{"success":true,"data":{"pressRelease":{"id":"147066","rtpr_id":"nBw9CSQ3La-20260918","ticker":"OVCT","exchange":"LSE","all_tickers":["OVCT"],"title":"REG-OBERON AIM VCT PLC Half-year Financial Report","author":"Business Wire","published_at":"2026-09-18T06:00:00.253Z","article_body":"Half-year Financial Report\n\n \n\nOberon AIM VCT plc\n\nFor the six months to 30 June 2026\n\nChairman’s Statement\n\nI am pleased to present you with an update for the first six months of our\ncurrent year.\n\nThe high volatility we are seeing in commodity prices and the ongoing\ngeopolitical uncertainty in several regions of the world has not helped the\nbackdrop of our portfolio’s performance during H1’26, which was\ndisappointing, with a decline in value, on a per share basis, of about 16.3%\nduring this period (using our normal statutory bid-price valuation for quoted\ncompanies).\n\nHowever, when you look into the detailed changes in value of some of our\nlarger holdings you can better understand the reasons for this under\nperformance. I have asked Simon Like, our senior fund manager at Oberon, to\nexplain in some detail the reasons for this performance during H1’26 and\nmore importantly why we expect this to improve going forward. He has provided\nthis in the following Investment Managers Review, which I would encourage you\nto read to better understand the underlying strength of the portfolio, and why\nwe are still very encouraged by the outlook.\n\nIn particular, while the short-term dip in performance in the first half is of\ncourse concerning, we still firmly believe in the quality of the individual\nholdings in the portfolio and that the decline in their share prices in this\nperiod represents a compelling buying opportunity.\n\nThe Company has a share offer available which you can access by visiting our\nwebsite at https://oberonaimvct.co.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Foberonaimvct.co.uk&esheet=54606217&newsitemid=20260917356213&lan=en-US&anchor=https%3A%2F%2Foberonaimvct.co.uk&index=1&md5=68da7521a6f7ad0949c4e7895c6cd83f)\n\nWe remain committed, subject to having sufficient distributable reserves, to\ntarget a 5% tax free yield.\n\nI would like to thank the staff at Oberon and all our other partners and\nsuppliers, and also of course to our new and existing shareholders, who have\ncontinued to be very supportive.\n\nGeoffrey Gamble\n\nChairman\n\n17 September 2026\n\nInvestment Manager’s Review\n\nThe Net Asset Value (NAV) per share of the fund fell from 26.4p at 31 December\n2025 to 22.1p at 30 June 2026 (both on a bid-price basis), a decline of 16.3%.\nThe FTSE AIM All-Share Index rose by 0.75% over the same six months. The AIM\nAll-Share is the most widely quoted reference point for a fund of this type.\nIt is worth remembering that a VCT may only invest in companies meeting a set\nof statutory conditions. The practical effect is that our investable universe\nis confined to the younger, smaller and earlier-stage end of the market, while\nthe index is weighted by market capitalisation and driven by its largest and\nmost mature constituents, many of which we could not own.\n\nWe are determined to put performance back on track. A decline in quoted prices\nis not the same as a loss of value, and we set out below why we believe the\nportfolio at 30 June was materially more attractive than the NAV alone\nsuggests, and why we deployed a substantial proportion of the Company’s cash\nduring the period rather than waiting.\n\nSince the period end the portfolio has recovered a substantial part of the\nground lost during the half. At the close of business on 11 September 2026 the\nNAV (on a mid-price basis) stood at 23.89p, against 23.14p at 30 June (on a\nmid-price basis), and that is after the payment on 5 August of the 1.35p\ndividend. Adding back that distribution, the total return to shareholders over\nthe ten weeks following the period end was 9.1%.\n\nThe sections that follow set out what drove the decline during H1’26,\nholding by holding, and what has changed since.\n\nThe companies we back are hopefully the 'winners of the future', young,\ndynamic and supporting growth in UK micro-cap businesses. These companies can\nbe illiquid by nature. However, they also experience periods of considerable\nliquidity when an investment story begins to capture wider interest. That\npattern, long quiet stretches punctuated by sharp re-ratings, is\ncharacteristic of this part of the market, and it is the reason a six-month\nprice snapshot can be a poor guide to the value being created. The holding\ndiscussed immediately below illustrates the point better than any general\nargument could.\n\nLight Science Technologies: a case in point\n\nLight Science Technologies shares started the period at 4.7p and ended it at\n1.7p. Viewed in isolation that looks like a serious reverse. It is nothing of\nthe kind, and the full history is worth setting out.\n\nWe first invested in April 2023, acquiring 5,000,000 shares at 1p for\n£50,000. Within four months we had sold 2,500,000 shares in three tranches at\nbetween 2.208p and 2.5p, realising £56,783, more than the entire original\noutlay, while still holding half the position at no net cost. In October 2025,\nas the shares re-rated strongly, we sold a further 1,300,000 shares at prices\nbetween 4.58p and 7.00p, realising £66,790.\n\nAcross those disposals we sold 3,800,000 shares at an average of 3.25p against\na 1p cost, crystallising realised gains of £85,573.\n\nDuring the period under review the shares fell back sharply and the company\nsought further growth capital. We were offered the opportunity to re-enter the\nstory at 1p, the same price at which we had first invested three years\nearlier, and a seventh of the level at which we had been selling only months\nbefore. We regarded that as an exceptional entry point and subscribed for\n7,500,000 shares at a cost of £75,000. At the period end those shares were\ncarried at 1.7p, 70% above our entry price.\n Light Science Technologies since April 2023                           \n Total invested                                             £125,000   \n Total proceeds realised                                    £123,573   \n Realised gains                                             £85,573    \n Shares retained at 30 June 2026                 8,700,000  £147,900   \n Unrealised gain on retained holding                        £60,900    \n Total of realised and unrealised gains to date             £146,473   \n\n\nThe capital originally committed has been returned almost in full, we retain a\nholding worth more than everything we have ever invested in the company, and\nthe position shows a total gain of £146,473 to date. If you were looking only\nat the movement from 4.7p to 1.7p, you would conclude that this investment had\ngone badly. The opposite is true: it has been a highly successful investment,\nand we have used the weakness to build a holding over 70% larger than the one\nwe originally acquired.\n\nSince the period end the shares have strengthened further, trading at 1.9p on\n11 September 2026. At that level the retained holding is worth £165,300, the\n7,500,000 shares subscribed in April stand 90% above cost, and the total gain\non the investment since April 2023 rises to £163,873.\n\nOther principal movements\n\nSeven positions account for the majority of the decline in the Company’s\nNAV, being; Audioboom plc, Verici Dx plc, Aptamer Group plc, Haydale plc,\nRenalytix plc, SkinBioTherapeutics plc, and Light Science Technologies plc.\n\nAudioboom Group plc\n\nAudioboom shares fell from 760p to 450p over the half, reducing the value of\nthe holding by £41,850. The cause was specific and identifiable. The company\nhad been conducting a strategic review since October 2025, and in June it\nconcluded that process without a transaction, terminating discussions with\nthree interested parties after the Board determined that the indicative offers\nreceived undervalued the company and its prospects. The shares had carried a\nmeasure of bid speculation through the preceding months and gave that back\nwhen the review closed.\n\nWe regard a fall of this kind as materially different from one caused by\ndeteriorating trade. Three parties were prepared to make offers for the\nbusiness, and the Board judged every one of them too low to put to\nshareholders. That is evidence of value in the company rather than the absence\nof it.\n\nWe have held Audioboom since our first investment in March 2014. Even after\nthe decline, the holding is carried 77% above our book cost and shows an\nunrealised gain of £26,471. It has been a highly successful investment for\nthe portfolio.\n\nHalf-year results published on 15 July, after the period end, supported that\nview. Revenue for the six months rose 30% to $45.7m, gross profit 33% to\n$9.9m, and adjusted EBITDA 80% to $3.2m, demonstrating the operating leverage\nin the business as revenue growth translated into materially faster profit\ngrowth. Revenue from Showcase, the company’s advertising marketplace, grew\n60% to $18.6m, and average monthly distribution in the second quarter reached\n183 million downloads and video views, an increase of 84% on the same quarter\na year earlier. The company reported more than $81.0m of revenue already\nbooked for 2026 as at 14 July, ahead of its entire 2025 revenue, with the\nseasonally strongest period still to come. Cash stood at $5.4m against $2.5m a\nyear earlier, with an overdraft facility available and a new revolving credit\nfacility of up to $10.0m agreed in principle. The company also announced\npartnerships with Spotify and Apple to support its video monetisation engine,\nand added a number of tier one podcast partnerships to its creator network.\n\nA common thread runs through several of the others. Verici Dx, Haydale,\nAptamer Group and Light Science Technologies all raised growth capital during\nthe period, and in each case we participated. Where a company issues new\nequity at a discount, the quoted price adjusts towards the issue price and\nexisting holdings are marked down accordingly. That mark-down reflects the\nterms of the fundraising and the dilution it brings, not a judgement that the\nunderlying business has deteriorated. In each case we took the view that the\ncompany’s prospects justified further support and that the price on offer\nwas attractive.\n\nVerici Dx plc\n\nVerici Dx was the largest single detractor of the half. The shares began the\nperiod at 0.725p and ended it at 0.375p, a fall of 48%, reducing the value of\nour opening holding by £88,772.\n\nWe used that weakness to add to the position, subscribing for 28,571,429\nshares at 0.35p at a cost of £100,000. We now hold 53,934,982 shares. At the\nperiod-end price the shares acquired in June stand modestly ahead of cost.\n\nThe company’s commercial progress through the period was substantial. In a\ntrading update on 16 April 2026, Verici Dx reported that first-quarter testing\nvolumes for Tutivia, its post-transplant rejection test, rose 32% on the\npreceding quarter to 392 tests and 34% year on year, a level it described as\nsignificantly ahead of management expectations. Seven new transplant centres\nbegan ordering during the quarter, six existing centres grew volumes by more\nthan 20%, two of the largest by more than 30%, and a second centre\nincorporated Tutivia into its standard clinical protocols. Centres using the\ntest now account for approximately 20% of annual kidney transplants in the\nUnited States. The test also gained approval under two further State Medicaid\nprogrammes, taking the total to seventeen states alongside the Medicare\ncoverage secured in 2025, which the company estimates reaches around 68% of US\ntransplant tests. The commercial team was strengthened with the appointment of\nan experienced senior sales director.\n\nIn May the company announced the publication of a peer-reviewed clinical\nvalidation study of its Pre-Transplant Rejection Assessment test, known as\nPTRA, in Kidney360, published on behalf of the American Society of Nephrology.\nThe study found that PTRA outperformed conventional risk assessment tools in\npredicting early acute rejection in the two months following transplant,\nallowing clinicians to identify recipients who might safely receive less\naggressive immunosuppressive therapy. Standardised regimens carry risks of\ntoxicity, infection and malignancy where patients are over-suppressed, and the\ntransplant physician quoted by the company described the findings as\naddressing a long-standing unmet need in transplant medicine. PTRA is\ncommercially marketed by Thermo Fisher Scientific. It is a laboratory\ndeveloped test and has not been cleared or approved by the US Food and Drug\nAdministration, nor CE marked in the European Union.\n\nThis was followed on 2 June by the publication of a health economic analysis\nof the same test, conducted by Avalon Health Economics and published in the\nJournal of Health Economics and Outcomes Research. Modelling the effect of\nincorporating PTRA into standard practice, the authors estimated potential\nsavings of more than $191m across the US standard-risk kidney transplant\npopulation over a two-year period, arising from more precisely targeted\nimmunosuppression: escalating treatment for those who need it while avoiding\nunnecessary exposure for patients at lower risk. Clinical validation and a\ndemonstrated economic case are the two things a diagnostic requires to secure\nclinical adoption and reimbursement, and both were established for PTRA during\nthe period.\n\nOn 24 June the company received clinical laboratory certification from the New\nYork State Department of Health, under what is widely regarded as the most\nrigorous laboratory evaluation programme in the United States, together with\nstate approval for Tutivia itself. That completed the company’s\nauthorisation to provide testing services in all fifty states and the District\nof Columbia, making the test available nationwide. New York is among the most\nactive transplant states, with more than 2,000 kidney transplants performed\nthere during 2025. Beyond the access it confers, certification by a demanding\nregulator represents independent validation of the company’s laboratory and\nclinical operations, and the clinicians quoted by the company drew a\ndistinction between Tutivia and the single-parameter cell-free DNA tests more\ncommonly used, which they characterised as lagging indicators of injury\nalready done.\n\nAudited results for 2025, published on 29 June 2026, showed first revenues\nfrom Tutivia of $2.9m against nil in the prior year, with 1,173 tests ordered\ncompared with 334 in 2024.\n\nSet against this, the commercial build remains cash-hungry. The loss for 2025\nwidened to $6.9m and the operating cash outflow to $8.3m, against year-end\ncash of $3.3m, and the company raised further equity during 2026. It was in\nthe June fundraising, at 0.35p, that we subscribed.\n\nOur judgement is that the share price weakness reflects the dilution arising\nfrom successive fundraisings and the length of the commercial build, rather\nthan any failure of the product in the market. The operational trajectory\ndescribed above is not one we would expect to see in a business whose shares\nhave halved. We were prepared to back that judgement with a further £100,000\nof the Company’s capital during the period, which is the clearest way we can\nexpress a view of this kind.\n\nAptamer Group plc\n\nAptamer shares fell from 1.075p to 0.5p over the half, reducing the value of\nour opening holding by £44,083. As with several other holdings, the company\nraised growth capital during the period and the quoted price adjusted towards\nthe issue price.\n\nWe first invested in July 2025, acquiring 16,666,667 shares at 0.3p for\n£50,000. Over the following two months, as the shares re-rated strongly, we\nsold 9,000,000 shares in four tranches at prices between 0.6p and 0.93p,\nrealising £67,493, more than the entire original outlay, and crystallising\nrealised gains of £40,493 while retaining 7,666,667 shares.\n\nIn March we subscribed for a further 8,333,333 shares at 0.6p at a cost of\n£50,000, supporting the company’s growth plans. Having already generated a\nsubstantial return from the investment, we were comfortable adding at that\nlevel. At the period end we held 16,000,000 shares, carried at £80,000\nagainst a book cost of £73,372 and showing an unrealised gain of £6,628.\n\nThe company’s trading update of 13 July, published after our period end and\ncovering its own financial year to 30 June 2026, reported revenue increasing\napproximately 25% on the prior year, and a sales pipeline up 55% since\nJanuary. It also reported its first licensing revenues, following agreements\nsigned in December 2025 with Twist Bioscience and Alphazyme, which the company\nregards as the beginning of a higher-margin revenue stream. A contracted order\nbook of £0.6m is carried into the new financial year.\n\nOperational delivery through the second half was broad. Optimer binders were\ndelivered to a global life sciences group for customer validation under an\nagreement carrying a 2% royalty on sales of diagnostic kits incorporating\nthem, subject to successful testing. Binders supplied to Invizius were shown\nto function in that company’s own assays and are now entering patent\nfilings. The Unilever collaboration has advanced to on-skin testing; work\ncontinues on the Metir Cryptosporidium programme, on a food fortification\nrapid test programme with Imperial College London, and on a\nradiopharmaceutical programme with a top-three global pharmaceutical company.\nContracts worth approximately £769,000 and £190,000 have been signed with\ntop-five and top-ten pharmaceutical partners. The fundraise in which we\nparticipated generated net proceeds of £4.1m and extends the company’s\nfunding runway into at least 2028.\n\nHaving generated a substantial realised return from our original investment\nand with the company’s immediate growth plans now funded, we were content to\nremain invested at the period end.\n\nHaydale Graphene Industries plc\n\nHaydale shares fell from 0.51p to 0.3075p over the half, reducing the value of\nour opening holding by £62,508. The company raised growth capital in January\nand we subscribed for a further 10,000,000 shares at 0.5p, at a cost of\n£50,255.\n\nWe built the original position through four purchases between October 2023 and\nNovember 2024, at prices ranging from 0.5p down to 0.1325p, and in July 2025\nsold 3,000,000 shares at 0.808p, realising £24,114 and a gain of £17,797. At\nthe period end we held 40,867,924 shares at a book cost of £144,453, carried\nat £125,669.\n\nThe company's commercial progress through the period was more encouraging than\nthe share price suggests. In April it announced a multi-year framework\nagreement with Wave Utilities, the largest business water retailer in England\nby volume and a joint venture between Anglian Water and Northumbrian Water,\nserving more than 300,000 business customers. Under the agreement, Haydale's\nSaveMoneyCutCarbon platform was appointed Wave's exclusive external delivery\npartner for water efficiency audits, with right of first refusal on the\ndelivery of funded water efficiency projects. The company expects the\nagreement to generate at least £1.0m of recurring programme-based revenue\nannually, and has identified a broader pipeline of opportunities which it\nvalues at approximately £5.7m over the medium term.\n\nIn June the company announced that Lloyds Banking Group, following a regional\npilot begun in November 2025, had confirmed its intention to proceed to a\nnational roll-out of the SaveMoneyCutCarbon platform across its SME and\nmid-corporate customer base. Both agreements reflect the same model: long-term\nrelationships with utilities and financial institutions that provide embedded\naccess to large, pre-qualified customer bases, and which the company expects\nto convert into recurring, programme-based revenue rather than one-off\ntransactions.\n\nTaken as a whole, with that realised gain set against the unrealised deficit,\nthe investment stands close to the cost of the capital we have committed to\nit. The larger part of the holding, acquired at an average of 0.267p, remains\nabove the price we paid; it is the two tranches subscribed at 0.5p, including\nJanuary’s, that are below it. We recognise that the most recent subscription\nis the one currently showing the greatest deficit, and we will be judged on\nwhether the company delivers from here. On the evidence of the agreements\nsigned during the period, that delivery is underway; the share price has yet\nto reflect it.\n\nRenalytix plc\n\nRenalytix shares fell from 5.9p to 2.3p over the half, a decline of 61%. It\nwas the second largest detractor of the period, reducing the value of the\nholding by £77,895. The company raised capital during the period and, as\nelsewhere in the portfolio, the quoted price adjusted to reflect the terms on\nwhich it did so.\n\nThe position has changed materially since the period end. On 1 September the\ncompany announced a multi-year agreement with Quest Diagnostics to make its\nkidneyintelX.dkd blood test available to physicians and patients served by\nQuest across the United States. Quest serves approximately half of all\nphysicians and hospitals in the country. Under the agreement, physicians will\nbe able to order the test directly through their existing Quest account and\nelectronic health record, with blood draws available through Quest’s 2,000\npatient service centres and 6,000 in-office phlebotomists, while Renalytix\ncontinues to perform and bill for the test from its New York laboratory.\nkidneyintelX.dkd is the first and only test to have received FDA authorisation\nand Medicare reimbursement for predicting the risk of progressive decline in\nkidney function, in a population the company estimates at 15 million US adults\nwith type 2 diabetes and early-stage chronic kidney disease, a group whose\nlater-stage care drives Medicare spending on chronic kidney disease now\nexceeding $130 billion a year. The test is expected to become available for\nordering through Quest during the first quarter of 2027, and Quest holds an\noption to in-license it once certain commercialisation milestones are\nachieved.\n\nFollowing that announcement the company raised further capital at 6p, a\nsubstantial premium to the period-end price, in an issue well supported by\nexisting institutional shareholders. We did not participate. Renalytix was\nalready a position of meaningful size within the portfolio, and we judged that\nadding to it would concentrate risk further than we considered appropriate,\nnotwithstanding our view of the opportunity. The shares traded at 6.35p on 11\nSeptember, materially above the 2.3p at which the holding was carried at 30\nJune, and we regard the business as now well funded. We should be clear that\nthe holding remains below our average cost of 9.27p and continues to show an\nunrealised loss. But we regard the Quest agreement as a material development\nfor the company, and the market’s response to it suggests we are not alone\nin that view.\n\nOf the remaining positions, SkinBioTherapeutics was sold outright during the\nperiod, realising £24,370, and Fortis Frontier was exited in May for\n£30,081; in both cases we concluded that the capital was better deployed\nelsewhere.\n\nPositive contributors\n\nAgainst these, a number of holdings performed strongly on their own merits,\nwithout any support from further investment on our part:\n\n\n * Cordel Group plc rose 91% over the six months, adding £29,229 to the value of\nthe portfolio and making it the largest single positive contributor of the\nhalf. During the period the company received a cash takeover offer at 12.4p\nper share, a premium of approximately 95% to the price at which the shares\nstood on 31 December. We regard that premium as the clearest illustration\navailable of the argument set out in our outlook below: UK smaller companies\nare trading at such depressed levels that acquirers with full information are\nwilling to pay very substantial premiums to buy them outright.\n\n * Clean Power Hydrogen plc more than doubled, gaining 127%.\n\n * Abingdon Health plc advanced 60%, adding £10,406.\n\n * Solid State plc gained 28%, adding £12,375.\n\n * XP Factory plc rose 56% and Creo Medical plc 48%.\n\nPortfolio activity\n\nWe were active buyers through the period, deploying £373,045 and reducing\ncash from 17.1% of net assets at 31 December to 8.1% at 30 June. We regard the\nprices available during the half as among the most attractive we have seen,\nand we chose to put capital to work rather than hold it.\n\nNew investments\n\n\n * Time To Act plc: 500,000 shares acquired in April at a cost of £30,155. An\nengineering-led group focused on the energy transition supply chain, operating\nthrough two divisions: Diffusion Alloys, which supplies high-temperature\ncorrosion-protection diffusion coatings for applications including blue\nhydrogen and nuclear components, and GreenSpur, which develops electrical\ngenerators that require no rare earth magnets, for uses such as wind. The\ncompany was raising growth capital to pursue what it described as a number of\nopportunities across both businesses. Time To Act is quoted on the Aquis Stock\nExchange rather than AIM.\n\n * RentGuarantor Holdings plc: 229,861 shares acquired in June at a cost of\n£66,997. A UK online rent-guarantee provider, acting as guarantor for tenants\nwho cannot meet standard referencing or upfront rent requirements and giving\nlandlords and letting agents secured rental income in return for a fee. The\ncompany was raising growth capital in anticipation of an expected increase in\ntrading.\n\nFollow-on investments\n\n\n * Haydale Graphene Industries plc: 10,000,000 shares, £50,255, in January.\n\n * Aptamer Group plc: 8,333,333 shares, £50,255, in March.\n\n * Light Science Technologies plc: 7,500,000 shares, £75,000, in April.\n\n * Verici Dx plc: 28,571,429 shares, £100,000, in June.\n\nRealisations totalled £78,822, comprising the exits from Fortis Frontier and\nSkinBioTherapeutics described above. We did not trim any holding during the\nperiod; where we sold, we sold in full.\n\nDividend\n\nOn 5 August 2026, after the period end, the Company paid a dividend of 1.35p\nper share out of its distributable reserves, bringing cumulative dividends\npaid since launch to 35.61p per share, all of it free of income tax. On the 30\nJune NAV the latest distribution represents a yield of 6.1%. The Board\nmaintained the distribution through a difficult half because it continues to\nbelieve shareholders should be rewarded for their support, and because\ntax-free dividend income is one of the principal benefits of holding a VCT.\nThat treatment was left unchanged by the Autumn Budget 2025 and is unaffected\nby the changes described below.\n\nOutlook\n\nWe enter the second half with the portfolio more fully invested, at lower\nprices, and in a smaller number of more strongly supported positions than six\nmonths ago. That is a deliberate outcome rather than an accident of markets.\n\nThe Light Science Technologies holding demonstrates what this strategy looks\nlike when it works: an initial investment repaid in full within months, gains\nrealised into strength, and the position rebuilt at a fraction of the price\nwhen the opportunity re-presented itself. We have applied the same discipline\nto three further holdings during this half, at prices we believe will look\nsimilarly attractive with the benefit of time.\n\nUK smaller companies remain markedly cheap against their own history and\nagainst international comparators. Trade buyers and private equity have\ncontinued to acquire AIM-quoted businesses at substantial premiums, and\nseveral companies moved up from AIM to the Main Market during the period.\nAcquirers with access to full information are paying well above public market\nprices, which is the clearest evidence available that value exists in this\nmarket and has not yet been recognised by it. The cash offer for Cordel Group\nduring the period, at a premium of approximately 95% to its December price, is\na direct example from within the portfolio itself.\n\nThe recovery in NAV since the period end, set out at the start of this review,\nis not the product of a general movement in the FTSE AIM All-Share Index\n(which increased by 2.4% from the period end to 11 September 2026). It\nreflects developments in the specific holdings described above.\n\nRenalytix has re-rated sharply following the Quest Diagnostics agreement and a\nsubsequent fundraising at a substantial premium to the period-end price. Light\nScience Technologies has continued to appreciate, trading at 1.9p on 11\nSeptember. Audioboom and Aptamer Group have each reported materially improved\ntrading since the half-end. These are the same holdings whose share price\nfalls drove the decline in NAV during the period, and the speed of the\nrecovery illustrates the point made at the outset of this review: in micro-cap\nmarkets, quoted prices can diverge from underlying value for extended\nstretches and then close that gap quickly.\n\nBoth of the new investments made during the half have also begun well. We\nsubscribed for RentGuarantor at 29p in June and the shares stood at 93p on 11\nSeptember; we invested in Time To Act at 6p in April and the shares stood at\n27.5p on the same date. These remain young positions and holdings of this size\ncan move sharply in either direction, but both illustrate what is available\nwhen capital is committed at the right price to companies at the right stage.\n\nThese are small businesses and their shares can be relatively illiquid for\nextended periods. They are also capable of re-rating quickly once progress\nbecomes visible, as several holdings demonstrated during this half. We\ncontinue to back dynamic growth companies with capable management, defensible\npositions and a credible route to scale, and we are prepared to be patient\nwhere the value is evident, but the market has yet to agree.\n\nWe are conscious that the first half has not performed as hoped, however we\nfirmly believe the portfolio is well positioned to recover ground and more, as\nwe are currently witnessing post period end. We remain confident and excited\nin the Company’s ability to deliver medium and long-term value through a\ncombination of capital growth and tax-free dividends while continuing to\nsupport innovative UK businesses.\n\nOberon AIM VCT plc\n\nFor the six months to 30 June 2026\n\nUnaudited Balance Sheet\n                                               Interim Accounts            Final Accounts              Interim Accounts        \n                                               as at 30 June               as at 31 December           as at 30 June           \n                                               \n2026                       \n2025*                      \n2025                   \n                                               £'000   £'000               £'000   £'000               £'000   £'000           \n Fixed Assets                                                                                                                  \n                Investments                            1,571                       1,559                       1,635           \n                                                                                                                               \n Current Assets                                                                                                                \n                Debtors                        175     175                 334     334                 312     312             \n                                                                                                                               \n Current Liabilities                                                                                                           \n                Creditors: amounts due                                                                                         \n                within one year                        (24     )                   (39     )                   (22     )       \n                                                                                                                               \n                                                       1,722                       1,854                       1,925           \n Capital and Reserves                                                                                                          \n                Share capital                          778                         701                         684             \n                Share premium                          232                         111                         770             \n                Capital redemption reserve             215                         215                         171             \n                Special distributable reserve          3,207                       3,207                       2,636           \n                Capital reserve - realised             (698    )                   (317    )                   (426    )       \n                Capital reserve - unrealised           (1,522  )                   (1,621  )                   (1,540  )       \n                Revenue reserve                        (490    )                   (442    )                   (370    )       \n                                                                                                                               \n                                                       1,722                       1,854                       1,925           \n                                                                                                                               \n Net Asset Value per share                             22.1p                       26.4p                       28.1p           \n                                                                           *Audited                                            \n\n\nUnaudited Statement of Comprehensive Income\n\n(incorporating the revenue account)\n                                                 6 month period ended 30 June 2026         Year to 31 December 2025*        6 month period ended 30 June 2025                   \n                                                 Revenue       Capital       Total         Revenue    Capital    Total      Revenue       Capital       Total                   \n                                                 £'000         £'000         £'000         £'000      £'000      £'000      £'000         £'000         £'000                   \n Gains/(losses) on investments                                                                                                                                                  \n Realised                                        -             (10)          (10)          -          213        213        -             18            18                      \n Unrealised                                      -             (272)         (272)         -          (6)        (6)        -             159           159                     \n Income                                          6             -             6             11         -          11         6             -             6                       \n Investment management fees                      -             -             -             -          -          -          -             -             -                       \n Other expenses                                  (54)          -             (54)          (124)      -          (124)      (47)          -             (47)                    \n Return on ordinary activities                   (48)          (282)         (230)         (113)      207        94         (41)          177           136                     \n Tax on ordinary activities                      -             -             -             -          -          -          -             -             -                       \n Return on ordinary activities                                                                                                                                                  \n after taxation                                  (48)          (282)         (230)         (113)      207        94         (41)          177           136                     \n Return per ordinary share in pence              (0.63)        (3.75)        (4.38)        (1.76)     3.21       1.45       (0.69)        2.98          2.29                    \n                                                                                                                                                                                \n                                                                                           *Audited                                                                             \n                                                                                                                                                                                \n All revenue and capital items in the above statement are from continuing                                                                                                       \n operations in the current six month period. No operations were acquired or                                                                                                     \n discontinued in the current period. Other than that shown above, the Company                                                                                                   \n had no recognised gains or losses. Accordingly, the above represents the total                                                                                                 \n comprehensive income for the period.                                                                                                                                           \n The weighted average number of shares in issue during the period was                                                                                                           \n 7,532,871.                                                                                                                                                                     \n                                                                                                                                                                                \n\n\nUnaudited Consolidated Statement of Changes in Equity\n                                                                        Share        Capital        Special              Capital       Capital           Revenue                   \n                                                      \n                 \nPremium     \nRedemption    \ndistributable       \nrealised     \nunrealised       \nreserve       \n          \n                                                      \nCalled-up        \naccount     \nreserve       \nreserve             \n£’000        \n£’000            \n£’000         \n          \n                                                      \nshare capital    \n£’000       \n£’000         \n£’000                                                              \n          \n                                                      \n£’000                                                                                                            \nTotal     \n                                                                                                                                                                        \n£’000     \n As at 1 January 2026                                 701               111          215            3,207                (317)         (1,621)           (442)          1,854      \n Realised (losses)/gains on disposals in period       -                 -            -              -                    (10)          -                 -              (10)       \n Unrealised (losses)/gains                            -                 -            -              -                    -             (272)             -              (272)      \n Trf of unrealised losses to realised on disposal     -                 -            -              -                    (371)         371               -              -          \n Net revenue before tax                               -                 -            -              -                    -             -                 (48)           (48)       \n New shares issued                                    77                121          -              -                    -             -                 -              198        \n Capital element of investment management fee         -                 -            -              -                    -             -                 -              -          \n                                                      ________          ________     _________      _________            _______       ________          ________       ________   \n At 30 June 2026                                      778               232          215            3,207                (698)         (1,522)           (490)          1,722      \n                                                                                                                                                                                   \n                                                                                                                                                                                   \n                                                                                                                                                                                   \n As at 1 January 2025                                 557               547          171            2,636                (130)         (2,014)           (329)          1,438      \n Share buy back                                       (44)              -            44             (101)                -             -                 -              (101)      \n Capital reduction                                    -                 (761)        -              761                  -             -                 -              -          \n Realised gain on disposals                           -                 -            -              -                    213           -                 -              213        \n Unrealised (losses)/gains                            -                 -            -              -                    -             (6)               -              (6)        \n Transfer of unrealised gain to realised on disposal  -                 -            -              -                    (399)         399               -              -          \n Net revenue before tax                               -                 -            -              -                    -             -                 (113)          (113)      \n New shares issued                                    187               325          -              -                    -             -                 -              512        \n Capital element of investment management fee         -                 -            -              -                    -             -                 -              -          \n Dividends paid                                       -                 -            -              (89)                 -             -                 -              (89)       \n                                                      ________          ________     _________      _________            ________      ________          ________       ________   \n At 31 December 2025                                  701               111          215            3,207                (317)         (1,621)           (442)          1,854      \n                                                                                                                                                                                   \n\n\nUnaudited Consolidated Statement of Changes in Equity (continued)\n                                                                                      Share        Capital        Special            Capital       Capital         Revenue                 \n                                                                    \n                 \nPremium     \nRedemption    \ndistributable     \nrealised     \nunrealised     \nreserve     \n          \n                                                                    \nCalled-up        \naccount     \nreserve       \nreserve           \n£’000        \n£’000          \n£’000       \n          \n                                                                    \nshare capital    \n£’000       \n£’000         \n£’000                                                        \n          \n                                                                    \n£’000                                                                                                      \nTotal     \n                                                                                                                                                                                \n£’000     \n                                                                                                                                                                                           \n As at 1 January 2025                                               557               547          171            2,636              (130)         (2,014)         (329)        1,438      \n                                                                                                                                                                                           \n Realised gains on disposals                                        -                 -            -              -                  18            -               -            18         \n Unrealised gains                                                   -                 -            -              -                  -             159             -            159        \n Transfer of unrealised loss to realised on disposal of investment                    -                           -                  (314)         314             -                       \n                                                                    \n                              \n                                                                            \n          \n                                                                    \n-                             \n-                                                                           \n-         \n Net revenue before tax                                             -                 -            -              -                  -             -               (41)         (41)       \n New shares issued                                                  127               223          -              -                  -             -               -            350        \n Capital element of investment management fee                       -                 -            -              -                  -             -               -            -          \n                                                                    ________          ________     _________      _________          _______       ________        ________     ________   \n At 30 June 2025                                                    684               770          171            2,636              (426)         (1,540)         (370)        1,925      \n                                                                                                                                                                                           \n\n\nOberon AIM VCT plc\n\nFor the six months to 30 June 2026\n\nInvestment Portfolio\n     Security                         Cost       Valuation     %       %          \n                                                 30 June 2026  Cost    Valuation  \n                                                                                  \n     Qualifying Investments           3,082,576  1,561,998     95.47   91.54      \n     Non-qualifying Investments       11,015     9,020         0.34    0.53       \n     Uninvested funds                 135,316    135,316       4.19    7.93       \n                                      3,228,907  1,706,335     100.00  100.00     \n     Qualifying Investments                                                       \n     AIM Quoted                                                                   \n     Abingdon Health plc              58,129     27,028        1.80    1.58       \n     Aptamer Group plc                73,372     79,680        2.27    4.67       \n     Audioboom Group plc              33,110     58,960        1.03    3.46       \n     Aurrigo International plc        65,335     43,550        2.02    2.55       \n     Belluscura plc                   102,517    0             3.17    0.00       \n     Brighton Pier Group plc          35,379     2,530         1.10    0.15       \n     Clean Power Hydrogen plc         50,253     15,056        1.56    0.88       \n     Cloudified Holdings plc          85,234     1,096         2.64    0.06       \n     Coral Products plc               25,104     9,620         0.78    0.56       \n     Cordel Group plc                 30,656     61,000        0.95    3.57       \n     Creo Medical Group plc           20,504     3,825         0.64    0.22       \n     CyanConnode Holdngs plc          204,219    6,322         6.32    0.37       \n     Destiny Pharma                   175,882    0             5.45    0.00       \n     Direct Plus plc                  30,158     11,250        0.93    0.66       \n     DP Poland plc                    25,631     11,900        0.79    0.70       \n     Earnz plc                        50,254     22,000        1.56    1.29       \n     Eden Research plc                29,852     13,250        0.92    0.78       \n     Feedback plc                     130,665    14,633        4.05    0.86       \n     Genincode plc                    42,603     10,685        1.32    0.63       \n     Getech Group plc                 23,750     22,444        0.74    1.32       \n     H-Power plc                      50,254     36,375        1.56    2.13       \n     Haydale Graphine Industries plc  141,867    124,647       4.39    7.30       \n     I-Nexus Global plc               30,153     380           0.93    0.02       \n     Lifesafe Holdings plc            75,387     65,625        2.33    3.85       \n     Light Science Technologies plc   87,445     147,465       2.71    8.64       \n     Lunglife AI Inc                  20,104     341           0.62    0.02       \n     M.Winkworth plc                  24,120     51,450        0.75    3.02       \n     Nexteq plc                       8,091      9,450         0.25    0.55       \n     Oxford Biodynamics plc           75,384     24,750        2.33    1.45       \n     PHSC plc                         15,077     4,200         0.47    0.25       \n     Property Franchise Group plc     14,511     61,880        0.45    3.63       \n     Pulsar Group plc                 10,053     9,250         0.31    0.54       \n     Renalytix plc                    200,511    49,550        6.21    2.90       \n     Rentguarantor Holdings plc       66,997     66,660        2.07    3.91       \n\n\nInvestment Portfolio continued\n     Security                          Cost       Valuation     %      %          \n                                                  30 June 2026  Cost   Valuation  \n     Rosslyn Data Technologies plc     98,606     5,425         3.05   0.32       \n     SEEEN plc                         163,332    104,444       5.06   6.12       \n     Solid State plc                   13,378     55,000        0.41   3.22       \n     Strip Tinning plc                 66,148     22,703        2.05   1.33       \n     Sysgroup plc                      45,232     12,750        1.40   0.75       \n     Thalia Therapeutics plc           40,204     2,400         1.25   0.14       \n     Time to Act plc                   30,155     62,500        0.93   3.66       \n     Verici Dx plc                     326,514    188,772       10.11  11.06      \n     XP Factory plc                    31,006     4,581         0.96   0.27       \n                                                                                  \n                                       2,927,134  1,525,426     90.65  89.40      \n     Qualifying Investments                                                       \n     AQSE Quoted                                                                  \n     EDX Medical Group plc             25,001     15,625        0.77   0.92       \n     TSP Advanced Technologies plc     100,283    3,300         3.11   0.19       \n                                       125,284    18,925        3.88   1.11       \n     Qualifying Investments                                                       \n     Unlisted Investments                                                         \n     LightwaveRF plc                   30,158     17,647        0.93   1.03       \n                                       30,158     17,647        0.93   1.03       \n                                                                                  \n     Total qualifying investments      3,082,576  1,561,998     95.47  91.54      \n                                                                                  \n                                                                                  \n     Non Qualifying Investments                                                   \n     AIM Quoted                                                                   \n     Audioboom Group plc               1,163      440           0.03   0.03       \n                                       1,163      440           0.03   0.03       \n                                                                                  \n     Non Qualifying Investments                                                   \n     UK Listed                                                                    \n     Twentyfour Income Fund Ltd        9,852      8,580         0.31   0.50       \n                                       9,852      8,580         0.31   0.50       \n                                                                                  \n     Total non-qualifying investments  11,015     9,020         0.34   0.53       \n                                                                                  \n\n\nNotes to the Accounts\n\nThis interim financial information and the unaudited interim accounts for the\nsix months to 30 June 2026 from which it has been extracted, are the\nresponsibility of the directors and were approved by them on 17 September\n2026, do not constitute statutory accounts within the meaning of Section 434\nof the Companies Act 2006 and have not been delivered to the Registrar of\nCompanies.\n\nThe Company is an investment company as defined in Section 833 of the\nCompanies Act 2006. The unaudited interim accounts have been prepared in\naccordance with the Financial Reporting Council’s (FRC) Financial Reporting\nStandard 104 Interim Financial Reporting (January 2022) and with the Statement\nof Recommended Practice for Investment Companies re-issued by the Association\nof Investment Companies in November 2014 and updated in July 2022.\n\nThe unaudited interim accounts have been prepared using accounting policies\nthat the Company applied in the accounts for the year ended 31 December 2025,\nincorporating FRS 102 The Financial Reporting Standard applicable in the UK\nand Republic of Ireland. The Company considers these accounting policies will\nbe used in the accounts for the year ending 31 December 2026.\n\nListed, AIM or AQUIS Markets - traded investments are stated at market value,\nwhich is based upon market bid prices in an active market at the balance sheet\ndate. These would all meet tier 1 of the fair value hierarchy.\n\nAt the 1 January 2026 there were 7,010,058 shares in issue and following the\nissue of 774,342 shares during H1’26, the number of shares in issue at 30\nJune 2026 was 7,784,400. The average weighted number of shares in issue in the\nperiod was 7,532,871.\n\nNet Asset Value per share at 30 June 2026 was 22.1p (at 31 December 2025:\n26.4p; 30 June 2025: 28.1p).\n\nNo dividend was paid in the period, but a final dividend for the year ended 31\nDecember 2025, of 1.35p per share (totaling £105,089) was paid on 5 August\n2025.\n\nOberon AIM VCT plc is managed by Oberon Investments Limited (‘OIL’). Under\nthe terms of the management agreement, OIL is entitled to a fee (exclusive of\nVAT) equal to 2.0% of net assets from the 1 October 2025. However, Oberon has\nagreed to charge no fee from 1 October 2025 to 30 September 2026 for its\ninvestment management services. During the period the management fee was £nil\n(the year ended 31 December 2025, £nil; the period ended 30 June 2025,\n£nil).\n\nBearing in mind that the assets of the Company consist mainly of marketable\nsecurities, the directors are of the opinion that at the time of approving\nthis interim financial information, the Company has adequate resources to\ncontinue in operational existence for the foreseeable future. For this reason,\nthey continue to adopt the going concern basis in preparing this interim\nfinancial information.\n\nCopies of the Interim Report to Shareholders have been sent to shareholders\nand are available at the Company’s Registered Office: 5 Duke Street St\nJames’s, London SW1H 0DB.\n\nOberon AIM VCT plc\n\nDirectors, Investment Managers and Advisors\n                                                                     \n                                                                     \n Directors                       Geoffrey Charles Gamble (Chairman)  \n                                 John Beaumont                       \n                                 Christopher Andrew                  \n                                 \n                                   \n                                 \n                                   \n                                                                     \n Registered Office                                                   \n                                 \n                                   \n                                 \n2nd Floor                          \n                                 6 Duke Street St James’s            \n                                 London                              \n                                 \n                                   \n                                 \nSW1Y 6BN                           \n                                                                     \n Company Secretary               John Beaumont                       \n                                 6 Duke Street St James’s            \n                                 London                              \n                                 \n                                   \n                                 \nSW1Y 6BN                           \n                                 Oberon Investments Limited          \n \n                                                                   \n \nInvestment Manager and Broker                                      \n                                 1(st) Floor                         \n                                 \n                                   \n                                 \n12 Hornsby Square                  \n                                 \n                                   \n                                 \nSouthfields Business Park          \n                                 Basildon                            \n                                 \n                                   \n                                 \nEssex                              \n                                 \n                                   \n                                 \nSS15 6SD                           \n                                                                     \n Auditor                         Royce Peeling Green Limited         \n                                 \nThe Copper Room                    \n                                 \n                                   \n                                 \nDeva City Office Park              \n                                 \nTrinity Way                        \n                                 \nManchester                         \n                                 \nM3 7BG                             \n                                                                     \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260917356213/en/\n(https://www.businesswire.com/news/home/20260917356213/en/)\n\nOBERON AIM VCT PLC\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw9CSQ3La-20260918","title":"REG-OBERON AIM VCT PLC Half-year Financial Report","author":"Business Wire","ticker":"OVCT","created":"2026-09-18T06:00:00.253Z","tickers":["OVCT"],"exchange":"LSE","article_body":"Half-year Financial Report\n\n \n\nOberon AIM VCT plc\n\nFor the six months to 30 June 2026\n\nChairman’s Statement\n\nI am pleased to present you with an update for the first six months of our\ncurrent year.\n\nThe high volatility we are seeing in commodity prices and the ongoing\ngeopolitical uncertainty in several regions of the world has not helped the\nbackdrop of our portfolio’s performance during H1’26, which was\ndisappointing, with a decline in value, on a per share basis, of about 16.3%\nduring this period (using our normal statutory bid-price valuation for quoted\ncompanies).\n\nHowever, when you look into the detailed changes in value of some of our\nlarger holdings you can better understand the reasons for this under\nperformance. I have asked Simon Like, our senior fund manager at Oberon, to\nexplain in some detail the reasons for this performance during H1’26 and\nmore importantly why we expect this to improve going forward. He has provided\nthis in the following Investment Managers Review, which I would encourage you\nto read to better understand the underlying strength of the portfolio, and why\nwe are still very encouraged by the outlook.\n\nIn particular, while the short-term dip in performance in the first half is of\ncourse concerning, we still firmly believe in the quality of the individual\nholdings in the portfolio and that the decline in their share prices in this\nperiod represents a compelling buying opportunity.\n\nThe Company has a share offer available which you can access by visiting our\nwebsite at https://oberonaimvct.co.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Foberonaimvct.co.uk&esheet=54606217&newsitemid=20260917356213&lan=en-US&anchor=https%3A%2F%2Foberonaimvct.co.uk&index=1&md5=68da7521a6f7ad0949c4e7895c6cd83f)\n\nWe remain committed, subject to having sufficient distributable reserves, to\ntarget a 5% tax free yield.\n\nI would like to thank the staff at Oberon and all our other partners and\nsuppliers, and also of course to our new and existing shareholders, who have\ncontinued to be very supportive.\n\nGeoffrey Gamble\n\nChairman\n\n17 September 2026\n\nInvestment Manager’s Review\n\nThe Net Asset Value (NAV) per share of the fund fell from 26.4p at 31 December\n2025 to 22.1p at 30 June 2026 (both on a bid-price basis), a decline of 16.3%.\nThe FTSE AIM All-Share Index rose by 0.75% over the same six months. The AIM\nAll-Share is the most widely quoted reference point for a fund of this type.\nIt is worth remembering that a VCT may only invest in companies meeting a set\nof statutory conditions. The practical effect is that our investable universe\nis confined to the younger, smaller and earlier-stage end of the market, while\nthe index is weighted by market capitalisation and driven by its largest and\nmost mature constituents, many of which we could not own.\n\nWe are determined to put performance back on track. A decline in quoted prices\nis not the same as a loss of value, and we set out below why we believe the\nportfolio at 30 June was materially more attractive than the NAV alone\nsuggests, and why we deployed a substantial proportion of the Company’s cash\nduring the period rather than waiting.\n\nSince the period end the portfolio has recovered a substantial part of the\nground lost during the half. At the close of business on 11 September 2026 the\nNAV (on a mid-price basis) stood at 23.89p, against 23.14p at 30 June (on a\nmid-price basis), and that is after the payment on 5 August of the 1.35p\ndividend. Adding back that distribution, the total return to shareholders over\nthe ten weeks following the period end was 9.1%.\n\nThe sections that follow set out what drove the decline during H1’26,\nholding by holding, and what has changed since.\n\nThe companies we back are hopefully the 'winners of the future', young,\ndynamic and supporting growth in UK micro-cap businesses. These companies can\nbe illiquid by nature. However, they also experience periods of considerable\nliquidity when an investment story begins to capture wider interest. That\npattern, long quiet stretches punctuated by sharp re-ratings, is\ncharacteristic of this part of the market, and it is the reason a six-month\nprice snapshot can be a poor guide to the value being created. The holding\ndiscussed immediately below illustrates the point better than any general\nargument could.\n\nLight Science Technologies: a case in point\n\nLight Science Technologies shares started the period at 4.7p and ended it at\n1.7p. Viewed in isolation that looks like a serious reverse. It is nothing of\nthe kind, and the full history is worth setting out.\n\nWe first invested in April 2023, acquiring 5,000,000 shares at 1p for\n£50,000. Within four months we had sold 2,500,000 shares in three tranches at\nbetween 2.208p and 2.5p, realising £56,783, more than the entire original\noutlay, while still holding half the position at no net cost. In October 2025,\nas the shares re-rated strongly, we sold a further 1,300,000 shares at prices\nbetween 4.58p and 7.00p, realising £66,790.\n\nAcross those disposals we sold 3,800,000 shares at an average of 3.25p against\na 1p cost, crystallising realised gains of £85,573.\n\nDuring the period under review the shares fell back sharply and the company\nsought further growth capital. We were offered the opportunity to re-enter the\nstory at 1p, the same price at which we had first invested three years\nearlier, and a seventh of the level at which we had been selling only months\nbefore. We regarded that as an exceptional entry point and subscribed for\n7,500,000 shares at a cost of £75,000. At the period end those shares were\ncarried at 1.7p, 70% above our entry price.\n Light Science Technologies since April 2023                           \n Total invested                                             £125,000   \n Total proceeds realised                                    £123,573   \n Realised gains                                             £85,573    \n Shares retained at 30 June 2026                 8,700,000  £147,900   \n Unrealised gain on retained holding                        £60,900    \n Total of realised and unrealised gains to date             £146,473   \n\n\nThe capital originally committed has been returned almost in full, we retain a\nholding worth more than everything we have ever invested in the company, and\nthe position shows a total gain of £146,473 to date. If you were looking only\nat the movement from 4.7p to 1.7p, you would conclude that this investment had\ngone badly. The opposite is true: it has been a highly successful investment,\nand we have used the weakness to build a holding over 70% larger than the one\nwe originally acquired.\n\nSince the period end the shares have strengthened further, trading at 1.9p on\n11 September 2026. At that level the retained holding is worth £165,300, the\n7,500,000 shares subscribed in April stand 90% above cost, and the total gain\non the investment since April 2023 rises to £163,873.\n\nOther principal movements\n\nSeven positions account for the majority of the decline in the Company’s\nNAV, being; Audioboom plc, Verici Dx plc, Aptamer Group plc, Haydale plc,\nRenalytix plc, SkinBioTherapeutics plc, and Light Science Technologies plc.\n\nAudioboom Group plc\n\nAudioboom shares fell from 760p to 450p over the half, reducing the value of\nthe holding by £41,850. The cause was specific and identifiable. The company\nhad been conducting a strategic review since October 2025, and in June it\nconcluded that process without a transaction, terminating discussions with\nthree interested parties after the Board determined that the indicative offers\nreceived undervalued the company and its prospects. The shares had carried a\nmeasure of bid speculation through the preceding months and gave that back\nwhen the review closed.\n\nWe regard a fall of this kind as materially different from one caused by\ndeteriorating trade. Three parties were prepared to make offers for the\nbusiness, and the Board judged every one of them too low to put to\nshareholders. That is evidence of value in the company rather than the absence\nof it.\n\nWe have held Audioboom since our first investment in March 2014. Even after\nthe decline, the holding is carried 77% above our book cost and shows an\nunrealised gain of £26,471. It has been a highly successful investment for\nthe portfolio.\n\nHalf-year results published on 15 July, after the period end, supported that\nview. Revenue for the six months rose 30% to $45.7m, gross profit 33% to\n$9.9m, and adjusted EBITDA 80% to $3.2m, demonstrating the operating leverage\nin the business as revenue growth translated into materially faster profit\ngrowth. Revenue from Showcase, the company’s advertising marketplace, grew\n60% to $18.6m, and average monthly distribution in the second quarter reached\n183 million downloads and video views, an increase of 84% on the same quarter\na year earlier. The company reported more than $81.0m of revenue already\nbooked for 2026 as at 14 July, ahead of its entire 2025 revenue, with the\nseasonally strongest period still to come. Cash stood at $5.4m against $2.5m a\nyear earlier, with an overdraft facility available and a new revolving credit\nfacility of up to $10.0m agreed in principle. The company also announced\npartnerships with Spotify and Apple to support its video monetisation engine,\nand added a number of tier one podcast partnerships to its creator network.\n\nA common thread runs through several of the others. Verici Dx, Haydale,\nAptamer Group and Light Science Technologies all raised growth capital during\nthe period, and in each case we participated. Where a company issues new\nequity at a discount, the quoted price adjusts towards the issue price and\nexisting holdings are marked down accordingly. That mark-down reflects the\nterms of the fundraising and the dilution it brings, not a judgement that the\nunderlying business has deteriorated. In each case we took the view that the\ncompany’s prospects justified further support and that the price on offer\nwas attractive.\n\nVerici Dx plc\n\nVerici Dx was the largest single detractor of the half. The shares began the\nperiod at 0.725p and ended it at 0.375p, a fall of 48%, reducing the value of\nour opening holding by £88,772.\n\nWe used that weakness to add to the position, subscribing for 28,571,429\nshares at 0.35p at a cost of £100,000. We now hold 53,934,982 shares. At the\nperiod-end price the shares acquired in June stand modestly ahead of cost.\n\nThe company’s commercial progress through the period was substantial. In a\ntrading update on 16 April 2026, Verici Dx reported that first-quarter testing\nvolumes for Tutivia, its post-transplant rejection test, rose 32% on the\npreceding quarter to 392 tests and 34% year on year, a level it described as\nsignificantly ahead of management expectations. Seven new transplant centres\nbegan ordering during the quarter, six existing centres grew volumes by more\nthan 20%, two of the largest by more than 30%, and a second centre\nincorporated Tutivia into its standard clinical protocols. Centres using the\ntest now account for approximately 20% of annual kidney transplants in the\nUnited States. The test also gained approval under two further State Medicaid\nprogrammes, taking the total to seventeen states alongside the Medicare\ncoverage secured in 2025, which the company estimates reaches around 68% of US\ntransplant tests. The commercial team was strengthened with the appointment of\nan experienced senior sales director.\n\nIn May the company announced the publication of a peer-reviewed clinical\nvalidation study of its Pre-Transplant Rejection Assessment test, known as\nPTRA, in Kidney360, published on behalf of the American Society of Nephrology.\nThe study found that PTRA outperformed conventional risk assessment tools in\npredicting early acute rejection in the two months following transplant,\nallowing clinicians to identify recipients who might safely receive less\naggressive immunosuppressive therapy. Standardised regimens carry risks of\ntoxicity, infection and malignancy where patients are over-suppressed, and the\ntransplant physician quoted by the company described the findings as\naddressing a long-standing unmet need in transplant medicine. PTRA is\ncommercially marketed by Thermo Fisher Scientific. It is a laboratory\ndeveloped test and has not been cleared or approved by the US Food and Drug\nAdministration, nor CE marked in the European Union.\n\nThis was followed on 2 June by the publication of a health economic analysis\nof the same test, conducted by Avalon Health Economics and published in the\nJournal of Health Economics and Outcomes Research. Modelling the effect of\nincorporating PTRA into standard practice, the authors estimated potential\nsavings of more than $191m across the US standard-risk kidney transplant\npopulation over a two-year period, arising from more precisely targeted\nimmunosuppression: escalating treatment for those who need it while avoiding\nunnecessary exposure for patients at lower risk. Clinical validation and a\ndemonstrated economic case are the two things a diagnostic requires to secure\nclinical adoption and reimbursement, and both were established for PTRA during\nthe period.\n\nOn 24 June the company received clinical laboratory certification from the New\nYork State Department of Health, under what is widely regarded as the most\nrigorous laboratory evaluation programme in the United States, together with\nstate approval for Tutivia itself. That completed the company’s\nauthorisation to provide testing services in all fifty states and the District\nof Columbia, making the test available nationwide. New York is among the most\nactive transplant states, with more than 2,000 kidney transplants performed\nthere during 2025. Beyond the access it confers, certification by a demanding\nregulator represents independent validation of the company’s laboratory and\nclinical operations, and the clinicians quoted by the company drew a\ndistinction between Tutivia and the single-parameter cell-free DNA tests more\ncommonly used, which they characterised as lagging indicators of injury\nalready done.\n\nAudited results for 2025, published on 29 June 2026, showed first revenues\nfrom Tutivia of $2.9m against nil in the prior year, with 1,173 tests ordered\ncompared with 334 in 2024.\n\nSet against this, the commercial build remains cash-hungry. The loss for 2025\nwidened to $6.9m and the operating cash outflow to $8.3m, against year-end\ncash of $3.3m, and the company raised further equity during 2026. It was in\nthe June fundraising, at 0.35p, that we subscribed.\n\nOur judgement is that the share price weakness reflects the dilution arising\nfrom successive fundraisings and the length of the commercial build, rather\nthan any failure of the product in the market. The operational trajectory\ndescribed above is not one we would expect to see in a business whose shares\nhave halved. We were prepared to back that judgement with a further £100,000\nof the Company’s capital during the period, which is the clearest way we can\nexpress a view of this kind.\n\nAptamer Group plc\n\nAptamer shares fell from 1.075p to 0.5p over the half, reducing the value of\nour opening holding by £44,083. As with several other holdings, the company\nraised growth capital during the period and the quoted price adjusted towards\nthe issue price.\n\nWe first invested in July 2025, acquiring 16,666,667 shares at 0.3p for\n£50,000. Over the following two months, as the shares re-rated strongly, we\nsold 9,000,000 shares in four tranches at prices between 0.6p and 0.93p,\nrealising £67,493, more than the entire original outlay, and crystallising\nrealised gains of £40,493 while retaining 7,666,667 shares.\n\nIn March we subscribed for a further 8,333,333 shares at 0.6p at a cost of\n£50,000, supporting the company’s growth plans. Having already generated a\nsubstantial return from the investment, we were comfortable adding at that\nlevel. At the period end we held 16,000,000 shares, carried at £80,000\nagainst a book cost of £73,372 and showing an unrealised gain of £6,628.\n\nThe company’s trading update of 13 July, published after our period end and\ncovering its own financial year to 30 June 2026, reported revenue increasing\napproximately 25% on the prior year, and a sales pipeline up 55% since\nJanuary. It also reported its first licensing revenues, following agreements\nsigned in December 2025 with Twist Bioscience and Alphazyme, which the company\nregards as the beginning of a higher-margin revenue stream. A contracted order\nbook of £0.6m is carried into the new financial year.\n\nOperational delivery through the second half was broad. Optimer binders were\ndelivered to a global life sciences group for customer validation under an\nagreement carrying a 2% royalty on sales of diagnostic kits incorporating\nthem, subject to successful testing. Binders supplied to Invizius were shown\nto function in that company’s own assays and are now entering patent\nfilings. The Unilever collaboration has advanced to on-skin testing; work\ncontinues on the Metir Cryptosporidium programme, on a food fortification\nrapid test programme with Imperial College London, and on a\nradiopharmaceutical programme with a top-three global pharmaceutical company.\nContracts worth approximately £769,000 and £190,000 have been signed with\ntop-five and top-ten pharmaceutical partners. The fundraise in which we\nparticipated generated net proceeds of £4.1m and extends the company’s\nfunding runway into at least 2028.\n\nHaving generated a substantial realised return from our original investment\nand with the company’s immediate growth plans now funded, we were content to\nremain invested at the period end.\n\nHaydale Graphene Industries plc\n\nHaydale shares fell from 0.51p to 0.3075p over the half, reducing the value of\nour opening holding by £62,508. The company raised growth capital in January\nand we subscribed for a further 10,000,000 shares at 0.5p, at a cost of\n£50,255.\n\nWe built the original position through four purchases between October 2023 and\nNovember 2024, at prices ranging from 0.5p down to 0.1325p, and in July 2025\nsold 3,000,000 shares at 0.808p, realising £24,114 and a gain of £17,797. At\nthe period end we held 40,867,924 shares at a book cost of £144,453, carried\nat £125,669.\n\nThe company's commercial progress through the period was more encouraging than\nthe share price suggests. In April it announced a multi-year framework\nagreement with Wave Utilities, the largest business water retailer in England\nby volume and a joint venture between Anglian Water and Northumbrian Water,\nserving more than 300,000 business customers. Under the agreement, Haydale's\nSaveMoneyCutCarbon platform was appointed Wave's exclusive external delivery\npartner for water efficiency audits, with right of first refusal on the\ndelivery of funded water efficiency projects. The company expects the\nagreement to generate at least £1.0m of recurring programme-based revenue\nannually, and has identified a broader pipeline of opportunities which it\nvalues at approximately £5.7m over the medium term.\n\nIn June the company announced that Lloyds Banking Group, following a regional\npilot begun in November 2025, had confirmed its intention to proceed to a\nnational roll-out of the SaveMoneyCutCarbon platform across its SME and\nmid-corporate customer base. Both agreements reflect the same model: long-term\nrelationships with utilities and financial institutions that provide embedded\naccess to large, pre-qualified customer bases, and which the company expects\nto convert into recurring, programme-based revenue rather than one-off\ntransactions.\n\nTaken as a whole, with that realised gain set against the unrealised deficit,\nthe investment stands close to the cost of the capital we have committed to\nit. The larger part of the holding, acquired at an average of 0.267p, remains\nabove the price we paid; it is the two tranches subscribed at 0.5p, including\nJanuary’s, that are below it. We recognise that the most recent subscription\nis the one currently showing the greatest deficit, and we will be judged on\nwhether the company delivers from here. On the evidence of the agreements\nsigned during the period, that delivery is underway; the share price has yet\nto reflect it.\n\nRenalytix plc\n\nRenalytix shares fell from 5.9p to 2.3p over the half, a decline of 61%. It\nwas the second largest detractor of the period, reducing the value of the\nholding by £77,895. The company raised capital during the period and, as\nelsewhere in the portfolio, the quoted price adjusted to reflect the terms on\nwhich it did so.\n\nThe position has changed materially since the period end. On 1 September the\ncompany announced a multi-year agreement with Quest Diagnostics to make its\nkidneyintelX.dkd blood test available to physicians and patients served by\nQuest across the United States. Quest serves approximately half of all\nphysicians and hospitals in the country. Under the agreement, physicians will\nbe able to order the test directly through their existing Quest account and\nelectronic health record, with blood draws available through Quest’s 2,000\npatient service centres and 6,000 in-office phlebotomists, while Renalytix\ncontinues to perform and bill for the test from its New York laboratory.\nkidneyintelX.dkd is the first and only test to have received FDA authorisation\nand Medicare reimbursement for predicting the risk of progressive decline in\nkidney function, in a population the company estimates at 15 million US adults\nwith type 2 diabetes and early-stage chronic kidney disease, a group whose\nlater-stage care drives Medicare spending on chronic kidney disease now\nexceeding $130 billion a year. The test is expected to become available for\nordering through Quest during the first quarter of 2027, and Quest holds an\noption to in-license it once certain commercialisation milestones are\nachieved.\n\nFollowing that announcement the company raised further capital at 6p, a\nsubstantial premium to the period-end price, in an issue well supported by\nexisting institutional shareholders. We did not participate. Renalytix was\nalready a position of meaningful size within the portfolio, and we judged that\nadding to it would concentrate risk further than we considered appropriate,\nnotwithstanding our view of the opportunity. The shares traded at 6.35p on 11\nSeptember, materially above the 2.3p at which the holding was carried at 30\nJune, and we regard the business as now well funded. We should be clear that\nthe holding remains below our average cost of 9.27p and continues to show an\nunrealised loss. But we regard the Quest agreement as a material development\nfor the company, and the market’s response to it suggests we are not alone\nin that view.\n\nOf the remaining positions, SkinBioTherapeutics was sold outright during the\nperiod, realising £24,370, and Fortis Frontier was exited in May for\n£30,081; in both cases we concluded that the capital was better deployed\nelsewhere.\n\nPositive contributors\n\nAgainst these, a number of holdings performed strongly on their own merits,\nwithout any support from further investment on our part:\n\n\n * Cordel Group plc rose 91% over the six months, adding £29,229 to the value of\nthe portfolio and making it the largest single positive contributor of the\nhalf. During the period the company received a cash takeover offer at 12.4p\nper share, a premium of approximately 95% to the price at which the shares\nstood on 31 December. We regard that premium as the clearest illustration\navailable of the argument set out in our outlook below: UK smaller companies\nare trading at such depressed levels that acquirers with full information are\nwilling to pay very substantial premiums to buy them outright.\n\n * Clean Power Hydrogen plc more than doubled, gaining 127%.\n\n * Abingdon Health plc advanced 60%, adding £10,406.\n\n * Solid State plc gained 28%, adding £12,375.\n\n * XP Factory plc rose 56% and Creo Medical plc 48%.\n\nPortfolio activity\n\nWe were active buyers through the period, deploying £373,045 and reducing\ncash from 17.1% of net assets at 31 December to 8.1% at 30 June. We regard the\nprices available during the half as among the most attractive we have seen,\nand we chose to put capital to work rather than hold it.\n\nNew investments\n\n\n * Time To Act plc: 500,000 shares acquired in April at a cost of £30,155. An\nengineering-led group focused on the energy transition supply chain, operating\nthrough two divisions: Diffusion Alloys, which supplies high-temperature\ncorrosion-protection diffusion coatings for applications including blue\nhydrogen and nuclear components, and GreenSpur, which develops electrical\ngenerators that require no rare earth magnets, for uses such as wind. The\ncompany was raising growth capital to pursue what it described as a number of\nopportunities across both businesses. Time To Act is quoted on the Aquis Stock\nExchange rather than AIM.\n\n * RentGuarantor Holdings plc: 229,861 shares acquired in June at a cost of\n£66,997. A UK online rent-guarantee provider, acting as guarantor for tenants\nwho cannot meet standard referencing or upfront rent requirements and giving\nlandlords and letting agents secured rental income in return for a fee. The\ncompany was raising growth capital in anticipation of an expected increase in\ntrading.\n\nFollow-on investments\n\n\n * Haydale Graphene Industries plc: 10,000,000 shares, £50,255, in January.\n\n * Aptamer Group plc: 8,333,333 shares, £50,255, in March.\n\n * Light Science Technologies plc: 7,500,000 shares, £75,000, in April.\n\n * Verici Dx plc: 28,571,429 shares, £100,000, in June.\n\nRealisations totalled £78,822, comprising the exits from Fortis Frontier and\nSkinBioTherapeutics described above. We did not trim any holding during the\nperiod; where we sold, we sold in full.\n\nDividend\n\nOn 5 August 2026, after the period end, the Company paid a dividend of 1.35p\nper share out of its distributable reserves, bringing cumulative dividends\npaid since launch to 35.61p per share, all of it free of income tax. On the 30\nJune NAV the latest distribution represents a yield of 6.1%. The Board\nmaintained the distribution through a difficult half because it continues to\nbelieve shareholders should be rewarded for their support, and because\ntax-free dividend income is one of the principal benefits of holding a VCT.\nThat treatment was left unchanged by the Autumn Budget 2025 and is unaffected\nby the changes described below.\n\nOutlook\n\nWe enter the second half with the portfolio more fully invested, at lower\nprices, and in a smaller number of more strongly supported positions than six\nmonths ago. That is a deliberate outcome rather than an accident of markets.\n\nThe Light Science Technologies holding demonstrates what this strategy looks\nlike when it works: an initial investment repaid in full within months, gains\nrealised into strength, and the position rebuilt at a fraction of the price\nwhen the opportunity re-presented itself. We have applied the same discipline\nto three further holdings during this half, at prices we believe will look\nsimilarly attractive with the benefit of time.\n\nUK smaller companies remain markedly cheap against their own history and\nagainst international comparators. Trade buyers and private equity have\ncontinued to acquire AIM-quoted businesses at substantial premiums, and\nseveral companies moved up from AIM to the Main Market during the period.\nAcquirers with access to full information are paying well above public market\nprices, which is the clearest evidence available that value exists in this\nmarket and has not yet been recognised by it. The cash offer for Cordel Group\nduring the period, at a premium of approximately 95% to its December price, is\na direct example from within the portfolio itself.\n\nThe recovery in NAV since the period end, set out at the start of this review,\nis not the product of a general movement in the FTSE AIM All-Share Index\n(which increased by 2.4% from the period end to 11 September 2026). It\nreflects developments in the specific holdings described above.\n\nRenalytix has re-rated sharply following the Quest Diagnostics agreement and a\nsubsequent fundraising at a substantial premium to the period-end price. Light\nScience Technologies has continued to appreciate, trading at 1.9p on 11\nSeptember. Audioboom and Aptamer Group have each reported materially improved\ntrading since the half-end. These are the same holdings whose share price\nfalls drove the decline in NAV during the period, and the speed of the\nrecovery illustrates the point made at the outset of this review: in micro-cap\nmarkets, quoted prices can diverge from underlying value for extended\nstretches and then close that gap quickly.\n\nBoth of the new investments made during the half have also begun well. We\nsubscribed for RentGuarantor at 29p in June and the shares stood at 93p on 11\nSeptember; we invested in Time To Act at 6p in April and the shares stood at\n27.5p on the same date. These remain young positions and holdings of this size\ncan move sharply in either direction, but both illustrate what is available\nwhen capital is committed at the right price to companies at the right stage.\n\nThese are small businesses and their shares can be relatively illiquid for\nextended periods. They are also capable of re-rating quickly once progress\nbecomes visible, as several holdings demonstrated during this half. We\ncontinue to back dynamic growth companies with capable management, defensible\npositions and a credible route to scale, and we are prepared to be patient\nwhere the value is evident, but the market has yet to agree.\n\nWe are conscious that the first half has not performed as hoped, however we\nfirmly believe the portfolio is well positioned to recover ground and more, as\nwe are currently witnessing post period end. We remain confident and excited\nin the Company’s ability to deliver medium and long-term value through a\ncombination of capital growth and tax-free dividends while continuing to\nsupport innovative UK businesses.\n\nOberon AIM VCT plc\n\nFor the six months to 30 June 2026\n\nUnaudited Balance Sheet\n                                               Interim Accounts            Final Accounts              Interim Accounts        \n                                               as at 30 June               as at 31 December           as at 30 June           \n                                               \n2026                       \n2025*                      \n2025                   \n                                               £'000   £'000               £'000   £'000               £'000   £'000           \n Fixed Assets                                                                                                                  \n                Investments                            1,571                       1,559                       1,635           \n                                                                                                                               \n Current Assets                                                                                                                \n                Debtors                        175     175                 334     334                 312     312             \n                                                                                                                               \n Current Liabilities                                                                                                           \n                Creditors: amounts due                                                                                         \n                within one year                        (24     )                   (39     )                   (22     )       \n                                                                                                                               \n                                                       1,722                       1,854                       1,925           \n Capital and Reserves                                                                                                          \n                Share capital                          778                         701                         684             \n                Share premium                          232                         111                         770             \n                Capital redemption reserve             215                         215                         171             \n                Special distributable reserve          3,207                       3,207                       2,636           \n                Capital reserve - realised             (698    )                   (317    )                   (426    )       \n                Capital reserve - unrealised           (1,522  )                   (1,621  )                   (1,540  )       \n                Revenue reserve                        (490    )                   (442    )                   (370    )       \n                                                                                                                               \n                                                       1,722                       1,854                       1,925           \n                                                                                                                               \n Net Asset Value per share                             22.1p                       26.4p                       28.1p           \n                                                                           *Audited                                            \n\n\nUnaudited Statement of Comprehensive Income\n\n(incorporating the revenue account)\n                                                 6 month period ended 30 June 2026         Year to 31 December 2025*        6 month period ended 30 June 2025                   \n                                                 Revenue       Capital       Total         Revenue    Capital    Total      Revenue       Capital       Total                   \n                                                 £'000         £'000         £'000         £'000      £'000      £'000      £'000         £'000         £'000                   \n Gains/(losses) on investments                                                                                                                                                  \n Realised                                        -             (10)          (10)          -          213        213        -             18            18                      \n Unrealised                                      -             (272)         (272)         -          (6)        (6)        -             159           159                     \n Income                                          6             -             6             11         -          11         6             -             6                       \n Investment management fees                      -             -             -             -          -          -          -             -             -                       \n Other expenses                                  (54)          -             (54)          (124)      -          (124)      (47)          -             (47)                    \n Return on ordinary activities                   (48)          (282)         (230)         (113)      207        94         (41)          177           136                     \n Tax on ordinary activities                      -             -             -             -          -          -          -             -             -                       \n Return on ordinary activities                                                                                                                                                  \n after taxation                                  (48)          (282)         (230)         (113)      207        94         (41)          177           136                     \n Return per ordinary share in pence              (0.63)        (3.75)        (4.38)        (1.76)     3.21       1.45       (0.69)        2.98          2.29                    \n                                                                                                                                                                                \n                                                                                           *Audited                                                                             \n                                                                                                                                                                                \n All revenue and capital items in the above statement are from continuing                                                                                                       \n operations in the current six month period. No operations were acquired or                                                                                                     \n discontinued in the current period. Other than that shown above, the Company                                                                                                   \n had no recognised gains or losses. Accordingly, the above represents the total                                                                                                 \n comprehensive income for the period.                                                                                                                                           \n The weighted average number of shares in issue during the period was                                                                                                           \n 7,532,871.                                                                                                                                                                     \n                                                                                                                                                                                \n\n\nUnaudited Consolidated Statement of Changes in Equity\n                                                                        Share        Capital        Special              Capital       Capital           Revenue                   \n                                                      \n                 \nPremium     \nRedemption    \ndistributable       \nrealised     \nunrealised       \nreserve       \n          \n                                                      \nCalled-up        \naccount     \nreserve       \nreserve             \n£’000        \n£’000            \n£’000         \n          \n                                                      \nshare capital    \n£’000       \n£’000         \n£’000                                                              \n          \n                                                      \n£’000                                                                                                            \nTotal     \n                                                                                                                                                                        \n£’000     \n As at 1 January 2026                                 701               111          215            3,207                (317)         (1,621)           (442)          1,854      \n Realised (losses)/gains on disposals in period       -                 -            -              -                    (10)          -                 -              (10)       \n Unrealised (losses)/gains                            -                 -            -              -                    -             (272)             -              (272)      \n Trf of unrealised losses to realised on disposal     -                 -            -              -                    (371)         371               -              -          \n Net revenue before tax                               -                 -            -              -                    -             -                 (48)           (48)       \n New shares issued                                    77                121          -              -                    -             -                 -              198        \n Capital element of investment management fee         -                 -            -              -                    -             -                 -              -          \n                                                      ________          ________     _________      _________            _______       ________          ________       ________   \n At 30 June 2026                                      778               232          215            3,207                (698)         (1,522)           (490)          1,722      \n                                                                                                                                                                                   \n                                                                                                                                                                                   \n                                                                                                                                                                                   \n As at 1 January 2025                                 557               547          171            2,636                (130)         (2,014)           (329)          1,438      \n Share buy back                                       (44)              -            44             (101)                -             -                 -              (101)      \n Capital reduction                                    -                 (761)        -              761                  -             -                 -              -          \n Realised gain on disposals                           -                 -            -              -                    213           -                 -              213        \n Unrealised (losses)/gains                            -                 -            -              -                    -             (6)               -              (6)        \n Transfer of unrealised gain to realised on disposal  -                 -            -              -                    (399)         399               -              -          \n Net revenue before tax                               -                 -            -              -                    -             -                 (113)          (113)      \n New shares issued                                    187               325          -              -                    -             -                 -              512        \n Capital element of investment management fee         -                 -            -              -                    -             -                 -              -          \n Dividends paid                                       -                 -            -              (89)                 -             -                 -              (89)       \n                                                      ________          ________     _________      _________            ________      ________          ________       ________   \n At 31 December 2025                                  701               111          215            3,207                (317)         (1,621)           (442)          1,854      \n                                                                                                                                                                                   \n\n\nUnaudited Consolidated Statement of Changes in Equity (continued)\n                                                                                      Share        Capital        Special            Capital       Capital         Revenue                 \n                                                                    \n                 \nPremium     \nRedemption    \ndistributable     \nrealised     \nunrealised     \nreserve     \n          \n                                                                    \nCalled-up        \naccount     \nreserve       \nreserve           \n£’000        \n£’000          \n£’000       \n          \n                                                                    \nshare capital    \n£’000       \n£’000         \n£’000                                                        \n          \n                                                                    \n£’000                                                                                                      \nTotal     \n                                                                                                                                                                                \n£’000     \n                                                                                                                                                                                           \n As at 1 January 2025                                               557               547          171            2,636              (130)         (2,014)         (329)        1,438      \n                                                                                                                                                                                           \n Realised gains on disposals                                        -                 -            -              -                  18            -               -            18         \n Unrealised gains                                                   -                 -            -              -                  -             159             -            159        \n Transfer of unrealised loss to realised on disposal of investment                    -                           -                  (314)         314             -                       \n                                                                    \n                              \n                                                                            \n          \n                                                                    \n-                             \n-                                                                           \n-         \n Net revenue before tax                                             -                 -            -              -                  -             -               (41)         (41)       \n New shares issued                                                  127               223          -              -                  -             -               -            350        \n Capital element of investment management fee                       -                 -            -              -                  -             -               -            -          \n                                                                    ________          ________     _________      _________          _______       ________        ________     ________   \n At 30 June 2025                                                    684               770          171            2,636              (426)         (1,540)         (370)        1,925      \n                                                                                                                                                                                           \n\n\nOberon AIM VCT plc\n\nFor the six months to 30 June 2026\n\nInvestment Portfolio\n     Security                         Cost       Valuation     %       %          \n                                                 30 June 2026  Cost    Valuation  \n                                                                                  \n     Qualifying Investments           3,082,576  1,561,998     95.47   91.54      \n     Non-qualifying Investments       11,015     9,020         0.34    0.53       \n     Uninvested funds                 135,316    135,316       4.19    7.93       \n                                      3,228,907  1,706,335     100.00  100.00     \n     Qualifying Investments                                                       \n     AIM Quoted                                                                   \n     Abingdon Health plc              58,129     27,028        1.80    1.58       \n     Aptamer Group plc                73,372     79,680        2.27    4.67       \n     Audioboom Group plc              33,110     58,960        1.03    3.46       \n     Aurrigo International plc        65,335     43,550        2.02    2.55       \n     Belluscura plc                   102,517    0             3.17    0.00       \n     Brighton Pier Group plc          35,379     2,530         1.10    0.15       \n     Clean Power Hydrogen plc         50,253     15,056        1.56    0.88       \n     Cloudified Holdings plc          85,234     1,096         2.64    0.06       \n     Coral Products plc               25,104     9,620         0.78    0.56       \n     Cordel Group plc                 30,656     61,000        0.95    3.57       \n     Creo Medical Group plc           20,504     3,825         0.64    0.22       \n     CyanConnode Holdngs plc          204,219    6,322         6.32    0.37       \n     Destiny Pharma                   175,882    0             5.45    0.00       \n     Direct Plus plc                  30,158     11,250        0.93    0.66       \n     DP Poland plc                    25,631     11,900        0.79    0.70       \n     Earnz plc                        50,254     22,000        1.56    1.29       \n     Eden Research plc                29,852     13,250        0.92    0.78       \n     Feedback plc                     130,665    14,633        4.05    0.86       \n     Genincode plc                    42,603     10,685        1.32    0.63       \n     Getech Group plc                 23,750     22,444        0.74    1.32       \n     H-Power plc                      50,254     36,375        1.56    2.13       \n     Haydale Graphine Industries plc  141,867    124,647       4.39    7.30       \n     I-Nexus Global plc               30,153     380           0.93    0.02       \n     Lifesafe Holdings plc            75,387     65,625        2.33    3.85       \n     Light Science Technologies plc   87,445     147,465       2.71    8.64       \n     Lunglife AI Inc                  20,104     341           0.62    0.02       \n     M.Winkworth plc                  24,120     51,450        0.75    3.02       \n     Nexteq plc                       8,091      9,450         0.25    0.55       \n     Oxford Biodynamics plc           75,384     24,750        2.33    1.45       \n     PHSC plc                         15,077     4,200         0.47    0.25       \n     Property Franchise Group plc     14,511     61,880        0.45    3.63       \n     Pulsar Group plc                 10,053     9,250         0.31    0.54       \n     Renalytix plc                    200,511    49,550        6.21    2.90       \n     Rentguarantor Holdings plc       66,997     66,660        2.07    3.91       \n\n\nInvestment Portfolio continued\n     Security                          Cost       Valuation     %      %          \n                                                  30 June 2026  Cost   Valuation  \n     Rosslyn Data Technologies plc     98,606     5,425         3.05   0.32       \n     SEEEN plc                         163,332    104,444       5.06   6.12       \n     Solid State plc                   13,378     55,000        0.41   3.22       \n     Strip Tinning plc                 66,148     22,703        2.05   1.33       \n     Sysgroup plc                      45,232     12,750        1.40   0.75       \n     Thalia Therapeutics plc           40,204     2,400         1.25   0.14       \n     Time to Act plc                   30,155     62,500        0.93   3.66       \n     Verici Dx plc                     326,514    188,772       10.11  11.06      \n     XP Factory plc                    31,006     4,581         0.96   0.27       \n                                                                                  \n                                       2,927,134  1,525,426     90.65  89.40      \n     Qualifying Investments                                                       \n     AQSE Quoted                                                                  \n     EDX Medical Group plc             25,001     15,625        0.77   0.92       \n     TSP Advanced Technologies plc     100,283    3,300         3.11   0.19       \n                                       125,284    18,925        3.88   1.11       \n     Qualifying Investments                                                       \n     Unlisted Investments                                                         \n     LightwaveRF plc                   30,158     17,647        0.93   1.03       \n                                       30,158     17,647        0.93   1.03       \n                                                                                  \n     Total qualifying investments      3,082,576  1,561,998     95.47  91.54      \n                                                                                  \n                                                                                  \n     Non Qualifying Investments                                                   \n     AIM Quoted                                                                   \n     Audioboom Group plc               1,163      440           0.03   0.03       \n                                       1,163      440           0.03   0.03       \n                                                                                  \n     Non Qualifying Investments                                                   \n     UK Listed                                                                    \n     Twentyfour Income Fund Ltd        9,852      8,580         0.31   0.50       \n                                       9,852      8,580         0.31   0.50       \n                                                                                  \n     Total non-qualifying investments  11,015     9,020         0.34   0.53       \n                                                                                  \n\n\nNotes to the Accounts\n\nThis interim financial information and the unaudited interim accounts for the\nsix months to 30 June 2026 from which it has been extracted, are the\nresponsibility of the directors and were approved by them on 17 September\n2026, do not constitute statutory accounts within the meaning of Section 434\nof the Companies Act 2006 and have not been delivered to the Registrar of\nCompanies.\n\nThe Company is an investment company as defined in Section 833 of the\nCompanies Act 2006. The unaudited interim accounts have been prepared in\naccordance with the Financial Reporting Council’s (FRC) Financial Reporting\nStandard 104 Interim Financial Reporting (January 2022) and with the Statement\nof Recommended Practice for Investment Companies re-issued by the Association\nof Investment Companies in November 2014 and updated in July 2022.\n\nThe unaudited interim accounts have been prepared using accounting policies\nthat the Company applied in the accounts for the year ended 31 December 2025,\nincorporating FRS 102 The Financial Reporting Standard applicable in the UK\nand Republic of Ireland. The Company considers these accounting policies will\nbe used in the accounts for the year ending 31 December 2026.\n\nListed, AIM or AQUIS Markets - traded investments are stated at market value,\nwhich is based upon market bid prices in an active market at the balance sheet\ndate. These would all meet tier 1 of the fair value hierarchy.\n\nAt the 1 January 2026 there were 7,010,058 shares in issue and following the\nissue of 774,342 shares during H1’26, the number of shares in issue at 30\nJune 2026 was 7,784,400. The average weighted number of shares in issue in the\nperiod was 7,532,871.\n\nNet Asset Value per share at 30 June 2026 was 22.1p (at 31 December 2025:\n26.4p; 30 June 2025: 28.1p).\n\nNo dividend was paid in the period, but a final dividend for the year ended 31\nDecember 2025, of 1.35p per share (totaling £105,089) was paid on 5 August\n2025.\n\nOberon AIM VCT plc is managed by Oberon Investments Limited (‘OIL’). Under\nthe terms of the management agreement, OIL is entitled to a fee (exclusive of\nVAT) equal to 2.0% of net assets from the 1 October 2025. However, Oberon has\nagreed to charge no fee from 1 October 2025 to 30 September 2026 for its\ninvestment management services. During the period the management fee was £nil\n(the year ended 31 December 2025, £nil; the period ended 30 June 2025,\n£nil).\n\nBearing in mind that the assets of the Company consist mainly of marketable\nsecurities, the directors are of the opinion that at the time of approving\nthis interim financial information, the Company has adequate resources to\ncontinue in operational existence for the foreseeable future. For this reason,\nthey continue to adopt the going concern basis in preparing this interim\nfinancial information.\n\nCopies of the Interim Report to Shareholders have been sent to shareholders\nand are available at the Company’s Registered Office: 5 Duke Street St\nJames’s, London SW1H 0DB.\n\nOberon AIM VCT plc\n\nDirectors, Investment Managers and Advisors\n                                                                     \n                                                                     \n Directors                       Geoffrey Charles Gamble (Chairman)  \n                                 John Beaumont                       \n                                 Christopher Andrew                  \n                                 \n                                   \n                                 \n                                   \n                                                                     \n Registered Office                                                   \n                                 \n                                   \n                                 \n2nd Floor                          \n                                 6 Duke Street St James’s            \n                                 London                              \n                                 \n                                   \n                                 \nSW1Y 6BN                           \n                                                                     \n Company Secretary               John Beaumont                       \n                                 6 Duke Street St James’s            \n                                 London                              \n                                 \n                                   \n                                 \nSW1Y 6BN                           \n                                 Oberon Investments Limited          \n \n                                                                   \n \nInvestment Manager and Broker                                      \n                                 1(st) Floor                         \n                                 \n                                   \n                                 \n12 Hornsby Square                  \n                                 \n                                   \n                                 \nSouthfields Business Park          \n                                 Basildon                            \n                                 \n                                   \n                                 \nEssex                              \n                                 \n                                   \n                                 \nSS15 6SD                           \n                                                                     \n Auditor                         Royce Peeling Green Limited         \n                                 \nThe Copper Room                    \n                                 \n                                   \n                                 \nDeva City Office Park              \n                                 \nTrinity Way                        \n                                 \nManchester                         \n                                 \nM3 7BG                             \n                                                                     \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260917356213/en/\n(https://www.businesswire.com/news/home/20260917356213/en/)\n\nOBERON AIM VCT PLC\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-18T06:00:00.322693687Z","server_sent_at_ms":1789711200322},"received_at":"2026-09-18T06:00:00.546Z","source_url":"https://www.businesswire.com/news/home/20260917356213/en/"},"analysis":{"id":"135919","press_release_id":"147066","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":["NAV fell 16.3% in H1'26 versus a +0.75% benchmark return — roughly 17 percentage points of underperformance","Qualifying investments valued at £1.56m against £3.08m cost — portfolio carried at roughly half of invested cost","Belluscura (£102,517 cost) and Destiny Pharma (£175,882 cost) carried at zero value","Concentration risk: Verici Dx is 11.06% of portfolio value and is cash-hungry (2025 loss $6.9m, operating cash outflow $8.3m, year-end cash $3.3m)","Multiple holdings required dilutive fundraisings during the period (Verici Dx, Aptamer, Haydale, Light Science Technologies), driving mark-downs","Realised capital reserve (-£698k) and revenue reserve (-£490k) both negative; 1.35p dividend paid out of distributable reserves while NAV declines","Portfolio concentrated in illiquid micro-cap AIM/AQSE stocks prone to sharp re-ratings in either direction","Internal date inconsistency: dividend described as paid 5 August 2026 in the review but the notes state 5 August 2025"],"eventType":"earnings","narrative":"Oberon AIM VCT reported net asset value per share of 22.1p at 30 June 2026, down 16.3% from 26.4p six months earlier, while the FTSE AIM All-Share rose 0.75% over the same half.\n\nSince the period end the fund says NAV recovered to 23.89p by 11 September 2026; adding back the 1.35p dividend paid on 5 August, the total return over the ten weeks after 30 June was 9.1%.\n\nManagers deployed £373,045 during the half, cutting cash from 17.1% to 8.1% of net assets, with the largest detractors Verici Dx, Renalytix, Haydale, Aptamer and Audioboom — several of which completed dilutive fundraisings that marked down quoted prices.\n\nThe board paid a 1.35p dividend (a 6.1% yield on the 30 June NAV), has distributed 35.61p cumulative since launch, and remains committed to a 5% tax-free yield target with a share offer open to investors.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Micro-cap VCT NAV down 16.3% in H1 but managers argue a 9.1% post-period rebound and a maintained 6.1% dividend vindicate buying the dip."},"keyFigures":{"eps":"-4.38p (H1'26 return per ordinary share: revenue -0.63p, capital -3.75p)","customDimensions":{"nav_per_share":"22.1p","management_fee":"2.0% of net assets (waived from 1 October 2025 to 30 September 2026; £nil charged in period)","nav_change_pct":"-16.3%","net_assets_gbp":1722000,"post_period_nav":"23.89p (mid-price, 11 September 2026)","shares_in_issue":7784400,"benchmark_return":"+0.75% (FTSE AIM All-Share)","realisations_gbp":78822,"dividend_per_share":"1.35p","cash_pct_of_nav_end":"8.1%","nav_per_share_prior":"26.4p","capital_deployed_gbp":373045,"investments_cost_gbp":3082576,"cash_pct_of_nav_start":"17.1%","dividend_yield_on_nav":"6.1%","target_tax_free_yield":"5%","investments_valuation_gbp":1561998,"post_period_10wk_total_return":"9.1%","cumulative_dividends_per_share":"35.61p since launch"}},"quotedText":"we are still very encouraged by the outlook","namedEntities":{"people":[{"name":"Geoffrey Gamble","role":"Chairman, Oberon AIM VCT plc"},{"name":"Simon Like","role":"Senior fund manager, Oberon Investments"},{"name":"John Beaumont","role":"Director and Company Secretary"},{"name":"Christopher Andrew","role":"Director"}],"products":["Tutivia","PTRA (Pre-Transplant Rejection Assessment)","kidneyintelX.dkd","SaveMoneyCutCarbon platform","Showcase","Optimer binders"],"companies":[{"name":"Oberon AIM VCT plc","ticker":"OVCT","relationship":"filer"},{"name":"Oberon Investments Limited","relationship":"investment manager"},{"name":"Verici Dx plc","relationship":"portfolio holding (largest detractor, 11.06% of portfolio value)"},{"name":"Renalytix plc","relationship":"portfolio holding (second largest detractor)"},{"name":"Haydale Graphene Industries plc","relationship":"portfolio holding"},{"name":"Aptamer Group plc","relationship":"portfolio holding"},{"name":"Audioboom Group plc","relationship":"portfolio holding"},{"name":"Light Science Technologies plc","relationship":"portfolio holding"},{"name":"Cordel Group plc","relationship":"portfolio holding subject to takeover offer at 12.4p"},{"name":"SkinBioTherapeutics plc","relationship":"exited holding"},{"name":"Fortis Frontier","relationship":"exited holding"},{"name":"Clean Power Hydrogen plc","relationship":"portfolio holding (+127%)"},{"name":"Abingdon Health plc","relationship":"portfolio holding (+60%)"},{"name":"Solid State plc","relationship":"portfolio holding (+28%)"},{"name":"Time To Act plc","relationship":"new investment (AQSE-quoted)"},{"name":"RentGuarantor Holdings plc","relationship":"new investment"},{"name":"Quest Diagnostics","relationship":"commercial partner of holding Renalytix"},{"name":"Thermo Fisher Scientific","relationship":"commercialises PTRA test of holding Verici Dx"},{"name":"Wave Utilities","relationship":"framework partner of holding Haydale"},{"name":"Lloyds Banking Group","relationship":"platform roll-out customer of holding Haydale"},{"name":"Royce Peeling Green Limited","relationship":"auditor"}],"dollarAmounts":[{"amount":"£373,045","context":"capital deployed during the half"},{"amount":"£78,822","context":"total realisations (Fortis Frontier and SkinBioTherapeutics exits)"},{"amount":"£100,000","context":"follow-on subscription in Verici Dx (28,571,429 shares at 0.35p)"},{"amount":"£75,000","context":"subscription in Light Science Technologies (7,500,000 shares at 1p)"},{"amount":"£105,089","context":"total value of 1.35p per share dividend"},{"amount":"$45.7m","context":"Audioboom half-year revenue, up 30%"},{"amount":"more than $191m","context":"estimated two-year US health-economic savings from Verici Dx PTRA test"},{"amount":"£1.0m","context":"expected annual recurring revenue from Haydale-Wave Utilities agreement"},{"amount":"£5.7m","context":"Haydale medium-term opportunity pipeline"},{"amount":"£4.1m","context":"net proceeds of Aptamer Group fundraise"},{"amount":"£50,255","context":"follow-on subscriptions in Haydale (January) and Aptamer (March)"},{"amount":"£66,997","context":"new investment in RentGuarantor Holdings (229,861 shares)"},{"amount":"£30,155","context":"new investment in Time To Act (500,000 shares)"}]},"materialImpact":{"score":3,"reasoning":"Scheduled half-year report showing a material 16.3% NAV decline (vs +0.75% for the FTSE AIM All-Share) with qualifying investments carried at roughly half of cost, partially offset by a 9.1% post-period total return and a maintained 1.35p dividend. Micro-cap scale (~£1.7m net assets) limits broader market impact."},"tickerRelevance":{"others":[],"primary":"OVCT"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":["dividend"],"importanceComponents":{"filerType":"UK venture capital trust (closed-end investment company)","tickerTier":"micro-cap","eventGravity":"scheduled half-year report with material NAV decline","jurisdiction":"UK","navDeclinePct":-16.3,"householdBrandBoost":0,"retailFavoriteBoost":0,"postPeriodRecoveryPct":9.1}},"event_type":"earnings","event_type_secondary":["dividend"],"sentiment":"mixed","material_impact_score":3,"narrative":"Oberon AIM VCT reported net asset value per share of 22.1p at 30 June 2026, down 16.3% from 26.4p six months earlier, while the FTSE AIM All-Share rose 0.75% over the same half.\n\nSince the period end the fund says NAV recovered to 23.89p by 11 September 2026; adding back the 1.35p dividend paid on 5 August, the total return over the ten weeks after 30 June was 9.1%.\n\nManagers deployed £373,045 during the half, cutting cash from 17.1% to 8.1% of net assets, with the largest detractors Verici Dx, Renalytix, Haydale, Aptamer and Audioboom — several of which completed dilutive fundraisings that marked down quoted prices.\n\nThe board paid a 1.35p dividend (a 6.1% yield on the 30 June NAV), has distributed 35.61p cumulative since launch, and remains committed to a 5% tax-free yield target with a share offer open to investors.","key_figures":{"eps":"-4.38p (H1'26 return per ordinary share: revenue -0.63p, capital -3.75p)","customDimensions":{"nav_per_share":"22.1p","management_fee":"2.0% of net assets (waived from 1 October 2025 to 30 September 2026; £nil charged in period)","nav_change_pct":"-16.3%","net_assets_gbp":1722000,"post_period_nav":"23.89p (mid-price, 11 September 2026)","shares_in_issue":7784400,"benchmark_return":"+0.75% (FTSE AIM All-Share)","realisations_gbp":78822,"dividend_per_share":"1.35p","cash_pct_of_nav_end":"8.1%","nav_per_share_prior":"26.4p","capital_deployed_gbp":373045,"investments_cost_gbp":3082576,"cash_pct_of_nav_start":"17.1%","dividend_yield_on_nav":"6.1%","target_tax_free_yield":"5%","investments_valuation_gbp":1561998,"post_period_10wk_total_return":"9.1%","cumulative_dividends_per_share":"35.61p since launch"}},"named_entities":{"people":[{"name":"Geoffrey Gamble","role":"Chairman, Oberon AIM VCT plc"},{"name":"Simon Like","role":"Senior fund manager, Oberon Investments"},{"name":"John Beaumont","role":"Director and Company Secretary"},{"name":"Christopher Andrew","role":"Director"}],"products":["Tutivia","PTRA (Pre-Transplant Rejection Assessment)","kidneyintelX.dkd","SaveMoneyCutCarbon platform","Showcase","Optimer binders"],"companies":[{"name":"Oberon AIM VCT plc","ticker":"OVCT","relationship":"filer"},{"name":"Oberon Investments Limited","relationship":"investment manager"},{"name":"Verici Dx plc","relationship":"portfolio holding (largest detractor, 11.06% of portfolio value)"},{"name":"Renalytix plc","relationship":"portfolio holding (second largest detractor)"},{"name":"Haydale Graphene Industries plc","relationship":"portfolio holding"},{"name":"Aptamer Group plc","relationship":"portfolio holding"},{"name":"Audioboom Group plc","relationship":"portfolio holding"},{"name":"Light Science Technologies plc","relationship":"portfolio holding"},{"name":"Cordel Group plc","relationship":"portfolio holding subject to takeover offer at 12.4p"},{"name":"SkinBioTherapeutics plc","relationship":"exited holding"},{"name":"Fortis Frontier","relationship":"exited holding"},{"name":"Clean Power Hydrogen plc","relationship":"portfolio holding (+127%)"},{"name":"Abingdon Health plc","relationship":"portfolio holding (+60%)"},{"name":"Solid State plc","relationship":"portfolio holding (+28%)"},{"name":"Time To Act plc","relationship":"new investment (AQSE-quoted)"},{"name":"RentGuarantor Holdings plc","relationship":"new investment"},{"name":"Quest Diagnostics","relationship":"commercial partner of holding Renalytix"},{"name":"Thermo Fisher Scientific","relationship":"commercialises PTRA test of holding Verici Dx"},{"name":"Wave Utilities","relationship":"framework partner of holding Haydale"},{"name":"Lloyds Banking Group","relationship":"platform roll-out customer of holding Haydale"},{"name":"Royce Peeling Green Limited","relationship":"auditor"}],"dollarAmounts":[{"amount":"£373,045","context":"capital deployed during the half"},{"amount":"£78,822","context":"total realisations (Fortis Frontier and SkinBioTherapeutics exits)"},{"amount":"£100,000","context":"follow-on subscription in Verici Dx (28,571,429 shares at 0.35p)"},{"amount":"£75,000","context":"subscription in Light Science Technologies (7,500,000 shares at 1p)"},{"amount":"£105,089","context":"total value of 1.35p per share dividend"},{"amount":"$45.7m","context":"Audioboom half-year revenue, up 30%"},{"amount":"more than $191m","context":"estimated two-year US health-economic savings from Verici Dx PTRA test"},{"amount":"£1.0m","context":"expected annual recurring revenue from Haydale-Wave Utilities agreement"},{"amount":"£5.7m","context":"Haydale medium-term opportunity pipeline"},{"amount":"£4.1m","context":"net proceeds of Aptamer Group fundraise"},{"amount":"£50,255","context":"follow-on subscriptions in Haydale (January) and Aptamer (March)"},{"amount":"£66,997","context":"new investment in RentGuarantor Holdings (229,861 shares)"},{"amount":"£30,155","context":"new investment in Time To Act (500,000 shares)"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-18T06:01:42.533Z","global_importance":12,"audience_relevance":8,"importance_components":{"filerType":"UK venture capital trust (closed-end investment company)","tickerTier":"micro-cap","eventGravity":"scheduled half-year report with material NAV decline","jurisdiction":"UK","navDeclinePct":-16.3,"householdBrandBoost":0,"retailFavoriteBoost":0,"postPeriodRecoveryPct":9.1}},"durationMs":101880,"modelName":"glm-5.3-flash"}}