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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Apollo Vct 1 | LSE:APO1 | London | Ordinary Share | GB00B13YV684 | 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% | 89.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Apollo VCT 1 plc Financial Summary for the period ended 31 January 2007 31 January 2007 Net assets £2,889,000 Net revenue loss after tax £(24,000) Revenue loss per share* (4.22p) Net asset value per share 93.4p Total loss per share* (5.86p) *based on a weighted average of 567,872 in issue in the period Apollo VCT 1 plc ("Company" or "Fund") is a Venture Capital Trust ("VCT") and is managed by Octopus Investments Limited ("Octopus"). The Fund was launched in May 2006 together with Apollo VCT 2 plc. Both companies have identical constitutions, boards of directors and investment policies, and together launched an offer for subscription comprising 25,000,000 ordinary shares each, or 50,000,000 in aggregate (the "Offer"). The Offer closed on 5 April 2007 having raised £17.6 million in aggregate (£16.8 million net of expenses). The objective of the Fund is to invest in a diversified portfolio of UK smaller companies in order to generate income and capital growth over the long-term. Chairman's Statement It gives me great pleasure to present the first annual report to shareholders in the Apollo VCT 1 plc. Background The Fund opened in May 2006 and had raised nearly £3.1 million by 31 January 2007. By 5 April 2007, the Fund had raised over £8.8 million. When combined with Apollo VCT 2, over £17.6m was raised in the offer period, making it one of the largest VCTs launched last year. Net Asset Value ('NAV') The NAV per share at 31 January 2007 was 93.4p. As expected in the early stages of a VCT, expenses exceeded income leading to a decrease in the NAV. Investment portfolio During the period under review, the Fund was actively seeking investors rather than looking to make investments. As such, no qualifying investments were held at the period end. However, Octopus has taken an active approach to managing the cash raised through the Offer prior to its investment in Qualifying Companies. The funds raised have been invested by Goldman Sachs International in a range of cash and cash equivalent assets. Investment process The majority of companies in which the Fund will invest will operate in sectors where there is a high degree of predictability. Ideally, these companies will have contractual revenues from financially sound customers and will provide the opportunity for an exit within three to five years. Before investing in a company, the fund managers at Octopus will conduct their own fundamental analysis. This will include a thorough review and analysis of the company's business plan, meetings with management teams, and a detailed evaluation of the company's financial projections including scenario analysis (i.e. different sales growth rates, margins and overheads). This analysis will focus on the level of revenue visibility within the business and the extent to which this revenue is contractually agreed. Share Price and Buy-Back Facility The Fund has a share buy-back facility, proposing to buy-back shares at no more than a 10% discount to the prevailing NAV. This should assist the marketability of the shares and help prevent the shares from trading at a wide discount to NAV. The Fund's mid market share price currently stands at 95p. Shareholders should note that if they sell their shares within five years of the original purchase they forfeit any income tax relief obtained. If you need to sell your shares, please contact Octopus on 020 7710 2800. VCT Qualifying Status The Fund must be 70% invested in qualifying companies by 31 January 2010, and maintain this level on a day by day basis thereafter, in order to comply with VCT regulations. The Directors will monitor the Fund's progress towards meeting and maintaining HM Revenue and Customs' conditions for VCT approval and have retained PricewaterhouseCoopers LLP, one of the UK's leading firms of accountants, to advise in this area. Outlook Growth in the economy has now been above the UK's long-term trend rate for five straight quarters. All the momentum continues to come from the services sector, which now accounts for three-quarters of the UK economy. Since Octopus has firmly established itself as one of the largest VCT managers in the UK, with eight existing VCTs, we are confident that we will be able to build a portfolio which will be well positioned to deliver attractive returns to shareholders in the medium-term. Andrew Boyle Chairman 23 May 2007 Investment Manager's Review We are delighted that the Fund raised over £8.8 million, and £17.6m million when combined with Apollo VCT 2, by the time the fundraising period closed on 5 April 2007. As is usual for a VCT in a fundraising period, the Fund has yet to make its first investment. Review of Investments Although no qualifying investments were held at the period end, the Fund has taken an active approach to managing the cash raised through the Offer prior to its investment in Qualifying Companies. The funds raised have been invested by Goldman Sachs International in a range of cash and cash equivalent assets. Personal Service At Octopus, we pride ourselves not only on our team's track record but also on our personalised customer service. We believe in open communication and our regular updates are designed to keep you involved and informed. Octopus, founded in 2000, is one of the UK's fastest growing fund management companies. The company is committed to bringing innovative, high-return products to the broadest possible market. Octopus currently manages more than £320 million on behalf of more than 10,000 investors. Octopus is one of the largest VCT managers in the UK and was recently voted 'Best VCT Provider of the Year 2007' in the Professional Adviser Awards (voted for by financial advisers). If you have any questions about this review, or if it would help to speak to one of the fund managers, please do not hesitate to contact us on 020 7710 2800. Simon Rogerson Chief Executive Income Statement for the period ended 31 January 2007 Period to 31 January 2007 Revenue Capital Total £'000 £'000 £'000 Income 23 - 23 Investment management fees (3) (9) (12) Other expenses (44) - (44) Loss on ordinary activities before tax (24) (9) (33) Tax on ordinary activities - - - Loss on ordinary activities after tax (24) (9) (33) Loss per share and diluted loss per share (4.2p) (1.7p) (5.9p) * the total column of this statement is the profit and loss account of the Company * all revenue and capital items in the above statement derive from continuing operations * the accompanying notes are an integral part of the financial statements * 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. Reconciliation of movements in shareholders' funds Period ended 31 January 2007 £'000 Shareholders' funds at start of period - Total losses recognised in period (33) Issue of redeemable non-voting preference 50 shares Redemption of redeemable non-voting (50) preference shares Net proceeds of share issue 2,922 Shareholders' funds at 31 January 2007 2,889 Balance Sheet as at 31 January 2007 31 January 2007 £000's Current assets Investments 2,814 Debtors 106 Cash at bank 11 2,931 Creditors: amounts falling due within one year (42) Net current assets 2,889 Net assets 2,889 Called up equity share capital 309 Share premium 2,613 Capital reserve - realised (9) Revenue reserve (24) Total equity shareholders' funds 2,889 Net asset value per share 93.4p Cash flow statement for the period ended 31 January 2007 31 January 2007 £'000 Net cash inflow from operating activities (97) Net cash inflow from financial investment (97) Management of liquid resources : Increase in cash funds (2,814) Financing : Issue of own shares 3,076 Share issue expenses (154) Total financing 108 Increase in cash resources 11 The above summary of results for the period ended 31 January 2007 does not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. Statutory financial statements will be filed with the Registrar of Companies in due course; the auditor's report on those financial statements under S235 of the Companies Act 1985 is unqualified and does not contain a statement under S237 (2) or (3) of the Companies Act 1985. A copy of the full annual report and financial statements for the period ended 31 January 2007 is expected to be posted to shareholders shortly and will be available to the public at the registered office of the company at 8 Angel Court, London, EC2R 7HP. - ---END OF MESSAGE--- Copyright © Hugin ASA 2007. All rights reserved.
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