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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Octopus AP 3C | LSE:OAPC | London | Ordinary Share | GB00BRJZ8K07 | C 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% | 98.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMOAPC
Octopus Apollo VCT Plc
Final Results
29 May 2015
Octopus Apollo VCT plc, managed by Octopus Investments Limited, today
announces the final results for the year ended 31 January 2015.
These results were approved by the Board of Directors on 29 May 2015.
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 - Ordinary shares
Year to 31 January 2015 Year to 31 January 2014
Net assets (GBP'000s) 68,810 63,905
Return on ordinary
activities after tax
(GBP'000s) 2,270 1,751
Net asset value per share 84.8p 86.8p
(NAV)
Cumulative dividends paid 27.5p 22.5p
since launch
Total return (NAV plus 112.3p 109.3p
cumulative dividends paid)
Proposed final dividend 2.5p 2.5p
A final dividend of 2.5p per Ordinary share will be paid on 31 July 2015
to shareholders on the register on 3 July 2015.
Financial Summary - C Ordinary shares
Year to 31 January 2015
Net assets (GBP'000s) 50,753
Return on ordinary activities after tax (GBP'000s) 22
Net asset value per share (NAV) 98.0p
Cumulative dividends paid since launch 7.0p
Total return (NAV plus cumulative dividends paid) 105.0p
Reconciliation of the Movement in NAV per share - Ordinary shares
NAV as at 1 February 2014 86.8p
Income 3.5p
General Expenses (1.2p)
Management fees (1.4p)
Performance fees (0.6p)
Unrealised gains on investments 1.7p
Realised gains on investments 1.0p
Dividends paid (5.0p)
NAV as at 31 January 2015 84.8p
Reconciliation of the Movement in NAV per share - C shares
NAV on acquisition as at 28 November 2014 97.8p*
Income 1.0p
General Expenses (0.2)p
Management fees (1.5p)
Unrealised losses on investments (0.1)p
Realised gains on investments 1.0p
NAV as at 31 January 2015 98.0p
*the C Ordinary shares were created as part of the acquisition of the
assets and liabilities of Octopus VCT plc ("OVCT"). Shareholders in OVCT
were issued 1 C Ordinary share for every 1 OVCT share held.
Chairman's Statement
Introduction
I am pleased to present the annual report of Octopus Apollo VCT plc for
the year ended 31 January 2015 and I should like to welcome all new
shareholders following the acquisition of assets and liabilities of
Octopus VCT plc.
It has been a positive year for the Company. In addition to raising
nearly GBP4.1 million by way of a top up offer in February 2014, the
Company launched an Offer for Subscription to raise up to GBP20 million,
with an over allotment facility of a further GBP10 million, in October
2014. At the time of writing GBP19.5 million had been raised under the
Offer.
In November 2014 the Company acquired the assets of Octopus VCT plc
("OVCT"), increasing the net assets of the Company by GBP50.7 million
and making it one of the largest VCTs in the country. OVCT was
established in 2009 as a limited life VCT seeking to deliver a total
return to shareholders at the end of the five year qualifying holding
period of at least 105p per share. The commercial arrangement in respect
of the C Ordinary shares is that no annual management fee has yet been
paid to Octopus and will only be paid after five years and once
shareholders have received dividends and distributions totalling or
exceeding 105p per share. The total return rose above 105p per share in
the period under review and, as such, an accrual of GBP777,000 has been
made in the accounts to reflect the fee payable on the amount over and
above 105p.
The Company created a new C Ordinary share class through the issue of
52,035,840 C shares to the former shareholders of OVCT and the
investment portfolio is currently separately accounted for under this
share class. The C share class structure has been established to enable
the Board to monitor the performance of the C share assets to ascertain
whether the 105p total return target referred to above is achieved and
therefore whether any management fee is payable to Octopus in respect of
the C share portfolio. C shareholders will soon be offered the
opportunity to realise their investment or to convert their shares into
Ordinary shares. We will be writing to them in the summer setting out
details of this process.
Board
Following the acquisition of OVCT's assets and liabilities
("transaction") I am delighted to welcome James Otter, the former
Chairman of OVCT to the Board. James brings with him a wealth of
knowledge both of OVCT, as well as of VCTs and smaller companies in
general. I am also pleased that Chris Powles and Matt Cooper have
continued as directors of the Company, retaining their considerable
experience. I should also like to take this opportunity to thank Tony
Morgan, who resigned following the transaction, for his outstanding
contribution to the Company. Tony was appointed Chairman of the Company
at launch in July 2006 and held that position until its transaction with
Octopus Apollo VCT 1 plc, Octopus Apollo VCT 2 plc and Octopus Apollo
VCT 4 plc in September 2012, whereupon he stood down as Chairman but
remained as a director. This continuity and Tony's input has been
invaluable. Resolutions to appoint James Otter and to re-elect Matt
Cooper will be proposed at the forthcoming AGM.
Performance
The net asset value ('NAV") of the Ordinary share class has fallen from
86.8p per Ordinary share as at 31 January 2014 to 84.8p per share as at
31 January 2015. After adding back the 5.0p of dividends paid in the
year, the total return (NAV plus cumulative dividends paid) has risen by
2.7%, from 109.3p per share as at 31 January 2014 to 112.3p per share as
at 31 January 2015.
The C Ordinary shares were issued on completion of the transaction on 28
November 2014 at a deemed issue price of 97.8p per C share. As at 31
January 2015 the NAV per share of the C shares had risen to 98.0p.
Dividend and Dividend Policy
It is your Board's policy to maintain a regular dividend flow where
possible in order to take advantage of the tax free distributions a VCT
is able to provide.
Given the performance of the Company your Board has proposed a final
dividend of 2.5 pence per Ordinary share in respect of the year ended 31
January 2015. This will bring the total dividends paid on the Ordinary
share class in respect of the year to 5 pence. The dividend will be
payable on 31 July 2015 to Ordinary shareholders on the register at 3
July 2015.
In view of the forthcoming liquidity event for holders of the Company's
C Ordinary shares no dividend has been proposed in respect of this share
class.
Dividend Reinvestment Scheme (DRIS)
In common with a number of VCTs, the Company has introduced a dividend
reinvestment scheme following approval at the general meeting held on 21
November 2014. This is an attractive scheme for investors who do not
need income, but would prefer to benefit from additional income tax
relief on their re-invested dividend. I hope that shareholders will find
this scheme beneficial.
Share Buybacks
Your Company has continued to buy back shares as required. Subject to
shareholder approval at the forthcoming annual general meeting this
facility will remain in place to provide liquidity to investors who may
wish to sell their shares.
Investment Portfolio
The transaction with Octopus VCT plc ("OVCT") on 28 November 2014
resulted in the Company acquiring its GBP50.3m investment portfolio
which had been invested under a capital preservation mandate.
In January 2015, both share classes participated in Project Radiate in
which the Company disposed of seven of its solar sector investments
generating proceeds for the Company of GBP12.5m. Other exits and
repayments in the year totalled GBP9.9m for the Ordinary shares and
GBP0.1m for the C shares.
During the year the Company made GBP13.2m of new investments and rolled
over its entire GBP10.9m investment in Clifford Thames into a new
management buyout deal. It also reinvested its partnership gains of
GBP0.5m into Terido, a trading partnership managed by Octopus
Investments which supports a range of secured asset backed lending in
sectors including residential property and solar and typically generates
returns for the Company of approximately 4%. This brings the total
investment in Terido to GBP15.2m as at 31 January 2015.
The Company, by the year end, had invested sufficiently in order to meet
all the requirements for it to fully qualify as a VCT. Following the
recent exits and fundraising the Investment Manager now has the
opportunity to make further investments with the aim of accelerating the
NAV of the Company over the foreseeable future.
Investment Strategy
As set out in the prospectus, the aim of the Company is to make
investments that focus more on capital preservation than a typical VCT.
To date the Investment Manager has been successful in achieving this aim,
as evidenced by the positive return on ordinary activities.
Typically the structure of the investments is weighted more heavily
towards loan based instruments as opposed to equity. Such investments
provide fixed returns and payments are generally ranked above most other
creditors, allowing for future visibility and security. This strategy
also reduces the downward risk that is an intrinsic element of an equity
investment.
Having passed its five year qualifying period, it is the intention of
the Board that the Company should remain as a VCT and continue to invest
in accordance with the original investment mandate. The C Ordinary share
portfolio will also continue to invest under the same mandate.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager
with advice concerning ongoing compliance with Her Majesty's Revenue &
Customs ('HMRC') rules and regulations concerning VCTs. The Board has
been advised that the Company is in compliance with the conditions laid
down by HMRC for maintaining approval as a VCT.
A key requirement is now to maintain the 70% qualifying investment
level. As at 31 January 2015, 90.0% of the portfolio, as measured by
HMRC rules, was invested in VCT qualifying investments.
Alternative Investment Fund Managers Directive (AIFMD)
The AIFMD, an EU directive, came into effect during the year with the
aim of delivering consistency of reporting across all fund types. In
accordance with the legislation the Company applied to the Financial
Conduct Authority to register as an Alternative Investment Fund Manager
(AIFM). Confirmation of the Company's entry in the register of small
registered UK AIFMs was received on 10 April 2014. As such, the Company
is required to submit an annual report to the FCA setting out various
information relating to its investments, principal exposures and
liquidity, amongst other things.
Annual General Meeting
The Company's Annual General Meeting will take place on 14 July 2015 at
3.00 p.m. I look forward to welcoming you to the meeting which will be
held at the new offices of Octopus Investments Limited at 33 Holborn,
London, EC1N 2HT. Directions to their office can be found by visiting
their website at: 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 electronic or mail notification with
details of how to view the documents online.
Outlook
Since the Company's launch we have seen significant Government changes
to the subsidy regime for the renewable energy sector and an economy
which has until recently struggled to grow following the global
financial crisis. However the returns to shareholders have increased
steadily year on year, which is testament to the prudent investment
approach adopted by the Investment Manager. The general economic
outlook is now more certain, the portfolio has been performing well and
your Board and Investment Manager believe we can continue to find
suitable investments to support the Company's mandate.
Murray Steele
Chairman
29 May 2015
Investment Manager's Review
Personal Service
At Octopus we have dual focus on 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 was established in 2000 and has a strong commitment to both
smaller companies and to VCTs. We currently manage eight VCTs,
including this one, and manage over GBP480 million in the VCT sector.
Octopus has over 300 employees. The investment team that manages the
portfolio of your Company is comprised of 8 managers, with additional
support from specialist investment teams and support staff.
Investment Policy
The investment approach of Octopus Apollo VCT plc is to invest with a
focus on capital preservation. The majority of companies in which
Apollo invests operate in sectors where there is a high degree of
predictability. Ideally, we seek companies that have contractual
revenues from financially sound customers that will provide an exit to
the Company within three to five years.
Performance
The Company made a net return per Ordinary share of 2.9% between 31
January 2014 and 31 January 2015. Whilst the NAV per Ordinary share
decreased slightly from 86.8p to 84.8p, 5.0p of dividends were paid over
the period, bringing cumulative dividends paid to date to 27.5p and the
total return (NAV plus cumulative dividends) to 112.3p pence per share.
The C Ordinary shares were issued on completion of the transaction on 28
November 2014 at a deemed issue price of 97.8p per C Ordinary share. As
at 31 January 2015 the NAV of the C Ordinary shares had risen to 98.2p
per share.
Portfolio Review
The GBP50.3m portfolio of assets of Octopus VCT plc acquired in November
2014 was made up predominantly of investments in the solar and other
renewable energy sectors. These assets are currently being accounted for
separately from the assets held by the Ordinary shares, in a new class
of share known as the C Ordinary shares, until all C shareholders have
reached the fifth anniversary of their investment, later in 2015.
In the year under review the Company invested GBP3.8m in Vista Retail
Support, a company that provides repairs and maintenance services for
tills and chip and pin devices and GBP2.7m in Countrywide Healthcare
Supplies, a nationwide supplier of products to the care home industry.
The GBP10.9m investment in Clifford Thames was reinvested to provide
continued support to the business following a management buyout led by
Lloyds Development Capital. The Company also provided GBP2.5m of
funding to Byena Limited and GBP4.2m to Aquaso Limited, two acquisition
vehicles which have been set up ahead of acquiring qualifying trading
businesses.
During the year, the Company increased its investment in Terido, a
trading partnership managed by Octopus Investments which supports a
diverse range of secured asset backed lending in sectors including
residential property and solar. The purpose of investing in Terido is
improve returns on surplus cash which would otherwise be on bank deposit
awaiting VCT qualifying investment opportunities. Terido has been
delivering net returns to Apollo of c. 4% per annum and funds can be
withdrawn relatively quickly, as required. As at 31 January 2015
GBP15.2m was held in Terido.
In January 2015 both share classes participated in Project Radiate in
which the Company disposed of investments in Gretel Solar, Hedwig Solar,
Klara Solar, Jutta Solar, Gerde Solar, Sula Power and Shakti. These
disposals generated proceeds for the Company of GBP12.5m, resulting in
an overall gain since initial investment of GBP2.2m, with GBP1.7m
attributable to the Ordinary shares and GBP0.5m attributable to the C
Ordinary shares.
The Ordinary share portfolio also exited the following investments
during the year: Borro Loan 2 was repaid and the Company received back
GBP3.5m along with all the outstanding loan interest, resulting in an
IRR of 14.6%; Hydrobolt was exited for proceeds of GBP1.5m; and a
partial loan repayment of GBP1.3m was also received from Callstream
Group in the year under review. The decision was taken to call in the
loan to Bruce Dunlop and Associates International as a result of
continued deterioration in its outlook. The Company received proceeds
of GBP0.4m which was slightly higher than the valuation and so therefore
the NAV was not adversely impacted. Over the period of investment a
further GBP0.4m of the original GBP2.0m investment was repaid. The C
share portfolio received a loan repayment of GBP99,000 from Michabo
Power Limited.
The Company's investment portfolio is set out below. It continues to
hold appropriate investments to meet all the requirements for it to
fully qualify as a VCT. The Investment Manager now has the opportunity
to make a limited number of further investments with the aim of
accelerating the NAV of the Company over the foreseeable future.
Outlook
We remain optimistic about the outlook for the portfolio and future
investment prospects.
Following the transaction with OVCT the Company has a large and diverse
portfolio constructed on a basis of capital preservation. It has
weathered the difficult economic conditions of the past few years and
has been growing in value.
The investment team has been increasingly active in the search for new
opportunities and has seen the pipeline of potential deals steadily
increase. Although lending banks are getting more aggressive, they have
been less active in smaller deals and many companies continue to be
attracted to the partnership approach offered by Apollo.
The current fundraising and recent exits provide significant financial
capacity for new investments and, as one of the largest VCTs in the
country, Apollo has the ability to pursue larger deals than most VCTs
and provide significant follow-on investment, which is a strong
competitive advantage.
If you have any questions on any aspect of your investment, please call
one of the team on 0800 316 2295.
Grant Paul-Florence
Octopus Investments Limited
29 May 2015
Valuation Methodology
Initial measurement
With one exception the investments held by Apollo are all 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
31 January 2015. 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 International Private
Equity and Venture Capital ('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 - Ordinary shares
Movement
in fair Fair
Investment value to value as Movement
cost as at 31 at 31 in fair % equity
31 January January January value in held by
2015 2015 2015 year Ordinary
Investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) shares
Asset backed
Terido LLP * lending 15,222 - 15,222 - 0.0%
Clifford
Thames Group Automotive software
Limited & data 7,197 1,111 8,308 713 7.6%
CSL DualCom
Holdings
Limited Security devices 6,911 63 6,974 16 2.0%
Vista Retail
Support Retail support
Limited services 3,758 - 3,758 - 10.4%
Countrywide
Healthcare
Services
Limited Healthcare 2,675 - 2,675 - 20.7%
Byena Limited Acquisition vehicle 2,500 - 2,500 - 49.9%
Healthcare
Services and
Technology
Limited Acquisition vehicle 2,500 - 2,500 - 49.9%
Aquaso Limited Acquisition vehicle 2,100 - 2,100 - 49.9%
Mablaw 555 Crack Detection
Limited Systems 2,000 44 2,044 14 6.6%
Tanganyika
Heat Limited Anaerobic digestion 2,000 - 2,000 - 49.9%
Winnipeg Heat
Limited Anaerobic digestion 2,000 - 2,000 - 49.9%
Resilient
Corporate
Services
Limited Solar 2,000 (29) 1,971 223 41.2%
Project
Tristar
Limited Chauffeur services 798 694 1,492 537 3.9%
Callstream
Group
Limited Telecommunications 472 222 694 10 6.5%
3AM Music
Limited Media 500 48 548 3 33.3%
Atlantic
Screen
International
Limited Media 600 (140) 460 (174) 3.0%
British
Country Inns
plc Restaurants & bars 44 (24) 20 (2) 1.3%
Total investments 53,277 1,989 55,266 1,340
Money market
funds -
Cash at bank 21,264
Debtors less creditors (7,720)
Net assets 68,810
*Participation in trading partner representing 29.0% of the LLP at 31
January 2015
Investment Portfolio - C shares
Movement
in fair Fair
Investment value to value as Movement
cost as at 31 at 31 in fair % equity
31 January January January value in held by
2015 2015 2015 year C
Investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) shares
Automotive
Clifford Thames software &
Group Limited data 6,121 - 6,121 - 6.4%
CSL DualCom
Holdings Security
Limited devices 3,895 (13) 3,882 (13) 1.4%
Healthcare
Services and
Technology Acquisition
Limited vehicle 2,500 - 2,500 - 49.9%
Acquisition
Aquaso Limited vehicle 2,100 - 2,100 - 49.9%
Tanganyika Heat Anaerobic
Limited digestion 2,000 - 2,000 - 49.9%
GreenCo Services
2 Limited Solar 1,600 129 1,729 129 40.9%
3AM Music
Limited Media 1,500 144 1,644 144 49.9%
Crack
Mablaw 555 Detection
Limited Systems 1,172 (150) 1,022 (150) 3.3%
Ground
Superior Heat source
Limited heat 1,000 - 1,000 - 49.9%
Winnipeg Heat Anaerobic
Limited digestion 1,000 - 1,000 - 49.9%
Huitzilopochtli
Limited Solar 1,000 - 1,000 - 49.9%
5AM Music
Limited Media 850 136 986 136 49.9%
Healthcare
Education
Business
Services
Limited Solar 992 (6) 986 (6) 30.2%
Resilient
Corporate
Services
Limited Solar 973 12 985 12 18.2%
Horrebow Energy
Limited Solar 973 12 985 12 49.9%
Mallina Power
Limited Solar 973 12 985 12 49.9%
Misae Power
Limited Solar 973 12 985 12 49.9%
Paivatar Power
Limited Solar 973 12 985 12 49.9%
MediaCo Business
Services
Limited Solar 973 12 985 12 30.2%
Personnel
Advisory
Services
Limited Solar 973 12 985 12 30.2%
Saas Business
Services
Limited Solar 973 12 985 12 30.2%
Jokim Limited Solar 952 22 974 22 49.9%
Acquire Your
Business Business
Limited services 842 (7) 835 (7) 48.9%
Atlantic Screen
International
Limited Media 1,057 (289) 768 (289) 49.9%
Howbery Solar
Park Limited Solar 707 39 746 39 49.9%
Nima Power
Limited Solar 614 12 626 12 12.5%
Tuwale Power
Limited Solar 614 12 626 12 12.5%
Gnowee Power
Limited Solar 614 10 624 10 17.9%
Hella Solar
Limited Solar 614 9 623 9 19.3%
Helaku Power
Limited Solar 609 10 619 10 25.0%
EFK Diagnostics
Holdings plc Healthcare 679 (175) 504 (175) 1.0%
Cyrah Power
Limited Solar 500 - 500 - 16.7%
Evaki Power
Limited Solar 500 - 500 - 16.7%
Grian Power
Limited Solar 500 - 500 - 12.5%
Intina Power
Limited Solar 500 - 500 - 12.5%
Yata Power
Limited Solar 500 - 500 - 16.7%
Teruko Power
Limited Solar 500 (34) 466 (34) 17.9%
Tonatiuh Trading
2 Limited Solar 500 (52) 448 (52) 17.8%
PTB Films
Limited Media 222 3 225 3 12.5%
Quickfire 2
Films Limited Media 180 (22) 158 (22) 6.5%
Quickfire Films
Limited Media 157 (16) 141 (16) 6.5%
Michabo Power
Limited Solar 40 - 40 - 0.0%
Total investments 44,915 (142) 44,773 (142)
Money market
funds -
Cash at bank -
Debtors less creditors 5,980
Net assets 50,753
Investment Portfolio - Ordinary shares and C shares combined
Movement % equity
in fair Fair held by
Investment value to value as Movement all
cost as at 31 at 31 in fair % equity % equity funds
31 January January January value in held by held by managed
2015 2015 2015 year Apollo Apollo by
Investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) Ords C's Octopus
Asset backed
Terido LLP * lending 15,222 - 15,222 - 0.0% 0.0% 0.0%
Clifford Thames Automotive software
Group Limited & data 13,318 1,110 14,428 713 7.6% 6.4% 14.0%
CSL DualCom
Holdings
Limited Security devices 10,806 51 10,857 3 2.0% 1.4% 3.4%
Healthcare
Services and
Technology
Limited Acquisition vehicle 5,000 - 5,000 - 49.9% 49.9% 100.0%
Aquaso Limited Acquisition vehicle 4,200 - 4,200 - 49.9% 49.9% 100.0%
Tanganyika Heat
Limited Anaerobic digestion 4,000 - 4,000 - 49.9% 49.9% 100.0%
Vista Retail
Support Retail support
Limited services 3,758 - 3,758 - 10.4% 0.0% 10.4%
Mablaw 555 Crack Detection
Limited Systems 3,172 (105) 3,067 (136) 6.6% 3.3% 9.9%
Winnipeg Heat
Limited Anaerobic digestion 3,000 - 3,000 - 49.9% 49.9% 100.0%
Resilient
Corporate
Services
Limited Solar 2,973 (17) 2,956 235 41.2% 18.2% 100.0%
Countrywide
Healthcare
Supplies
Limited Healthcare 2,675 - 2,675 - 20.7% 0.0% 20.7%
Byena Limited Acquisition vehicle 2,500 - 2,500 - 49.9% 49.9% 100.0%
3AM Music
Limited Media 2,000 192 2,192 147 33.3% 49.9% 100.0%
GreenCo Services
2 Limited Solar 1,600 129 1,729 129 0.0% 40.9% 100.0%
Project Tristar
Limited Chauffeur services 798 693 1,491 537 3.9% 0.0% 35.0%
Atlantic Screen
International
Limited Media 1,657 (430) 1,227 (464) 3.0% 49.9% 100.0%
Huitzilopochtli
Limited Solar 1,000 - 1,000 - 0.0% 49.9% 100.0%
Superior Heat
Limited Ground source heat 1,000 - 1,000 - 0.0% 49.9% 100.0%
5AM Music
Limited Media 850 137 987 137 0.0% 49.9% 100.0%
Healthcare
Education
Business
Services
Limited Solar 992 (6) 986 (6) 0.0% 30.2% 90.6%
Horrebow Energy
Limited Solar 973 12 985 12 0.0% 49.9% 100.0%
Mallina Power
Limited Solar 973 12 985 12 0.0% 49.9% 100.0%
MediaCo Business
Services
Limited Solar 973 12 985 12 0.0% 30.2% 90.6%
Misae Power
Limited Solar 973 12 985 12 0.0% 49.9% 49.9%
Paivatar Power
Limited Solar 973 12 985 12 0.0% 49.9% 49.9%
Personnel
Advisory
Services
Limited Solar 973 12 985 12 0.0% 30.2% 90.6%
Saas Business
Services
Limited Solar 973 12 985 12 0.0% 30.2% 90.6%
Jokim Limited Solar 952 22 974 22 0.0% 49.9% 100.0%
Acquire Your
Business
Limited Business services 842 (7) 835 (7) 0.0% 48.9% 100.0%
Howbery Solar
Park Limited Solar 707 40 747 40 0.0% 49.9% 100.0%
Callstream Group
Limited Telecommunications 472 222 694 10 6.5% 0.0% 6.5%
Nima Power
Limited Solar 614 12 626 12 0.0% 12.5% 100.0%
Tuwale Power
Limited Solar 614 12 626 12 0.0% 12.5% 100.0%
Gnowee Power
Limited Solar 614 10 624 10 0.0% 17.9% 100.0%
Hella Solar
Limited Solar 614 10 624 9 0.0% 19.3% 100.0%
Helaku Power
Limited Solar 609 10 619 10 0.0% 25.0% 50.0%
EKF Diagnostics
Holdings plc Healthcare 678 (176) 502 (176) 0.0% 1.0% 6.3%
Cyrah Power
Limited Solar 500 - 500 - 0.0% 16.7% 100.0%
Evaki Power
Limited Solar 500 - 500 - 0.0% 16.7% 100.0%
Grian Power
Limited Solar 500 - 500 - 0.0% 12.5% 100.0%
Intina Power
Limited Solar 500 - 500 - 0.0% 12.5% 100.0%
Yata Power
Limited Solar 500 - 500 - 0.0% 16.7% 100.0%
Teruko Power
Limited Solar 500 (34) 466 (34) 0.0% 17.9% 100.0%
Tonatiuh Trading
2 Limited Solar 500 (52) 448 (52) 0.0% 17.8% 100.0%
PTB Films
Limited Media 222 3 225 3 0.0% 12.5% 100.0%
Quickfire 2
Films Limited Media 180 (22) 158 (22) 0.0% 6.5% 99.9%
Quickfire Films
Limited Media 157 (16) 141 (16) 0.0% 6.5% 99.7%
Michabo Power
Limited Solar 40 - 40 - 0.0% 0.0% 0.0%
British Country
Inns plc Restaurants & bars 44 (24) 20 (2) 1.3% 0.0% 1.3%
%Total investments 98,191 1,848 100,039 1,198
Money market
funds -
Cash at bank 21,264
Debtors less creditors (1,740)
Net assets 119,563
*Participation in trading partner representing 29.0% of the LLP at 31
January 2015
Review of Investments
At 31 January 2015 Apollo's portfolio comprised investments in 48
unquoted companies and one AIM-traded investment. The unquoted
investments are in Ordinary shares with full voting rights as well as
loan note securities and a participation in a limited liability
partnership.
Unquoted investments are valued in accordance with 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 31 January
2015:
Terido LLP
Terido is a trading partnership managed by Octopus Investments which
supports a range of secured asset backed lending in sectors including
residential property and solar. Terido invests in a significant number
of individual companies in order to ensure diversification for the
partnership. Apollo's investment in Terido can be accessed at short
notice should Apollo require these funds to make other investments or
pay running costs of the Company.
Asset class Cost (GBP'000) Valuation (GBP'000)
Participation GBP15,222 GBP15,222
Total GBP15,222 GBP15,222
Investment date: June 2013
Equity held: 0.0%
Last audited accounts: 31 March 2014
Revenues: GBP21.8 million
Profit before interest & tax: GBP20.0 million
Net assets: GBP174.5 million
Income receivable recognised in year: GBP618,000
Valuation basis: Transaction cost
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 (GBP'000) Valuation (GBP'000)
'P' shares GBP5,498 GBP5,498
'B' preference shares GBP26 GBP26
Loan stock GBP7,794 GBP8,904
Total GBP13,318 GBP14,428
Investment date: January 2010
Equity held: 14.0%
Last audited accounts: 31 March 2014
Revenues: GBP19.8 million
Profit before interest & tax: GBP0.6 million
Net assets: GBP11.6 million
Income receivable recognised in year: GBP419,000
Valuation basis: Earnings multiple
CSL DualCom 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 both 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 (GBP'000) Valuation (GBP'000)
Ordinary shares GBP106 GBP157
Loan stock GBP10,700 GBP10,700
Total GBP10,806 GBP10,857
Investment date: February 2009
Equity held: 3.4%
Last audited accounts: 31 March 2014
Revenues: GBP14.1 million
Profit before interest & tax: GBP2.4 million
Net assets: GBP10.3 million
Income receivable recognised in year: GBP585,000
Valuation basis: Earnings multiple
Healthcare Services and Technology Limited
Healthcare Services and Technology is an acquisition vehicle seeking a
qualifying investment in the healthcare sector.
Asset class Cost (GBP'000) Valuation (GBP'000)
Ordinary shares GBP500 GBP500
Loan stock GBP4,500 GBP4,500
Total GBP5,000 GBP5,000
Investment date: February 2013
Equity held: 99.8%
Last unaudited accounts: 28 February 2014
Revenues: GBPnil
Loss before interest & tax: GBP835
Net assets: GBP500,835
Income receivable recognised in year: GBPnil
Valuation basis: Transaction cost
Aquaso Limited
Aquaso Limited is an acquisition vehicle seeking a qualifying investment
on behalf of the Company.
Asset class Cost (GBP'000) Valuation (GBP'000)
Ordinary shares GBP410 GBP410
Loan stock GBP3,790 GBP3,790
Total GBP4,200 GBP4,200
Investment date: November 2014
Equity held: 99.8%
Last unaudited accounts: N/A
Revenues: N/A
Loss before interest & tax: GBPN/A
Net assets: GBPN/A
Income receivable recognised in year: GBPnil
Valuation basis: Transaction cost
Tanganyika Heat Limited ('Tanganyika')
Tanganyika is in the process of constructing, and will operate, an
anaerobic digestion plant in Lincolnshire.
Asset class Cost (GBP'000) Valuation (GBP'000)
Ordinary shares GBP1,200 GBP1,200
Loan stock GBP2,800 GBP2,800
Total GBP4,000 GBP4,000
Investment date: April 2012
Equity held: 99.8%
Last unaudited accounts: 28 February 2014
Revenues: GBPnil
Loss before interest & tax: GBP73,000
Net assets: GBP1.1 million
Income receivable recognised in year: GBP215,000
Valuation basis: Transaction cost
Vista Retail Support Limited
Vista is a leading IT service and support company operating within the
retail market.
Asset class Cost (GBP'000) Valuation (GBP'000)
A Ordinary shares GBP104 GBP104
B Ordinary shares GBP272 GBP272
Loan stock GBP3,382 GBP3,382
Total GBP3,758 GBP3,758
Investment date: May 2014
Equity held: 10.4%
Last unaudited accounts: 31 August 2014
Revenues: GBP14.3 million
Profit before interest & tax: GBP1.3 million
Net assets: GBP3.8million
Income receivable recognised in year: GBP77,000
Valuation basis: Transaction cost
Mablaw 555 Limited ('Technical Software Consultants')
Technical Software Consultants designs and manufactures equipment to
solve a range of oil and gas industry inspection needs, including crack
sizing, structural monitoring and stress mapping. Further information
can be found at the company's website www.tscinspectionsystems.com.
Asset class Cost (GBP'000) Valuation (GBP'000)
A Ordinary shares GBP100 GBP23
B Ordinary shares GBP372 GBP344
Loan stock GBP2,700 GBP2,700
Total GBP3,172 GBP3,067
Investment date: April 2012
Equity held: 9.9%
Last audited accounts: 31 March 2014
Revenues: GBP5.4m
Profit before interest & tax: GBP0.8m
Net assets: GBP0.7m
Income receivable recognised in year: GBP207,000
Valuation basis: Earnings multiple
Winnipeg Heat Limited ('Winnipeg')
Winnipeg is in the process of constructing, and will operate, an
anaerobic digestion plant in Yorkshire.
Asset class Cost (GBP'000) Valuation (GBP'000)
Ordinary shares GBP900 GBP900
Loan stock GBP2,100 GBP2,100
Total GBP3,000 GBP3,000
Investment date: April 2012
Equity held: 99.8%
Last unaudited accounts: 28 February 2014
Revenues: GBPnil
Loss before interest & tax: GBP94,000
Net assets: GBP1.1 million
Income receivable recognised in year: GBP184,000
Valuation basis: Transaction cost
Resilient Corporate Services Limited
Resilient is a UK based solar company operating 14 solar sites on farms
across France.
Asset class Cost (GBP'000) Valuation (GBP'000)
A Ordinary shares GBP2,973 GBP2,956
Loan stock GBP- GBP-
Total GBP2,973 GBP2,956
Investment date: March 2010
Equity held: 59.4%
Last unaudited accounts: 31 December 2014
Revenues: GBP18,000
Profit before interest & tax: GBP281,000
Net assets: GBP5.6 million
Income receivable recognised in year: GBPnil
Valuation basis: Discounted cash flow
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) including FRS 102 - "The Financial
Reporting Standard applicable in the UK and Republic of Ireland". 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
Murray Steele
Chairman
29 May 2015
Statutory Income Statement
Year ended 31 January 2015
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Realised gain on disposal of fixed asset
investments - 1,311 1,311
Change in fair value of fixed asset
investments - 1,198 1,198
Investment income 3,366 - 3,366
Investment management fees (460) (1,844) (2,304)
Other expenses (1,247) - (1,247)
Return on ordinary activities before tax 1,659 665 2,324
Taxation on return on ordinary activities (286) 254 (32)
Return on ordinary activities after tax 1,373 919 2,292
Earnings per share - basic and diluted 1.8p 1.2p 3.0p
-- 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 other comprehensive income for the period.
Statutory Income Statement
Year ended 31 January 2014
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Realised gain on disposal of fixed asset
investments - (10) (10)
Change in fair value of fixed asset
investments - 1,116 1,116
Investment income 2,979 - 2,979
Investment management fees (273) (1,194) (1,467)
Other expenses (707) - (707)
Return on ordinary activities before tax 1,999 (88) 1,911
Taxation on return on ordinary activities (400) 240 (160)
Return on ordinary activities after tax 1,599 152 1,751
Earnings per share - basic and diluted 2.3p 0.2p 2.5p
-- 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.
The Company had no other comprehensive income for the period.
Non statutory Income Statement - Ordinary Shares
Period ended 31 January 2015
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Realised gain on disposal of fixed asset
investments - 795 795
Change in fair value of fixed asset
investments - 1,340 1,340
Investment income 2,819 - 2,819
Investment management fees (266) (1,261) (1,527)
Other expenses (1,125) - (1,125)
Return on ordinary activities before tax 1,428 874 2,302
Taxation on return on ordinary activities (286) 254 (32)
Return on ordinary activities after tax 1,142 1,128 2,270
Earnings per share - basic and diluted 1.5p 1.4p 2.9p
-- The 'Total' column of this statement is the profit and loss account of
the Ordinary Shares; the revenue and capital 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
Non statutory Income Statement - C Class Shares
Period ended 31 January 2015
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Realised gain on disposal of fixed asset
investments - 516 516
Change in fair value of fixed asset
investments - (142) (142)
Investment income 547 - 547
Investment management fees (194) (583) (777)
Other expenses (122) - (122)
Return on ordinary activities before tax 231 (209) 22
Taxation on return on ordinary activities - - -
Return on ordinary activities after tax 231 (209) 22
Earnings per share - basic and diluted 2.5p (2.3p) 0.2p
-- The 'Total' column of this statement is the profit and loss account of
the C Class Shares; the revenue and capital 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
Statutory Balance Sheet
As at 31 January 2015 As at 31 January 2014
GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments* 100,039 54,306
Current assets:
Debtors 2,625 1,653
Investments - money market
funds* - 4,254
Cash at bank 21,264 7,910
23,889 13,817
Creditors: amounts falling
due within one year (4,365) (4,218)
Net current assets 19,524 9,599
Total assets less current
liabilities 119,563 63,905
Called up equity share
capital 8,636 7,362
Share premium 54,306 35,140
Special distributable
reserve 53,989 19,116
Capital redemption reserve 2,101 2,704
Capital reserve gains &
losses on disposal (2,019) (2,445)
Capital reserve holding
gains & losses 2,521 2,028
Revenue reserve 29 -
Total shareholders' funds 119,563 63,905
*Held at fair value through profit or loss
The statements were approved by the Directors and authorised for issue
on 29 May 2015 and are signed on their behalf by:
Murray Steele
Chairman
Company number: 05840377
Non statutory Balance Sheet - Ordinary Shares
As at 31 January 2015 As at 31 January 2014
GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments* 55,266 54,306
Current assets:
Debtors 1,743 1,653
Investments - money market
funds* - 4,254
Cash at bank 21,264 7,910
23,007 13,817
Creditors: amounts falling
due within one year (9,463) (4,218)
Net current assets 13,544 9,599
Total assets less current
liabilities 68,810 63,905
Called up equity share
capital 8,118 7,362
Share premium 3,893 35,140
Special distributable
reserve 54,243 19,116
Capital redemption reserve 2,099 2,704
Capital reserve gains &
losses on disposal (1,952) (2,445)
Capital reserve holding
gains & losses 2,409 2,028
Revenue reserve - -
Total shareholders' funds 68,810 63,905
Net asset value per share 84.8p 86.8p
*Held at fair value through profit or loss
Non statutory Balance Sheet - C Shares
As at 31 January 2015
GBP'000 GBP'000
Fixed asset investments* 44,773
Current assets:
Debtors 7,120
Investments - money market funds* -
Cash at bank -
7,120
Creditors: amounts falling due within one year (1,140)
Net current assets 5,980
Total assets less current liabilities 50,753
Called up equity share capital 518
Share premium 50,413
Special distributable reserve -
Capital redemption reserve 2
Capital reserve gains & losses on disposal (67)
Capital reserve holding gains & losses (142)
Revenue reserve 29
Total shareholders' funds 50,753
Net asset value per share 98.0p
*Held at fair value through profit or loss
Statutory statement of Changes in Equity - year to 31 January 2015
Special Capital Capital Capital
Share Share distributable redemption reserve reserve Revenue
capital Premium reserve reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
01 February
2014 7,362 35,140 19,116 2,704 (2,445) 2,028 - 63,905
Repurchase of
own shares (225) - (1,812) 225 - - (202) (2,014)
Issue of new
shares 1,499 57,717 - - - - - 59,216
Cancellation
of share
premium - (38,551) 38,551 - - - - -
Cancellation
of capital
redemption
reserve - - 828 (828) - - - -
Profit on
ordinary
activities
after tax - - - - - - 1,627 1,627
Management
and
performance
fees - - - - (1,844) - - (1,844)
Current year
gains/losses
on disposal - - - - 1,311 - - 1,311
Prior period
holding
gains/losses
now
crystalised - - - - 959 (959) - -
Current
period
gains/losses
on fair
value of
investments - - - - - 1,198 - 1,198
Capital
expenses
taken
against tax
charge - - - - 254 - - 254
Dividends
paid - - (2,694) - - - (1,396) (4,090)
31 January
2015 8,636 54,306 53,989 2,101 (1,765) 2,267 29 119,563
The Company has no recognised gains or losses other than the results for
the year as set out above.
Statutory statement of Changes in Equity - year to 31 January 2014
Special Capital Capital Capital
Share Share distributable redemption reserve reserve Revenue
capital Premium reserve reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
01 February 2013 5,350 2,488 39,911 594 (1,213) 644 - 47,774
Repurchase of own shares (224) (1,859) 224 (1,859)
Issue of new shares 2,318 18,267 20,585
Enhanced buy back (82) 14,385 (16,926) 1,886 (737)
Cancellation of share premium -
Profit on ordinary activities after tax 1,599 1,599
Management fees allocated as capital expenditure (1,194) (1,194)
Current year gains/losses on disposal (10) (10)
Prior period holding gains/losses now crystalised (28) 28 -
Prior period holding gains/losses crystalised in a
prior period -
Current period gains/losses on fair value of investments 1,116 1,116
Capital expenses taken against tax charge 240 240
Dividends paid (2,010) (1,599) (3,609)
31 January 2014 7,362 35,140 19,116 2,704 (2,445) 2,028 - 63,905
Non-statutory statement of Changes in Equity - Ordinary Shares
Year ended Year ended
31 January 2015 31 January 2014
GBP'000 GBP'000
Shareholders' funds at start of year 63,905 47,774
Return on ordinary activities after tax 2,270 1,751
Issue of shares 8,283 20,585
Enhanced buyback - (737)
Purchase of own shares (1,812) (1,859)
Dividends paid (3,836) (3,609)
Shareholders' funds at end of year 68,810 63,905
Non-statutory statement of Changes in Equity - C Ordinary
Shares
Year ended
31 January 2015
GBP'000
Shareholders' funds at start of year -
Return on ordinary activities after tax 22
Issue of shares 50,933
Purchase of own shares (202)
Shareholders' funds at end of year 50,753
Cash Flow Statement
Year to
31
January Year to 31 January
2015 2014
GBP'000 GBP'000
Reconciliation of return on ordinary activities to
cash flows from operating activities
Return on ordinary activities before tax 2,292 1,751
Increase in debtors (972) (717)
Increase/(decrease) in creditors 699 (17)
Debtors obtained from transaction 614 -
Creditors obtained from transaction (324) -
(Gain)/(loss) on disposal of fixed asset investments (1,311) 10
(Gain) on valuation of fixed asset investments (1,198) (1,116)
Taxation (552) -
Total cash flow from operating activities (752) (89)
Cash flows from investing activities
Cash acquired from transaction 377 -
Purchase of fixed asset investments (15,505) (16,500)
Sale of fixed asset investments 22,547 3,276
Purchase of current asset investments (15) (17)
Sale of current asset investments 4,269 500
Total cash flows from investing activites 11,673 (12,741)
Cash flows from financing activities
Enhanced share buyback - (737)
Purchase of own shares (2,014) (1,859)
Cash received from fund raising top-up offer not allotted
shares - 2,497
Issue of own shares 8,283 20,585
Dividends paid (3,836) (3,609)
Total cash flows from financing activities 2,433 16,877
Increase in cash and cash equivalents 13,354 4,047
Opening cash and cash equivalents 7,910 3,863
Closing cash and cash equivalents 21,264 7,910
On 28 November 2014, Octopus Apollo VCT plc acquired the assets of
Octopus VCT plc. The transfer of assets from Octopus VCT plc was settled
by the issue of C Ordinary shares, rather than cash.
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 APOLLO VCT PLC C via Globenewswire
HUG#1925146
http://www.octopusinvestments.com
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