to the extent that the diminution is
deemed permanent.
In accordance with stating all investments at fair value through profit or
loss, all such movements through both unrealised and realised capital reserves
are shown within the Income Statement for the period.
(iii) Special reserve
The costs of share buybacks are charged to this reserve. In addition, any
realised losses on the sale of investments, and 75% of the management fee
expense, and the related tax effect, are transferred from the Profit and Loss
Account reserve to this reserve. This reserve can also be used for
distributions made by the Company.
(iv) Capital redemption reserve
Represents the nominal value of the shares purchased and cancelled.
(v) Share premium account
Represents the amount received in excess of nominal value on the issue of
shares.
(vi) Share capital
Represents the nominal value of the shares issued.
2. Investment Management Fees
Unicorn Asset Management Limited ("UAML") receives an annual management fee,
calculated and payable quarterly in arrears, of 2.0% of the net asset value of
the Company, excluding the value of the investments in the OEIC which is also
managed by UAML, up to net assets of £200 million, 1.5% of net assets in
excess of £200 million and 1.0% of net assets in excess of £450 million. If
the Company raises further funds during a quarter the net asset value for that
quarter is reduced by an amount equal to the amount raised, net of costs,
multiplied by the percentage of days in that quarter prior to the funds being
raised.
The Directors have charged £1,459,000, 75% of the investment management fees
to the capital reserve and the balance of 25%, being £486,000, to revenue.
At 31 March 2024, £904,000 payable to the Investment Manager is included in
creditors due within one year.
3. Taxation
The total allowable expenses exceed income hence there is no tax charge for
the period.
4. Income
Six months Six months Year ended
ended ended 30 September 2023
31 March 2024 31 March 2023 (audited)
(unaudited) (unaudited) £'000
£'000 £'000
Equity dividends 861 608 1,590
Unicorn managed OEICs (including reinvested dividends) 58 65 193
Other OEICs and Unit Trusts 298 2 266
Bank interest 54 76 115
Loan stock interest (9) - 148
1,262 751 2,312
5. Basic and diluted earnings and return per share
` Six months Six months Year ended
ended ended 30 September
31 March 2024 31 March 2023 2023
(unaudited) (unaudited) (audited)
Total earnings after taxation (£'000) (6,999) (10,487) (10,586)
Basic and diluted earnings per share (pence) (3.99) (6.32) (6.23)
Net revenue from ordinary activities after taxation (£'000) 370 (154) 539
Basic and diluted revenue earnings per share (pence)
0.21 (0.09) 0.32
Total capital return after taxation (£'000) (7,369) (10,333) (11,125)
Basic and diluted capital earnings per share (pence)
(4.20) (6.23) (6.55)
Weighted average number of shares in issue in the period
175,546,429 165,899,485 169,795,766
There are no instruments in place that may increase the number of shares in
issue in the future. Accordingly, the above figures represent both basic and
diluted earnings per share.
6. Dividends
Six months ended Six months ended Year ended
31 March 2024 31 March 2023 30 September 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Amounts recognised as distributions to equity holders in the period:
Interim capital dividend of nil pence (2023: 3.0 pence) per share for the year - - 5,204
ended 30 September 2023 paid on 11 August 2023
Final capital dividend of 3.5 pence (2023: 3.5 pence) per share for the year 6,051 5,741 5,741
ended 30 September 2023 paid on 14 February 2024
Special interim capital dividend of 11.7 pence (2023: nil pence) per share for 20,226 - -
the year ended 30 September 2024 paid on 14 February 2024
Total dividends paid in the period* 26,277 5,741 10,945
Unclaimed dividends returned ‑ ‑ (12)
Total dividends 26,277 5,741 10,933
* The difference between total dividends paid and that shown in the Condensed
Cash Flow Statement is £3,509,000, which is the amount of dividends
reinvested under the Dividend Reinvestment Scheme ("DRIS").
7. .Investments at fair value
Fully Traded on AIM Unlisted shares Unlisted loan stock Other Total
listed £'000 £'000 £'000 Funds*** £'000
£'000 £'000
Book cost at 30 September 2023
8,357 126,473 14,488 500 16,496 166,314
Unrealised (losses)/ gains at 30 September 2023 (1,055) 42,352 16,524 - (938) 56,883
Permanent impairment in value of investments - (11,020) (4,646) - - (15,666)
Opening valuation at 30 September 2023 7,302 157,805 26,366 500 15,558 207,531
Shares delisted * - (4,851) 4,851 - - -
Purchases at cost 9,917 8,878 - - 35,000 53,795
Sale proceeds (3,387) (30,346) (578) (500) (23,000) (57,811)
Net realised gains** 134 2,476 352 - (3) 2,959
Movement in unrealised gains 557 (8,147) (1,576) - 357 (8,809)
Closing valuation at 31 March 2024 14,523 125,815 29,415 - 27,912 197,665
Book cost at 31 March 2024
16,632 122,213 19,131 - 28,604 186,580
Unrealised (losses)/gains at 31 March 2024 (2,109) 7,612 19,782 - (692) 24,593
Permanent impairment in value of investments - (4,010) (9,498) - - (13,508)
Closing valuation at 31 March 2024 14,523 125,815 29,415 - 27,912 197,665
*Shares delisted the period relate to The British Honey Company (£3,101,000)
and Trackwise Designs (£1,750,000),
** Transaction costs on the purchase and disposal of investments of £60,000
were incurred in the period. These have not been deducted from the realised
gains shown above of £2,959,000 but have been deducted in arriving at gains
on realisation of investment disclosed in the Income Statement of £2,899,000.
*** Other funds include the Unicorn Ethical Fund and the Royal London Short
Term Money Market Fund which are both OEICs and the BlackRock Cash Fund which
is a Unit Trust.
Note: Permanent impairments of £13,508,000 continue to be held in respect of
losses on investments held at the period end.The reduction in impairments of
£2,158,000 relate to Osirium Technologies (£1,971,000) which was sold and Le
Chameau Group (£187,000) which was dissolved during the period.
Reconciliation of cash movements in investment transactions
The difference between the purchases in Note 7 above and that shown in the
Condensed Cash Flow Statement. is £30,000 which is a trade outstanding at the
period end.
Fair value hierarchy
The table below sets out fair value measurements using FRS 102 s11.27 fair
value hierarchy. The Company has one class of assets, being at fair value
through profit or loss.
Level 1 Level 2 Level 3 Total
£000 £'000 £'000 £'000
At 31 March 2024
Equity investments 140,338 - 29,415 169,753
Open ended investment companies * - 27,912 - 27,912
Total 140,338 27,912 29,415 197,665
At 31 March 2023
Equity investments 161,333 - 26,617 187,950
Loan stock investments - - 250 250
Open ended investment companies * - 17,669 - 17,669
Total 161,333 17,669 26,867 205,869
At 30 September 2023
Equity investments 165,107 - 26,366 191,473
Loan stock investments - - 500 500
Open ended investment companies * - 15,558 - 15,558
Total 165,107 15,558 26,866 207,531
* Open ended companies include the Unicorn Ethical Fund and the Royal London
Short Term Money Market Fund which are both OEICs and the BlackRock Cash Fund
which is a Unit Trust.
There are currently no financial liabilities at fair value through profit or
loss.
Categorisation within the hierarchy has been determined on the lowest level
input that is significant to the fair value measurement of the relevant asset
as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valuation by reference to valuation techniques using directly
observable inputs other than quoted prices included within Level 1.
Level 3 - valued by reference to valuation techniques using inputs that are
not based on observable market data.
The valuation techniques used by the Company are explained in the accounting
policies in Note 1.
The fair value of unquoted investments, categorised as Level 3, is established
by assessing different methods of valuation, such as price of recent
transaction, sales multiples, earnings multiples, discounted cash flows and
net assets, therefore no assumptions are disclosed, or sensitivity analysis
provided.
A reconciliation of fair value measurements in Level 3 is set out below:
Equity Loan stock
Investments Investments Total
£'000 £'000 £'000
Opening balance at 1 October 2023 26,366 500 26,866
Shares delisted 4,851 - 4,851
Sales (578) (500) (1,078)
Total gains/(losses)/gains included in losses on investments in the Condensed
Income Statement
- on assets sold 352 - 352
- on assets held at the period end (1,576) - (1,576)
Closing balance at 31 March 2024 29,415 - 29,415
8. Net asset values
At 31 March At 31 March At 30 September 2023
2024 2023 (audited)
(unaudited) (unaudited)
Net assets £199,540,000 £218,421,000 £211,856,000
Number of shares in issue 192,635,379 174,104,558 172,876,156
Net asset value per share 103.58p 125.45p 122.55p
9. Post balance sheet events
There are no post balance sheet events to report.
10. Related party transactions
During the first six months of the financial year, no transactions with
related parties have taken place which have materially affected the financial
position or the performance of the Company.
11. Copies of the Half Yearly Report
Copies of the Half Yearly Report will be available for download on the
Company's website: www.unicornaimvct.co.uk. (http://www.unicornaimvct.co.uk.)
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of this announcement.
A copy of the 2024 Half Yearly Report will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at the
NSM, which is situated at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
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