UK Government AI Plan and ECF Update

Posted on 21st January 2025 by shardadmin

RNS Number : 9562T | Sure Ventures PLC | 21 January 2025

Sure Ventures PLC: – UK Government AI Plan and Enterprise Capital Fund (ECF) Update

Sure Ventures is a London listed venture capital fund which invests in early-stage software companies in the rapidly growing technology areas of Artificial Intelligence (AI), Augmented Reality (‘AR’), Virtual Reality (‘VR’) and the Internet of Things (‘IoT’).

The UK Government has now released its AI Opportunities Action Plan. This was presented to Parliament by the Secretary of State for Science, Innovation and Technology on the 13^th of January 2025.

The action plan was clear and sets out to secure the UK’s future with homegrown AI. It also highlighted how quickly AI has advanced, in such a short space of time. A small number of companies at the frontier of AI are set to have a disproportionate amount of global influence. The statement went on to say that the UK has a window of opportunity to secure and strengthen the Countries global leadership in AI. This will help protect economic security and help us be a part of the exponential growth of global AI.

The government is committed to building a cutting-edge, secure, and sustainable AI infrastructure. It wants to take forward the recommendations to expand its sovereign compute capacity. Computing needs could grow by at least 20x by 2030. This expansion is critical if the UK is to keep pace.

To seize this opportunity, the government will launch a new function with the mandate to strengthen the UK’s sovereign AI capabilities by supporting national champions at the frontier of AI. The function will operate with agility and draw on wider government functions to partner with AI companies. Methods will include-:

Leveraging AI Growth Zones to support partnered companies and ensuring that new compute capacity is utilised strategically.
Exploring making available high-potential data sets for partnered companies, in coordination with the National Data Library.
Supporting top AI talent to relocate to the UK to work with UK-based partnered companies.
Helping to build relationships between partnered AI companies and the UK’s national security community.

As the Action Plan sets out, the UK must maximise opportunities to crowd in private sector investment and facilitate close government-industry collaboration. The government will create AI Growth Zones (AIGZs), areas with enhanced access to power and support for planning approvals, to accelerate the build out of AI infrastructure on UK soil.

We believe that our Investment in the Sure Valley Ventures Enterprise Fund (ECF), founded by Barry Downes and Brian Kinane, which is a British Business Bank backed fund, sits right in the “sweet spot” of the Governments plan and we would like to highlight several portfolio companies that can assist the adoption and transformation of the UK’s technological AI infrastructure:

Stylus (Learncycle Ltd)

Stylus delivers an AI-powered marking solution aimed at reducing teacher workload and addressing the recruitment and retention crisis in education. By automating the marking of paper-based assessments, Stylus significantly cuts down the time teachers spend on grading. The platform provides detailed, personalized feedback for students, enhancing their learning experience. Teachers can easily scan completed assessments, which are then processed by Stylus’s AI to provide immediate feedback and follow-up questions, streamlining the evaluation process and helping to alleviate teacher burnout. This will provide much needed assistance and efficiency in a major UK Government spending area.

Purple Transform Limited

Purple Transform provides a cutting-edge SaaS platform, SiYtE™, designed to address data overload and enhance safety and security in large infrastructures like rail networks. By leveraging advanced AI and machine vision, the platform transforms existing cameras into smart sensors, delivering real-time alerts and predictive analytics. It seamlessly integrates with current IoT sensors and camera systems, optimizing operational efficiency and reducing costs for organizations managing extensive sensor networks. This technology has the potential to use AI to help revolutionise maintenance and drive efficiency across the UK’s ageing infrastructure.

Phinixt Robotics Ltd

Phinxt provides a decentralized edge computing software solution to automate warehouses by enabling real-time synchronization between robots from various OEMs, significantly enhancing automation efficiency. With 90% of warehouses still manual due to the high costs and complexity of current robotic options, Phinxt addresses this by offering a cloud platform that allows 10x simpler robotic deployments with zero upfront costs. Their robot-agnostic system ensures seamless integration and operation of diverse robots without on-premise IT infrastructure, making it adaptable and affordable. Amidst labour shortages and rising e-commerce demand, Phinxt enables autonomous robot operation with high flexibility, allowing easy swapping of different robot makes without software changes. For the UK Governments plan to work, its technology like Phinixt Robotics that use advanced AI technologies, to allow robots to communicate with each other, to revolutionise and drive efficiency throughout both public and private sectors.

Director Gareth Burchell commented:

” The UK Governments AI Opportunities Action plan is a very positive development for a number of the Investments made by Barry Downes and Brian Kinane as founders of Sure Valley Ventures. AI technology is set to revolutionise most Industries throughout the world and the UK is one of the world’s leaders in this space. The foundations laid and the support shown by the UK Government today, will resonate and assist innovators and founders across the nation for decades to come.

Stylus has the AI technology to assist with administration/marking and allow teachers to focus on personalised teaching for their pupils, whilst also driving the cost savings and efficiencies the UK education system desperately needs. Purple transform can assist the rail, ports and general transport infrastructure across the UK to enhance safety, drive down costs and improve its services. AI technology will be vital in the evolution of industries such as robotics and Phinixt is a great example of that. The Uk Governments action plan is welcomed and provides support at a critical time in this new industry which is growing at a ferocious pace. The help can make a significance difference to the economic relevance of the country for years to come.

Download the RNS here.

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

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

Infinite Reality Update

Posted on 10th January 2025 by shardadmin

RNS Number : 8255S | Sure Ventures PLC | 10 January 2025

Sure Ventures PLC – Infinite Reality Update:

Sure Ventures PLC would like to draw attention to a public announcement made by Infinite Reality (“iR”) on the 8^th of January 2025. The key information in the announcement is as follows:

iR has raised additional equity of $3bn in cash, increasing iR’s indicative valuation to $12.25bn
Execution of a 5 year deal with Google Cloud.
Launch of FIM SGP-Verse in collaboration with Warner Bros Discovery Sports

The first Sure Valley Ventures fund (“SVV1”) has an equity shareholding in iR as a result of iR’s acquisition of SVV1’s portfolio company Landvault in July 2024, in a US$450 million all-share transaction. At the time of the acquisition, SVV1 had a 7% shareholding in Landvault.

This Investment round is a further significant uplift to the valuation and therefore the value of Sure Valley Ventures holding in infinite Reality. Sure Ventures PLC has a 25.9% holding in Sure Valley Ventures Fund 1.

SVV1 is a venture capital fund, investing in a range of software companies with a focus on companies in AI and machine learning, Immersive Tech, Metaverse and Cybersecurity sectors. SVV1 is one of a number of funds managed by Sure Valley Ventures whose sovereign-backed investors include the British Business Bank and Enterprise Ireland.

Gareth Burchell, Director, commented:

“The fundraise and valuation achieved by Infinite Reality is very pleasing, with a significant “war chest” for the Business to maintain its growth strategy. This news bodes well for the future realisation of our investment.

It also serves as a reminder to investors that the portfolio of fund 1 is now in exit mode as the companies begin to mature. We look forward to updating the market on further exits in the future and rewarding long-term and loyal shareholders”.

Download the RNS here.

Gareth Burchell-Director : Tel: 0207 186 9950

Portfolio Company Update re: Getvisibility

Posted on 22nd July 202410th September 2024 by shardadmin

RNS Number : 1870X | Sure Ventures PLC | 22 July 2024

Sure Ventures PLC-Portfolio Company Update

Getvisibility: Generative AI launch and integration with Open AI

Getvisibility is an AI data visibility and security company and is part of the Sure Valley Ventures portfolio (Sure Valley Ventures Fund 1 ICAV) and as a reminder to investors, Sure Ventures PLC owns 25.9% of the fund, as part of its portfolio.

As previously announced, Getvisibility has developed an AI-powered platform for data discovery, classification, security and governance. The technology is underpinned by Artificial Intelligence models (AI) and the strength of the technology forged a partnership with Forcepoint back in 2022, to launch a joint product powered by the Getvisibility platform.

Forcepoint is a global leading American multinational software company, headquartered in Austin Texas, that develops security software & data protection, cloud access security, firewall and cross-domain solutions. Forcepoint has revenues in excess of US $680m , has 2,000 plus employees and is owned by Francisco Partners (US $41.9bn AUM).

On the 18^th of July 2024 Forcepoint announced a new GenAI Security Solution and a collaboration with OpenAI, using Getvisibility’s cutting-edge AI technology. The new launch is set to transform the data security landscape by providing end-to-end visibility into how and where sensitive data is being used. The technology will integrate with some of the top Large Language Model (LLM) providers and puts Getvisibility and its partners in a unique position in the market to help organisations gain control of their GenAI security.

AI’s widespread use and data demands, coupled with cyber threats like ransomware, make privacy and regulatory compliance increasingly complex. This newly launched solution empowers businesses and government agencies to securely leverage GenAI innovations, accelerating their AI transformation while maintaining stringent data security and compliance standards.

Forcepoint has also been announced as one of the first security vendors to integrate with OpenAI’s ChatGPT Enterprise Compliance API. Available today, Forcepoint DSPM, which is powered by Getvisibility, uses this API to give businesses unparalleled visibility into how ChatGPT Enterprise is being used throughout their organisation. This compliance integration with OpenAI is a significant achievement, as it demonstrates Forcepoint and Getvisibility’s capabilities in the AI security space.

Getvisibility has experienced significant traction in the last six months, reaching the milestone of 250 customers across 39 countries with multi-million ARR. They recently launched their GenAI readiness suite which allows organisations to test and contextualise and protect their data before they share it with large language models. Working with some of the top LLM provides to integrate into their platforms puts Getvisibility in a unique position in the market to help organisations gain control of their GenAI security. Sure Valley Ventures initially invested in Getvisibility in March 2020.

Gareth Burchell-Director quote:

“This is significant news, and I would like to congratulate the Getvisibility team for the progress made in the fast growing and exciting space of AI cyber security. Partnering with Forcepoint, which is a multibillion-dollar company and now the integration with OpenAI, who are an US $80bn company, is testament to the sophistication of the technology they have developed”.

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

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

Infinite Reality agrees to acquire Landvault, Sure Valley Ventures Fund 1 (ICAV) Company for $450,000,000

Posted on 10th July 2024 by shardadmin

RNS Number : 7663V |Sure Ventures PLC | 10 July 2024

Sure Ventures PLC is pleased to announce that Infinite Reality (“iR”) has agreed to acquire Landvault for US$450 million in an all-share transaction. Landvault is a portfolio company of the Sure Valley Ventures Fund (“SVV1”).

SVV1 has a 7% shareholding in Landvault and Sure Ventures PLC owns 25.9% of Sure Valley Ventures (“SVV1”). The purchase consideration for Landvault would comprise new shares in iR and it is expected that this company will be seeking a listing on Nasdaq in Q3 2024 through a combination with its SPAC partner, Newbury Street Acquisition Corp.

Based on the figures set out above, this disposal has the potential to generate proceeds for Sure Ventures PLC of circa $ 8.3 million depending on the value of iR shares, a circa 470% uplift on SVV1’s carrying value of Landvault as at end of March 2024.

Furthermore, iR has also today announced a US$350 million minority investment from a private multi-family office focused on global technology, media, and real estate, increasing iR’s valuation to $5.1 billion. Further details will become available once iR publishes details of its proposed listing on Nasdaq, although there can be no guarantee that a listing of iR will ultimately take place.

iR is an innovation company powering the next generation of digital media and ecommerce through AI and immersive technologies. iR’s virtual worlds enable brands and creators to fully control how they distribute content, engage audiences, and monetize their creations while maintaining ownership of their data. With deep expertise in Hollywood production and extended reality (“XR”), iR is redefining the infinite possibilities of connected digital environments in the modern age. iR’s portfolio of brands includes the Drone Racing League, XR production facility Thunder Studios, creator talent management firm TalentX, and digital marketing agency Fearless Media.

The company is backed by a number of investors including RSE Ventures, Liberty Media, Lux Capital, Lerer Hippeau, MGM, CAA, T-Mobile Ventures, Courtside VC, Exor, Terracap, IAC, Live Nation, DJ and producer Steve Aoki, rock band Imagine Dragons, NBA player Rudy Gobert, Interscope Records, and more. For more information, go to theinfinitereality.com.

This represents a significant uplift in value within SVV1 fund and will have a significant impact on our NAV for this quarter, which will be announced towards the end of July. The SVV1 portfolio has maturing companies that are now at the stage of looking for realisation and this highlights the talent of the team, the value being created and the potential uplift available to shareholders.

Gareth Burchell-Sure Ventures PLC

“This is a major development for the Landvault leadership team, the Sure Valley Ventures Investment team and Sure Ventures PLC shareholders and board. This type of news illustrates the significant value creation at play from one portfolio company, the Sure Valley team have created a diverse portfolio, with numerous other potential exits of this magnitude”.

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

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

Unaudited Interim Report and Financial Statements

Posted on 19th September 202223rd January 2023 by shardadmin

RNS Number : 1529K | Sure Ventures PLC | 19 December 2022

Unaudited Interim Report and Financial Statements

For the six months ended 30 September 2022

Company Number: 10829500

Chairman’s Statement
Investment Manager’s Report6
Interim Management Report10
Alternative Performance Measures (“APMs”) 12
Financial Statements 14

Condensed Statement of Comprehensive Income 15

Condensed Statement of Financial Position 16

Condensed Statement of Changes in Equity 17

Condensed Statement of Cash Flows 18

Notes to the Condensed Interim Financial Statements 19

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”) for the six months ended 30 September 2022.

FINANCIAL PERFORMANCE

The Company’s performance for the half year to 30 September 2022 returned a net asset value (“NAV”) total return per share of -3.73% (30 September 2021: +16.47%), in line with expectations.

The performance remains largely unchanged from the impressive full year results to 31 March 2022, due to no changes in valuation of the underlying portfolio of unlisted investee companies.

The listed investments of the Company in ENGAGE XR Holdings plc (formerly known as VR Education Holdings plc) (“ENGAGE”) and Immotion Group plc (“Immotion”) have mirrored the sentiment of the stock market and macro-economic environment in general which has been volatile throughout the period. The cause of this volatility has been well documented with Covid, the war in Ukraine and higher interest rates. Market sentiment has been the main driver of the share performance of these listed holdings with ENGAGE trading marginally higher in the period and Immotion returning an unrealised loss, accounting for the slight drop in the Company’s half year NAV. At the time of writing, the share price in ENGAGE has further recovered while Immotion remains lower.

The Board is not overly concerned with the volatile price movements of ENGAGE and Immotion, as unlisted investments represent by far the greater proportion of the Company’s portfolio and there have been no grounds for any portfolio impairment since the Company’s launch.

In the period to 30 September 2022, the Company’s NAV attributable to shareholders increased steadily to £8.01m, with only a limited marketing strategy being employed by the Investment Manager.

The Company’s share price continues to trade a discount to its last published NAV, of around 14%. This is entirely normal for listed investment trusts. As a reflection of investor appetite, in June 2022 the Company was able to raise new subscriptions through a private placing at the mid-market share price, thus validating its share price.

PORTFOLIO UPDATE – FUND I

The Company holds 25.9% in Sure Valley Ventures Fund I, the first Sub-Fund of Suir Valley Fund ICAV (“Fund I”). The total commitment to Fund I was €7m (the Company increased its initial commitment from €4.5m in September 2019), of which €6.1m (87%) has been drawn down as at 30 September 2022.

The Company also holds direct investments outside of Fund I, in Immotion, a listed immersive virtual reality (“VR”) entertainment group and VividQ Limited, a privately owned deep technology company pioneering the application of holography in augmented reality (“AR”) and VR. The Fund I portfolio includes one listed entity, ENGAGE, a developer of VR software and immersive experiences with a specific focus on education. As at 30 September 2022, through its holding in Fund I, the Company has exposure to a further fifteen privately held companies in the AR, VR, internet of things (“IoT”) and artificial intelligence (“AI”) space. Fund I made its final portfolio investment in July 2022 in Everyangle, the Dublin based AI company focusing on the manipulation of CCTV and computer vision applications, transforming the video data into clear, actionable solutions.

PORTFOLIO UPDATE – FUND II

In March 2022, the Company announced its commitment of £5m to the Sure Valley Ventures Enterprise Capital Fund, of which £133k (3%) has been drawn down against this commitment as at 30 September 2022. This is a £85m first close of a total £95m UK software technology fund, investing in AR, VR and the Metaverse, including AI, IoT and Cybersecurity in investee companies throughout the UK (“Fund II”). The British Business Bank is the £50m cornerstone investor through its Enterprise Capital Funds programme and it is envisaged that investment in up to 25 software companies will be made during the investment period. The Company’s decision to invest in Fund II should ensure its future growth and success.

As at 30 September 2022, the first portfolio Fund II investment of £1m has been made in Retinize, a Belfast-based creative tech company developing an Animotive software, harnessing VR technology to transform the 3D animation process.

PORTFOLIO UPDATE – FUND II (CONTINUED)

Further information on the investment portfolio is provided in the report of the Investment Manager which follows this statement.

COMMITMENTS AND FUNDING

As previously mentioned, in 2019, the Company announced an increase in subscription to Fund I of €2.5m taking its total commitment to €7m, thereby increasing its share in the Fund from 21.6% to 25.9%. This commitment was made shortly before the Fund closed to new subscribers validating the Company’s belief that the Fund I portfolio is at a mature stage and, with several investee companies preparing for further funding rounds, there is demonstrable potential for further uplifts to occur from initial valuations.

The Company’s commitment to Fund II is £5m over the duration of the Fund’s investment period and the forecast capital calls throughout the investment period was a key consideration prior to agreeing to the Company’s commitment to Fund II.

The Company believes that it will have sufficient access to funding to meet its commitments to the Fund I and to its anticipated commitments to Fund II over the terms of each Fund’s investment cycle, through a combination of available cash, anticipated subscriptions and access to undrawn facilities.

INVESTMENT ENVIRONMENT

The Investment Manager has built a robust and varied portfolio of investee companies for Fund I, adding complimentary business in diverse sectors through its portfolio construction. New funding rounds and portfolio uplifts witnessed in the full year to 31 March 2022 are expected to continue into the remainder of the current financial year, as well as potential exit strategies being explored and anticipated over the next 1-2 years. The first investment in Fund II was made in the period and the current investment environment is likely to benefit the Investment Manager’s entry points, as initial investment valuations are expected to be negotiated lower.

Despite the global investment environment and volatile markets, investor appetite for early-stage technology companies remains strong. Ground-breaking advances in technology are critical to future long term economic growth. Labour issues and compressed profit margins provide even more reason to invest in technology. The investments the Company holds have shown considerable success to date and are in an excellent position to stimulate continued investor enthusiasm.

The Company believes that its strategy of early-stage seed investment in its chosen verticals continues to be a growth area, and to a certain degree, is immune to many factors that influence the performance of larger technology companies. The Company is conscious that the due diligence process utilised in the construction of Fund I needs to be equally rigorous in the Investment Manager’s portfolio selection for Fund II. The Board is confident that the disciplined investment process employed by the Investment Manager will continue to produce enhanced shareholder returns.

DIVIDEND

During the period to 30 September 2022, the Company has not declared a dividend (30 September 2021: £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 2022 the Company did not employ any borrowing (30 September 2021: £nil).

The Board will continue to review the Company’s borrowing, in conjunction with the Investment Manager on a regular basis pursuant with the Company’s overall cash management and investment strategy.

CAPITAL RAISING

On 31 May 2022, the Company announced a placing of 441,860 ordinary shares that were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 10 June 2022, under the existing ISIN: GB00BYWYZ460, taking the total shares in admission as at 30 September 2022 to 6,455,085.

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.

OUTLOOK

Global markets, and in particular the technology sector, are experiencing turbulent times, with valuations of large, listed stocks coming under selling pressures throughout 2022. As outlined above, the Company is not concerned by the selling pressures in listed stocks and it believes its strategy of portfolio investing in diverse, early-stage technology companies with proven revenue streams in the high growth areas of its chosen verticals is still on track to generate significant returns over the investment horizons of the respective investment funds, including its direct investments. The Investment Manager continues to explore routes to market and potential exits of Fund I investee companies, as well as continuing to identify suitable additions for Fund II, utilising its proven due diligence filter process. The Company is confident that there will be more positive developments in the remainder of the current financial year to announce for Fund I and Fund II, as well as other potential investment opportunities.

Perry Wilson

Chairman

13 December 2022

2 Investment Manager’s Report

Investment Manager’s Report

THE COMPANY

Sure Ventures plc (the “Company”) was established to enable investors to gain access to early stage technology companies in the four exciting and expansive market verticals of augmented reality and virtual reality (“AR/VR”), artificial intelligence (“AI”), Cybersecurity and the Internet of Things (“IoT”).

The Company gains 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 offers 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 a portfolio of this nature themselves. 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 the Company will get exposure to Sure Valley Ventures which in turn makes direct investments in the above sectors in the UK & Ireland.

Augmented Reality & Virtual Reality

The Immersive Technologies market has had a significant growth boost during COVID 19 (Netflix or video games for example) and AR/VR is no exception. The AR/VR market was valued at $14.84 billion in 2020 by Allied Market Research and is projected to reach $454.73 billion by 2030, registering a Compound Annual Growth Rate (“CAGR”) of 40.7%. Growth of the mobile gaming industry and increase in internet connectivity act as the key drivers of the global AR and VR market. In addition, increase in use of consumer electronic devices is expected to fuel the global AR/VR market growth. Meta is a key player in VR, has had great success with its Quest 2 VR headset and plans to launch a new high-end metaverse headset in Q2 this year, along with Apple which is expected to launch an AR and VR headset before the end of the year, both of which will help accelerate growth in the market even further.

Internet of Things

MarketsandMarkets also forecasts that the post-COVID 19 global IoT market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a CAGR of 16.7% from 2021 to 2026. The major factors fueling the IoT market include access to low-cost, low-power sensor technology, availability of high-speed connectivity, increase in cloud adoption, and Increasing use of data processing and analytics. Moreover, increase in smart city initiatives worldwide, increase in connected devices to drive the growth of IoT, and emerging 5G technology to help IoT adoption, globally would provide lucrative opportunities for IoT vendors.

Cybersecurity

Grand View Research reports that the global cybersecurity market size was valued at USD 184.93 billion in 2021 and is expected to expand at a CAGR of 12.0% from 2022 to 2030. The increasing number of cyber-attacks with the emergence of e-commerce platforms, deployment of cloud solutions, and proliferation of smart devices are some of the factors driving the market growth. Cyber threats are anticipated to evolve with the increase in usage of devices with intelligent and IoT technologies. As such, organisations are expected to adopt and deploy advanced cyber security solutions to detect, mitigate, and minimise the risk of cyber-attacks, thereby driving the market growth.

Artificial Intelligence

MarketsandMarkets forecasts the global artificial intelligence (“AI”) market size to grow USD 58.3 billion in 2021 to USD 309.6 billion by 2026, at a CAGR of 39.7% during the forecast period. Various factors such as growth of data-based AI and advancement in deep learning and need to achieve robotic autonomy to stay competitive in a global market are expected to drive the adoption of the AI solutions and services.

The benefit of investing in companies in these four key sectors at a Seed stage are that:

Sure Valley Ventures can invest in these companies at attractive valuations of between £2 to £8m and get up to 20% of the company for initial investment amounts of between £0.75m to £1.25m.
The investment sectors (AR/VR, IoT, AI, and Cybersecurity) have massive growth potential ahead of them which creates a tailwind behind the companies that are creating these new markets.
These sectors are also ones that have the potential of creating the next big European Companies and build on Europe’s existing technology strengths.
These companies have the potential to get to exponential growth and of achieving an IPO or being acquired by one of the Silicon Valley giants who are all investing in these sectors.
The Sure Valley Ventures Platform and Network can help fast-track the development of these companies across the chasm to the Series A investment round, which in turn increases the potential for an outsized return and also reduces the risk of the failure of a portfolio company.

In summary, Sure Ventures plc can gain exposure to all of these benefit through its participation in the Sure Valley Ventures Funds, as further outlined below.

PORTFOLIO BREAKDOWN

On 6 February 2018, the Company entered into a €4.5m commitment to Sure Valley Ventures (“Fund I”), the sole sub-fund of Suir Valley Funds ICAV and its investment was equalised into Fund I at that date. On 31 August 2019, a further €2.5m was committed to Fund I, taking the total investment in Sure Valley Ventures to €7m. The first drawdown was made on 5 March 2018 and as at 30 September 2022, a total of €6,118,839 had been drawn down against this commitment.

On 26 April 2019, the Company made a direct investment of £500,000 into VividQ Limited, a deep tech start-up with world leading expertise in 3D holography. This investment represents the second direct investment of the Company, alongside Immotion Group Plc, which was announced on 24 April 2018.

On 25 February 2022, Sure Ventures plc committed to invest £5m into the second fund of Sure Valley Ventures (“Fund II”). Fund II completed an £85m first close of a £95m UK software technology fund, which aims to increase the supply of equity capital to high-potential, early-stage UK companies. The first drawdown was made on 23 February 2022 and as at 30 September 2022, a total of £133,500 had been drawn down against this commitment.

As detailed in the Statement of Position included in the following financial statements, these two Sure Valley Ventures Fund investments alongside the two direct investments, represent the entire portfolio of Sure Ventures plc as at 30 September 2022.

On 31 May 2022, the Company announced a placing of 441,860 ordinary shares. The ordinary shares were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 10 June 2022, under the existing ISIN: GB00BYWYZ460, taking the total shares in admission as at 30 September 2022 to 6,455,085.

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 Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 and 2020 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 Sure Valley Ventures, or Fund I, which had an initial closing date of 1 March 2017. Fund I invests in a broad range of software companies with a focus on companies in the AR/VR, AI and IoT sectors.

As at 30 September 2022, Fund I had commitments totaling €27m and had made seventeen direct investments into companies spanning the AR/VR, AI and IoT sectors. One of these investments was sold in 2019, giving Fund I its first realised gain on exit of around 5X return on investment. On 12 March 2018, Immersive VR Education Limited, Fund I’s first investment, completed a flotation on the London Stock Exchange (AIM) and the Dublin Stock Exchange (ESM). The public company is now called ENGAGE XR Holdings Plc – ticker EXR (formerly VR Education Holdings plc). EXR was the first software company to list on the ESM since that market’s inception. In July 2020, following an improvement in share price, Fund I decided to sell sufficient shares to recover its initial investment. This resulted in a realised gain of €73k being payable to Sure Ventures plc, along with its share of the initial investment, and some escrow funds from the aforementioned exit. The final escrow payment from the sale was settled in July 2021, seeing another €151k flowing to the plc. Total distributions from Fund I to the plc as at 30 September 2022 was €1,759,630.

SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND

Sure Valley Ventures Enterprise Capital Fund is a close-ended UK based GP/LP Fund which completed its first close on 1 March 2022. The total commitments for this first close were £85m, with potential for a further £10m to be raised in a secondary close. The British Business Bank are the cornerstone investor of this Fund, committing £50m of the initial £85m, with Sure Ventures plc committing a total of £5m.

Fund II has a similar investment strategy to Fund I, being a seed capital investor in high growth software companies that are focused on bringing a disruptive innovation to market. It plans to invest into 25 software companies from across the UK through its new fund. As well as being based in London, Dublin, and Cambridge, the Sure Valley team has recently opened an office in Manchester to help access deals in the significant and exciting innovation clusters that have developed around creative technologies in the North of England and in the Metaverse and AI opportunities in cities such as Manchester, Leeds, Sheffield and Newcastle.

As at 30 September 2022, the Fund had drawn down a total of £2.27m and has made its first investment into a Belfast based company called Retinize, for an amount of £1m. The total invested capital to date for Sure Ventures plc was £95,000.

PERFORMANCE

In the period to 30 September 2022, the Company’s performance remained strong, as it returned a net asset value of £1.24/unit, representing a 4% decline from the audited March-22 NAV of £1.29p. The NAV remains largely unchanged as a result of minimal fluctuations in valuation of any of the portfolio companies from year end, against a backdrop of the usual cost base. The two direct investments have have mixed results, with Immotion Group plc, closing the period at 2.8p, down from 4.7p at the year-end; indicative of a tough few months in the public markets and wider economy. VividQ remains unchanged, having closed a new funding round to give Sure Ventures plc an unrealised gain of 59% on its initial holding in the previous financial year. Given the lack of revenue to support the ongoing operational costs of the plc, these unrealised gains are key to maintaining a steady NAV, until the point that we see more exits and realised gains.

FUTURE INVESTMENT OUTLOOK

Fund I has achieved one very positive realised gain, recovered its full investment in its listed portfolio company, as well as seeing a number of unrealised gains across the portfolio. The portfolio of current investments is continuing to mature, with more companies completing series A funding rounds, which has started to provide the NAV growth that was set out to achieve from inception. As the investment period of this Fund draws to a close, there are no more new investments to be made, with all remaining capital being allocated to follow-on funding of existing investments, as these companies continue to grow and provide Fund I with opportunities to exit.

We remain confident in the future outlook of the Company in the remaining half of this financial year and in line with the Prospectus, particularly with the launch of the new Enterprise Capital Fund, whilst also reserving the right to make further direct investments provided there is sufficient working capital to do so.

Shard Capital AIFM LLP

Investment Manager

28 October 2022

3 Interim Management Report

Interim Management Report

The report below together with the Chairman’s Statement, Investment Manager’s Report and related party disclosures in the notes to the financial statements constitute the Interim Management Report for the six months ended 30 September 2022.

Principal risks and uncertainties

The principal risks and uncertainties associated with the Company’s business are divided into the following main areas:

Operational risks, including risks associated with reliance on third party service providers, reliance on key individuals at the Investment Manager and fluctuations in the market price of the Company’s shares;
Investment risks, including risks associated with the investment objective, borrowing and liquidity of investments; and
Regulatory risks, including risks associated with maintenance of investment trust status and compliance with applicable legislative obligations.

The above risks are described further in the Company’s Annual Report for the year ended 31 March 2022 together with measures that have been put in place to mitigate and manage those risks.

In the view of the directors, the principal risks and uncertainties reported in the latest Annual Report for the year ended 31 March 2022 remain unchanged and will be applicable to the remaining six months of the financial year.

GOING CONCERN

The Board and the Investment Manager believe that the operational viability and going concern status of the Company remains intact and will continue for the next financial 12 months ahead and foreseeable future. The Board has no concerns in regards to the ongoing existence of the Company.

The Board is also satisfied that the key service providers have the ability to continue to operate efficiently in a remote or virtual working environment.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The directors confirm that, to the best of their knowledge that:

a) the condensed set of unaudited financial statements contained within the half-yearly financial report have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting as required by the Disclosure and Transparency Rule 4.2.4R, and give a true and fair view of the assets, liabilities and financial position of the Company;

b) the Interim Management Report includes a fair review, as required by Disclosure and Transparency Rule 4.2.7R, of important events that have occurred during the first six months of the financial year, their impact on the condensed set of unaudited financial statements, and a description of the principal risks and perceived uncertainties for the remaining six months of the financial year; and
c) the Interim Management Report includes a fair review of the information concerning related parties’ transactions as required by Disclosure and Transparency Rule 4.2.8R.

For and on behalf of the board of directors

Perry Wilson

Chairman

13 December 2022

4 Alternative Performance Measures (“APMs”)

Alternative Performance Measures (“APMs”)

APMs are often used to describe the performance of investment companies although they are not specifically defined under UK-adopted international accounting standards. Calculations for APMs used by the Company are shown below.

ONGOING CHARGES

A measure expressed as a percentage of average net assets, of the regular, recurring annual costs of running an investment company, calculated in accordance with the AIC methodology.

Period ended 30 September 2022
Average NAV (£’000)	a	£8,064
Recurring costs (£’000)	b	£336
	b/a	4.17%

PREMIUM/(DISCOUNT)

The amount, expressed as a percentage, by which the share price is more than the NAV per share.

As at 30 September 2022
NAV per ordinary share	a	124.00p
Share price	b	108.00p
Premium/(Discount)	(b-a)/a	(12.90%)

TOTAL RETURN

A measure of performance that includes both income and capital returns. This takes into account capital gains and reinvestment of any dividends paid out by the Company, with reinvestment on ex-dividend date.

Year ended 31 March 2022		NAV	Share price
Opening as at 31 March 2022 (p)	a	128.91	102.00
Closing at 30 September 2022 (p)	b	124.00	108.00
Dividend reinvestment factor	c	1	1
Adjusted closing (d = b x c)	d	124.00	108.00
Total return	(d-a) / a	(3.81)%	5.88%

5 Financial Statements

Condensed Statement of Comprehensive Income

For the six months ended 30 September 2022 (unaudited)

	Notes	Revenue £	Capital £	Total £
Income
Other net changes in fair value on financial assets at fair value through profit or loss		–	(12,816)	(12,816)
Rebate management fee		50,694	–	50,694
Total net income/(loss)		50,694	(12,816)	37,878

Expenses
Management fee		(50,628)	(66)	(50,694)
Custodian, secretarial and administration fees		(54,714)	–	(54,714)
Other expenses		(125,036)	–	(125,036)
Total operating expenses		(230,378)	(66)	(230,444)

Loss before taxation and after finance costs		(179,684)	(12,882)	(192,566)
Taxation		–	–	–
Loss after taxation		(179,684)	(12,882)	(192,566)

Deficit per share	6	(2.87)	(0.21)	(3.08)

For the six months ended 30 September 2021 (unaudited)

	Notes	Revenue £	Capital £	Total £
Income
Other net changes in fair value on financial assets at fair value through profit or loss		–	912,687	912,687
Other income		–	128,800	128,800
Total net income		–	1,041,487	1,041,487

Expenses
Custodian, secretarial and administration fees		(48,259)	–	(48,259)
Other expenses		(101,100)	–	(101,100)
Total operating expenses		(149,359)	–	(149,359)

Profit/(loss) before taxation and after finance costs		(149,359)	1,041,487	892,128
Taxation		–	–	–
Profit/(loss) after taxation		(149,359)	1,041,487	892,128

Earnings per share	6	(2.48)	17.32	14.84

The total comprehensive income and expense for the period is attributable to shareholders of the Company. The accompanying notes on pages 19 to 21 form part of these condensed interim financial statements.

Condensed Statement of Financial Position

As at 30 September 2022

	Notes	30 September 2022 (unaudited) £	31 March 2022 (audited) £
Non-current assets
Investments held at fair value through profit or loss	7	8,000,187	7,516,667
		8,000,187	7,516,667

Current assets
Receivables		–	1,600
Cash and cash equivalents		83,398	282,178
		83,398	283,778

Total assets		8,083,585	7,800,445

Current liabilities
Other payables		(73,305)	(48,849)
		(73,305)	(48,849)

Total assets less current liabilities		8,010,280	7,751,596

Total net assets		8,010,280	7,751,596

Shareholders’ funds
Ordinary share capital	8	64,882	60,132
Share premium		6,215,280	5,768,780
Revenue reserves		(1,495,372)	(1,315,688)
Capital reserves		3,225,490	3,238,372
Total shareholders’ funds		8,010,280	7,751,596

Net asset value per share		124.09	128.91

The accompanying notes on pages 19 to 21 form part of these condensed interim financial statements.

The financial statements on pages 15 to 18 were approved by the board of directors and authorised for issue on 13 December 2022. The financial statements were signed on its behalf by:

Perry Wilson, Chairman

Condensed Statement of Changes in Equity

For the six months ended 30 September 2022 (unaudited)

	Ordinary Share Capital £	Share Premium £	Revenue Reserves £	Capital Reserves £	Total Reserves £	Total Equity £
For the year ended 31 March 2022	60,132	5,768,780	(1,315,688)	3,238,372	1,922,684	7,751,596
Ordinary shares issued	4,750	470,250	–	–	–	475,000
Ordinary shares issue costs	–	(23,750)	–	–	–	(23,750)
Loss after taxation	–	–	(179,684)	(12,882)	(192,566)	(192,566)
Dividends paid in the period	–	–	–	–	–	–
Balance at 30 September 2022	64,882	6,215,280	(1,495,372)	3,225,490	1,730,118	8,010,280

For the six months ended 30 September 2021 (unaudited)

	Ordinary Share Capital £	Share Premium £	Revenue Reserves £	Capital Reserves £	Total Reserves £	Total Equity £
For the year ended 31 March 2021	53,507	5,146,030	(1,026,510)	752,737	(273,773)	4,925,764
Ordinary shares issued	6,625	655,875	–	–	–	662,500
Ordinary shares issue costs	–	(33,125)	–	–	–	(33,125)
Profit/(loss) after taxation	–	–	(149,359)	1,041,487	892,128	892,128
Dividends paid in the period	–	–	–	–	–	–
Balance at 30 September 2021	60,132	5,768,780	(1,175,869)	1,794,224	618,355	6,447,267

The accompanying notes on pages 19 to 21 form part of these condensed interim financial statements.

Condensed Statement of Cash Flows

For the six months ended 30 September 2022

	Notes	30 September 2022 (unaudited) £	30 September 2021 (unaudited) £
Cash flows from operating activities:
(Loss)/profit after taxation		(192,566)	892,128
Adjustments for:
Decrease in receivables		1,600	–
Increase/(decrease) in payables		24,456	(17,718)
Unrealised profit on foreign exchange	7	(200,393)	(23,856)
(Profit)/loss on sale of investment		–	(2,773)
Net changes in fair value on financial assets at fair value through profit or loss	7	213,208	(885,336)
Net cash (outflow) from operating activities		(153,695)	(37,555)

Cash flows from investing activities:
Purchase of investments	7	(496,335)	(894,541)
Sale of investments	7	–	261,360
Net cash (outflow) from investing activities		(496,335)	(633,181)

Cash flows from financing activities:
Proceeds from issue of ordinary shares		475,000	662,500
Share issue costs		(23,750)	(33,125)
Net cash inflow from financing activities		451,250	629,375

Net change in cash and cash equivalents		(198,780)	(41,361)
Cash and cash equivalents at the beginning of the period		282,178	1,255,199
Net cash and cash equivalents		83,398	1,213,838

The accompanying notes on pages 19 to 21 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 and commenced trading on 19 January 2018 upon listing. The registered office of the Company is International House, 36-38 Cornhill, London, United Kingdom, EC3V 3NG.

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 2022 does not constitute statutory accounts as defined in section 435 of Companies Act 2006. Comparative figures 31 March 2022 are derived from the financial statements for that year. The financial statements for the year ended 31 March 2022 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 year ended 31 March 2022 are available upon request from the Company’s registered office at International House, 36-38 Cornhill, London, United Kingdom, EC3V 3NG.

2) BASIS OF ACCOUNTING

The financial statements of the Company have been prepared in accordance with UK-adopted international accounting standards in accordance with the requirements of the Companies Act 2006. 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 year ended 31 March 2022. 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 year ended 31 March 2022. 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 judgements, 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 year ended 31 March 2022.

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 year ended 31 March 2022.

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 2022	Revenue (pence)	Capital (pence)	Total (pence)
Earnings per ordinary share	(2.87)p	(0.21)p	(3.08)p
For the financial year ended 31 March 2022
Earnings per ordinary share	(4.92)p	42.28p	37.36p

The calculation of the above is based on revenue returns of (£179,684) (31 March 2022: (£289,178)), capital returns of (£12,882) (31 March 2022: £2,485,635) and total returns of (£192,566) (31 March 2022: £2,196,457) and weighted average number of ordinary shares of 6,252,264 (31 March 2022: 5,878,910) as at 30 September 2022.

7) INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

	As at 30 September 2022 £	As at 31 March 2022 £
Opening cost
Opening fair value	7,516,667	3,724,611

Purchases at cost	496,335	1,693,939
Sales	–	(261,361)
Realised gain	–	2,773
Unrealised (loss)/gain	(213,208)	2,406,989
Unrealised gain/(loss) on foreign exchange	200,393	(50,284)
Closing fair value	8,000,187	7,516,667

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

2022

No. of shares
31 March 2022

Ordinary Share Capital

30 September

2022
£

Ordinary Share Capital

31 March 2022
£

Ordinary shares of 1 penny each

6,455,085

6,013,225

64,882

60,132

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.

The following table details the subscription activity for the period ended 30 September 2022.

	30 September 2022		31 March 2022
Balance as at 31 March 2022		6,013,225	5,350,725
Ordinary shares issued		441,860	662,500
Balance as at 30 September 2022		6,455,085	6,013,225

During the period ended 30 September 2022, all proceeds from this issue was received (31 March 2022, all proceeds from this issue was received).

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 2022, there was £1,291 (31 March 2022: £1,445) payable to Her Majesty’s Revenue and Customs (“HMRC”) for taxes on the 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 incurred £50,694 (31 March 2022; £87,219) of fees and at 30 September 2022, there was £nil (31 March 2022: £Nil) payable to the Manager.

During the period the Company paid £23,750 (31 March 2022: £33,125) of placement fees to Shard Capital Partners LLP.

During the period the Company paid £6,110 (31 March 2022: £12,000) (excluding VAT) of corporate broking retainer fees to Shard Capital Partners LLP.

The Company has an investment in Sure Valley Ventures Fund, the sub-fund of Suir Valley Funds ICAV and Sure Valley Ventures Enterprises Capital LP, amounting to £7,028,893 and £64,668 respectively.

10) SUBSEQUENT EVENTS

There were no subsequent events which would require disclosure in the financial statements.

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TR-1: Standard form for notification of major holdings

Posted on 18th July 2022 by shardadmin

RNS Number : 1673S | Sure Ventures PLC | 12 July 2022

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 attached ii:

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

	X

3. Details of person subject to the notification obligation iv

Name	Pires Investments plc
City and country of registered office (if applicable)	UK

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:	10/06/2022
6. Date on which issuer notified (DD/MM/YYYY):	12/07/2022

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 held in issuer (8.A + 8.B) vii
Resulting situation on the date on which threshold was crossed or reached	23.3%	Nil	23.3%	1,501,000
Position of previous notification (if applicable)	28.0%	Nil	28.0%

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 ofsharesISIN code (if possible)	Number of voting rights ix	% of voting rights
Direct(DTR5.1)	Indirect (DTR5.2.1)	Direct(DTR5.1)	Indirect(DTR5.2.1)
GB00BYWYZ460	1,501,000	Nil	23.3%	Nil


SUBTOTAL 8. A	1,501,000	23.3%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument	Expirationdate 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 DTR5.3.1R (1) (b)

Type of financial instrument	Expirationdate 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	X
Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

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

Place of completion	UK
Date of completion	18 July, 2022

Issue of Equity & Change of Address

Posted on 1st June 2022 by shardadmin

RNS Number : 5423N | Sure Ventures PLC | 01 June 2022

Issue of Equity & Change of Address

Sure Ventures plc (“the Company”) is pleased to announce that it has raised gross proceeds of £ 475,000 by way of a private placing. The Ordinary Shares have been issued at 107.5p a share which was the closing mid-price on the 31^st of May 2022.

The money will be used for further investments, follow-on investment in Suir Valley Ventures (ICAV) and general working capital purposes.

Application has been made in respect of 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 and around the 10^th June 2022.

Following Admission, the Company will have 6,455,085 Ordinary Shares in issue. The total number of voting rights of the Company will be 6,455,085. 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.

The Board would also like to announce that our registered address has now changed to:

International House
36-38 Cornhill
London
EC3V 3NG

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

Q1 2022 Portfolio Update

Posted on 18th May 2022 by shardadmin

RNS Number : 7744L | Sure Ventures PLC | 7 May 2022

Portfolio Update Q1 2022 and Director commentary

Sure Ventures is a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented Reality (‘AR’), Virtual Reality (‘VR’), Internet of Things (‘IoT’) and Artificial Intelligence (AI). We are pleased to provide an update on the Company’s investment portfolio.

SURE VALLEY VENTURES FUND

Sure Ventures made a €7million commitment to Sure Valley Ventures Fund (‘Sure Valley’) representing an interest in Sure Valley of approximately 25.9%. This commitment was made at a price of €1.00 per share. The current NAV of the Sure Valley Ventures ICAV is €1.47 which is a 9.99% increase from its NAV as at Q4 2021.

Sure Valley has several investments across the AI, AR, VR and IoT sectors and the major contributing factors and commentary on underlying companies that has driven this NAV calculation are as follows:

Getvisibility

Getvisibility successfully raised €10 million in equity from new investors Alpha Intelligence Capital (“AIC”), a global venture capital firm which invests in deep artiﬁcial intelligence/machine learning technology-based companies and Fortino Capital Partners (“Fortino”), a leading B2B software venture capital and growth equity firm.

Certain existing investors, including Sure Valley Ventures and Pires have also made follow-on investments alongside AIC and Fortino and other additional new investors. As part of this funding round, Sure Ventures PLC invested a further 310,773 Euros from existing cash resources as part of the follow-on round.

Getvisibility has made significant progress in both winning customers and identifying customer needs, in what is clearly a requirement that has become “front and centre” to commercial operations across the globe. This round of funding, based on the post funding round valuation of Getvisibility, provides a 4x uplift to our original investment and has been responsible for the NAV uplift.

VIVIDQ

VividQ announced the launch of its latest cutting-edge technology, unveiled for the first time at the SID Display Week Conference in San Jose, California. VividQ’s Alpha Optical Engine Demonstrator displays high-resolution 3D visuals (60 PPD) with excellent contrast and realistic focal depth using Computer-Generated Holography (CGH), the process of engineering light in software.

This new technology allows device manufacturers to test and evaluate VividQ’s innovations in Computer generated holography (CGH) against their AR display specifications and image quality requirements. VividQ is collaborating with device manufacturers from the US, Japan and China to integrate CGH into the next generation of AR devices soon to be available on the market.

Listed holdings

Equity markets have been volatile, and both Engage XR (EXR.L) and Immotion PLC (IMMO.L) traded lower on a quarter-on-quarter basis. The AIFM are happy with both positions and are long term investors. Both listed entities are producing strong revenue growth and market adoption.

During the quarter Immotion PLC signed a three-year agreement for the installation of a 24 seat Gorilla Trek VR Theatre at Pittsburgh Zoo & PPG Aquarium. The company also announced full year results showing Revenues for the year increasing by 230% to £9,391,000 and the Group achieved a full year positive adjusted EBITDA^[5] result for the first time since its inception of £908,000 (2020: £1,690,000 negative).

ENGAGE XR is also performing well despite the market volatility and Engage platform revenue comprises 72% of total Group revenue. Since the Group’s interim results, ENGAGE has continued to grow, including the recent signing of a contract with one of the world’s leading professional services groups to use the platform. Annual ENGAGE revenue compound annual growth rate (CAGR) is in excess of 100%.

SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND

During the quarter Sure Ventures PLC also made a commitment of £5m to the Sure Valley Ventures Capital Fund. The fund has launched, and the first investment was made in a company called RETìníZE on the 16^th of March 2022.

Retinize are developing an innovative software product called Animotive that is harnessing the latest VR technologies to transform the 3D animation production process. The proceeds of the seed round will drive the next two-year step in its growth and the global rollout of Animotive.

The seed round, led by the SVV Software Fund’s £1 million investment, marks the first investment from this fund which recently announced its first close of £85 million, which included a cornerstone £50 million investment from the British Business Bank, an investment arm of the UK Government.

Sure Ventures PLC NAV

The funding round secured by Getvisability has had a significant impact on the Company’s NAV and despite a decline in value of the listed assets, the NAV of Sure Ventures PLC has grown from 118.34p a share to 128.9p a share, which represents a 8.923% uplift quarter on quarter.

Forward looking statement & Director comment

When calculating the NAV for both Sure Valley Ventures and Sure Ventures PLC we do not re-rate an unlisted investee company valuation unless there is a funding round priced by another investor. The nature and stage of the software companies that we invest requires patience and we are now starting to see these businesses mature at a strong pace. This quarter has seen another portfolio company complete a follow on round with a 4x original cash uplift and we look forward to updating the market with progress of our portfolio as it continues to grow.

Gareth Burchell comment

“Sure Valley Ventures and its portfolio of deep technology companies continue to perform in what are difficult economic circumstances. The speed at which some of the growth is starting to come through has the team excited for the future. The NAV is beginning to reflect some of the achievements of our founders and we look forward to updating shareholders with further progress”

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

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

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. 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/

RETìníZE Investment

Posted on 16th March 2022 by shardadmin

RNS Number : 9569E | Sure Ventures PLC | 16 March 2022

Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)

First investment of the Sure Valley Ventures UK Software Technology Fund

Sure Ventures plc, a London listed venture capital fund which invests in early-stage software companies in the rapidly growing technology areas of Augmented Reality (‘AR’), Virtual Reality (‘VR’), Internet of Things (‘IoT’) and Artificial Intelligence (AI), is pleased to announce its first investment call from Sure Valley Ventures UK Software technology fund.

Further to the Company’s announcement on 2 March 2022, RETìníZE Limited (“RETìníZE”), the award-winning creative-tech company based in Belfast, Northern Ireland, has successfully raised £2 million in a seed round led by the SVV Software Fund.

RETìníZE is developing an innovative software product called Animotive that is harnessing the latest VR technologies to transform the 3D animation production process. The proceeds of the seed round will drive the next two-year step in its growth and the global rollout of Animotive.

Other investors in the round, from the UK, USA, Ireland and the Netherlands, include:

TechStart Ventures – leading investor of seed capital across Scotland and Northern Ireland, following on from their 2019 pre-seed investment in RETìníZE
VGC Partners – London based investor building great companies at the intersection of physical and digital commerce
Clarendon/Co-fund NI – equity fund based in Northern Ireland that co-invest with business angels and private investors
Lonely Horse Investments – investor association based in the Netherlands
Bertram van Munster & Elise Doganieri – multi Emmy award-winning producers behind the CBS hit show “the Amazing Race”
Ben Morrow – Senior Product Manager, Adobe Aero (Adobe’s AR creation tool)

The SVV Software Fund is a newly established venture capital fund, investing in a range of private UK software companies with a focus on companies in the Metaverse, Artificial Intelligence and Cybersecurity sectors. The fund is run by the same SVV team which has been highly successful in achieving several cash realisations from, and upward revaluations of, companies in the SVV portfolio.

Gareth Burchell Quote: “Really pleased with the first investment made by the SVV software fund and RETìníZE fits in perfectly with the strategy of the fund. This is creative technology at its best and the £1m seed round will allow the team to rollout their ground-breaking VR animation process on a global basis. The round brings with it a number of highly regarded co-investors, which I believe is testament to the experience, capability and skill that the team at RETìníZE possess”.

Enquiries: Sure Ventures PLC – Gareth Burchell – Director – 0207 186 9951

Corporate Broker: Damon Heath – Shard Capital – 0207 186 9952

Investment in Sure Valley UK Software Tech Fund

Posted on 2nd March 20222nd March 2022 by shardadmin

RNS Number : 3470D | Sure Ventures PLC | 02 March 2022

Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)

Investment in Sure Valley Ventures UK Software Technology Fund Alongside the British Business Bank

Sure Ventures plc, a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented Reality (‘AR’), Virtual Reality (‘VR’), Internet of Things (‘IoT’) and Artificial Intelligence (AI), is pleased to announce that it has agreed to invest, alongside the British Business Bank (“BBB”), in a new venture capital fund, the Sure Valley Ventures UK Software Technology Fund (the “New SVV Fund”).

Highlights

The principal investor in the New SVV Fund is the British Business Bank, an investment arm of the UK Government. The first close of this fund will amount to £85 million, with the BBB investing up to £50 million and other investors (“Private Investors”), including Sure Ventures PLC, investing up to £35 million over the 10-year life of the fund.
The New SVV Fund will invest in a range of private UK software companies with a focus on companies in the Immersive Technology and Metaverse sectors, including Augmented and Virtual Reality, Artificial Intelligence, the Internet of Things and Security.
Sure Ventures PLC, will initially be investing circa £90,000, in the New SVV Fund on first close in order to fund the New SVV Fund’s first investment which has already been identified. It expects to invest up to £5 million in total over the life of the New SVV Fund which would equate to a circa 5.9% interest.
The New SVV Fund will be managed by the same Sure Valley Ventures fund (“SVV”) team which, to date, has been highly successful in achieving a number of cash realisations from, and upward revaluations of, companies in the SVV portfolio.
The profit share arrangements within the New SVV Fund are designed to encourage the involvement of Private Investors alongside the BBB, meaning that Sure Ventures PLC and the other Private Investors would expect to receive a significantly enhanced profit share of the total return generated by the fund compared to industry standard.
This investment will enable Sure Ventures PLC shareholders to gain exposure to exciting, fast growing venture capital investments through a listed company structure with the expectation of an enhanced return which would otherwise be difficult for such investors to achieve.
The Company has several sources available to fund this investment over the coming years. These would include a combination of potential realisations from SVV Fund 1, an Equity Subscription Agreement and Loan Agreement, funds from future subscriptions and receipts generated from any sales of listed investments.

Comment from Gareth Burchell

“Given the market conditions, raising £35m privately and attracting investment from an organisation such as the British Business Bank is testament to the success and talent of the Sure Valley Ventures team.

The Board recognise this is a very attractive investment opportunity for shareholders in Sure Ventures given that the New SVV Fund is a larger size than SVV Fund 1 which will allow for a more diverse investment portfolio and the structure of the new fund provides for enhanced returns to investors, when compared to the more traditional structure of SVV Fund 1. The existing team from SVV will continue to manage the new fund having demonstrated a proven track record from the returns to date achieved from managing SVV Fund 1.

Fund 2 has been created as part of the BBB’s Enterprise Capital Funds programme that only accepts a very limited number of fund managers on to the programme, so this is a clear validation of the quality of the investment team at SVV”

The British Business Bank (BBB) and Enterprise Capital Funds

The BBB is the largest domestic backer of venture capital funds in the UK. Established in 2006, the Enterprise Capital Funds (“ECF”) programme helps those looking to operate in the UK market to raise venture capital funds specifically targeting early-stage small businesses believed to have long-term growth potential.

The ECF programme combines private and public money to make equity investments into high growth businesses. The aim is to increase the supply of equity to UK growth companies and to lower the barriers to entry for fund managers looking to operate in the venture capital market. The BBB’s ECF programme only accepts a very limited number of fund managers on to its programme i.e. some 24 fund management groups over the last 16 years since the programme started in 2006.

The BBB specifically invests alongside venture capital funds on terms which improve the outcome for the co-investors. The reason for this clear advantage is simply to encourage venture capital funds to operate in a part of the market where smaller businesses may not be able to access the growth capital they need.

Other well-known fund managers that have been involved with the BBB ECF programme include Dawn Capital, Notion Capital, Amadeus Capital Partners, IQ Capital, and Episode 1.

Details of the New SVV Fund

The New SVV Fund is expected to complete its first close with total investment commitments of £85 million, of which £50 million will be invested by the BBB with the balance of £35 million coming from Private Investors, including financial institutions and family offices. The total investment may, however, increase to £95 million, with the Private Investors investing up to £45 million. Sure Ventures PLC’s investment allocation of £5 million will, however, not be required to increase in these circumstances.

Sure Ventures PLC’s investment commitment over the life of the New SVV Fund will be drawn down in tranches as and when funds are required for investment over the 10 year life of the fund. However, as is similar to the existing SVV fund, any realisations of its investments will be distributed to investors at the time of realisation (as is common with funds of this nature) therefore the return on this investment is expected to be received throughout the life of the fund.

The New SVV Fund will invest in a range of private UK software companies with a focus on companies in the Immersive Technology and Metaverse sectors, including Augmented and Virtual Reality, Artificial Intelligence, the Internet of Things and Security and is aligned with Sure Ventures PLC’s investment strategy.

The Sure Valley Ventures UK Software Technology Fund has been created under the partnership, Sure Valley Ventures Enterprise Capital LP (“Partnership”). The Partnership has been constituted under an agreement between Sure Valley General Partner Limited (“GP”) and Sure Valley Ventures Founder LLP (“FP”) to carry on the business of an investor and, in particular, of identifying, negotiating, making, monitoring and realising investments and to carry out all functions and acts in connection therewith.

Shard Capital AIFM LLP has been selected by the GP to act as the Alternative Investment Fund Manager (AIFM) of the Partnership and has been appointed by the Partnership to (i) admit Investors to the Partnership and thereafter to operate the Partnership and manage its investments, and (ii) act as Alternative Investment Fund Manager (as defined in the AIFMD) to the Partnership.

The role of Sure Valley Ventures Limited shall include sourcing investors and deal flow for the Partnership, advising the Manager on making investments, and arranging deals in investments for the Partnership. If Sure Valley Ventures Limited or another Associate of the General Partner becomes an Authorised Person permitted under FSMA to act as Manager of the Partnership, it is intended that Sure Valley Ventures Limited or its Associate (as applicable) shall be appointed as AIFM of the Partnership.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Enquiries: Sure Ventures PLC

Gareth Burchell: Director – 0207 186 9951

Corporate Broker: Damon heath

Shard Capital: 0207 186 9952

Author: shardadmin

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Unaudited Interim Report and Financial Statements

Unaudited Interim Report and Financial Statements

Table of Contents

2 Investment Manager’s Report

Investment Manager’s Report

THE COMPANY

3 Interim Management Report

Interim Management Report

4 Alternative Performance Measures (“APMs”)

Alternative Performance Measures (“APMs”)

5 Financial Statements

Condensed Statement of Comprehensive Income

Condensed Statement of Financial Position

Condensed Statement of Changes in Equity

Condensed Statement of Cash Flows

Notes to the Condensed Interim Financial Statements

TR-1: Standard form for notification of major holdings

Issue of Equity & Change of Address

Issue of Equity & Change of Address

Q1 2022 Portfolio Update

Portfolio Update Q1 2022 and Director commentary

RETìníZE Investment

Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)

First investment of the Sure Valley Ventures UK Software Technology Fund

Investment in Sure Valley UK Software Tech Fund

Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)

Investment in Sure Valley Ventures UK Software Technology Fund Alongside the British Business Bank