|Meeting Type||Date||Meeting information||Poll voting results|
|Annual General Meeting||4 February 2021||Download||Download|
The Next Annual General Meeting of the Company is 11.30am on Thursday 4 February 2021, this meeting will be held behind closed doors and Shareholders will not be invited to attend. The Board have made the following statement in the Annual Report regarding the Meeting, any Changes to the arrangements will be notified here and if appropriate through the Stock Exchange RNS system.
Annual General Meeting (“AGM”) format for this year
The Board has been considering the potential impact of the ongoing Covid-19 pandemic on the arrangements for the Company’s forthcoming AGM. Given current restrictions and the considerable uncertainty surrounding the future evolution of the pandemic, the Board has concluded that, in the interests of safety, the AGM will not follow the format of previous years. Instead, the AGM will be held behind closed doors, whilst the Company will still meet its requirements for a quorum. The meeting will be held at 11.30 am on Thursday 4 February 2021, but without Shareholders being invited to attend in person or online.
Notice of the AGM to be held at the offices of Unicorn Asset Management, Preachers Court, The Charterhouse, Charterhouse Square, London EC1M 6AU. is set out in Annual Report and a proxy form is can be found in the Meeting Information above.
Voting on all resolutions will be by Poll based on proxy votes lodged, therefore all Shareholders are actively encouraged to submit their votes by proxy in accordance with the Notice of Meeting. The Board encourages all Shareholders to vote on the resolutions within the Notice using the proxy form, or electronically at https://proxy-unicorn.cpip.io/. Shareholders are encouraged to appoint “the Chair of the Meeting” as their proxy. The Board has carefully considered the business to be considered at the AGM and recommends that Shareholders vote in favour of all the resolutions being proposed.
The Board wishes to offer Shareholders the opportunity to submit any questions they may have in advance to the Board or the Investment Manager. Please send all questions via email through the Company Secretary at email@example.com. All relevant questions received will be answered and also posted on the Company’s website as soon as practicable and, where possible, ahead of the proxy voting deadline.
Presentation by Board and Investment Manager
At 12 noon on Thursday 4 February 2021 and following the formal business of the AGM, the Company will hold, via Zoom, an online presentation by Chris Hutchinson from the Investment Manager. The Directors will also be in attendance during the presentation. Shareholders may submit questions for the Directors or Investment Manager either in advance by email to firstname.lastname@example.org or on the day during the Presentation through the text facility in Zoom.
To receive an invitation to join the Zoom presentation please mail email@example.com from the email address you wish the invitation to be sent, by midday on Tuesday 2 February 2021.
SHAREHOLDER QUESTIONS AND RESPONSE
“Covid has accelerated many underlying economic trends particularly in the tech sector, online business and the resulting growth of home deliveries. Bio research and other pharmaceutical sectors have also benefitted.
• Which of the Unicorn investments does the Manager believe will benefit most from these trends?"
Over the past 15 years, we have constructed a diverse portfolio of investments across a variety of sectors. Notable technology related investments among the more mature investments include:-
Abcam – Pharmaceutical Research Products & Services
AB Dynamics – Automotive Technology
Access Intelligence – Software as a Service (SaaS)
Cohort – Defence Technology
Hasgrove – Software as a Service (SaaS)
Idox – Document Management Software
Instem – Pharmaceutical Software
Interactive Investor – FinTech
Keywords Studios – Computer Gaming Services
Omega Diagnostics – Medical Diagnostics
Surface Transforms – Automotive Technology
Tracsis – Data Capture & Analysis (Software and Hardware)
Tristel – MedTech
Wey Education – Online Schooling
Investments made in the past six years (since VCT Qualifying Rules were last tightened) are typically in companies that operate in the sectors referred to. These businesses are almost exclusively early stage and digitally-focused and require scale-up capital in order to fuel their growth. Such businesses formed during the second wave of the technology revolution. The failure rate among these newer investments is likely to be higher than historically experienced due to their relative immaturity. To date however, they have largely performed strongly. Included among these investments are:-
Abingdon Health – Medical Device Manufacturing
Avacta – BioTech
Destiny Pharma – Biotech
Directa Plus – Graphene Technology
Fusion Antibodies – Clinical Research
Ilika – BatteryTech
Renalytix AI – Artificial Technology (AI) Diagnostics
Maxcyte – BioTech
Microsaic Systems – Medical Devices
Genedrive – MedTech
Trackwise Designs – Electronics Manufacuring
Verditek – SolarTech
Verici DX – Clinical Diagnostics
• "Which of the Unicorn Investments have been negatively impacted and remain of concern to the Manager?"
Bonhill Group – Business to Business Media Group that has seen events revenues collapse due to global Covid-19 pandemic. Recent trading update gives cause for optimism for recovery
City Pub Group – Owner/Operator of Pubs which has been badly affected by ongoing national lockdown. Likely to survive current crisis due to strong balance sheet
ECSC / Falanx / Osirium Technologies – Cyber Security businesses that are sub-scale and have struggled to achieve commercial traction
Escape Hunt – Consumer Retail business focused on physical ‘escape the room’ games. Badly impacted by national lockdown, now attempting to transition model to online gaming, but future remains uncertain
• "How have Unicorn investment strategies been affected to reflect this changed investment environment?"
In recent years, Unicorn has evolved and adapted its investment strategy to account for the more stringent investment rules surrounding State-aided investment. A core/satellite approach has been adopted, whereby long-standing investments in more mature and increasingly successful businesses have largely been retained. Meanwhile, the scale of new Offers for Subscription has been deliberately constrained and carefully controlled. This disciplined approach is designed to ensure that new capital can be selectively deployed in the best of investment opportunities among the plethora of early stage, scale-up businesses investigated. All potential new investments are, of course, subject to the Manager’s usual and thorough due diligence processes