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OAP3 Octopus Apollo Vct Plc

48.50
0.00 (0.00%)
Last Updated: 08:00:15
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Octopus Apollo Vct Plc LSE:OAP3 London Ordinary Share GB00B17B3479 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 48.50 47.00 50.00 48.50 48.50 48.50 0.00 08:00:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 51.92M 34.54M 0.0462 10.50 362.82M

Octopus Apollo VCT Octopus Apollo Vct Plc : Half-year Report

28/09/2017 5:12pm

UK Regulatory


 
TIDMOAP3 
 
 
   Octopus Apollo VCT Plc 
 
 
 
   Half-Yearly Results 
 
   28 September 2017 
 
   Octopus Apollo VCT plc, managed by Octopus Investments Limited, today 
announces the unaudited half-yearly results for the six months ended 31 
July 2017. 
 
   These results were approved by the Board of Directors on 28 September 
2017. 
 
   You may, in due course, view the Half-Yearly report in full at 
www.octopusinvestments.com. All other statutory information can also be 
found there. 
 
   Financial Headlines 
 
 
 
 
                                Six months to  Six months to      Year to 
                                 31 July 2017   31 July 2016   31 January 2017 
Net assets (GBP'000s)                 155,341        152,139           141,799 
Return on ordinary activities 
 after tax (GBP'000s)                   1,799          1,309             5,172 
Net asset value ('NAV')*                62.2p          83.0p             63.2p 
Cumulative dividends paid               55.7p          32.5p             54.0p 
 since launch (p per share)* 
Total return*                          117.9p         115.5p            117.2p 
Ordinary dividend declared in            1.6p           2.5p              1.7p 
 respect of period 
Special dividend declared                   -          16.5p                 - 
 
 
   *Comparative figures are for the Ordinary Share class only. 
 
   The interim dividend will be paid on 15 December 2017 to Shareholders on 
the register on 24 November 2017, and will be eligible for the Dividend 
Reinvestment Scheme (DRIS). 
 
   Chairman's Statement 
 
   I am pleased to present the half-yearly report of Octopus Apollo VCT for 
the six months ended 31 July 2017. 
 
   The NAV total return including the 1.7p dividend paid in the period, 
increased by 1.1% during the six months although the NAV decreased by 
1.0p per share.  In keeping with the regular dividend policy, your Board 
has declared an interim dividend of 1.6p which will be paid to 
shareholders in December. 
 
   During the period the portfolio performed broadly in line with 
expectations with a small number of exceptions and there were five exits 
as explained in further detail below. 
 
   There were follow-on funding rounds into seven existing investments and 
the team currently has a strong pipeline of new investment opportunities 
so I remain cautiously optimistic about the outlook, despite the 
political and economic uncertainty resulting from Brexit negotiations. 
 
   Murray Steele 
 
   Chairman 
 
   28 September 2017 
 
   Interim Management Report 
 
   Overview 
 
   We are approaching the investment environment with caution at present 
given the political and economic uncertainty relating to Europe.  The 
portfolio is not materially exposed to Europe so the most obvious risk 
appears to be that a UK recession could result.  However the investments 
are generally structured with a higher component of lending than equity 
which provides an element of downside protection. 
 
   Performance 
 
   In the six months under review the NAV Total Return, after adding back 
the 1.7p of dividends paid in the period, has increased 1.1% although 
the Net Asset Value has decreased 1.6% to 62.2p per share, compared to 
63.2p per share at 31 January 2017.  This generally positive performance 
is attributable to a number of successful exits which will be discussed 
later in this statement, as well as a continuation of the strong 
interest yield from loans made to portfolio companies. 
 
   Portfolio Activity 
 
   The most significant drivers of change in value are the disposals 
described in more detail below.  Within the remaining portfolio the most 
positive developments were in Eve Sleep, valued up by GBP0.6 million 
during the period, based on the share price at the point of listing on 
the Alternative Investment Market in April, and Swoon Editions (up 
GBP0.5 million) as it continues to grow faster than forecasted. 
Unfortunately the investment in Spiralite was written down to zero (from 
GBP1.4 million) as a result of entering administration in July.  The 
rest of the portfolio continues to perform broadly in line with 
expectations. 
 
   During the six months to 31 July 2017, the Company made the following 
disposals: 
 
 
 
 
                          Initial Cost  Sale Proceeds    Gain/(Loss) on Sale 
                              (GBP)         (GBP)               (GBP) 
Clifford Thames Group 
 Limited                    13,318,000     24,014,000               10,696,000 
Aquaso Limited               3,500,000      3,907,000                  407,000 
The History Press              754,000        857,000                  103,000 
Haravar Limited              5,000,000      4,987,000                 (13,000) 
Galvara Limited              5,000,000      4,987,000                 (13,000) 
                            27,572,000     38,752,000               11,180,000 
 
 
   Clifford Thames was acquired by OEConnection LLC in June 2017, a US 
company specialising in automotive technology for vehicle manufacturers. 
This generated a strong return to Apollo of 1.8x cash invested over the 
three year period since Lloyds Development Capital acquired the company 
in August 2014 and Apollo reinvested GBP14.4 million.  The return 
includes the interest income on the loan and the uplift in value of the 
shares. 
 
   In May 2017 Aquaso was sold to Eddyfi Technologies, a Canadian oil and 
gas technology business.  Aquaso is the holding company of Technical 
Software Consultants ("TSC"), an oil and gas technology, services and 
manufacturing business.  Apollo originally invested GBP3 million in 2012 
and provided a further GBP0.5 million in January 2016 when the market 
conditions were extremely challenging.  The sale provided a return of 
1.4x total cash invested, including interest income earned on the loan. 
There was also an earn-out which successfully concluded after 31 July, 
taking total returns to 1.5x. 
 
   The disposals of Galvara and Haravar related to acquisition vehicles 
which had been established to acquire or develop a VCT qualifying trade, 
but for which the opportunities being pursued did not materialise.  The 
boards of those companies consequently elected to liquidate them and 
return funds to Apollo.  The History Press was acquired as part of the 
Eclipse portfolio and has now been sold. 
 
   Following the sale of SCM World to Gartner Inc in June 2016, an earn out 
was successfully achieved resulting in a further GBP0.3 million of 
proceeds in March 2017. 
 
   During the period GBP1.3 million was invested to provide follow-on 
funding rounds to seven existing portfolio companies.  The largest of 
these was GBP0.7 million invested in Oxifree, an oil and gas services 
business acquired as part of the Eclipse portfolio. 
 
   Transactions with Manager 
 
   Details of amounts paid to the Manager are disclosed in note 7 to the 
Financial Statements. 
 
   Share Buybacks 
 
   Your Company has continued to buy back shares. In the six months to July 
2017, the Company bought back 1,263,370 shares for total consideration 
of GBP754,000. 
 
   Share Issues and Fundraising 
 
   An Offer for Subscription was launched in November 2016 to raise up to 
GBP20 million, and closed fully subscribed in March 2017, eight months 
ahead of schedule. After expenses, GBP16 million pounds was raised under 
the offer in the period under review. In total, the offer raised GBP20.5 
million net of expenses. 
 
   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. 
 
   Your Board has declared an interim dividend of 1.6p per share in respect 
of the period ended 31 July 2017. The dividend will be payable on 15 
December 2017 to shareholders on the register at 24 November 2017. 
 
   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 set 
by HMRC for maintaining approval as a VCT. 
 
   A key requirement is to ensure that at least 70% of the assets of the 
fund are in VCT qualifying investments. As at 31 July 2017, 78% of the 
portfolio, as measured by HMRC rules, was invested in VCT qualifying 
investments. 
 
   Principal Risks and Uncertainties 
 
   The principal risks and uncertainties are set out in note 6 to the half 
yearly report and accounts. 
 
   Summary and Future Prospects 
 
   The political and economic environments remain uncertain as a result of 
exit negotiations with the European Union.  However the portfolio has 
generally continued to perform well and the focus on investing a 
substantial part of the capital in the form of loans further reduces 
volatility. The recent weakening of the British Pound has not had a 
significant impact on the businesses we have backed as they are 
generally UK based and do not have large unhedged foreign currency 
exposures.  As such, the returns to shareholders have shown low 
volatility year on year, which is testament to the prudent investment 
approach adopted by the Investment Manager. The investment team has an 
active pipeline of new investment opportunities and we believe we can 
continue to find suitable VCT qualifying investments. 
 
   Octopus Investments Limited 
 
   28 September 2017 
 
   Investment Portfolio 
 
 
 
 
                                                                                                                                          % equity 
                                                                                                                                          held by 
                              Investment                                                                                                    all 
                              cost as at                                                                                        % equity   funds 
                               31 July                                                                                          held by   managed 
                                 2017     Movement in fair value to     Fair value as at      Movement in fair value in period   Apollo      by 
              Sector          (GBP'000)     31 July 2017 (GBP'000)    31 July 2017 (GBP'000)              (GBP'000)               VCT     Octopus 
Fixed asset 
investments 
Vista Retail 
 Support      Business 
 Limited       Services            6,758                      2,639                    9,397                             (160)      12.0      12.0 
Healthcare 
 and 
 Services 
 Technology   Healthcare & 
 Limited       Education           7,186                        328                    7,514                             (403)      10.0      10.0 
Anglo 
 European     Manufacturing 
 Group         & 
 Limited       Engineering         5,000                      (168)                    4,832                                40      26.7      26.7 
Coupra        Business 
 Limited       Services            5,000                      (189)                    4,811                             (494)       9.8       9.8 
Dyscova       Healthcare & 
 Limited       Education           4,700                          -                    4,700                                 -      67.7      67.7 
Countrywide 
 Healthcare 
 Services     Healthcare & 
 Limited       Education           2,675                        952                    3,627                               193      20.7      20.7 
Kabardin 
 Limited      Energy               2,450                          -                    2,450                                 -      49.0      49.0 
Red Poll 
 Power 
 Limited      Energy               2,450                          -                    2,450                                 -      49.0      49.0 
Valloire 
 Power 
 Limited      Energy               2,450                          -                    2,450                                 -      49.0      49.0 
Tanganyika 
 Heat 
 Limited      Energy               4,108                    (1,858)                    2,250                              (24)      50.0      50.0 
Other(*)      Various             36,319                    (2,414)                   33,905                             (426) 
Total fixed asset 
 investments                      79,096                      (710)                   78,386                           (1,274) 
 
Current 
asset 
investments 
Octopus Portfolio Manager - 
 Cash                             32,000                          4                   32,004                                 4 
Octopus Portfolio Manager - 
 Cash Plus                        19,000                        112                   19,112                               112 
Octopus Portfolio Manager - 
 Defensive Capital Growth         19,000                         74                   19,074                                74 
Total current asset 
 investments                      70,000                        190                   70,190                               190 
Total fixed and current 
 asset investments                                                                   148,576 
Cash at bank                                                                           6,067 
Debtors less creditors                                                                   698 
Total net assets                                                                     155,341 
 
 
   *Comprises 43 other investments: Acquire Your Business Limited, Angelico 
Solar Limited, Artesian Solutions Limited, Augean plc, Barrecore Limited, 
Behaviometrics AB, Bramante Solar Limited, British Country Inns plc, 
Canaletto Solar Limited, Cello Group plc, CurrencyFair Limited, Ecrebo 
Limited, EKF Diagnostics plc, Ergomed plc, Eve Sleep Limited, Hasgrove 
Limited, Leonardo Solar Limited, Luther Pendragon Limited,  Mi-Pay Group 
plc, MIRACL Limited, Modigliano Solar Limited, Nektan plc, Origami 
Energy Limited, Oxifree UK Limited, Pirlo Solar Limited, Plastics 
Capital plc, PTB Films, Quickfire, Quickfire2, Secret Escapes Limited, 
Segura Systems Limited, Sourceable Limited, Superior Heat Limited, 
Tailsco Limited, Tanfield Group Limited, Time Out Group plc, Tintoretto 
Solar Limited, Tiziano Solar Limited, Trafi Limited, Vertu Motors plc, 
Winnipeg Heat (Caspian), Yu Group plc, Zynstra Limited. 
 
   Directors Responsibilities Statement 
 
   We confirm that to the best of our knowledge: 
 
   --    the half-yearly financial statements have been prepared in 
accordance with the Financial Reporting Standard 104 "Interim Financial 
Reporting" issued by the Financial Reporting Council; 
 
   --    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. 
 
   On behalf of the Board 
 
   Murray Steele 
 
   Chairman 
 
   28 September 2017 
 
   Income Statement 
 
 
 
 
                       Unaudited                Unaudited                 Audited 
                                             Six months to 31 
               Six months to 31 July 2017       July 2016         Year to 31 January 2017 
              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 on 
 disposal of 
 fixed asset 
 investments         -     3,701     3,701         -       987       987         -     2,658     2,658 
Change in 
 fair value 
 of fixed 
 asset 
 investments         -   (1,274)   (1,274)         -       367       367         -     4,525     4,525 
Change in 
 fair value 
 of current 
 asset 
 investments         -       190       190         -         -         -         -         -         - 
Investment 
 income          2,061         -     2,061     2,188         -     2,188     4,128         -     4,128 
Investment 
 management 
 fees            (341)   (1,406)   (1,747)     (308)   (1,097)   (1,405)     (647)   (2,844)   (3,491) 
Other 
 expenses      (1,136)         -   (1,136)     (758)         -     (758)   (2,654)         -   (2,654) 
FX 
 translation         -         4         4         -         -         -         -         6         6 
Return on 
 ordinary 
 activities 
 before tax        584     1,215     1,799     1,122       257     1,379       827     4,345     5,172 
Taxation on 
 return on 
 ordinary 
 activities          -         -         -      (70)         -      (70)         -         -         - 
Return on 
 ordinary 
 activities 
 after tax         584     1,215     1,799     1,052       257     1,309       827     4,345     5,172 
Earnings per      0.2p      0.5p      0.7p      0.6p      0.2p      0.8p      0.5p      2.5p      3.0p 
 share - 
 basic and 
 diluted 
 
 
   -- 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 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 those disclosed 
      in the income statement. 
 
   -- The accompanying notes are an integral part of the half-yearly report. 
 
 
   Balance Sheet 
 
 
 
 
                      Unaudited              Unaudited                Audited 
                  As at 31 July 2017     As at 31 July 2016     As at 31 January 2017 
                 GBP'000    GBP'000     GBP'000    GBP'000     GBP'000      GBP'000 
Fixed asset 
 investments                   78,386                115,435                   112,884 
Current 
assets: 
Investments        70,190                      -                      - 
Debtors             2,245                  5,248                  4,077 
Cash at bank        6,067                 35,632                 29,229 
                   78,502                 40,880                 33,306 
Creditors: 
 amounts 
 falling due 
 within one 
 year             (1,547)                (4,176)                (4,391) 
Net current 
 assets                        76,955                 36,704                    28,915 
Net assets                    155,341                152,139                   141,799 
 
Share capital                  25,138                 16,745                    22,603 
Share premium                  48,308                  1,438                    34,231 
Special 
 distributable 
 reserve                       71,149                128,328                    76,144 
Capital 
 redemption 
 reserve                        2,958                  2,672                     2,832 
Capital 
 reserve 
 realised                       7,714                (1,087)                   (1,537) 
Capital 
 reserve 
 unrealised                     (520)                  2,988                     7,520 
Revenue 
 reserve                          584                  1,055                         - 
Translation 
 reserve                           10                      -                         6 
Total equity 
 shareholders' 
 funds                        155,341                152,139                   141,799 
Net Asset                       62.2p                  83.0p                     63.2p 
 Value per 
 share 
 
 
   The statements were approved by the Directors and authorised for issue 
on 28 September 2017 and are signed on their behalf by: 
 
   Murray Steele 
 
   Chairman 
 
   Company Number: 05840377 
 
   Statement of Changes in Equity 
 
 
 
 
                Share Capital  Share Premium  Special distributable reserves  Capital Redemption Reserve  Capital reserve realised  Capital reserve unrealised  Revenue reserve  Translation reserve   Total 
                   GBP'000        GBP'000                 GBP'000                       GBP'000                    GBP'000                    GBP'000               GBP'000            GBP'000         GBP'000 
Six months to 31 July 2017 
As at 1 
 February 
 2017                  22,603         34,231                          76,144                       2,832                   (1,537)                       7,520                -                    6   141,799 
Comprehensive 
income for the 
period: 
Management fee 
 allocated as 
 capital 
 expenditure                -              -                               -                           -                   (1,406)                           -                -                    -   (1,406) 
Current period 
 gains on 
 disposal                   -              -                               -                           -                     3,701                           -                -                    -     3,701 
Current period 
 gains on fair 
 value of 
 investments                -              -                               -                           -                         -                     (1,084)                -                    -   (1,084) 
Current period 
 currency 
 gains                      -              -                               -                           -                         -                           -                -                    4         4 
Profit on 
 ordinary 
 activities 
 after tax                  -              -                               -                           -                         -                           -              584                            584 
Total 
 comprehensive 
 income for 
 the period                 -              -                               -                           -                     2,295                     (1,084)              584                    4     1,799 
Contributions 
by and 
distributions 
to owners: 
Repurchase and 
 cancellation 
 of own 
 shares                 (126)              -                           (754)                         126                         -                           -                -                    -     (754) 
Issue of 
 shares                 2,661         14,077                               -                           -                         -                           -                -                    -    16,738 
Dividends paid              -              -                         (4,241)                           -                         -                           -                -                    -   (4,241) 
Total 
 contributions 
 by and 
 distributions 
 to owners              2,535         14,077                         (4,995)                         126                         -                           -                -                    -    11,743 
Other 
movements: 
Prior period 
 holding 
 gains/losses 
 now realised               -              -                               -                           -                     6,956                     (6,956)                -                    -         - 
Total other 
 movements                  -              -                               -                           -                     6,956                     (6,956)                -                    -         - 
As at 31 July 
 2017                  25,138         48,308                          71,149                       2,958                     7,714                       (520)              584                   10   155,341 
 
Six months to 31 July 2016 
As at 1 
 February 
 2016                  13,896         48,893                          60,748                       2,557                   (1,866)                       3,510                3                    -   127,741 
Comprehensive 
income for the 
period: 
Management fee 
 allocated as 
 capital 
 expenditure                -              -                               -                           -                   (1,097)                           -                -                    -   (1,097) 
Current period 
 gains on 
 disposal                   -              -                               -                           -                       987                           -                -                    -       987 
Current period 
 gains on fair 
 value of 
 investments                -              -                               -                           -                         -                         367                -                    -       367 
Profit on 
 ordinary 
 activities 
 after tax                  -              -                               -                           -                         -                           -            1,052                    -     1,052 
Total 
 comprehensive 
 income for 
 the period                 -              -                               -                           -                     (110)                         367            1,052                    -     1,309 
Contributions 
by and 
distributions 
to owners: 
Repurchase and 
 cancellation 
 of own 
 shares                 (115)              -                           (901)                         115                         -                           -                -                    -     (901) 
Issue of 
 shares                 2,964         21,026                               -                           -                         -                           -                -                    -    23,990 
Total 
 contributions 
 by and 
 distributions 
 to owners              2,849         21,026                           (901)                         115                         -                           -                -                    -    23,089 
Other 
movements: 
Prior period 
 holding 
 gains/losses 
 now realised               -              -                               -                           -                       889                       (889)                -                    -         - 
Cancellation 
 of share 
 premium                    -       (68,481)                          68,481                           -                         -                           -                -                    -         - 
Total other 
 movements                  -       (68,481)                          68,481                           -                       889                       (889)                -                    -         - 
As at 31 July 
 2016                  16,745          1,438                         128,328                       2,672                   (1,087)                       2,988            1,055                    -   152,139 
 
Year to 31 January 2017 
As at 1 
 February 
 2016                  13,896         48,893                          60,748                       2,557                   (1,866)                       3,510                3                    -   127,741 
Comprehensive 
income for the 
year: 
Management fee 
 allocated as 
 capital 
 expenditure                -              -                               -                           -                   (2,844)                           -                -                    -   (2,844) 
Current year 
 gains on 
 disposal                   -              -                               -                           -                     2,658                           -                -                    -     2,658 
Current year 
 gains on fair 
 value of 
 investments                -              -                               -                           -                         -                       4,525                -                    -     4,525 
Current year 
 currency 
 gains                      -              -                               -                           -                         -                           -                -                    6         6 
Profit on 
 ordinary 
 activities 
 after tax                  -              -                               -                           -                         -                           -              827                    -       827 
Total 
 comprehensive 
 income for 
 the year                   -              -                               -                           -                     (186)                       4,525              827                    6     5,172 
Contributions 
by and 
distributions 
to owners: 
Repurchase and 
 cancellation 
 of own 
 shares                 (275)              -                         (1,955)                         275                         -                           -                -                    -   (1,955) 
Issue of 
 shares                 5,446         35,706                               -                           -                         -                           -                -                    -    41,152 
Dividends paid              -              -                        (36,711)                           -                         -                           -            (830)                    -  (37,541) 
Total 
 contributions 
 by and 
 distributions 
 to owners              5,171         35,706                        (38,666)                         275                         -                           -            (830)                    -     1,656 
Other 
movements: 
Prior year 
 holding 
 gains/losses 
 now realised               -              -                               -                           -                       515                       (515)                -                    -         - 
Cancellation 
 of Share 
 Premium                    -       (50,788)                          50,788                           -                         -                           -                -                    -         - 
Cancellation 
 of Deferred 
 Shares - C 
 shares                 (349)              -                             349                           -                         -                           -                -                    -         - 
Deferred 
 shares 
 created - D 
 shares                   156              -                           (156)                           -                         -                           -                -                    -         - 
Shares issued 
 on D share 
 conversion               385              -                           (385)                           -                         -                           -                -                    -         - 
Dividends paid 
 on D share 
 conversion                 -              -                        (14,418)                           -                         -                           -                -                    -    14,418 
Acquisition of 
 D share 
 class                  (191)       (17,693)                          17,884                           -                         -                           -                -                    -         - 
Acquisition of 
 Octopus 
 Eclipse VCT 
 plc                    3,535         18,113                               -                           -                         -                           -                -                    -    21,648 
Total other 
 movements              3,536       (50,368)                          54,062                           -                       515                       (515)                -                    -     7,230 
As at 31 
 January 2017          22,603         34,231                          76,144                       2,832                   (1,537)                       7,520                -                    6   141,799 
 
 
   Cash Flow Statement 
 
 
 
 
 
                               Unaudited         Unaudited        Audited 
                              Six months to    Six months to       Year to 
                              31 July 2017     31 July 2016    31 January 2017 
                                 GBP'000          GBP'000          GBP'000 
Cash flows from operating 
activities: 
Return on ordinary 
 activities after tax                 1,799            1,309             5,172 
Adjustments for: 
Decrease in debtors                   1,832               57             1,228 
Decrease in creditors               (2,844)            (291)              (76) 
Debtors obtained from 
 transaction                              -                -               848 
Creditors obtained from 
 transaction                              -                -             (157) 
Gain on disposal of fixed 
 assets                             (3,701)            (987)           (2,658) 
Loss/(Gain) on valuation of 
 fixed asset investments              1,274            (367)           (4,525) 
Gain on valuation of 
current asset investments             (190)                -                 - 
Cash from operations                (1,830)            (209)             (168) 
 
Cash flows from investing 
activities: 
Cash acquired from 
 transaction                              -                -               622 
Purchase of fixed asset 
 investments                        (1,348)          (9,000)           (9,269) 
Purchase of current asset 
investments                        (72,000)                -                 - 
Sale of fixed asset 
 investments                         38,273           11,547            40,531 
Sale of current asset 
investments                           2,000                -                 - 
Dividend paid to exiting D 
 shareholders                             -                -          (14,418) 
Net cash flows from 
 investing activities              (33,075)            2,547            17,466 
 
Cash flows from financing 
activities: 
Purchase of own shares                (754)            (901)           (1,955) 
Share issues                         16,738           23,990            41,152 
Dividends Paid                      (4,241)                -          (37,541) 
Net cash flows from 
 financing activities                11,743           23,089           (1,656) 
(Decrease)/Increase in cash 
 and cash equivalents              (23,162)           25,357            18,954 
Opening cash and cash 
 equivalents                         29,229           10,275            10,275 
Closing cash and cash 
 equivalents                          6,067           35,632            29,229 
 
Cash and cash equivalents 
comprise: 
Cash at Bank                          6,067           35,632            29,229 
 
 
   Notes to the Half-Yearly Report 
 
   1.  Basis of preparation 
 
   The unaudited half-yearly results which cover the six months to 31 July 
2017 have been prepared in accordance with the Financial Reporting 
Council's (FRC) Financial Reporting Standard 104 Interim Financial 
Reporting (March 2015) and the Statement of Recommended Practice for 
Investment Companies, re-issued by the Association of Investment 
Companies in January 2017. 
 
   2.  Publication of non-statutory accounts 
 
   The unaudited half-yearly results for the six months ended 31 July 2017 
do not constitute Statutory Accounts within the meaning of s.415 of the 
Companies Act 2006. The comparative figures for the year ended 31 
January 2017 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 is based on 243,295,650 shares, being the 
weighted average number of shares in issue during the period (31 January 
2017: 169,230,581; 31 July 2016: 172,098,191 including Ordinary Shares 
and D Ordinary Shares). 
 
   There are no potentially dilutive capital instruments in issue and, 
therefore, no diluted earnings per share figures are relevant. The basic 
and diluted earnings per share are therefore identical. 
 
   4.  Net asset value per share 
 
 
 
 
                                31 July 2017  31 July 2016  31 January 2017 
Net Assets (GBP)                 155,341,000   134,526,000      141,799,000 
Shares in Issue                  249,818,756   162,042,257      224,470,119 
Net Asset Value per share (p)           62.2          83.0             63.2 
 
 
 
   5.  Dividends 
 
   A final dividend, for the year ended 31 January 2017, of 1.7p per share 
was paid on 28 July 2017 to shareholders on the register on 30 June 
2017. 
 
   The interim dividend of 1.6p per share for the six months ending 31 July 
2017 will be paid on 15 December 2017, to those shareholders on the 
register on 24 November 2017. 
 
   6. 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 2017. The Company's principal risks and uncertainties 
have not changed materially since the date 
 
   of that report. 
 
   7. 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. 
 
 
   The Company has incurred management fees of GBP1,494,000 during the 
period to 31 July 2017 (31 July 2016: GBP1,232,000; 31 January 2017: 
GBP2,588,000). 
 
   A performance fee of GBP253,000 has been incurred during the period to 
31 July 2017 (31 July 2016: GBP173,000; 31 January 2017: GBP903,000). 
 
   Octopus also 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 GBP20,000 per 
annum for company secretarial services. 
 
   The Company has invested GBP70 million into Octopus managed funds, being 
the Octopus Portfolio Manager 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. 
 
   8. Post balance sheet events 
 
   Since 31 July 2017 the Company has issued the following shares: 
 
 
 
 
Date            Number of Shares Issued  Price per share (p) 
8 August 2017                    53,415                 61.5 
 
 
 
   9. Other Information 
 
   A version of 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 
Investment Manager's website at www.octopusinvestments.com. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq 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 via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

September 28, 2017 12:12 ET (16:12 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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