RNS – Page 7 – Sure Ventures

Sure Ventures plc – Financial Statements – 30 September 2018

Posted on 28th December 20181st February 2019 by shardadmin

Chairman’s Statement

Dear Shareholders.

On behalf of my fellow directors, I am delighted to present the interim results of Sure Ventures plc (the ‘Company’) covering the six months ended 30 September 2018.

Financial Performance

In the six month period to 30 September 2018 the Company’s performance has been in line with expectations with a net asset value total return of 10.29% (31 March 2018: -7.88%) and a life to date performance of +1.60%. The profitability of the Company in the first reporting period to 31^st March 2018 was impacted by the realisation of all fund related formation costs in this first period of trading in accordance with International Financial Reporting Standards.

The improvement in performance in the interim period to 30 September 2018 has been driven in large part by the performance of the Company’s first direct investment, Immotion Group PLC (‘Immotion’). Immotion, is a UK based company that creates its own high-quality VR content and enhances the immersive experience by coupling this content with motion simulation. The £500,000 investment made on 24 April 2018 is the only direct investment made by the Company to date. Immotion listed on the Alternative Investment Market on 12 July 2018, at a price that represented a notable uplift in the value of the Company’s original investment and has continued to perform positively. Whilst the fair value of the Company’s investment in Suir Valley Ventures has fallen during the period since 31 March 2018, the life to date performance of Suir Valley Ventures is 15.8%.

Further detail is provided in the report of the Investment Manager which follows this statement.

Dividend

During the interim period to 30 September 2018, 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. 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 30 September 2018 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

On 2 July 2018 the Company announced the raising of gross proceeds of £200,000 pursuant to the issue of new ordinary shares.

On 27 September 2018 the Company raised gross proceeds of £1,078,480 by conditionally allotting ordinary shares at £1.0225 each. The issue of these shares became effective on 3 October 2018 when the shares were admitted to the Specialist Funds Segment of the Main Market of the London Stock Exchange. The Company now has 4,564,748 ordinary shares in issue.The Investment Manager’s Report following this Statement gives 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 objectives.

Perry Wilson

Chairman
21 December 2018

Investment Manager’s Report

The company

Sure Ventures plc (the ‘Company’) has been established to enable investors to gain access to early stage technology companies within the market verticals of augmented reality and virtual reality (AR/VR), the Internet of Things (IoT) and financial technology (FinTech).

The Company aims to gain access to deal flow ordinarily reserved for venture capital funds and ultra-high net worth angel investors, establishing a diversified software-centric portfolio with a clear strategy. Listing the fund on the London Stock Exchange should offer investors:

Relative liquidity

A quoted share price

A high level of corporate governance

It is often too expensive, too risky and too labour intensive for investors to build their own portfolio of the type. We are leveraging the diverse skillsets of an experienced management team who have the industry network to gain access to quality deal flow, the expertise to complete extensive due diligence in target markets and the entrepreneurial skills to help these companies to mature successfully. Those investing in our fund will get exposure to Suir Valley Ventures which in turn makes direct investments in the above sectors in the Republic of Ireland.

Augmented Reality & Virtual Reality

The AR/VR market is evolving at a rapid pace. The market is expected to grow into a US$108 billion industry within the next five years [1] Significant investment in VR hardware capability and headset development has been made by major industry players such as Facebook (through its Oculus division), Microsoft, Sony (through its PlayStation division), HTC, Samsung and others. In 2017 Apple and Google launched development tools supporting the growth of AR smartphone apps. These investments have ignited a new and exciting industry within the technology sector. Hardware manufacturers and AR/VR users are now searching for software capabilities/support and content, and we believe that exposure to this industry via the Company and direct investment into software companies in the space will offer significant upside potential for investors. Through our network of technology accelerators, angel investor partners and industry contacts in the AR/VR space, we expect to have a strong chance of discovering the industry leaders of tomorrow.

Internet of Things

The Internet of Things (IoT) as a segment of the market is a broad investment area, but is defined as the interconnection via the internet of computing devices embedded in everyday objects enabling them to send and receive data. The market was estimated to be worth US$120 billion dollars in 2016 and is predicted to reach a size of US$253 billion by 2021[2]. The global growth and advancement of internet coverage, the increased speed and capability of connectivity and the mass market penetration of smartphones/tablet sales has opened up significant opportunities for software companies. Businesses from many industries are embracing the efficiencies, cost savings and the “direct to consumer” penetration this technological advancement has offered. We see continued growth opportunities in this area and believe that investor returns will benefit from exposure to the space.

FinTech

FinTech is an industry segment that has grown significantly and continues to do so at a rapid pace. It has a transaction value that’s estimated to be US$2.6 trillion US dollars. The market is predicted to expand to a size of US$6.9 trillion in the next 5 years, which represents a transaction value at a compound annual growth rate of 20.5%[3]. The banking, finance and insurance industries are increasingly accepting and embracing the efficiencies and benefits of technology. Ever changing financial regulation, cyber security requirements and payment trends are driven by technological advancement. We continue to see new and exciting deal flow in this area and believe that this market segment will continue to develop at pace. We believe that investors looking for exposure to the emerging software technology market should include a FinTech element in their investment strategy.

[1] eDigi-Capital, 2017 (https://www.digi-capital.com/)

[2] Zinnov Zones 2016 – Internet Of Things Technology Services (http://zinnovzones.com)

[3] Statistica, June 2017 (https://www.statista.com/chart/4204/fintech-market-outlook/

PORTFOLIO BREAKDOWN

On 17 January 2018 the placing of 3.31m ordinary shares of Sure Ventures plc was concluded, following an extensive fundraising programme as described in the prospectus published on 17 November 2017 (‘the prospectus’). The ordinary shares were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 19 January 2018 under the ISIN: GB00BYWYZ460. On 2 July 2018 the Company announced the raising of gross proceeds of £200,000 by the placing of new ordinary shares.

On 6 February 2018, Sure Ventures entered into a €4.5m commitment to Suir Valley Ventures, the sole sub-fund of Suir Valley Funds ICAV and its investment was equalised into the sub-fund at that date. The first drawdown of this commitment was made on 5 March 2018 with the second drawdown on 22 August 2018.

In addition to investing in Suir Valley Ventures, Sure Ventures plc may, in pursuit of its investment objectives, invest directly in investee companies. On 24 April 2018 the Company announced a £500,000 direct investment in Immotion Group Plc a UK-based company focused on creating superior out-of-home immersive VR experiences in Europe and the USA. On 12 July 2018 it was announced that the company had listed on AIM (ticker IMMO.L) having raised £5.75mm through an oversubscribed placing.

In addition to the two investments made above, the Company has pursued the cash management strategy as outlined in the prospectus and made an investment in UK Treasury Bills.

Suir Valley Funds ICAV

Suir Valley Funds ICAV (the ”ICAV”) is a close-ended Irish collective asset-management vehicle with segregated liability between sub-funds incorporated in the Republic of Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 and constituted as an umbrella fund insofar as the share capital of the ICAV is divided into different series with each series representing a portfolio of assets comprising a separate sub-fund.

The ICAV was registered on 18 October 2016 and authorised by the Central Bank of Ireland as a qualifying investor alternative investment fund (“QIAIF”) on 10 January 2017. The initial sub-fund of the ICAV is Suir Valley Ventures (the “Fund”), which had an initial closing date of 1 March 2017. The Fund intends to invest in a broad range of software companies but with a focus on companies in the AR/VR, FinTech and IoT sectors.

As at 30 September 2018 the Fund had commitments totalling €20.3m and had made five direct investments into companies spanning the AR/VR and IoT sectors. On 12 March 2018, Immersive VR Education Limited, the Fund’s first investment, completed a flotation on the London Stock Exchange (AIM) and the Dublin Stock Exchange (ESM). The public company is now called VR Education Holdings PLC – ticker VRE. VRE was the first software company to list on the ESM since that market’s inception. The Company’s €4,500,000 commitment to the Fund was made at a price of €1.00 per share; the last recorded dealing NAV of the Fund as at 30 September 2018 was at €1.1583 representing a return since inception for investors of 15.83%.

DIRECT INVESTMENTS

Immotion Group PLC (‘Immotion’), a UK based company that creates its own high-quality VR content and enhances the immersive experience by coupling this content with motion simulation, is the only direct investment made by the Company to date, with a £500,000 investment made in February 2018. Immotion listed on AIM in July 2018, at a price that represented a notable uplift in the value of Sure Venture’s original investment. Immotion has made continued progress, rolling out VR centres in Yorkshire, Manchester, Cardiff, Newcastle, Derby and Uxbridge. It has also created new proprietary content (such as Delta Zero VR) and a branded roller coaster experience for the Lego discovery centre in Manchester.

Performance

During the period to 30 September 2018 the Company has made a total return on net asset value per share of +10.29% (31 March 2018: -7.88%), which represents a life to date performance of +1.60%.

This return since commencement of operations is in line with expectation and can be attributed to the recognition of one-off formation costs, placing fees and fund operating costs tempered by the positive performance of the investments in the Fund and the direct investment in Immotion.

Future Investment Outlook

We are pleased with the progress the Fund has made thus far. The Fund has built a well balanced portfolio with exposure to several exciting and rapidly growing companies. Overall our investments have grown at a healthy rate which we believe provides an encouraging outlook for further investments in our chosen sectors. We are especially pleased with the successful flotation of our first direct investment, Immotion, that came to fruition shortly after investment. We look forward to providing further updates as further investments are made by the Company directly and by the Fund and the current investee companies continue to develop.

Shard Capital AIFM LLP

Investment Manager

21 December 2018

Condensed Statement of Comprehensive Income

For the six months ended 30 September 2018 (unaudited)

	Revenue £	Capital £	Total £
Income
Other net changes in fair value on financial assets at fair value through profit or loss	–	467,649	467,649
Other income	3,174	–	3,174
Management fee rebate	1,155	3,611	4,766
Total net income	4,329	471,260	475,589

Expenses
Management fee	–	–	–
Custodian, secretarial and administration fees	(36,933)	–	(36,933)
Other expenses	(92,521)	–	(92,521)
Total operating expenses	(129,454)	–	(129,454)

(Loss) / Profit before Taxation and after finance costs	(125,125)	471,260	346,135
Taxation	–	–	–
(Loss) / Profit after taxation	(125,125)	471,260	346,135

Earnings per share	(3.67)	13.84	10.17

For the period from 21 June 2017 (date of incorporation) to 31 March 2018 (audited)

	Revenue £	Capital £	Total £
Income
Other net changes in fair value on financial assets at fair value through profit or loss	–	44,980	44,980
Total net income	–	44,980	44,980

Expenses
Management fee	(1,155)	(3,611)	(4,766)
Custodian, secretarial and administration fees	(19,850)	–	(19,850)
Other expenses	(230,282)	–	(230,282)
Total operating expenses	(251,287)	(3,611)	(254,898)

(Loss) / Profit before Taxation and after finance costs	(251,287)	41,369	(209,918)
Taxation	–	–	–
(Loss) / Profit after taxation	(251,287)	41,369	(209,918)

Earnings per share	(7.59)p	1.25p	(6.34)p

The total comprehensive income and expense for the period is attributable to shareholders of the Company

The accompanying notes on pages 11 to 17 form part of these condensed interim financial statements.

Condensed Statement of Financial Position

As at 30 September 2018

	Notes	30 September 2018 (unaudited) £	31 March 2018 (audited) £
Non-current assets
Investments held at fair value through profit or loss	7	2,821,001	739,258
		2,821,001	739,258

Current assets
Receivables		3,700	689,713
Cash and cash equivalents		789,931	1,663,505
		793,631	2,353,218

Total assets		3,614,632	3,092,476

Current liabilities
Management fee payable		–	(4,766)
Other payables		(48,614)	(38,550)
		(48,614)	(43,316)

Total assets less current liabilities		3,566,018	3,049,160

Total net assets		3,566,018	3,049,160

Shareholders’ funds
Ordinary share capital	8	35,100	33,100
Share premium		3,394,701	3,225,978
Revenue reserves		(376,412)	(251,287)
Capital reserves		512,629	41,369
Total shareholders’ funds		3,566,018	3,049,160

Net asset value per share		101.59p	92.12p

The accompanying notes on pages 11 to 17 form part of these condensed interim financial statements.

The financial statements on pages 11 to 17 were approved by the board of directors and authorised for issue on 21 December 2018. They were signed on its behalf by:

Perry Wilson, Chairman

Condensed Statement of Changes in Equity

For the six months ended 30 September 2018 (unaudited)

	Ordinary Share Capital £	Share Premium £	Revenue Reserves £	Capital Reserves £	Total Reserves £	Total Equity £
Balance at 31 March 2018	33,100	3,225,978	(251,287)	41,369	(209,918)	3,049,160
Ordinary shares issued	2,000	198,000	–	–	–	200,000
Ordinary shares issue costs	–	(29,277)	–	–	–	(29,277)
(Loss) / Profit after taxation	–	–	(125,125)	471,260	346,135	346,135
Dividends paid in the period	–	–	–	–	–	–
Balance at 30 September 2018	35,100	3,394,701	(376,412)	512,629	136,217	3,566,018

For the period from 21 June 2017 (date of incorporation) to 31 March 2018 (audited)

	Ordinary Share Capital £	Share Premium £	Revenue Reserves £	Capital Reserves £	Total Reserves £	Total Equity £
Balance at 21 June 2017	–	–	–	–	–	–
Ordinary shares issued	33,100	3,276,900	–	–	–	3,310,000
Ordinary shares issue costs	–	(50,922)	–	–	–	(50,922)
(Loss) / Profit after taxation	–	–	(251,287)	41,369	(209,918)	(209,918)
Dividends paid in the period	–	–	–	–	–	–
Balance at 31 March 2018	33,100	3,225,978	(251,287)	41,369	(209,918)	3,049,160

The accompanying notes on pages 11 to 17 form part of these condensed interim financial statements.

Condensed Statement of Cash Flows

For the six months ended 30 September 2018

	30 September 2018 (unaudited) £	31 March 2018 (audited) £
Cash flows from operating activities:
Profit / (Loss) after taxation	346,135	(209,918)
Adjustments for:
Decrease in receivables	686,013	–
Increase in payables	10,064	43,316
Unrealised (loss)/gain on foreign exchange	(3,221)	6,875
Decrease in Management fee payable	(4,766)	–
Net changes in fair value on financial assets at fair value through profit or loss	(467,649)	(51,855)
Net cash inflow/outflow from operating activities	566,576	(211,582)

Cash flows from investing activities:
Purchase of investments	(1,610,873)	(694,278)
Net cash (outflow) from investing activities	(1,610,873)	(694,278)

Cash flows from financing activities:
Proceeds from issue of ordinary shares	200,000	2,620,287
Share issue costs	(29,277)	(50,922)
Net cash inflow from financing activities	170,723	2,569,365

Net change in cash and cash equivalents	(873,574)	1,663,505
Cash and cash equivalents at the beginning of the period	1,663,505	–
Net cash and cash equivalents	789,931	1,663,505

The accompanying notes on pages 11 to 17 form part of these condensed interim financial statements.

Notes to the Condensed Interim Financial Statements

1) General information

Sure Ventures plc (the “Company”) is a company incorporated in England and Wales (registration number: 10829500) on 21 June 2017, commencing trading on 19 January 2018 upon listing. The registered office of the Company is 23rd Floor, 20 Fenchurch Street, London, United Kingdom, EC3M 3BY.

The Company is an investment company within the meaning of section 833 of the Companies Act 2006.

The Company operates as an investment trust in accordance with Chapter 4 of Part 24 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. In the opinion of the directors, the Company has conducted its affairs so that it is able to maintain its status as an investment trust. Approval of The Company’s application for approval as an investment trust was received from HMRC on 22 November 2018, applicable from the accounting period commencing 1 April 2018.

The Company is an externally managed closed-ended investment company with an unlimited life and has no employees.

The information set out in these unaudited condensed interim financial statements for the period ended 30 September 2018 does not constitute statutory accounts as defined in section 435 of Companies Act 2006. Comparative figures from inception to 31 March 2018 are derived from the financial statements for that period. The financial statements for the period ended 31 March 2018 have been delivered to the Registrar of Companies and contain an unqualified audit report and did not contain a statement under emphasis of matter or statements under section 498(2) or (3) of the Companies Act 2006. The financial statements of the Company for the period ended 31 March 2018 are available upon request from the Company’s registered office at 23^rd Floor, 20 Fenchurch Street, London, United Kingdom, EC3M 3BY.

2) Basis of accounting

The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations (IFRS IC) as adopted by the European Union. They do not include all the information required for the full annual financial statements, and should be read in conjunction with the annual financial statements of the Company for the period ended 31 March 2018. The principal accounting policies adopted in the preparation of the financial information in these unaudited condensed interim financial statements are unchanged from those used in the Company’s financial statements for the period ended 31 March 2018. This report does not itself contain sufficient information to comply with IFRS.

3) Estimates

The preparation of the unaudited condensed interim financial statements requires management to make judgement, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these unaudited condensed interim financial statements, the significant judgement made by management in applying the Company’s accounting policies and the key sources of estimation were the same as those that applied to the Company financial statements as at and for the period ended 31 March 2018.

4) Financial risk management

The Company’s financial risk management objectives and policies are consistent with those disclosed in the Company financial statements as at and for the period ended 31 March 2018.

5) 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. This means the interest distribution may be taxable in the hands of the Company’s shareholders.

6) Earnings per Share

For the six months period ended 30 September 2018	Revenue pence	Capital pence	Total pence
Earnings per ordinary share	(3.67)p	13.84p	10.17p
For the financial period ended 31 from March 2018
Earnings per ordinary share	(7.59)p	1.25p	(6.34)p

The calculation of the above is based on revenue return loss of £125,125 (31 March 2018: loss £251,287), capital return profit of £471,260 (31 March 2018: profit £41,369) and total return profit of £346,135 (31 March 2018: loss £209,919) and weighted average number of ordinary shares of 3,405,082 (31 March 2018: 3,310,000) as at 30 September 2018

7) Investment at fair value through profit or loss

	As at 30 September 2018 £	As at 31 March 2018 £
Opening cost		–
Opening fair value	739,258	–

Purchases at cost	1,610,873	694,278
Cost at fair value measurement	467,649	51,855
Unrealised (loss) on foreign exchange	3,221	(6,875)
Closing fair value	2,821,001	739,258

8) Ordinary Share Capital

The table below details the issued share capital of the Company as at the date of the Financial Statements.

Issued and allotted

No. of shares

30 September

2018

No. of shares
31 March

2018

30 September 2018
£

31 March 2018
£

Ordinary shares of 1 penny each

–

3,510,000

3,310,000

35,100

33,100

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% were 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.

3,310,100 ordinary shares of £0.01 each were issued to shareholders as part of the placing and offer for subscription in accordance with the Company’s prospectus dated 17 November 2017 and the supplementary prospectus dated 2 January 2018. The shares were admitted to trading on the Specialist Fund Segment (‘SFS’) of the London Stock Exchange on 19 January 2018.

An additional 200,000 ordinary shares of £0.01 each were issued to shareholders as part of the placing and offer for subscription and admitted to trading on the SFS on 5 July 2018.

9) Related Party Transactions and Transactions with the Manager

Directors – There were no contracts subsisting during or at the end of the period 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 period with the directors of the Company. The directors do not hold any ordinary shares of the Company.

At 30 September 2018, there was £1,672 (31 March 2018: £203) payable in respect of directors 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 the prospectus dated 17 November 2017.

During the period the Company was rebated £4,767 (31 March 2018: paid £4,767) of fees and at 30 September 2018, there was £nil (31 March 2018: £4,767) payable to the manager.

During the period the Company paid £9,697 (31 March 2018: £50,922) of placement fees to Shard Capital Partners LLP.

During the period the Company paid £6,000 (31 March 2018: £3,000) of advisory fees to Shard Capital Partners LLP.

10) Subsequent Events

On 12 October 2018 the Company made a further €306,480 investment in Suir Valley Ventures (the “Fund”), representing the third drawdown against the Company’s €4,500,000 commitment to the Fund.

On 20 December 2018 Sean Nicolson resigned as Non-Executive Director of the Company and Chairman of the Board.

On 20 December 2018 Perry Wilson was appointed as a Non-Executive Director of the Company and Chairman of the Board.

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 – Directorate Change – Board Change

Posted on 21st December 20181st February 2019 by shardadmin

Board Changes

Sure Ventures plc (the “Company”), a venture capital fund which invests in early stage software companies in the Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IOT) and Fintech sectors hereby announces changes to its board.

Sean Nicolson, who has served as Chairman and Non-Executive Director since the Company’s flotation, has resigned from the Board. The Board has accepted his resignation with immediate effect. We take this opportunity to thank him for his valuable efforts over the last year.

The Directors further announce the appointment of Mr. Perry Wilson as a director with immediate effect and welcome him to the Board. Mr. Wilson is an accountant by training who has specific fund management experience, holding a number of other Independent Director roles at either Non-Executive Director or Trustee level.

We thank Mr Nicolson and Mr. Wilson for their flexibility and furthermore, wish Mr Nicolson well in his future endeavours and look forward to working with Mr. Wilson in due course.

For further information about this announcement please contact:

Apex Fund Services (Ireland) Ltd

Company Secretary

Tel: +353 1 56 79 210

21 December 2018

Sure Ventures Plc – Portfolio Update

Posted on 26th October 2018 by shardadmin

Sure Ventures plc, a London listed 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 provide an update on its investment portfolio.

SUIR VALLEY VENTURES

Sure Ventures made a 4.5 million commitment to Suir Valley Ventures Fund (‘Suir Valley’) representing an interest in Suir Valley of approximately 22.167% (assuming no other funding commitments are made). This commitment was made at a price of €1.00 per share; the last recorded Suir Valley dealing NAV as at 20 August 2018 was recorded at €1.1583 per share.

Suir Valley has several investments across the fintech, AR, VR and IoT sectors:

· Immersive VR Education plc – http://immersivevreducation.com/

Immersive VR Education listed on the Alternative Investment Market in March. Its signature Titanic VR experience has now been launched on all major VR platforms and its ‘Berlin Blitz’ VR recreation of a British bombing raid in the Second World War premiered at the Venice Film Festival to positive reviews. Its founders, husband and wife team David and Sandra Wheldon, were recently nominated for EY Entrepreneur of the Year award.

· WarDucks – www.warducks.com

WarDucks, a Dublin based VR games studio which has created a number of top-ranking VR games, recently launched its popular Rollercoaster Legends II on PlayStation VR. WarDucks also launched the alpha version of the AR powered mobile game called ‘My Smooshy Mushy’ that’s built around the characters of Smooshy Mushy, the hit children’s toy brand.

· Wia – www.wia.io

Wia Studios is a new professional IoT engineering service which assists companies in bringing IoT to their organisation. Wia provides a six-week prototyping process, where Wia takes care of idea exploration, definition, concept ideation, product build, user experience and installation.

· ProVision – www.provisioncameramatics.com

The IoT based fleet manage system continued to develop its advanced technology and expand its client base of more than a hundred fleets across the UK and Ireland. Its technology provides remotely accessible IoT solutions to manage and reduce fleet risk, enhance driver safety, increase fleet efficiencies and help operators comply with growing governance and compliance regulations. The technology combines high quality vehicle camera and tracking technology linked to advanced cloud software. ProVision’s most advanced products can issue warnings such as flagging driver fatigue, mobile phone use, collision dangers, lane departure and driver distractions, ultimately improving road safety and helping companies with compliance requirements.

· NDRC Arc Labs – http://www.arclabs.ie/

Suir Valley secured a partnership deal with a leading EU Accelerator, the Research and Development Centre at the Waterford Institute of Technology, which is expected to provide first look deal flow for Suir Valley. The accelerator is expected to produce 30 companies in Suir Valley’s focus sectors over the next two years and the fund will have the first refusal right to invest in any of these companies.

· Artomatix – https://artomatix.com/

Suir Valley led a €2.7 million investment round in Artomatix which provides AI powered software that reduces the time needed to create 3D art by as much as 80%, thereby significantly reducing users’ production costs. This technology could be game changing for the industry – the computer graphics market is expected to reach $US212 billion by the end of 2023. Artomatix will use the funds to accelerate its market delivery worldwide.

DIRECT INVESTMENTS

Investments made directly by Sure Ventures plc:

· Immotion PLC (‘Immotion’), a UK based company that creates its own high-quality VR content and enhances the immersive experience by coupling this content with motion simulation, is the only direct investment made by Sure Ventures to date, with a £500,000 investment made in February 2018. As previously announced, Immotion listed on the Alternative Investment Market in July 2018, at a price that represented a notable uplift in the value of Sure Venture’s original investment. Immotion has made continued progress, rolling out VR centres in Yorkshire, Manchester, Cardiff, Newcastle, Derby and Uxbridge. It has also created new proprietary content (such as Delta zero) and a branded roller coaster experience for the Lego discovery centre in Manchester.

Sure Ventures Director, Gareth Burchell said, “We are extremely pleased with the progress our fund has made thus far Suir Valley Ventures has built a well balanced portfolio with exposure to several exciting and rapidly growing companies. Our investments have grown at a healthy rate which we believe provides an encouraging outlook for further investments in our chosen sectors. We are especially pleased with the successful IPO of our first direct investment, Immotion PLC, that came to fruition just a short few months after cash deployment. I look forward to providing further updates as further investments are made by Sure Ventures directly and by Suir Valley Ventures Fund and the current investee companies continue to develop.”

ENDS

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell	Sure Ventures plc	+44 (0) 20 7186 9918
Priit Piip/ Isabel de Salis	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, fintech 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. Website: https://www.sureventuresplc.com/

Sure Ventures Plc – Net Asset Value: September 2018

Posted on 26th October 2018 by shardadmin

Sure Ventures Plc, 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 for the period as at the 30^th of September 2018.

The NAV as at the 30^th of September 2018 stands at 101.6p, which represents a 5.6% increase from the June 2018 NAV calculation, reported to the market on the 20^th of August 2018.

The Board is happy with the progress made year to date and looks forward to keeping investors informed as the investment strategy outlined in the prospectus continues to be executed by the appointed Investment Manager Shard Capital AIFM LLP.

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell	Sure Ventures plc	+44 (0) 20 7186 9918
Priit Piip / Isabel de Salis	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, FinTech and Internet of Things. Sure 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 +£400,000 over the next 12 months.

Website: https://www.sureventuresplc.com/

Sure Ventures plc – Holding(s) in Company

Posted on 4th October 20181st February 2019 by shardadmin

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Sure Ventures plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						N/A
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Harris & Sheldon Investments Ltd
City and country of registered office (if applicable)			Kingsland House, 122-124 Regent Street, London, W1B 5SA
4. Full name of shareholder(s) (if different from 3.)^v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			3 October 2018
6. Date on which issuer notified (DD/MM/YYYY):			4 October 2018
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	7.6675%			7.6675%	4,564,748
Position of previous notification (if applicable)	0			0

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Ords of £0.01 each (GB00BYWYZ460)		350,000					7.6675%


SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold






10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi
LEI: 213800XNE27OBFVN5X04

Place of completion
Date of completion

END

Sure Ventures Plc – Result of Annual General Meeting

Posted on 1st October 20181st October 2018 by shardadmin

Sure Ventures announce that at the Annual General Meeting (AGM) held on 27 September 2018, all the Resolutions contained in the Notice of the AGM were duly passed on a show of hands.

The total number of shares in issue at 6pm on Wednesday 25^th September 2018 was 3,510,000 ordinary shares. 11.68 % of voting capital was instructed.

Copies of all special resolutions numbered 11 to 12 will be made available for inspection from the National Storage Mechanism, situated at: http://www.morningstar.co.uk/uk/nsm.

The results of the AGM will be available shortly via the following – www.sureventuresplc.com/documents

For further information about this announcement please contact:

Shard Capital Partners

+44 (0) 207 186 9914

Sure Ventures plc – Issue of Equity

Posted on 28th September 20181st February 2019 by shardadmin

28 September 2018
Sure Ventures plc (“the Company”) is pleased to announce that it has raised gross proceeds of £1,078,480 pursuant to the Placing Programme, as described in the prospectus published on 17 November 2017 (“the Prospectus”). The Ordinary Shares have been issued at £1.0225 each, which after the costs and expenses of the issue represents a premium to the last published NAV per share of 96.17p per share.

Application has been made in respect of 1,054,748 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 Wednesday 3 October 2018.

Following Admission, the Company will have 4,564,748 Ordinary Shares in issue. The total number of voting rights of the Company will be 4,564,748. 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.
Unless otherwise stated, capitalised terms used herein but not defined have the same meanings as set out in the Prospectus.

For further information, please contact:
Issuer

Sure Ventures plc
Gareth Burchell
0207 186 9900

Placing Agent

Shard Capital Partners LLP
Damon Heath
0207 186 9900

Important Notice
This announcement does not constitute or form part of, and should not be considered as, any offer for the sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including without limitation the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. The announcement does not constitute a recommendation regarding any securities.

Immotion Group Plc – Extension of Exclusive Distribution Agreement

Posted on 12th September 20183rd October 2018 by shardadmin

Immotion Group announce the extension of the Group’s exclusive distribution agreement with Beijing LEKE VR Technology Co., Ltd (“Leke VR”) for the UK and a new exclusive distribution agreement in the USA, both agreements running through to 31 December 2019, subject to achieving commercial targets in each market.

Following these updates, Immotion Group’s distribution agreement with Leke VR provides it with the distribution rights to sell Leke VR’s motion platform hardware coupled with Immotion’s proprietary VR experiences on an exclusive basis throughout the UK and also the USA, and currently on a non-exclusive basis across most other jurisdictions globally.

In addition, Leke VR has agreed to make the VR experiences produced by Immotion Group available across its entire base of installed VR platforms in 30 countries. The Group will monetise its content on a “per play” basis. The current usage on the Leke VR installed base is approximately 1 million “plays” per month and the Directors expect this to grow strongly. The parties will now begin a full assessment of the relevant operational matters, with a view to such distribution beginning towards the end of 2018.

Martin Higginson, CEO of Immotion Group said: “We are extremely pleased to have extended our exclusive relationship, and to be working much closer with Leke VR. We share the same vision with extremely complementary skills. Leke VR are, in our view, the market leaders in affordable VR motion platforms, whilst we believe Immotion is leading the way in immersive VR experiences. This unique combination, now available globally, will further propel both Immotion and Leke VR in their quest to lead the ‘out of home’ VR market.”

Evan He, CEO of Leke VR said: “We are pleased to extend our exclusive distribution and manufacturing agreement with Immotion for both the UK, and now the USA, and to be working with them on the distribution of their VR experiences. The quality of experiences produced by the Immotion team is way above anything we have seen to date. We are convinced our customers will love them. The combination of the Immotion Group’s VR content and our VR motion platforms will allow Leke to deliver an offering which is far superior to other affordable VR experiences available to consumers globally.”

For more information contact scsb@shardcapital.com

This information was originally 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 – Notice of AGM – September 2018

Posted on 5th September 20181st February 2019 by shardadmin

AUDITED ANNUAL FINANCIAL STATEMENTS AND NOTICE OF ANNUAL GENERAL MEETING (“AGM”)

The Company announces that the Annual Report and Audited Financial Statements for the year ended 31 March 2018 have been posted to those shareholders who elected to receive hard copies. The Notice convening the Company’s AGM and the Proxy form were also posted to all shareholders.

The AGM of the Company will be held at Shard Capital Partners LLP, 23^rd Floor, 20 Fenchurch Street, London EC3M 3BY on 27^th of September 2018 at 14:00 BST.

Copies of the Audited Annual Financial Statements and Notice of AGM may be obtained on request from the Company’s registered office, 23^rd Floor, 20 Fenchurch Street, London EC3M 3BY and have been submitted to the National Storage Mechanism.

A copy of the Company’s Audited Financial Statements and AGM Notice are available on the Company’s website at www.sureventuresplc.com/documents.

For further information about this announcement please contact:

Apex Fund Services (Ireland) Ltd

Company Secretary

Tel: +353 1 56 79 210

05 September 2018

END

Immotion Group roll out a further four ImmotionVR Centres at Intu Shopping Centres

Posted on 5th September 20183rd October 2018 by shardadmin

This information is provided by RNS, the news service of the London Stock Exchange.

Following the success of its existing virtual reality (“VR”) centres, Immotion Group Plc, the UK-based immersive VR ‘Out of Home’ entertainment business, is pleased to announce that it has opened an additional ImmotionVR Centre at intu St Davids, Cardiff, and that it will open a further three ImmotionVR Centres at intu Derby, intu Eldon Square, Newcastle and intu Uxbridge. When the new sites are open, Immotion will own and operate a total of seven outlets, in addition to the sites operated by concession partners.

Working in partnership with intu, which owns and manages many of the UK’s best and most popular shopping centres, Immotion Group is proud to continue the roll out of its successful ImmotionVR brand. Customers will be able to enjoy a broad range of experiences including Delta Zero which was launched in August 2018. Further experiences are due to launch later this year, including seasonal themed experiences for both Halloween and Christmas. They will be distributed to all outlets via the Group’s proprietary Content Management System.

Most of the outlets will be centre aisle attractions although Cardiff St David’s has opened as a shop and will feature, alongside the VR cinema pods and guns, the latest Immotion racing car simulators. Following its initial success, the Group’s existing outlet in the Manchester Arndale will be relocated to a more prominent site within the premises.

Martin Higginson, CEO of Immotion Group, said: “We are incredibly excited to be working with intu to expand our portfolio of ImmotionVR outlets across its impressive portfolio of some of the UK’s most popular shopping locations. Riding on the success of our existing VR centres, this roll out will positively impact our revenues. We look forward to bringing more high quality VR experience centres to more consumers across the UK, many of whom are trying VR for the first time, in the coming months.”

Roger Binks, Customer Experience Director at intu, said: “Virtual reality has such exciting potential within our portfolio of the some of the UK’s most popular shopping destinations where it could one day become as commonplace as stopping for a coffee with friends. intu centres are focused on creating these kinds of compelling experiences for our customers to enjoy and we’re excited to provide yet another new brand with a fantastic opportunity to flourish across the UK.”

For more information contact scsb@shardcapital.com