Half-year Financial Report
Unicorn AIM VCT plc ("The Company")
Half-Yearly Report Announcement for the six months ended 31 March 2026
Financial Highlights
For the six months ended 31 March 2026
· Net Asset Value ("NAV") total return per share for the six months ended 31 March 2026, after adding back the dividends paid in the period, was an increase of 11.5% compared to the FTSE AIM All-Share Index which fell by 7.8%.
· £5.1 million of qualifying investments (£1.5 million new, £3.6 million follow-on) made in the period.
· Interim dividend of 2.0 pence per share declared for the six months ended 31 March 2026.
· Special dividend of 23.0 pence per share paid during the period.
· Additional special dividend of 3.9 pence per share to be paid in September 2026.
· The Offer for Subscription launched on 26 January 2026 raised £13.6 million (after costs of £0.4 million). A further £12.2 million (after costs of £0.3 million) has been received since the period end.
Fund Performance
Ordinary Shares
Shareholders'
Funds*
(£million)
Net asset value per share (NAV)
(p)
Cumulative dividends paid per share**
(p)
Net asset value plus cumulative dividends paid per share**
(p)
Share price
(p)
31 March 2026
178.9
74.2
144.5
218.7
72.0
30 September 2025
194.4
90.3
118.0
208.3
76.5
31 March 2025
182.5
88.0
115.0
203.0
80.5
30 September 2024
199.4
104.7
105.5
210.2
93.5
* Shareholders' funds/net assets as shown in the Condensed Statement of Financial Position below.
** Total dividends (including special dividends) paid since 30 September 2016.
Percentage of Assets Held as at 31 March 2026
Description
Total
Qualifying
Non- qualifying
%
%
%
AIM Traded
53.1
53.1
-
Unquoted
13.6
13.6
-
Fully Listed
12.6
0.7
11.9
Other funds ***
18.8
-
18.8
Cash and other assets
1.9
-
1.9
Valuation based on fair value
*** Other funds constitute the Unicorn Ethical Fund, the Unicorn UK Smaller Companies Fund, the BlackRock Cash Fund and the Royal London Short-Term Money Market Fund.
Chair's Statement
I am pleased to present the unaudited Half-Yearly Report of the Company for the six-month period ended 31 March 2026.
The period under review has been a positive one for the Company, marked by the realisation of a substantial capital gain and the return of a significant proportion of proceeds to Shareholders. On a total return basis, the Company delivered+11.5% over the six-month period.
This represents a period of outperformance relative to the roader universe. The FTSE AIM All-Share Index delivered a total return of -7.8% over the same period, while the Numis Smaller Companies Index (ex- Investment Companies) returned -4.9%. The FTSE All-Share (ex-Investment Companies) returned +9.5%, reflecting the continued divergence in performance between larger UK-listed companies and their smaller counterparts. Against this backdrop, the Company's positive absolute return and substantial outperformance of both small-cap indices is particularly pleasing and reflects the quality and resilience of the portfolio, built through the Investment Manager's long-term, patient approach, as demonstrated by the substantial uplift in value realised from the partial sale of Hasgrove during the period.
As at 31 March 2026, the net assets of the Company were £178.9 million, representing a decrease of £15.5 million compared to the position at the start of the financial year. This movement primarily reflects the distribution of capital to Shareholders during the period, alongside the impact of shares issued under the Offer for Subscription.
The period under review was one of considerable complexity for investors. Domestically, the UK economic backdrop showed tentative signs of improvement, with the Bank of England implementing successive interest rate reductions that began to ease financing conditions for growth-oriented businesses. Inflationary pressures moderated and, while confidence remained uneven, the direction of travel appeared modestly positive. However, progress was fragile and the outlook uncertain. The Investment Manager's view is that conditions for a recovery in UK smaller company valuations were beginning to emerge, and the portfolio's performance during the period provided some early support for this view.
However, the rapid escalation of the conflict in the Middle East is already posing a significant threat to UK economic growth and equity market performance. The US war with Iran, has resulted in disruption to regional energy infrastructure and key maritime oil supply routes. This disruption has now delivered an energy price shock to global markets. Any sustained increase in oil and gas prices will bring materially negative consequences, including; higher input costs for businesses across the portfolio, and a potential tightening of monetary conditions at precisely the point when smaller companies are beginning to benefit from easier credit conditions. The Board and the Investment Manager continue to monitor this situation closely.
Notwithstanding these external headwinds, the standout feature of the period has been the strong performance delivered by a number of individual portfolio holdings. Chief among these was the partial disposal of Hasgrove, which was the largest driver of positive returns during the period. This transaction provides a compelling illustration of the long term value creation that patient, engaged investing in high quality growth businesses can deliver. Hasgrove was first backed by the Investment Manager at its AIM listing in 2006, supported through its de-listing in 2013, and actively nurtured over the subsequent period, culminating in its partial sale to new backers in late 2025. Beyond Hasgrove, the portfolio demonstrated encouraging breadth of positive contribution, with a number of holdings performing strongly, as detailed in the Investment Performance section below.
While the overall result for the period was strongly positive, as ever, a number of our investee companies announced disappointing trading updates, which detracted from overall performance. The most significant of these setbacks are discussed in detail in the Investment Performance section below. It is worth noting that the detractors largely reflect specific operational challenges or sector-level pressures, rather than any fundamental deterioration in the long-term investment cases, and the Investment Manager continues to engage actively with the management teams of the relevant companies.
Merger and acquisition activity has again been a feature of the market during the period. The continued willingness of trade and financial buyers to pay significant premiums to prevailing public market prices provides external validation of the value embedded within the AIM universe. Your Board views this activity as a positive signal, both in terms of near-term portfolio liquidity, and as confirmation of the longer-term investment thesis that many AIM-listed businesses remain fundamentally undervalued relative to their private market equivalents.
Investment Performance
A review of the ten most meaningful contributors to performance in absolute terms (both positive and negative) follows:
Maia TopCo (formerly Hasgrove) (8.8% of net assets, +£35.31 million)
Maia TopCo (trading as Interact Software) is a Manchester based SaaS provider of enterprise employee experience and intranet solutions, serving over 1,000 customers and more than five million users across North America and EMEA -including Subway, Domino's, Levi's, and the Co-operative Bank. In November 2025, funds managed by Castik Capital agreed to acquire a majority stake from Unicorn AIM VCT and other major shareholders, with the transaction closing in December 2025, at an enterprise value of approximately £320 million. Unicorn AIM VCT realised total proceeds of approximately £88 million - a return of circa sixty-eight times its original cost over 19 years - which included retaining a £22 million rollover equity stake as a continuing minority shareholder. The deal represented a strong validation of Interact's market position, with the company having achieved annual EBITDA in excess of £15 million, recognition as a Leader in Gartner's Magic Quadrant for Intranet Packaged Solutions, and a Queen's Award for Enterprise. Castik Capital's backing is expected to accelerate growth through product investment and targeted M&A.
Aurrigo International (3.8% of net assets, +£3.43 million)
Aurrigo International is a Coventry-based developer of autonomous airside vehicles and OEM automotive components. The stock more than doubled over the six months to end-March 2026, recovering from the lows of circa forty pence per share that were reached in early August 2025. Key updates included a £13.8 million strategic fundraise from Next Gen Mobility announced in late August 2025, with the share price recovery sustained by a three-year autonomous vehicle partnership with Swissport at Zurich Airport and a landmark £6.28 million vehicle manufacturing contract with Ultra Global - collectively shifting sentiment from balance-sheet concern to commercial momentum.
Schroders (2.3% of net assets, +£1.35million)
Schroders is a FTSE 100 active asset and wealth manager with £824 billion in Assets under Management serving institutions. intermediaries, and high net worth clients. The stock outperformed the FTSE All-Share Index by over 45% over the six months to end-March 2026, overwhelmingly driven by the announcement in February 2026 of a recommended £9.9 billion all-cash takeover by US giant Nuveen at 612p per share - a 34% premium to the undisturbed price - ending more than 200 years of Schroders family control, with shareholders subsequently approving the deal after the period end and completion expected in Q4 2026.
Idox (2.4% of net assets, +£1.00 million)
IDOX is a Woking-based software provider supplying information management and geospatial solutions to local government and asset-intensive industries. The stock re-rated sharply over the six months to end-March 2026, driven by a recommended all-cash takeover from Frankel UK Bidco, backed by Long Path Partners, at 71.5p - a 27% premium - valuing IDOX at approximately £339.5 million. Post period end, the takeover transaction completed in May 2026, generating net cash proceeds of £4.6 million and realised a gain on book cost of £3.4 million.
Hardide (0.6% of net assets, +£0.76 million)
Hardide is a Bicester-based advanced materials company applying patented tungsten carbide CVD coatings to engineering components across energy, aerospace, and industrial end markets. The stock was a strong performer over the six months to end-March 2026, driven by a sharp operational inflection: revenues for the half year to March 2026 were expected to be approximately £4.5 million, up over 50% year on-year, with operating margins of around 20%, underpinned by a major North American energy sector contract and production work coating cargo door components for freight aircraft. A further £1.8 million of energy orders in February 2026 prompted a revenue upgrade, with management flagging that the doubling of 2024 revenues would be achieved ahead of schedule.
Cohort (7.4% of net assets, -£2.42 million)
Cohort is a Reading-based defence technology group operating seven specialist subsidiaries across communications, intelligence, sensors, and effectors. Despite a supportive backdrop for European defence spending, the stock underperformed the FTSE AIM All Share by around 7% over the six months to end-March 2026, weighed down by a soft H1 result: revenue grew 9% to a record £128.8 million but adjusted operating profit fell to £9.7 million from £10.1 million, with Sensors and Effectors margins contracting sharply to 4.8% from 8.4% on lower-margin ELAC Italian sonar deliveries and operational challenges at Chess, while net debt rose to £32.5 million from net funds of £5.3 million, reflecting completion of ELAC's new Kiel facility and a working capital build. The outlook nonetheless remains constructive: a £604.5 million order book covering 96% of full-year consensus revenue, maintained full-year guidance, and an expected stronger H2 as deliveries accelerate, set against rising NATO budgets and the UK targeting 5% of national income on defence and security by 2035.
The Property Franchise Group (3.1% of net assets, -£2.1 million)
The Property Franchise Group is the UK's largest multi-brand residential property franchisor, operating across fifteen brands with nearly 1,950 outlets providing lettings, estate agency, and financial services. The stock underperformed the FTSE AIM All Share by around 20% over the six months to end-March 2026, drifting back from an all-time high of 600p in late September 2025 despite strong underlying results: full-year 2025 revenue rose 25% to £84.3 million and adjusted profit before tax grew 39% to £31 million. The de-rating reflected investor caution around the Renters' Rights Act, with the managed lettings portfolio contracting slightly to 149,000 properties from 153,000, though the outlook remains positive with a £33 million franchising sales pipeline and further growth expected across all divisions.
Renalytix (0.3% of net assets, -£1.94 million)
Renalytix is a UK-incorporated, US-focused AI-enabled diagnostics company commercialising KidneyIntelX, the only FDA-approved and Medicare-reimbursed prognostic test for early-stage chronic diabetic kidney disease. The stock fell 78% over the six months to end-March 2026, underperforming the FTSE AIM All-Share Index by circa 70%, as healthcare-system integrations took longer than expected to convert into revenue, with H1 FY2026 revenues of $1.6 million and full-year guidance trimmed to $4 million disappointing the market, and cash declining to $3.4 million post-period. Reasons for optimism nonetheless include expansion to five fully integrated electronic health record systems including Epic, and advancement of potential inclusion in a major pharma drug trial, alongside advanced discussions with major US diagnostic companies over a national distribution agreement that could accelerate adoption without significant additional infrastructure investment.
Tracsis (2.7% of net assets, -£1.90 million)
Tracsis is a Leeds-based transport technology provider delivering software, hardware, and data analytics primarily to the UK rail industry alongside traffic data and events management. The stock underperformed the FTSE AIM All-Share Index by circa 20% over the six months to end-March 2026, reflecting persistent operational headwinds: FY2025 results published in November 2025 showed revenue broadly flat at £81.9 million with adjusted EBITDA little changed, weighed down by constrained Network Rail Control Period 7 funding and procurement delays linked to the creation of Great British Railways. On the positive side, free cash flow improved to £7.7 million, the balance sheet held £23.4 million of net cash, and management has completed a two-year operating model transformation, with investment now focused on a next-generation SaaS platform. Since the period end, the H1 FY2026 reporting (the first under new CEO David Frost) has indicated improving operational momentum, with revenue growth, margin progression and continued cash generation supporting confidence in the benefits of the recent strategic and operating model changes.
MaxCyte (0.7% of net assets, -£1.59 million)
MaxCyte is a Rockville, Maryland-based cell-engineering company providing electroporation platform technologies-instruments, consumables, and Strategic Platform Licences (SPLs) - to biopharma partners developing next-generation cell and gene therapies. The stock fell 55% in US dollar terms over the six months to end-March 2026, as full-year 2025 revenue declined 15% to $33.0 million driven by a 15% reduction in purchases from its largest SPL customer, with 2026 guidance set at only $30-32 million and six SPL clinical programmes lost during the year. Additional pressure came from a Nasdaq notice received in March 2026, after the share price traded below the $1.00 threshold for a sustained period. On the positive side, the company ended 2025 with $155.6 million of cash and no debt, having reduced annual cash burn by over $16 million.
Offer for Subscription
The Company launched a successful new Offer for Subscription on 26 January 2026, raising a total of £24.2 million by 5 April 2026 (net of costs). The Board remains encouraged by this level of support for the Company's investment objective and strong track record and on behalf of the Board, I am pleased to welcome all new Shareholders and to express our sincere appreciation to existing Shareholders for their continued support. Subscriptions for the 26/27 tax year remain open to applicants.
Dividends
During the period, the Company made a significant return of capital to Shareholders following the realisation of a substantial portion of the Company's investment in Hasgrove.
The Board declared a special dividend of 23.0 pence per share, equating to approximately £50 million distributed to Shareholders. This dividend was paid on 5 March 2026 to Shareholders on the register as at 23 January 2026, with an ex-dividend date of 22 January 2026.
In addition, the Board proposed a final dividend of 3.5 pence per share in respect of the financial year ended 30 September 2025. This dividend was paid on 13 February 2026.
These distributions reflect the Company's continued ability to crystallise value from its investment portfolio and to return proceeds to Shareholders in a timely manner. They also reinforce the Board's commitment to delivering returns through a combination of capital growth and regular income distributions.
In addition to these distributions, the Company continues to pursue its policy of maintaining a steady flow of dividends over time, supported by both realised gains and portfolio income. In line with this policy, the Board has declared a further special dividend of 3.9 pence per share in respect of the cash proceeds from the partial sale of Hasgrove and an interim dividend of 2.0 pence per share for the six months ended 31 March 2026. This interim dividend has been rebased to reflect the reduced NAV per share following the sale and subsequent distribution of the proceeds of investments such as Hasgrove in the past two years. The dividends will be paid on 11 September 2026 to Shareholders on the register as at 14 August 2026.
The shares will be quoted ex-dividend from 13 August 2026.
Dividend decisions are made with careful consideration of distributable reserves, portfolio performance, and future cash requirements.
Dividend Reinvestment Scheme ("DRIS")
During the period, 12,024,066 Ordinary Shares were allotted under the DRIS, enabling Shareholders to reinvest their dividends tax efficiently.
Share Buybacks
The Board continues to believe that it is in the best interests of the Company and its Shareholders to make market purchases of its shares from time to time. During the period from 1 October 2025 to 31 March 2026, the Company bought back 2,875,341 Ordinary Shares for cancellation, representing 1.3% of the shares in issue at 30 September 2025, at an average price of 0.75 pence per share (including costs).
Material Transactions
Other than the Offer for Subscription, Share Buybacks, and the purchases, realisations and dividends described above, there were no further material transactions during the six-month period ended 31 March 2026.
Board Refresh
Charlotta Ginman stepped down from the Board at the AGM in February 2026. The Board used an external recruitment agency to secure a suitable replacement and as a result Tamara Sakovska was appointed as a Director on 14 May 2026.
Summary & Outlook
The first half of the financial year delivered a period of strong absolute and relative performance for the Company, achieved against a volatile and uncertain market backdrop.
Your Investment Manager believes that the underlying case for investing in UK listed smaller companies remains compelling. AIM-listed companies continue to trade at large valuation discounts to their larger quoted peers, while the operational performance of many of your investee companies has remained resilient throughout a prolonged period of dislocation. As such, the potential for a meaningful re-rating remains intact, particularly once the geopolitical backdrop stabilises.
The clear and principal risk to an improving outlook remains the war in the Middle East. Any further escalation of the conflict will result in sustained disruption to global energy supply, which in turn will trigger inflation and pose a serious risk to global economic growth.
The Board regards the announcement in November 2025 of long-awaited reforms to the rules governing Venture Capital Trusts to be a genuinely important development for the Company and its Shareholders. The doubling of the investment limits previously imposed on VCTs; specifically, the increases to both the gross assets and lifetime funding thresholds applicable to qualifying investee companies, materially expands the universe of businesses in which the Company can invest. In practical terms, this enables the Investment Manager to deploy capital into more mature, later-stage growth businesses alongside the smaller, earlier-stage companies that have historically formed the core of the qualifying portfolio. This represents a meaningful broadening of opportunity. More established businesses typically offer greater revenue visibility, stronger balance sheets and more developed competitive positions, and their inclusion within the qualifying universe should enhance the overall quality of the portfolio over time.
However, the reduction in the upfront tax relief available to new investors from 30% to 20% is disappointing and may impact the fund raising for VCTs in the future.
Looking further ahead, the Board is encouraged by both the quality of the portfolio and the pipeline of prospective new investments available to the Investment Manager.
The Offer for Subscription launched earlier in the period resulted in a strong fundraise of 24.2 million after costs, reflecting continued investor confidence in the Investment Manager's approach and the Company's investment policy. The capital raised, combined with the expanded investment universe created by the rule changes described above, provides considerable capacity to take advantage of the opportunities currently available. With valuations remaining depressed relative to historical norms, a more supportive regulatory framework now in place, and a number of portfolio companies approaching important commercial milestones, the Investment Manager continues to see attractive long-term potential within the portfolio.
The Board thanks existing Shareholders for their continued support and welcomes all new Shareholders to the Company.
The results of this half year, achieved against a difficult backdrop for smaller company indices, serve as a reminder of what the Investment Manager's disciplined, long-term approach is capable of delivering.
The Board looks forward to reporting on further positive progress in due course.
Tim Woodcock
Chair
24 June 2026
Investment Objective
The Company's objective is to provide Shareholders with an attractive return from a diversified portfolio of investments, predominantly in the shares of AIM quoted companies, by maintaining a steady flow of dividend distributions to Shareholders from the income as well as capital gains generated by the portfolio.
It is also the objective that the Company should continue to qualify as a Venture Capital Trust, so that Shareholders benefit from the taxation advantages that this brings. To achieve this at least 80% of the Company's total assets are to be invested in qualifying investments of which 70% by VCT value must be in ordinary shares which carry no preferential rights (save as permitted under VCT rules) to dividends or return of capital and no rights to redemption.
Investment Policy
In order to achieve the Company's investment objective, the Board has agreed an investment policy which requires the Investment Manager to identify and invest in a diversified portfolio, predominantly of VCT qualifying companies quoted on AIM that display a majority of the following characteristics:
➢ experienced and well-motivated management;
➢ products and services supplying growing markets;
➢ sound operational and financial controls; and
➢ potential for good cash generation in due course, to finance ongoing development and support for a progressive dividend policy.
Asset allocation and risk diversification policies, including maximum exposures, are to an extent governed by prevailing VCT legislation. No single holding may represent more than 15% (by VCT value) of the Company's total investments and cash, at the date of investment.
There are a number of VCT conditions which need to be met by the Company which may change from time to time. The Investment Manager will seek to make qualifying investments in accordance with such requirements.
Asset Mix
Where capital is available for investment while awaiting suitable VCT qualifying opportunities or is in excess of the 80% VCT qualification threshold, it may be held in cash or invested in money market funds, collective investment vehicles or non-qualifying shares and securities of fully listed companies registered in the UK.
Borrowing
To date the Company has operated without recourse to borrowing. The Board may however consider the possibility of introducing modest levels of gearing up to a maximum of 10% of the adjusted capital and reserves should circumstances suggest that such action is in the interests of Shareholders.
Unaudited Investment Portfolio Summary
as at 31 March 2026
Qualifying investments
Book cost
£'000
Valuation
£'000
% of net assets by value *
AIM quoted investments:
Cohort
1,156
13,332
7.4
Avingtrans
996
8,632
4.8
Anpario
1,423
8,393
4.7
Aurrigo International
4,858
6,857
3.8
Tristel
878
5,724
3.2
The Property Franchise Group
1,883
5,518
3.1
Tracsis
1,500
4,785
2.7
Idox
1,242
4,498
2.5
Animalcare Group
2,401
3,711
2.1
Pulsar Group
3,159
2,869
1.6
Avacta Group
932
2,709
1.5
AB Dynamics
793
2,662
1.5
SulNOx Group **
1,741
2,436
1.4
Oberon Investments Group **
2,499
1,702
1.0
Quantum Base Holdings
1,750
1,682
0.9
EDX Medical Group **
1,500
1,131
0.6
PCI-PAL
1,023
1,065
0.6
Fusion Antibodies
1,660
998
0.6
Hardide
2,054
986
0.6
Concurrent Technologies
275
940
0.5
RC Fornax
1,702
907
0.5
47 investments, each valued at less than 0.5% of net assets
72,789
13,514
7.5
108,214
95,051
53.1
Fully listed investments
MaxCyte
2,926
1,323
0.7
2,926
1,323
0.7
Unlisted investments
Maia Topco Limited (formerly Hasgrove) - Preference shares
21,511
15,804
8.8
Good Life Plus
2,500
2.668
1.5
Warwick Acoustics
2,000
1,600
0.9
Orca Computing Holdings Limited - Loan Stock
1,800
1,488
0.8
Phynova Group
1,500
1,147
0.7
Heartstone Inns
1,112
595
0.3
Gama Aviaton
760
298
0.2
nkoda Limited
2,496
223
0.1
17 investments, each valued at less than 0.1% of net assets
25,453
458
0.3
59,132
24,281
13.6
Total qualifying investments
170,272
120,655
67.4
Non-qualifying investments
Fully listed UK equities
21,514
21,243
11.9
Blackrock Cash Fund Class D (Unit Trust)
13,162
13,167
7.4
Royal London Short Term Money Market Fund Y(OEIC)
13,036
13,042
7.3
Unicorn UK Smaller Companies Fund (OEIC) Class C Income
5,000
4,401
2.4
Unicorn Ethical Fund (OEIC) Income
4,483
3,003
1.7
Total non-qualifying investments
57,195
54,856
30.7
Total investments
227,467
175,511
98.1
Cash and cash equivalents
5,127
2.9
Current assets
635
0.3
Current liabilities
(2,407)
(1.3)
Net assets
178,866
100.0
* Based on fair value not VCT carrying value
** Listed on Aquis Exchange
Responsibility Statement
Directors' Statement of Principal Risks and Uncertainties
The important events that have occurred during the period under review and the key factors influencing the financial statements are set out in the Chair's Statement above.
In accordance with DTR 4.2.7, the Directors consider that with the exception of those mentioned below, the principal risks and uncertainties facing the Company have not materially changed since the publication of the Annual Report and Accounts for the year ended 30 September 2025.
The principal risks faced by the Company include, but are not limited to:
• investment and strategic
• regulatory and tax
• operational
• fraud, dishonesty and cyber
• financial instruments
• economic and political
• black swan events
In addition, the Directors also assess the possibility of new and emerging risks. As discussed in the Chair's Statement above, the conflict in the Middle East poses a significant threat to UK economic growth and equity market performance.
A more detailed explanation of these risks and the way in which they are managed can be found in the Strategic Report on pages 34 and 35 and in the Notes to the Financial Statements on pages 79 to 81 of the 2025 Annual Report and Accounts - copies can be found via the Company's website, www.unicornaimvct.co.uk.
Directors' Statement of Responsibilities in Respect of the Financial Statements
In accordance with Disclosure and Transparency Rule (DTR) 4.2.10, Tim Woodcock (Chair), Julian Bartlett (Chair of the Audit Committee) and Josie Tubbs, the Directors, confirm that to the best of their knowledge:
● the condensed set of financial statements, which have been prepared in accordance with FRS 104 "Interim Financial Reporting" give a true and fair view of the assets, liabilities, financial position and profit of the Company for the period ended 31 March 2026, as required by DTR 4.2.4;
● this Half-Yearly Report includes a fair review of the information required as follows:
· the interim management report included within the Chair's Statement and the Investment Portfolio Summary, includes a fair review of the information required by DTR 4.2.7 being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties facing the Company for the remaining six months of the year; and
· there were no other related party transactions in the first six months of the current financial year that are required to be disclosed in accordance with DTR 4.2.8.
Cautionary Statement
This report may contain forward looking statements with regards to the financial condition and results of the Company, which are made in the light of current economic and business circumstances. Nothing in this report should be construed as a profit forecast.
The Half-Yearly Report was approved by the Board of Directors on 24 June 2026 and the above responsibility statement was signed on its behalf by:
Tim Woodcock
Chair
24 June 2026
Management of the Company
The Board has overall responsibility for the Company's affairs including the determination of its investment policy. Risk is spread by investing in a number of different businesses across different industry sectors. The Investment Manager, Unicorn Asset Management Limited, is responsible for managing sector and stock specific risk and the Board does not impose formal limits in respect of such exposures. However, in order to maintain compliance with HMRC rules for VCTs and to ensure that an appropriate spread of investment risk is achieved, the Board receives and reviews comprehensive reports from the Investment Manager. When the Investment Manager proposes to buy or sell any investment in unlisted securities, the prior approval of the Board is required. The Board places great emphasis on the requirement for the Directors to disclose their interests in investments (and potential investments) and has instigated a procedure whereby a Director declaring such an interest does not participate in any discussions or decisions relating to such investments.
The Administrator, ISCA Administration Services Limited, provides Company Secretarial and Accountancy services to the Company.
Unaudited Condensed Income Statement
for the six months ended 31 March 2026
Six months ended 31 March 2026 (unaudited)
Six months ended 31 March 2025 (unaudited)
Year ended 30 September 2025 (audited)
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Net unrealised
losses on investments
7
-
(20,145)
(20,145)
-
(13,667)
(13,667)
-
(3,043)
(3,043)
Net gains on realisation of investments
7
-
41,225
41,225
-
298
298
-
1,603
1,603
Income
4
1,646
-
1,646
1,420
-
1,420
2,970
-
2,970
Investment management fees
2
(474)
(1,423)
(1,897)
(458)
(1,373)
(1,831)
(931)
(2,794)
(3,725)
Other expenses
(430)
-
(430)
(440)
-
(440)
(817)
-
(817)
Profit/ (loss) on ordinary activities before taxation
742
19,657
20,399
522
(14,742)
(14,220)
1,222
(4,234)
(3,012)
Tax on profit/(loss) on ordinary activities
3
-
-
-
-
-
-
-
-
-
Profit/ (loss) and total comprehensive income after taxation
742
19,657
20,399
522
(14,742)
(14,220)
1,222
(4,234)
(3,012)
Basic and diluted earnings per share: Ordinary Shares
5
0.34p
8.98p
9.32p
0.27p
(7.68)p
(7.41)p
0.60p
(2.08)p
(1.48)p
All revenue and capital items in the above statement derive from continuing operations of the Company.
The total column of this statement is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS"). The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice ("AIC SORP") issued in December 2025 by the Association of Investment Companies.
Other than revaluation movements arising on investments held at fair value through Profit or Loss, there were no differences between the profit/(loss) as stated above and at historical cost.
The notes form part of these Half-Yearly financial statements.
Unaudited Condensed Statement of Financial Position
as at 31 March 2026
Notes
As at
31 March 2026
(unaudited)
£'000
As at
31 March 2025
(unaudited)
£'000
As at
30 September 2025
(audited)
£'000
Non-current assets
Investments at fair value
1e, 7
175,511
177,415
193,578
Current assets
Debtors
635
552
438
Cash and cash equivalents
5,127
6,745
2,635
5,762
7,297
3,073
Creditors; amounts falling due within one year
(2,407)
(2,198)
(2,290)
Net current assets
3,355
5,099
783
Net assets
178,866
182,514
194,361
Share capital and reserves
Called up share capital
2,412
2,074
2,153
Capital redemption reserve
29
230
-
Share premium account
23,025
142,272
-
Capital reserve
(47,184)
7,126
17,837
Special reserve
143,016
12,982
153,903
Profit and loss account
57,568
17,830
20,468
Equity Shareholders' funds
178,866
182,514
194,361
Basic and diluted net asset value per share of 1p each
Ordinary Shares
8
74.17p
88.02p
90.28p
The financial information for the six months ended 31 March 2026 and the six months ended 31 March 2025 have not been audited.
The notes form part of these Half-Yearly financial statements.
Unaudited Condensed Statement of Changes in Equity
for the six months ended 31 March 2026
Called up share capital
£'000
Capital redemption reserve
£'000
Share premium account
£'000
Unrealised capital reserve
£'000
Special reserve*
£'000
Profit and loss account*
£'000
Total
£'000
Six months ended 31 March 2026
At 1 October 2025
2,153
-
-
17,837
153,903
20,468
194,361
(Loss)/profit after taxation
-
-
-
(65,021)
-
85,420
20,399
Transfer to special reserve
-
-
-
-
(2,055)
2,055
-
Shares issued under Offer for Subscription, net of costs
168
-
13,406
-
-
-
13,574
Net proceeds from DRIS share issue
120
-
9,619
-
-
-
9,739
Shares repurchased and cancelled
(29)
29
-
-
(2,158)
-
(2,158)
Dividends paid
-
-
-
-
(6,674)
(50,375)
(57,049)
At 31 March 2026
2,412
29
23,025
(47,184)
143,016
57,568
178,866
Six months ended 31 March 2025
At 1 October 2024
1,904
199
124,570
26,582
24,027
22,140
199,422
(Loss)/profit after taxation
-
-
-
(19,456)
-
5,236
(14,220)
Transfer to special reserve
-
-
-
-
(2,561)
2,561
-
Shares issued under Offer for Subscription, net of costs
171
-
15,069
-
-
-
15,240
Net proceeds from DRIS share issue
30
-
2,633
-
-
-
2,663
Shares repurchased and cancelled
(31)
31
-
-
(2,620)
-
(2,620)
Dividends paid
-
-
-
-
(5,864)
(12,107)
(17,971)
At 31 March 2025
2,074
230
142,272
7,126
12,982
17,830
182,514
Year ended 30 September 2025
At 1 October 2024
1,904
199
124,570
26,582
24,027
22,140
199,422
(Loss)/ profit after taxation
-
-
-
(8,745)
-
5,733
(3,012)
Transfer to special reserve
-
-
-
-
(4,693)
4,693
-
Shares issued under Offer for Subscription, net of costs
272
-
23,810
-
-
-
24,082
Net proceeds from DRIS share issues
41
-
3,601
-
-
-
3,642
Shares repurchased and cancelled
(64)
64
-
-
(5,340)
-
(5,340)
Cancellation of share premium account and Capital redemption reserve **
-
(263)
(151,981)
-
152,244
-
-
Dividends paid
-
-
-
-
(12,335)
(12,098)
(24,433)
At 30 September 2025
2,153
-
-
17,837
153,903
20,468
194,361
The financial information for the six months ended 31 March 2026 and the six months ended 31 March 2025 have not been audited.
The profit and loss account comprises the revenue reserve of £1,356,000 and the realised capital reserve of £56,212,000.
*The Special reserve and profit and loss account are distributable to Shareholders. The Special reserve is used to fund market purchases of the Company's own shares, to make distributions and to write-off existing and future losses.
** On 30 September 2025, the court approved the cancellation of the Share premium account and Capital redemption reserve. The balances were transferred to the Special reserve.
The notes form part of these Half-Yearly financial statements.
Unaudited Condensed Statement of Cash Flows
for the six months ended 31 March 2026
Notes
Six months ended
31 March 2026
(unaudited)
£'000
Six months ended
31 March 2025
(unaudited)
£'000
Year ended
30 September 2025
(audited)
£'000
Operating activities
Investment income received
1,458
1,390
2,921
Investment management fees paid
(2,049)
(1,912)
(3,747)
Other cash payments
(454)
(456)
(823)
Net cash outflow from operating activities
(1,045)
(978)
(1,649)
Investing activities
Purchase of equity investments
7
(7,644)
(17,309)
(15,706)
Purchase of money market funds
7
(79,800)
(10,000)
(28,000)
Sale of investments
7
66,349
15,517
13,818
Sale of money market funds
7
60,256
17,520
31,520
Net cash inflow from investing activities
39,161
5,728
1,632
Net cash inflow/(outflow) before financing
38,116
4,750
(17)
Financing
Dividends paid
6
(47,260)
(15,288)
(20,751)
Unclaimed dividends returned
-
-
281
Shares issued under Offer for Subscription (net of transaction costs paid in the period)
13,815
15,503
24,082
Expenses of DRIS share issues
(21)
(20)
(40)
Shares repurchased for cancellation
(2,158)
(2,620)
(5,340)
Net cash outflow from financing
(35,624)
(2,425)
(1,768)
Net increase/(decrease) in cash and cash equivalents
2,492
2,325
(1,785)
Cash and cash equivalents at start of period
2,635
4,420
4,420
Cash and cash equivalents at end of period
5,127
6,745
2,635
Reconciliation of operating profit/(loss) to net cash outflow from operating activities
Profit/(loss)/ for the period
20,399
(14,220)
(3,012)
Net unrealised losses on investments
20,145
13,667
3,043
Net gains on realisation of investments
(41,225)
(298)
(1,603)
Transaction costs
(14)
(4)
(7)
Increase in debtors and prepayments
(197)
(29)
(50)
Decrease in creditors and accruals
(153)
(94)
(20)
Net cash outflow from operating activities
(1,045)
(978)
(1,649)
The financial information for the six months ended 31 March 2026 and the six months ended 31 March 2025 have not been audited.
The notes form part of these Half-Yearly financial statements.
Notes to the unaudited financial statements
for the six months ended 31 March 2026
1. Principal accounting policies
a) Statement of compliance
The Company's Financial Statements for the six months to 31 March 2026 have been prepared under UK Generally Accepted Accounting Practice ("UK GAAP") and the Statement of Recommended Practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('the SORP') issued in December 2025 by the Association of Investment Companies.
The financial statements have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 30 September 2025.
b) Financial information
The financial information contained in this report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the periods ended 31 March 2026 and 31 March 2025 have not been audited or reviewed by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews. The information for the year to 30 September 2025 has been extracted from the latest published Annual Report and Financial Statements, which have been lodged with the Registrar of Companies, contained an unqualified auditors' report and did not contain a statement required under Section 498 (2) or (3) of the Companies Act 2006.
c) Going concern
After due consideration, the Directors believe that the Company has adequate resources for the foreseeable future and that it is appropriate to apply the going concern basis in preparing the Financial Statements. As at 31 March 2026, the Company held cash balances of £5.1 million, £22.6 million in fully listed stocks and £3.0 million in the Unicorn Ethical OEIC fund, £4.4 million in the UK Smaller Companies OEIC Fund, £13.2 million in the BlackRock Cash Fund (Unit Trust) and £13.0 million in the Royal London Short-Term Money Market Fund (OEIC). The majority of the Company's investment portfolio remains invested in qualifying and non-qualifying AIM traded equities which may be realised, subject to the need for the Company to maintain its VCT status. The cash flow projections, overing a period of at least twelve months from the date of approving the Financial Statements, have been reviewed and show that the Company has access to sufficient liquidity to meet both contracted expenditure and any discretionary cash outflows from buybacks and dividends. The Company has no borrowings and is therefore not exposed to any gearing covenants
d) Presentation of the Income Statement
In order to better reflect the activities of a VCT and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Statement of Comprehensive Income. The revenue column of profit attributable to Shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 274 Income Tax Act 2007.
e) Investments
All investments held by the Company are classified as "fair value through profit or loss", in accordance with FRS102. This classification is followed as the Company's business is to invest in financial assets with a view profiting from their total return in the form of capital growth and income and in accordance with the Company's risk management and investment policy. In the preparation of the valuation of assets, in accordance with current IPEV guidelines, the Directors are required to make judgements and estimates that are reasonable and incorporate their knowledge of the performance of the investee companies.
· For investments actively traded on organised financial markets, fair value is generally determined by reference to Stock Exchange market quoted bid prices at the close of business on the balance sheet date. Purchases and sales of quoted investments are recognised on the trade date where a contract of sale exists whose terms require delivery within a time frame determined by the relevant market.
· For level 2 investments fair value is determined by the Net Asset Value of the OEICs and Unit Trust at the Balance Sheet date.
· Unquoted investments are reviewed at least quarterly to ensure that the fair values are appropriately stated and are valued in accordance with current IPEV guidelines as updated in December 2022, which relies on subjective estimates. Fair value is established by assessing different methods of valuation, such as price of recent transaction, earnings multiples, discounted cash flows and net assets. Purchases and sales of unlisted investments are recognised when the contract for acquisition or sale becomes unconditional.
· Where a company's underperformance against plan indicates a diminution in the value of the investment, provision against cost is made, as appropriate. Where it is considered the value of an investment has fallen permanently below cost, the loss is treated as a permanent impairment and as a realised loss, even though the investment is still held. The Board assesses the portfolio for such investments and, after agreement with the Investment Manager, will agree the values that represent the extent to which an investment loss has become realised. This is based upon an assessment of objective evidence of that investment's future prospects, to determine whether there is potential for the investment to recover in value.
· Redemption premiums on loan stock investments are recognised at fair value when the Company receives the right to the premium and when considered recoverable.
f) Capital reserves
(i) Realised (included within the Profit and Loss Account reserve)
The following are accounted for in these reserves:
• the costs associated with the running of the Company;
• gains and losses on realisation of investments;
• permanent diminution in value of investments; and
• transaction costs incurred in the acquisition of investments.
(ii) Unrealised capital reserve (Revaluation reserve)
Increases and decreases in the valuation of investments held at the period end are accounted for in this reserve, except to the extent that the diminution is deemed permanent.
In accordance with stating all investments at fair value through profit or loss, all such movements through both unrealised and realised capital reserves are shown within the Income Statement for the period.
(iii) Special reserve
The Special reserve was created by the cancellation of the Share premium account and Capital redemption reserve in March 2019. In addition, on 30 September 2025, the court approved the further cancellation of the Share premium account and Capital redemption reserve leading to £152.2 million of distributable reserves being added to the Special reserve. The purpose of the Special reserve is to fund market purchases of the Company's own shares as and when it is considered by the Board to be in the interests of the Shareholders, make distributions and to write-off existing and future losses (including permanent impairments) as the Company must take into account capital losses in determining distributable reserves. In addition, 75% of the management fee and the related tax effect are transferred to this reserve. Included in the transfer to the Special reserve from the profit and loss account is the total of realised losses incurred by the Company in the period of £619,000.
(iv) Capital redemption reserve
Represents the nominal value of the shares purchased and cancelled less the amount cancelled by the Court as detailed above.
(v) Share premium account
Represents the amount received in excess of nominal value on the issue of shares less the amount cancelled by the Court as detailed above.
(vi) Share capital
Represents the nominal value of the shares issued.
2. Investment Management Fees
Unicorn Asset Management Limited ("UAML") receives an annual management fee, calculated and payable quarterly in arrears, of 2.0% of the net asset value of the Company, excluding the value of the investments in the OEIC which is also managed by UAML, up to net assets of £200 million, 1.5% of net assets in excess of £200 million and 1.0% of net assets in excess of £450 million. If the Company raises further funds during a quarter the net asset value for that quarter is reduced by an amount equal to the amount raised, net of costs, multiplied by the percentage of days in that quarter prior to the funds being raised.
The Directors have charged £1,423,000, 75% of the investment management fees to the capital reserve and the balance of 25%, being £474,000, to revenue.
At 31 March 2025, £803,000 payable to the Investment Manager is included in creditors due within one year.
3. Taxation
The total allowable expenses exceed income hence there is no tax charge for the period.
4. Income
Six months
ended
31 March 2026
(unaudited)
£'000
Six months
ended
31 March 2025
(unaudited)
£'000
Year ended
30 September 2025
(audited)
£'000
Equity dividends
1,026
937
2,032
Unicorn managed OEICs (including reinvested dividends)
106
71
200
Other OEIC and Unit Trust
373
375
652
Bank interest
51
37
65
Loan stock interest
90
-
21
1,646
1,420
2,970
5. Basic and diluted earnings and return per share
Six months
ended
31 March 2026
(unaudited)
Six months
ended
31 March 2025
(unaudited)
Year ended
30 September
2025
(audited)
Total earnings after taxation (£'000)
20,399
(14,220)
(3,012)
Basic and diluted earnings per share (pence)
9.32
(7.41)
(1.48)
Net revenue from ordinary activities after taxation (£'000)
742
522
1,222
Basic and diluted revenue earnings per share (pence)
0.34
0.27
0.60
Total capital return after taxation (£'000)
19,657
(14,742)
(4,234)
Basic and diluted capital earnings per share (pence)
8.98
(7.68)
(2.08)
Weighted average number of shares in issue in the period
218,838,485
191,924,642
203,957,457
There are no instruments in place that may increase the number of shares in issue in the future. Accordingly, the above figures represent both basic and diluted earnings per share.
6. Dividends
Six months ended
31 March 2026
(unaudited)
£'000
Six months ended
31 March 2025
(unaudited)
£'000
Year ended
30 September 2025
(audited)
£'000
Amounts recognised as distributions to equity holders in the period:
Interim capital dividend of nil pence (2025: 3.0 pence) per share for the year ended 30 September 2025 paid on 12 August 2025
-
-
6,471
Final capital dividend of 3.1 pence (2025: 3.1 pence) per share for the year ended 30 September 2025 paid on 13 February 2026
6,674
5,864
5,864
Final revenue dividend of 0.4 pence (2025: 0.4 pence) per share for the year ended 30 September 2025 paid on 13 February 2026
861
757
757
Special capital dividend of 23.0 pence (2025:6.0 pence) per share for the year ended 30 September 2026 paid on 5 March 2026
49,514
11,350
11.350
Total dividends paid in the period*
57,049
17,971
24,442
Unclaimed dividends returned
‑
‑
(9)
Total dividends
57,049
17,971
24,433
* The difference between total dividends paid and that shown in the Condensed Cash Flow Statement is £9,789,000, which is the amount of dividends reinvested under the Dividend Reinvestment Scheme ("DRIS").
7. Investments at fair value
Fully
listed
£'000
Traded on AIM
£'000
Unlisted shares
£'000
Unlisted loan stock
£'000
Other
Funds**
£'000
Total
£'000
Book cost at 30 September 2025
22,113
104,696
35,318
2,400
15,987
180,514
Unrealised (losses)/ gains at 30 September 2025
(747)
2,928
17,488
(600)
(1,232)
17,837
Permanent impairment in value of investments
-
(4,026)
(747)
-
-
(4,773)
Opening valuation at 30 September 2025
21,366
103,598
52,059
1,800
14,755
193,578
Purchases at cost
2,544
4,100
1,000
-
79,800
87,444
Sale proceeds
(117)
(74)
(66,158)
-
(60,256)
(126,605)
Net realised (losses)/ gains*
(127)
11
41,198
-
157
41,239
Movement in unrealised losses
(1,100)
(12,584)
(5,306)
(312)
(843)
(20,145)
Closing valuation at 31 March 2026
22,566
95,051
22,793
1,488
33,613
175,511
Book cost at 31 March 2026
24,440
108,214
56,732
2,400
35,681
227,467
Unrealised (losses)/gains at 31 March 2026
(1,874)
(9,137)
(33,192)
(912)
(2,068)
(47,183)
Permanent impairment in value of investments
-
(4,026)
(747)
-
-
(4,773)
Closing valuation at 31 March 2026
22,566
95,051
22,793
1,488
33,613
175,511
* Transaction costs on the purchase and disposal of investments of £14,000 were incurred in the period. These have not been deducted from the realised gains shown above of £41,239,000 but have been deducted in arriving at gains on realisation of investments disclosed in the Income Statement of £41,225,000.
** Other funds include the Unicorn Ethical Fund, the Unicorn UK Smaller Companies Fund and the Royal London Short Term Money Market Fund which are OEICs and the BlackRock Cash Fund which is a Unit Trust. Further details are given on page 8.
Note: Permanent impairments of £4,773,000 continue to be held in respect of losses on investments held at the period end
Reconciliation of cash movements in investment transactions
The is no difference between the sales and purchases per Note 7 above and that shown in the Condensed Cash Flow Statement.
The table below sets out fair value measurements using FRS 102 s11.27 fair value hierarchy. The Company has one class of assets, being at fair value through profit or loss.
Level 1
£000
Level 2
£'000
Level 3
£'000
Total
£'000
At 31 March 2026
Equity investments
117,617
-
22,793
140,410
Loan stock investments
-
-
1,488
1,488
Open ended investment companies and Unit Trust *
-
33,613
-
33,613
Total
117,617
33,613
24,281
175,511
At 31 March 2025
Equity investments
119,356
-
44,861
164,217
Open ended investment companies and Unit Trust *
-
13,198
-
13,198
Total
119,356
13,198
44,861
177,415
At 30 September 2025
Equity investments
124,964
-
52,059
177,023
Loan stock investments
-
-
1,800
1,800
Open ended investment companies and Unit Trust * *
-
14,755
-
14,755
Total
124,964
14,755
53,859
193,578
* Open ended investment companies include the Unicorn Ethical Fund, the Unicorn UK Smaller Companies Fund and the Royal London Short Term Money Market Fund which are OEICs and the BlackRock Cash Fund which is a Unit Trust. Further details are given on page 8.
There are currently no financial liabilities at fair value through profit or loss.
Categorisation within the hierarchy has been determined on the lowest level input that is significant to the fair value measurement of the relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valuation by reference to valuation techniques using directly observable inputs other than quoted prices included within Level 1.
Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data.
The valuation techniques used by the Company are explained in the accounting policies in Note 1.
The fair value of unquoted investments, categorised as Level 3, is established by assessing different methods of valuation, such as price of recent transaction, earnings multiples, discounted cash flows and net assets, therefore no assumptions are disclosed, or sensitivity analysis provided.
A reconciliation of fair value measurements in Level 3 is set out below:
Equity
Investments
£'000
Loan stock
Investments
£'000
Total
£'000
Opening balance at 1 October 2025
52,059
1,800
53,859
Purchases
1,000
-
1,000
Sales
(66,158)
-
(66,158)
Total gains/(losses)/gains included in gains/(losses) on investments in the Condensed Income Statement
- on assets sold
41,198
-
41,198
- on assets held at the period end
(5,306)
(312)
(5,618)
Closing balance at 31 March 2026
22,793
1,488
24,281
8. Net asset values
At 31 March
2026
(unaudited)
At 31 March
2025
(unaudited)
At 30 September 2025
(audited)
Net assets
£178,866,000
£182,514,000
£194,361,000
Number of shares in issue
241,165,981
207,363,582
215,281,044
Net asset value per share
74.17p
88.02p
90.28p
9. Post balance sheet events
On 2 April 2026, the Company allotted and issued 14,275,133 ordinary shares, representing approximately 5.9% of the share capital at prices ranging from 74.39 pence per share to 79.80 pence per share, raising net funds of £10,600,000 from gross subscriptions of £10,900,000.
On 20 May 2026, the Company allotted and issued 2,093,579 ordinary shares, representing approximately 0.8% of the share capital at prices ranging from 77.00 pence per share to 81.27 pence per share, raising net funds of £1,608,000 from gross subscriptions of £1,649,000. At the date of the signing of this report, there are 257,534,693 ordinary shares in issue.
10. Related party transactions
During the first six months of the financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.
11. Copies of the Half Yearly Report
Copies of the Half Yearly Report will be available for download on the Company's website: www.unicornaimvct.co.uk.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of this announcement.
A copy of the 2026 Half Yearly Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
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