TIDMDEVC
Draper Esprit VCT plc
LEI:2138003I9Q1QPDSQ9Z97
Half-Yearly Report for the six months ended 30 September
2021
Recent performance summary
30 Sept 31 Mar 30 Sept
2021 2021 2020
Pence Pence Pence
Net Asset Value ("NAV") per
Share 61.0 50.0 49.9
Cumulative distributions
paid per Share 109.0 107.5 105.0
Total Return per Share 170.0 157.5 154.9
======= ====== =======
CHAIRMAN'S STATEMENT
I am pleased to present the Half-Yearly Report for the Company
for the six months ended 30 September 2021.
This has been a period where we have started to see evidence of
excellent progress made by a number of portfolio companies. Most of
these companies joined the portfolio as part of the investment
arrangements with Molten Ventures plc (previously known as Draper
Esprit plc) which commenced in 2016. Shareholders will be aware
that Molten Ventures plc completed the full acquisition of the
Company's investment manager, Elderstreet Investments Limited,
earlier this year.
Net Asset Value, results and dividends
At 30 September 2021, the Company's Net Asset Value ("NAV") per
share stood at 61.0p, an increase of 12.5p or 25.0% since 31 March
2021 (after adding back the dividend paid in the period).
The profit on ordinary activities after taxation for the period
was GBP17.1 million (period ended 30 September 2020: GBP5.7
million), comprising a revenue loss of GBP63,000 (period ended 30
September 2020: GBP222,000) and a capital profit of GBP17.2 million
(period ended 30 September 2020: GBP5.9 million).
An interim dividend of 1.5p per Share will be paid on 28 January
2022, to Shareholders on the register as at 7 January 2022.
The Company has recently introduced a Dividend Reinvestment
Scheme that will commence for dividends paid after 31 March
2022.
Venture capital investments
It was a reasonably quiet period in terms of new investment
activity. The Company made two new and two follow-on investments,
totalling GBP1.1 million.
The Company invested GBP600,000 in Focal Point Positioning
Limited, a deeptech company whose technology boosts the performance
of GPS chips in smartphones, wearables and vehicles.
GBP270,000 was also invested in Guybrush Limited, trading as
Agora, an online shopping mall which offers consumers a digital way
to shop and learn about beauty products as if they were
in-store.
A follow-on investment of GBP150,000 was made into Macranet
Limited, trading as Sentiment Metrics, a social intelligence and
engagement platform. Also, a further investment of GBP100,000 was
made into United Authors Publishing Limited, trading as Unbound, a
digital book publisher.
New investment activity has picked up greatly since the period
end and, accordingly, we expect a significant level of funds to be
deployed in the second half of the year.
At the period end, the Company held a portfolio of 39 venture
capital investments, valued at GBP62.8 million.
The Board has reviewed the valuations of the unquoted
investments as at 30 September 2021 and made a number of
adjustments to their carrying values. This has resulted in a net
valuation uplift of GBP17.6 million for the period across the whole
portfolio.
The largest valuation increases are highlighted as follows:
Back Office Technology Limited, trading as Form3, a cloud native
fintech payments processor, of GBP5.5 million, driven by a new
funding round.
Lyalvale Express Limited, a leading producer of shotgun
ammunition, of GBP2.6 million on the back of improved trading.
IESO Digital Health Limited, a provider of online mental
healthcare, of GBP2.4 million, based on an agreed funding round
which completed soon after the period end.
StreetTeam Software Limited, trading as Pollen, the operator of
a social ticketing system for travel, festivals and nightlife, of
GBP2.2 million, arising from a strong trading recovery.
Thought Machine Group Limited, a cloud native banking platform,
of GBP1.6 million, based on a new funding round.
Further details on these investments are included in the
Investment Manager's Report.
The Company holds two AIM-quoted investments; Access
Intelligence plc and Fulcrum Utility Services Limited, which are
both valued on their share prices as at 30 September 2021. The
investment in Access Intelligence plc saw an uplift of GBP1.3
million over the period
Fundraising
As reported in the last Annual Report, the Company closed a very
successful offer for subscription in April 2021, having reached
full capacity of GBP20 million.
In view of the strong demand from investors and the expectation
of a continuing stream of good quality dealflow, the Company
launched a new offer for subscription in November seeking to raise
up to GBP20 million (with an overallotment facility of GBP10
million to be used at the Directors' discretion).
Investor interest in this offer is once again proving to be high
with over GBP14 million having been raised at the time of
writing.
Shareholders can find full details of the offer including the
prospectus at:
www.draperespritvct.com
Investors are recommended to consult their financial adviser
before making any investment decisions.
Board Composition
As announced in the annual report, Michael Jackson, the founder
of Elderstreet Investments Limited, retired from the Board and did
not stand for re-election as a non-executive director at the AGM,
which took place in August. We thank Michael for his considerable
contribution as investment manager and director of the Company
during the 23 years that he served on the Board, and for
facilitating the migration of the management of the Company to
Molten Ventures plc. I and my colleagues wish him every happiness
and success in his future ventures.
As previously announced, to coincide with Michael's retirement
from the board, Richard Marsh, a senior partner at Molten Ventures
plc, the parent company of the Investment Manager, was appointed a
non-executive director to the Company.
The Board now comprises four non-executive directors, three of
whom are independent of the manager. The composition of the board
is being reviewed with a view to further changes in due course.
Plans for change of Company name
In line with the recent rebranding of the Draper Esprit plc to
Molten Ventures plc, the board expects to change the name of the
Company next year to:
Molten Ventures VCT plc
We will notify Shareholders of this change nearer the time.
Share buybacks
The Company continues to operate a policy of buying in its
shares that become available in the market, at approximately a 5%
discount to the latest published NAV, subject to regulatory and
liquidity constraints.
In line with this policy, during the period the Company
purchased 1,383,504 shares for cancellation an average price of
48.2p per share.
Any Shareholders considering selling their shares will need to
use a stockbroker, who you should ask to contact Panmure Gordon
(UK) Limited, who acts as the Company's corporate broker and can
provide details on closed periods and when the Company is able to
buy shares.
Outlook
The Board believes that the strong performance seen over this
six-month period is a good indicator of the potential of the
portfolio of young technology businesses that the Company now
holds. Although we have not yet seen any substantial exits, there
is reason to be optimistic that these will follow in time.
Over the past three years, the Molten Ventures Group has
developed its platform so as to be able to access some of the best
technology dealflow across Europe. With a significant level of
funds available for investment and additional funds being raised,
the Company can take advantage of the new opportunities and
continue to add further young businesses to the portfolio as
existing portfolio companies steadily move towards maturity.
I look forward to updating Shareholders in the next Annual
Report, which I expect to be published in July 2022.
David Brock
Chairman
INVESTMENT MANAGER'S REPORT
Since the acquisition of the Investment Manager in February 2021
the co-investment arrangements with Molten Ventures plc (previously
named Draper Esprit plc), to share deal flow, management experience
and investment opportunities, continues to be positive from both an
investment and a fundraising perspective. The past six months have
seen a marked improvement in the fortunes of the portfolio.
In the last six months the Net Asset Value ("NAV") has increased
from 50.0p to 61.0p an increase of 22% and 25% including the
dividend paid in the period. This good news comes on the back of a
number of positive fundraisings in the technology portfolio.
Already this new portfolio of technology investments is
beginning to show some significant upside including Thought Machine
Group Limited, which has recently achieved 'unicorn' status ($1
billion valuation) on receipt of a new investment announced in
November 2021. The round which raised $200 million was led by Nyca
Partners. New institutional investors include ING Ventures,
JPMorgan Chase and Standard Chartered Ventures.
In addition, Back Office Technology Limited, which trades as
Form3, also received third party investment of $160m in 2021 led by
Goldman Sachs delivering the VCT an unrealised 5.6x multiple on its
cost.
We now define the Company as having two portfolios; a new
technology portfolio invested alongside other Molten Ventures funds
and a legacy portfolio assembled before the Molten Ventures plc
arrangement. At the period end, the technology portfolio as a
percentage of total net assets accounted for 42%, the legacy
portfolio 29%, and cash 29%.
The rate of new deal completions in the period was relatively
slow. In the period two new investments were made into the
technology portfolio totalling GBP0.87 million, into Focal Point
Positioning and Guybrush. One small follow-on totalling GBP0.1
million was made into United Authors Publishing.
However, since the period end, the rate of investment has
increased substantially and at the time of writing two new
investments totalling GBP2.28 million, and one further follow on
into IESO totalling GBP1.66 million have been completed. In
addition, six further deals have either signed term sheets, are in
legals, or awaiting HMRC Advance Assurance prior to completing,
totalling GBP8.4 million. These new deals are in the Deeptech,
Consumer and Enterprise sectors.
The acceleration in new deals is led by an ever-expanding team
of Investment professionals in the Investment Manager's parent
Molten Ventures plc. This team now numbers ten executives and six
venture partners backed up by ten further deal process and deal
origination support staff. The wider headcount of Molten Ventures
plc is 58.
Within the legacy portfolio, five companies make up 97% of the
carrying value at 30 September 2021. These companies have risen in
value by 22% since 31 March and now total GBP24.8 million (28% of
NAV). In the period one small follow on investment of GBP0.15
million was made into Macranet Limited. There were no
divestments.
As Investment Manager of the VCT, we previously signalled
cautious optimism as we believe the fundamentals of technology
investing remain strong. We are pleased to report a continued
overall recovery in valuations from the low point of the 'Covid
dip' in March 2020, and it is positive that many uplifts in the
portfolio have been led by new investors leading very large
investment rounds. However, as with the risk profile of technology
investing there have been some valuation drops in four technology
portfolio companies totalling GBP0.7 million.
In 2017 the co-investment agreement with Molten Ventures plc
laid the groundwork for a new start for the VCT. Four years later
the benefit of this strategy is beginning to show positive
upside.
The pace at which new technologies are disrupting, shaping and
improving the world around us shows no signs of relenting with
developments around machine learning, artificial intelligence,
mobility, and blockchain opening up exciting new possibilities
across our areas of focus in enterprise, digital health, hardware
and deeptech, and consumer technology.
In conclusion, while we cannot be certain about what the future
holds in the technology landscape, we are confident in our
technology investment strategy and the attributes of strong
potential for future value growth.
Elderstreet Investments Limited
SUMMARY OF INVESTMENT PORTFOLIO
Valuation % of
Investment Portfolio as movement portfolio
at 30 September 2021 Cost Valuation in period by value
GBP'000 GBP'000 GBP'000
Top ten venture capital
investments
Access Intelligence plc* 2,586 12,115 1,326 13.6%
Back Office Technology
Limited 1,420 7,955 5,546 9.0%
Fords Packaging Topco
Limited 2,433 6,878 - 7.7%
Endomagnetics Limited 2,147 5,652 1,008 6.4%
Thought Machine Group
Limited 2,400 4,024 1,625 4.5%
Lyalvale Express Limited 1,915 3,999 2,571 4.5%
IESO Digital Health Limited 1,900 3,302 2,352 3.7%
StreetTeam Software Limited 2,820 2,531 2,211 2.9%
Freetrade Limited 600 2,367 - 2.7%
Evonetix Limited 1,485 1,882 - 2.1%
19,706 50,705 16,639 57.1%
Other venture capital
investments 20,948 12,086 936 13.6%
40,654 62,791 17,575 70.7%
Cash at bank and in hand 26,045 29.3%
Total investments 88,836 100.0%
*Quoted on AIM
All venture capital investments are unquoted unless otherwise
stated.
SUMMARY OF INVESTMENT MOVEMENTS
Investment additions
Venture capital investments GBP'000
Focal Point Positioning Limited 600
Guybrush Limited 270
Macranet Limited 150
United Authors Publishing Limited 100
1,120
=======
Investment Value at Profit
disposals Cost 1 April 2021 Proceeds vs cost Realised gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Venture capital
investments
Baldwin & Francis
Limited 1,534 - - (1,534) -
IXL PremFina
Limited 755 660 660 (95) -
2,289 660 660 (1,629) -
======= ============= ======== ======== =============
*Quoted on AIM
All venture capital investments are unquoted unless otherwise
stated.
UNAUDITED BALANCE SHEET
as at 30 September 2021
30 Sept 30 Sept 31 Mar
2021 2020 2021
GBP'000 GBP'000 GBP'000
Fixed assets
Investments 62,791 37,677 44,756
Current assets
Debtors 7 51 78
Cash at bank and in hand 26,045 17,806 10,659
26,052 17,857 10,737
Creditors: amounts falling
due within one year (99) (220) (81)
Net current assets 25,953 17,637 10,656
Net assets 88,744 55,314 55,412
Capital and reserves
Called up Share capital 7,275 5,544 5,537
Capital redemption reserve 728 652 659
Share premium account 36,438 18,321 18,321
Merger reserve 1,828 1,828 1,828
Special reserve 12,041 17,814 15,463
Capital reserve - unrealised 31,052 10,588 14,159
Capital reserve - realised - 798 -
Revenue reserve (618) (231) (555)
Equity Shareholders'
funds 88,744 55,314 55,412
Basic and diluted Net 61.0p 49.9p 50.0p
Asset Value per Share
UNAUDITED INCOME STATEMENT
for the six months ended 30 September 2021
Year
Six months ended Six months ended ended
30 Sept 2021 30 Sept 2020 31 Mar 2021
Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 295 - 295 48 - 48 104
Gains on
investments
Realised - - - - 22 22 38
Unrealised - 17,575 17,575 - 6,171 6,171 9,732
295 17,575 17,870 48 6,193 6,241 9,874
Investment
management
fees (138) (416) (554) (91) (276) (367) (921)
Other expenses (220) - (220) (179) - (179) (420)
Return on
ordinary
activities
before
taxation (63) 17,159 17,096 (222) 5,917 5,695 8,533
Tax on total
comprehensive
income and
ordinary
activities - - - - - - -
Return
attributable
to equity
Shareholders (63) 17,159 17,096 (222) 5,917 5,695 8,533
======= ======= ======= ======= ======= ======= ============
Basic and - 11.7p 11.7p (0.2p) 5.5p 5.3p 7.9p
diluted return
per Share
All Revenue and Capital items in the above statement are derived
from continuing operations. The total column within the Income
Statement represents the profit and loss account of the
Company.
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2021
Called
up Capital
Share redemption Share Merger Special Capital Capital Revenue
capital reserve premium reserve reserve reserve-unrealised reserve-realised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April
2020 3,997 633 6,388 1,828 18,713 4,417 776 (9) 36,743
-------- ----------- ----------- -------- --------- ------------------- ----------------- -------- -------
Total comprehensive
income - - - - - 9,732 (653) (546) 8,533
Transfer between
reserves - - - - (2,565) 10 2,555 - -
Transactions
with owners
Issue of new
Shares 1,566 - 11,933 - - - - - 13,499
Share issue
costs - - - - (455) - - - (455)
Purchase of
own Shares (26) 26 - - (230) - - - (230)
Dividends
paid - - - - - - (2,678) - (2,678)
----------- ---------
At 31 March
2021 5,537 659 18,321 1,828 15,463 14,159 - (555) 55,412
-------- ----------- ----------- -------- --------- ------------------- ----------------- -------- -------
Total comprehensive
income - - - - - 17,575 (416) (63) 17,096
Transfer between
reserves - - - - 266 (682) 416 - -
Transactions
with owners
Issue of new
Shares 1,807 - 18,117 - - - - - 19,924
Share issue
costs - - - - (839) - - - (839)
Purchase of
own Shares (69) 69 - - (667) - - - (667)
Dividends
paid - - - - (2,182) - - (2,182)
----------- ---------
At 30 September
2021 7,275 728 36,438 1,828 12,041 31,052 - (618) 88,744
======== =========== =========== ======== ========= =================== ================= ======== =======
A transfer of GBP416,000 was made from the Special Reserve to
the Capital Reserve -- realised in respect of capital expenses for
the period. A transfer of GBP682,000 was made from the Capital
Reserve -- unrealised to the Special Reserve for realised loss on
investment disposal and reversal of impairment loss during the
year.
UNAUDITED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2021
Six months Six months
ended ended
30 Sept 30 Sept Year ended
2021 2020 31 Mar 2021
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Return on ordinary activities before taxation 17,096 5,695 8,533
(Gains)/losses on investments (17,575) (6,193) (9,770)
Decrease/(increase) in debtors 29 2,365 (16)
Increase in creditors 18 30 (15)
Net cash inflow/(outflow) generated from operating
activities (432) 1,897 (1,268)
---------- ---------- ------------
Cash flow from investing activities
Purchase of investments (1,120) (5,411) (9,011)
Sale of investments 660 22 2,520
Net cash outflow from investing activities (460) (5,389) (6,491)
---------- ---------- ------------
Cash flows from financing activities
Proceeds from Share issue 19,924 13,499 (2,772)
Share issue costs (797) (455) 13,499
Purchase of own Shares (667) (168) (501)
Equity dividends paid (2,182) - (230)
Net cash inflow from financing activities 16,278 12,876 9,996
---------- ---------- ------------
Increase/(decrease) in cash 15,386 9,384 2,237
Net movement in cash
Beginning of period 10,659 8,422 8,422
Net cash inflow/(outflow) 15,386 9,384 2,237
End of period 26,045 17,806 10,659
========== ========== ============
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
for the six months ended 30 September 2021
1. The unaudited Half-Yearly Report covers the six months to 30
September 2021 and has been prepared in accordance with the
accounting policies set out in the statutory accounts for the
period ended 31 March 2021, which were prepared in accordance with
the Financial Reporting Standard 102 ("FRS 102") and the Statement
of Recommended Practice "Financial Statements of Investment Trust
Companies" issued in October 2019 ("SORP").
2. The Company has only one class of business and derives its
income from investments made in shares, securities and bank
deposits.
3. The comparative figures are in respect of the six months
ended 30 September 2020 and the year ended 31 March 2021
respectively.
4. Basic and diluted return per Share
Year
Six months ended Six months ended ended
30 Sept 30 Sept 31 Mar
2021 2020 2021
Return per Share
based on:
Net revenue
(loss)/return
(GBP'000) (63) (222) (546)
Capital return per
Share based on:
Net capital
gain/(loss)
(GBP'000) 17,159 5,917 9,079
Weighted average
number of Shares 146,059,737 106,544,017 108,677,601
5. Dividends
30 September 2021 31 March 2021
Per Share Revenue Capital Total Total
Pence GBP'000 GBP'000 GBP'000 GBP'000
Payable
2022 Interim 1.5p - 2,182 2,182 -
Paid in the
period
2021 Final 1.5p - 2,182 2,182 -
2021 Interim 1.0p - - - 1,107
2020 Final 1.5p - - - 1,571
- 2,182 2,182 2,678
======= ======= ======= =============
6. Basic and diluted Net Asset Value per Share
30 Sept 2021 30 Sept 2020 31 Mar 2021
Net asset value per Share
based on:
Net assets (GBP'000) 88,744 55,314 55,412
Number of Shares in issue at
period end 145,501,149 110,874,413 110,738,558
Net Asset Value per Share 61.0p 49.9p 50.0p
7. Called up Share capital
30 Sept 2021 30 Sept 2020 31 Mar 2021
Ordinary Shares of 5p each
Number of Shares in issue at
period end 145,501,149 110,874,413 110,738,558
Nominal value (GBP'000) 7,275 5,544 5,537
During the period the Company allotted 36,146,095 Ordinary
Shares of 5p each ("Ordinary Shares") under an Offer for
Subscription that launched in February 2021, at an average price of
55.12p per Share. Gross proceeds received thereon were GBP19.9
million, with issue costs in respect of the Offer amounting to
GBP839,000.
During the period, the Company purchased 1,383,504 Shares for
cancellation for an aggregate consideration of GBP667,000, at an
average price of 48.2p per Share (approximately equal to a 5.0%
discount to the most recently published NAV at the time of
purchase) and representing 1.25% of the Share capital in issue as
at 1 April 2021.
8. Reserves
The special reserve is available to the Company to enable the
purchase of its own Shares in the market without affecting its
ability to pay dividends and allows the Company to write back
realised capital losses arising on disposals and impairments.
Distributable reserves are calculated as follows:
30 Sept 2021 30 Sept 2020 31 Mar 2021
GBP'000 GBP'000 GBP'000
Special reserve 12,041 17,814 15,463
Capital reserve - realised - 798 -
Revenue reserve (618) (231) (555)
Merger reserve - distributable
element 423 423 423
Unrealised losses - net of
unquoted gains 6,283 805 2,244
18,129 19,609 17,575
======= ============
In October 2018, the balances on the Share Premium account and
the capital redemption reserve were cancelled and added to the
special reserve, contributing an additional GBP26.2 million to
distributable reserves. The VCT regulations place some restrictions
on the use of these reserves during the first three to four years
after the funds on which they arose were raised.
9. Investments
The fair value of investments is determined using the detailed
accounting policy as set out in Note 1 of the Annual Report.
The Company has categorised its financial instruments using the
fair value hierarchy as follows:
Level 1 Reflects financial instruments quoted in an active market (fixed interest investments, and investments in shares quoted on either the Main or AIM Markets);
Level 2 Reflects financial instruments that have prices that are observable either directly or indirectly; and
Level 3 Reflects financial instruments that use valuation techniques that are not based on observable market data (unquoted equity investments and loan note investments).
Six months ended Period ended 31
30 Sept 2021 Mar 2021
Level Level Level Level Level Level
1 2 3 Total 1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
AIM quoted
shares 11,379 1,427 - 12,806 10,609 1,241 - 11,850
Loan notes - - 508 508 - - 508 508
Unquoted
shares - - 49,477 49,477 - - 32,398 32,398
11,379 1,427 49,985 62,791 10,609 1,241 32,906 44,756
10. Risks and uncertainties
Under the Disclosure and Transparency Directive, the Board is
required in the Company's half-yearly results to report on
principal risks and uncertainties facing the Company over the
remainder of the financial year.
The Board has concluded that the key risks facing the Company
over the remainder of the financial period are as follows:
- investment risk associated with investing in small and
immature businesses;
- liquidity risk arising from investing mainly in unquoted
businesses; and
- failure to maintain approval as a VCT.
In all cases the Board is satisfied with the Company's approach
to these risks. As a VCT, the Company is forced to have significant
exposure to relatively immature businesses. This risk is mitigated
to some extent by holding a well-diversified portfolio.
With a reasonably illiquid venture capital investment portfolio,
the Board ensures that it maintains an appropriate proportion of
its assets in cash and liquid instruments.
The Company's compliance with the VCT regulations is continually
monitored by the Administration Manager, who regularly reports to
the Board on the current position. The Company also retains Philip
Hare and Associates LLP to provide regular reviews and advice in
this area. The Board considers that this approach reduces the risk
of a breach of the VCT regulations to a minimal level.
The Company has considerable financial resources at the period
end and holds a diversified portfolio of investments. As a result,
the Directors believe that the Company is well placed to manage its
business risks successfully despite the current uncertain economic
outlook.
The Directors have concluded that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
11. The Directors confirm that, to the best of their knowledge,
the half-yearly financial statements have been prepared in
accordance with the "Statement: Half-Yearly Financial Reports"
issued by the UK Accounting Standards Board as well as in
accordance with FRS 104 Interim Financial Reporting and the
half-yearly financial report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the current financial year and their impact on
the condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period, and any changes in the related party transactions
described in the last Annual Report that could do so.
12. The unaudited financial statements set out herein do not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006 and have not been delivered to the Registrar
of Companies. The figures for the period ended 31 March 2021 have
been extracted from the financial statements for that period, which
have been delivered to the Registrar of Companies; the Auditor's
report on those financial statements was unqualified.
13. Copies of the unaudited Half-Yearly Report will be sent to
Shareholders shortly. Further copies can be obtained from the
Company's registered office or downloaded from
www.draperespritvct.com and www.downing.co.uk.
(END) Dow Jones Newswires
December 13, 2021 12:14 ET (17:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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