TIDMMVCT
Molten Ventures VCT plc
LEI: 2138003I9Q1QPDSQ9Z97
Half-Year Report
9 December 2022
RECENT PERFORMANCE SUMMARY
30 31 30
Sept Mar Sept
2022 2022 2021
Pence Pence Pence
Net Asset Value ("NAV") per Share 52.8 60.6 61.0
Cumulative distributions paid per Share 113.6 110.5 109.0
----- ----- -----
Total Return per Share 166.4 171.1 170.0
===== ===== =====
CHAIRMAN'S STATEMENT
I am pleased to present the Half-Yearly Report for the Company
for the six months ended 30 September 2022.
Perhaps unsurprisingly, the Company has experienced a modest
fall in its Net Asset Value per share ("NAV") over the period, as
more testing market conditions have taken hold and public market
comparables, where these are used as inputs to valuations, are
almost universally down in the period. The portfolio was notable
for a significant exit from the legacy portfolio and also saw a
number of new investments being added to the technology
portfolio.
Net Asset Value and results
At 30 September 2022, the Company's Net Asset Value per share
("NAV") stood at 52.8p, a decrease of 4.7p or 7.8% since 31 March
2022 (after adding back the dividend paid during the period).
The loss on ordinary activities after taxation for the period
was GBP8.9 million (period ended 30 September 2021: GBP17.1 million
profit), comprising a revenue loss of GBP486,000 (period ended 30
September 2021: GBP63,000) and a capital loss of GBP8.4 million
(period ended 30 September 2021: GBP17.2 million profit).
Dividend
In 2022, the interim dividend was paid at the end of January.
The Board has reviewed the payment date of the interim dividend and
decided to move the usual date to early April in future as this
will provide the Board with some additional flexibility as to the
level of dividend that can be paid.
The Board targets a total annual dividend of equal to 5% of net
asset value. An interim dividend of 1.0p per Share will be paid on
7 April 2023, to Shareholders on the register at 3 March 2023. The
Board expects to announce in due course a final dividend for the
year ended 31 March 2023 which will be paid in August/September
2023.
Shareholders are reminded that the Company now operates a
Dividend Reinvestment Scheme, which allows Shareholders to
automatically reinvest their dividends into new shares in the
Company and obtain further income tax relief on that investment.
Further details about how to opt-in can be found in the
"Shareholder Information" section on the inside cover of this
report.
Venture capital investments
During the period, the Company made three new and two follow-on
investments, at a total cost of GBP8.2 million.
New investments were made in Expanding Circle Limited (trading
as Altruistiq), BeZero Carbon Limited and Fluidic Analytics
Limited. Follow-on investments were made in Focal Point Positioning
Limited, and Apperio Limited.
At the period end, the Company held a portfolio of 46 venture
capital investments, valued at GBP71.8 million.
As usual, the Board has reviewed the valuations of the unquoted
investments as at 30 September 2022 and a number of adjustments to
their carrying values have been made. This has resulted in a net
valuation downturn of GBP6.9 million for the period across the
whole portfolio, primarily as a result of falls in comparable
market valuations and assessment of the portfolio.
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 2022. The
valuation of the investment in Access Intelligence saw a decrease
of GBP746,000 over the period and that in Fulcrum of GBP26,000,
driven by general market conditions.
Further details on these investments are included in the
Investment Manager's Report.
Fundraising
As reported in the last Annual Report, the Company closed a very
successful offer for subscription in April 2022, having raised
GBP20 million.
In view of the strong demand from investors and the expectation
of a continuing stream of good quality deal flow, the Company
launched a new offer for subscription in October seeking to raise
up to GBP30 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 [GBP12] million having been raised at the time of
writing.
Shareholders can find full details of the offer including the
prospectus at:
www.moltenventures.com
Investors are recommended to consult their financial adviser
before making any investment decisions.
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 2,620,650 shares for cancellation at an average price of
54.9p per share.
Any Shareholders considering selling their shares will need to
use a stockbroker, whom 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
Despite the reduced valuations of some investments, the Board
remains satisfied that the Company continues to hold a
well-diversified portfolio of emerging technology businesses which
have the potential to deliver attractive returns to investors.
While valuations of the world's largest quoted technology
businesses have fallen heavily in recent months, the
transformative, venture capital backed, high growth potential
technology businesses in which your Company invests operate in a
different environment in terms of funding and corporate activity.
fundamental drivers for innovation, for new technologies and the
re-invention or creation of new markets, remain strong.
I look forward to updating shareholders on progress in my
statement in the Annual Report to 31 March 2023, which will be
published in the summer.
David Brock
Chairman
INVESTMENT MANAGER'S REPORT
The first six months of the financial year have been against the
backdrop of a challenging market environment with inflation and
rising global interest rates feeding through to a decline in the
value of publicly listed high growth technology companies. Nasdaq
has declined 25% in the past six months while technology
sub-sectors such as semi-conductors and e-commerce have declined
further. In the private markets deployment of investment capital
has slowed while companies, and investors, adapt to an environment
with a higher cost of capital.
This backdrop of heightened geopolitical risks and rising
inflation follows a period where the Company registered an increase
in Net Asset Value ("NAV") of 21% to the year end March 2022.
Unsurprisingly given the headwinds the Company has seen a fall in
its valuation in the following six-month period to 30 September
2022.
In the last six months the NAV has fallen from 60.1p to 52.8p a
decrease of 7.7% after adding back the dividends paid in the
period.
There were net unrealised valuation increases of GBP2.3m over
the period; the largest being Focal Point Positioning Limited
(GBP1.7m) on the back of a successful fundraising.
There were net unrealised valuation losses on investments of
GBP9.3 million in the period; the largest write downs being IESO
Digital Health Limited (GBP2.3m), Freetrade Limited (GBP1.8m),
Primary Bid Limited (GBP1.8m) and Cervest Limited (GBP1.3m) as
valuations and valuation comparables dropped in difficult market
conditions.
In the period the company invested a total of GBP8.2 million
into three new companies and two follow-on investments. Details of
these are shown in the Chairmans's report. Post this period end one
further new deal has been completed into Worldr (worldr.com
https://www.globenewswire.com/Tracker?data=Dbl2N0yVazJfmTcC47ZB18DYJTBg6GoLh4VVGAWul7N_IWFiruv6ZxyCF4toTvu1FGPix5UvcpdxUWM4SSq7Cw==
), which provides security products for enterprise communications
platforms such as Microsoft Teams.
In the period two exits have been completed; Lyalvale Express
Ltd was part of the legacy portfolio prior to the co-investment
agreement with Molten Ventures. The investment was an MBO made in
1998 and returned a multiple of 4.58x and an IRR of 15.9% over the
investment period. The consideration was GBP5.9 million, having
received further income and principal debt repayments of GBP2.8
million over the investment period. The sale allowed the payment of
a special dividend of 1.6p in August 2022.
Servoca was also a legacy portfolio exit for a total
consideration of GBP0.35 million, a small profit of 8% on cost.
Post the period end a further exit has been completed from the
Molten technology portfolio; Roomex initial proceeds of GBP1.28
million are a 1.2x return on cost. There is a possibility of
further escrow proceeds of GBP0.25 million.
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 58%, the legacy
portfolio 14%, and cash 28%.
As Investment Manager of the Company, we previously signalled
cautious optimism as we believe the fundamentals of technology
investing remain strong. We maintain the belief that investing
wisely in innovation can yield good returns across the investment
cycle.
The core portfolio companies are well funded and while we are
not complacent about the economic headwinds, we are confident in
our technology investment strategy and the attributes of strong
potential for future value growth
Elderstreet Investments Limited
Part of the Molten Ventures Group
SUMMARY OF INVESTMENT PORTFOLIO
Valuation % of
Investment Portfolio as at 30 movement portfolio
September 2022 Cost Valuation in period by value
GBP'000 GBP'000 GBP'000
Top ten venture capital
investments
Thought Machine Group Limited 2,400 9,118 (611) 9.1%
Access Intelligence plc* 2,586 7,638 (746) 7.6%
Endomagnetics Limited 2,147 6,322 - 6.3%
Focal Point Positioning Limited 3,300 5,906 1,710 5.9%
Fords Packaging Topco Limited 2,433 5,867 - 5.9%
Form3 Limited 1,420 5,464 - 5.4%
IESO Digital Health Limited 3,567 3,851 (2,291) 3.8%
Ravelin Technology Limited 1,133 2,117 - 2.1%
Impulse Innovations Limited 2,079 2,079 - 2.1%
River Lane Research Limited 901 1,976 212 2.0%
21,966 50,338 (1,726) 50.2%
Other venture capital investments 32,492 21,418 (5,196) 21.3%
54,458 71,756 (6,922) 71.5%
======= ==========
Cash at bank and in hand 28,665 28.5%
--------- ----------
Total investments 100,421 100.0%
========= ==========
*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 2,700
Expanding Circle Limited 1,835
BeZero Carbon Limited 1,567
Fluidic Analytics Limited 1,250
Apperio Limited 857
-------
8,209
=======
Value at
1 April Profit Realised
Investment disposals Cost 2022 Proceeds vs cost gain
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Venture capital
investments
Lyalvale Express Limited 1,915 5,979 5,979 4,064 -
Servoca plc 333 360 360 26 -
------- --------- --------- -------- ---------
2,248 6,339 6,339 4,090 -
======= ========= ========= ======== =========
*Quoted on AIM
All venture capital investments are unquoted unless otherwise
stated.
UNAUDITED BALANCE SHEET
as at 30 September 2022
30 30 31
Sept Sept Mar
2022 2021 2022
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments 9 71,756 62,791 76,808
Current assets
Debtors 8 7 20
Cash at bank and in hand 28,665 26,045 31,095
------- ------- -------
28,673 26,052 31,115
Creditors: amounts falling due within one
year (1,083) (99) (356)
------- ------- -------
Net current assets 27,590 25,953 30,759
------- ------- -------
Net assets 99,346 88,744 107,567
======= ======= =======
Capital and reserves
Called up Share capital 7 9,406 7,275 8,880
Capital redemption reserve 925 728 794
Share premium account 63,628 36,438 56,273
Merger reserve - 1,828 673
Special reserve 8 2,285 12,041 5,303
Capital reserve - unrealised 23,744 31,052 35,220
Capital reserve - realised 8 936 - 1,516
Revenue reserve 8 (1,578) (618) (1,092)
------- ------- -------
Equity Shareholders' funds 6 99,346 88,744 107,567
======= ======= =======
Basic and diluted Net Asset Value per 6 52.8p 61.0p 60.6p
Share
UNAUDITED INCOME STATEMENT
for the six months ended 30 September 2022
Year
ended
31
Six months ended Six months ended Mar
30 Sept 2022 30 Sept 2021 2022
Revenue Capital Total Revenue Capital Total Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income - - - 295 - 295 300
Gains on
investments
Realised - - - - - - 12
Unrealised - (6,922) (6,922) - 17,575 17,575 20,221
------- ------- ------- ------- ------- ------- -------
- (6,922) (6,922) 295 17,575 17,870 20,533
Investment management
fees (289) (867) (1,156) (138) (416) (554) (1,721)
Performance incentive
fees - (621) (621) - - - -
Other expenses (197) - (197) (220) - (220) (407)
------- ------- ------- ------- ------- ------- -------
Return on ordinary
activities before
taxation (486) (8,410) (8,896) (63) 17,159 17,096 18,405
Tax on total
comprehensive
income and
ordinary
activities - - - - - - -
Return
attributable
to equity
Shareholders 4 (486) (8,410) (8,896) (63) 17,159 17,096 18,405
======= ======= ======= ======= ======= ======= =======
Basic and
diluted
return per
Share 4 (0.3p) (4.4p) (4.7p) - 11.7p 11.7p 12.0p
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 2022
Called
up
Share Capital redemp- Share Merger Special Capital Capital Revenue
capital tion 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
2021 5,537 659 18,321 1,828 15,463 14,159 - (555) 55,412
------- --------------- ------- ------- ------- ------------------ ---------------- ------- -------
Total
comprehensive
income - - - - - 20,221 (1,279) (537) 18,405
Transfer
between
reserves - - - (1,155) (6,838) 840 7,153 - -
Transactions
with owners
Issue of new
Shares 3,478 - 37,952 - - - - - 41,430
Share issue
costs - - - - (1,900) - - - (1,900)
Purchase of
own Shares (135) 135 - - (1,422) - - - (1,422)
Dividends paid - - - - - - (4,358) - (4,358)
------- --------------- ------- ------- ------- ------------------ ---------------- ------- -------
At 31 March
2022 8,880 794 56,273 673 5,303 35,220 1,516 (1,092) 107,567
------- --------------- ------- ------- ------- ------------------ ---------------- ------- -------
Total
comprehensive
income - - - - - (6,921) (1,489) (486) (8,896)
Transfer
between
reserves - - - (673) (1,579) (4,555) 6,807 - -
Transactions
with owners
Issue of new
Shares 657 - 7,767 - - - - - 8,424
Share issue
costs - - (412) - - - - - (412)
Purchase of
own Shares (131) 131 - - (1,439) - - - (1,439)
Dividends paid - - - - - (5,898) - (5,898)
------- --------------- ------- ------- ------- ------------------ ---------------- ------- -------
At 30
September
2022 9,406 925 63,628 - 2,285 23,744 936 (1,578) 99,346
======= =============== ======= ======= ======= ================== ================ ======= =======
A transfer of GBP1,488,000 was made from the Special Reserve to
the Capital Reserve -- realised in respect of capital expenses for
the period. A transfer of GBP91,000 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 2022
Six months Six months
ended ended
30 Sept 30 Sept Year ended
2022 2021 31 Mar 2022
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Return on ordinary activities before
taxation (8,896) 17,096 18,405
(Gains)/losses on investments 6,922 (17,575) (20,233)
Decrease/(increase) in debtors 14 29 11
Increase in creditors 400 18 216
Net cash inflow/(outflow) generated
from operating activities (1,560) (432) (1,601)
---------- ---------- ------------
Cash flow from investing activities
Purchase of investments (8,209) (1,120) (12,491)
Sale of investments 6,339 660 672
Net cash outflow from investing
activities (1,870) (460) (11,819)
---------- ---------- ------------
Cash flows from financing activities
Proceeds from Share issue 8,424 19,924 41,429
Share issue costs (414) (797) (1,853)
Purchase of own Shares (1,112) (667) (1,362)
Equity dividends paid (5,898) (2,182) (4,358)
Net cash inflow from financing
activities 1,000 16,278 33,856
---------- ---------- ------------
Increase/(decrease) in cash (2,430) 15,386 20,436
========== ========== ============
Net movement in cash
Beginning of period 31,095 10,659 10,659
Net cash inflow/(outflow) (2,430) 15,386 20,436
---------- ---------- ------------
End of period 28,665 26,045 31,095
========== ========== ============
NOTES
1. The unaudited Half-Yearly Report covers the six months to 30
September 2022 and has been prepared in accordance with the
accounting policies set out in the statutory accounts for the
period ended 31 March 2022, 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 July 2022 ("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 2021 and the year ended 31 March 2022
respectively.
4. Basic and diluted return per Share
Year
Six months ended Six months ended ended
30 Sept 30 Sept 31 Mar
2022 2021 2022
Return per Share
based on:
Net revenue
(loss)/return
(GBP'000) (486) (63) (537)
================ ================ ===========
Capital return per
Share based on:
Net capital
gain/(loss)
(GBP'000) (8,410) 17,159 18,942
================ ================ ===========
Weighted average
number of Shares 189,766,121 146,059,737 152,969,728
================ ================ ===========
5. Dividends
30 Sept 31 March
Per 2022 2022
Share Revenue Capital Total Total
Pence GBP'000 GBP'000 GBP'000 GBP'000
Payable
2023 Interim 1.5p - 2,822 2,822 -
Paid in the period
2022 Final 3.1p - 5,898 5,898 -
2022 Interim 1.5p - - - 2,175
2021 Final 1.5p - - - 2,183
------- ------- -------
- 5,898 5,898 4,358
======= ======= ======= ========
6. Basic and diluted Net Asset Value per Share
30 Sept
2022 30 Sept 2021 31 Mar 2022
Net asset value per Share based
on:
Net assets (GBP'000) 99,346 88,744 107,567
=========== ============ ===========
Number of Shares in issue at
period end 188,123,911 145,501,149 177,597,183
=========== ============ ===========
Net Asset Value per Share 52.8p 61.0p 60.6p
=========== ============ ===========
7. Called up Share capital
31 Mar
30 Sept 2022 30 Sept 2021 2022
Ordinary Shares of 5p each
Number of Shares in issue at
period end 188,123,911 145,501,149 177,597,183
============ ============ ===========
Nominal value (GBP'000) 9,406 7,275 8,880
============ ============ ===========
During the period the Company allotted 12,665,155 Ordinary
Shares of 5p each ("Shares") under an Offer for Subscription that
launched in November 2021, at an average price of 64.3p per Share.
Gross proceeds received thereon were GBP8.1 million, with issue
costs in respect of the Offer amounting to GBP396,000.
During the period the Company allotted 482,223 Ordinary Shares
of 5p each ("Shares") under a Dividend Reinvestment Scheme that
launched in March 2022, at an average price of 57.5p per Share.
Gross proceeds received thereon were GBP277,000, with issue costs
in respect of the Offer amounting to GBP16,000.
During the period, the Company purchased Shares for cancellation
for an aggregate consideration of GBP1.4 million, at an average
price of 54.9p per Share (approximately equal to a 5.0% discount to
the most recently published NAV at the time of purchase) and
representing 1.5% of the Share capital in issue as at 1 April
2022.
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 30 Sept 31 Mar
2022 2021 2022
GBP'000 GBP'000 GBP'000
Special reserve 2,285 12,041 5,053
Capital reserve - realised 936 - 1,516
Revenue reserve (1,578) (618) (1,092)
Merger reserve - distributable element - 423 -
Unrealised losses - net of unquoted gains (1,057) 6,283 1,316
------- ------- -------
586 18,129 6,793
======= ======= =======
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.
Following the granting of shareholder approval at the Annual
General Meeting in August, the Company is now commencing the
process to cancel the share premium account and capital redemption
reserve which will create additional distributable reserves.
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).
30 Sept 31 Mar
2022 2022
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
AIM
quoted
shares 7,056 798 - 7,854 7,723 903 - 8,626
Loan
notes - - 508 508 - - 508 508
Unquoted
shares - - 63,394 63,394 - - 67,674 67,674
------- ------- ------- ------- ------- ------- ------- -------
7,056 798 63,902 71,756 7,723 903 68,182 76,808
======= ======= ======= ======= ======= ======= ======= =======
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 2022 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.moltenventures.com and the Administrator's site at
www.downing.co.uk.
(END) Dow Jones Newswires
December 09, 2022 06:28 ET (11:28 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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