THAMES VENTURES VCT 2 PLC

Net Asset Value • Oct 12, 2022

National Storage Mechanism | Additional information

Thames Ventures VCT 2 plc

LEI: 21380035MV1VRYEXPR95

Unaudited Portfolio Update Net Asset Values as at 31 August 2022

12 October 2022

Thames Ventures VCT 2 plc (“the Company”) announces that the unaudited Net Asset Values of its share classes, as at 31 August 2022 were as follows:

	Pence per share
Generalist Ordinary Share	70.0
Healthcare Ordinary Share	78.4
AIM Ordinary Shares	99.3
DSO D Share	2.6
DP67 Ordinary Share	27.9

The unaudited Balance Sheet of the Company is shown below, followed by a summary of the investments held by each share pool.

UNAUDITED BALANCE SHEET as at 31 August 2022

	As at 31 August 2022		As at 31 March 2022
	£’000		£’000
Fixed assets
Investments	48,175		49,141
Current assets
Debtors	2,050		4,317
Cash at bank and in hand	12,587		8,384
	14,637		12,701
Creditors: amounts falling due within one year	(532)		(965)
Net current assets	14,105		11,736
Net assets	62,280		60,877
8BCapital and reserves
Called up Share capital	119		113
Capital redemption reserve	58		58
Special reserve	24,259		24,063
Share premium account	31,727		29,284
Funds held in respect of shares not yet allotted	11		7
Revaluation reserve	5,687		6,995
Capital reserve – realised	3,947		3,769
Revenue reserve	(3,528)		(3,412)
Total equity shareholders’ funds	62,280		60,877

UNADUITED PORTFOLIO SUMMARIES as at 31 August 2022

Ventures Share pool	Cost	Valuation	% of portfolio
	£’000	£’000
Venture Capital investments
Cornelis Networks, Inc.	1,402	2,431	6.4%
Virtual Class Limited (Third Space Learning)	1,053	2,302	6.0%
Rated People Limited	1,382	1,895	5.0%
Hackajob Limited	784	1,787	4.7%
Imagen Limited	1,000	1,763	4.6%
CommerceIQ Limited	1,749	1,749	4.6%
Ayar Labs, Inc.	764	1,646	4.3%
Trinny London Limited	219	1,374	3.6%
Cambridge Touch Technologies Limited	959	1,353	3.5%
Ecstase Limited (t/a ADAY)	1,000	1,203	3.1%
Upp Technologies Group Limited (previously Volo Commerce)	1,136	1,136	3.0%
Firefly Learning Limited	1,047	1,047	2.7%
Limitless Technology Limited	757	920	2.4%
Arecor Therapeutics plc^	418	888	2.3%
FVRVS Limited (t/a Fundamental VR)	777	861	2.3%
Parsable, Inc.	766	802	2.1%
Congenica Limited	734	746	2.0%
FundingXchange Limited	1,050	740	1.9%
Carbice Corporation	656	721	1.9%
Masters of Pie Limited	667	667	1.7%
Vivacity Labs Limited	493	493	1.3%
Maverick Pubs (Holdings) Limited	1,000	450	1.2%
Fenkle Street LLP	301	411	1.1%
BBC Maestro Limited	340	340	0.9%
Channel Mum Limited	757	311	0.8%
MIP Diagnostics Limited	300	300	0.8%
Distributed Limited	275	275	0.7%
Bulbshare Limited	249	249	0.7%
Glisser Limited	200	200	0.5%
Destiny Pharma plc^	500	121	0.3%
Lignia Wood Company Limited	1,778	-	0.0%
Empiribox Holdings Limited	1,563	-	0.0%
Live Better With Limited	1,211	-	0.0%
Ormsborough Limited	900	-	0.0%
Hummingbird Technologies Limited	750	-	0.0%
Lineten Limited	400	-	0.0%
London and City Shopping Centre Limited	30	-	0.0%
	29,367	29,181	76.3%
Liquidity investments
Downing Strategic Micro-Cap Investment Trust plc	4,269	2,640	6.9%
Total investments	33,636	31,821	83.2%
Cash at bank and in hand		6,408	16.8%
Total		38,229	100.0%

Healthcare Share pool	Cost	Valuation	% of portfolio
	£’000	£’000
Venture Capital investments
Arecor Therapeutics plc^	1,533	3,256	18.3%
Open Bionics Limited	1,000	1,630	9.2%
Adaptix Limited	1,056	1,843	10.4%
FVRVS Limited (t/a Fundamental VR)	1,305	1,472	8.3%
Congenica Limited	1,184	1,215	6.8%
GENinCode plc^	1,202	1,082	6.1%
Cambridge Respiratory Innovations Limited	800	800	4.5%
The Electrospinning Company Limited	478	544	3.1%
Invizius Limited	500	500	2.8%
Closed Loop Medicine Limited	650	650	3.7%
DiA Imaging Analysis Limited	415	484	2.7%
MIP Diagnostics Limited	300	300	1.7%
Destiny Pharma plc^	750	182	1.0%
Live Better With Limited	1,107	-	0.0%
	12,280	13,958	78.5%
Liquidity investments
Downing Strategic Micro-Cap Investment Trust plc	729	451	2.5%
Total investments	13,009	14,409	81.0%
Cash at bank and in hand		3,382	19.0%
Total		17,791	100.0%

AIM Share Pool		Valuation	% of portfolio
Portfolio of investments		£’000
Cash at bank and in hand		2,790	100.0%
Total investments		2,790	100.0%

DSO D Share Pool	Cost	Valuation	% of portfolio
	£’000	£’000
Venture Capital investments
Pearce and Saunders Limited	255	25	18.1%
Pearce and Saunders DevCo Limited	19	16	11.6%
Total investments	274	41	29.7%
Cash at bank and in hand		97	70.3%
Total		138	100.0%

DP67 Share Pool	Cost	Valuation	% of portfolio
	£’000	£’000
Venture Capital investments
Cadbury House Holdings Limited	1,409	791	41.3%
Fenkle Street LLP	405	771	40.2%
Gatewales Limited	343	344	18.0%
Yamuna Energy Limited	400	-	0.0%
London City Shopping Centre Limited	99	-	0.0%
Total investments	2,656	1,906	99.5%
Cash at bank and in hand		10	0.5%
Total		1,916	100.0%