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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Octopus Aim Vct Plc | LSE:OOA | London | Ordinary Share | GB0034202076 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 61.50 | 60.00 | 63.00 | 61.50 | 61.50 | 61.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | -30.13M | -33.41M | -0.1863 | -3.30 | 110.28M |
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Half-yearly Results
15 October 2018
Octopus AIM VCT plc, managed by Octopus Investments Limited, today
announces the half-yearly results for the six months ended 31 August
2018.
These results were approved by the Board of Directors on 15 October
2018.
You may shortly view the half-yearly report in full by visiting
https://www.globenewswire.com/Tracker?data=ZoD3_U7pitCfDt4bO8hqACnYv01MaxT_xhjxxX9U2CraH75ZvCVilE-M00ngs6k-rdofjhDvscugEgbwkKoRrGwMSJNmJwoxxKCZjek-_UDUAVTgyGMzunrfRVo-buC48P67hswftgom5la33-ucyQ9LmYKsD4Kbxu8nnwdNw4pAvBodoxHTImAUHPL5eYd7huW0LEOVjBm-p4VIw5VTR-RdFiZSMNPG8q4BBT2xQ-jdmfOMenf8n1-i9Q74A5dQxEJzIioTKuGPxhcgeTwyviJfXAjx09cZ6z58CIVggrA=
https://www.octopusinvestments.com/investor/our-products/venture-capital-trusts/octopus-aim-vcts.
All other statutory information will also be found there.
Financial Summary
Six months Six months Year to
to to 28 February
31 August 2018 31 August 2017 2018
Net assets (GBP'000s) 134,748 115,856 127,070
Profit on ordinary
activities after
tax (GBP'000s) 11,699 6,355 6,476
Net asset value ('NAV')
per share 123.9p 118.4p 116.1p
NAV Total Return* 9.3% 6.1% 6.3%
Ordinary Dividends 3.0p 3.0p 5.5p
paid in the
period
Ordinary dividend 2.5p 2.5p 3.0p
declared**
*NAV Total Return is calculated as (movement in NAV + dividends paid in
the period) divided by the NAV at the beginning of the period.
** The interim dividend of 2.5p will be paid on 18 January 2019 to those
shareholders on the register on 21 December 2018.
Chairman's Statement
I am pleased to report the half-yearly results for Octopus AIM VCT plc.
The six months to 31st August 2018 have been a volatile period for stock
market indices but the overall direction has been positive, and against
this background the Net Asset Value has risen, reflecting good progress
made by many of the portfolio companies.
The Board has declared a dividend of 2.5p a share which will be paid on
18 January 2019 to those shareholders on the register on 21 December
2018.
The Managers have made a number of new investments in the six month
period and these are explained in more detail within the Interim
Management Report.
Shareholders will be aware that the Board launched a new public offer of
shares in August and the first allotment took place on 21st September.
On the basis of current evidence, the Manager believes there will be
good investment opportunities for new funds, despite the fact that the
market is likely to be more prone to bouts of uncertainty as March 2019
Brexit deadline approaches.
Roger Smith
Chairman
15 October 2018
Interim Management Report
Overview
The six months to 31 August 2018 has seen UK stock market indices rise,
even though doubts prompted by the challenges of achieving an orderly
Brexit, domestic politics, and fears of an international trade war
contributed to increased volatility and some individual months of
negative returns. Against this less certain background, the long term
trend of smaller companies outperforming larger companies was less
pronounced, and the Smaller Companies Index trailed the FTSE All Share
Index even though AIM continued its recent relative strength, and was
the best performing UK index in the period.
Fundraisings on AIM continued to be strong, with substantial sums raised
for existing AIM companies demonstrating the level of support available
for its existing members. With this in mind, we launched a new
fundraising for the Company in August as we believe that the recent
healthy flow of qualifying opportunities can continue now that market
participants have become more familiar with the latest changes to the
VCT rules.
Performance
Adding back the 3.0p paid out in dividends in the period, the Net Asset
Value increased by 9.3% in the six months to 31 August 2018. This
compares with a 3.0% rise in the Smaller Companies Index (ex Investment
Trusts), a 5.6% increase in the FTSE All Share Index and a 7.0% rise in
AIM, all on a total return basis. Performance remained stock specific
and heavily influenced by the news flow announced by portfolio
companies.
Of the good performers in the portfolio, quite a few saw their share
prices react positively to corporate developments, either internally
generated or as a result of acquisitions. The largest positive
contributor to performance in the period was GB Group, where the market
is now starting to grasp the scale of its opportunity to become a global
supplier of verification and identification services. Learning
Technologies was another strong performer, continuing to trade well,
demonstrating that it had integrated the 2017 acquisition of
NetDimensions as well as the 2018 acquisition of PeopleFluent. The
latter is a mostly US based business specialising in talent management
within organisations. Analysts have upgraded their forecasts on the back
of the deal which expands the geographical reach of the business, as
well as enabling the company to address other parts of the human
resource budgets of companies. LoopUp was another strong performer with
upgrades to forecasts enhanced by the acquisition of Meetingzone which
has given the business further significant scale. Other significant
contributors to performance in the period were Craneware, which
continued to win business for its new software platform from the US
hospital sector, Quixant, FairFX and EKF Diagnostics Holdings. The
latter has turned its business around, restored profitability and begun
to demonstrate growth in its point of care diagnostics business. VR
Education, a new investment in the period, also had a very strong debut
on AIM.
The market remains wary of the majority of early stage companies not yet
making a profit, of which we hold a number in the portfolio,
particularly in the pharmaceutical, medical device and technology
sectors. Share prices in these types of companies are very vulnerable to
setbacks as well as a lack of news flow from the companies and Faron
Pharmaceuticals, Haydale Graphene, Fusion Antibodies, Futura Medical and
appScatter are all examples that have impacted negatively on performance
in the period. The portfolio benefitted from a number of takeovers in
the period, with Escher, Freeagent, Sinclair Pharma and CityFibre all
being the subject of bids.
Some of the more mature profitable businesses such as Breedon and RWS
paused for breath in the period, despite both making significant
acquisitions which open up new markets for growth, and Yu Group saw its
shares give up some of its former very strong gains. A major
underperformer in the period was Animalcare which issued a profit
warning. The task of integrating the Animalcare business with the much
larger European Ecuphar business has had an impact on short term
profitability and it is now apparent that any merger benefits will take
much longer to come through than first expected. This has depressed the
shares as the markets are awaiting proof that things have improved as a
result of management changes that have now been made.
Portfolio Activity
In the period under review, the Company made twelve qualifying
investments into eleven companies at a total cost of GBP8.1 million,
considerably ahead of the GBP5.3 million invested in the corresponding
period last year and almost equalling the GBP8.4 million that we
invested in the whole year to February 2018. Five of these investments,
VR Education, KRM 22, Maestrano, Immotion, and Trackwise were in
companies floating on AIM with a further three, Diurnal, Ixico, and Creo
Medical new investments for the fund into existing AIM companies. The
remaining four were follow-on investments; one further investment into
the medical device company Creo Medical after it had received
confirmation of Knowledge Intensive status from HMRC; a further
investment into Access Intelligence to expand the scope of its corporate
communications and reputation management software platform; a follow-on
round of funding for Microsaic and a new round of funding for Osirium to
enable it to continue to develop partners to sell its security software
for managing privileged access accounts. We have continued to see a wide
range of new investment opportunities, and of the new investments made
in the period two have been in software platforms, two have been in the
emerging area of content for use on virtual reality devices, one has
been in the area of technology hardware and three have been in the
healthcare sector.
We also invested a further GBP450,000 into the FP Octopus UK Micro-Cap
Fund, with the objective of obtaining a better return on our cash
awaiting investment.
A number of disposals were made in the period resulting in cash proceeds
of GBP5.2 million and a net gain of GBP1.1m since acquisition. These
were a mixture of profits being taken on existing holdings such as GB
Group and Quixant, and outright sales as in the case of TLA and Faron.
The latter was sold at a loss after the company's lead compound failed
to demonstrate efficacy in its phase III drugs trial. Three companies,
Escher, FreeAgent, and City Fibre were also the subject of takeover
bids.
Transactions with Manager
Details of amounts paid to the Manager are disclosed in Note 8 to the
Financial Statements.
Share Buybacks
In the six months to 31 August 2018, the Company bought back 1,219,468
Ordinary shares for total consideration of GBP1,396,000. It is evident
from the conversations which the Managers have that this facility
remains an important consideration to investors. The Company remains
committed to maintaining its policy of buying back shares at a 5%
discount to NAV.
Share Issues and Fundraising
On 13 April 2018 119,802 new shares were issued in connection with the
2017/2018 prospectus offer which closed fully subscribed.
A new offer of subscription launched on 3 August 2018 alongside Octopus
AIM VCT 2 plc to raise an aggregate of GBP30million.
In addition 406,702 new ordinary shares were issued in July 2018 to
shareholders who participated in the dividend reinvestment scheme
(DRIS). Further details can be seen in Note 6 to the financial
statements.
Dividend
On 22 June 2018, the Company paid a dividend of 3p per share, being the
final dividend for the year ended 28 February 2018.
For the period to 31 August 2018, the Board has declared an interim
dividend of 2.5p. This will be paid on 18 January 2019 to shareholders
on the register on 21 December 2018.
It is the Board's intention to continue to pay a minimum of 2.5p each
half year and to adjust the final dividend annually, based on the
year-end share price, so that the shareholders receive either 5p per
annum or a 5% yield, whichever is the greater at the time.
Risks and Uncertainties
The Company's principal risks and uncertainties are set out in Note 7 to
the unaudited financial statements.
Outlook
The newspapers are still dominated by negative stories about
international trade tensions, domestic politics, and the problem of how
we will extricate ourselves from the European Union. Poor weather in the
first quarter of the year meant that the economy slowed, although it
bounced back in the next quarter paving the way to an interest rate rise
of 0.25% to 0.75% in August. Against this increasingly uncertain
background stock markets have suffered bouts of volatility which is
something that will probably recur as March 2019 draws closer. However,
it is encouraging that the Net Asset Value has continued to make
progress in 2018, recently helped by some positive trading updates from
portfolio companies, some of which have had profit expectations
increased several times already in 2018.
We are currently in the middle of the reporting season, and this
progress appears to have continued for the majority of the holdings that
we have heard from, as management teams persevere with their efforts to
grow their companies despite political issues. The portfolio now
contains 77 holdings across a range of sectors with the balance still
weighted towards profitable companies that are continuing to pursue
growth. There has been a good flow of VCT qualifying opportunities and
we see no signs of this drying up as entrepreneurs continue to seek
growth and success for their companies. With the VCT 92.2% invested in
qualifying companies for HMRC purposes the Manager will continue to be
selective about new investments.
The AIM Team
Octopus Investments
15 October 2018
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
-- the half-yearly financial statements have been prepared in
accordance with Financial Reporting Standard 104 "Interim Financial
Reporting" issued by the Financial Reporting Council;
-- the half-yearly financial statements give a true and fair view of
the assets, liabilities, financial position, and profit or loss of the
Company;
-- 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.
-- the half-yearly financial statements have not been audited or
reviewed by the auditors.
On behalf of the Board
Roger Smith
Chairman
15 October 2018
Income Statement
Unaudited Unaudited Audited
---------------------------- ---------------------------- ----------------------------
Six months to Six months to Year to 28 February
31 August 2018 31 August 2017 2018
---------------------------- ---------------------------- ----------------------------
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/(loss)
on disposal
of fixed asset
investments -- 105 105 -- (25) (25) -- 477 477
Gain on valuation
of fixed asset
investment -- 11,576 11,576 -- 6,472 6,472 -- 6,943 6,943
Gain on valuation
of current
asset investment -- 894 894 -- 581 581 -- 541 541
Investment
income 421 -- 421 442 -- 442 843 -- 843
Investment
management
fees (258) (773) (1,031) (192) (575) (767) (432) (1,296) (1,728)
Other expenses (266) -- (266) (348) -- (348) (600) -- (600)
------------------ -------- -------- --------
Profit/(loss)
on ordinary
activities
before tax (103) 11,802 11,699 (98) 6,453 6,355 (189) 6,665 6,476
Taxation on
profit/(loss)
on ordinary
activities -- -- -- -- -- -- -- -- --
------------------ -------- -------- --------
Profit/(loss)
on ordinary
activities
after tax (103) 11,802 11,699 (98) 6,453 6,355 (189) 6,665 6,476
------------------ -------- -------- --------
Earnings per
share -- basic
and diluted (0.1)p 13.4p 13.3p (0.1)p 7.0p 6.9p (0.2p) 6.7p 6.5p
-------- -------- --------
-- the 'Total' column of this statement represents the statutory
Income Statement of the Company; the supplementary revenue return and
capital return columns have been prepared in accordance with the AIC
Statement of Recommended Practice.
-- all revenue and capital items in the above statement derive from
continuing operations.
-- the Company has no recognised gains or losses other than those
disclosed in the income statement.
-- 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, as well as OEIC funds.
Balance Sheet
Unaudited Unaudited Audited
As at 31 August As at 31 August As at 28 February
2018 2017 2018
------------------ ----------------- -------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- ---------
Fixed asset
investments 105,777 90,232 91,247
Current assets:
Current asset
investments 26,303 18,399 24,959
Money market
securities 1,310 4,295 4,300
Debtors 104 87 52
Cash at bank 1,929 5,280 7,234
Applications
cash 10,059 4,899 241
39,705 32,960 36,786
---------------------- -------- -------- ---------
Creditors: amounts
falling due within
one year (10,734) (7,336) (963)
---------------------- -------- -------- ---------
Net current assets 28,971 25,624 35,823
---------------------- -------- -------- ---------
Net assets 134,748 115,856 127,070
---------------------- -------- -------- ---------
Called up equity
share capital 1,087 978 1,094
Share premium 63,727 48,650 63,098
Capital redemption
reserve 73 54 61
Special distributable
reserve 41,828 49,961 46,483
Capital reserve
realised (28,912) (28,858) (29,277)
Capital reserve
unrealised 56,804 44,736 45,367
Revenue reserve 141 335 244
---------------------- -------- -------- ---------
Total equity
shareholders'
funds 134,748 115,856 127,070
---------------------- -------- -------- ---------
Net asset value 123.9p 118.4p 116.1p
per share
-------- -------- ---------
The accompanying notes form an integral part of the financial
statements.
The statements were approved by the Directors and authorised for issue
on 15 October 2018 and are signed on their behalf by:
Roger Smith
Chairman
Company No: 03477519
Statement of Changes in Equity
Capital Special Capital Capital
Share Share redemption distributable reserve reserve Revenue
Capital Premium reserve reserves realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 March
2018 1,094 63,098 61 46,483 (29,277) 45,367 244 127,070
Total comprehensive
income for
the period -- -- -- -- (668) 12,470 (103) 11,699
Contributions by and
distributions to owners:
Repurchase
and cancellation
of own shares (12) -- 12 (1,396) -- -- -- (1,396)
Issue of shares 5 637 -- -- -- -- -- 642
Share issue
costs -- (8) -- -- -- -- -- (8)
Dividends
paid -- -- -- (3,259) -- -- -- (3,259)
Total contributions
by and distributions
to owners (7) 629 12 (4,655) -- -- -- (4,021)
Prior years'
holding gains
now realised -- -- -- -- 1,033 (1,033) -- --
Total other
movements -- -- -- -- 1,033 (1,033) -- --
As at 31 August
2018 1,087 63,727 73 41,828 (28,912) 56,804 141 134,748
As at 1 March
2017 873 35,422 45 53,717 (28,020) 37,445 433 99,915
Total comprehensive
income for
the period -- -- -- -- (600) 7,053 (98) 6,355
Contributions by and
distributions to owners:
Repurchase
and cancellation
of own shares (9) -- 9 (1,047) -- -- -- (1,047)
Issue of shares 114 14,037 -- -- -- -- -- 14,151
Share issue
costs -- (809) -- -- -- -- -- (809)
Dividends
paid -- -- -- (2,709) -- -- -- (2,709)
Total contributions
by and distributions
to owners 105 13,228 9 (3,756) -- -- -- 9,586
Prior years'
holding losses
now realised -- -- -- -- -- -- -- --
Total other
movements -- -- -- -- (238) 238 -- --
As at 31 August
2017 978 48,650 54 49,961 (28,858) 44,736 335 115,856
Capital Special Capital Capital
Share Share redemption distributable reserve reserve Revenue
Capital Premium reserve reserves realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 March
2017 873 35,422 45 53,717 (28,020) 37,445 433 99,915
Total comprehensive
income for
the period -- -- -- -- (819) 7,484 (189) 6,476
Contributions by and
distributions to owners:
Repurchase
and cancellation
of own shares (16) -- 16 (1,792) -- -- -- (1,792)
Issue of shares 237 29,399 -- -- -- -- -- 29,636
Share issue
costs -- (1,723) -- -- -- -- -- (1,723)
Dividends paid -- -- -- (5,442) -- -- -- (5,442)
Total contributions
by and distributions
to owners 221 27,676 16 (7,234) -- -- -- 20,679
Prior years'
holding losses
now realised -- -- -- -- (438) 438 -- --
Total other
movements -- -- -- -- (438) 438 -- --
As at 28 February
2018 1,094 63,098 61 46,483 (29,277) 45,367 244 127,070
Cash Flow Statement
Unaudited Unaudited
Six months Six months Audited
to to Year to
31 August 31 August 28 February
2018 2017 2018
GBP'000 GBP'000 GBP'000
------------------------------ ----------- ----------- ------------
Cash flows from operating
activities
Return on ordinary activities
before tax 11,699 6,355 6,476
Adjustments for:
(Increase)/decrease
in debtors (52) 245 280
Increase/(decrease)
in creditors 9,771 (1,537) (7,910)
(Gain)/loss on disposal
of fixed assets (105) 25 (477)
Gain on valuation of
fixed asset investments (11,576) (6,472) (6,943)
Gain on valuation of
current asset investments (894) (581) (541)
------------------------------ ----------- ----------- ------------
Net cash generated from
operating activities 8,843 (1,965) (9,115)
------------------------------ ----------- ----------- ------------
Cash flows from investing
activities
Purchase of fixed asset
investments (8,087) (5,807) (8,947)
Purchase of current
asset investments (450) (8,250) (14,850)
Sale of fixed asset
investments 5,238 1,941 5,039
------------------------------ ----------- ----------- ------------
Net cash flows from
investing activities (3,299) (12,116) (18,758)
------------------------------ ----------- ----------- ------------
Cash flows from financing
activities
Purchase of own shares (1,396) (1,047) (1,792)
Share issues 139 13,342 27,164
Dividends paid (2,764) (2,709) (4,693)
------------------------------ ----------- ----------- ------------
Net cash flows from
financing activities (4,021) 9,586 20,679
Increase/(decrease)
in cash and cash equivalents 1,523 (4,495) (7,194)
------------------------------ ----------- ----------- ------------
Opening cash and cash
equivalents 11,775 18,969 18,969
------------------------------ ----------- ----------- ------------
Closing cash and cash
equivalents 13,298 14,474 11,775
------------------------------ ----------- ----------- ------------
Cash and cash equivalents
comprise
Cash at Bank 1,929 5,280 7,234
Applications cash 10,059 4,899 241
Money Market Funds 1,310 4,295 4,300
13,298 14,474 11,775
----------- ----------- ------------
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31
August 2018 have been prepared in accordance with the Financial
Reporting Council's (FRC) Financial Reporting Standard 104 "Interim
Financial Reporting" (March 2018) and the Statement of Recommended
Practice (SORP) for Investment Companies re-issued by the Association of
Investment Companies in February 2018.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 August
2018 do not constitute statutory accounts within the meaning of s.415 of
the Companies Act 2006 and have not been delivered to the Registrar of
Companies. The comparative figures for the year ended 28 February 2018
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 at 31 August 2018 is calculated on the basis of
88,197,672 (28 February 2018: 98,888,742 and 31 August 2017: 91,508,456)
shares, being the weighted average number of shares in issue during the
period.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted return per share figures are relevant. The basic
and diluted earnings per share are therefore identical.
4. Net asset value per share
31 August 31 August 28 February
2018 2017 2018
--------------------- ----------- ---------- -----------
Net assets (GBP'000) 134,748 115,856 127,070
Shares in Issue 108,722,268 97,829,766 109,415,232
Net Asset Value 123.9p 118.4p 116.1p
per share
----------- ---------- -----------
5. Dividends
The interim dividend declared of 2.5 pence per Ordinary share will be
paid on 18 January 2019 to those shareholders on the register on 21
December 2018.
6. Buybacks and share issues
During the six months ended 31 August 2018 the Company repurchased the
following shares.
Date No of shares Price (p) Cost (GBP'000)
-------------- ------------ --------- --------------
1 March 2018 312,441 111.0 347
-------------- ------------ --------- --------------
29 March 2018 73,937 109.8 81
-------------- ------------ --------- --------------
27 April 2018 342,921 115.0 394
-------------- ------------ --------- --------------
14 June 2018 176,364 119.0 210
-------------- ------------ --------- --------------
27 July 2018 313,805 116.0 364
-------------- ------------ --------- --------------
Total 1,219,468 1,396
-------------- ------------ --------- --------------
The weighted average price of all buybacks during the period was 114.5
pence per share.
During the six months ended 31 August 2018 the Company issued the
following shares.
Price Net proceeds
Date No of shares (p) (GBP'000)
-------------- ------------ ----- ------------
13 April 2018 119,802 122.8 137
-------------- ------------ ----- ------------
20 July 2018
(DRIS) 406,702 121.8 491
-------------- ------------ ----- ------------
Total 526,504 628
-------------- ------------ ----- ------------
The weighted average allotment price of all shares issued during the
period was 122.0 pence per share.
7. Principal risks and uncertainties
The Company's principal risks are VCT qualifying status risk, investment
risk, valuation risk, regulatory and reputational risk, operational risk
and economic and price risk. 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 28 February 2018. The Company's principal
risks and uncertainties have not changed materially since the date of
that report.
8. Related party transactions
The Company has employed Octopus Investments Limited ("Octopus" or "the
Manager") throughout the period as Investment manager. Octopus has also
been appointed as Custodian of the Company's investments under a
Custodian Agreement. The Company has been charged GBP1,031,000 by
Octopus as a management fee in the period to 31 August 2018 (31 August
2017: GBP767,000 and 28 February 2018 GBP1,728,000. The management fee
is payable quarterly and is based on 2% of net assets at quarterly
intervals.
The Company has invested GBP0.45 million into Octopus managed funds (31
August 2017: GBP8.3 million and 28 February 2018 GBP14.9 million), being
the Octopus Portfolio Manager and Micro Cap 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. This amounted to GBP47,000 in the period to 31
August 2018 (31 August 2017: GBP34,000 and 28 February 2018 GBP64,000).
For further details please refer to the Company's Annual Report and
Accounts for the year ended 28 February 2018.
9. Post balance sheet events
The following events occurred between the Balance sheet date and the
signing of these financial statements.
-- Part disposal of GB Group plc for total consideration of
GBP300,000, a gain of GBP271,000 on investment cost.
-- Part disposal of Gooch & Housego plc for total consideration of
GBP209,000, a gain of GBP159,000 on investment cost.
-- Part disposal of Beeks Financial Cloud Group plc for total
consideration of GBP293,000, a gain of GBP173,000 on investment cost.
-- Part disposal of Learning Technologies Group plc for total
consideration of GBP422,000, a gain of GBP355,000 on investment cost.
-- Part disposal of Futura Medical plc for total consideration of
GBP11,000, a loss of GBP40,000 on investment cost.
-- The company repurchased 487,406 shares at a price of 120.0p per
share.
-- The company issued 10,179,467 shares at a price of 133.3p per
share.
10. Additional information
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 Octopus
website at www.octopusinvestments.com.
(END) Dow Jones Newswires
October 15, 2018 07:23 ET (11:23 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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