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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oberon Aim Vct Plc | LSE:OVCT | London | Ordinary Share | GB00B1SN3863 | 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% | 33.00 | 25.00 | 41.00 | 33.00 | 33.00 | 33.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | -1.46M | -1.6M | -0.2861 | -1.17 | 1.84M |
TIDMOVCT Octopus VCT plc Annual Report & Accounts for the year ended 28 February 2014 Final Results 18 June 2014 Octopus VCT plc, managed by Octopus Investments Limited, today announces the final results for the year ended 28 February 2014. These results were approved by the Board of Directors on 18 June 2014. 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 As at As at 28 February 2014 28 February 2013 Net assets (GBP'000s) 50,402 49,635 Return on ordinary activities after tax (GBP'000s) 1,900 758 Net asset value (NAV) per share 96.9p 95.2p Cumulative dividends paid 5.0p 3.0p NAV plus cumulative dividends 101.9p 98.2p The Board has proposed a final dividend of 1.0 pence per share. This dividend, if approved by shareholders at the AGM, will be paid on 14 August 2014 to shareholders on the register on 11 July 2014. Chairman's Statement Introduction I am pleased to present the Annual Report of Octopus VCT plc for the year ended 28 February 2014. Performance The Company has had a good year and has continued to trade in line with its objective of focusing more on capital preservation than a typical VCT. It is pleasing to report that the total return (being the net asset value ('NAV') plus cumulative dividends paid to date) has increased from 98.2 pence per share as at 28 February 2013 to 101.9 pence per share as at 28 February 2014, an increase of 3.8%. A large part of this increase is due to the revaluation of a number of investments which had previously been held at cost, reflecting the early stage of these investments, and which resulted in an uplift of GBP1.5 million in the value of the investment portfolio. A surplus of interest income received on the Company's loan investments over the Company's running costs also contributed to the positive return. Dividend Given the strong performance of the Company's portfolio and the level of interest income earned during the year from investments, the Board has proposed a final dividend of 1.0 pence per share in respect of the year ended 28 February 2014 (2013: 1.0 pence per share). This dividend, if approved by shareholders at the AGM, will be paid on 14 August 2014 to shareholders on the register on 11 July 2014. Investment Portfolio A further GBP5.6m was invested during the year under review. GBP4.6m was invested in Clifford Thames Group, a company specialising in consultancy, business outsourcing, software and data services for the automotive industry. A follow on investment of GBP1.0m was made in Healthcare Services and Technology, a company seeking qualifying investments in the healthcare technology sector. The remainder of the loans to Shakti Power, Helaku Power and Salus Services 2 were fully repaid during the year, whilst a partial loan repayment was made by Michabo Power. In total, these loan repayments returned GBP5.2m in cash back to the Company. In addition, the Company disposed of its equity holdings in Salus Services 2 and Game Development and Management, resulting in an overall loss of GBP173,000. Investment Strategy As set out in the prospectus, the Company has adopted a strategy that is aimed at making investments that focus more on capital preservation than are typically available from investments in unquoted companies. The Qualifying Investments have been made into companies where the Octopus team is confident that there is the opportunity to invest in a manner that should provide the Company with a high level of capital security. These companies typically have contractual revenues from financially sound customers or a revenue stream that is generated from predictable transactions with a range of customers. 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 Octopus VCT plc is in compliance with the conditions laid down by HMRC for maintaining approval as a VCT. A key requirement is to reach at least the 70% qualifying investment level by the end of the third accounting period. As at 28 February 2014, 84.1% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments. Annual General Meeting The Company's Annual General Meeting will take place on Thursday, 31 July 2014 at 3.30 p.m. I look forward to meeting as many shareholders as possible at the meeting to be held at the offices of Octopus Investments Limited at 20 Old Bailey, London, EC4M 7AN. Directions to their offices can be found on their website: 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 an email or letter notifying them that the documents are available to view online or to receive documents by email. If you would like to change the format in which you receive this report, please complete the form enclosed with this annual report or contact Octopus or Capita using the contact details provided on page X of this report. Alternatively you can sign up to receive e-communications via the Capita online shareholder portal: www.capitashareportal.com Outlook There is now no doubt that the UK economy is in recovery, which is a marked improvement from the economic outlook this time last year. Banks are beginning to lend more to businesses, but this remains on a restricted basis; in addition, many companies continue to prefer the more partnership-style of investment offered by VCTs such as your Company. The value of the Company grew consistently throughout the recent prolonged recession, which is testament to the prudent investment approach adopted by the fund management team. This investment approach of capital preservation will continue as the Manager seeks further investments to continue to grow the value of the Company. James Otter Chairman 18 June 2014 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 Investments Limited was established in 2000 and has a strong commitment to both smaller companies and to VCTs. We currently manage 13 VCTs, including this VCT, and manage over GBP340 million in the VCT sector. Octopus has over 250 employees. The investment team that manages the portfolio of your company is comprised of 6 managers, with additional support from specialist investment teams and support staff. Investment Policy The investment approach of Octopus VCT plc is to seek investments that focus more on capital preservation than a typical VCT. Nearly all of the companies in which Octopus VCT invests operate in sectors where there is a high degree of predictability. Investments are sought in companies that have contractual revenues from financially sound customers and will provide an exit for shareholders within three to five years. Performance As at 28 February 2014 the total return (being the NAV plus cumulative dividends paid) stood at 101.9 pence per share compared to 98.2 pence at 28 February 2013, an increase of 3.8%. This increase is mainly due to the strong performance of the portfolio, which has seen an overall increase in its value of GBP1,498,000 in the year and also partly due to strong interest income earned on loan investments, which totalled GBP1,236,000 in the year, exceeding the running costs of the Company, totalling GBP528,000 in the year. The disposals of Salus Services 2, Game Development and Management and loan repayments from Salus Services 2, Helaku Power Power, Michabo Power and Shakti Power led to GBP6,282,000 of cash inflows back to the Company. The Company's investments into twelve solar companies in 2011 and 2012, being Donoma Power, Sula Power, Howbery Solar, Meri Power, Aashman Power, Kala Power, Tonatiuh Trading 1, Helaku Power, Nima Power, Tuwale Power, Palk Power and Gnowee Power, all performed well during the period, leading to a combined upward revaluation for these twelve companies of GBP1,436,000. However the five companies which acquired solar sites in France, being Resilient Corporate Services, Healthcare Education Business Services, MediaCo Business Services, Personnel Advisory Services and Saas Business Services, saw an overall downwards revaluation of GBP630,000. Five additional solar companies, Horrebow Energy, Mallina Power, Misae Power, Paivatar Power and Jokim saw a combined downwards movement of GBP579,000. Therefore, overall, the solar portfolio saw an upwards revaluation of GBP227,000. Solid trading results for Clifford Thames Group, CSL Dualcom, 3AM Music, Atlantic Screen International and Technical Software Consultants led to further upward revaluations totalling GBP1,219,000. EKF Diagnostics, the Company's only AIM traded investment, continued to see a rise in its share price resulting in an upward revaluation of GBP238,000. These gains were partially offset by prudent downward revaluations for Acquire Your Business, Quickfire Films and Quickfire 2 Films. Together these downwards adjustments totalled GBP186,000. Portfolio Review A new VCT qualifying investment totalling GBP4,616,000 was made in Clifford Thames Group, a market leader in consultancy, business outsourcing, software and data services for the automotive industry, in the period. This investment was made alongside an investment by Octopus Apollo VCT plc, a VCT which Octopus also manages. In addition, a follow on investment of GBP1,000,000 was made in Healthcare Services and Technology ("HST") during the period. The Company now has GBP2,500,000 invested in HST which continues to seek a VCT qualifying investment in the healthcare technology sector. The Company's investments in Erie Heat and Winnipeg Heat, originally intended for deployment into ground source heat pump opportunities, have now been redeployed into two new anaerobic digestion sites, where construction is currently underway. Anaerobic digestion sites offer a similar asset-backed, capital preservation opportunity to ground source heat pump or solar sites. Outlook Over the past year the UK economy has entered a period of recovery - with growth of between 0.7% and 0.9% per quarter for the year to 31 March 2014. Other positive indicators include continuing increasing consumer confidence and low inflation, as measured by the Consumer Price Index, which in February 2014 fell to 1.7%, its lowest point in over four years. This is encouraging for both consumers and businesses. Against this backdrop, banks are beginning to be more active in again lending to small and medium-sized businesses, although our experience is that demand for funding still far outstrips supply; this presents our investment team with a number of ongoing investment opportunities suitable for the investment mandate of Octopus VCT. The Company's portfolio, constructed on a basis of capital preservation, has weathered the difficult economic conditions of the past few years and has continued to grow in value; it is well positioned for further growth as conditions continue to improve. We will continue to invest in line with the Company's mandate of capital preservation and are optimistic about the Company's current portfolio and future investment prospects. If you have any questions on any aspect of your investment, please call one of the team on 0800 316 2295. Benjamin Davis Investment Director Octopus Investments 18 June 2014 Valuation Methodology Initial measurement With the exception of one investment which is traded on AIM, the investments held by Octopus VCT plc are unquoted and as such there is no trading platform from which prices can be easily obtained. Financial assets are measured at fair value. The initial best estimate of fair value of a financial asset that is either quoted or not quoted in an active market is the transaction price of the recent round (i.e. cost). Subsequent measurement Subsequent adjustment to the fair value of unquoted investments has been made using sector multiples where applicable, based on information as at 28 February 2014. In some cases the multiples have been compared to equivalent companies where it is believed that this is more appropriate than a sector multiple. In instances where an investment has predictable future cash flows, discounted cash flow valuations are used to support the fair value. In accordance with our interpretation of the IPEVC valuation guidelines, investments made within 12 months are usually kept at cost, unless performance indicates that fair value has changed. If you would like to find out more regarding the IPEVC valuation guidelines, please visit their website at: www.privateequityvaluation.com. Investment Portfolio *100% loan based investment Review of Investments At 28 February 2014 the Company's portfolio comprised investments in 47 unquoted companies. The unquoted investments are in Ordinary shares with full voting rights as well as loan note securities. Unquoted investments are valued in accordance with the valuation methodology and the accounting policy set out on page X, which takes account of current industry guidelines for the valuation of venture capital portfolios and is compliant with IPEVC Valuations guidelines and current financial reporting standards. Ten Largest Holdings Listed below are the ten largest investments by value as at 28 February 2014: Clifford Thames Group Limited ('Clifford Thames') Clifford Thames is a market-leading provider of consultancy, business outsourcing, software and data services for the automotive industry, and is a key partner of most of the world's leading car manufacturers. With offices in eight countries, Clifford Thames has a well-established and impressive client list including Ford, GM Europe, Jaguar Land Rover, Mazda and Fiat. Further information can be found at the company's website www.clifford-thames.com. Asset class Cost Valuation A Ordinary shares GBP1,704,327 GBP2,110,000 B preference shares GBP5,727 GBP7,000 Loan stock GBP2,905,946 GBP3,478,000 Total GBP4,616,000 GBP5,595,000 Investment date: July 2010 Equity held: 7.7% Last audited accounts: 31 March 2013 Revenues: GBP46,900,000 Profit before interest & tax: GBP2,200,000 Net assets: GBP14,900,000 Income receivable recognised in year: GBP66,000 Valuation basis: Earnings multiple CSL DualCom Holdings Limited ('CSL') CSL is the UK's leading supplier of dual path signalling devices, which link burglar alarms to the police or a private security firm. The devices communicate using a telephone line or broadband connection and a wireless link. CSL has developed a number of new products for the sector, which have enabled the business to steadily grow its market share of new connections and its profitability since the initial investment. Further information can be found at the company's website www.csldual.com. Asset class Cost Valuation A Ordinary shares GBP128 GBP32,221 Loan stock GBP3,839,872 GBP3,839,779 Total GBP3,840,000 GBP3,872,000 Investment date: March 2011 Equity held: 1.4% Equity held by all funds managed by Octopus: 3.4% Last audited accounts: 31 March 2013 Revenues: GBP12,500,000 Profit before interest & tax: GBP2,300,000 Net assets: GBP8,100,000 Income receivable recognised in year: GBP509,000 Valuation basis: Earnings multiple Healthcare Services and Technology Limited ('Healthcare Services and Technology') Healthcare Services and Technology is a company currently seeking a suitable investment within the healthcare technology sector. Asset class Cost Valuation Ordinary shares GBP250,000 GBP250,000 Loan stock GBP2,250,000 GBP2,250,000 Total GBP2,500,000 GBP2,500,000 Investment date: February 2013 Equity held: 49.9% Equity held by all funds managed by Octopus: 100.0% Last unaudited accounts: N/A revenues: N/A Loss before interest & tax: N/A Net assets: N/A Income receivable recognised in year: GBPnil Valuation basis: Transaction cost The company's first set of annual accounts are due on 19 November 2014. Therefore no annual results were available at the date of this report. Borro Loan 2 Limited ('Borro') Founded in 2008, Borro is an online consumer finance business providing short term loans secured against high value assets to customers nationwide. Further information can be found at the company's website www.borro.com. Asset class Cost Valuation Loan stock GBP2,000,000 GBP2,000,000 Total GBP2,000,000 GBP2,000,000 Investment date: December 2011 Equity held: 0.0%* Equity held by all funds managed by Octopus: 0.0%* Last audited accounts: 31 December 2012 Revenues: GBP3,800,000 Profit before interest & tax: GBPnil* Net assets: GBP1* Income receivable recognised in year: GBP225,000 Valuation basis: Transaction cost *Borro Loan 2 Limited is the loan book company and 100% subsidiary of Borro Limited, a company registered in England and whose results are publicly available from Companies House. Accordingly, Borro Loan 2 Limited has nil revenues and nominal net assets. Erie Heat Limited ('Erie') Erie is in the process of constructing, and will operate, an anaerobic digestion plant in Lincolnshire. Asset class Cost Valuation A Ordinary shares GBP600,000 GBP600,000 Loan stock GBP1,400,000 GBP1,400,000 Total GBP2,000,000 GBP2,000,000 Investment date: April 2012 Equity held: 49.9% Last audited accounts: 28 February 2013 Revenues: GBPnil Profit before interest & tax: GBP109 Net assets: GBP600,000 Income receivable recognised in year: GBP8,000 Valuation basis: Transaction cost 3AM Music Limited ('3AM') 3AM is managed by the Cutting Edge Group and commissions and owns copyrights to music scores for films and television projects. Asset class Cost Valuation Ordinary shares GBP1,500,000 GBP1,636,000 Total GBP1,500,000 GBP1,636,000 Investment date: August 2012 Equity held: 49.9% Equity held by all funds managed by Octopus: 100.0% Last unaudited accounts: 30 June 2013 Revenues: GBP300,000 Loss before interest & tax: GBP100,000 Net assets: GBP3,500,000 Income receivable recognised in year: GBPnil Valuation basis: Earnings multiple GreenCo Services 2 Limited ('GreenCo') GreenCo constructed and operates a solar renewable energy site at a selected location in South Brent, Devon. Asset class Cost Valuation Ordinary shares GBP1,600,000 GBP1,600,000 Total GBP1,600,000 GBP1,600,000 Investment date: November 2010 Equity held: 40.9% Equity held by all funds managed by Octopus: 100.0% Last unaudited accounts: 30 November 2012 Revenues: GBPnil Loss before interest & tax: GBP70,000 Net assets: GBP3,787,000 Income receivable recognised in year: GBPnil Valuation basis: Transaction cost Donoma Power ('Donoma') Donoma constructed and operates a solar renewable energy site at a selected location in Hawton, Nottinghamshire. Asset class Cost Valuation Ordinary shares GBP1,220,000 GBP1,471,000 Total GBP1,220,000 GBP1,471,000 Investment date: April 2011 Equity held: 44.9% Equity held by all funds managed by Octopus: 100.0% Last audited accounts: 31 December 2012 Revenues: GBP1,828,000 Profit before interest & tax: GBP847,000 Net assets: GBP(1,500,000) Income receivable recognised in year: GBPnil Valuation basis: Discounted Cash Flow Sula Power ('Sula') Sula constructed and operates a solar renewable energy site at a selected location in Beccles, Suffolk. Asset class Cost Valuation Ordinary shares GBP1,000,000 GBP1,224,000 Total GBP1,000,000 GBP1,224,000 Investment date: April 2011 Equity held: 32.3% Equity held by all funds managed by Octopus: 100.0% Last audited accounts: 31 December 2012 Revenues: GBP468,000 Profit before interest & tax: GBP141,000 Net assets: GBP2,900,000 Income receivable recognised in year: GBPnil Valuation basis: Discounted Cash Flow Atlantic Screen International Limited ('ASI') ASI commissions and owns copyrights to music scores for films and television programmes. Asset class Cost Valuation Ordinary shares GBP1,000,000 GBP1,057,000 Total GBP1,000,000 GBP1,057,000 Investment date: January 2011 Equity held: 49.9% Equity held by all funds managed by Octopus: 100.0% Last unaudited accounts: 30 June 2013 Revenues: GBP5,000 Loss before interest & tax: GBP400,000 Net assets: GBP1,600,000 Income receivable recognised in year: GBPnil Valuation basis: Earnings multiple 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). 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 judgements and accounting estimates that are reasonable and prudent; and -- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. 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 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), 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 James Otter Chairman 18 June 2014 Income Statement Year to 28 February 2014 Revenue Capital Total GBP'000 GBP'000 GBP'000 Fixed asset investment gain/(loss) on disposal - (172) (172) Fixed asset investment holding gain/(loss) - 1,498 1,498 Investment income 1,245 - 1,245 Investment management fees - - - Other expenses (528) - (528) Return on ordinary activities before tax 717 1,326 2,043 Taxation on return on ordinary activities (143) - (143) Return on ordinary activities after tax 574 1,326 1,900 Earnings per share - basic and diluted 1.1p 2.5p 3.6p -- 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 The Company has no recognised gains or losses other than the results for the year as set out above. Income Statement Year to 28 February 2013 Revenue Capital Total GBP'000 GBP'000 GBP'000 Fixed asset investment gain/(loss) on disposal - - - Fixed asset investment holding gain/(loss) - 63 63 Investment income 1,448 - 1,448 Investment management fees - - - Other expenses (543) - (543) Return on ordinary activities before tax 905 63 968 Taxation on return on ordinary activities (210) - (210) Return on ordinary activities after tax 695 63 758 Earnings per share - basic and diluted 1.3p 0.1p 1.4p -- 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 The Company has no recognised gains or losses other than the results for the year as set out above. Reconciliation of Movements in Shareholders' Funds Year to Year to 28 February 2014 28 February 2013 Shareholders' funds at start of year 49,635 49,919 Return on ordinary activities after tax 1,900 758 Shares bought back for cancellation (91) - Dividends paid (1,042) (1,042) Shareholders' funds at end of year 50,402 49,635 Balance Sheet As at 28 February 2014 As at 28 February 2013 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments* 49,197 48,538 Current assets: Debtors 543 726 Investments - money market funds* 5 5 Cash at bank 946 712 1,494 1,443 Creditors: amounts falling due within one year (289) (346) Net current assets 1,205 1,097 Total assets less current liabilities 50,402 49,635 Called up equity share capital 520 521 Special distributable reserve 48,009 48,568 Capital redemption reserve 2 1 Capital reserve holding gains 1,766 268 Capital reserve gains on disposal (172) - Revenue reserve 277 277 Total shareholders' funds 50,402 49,635 Net asset value per 96.9p 95.2p share * Held at fair value through profit and loss The statements were approved by the Directors and authorised for issue on 18 June 2014 and are signed on their behalf by: James Otter Chairman Company No: 06948448 Cash Flow Statement Year to 28 February 2014 Year to 28 February 2013 GBP'000 GBP'000 Net cash inflow/(outflow) from operating activities 910 923 Taxation (210) (210) Financial investment Purchase of fixed asset investments (5,616) (17,807) Sale of fixed asset investments 6,283 2,037 Dividends paid (1,042) (1,042) Management of liquid resources Purchase of current asset investments - (1,017) Sale of current asset investments - 11,592 Financing: Purchase of own shares (91) - Increase/(decrease) in cash 234 (5,524) Reconciliation of return before Taxation to Cash Flow from Operating Activities Year to 28 February 2014 Year to 28 February 2013 GBP'000 GBP'000 Return on ordinary activities before tax 2,043 968 Decrease in debtors 183 (218) Decrease in creditors 10 236 Holding gain on fixed asset investments (1,498) (63) Loss on disposal of fixed asset investments 172 - Inflow/(outflow) from operating activities 910 923 Reconciliation of Net Cash Flow to Movement in Net Funds Year to 28 February 2014 Year to 28 February 2013 GBP'000 GBP'000 Increase/(decrease) in cash at bank 234 (5,524) Movement in cash equivalent securities - (10,575) Opening net funds 717 16,816 Net funds at 28 February 951 717 Net Funds at 28 February comprised: As at 28 February 2014 As at 28 February 2013 GBP'000 GBP'000 Cash at bank 946 712 Money market funds 5 5 Net Funds at 28 February 951 717 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 VCT PLC via Globenewswire HUG#1795613
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