Blue Chip Technical capabilities (Pvt) Ltd spoke of this week that The Capital Maharaja organisation Ltd (TMOL) is the primary organization in Sri Lanka to install the IBM PureFlex device.
Blue Chip Technical features, an IBM company associate, will give an superior PureFlex system to TMOL for the intention of implementing SAP as its chosen ERP answer. IBM PureFlex is an integrated infrastructure solution which combines computing device, storage, networking, virtualization, and management right into a single infrastructure equipment, the IT business mentioned.
Blue Chip has a decade-long relationship with IBM and is a fully-owned subsidiary of the Blue Chip neighborhood UK, with overseas branches in Scotland, Sweden and Portugal. Blue Chip is one of a number of organizations at the forefront of Sri Lanka’s information know-how and functions sector, geared up with the professional competencies and adventure essential to carry the optimum stage of consumer provider for its IBM capabilities and solutions.
Sentil Murugan, Director, Blue Chip Sri Lanka, mentioned in a media remark, “Bluechip keeps a long-term relationship with Maharajas for decades and we have confirmed our capabilities and spectacular help features to them repeatedly in the past.”
Buddhika Senasekera – manager community IT, TMOL, commented, “Maharaja group is on the verge of launching a huge scale ERP implementation throughout all our subsidiaries and we chosen SAP ERP because the correct solution for us. After evaluating a few systems, we accept as true with that the IBM Pureflex server system is the advanced, built-in hardware platform for ERP implementation and we expect that this could aid our neighborhood businesses in providing more suitable products and features to their purchasers”.
Chrishan Fernando, nation commonplace manager, IBM, cited, “IBM has labored with the Capital Maharaja group for over two a long time, helping them radically change their corporations to meet the altering environments they face. The evolution of their infrastructure to include IBM PureFlex will supply them with a completely integrated IT infrastructure that may deliver the newest cloud computing technologies and permit them to grow their infrastructure to fulfill future wants as their company continues to transform.comply with @timesonlinelk Share This post Tweet FacebookTwitterEmailDeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspace
The details are a little bit sketchy, however IBM is launching its first completely converged programs on account that it bought itself some suave storage and networking groups a number of years again.
the brand new family unit of products are referred to as PureSystems, and they're in line with a new chassis and system architecture that became referred to as "assignment Troy" inside large Blue and called "Flex Platform" or "subsequent era Platform" backyard of the company.
What is apparent is that IBM intends to be a contender in up to date, modular, integrated methods that are capable of being the groundwork of infrastructure and platform clouds.
based on sources at IBM, the enterprise all started working on the new system architecture in the 2d half of 2008, just as it was fitting glaring to the outdoor world that Cisco techniques became as much as something in the server racket.
Converged methods, which weld servers, storage arrays, and networking gear into a seamless complete, are nothing new. Hewlett-Packard has been banging the converged systems drum for years. Cisco systems has been getting traction with its "California" Unified Computing gadget blade and rack servers with its launch three years in the past.
Dell and HP have also been buying up networking and storage organizations to create (within the case of Dell) or enrich (within the case of HP) their personal converged (and always virtualized) techniques. Oracle has been happening and on about its "engineered techniques" and getting traction with its Exa line of built-in techniques.
IBM became the touchstone for what a system changed into, with the advent of the system/360 mainframe in 1964 and the equipment/38 minicomputer in 1979. It become only a be counted of time before big Blue would enter the modern converged device fray – and return to its roots as a device maker and prevent caring about only 1 point of the machine: the processing aspect we name a server thanks in enormous part to solar Microsystems and the Unix wave and subsequent dot-com growth.
And for those of you who are looking to say IBM is late to the birthday party, El Reg would aspect out that the converged programs shindig has most effective been going for a couple of minutes (fairly speaking) and the evening is young. All you want do is bear in mind how badly HP and the previous solar have been kicking IBM's ass within the Unix marketplace for a decade and a half to look how foolish it is to count huge Blue out in any part of the techniques enterprise.
IBM still derives the majority of its status and earnings from programs, in case you account for it actually. (IBM's books intentionally obfuscate all of this, of course.) it's equally silly to count out HP and now Oracle, which have shown resilience and cleverness, or Cisco, which has achieved the same and has more than $40bn in money, or Dell, which has a habit of putting in there in a reduce-throat IT market and appealing to thousands and thousands of clients.Pure because the pushed snow
Of course, if you're talking a couple of gadget, you naturally need to speak concerning the server nodes first as a result of these are probably the most critical features. With the undertaking Troy machines, the new chassis that the server nodes slide into is called PureFlex, and the theory is that the chassis is extra flexible than the existing BladeCenter blade server chassis and permits for components to be packed extra densely in the rack as smartly.IBM_puresystems_rack.jpg" alt="IBM PureSystems rack" height="505" width="204"/>
A PureSystem rack with a PureFlexchassis on the backside
The Flex gadget chassis is 10U excessive and mounts in a common rack; that you could put four of those in the rack and still have a little area left over. The server nodes slide into the front of the chassis and mount horizontally, like rack servers do. There are 14 half-width node bays or 7 full width node bays within the Flex equipment chassis, and you'll slide in compute nodes or storage nodes.
One half-width bay is used to run committed administration software that controls the compute and storage nodes and networking blades that slide into the returned of the chassis, where the power substances and enthusiasts are additionally discovered. here is referred to as the Flex device supervisor. The chassis has 4 swap blades that mount vertically within the chassis and 6 2,500 watt power substances. It has eight 80mm how swap enthusiasts plus four 40mm enthusiasts pulling air in the course of the entrance of the chassis and pushing it out the lower back; the vigour resources have their personal lovers as well.
Steve Sibley, director of vigor methods at IBM's programs and expertise community, gave El Reg a little of a preview of the Flex equipment chassis and PureSystems family unit of machines forward of the launch, which occurs at 2 PM jap on Wednesday. IBM is aiding compute nodes running its Power7 processors, which made their debut in February 2010, as well as Intel's new Xeon E5-2600 processors, which were simply launched in March after a six-ish month sorta-prolong through Intel.
IBM is providing two-socket Xeon E5 nodes and two-socket and four-socket Power7 nodes as alternate options within the chassis, based on Sibley. most likely IBM will eventually have a four-socket Xeon blade as smartly – and extremely seemingly the usage of the coming near near Xeon E5-4600 processor from Intel. The feeds and speeds of all the processor nodes were now not attainable at press time.
IBM is going to QLogic and Brocade Communications for Fibre Channel cards for the Flex system chassis to link compute nodes out to SANs and is using its personal switches to provide 10 Gigabit Ethernet switching. I even have heard that IBM will additionally assist InfiniBand switching on the brand new machines, but it surely isn't clear who IBM will companion with for this, or if it has created its personal InfiniBand switches.
IBM will initially be assisting outboard Storwize V7000 arrays for local storage for the nodes, and should put out an announcement of path asserting that it will create a variant of the Storwize V7000 it is modularized and that slides into the Flex chassis directly. within the picture above, it looks like this integrated and modularized V7000 array is inner the Flex chassis.
The critical factor is that the automated tiering of records for flash and disk drives it really is constructed into the Storwize product can be a base characteristic of the Flex chassis. each and every compute node could have local storage, either difficult disk or SSD, as neatly, however this could be constrained.
The Xeon-primarily based compute nodes could be certified to run VMware's ESXi and Microsoft's Hyper-V hypervisors from the get-go, with assist for KVM coming. I had heard rumors that handiest KVM was originally supported on these Xeon nodes, which is exactly opposite what Sibley observed.
On the power nodes, IBM's PowerVM hypervisor and its digital I/O Server (VIOS) for abstracting and keeping apart virtualized I/O for all of the nodes is the simplest virtualization layer possible. The Xeon nodes aid Microsoft windows Server, red Hat business Linux, and SUSE enterprise Linux. The vigour nodes will aid IBM's own AIX Unix and IBM i (previously OS/400) operating techniques – at either the 6.1 or 7.1 free up degrees in both instances – as smartly because the RHEL and SLES Linuxes.
The exact add-ons of the Flex gadget manager appliance software, while runs the complete shebang, should be enjoyable to suss out, when the entire details are eventually purchasable. What i will be able to let you know is that the code that makes this an "skilled built-in device" as far as IBM is involved is produced from systems Director management Console (including the VMControl digital computing device supervisor) and the BladeCenter chassis management tool mashed up with some Tivoli stuff. The graphical interface that become created for the XIV clustered storage and Storwize V7000 arrays turned into nicked for the new administration appliance, IBM appreciated it so tons.
it is the chassis and its simple components. What makes it a PureFlex raw infrastructure cloud is stacking them up in a rack, for that reason:
IBM_puresystems_configurations.jpg" alt="IBM PureFlex system configurations" height="254" width="500"/>
PureFlex device configurations and pricing (click on to magnify)
As you can see, the PureFlex programs are designed to essentially be the backbone of a personal infrastructure cloud in line with either vigour or x86 processors – or each. the bottom configuration has a single Flex device chassis and a single V7000 array with eight disks and two SSDs. The chassis has the Flex gadget manager administration node, a 10GE Ethernet change, an 8Gb Fibre Channel change, two energy resources, 4 lovers, the rack, three days of lab functions (excessive conclusion installation tech aid) and three years of guarantee on every thing within the rack (and including the rack) for $100,000.
That doesn't consist of the charge of the compute nodes, which Sibley says will can charge round what IBM fees for blade servers in the BladeCenter chassis. The vigor nodes will cost a little more than the PS7XX blades in view that they have got greater oomph and capacity, which is without doubt one of the factors IBM created the Flex system in the first place.
The PureFlex normal configuration doubles up the storage outdoor the Flex chassis and doubles up the Fibre Channel switches, energy components, and enthusiasts inner the chassis plus provides more features – together with the same code that IBM uses to run its SmartCloud Entry (SCE) public cloud and an "account suggest" for a groovy $200,000.
Yup, we're lower back to the IBM equipment Engineer, and this time it is bundled into the expense as it become more than four decades ago instead of coming as a separate invoice from the international features behemoth. It isn't clear yet if that SCE cloud stack runs on both power and x86 nodes, but it surely is suave of IBM to position a license to its stack on the deepest version of an infrastructure field.
The PureFlex commercial enterprise configuration takes that account suggest guide up to 24x7 coverage (presumably there are three americans, no longer one very tired grownup) in addition to beefing up the networking and storage within the base chassis, interested by $300,000. once again, the server nodes, the working programs, and the virtualization hypervisors don't seem to be in these expenditures. And it is not clear what a full rack of hardware would can charge.
Bangalore, Dec three:
Nextra Teleservices, an internet service company has chosen IBM's PureSystem know-how to provide the IT spine for its broadband infrastructure.
IBM's gadget will additionally help Nextra's business growth, permitting it to introduce cost-introduced functions securely, right away and in-line with increases in obtainable bandwidth.
the new IBM PureFlex equipment will aid Nextra eliminate gadget bottlenecks, streamline inside processes and ensure uninterrupted high-velocity broadband service for individual clients in addition to for small and medium organizations in Delhi NCR location. With this IBM know-how, Nextra has considered its storage utilisation increase by means of as much as 30 per cent, based on business officers.
IBM Flex methods are constructed-to-order offerings for consumers who wish to customized build and tune configurations to their particular necessities.
This enables them to select the specific desktop, techniques networking and optional storage and management required to assist their selected computing workloads. PureData equipment is tuned for cloud computing and may consolidate greater than a hundred databases on a single device.
PureSystems at present run tens of thousands of current ISV applications across four operating environments together with home windows, Linux, AIX, and IBM i working device. moreover, company companions have created more than 250 new options and applications which are optimised to run on PureSystems. The deal become signed previous this 12 months and the implementation of the brand new system is already completed.
(this text changed into published on December three, 2012)
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The pleasure of being a father is without doubt one of the most magical emotions guys can adventure in their lives.
unless you overdo some things, that's.
fresh analysis shows that two in nine men suffer from fertility issues. inserting this in a broader perspective, eight to 12 per cent of couples are affected with infertility, and of all these situations, 40 to 50 per cent are as a result of males.
A look at from IVI Fertility core East health center says that some of the leading factors regarded for upward push in infertility is the changing sample of tradition. here is moreover hormonal imbalances, physical and psychological complications, that also have an enchanting correlation between guys's typical health and their fertility.
men who reside a suit tradition usually tend to produce in shape sperm. Infections, ailments, bad everyday health and factors prompted by consanguinity are different typical motives of infertility in men within the UAE. additionally, elements like pollutants and changed tradition are the important thing drivers for the enhance in male infertility.
Let's get more certain:
. Smoking: any individual can let you know this: smoking no longer simply raises your possibilities of cancer, cardiovascular illnesses and other fitness dangers; it also can tremendously lessen each sperm count and motility.
. Steroid use: other than anabolic steroids causing erectile dysfunction and infertility, it can also in the reduction of testicular measurement.
. long scorching baths: research means that it could quickly impair sperm production, so are trying to turn down the warmth when doing so.
. wearing tight undies: There are guys who select this certainly, but it can also boost scrotal temperature, which, just like those hot baths, can lead to lowered sperm count number.
. using laptops on lap: same effect because the old two - specifically in case your desktop warms up at a really quick rate.
. obesity: going on regular binges may cause hormonal imbalance, for this reason reducing fertility.
. Heavy steel exposure: No, we're now not speaking about track; here is about exposure to metals akin to lead, as this can additionally cause infertility.
"Two in nine guys undergo from fertility complications," pointed out Prof Dr Human Fatemi, advisor, reproductive medication and reproductive surgery, and medical director at IVI middle East Fertility sanatorium. "at the same time as the emotional toll girls face when finding it problematic to develop into pregnant, men are continually omitted."
And whereas this truly hits a man's ego, or not it's at all times best to talk to an expert to verify the problem and rectify it.
"guys are established to delay visits to the medical professional. besides the fact that children, it is important to notice that of the cases of infertility, 40 per cent factors are linked to the ladies, yet another 30-forty per cent are male factors and about 20-30 per cent are mixed factors," delivered Prof Dr Fatemi.
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Hargreave Hale aim VCT 2 PlcUnaudited period in-between outcomes for the six month length ending 31 August 2017
fiscal HIGHLIGHTStypical Shares (as at 31 August): 31 August 2017 31 August 2016 28 February 2017* web asset price per proportionone hundred fifteen.47p 104.58p 109.86p Cumulative distributions paid per share since launchfifty three.00p forty seven.00p 49.00p complete return per percentage168.47p 151.58p 158.86p Half yearly/Annual Returns per share (fundamental and diluted): profits return (0.18)p (0.09)p (0.forty three)p Capital return9.75p 7.04p 14.97p mixed go back9.57p 6.95p 14.54p Dividends per share: meantime proposed/paid 2.00p 2.00p 2.00p last paid 4.00p 4.00p four.00p Ongoing fee ratio** 2.10% 2.09% 1.82% efficiency Benchmark: FTSE goal All-share Index (rebased to a hundred at 6 April 2007) 87.34 sixty eight.38 78.38
* 28 February 2017 fiscal highlights represent annual results** Calculated as total charges (annualised for half yearly consequences) minus advert hoc prison charges, divided via length end internet assets
investment OBJECTIVEThe aim of the VCT is to achieve future capital growth and to maximise tax free distributions to shareholders by investing in a various portfolio of small UK agencies basically traded on purpose. at the least 70% of the business's cash need to be invested in qualifying holdings within three years of elevating the money. The stability of the enterprise's money could be invested in liquid assets (similar to fixed profits securities and financial institution deposits) and non-qualifying fairness investments on an opportunistic foundation. The enterprise is managed as a mission Capital trust in order that shareholders within the company might also improvement from the tax aid accessible.
INTRODUCTIONIn the first half of the fiscal yr the net Asset value per share (NAV) expanded from 109.86 pence to a hundred and fifteen.forty seven pence corresponding to a rise of eight.7% after adding back the 4 pence dividend allotted in July 2017. all over the equal period the FTSE a hundred total Return Index received four.7% and the FTSE aim All Share total Return Index gained 12.2%.
RESULTSThe profit per share for the duration become 9.fifty seven pence per share (comprising income losses of 0.18 pence and capital positive aspects of 9.seventy five pence). At 31 August 2017 the entire return when you consider that inception was 168.47 pence.
INVESTMENTSThe funding supervisor, Hargreave Hale restrained, invested a further £four.37 million in 12 qualifying agencies right through the duration. The fair cost of qualifying investments at 31 August 2017 turned into £26.52 million invested in fifty eight goal businesses and 10 deepest organizations. The steadiness of the cash changed into held in a mixture of money, fastened profits and other non-qualifying equities.
At 31 August 2017 the VCT become 89.3% invested in qualifying groups calculated in response to HMRC instructions.
DIVIDENDA final dividend for the yr ended 28 February 2017 of 4 pence turned into paid on 25 July 2017.
The administrators continue to retain their coverage of targeting a tax free dividend yield reminiscent of 5% of the yr end NAV. An intervening time dividend of 2 pence (2016 - 2p) will be paid on 1 December 2017, with an ex-dividend date of 9 November 2017 and a listing date of 10 November 2017.
BUYBACKSWe have been able to preserve our policy of providing our shareholders a good exit route throughout the buyback scheme. In complete, 430,945 shares were repurchased all the way through the six month duration ending 31 August 2017 at a weighted normal cost of 109.28 pence per share. seeing that the duration conclusion an additional 75,978 shares have been purchased at a price of £eighty five,845.
The Board continues to target a share rate bargain of 5% of the NAV per share (as measured towards the mid-fee) for market purchases. it would be emphasised that this goal is non-binding and based on instances including the enterprise's liquidity once in a while and market circumstances. JOINT offer FOR SUBSCRIPTIONThe administrators of the company announced on 14 December 2016 the launch of a joint present for subscription for shares in each Hargreave Hale purpose VCTs to raise up to £10 million in Hargreave Hale aim VCT 1 plc and as much as £10 million within the company. The offer became authorized by shareholders of the company at a prevalent assembly on 12 January 2017 and become open to both new and present shareholders.
The offer become completely subscribed and resulted in gross money being got of £10 million and the difficulty of 8.ninety six million new shares in the enterprise.
On 18 September 2017 the enterprise introduced its intention to re-open the offer by way of making the Over-Allotment facility available and extending the power from £5 million to £7.5 million. A Supplementary Prospectus changed into published on 2 October 2017 as expanding the present amount constitutes a significant adventure under the Prospectus rules.
The offer will close on 17 november 2017 except utterly subscribed earlier than then.
AUDIT TENDERAs announced within the annual file and accounts for the yr ended 28 February 2017 obligatory audit tendering legislations states that the highest length for which a firm may also be appointed auditor of a public listed entity is 10 years. BDO LLP were approaching the maximum time period accredited and as such an audit soft has been accomplished.
The manner became led by using the Audit Committee who invited a number of companies to participate in the gentle technique. organizations were chosen in line with their popularity or by means of advice/own experience and the place it changed into ordinary they had selected skills and experience of VCT/funding believe auditing.
The Committee documented the business's ambitions and agreed on a variety criteria and scorecard to permit them to examine each applicant on a fair basis. Proposals and displays were reviewed by using the committee and a recommendation made to the Board.
i'm joyful to announce that the Board agreed BDO LLP had been the strongest candidate and re-appointed them as statutory auditor for the business.
OUTLOOKThe progress we now have made in fresh months in determining and lengthening our funding within the qualifying portfolio has encouraged us to re-open our December 2016 share offer. In selected, we've accomplished investments in a couple of early stage private corporations, a lot of whom have entertaining and 'disruptive' company plans. The advantage of some of those is appreciable however we recognise their better chance profiles and illiquidity and should proceed cautiously with this part of the fund.
Given the ever expanding uncertainty with home politics we are a little shocked at how benign fairness markets had been over contemporary months and, as our fund supervisor states in his document, 'we remain cautious'. then again, as long term traders we can continue to build our qualifying portfolio when the right alternatives latest themselves.
Date: 19 October 2017
funding manager'S record
This report covers the first half of the financial year, 1 March 2017 to 31 August 2017. The supervisor's report includes references to movements within the web Asset price (NAV) per share and complete Return per share (NAV per share plus distributed earnings per share). movements within the NAV per share don't necessarily replicate the revenue per share (EPS) suggested in the accounts and elsewhere, which bring the profit after tax inside the business inside the pronounced length as a feature of the weighted ordinary variety of shares in concern for the duration.
investment REPORTThe period beneath evaluation has been commonly nice with global equity markets advancing off the returned of sturdy company income and encouraging financial facts. In distinction, the FTSE 100 turned into unstable over the period and ended flat as investors grappled with the implications of the election outcomes for Sterling, for inflation and for govt policy in several areas, most definitely our direction out of the eu Union. That aside, small and mid-caps continued to make floor as mighty company information move helped feed buyers' urge for food for increase businesses with enormous and international addressable markets, which in flip fed through to a couple amazing performance within the junior indices.
As we appear in opposition t the second half of the fiscal 12 months we continue to be cautious given the knowledge headwinds coming near. UK inflation has risen to three% and the financial institution of England has insinuated that a rate upward push is feasible this year. The abilities impact on buyer spending and company funding is unknown but doubtlessly negative. we've witnessed weaker trading from a couple of 'excessive road' brands, primarily in retail and casual eating, as corporations battle to control margin drive (enter expense inflation, greater enterprise costs and the living wage) in opposition t the backdrop of an increasingly cautious buyer. In parallel, the united kingdom executive continues to are trying and navigate a means out of the european. We still believe it is simply too early to grasp the have an effect on (if any) of Brexit on our portfolio; that looks not going to alternate in the short term. by means of and large we've left the portfolio of qualifying and non-qualifying investments untouched. while we're cautious of certain sectors, client discretionary as an instance, we continue to locate exciting funding opportunities in qualifying businesses that we consider can develop regardless of the outcome. To that end, we intend to continue with business as standard whereas conserving a close eye on activities as they unfold and, possibly, cutting back on the margin some of our non-qualifying equity risk.
efficiency turned into respectable within the six months to 31 August 2017 with the NAV increasing from 109.86p to one hundred fifteen.47p and the charge of a 4 pence per share dividend. the whole return of 9.61 pence per share translates to a profit of 8.7%. right through the equal length the FTSE purpose All-Share complete Return gained 12.2%.
The qualifying investments made a web contribution of 5.54 pence per share with the non-qualifying investments adding a further 4.eighty three pence per share. The balance turned into a combination of costs, revenue and small positive factors made through share buy backs.
Zoo Digital, a contemporary investment, became the proper performing qualifying investment (+166.7%, +1.90 pence per share) as the shares replied to robust earnings boom and a tremendously more desirable balance sheet. Gfinity also carried out smartly (+76.7%, +0.seventy six pence per share) after asserting broadcasting agreements with BT game and the BBC and a partnership with formulation 1 to carry the formulation 1 ESports sequence. other stocks that made a big contribution protected Faron pharmaceuticals (+one hundred.0%, +0.seventy four pence per share), Eagle Eye (+91.7%, +0.sixty nine pence per share) and Tristel (+seventy nine.four%, +0.60 pence per share).
The largest loss inside the duration got here from Portr (-30.0%, -0.75 pence per share), which we marked to the price of a fresh funding circular that noticed a large UK listed company make a strategic investment into the company. however the new mark was decrease than the prior round, it continues to be above our entry rate. commercial progress has been made through Portr's partnership with British Airways and we look forward to information of progress with different airways over the arrival months. other losses got here from DP Poland (-27.2%, -0.sixty four pence per share) following a consolidation within the share cost regardless of contemporary reviews of strong buying and selling; Science in activity (-14.1%, -0.28 pence per share), TLA (-50.0%, -0.26 pence per share) and Creo clinical (-14.four%, -0.22 pence per share).
We made 12 qualifying investments over the period, which blanketed 6 extra investments into latest qualifying organizations (1 private business), 2 IPOs, 2 secondary placings into listed agencies and 2 inner most investments. We invested a total of £four.37 million into qualifying investments over the period.
inside the qualifying portfolio, we decreased our investments in Gfinity, Faron Pharma and Hardide following mighty runs in their share expenditures. We exited Electrical Geodesics, Kalibrate and electric note via M&A activity and disposed of all our shares in ECSC, Haydale Graphene, Audioboom, Directa Plus and Synairgen following extended periods of poor information circulation. We additionally sold our shares in Free Agent after a disappointing update that hinted at abilities weakness of their mannequin.
PORTFOLIO STRUCTUREThe VCT is with ease in the course of the HMRC described investment look at various and ended the period at 89.three% invested as measured via the HMRC investment verify. through market cost, the VCT had a 52.four% weighting to qualifying investments.
The allocation to non-qualifying fairness investments increased marginally from 20.6% to 21.5%. We endured to make use of the Marlborough particular situations Fund as a short lived home for proceeds from fundraising; the allocation improved from 12.0% to 14.eight%. fastened profits as a percentage of the fund diminished from 0.four% to 0.3% and money fell from 20.three% to 11.four%.
The HMRC investment tests are set out in Chapter 3 of part 6 income Tax Act 2007, which should be read at the side of this portion of the funding manager's report. dollars raised by VCTs are first included within the investment tests from the birth of the accounting length containing the third anniversary of the date on which the dollars had been raised. hence, the allocation of qualifying investments as defined via the legislation may also be diverse to the portfolio weighting as measured via market value relative to the web belongings of the VCT.
put up period conclusion UPDATEDeal circulation has been respectable considering length conclusion with 4 additional qualifying investments being made in Gfinity, Laundrapp, Faron Pharma and perspective. There are a number of deals in the pipeline which we predict to comprehensive in the coming weeks. .
For additional suggestions, please contact:
STUART BROOKEScompany Secretary
Hargreave Hale aim VCT 2 plc
Date: 19 October 2017
funding PORTFOLIO SUMMARYAs at 31 August 2017Qualifying Investments charge£000 Valuation£000 Valuation% net property% Sector Zoo Digital group plc 501 1,333 2.96 2.63 suggestions generationIdeagen plc one hundred ninety 1,238 2.seventy five 2.forty four counsel technologyLearning technologies community plc 534 1,195 2.sixty five 2.36 tips technologyMexican Grill Ltd (A alternative Shares)** 277 1,154 2.fifty six 2.28 customer Discretionary Quixant plc one hundred twenty 1,096 2.43 2.sixteen purchaser Discretionary SCA Investments Ltd (Gousto)** 1,002 1,000 2.22 1.ninety seven buyer Discretionary Eagle Eye options Ltd 811 997 2.21 1.97 counsel generationDP Poland plc 574 955 2.12 1.89 consumer Discretionary Portr Ltd** 689 770 1.seventy one 1.52 guidance generationScience in activity plc 518 760 1.69 1.50 purchaser Staples Zappar Ltd** 701 seven hundred 1.fifty five 1.38 assistance technologyGfinity plc 255 693 1.54 1.37 assistance technologyAnimalCare community plc a hundred 687 1.53 1.36 health Care break out Hunt plc 618 658 1.46 1.30 buyer Discretionary Hardide plc 224 656 1.46 1.30 partsTristel plc eighty one 591 1.31 1.17 fitness Care Creo medical neighborhood plc 559 565 1.25 1.12 health Care Fulcrum Utility services Ltd 100 525 1.17 1.04 Utilities Faron pharmaceuticals Oy 201 518 1.15 1.02 fitness Care sincere Brew Ltd** 501 500 1.eleven 0.ninety nine buyer Discretionary Infinity Reliance Ltd (My 1st Years)** 501 500 1.eleven 0.99 customer Discretionary Maxcyte Inc Com Stk USD0.01 (DI) 142 487 1.08 0.ninety six health Care Loopup group plc 236 420 0.ninety three 0.eighty three tips generationE G options plc 200 415 0.92 0.eighty two information eraULS technology plc 139 411 0.ninety one 0.eighty one advice eraAquis change Ltd** 401 four hundred 0.89 0.seventy nine guidance eraLaundrapp Ltd** 301 384 0.85 0.76 information technologyFairFX neighborhood plc 295 370 0.eighty two 0.73 tips technologyTrakM8 Holdings plc 91 352 0.78 0.69 information technologyCentralNic neighborhood plc 207 347 0.77 0.sixty nine suggestions eraVelocity Composites plc 332 331 0.seventy four 0.65 Industrials Clearstar Inc 360 322 0.72 0.64 Industrials Everyman Media group plc 172 320 0.seventy one 0.63 consumer Discretionary surface Transforms plc 301 318 0.71 0.sixty three Industrials Osirium technologies plc 301 269 0.60 0.fifty three assistance generationBelvoir Lettings plc 335 257 0.fifty seven 0.51 true property Lombard risk management plc ninety two 247 0.fifty five 0.49 counsel eraSanderson community plc 200 240 0.53 0.forty seven suggestions technologyEKF Diagnostics Holdings plc one hundred fifty 235 0.fifty two 0.forty six health Care Plastics Capital plc 202 220 0.49 0.43 materialsWANDisco plc fifty three 216 0.48 0.43 assistance eraPremaitha health plc 330 190 0.42 0.37 health Care Omega Diagnostics group plc 129 189 0.42 0.37 fitness Care Cloudcall group plc 234 181 0.forty 0.36 Telecommunication facilitiesSatellite options worldwide group plc 103 166 0.37 0.33 Telecommunication amenitiesParagon amusement Ltd 200 156 0.35 0.31 Industrials The Property Franchise community 113 152 0.34 0.30 true property Lidco group plc 146 142 0.32 0.28 health Care perspective plc 252 142 0.31 0.28 health Care Reneuron neighborhood plc 262 139 0.31 0.27 fitness Care Intercede group plc 91 a hundred thirty five 0.30 0.27 advice generationMexican Grill Ltd (standard Shares)** 31 128 0.28 0.25 consumer Discretionary Ilika plc 203 126 0.28 0.25 Industrials Imaginatik plc 215 124 0.28 0.24 tips eraMaxcyte Inc Com Stk USD0.01 (DI/REG S) 141 123 0.27 0.24 fitness Care APC know-how community plc 350 114 0.25 0.22 information eraTLA global plc one hundred fifty 113 0.25 0.22 customer Discretionary Medaphor group plc 251 seventy eight 0.17 0.15 purchaser Discretionary Verona Pharma plc seventy one 75 0.17 0.15 fitness Care Mycelx technologies organization plc (Com SHS $0.025 REG S+ shares) 150 64 0.14 0.13 Industrials Porta Communications plc 200 60 0.13 0.12 purchaser Discretionary TP community plc a hundred twenty five 57 0.13 0.11 Industrials Genedrive plc a hundred and forty fifty six 0.12 0.eleven health Care Midatech Pharma plc a hundred and fifty 50 0.eleven 0.10 health Care Mirada plc 95 forty two 0.09 0.08 assistance eraFusionex overseas plc** 69 29 0.06 0.06 information generationMporium community plc 23 15 0.03 0.03 counsel technologyMicrosaic systems plc 20 eleven 0.02 0.02 information eraFlowgroup plc fifty four 10 0.02 0.02 Industrials Brigantes energy Ltd* - - - - caloriesTotal Qualifying Investments 17,865 26,519 fifty eight.85 52.35 Non-Qualifying Investments cost£000 Valuation£000 Valuation% net belongings% Sector Scottish Amicable 8.5% 2049 154 159 0.35 0.31 total - company bonds 154 159 0.35 0.31 Marlborough particular situations Fund** 5,742 7,487 sixteen.sixty two 14.seventy eight complete - Unit Trusts 5,742 7,487 sixteen.62 14.78 NMC health plc 426 757 1.sixty eight 1.50 health Care Melrose Industries plc 444 682 1.fifty one 1.35 Industrials Royal Dutch Shell plc 582 648 1.44 1.28 caloriesDechra pharmaceuticals plc 461 612 1.36 1.21 fitness Care BP plc 596 579 1.28 1.14 caloriesOn the seaside neighborhood plc 391 574 1.28 1.13 purchaser Discretionary Anglo American plc 373 421 0.93 0.83 partsSanne community plc 292 413 0.ninety two 0.82 Financials Ascential plc 326 403 0.ninety 0.eighty buyer Discretionary Merlin Entertainments plc 386 401 0.89 0.seventy nine customer Discretionary Cohort plc 176 394 0.87 0.78 Industrials Wizz Air Holdings plc 220 353 0.78 0.70 buyer Discretionary Medica group plc 213 340 0.seventy five 0.sixty seven fitness Care RPC neighborhood plc 289 296 0.66 0.fifty nine constituentsHilton meals community plc 252 291 0.sixty five 0.fifty seven consumer Discretionary XP energy Ltd 292 286 0.sixty four 0.fifty six Industrials FCFM group Ltd** a hundred and fifty 283 0.sixty three 0.fifty six Financials Renishaw plc 276 274 0.sixty one 0.54 counsel technologyClipper Logistics plc 234 267 0.59 0.53 purchaser Discretionary JD sports fashion plc 274 259 0.fifty seven 0.fifty one client Discretionary Fulcrum Utility capabilities Ltd fifty six 256 0.fifty seven 0.50 Utilities Lloyds Banking group plc 285 255 0.57 0.50 Financials Sportech plc 209 230 0.51 0.45 client Discretionary studying applied sciences community plc 80 207 0.forty six 0.41 information generationMicro center of attention foreign plc 121 196 0.forty four 0.39 advice eraHorizon Discovery neighborhood plc 124 167 0.37 0.33 fitness Care Everyman Media community plc eighty five a hundred and fifty five 0.34 0.31 client Discretionary Eurocell plc 119 one hundred thirty five 0.30 0.27 Industrials Finsbury food neighborhood plc 70 129 0.29 0.26 purchaser Staples Alfa monetary software Holdings plc ninety two 128 0.29 0.25 assistance eraJust eat plc eighty two 100 0.22 0.20 advice eraEgdon elements plc a hundred and forty sixty nine 0.15 0.14 energyEagle Eye solutions Ltd forty four sixty four 0.14 0.13 tips generationThe Fulham Shore plc 38 fifty seven 0.13 0.eleven consumer Discretionary Amerisur materials plc 167 45 0.10 0.09 energyMidatech Pharma plc 134 44 0.10 0.09 fitness Care Regent Pacific group Ltd 93 forty three 0.09 0.08 fitness Care Mycelx technologies service provider plc (Com SHS $0.025 + (D1) shares) 170 forty 0.09 0.08 Industrials Reneuron community plc 41 29 0.06 0.06 health Care Mexican Grill Ltd (A alternative Shares)** three 10 0.02 0.02 customer Discretionary Genagro Ltd** 22 2 - - Industrials Mycelx applied sciences business enterprise plc (Com SHS $0.025 REG S+ shares) eight 2 - - Industrials total - Non-Qualifying equities eight,836 10,896 24.18 21.fifty three total -Non-Qualifying Investments 14,732 18,542 forty one.15 36.sixty two total investments 32,597 45,061 100.00 88.ninety seven money at financial institution 5,773 11.forty Prepayments & Accruals (186) (0.37) internet belongings 50,648 a hundred.00
* Unquoted enterprise keeping of under £500**Unquoted groups
the majority of investments held within the portfolio are listed and/or headquartered in the UK aside from here:listedcenteredRegistered purpose listed Investments: Clearstar Inc united kingdomCayman Islands Cayman Islands DP Poland united kingdomPoland united kingdomFaron prescribed drugs Oy united kingdomFinland Finland Fulcrum Utility features Ltd united kingdomunited kingdomCayman Islands Maxcyte Inc united kingdomUSA united statesMycelx applied sciences enterprise %UK united statesusaParagon enjoyment Ltd ukukCayman Islands Regent Pacific community Ltd Hong Kong Hong Kong Cayman Islands Royal Dutch Shell percentUK Netherlands ukSanne community p.cUK Jersey Jersey WANDisco %UK UK and usaJersey Wizz Air Holdings %UK Switzerland Jersey XP energy Ltd united kingdomSingapore Singapore Unlisted inner most companies: Aquis change Ltd - ukunited kingdomBrigantes energy Ltd - ukukFCFM neighborhood Ltd - ukunited kingdomFusionex overseas plc - ukJersey Genagro Ltd - Jersey Jersey sincere Brew Ltd - ukukInfinity Reliance Ltd (My 1st Years) - united kingdomukLaundrapp Ltd - ukunited kingdomMexican Grill Ltd - united kingdomunited kingdomPortr Ltd - united kingdomukSCA Investments Ltd (Gousto) - ukunited kingdomZappar Ltd - united kingdomUK accredited unit have confidence: Marlborough particular situations Fund - ukUK
true TEN INVESTMENTSAs at 31 August 2017 (with the aid of Market price)
The appropriate 10 equity investments are proven under; each is valued by using reference to the bid expense, or, in the case of unquoted businesses, values are either in response to the last arm's size transaction or valuation thoughts, akin to earnings multiples. Forecasts, where given, are drawn from a combination of broking service analysis and/or Bloomberg consensus forecasts and exclude amortisation, share based payments and exceptional gadgets. Forecasts are when it comes to a period end for which the business consequences are yet to be launched. The internet cash values are drawn from posted accounts in most cases.researching technology community plc forty seven.0p investment date April 2014 Forecasts for the yr to December 2017 fairness held 0.fifty two% Turnover (£'000) fifty one,500 Av buy price20.6p profit/(loss) earlier than tax (£'000) 11,three hundredcharge (£'000) 614 internet cash (£'000) (eight,486) Valuation (£'000) 1,402 internet property December 2016 (£'000) 30,710 enterprise DESCRIPTION learning technologies neighborhood (LTG) gives a comprehensive and integrated range of e-getting to know services and applied sciences to company and government purchasers. LTG is making good progress in opposition t its purpose of establishing a considerable world supplier of professional digital learning agencies from Europe, US, Latin the united states and Asia to form a market-leading technologies company. Zoo Digital community plc 24.0p funding date April 2017 Forecasts for the 12 months to March 2018 equity held 7.fifty six% Turnover ($'000) 20,988 Av buy cost9.0p earnings/(loss) earlier than tax ($'000) 347 cost (£'000) 501 net cash ($'000) (300) Valuation (£'000) 1,333 net property March 2017 ($'000) 2,561 business DESCRIPTION Zoo is a number one company of subtitling and digital distribution capabilities for the international amusement industry. Zoo mix their own expertise with talented customer groups across the globe to translate long-established video programmes into more than 50 overseas languages. Their know-how helps system the edited digital substances to satisfy the technical delivery necessities of a growing to be variety of on-line video services. Mexican Grill Ltd 8,550.0p funding date October 2009 consequences for the year to December 2016 equity held four.25% Turnover (£'000) 25,327 Av buy cost2,059.0p income/(loss) before tax (£'000) (1,025) cost (£'000) 311 web cash (£'000) (2,862) Valuation (£'000) 1,292 net assets December 2016 (£'000) 3,312 profits regarded in duration (£) 0 enterprise DESCRIPTION Mexican Grill is a non-public enterprise that operates 33 speedy informal California-Mexican eating places that deliver sparkling, made to order cuisine for devour in or take-away, making it among the many largest chains within its niche. Ideagen plc ninety.0p funding date March 2011 Forecasts for the 12 months to April 2018 fairness held 0.sixty nine% Turnover (£'000) 34,900 Av buy price13.8p profit/(loss) before tax (£'000) 9,700 charge (£'000) 190 internet money (£'000) 4,205 Valuation (£'000) 1,238 web property April 2017 (£'000) 46,419 enterprise DESCRIPTION Ideagen is a corporation of compliance based assistance management software with operations within the UK and the us. The business specialises in business governance, chance and compliance and healthcare solutions for organizations operating inside incredibly regulated industries. Ideagen provides complete content material lifecycle options that allow organizations to meet their regulatory and first-rate compliance requisites, assisting them to reduce prices and enhance effectivity. Quixant plc 420.0p investment date may additionally 2013 Forecasts for the yr to December 2017 equity held 0.40% Turnover ($'000) 102,three hundredAv purchase costforty six.0p income/(loss) earlier than tax ($'000) 15,800 charge (£'000) one hundred twenty net money ($'000) (sixty nine) Valuation (£'000) 1,096 internet belongings December 2016 ($'000) 34,306 company DESCRIPTION Quixant designs and manufactures comprehensive advanced hardware and utility options for the pay-for-play gaming and slot machine business. Quixant's specialised products provide an all-in-one solution, in response to computer expertise however with further hardware elements and working utility developed primarily to handle the requirements of the gaming industry. Eagle Eye options plc 255.0p investment date April 2014 Forecasts for the 12 months to June 2018 equity held 1.sixty four% Turnover (£'000) 15,900 Av purchase price205.7 profit/(loss) earlier than tax (£'000) (three,600) charge (£'000) 855 web cash (£'000) 3,724 Valuation (£'000) 1,061 web belongings June 2017 (£'000) eight,862 enterprise DESCRIPTION Eagle Eye solutions plc operates within the e-commerce industry. The business gives a digital platform that enables dealers to join with purchasers to carry presents, rewards and features that may also be redeemed. SCA Investments Ltd (Gousto) 2,988.0p funding date July 2017 consequences for the yr to December 2016 equity held 1.fifty three% Turnover (£'000) 12,755 Av purchase price2,994.0p earnings/(loss) earlier than tax (£'000) (6,739) charge (£'000) 1,002 internet cash (£'000) 5,407 Valuation (£'000) 1,000 internet assets December 2016 (£'000) 6,512 revenue recognized in duration (£) 0 company DESCRIPTION based in February 2012, Gousto is an e-commerce enterprise providing recipe package boxes which encompass clean parts for step-by means of-step chef designed recipes to be made at home. shoppers select food from a lot of options on Gousto's e-commerce platform. Gousto then delivers the pre-proportioned constituents to your doorstep, along with directions on how to put together the meal. DP Poland plc 40.8p investment date November 2012 Forecasts for the yr to December 2017 fairness held 1.fifty seven% Turnover (£'000) eleven,000 Av purchase price24.5p profit/(loss) before tax (£'000) (2,000) can charge (£'000) 574 web cash (£'000) 6,001 Valuation (£'000) 955 internet property December 2016 (£'000) eleven,210 business DESCRIPTION DP Poland (Domino's Pizza Poland) is a quick food company that operates a sub-franchise of the Domino's Pizza brand in Poland. The company operate in 14 Polish cities, with 16 corporate and 23 sub-franchised stores. They continue to roll out and assume finishing the present year with 50 operational sites, with a longer-time period ambition of a hundred outlets through 2020. Fulcrum Utility functions Ltd fifty two.5p investment date December 2009 Forecasts for the year to March 2018 fairness held 0.eighty five% Turnover (£'000) 41,600Av purchase cost10.5p earnings/(loss) before tax (£'000) 7,four hundred can charge (£'000) 156 net money (£'000) 12,561 Valuation (£'000) 781 internet property March 2017 (£'000) 10,446 company DESCRIPTION Fulcrum Utility services provides utility infrastructure options. The enterprise offers solutions that encompass gas connection, multi utility, meter setting up, outlet pipe work, and gasoline disconnection features, renewable energy options and consulting functions. Portr Ltd 741.0p funding date July 2015 consequences for the yr to December 2016 fairness held 3.64% Turnover (£'000) - Av buy price662.4p profit/(loss) earlier than tax (£'000) (four,824) cost (£'000) 689 net money (£'000) 825 Valuation (£'000) 770 internet property December 2016 (£'000) 1,one hundred earnings known in duration (£) 0 enterprise DESCRIPTION Portr run's AirPortr, London's same day luggage transfer carrier. In its most primary kind they bring luggage from London Airports to your resort, office or domestic and vice versa. They lately launched an off airport check in solution in partnership with British Airways, allowing you to sign in your bag from your residence, lodge or workplace for an outbound flight from London airports. CO-investment
As at 31 August 2017, other money managed with the aid of Hargreave Hale Ltd were also invested in all of the investments held in the business's portfolio aside from here: Omega Diagnostics neighborhood plc, Paragon leisure Ltd, Scottish Amicable eight.5% 2049 and Tristel plc.
For further tips please contact:
STUART BROOKES enterprise SecretaryHargreave Hale goal VCT 2 plc01253 754740
Date: 19 October 2017
commentary OF DIRECTOR'S RESPONSIBILITIESin recognize of the half-every year financial document
in response to Disclosure Transparency Rule (DTR) 4.2.10, David Hurst-Brown (Chairman), Philip Cammerman and Oliver Bedford, the administrators, verify that to the better of their advantage:
On behalf of the Board
Date: 19 October 2017
CONDENSED revenue STATEMENTfor the six month length to 31 August 2017 (unaudited)For the six month length to For the six month period to 31 August 2017 (unaudited) 31 August 2016 (unaudited) income Capital completeRevenue Capital complete £000 £000 £000 £000 £000 £000 Realised gains on investments held at reasonable value through profit or loss - 626 626 - 228 228 Unrealised positive factors on investments held at reasonable value through profit or loss - three,936 3,936 - 2,328 2,328 salary 184 - 184 164 - 164 ----------- ----------- ----------- ----------- ----------- ----------- 184 four,562 four,746 164 2,556 2,720 administration fee (ninety three) (280) (373) (60) (179) (239) different prices (172) (13) (185) (134) - (134) ----------- ----------- ----------- ----------- ----------- ----------- (265) (293) (558) (194) (179) (373) ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/benefit on common actions before taxation (eighty one) 4,269 four,188 (30) 2,377 2,347 Taxation - - - - - - ----------- ----------- ----------- ----------- ----------- ----------- (Loss)/gain on ordinary activities after taxation (81) 4,269 four,188 (30) 2,377 2,347 ----------- ---------- ---------- ----------- ---------- ---------- (Loss)/benefit per share simple and diluted (observe 2) (0.18)p 9.75p 9.57p (0.09)p 7.04p 6.95p
the total column of this remark is the income observation of the business. All earnings and capital items within the above statement derive from continuing operations. The company has no other comprehensive income apart from the results for the six month duration as set out above. The accompanying notes are an essential component of these financial statements.
CONDENSED salary STATEMENTfor the 12 months ended 28 February 2017 (audited)For the 12 months to 28 February 2017 (audited) profits Capital complete £000 £000 £000 Realised (losses) on investments held at fair cost via earnings or loss - (339) (339) Unrealised features on investments held at fair price through earnings or loss - 5,876 5,876 profits 286 15 301 ----------- ----------- ----------- 286 5,552 5,838 management price (129) (387) (516) different charges (305) (28) (333) ----------- ----------- ----------- (434) (415) (849) ----------- ----------- ----------- (Loss)/profit on regular activities before taxation (148) 5,137 4,989 Taxation - - - ----------- ----------- ----------- (Loss)/profit after taxation (148) 5,137 four,989 ----------- ----------- ----------- (Loss)/gain per share primary and diluted (word 2) (0.43)p 14.97p 14.54p
the overall column of this statement is the salary statement of the enterprise. All revenue and capital gadgets within the above commentary derive from carrying on with operations. The enterprise has no other finished earnings apart from the consequences for the year as set out above. The accompanying notes are an integral part of those fiscal statements.
CONDENSED stability SHEETas at 31 August 2017 (unaudited)31 August 31 August 28 February 2017 2016 2017 (unaudited) (unaudited) (audited) £000 £000 £000 fastened belongings Investments at reasonable value via profit or loss forty five,061 27,757 36,359 ----------- ----------- ----------- existing property Prepayments and gathered salary sixty eight fifty four 37 cash at bank 5,773 eight,096 9,a hundred ninety ----------- ----------- ----------- 5,841 8,a hundred and fifty 9,227 creditors: amounts falling due inside one year Accruals and deferred salary (254) (183) (219) ----------- ----------- ----------- web existing property 5,587 7,967 9,008 ----------- ----------- ----------- web belongings 50,648 35,724 45,367 ----------- ----------- ----------- Capital and Reserves known as up share capital 439 342 413 Share top class - 26,509 34,246 Capital redemption reserve 14 nine10 special reserve 38,2 hundred3,699 2,891 Capital reserve - realised 961 1,416 628 Capital reserve - unrealised 12,465 4,981 eight,529 profits reserve (1,431) (1,232) (1,350) ----------- ----------- ----------- complete shareholders' price range50,648 35,724 forty five,367 ----------- ----------- ----------- internet asset cost per share fundamental and diluted (observe four) a hundred and fifteen.47p 104.58p 109.86p
The accompanying notes are a vital part of those monetary statements.
CONDENSED commentary OF alterations IN EQUITYfor the six month length to 31 August 2017 (unaudited)average sharescalled up percentageCapital special Capital Capital salary complete share top class redemption reserve reserve reserve reserve capital reserve realised unrealised £000 £000 £000 £000 £000 £000 £000 £000 At 1 March 2017 413 34,246 10 2,891 628 8,529 (1,350) forty five,367 Share buybacks (four) four (475) (475) Share problems30 3,378 three,408 situation charges (81) (eighty one) Capital reduction (37,543) 37,543 - equity dividends paid (1,759) (1,759) Realised features on investments 626 626 Unrealised positive aspects on investments three,936 three,936 administration charge charged to capital (280) (280) Due diligence funding fees (13) (13) revenue loss after taxation for the length (eighty one) (eighty one) total income after taxation 333 three,936 (81) four,188 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 August 2017 439 - 14 38,two hundred961 12,465 (1,431) 50,648 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
The distributable reserves are capital reserve realised, particular reserve and income reserve. complete distributable reserves at 31 August 2017 have been £37.seventy three million of which £6.91 million is available to pay dividends now. The accompanying notes are a vital part of those financial statements.
CONDENSED observation OF adjustments IN EQUITYfor the six month length to 31 August 2016 (unaudited)standard sharescalled up proportionCapital particular Capital Capital revenue complete share top class redemption reserve reserve reserve reserve capital reserve realised unrealised £000 £000 £000 £000 £000 £000 £000 £000 At 1 March 2016 295 21,484 7 5,250 1,367 2,653 (1,202) 29,854 Share buybacks (2) 2 (198) (198) Share problemsforty nine 5,153 5,202 situation expenses (128) (128) equity dividends paid (1,353) (1,353) Realised features on investments 228 228 Unrealised positive aspects on investments 2,328 2,328 management fee charged to capital (179) (179) revenue loss after taxation for the period (30) (30) complete loss after taxation forty nine 2,328 (30) 2,347 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 31 August 2016 342 26,509 93,699 1,416 4,981 (1,232) 35,724 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
Reserves accessible for distribution are capital reserve realised, particular reserve and income reserve. complete distributable reserves at 31 August 2016 have been £three.88 million. The accompanying notes are an integral part of these financial statements.
CONDENSED statement OF alterations IN EQUITYfor the year ended 28 February 2017 (audited)typical stocksknown as up shareCapital particular Capital Capital revenue total share top class redemption reserve reserve reserve reserve capital reserve realised unrealised £000 £000 £000 £000 £000 £000 £000 £000 At 1 March 2016 295 21,484 7 5,250 1,367 2,653 (1,202) 29,854 Share buybacks (3) 3 (313) (313) Share problems121 13,034 13,one hundred fifty five subject costs (272) (272) equity dividends paid (2,046) (2,046) Realised features on investments (339) (339) Unrealised beneficial properties on investments 5,876 5,876 management fee charged to capital (387) (387) association payment salary 15 15 Due Diligence investment can charge (28) (28) profits loss after taxation for the length (148) (148) total loss after taxation (739) 5,876 (148) 4,989 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ---------- At 28 February 2017 413 34,246 10 2,891 628 eight,529 (1,350) forty five,367 ---------- ----------- ----------- ----------- ---------- ----------- ----------- ----------
Reserves available for distribution are capital reserve realised, special reserve and earnings reserve. total distributable reserves at 28 February 2017 had been £2.17 million. The accompanying notes are an integral part of those fiscal statements.
CONDENSED commentary OF cash FLOWSfor the six month period to 31 August 2017 (unaudited)31 August 2017 31 August 2016 28 February 2017* (unaudited) (unaudited) (audited) £000 £000 £000 Return on common actions after taxation four,188 2,347 four,989 Realised (profit)/loss on investments (626) (228) 339 Unrealised (gain) on investments (3,936) (2,328) (5,876) (increase) in debtors (31) (34) (17) boost/(lower) in creditors 35 (eight) 28 ----------- ----------- ----------- internet money (outflow) from working activities (370) (251) (537) money flows from investing activities purchase of investments (9,359) (7,309) (sixteen,778) Sale of investments 5,219 5,139 8,987 ----------- ----------- ----------- web money (outflow) from investing actions (four,a hundred and forty) (2,a hundred and seventy) (7,791) cash flows from financing actions Proceeds from share issues3,408 5,202 13,a hundred and fifty five Share situation fees (81) (128) (272) Share buybacks (475) (198) (313) Dividends paid (1,759) (1,353) (2,046) ----------- ----------- ----------- net money from financing activities 1,093 3,523 10,524 ----------- ----------- ----------- increase in money (three,417) 1,102 2,196 ----------- ----------- ----------- evaluation of web dollars Opening cash 9,a hundred ninety 6,994 6,994 money move (3,417) 1,102 2,196 Closing cash 5,773 8,096 9,one hundred ninety
* 28 February 2017 money move represents annual effects
The accompanying notes are a vital part of those fiscal statements
EXPLANATORY NOTESfor the six month duration to 31 August 2017 (unaudited)
basis of preparationThe business has organized its half-every year financial effects for the six month duration ending 31 August 2017 in response to financial Reporting general 104 (FRS104) and the remark of counseled apply for "financial Statements of investment have confidence corporations and undertaking Capital Trusts" (the SORP).
The identical accounting policies and methods of computation are followed within the half-each year fiscal consequences as in comparison with probably the most recent annual financial statements.
InvestmentsAll investments are categorized as reasonable price via income or loss. Investments are measured at the beginning and subsequently at fair cost which is deemed to be bid market costs for listed investments and investments traded on goal. Unquoted investments are valued the usage of essentially the most appropriate methodology advised with the aid of the foreign private equity assignment Capital ("IPEV") guidelines.
the place the classification of a economic instrument requires it to be pointed out at reasonable price, this depends on reference to the quoted bid rate in an lively market anyplace feasible. where no such active market exists for the selected asset or legal responsibility the business holds the investment at charge for a period the place there is considered to be no alternate in fair value.
Valuations of unquoted investments are reviewed on a six month-to-month groundwork and more frequently if routine occur that could have a cloth influence on the investment. the place charge is not any longer considered acceptable the enterprise will use a value indicated by a fabric hands-size transaction by using an impartial third birthday party in the shares of a corporation. the place no such transaction exists, the company will use probably the most applicable valuation method including discounted money movement evaluation, profits multiples, internet property and business valuation benchmarks. All inputs are market observable aside from level C economic gadgets.
Investments are known and derecognised at alternate date the place a purchase or sale is under a contract whose phrases require birth in the time frame centered by the market concerned. Purchases and income of unlisted investments are regarded when the contract for acquisition or sale becomes unconditional. Transaction prices are included within the initial booklet charge or deducted from the disposal proceeds as appropriate.
These investments should be managed and their efficiency evaluated on a good value basis based on a documented funding strategy and guidance about them is supplied internally on that basis to the Board.
positive factors and losses bobbing up from alterations in reasonable cost (realised and unrealised) are included in the web income or loss for the length as a capital item within the profits observation and are taken to the unrealised capital reserve or realised capital reserve as applicable.
If an funding has been impaired such that there is not any useful expectation that there should be a full return from the investment, the loss is treated as a permanent impairment and transferred to the capital reserve realised.
economic contraptions - fair price size hierarchyFRS 102 requires definite disclosures which require the classification of monetary assets and economic liabilities measured at fair value using a fair value hierarchy that reflects the value of the inputs used in making the reasonable cost measurement. The fair price hierarchy has right here stages:degree Methodology (a) The superior evidence of reasonable cost is a quoted rate for the same asset in an lively market. Quoted in an lively market during this context ability quoted fees are effectively and frequently purchasable and people prices signify specific and often taking place market transactions on an arm's size foundation. The quoted cost is continually the existing bid expense. (b) When quoted prices are unavailable, the price of a contemporary transaction for the same asset gives evidence of reasonable price as long as there has not been a significant change in financial instances or a significant lapse of time considering that the transaction took place. If the entity can demonstrate that the final transaction fee is not an excellent estimate of reasonable price (e.g. because it displays the amount that an entity would acquire or pay in a pressured transaction, involuntary liquidation or misery sale), that cost is adjusted. (c) If the market for the asset is not active and up to date transactions of an identical asset on their personal are not an excellent estimate of fair cost, an entity estimates the reasonable price through the use of a valuation method. The goal of using a valuation technique is to estimate what the transaction expense would have been on the size date in an arm's size alternate inspired via typical business issues. degree (a) Investments£'000 stage (b)Investments£'000 stage (c)Investments£'000 TotalInvestments£'000 Six months ended 31 August 2017 (unaudited) 33,242 7,487 4,332 forty five,061 12 months ended 28 February 2017 (audited) 26,469 5,462 4,428 36,359 Six months ended 31 August 2016 (unaudited) 21,421 3,921 2,415 27,757
Key judgements and estimatesThe coaching of the fiscal statements requires the Board to make judgements and estimates that have an effect on the utility of guidelines and said amounts of property, liabilities, profits and fees. Key estimation uncertainties in particular relate to the fair valuation of unquoted investments, that are in line with ancient experience and different elements which are regarded in your price range including the switch price of probably the most contemporary transaction on an arm's length basis. The estimates are under continual evaluate with selected consideration paid to the carrying cost of the investments. The process of estimation is additionally plagued by the determination of the reasonable cost hierarchy. salary equity dividends are taken into account on the ex-dividend date, internet of any linked tax credit. mounted returns on non-equity shares and debt securities are acknowledged on a time apportionment groundwork in an effort to reflect the beneficial yield, offered there is no within your budget doubt that charge will be obtained in due path. All different earnings, including deposit activity receivable, is recognised on an accruals groundwork. All income and capital gadgets within the unaudited profits statement derive from continuing operations. There aren't any different objects of finished profits aside from these disclosed within the unaudited income remark. Expenditure All expenditure is accounted for on an accruals groundwork. 75% of administration fees are allotted to the capital reserve realised and 25% to the income account in keeping with the Board's anticipated long run break up of investment returns in the form of capital features to the capital column of the salary commentary. All other expenditure is charged to the profits account. trail commission path commission up to now due is held as a creditor until such time as claims are made through the relevant middleman and supporting documentation provided. If claims are not bought these amounts are written off after a length of six years. Capital reserves Realised profits and losses on the disposal of investments, due diligence prices and income in the case of deepest enterprise investments, losses realised on investments regarded to be permanently impaired and seventy five% of investment management charges are accounted for within the capital reserve realised. raises and decreases in the valuation of investments held on the 12 months conclusion are accounted for in the capital reserve unrealised. working Segments there's regarded to be one working segment as suggested to the executive working determination maker being funding in equity and debt securities. Taxation Deferred tax is known in admire of all timing modifications that have originated however now not yet reversed at the steadiness sheet date. Deferred tax belongings are handiest recognised to the extent that healing is in all likelihood within the foreseeable future. existing tax is expected tax payable on the taxable profits for the duration the use of the current tax fee. The tax effect of distinct items of revenue and expenditure is allotted between capital and profits on the same foundation because the specific item to which it relates. authorised VCTs are exempt from tax on capital beneficial properties from the sale of fastened asset investments. The directors intend that the business will continue to habits its affairs to retain its VCT repute, no deferred tax has been offered in appreciate of any capital positive aspects or losses arising from the revaluation or disposal of investments. Dividends only dividends known all over the period are deducted from revenue or capital reserves. ultimate and interim dividends are recognised within the debts when the enterprise's liability to pay them has been based. summary of dividends paid in the six months to 31 August 2017 and the economic yr ending 28 February 2017 are targeted below:Six months ended 31 August 2017 (unaudited) £'000 yr ended 28 February 2017 (audited) £'000 final capital dividend of 4 pence per share for the year ended 29 February 2016 paid on 20 July 2016 - 1,353 intervening time capital dividend of two pence per share for the half yr ended 31 August 2016 paid on 2 December 2016 - 693 remaining capital dividend of 4 pence per share for the yr ended 28 February 2017 paid on 25 July 2017 1,759 - whole1,759 2,046
useful CurrencyIn accordance with FRS 102 s.30, the business is required to nominate a functional foreign money, being the forex in which the business predominantly operates. The Board has decided that sterling is the enterprise's functional forex. Sterling is additionally the foreign money during which these bills are offered.
Repurchase of shares to hold in TreasuryThe cost of repurchasing shares into treasury, including the connected stamp duty and transaction expenses is charged to the special reserve and dealt with within the commentary of adjustments in equity. Share repurchase transactions are accounted for on a trade date foundation. the place shares held in treasury are due to this fact cancelled, the nominal value of those shares is transferred out of share capital and into capital redemption reserve.
should still shares held in treasury be reissued, the sale proceeds might be treated as a realised income up to the quantity of the purchase fee of those shares and should be transferred to capital reserves. The extra of the sale proceeds over the purchase cost could be transferred to share top class.
Contingencies, ensures and fiscal commitments there were no contingencies, ensures or monetary commitments of the enterprise on the 31 August 2017.
felony form and predominant activitiesThe enterprise changed into included and registered in England and Wales on 20 September 2006 below the agencies Act 1985, registered quantity 05941261.
The enterprise has been authorized as a undertaking Capital have faith by HMRC below section 259 of the profits Taxes Act 2007. The shares of the enterprise were first admitted to the professional listing of the uk record Authority and trading on the London stock exchange on sixteen April 2007 and might be found under the TIDM code "HHVT". The company is top class listed.
The enterprise's foremost exercise is to put money into a diversified portfolio of qualifying small UK primarily based businesses, essentially buying and selling on intention, with a view to maximising tax free dividend distributions to shareholders.
The business is an externally managed fund with a Board comprising of three non-government administrators. Hargreave Hale confined acts as funding supervisor, administrator and custodian to the company and provide the company secretary.
The Board has ordinary responsibility for the business's affairs together with the determination of its funding policy, although, the Board can also endeavor these duties through delegation to Hargreave Hale as it considers appropriate.
The administrators have managed and continue to manipulate the business's affairs in such a way as to conform to area 259 of the profits Taxes Act 2007.
The enterprise's registered office is Accurist condo, 44 Baker street, London, W1U 7AL.
Share capitalOrdinary shares are classed as fairness. The commonplace shares in difficulty have a nominal cost of one pence and raise one vote each and every.
ReservesA description of each of the reserves follows:
Share premiumThis reserve represents the change between the situation fee of shares and the nominal price of shares at the date of difficulty, web of related problem charges.
Capital redemption reserveThis reserve is used for the cancellation of shares purchased returned under the buyback facility.
particular reserveDistributable reserve used to pay dividends and re-buy shares below the buyback facility.
Capital reserve realisedGains/losses on disposal of investments, due diligence charges and salary from deepest business investments, permanent impairment of economic belongings and seventy five% of the investment administration price are accounted for within the capital reserve realised.
Capital reserve unrealisedUnrealised features and losses on investments held on the year-end bobbing up from movements in reasonable cost are taken to the capital reserve unrealised.
earnings reserveNet profits returns and losses of the company.
The profit per usual share of 9.fifty seven pence at 31 August 2017 (31 August 2016: benefit 6.95 pence and 28 February 2017: gain 14.fifty four pence) is in keeping with a web profit for the period of £4,187,739 (31 August 2016: benefit £2,347,000 and 28 February 2017: profit £four,989,474) and the weighted usual variety of standard shares in challenge over the period of 43,776,326 (31 August 2016: of 33,764,458 and 28 February 2017: 34,327,158).
The effects should still now not be taken as a e book to the effects for the economic length ending 28 February 2018. This record may also contain forward looking statements regarding the fiscal condition and consequences of the enterprise, which can be made in the light of existing financial and enterprise circumstances. Nothing in this file may still be considered as a earnings forecast.
The internet asset value per usual share at 31 August 2017 of a hundred and fifteen.forty seven pence (31 August 2016: 104.58 pence and 28 February 2017: 109.86 pence) is in keeping with web assets of £50,648,374 (31 August 2016: £35,723,815 and 28 February 2017: £45,366,681) and on forty three,863,946 shares (31 August 2016: 34,159,249 shares and 28 February 2017: forty one,296,035 shares), being the number of general shares in difficulty as at 31 August 2017.
The monetary tips contained within the 31 August 2017 profits commentary, balance sheet, observation of cash flows and statement of alterations in equity doesn't constitute full economic statements and has not been audited.
The primary risks facing the company relate to the enterprise's funding actions and consist of challenge capital have faith approval, investment, bargain volatility, compliance, economic, fraud, operational, reputational, liquidity and outsourcing possibility. different dangers confronted by using the business consist of market, currency, interest price and credit score chance. These hazards and the manner during which they're managed are described in more element within the company's annual file and money owed for the 12 months ended 28 February 2017. The company's principal risks and uncertainties have not modified materially on account that the date of that document.
7. TRANSACTIONS IN SHARES BuybacksIn complete, the enterprise repurchased 430,945 shares all through the six month period ending 31 August 2017 at a complete charge of £474,473. The repurchased shares characterize 1.04% of regular shares in concern on 1 March 2017. The acquired shares were cancelled.
Share IssuesIn total, the business issued 2,998,856 new shares during the six month length ending 31 August 2017 elevating internet proceeds of £3,326,563.
Hargreave Hale limited is considered to be a linked birthday party to the company. Oliver Bedford, a non-govt director of the enterprise and a member of its key management personnel, is an employee of Hargreave Hale constrained. in addition, Hargreave Hale limited acts as investment manager, administrator and custodian to the business and it provides the company secretary. the entire aid features performed through Hargreave Hale constrained are segregated by department and location and are impartial of each other.
Hargreave Hale restrained in its potential as funding manager of the fund receives annual charges of 1.5% once a year of the internet assets of the company, calculated and payable quarterly in arrears. prices for the half-12 months are £373,557 (2016: £238,524). in relation to the different guide capabilities described above, Hargreave Hale restricted also provides administration capabilities, custody features, enterprise secretarial features and one non-govt director and acquire prices of £50,000 per half-year (2016: £forty,000) in relation to these features. Of these charges, £192,975 (2016: £137,010) became nonetheless owed on the half-12 months end. Hargreave Hale limited has agreed to indemnify the enterprise against annual running charges (such prices except VAT, any efficiency incentive payment and any path commissions the fee of which is the responsibility of the enterprise) exceeding 3.5% of its internet property. No expenses had been waived by means of Hargreave Hale within the first half of the fiscal year under the indemnity. all over the half yr, the company issued 2,998,856 ordinary shares (nominal price £29,989) in a joint present for subscription which resulted in gross cash being acquired of £3,407,743. As advertising adviser and receiving agent to the enterprise, and in return for masking the prices of the joint offer, Hargreave Hale confined changed into entitled to 3.5% of the gross proceeds (£119,271), often noted as the 'top rate'. From this, Hargreave Hale restricted paid for the allotment of extra shares to investors with a price of £38,091 and introducer commission of £990, leading to web expenses payable to Hargreave Hale of £80,a hundred ninety.
After making enquires, the administrators have an inexpensive expectation that the business has sufficient components to continue in operational existence for the foreseeable future. because of this, they continue to adopt the going concern basis in making ready the financial statements.
BuybacksSince the period end, a further 75,978 average shares had been repurchased at a total value of £eighty five,845.
New investmentsAn investment in right here company has been made since the duration conclusion:constitution courtroom economic services community plc
Qualifying companiesThe business has made extra investments into here qualifying groups in view that the length conclusion:Gfinity plc (£60k)Laundrapp Ltd (£501k)Faron prescribed drugs Oy (£469k)perspective plc (£100k)
The business's common shares (Code: HHVT) are listed on the London stock trade. Shareholders can talk over with the London stock alternate web page, www.londonstockexchange.com, for the latest news and share fees of the company. further assistance for the company can also be discovered on its site at www.hargreaveaimvcts.co.uk.
net ASSET cost PER SHAREThe business's NAV per share as at 13 October 2017 turned into one hundred twenty.eighty pence per share. The business publishes its unaudited NAV per share on a weekly groundwork.
DIVIDENDSThe Board has approved the price of an interim dividend of 2 pence in admire of the six months ended 31 August 2017.
Shareholders who want to have future dividends paid without delay into their bank account rather than sent with the aid of cheque to their registered handle can comprehensive a mandate for this intention. Mandates can also be acquired by using contacting the business's registrar, Equiniti.
promoting YOUR SHARESHargreave Hale intention VCT 2 plc operates a share buy-lower back coverage to increase the liquidity in its normal shares. Share purchase-again guidelines are field to the Act, the checklist rules and tax legislations, which can also avert the VCTs' means to buy shares back in. The policy is non-binding and is at the discretion of the Board.
The buy-lower back coverage targets a 5% cut price to the final posted NAV per share as announced on the London stock trade via a regulatory information service issuer. The cut price is measured in opposition t the mid-price per share as listed on the London inventory change and reflects the fee at which the company buys its shares off the market makers. The enterprise publishes its unaudited NAV per share on a weekly groundwork.
VCT share disposals settle two company days publish trade if the shares are already dematerialised or positioned into CREST ahead of the change, or ten days post change if the inventory is held in certificated form.
VCT share disposals are exempt of capital beneficial properties tax when the disposal is made at fingers' size, which capability a shareholder should sell their shares to a market maker through a stockbroker or one more share dealing service. Hargreave Hale has particular advantage within the sale of VCT shares and is able to act for VCT shareholders who are looking to sell their shares. although, you're free to appoint any stockbroker or share dealing provider to behave for you. if you would like Hargreave Hale to act for you as their customer (as opposed to a shareholder within the enterprise) then please contact Andrew Pang for additional assistance (020 7009 4900, firstname.lastname@example.org).
Please notice that Hargreave Hale will deserve to be in possession of the share certificates and a achieved CREST transfer kind earlier than executing the sale. when you have lost your share certificates, then that you would be able to request a alternative certificate from the company's registrar Equiniti. The registrar will send out an indemnity kind, which you may need to sign. The indemnity kind will additionally deserve to be countersigned by a UK insurance business or financial institution it's a member of the association of British Insurers. because indemnification is a type of coverage, the indemnifying physique will ask for a fee to reflect their chance. fees will replicate the cost of the advantage liability.
SHAREHOLDER ENQUIRIES:For customary Shareholder enquiries, please contact Hargreave Hale limited on 01253 754755 or by way of e mail to email@example.com.
For enquiries in regards to the efficiency of the enterprise, please contact the investment supervisor on 0207 009 4937 or via electronic mail to firstname.lastname@example.org.
electronic copies of this file and other posted counsel can be discovered on the business's web page at www.hargreaveaimvcts.co.uk.
trade OF ADDRESSTo notify the business of a metamorphosis of address please contact the enterprise's registrar.
business suggestionsSECRETARY AND REGISTERED OFFICEStuart Brookes Accurist House44 Baker StreetLondonW1U 7AL
DIRECTORSDavid Hurst-Brown, ChairmanPhilip CammermanOliver Bedford
MANAGERHargreave Hale LimitedAccurist House44 Baker StreetLONDONW1U 7AL AUDITORSBDO LLP55 Baker StreetLondonW1U 7EU
REGISTRARSEquinitiAspect HouseSpencer RoadLancingWest SussexBN99 6DA VCT reputation ADVISERPhilip Hare & acquaintances LLP4-6 Staple InnHigh HolbornLondonWC1V 7QH
SOLICITORSHoward KennedyNo. 1 London BridgeLondonSE1 9BG
BROKERSSinger Capital Markets LimitedOne Hanover StreetLondonW1S 1YZ
company REGISTRATION NUMBER05941261 in England and Wales
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LPI [21 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [25 Certification Exam(s) ]
Microsoft [228 Certification Exam(s) ]
Mile2 [2 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [35 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
Nokia [2 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [9 Certification Exam(s) ]
Oracle [232 Certification Exam(s) ]
P&C [1 Certification Exam(s) ]
Palo-Alto [3 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [10 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [13 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [3 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [78 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [9 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [6 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [132 Certification Exam(s) ]
Teacher-Certification [3 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [5 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [25 Certification Exam(s) ]
Vmware [51 Certification Exam(s) ]
Wonderlic [1 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [5 Certification Exam(s) ]
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