Interim Management Statement - Seite 3

The HMRC investment tests are set out in Chapter 3 of Part 6 Income Tax Act 2007, which should be read in conjunction with this interim management statement. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised. Therefore, the allocation of qualifying investments as defined by the legislation can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.

Post Period End Update

The NAV has increased to 94.96p as at 19 February 2021.  Adjusting for the 2.65 pence per share dividend paid on 11 February 2021, this equates to a gain of 11.68% within the current quarter.  A further £2.26m has been invested into 3 qualifying companies including one investment into a new private qualifying company.

Share Buy Backs & Discount Control

In total, 806,227 shares (nominal value £8,062) were purchased during the period at a cost of £593,702 and an average price of 73.64 pence per share. The Board continues to target a share price discount of approximately 5% to the NAV per share (as measured against the mid-price). It should be emphasised that this target is non-binding and depends upon a range of factors, including the Company’s liquidity, its shareholder permissions and market conditions.

The share price traded at a discount of 6.2% (after adjusting for the dividend) following the publication of the 31 December 2020 NAV on 8 January 2021.

END

For further information, please contact:

JTC (UK) Limited Susan.Fadil Ruth Wright	[e-mail] [phone] [phone]
Canaccord Genuity Fund Management Oliver Bedford	[e-mail] [phone]

LEI: 213800LRYA19A69SIT31