New Century AIM VCT plc
For the six months to 31 August 2021

Chairman’s Statement

Business Update

It is pleasing to report that your fund has continued to outperform its benchmark for the six months to 31 August 2021.

In the six months to 31 August 2021, the net asset value (NAV) of your fund increased by 18.1% to £9.557m or 121.6p per share (when using bid prices). The FTSE AIM Allshare index increased by 7.9% over the same period. Even more pleasing is to see that the NAV of the fund has increased by 60.6% since 31 August 2020.

Investment Strategy

We made six further investments in the period, investing in Arecor Therapeutics plc, Belluscura plc, Lunglife AI Inc, Sulnox Group plc, Trellus Health plc and Truspine Technologies plc.

We made five sales where we either exited or top-sliced a holding.

We have a wide spread of established companies across a variety of sectors within the fund and whilst we hope your fund will continue to outperform over the rest of the year, we are mindful that we could see further volatility this Autumn / Winter. This will be driven by investors who will try and gauge the potential threat of inflation and the possibility of increases in interest rates, as well as the hope that there will be no further lockdowns and hence no further impact on the economy, following the successful vaccination process in the UK – which has helped offset the more serious effects of COVID-19.

Annual General Meeting/Extraordinary General Meeting

During the period under review the Company held its Annual General Meeting (AGM). Every five years the board is required under the Company’s articles to propose an ordinary resolution asking for shareholders’ permission to continue as a venture capital trust for a further five years. This resolution was not passed at the AGM and so, as per the articles, an Extraordinary General Meeting (EGM) has to be held within four months of the AGM. Shareholders will be asked to vote at this EGM on whether they wish to wind up the Company. Notice of this meeting and the resolution on which they will vote will be sent to shareholders at the appropriate time.

Geoff Gamble

28 October 2021

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Balance Sheet

 

 

Interim Accounts

 

Final Accounts

 

Interim Accounts

 

 

as at 31 August 2021

 

as at 28 February 2021*

 

as at 31 August 2020

 

 

£'000

£'000

 

£'000

£'000

 

£'000

£'000

 

Fixed Assets

 

 

 

 

 

 

 

 

 

Investments

 

9,212

 

 

8,004

 

 

5,809

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

Debtors

369

 

 

123

 

 

171

 

 

369

 

 

 

123

 

171

Current Liabilities

 

 

 

 

 

 

 

 

 

Creditors: amounts due

 

 

 

 

 

 

 

 

 

within one year

 

(24)

 

 

(33)

 

 

(27)

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

9,557

 

 

8,094

 

 

5,953

 

 

 

Capital and Reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

786

 

 

786

 

 

786

 

Share premium

 

682

 

 

682

 

 

682

 

Capital reserve - realised

 

1,272

 

 

1,143

 

 

1,047

 

Capital reserve - unrealised

 

6,246

 

 

4,918

 

 

2,745

 

Capital redemption reserve

 

400

 

 

400

 

 

400

 

Revenue reserve

 

171

 

 

165

 

 

293

 

 

 

 

 

 

 

 

 

 

 

 

 

9,557

 

 

8,094

 

 

5,953

 

 

 

 

 

 

 

 

 

 

Net Asset Value per share

 

121.6p

 

 

103.0p

 

 

75.7p

 

 

 

 

 

*Audited

 

 

 

   

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Statement of Comprehensive Income
(incorporating the revenue account)

 

 

 

6 month period ended 31 August 2021

Year to 28 February 2021*

6 month period ended 31 August 2020

 

 

 

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

 

 

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains/(losses) on investments

 

 

 

 

 

 

 

 

 

   Realised

 

-

114

114

-

295

295

-

184

184

   Unrealised

 

-

1,379

1,379

-

2,817

2,817

-

629

629

Income

 

 

34

-

34

36

-

36

9

-

9

Investment management fees

(12)

(36)

(48)

(16)

(49)

(65)

(7)

(20)

(27)

Other expenses

 

(16)

-

(16)

(56)

-

(56)

(28)

-

(28)

Return on ordinary activities

6

1,457

1,463

(36)

3,063

3,027

(26)

793

767

Tax on ordinary activities

-

-

-

-

-

-

-

-

-

Return on ordinary activities

 

 

 

 

 

 

 

 

 

after taxation

 

6

1,457

1,463

(36)

3,063

3,027

(26)

793

767

Return per ordinary share in pence

0.08

18.53

18.61

(0.47)

38.96

38.49

(0.33)

10.10

9.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Audited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All revenue and capital items in the above statement derive from continuing operations in the current six month period. No operations were acquired or discontinued in the current period.

Other than that shown above, the company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period. The weighted average number of shares in issue during the period was 7,860,937.

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Consolidated Statement of Changes in Equity

 

 

Share Capital account
£’000

 

Share Premium

account
£’000

 

Capital Redemption Reserve
£’000

 

Capital

realised
£’000

 

Capital

unrealised
£’000

 

Revenue

reserve
£’000

 

Total
£’000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 1 March 2021

 

786

 

682

 

400

 

1,143

 

4,918

 

165

 

8,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realised gains on disposals

 

-

 

-

 

-

 

114

 

-

 

-

 

114

Unrealised gains

 

-

 

-

 

-

 

-

 

1,379

 

-

 

1,379

Transfer of unrealised valuation deficit to realised reserves on disposal of investments

 

-

 

-

 

-

 

50

 

(50)

 

-

 

-

Net revenue before tax

 

-

 

-

 

-

 

-

 

-

 

6

 

6

Capital element of investment management fee

 

-

 

-

 

-

 

(36)

 

-

 

-

 

(36)

 

 

________

 

________

 

_________

 

________

 

________

 

________

 

________

At 31 August 2021

 

786

 

682

 

400

 

1,272

 

6,246

 

171

 

9,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 1 March 2020

 

786

 

682

 

400

 

922

 

2,077

 

319

 

5,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realised gains on disposals

 

-

 

-

 

-

 

295

 

-

 

-

 

295

Unrealised gains

 

-

 

-

 

-

 

-

 

2,817

 

-

 

2,817

Transfer of unrealised valuation gain to realised reserves on disposal of investments

 

-

 

-

 

-

 

(24)

 

24

 

-

 

-

Net revenue before tax

 

-

 

-

 

-

 

-

 

-

 

(36)

 

(36)

Dividends paid

 

-

 

-

 

-

 

-

 

-

 

(118)

 

(118)

Capital element of investment management fee

 

-

 

-

 

-

 

(49)

 

-

 

-

 

(49)

 

 

________

 

________

 

_________

 

________

 

________

 

_________

 

________

At 28 February 2021*

 

786

 

682

 

400

 

1,143

 

4,918

 

165

 

8,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Some columns on this page may not cast because of rounding differences.

 

* Audited

 

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Consolidated Statement of Changes in Equity (continued)

 

 

Share Capital account
£’000

 

Share Premium

account
£’000

 

Capital Redemption Reserve
£’000

 

Capital

realised
£’000

 

Capital

unrealised
£’000

 

Revenue

reserve
£’000

 

Total
£’000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 1 March 2020

 

786

 

682

 

400

 

922

 

2,077

 

319

 

5,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realised gains on disposals

 

-

 

-

 

-

 

184

 

-

 

-

 

184

Unrealised Losses

 

-

 

-

 

-

 

-

 

629

 

-

 

629

Transfer of unrealised valuation gain to realised reserves on disposal of investments

 

-

 

-

 

-

 

(39)

 

39

 

-

 

-

Net revenue before tax

 

-

 

-

 

-

 

-

 

-

 

(26)

 

(26)

Capital element of investment management fee

 

-

 

-

 

-

 

(20)

 

-

 

-

 

(20)

 

 

________

 

________

 

_________

 

________

 

________

 

_________

 

________

At 31 August 2020

 

786

 

682

 

400

 

1,047

 

2,745

 

293

 

5,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Some columns on this page may not cast because of rounding differences.

 

New Century AIM VCT plc
For the six months to 31 August 2021

Unaudited Cash Flow Statement

 

6 month period ended 31 August 2021

 

Year to 28 February 2021*

 

6 month period ended 31 August 2020

 

£'000

£'000

 

£'000

£'000

 

£'000

£'000

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

 

(73)

 

 

(112)

 

 

(65)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Investment income

34

 

 

36

 

 

9

 

Net cash from investing activities

 

34

 

 

36

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Sale of investments

529

 

 

836

 

 

374

 

Purchase of investments

(244)

 

 

(683)

 

 

(324)

 

Dividends paid

-

 

 

(118)

 

 

-

 

Net cash generated from financing activities

 

285

 

 

35

 

 

50

Net increase / (decrease) in cash and cash equivalents

 

246

 

 

(41)

 

 

(6)

Cash and cash equivalents at beginning of period

 

123

 

 

164

 

 

164

Cash and cash equivalents at end of period

 

369

 

 

123

 

 

158

 

 

 

 

 

 

 

 

 

 

 

 

*Audited

 

 

 

 

New Century AIM VCT plc
For the six months to 31 August 2021

Investment Portfolio

 

Security

 

Cost

 

Valuation

 

%

 

%

 

 

 

 

 

31 August 2021

 

Cost

 

Valuation

 

 

 

 

 

 

 

 

 

 

 

Qualifying Investments

 

6,642,684

 

8,981,786

 

88.76

 

93.75

 

Non-qualifying Investments

 

472,554

 

230,006

 

6.31

 

2.40

 

 

 

7,115,238

 

9,211,792

 

95.07

 

96.15

 

Uninvested funds

 

369,157

 

369,157

 

4.93

 

3.85

 

 

 

7,484,395

 

9,580,949

 

100.00

 

100.00

 

Qualifying Investments

 

 

 

 

 

 

 

 

 

AIM Quoted

 

 

 

 

 

 

 

 

 

Abingdon Health plc

 

35,218

 

20,915

 

0.47

 

0.22

 

Access Intelligence plc

 

10,053

 

33,125

 

0.13

 

0.35

 

Actual Experience plc

 

63,174

 

61,060

 

0.84

 

0.64

 

AFC Energy plc

 

50,254

 

185,625

 

0.67

 

1.94

 

Angle plc

 

125,880

 

205,217

 

1.68

 

2.14

 

Anglo African Oil & Gas plc

 

45,229

 

675

 

0.60

 

0.01

 

Arecor Therapeutics plc

 

12,816

 

12,918

 

0.17

 

0.13

 

Audioboom Group plc

 

178,406

 

678,960

 

2.38

 

7.09

 

Bango plc

 

7,563

 

36,575

 

0.10

 

0.38

 

Belluscura plc

 

100,506

 

214,000

 

1.34

 

2.23

 

Belvoir Lettings plc

 

23,320

 

62,700

 

0.31

 

0.65

 

Bigblu Broadband plc

 

239,452

 

402,377

 

3.20

 

4.20

 

Blackbird plc

 

97,991

 

661,050

 

1.31

 

6.90

 

Brighton Pier Group plc

 

50,253

 

20,000

 

0.67

 

0.21

 

C4X Discovery Holding plc

 

65,329

 

125,667

 

0.87

 

1.31

 

Cizzle Biotechnology Holdings plc

 

35,179

 

134

 

0.47

 

0.00

 

Cloudbuy plc

 

58,483

 

228

 

0.78

 

0.00

 

Cloudcall Group plc

 

20,230

 

19,775

 

0.27

 

0.21

 

Coral Products plc

 

118,095

 

110,000

 

1.58

 

1.15

 

Creo Medical Group plc

 

30,053

 

70,225

 

0.40

 

0.73

 

Cyanconnode Holdings plc

 

376,755

 

85,299

 

5.03

 

0.89

 

DCD Media plc

 

562,800

 

1,105

 

7.52

 

0.01

 

Deepmatter Group plc

 

49,754

 

55,935

 

0.66

 

0.58

 

Deepverge plc

 

121,304

 

106,202

 

1.62

 

1.11

 

Destiny Pharma plc

 

50,254

 

92,308

 

0.67

 

0.96

 

Diaceutics plc

 

10,314

 

14,850

 

0.14

 

0.15

 

DP Poland plc

 

20,113

 

10,672

 

0.27

 

0.11

 

Ecsc Group plc

 

20,104

 

32,546

 

0.27

 

0.34

 

Eden Research plc

 

30,152

 

45,375

 

0.40

 

0.47

 

Escape Hunt plc

 

31,006

 

7,860

 

0.41

 

0.08

 

Falanx Group Ltd

 

150,964

 

62,991

 

2.02

 

0.66

 

Fusion Antibodies plc

 

12,064

 

15,334

 

0.16

 

0.16

 

Gear4Music Holdings plc

 

27,121

 

188,316

 

0.36

 

1.97

 

Gfinity plc

 

116,218

 

174,516

 

1.55

 

1.82

New Century AIM VCT plc
For the six months to 31 August 2021

Investment Portfolio (continued)

 

AIM Quoted (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ideagen plc

 

28,430

 

260,394

 

0.38

 

2.72

 

 

Immotion Group plc

 

130,661

 

104,444

 

1.75

 

1.09

 

 

I-Nexus Global plc

 

70,353

 

5,742

 

0.94

 

0.06

 

 

Inspired Energy plc

 

51,370

 

329,952

 

0.69

 

3.44

 

 

Intelligent Ultrasound Group plc

 

170,848

 

171,159

 

2.28

 

1.79

 

 

K3 Business Technology Group plc

 

90,360

 

189,810

 

1.21

 

1.98

 

 

Keywords Studios plc

 

5,563

 

140,400

 

0.07

 

1.47

 

 

Kinovo plc

 

156,673

 

94,069

 

2.09

 

0.98

 

 

Lightwaverf plc

 

45,233

 

2,647

 

0.60

 

0.03

 

 

Location Sciences Group plc

 

132,946

 

33,900

 

1.78

 

0.35

 

 

Lunglife AI Inc

 

20,102

 

22,158

 

0.27

 

0.23

 

 

M.Winkworth plc

 

64,320

 

144,000

 

0.86

 

1.50

 

 

Marechale Capital plc

 

133,828

 

21,200

 

1.79

 

0.22

 

 

Maxcyte Inc

 

25,128

 

387,497

 

0.34

 

4.04

 

 

Microsaic Systems plc

 

164,417

 

7,047

 

2.20

 

0.07

 

 

Mirriad Advertising plc

 

30,154

 

22,500

 

0.40

 

0.23

 

 

Myhealthchecked plc

 

200,550

 

428,652

 

2.68

 

4.47

 

 

N4 Pharma plc

 

60,304

 

50,400

 

0.81

 

0.53

 

 

Pelatro plc

 

25,128

 

15,600

 

0.34

 

0.16

 

 

PHSC plc

 

182,910

 

73,500

 

2.44

 

0.77

 

 

Polarean Imaaging plc

 

30,154

 

175,600

 

0.40

 

1.83

 

 

Property Franchise Group plc

 

212,312

 

562,870

 

2.84

 

5.87

 

 

Quixant plc

 

6,935

 

26,100

 

0.09

 

0.27

 

 

Rosslyn Data plc

 

27,037

 

3,913

 

0.36

 

0.04

 

 

Scancell Holdings plc

 

130,618

 

214,988

 

1.75

 

2.24

 

 

Scholium Group plc

 

50,253

 

15,000

 

0.67

 

0.16

 

 

SEEEN plc

 

150,754

 

134,333

 

2.01

 

1.40

 

 

Solid State plc

 

40,134

 

166,650

 

0.54

 

1.74

 

 

SRT Marine Systems plc

 

4,523

 

9,750

 

0.06

 

0.10

 

 

Sulnox Group plc

 

35,279

 

43,875

 

0.47

 

0.46

 

 

Sysgroup plc

 

99,177

 

57,558

 

1.33

 

0.60

 

 

Touchstar plc

 

281,400

 

96,250

 

3.76

 

1.00

 

 

Trellus Health plc

 

25,128

 

35,813

 

0.34

 

0.37

 

 

TP Group plc

 

109,278

 

44,215

 

1.46

 

0.46

 

 

Tristel plc

 

38,409

 

580,560

 

0.51

 

6.06

 

 

Truspine Technologies plc

 

50,253

 

43,375

 

0.67

 

0.45

 

 

ULS Technology plc

 

48,241

 

95,760

 

0.64

 

1.00

 

 

Verici Dx plc

 

35,178

 

122,150

 

0.47

 

1.27

 

 

Vianet Group plc

 

40,175

 

37,213

 

0.54

 

0.39

 

 

Yourgene Health plc

 

69,349

 

51,681

 

0.93

 

0.54

 

 

Yu Group plc

 

27,893

 

36,000

 

0.37

 

0.38

 

 

 

6,426,561

 

8,981,786

85.87

93.75

 
           

New Century AIM VCT plc
For the six months to 31 August 2021

Investment Portfolio (continued)

Unlisted Investments

 

 

 

 

 

 

Invocas Group plc

 

100,400

 

0

 

1.34

 

0.00

Outsourcery plc

 

45,027

 

0

 

0.60

 

0.00

Optare plc

 

50,753

 

0

 

0.68

 

0.00

Syqic plc

 

19,943

 

0

 

0.27

 

0.00

 

 

216,123

 

0

 

2.89

 

0.00

Total Qualifying Investments

 

6,642,684

 

8,981,786

 

88.76

 

93.75

 

 

 

 

 

 

 

 

 

Non Qualifying Investments

 

 

 

 

 

 

 

 

AIM Quoted

 

 

 

 

 

 

 

 

Audioboom Group plc

 

1,163

 

942

 

0.02

 

0.01

Bango plc

 

291

 

418

 

0.00

 

0.00

Cyanconnode Holdings plc

 

131

 

15

 

0.00

 

0.00

Driver Group plc

 

8,992

 

5,500

 

0.12

 

0.06

Gateley Holdings plc

 

14,627

 

31,200

 

0.20

 

0.33

IDE Group Holdings plc

 

218

 

1

 

0.00

 

0.00

K3 Business Technology Group plc

 

131

 

190

 

0.00

 

0.00

Rotala plc

 

60,796

 

49,500

 

0.81

 

0.51

Tristel plc

 

60

 

590

 

0.00

 

0.01

 

 

86,408

 

88,356

 

1.15

 

0.92

       

UK Listed

 

 

 

 

 

 

 

 

Aviva plv

 

22,268

 

20,200

 

0.30

 

0.21

Imperial Brands plc

 

23,763

 

15,410

 

0.32

 

0.16

Investec plc

 

202,821

 

85,000

 

2.71

 

0.90

Twentyfour Income Fund Ltd

 

9,852

 

9,730

 

0.13

 

0.10

Vodafone Group plc

 

20,590

 

11,310

 

0.28

 

0.12

 

 

279,294

 

141,650

 

3.73

 

1.48

Unlisted Investments

 

 

 

 

 

 

 

 

China Food Company plc

 

65,969

 

0

 

0.88

 

0.00

Gable Holdings Inc

 

12,112

 

0

 

0.16

 

0.00

Mar City plc

 

10,053

 

0

 

0.13

 

0.00

Sorbic International plc

 

18,717

 

0

 

0.25

 

0.00

 

 

106,851

 

0

 

1.43

 

0.00

 

 

 

 

 

 

 

 

 

Total Non-qualifying Investments

 

472,554

 

230,006

 

6.31

 

2.40

         

New Century AIM VCT plc
For the six months to 31 August 2021

Notes to the Accounts

This interim financial information and the unaudited interim accounts for the six months to 31 August 2021 from which it has been extracted, are the responsibility of the directors and were approved by them on 28 October 2021, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2018) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in April 2021.

The unaudited interim accounts have been prepared using accounting policies that the company applied in the accounts for the year ending 28 February 2021, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The company considers these accounting policies will be used in the accounts for the year ending 28 February 2022.

Listed, AIM or AQSE Markets-traded investments are stated at market value, which is based upon market bid prices at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

7,860,937 Ordinary Shares of 10 pence each were in issue throughout the period under review.

The net asset value per share, using bid-prices to value the fund’s investment portfolio, at 31 August 2021 was 121.6p (at 28 February 2021: 103.0p; 31 August 2020: 75.7p).

No dividend was paid in the period.

There have not been any significant events since the balance sheet date.

New Century AIM VCT plc is managed by Oberon Investments Limited (‘OIL’). Under the terms of the management agreement OIL is entitled to a fee (exclusive of VAT) equal to 1% per annum of the net assets of the company. During the period the management fee was £48k (the year ended 28 February 2021: £65k, the period ended 31 August 2020: £27k).

Bearing in mind that the assets of the Company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.

Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

New Century AIM VCT plc
For the six months to 31 August 2021

Directors, Investment Managers and Advisors

Directors, Investment Manager and Advisors

 

 

Directors

Geoffrey Charles Gamble (Chairman)

 

Michael David Barnard

 

Peter William Riley

 

Ian Cameron-Mowat

 

Simon Like

 

 

Secretary

Tricor Secretaries Ltd

and registered office

4th Floor, 50 Mark Lane

 

London EC3R 7QR

 

 

Investment Manager and Broker

Oberon Investments Limited

 

First Floor

 

12 Hornsby Square

 

Southfields Business Park

 

Basildon

 

Essex SS15 6SD

 

 

Registrars

Neville Registrars Limited

 

Neville House

 

Steelpark Road

 

Halesowen

 

West Midlands B62 8HD

 

 

Auditor

UHY Hacker Young LLP

 

Quadrant House

 

4 Thomas More Square

 

London E1W 1YW

 

 

Bankers

Bank of Scotland

 

New Uberior House

 

11 Earl Grey Street

 

Edinburgh EH3 9BN

 

 

Solicitors

Dundas & Wilson

 

5th Floor, Northwest Wing

 

Bush House

 

Aldwych

 

London WC2B 4EZ

 

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