TIDMBSC
RNS Number : 1022I
British Smaller Companies VCT2 Plc
21 November 2018
British Smaller Companies VCT2 plc
Unaudited Interim Results and Interim Management Report
For the nine months ended 30 September 2018
British Smaller Companies VCT2 plc (the "Company") today
announces its unaudited interim results for the nine months to 30
September 2018.
HIGHLIGHTS
-- Increase in total return of 2.3 pence per ordinary share to
116.6 pence per ordinary share at 30 September 2018 (114.3 pence
per ordinary share at 31 December 2017).
-- Increase in net asset value ("NAV") to 61.1 pence per
ordinary share prior to the payment of the total dividends of 3.0
pence per ordinary share in the period. The NAV at 30 September
2018 is 58.1 pence per ordinary share.
-- Total dividends for the period ended 30 September 2018
amounted to 3.0 pence per ordinary share which equates to 5.1 per
cent of the opening December 2017 NAV per share.
-- Total cumulative dividends paid since inception of 58.5 pence per ordinary share.
-- The Company invested GBP5.5 million into four new and two
follow-on investments during the period.
-- The Company will shortly launch an offer, with British
Smaller Companies VCT plc, (together "the Companies"), to raise up
to GBP30 million in aggregate, with an additional GBP5 million
over-allotment facility, by way of a new joint prospectus offer of
new ordinary shares for subscription in the 2018/19 tax year ("the
Offer"). The Offer will be open to those shareholders on the
register of one or both of the Companies on 22 October 2018 until 4
January 2019, and unless the Offer has been fully subscribed by
that date the Offer will then be available to new Investors.
CHAIRMAN'S STATEMENT
Your Company, British Smaller Companies VCT2 plc, will shortly
announce a joint offer for subscription with British Smaller
Companies VCT plc to raise in aggregate GBP30 million with an
additional GBP5 million over-allotment facility. Your Company has
taken the additional step of publishing interim financial
statements for the nine-month period to 30 September 2018, as the
Board believes that it is appropriate for the Company's
shareholders to have the most up to date financial information
available when considering this investment opportunity.
Total Return for the nine months ended 30 September 2018 was 2.3
pence per ordinary share, which was 3.9 per cent of the net asset
value at 31 December 2017 and your Company's portfolio generated a
return of 2.4 pence per ordinary share, which was 6.5 per cent of
its opening value.
New Investment
So far this year your Company has completed new and follow-on
investments totalling GBP5.5 million comprising four new
investments and two follow-on investments. These were:
In March 2018 GBP1.0 million was invested into Ncam Technologies
Limited. Ncam develops award-winning augmented reality technology
which is utilised globally by broadcast, film and episodic
broadcast TV productions. The funds will be used to support the
development of new products, invest in the team, and help the
business extend its reach into new territories, especially the US,
where a new office opening is planned for 2018.
Also in March 2018 your Company invested GBP2.0 million into
Eikon Holdco Limited, a cutting edge, end-to-end, digital
post-production service provider for the film and broadcast
industry based in London. Clients include Paramount Pictures,
Twentieth Century Fox, Sony Pictures Entertainment, Warner Bros,
Universal Pictures, CBS and Netflix. Eikon will use the investment
to build a new state of the art studio in Los Angeles as well as
continuing to invest in the development of technology to enhance
the service delivery to customers.
In April 2018 your Company made a new investment of GBP0.9
million into Hutchinson Networks Limited, a leading provider of
multi-vendor IT and network solutions to clients globally.
Hutchinson will utilise the money to fund additional marketing and
operational resources to accelerate international growth in a
growing market.
During May 2018 GBP1.2 million was invested into Arcus Global
Limited, a provider of cloud-based software solutions to local and
national public-sector organisations. The funding will support the
continued growth of the business; building resource in technology
development, sales and customer services. Together, this will
enable Arcus to further expand its range of software solutions to
help the public sector to increase its use of digital technologies
and transform services.
Follow-on investments were made into existing portfolio
companies, including an additional investment of GBP0.4 million
into Matillion Limited which was part of a large secondary funding
round supported by two US investors.
Investments made since the changes to the VCT rules in November
2015 now comprise GBP12.6 million (28 per cent) of the value of the
unquoted portfolio as at 30 September 2018, with GBP32.4 million
(72 per cent) of investments made prior to the rule changes.
Financial Results and Dividends
The movement in Total Return is set out in the table below:
Pence per
Total Return ordinary share
Total Return at 1 January 2018 114.3
Net underlying increase in portfolio 2.4
Issue/buy-back of shares (0.1)
Increase in Total Return* 2.3
Total Return at 30 September 2018 116.6
--------
* Total Return movement represents an increase of 3.9 per cent
(annualised 5.2 per cent) over the opening net asset value of 58.8
pence per ordinary share.
The portfolio produced a value gain of GBP2.6 million,
representing a 6.5 per cent increase over the opening value and
equivalent to an increase in value for shareholders of 2.4 pence
per ordinary share.
Due to the repayment of loans and the different financing
structures of new investments there has been a significant change
in the nature of the income we receive from our investments. Newer
investments now include lower levels of debt and higher levels of
preference shares, consequently a growing proportion of income now
derives from preference dividends. In addition the new investments,
which are earlier stage and growth-focussed, invariably re-invest
their profits to fund growth therefore the payment of dividends and
interest is often deferred and paid at exit.
Whilst income in the period was 14 per cent higher than the same
period last year, this derived principally from preference
dividends as referred to above, the receipt of which is anticipated
to be less predictable than the interest income from more mature
investments. In general, the more recent additions to the portfolio
are re-investing their profits for growth, which means that the
investments comprise mainly equity instruments.
As part of your Board's commitment to maintaining a sustainable
level of dividends a final dividend of 1.5 pence per ordinary share
in respect of the year ended 31 December 2017 and an interim
dividend of 1.5 pence per ordinary share in respect of the year
ending 31 December 2018 were paid in the period, bringing the
cumulative dividends paid to date to 58.5 pence per ordinary
share.
The movement in net asset value per ordinary share and the
dividends paid are set out in the table below:
GBP000 Pence per
Net Asset Value "NAV" ordinary share
NAV at 1 January 2018 59,056 58.8
Net underlying increase in portfolio 2,639 2.4
Net loss after expenses (6) -
Issue/buy-back of shares 4,031 (0.1)
6,664 2.3
NAV before the payment of dividends 65,720 61.1
Dividends paid (3,219) (3.0)
-------------------------------------- ------ -------- -------- --------
NAV at 30 September 2018 62,501 58.1
-------------------------------------- ------ -------- -------- --------
Shareholder Relations
As part of the Board's continuing dialogue with shareholders,
the 23rd shareholder workshop was held in conjunction with British
Smaller Companies VCT plc at the Honourable Artillery Company on 16
May 2018. There was a presentation from the CEO of one of our
newest investments, Ncam Technologies Limited, alongside short
videos about our other new portfolio companies. The Company's
performance, investment portfolio and outlook were discussed in
presentations given by the Investment Adviser, followed by a
question and answer session.
As shareholders may be aware the General Data Protection
Regulations ("GDPR") came into force on 25 May 2018. GDPR provides
a greater level of protection over personal information and the
Company and the Investment Adviser have taken all necessary steps
to comply with its requirements. A revised Privacy Notice has been
published and this can be found on your Company's website at
www.bscfunds.com.
The Company would encourage investors who receive dividends to
do so by way of BACS transfer, instead of cheques, as this provides
certainty of cleared funds and removes the need to make a branch
deposit. If you wish to change to BACS payment this can be done via
www.signalshares.com.
A large number of shareholders (83 per cent) now receive
documents such as the annual report via the website,
www.bscfunds.com, rather than by post. This saves on printing
costs, as well as being more environmentally friendly, and your
Board would encourage all shareholders to do this.
Your Company's website www.bscfunds.com, provides a
comprehensive level of information in what I hope is a
user-friendly format and is refreshed on a regular basis.
Regulatory Developments
It is pleasing that the European Commission has confirmed its
decision to approve the recent amendments to the VCT rules. This
includes an increase in the annual investment limit for Knowledge
Intensive Companies to GBP10 million and your Company intends to
take advantage of this change at the earliest opportunity.
HMRC launched a consultation on proposed changes which would
allow your Company to make investments without obtaining advance
assurance. Such an approach would mean relying on the Company's
advisers so, until there is greater clarification on how this would
work in practice, the Company will continue to seek advance
assurance on all investments.
Board Composition
As previously announced, after seventeen years' service I have
decided to stand down as Chairman and director of your Company at
the 2019 Annual General Meeting. Having considered the level of
experience and expertise that will be needed in the future the
Board has decided that it would be in shareholders' best interests
for Peter Waller, currently a non-executive director, to take on
the role of Chairman and to recruit a new non-executive
director.
Fundraising
As noted above the Board will shortly announce a joint offer for
subscription with British Smaller Companies VCT plc, to raise in
aggregate GBP30 million with a GBP5 million over-allotment
facility, which is considered appropriate given your Company's
expected cash requirements. There will be a short period of around
four weeks during which existing shareholders of both companies
will, on a first-come, first-served basis, have the opportunity to
apply for new shares in both companies, after which the offers will
be open to new investors. The intention is to have a single
allotment, between 1- 5 April 2019.
Outlook
The Company's investments continue to perform well and those
made since the rule changes in November 2015 now make up 28 per
cent of the portfolio. The recent level of investment by the
Company and the need to provide follow-on funding into the earlier
stage growth investments in the portfolio, support the need for
raising further funds through the proposed joint offer for
subscription with British Smaller Companies VCT plc. The revised
VCT rules that were approved by the European Commission in July
this year will, inter alia, allow investments of up to GBP10
million in any one year into Knowledge Intensive Companies and this
change will benefit your Company's ability to invest in UK smaller
businesses.
Although there remains a great deal of uncertainty around the
UK's future trading relationship with the EU, and portfolio
companies continue to prepare for all potential outcomes, the Board
believes that there will be limited negative impact across the
portfolio.
The Board hopes that shareholders will take the opportunity to
add to their investment in the Company in the proposed
fundraising.
OBJECTIVES AND KEY POLICIES
The Company's objective is to grow Total Return over the medium
to long-term whilst maintaining the Company's status as a venture
capital trust.
INVESTMENT POLICY
The Company's investment policy is to create a portfolio that
blends a mix of businesses operating in established industries with
those that offer opportunities in the application and development
of innovation. Investing across a range of companies and sectors
reduces exposure to particular markets and individual companies.
The changes to the VCT legislation in November 2015 and those
announced in the November 2017 Budget mean that there is greater
emphasis on earlier stage growth businesses focussing on the
application and development of innovation.
To this end, the Company will invest in UK businesses across a
broad range of sectors including but not limited to software,
information technology and telecommunications, retail and brands,
business services, manufacturing and industrial services and
healthcare. These investments will primarily be in unquoted UK
companies which meet the definition of a Qualifying Investment, in
order to maintain the Company's Venture Capital Trust status. It is
anticipated that the majority of these businesses will be
re-investing their profits for growth and the investments will,
therefore, comprise mainly equity instruments. In order to limit
the risk to the portfolio that is derived from any particular
investment, at the point of investment no more than 15 per cent of
the Company by value will be in any one investment.
Borrowing
The Company funds the investment programmes out of its own
resources and has no borrowing facilities for this purpose.
Co-investment
British Smaller Companies VCT2 plc and British Smaller Companies
VCT plc ("the VCTs") have in aggregate first choice of all
investment opportunities meeting the VCT qualifying criteria that
require up to GBP4.5 million of equity. Amounts above GBP4.5
million will be allocated one third to YFM's co-investment funds
and two thirds to the VCTs. Where there are opportunities for the
VCTs to co-invest with each other the basis for allocation is 40
per cent to the Company and 60 per cent to British Smaller
Companies VCT plc. The Board of the Company has discretion as to
whether or not to take up or, where British Smaller Companies VCT
plc does not take its allocation, increase its allocation in such
co-investment opportunities.
Asset Mix
Pending investment in VCT-qualifying securities, surplus cash is
primarily held in interest bearing instant access, and short-notice
bank accounts. Subsequent to the Finance (No. 2) Act 2015
investments can no longer be made in non-qualifying quoted
investments traded on an unregulated exchange. This change
therefore now excludes AIM investments in this category.
INVESTMENT REVIEW
The Company's portfolio at 30 September 2018 had a value of
GBP47.41 million consisting of GBP44.95 million (95 per cent) in
unquoted investments and GBP2.46 million (5 per cent) in quoted
investments. The largest single investment represents 7.6 per cent
of the net asset value.
Over the nine months to 30 September 2018 the portfolio saw an
underlying value gain of GBP2.80 million from the ongoing portfolio
comprising GBP2.34 million from the unquoted portfolio and GBP0.46
million from the quoted portfolio.
The most significant upward movements in the period were:
GBP2.27 million
* ACC Aviation GBP1.44 million
GBP0.66 million
GBP0.52 million
* Matillion Limited
* Deep-Secure Ltd
* Gill Marine Holdings Limited
The increase in ACC's valuation during the period has resulted
from a very strong underlying trading performance and a recent
increase in your Company's equity ownership following a
reorganisation.
These gains were offset by companies which saw profits impacted
by difficult trading conditions:
down GBP0.51
* DisplayPlan Holdings Limited million
down GBP0.51
million
* Seven Technologies Holdings Limited down GBP0.45
million
down GBP0.35
* e2E Engineering Limited million
* Intelligent Office UK
New and Follow-on Investments
In the nine months to September 2018 the level of new investment
has increased and there has been some improvement in HMRC's advance
assurance process, although our experience hasn't yet seen
clearances within 15 working days. HMRC is though encouraging
advisers to only seek advance assurance where they have a question
over whether or not the investment meets the qualifying criteria.
So far this year your Company has completed four new investments
and two follow-on investments, totalling GBP5.53 million.
The new investments comprise:
-- GBP2.00 million into Eikon Holdco Limited (10.6 weeks for advance assurance)
-- GBP1.20 million into Arcus Global Limited (15.6 weeks for advance assurance)
-- GBP0.98 million into Ncam Technologies Limited (7.4 weeks for advance assurance) and
-- GBP0.88 million into Hutchinson Networks Limited (10.4 weeks for advance assurance).
The largest follow-on investment was GBP0.38 million into
Matillion Limited as part of an GBP18 million series B fundraising
that was supported by two well-known US investors, Sapphire
Ventures and Scale Venture Partners.
Realisation of Investments
During the nine months to 30 September 2018 the Company
generated GBP1.25 million from disposals and repayments of loans.
This included the full exit from its AIM investment in Allergy
Therapeutics plc.
A detailed analysis of all investments realised in the period to
30 September 2018 can be found in note 6.
INVESTMENT PORTFOLIO
The top 10 investments had a combined value of GBP27.8 million,
58.6 per cent of the total portfolio.
Name of Company Sector Date of initial Current Investment Proceeds Realised and
investment cost valuation to date unrealised
at 30 September value
2018 to date
GBP000 GBP000 GBP000 GBP000
ACC Aviation (via Newacc Business
(2014) Limited) Services Nov 14 145 4,773 1,233 6,006
Matillion Limited Software Nov 16 1,778 4,042 - 4,042
Mangar Health Limited Healthcare Jan 14 1,640 2,964 - 2,964
Intelligent Office UK
(IO Outsourcing Limited Business
t/a Intelligent office) Services May 14 1,956 2,959 - 2,959
KeTech Enterprisess
Limited Software Nov 15 2,000 2,669 - 2,669
Gill Marine Holdings
Limited Retail Sep 13 1,870 2,439 - 2,439
Business Collaborator
Limited Software Nov 14 1,340 2,087 - 2,087
Eikon Holdco Limited Software Mar 18 2,000 2,000 - 2,000
Deep-Secure Limited Software Dec 09 500 1,939 - 1,939
GTK (Holdco) Limited Manufacturing Oct 13 146 1,897 1,204 3,101
Total top 10 investments 13,375 27,769 2,437 30,206
Remaining unquoted
portfolio
Springboard Research Business
Holdings Limited Services Oct 14 1,765 1,799 - 1,799
Leengate Holdings
Limited Manufacturing Dec 13 934 1,610 - 1,610
Friska Limited Retail Jul 17 1,200 1,202 - 1,202
Arcus Global Limited Software May 18 1,200 1,200 - 1,200
Sipsynergy
(via Hosted Network
Services Limited) Software Jun 16 1,309 1,004 - 1,004
Immunobiology Limited Healthcare Jun 03 2,582 920 - 920
Hutchinson Networks
Limited Software Apr 18 880 880 - 880
Wakefield Acoustics
(via Malvar Engineering
Limited) Manufacturing Dec 14 720 867 41 908
Ncam Technologies
Limited Software Mar 18 977 733 - 733
Traveltek Group Holdings
Limited Software Oct 16 980 726 - 726
Macro Art Holdings Business
Limited Services Jun 14 480 713 359 1,072
Biz2Mobile Limited Software Oct 16 1,000 621 - 621
DisplayPlan Holdings Business
Limited Services Jan 12 70 604 820 1,424
GBP0.5 million and below Other investments 6,777 4,298 1,311 5,609
------------------------- ----------------------------------- -------- ---------------- --------- ---------------
Total unquoted investments 34,249 44,946 4,968 49,914
-------------------------------------------------------------- -------- ---------------- --------- ---------------
Quoted portfolio
Iomart Group plc Software May 11 119 596 209 805
Gooch & Housego plc Manufacturing Jan 15 221 566 301 867
EKF Diagnostics plc Healthcare Jun 11 411 548 37 585
GBP0.5 million and below Other investments 108 756 1,304 2,060
------------------------- ----------------------------------- -------- ---------------- --------- ---------------
Total quoted investments 859 2,466 1,851 4,317
-------------------------------------------------------------- -------- ---------------- --------- ---------------
Total portfolio 35,108 47,412 6,819 54,231
Full disposals to date 23,479 - 28,519 28,519
-------------------------------------------------------------- -------- ---------------- --------- ---------------
Total investment portfolio 58,587 47,412 35,338 82,750
-------------------------------------------------------------- -------- ---------------- --------- ---------------
The charts on page 14 of the interim report show the composition
of the portfolio as at 30 September 2018 by industry sector, age of
investment, investment instrument and the value compared to
cost.
PRINCIPAL RISKS AND UNCERTAINTIES
In accordance with DTR 4.2.7, the Board confirms that the
principal risks and uncertainties facing the Company have not
materially changed from those identified in the Annual Report and
Accounts for the year ended 31 December 2017. The Board
acknowledges that there is regulatory risk and continues to manage
the Company's affairs in such a manner as to comply with section
274 of the Income Tax Act 2007.
In summary, the principal risks are:
-- Loss of approval as a Venture Capital Trust;
-- Economic;
-- Investment and strategic;
-- Regulatory;
-- Reputational;
-- Operational;
-- Financial;
-- Market/liquidity.
Full details of the principal risks can be found in the
financial statements for the year ended 31 December 2017 on pages
27 and 28, a copy of which is available at www.bscfunds.com.
DIRECTOR'S RESPONSIBILITIES STATEMENT
The directors of British Smaller Companies VCT2 plc confirm
that, to the best of their knowledge, the condensed set of
financial statements in this interim report give a true and fair
view of the assets, liabilities, financial position and profit and
loss of British Smaller Companies VCT2 plc, and that the interim
management report includes a true and fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R.
The directors of British Smaller Companies VCT2 plc are listed
in note 9 of these interim financial statements.
By order of the Board
Richard Last
Chairman
21 November 2018
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the nine months ended 30 September 2018
Unaudited 9 months ended Unaudited 9 months ended
30 September 2018 30 September 2017
Notes Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gains on investments held at fair value - 2,795 2,795 - 775 775
Income 2 1,234 - 1,234 1,086 - 1,086
(Loss) gain on disposal of investments 6 - (156) (156) - 572 572
Total income 1,234 2,639 3,873 1,086 1,347 2,433
Administrative expenses:
--------- -------- -------- --------- -------- --------
Investment Adviser's fee (228) (679) (907) (214) (644) (858)
Other expenses (333) - (333) (337) - (337)
--------- -------- -------- --------- -------- --------
(561) (679) (1,240) (551) (644) (1,195)
----------------------------------------------- ------ --------- -------- -------- --------- -------- --------
Profit before taxation 673 1,960 2,633 535 703 1,238
Taxation 3 (56) 56 - (63) 63 -
----------------------------------------------- ------ --------- -------- -------- --------- -------- --------
Profit for the period 617 2,016 2,633 472 766 1,238
----------------------------------------------- ------ --------- -------- -------- --------- -------- --------
Total comprehensive income for the period 617 2,016 2,633 472 766 1,238
----------------------------------------------- ------ --------- -------- -------- --------- -------- --------
Basic and diluted earnings per ordinary share 5 0.58p 1.89p 2.47p 0.47p 0.77p 1.24p
----------------------------------------------- ------ --------- -------- -------- --------- -------- --------
The Total column of this statement represents the Company's
Unaudited Statement of Comprehensive Income, prepared in accordance
with International Financial Reporting Standards as adopted by the
European Union ('IFRSs'). The supplementary Revenue and Capital
columns are prepared under the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture
Capital Trusts' (issued in November 2014 and updated in February
2018 with consequential amendments - "SORP") published by the
Association of Investment Companies.
UNAUDITED BALANCE SHEET
as at 30 September 2018
Notes Unaudited Unaudited Audited
30 September 30 September 31 December 2017
2018 2017
GBP000 GBP000 GBP000
Assets
Non-current assets
Financial assets at fair value through profit or loss 6 47,412 40,465 40,423
Trade and other receivables 1,128 786 825
------------------------------------------------------- ------ -------------- -------------- ------------------
48,540 41,251 41,248
Current assets
Trade and other receivables 393 593 392
Cash on fixed term deposit 1,988 1,988 1,988
Cash and cash equivalents 11,692 14,960 15,681
------------------------------------------------------- ------ -------------- -------------- ------------------
14,073 17,541 18,061
Liabilities
Current liabilities
Trade and other payables (112) (221) (253)
------------------------------------------------------- ------ -------------- -------------- ------------------
Net current assets 13,961 17,320 17,808
------------------------------------------------------- ------ -------------- -------------- ------------------
Net assets 62,501 58,571 59,056
Shareholders' equity
Share capital 11,318 10,450 10,450
Share premium account 4,345 270 257
Capital redemption reserve 88 88 88
Other reserve 2 2 2
Merger reserve 5,525 5,525 5,525
Capital reserve 27,291 33,674 32,198
Investment holding gains and losses 12,335 7,257 9,090
Revenue reserve 1,597 1,305 1,446
------------------------------------------------------- ------ -------------- -------------- ------------------
Total shareholders' equity 62,501 58,571 59,056
------------------------------------------------------- ------ -------------- -------------- ------------------
Net asset value per ordinary share 7 58.1p 57.9p 58.8p
------------------------------------------------------- ------ -------------- -------------- ------------------
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the nine months ended 30 September 2018
Share Share Other reserves* Capital Investment Revenue Total
capital premium reserve holding reserve equity
account gains
and
losses
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
At 31 December 2016 9,652 16,902 5,615 15,621 7,077 1,242 56,109
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Revenue return for
the period - - - - - 535 535
Capital expenses - - - (644) - - (644)
Investment holding
gain on investments
held at fair value - - - - 775 - 775
Realisation of investments
in the period - - - 572 - - 572
Taxation - - - 63 - (63) -
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Total comprehensive
(expense) income for
the period - - - (9) 775 472 1,238
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Issue of ordinary share
capital 679 3,571 - - - - 4,250
Issue of shares - DRIS 119 539 - - - - 658
Issue costs of ordinary
shares** - (163) - (9) - - (172)
Cancellation of share
premium account, net
of costs - (20,579) - 20,569 - - (10)
Purchase of own shares - - - (482) - - (482)
Dividends - - - (2,611) - (409) (3,020)
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Total transactions
with owners 798 (16,632) - 17,467 - (409) 1,224
Realisation of prior
year investment holding
gains - - - 595 (595) - -
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
At 30 September 2017 10,450 270 5,615 33,674 7,257 1,305 58,571
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Revenue return for
the period - - - - - 151 151
Capital expenses - - - (222) - - (222)
Investment holding
gain on investments
held at fair value - - - - 1,434 - 1,434
Realisation of investments
in the period - - - (532) - - (532)
Taxation - - - 10 - (10) -
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Total comprehensive
(expense) income for
the period - - - (744) 1,434 141 831
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Issue costs of ordinary
shares** - (13) - (1) - - (14)
Purchase of own shares - - - (332) - - (332)
Total transactions
with owners - (13) - (333) - - (346)
Realisation of prior
year investment holding
losses - - - (399) 399 - -
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
At 31 December 2017 10,450 257 5,615 32,198 9,090 1,446 59,056
---------------------------- --------- --------- ---------------- --------- ----------- --------- --------
Revenue return for
the period - - - - - 673 673
Capital expenses - - - (679) - - (679)
Investment holding
gain on investments
held at fair value - - - - 2,795 - 2,795
Realisation of investments
in the period - - - (156) - - (156)
Taxation - - - 56 - (56) -
---------------------------- --------- --------- ---------------- --------- ----------- --------- ----------
Total comprehensive
(expense) income for
the period - - - (779) 2,795 617 2,633
---------------------------- --------- --------- ---------------- --------- ----------- --------- ----------
Issue of ordinary share
capital 737 3,663 - - - - 4,400
Issue of shares - DRIS 131 586 - - - - 717
Issue costs of ordinary
shares** - (161) - (5) - - (166)
Purchase of own shares - - - (920) - - (920)
Unclaimed dividends - - - 6 - - 6
Dividends - - - (2,759) - (466) (3,225)
---------------------------- --------- --------- ---------------- --------- ----------- --------- ----------
Total transactions
with owners 868 4,088 - (3,678) - (466) 812
Realisation of prior
year investment holding
losses - - - (450) 450 - -
---------------------------- --------- --------- ---------------- --------- ----------- --------- ----------
At 30 September 2018 11,318 4,345 5,615 27,291 12,335 1,597 62,501
---------------------------- --------- --------- ---------------- --------- ----------- --------- ----------
* Other reserves include the capital redemption reserve, the
merger reserve and the other reserve, which are
non-distributable.
** Issue costs include both fundraising costs (where applicable)
and costs incurred from the Company's DRIS.
Reserves available for distribution
Under the Companies Act 2006 the capital reserve and the revenue
reserve are distributable reserves. The table below shows amounts
that are available for distribution.
Capital reserve Revenue reserve Total
GBP000 GBP000 GBP000
Distributable reserves as above 27,291 1,597 28,888
Less : Interest and dividends not yet distributable - (1,519) (1,519)
: Cancelled share premium not yet distributable (20,237) - (20,237)
--------------------------------------------------------- ---------------- ---------------- ---------
Reserves available for distribution* 7,054 78 7,132
--------------------------------------------------------- ---------------- ---------------- ---------
* subject to filing these interim financial statements at
Companies House.
The capital reserve (GBP27,291,000) and the revenue reserve
(GBP1,597,000) are both distributable reserves. These reserves
total GBP28,888,000, representing a decrease of GBP4,756,000 in the
period since 31 December 2017. The directors also take into account
the level of the investment holding gains and losses reserve and
the future requirements of the Company when determining the level
of dividend payments.
Of the potentially distributable reserves of GBP28,888,000 shown
above, GBP1,519,000 relates to interest and dividends receivable
from 2019 onwards and GBP20,237,000 to cancelled share premium
which becomes distributable from 1 January 2019 onwards (see
below).
Total share premium previously cancelled will be available for
distribution from the following dates.
GBP000
1 January 2019 12,995
1 January 2020 3,565
1 January 2021 3,677
------------------------------------------------ -------
Cancelled share premium not yet distributable 20,237
------------------------------------------------ -------
UNAUDITED STATEMENT OF CASH FLOWS
for the nine months ended 30 September 2018
Notes Unaudited Unaudited Audited
9 months 9 months year
ended ended ended
30 September 30 September 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Profit before taxation 2,633 1,238 2,069
Decrease in trade and other payables (59) (24) (45)
(Increase) decrease in trade and other receivables (330) 32 73
Loss (gain) on disposal of investments 156 (572) (40)
Gains on investments held at fair value (2,795) (775) (2,209)
Capitalised interest and dividends - - (59)
--------------------------------------------------------------- ------ -------------- -------------- -------------
Net cash outflow from operating activities (395) (101) (211)
--------------------------------------------------------------- ------ -------------- -------------- -------------
Cash flows from investing activities
Purchase of financial assets at fair value through profit or
loss 6 (5,534) (2,371) (2,371)
Proceeds from sale of financial assets at fair value through
profit or loss 6 1,070 2,316 3,479
Deferred consideration received 139 34 34
Cash maturing from fixed term deposit - 1,049 1,049
Net cash (outflow) inflow from investing activities (4,325) 1,028 2,191
--------------------------------------------------------------- ------ -------------- -------------- -------------
Cash flows from financing activities
Issue of ordinary shares 4,394 4,230 4,230
Costs of ordinary share issues* (145) (166) (166)
Purchase of own shares (920) (482) (814)
Share premium cancellation costs - (10) (10)
Dividends paid 4 (2,598) (2,365) (2,365)
Net cash inflow from financing activities 731 1,207 875
--------------------------------------------------------------- ------ -------------- -------------- -------------
Net (decrease) increase in cash and cash equivalents (3,989) 2,134 2,855
--------------------------------------------------------------- ------ -------------- -------------- -------------
Cash and cash equivalents at the beginning of the period 15,681 12,826 12,826
--------------------------------------------------------------- ------ -------------- -------------- -------------
Cash and cash equivalents at the end of the period 11,692 14,960 15,681
--------------------------------------------------------------- ------ -------------- -------------- -------------
*Issue costs include both fundraising costs and expenses
incurred from the Company's DRIS.
EXPLANATORY NOTES TO THE UNAUDITED CONDENSED FINANCIAL
STATEMENTS
1 General Information, Basis of Preparation and Principal Accounting Policies
These half year statements have been approved by the directors
whose names appear at note 9, each of whom has confirmed that to
the best of his knowledge:
-- the interim management report includes a true and fair review
of the information required by rules 4.2.7 and 4.2.8 of the
Disclosure Rules and the Transparency Rules; and
-- the interim statements have been prepared in accordance with
the Disclosure and Transparency Rules of the Financial Conduct
Authority.
The interim statements are unaudited but have been reviewed by
the auditors pursuant to the International Standard of Review
Engagements 2410 (UK and Ireland) guidance on Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity. They do not constitute full financial statements as defined
in section 435 of the Companies Act 2006. The comparative figures
for the year ended 31 December 2017 do not constitute full
financial statements and have been extracted from the Company's
financial statements for the year ended 31 December 2017. Those
accounts were reported upon without qualification by the auditors
and have been delivered to the Registrar of Companies.
The accounting policies and methods of computation followed in
the interim statements are the same as those adopted in the
preparation of the audited financial statements for the year ended
31 December 2017. New standards coming into force during the period
have not had a material impact on these interim financial
statements.
The financial statements for the year ended 31 December 2017
were prepared in accordance with the International Financial
Reporting Standards (IFRSs) as adopted by the European Union and
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS. Where guidance set out in the SORP is
consistent with the requirements of IFRS, the financial statements
have been prepared in compliance with the recommendations of the
SORP.
The Company has carried out an assessment of accounting
standards, amendments and interpretations that have been issued by
the IASB and that are effective for the current reporting period.
These include IFRS 9 Financial Instruments and IFRS 15 Revenue from
Contracts with Customers. The Company has determined that IFRS 15
and other amendments/interpretations that are newly effective do
not affect the Company's performance or position. In respect of
IFRS 9 which replaces IAS 39, the Company continues to account for
its investment assets at fair value through profit or loss as
permitted by IFRS 9. Trade receivables continue to be accounted for
at amortised cost and the Company now applies the new IFRS 9
expected credit loss impairment model to these financial assets.
The impact of recognising impairment based on expected credit
losses rather than on an incurred basis is minimal.
The financial statements are presented in sterling and all
values are rounded to the nearest thousand (GBP000), except where
stated.
Going Concern: The directors have carefully considered the issue
of going concern and are satisfied that the Company has sufficient
resources to meet its obligations as they fall due for a period of
at least twelve months from the date these interim statements were
approved. As at 30 September 2018 the Company held cash balances
and fixed term deposits with a combined value of GBP13,680,000.
Cash flow projections show the Company has sufficient funds to meet
both its contracted expenditure and its discretionary cash outflows
in the form of share buy-backs and the dividend policy. The
directors therefore believe that it is appropriate to continue to
apply the going concern basis of accounting in preparing these
interim statements.
2 Income
Unaudited Unaudited
9 months ended 9 months ended
30 September 30 September
2018 2017
GBP000 GBP000
Income from investments
- Dividends from unquoted companies 364 193
- Dividends from AIM quoted companies 16 15
------------------------------------------------------------------- ---------------- ----------------
380 208
- Interest on loans to unquoted companies 763 789
------------------------------------------------------------------- ---------------- ----------------
Income from investments held at fair value through profit or loss 1,143 997
Interest on bank deposits 91 89
------------------------------------------------------------------- ---------------- ----------------
1,234 1,086
------------------------------------------------------------------- ---------------- ----------------
3 Taxation
Unaudited 9 months ended Unaudited 9 months ended
30 September 2018 30 September 2017
----------------------------- -----------------------------
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Profit before taxation 673 1,960 2,633 535 703 1,238
-------------------------------------------------------- --------- --------- ------- --------- --------- -------
Profit before taxation multiplied by the blended
standard small company rate of corporation
tax in UK of 19.0% (2017: 19.5%) 128 372 500 104 137 241
Effect of:
UK dividends received (72) - (72) (41) - (41)
Non-taxable profits on investments - (501) (501) - (263) (263)
Excess expenses - 73 73 - 63 63
-------------------------------------------------------- --------- --------- ------- --------- --------- -------
Tax charge (credit) 56 (56) - 63 (63) -
-------------------------------------------------------- --------- --------- ------- --------- --------- -------
The Company has no provided, or unprovided, deferred tax
liability in either period.
Deferred tax assets in respect of losses have not been
recognised as the directors do not currently believe that it is
probable that sufficient taxable profits will be available against
which the assets can be recovered.
Due to the Company's status as a venture capital trust, and the
continued intention to meet the conditions required to comply with
Chapter 3 Part 6 of the Income Tax Act 2007, the Company has not
provided deferred tax on any capital gains or losses arising on the
revaluation or realisation of investments.
4 Dividends
Amounts recognised as distributions to equity holders in the
period:
Unaudited Unaudited Audited
9 months ended 9 months ended year ended
30 September 2018 30 September 2017 31 December 2017
--------------------------- --------------------------- ---------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Final dividend for the year
ended 31 December 2017 of
1.5p (2016: 1.5p) per
ordinary share 265 1,347 1,612 177 1,334 1,511 177 1,334 1,511
Interim dividend for the year
ending 31 December 2018 of
1.5p (2017: 1.5p) per
ordinary share 201 1,412 1,613 232 1,277 1,509 232 1,277 1,509
------------------------------- -------- -------- ------- -------- -------- ------- -------- -------- -------
466 2,759 3,225 409 2,611 3,020 409 2,611 3,020
------------------------------- -------- -------- ------- -------- -------- ------- -------- -------- -------
Shares allotted under DRIS (717) (658) (658)
Unclaimed dividends 90 3 3
------------------------------- -------- -------- ------- -------- -------- ------- -------- -------- -------
Dividends paid in the
Statement of Cash Flows 2,598 2,365 2,365
------------------------------- -------- -------- ------- -------- -------- ------- -------- -------- -------
5 Basic and Diluted Earnings per Ordinary Share and Changes in Share Capital
The basic and diluted earnings per ordinary share is based on
the profit after tax attributable to equity shareholders of
GBP2,633,000 (30 September 2017: GBP1,238,000) and 106,438,144 (30
September 2017: 99,655,004) ordinary shares being the weighted
average number of ordinary shares in issue during the period.
The basic and diluted revenue earnings per ordinary share is
based on the revenue profit attributable to equity shareholders of
GBP617,000 (30 September 2017: GBP472,000) and 106,438,144 (30
September 2017: 99,655,004) ordinary shares being the weighted
average number of ordinary shares in issue during the period.
The basic and diluted capital earnings per ordinary share is
based on the capital profit attributable to equity shareholders of
GBP2,016,000 (30 September 2017: GBP766,000) and 106,438,144 (30
September 2017: 99,655,004) ordinary shares being the weighted
average number of ordinary shares in issue during the period.
During the period the Company allotted 1,313,755 new ordinary
shares in respect of its dividend re-investment scheme and
7,366,700 new ordinary shares of 10 pence each under the offer for
subscription launched on 11 January 2018, which raised gross
proceeds of GBP4.40 million.
The Company has repurchased 1,659,152 of its own shares in the
period and these shares are held in the capital reserve. The total
of 5,665,503 treasury shares has been excluded in calculating the
weighted average number of ordinary shares during the period.
The only potentially dilutive shares are those shares which,
subject to certain criteria being achieved in the future, may be
issued by the Company to meet its obligations under the Investment
Adviser Agreement. No such shares have been issued or are currently
expected to be issued. Consequently basic and diluted earnings per
ordinary share are equivalent at 30 September 2018, 31 December
2017 and 30 September 2017.
6 Financial Assets at Fair Value through Profit or Loss
IFRS 13, in respect of financial instruments that are measured
in the balance sheet at fair value, requires disclosure of fair
value measurements by level within the following fair value
measurement hierarchy:
-- Level 1: quoted prices in active markets for identical assets
or liabilities. The fair value of financial instruments traded in
active markets is based on quoted market prices at the balance
sheet date. A market is defined as a market in which transactions
for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. The
quoted market price used for financial assets held by the Company
is the current bid price. These instruments are included in Level 1
and comprise AIM quoted investments classified as held at fair
value through profit or loss.
-- Level 2: the fair value of financial instruments that are not
traded in an active market is determined by using valuation
techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as
possible on entity specific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument
is included in Level 2. The Company held no such instruments in the
current or prior year.
-- Level 3: the fair value of financial instruments that are not
traded in an active market (for example, investments in unquoted
companies) is determined by using valuation techniques such as
earnings or sales multiples. If one or more of the significant
inputs is not based on observable market data, the instrument is
included in Level 3. The majority of the Company's investments fall
into this category.
Each investment is reviewed at least quarterly to ensure that it
has not ceased to meet the criteria of the level in which it was
included at the beginning of each accounting period. There have
been no transfers between these classifications in the period
(2017: none).
The change in fair value for the current and previous year is
recognised through profit or loss. All items held at fair value
through profit or loss were designated as such upon initial
recognition.
Valuation of Investments
Initial Measurement: Financial assets are initially measured at
fair value. The best estimate of the initial fair value of a
financial asset that is either quoted or not quoted in an active
market is the transaction price (i.e. cost).
Subsequent Measurement: The International Private Equity and
Venture Capital (IPEV) Valuation Guidelines ("the Guidelines")
identify six of the most widely used valuation methodologies for
unquoted investments. The Guidelines advocate that the best
valuation methodologies are those that draw on external, objective
market-based data in order to derive a fair value.
Full details of the methods used by the Company were set out on
page 53 of the financial statements for the year ended 31 December
2017, a copy of which can be found at www.bscfunds.com. Where
investments are in quoted stocks, fair value is set at the market
price.
The primary methods used for valuing non-quoted investments, and
the key assumptions relating to them are:
-- Price of recent investment, reviewed for changes in fair
value: This represents the cost of the investment or the price at
which a significant amount of new investment has been made by an
independent third party adjusted, if necessary, for factors
relevant to the background of the specific investment. The value of
the investment is assessed for changes or events that would imply
either a reduction or increase to its fair value through comparison
of financial, technical and marketing milestones set at the time of
investment. Where it is considered that the fair value no longer
approximates to the cost of the recent investment an estimated
adjustment to the cost, based on objective data, will be made to
the investment's carrying value.
-- Earnings multiple: A multiple that is appropriate and
reasonable, given the risk profile and earnings growth prospects of
the underlying company, is applied to the maintainable earnings of
that company. The multiple is adjusted to reflect any risk
associated with lack of marketability and to take account of the
differences between the investee company and the benchmark company
or companies.
-- Sales multiples and industry valuation benchmarks: Where
appropriate comparator companies can be identified, multiples of
revenues may be used as a valuation benchmark.
Movements in investments at fair value through profit or loss
during the nine months to 30 September 2018 are summarised as
follows:
IFRS 13 measurement classification Level 3 Level 1 Total
Unquoted Quoted Equity Investments
Investments Investments
GBP000
GBP000 GBP000
Opening cost 30,115 1,248 31,363
Opening valuation gain 8,026 1,034 9,060
----------------------------------------- ------------- --------------- --------------------------
Opening fair value at 1 January 2018 38,141 2,282 40,423
Additions at cost 5,534 - 5,534
Disposal proceeds (807) (300) (1,107)
Net (loss) gain on disposal (258) 25 (233)
Change in fair value 2,336 459 2,795
----------------------------------------- ------------- --------------- --------------------------
Closing fair value at 30 September 2018 44,946 2,466 47,412
----------------------------------------- ------------- --------------- --------------------------
Closing cost 34,249 859 35,108
Closing valuation gain 10,697 1,607 12,304
----------------------------------------- ------------- --------------- --------------------------
Closing fair value at 30 September 2018 44,946 2,466 47,412
----------------------------------------- ------------- --------------- --------------------------
The net loss on disposal in the table above is GBP233,000
whereas that shown in the Statement of Comprehensive Income is a
loss of GBP156,000. The difference comprises the net gain of
GBP77,000 arising on deferred proceeds in respect of assets which
have been disposed of and are not included within the investment
portfolio at the period end.
Level 3 valuations include assumptions based on non-observable
data, such as discounts applied either to reflect changes in fair
value of financial assets held at the price of recent investment,
or to adjust earnings multiples.
IFRS13 requires disclosure, by class of financial instruments,
if the effect of changing one or more inputs to reasonably possible
alternative assumptions would result in a significant change to
fair value measurement. Each unquoted portfolio company has been
reviewed and both downside and upside alternative assumptions have
been identified and applied to the valuation of each of the
unquoted investments. Applying the downside alternative the value
of the unquoted investments would be GBP2,998,000 (6.7 per cent)
lower. Using the upside alternative the value would be increased by
GBP3,246,000 (7.2) per cent).
Of the Company's investments, 95 per cent are in unquoted
companies held at fair value (31 December 2017: 94 per cent). The
valuation methodology for these investments includes the
application of externally produced sales multiples and FTSE(R) PE
multiples. Therefore the value of the unquoted element of the
portfolio is also indirectly affected by price movements on the
listed market. Those using earnings and sales multiple
methodologies include judgements regarding the level of discount
applied to that multiple. A 10 per cent decrease in the discount
applied would have increased the net assets attributable to the
Company's shareholders and the total profit by GBP3,542,000 (5.7
per cent of net assets). An equal change in the opposite direction
would have decreased net assets attributable to the Company's
shareholders and the total profit by the same amount.
Of the Company's equity investments, 5 per cent are quoted on
AIM (31 December 2017: 6 per cent). A 5 per cent increase in stock
prices as at 30 September 2018 would have increased the net assets
attributable to the Company's shareholders and the total profit for
the period by GBP123,000 (31 December 2017: GBP114,000). An equal
change in the opposite direction would have decreased the net
assets attributable to the Company's shareholders and the total
profit for the period by an equal amount.
There have been no individual fair value adjustments downwards
during the period that exceeded 5 per cent of the total assets of
the Company (31 December 2017: none).
The following disposals and loan repayments took place during
the period (all companies are unquoted unless otherwise
stated).
Net Cost Opening Gain (loss) Profit
proceeds carrying over (loss)
from sale value as at opening on
1 January 2018 carrying original
value cost
GBP000 GBP000 GBP000 GBP000 GBP000
Unquoted investments
ACC Aviation (via NewACC (2014) Limited) 615 615 615 - -
GTK (Holdco) Limited 149 149 149 - -
Macro Art Holdings Limited 43 43 43 - -
PowerOasis Limited - 594 258 (258) (594)
-------------------------------------------- ----------- ------- ---------------- ------------ ----------
807 1,401 1,065 (258) (594)
-------------------------------------------- ----------- ------- ---------------- ------------ ----------
Quoted investments
AB Dynamics plc 139 12 118 21 127
Allergy Therapeutics plc 124 351 132 (8) (227)
EKF Diagnostics plc 37 26 25 12 11
-------------------------------------------- ----------- ------- ---------------- ------------ ----------
300 389 275 25 (89)
Total from disposals in the period 1,107 1,790 1,340 (233) (683)
-------------------------------------------- ----------- ------- ---------------- ------------ ----------
Revaluation of deferred consideration:
Ness (Holdings) Limited - - 42 (42) -
Selima Holding Company Ltd 139 - 20 119 139
-------------------------------------------- ----------- ------- ---------------- ------------ ----------
Total from quoted and unquoted investments 1,246 1,790 1,402 (156) (544)
-------------------------------------------- ----------- ------- ---------------- ------------ ----------
The proceeds in the table above total GBP1,246,000, whereas that
shown in the Statement of Cash Flows (including deferred
consideration) is GBP1,209,000. The difference comprises proceeds
of GBP37,000 received shortly after the period end.
7 Basic and Diluted Net Asset Value per Ordinary Share
The basic and diluted net asset value per ordinary share is
calculated on attributable assets of GBP62,501,000 (30 September
2017 and 31 December 2017: GBP58,571,000 and GBP59,056,000
respectively) and 107,511,878 (30 September 2017 and 31 December
2017: 101,091,180 and 100,490,575 respectively) ordinary shares in
issue at 30 September 2018.
The 5,665,503 (30 September 2017 and 31 December 2017: 3,405,746
and 4,006,351) treasury shares have been excluded in calculating
the number of ordinary shares in issue at 30 September 2018.
The only potentially dilutive shares are those shares which,
subject to certain criteria being achieved in the future, may be
issued by the Company to meet its obligations under the Investment
Adviser Agreement. No such shares have been issued or are currently
expected to be issued. Consequently, basic and diluted net asset
values are equivalent at 30 September 2018, 31 December 2017 and 30
September 2017.
8 Total Return
Total Return per share is calculated on cumulative dividends
paid of 58.5 pence per ordinary share (30 September 2017: 55.5
pence per ordinary share and 31 December 2017: 55.5 pence per
ordinary share) plus the net asset value as calculated in note
7.
9 Directors
The directors of the Company are: Richard Last, Robert Martin
Pettigrew, and Peter Charles Waller.
10 Post Balance Sheet Events
Subsequent to 30 September 2018 the Company has realised part of
its quoted portfolio raising total proceeds of GBP1,012,000, in
line with the value of the investments at 30 September 2018.
11 Other Information
Copies of the interim report can be obtained from the Company's
registered office: 5th Floor, Valiant Building, 14 South Parade,
Leeds, LS1 5QS or from www.bscfunds.com.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
For further information, please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Jonathan Becher Panmure Gordon (UK) Limited Tel: 0207 886 2715
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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