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Sure Ventures plc (‘Sure Ventures’ or ‘the
Company’)
Increase of Subscription to Sure Valley
Ventures (ICAV) of 2.5 million euros
Sure
Ventures plc, a London listed venture capital fund which invests in early stage
software companies in the rapidly growing technology sectors of augmented reality (‘AR’), virtual reality
(‘VR’), Internet of Things (‘IoT’) and Artificial Intelligence (AI) in Fintech,
is pleased to announce that it has increased its subscription in Sure Valley
Ventures (ICAV) by a further 2.5 million euros. This subscription takes Sure
Ventures overall commitment in Sure Valley Ventures to 7 million euros.
Perry Wilson, Chairman of Sure Ventures, commented, “The board of Sure
Ventures has been very impressed with the composition of the portfolio that has
been created to date by Sure Valley Ventures. With a number of investee
companies now approaching the next round of funding, we are very encouraged by
the performance of the underlying software businesses and as such are happy to
show our commitment to Sure Valley Ventures’ strategy by increasing our
percentage holdings”.
SUIR
VALLEY VENTURES (‘The fund’)
The fund is an Irish regulated ICAV that undertook a fundraising round
with a closing date of 31 August 2019. In consideration of the traction,
performance and makeup of the portfolio established in some of the new
frontiers of software technology, the board of Sure Ventures PLC decided not
just to maintain its percentage holding in Sure Valley Ventures, but to
increase its stake in the fund from 21.6% to 25.9% by committing a further 2.5m
euros.
The commitment will require an upfront commitment of EU848,784. This
investment has been satisfied from the Company’s current cash position. The
Company has, through this investment, increased its exposure to the companies
within the fund’s portfolio including:
Company
Description
Admix
Fully programmatic monetization platform for 3D spacial developers (e.g. console, PC and mobile game developers) https://admix.in/
Ambisense
AI and IoT platform for real-time environmental monitoring and protection (e.g. Greenhouse Gas) through AI prediction https://ambisense.net/
Artomatix
AI platform that automates 3D content creation for AR/VR, video games, movies and VFX, cutting the costs of production for key processes by up to 80%. https://artomatix.com/
For
further information, please visit www.sureventuresplc.com or contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9951
Melissa Hancock/ Gaby Jenner
St Brides Partners (Financial PR)
+44 (0) 20 7236 1177
Notes to Editors
Sure
Ventures plc listed on the London Stock Exchange in January 2018 giving retail
investors access to an asset class that is usually dominated by private venture
capital funds. The Company aims to provide investors with a diversified
exposure to three rapidly-growing markets: augmented reality/virtual reality,
Artificial Intelligence and Internet of Things.
Sure Ventures is focusing on companies in the UK, Republic of Ireland
and other European countries, making seed and series A investments in companies
with first rate management teams, products which benefit from market validation
with target revenue run rates of at least £400,000 over the next 12
months.
Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)
31 July 2019
Final Results
Sure Ventures plc, a venture capital fund which invests in early stage software companies in the rapidly growing tech verticals of augmented reality (‘AR’), virtual reality (‘VR’), and Internet of Things (‘IoT’) and Artificial Intelligence (AI) in fintech sectors, is pleased to announce its annual results for the first full year investment for the year ending 31 March 2019.
The Company’s annual report and audited financial statements will be posted to shareholders shortly and will be made available on the Company’s website www.sureventuresplc.com.
Overview
· Advanced strategy of generating shareholder value through investing in early stage technology companies in the rapidly growing sectors of AR/VR, AI, IoT and FinTech
· Directly invested in Immotion Plc
· Directly invested in VividQ Ltd, a UK-based deep technology software company pioneering the application of holography in AR/VR and consumer electronic display
· Maintained 22.17% interest in the Sure Valley Ventures subfund providing exposure to a diverse, balanced portfolio of ten early stage technology companies including VR Education, listed on the London Stock Exchange
· Appointment of Perry Wilson as Chairman and Non-Executive Director and St. John Agnew as Non-Executive Director further enhancing the Company’s well developed network
Chairman’s Statement
Dear Shareholders,
On behalf of my fellow directors, I am delighted to present the annual results for Sure Ventures plc (the “Company”) for the first full year investment for the year ending 31 March 2019.
Financial Performance
In the year to 31 March 2019 the Company’s performance was broadly in line with expectations, returning a net asset value of -9.87%, which can be explained largely by the fall in share prices of the two listed portfolio investments, Immotion plc and VR Education Holdings plc. Immotion plc is a directly held investment that has subsequently recovered since 31 March 2019 year end price (5.125p) and is now trading close to its IPO issue price (currently 9.40p). VR Education is held through the Company’s investment in the Sure Valley Ventures sub fund of Sure Valley Funds ICAV (the “Fund’), being the only listed investment held in the Fund’s portfolio and it continues to trade around its year end closing price (currently 9.00p).
The investee companies within the Fund’s portfolio, in which the Company maintains an interest of 22.17%, have grown throughout the year and now stand at ten across a diverse, balanced range of early stage software ventures in the augmented reality (AR), virtual reality (VR), internet of things (IoT), financial technology (FinTech) and artificial intelligence (AI) space.
The Company’s share price continues to trade at a premium in excess of 20% of the last published net asset value, which we believe supports the growth potential of the Company’s investments and demonstrates an understanding among shareholders of the Company’s investment rationale and investment horizon.
Portfolio Update
In the year to 31 March 2019 Sure Valley added investments in five early stage technology companies, to complement the portfolio of investments in five companies held as at 31 March 2018. Of these ten companies, nine remain privately owned with each investment being held at the initial seed investment valuation, with the exception of WarDucks which successfully raised €3.3m in March 2019 in a Series A funding round led by EQT Ventures leading to a x4 uplift in valuation of the original investment.
In addition to the existing direct investment in Immotion plc, a second direct investment by the Company of £500,000 was announced in April 2019 in Vivid Q Limited, a Cambridge, UK-based deep technology software company pioneering the application of holography in AR/VR and consumer electronics display.
Further detail is provided in the Investment Manager’s Report and the Business Review which follows this statement.
Dividend
During the Period to 31 March 2019, the Company has not declared a dividend (31 March 2018 – £nil). Pursuant to the Company’s dividend policy the directors intend to manage the Company’s affairs to achieve shareholder returns through capital growth rather than income. The Company does not expect to receive a material amount of dividends or other income from its direct or indirect investments. During the year ended 31 March 2019, it should not be expected that the Company will pay a significant annual dividend, if any.
Gearing
The Company may deploy gearing of up to 20% of net asset value (calculated at the time of borrowing) to seek to enhance returns and for the purposes of capital flexibility and efficient portfolio management. The Company’s gearing is expected to primarily comprise bank borrowings,but may include the use of derivative instruments and such other methods as the board may determine. During the period to 31 March 2019 the Company did not employ any borrowing (31 March 2018 – £nil).
The board will continue to review the Company’s borrowing, in conjunction with the Company’s Investment Manager on a regular basis pursuant with the Company’s overall cash management and investment strategy.
Outlook
In the year to 31 March 2019 the Company raised additional gross proceeds of £1,278,480, bringing the total ordinary shares in issuance as at the year end to 4,564,748. On 7 June 2019 the Company announced a raising of further gross proceeds of £293,000 by way of a private placement and following this latest admission, the Company has 4,808,026 ordinary shares in issue.
The Investment Manager’s Report and Business Review following this Statement give further detail on the affairs of the Company. The board is confident of the long-term prospects for the Company in pursuit of its investment objective and believes that the robust deal pipeline will result in additional transactions that will complement the Company’s existing investments.
Board
I am very pleased to have been appointed Chairman and Non-Executive Director of the Company in December 2018 and in the short period of my engagement the Company has continued to identify new, exciting and innovative investment opportunities through its well-developed network. Furthermore, we welcome St. John Agnew as a Non-Executive Director to the board who replaced Chris Boody on 14 June 2019 due to Mr Boody’s ongoing commitments to a global technology business. Mr Agnew brings a wealth of experience in investment management, is a lawyer by training and has served in other Non-Executive and trustee roles. Gareth Burchell continues in his role as a Non-Executive Director of the Company, which he has held since the Company’s inception.
Perry Wilson
Chairman 24 July 2019
Statement of Comprehensive Income
For the year ended 31 March 2019
The total column of this statement represents the Statement of comprehensive income prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. The supplementary revenue return and capital return columns are both prepared under guidance issued by the Association of Investment Companies. All items in the above statement derive from continuing operations.
The Company does not have any income or expense that is not included in net loss for the year. Accordingly, the net loss for the year is also the Total Comprehensive Income for the year, as defined in IAS1 (revised).
Statement of Financial Position
As at 31 March 2019 Company No. 10829500
Statement of Changes in Equity
For the year ended 31 March 2019
For the period from 21 June 2017 (date of incorporation) to 31 March 2018
As at 31 March 2019 the Company had distributable reserves of £nil (2018: £nil) for the payment of future dividends. The distributable reserves are the revenue reserves £nil (2018: £nil), realised capital reserves (£nil) (2018: (£nil)) and the special distributable reserves (£nil) (2018: (£nil)).
Statement of Cash Flows
For the year ended 31 March 2019
*The Company has no borrowings or liabilities from financing activities.
Notes to the Financial Statements:
1) Principal Accounting Policies
Basis of accounting
The financial statements of Sure Ventures plc (the “Company”) have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations (IFRS IC) as adopted by the European Union and the Companies Act 2006 applicable to companies reporting under IFRS.
The principal accounting policies adopted by the Company are set out below. Where presentational guidance set out in the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of Investment Companies (‘AIC’) in January 2017 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.
All values are rounded to the nearest pound unless otherwise indicated.
Foreign Currency
The presentation currency of the Company is pounds sterling, the financial statements are prepared in this currency in accordance with the Company’s prospectus. The Company is required to nominate a functional currency, being the currency in which the Company predominantly operates. The board has determined that sterling is the Company’s functional currency.
Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value through profit or loss are presented in the statement of comprehensive income within ‘other net changes in fair value on financial assets and financial liabilities at fair value through profit or loss’.
Presentation of Statement of comprehensive income
In order to better to reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Statement of comprehensive income between items of a revenue and capital nature has been presented alongside the Statement of comprehensive income.
Income
Dividend income from investments is recognised when the Company’s right to receive payment has been established, normally the ex-dividend date.
Interest income in profit or loss in the Statement of Comprehensive Income includes bank interest. Interest income is recognised on an accruals basis.
Capital income, all changes in fair value are recognised in profit or loss in the Statement of Comprehensive Income as net gain on investment at fair value through profit or loss.
Expenses
All expenses are accounted for on the accruals basis. In respect of the analysis between revenue and capital items presented within the Statement of Comprehensive Income, all expenses have been presented as revenue items except as follows:
• Transaction costs which are incurred on the purchases or sales of investments designated as fair value through profit or loss are expensed to capital in the Statement of Comprehensive Income.
• Expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated and, accordingly, the management fee for the financial year has been allocated 24.24% (2018: 24.24%) to revenue and 75.76% (2018: 75.76%) to capital (Investment held at fair value through profit or loss to the net asset value of the Company), in order to reflect the directors’ long term view of the nature of the expected investment returns of the Company.
Capital Reserves
Increases and decreases in the valuation of investments and realised/unrealised foreign exchange gain/(loss) held at the year end are accounted for in the capital reserves.
Taxation
In line with the recommendations of the SORP, the allocation method used to calculate tax relief on expenses presented against capital returns in the supplementary information in the Statement of comprehensive income is the ‘marginal basis’. Under this basis, if taxable income is capable of being entirely offset by expenses in the revenue column of the statement of comprehensive income, then no tax relief is transferred to the capital return column.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the revenue return column of the Statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Investment trusts which have approval under Part 24, Chapter 4 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.
Classification
Financial assets and financial liabilities
In accordance with IFRS, the Company has designated its investments as financial assets at fair value through profit or loss.
i) Financial assets at fair value through profit or loss
The Company has designated all of its investments upon initial recognition as “financial assets at fair value through profit or loss”. Their performance is evaluated on a fair value basis, in accordance with the risk management and investment strategies of the Fund, as set out in the Company’s supplement to the Prospectus.
ii) Financial assets at amortised cost
Financial assets that are classified as “financial assets at amortised cost” include cash and cash equivalents and receivables.
iii) Financial liabilities at fair value through profit or loss
Financial liabilities that are not at fair value through profit or loss include other payables.
Derecognition
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or where the group has transferred substantially all risks and rewards of ownership. If substantially all the risks and rewards have been neither retained nor transferred and the group has retained control, the assets continue to be recognised to the extent of the group’s continuing involvement. Financial liabilities are derecognised when they are extinguished.
Investments
All investments held by the Company have been designated at fair value through profit or loss (‘FVPL’) but are also described in these financial statements as investments held at fair value, and are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines (‘IPEVCV’) issued in December 2018 as endorsed by the British Private Equity and Venture Capital Association.
Purchases and sales of unlisted investments are recognised when the contract for acquisition or sale becomes unconditional.
Receivables
Receivables do not carry any interest and are short term in nature. They are initially stated at their nominal value and reduced by appropriate allowances for estimated irrecoverable amounts (if any).
Cash and cash equivalents
Cash and cash equivalents (which are presented as a single class of asset on the Statement of Financial Position) comprise cash at bank and in hand and deposits with an original maturity of three months or less. The carrying value of these assets approximates their fair value.
Payables
Payables are non-interest bearing.
Dividends
Interim dividends are recognised in the year in which they are paid. Final dividends are recognised when they have been approved by shareholders.
New standards, amendments and interpretations effective from 1 January 2018
The following standards, amendments and interpretations, which became effective in January 2018, are relevant to the Company.
IFRS 9, ‘Financial instruments’
International Financial Reporting Standards 9 (“IFRS 9”) effective for annual periods beginning on or after 1 January 2018, specifies how an entity should classify and measure financial assets and liabilities, including some hybrid contracts.
IFRS 9 was issued by the International Accounting Standards Board (“IASB”) in July 2014 and replaced International Accounting Standards 39 Financial Instruments – Recognition and Measurement (“IAS 39”).
IFRS 9 improves and simplifies the approach for classification and measurement of financial assets compared with the requirements of IAS 39. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward unchanged. IFRS 9 applies a consistent approach to classifying financial assets and replaces the numerous categories of financial assets in IAS 39, each of which had its own classification criteria.
The Company has applied IFRS 9, Financial instruments (“IFRS 9”) retrospectively but the application of IFRS 9 has not resulted in a restatement of comparative information. The Company has taken an exemption not to restate comparative information. IFRS 9 has resulted in changes to the classification of financial assets as disclosed in Note 9 (b) ; there has been no impact on the carrying values of financial instruments and the Company’s accounting policies related to liabilities and derivatives financial instruments that are not used as hedging instruments.
i) Classification and measurements of financial assets and financial liabilities
IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.
Under IFRS 9, on initial recognition, a financial asset is classified as measured at: Fair value through profit or loss (FVTPL), Fair Value through other comprehensive income (FVOCI) and amortised cost.
The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.
The Company has classified its financial assets at FVTPL and amortised cost.
Financial assets and liabilities at fair value through profit or loss
A financial asset and liabilities at FVTPL is initially measured at fair value. These assets and liabilities are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.
The financial assets and liabilities are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.
On subsequent measurement of financial assets;
· debt investments at FVOCI are measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
· equity investment at FVOCI are measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.
Financial assets held at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
· it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
· its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Measurement category under IAS 39 and IFRS 9
The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets as at 1 January 2018.
* No impairment was recognised on the amortised cost classification on the original carrying amount value under IFRS 9 on transition.
The classification of financial liabilities has not changed under the transition from IAS 39 to IFRS 9.
(i) Under IAS 39, these Unquoted equity assets were designated as at FVTPL because they were managed on a fair value basis and their performance was monitored on this basis. These assets have been classified as mandatorily measured at FVTPL under IFRS 9.
(ii) Cash and cash equivalents and receivables, that were classified as loans and receivables under IAS 39 are now classified at amortised cost.
(ii) Impairment of financial assets
IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets the Company has measured at amortised cost. Under IFRS 9, credit losses are recognised earlier than under IAS 39.
The financial assets at amortised cost consist of cash and cash equivalents.
Under IFRS 9, loss allowances are measured on either of the following bases:
· 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and
· lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument
The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured as 12-month ECLs:
· debt securities that are determined to have low credit risk at the reporting date; and
· other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information.
The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Company assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Presentation of impairment
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Impairment losses on other financial assets are presented under ‘finance costs’, similar to the presentation under IAS 39, and not presented separately in the statement of profit or loss and OCI due to materiality considerations.
iii) Transition
Changes in accounting policies resulting from the adoption of IFRS 9 have been applied retrospectively, except as described below.
· The Company has taken an exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements.
· The following assessments have been made on the basis of the facts and circumstances that existed at the date of initial application.
o The determination of the business model within which a financial asset is held.
o The designation and revocation of previous designations of certain financial assets and financial liabilities as measured at FVTPL.
· If an investment in a debt security had low credit risk at the date of initial application of IFRS 9, then the Company has assumed that the credit risk on the asset had not increased significantly since its initial recognition.
IFRS 15 Revenue from Contracts with Customers
IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. It is effective from 1 January 2018. Revenue is recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18, ‘Revenue’ and IAS 11, ‘Construction contracts’ and related interpretations Management have considered the impact of IFRS 15 on the provision of services and management income that fall under the scope of IFRS 15 and has had no impact on the Company in the financial period as there is no revenue to be recognised but may do so in the future.
There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2018 that have a material effect on the financial statements of the Company.
Adoption of New and Revised Standards
The International Accounting Standards Board has issued the following standards, which may be relevant to the Company’s reporting but which have not yet been applied and have an effective date after the date of these financial statements:
New Standards, Amendments and Interpretations
Standards, amendments and interpretations to existing standards that become effective in future accounting periods and have not been adopted by the Company are as follows:
IFRS Effective for annual periods beginning on or after
IFRS 16 – Leases 1 January 2019
IFRS 16 Leases
The directors do not anticipate that the adoption of this standard and interpretations will have a material impact on the financial statements in the period of initial application.
Other future developments include the International Accounting Standards Board (‘IASB’) undertaking a comprehensive review of existing IFRSs. The Company will consider the financial impact of these new standards as they are finalised.
CAPITAL STRUCTURE
Share Capital
Ordinary shares are classed as equity. The ordinary shares in issue have a nominal value of one penny and carry one vote each.
Share Premium
This reserve represents the difference between the issue price of shares and the nominal value of shares at the date of issue, net of related issue costs.
Capital Reserve
Unrealised gains and losses on investments held at the year end arising from movements in fair value are taken to the capital reserve.
Revenue Reserve
Net revenue profits and losses of the Company.
2) SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of financial statements in conformity with IFRS as adopted in the EU requires the Company to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting year. Although these estimates are based on the directors’ best knowledge of the amount, actual results may differ ultimately from those estimates.
The areas requiring a higher degree of judgement or complexity and areas where assumptions and estimates are significant to the financial statements are in relation to investments at fair value through profit or loss described below.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Equity Investments
The unquoted equity assets are valued on periodic basis using techniques including a market approach, costs approach and/or income approach. The valuation process is collaborative, involving the finance and investment functions within the manager with the final valuations being reviewed by the manager’s valuation committee.
Shareholders should note that increases or decreases in any of the inputs in isolation may result in higher or lower fair value measurements. Changes in fair value of all investments held at fair value are recognised in the Statement of comprehensive income as a capital item. On disposal, realised gains and losses are also recognised in the Statement of comprehensive income. IFRS 9 was adopted but did not have a material impact on the Company.
3) SEGMENTAL REPORTING
The Company’s board and the Investment Manager consider investment activity in selected Equity Assets as the single operating segment of the Company, being the sole purpose for its existence. No other activities are performed.
The directors are of the opinion that the Company is engaged in a single segment of business and operations of the Company are wholly in the United Kingdom.
4) INCOME
5) MANAGEMENT AND PERFORMANCE FEE
Management Fee
The management fee is payable quarterly in advance at a rate equal to 1/4 of 1.25% per month of net asset value (the ”Management Fee”). The aggregate fee payable on this basis must not exceed 1.25% of the net assets of the Company in any year.
From the period from first admission, the management fee payable was based on 1.25% of the net asset value.
Performance Fee
The Manager is entitled to a performance fee, which is calculated in respect of each twelve month period starting on 1 April and ending on 31 March in each calendar year (‘Calculation Period’), and the final Calculation Period shall end on the day on which the management agreement is terminated or, if earlier, the business day immediately preceding the day on which the Company goes into liquidation.
The Manager is entitled to receive a performance fee equal to 15% of any excess returns over a high watermark, subject to achieving a hurdle rate of 8% in respect of each performance period. There was no performance fee payable during the period.
6) OTHER EXPENSES
All expenses are inclusive of VAT where applicable. Further details on directors’ fees can be found in the directors’ remuneration report on page 33.
7) TAXATION
As an investment trust the Company is exempt from corporation tax on capital gains. The Company’s revenue income is subject to tax, but offset by any interest distribution paid, which has the effect of reducing that corporation tax to nil (2018: nil). This means the interest distribution may be taxable in the hands of the Company’s shareholders.
Any change in the Company’s tax status or in taxation legislation generally could affect the value of investments held by the Company, affect the Company’s ability to provide returns to shareholders, lead the Company to lose its exemption from UK Corporation tax on chargeable gains or alter the post-tax returns to shareholders. It is not possible to guarantee that the Company will remain a non-close company, which is a requirement to maintain status as an investment trust, as the ordinary shares are freely transferable. The Company, in the event that it becomes aware that it is a close company, or otherwise fails to meet the criteria for maintaining investment trust status, will as soon as reasonably practicable, notify shareholders of this fact.
The Company has obtained this approval from HM Revenue & Customs.
Factors affecting taxation charge for the year
The taxation charge for the year is lower than the standard rate of UK corporation tax of 19.00% (2018: 19.00%). A reconciliation of the taxation charge based on the standard rate of UK corporation tax to the actual taxation charge is shown below.
Overseas taxation
The Company may be subject to taxation under the tax rules of the jurisdictions in which it invests, including by way of withholding of tax from interest and other income receipts. Although the Company will endeavour to minimise any such taxes this may affect the level of returns to shareholders.
8) EARNINGS PER SHARE
The calculation of the above is based on revenue returns of (£250,133), capital returns of (£223,798) and total returns of (£473,931) and number of ordinary shares of 4,564,748 as at 31 March 2019.
The calculation of the above is based on revenue returns of (£251,287) capital returns of £41,369 and total returns of (£209,919) and number of ordinary shares of 3,310,000 as at 31 March 2018.
9) INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
(a) Movements in the year
(b) Accounting classifications and fair values
IFRS 13 requires the Company to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows:
Level 1 – quoted prices in active markets for identical investments;
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and
Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).
The following sets out the classifications used as at 31 March 2019 in valuing the Company’s investments:
* The Company has initially applied IFRS 9 at 1 January 2018. Under the transition methods chosen, comparative information is not restated.
10) RECEIVABLES
The above receivables do not carry any interest and are short term in nature. The directors consider that the carrying values of these receivables approximate their fair value.
11) OTHER PAYABLES
The above payables do not carry any interest and are short term in nature. The directors consider that the carrying values of these payables approximate their fair value.
12) ORDINARY SHARE CAPITAL
The table below details the issued share capital of the Company as at the date of the Financial Statements.
On incorporation, the issued share capital of the Company was £0.01 represented by one ordinary share of £0.01. Redeemable preference shares of 50,000 were also issued with a nominal value of £1 each, of which 25% was paid. The redeemable shares were issued to enable the Company to obtain a certificate of entitlement to conduct business and to borrow under section 761 of the Companies Act 2006. The redeemable shares were redeemed on listing from the proceeds of the issue of the new ordinary shares upon admission on 19 January 2018.
The following table details the subscription activity for the year ended 31 March 2019.
During the year ended 31 March 2019, all proceeds from this issue was received (2018: £689,713 remained receivable).
13) NET ASSET VALUE PER ORDINARY SHARE
The net asset value per ordinary share is based on net assets at the year ended of £3,790,088 (2018: £3,049,160) and on 4,564,748 (2018: 3,310,000) ordinary shares in issue at the year end.
14) CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
The Company may invest in Suir Valley Ventures or other collective investment vehicles, subscriptions to which are made on a commitment basis. The Company will be expected to make a commitment that may be drawn down, or called, from time to time at the discretion of the manager of the Fund or other collective investment vehicle. The Company will usually be contractually obliged to make such capital call payments and a failure to do so would usually result in the Company being treated as a defaulting investor by the Fund or other collective investment vehicle.
The Company’s has to satisfy capital calls on its commitments and will do through a combination of reserves, and where applicable the realisation, of Cash and Cash Equivalents and Liquid Investments (as each expression is defined in the prospectus dated 17 November 2017), anticipated future cash flows to the Company, the use of borrowings and, potentially, further issues of Shares.
As of 31 March 2019, the Company had outstanding commitments in relation to the Fund in the amount of €2.9 million (2018: €3,8 million).
15) RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH THE MANAGER
Directors – The remuneration of the directors is set out in the directors’ Remuneration Report on page 34. There were no contracts subsisting during or at the end of the year in which a director of the Company is or was interested and which are or were significant in relation to the Company’s business. There were no other transactions during the year with the directors of the Company. The directors do not hold any ordinary shares of the Company.
At 31 March 2019, there was £1,192 (2018: £203) payable to the directors for fees and expenses.
Manager – Shard Capital AIFM LLP (the ‘Manager’), a UK-based company authorised and regulated by the Financial Conduct Authority, has been appointed the Company’s manager and authorised investment fund manager for the purposes of the Alternative Investment Fund Managers Directive. Details of the services provided by the manager and the fees paid are given in Note 5.
During the year the Company incurred £46,193 (2018: £4,767) of fees and at 31 March 2018, there was £nil (2018: £4,767) payable to the Manager.
During the year the Company paid £63,621 (2018: £50,922) of placement fees to Shard Capital Partners LLP.
During the year the Manager paid £nil (2018: £12,000) to the advisor in relation to the flotation.
16) FINANCIAL RISK MANAGEMENT
The Company’s investment objective is to achieve capital growth for investors pursuant to the investment policy outlined in the prospectus, this involves certain inherent risks. The main financial risks arising from the Company’s financial instruments are market risk, credit risk and liquidity risk. The board reviews and agrees policies for managing each of these risks as summarised below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate. Market risk comprises three types of risk, price risk, interest rate risk and currency risk.
Price risk – the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk);
Interest rate risk – the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates; and
Currency risk – the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates.
The Company’s exposure, sensitivity to and management of each of these risks is described below. Management of market risk is fundamental to the Company’s investment objective. The investment portfolio is continually monitored to ensure an appropriate balance of risk and reward within the parameters of the investment restrictions outlined in the prospectus.
(a) Price risk
Price risk arises mainly from uncertainty about future prices of financial instruments used in the Company’s business. It represents the potential loss the Company might suffer through holding market positions in the face of price movements (other than those arising from interest rate risk or currency risk) specifically in equity investments purchased in pursuit of the Company’s investment objective, held at fair value through the profit and loss.
As at 31 March 2019 and 2018 the Company held one direct private equity investment in the participating shares of Suir Valley Ventures, a sub-fund of Suir Valley Funds ICAV.
As at 31 March 2019 and 2018 the investment in Suir Valley Ventures is valued at the net asset value of the sub-fund, as calculated by its administrator.
At 31 March 2019, had the fair value of investments strengthened by 10% with all other variables held constant, net assets attributable to holders of participating shares would have increased by £170,090 (2018: £73,925). A 10% weakening of the market value of investments against the above would have resulted in an equal but opposite effect on the above financial statement amounts to the amounts shown above, on the basis that all other variables remain constant. Actual trading results may differ from this sensitivity analysis and the difference may be material.
(b) Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments.
The Company’s currently employs no borrowings.
The Company finances its operations mainly through its share capital and reserves, including realised gains on investments.
Exposure of the Company’s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates are reset) and fixed interest rates (giving fair value risk) as at 31 March 2019 and 31 March 2018 is shown below:
An administered rate is not like a floating rate, movements in which are directly linked to LIBOR. The administered rate can be changed at the discretion of the lender.
(c) Currency risk
As at 31st March 2019 the Company’s largest investment is denominated in euros whereas its functional and presentation currency is pounds sterling. Consequently, the Company is exposed to risks that the exchange rate of its currency relative to euros may change in a manner that has an adverse effect on the fair value of the Company’s assets.
At the reporting date the carrying value of the Company’s financial assets and liabilities held in individual foreign currencies as a percentage of its net assets were as follows:
Sensitivity analysis
If the euro exchange rates increased/decreased by 10% against pounds sterling, with all other variables held constant, the increase/decrease in the net asset attributable to the Company arising from a change financial assets at fair value through profit or loss, which are denominated in euros, would have been +/- £128,870 (2018: £73,925).
17) CREDIT RISK
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
The Company’s credit risks arise principally through cash deposited with banks, which is subject to risk of bank default.
The Company ensures that it only makes deposits with institutions with appropriate financial standing.
Due to the low credit risk of the financial assets at amortised cost, the ECL was determined to be immaterial and no impairment was recognised on the Fund in the period ended 31 March 2019.
Liquidity risk
Liquidity risk is the risk that the Company will have difficulty in meeting its obligations in respect of financial liabilities as they fall due.
The Company manages its liquid resources to ensure sufficient cash is available to meet its expected contractual commitments. It monitors the level of short-term funding and balances the need for access to short-term funding, with the long-term funding needs of the Company.
Capital Management
The Company’s capital is represented by ordinary shares and reserves.
The Company’s primary objectives in relation to the management of capital are:
· to maximise the long-term capital growth for its shareholders pursuant to its investment objective;
· to ensure its ability to continue as a going concern.
The Company manages its capital structure and liquidity resources to meet its obligations as described above.
Borrowing limits
Pursuant to the prospectus dated 17 November 2017 the Company can deploy gearing up to 20% of the net asset value of the Company (calculated at the time of borrowing) to seek to enhance returns and for the purpose of capital flexibility and efficient portfolio management. During the year ended 31st March 2019 and period ended 31st March 2018 the Company employed no gearing.
18) ULTIMATE CONTROLLING PARTY
It is the opinion of the directors that there is no ultimate controlling party.
19) EVENTS AFTER THE REPORTING PERIOD
On 26 April 2019 Sure Ventures PLC announced a direct investment of £500,000 in VividQ Limited, a UK-based deep tech software company pioneering the application of holography in AR/VR and consumer electronics display.
On 4 June 2019 Suir Valley, a sub-Fund of Suir Valley Funds ICAV, of which Sure Ventures PLC has committed EUR 4.5m, changed its name to Sure Valley Ventures.
On 7 June 2019 Sure Ventures PLC issued an additional 305,208 ordinary shares at a price of £0.96 per share, taking the total shares in issue to 4,869,956.
On 14 June 2019 Chris Boody resigned as a Non-Executive Director and St. John Agnew was appointed as a Non-Executive Director.
Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds. The Company aims to provide investors with a diversified exposure to three rapidly-growing markets: augmented reality/virtual reality, Artificial Intelligence and Internet of Things. Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least £400,000 over the next 12 months.
Sure Ventures plc, a London listed venture capital fund which invests in early-stage software companies across a range of high-tech verticals including Augmented Reality (‘AR’) and Virtual Reality (‘VR’), Artificial Intelligence (‘AI’), and the Internet of Things (‘IoT’), announces that Mr Chris Broody has resigned from his position as Non-Executive Director. This is due to his current commitments to a global technology business that has restricted the time available to focus on his responsibilities as a Non-Executive Director.
Chris has served as Non-Executive Director to the Company from its IPO on the London Stock Exchange and his knowledge of the technology space and extensive business experience has been valuable in that period. The Board of Directors extends their gratitude to the time and effort Chris has given Sure Ventures.
The Company is pleased to welcome St.John Agnew to the board as a Non-Executive Director. St.John is a trained lawyer and qualified investment manager and has served as a trustee to a charity in addition to holding Non-Executive roles.
Immotion Group, the UK-based immersive virtual reality (“VR”) ‘Out of Home’ entertainment group, is pleased to announce an exclusive agreement with Survios, the MGM backed VR studio, for the installation of their hit VR experience, ‘Raw Data’ into Immotion’s new VR arena product.
The partnership with Survios, will see the launch of the Company’s new themed VR Arena, a four person free-roaming experience, exclusively featuring the global number one interactive VR game ‘Raw Data’. The Immotion VR Arena is 4m x 4m themed multi-player enclosure, allowing upto four players to participate in a fun interactive VR shooting experience.
Survios, backed by MGM, is a leading VR studio based in California, USA. It has signed an exclusive three-year deal with Immotion for the use of Survios’ multi-player experiences in Immotion’s new arena format.
Immotion will be able to sell, or partner with clients globally, excluding Asia, for the roll out of Survios experiences on Immotion’s VR Arena.
Survios recently completed a Series C funding round led by MGM Studios, bringing its funding to over $50m. As part of the deal, MGM Chairman and CEO, Gary Barber joined the board of Survios.
‘Raw Data’, an interactive science fiction-themed first-person shooter game has gained many accolades, including being the first consumer VR game to reach $1m in monthly sales. This exclusive deal sees Raw Data offered as a multi-player VR arena version for the very first time in the ‘out of home’ market.
Customers will be able to battle against each other in a virtual sci-fi world. This exciting game will be launched in partnership with a number of leading leisure operators in early July 2019.
Martin Higginson, Immotion Group CEO said: “I am thrilled to be partnering with such a great company as Survios. We have been working on our VR Arena for some months, and to have exclusivity on such an iconic game as ‘Raw Data’ is a major coup for Immotion, further underpinning our position as global leaders in the ‘out of home’ VR market.
We continue to focus on growing our partnership model with high footfall edutainment and leisure partners. We provide our partners with new exciting attractions that complement their offerings and generate valuable ancillary revenue for them, whilst building recurring revenues for Immotion. We believe this is a highly scalable model with global potential.
We look forward to announcing partnerships with major destinations for the launch of our VR Arena in the coming weeks.
Survios CEO, Seth Gerson said: “We’re teaming up with Immotion to bring ‘Raw Data Arena’ to a new level with this bespoke arena experience.
‘Raw Data’, an interactive science fiction-themed first-person shooter game has gained many accolades, including being the first consumer VR game to reach $1m in its first month of sales. This exclusive deal sees Raw Data offered as a multiplayer VR arena version for the very first time in the ‘out of home’ market.
Customers will be able to battle against each other in a virtual sci-fi world. This exciting game will be launched in partnership with a number of leading leisure operators in early July 2019″
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. END
Sure Ventures plc (“the Company”) is pleased to announce that it has raised gross proceeds of £292,999.68 by way of a private placing. The Ordinary Shares have been issued at £0.96 each, which after the costs and expenses of the issue represents a premium to the last published NAV per share of 83.03p per share.
Application has been made in respect of 305,208 Ordinary Shares to be admitted to trading on the Specialist Funds Segment of the Main Market of London Stock Exchange plc (“Admission”). Admission will become effective and dealings in the Ordinary Shares will commence at 8:00 a.m. (London time) on Monday 10 June 2019.
Following Admission, the Company will have 4,869,956 Ordinary Shares in issue. The total number of voting rights of the Company will be 4,869,956. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
Sure Ventures plc, a London listed venture capital fund which invests in early-stage software companies across a range of high-tech verticals including Augmented Reality (‘AR’) and Virtual Reality (‘VR’), Artificial Intelligence (‘AI’), and the Internet of Things (‘IoT’), is pleased to announce it has made a direct investment of £500,000 in VividQ Limited – a UK-based deep tech software company pioneering the application of holography in AR/VR and consumer electronics display.
Overview
VividQ is a deep tech start-up with world-leading expertise in 3D holography. The company developed patented software to enable commercial applications of holographic display in AR/VR headsets, smartglasses, automotive head-up displays, and consumer electronics.
VividQ was founded in February 2017 in Cambridge, UK. Technical co-founders include engineers, mathematicians and computer scientists from the University of Cambridge, Oxford, and St Andrews with expertise in digital holography.
VividQ established partnerships with chipmakers, display and hardware manufacturers in the US, Taiwan and Europe, to enable mass adoption of holographic display with their patented software for hologram generation.
The AR market is expected to grow from $11 to $61 billion between 2018 and 2023, with the VR market growing from $8 to $34 billion in the same period, at CAGRs of over 30%, according to Markets and Markets. At the same time, the global display market, valued at $115.60 billion in 2017, is projected to reach $206.29 billion by 2025, registering a CAGR of 7.4% from 2018 to 2025, according to Allied Market Research.
The investment will enable VividQ to accelerate the adoption of their hologram generating software. They aim to double their Cambridge and London-based teams to implement further developments to the software framework and complete ongoing customer projects, to productise devices using holographic display in 2020.
Sure Ventures CIO, Barry Downes, said,“We are delighted to invest directly in VividQ Limited. Darran and his team have the unique combination of the world-leading expertise and the pioneering, proprietary software technology that is the missing piece needed for the mass adoption of holography, which will radically enhance and grow the AR and digital display industry.”
VividQ’s CEO, Darran Milne, said, “Sure Ventures have been great to work with, both for their professionalism and deep understanding of the companies they invest in and the technology behind them. They demonstrate the kind of vision and passion that the deep tech companies of today need to accelerate bringing truly disruptive solutions to market.”
Further Information
Founded in February 2017, VividQ is a deep-tech software company with world-leading expertise in 3D holography. With seed funding, VividQ has grown its Commercial and Technical teams in Cambridge and London, made a full release of their software framework, and secured partnerships with world-class customers including hardware and embedded systems manufacturers.
Holography has long been considered the ultimate display technology. The science fiction ideal of engineering and manipulating light to produce 3D projections appealed to the imagination of millions through franchises such as Star Wars or Star Trek. While physically possible, the tremendous computing requirements to create full-depth holographic display made it unreachable for commercial applications. Until now.
VividQ has developed solutions required for the mass adoption of holography in AR and consumer electronics. Its patented software framework allows for the real-time generation of holograms from 3D data, and projection on available micro-displays. Commercially viable holographic display solves a crucial problem of today’s AR/VR – the lack of depth perception, which disrupts the user’s sense of realism and results in eye-fatigue and nausea. Holography overcomes these issues and paves the way for immersive 3D without the need for glasses at all.
With technical co-founders leading their team out of Cambridge (UK), VividQ has benefited from the rich research environment of the University and its Centre for Advanced Photonics and Electronics. VividQ’s Commercial Team operates from London, as part of the rich entrepreneurial network of TechHub and Innovation Warehouse. The company has achieved wide recognition at international industry events including AWE, nVidia GTC, Photonics West, and Mobile World Congress.
Dublin, Ireland: Wia, an Internet of Things startup that helps developers and companies build electronics, announced their move into the consumer hardware space with their first product. The Dot One is designed as an entry level piece of kit for kids and makers who want to learn electronics and create their own inventions. The product is built on top of the Wia Cloud which is being used by developers in more than 100 countries and comes pre-configured for the platform out of the box.
Build with Blocks
As part of the launch, Wia are releasing their new Blocks programming interface which allows users to create the code required to control hardware without requiring any previous programming experience using a simple drag and drop user interface. This will be an exclusive feature for the Dot One.
Alexa, say “Hiya to Wia”
All Wia users will get access to their new integration with Amazon’s Alexa. This brings voice to not just the Dot One, but every developer and maker board on the market. Any device connected to the Wia Cloud will be accessible from the Echo range of products.
About the announcement, Conall Laverty Founder & CEO of Wia said, “This is a new chapter in the story of Wia as we work towards becoming an end-to-end electronics company. We’re super excited to be moving into the consumer hardware space and are looking forward to seeing the inventions that the budding makers of the future will create around our suite of products. Bringing speech recognition to the Wia Cloud was a natural move as we have seen a rapid rise in voice enabled interfaces over the past couple of years.“
The Dot One will retail for €24.95 with additional sensor modules ranging from €8.95 to €12.95. It is available for pre-order now from the Wia Store and will begin shipping early May 2019.
About Wia: Wia is an Internet of Things startup based in Dublin, Ireland. The company was founded by Conall Laverty who was listed on this years Forbes 30 Under 30 and has raised €1m in funding to date from Suir Valley Ventures, Enterprise Ireland and NDRC.
SURE VENTURES PLC, the London listed venture capital fund, which invests in early stage software companies across a range of verticals, is pleased to announce that Suir Valley Ventures (‘Suir Valley’), it which it holds a circa 23% interest, has participated in a €3.3 million investment round, at a valuation of led by EQT Ventures fund for WarDucks, the Dublin-based augmented reality (‘AR’) game development studio. The funds raised will be used to drive the development of WarDucks’ new location-based AR game and expand its development team.
Suir Valley was an initial seed investor in September 2017, investing €300,000 in WarDucks in the seed round and this has led to a 4X unrealised gain. Suir Valley has followed-on and maintained its 10% holding in the new funding round and remain supportive of WarDucks and its future potential.
CEO Nikki Lannen, formerly a senior member of Facebook’s gaming team, founded WarDucks (www.warducks.com) in 2013 with the aim of creating world-class content for mobile, AR and VR platforms. It has attracted global talent to work on its latest AR game including gaming legend John Romero as a creative consultant. Co-founder of the BAFTA award-winning Romero Games studio and winner of more than 100 awards, Romero is best known for his work on Wolfenstein 3D, DOOM, DOOM II and Quake. WarDucks has also hired Doug Kaufman, the game designer behind Civilization II and Frontierville, as its lead game designer, and Lawrence Schick, who was previously at ZeniMax where he was Loremaster on the Elder Scrolls Online, as lead narrative designer.
SURE VENTURES CIO, Barry Downes, said, “We are delighted to be part of this investment round as WarDucks focuses on launching a new location-based AR reality mobile game. Traction for these games continues to gain momentum; for example, Pokemon Go has made $2 billion since it launched and is still making over $2 million a day. Notably, our fellow investor EQT Ventures, discovered WarDucks using its AI platform Motherbrain, which leverages data to identify promising start-ups. Our on-the-ground investment team were one step ahead having first invested in WarDucks in 2017.”
Immotion Group plc, the UK-based immersive virtual reality (“VR”) ‘Out of Home’ entertainment business, is pleased to announce that it has raised gross proceeds of £3,300,000 as result of the fundraising announced earlier today (the “Fundraising”).
A total of 45,499,996 new ordinary shares in the capital of the Company (“Ordinary Shares”) have been conditionally placed by WH Ireland Limited, Shard Capital Partners LLP and Leander Capital Partners with new and existing investors (the “Placing”) at a price of 6 pence per share (the “Issue Price”).
Additionally, as part of the Fundraising, certain Directors, either directly or through associated entities, and other individuals have entered into conditional agreements to subscribe for, in aggregate, 9,499,998 new Ordinary Shares at the Issue Price (the “Subscription”).
The Placing and Subscription are subject to shareholder approval. The Issue Price represents a 26% discount to the closing price of 8.1 pence on 4 February 2019 (being the last business day prior to the announcement of the Placing this morning). It is intended that the net proceeds of the Fundraising will be used to accelerate the Company’s growth plans.
A circular to shareholders will today be published seeking authority to allot equity securities for cash. Copies of the circular, including the notice of general meeting to be held at WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR on 1 March 2019 at 10:00 a.m., will shortly be posted to shareholders and will be available on the Company’s website https://immotion.co.uk/.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Sure Ventures Plc (“Sure Ventures”), a venture capital fund which invests in early stage software companies in the rapidly growing Financial Technology (‘fintech’), Augmented Reality (‘AR’), Virtual Reality (‘VR’), and Internet of Things (‘IoT’) sectors, is pleased to announce its unaudited, estimated NAV per share as at 31st of December 2018.
The NAV as at the 31st of December 2018 stands at 91.77p, which represents a -9.67% decrease from the 30th of September 2018 NAV calculation, reported to the market on the 26th of October 2018.
The board would like to highlight that Immotion plc and VR Education Holdings are the only two of its nine portfolio companies that Sure Ventures has exposure to, directly and indirectly, that are UK exchange listed investments and, as such, are subject tofluctuating share prices.
