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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus Apollo Vct Plc | LSE:OAP3 | London | Ordinary Share | GB00B17B3479 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.50 | 3.18% | 48.60 | 45.60 | 48.60 | 47.10 | 47.10 | 47.10 | 22 | 16:35:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 51.92M | 34.54M | 0.0462 | 10.19 | 352.35M |
TIDMOAP3 Octopus Apollo VCT Plc Half-Yearly Results 28 September 2017 Octopus Apollo VCT plc, managed by Octopus Investments Limited, today announces the unaudited half-yearly results for the six months ended 31 July 2017. These results were approved by the Board of Directors on 28 September 2017. You may, in due course, view the Half-Yearly report in full at www.octopusinvestments.com. All other statutory information can also be found there. Financial Headlines Six months to Six months to Year to 31 July 2017 31 July 2016 31 January 2017 Net assets (GBP'000s) 155,341 152,139 141,799 Return on ordinary activities after tax (GBP'000s) 1,799 1,309 5,172 Net asset value ('NAV')* 62.2p 83.0p 63.2p Cumulative dividends paid 55.7p 32.5p 54.0p since launch (p per share)* Total return* 117.9p 115.5p 117.2p Ordinary dividend declared in 1.6p 2.5p 1.7p respect of period Special dividend declared - 16.5p - *Comparative figures are for the Ordinary Share class only. The interim dividend will be paid on 15 December 2017 to Shareholders on the register on 24 November 2017, and will be eligible for the Dividend Reinvestment Scheme (DRIS). Chairman's Statement I am pleased to present the half-yearly report of Octopus Apollo VCT for the six months ended 31 July 2017. The NAV total return including the 1.7p dividend paid in the period, increased by 1.1% during the six months although the NAV decreased by 1.0p per share. In keeping with the regular dividend policy, your Board has declared an interim dividend of 1.6p which will be paid to shareholders in December. During the period the portfolio performed broadly in line with expectations with a small number of exceptions and there were five exits as explained in further detail below. There were follow-on funding rounds into seven existing investments and the team currently has a strong pipeline of new investment opportunities so I remain cautiously optimistic about the outlook, despite the political and economic uncertainty resulting from Brexit negotiations. Murray Steele Chairman 28 September 2017 Interim Management Report Overview We are approaching the investment environment with caution at present given the political and economic uncertainty relating to Europe. The portfolio is not materially exposed to Europe so the most obvious risk appears to be that a UK recession could result. However the investments are generally structured with a higher component of lending than equity which provides an element of downside protection. Performance In the six months under review the NAV Total Return, after adding back the 1.7p of dividends paid in the period, has increased 1.1% although the Net Asset Value has decreased 1.6% to 62.2p per share, compared to 63.2p per share at 31 January 2017. This generally positive performance is attributable to a number of successful exits which will be discussed later in this statement, as well as a continuation of the strong interest yield from loans made to portfolio companies. Portfolio Activity The most significant drivers of change in value are the disposals described in more detail below. Within the remaining portfolio the most positive developments were in Eve Sleep, valued up by GBP0.6 million during the period, based on the share price at the point of listing on the Alternative Investment Market in April, and Swoon Editions (up GBP0.5 million) as it continues to grow faster than forecasted. Unfortunately the investment in Spiralite was written down to zero (from GBP1.4 million) as a result of entering administration in July. The rest of the portfolio continues to perform broadly in line with expectations. During the six months to 31 July 2017, the Company made the following disposals: Initial Cost Sale Proceeds Gain/(Loss) on Sale (GBP) (GBP) (GBP) Clifford Thames Group Limited 13,318,000 24,014,000 10,696,000 Aquaso Limited 3,500,000 3,907,000 407,000 The History Press 754,000 857,000 103,000 Haravar Limited 5,000,000 4,987,000 (13,000) Galvara Limited 5,000,000 4,987,000 (13,000) 27,572,000 38,752,000 11,180,000 Clifford Thames was acquired by OEConnection LLC in June 2017, a US company specialising in automotive technology for vehicle manufacturers. This generated a strong return to Apollo of 1.8x cash invested over the three year period since Lloyds Development Capital acquired the company in August 2014 and Apollo reinvested GBP14.4 million. The return includes the interest income on the loan and the uplift in value of the shares. In May 2017 Aquaso was sold to Eddyfi Technologies, a Canadian oil and gas technology business. Aquaso is the holding company of Technical Software Consultants ("TSC"), an oil and gas technology, services and manufacturing business. Apollo originally invested GBP3 million in 2012 and provided a further GBP0.5 million in January 2016 when the market conditions were extremely challenging. The sale provided a return of 1.4x total cash invested, including interest income earned on the loan. There was also an earn-out which successfully concluded after 31 July, taking total returns to 1.5x. The disposals of Galvara and Haravar related to acquisition vehicles which had been established to acquire or develop a VCT qualifying trade, but for which the opportunities being pursued did not materialise. The boards of those companies consequently elected to liquidate them and return funds to Apollo. The History Press was acquired as part of the Eclipse portfolio and has now been sold. Following the sale of SCM World to Gartner Inc in June 2016, an earn out was successfully achieved resulting in a further GBP0.3 million of proceeds in March 2017. During the period GBP1.3 million was invested to provide follow-on funding rounds to seven existing portfolio companies. The largest of these was GBP0.7 million invested in Oxifree, an oil and gas services business acquired as part of the Eclipse portfolio. Transactions with Manager Details of amounts paid to the Manager are disclosed in note 7 to the Financial Statements. Share Buybacks Your Company has continued to buy back shares. In the six months to July 2017, the Company bought back 1,263,370 shares for total consideration of GBP754,000. Share Issues and Fundraising An Offer for Subscription was launched in November 2016 to raise up to GBP20 million, and closed fully subscribed in March 2017, eight months ahead of schedule. After expenses, GBP16 million pounds was raised under the offer in the period under review. In total, the offer raised GBP20.5 million net of expenses. 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. Your Board has declared an interim dividend of 1.6p per share in respect of the period ended 31 July 2017. The dividend will be payable on 15 December 2017 to shareholders on the register at 24 November 2017. VCT Qualifying Status PricewaterhouseCoopers LLP provides the Board and Investment 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 set by HMRC for maintaining approval as a VCT. A key requirement is to ensure that at least 70% of the assets of the fund are in VCT qualifying investments. As at 31 July 2017, 78% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments. Principal Risks and Uncertainties The principal risks and uncertainties are set out in note 6 to the half yearly report and accounts. Summary and Future Prospects The political and economic environments remain uncertain as a result of exit negotiations with the European Union. However the portfolio has generally continued to perform well and the focus on investing a substantial part of the capital in the form of loans further reduces volatility. The recent weakening of the British Pound has not had a significant impact on the businesses we have backed as they are generally UK based and do not have large unhedged foreign currency exposures. As such, the returns to shareholders have shown low volatility year on year, which is testament to the prudent investment approach adopted by the Investment Manager. The investment team has an active pipeline of new investment opportunities and we believe we can continue to find suitable VCT qualifying investments. Octopus Investments Limited 28 September 2017 Investment Portfolio % equity held by Investment all
cost as at % equity funds 31 July held by managed 2017 Movement in fair value to Fair value as at Movement in fair value in period Apollo by Sector (GBP'000) 31 July 2017 (GBP'000) 31 July 2017 (GBP'000) (GBP'000) VCT Octopus Fixed asset investments Vista Retail Support Business Limited Services 6,758 2,639 9,397 (160) 12.0 12.0 Healthcare and Services Technology Healthcare & Limited Education 7,186 328 7,514 (403) 10.0 10.0 Anglo European Manufacturing Group & Limited Engineering 5,000 (168) 4,832 40 26.7 26.7 Coupra Business Limited Services 5,000 (189) 4,811 (494) 9.8 9.8 Dyscova Healthcare & Limited Education 4,700 - 4,700 - 67.7 67.7 Countrywide Healthcare Services Healthcare & Limited Education 2,675 952 3,627 193 20.7 20.7 Kabardin Limited Energy 2,450 - 2,450 - 49.0 49.0 Red Poll Power Limited Energy 2,450 - 2,450 - 49.0 49.0 Valloire Power Limited Energy 2,450 - 2,450 - 49.0 49.0 Tanganyika Heat Limited Energy 4,108 (1,858) 2,250 (24) 50.0 50.0 Other(*) Various 36,319 (2,414) 33,905 (426) Total fixed asset investments 79,096 (710) 78,386 (1,274) Current asset investments Octopus Portfolio Manager - Cash 32,000 4 32,004 4 Octopus Portfolio Manager - Cash Plus 19,000 112 19,112 112 Octopus Portfolio Manager - Defensive Capital Growth 19,000 74 19,074 74 Total current asset investments 70,000 190 70,190 190 Total fixed and current asset investments 148,576 Cash at bank 6,067 Debtors less creditors 698 Total net assets 155,341 *Comprises 43 other investments: Acquire Your Business Limited, Angelico Solar Limited, Artesian Solutions Limited, Augean plc, Barrecore Limited, Behaviometrics AB, Bramante Solar Limited, British Country Inns plc, Canaletto Solar Limited, Cello Group plc, CurrencyFair Limited, Ecrebo Limited, EKF Diagnostics plc, Ergomed plc, Eve Sleep Limited, Hasgrove Limited, Leonardo Solar Limited, Luther Pendragon Limited, Mi-Pay Group plc, MIRACL Limited, Modigliano Solar Limited, Nektan plc, Origami Energy Limited, Oxifree UK Limited, Pirlo Solar Limited, Plastics Capital plc, PTB Films, Quickfire, Quickfire2, Secret Escapes Limited, Segura Systems Limited, Sourceable Limited, Superior Heat Limited, Tailsco Limited, Tanfield Group Limited, Time Out Group plc, Tintoretto Solar Limited, Tiziano Solar Limited, Trafi Limited, Vertu Motors plc, Winnipeg Heat (Caspian), Yu Group plc, Zynstra Limited. Directors Responsibilities Statement We confirm that to the best of our knowledge: -- the half-yearly financial statements have been prepared in accordance with the Financial Reporting Standard 104 "Interim Financial Reporting" issued by the Financial Reporting Council; -- the half-yearly report includes a fair review of the information required by the Financial Conduct Authority's Disclosure and Transparency Rules, being: -- an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; -- a description of the principal risks and uncertainties for the remaining six months of the year; and -- a description of related party transactions that have taken place in the first six months of the current financial year, that may have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board Murray Steele Chairman 28 September 2017 Income Statement Unaudited Unaudited Audited Six months to 31 Six months to 31 July 2017 July 2016 Year to 31 January 2017 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Gain on disposal of fixed asset investments - 3,701 3,701 - 987 987 - 2,658 2,658 Change in fair value of fixed asset investments - (1,274) (1,274) - 367 367 - 4,525 4,525 Change in fair value of current asset investments - 190 190 - - - - - - Investment income 2,061 - 2,061 2,188 - 2,188 4,128 - 4,128 Investment management fees (341) (1,406) (1,747) (308) (1,097) (1,405) (647) (2,844) (3,491) Other expenses (1,136) - (1,136) (758) - (758) (2,654) - (2,654) FX translation - 4 4 - - - - 6 6 Return on ordinary activities before tax 584 1,215 1,799 1,122 257 1,379 827 4,345 5,172 Taxation on return on ordinary activities - - - (70) - (70) - - - Return on ordinary activities after tax 584 1,215 1,799 1,052 257 1,309 827 4,345 5,172 Earnings per 0.2p 0.5p 0.7p 0.6p 0.2p 0.8p 0.5p 2.5p 3.0p share - basic and diluted -- The 'Total' column of this statement is the profit and loss account of the Company; the supplementary 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. -- The Company has no recognised gains or losses other than those disclosed in the income statement. -- The accompanying notes are an integral part of the half-yearly report. Balance Sheet Unaudited Unaudited Audited As at 31 July 2017 As at 31 July 2016 As at 31 January 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments 78,386 115,435 112,884 Current assets: Investments 70,190 - - Debtors 2,245 5,248 4,077 Cash at bank 6,067 35,632 29,229 78,502 40,880 33,306 Creditors: amounts falling due within one year (1,547) (4,176) (4,391) Net current assets 76,955 36,704 28,915 Net assets 155,341 152,139 141,799 Share capital 25,138 16,745 22,603 Share premium 48,308 1,438 34,231 Special distributable reserve 71,149 128,328 76,144 Capital redemption reserve 2,958 2,672 2,832 Capital reserve realised 7,714 (1,087) (1,537) Capital reserve unrealised (520) 2,988 7,520 Revenue
reserve 584 1,055 - Translation reserve 10 - 6 Total equity shareholders' funds 155,341 152,139 141,799 Net Asset 62.2p 83.0p 63.2p Value per share The statements were approved by the Directors and authorised for issue on 28 September 2017 and are signed on their behalf by: Murray Steele Chairman Company Number: 05840377 Statement of Changes in Equity Share Capital Share Premium Special distributable reserves Capital Redemption Reserve Capital reserve realised Capital reserve unrealised Revenue reserve Translation reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Six months to 31 July 2017 As at 1 February 2017 22,603 34,231 76,144 2,832 (1,537) 7,520 - 6 141,799 Comprehensive income for the period: Management fee allocated as capital expenditure - - - - (1,406) - - - (1,406) Current period gains on disposal - - - - 3,701 - - - 3,701 Current period gains on fair value of investments - - - - - (1,084) - - (1,084) Current period currency gains - - - - - - - 4 4 Profit on ordinary activities after tax - - - - - - 584 584 Total comprehensive income for the period - - - - 2,295 (1,084) 584 4 1,799 Contributions by and distributions to owners: Repurchase and cancellation of own shares (126) - (754) 126 - - - - (754) Issue of shares 2,661 14,077 - - - - - - 16,738 Dividends paid - - (4,241) - - - - - (4,241) Total contributions by and distributions to owners 2,535 14,077 (4,995) 126 - - - - 11,743 Other movements: Prior period holding gains/losses now realised - - - - 6,956 (6,956) - - - Total other movements - - - - 6,956 (6,956) - - - As at 31 July 2017 25,138 48,308 71,149 2,958 7,714 (520) 584 10 155,341 Six months to 31 July 2016 As at 1 February 2016 13,896 48,893 60,748 2,557 (1,866) 3,510 3 - 127,741 Comprehensive income for the period: Management fee allocated as capital expenditure - - - - (1,097) - - - (1,097) Current period gains on disposal - - - - 987 - - - 987 Current period gains on fair value of investments - - - - - 367 - - 367 Profit on ordinary activities after tax - - - - - - 1,052 - 1,052 Total comprehensive income for the period - - - - (110) 367 1,052 - 1,309 Contributions by and distributions to owners: Repurchase and cancellation of own shares (115) - (901) 115 - - - - (901) Issue of shares 2,964 21,026 - - - - - - 23,990 Total contributions by and distributions to owners 2,849 21,026 (901) 115 - - - - 23,089 Other movements: Prior period holding gains/losses now realised - - - - 889 (889) - - - Cancellation of share premium - (68,481) 68,481 - - - - - - Total other movements - (68,481) 68,481 - 889 (889) - - - As at 31 July 2016 16,745 1,438 128,328 2,672 (1,087) 2,988 1,055 - 152,139 Year to 31 January 2017 As at 1 February 2016 13,896 48,893 60,748 2,557 (1,866) 3,510 3 - 127,741 Comprehensive income for the year: Management fee allocated as capital expenditure - - - - (2,844) - - - (2,844) Current year gains on disposal - - - - 2,658 - - - 2,658 Current year gains on fair value of investments - - - - - 4,525 - - 4,525 Current year currency gains - - - - - - - 6 6 Profit on ordinary activities after tax - - - - - - 827 - 827 Total comprehensive income for the year - - - - (186) 4,525 827 6 5,172 Contributions by and distributions to owners: Repurchase and cancellation of own shares (275) - (1,955) 275 - - - - (1,955) Issue of shares 5,446 35,706 - - - - - - 41,152
Dividends paid - - (36,711) - - - (830) - (37,541) Total contributions by and distributions to owners 5,171 35,706 (38,666) 275 - - (830) - 1,656 Other movements: Prior year holding gains/losses now realised - - - - 515 (515) - - - Cancellation of Share Premium - (50,788) 50,788 - - - - - - Cancellation of Deferred Shares - C shares (349) - 349 - - - - - - Deferred shares created - D shares 156 - (156) - - - - - - Shares issued on D share conversion 385 - (385) - - - - - - Dividends paid on D share conversion - - (14,418) - - - - - 14,418 Acquisition of D share class (191) (17,693) 17,884 - - - - - - Acquisition of Octopus Eclipse VCT plc 3,535 18,113 - - - - - - 21,648 Total other movements 3,536 (50,368) 54,062 - 515 (515) - - 7,230 As at 31 January 2017 22,603 34,231 76,144 2,832 (1,537) 7,520 - 6 141,799 Cash Flow Statement Unaudited Unaudited Audited Six months to Six months to Year to 31 July 2017 31 July 2016 31 January 2017 GBP'000 GBP'000 GBP'000 Cash flows from operating activities: Return on ordinary activities after tax 1,799 1,309 5,172 Adjustments for: Decrease in debtors 1,832 57 1,228 Decrease in creditors (2,844) (291) (76) Debtors obtained from transaction - - 848 Creditors obtained from transaction - - (157) Gain on disposal of fixed assets (3,701) (987) (2,658) Loss/(Gain) on valuation of fixed asset investments 1,274 (367) (4,525) Gain on valuation of current asset investments (190) - - Cash from operations (1,830) (209) (168) Cash flows from investing activities: Cash acquired from transaction - - 622 Purchase of fixed asset investments (1,348) (9,000) (9,269) Purchase of current asset investments (72,000) - - Sale of fixed asset investments 38,273 11,547 40,531 Sale of current asset investments 2,000 - - Dividend paid to exiting D shareholders - - (14,418) Net cash flows from investing activities (33,075) 2,547 17,466 Cash flows from financing activities: Purchase of own shares (754) (901) (1,955) Share issues 16,738 23,990 41,152 Dividends Paid (4,241) - (37,541) Net cash flows from financing activities 11,743 23,089 (1,656) (Decrease)/Increase in cash and cash equivalents (23,162) 25,357 18,954 Opening cash and cash equivalents 29,229 10,275 10,275 Closing cash and cash equivalents 6,067 35,632 29,229 Cash and cash equivalents comprise: Cash at Bank 6,067 35,632 29,229 Notes to the Half-Yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 31 July 2017 have been prepared in accordance with the Financial Reporting Council's (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2015) and the Statement of Recommended Practice for Investment Companies, re-issued by the Association of Investment Companies in January 2017. 2. Publication of non-statutory accounts The unaudited half-yearly results for the six months ended 31 July 2017 do not constitute Statutory Accounts within the meaning of s.415 of the Companies Act 2006. The comparative figures for the year ended 31 January 2017 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor's report on those financial statements, in accordance with chapter 3 of part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company's auditor. 3. Earnings per share The earnings per share is based on 243,295,650 shares, being the weighted average number of shares in issue during the period (31 January 2017: 169,230,581; 31 July 2016: 172,098,191 including Ordinary Shares and D Ordinary Shares). There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are therefore identical. 4. Net asset value per share 31 July 2017 31 July 2016 31 January 2017 Net Assets (GBP) 155,341,000 134,526,000 141,799,000 Shares in Issue 249,818,756 162,042,257 224,470,119 Net Asset Value per share (p) 62.2 83.0 63.2 5. Dividends A final dividend, for the year ended 31 January 2017, of 1.7p per share was paid on 28 July 2017 to shareholders on the register on 30 June 2017. The interim dividend of 1.6p per share for the six months ending 31 July 2017 will be paid on 15 December 2017, to those shareholders on the register on 24 November 2017. 6. Principal Risks and Uncertainties The Company's assets consist of equity and fixed-rate interest investments, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic, loss of approval as a VCT, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the way in which they are managed, are described in more detail in the Company's Annual Report and Accounts for the year ended 31 January 2017. The Company's principal risks and uncertainties have not changed materially since the date of that report. 7. Related Party Transactions Octopus acts as the investment manager of the Company. Under the management agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of the Company for the investment management services. The Company has incurred management fees of GBP1,494,000 during the period to 31 July 2017 (31 July 2016: GBP1,232,000; 31 January 2017: GBP2,588,000). A performance fee of GBP253,000 has been incurred during the period to 31 July 2017 (31 July 2016: GBP173,000; 31 January 2017: GBP903,000). Octopus also provides administration and company secretarial services to the Company. Octopus receives a fee of 0.3 per cent per annum of net assets of the Company for administration services and GBP20,000 per annum for company secretarial services. The Company has invested GBP70 million into Octopus managed funds, being the Octopus Portfolio Manager funds. To ensure the Company is not double charged management fees on these products, the Company receives a reduction in the management fee as a percentage of the value of these investments. 8. Post balance sheet events Since 31 July 2017 the Company has issued the following shares: Date Number of Shares Issued Price per share (p) 8 August 2017 53,415 61.5 9. Other Information A version of this statement will be made available to all shareholders. Copies are also available from the registered office of the Company at
33 Holborn, London, EC1N 2HT, and will also be available to view on the Investment Manager's website at www.octopusinvestments.com. 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
September 28, 2017 12:12 ET (16:12 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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