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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Octopus AP 4 | LSE:OAP4 | London | Ordinary Share | GB00B39XCB54 | 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% | 83.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Octopus Apollo VCT 4 plc
Half-Yearly Results
28 September 2010
Octopus Apollo VCT 4 plc, managed by Octopus Investments Limited, today
announces the Half-Yearly results for the six months ended 31 July 2010.
These results were approved by the Board of Directors on 28 September 2010.
You will shortly be able to view the Half-Yearly Report in full at
www.octopusinvestments.com by navigating to the VCT Meetings & Reports under the
'Services' section.
About Octopus Apollo VCT 4 plc
Octopus Apollo VCT 4 plc ("Apollo 4," "Company" or "Fund") is a venture capital
trust ("VCT") and is managed by Octopus Investments Limited ("Octopus" or
"Manager").
Apollo 4 was incorporated on 9 June 2008 with the first allotment of equity
occurring on 6 October 2008. Apollo 4 opened for subscription (the "Offer") on
17 July 2008 and, pursuant to the supplementary prospectus dated 3 April 2009,
the offer was extended and subsequently closed on 30 June 2009. The Company will
invest primarily in unquoted UK smaller companies and aims to deliver absolute
returns on its investments.
Venture Capital Trusts (VCTs)
VCTs were introduced in the Finance Act 1995 to provide a means for private
individuals to invest in unlisted companies in the UK. Subsequent Finance Acts
have introduced changes to VCT legislation. The tax benefits currently available
to eligible new investors in VCTs include:
· upfront income tax relief of 30%
· exemption from income tax on dividends paid; and
· exemption from capital gains tax on disposals of shares in VCTs
Financial Summary
+-------------+
|Six months to|Six months to Year to
| 31 July 2010| 31 July 2009 31 January 2010
| |
| |
Net assets ( GBP'000s) | 10,470| 10,771 10,591
| |
Net (loss)/profit after tax ( GBP'000s)| (121)| (153) 334
| |
Net asset value per share ("NAV") | 89.9p| 92.5p 90.9p
+-------------+
Chairman's Statement
Introduction
I am pleased to present the half-yearly report of Octopus Apollo VCT 4 plc for
the period ended 31 July 2010.
Performance
At 31 July 2010 the Company's net asset value per share ("NAV") was 89.9p which
compares to 90.9p at 31 January 2010. This small decrease in value has been due
to the standard VCT running costs currently outweighing income as interest rates
dictate a low return on cash balances, currently accounting for 28% of the Fund,
and the Fund being at too early a stage to realise any current investments.
Investment Portfolio
Since 31 January 2010 two new investments have been made. A qualifying
investment of GBP1,000,000 was made into Resilient Corporate Services Limited, a
Company set up to invest in businesses operating in the business services arena.
The Fund also invested GBP170,000 into Carebase (Col) Limited, a Company used to
purchase land in order to build a care home. This was a non-qualifying
investment for VCT purposes.
Post 31 July 2010, the cash invested into Vulcan Services II Limited, a company
previously set up to seek qualifying investments, has successfully been deployed
into Bluebell Telecom Limited, a company providing landline, mobile and data
solutions to businesses.
In terms of other opportunities, we are seeing good deal flow and are in
detailed discussions which may lead to a number of new investments that fit well
with the investment mandate of this VCT.
Investment Strategy
The Fund is being invested on the basis of taking less risk than a typical VCT.
Generally the Fund will receive its return from interest paid on secured loan
notes as well as an exposure to the value of the shares of a company. The
investment strategy is to derive sufficient return from the secured loan notes
to achieve the Fund's investment aims and to use the equity exposure to boost
returns. As portfolio companies are unquoted the Fund will receive a return
from an equity holding when a company is sold.
The Manager of the Fund aims to reduce risk by investing in well managed and
profitable businesses with strong recurring cash-flows. Furthermore with the
majority of the investment being made in the form of a secured loan, in the
event of the business failing, the Fund will rank ahead of unsecured creditors
and equity investors.
Change of Name
Following the approval from shareholders, on 30 July 2010 the Company changed
its name from Octopus Protected VCT 2 plc to Octopus Apollo VCT 4 plc. This was
to align the Company with other VCTs that co-invest with this Company, namely,
Octopus Apollo VCT 1 plc, Octopus Apollo VCT 2 plc and Octopus Apollo VCT 3 plc.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice
on the ongoing compliance with HMRC rules and regulations concerning VCTs. As
at 31 July 2010, 69.6% of the portfolio (as measured by HMRC rules) was invested
in VCT qualifying investments. The Manager does not foresee any issues with
reaching the required investment hurdle of 70% before the third anniversary of
the end of the financial year in which investors subscribed to the Fund.
Principal Risks and Uncertainties
The principal risks and uncertainties are set out in note 5 of the Notes to the
Half-Yearly Report on page.
Outlook
We are pleased with the portfolio of investments we have. They are performing
in-line with our expectations. The Investment Manager is in a position to
provide the support that these companies need, contributing strongly to the
ongoing value from your VCT investment.
If you have any questions on any aspect of your investment, please call one of
the team on 0800 316 2347.
Murray Steele
Chairman
28 September 2010
Investment Portfolio
% equity
Movement Fair held by
Investment in value as % all
at cost as valuation at 31 equity funds
Unquoted at 31 July to 31 July July held by managed
qualifying 2010 2010 2010 Apollo by
investments Sector ( GBP'000) ( GBP'000) ( GBP'000) VCT 4 Octopus
Clifford Thames
Group Limited Automotive 1,336 - 1,336 2.0% 8.0%
Vulcan Services Oil & gas
II Limited services 1,000 - 1,000 12.3% 49.0%
Resilient
Corporate Business
Services Limited services 1,000 - 1,000 24.5% 49.0%
PubCo Services Restaurants &
Limited pubs 1,000 - 1,000 15.1% 56.9%
GreenCo Services
Limited Environmental 1,000 - 1,000 16.3% 57.4%
Salus Services I
Limited Healthcare 881 - 881 20.0% 100.0%
BusinessCo
Services 2 Business
Limited services 600 - 600 14.5% 49.0%
Diagnos Limited Automotive 350 - 350 0.0% 0.0%
CSL Dualcom Security 250 250 0.0% 0.0%
Limited devices -
Total unquoted qualifying
investments 7,417 - 7,417
Non-qualifying
investments 170 - 170
Money market
funds 2,789 - 2,789
Total
investments 10,376 - 10,376
Cash at bank 100
Debtors less
creditors (6)
Total net assets 10,470
Responsibility Statement of the Directors in respect of the Half-Yearly Report
We confirm that to the best of our knowledge:
* the half-yearly financial statements have been prepared in accordance with
the statement "Half-Yearly Financial Reports" issued by the UK Accounting
Standards Board;
* the half-yearly report includes a fair review of the information required by
the Financial Services Authority Disclosure and Transparency Rules, being:
o 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.
o a description of the principal risks and uncertainties for the
remaining six months of the year; and
o a description of related party transactions that have taken place in
the first six months of the current financial year, that may have materially
affected the financial position or performance of the Company during that period
and any changes in the related party transactions described in the last annual
report that could do so.
On behalf of the Board
Murray Steele
Chairman
28 September 2010
Income Statement
+----------------------------+
| Six months to 31 July 2010 | Six months to 31 July 2009
| | |
| Revenue Capital Total| Revenue Capital Total
| |
| GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000
| |
| |
| |
Income | 75 - 75| 25 - 25
| |
| |
| |
Investment| |
management fees | (24) (73) (97)| (18) (55) (73)
| |
| |
| |
Other expenses | (99) - (99)| (105) - (105)
| |
| |
| |
Profit/(loss) on| |
ordinary | |
activities before| |
tax | (48) (73) (121)| (98) (55) (153)
| |
| |
| |
Taxation on| |
profit/(loss) on| |
ordinary | |
activities | - - -| - - -
| |
| |
| |
Profit/(loss) on| |
ordinary | |
activities after| |
tax | (48) (73) (121)| (98) (55) (153)
| |
Earnings per | |
share - basic and| |
diluted | (0.4)p (0.6)p (1.0)p| (1.2)p (0.7)p (1.9)p
+-----------------------------------------+
Year to 31
January 2010
Revenue Capital Total
Income GBP'000 GBP'000 GBP'000
Investment
management fees 64 - 64
Other expenses (45) (136) (181)
---------------------------------------------
Profit/(loss) on
ordinary activities
before tax (217) - (217)
Taxation on
profit/(loss) on
ordinary activities (198) (136) (334)
---------------------------------------------
Profit/(loss) on
ordinary activities
after tax - - -
Earnings per share -
basic and diluted
-------------------------------
(198) (136) (334)
=---------------------------------------------------------------------
(2.0)p (1.4)p (3.4)p
· The 'Total' column of this statement is the profit and loss account of the
Company; the supplementary revenue return and capital return columns have been
prepared under guidance published by the Association of Investment Companies.
· All revenue and capital items in the above statement derive from
continuing operations
· The accompanying notes are an integral part of the half-yearly report
· The Company has no recognised gains or losses other than those disclosed
in the income statement.
Reconciliation of Movements in Shareholders' Funds
+----------------+
|Six months ended|Six months ended Year to
| 31 July 2010| 31 July 2009 31 January 2010
| |
| GBP'000| GBP'000 GBP'000
| |
Shareholders' funds at start | |
of period | 10,591| 2,087 2,087
| |
Loss on ordinary activities | |
after tax | (121)| (154) (334)
| |
Issue of equity | -| 8,838 8,838
| |
Shareholders' funds at end of | |
period | 10,470| 10,771 10,591
+----------------+
Balance Sheet
+----------------+
| As at 31 July| As at 31 July As at 31 January
| 2010| 2009 2010
| |
| GBP'000 GBP'000| GBP'000 GBP'000 GBP'000 GBP'000
| |
| |
| |
Fixed asset investments| 7,587| 3,000 6,417
| |
Current assets: | |
| |
Investments* | 2,789 | 7,461 4,091
| |
Debtors | 11 | 12 86
| |
Cash at bank | 100 | 412 85
| |
| 2,900 | 7,885 4,262
| |
Creditors: amounts | |
falling due within one | |
year | (17) | (114) (88)
| |
Net current assets | 2,883| 7,771 4,174
| |
| |
| |
Net assets | 10,470| 10,771 10,591
| |
| |
| |
Called up equity share | |
capital | 1,165 | 1,165 1,165
| |
Share premium | - | 9,843 -
| |
Special distributable | |
reserve | 9,844 | - 9,844
| |
Capital reserve - | |
realised | (215) | (62) (143)
| |
Revenue reserve | (324) | (175) (275)
| |
Total equity | |
shareholders' funds | 10,470| 10,771 10,591
| |
Net asset value per | |
share | 89.9p| 92.5p 90.9p
+----------------+
*Held at fair value through profit and loss
Cash Flow Statement
+-------------+
| Six|
| months to| Six
| 31 July|months to 31 Year to
| 2010| July 2009 31 January 2010
| |
| GBP'000| GBP'000 GBP'000
| |
| |
| |
Net cash | |
(outflow)/inflow from operating | |
activities | (117)| (204) (485)
| |
| |
| |
Financial investment: | |
| |
Purchase of fixed asset| |
investments | (1,171)| (3,000) (6,417)
| |
Sale of fixed asset | |
investments | -| - -
| |
| |
| |
Management of liquid | |
resources: | |
| |
Purchase of current | |
asset investments | (907)| (5,712) (6,063)
| |
Sale of current asset | |
investments | 2,210| 250 3,972
| |
| |
| |
Financing: | |
| |
Issue of own shares | -| 9,307 9,307
| |
Share issue expense | -| (469) (469)
| |
(Decrease)/increase in | |
cash at bank | 15| 172 (155)
+-------------+
Reconciliation of net cash flow to movement in net funds
+--------------+
| Six| Six
| months to 31 | months to 31 Year to
| July 2010| July 2009 31 January 2010
| |
| GBP'000| GBP'000 GBP'000
| |
Increase/(decrease) in | |
cash at bank | 15| 172 (155)
| |
Increase/(decrease) in | |
cash equivalents | (1,302)| 5,461 2,091
| |
Opening net cash resources| 4,176| 2,240 2,240
| |
Net cash resources at end | |
of period | 2,889| 7,873 4,176
+--------------+
Reconciliation of profit before taxation to cash flow from operating activities
+---------------+
| Six months| Six months Year to
|to 31 July 2010|to 31 July 2009 31 January 2010
| |
| GBP'000| GBP'000 GBP'000
| |
Loss on ordinary | |
activities before tax | (121)| (153) (334)
| |
Decrease/(increase) in | |
debtors | 75| (11) (85)
| |
Decrease in creditors | (71)| (40) (66)
| |
Net cash (outflow)/inflow | |
from operating activities | (117)| (204) (485)
+---------------+
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31 July 2010
have been prepared in accordance with the Accounting Standards Board's (ASB)
statement on half-yearly financial reports (July 2007) and adopting the
accounting policies set out in the statutory accounts of the Company for the
year ended 31 January 2010, which were prepared under UK GAAP and in accordance
with the Statement of Recommended Practice for Investment Companies issued by
the Association of Investment Companies in January 2009.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 July 2010 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 31 January 2010 have been extracted from the audited
financial statements for that year, which have been delivered to the Registrar
of Companies. The independent auditor's report on those financial statements, in
accordance with chapter 3, part 16 of the Companies Act 2006, was unqualified.
This half-yearly report has not been reviewed by the Company's auditor.
3. Earnings per share
The earnings per share at 31 July 2010 is calculated on the basis of 11,650,327
(31 July 2009: 8,148,112 and 31 January 2010: 11,650,327) shares, being the
weighted average number of shares in issue during the year.
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
The net asset value per share is calculated on the basis of 11,650,327 (31 July
2009: 8,148,112 and 31 January 2010: 11,650,327) shares in issue at that date.
5. Principal Risks and Uncertainties
The Company's assets consist of equity and fixed-rate interest investments, cash
and liquid resources. Its principal risks are therefore market risk, credit risk
and liquidity risk. Other risks faced by the Company include economic, loss of
approval as a VCT, investment and strategic, regulatory, reputational,
operational and financial risks. 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 31 January 2010. The Company's principal risks and
uncertainties have not changed materially since the date of that report.
6. Related Party Transactions
Octopus acts as the investment manager of the Company. Under the management
agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of
the Company for the investment management services. During the period, the
Company incurred management fees of GBP97,000 (31 July 2009: GBP73,000 and 31
January 2010: GBP181,000) payable to Octopus. At the period end there was GBPnil (31
July 2009: GBPnil and January 2010: GBPnil) outstanding to Octopus. Furthermore,
Octopus provides administration and company secretarial services to the
Company. Octopus receives a fee of 0.3 per cent per annum of net assets of the
Company for administration services and GBP10,000 per annum for company
secretarial services.
7. Copies of this statement are being sent to all shareholders. Copies are
also available from the registered office of the Company at 20 Old Bailey,
London, EC4M 7AN, and will also be available to view on the Investment Manager's
website at www.octopusinvestments.com.
[HUG#1447479]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Octopus Apollo VCT 4 PLC via Thomson Reuters ONE
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