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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus T. 1 | LSE:OTV1 | London | Ordinary Share | GB00B28V8Y81 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 94.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOTV1 Octopus Titan VCT 1 plc Half-Yearly Results 5 June 2014 Octopus Titan VCT 1 plc, managed by Octopus Investments Limited, today announces the Half-Yearly results for the six months ended 30 April 2014. These results were approved by the Board of Directors on 5 June 2014. You may shortly view the Half-Yearly Report in full at www.octopusinvestments.com. All other statutory information will also be found there. Financial Headlines 92.2p Net asset value (NAV) at 30 April 2014 45.0p Cumulative dividends paid since launch 137.2p Total return (NAV plus cumulative dividends) at 30 April 2014 2.5p Interim dividend declared for the half-year to 30 April 2014 Shareholder Information and Contact Details Financial Calendar The Company's financial calendar is as follows: 24 July 2014 - 2014 interim dividend paid February 2015 - Annual results for the year to 31 October 2014 announced; Annual Report and financial statements published April 2015 - 2015 final dividend paid Dividends Dividends will be paid by the Registrar on behalf of the Company. Shareholders who wish to have dividends paid directly into their bank account rather than by cheque to their registered address can complete a mandate form for this purpose. Queries relating to dividends, shareholdings and requests for mandate forms should be directed to the Company's Registrar, Capita Asset Services, by calling 0871 664 0300 (calls cost 10p per minute plus network extras. Lines are open Monday-Friday 9.00am-5.30pm), or by writing to them at: Capita Asset Services The Registry 34 Beckenham Road Beckenham Kent BR3 4BR The table below shows the net asset value per share (NAV) and lists the dividends that have been paid since the launch of Octopus Titan VCT 1 plc: Period Ended NAV Dividends paid NAV + cumulative dividends in period (total return) 30 April 2008 95.0p - 95.00p 31 October 2008 89.9p - 89.90p 30 April 2009 91.5p 0.50p 92.00p 31 October 2009 96.1p 0.50p 97.10p 30 April 2010 92.0p 0.50p 93.50p 31 October 2010 94.9p 0.50p 96.90p 30 April 2011 92.1p 0.75p 94.85p 31 October 2011 91.5p 0.75p 95.00p 30 April 2012 92.8p 1.00p 97.30p 31 October 2012 121.9p 1.50p 127.90p 30 April 2013 88.7p 34.00p 128.70p 31 October 2013 95.2p 2.50p 137.70p 30 April 2014 92.2p 2.50p 137.20p The interim dividend of 2.5p per share for the six months ending 30 April 2014 will be paid on 24 July 2014, to those shareholders on the register on 27 June 2014. Share Price The Company's share price can be found on various financial websites including www.londonstockexchange.com, with the following TIDM/EPIC code: Ordinary shares TIDM/EPIC code OTV1 Latest share price (5 June 2014) 87.5p per share Buying and Selling Shares The Company's Ordinary shares can be bought and sold in the same way as any other company quoted on the London Stock Exchange via a stockbroker. There may be tax implications in respect of selling all or part of your holdings, so shareholders should contact their independent financial adviser if they have any queries. The Company operates a policy of buying its own shares for cancellation as they become available. The Company is, however, unable to buy back shares directly from shareholders. If you are considering selling your shares or trading in the secondary market, please contact the Company's corporate broker, Panmure Gordon (UK) Limited ('Panmure'). Panmure is able to provide details of close periods (when the Company is prohibited from buying shares) and details of the price at which the Company has bought shares. Panmure can be contacted as follows: Chris Lloyd 020 7886 2716 chris.lloyd@panmure.com Paul Nolan 020 7886 2717 paul.nolan@panmure.com Notification of Change of Address Communications with shareholders are mailed to the registered address held on the share register. In the event of a change of address or other amendment this should be notified to the Company's registrar, Capita, as well as Octopus Investments Limited ('Octopus') under the signature of the registered holder. Their contact details are provided at the end of this report Other Information for Shareholders Previously published Annual Reports and Half-yearly Reports are available for viewing on the Investment Manager's website at http://www.octopusinvestments.com/investors/shareholder-information/titan-vct-1/. All other statutory information will also be found there. Warning to Shareholders Many companies are aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based 'brokers' who target UK shareholders offering to sell them what often turn out to be worthless or high risk shares in US or UK investments. They can be very persistent and extremely persuasive. Shareholders are therefore advised to be very wary of any unsolicited advice, offer to buy shares at a discount or offer for free company reports. Please note that it is very unlikely that either the Company or the Company's registrar would make unsolicited telephone calls to shareholders and that any such calls would relate only to official documentation already circulated to shareholders and never in respect of investment 'advice'. If you are in any doubt about the veracity of an unsolicited phone call, please call either Octopus Investments, or the Registrar, at the numbers provided at the back of this report. About Octopus Titan VCT 1 plc Octopus Titan VCT 1 plc ('Titan 1', 'Company' or 'VCT') is a venture capital trust ('VCT') which aims to provide shareholders with attractive tax-free dividends and long-term capital growth, by investing in a diverse portfolio of predominately unquoted companies. The Company is managed by Octopus Investments Limited ('Octopus' or 'Investment Manager'). Titan 1 was incorporated on 12 October 2007. In collaboration with Octopus Titan VCT 2 plc ('Titan 2'), the VCTs raised over GBP30.8 million in aggregate (GBP29.5 million net of expenses) through an Offer for Subscription. A further GBP7.53 million in aggregate (GBP7.14 million net of expenses) has been raised by way of top-ups in 2010, 2012 and 2013. In 2014, to date GBP9.74 million in aggregate has been allotted (GBP9.52 million net of expenses). Titan 1 invests primarily in unquoted UK smaller companies and aims to deliver absolute returns on its investments. Venture Capital Trusts (VCTs) VCTs were introduced in the Finance Act 1995 to provide a means for private individuals to invest in unlisted companies in the UK. Subsequent Finance Acts have introduced changes to VCT legislation. The tax benefits currently available to eligible new investors in VCTs include: -- up to 30% up-front income tax relief; -- exemption from income tax on dividends paid; and -- exemption from capital gains tax on disposals of shares in VCTs. Titan 1 has been approved as a VCT by HM Revenue & Customs (HMRC). In order to maintain its approval the Company must comply with certain requirements on a continuing basis, including: -- at least 70% of the Company's investments must comprise 'qualifying holdings'*(as defined in the legislation); -- for cash raised pre 6 April 2011 at least 30% of the 70% of qualifying holdings must be in eligible ordinary shares with no preferential rights; -- for cash raised post 5 April 2011 at least 70% of the 70% of qualifying holdings must be in eligible ordinary shares with no preferential rights; -- no single investment can exceed 15% of the total Company value; and -- a minimum of 10% of each Qualifying Investment must be in Ordinary shares with no preferential rights. *A 'qualifying holding' consists of up to GBP5 million invested in any one year in new shares or securities in an unquoted company (or companies quoted on AIM) which is carrying on a qualifying trade and whose gross assets do not exceed GBP15 million at the time of investment. The definition of a 'qualifying trade' excludes certain activities such as property investment and development, financial services and asset leasing. The Company will continue to ensure its compliance with these qualification requirements. Financial Summary Six months to Six months to Year to 31 30 April 2014 30 April 2013 October 2013 Net assets (GBP'000s) 29,313 19,795 20,865 Return on ordinary activities after tax (GBP'000s) (30) 137 2,096 Net asset value per share (NAV) 92.2p 88.7p 95.2p Cumulative dividends paid since 45.0p 40.0p 42.5p launch NAV plus cumulative dividends 137.2p 128.7p 137.7p paid Proposed Dividend 2.5p 2.5p 2.5p Chairman's Statement I am pleased to present the half-yearly results for Octopus Titan VCT 1 plc (the 'Company') for the six month period ended 30 April 2014. Results During this six month period, the total return of the Company has seen a small decrease from 137.7 to 137.2 pence per share (being the net asset value per share (NAV) plus cumulative dividends paid). This decrease in total return is due largely to the standard running costs of the fund exceeding the overall uplift in the portfolio. Investment Portfolio Review There was an overall increase of GBP364,000 in the portfolio during the period with 5 companies having an uplift in valuation. The most significant contributors were Semafone and Mi-Pay Group which had uplifts in fair value of GBP247,000 and GBP159,000 respectively but it was also necessary to recognise a reduction in value of three investee companies. During the six months to 30 April 2014, GBP1,878,000 was invested into 7 new companies and 5 follow-on investments. It is the Board's strategy to continue to support portfolio businesses which have met or exceeded performance expectations and where it makes economic sense as well as investing into new companies which the Investment Manager believes have potential for capital growth. The fund has a diverse portfolio of 29 companies operating in a variety of different market sectors and the Board believes the majority of these are capable of developing capital growth in the coming years. After 30 April 2014, the following new investments have been approved: -- GBP274,000 into Sourceable Limited (Swoon Editions) -- GBP471,000 into Zynstra -- GBP150,000 into Origami Energy -- GBP494,000 into Aframe Media Group Fund Raising The Company, together with the other Titan funds, offered the opportunity to invest into the VCTs through a linked new share offer. It is pleasing to report that this offer raised GBP9,522,000 net of costs into the Fund, significantly exceeding our initial target of GBP7,500,000. The majority of funds raised will also be used to support existing portfolio companies where the Investment Manager sees the opportunity for business growth as well as investing in new businesses alongside the other Titan funds. Dividends In accordance with our stated policy, your Board have decided to declare an interim dividend of 2.5p (2013 2.5p) per share which will be paid on 24 July 2014 to shareholders on the register on 27 June 2014. VCT Qualifying Status PricewaterhouseCoopers LLP provides both the Board and Octopus with advice concerning ongoing compliance with HMRC rules and regulations concerning VCTs. The Board has been advised that Titan 1 continues to be in compliance with the conditions laid down by HMRC for maintaining approval as a VCT. As at 30 April 2014, over 86% of the portfolio (as measured by HMRC rules) was invested in VCT qualifying investments. Principal Risks and Uncertainties The Board continues to regularly review the risk environment in which Titan 1 operates. There has been no significant change to the key risks which were set out on page 12 of the annual report for the year ended 31 October 2013. Outlook Despite an overall decrease in the total return, it is pleasing to have another consecutive period where there has been a positive uplift in the valuation of Titan 1's portfolio. A number of our companies are maturing and positioning themselves well in the market and with the new additions to the portfolio made during the period we remain confident that we will continue to see capital growth in the near future. As the economy continues to improve, we are seeing a number of exciting investment opportunities. We will work hard, alongside your Investment Manager to utilise the recently raised money into these companies whilst supporting the current portfolio. Lewis Jarrett Chairman 5 June 2014 Investment Portfolio Carrying Change in Investment value at valuation % voting % equity cost at 30 Unrealised 30 April in the rights managed Qualifying April 2014 profit/(loss) 2014 period held by by investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) Titan 1 Octopus Zenith Holding company Limited Other 4,895 3,081 7,976 (122) 33.33% 100.00% TouchType Limited Telecommunications 1,226 1,006 2,232 - 5.28% 19.04% Getlenses Consumer lifestyle Limited & wellbeing 824 147 971 58 5.89% 15.63% UltraSoC Technologies Limited Technology 825 44 869 - 13.57% 55.11% Mi-Pay Group plc Telecommunications 1,004 (141) 863 159 5.73% 17.18% e-Therapeutics Consumer lifestyle plc & wellbeing 632 45 677 (30) 0.91% 3.28% Metrasens Consumer lifestyle Limited & wellbeing 490 81 571 - 4.99% 17.28% Surrey NanoSystems Limited Technology 485 43 528 - 4.19% 14.26% Bowman Power Limited Environmental 519 (54) 465 (13) 2.70% 10.70% Semafone Limited Telecommunications 496 (52) 444 247 7.34% 26.17% Consumer lifestyle Kabbee Limited & wellbeing 400 - 400 - 1.55% 7.74% Executive Channel Europe Limited Media 624 (257) 367 - 7.10% 30.00% Michelson Diagnostics Consumer lifestyle Limited & wellbeing 627 (266) 361 - 5.69% 24.95% Adbrain Limited Technology 300 - 300 - 1.65% 9.23% Aframe Media Group Limited Media 281 - 281 - 3.58% 33.19% Artesian Solutions Limited Technology 185 - 185 - 1.12% 23.70% Amplience Limited Technology 172 - 172 - 1.89% 30.74% Zynstra Limited Technology 100 50 150 50 1.23% 8.12% Certivox Limited Technology 150 - 150 - 1.00% 30.74% Uniplaces Consumer lifestyle Limited & wellbeing 106 - 106 - 5.81% 27.49% Phasor Solutions Limited Technology 100 (35) 65 15 0.77% 0.98% Consumer lifestyle Tailsco Limited & wellbeing 39 - 39 - 0.77% 1.16% Streethub Consumer lifestyle Limited & wellbeing 26 - 26 - 0.90% 4.21% Sofar Sounds Consumer lifestyle Limited & wellbeing 14 - 14 - 0.38% 1.85% AQS Holdings Limited Environmental 655 (655) - - 14.20% 50.70% The Key Revolution Limited Telecommunications 641 (641) - - 12.36% 35.88% Phase Vision Limited Technology 474 (474) - - 10.09% 42.96% PrismaStar Inc. Media 424 (424) - - 2.58% 10.30% Elonics Limited Technology 305 (305) - - 3.11% 19.54% Total qualifying investments 17,019 1,193 18,212 364 Money market securities 7,413 - 7,413 Cash at bank 3,350 - 3,350 Total investments 27,782 1,193 28,975 Net current assets 338 Total net assets 29,313 Responsibility Statement of the Directors in respect of the half-yearly report We confirm that to the best of our knowledge: -- the half-yearly financial statements have been prepared in accordance with the statement 'Half-Yearly Financial Reports' issued by the UK Accounting Standards Board; -- the half-yearly report includes a fair review of the information required by the Financial Services Authority 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 Lewis Jarrett Chairman 5 June 2014 Income Statement Six months to 30 April Six months to 30 April 2014 2013 Year to 31 October 2013 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 Realised gain on disposal of fixed asset investments - 10 10 - - - - 670 670 Realised gain on disposal of current asset investments - - - - 91 91 - 91 91 Fixed asset investment holding gains - 364 364 - 306 306 - 2,359 2,359 Current asset investment holding gains/(losses) - - - - - - - Other income 10 - 10 158 - 158 316 - 316 Investment management fees (52) (156) (208) (55) (167) (222) (107) (321) (428) Performance fee incentive - - - - (43) (43) - (536) (536) Other expenses (206) - (206) (153) - (153) (376) - (376) Return on ordinary activities before tax (248) 218 (30) (50) 187 137 (167) 2,263 2,096 Taxation on return on ordinary activities - - - - - - - - - Return on ordinary activities after tax (248) 218 (30) (50) 187 137 (167) 2,263 2,096 Earnings per share - basic and diluted (1.0)p 0.9p (0.1)p (0.3)p 1.0p 0.7p (0.8)p 11.2p 10.4p -- 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 the results for the period as set out above. -- The accompanying notes are an integral part of the half-yearly report. Reconciliation of Movements in Shareholders' Funds Six months to 30 Six months to 30 Year to 31 October April 2014 April 2013 2013 GBP'000 GBP'000 GBP'000 Shareholders' funds at start of period 20,865 21,382 21,382 Return on ordinary activities after tax (30) 137 2,096 Issue of equity (net of expenses) 9,522 4,581 4,581 Purchase of own shares (390) (344) (677) Dividends paid (654) (5,961) (6,517) Shareholders' funds at end of period 29,313 19,795 20,865 Balance Sheet As at 30 April As at 30 April As at 31 October 2014 2013 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments* 18,212 16,279 15,970 Current assets: Money market securities and other deposits* 7,413 2,734 156 Debtors 453 365 1,836 Cash at bank 3,350 563 3,499 11,216 3,662 5,491 Creditors: amounts falling due within one year (115) (146) (596) Net current assets 11,101 3,516 4,895 Net assets 29,313 19,795 20,865 Called up equity share capital 3,179 2,232 2,191 Share premium 8,490 5,816 5,816 Special distributable reserve 16,915 11,822 11,489 Capital redemption reserve 150 65 106 Capital reserve - losses on disposal 300 (2,832) 1,512 - holding gains 1,195 3,243 419 Revenue reserve (916) (551) (668) Total equity shareholders' funds 29,313 19,795 20,865 Net asset value per share 92.2p 88.7p 95.2p *held at fair value through profit and loss The statements were approved by the Directors and authorised for issue on 5 June 2014 and are signed on their behalf by: Lewis Jarrett Chairman Company Number: 06397764 Cash flow statement Six months to 30 Six months to 30 Year to 31 October April 2014 April 2013 2013 GBP'000 GBP'000 GBP'000 Net cash inflow/(outflow) from operating activities 498 (185) (1,970) Financial investment: Purchase of fixed asset investments (1,878) (2,680) (10,240) Disposal of fixed asset investments 10 5,884 16,475 Management of liquid resources: Purchase of current asset investments (8,057) (5,506) (5,506) Disposal of current asset investments 800 4,599 7,178 Taxation - - - Dividends paid (654) (5,961) (6,517) Financing: Issue of equity 9,522 4,581 4,581 Purchase of own shares (390) (344) (677) Increase in cash resources at bank (149) 388 3,324 Reconciliation of net cash flow to movement in net funds Six months to 30 Six months to 30 April 2014 April 2013 Year to 31 October 2013 GBP'000 GBP'000 GBP'000 Increase in cash resources at bank (149) 388 3,324 Movement in cash equivalents 7,257 997 (1,581) Opening net cash resources 3,655 1,912 1,912 Net funds at period end 10,763 3,297 3,655 Reconciliation of return before taxation to cash flow from operating activities Six months to Six months to 30 April 2014 30 April 2013 Year to 31 October 2013 GBP'000 GBP'000 GBP'000 Return on ordinary activities before tax (30) 137 2,096 (Gain)/loss on disposal of current asset investments - (91) (91) (Gain)/loss on disposal of fixed asset investments (10) - (670) Gain on valuation of fixed asset investments (364) (306) (2,359) Gain on valuation of current asset investments - - - Decrease/(increase) in debtors 1,383 1,197 (274) (Decrease)/increase in creditors (481) (1,122) (672) Inflow/(outflow) from operating activities 498 (185) (1,970) Notes to the half-yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 30 April 2014 have been prepared in accordance with the Accounting Standard Board's (ASB) statement on half-yearly financial reports (July 2007) and adopting the accounting policies set out in the statutory accounts of the Company for the year ended 31 October 2013, which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for Investment Companies issued by the Association of Investment Companies in January 2009. 2. Publication of non-statutory accounts The unaudited half-yearly results for the six months ended 30 April 2014 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the year ended 31 October 2013 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, 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 25,763,913 (30 April 2013: 18,351,213 and 31 October 2013: 2,096,000) ordinary shares, being the weighted average number of ordinary shares in issue during the period. There are no potentially dilutive capital instruments in issue and therefore no diluted returns per share figures are relevant. The basic and diluted earnings per share are therefore identical. 4. Net asset value per share The calculation of NAV per share as at 30 April 2014 is based on 31,785,730 (30 April 2013: 22,315,551 and 31 October 2013: 21,912,587) ordinary shares in issue at that date. 5. Dividends The interim dividend declared of 2.5 pence per share for the six months ending 30 April 2014 will be paid on 24 July 2014, to those shareholders on the register on 27 June 2014. The final dividend of 2.5 pence per share for the year ending 31 October 2013 was paid on 4 April 2014 to those shareholders on the register on 7 March 2014. 6. Buy Backs During the six months ended 30 April 2014 the Company bought back 407,562 Ordinary shares at a weighted average price of 84.25 pence per share (six months ended 30 April 2013: 407,562 Ordinary shares at a weighted average price of 84.25 pence per share and year ended 31 October 2013: 810,526 Ordinary shares at a weighted average price of 83.3 pence per share). During the six months to 30 April 2014, 10,318,209 shares were issued at a weighted average price of 92.3 pence per share. 7. Related Party Transactions Octopus Investments Limited 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. During the period, the Company incurred management fees of GBP208,000 payable to Octopus (30 April 2013: GBP222,000 and 31 October 2013: GBP428,000 with a further fee of GBP536,000 relating to performance fees). At the period end there was GBPnil outstanding to Octopus (30 April 2013: GBPnil and 31 October 2013: GBPnil). Furthermore, Octopus 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 GBP6,000 per annum for company secretarial services. 8. Additional information Copies of this report are available from the registered office of the Company at 20 Old Bailey, London, EC4M 7AN. This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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 Titan VCT 1 PLC via Globenewswire HUG#1791142 http://www.octopusinvestments.com
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