REG - Molten Ventures VCT - Half-year Report
12/12/2024 07:00
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RNS Number : 7590P Molten Ventures VCT PLC 12 December 2024
Molten Ventures VCT plc
LEI: 2138003I9Q1QPDSQ9Z97
Half-Year Results
For the six months ended 31 December 2024
RECENT PERFORMANCE SUMMARY
30 September 31 March 30 September
2024 2024 2023
pence pence pence
Net asset value per share ("NAV") 43.2 48.2 49.9
Cumulative dividends paid since launch 117.6 115.1 115.1
Total Return (NAV plus cumulative dividends paid per share) 160.8 163.3 165.0
DIVIDENDS
Recent Amount per share Date of payment Ex-div date Record date
2024 Interim 1.0p 5 April 2024 22 February 2024 23 February 2024
2024 Final 1.5p 26 September 2024 22 August 2024 23 August 2024
A full dividend history for the Company can be found at
investors.moltenventures.com/investor-relations/vct
(https://investors.moltenventures.com/investor-relations/vct)
CHAIRMAN'S STATEMENT
I am pleased to present the Half-Yearly Report for the Company for the six
months ended 30 September 2024.
I would like to welcome Shareholders who joined us as a result of the recent
offers for subscription and express our gratitude to both new and the existing
Shareholders who continue to support the Company despite the difficult markets
we continue to face.
Despite market conditions for deals remaining difficult, we have seen a steady
level of new investment activity, utilising some of the funds raised from the
successful offer for subscription earlier this year. It is our view that the
market is improving but cyclical.
Net Asset Value and results
At 30 September 2024, the Company's Net Asset Value per share ("NAV") stood at
43.2p, a decrease of 2.5p since 31 March 2024 (after adding back the dividends
paid during the period).
The loss on ordinary activities after taxation for the period was £6.9
million, comprising a revenue gain of £276,000 and a capital loss, arising
almost entirely on 30 September 2024 valuations, of £7.2 million.
Dividends
In 2024, the Company paid dividends totalling 2.5p in April and September. As
explained in the 2024 Annual Report, VCT regulations limit dividend payments
from reserves associated with funds raised in the last three to four years.
Following several successful fundraisings, the Board must manage reserves
carefully to ensure compliance with these regulations.
While the Board targets annual dividends of 5% of net asset value, due to a
lack of available reserves for the accounting period ending 31 March 2025 no
further dividends are proposed for this period. Significant additional
reserves will become available after 1 April 2025 and the Board remains
committed to its dividend policy and intends to resume dividend payments once
reserves are accessible under the VCT rules.
Shareholders are reminded that the Company operates a Dividend Reinvestment
Scheme, which allows Shareholders to reinvest their dividends automatically
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 page 3 of the Half Yearly report.
Venture capital investments
During the period, the Company made 3 new and 1 follow-on investments, at a
total cost of £3.3 million.
New investments were made in Dines App Limited, FintechOS Holding B.V. and
XMOS Limited. A follow-on investment was made in Global Satellite Vu Limited.
At the period end, the Company held a portfolio of 48 venture capital
investments, valued at £75.6 million, a loan note valued at £0.5 million,
and held net cash for investment of £38.2 million.
As usual, the Board has reviewed the valuations of the unquoted investments as
at 30 September 2024 and a number of adjustments to their carrying values have
been made. This has resulted in a net valuation downturn of £6.2 million for
the period across the whole portfolio.
The Company holds an AIM-quoted investment, Pulsar plc valued at its share
price as at 30 September 2024 which saw a increase of £0.4 million over the
period and was valued at £4.6 million.
Fundraising
As noted in the last Annual Report, the Company launched another successful
offer for subscription in October 2023 which closed in August 2024 having
raised £15.7 million net of costs.
In October 2024, the Company continued its practice of a new offer and
launched a limited subscription for new shares.
Shareholders can find full details of the offer, including the prospectus, and
online application at:
investors.moltenventures.com/investor-relations/vct
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 1,047,051
shares for cancellation at an average price of 44.91p per share.
As noted above in respect of the dividend, the Board is currently monitoring
the Company's distributable reserves to ensure continued compliance with the
VCT regulations, and it is not expected that any further share buybacks will
be made prior to the end of March 2025. However, the Board confidently expects
to resume buybacks, subject to the above, from 1 April 2025 onwards.
Any Shareholders considering selling their shares will need to use a
stockbroker, whom you should ask to contact Panmure Liberum Limited, who acts
as the Company's corporate broker, and maintains a list of potential sellers
to be contacted when the next buyback is undertaken by the Company.
Outlook
Although we have seen a fall in NAV over the period, the Board is satisfied
with the approach taken by the manager in supporting existing portfolio
companies, working on realisations and continuing to identify suitable new
opportunities.
We are hopeful that conditions will begin to improve in 2025 and that we may
now be approaching a point in the cycle when excellent investment
opportunities in the sectors in which your Company operates are available at
attractive prices which can drive strong performance in future.
I look forward to updating Shareholders on progress in my statement in the
Annual Report to 31 March 2025, which will be published in the summer.
David Brock
Chairman
11 December 2024
INVESTMENT MANAGER'S REPORT
The backdrop for technology companies and those who invest in them remains
mixed with a number of portfolio companies performing well and some challenges
which have constrained the overall VCT portfolio performance.
Our focus within this context has been on what we can control. We have
maintained discipline around our own investment process and worked closely
with our portfolio companies to extend cash runways, control costs, and retain
talent. The entrepreneurs we have backed continue to transform the industries
in which they operate.
The valuation movements in the first half of the year showed a NAV Total
Return decrease of 5.2% (NAVTR - adding back dividends paid in the period).
In the period 2.5p of dividends were paid equivalent to just over a 5% yield
on the starting year NAV of 48.2p (31 March 2024). This is a welcome return to
meeting the VCTs target 5% annual yield.
In the period three new investments were made totalling £2.7 million and one
follow-on investment of £0.6 million. One portfolio exit was achieved as
outlined below.
Exit Highlight
Endomagnetics Ltd ('Endomag') returned £8.3 million to the VCT a multiple of
3.9x cost.
In July we were delighted that portfolio company Endomag was acquired by
NASDAQ listed Hologic Inc. The acquisition valued Endomag at approximately
$310 million. There is the potential of further escrow proceeds of c. £0.8
million.
The VCT first invested in Endomag in 2018 and since then the company has grown
its revenue fourfold. The acquisition demonstrates our ability to support
innovative businesses as they scale and create value for our Shareholders
through the cycle. Endomag's platform has been installed in over 1,350
hospitals in over 45 countries globally, and more than 500,000 women have
received a better standard of breast cancer surgery with Endomag's
technologies. The Company received many accolades on its journey and more
recently was awarded the King's Award for Enterprise.
To assist with its future wider portfolio exit strategy Molten has a
relationship with a leading investment bank advising international technology
and climate companies, developing and executing growth financings and
strategic sell-side M&A. Its CEO is well known to the Molten team having
worked on many exits with Molten partners in the past.
Portfolio
At the period end, Molten technology companies represented 53.6% of the
portfolio and pre-Molten legacy companies 13.0%. The net asset valuation of
£118.9 million was split 67.9% in investments, and 32.1% in cash and cash
equivalents.
Molten Ventures takes an active role in building businesses and typically has
board representation on investee companies as a director or observer.
Valuation movements
Within the period 10 companies had positive valuation uplifts totalling £6.7
million and 14 companies had negative valuation movements totalling £12.9
million.
Positive meaningful movements (movements above £0.25 million) within the
portfolio include Riverlane, Melio Healthcare, Freetrade and Pulsar Group.
Riverlane is the largest uplift where a major new investment round of $75
million increased the valuation by £3.9 million. This $75 million in Series C
funding will allow Riverlane to deliver its groundbreaking quantum error
correction (QEC) roadmap, and to expand operations to meet surging global
market demand for QEC technology, with the goal of achieving one million
error- free quantum computer operations by 2026.
Post the period end proceeds of £0.3 million were received from the sale of
Hampshire Sport and Leisure, a legacy portfolio company, that was previously
valued at nil.
Valuation reductions have been recorded in some companies with sound prospects
where market valuation multiples have declined. This includes Thought Machine
where the valuation declined by £3.8 million as market multiples have fallen;
and Macranet, a legacy business where a new investment round has subordinated
the VCT returns position where the VCT was unable to invest due to the
non-qualifying nature of the business. The valuation has been reduced by £0.9
million.
Another company in this category is IESO where a further provision of £0.9
million was taken. Here the technology build and commercial roll out has taken
longer than expected. While disappointing, the revenue potential from IESO's
technology is very large and if the company can commercialise its new AI-
enabled digital mental health platform it could prove to be a very valuable
technology. There is scope from this for the value of the holding to increase
again in the future. The encouraging news was a very successful clinical trial
that completed on the new digital product and demonstrated performance on a
par with human therapists. IESO's other service-based business, utilising its
unique database, grew its revenue in the year from single digit to double
digit millions.
Regrettably there have been a number of other write-downs including:
Evonetix (write down of £1.3 million) and Gardin (write down of £1.3
million). These deep tech companies are both struggling to find commercial
market fit. Morressier (write down of £3.2 million) has failed to convert its
projected customer pipeline into realised revenues; and Allplants (write down
of £0.8 million) has entered into administration post-period end.
New investments
New investments alongside the Molten EIS and Molten Ventures plc funds were
made during the period into the following qualifying companies:
XMOS Limited
IOT semiconductor designer £888,704
FintechOS Holding B.V.
Banking application software £1,493,874
Dines App Limited
Hospitality point of sales solutions £300,000
Total £2,682,578
Deal Flow
At the time of publication, five further new investments and three follow-on
investments have completed post the period end.
Outlook
The aggregate portfolio performance in first half of the year has been
disappointing however we maintain the belief that investing in cutting edge
technology companies can yield returns over the long term. The exit of VCT
company Endomag is a good example of this.
We are actively working on a pipeline of further exits and expect to be able
to report on successful, profitable outcomes as transactions complete.
With the ongoing expectation of a more normalised realisations market, we
remain cautiously optimistic for the portfolio as the technology markets
continue to stabilise.
Elderstreet Investments Limited
Part of the Molten Ventures Group
11 December 2024
SUMMARY OF INVESTMENT PORTFOLIO
Portfolio of investments
The following investments were held at 30 September 2024. All companies are
registered in England and Wales, with the exception of Fulcrum Utility
Services Limited, which is registered in the Cayman Islands, and Anima, which
is incorporated in Delaware with a UK establishment.
Cost Valuation £'000 Valuation % of
£'000 movement portfolio
in period £'000 by value
Top ten venture capital investments (by value)
Riverlane Limited * 2,661 8,030 3,916 6.8
Form3 UK Limited (formerly Back Office Technology Ltd) * 1,420 7,981 25 6.7
Fords Packaging Topco Limited * 2,433 7,101 - 6.0
Focal Point Positioning Limited * 3,800 6,150 (268) 5.2
Thought Machine Group Limited * 2,400 5,928 (3,760) 5.0
Global Satellite Vu Limited * 4,689 4,689 (290) 3.9
Pulsar plc (formerly Access Intelligence plc) ** 2,586 4,571 415 3.8
Melio Healthcare Limited * 2,520 3,283 763 2.8
Expanding Circle Limited * 2,931 2,931 - 2.5
Anima Group Inc * 2,653 2,653 - 2.2
28,093 53,317 801 44.9
Other venture capital investments 50,162 27,374 (13,167) 23.0
Cash and cash equivalents 38,169 38,169 - 32.1
Total investments 116,424 118,860 (12,366) 100.0
All venture capital investments are unquoted unless otherwise stated.
* These companies have also received investment from other funds managed by
the Molten Ventures Group (Molten Ventures plc and Molten Ventures EIS funds)
as at 30 September 2024.
**Quoted on AIM
INVESTMENT MOVEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Additions
Venture capital investments £'000
FintechOS Holdings B.V * 1,494
XMOS Limited * 889
Global Satellite Vu Limited * 600
Dines App Limited * 300
3,283
Disposals
Value at
Cost 1 April 2024 Gain
Proceeds vs cost
£'000 £'000 £'000 £'000
Venture capital investments
Endomagnetics Limited * 2,147 8,819 8,305 6,158
2,147 8,819 8,305 6,158
This investment was revalued over time and until sold, with any unrealised
gain included in the fair value of investments.
*These companies have also received investment from other funds managed by the
Molten Ventures Group (Molten Ventures plc and Molten Ventures EIS funds) as
at 30 September 2024.
UNAUDITED INCOME STATEMENT
for the six months ended 30 September 2024
Six months ended Six months ended Year ended
30 September 2024 30 September 2023 31 March 2024
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Income 908 - 908 348 - 348 980
Gains/(losses) on investments
Realised - 6,158 6,158 - - - (4,523)
Unrealised - (12,366) (12,366) - (2,611) (2,611) (1,460)
908 (6,208) (5,300) 348 (2,611) (2,263) (5,003)
Investment management fees (319) (958) (1,277) (324) (973) (1,297) (2,537)
Other expenses (313) - (313) (233) - (233) (514)
Gain/(loss) on ordinary 276 (7,166) (6,890) (209) (3,584) (3,793) (8,054)
activities before
tax
Tax on gain/(loss) - - - - - - -
Gain/(loss) attributable to equity Shareholders being total comprehensive 276 (7,166) (6,890) (209) (3,584) (3,793) (8,054)
income for the period
Pence Pence Pence Pence Pence Pence Pence
Basic and diluted return 0.1 (2.6) (2.5) (0.1) (1.6) (1.7) (3.3)
per share
All Revenue and Capital items in the above statement are derived from
continuing operations. No operations were acquired or discontinued during the
period.
UNAUDITED BALANCE SHEET
as at 30 September 2024
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments 80,691 92,168 91,921
Current assets
Debtors 167 143 213
Cash at bank and in hand 316 2,885 3,226
Money market fund investments 37,853 26,219 21,876
38,336 29,247 25,315
Creditors: amounts falling due
within one year (158) (101) (182)
Net current assets 38,178 29,146 25,133
Net assets 118,869 121,314 117,054
Capital and reserves
Called up share capital 13,758 12,146 12,146
Capital redemption reserve 114 62 62
Share premium account 39,572 25,510 25,510
Special reserve 54,211 63,602 62,190
Capital reserve - unrealised 13,520 24,735 25,886
Capital reserve - realised (313) (2,431) (6,471)
Revenue reserve (1,993) (2,310) (2,269)
Total equity shareholders' funds 118,869 121,314 117,054
Pence Pence Pence
Basic and diluted net asset value per share 43.2 49.9 48.2
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2024
Capital Share premium Special reserve Capital Capital Revenue Total
Share capital redemption account reserve- reserve- reserve
reserve unrealised realised
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2023 10,347 - 8,689 65,178 27,346 853 (2,101) 110,312
Total comprehensive income - - - - (5,529) (2,357) (168) (8,054)
Transfer between reserves - - - (2,385) 4,069 (1,684) - -
Transactions with owners
Issue of new shares 1,861 - 17,837 - - - - 19,698
Share issue costs - - (1,016) - - - - (1,016)
Purchase of own shares (62) 62 - (603) - - - (603)
Dividends paid - - - - - (3,283) - (3,283)
At 31 March 2024 12,146 62 25,510 62,190 25,886 (6,471) (2,269) 117,054
- - - - (12,366) 5,200 276 (6,890)
Total comprehensive income
Transfer between reserves * - - - (958) - 958 - -
Transactions with owners
Issue of new shares 1,664 - 14,659 - - - - 16,323
Share issue costs - - (597) - - - - (597)
Purchase of own shares (52) 52 - (473) - - - (473)
Dividends paid - - - (6,548) - - - (6,548)
At 30 September 2024 13,758 114 39,572 54,211 13,520 (313) (1,993) 118,869
* A transfer of £1.0 million, representing realised losses on investment
disposals plus capital expenses in the period, has been made from Capital
Reserve - realised to the Special reserve.
UNAUDITED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2024
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flow from operating activities
Investment income received 857 220 876
Investment management fees paid (1,304) (1,308) (2,554)
Other cash payments (290) (223) (463)
Net cash outflow utilised in operating activities (737) (1,311) (2,141)
Cash flow from investing activities
Purchase of investments (3,283) (13,223) (16,376)
Sale of investments 8,305 - 29
Net cash inflow generated from/(outflow utilised in) investing activities 5,022 (13,223) (16,347)
Cash flow from financing activities
Equity dividends paid (6,133) (3,284) (3,098)
Proceeds from share issue 15,909 19,699 19,513
Share issue costs (521) (1,019) (1,067)
Purchase of own shares (473) (603) (603)
Net cash inflow generated from financing activities 8,782 14,793 14,745
Increase/(decrease) in cash and cash equivalents 13,067 259 (3,743)
Cash and cash equivalents at start of period 25,102 28,845 28,845
Cash and cash equivalents at end of period 38,169 29,104 25,102
Total cash and cash equivalents 38,169 29,104 25,102
Cash and cash equivalents comprise of:
Cash at bank 316 2,885 3,226
Money market funds 37,853 26,219 21,876
38,169 29,104 25,102
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
for the six months ended 30 September 2024
1. The unaudited Half-Yearly Report covers the six months to 30 September
2024 and has been prepared in accordance with the accounting policies set out
in the statutory accounts for the period ended 31 March 2024, 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 money market funds.
3. The comparative figures are in respect of the six months ended 30
September 2023 and the year ended 31 March 2024, respectively.
4. Basic and diluted return per share
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
Basic and diluted loss per share (pence) (2.5) (1.7) (3.3)
Return per share based on:
Net revenue gain/(loss) for the period (£'000) 276 (209) (168)
Net capital loss for the period (£'000) (7,166) (3,584) (7,886)
Total losses for the period (£'000) (6,890) (3,793) (8,054)
Weighted average number of shares in issue 270,395,470 224,828,251 242,863,047
As the Company has not issued any convertible securities or share options,
there is no dilutive effect on return per share. The return per share
disclosed, therefore, represents both basic and diluted return per share.
5. Dividends
Six months Year
ended ended
30 September 31 March
2024 2024
(unaudited) (audited)
Revenue Capital Total Total
£'000 £'000 £'000 £'000
Dividends paid in the period
2024 Final (Paid 26 September 2024) 1.5p - 4,119 4,119 -
2024 Interim (Paid 5 April 2024) 1.0p - 2,429 2,429 -
2023 Final (Paid 29 September 2023) 0.5p - - - 1,214
2023 Interim (Paid 6 April 2023) 1.0p - - - 2,069
- 6,548 6,548 3,283
Including £415,000 of DRIS allotments
6. Basic and diluted net asset value per share
At At At
30 September 2024 30 September 31 March
2023 2024
(unaudited) (unaudited) (audited)
Net asset value per share based on:
Net assets (£'000) 118,869 121,314 117,054
Number of shares in issue at period end 275,165,959 242,913,196 242,913,196
Net asset value per share (pence) 43.2 49.9 48.2
7. Called up share capital
At At At
30 September 2024 30 September 31 March
2023 2024
Ordinary Shares of 5p each
Number of shares in issue at period end 275,165,959 242,913,196 242,913,196
Nominal value (£'000) 13,758 12,146 12,146
During the period the Company issued a total of 32,427,788 Ordinary Shares of
5p each ("Ordinary Shares") at an average price of 49.06p per share, under the
offer that launched in October 2023. The gross proceeds of the Offer were
£15.9 million, with issue costs in respect of the Offer amounting to £0.6
million.
Following the payment of a dividend on 5 April 2024, 300,379 Ordinary Shares
at an average price of 47.27p were allotted under the Dividend Reinvestment
Scheme ("DRIS"). The amount re-invested totalled £142,000.
Following the payment of a dividend on 26 September 2024, 571,647 Ordinary
Shares at an average price of 47.71p were allotted under the DRIS. The amount
re-invested totalled £273,000.
During the period, the Company purchased 1,047,051 Ordinary Shares for
cancellation for an aggregate consideration of £473,000, equating to an
average price of 44.91p per share (approximately equal to a 5% discount to the
most recently published NAV at the time of purchase) and representing 0.4% of
the issued share capital in issue at 31 March 2024.
8. Reserves
Distributable reserves are calculated as follows:
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Special reserve 54,211 63,602 62,190
Special reserve - restricted amounts transferred from share premium * (43,407) (54,886) (54,886)
Capital reserve - realised (313) (2,431) (6,471)
Revenue reserve (1,993) (2,310) (2,269)
Capital reserve - unrealised: excluding unrealised unquoted gains (13,219) (6,149) (5,387)
(4,721) (2,174) (6,823)
*The Special Reserve was created following the cancellation of the Share
Premium Account. The VCT regulations restrict the distribution of this Special
Reserve until a date at least three years after the year end in which the
funds were originally raised. On 1 April 2023 £6.2 million of the Special
Reserve became unrestricted and on 1 April 2024 a further £11.5 million
became unrestricted. A further £36.0 million of the Special Reserve will
become unrestricted on 1 April 2025.
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
Market or AIM);
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 September 2024 30 September 2023 31 March 2024
(Unaudited) (Unaudited) (Audited)
Level Level Level Level Level Level Level 1 Level Level
1 2 3 Total 1 2 3 Total 2 3 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
AIM quoted shares 4,207 368 - 4,575 4,135 356 - 4,491 3,851 309 - 4,160
Loan notes - - 508 508 - - 508 508 - - 508 508
Unquoted shares - - 75,608 75,608 - - 87,169 87,169 - - 87,253 87,253
4,207 368 76,116 80,691 4,135 356 87,677 92,168 3,851 309 87,761 91,921
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 Administrator and Investment 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 2024 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 can be downloaded from
investors.moltenventures.com/investor-relations/vct
(https://investors.moltenventures.com/investor-relations/vct) .
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