Octopus Apollo VCT Octopus Apollo Vct Plc : Final Results

 
TIDMOAP3 
 
 
   Octopus Apollo VCT plc 
 
   Final Results 
 
   11 April 2017 
 
   Octopus Apollo VCT plc, managed by Octopus Investments Limited, today 
announces the final results for the year ended 31 January 2017. 
 
   These results were approved by the Board of Directors on 11 April 2017. 
 
   You may, in due course, view the Annual Report in full at 
www.octopusinvestments.com. All other statutory information can also be 
found there. 
 
   Financial Summary 
 
 
 
 
                              Year to 31 January 2017  Year to 31 January 2016 
 
Net assets (GBP'000)*                         141,799                  127,741 
Return on ordinary 
 activities after tax 
 (GBP'000)*                                     5,172                    2,831 
Net asset value per share                       63.2p                    82.3p 
 (NAV) ** 
Cumulative dividends paid                       54.0p                    32.5p 
 since launch** 
NAV plus cumulative                            117.2p                   114.8p 
 dividends paid** 
Proposed final dividend -                        1.7p                     2.5p 
 Ordinary share 
 
   * Comparative figures include the combined Ordinary and D Ordinary share 
classes 
 
   ** Comparative figures are for the Ordinary Share class only 
 
   Note that all comparative figures relate only to the Company, prior to 
the merger with Octopus Eclipse VCT plc, and are therefore not a true 
comparison to the period under review. 
 
   The final proposed dividend of 1.7p per Ordinary share for the year 
ended 31 January 2017 will, subject to shareholder approval at the 
Annual General Meeting, be paid on 28 July 2017 to all Ordinary 
shareholders on the register on 30 June 2017. 
 
   Chairman's Statement 
 
   Introduction 
 
   I am pleased to present the Annual Report of Apollo for the year ended 
31 January 2017 and I should like to welcome all new shareholders 
following the recent fund raising and acquisition of the assets and 
liabilities of Octopus Eclipse VCT plc ("Eclipse"). 
 
   Performance 
 
   On a total return basis, after adding back the 5p of ordinary dividends 
paid in the year as well as the 16.5p special dividend paid, the NAV has 
risen 2.9%. The NAV plus cumulative dividends has risen from 114.8p per 
share as at 31 January 2016 to 117.2p per share as at 31 January 2017. 
However as the special dividend was partly funded by the repayment of 
loans to companies, the NAV of the Ordinary share class has fallen from 
82.3p per share as at 31 January 2016 to 63.2p per share as at 31 
January 2017. 
 
   Fund Raising 
 
   During the year GBP31.4 million was raised under the Offer for 
Subscription which was launched in November 2015, to raise up to GBP30 
million with an overallotment facility of GBP10 million. This offer 
closed in September 2016, fully subscribed having raised approximately 
GBP40.9 million. 
 
   A new Offer for Subscription was launched in November 2016 to raise up 
to GBP20 million. Up to 31 January 2017, GBP4.5 million had been raised 
under the Offer. The Offer was fully subscribed and closed in March 
2017, eight months ahead of schedule. 
 
   Further details can be found in the Directors' report and in note 16 of 
the full Annual Report and Accounts. 
 
   Conversion of D Ordinary Shares and D Ordinary Share Dividend 
 
   In August 2016, the Company completed the Octopus VCT 2 plc ("OVCT 2") 
merger by converting the D Ordinary shares into Ordinary shares and by 
paying a dividend of 92.3p to those D Ordinary shareholders who elected 
to exit. Those shareholders who converted their D Ordinary shares did so 
at a conversion ratio of 1.11205, resulting in a total of 3,850,093 
Ordinary shares being issued. 15,620,519 D Ordinary shareholders elected 
to receive the D share dividend, resulting in a total cash dividend of 
GBP14.4 million. 
 
   Merger with Eclipse 
 
   On 19 December 2016 the Company acquired the assets and liabilities of 
Eclipse, increasing the net assets of the Company by GBP21.6 million. 
Eclipse was established in 2004 as an evergreen VCT seeking to deliver 
absolute returns on its investments primarily in unquoted and AIM listed 
companies. 
 
   Board 
 
   Following the acquisition of Eclipse's assets and liabilities ("the 
transaction") I am delighted to welcome Alex Hambro, the former Chairman 
of Eclipse, to the Board. Alex brings with him a wealth of knowledge of 
VCT investing and smaller companies in general. I am also pleased that 
Christopher Powles and James Otter have continued as Directors of the 
Company, retaining their considerable experience. I should also like to 
take this opportunity to thank Ian Pearson, who resigned following the 
transaction, for his contribution to the Company. Resolutions to appoint 
Alex Hambro and to re-elect James Otter will be proposed at the 
forthcoming AGM. 
 
   Dividend and Dividend Policy 
 
   It is your Board's policy to maintain a regular dividend flow where 
possible in order to take advantage of the tax free distributions a VCT 
is able to provide. 
 
   Given the performance of the Ordinary share portfolio your Board has 
proposed a final dividend of 1.7p per Ordinary share in respect of the 
year ended 31 January 2017. This is in addition to the 2.5p interim 
dividend and the 16.5p special dividend, both paid in December 2016, and 
will bring the total dividends declared on the Ordinary share class to 
20.7p for the year. Excluding the special dividend, this represents a 
similar return of capital in previous years of 5.1%. The dividend will 
be payable on 28 July 2017 to Ordinary shareholders on the register at 
30 June 2017. 
 
   Dividend Reinvestment Scheme (DRIS) 
 
   In common with a number of VCTs, the Company has a dividend reinvestment 
scheme which was introduced in November 2014. This is an attractive 
scheme for investors who do not need income, but would prefer to benefit 
from additional income tax relief on their re-invested dividend. I hope 
that shareholders will find this scheme beneficial. 
 
   During the year to 31 January 2017 8,288,612 shares were issued under 
the DRIS, returning GBP5.2 million to the Company. 
 
   Share Buybacks 
 
   Your Company has continued to buy back shares as required. Subject to 
shareholder approval of resolution 10 at the forthcoming annual general 
meeting this facility will remain in place to provide liquidity to 
investors who may wish to sell their shares. Details of the share 
buybacks undertaken during the year can be found in the Directors' 
Report in the full Annual Report and Accounts. 
 
   Investment Portfolio 
 
   The transaction with Eclipse on 19 December 2016 resulted in the Company 
acquiring its GBP21.6 million investment portfolio which had been 
invested under a similar mandate to Apollo's current investment 
strategy. 
 
   During the 12 months to 31 January 2017, Apollo made the following 
disposals: 
 
 
 
 
                                                           Gain/(loss) on Sale 
                     Initital Cost GBP  Sale Proceeds GBP          GBP 
CSL Dualcom                 10,806,000         12,277,000            1,471,000 
SCM World*                   5,000,000          5,722,000              722,000 
Project Tristar                798,000          2,191,000            1,393,000 
3AM                          2,000,000          1,742,000            (258,000) 
Atlantic Screen 
 International               1,877,000          1,500,000            (377,000) 
Callstream Group**             472,000            938,000              466,000 
5AM                            850,000            622,000            (228,000) 
                            21,803,000         24,992,000            3,189,000 
 
   *SCM world proceeds and gain on sale have increased since interim report 
by GBP297,000, relating to additional proceeds due under an earn-out 
arrangement that was agreed when the business was sold. 
 
   **Callstream proceeds have decreased since the interim period due to a 
reduction in the expected deferred consideration. 
 
   SCM World was acquired by Gartner Inc, a US quoted company with 
strategic overlap in the supply chain advisory sector. The majority 
shareholders of the business took the decision to sell, based on the 
valuation offered. The overall annualised return to Apollo, including 
loan interest and dividends was 22%. The other disposals related to 
investments that had been in the portfolio for several years. In the 
case of Callstream, Tristar and CSL Dualcom the annualised returns 
received over the lifetime of the investments were 19%, 17% and 12% 
respectively. 
 
   In March 2016 the Company invested GBP9 million into eight companies 
seeking to develop solar farms in Sardinia. The transaction is 
attractive to Apollo given the element of contracted revenue streams and 
the underlying demand of the macroeconomic environment. Nine sites have 
been identified (one company will own two sites) and detailed due 
diligence has been conducted on the first two sites. No material 
concerns arose and construction work is due to start in April with 
revenue generation expected at the end of 2017. 
 
   In July 2016, Apollo completed its GBP5 million investment in ISG 
Technology, a specialist service provider to multi-site organisations 
such as supermarkets, which installs and maintains WiFi and related 
connectivity systems. This investment was made through the investment 
company Coupra Limited. 
 
   Another investment completed in July was into Spectra Care Group, a 
manufacturer and distributor of medical equipment for elderly or obese 
patients being cared for in their homes. Apollo invested GBP2.5 million 
alongside GBP2.2 million from Eclipse and so, following the VCT merger, 
Apollo now has a GBP4.7 million investment in the business. Both Apollo 
and Eclipse made these investments through the investment company 
Dyscova Limited. 
 
   More recently, Apollo has also made a number of small follow-on 
investments into assets previously held as part of the Eclipse 
portfolio. Between the merger on 19 December 2016 and 31 January 2017, 

Apollo invested GBP360,000 into Artesian, CurrencyFair, MIRACL and 
Ecrebo. 
 
   Investment Strategy 
 
   As set out in the prospectus, the aim of the Company is to make 
investments to achieve an appropriate balance of income and capital 
growth, having regard for venture capital legislation. To date the 
Manager has been successful in achieving this aim, as evidenced by the 
positive return on ordinary activities. 
 
   Typically the structure of the investments is weighted more heavily 
towards loan based instruments as opposed to equity. Such investments 
provide fixed returns and payments are generally ranked above most other 
creditors, allowing for future visibility and security. This strategy 
also reduces the downward risk that is an intrinsic element of an equity 
investment. 
 
   VCT Qualifying Status 
 
   PricewaterhouseCoopers LLP provides the Board and Manager with advice 
concerning ongoing compliance with Her Majesty's Revenue & Customs 
('HMRC') rules and regulations concerning VCTs. The Board has been 
advised that the Company is in compliance with the conditions laid down 
by HMRC for maintaining approval as a VCT. 
 
   A key requirement is now to maintain the 70% qualifying investment 
level. As at 31 January 2017, over 85% of the portfolio, as measured by 
HMRC rules, was invested in VCT qualifying investments. Further 
information on VCT regulation is detailed in the Directors' Report 
within the full Annual Report and Accounts. 
 
   Annual General Meeting 
 
   The Company's Annual General Meeting will take place on 12 July 2017 at 
4.00 p.m. I look forward to welcoming you to the meeting which will be 
held at the offices of Octopus Investments Limited at 33 Holborn, London, 
EC1N 2HT. Directions to their office can be found by visiting their 
website at: www.octopusinvestments.com. 
 
   Electronic Communications 
 
   Based on feedback from shareholders, and in order to reduce the cost of 
printing and the consequential impact on the environment, we now offer 
shareholders the opportunity to forgo their printed report and account 
documents in favour of receiving electronic or mail notification with 
details of how to view the documents online. If you would like to change 
the format in which you receive this report, please contact Octopus or 
Computershare using the contact details provided in the annual report 
and accounts. 
 
   Outlook and future prospects 
 
   Since the Company's launch the returns to shareholders have shown low 
volatility year on year, which is testament to the prudent investment 
approach adopted by the Manager.  The portfolio has generally been 
performing well and your Board and Manager believe we can continue to 
find suitable investments to support the Company's mandate 
 
   Murray Steele 
 
   Chairman 
 
   11 April 2017 
 
   Investment Manager's Review 
 
   Personal Service 
 
   At Octopus we focus on both managing your investments and keeping you 
informed throughout the investment process.  We are committed to 
providing our investors with regular and open communication.  Our 
updates are designed to keep you informed about the progress of your 
investment. 
 
   Octopus was established in 2000 and has a strong commitment to both 
smaller companies and to VCTs.  We currently manage six VCTs, including 
this one, and manage over GBP600 million in the VCT sector. 
 
   Investment Policy 
 
   The majority of companies in which Apollo invests operate in sectors 
where there is a high degree of predictability.  Ideally, we seek 
companies that have contractual revenues from financially sound 
customers and that will provide an opportunity for the Company to 
realise its investment within three to five years. 
 
   Performance 
 
   The Company made a total return per Ordinary share of 2.9% between 31 
January 2016 and 31 January 2017. Whilst the NAV per Ordinary share 
decreased from 82.3p to 63.2p, 21.5p of dividends were paid over the 
period, bringing cumulative dividends paid to date to 54p and the total 
value (NAV plus cumulative dividends) to 117.2p per share. 
 
   Portfolio Review 
 
   The fund is comprised of 59 portfolio companies with a total valuation 
of GBP112.9 million. The GBP21.6 million portfolio of assets of Eclipse 
VCT acquired in December 2016 was made up 32 of investments in unquoted 
and AIM listed companies. This includes 10 quoted AIM investments 
representing c. 22% of NAV, 14 Titan VCT coinvestments (31% of NAV), 
with the balance (46% of NAV) being more typical Eclipse/Apollo 
investments. 
 
   In the year under review the Company invested GBP9.0m into eight 
companies alongside GBP29.6 million of EIS funding to provide 
construction finance for solar power generation activities in Sardinia. 
It also used the investment company Dyscova Limited to invest GBP4.7 
million in Spectra Care Group, a manufacturer and distributor of medical 
equipment for elderly or obese patients, and used the investment company 
Coupra Limited to invest GBP5 million in ISG Technology Limited, a 
specialist service provider to large organisations such as supermarkets, 
which installs and maintains Wi-Fi and related connectivity systems. 
 
   There were a number of exits of portfolio companies during the year, 
including the last of the longstanding investments in media assets. 
Other notable disposals were SCM World, Callstream, Tristar and CSL 
Dualcom. The annualised returns received over the lifetime of these 
investments were 22%, 19%, 17% and 12% respectively and, in the case of 
SCM World, further proceeds are expected during 2017 in relation to an 
earn-out arrangement agreed with the buyer of the business. To date, 
three of the eight Investment Companies have been invested: Aquaso (TSC), 
Coupra (ISG) and Dyscova (Spectra). Three of the remaining five 
companies (Byena, Emercor and Finnavor) were wound up in December 2016, 
returning GBP14.9 million in cash to Apollo. 
 
   Shortly after 31 January 2017, the Company invested GBP33 million in the 
Octopus Portfolio Manager ("OPM") funds, GBP4.5 million from each of the 
two remaining investment companies, Galvara Limited and Haravar Limited, 
and GBP24 million from Apollo's cash reserves, in order to keep the 
money in liquid investments rather than cash until new deals are 
completed. OPM offers 10 different investment categories (1-10), where 
at the lower-risk end of the scale, investment is in bonds, and at the 
high-risk end in equities. An investment of GBP9 million was made in 
OPM1, GBP10 million in OPM2 and GBP14 million in OPM3. The latest VCT 
rules permit cash to be invested for liquidity management purposes so 
long as it can be accessed within seven days, which is the case with the 
OPM funds. Octopus has waived its management fees in relation to OPM to 
ensure it is not taking fees twice on the same funds under management. 
 
   The Company's investment portfolio continues to hold appropriate 
investments to meet all the requirements for it to fully qualify as a 
VCT. The Manager now has the opportunity to make a number of further 
investments with the aim of accelerating the NAV of the Company over the 
foreseeable future. 
 
   Outlook and Future Prospects 
 
   Following another strong year of exits in 2016 we remain optimistic 
about the outlook for the portfolio and future investment prospects. The 
Company has a large and diverse portfolio, has weathered the difficult 
economic conditions of the past few years and has continued to grow. 
 
   The investment team has been increasingly active in the search for new 
opportunities and has been focused on ensuring that its nationwide 
network of contacts understands the impact on strategy of the VCT 
investment rule changes introduced in November 2015.  We are now seeing 
the pipeline of potential deals steadily increase and we expect to 
complete some exciting new investments during 2017. The recent 
investments and exits during the last twelve months have further raised 
the profile of the investment team, resulting in more inbound 
opportunities. 
 
   The strong take up in the fundraising and the recent exits provide 
significant financial capacity for new investments and, as one of the 
largest VCTs in the country, Apollo has the ability to pursue larger 
deals than most VCTs and provide significant follow-on investment, which 
is a strong competitive advantage. 
 
   If you have any questions on any aspect of your investment, please call 
one of the team on 0800 316 2295. 
 
   Grant Paul-Florence 
 
   Octopus Investments Limited 
 
   11 April 2017 
 
   Directors' Responsibilities Statement 
 
   The Directors are responsible for preparing the Strategic Report, 
Directors' Report, Directors' Remuneration Report and the financial 
statements in accordance with applicable law and regulations. 
 
   Company law requires the Directors to prepare financial statements for 
each financial year. Under that law the Directors have elected to 
prepare the financial statements in accordance with United Kingdom 
Generally Accepted Accounting Practice (United Kingdom Accounting 
Standards and applicable laws) including FRS 102 - "The Financial 
Reporting Standard applicable in the UK and Republic of Ireland". Under 
company law the Directors must not approve the financial statements 
unless they are satisfied that they give a true and fair view of the 
state of affairs and profit or loss of the Company for that period. 
 
   In preparing these financial statements, the Directors are required to: 
 
 
   -- select suitable accounting policies and then apply them consistently; 
 
   -- make judgments and accounting estimates that are reasonable and prudent; 
 
   -- state whether applicable UK accounting standards have been followed, 
      subject to any material departures disclosed and explained in the 
      financial statements; 
 
   -- prepare the financial statements on the going concern basis unless it is 
      inappropriate to presume that the Company will continue in business; and 
 
   -- prepare a Strategic Report, a Directors' Report and Directors' 

      Remuneration Report which comply with the requirements of the Companies 
      Act 2006. 
 
 
 
   The Directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the Company's transactions and 
disclose with reasonable accuracy at any time the financial position of 
the Company and enable them to ensure that the financial statements and 
the Directors' Remuneration Report comply with the Companies Act 2006. 
They are also responsible for safeguarding the assets of the Company and 
hence for taking reasonable steps for the prevention and detection of 
fraud and other irregularities. 
 
   The Directors confirm that: 
 
 
   -- so far as each Director is aware, there is no relevant audit information 
      of which the Company's auditor is unaware; and 
 
   -- the Directors have taken all the steps that they ought to have taken as 
      Directors in order to make themselves aware of any relevant audit 
      information and to establish that the auditors are aware of that 
      information. 
 
 
   The Directors are responsible for preparing the annual report in 
accordance with applicable law and regulations. Having taken advice from 
the Audit Committee, the Directors consider the annual report and the 
financial statements, taken as a whole, provide the information 
necessary to assess the Company's position performance, business model 
and strategy and is fair, balanced and understandable. 
 
   The Directors are responsible for the maintenance and integrity of the 
corporate and financial information included on the Company's website. 
Legislation in the United Kingdom governing the preparation and 
dissemination of financial statements may differ from legislation in 
other jurisdictions. 
 
   To the best of our knowledge: 
 
 
   -- the financial statements, prepared in accordance with United Kingdom 
      Generally Accepted Accounting Practice (United Kingdom Accounting 
      Standards and applicable laws), including Financial Reporting Standard 
      102 - "The Financial Reporting Standard applicable in the UK and Republic 
      of Ireland", give a true and fair view of the assets, liabilities, 
      financial position and profit or loss of the Company; and 
 
   -- the annual report, including the Strategic Report, includes a fair review 
      of the development and performance of the business and the position of 
      the Company, together with a description of the principal risks and 
      uncertainties that it faces. 
 
 
   On behalf of the Board 
 
   Murray Steele 
 
   Income Statement 
 
 
 
 
                                 Year ended                 Year ended 
                               31 January 2017            31 January 2016 
                          Revenue  Capital   Total   Revenue  Capital   Total 
                          GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
 
Realised gain on 
 disposal of fixed asset 
 investments                    -    2,658    2,658        -    1,112    1,112 
 
Change in fair value of 
 fixed asset 
 investments                    -    4,525    4,525        -    1,776    1,776 
 
Investment income           4,128        -    4,128    4,524        -    4,524 
 
Investment management 
 fees                       (647)  (2,844)  (3,491)    (595)  (2,182)  (2,777) 
 
Other expenses            (2,654)        -  (2,654)  (1,625)        -  (1,625) 
 
FX translation                  -        6        6        -        -        - 
 
Return on ordinary 
 activities before tax        827    4,345    5,172    2,304      706    3,010 
 
Taxation on return on 
 ordinary activities            -        -        -    (615)      436    (179) 
 
Return on ordinary 
 activities after tax         827    4,345    5,172    1,689    1,142    2,831 
Earnings per share -         0.5p     2.5p     3.0p     1.2p     0.8p     2.0p 
 basic and diluted 
 
 
   -- The 'Total' column of this statement is the profit and loss account of 
      the Company; the revenue return and capital return columns have been 
      prepared under guidance published by the Association of Investment 
      Companies 
 
   -- All revenue and capital items in the above statement derive from 
      continuing operations 
 
   -- The Company has only one class of business and derives its income from 
      investments made in shares and securities and from bank and money market 
      funds 
 
 
   Note that all comparative figures relate only to the Company, prior to 
the merger with Octopus Eclipse VCT plc, and are therefore not a true 
comparison to the period under review. 
 
   Comparative numbers reflect the 2016 audited statutory income statement 
which combined the Ordinary and Apollo D Ordinary share income 
statements. 
 
   The Company has no other comprehensive income for the period. 
 
   Balance Sheet 
 
 
 
 
                                              As at                      As at 
                                          31 January 2017      31 January 2016 
                                        GBP'000   GBP'000   GBP'000   GBP'000 
 
Fixed asset investments*                           112,884             116,628 
Current assets: 
Debtors                                    4,077               5,305 
Cash at bank                              29,229              10,275 
                                          33,306              15,580 
Creditors: amounts falling due within 
 one year                                (4,391)             (4,467) 
Net current assets                                  28,915              11,113 
Net Assets                                         141,799             127,741 
 
Share capital                                       22,603              13,896 
Share premium                                       34,231              48,893 
Special distributable reserve                       76,144              60,748 
Capital redemption reserve                           2,832               2,557 
Capital reserve realised                           (1,537)             (1,866) 
Capital reserve unrealised                           7,520               3,510 
Revenue reserve                                          -                   3 
FX Translation Reserve                                   6                   - 
Total shareholders' funds                          141,799             127,741 
Net asset value per share - basic and                63.2p               82.3p 
 diluted 
 
 
   *Held at fair value through profit or loss 
 
   Note that all comparative figures relate only to the Company, prior to 
the merger with Octopus Eclipse VCT plc, and are therefore not a true 
comparison to the period under review. 
 
   Comparative numbers reflect the 2016 audited statutory balance sheet 
which combined the Ordinary and Apollo D balance sheets 
 
   The statements were approved by the Directors and authorised for issue 
on 11 April 2017 and are signed on their behalf by: 
 
   Murray Steele 
 
   Chairman 
 
   Company number: 05840377 
 
   Cash Flow Statement 
 
 
 
 
                                                Year to           Year to 
                                             31 January 2017   31 January 2016 
                                                GBP'000           GBP'000 
 
Cash from operating activities 
Return on ordinary activities after tax                5,172             2,831 
Adjustments for: 
Decrease/(increase) in debtors                         1,228           (2,423) 
(Decrease)/increase in creditors                        (76)               102 
Debtors acquired in the transaction                      848               382 
Creditors acquired in the transaction                  (157)             (123) 
Gain on disposal of fixed assets                     (2,658)           (1,112) 
Gain on valuation of fixed asset 
 investments                                         (4,525)           (1,776) 
Cash from operations                                   (168)           (2,119) 
 
Cash flows from investing activities 
Purchase of fixed asset investments                  (9,269)          (53,650) 
Sale of fixed asset investments                       40,531            57,271 
Cash acquired in the transaction                         622               303 
Dividend paid to exiting D Shareholders             (14,418)                 - 
Net cash flows from investing activities              17,466             3,924 
 
 
Cash flows from financing activities 
Purchase of own shares                               (1,955)           (3,597) 
Share issues                                          41,152            30,670 
Dividends paid                                      (37,541)          (39,867) 
Net cash flows from financing activities               1,656          (12,794) 
 
Increase/(decrease) in cash and cash 
 equivalents                                          18,954          (10,989) 
Opening cash and cash equivalents                     10,275            21,264 
Closing cash and cash equivalents                     29,229            10,275 
 
Cash and cash equivalents comprise 
Cash at bank                                          29,229            10,275 
                                                      29,229            10,275 
 
 
   Note that all comparative figures relate only to the Company, prior to 
the merger with Octopus Eclipse VCT plc, and are therefore not a true 
comparison to the period under review. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Octopus Apollo VCT plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

April 11, 2017 13:14 ET (17:14 GMT)

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