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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 1 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 Half-year Report

19/09/2019 5:40pm

UK Regulatory


 
TIDMOAP3 
 
   Octopus Apollo VCT Plc 
 
   Half-Yearly Results 
 
   19 September 2019 
 
   Octopus Apollo VCT plc, managed by Octopus Investments Limited, today 
announces its unaudited half-yearly results for the six months ended 31 
July 2019. 
 
   These results were approved by the Board of Directors on 19 September 
2019. 
 
   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     Six months 
                                                 to             to           Year to 
                                            31 July 2019   31 July 2018   31 January 2019 
Net assets (GBP'000s)                            122,093        122,252           119,024 
Return on ordinary activities after 
 tax (GBP'000s)                                    1,433        (3,038)           (1,183) 
Net asset value per share ('NAV')                   46.2           47.9              47.1 
Cumulative dividends paid since launch 
 (p per share)                                      72.6           69.6              71.1 
NAV plus cumulative dividends paid (p)             118.8          117.5             118.2 
Total return %*                                      1.3          (2.2)             (0.8) 
Ordinary dividend paid in period (p)                 1.5            1.6               3.1 
Ordinary dividend declared in the period 
 (p)                                                 1.5            1.5               1.5 
 
 
   (*) Total return is calculated as (movement in NAV + dividends paid in 
the period) divided by the NAV at the beginning of the period. 
 
   The interim dividend will be paid on 9 January 2020 to shareholders on 
the register at 20 December 2019. 
 
   Chairman's Statement 
 
   I am pleased to present the half-yearly report of Octopus Apollo VCT for 
the six months ended 31 July 2019. 
 
   On a total return basis, after adding back the 1.5p dividend paid in the 
period, the NAV has increased 1.3% during the six months. In keeping 
with the regular dividend policy, your Board has declared an interim 
dividend of 1.5p which will be paid to shareholders on 9 January 2020. 
 
   During the period the majority of the portfolio performed broadly in 
line with expectations leading to an increase in value of GBP1.8 million 
as explained in detail in the next section. This increase in value 
resulted in a profit of GBP1.4 million for the company, net of 
investment income and management expenses. 
 
   The Company invested GBP7.2 million into new companies in the period, as 
well as GBP4.3 million of follow-on funding rounds into five existing 
investments, with further investments made after the end of the period. 
The overall performance in the period has shown an improvement and a 
return to profitability, although the political and economic uncertainty 
resulting from Brexit negotiations still persists. I remain cautiously 
optimistic for the future. Lastly, the Company's current fundraising is 
ongoing and we are confident of raising sufficient new capital to fund 
our exciting pipeline of future opportunities. 
 
   Murray Steele 
 
   Chairman 
 
   19 September 2019 
 
   Interim Management Report 
 
   Performance 
 
   In the six months under review the Total Return, after adding back the 
1.5p of dividends paid in the period, has increased 1.3%. This 
performance is attributable to a combination of the continuation of the 
strong interest yield from loans made to portfolio companies and 
positive fair value movements across most of the portfolio, offset by 
adverse movements in the fair value of a small number of legacy assets 
in the portfolio. 
 
   Portfolio Activity 
 
   In the period under review the value of the portfolio has increased by 
GBP1.8 million, excluding additions and disposals. This increase is 
mainly driven by Natterbox (N2JB Limited) (GBP2.8 million valuation 
increase), Ubisecure (GBP1.5 million valuation increase) and ISG 
Technology (Coupra Limited) (GBP1.9 million valuation increase) 
partially offset by valuation decreases of GBP4.0 million on the Reserve 
Power portfolio (Kabardin Limited, Valloire Power Limited and Red Poll 
Power Limited) and GBP2.2 million on Oxifree. Other smaller valuation 
adjustments across the portfolio also contributed to the overall 
increase in the value of the portfolio. 
 
   During the period GBP11.5 million was invested, GBP7.2 million of which 
was into the following new investments: 
 
   --    Rotolight GBP3.9 million -- a designer and producer of LED 
lighting, which sells patent-protected flash and lighting products to 
photographers, filmmakers and broadcasters; and 
 
   --    Veeqo GBP3.3 million -- an inventory management software company 
focused on the SME e-commerce retail sector. 
 
   The remaining GBP4.3 million invested was to provide growth funding to 
five existing portfolio companies including GBP2.1 million invested into 
Ubisecure and GBP1.5 million invested into Natterbox to continue to 
support each business' growth plans. 
 
   In July 2019 we saw the successful acquisition of City Pantry Limited by 
Just Eat plc. This exit saw total proceeds of GBP4.9 million to Apollo, 
a gain of GBP1.5 million on the previous valuation and a record IRR for 
an Apollo investment. We also sold our investment in Tanganyika Heat 
Limited realising a small loss on the disposal. 
 
   Transactions with Manager 
 
   Details of amounts paid to the Manager are disclosed in note 7 to the 
financial statements. 
 
   Share Buybacks 
 
   The Company has continued to buy back shares as required. In the six 
months to July 2019, the Company bought back 5,517,197 Ordinary shares 
for total consideration of GBP2.5 million. 
 
   Share Issues and Fundraising 
 
   An Offer for Subscription was launched in May 2019 to raise up to GBP20 
million and is expected to be open till December 2019 for prospective 
shareholders. 
 
   Dividend and Dividend Policy 
 
   It is the 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. 
 
   The Board has declared an interim dividend of 1.5p per share in respect 
of the period ended 31 July 2019. The dividend will be payable on 9 
January 2020 to Ordinary shareholders on the register at 30 December 
2019. 
 
   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 2019, 95.1% of the 
portfolio, as measured by HMRC rules, was invested in VCT qualifying 
investments. 
 
   The Finance Act 2018 made a number of changes to VCT rules on qualifying 
holdings, with the main change being VCTs are now required to hold at 
least 80% of its investments in VCT qualifying holdings, up from 70%. 
This applies to accounting periods starting on or after 6 April 2019, so 
for Apollo these rules will apply from 1st February 2020. 
 
   Principal Risks and Uncertainties 
 
   The principal risks and uncertainties are set out in note 6 to the 
financial statements. 
 
   Summary and Future Prospects 
 
   The political and economic environment continues to be very uncertain in 
the UK as a result of protracted exit negotiations with the European 
Union.  To date there has been little, if any, negative impact on the 
portfolio and the investment team remains vigilant in monitoring the 
situation carefully and any potential impact, directly or indirectly, on 
the portfolio.  The overall Company performance has been modest during 
the period primarily as a result of specific trading performance issues 
in a limited number of legacy investments which were offset by a strong 
performance across the rest of the portfolio. On a positive note, the 
investments completed after the significant change in VCT rules in 2017 
are performing in line with expectations and are now the largest 
positive contributor to the overall profit of the Company, which 
provides further optimism for the future. The investment team has 
continued the steady pace of new investments and continues to source an 
active pipeline of new VCT qualifying investment opportunities. 
 
   Richard Court 
 
   Octopus Investments Limited 
 
   19 September 2019 
 
   Investment Portfolio 
 
 
 
 
                                                             Movement 
                                                Investment    in fair                   Movement                % equity 
                                                  cost as      value     Fair value      in fair    % equity     held by 
                                                   at 31       to 31        as at         value       held      all funds 
                                                 July 2019   July 2019     31 July      in period   by Apollo    managed 
                               Sector             GBP'000     GBP'000    2019 GBP'000    GBP'000       VCT      by Octopus 
Fixed asset investments 
Natterbox (N2JB Limited)       Technology            6,490       3,185          9,675       2,774         9.0          9.0 
Healthcare and Services        Healthcare & 
 Technology Limited             Education            7,186       1,130          8,316        (66)        10.0         10.0 
Ubisecure Holdings Limited     Technology            4,250       1,687          5,937       1,461        30.0         30.0 
                               Information 
Coupra Limited (ISG)            Technology           5,000         878          5,878       1,891         9.8          9.8 
                               Manufacturing 
Anglo European Group Limited    & Engineering        5,000         291          5,291         195        26.7         26.7 
Countrywide Healthcare         Healthcare & 
 Services Holdings Limited      Education            2,675       2,315          4,990          81        20.7         20.7 
Simply Cook Limited            Consumer Goods        4,500          --          4,500           -        16.4         16.4 
Rotolight Group Ltd            Consumer Goods        3,850         371          4,221         371        15.3         15.3 
Veeqo Limited                  Technology            3,300         167          3,467         167        19.8         19.8 
Care & Independence (Dyscova   Healthcare & 
 Limited)                       Education            4,700     (1,626)          3,074           -        62.2         62.2 
Other(*)                       Various              44,449     (6,426)         38,023     (5,025) 
Total fixed asset investments                       91,400       1,972         93,372       1,849 
 
Current asset investments 
Octopus Portfolio Manager -- Cash                    9,251         103          9,354          34 
Octopus Portfolio Manager -- Cash Plus               3,830         383          4,213         145 
Total current asset investments                     13,081         486         13,567         179 
                                                                        ------------- 
Total fixed and current asset investments                                     106,939 
Cash at bank                                                                   20,288 
Debtors less creditors                                                        (5,134) 
Total net assets                                                              122,093 
 
 
   * Comprises 40 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 Holdings plc, Ergomed plc, Eve 
Sleep plc, Hasgrove Limited, Kabardin Limited, Leonardo Solar Limited, 
Luther Pendragon Limited, Mi-Pay Group plc, Modigliani Solar Limited, 
Nektan plc, Origami Energy Limited, Oxifree Group Holding Limited, Pirlo 
Solar Limited, Red Poll Power Limited, Renalytix plc, Secret Escapes 
Limited, Segura Systems Limited, Sourceable Limited (Swoon Editions), 
Superior Heat Limited, Synnovia plc, Tintoretto Solar Limited, Tiziano 
Solar Limited, Trafi Limited, Triumph Holdings Limited, Valloire Power 
Limited, Vertu Motors plc, Winnipeg Heat Limited, 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 financial statements give a true and fair view of 
the assets, liabilities, financial position, and profit or loss of the 
Company; 
 
   --    the half-yearly report includes a fair review of the information 
required by the Financial Conduct Authority's Disclosure and 
Transparency Rules, being: 
 
   --    an indication of the important events that have occurred during 
the first six months of the financial year and their impact on the 
condensed set of financial statements; 
 
   --    a description of the principal risks and uncertainties for the 
remaining six months of the year; and 
 
   --    a description of related party transactions that have taken place 
in the first six months of the current financial year, that may have 
materially affected the financial position or performance of the Company 
during that period and any changes in the related party transactions 
described in the last annual report that could do so. 
 
   On behalf of the Board 
 
   Murray Steele 
 
   Chairman 
 
   19 September 2019 
 
   Income Statement 
 
 
 
 
                                         Unaudited                     Unaudited            Audited 
                                      Six months to 31              Six months to 31        Year to 31 January 
                                          July 2019                     July 2018            2019 
                                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 
Realised gain/(loss) 
 on disposal of fixed 
 asset investments                    --         6         6        --       889       889        --     (531)     (531) 
Realised gain/(loss) 
 on disposal of current 
 asset investments                    --        46        46         _       (6)       (6)         _     (127)     (127) 
Change in fair value 
 of fixed asset investments           --     1,849     1,849        --   (3,236)   (3,236)        --       302       302 
Change in fair value 
 of current asset investments         --       179       179        --        38        38        --        --        -- 
Investment income                  1,573        --     1,573     1,638        --     1,638     3,469       139     3,608 
Investment management 
 fees (see note 7)                 (266)   (1,932)   (2,198)     (310)     (929)   (1,239)     (545)   (1,634)   (2,179) 
Other expenses                      (22)        --      (22)   (1,122)        --   (1,122)   (2,256)        --   (2,256) 
FX translation                        --        --        --        --         -         -        --         4         4 
Profit/(loss) before 
 tax                               1,285       148     1,433       206   (3,244)   (3,038)       668   (1,851)   (1,183) 
Tax                                   --        --        --        --        --        --        --        --        -- 
Profit/(loss) after 
 tax                               1,285       148     1,433       206   (3,244)   (3,038)       668   (1,851)   (1,183) 
Earnings per share -- 
 basic and diluted                  0.5p      0.1p      0.6p      0.1p    (1.3)p    (1.2)p      0.3p    (0.7)p    (0.4)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 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     As at 31 July    As at 31 January 
                                       2019              2018         2019 
                                 GBP'000  GBP'000  GBP'000  GBP'000  GBP'000    GBP'000 
Fixed asset investments                    93,372            77,078               86,538 
Current assets: 
Investments                       13,567            41,501             18,342 
Debtors                            2,405             2,307              2,580 
Cash at bank                      20,288             2,960             13,203 
                                  32,260            46,768             34,125 
Creditors: amounts falling due 
 within one year                 (7,539)           (1,594)            (1,639) 
Net current assets                         28,721            45,174               32,486 
Net assets                                122,093           122,252              119,024 
 
Share capital                              26,430            25,537               25,250 
Share premium                              59,620            52,729               53,256 
Special distributable reserve              23,142            34,690               29,602 
Capital redemption reserve                  4,465             3,482                3,914 
Capital reserve realised                    4,691            10,164                7,698 
Capital reserve unrealised                  2,460           (4,556)                (696) 
Revenue reserve                             1,285               206                   -- 
Total equity shareholders' 
 funds                                    122,093           122,252              119,024 
-------------------------------  -------  -------  -------  -------  --------  --------- 
Net asset value per share                   46.2p             47.9p                47.1p 
 
 
   * Increase in creditors relate to dividends, the Dividend Reinvestment 
Scheme and shares not alloted at the end of the period. 
 
   The statements were approved by the Directors and authorised for issue 
on 19 September 2019 and are signed on their behalf by: 
 
   Murray Steele 
 
   Chairman 
 
   Company Number: 05840377 
 
   Statement of Changes in Equity 
 
 
 
 
                                                     Special        Capital     Capital     Capital 
                               Share     Share     distributable   redemption   reserve     reserve    Revenue   Translation 
                               capital   premium     reserves       reserve     realised   unrealised   reserve    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 2019 
As at 1 February 
 2019                           25,250    53,256          29,602        3,914      7,698        (696)        --           --   119,024 
Comprehensive income 
 for the period: 
Management fee allocated 
 as capital expenditure             --        --              --           --    (1,931)           --        --           --   (1,931) 
Current period gains 
 on disposal                        --        --              --           --         52           --        --           --        52 
Current period losses 
 on fair value of 
 investments                        --        --              --           --         --        2,028        --           --     2,472 
Profit after tax                    --        --              --           --         --           --     1,285           --     1,285 
Total comprehensive 
 income for the period              --        --              --           --    (1,879)        2,028     1,285           --     1,878 
Contributions by 
 and distributions 
 to owners: 
Repurchase and cancellation 
 of own shares                   (551)        --         (2,478)          551         --           --        --           --   (2,478) 
Issue of shares                  1,731     6,364              --           --         --           --        --           --     8,095 
Dividends paid                      --        --         (3,982)           --         --           --        --           --   (3,982) 
Total contributions 
 by and distributions 
 to owners                       1,180     6,364         (6,460)          551         --           --        --           --     1,635 
Other movements: 
Prior period holding 
 gains/losses now 
 realised                           --        --              --           --    (1,128)        1,128        --                     -- 
Total other movements               --        --              --           --    (1,128)        1,128        --                     -- 
As at 31 July 2019              26,430    59,620          23,142        4,465      4,691        2,460     1,285           --   122,093 
 
                                                         Special      Capital    Capital      Capital 
                                 Share     Share   distributable   Redemption    reserve      reserve   Revenue  Translation 
                               Capital   Premium        reserves      Reserve   realised   unrealised   reserve      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 2018 
As at 1 February 
 2018                           25,748    52,162          40,489        3,125      9,445        (602)        --           10   130,377 
Comprehensive income 
 for the period: 
Management fee allocated 
 as capital expenditure             --        --              --           --      (929)           --        --           --     (929) 
Current period gains 
 on disposal                        --        --              --           --        883           --        --           --       883 
Current period losses 
 on fair value of 
 investments                        --        --              --           --         --      (3,199)        --           --   (3,199) 
Profit after tax                    --        --              --           --         --           --       206           --       206 
Total comprehensive 
 income for the period              --        --              --           --       (46)      (3,199)       206           --   (3,039) 
Contributions by 
 and distributions 
 to owners: 
Repurchase and cancellation 
 of own shares                   (357)        --         (1,706)          357         --           --        --           --   (1,706) 
Issue of shares                    146       567              --           --         --           --        --           --       713 
Dividends paid                      --        --         (4,093)           --         --           --        --           --   (4,093) 
Total contributions 
 by and distributions 
 to owners                       (211)       567         (5,799)          357         --           --        --           --   (5,086) 
Other movements: 
Prior period holding 
 gains/losses now 
 realised                           --        --              --           --        765        (755)        --         (10)        -- 
Total other movements               --        --              --           --        765        (755)        --         (10)        -- 
As at 31 July 2018              25,537    52,729          34,690        3,482     10,164      (4,556)       206            -   122,252 
 
 
 
 
 
 
                                                     Special        Capital     Capital     Capital 
                               Share     Share     distributable   Redemption   reserve     reserve    Revenue   Translation 
                               Capital   Premium     reserves       Reserve     realised   unrealised   reserve    reserve     Total 
                               GBP'000   GBP'000      GBP'000       GBP'000     GBP'000     GBP'000     GBP'000    GBP'000     GBP'000 
Year to 31 January 2019 
As at 1 February 
 2018                           25,748    52,162          40,489        3,125      9,445        (602)        --           10   130,377 
Comprehensive income 
 for the year: 
Management fee allocated 
 as capital expenditure             --        --              --           --    (1,634)           --        --           --   (1,634) 
Current year gains 
 on disposal                        --        --              --           --      (658)           --        --           --     (658) 
Current year gains 
 on fair value of 
 investments                        --        --              --           --         --          302        --           --       302 
In-specie dividend                  --        --              --           --        139           --        --           --       139 
Profit after tax                    --        --              --           --         --           --       668           --       668 
Total comprehensive 
 income for the year                --        --              --           --    (2,153)          302       668           --   (1,183) 
Contributions by 
 and distributions 
 to owners: 
Repurchase and cancellation 
 of own shares                   (789)        --         (3,649)          789         --           --        --           --   (3,649) 
Issue of shares                    291     1,094              --           --         --           --        --           --     1,385 
Dividends paid                      --        --         (7,238)           --         --           --     (668)           --   (7,906) 
Total contributions 
 by and distributions 
 to owners                       (498)     1,094        (10,887)          789         --           --     (668)           --  (10,170) 
Other movements: 
Prior year holding 
 gains/losses now 
 realised                           --        --              --           --        396        (396)        --           --        -- 
Transfer of translation 
 reserve                            --        --              --           --         10           --        --         (10)        -- 
Total other movements               --        --              --           --        406        (396)        --         (10)        -- 
As at 31 January 
 2019                           25,250    53,256          29,602        3,914      7,698        (696)        --           --   119,024 
 
 
   Cash Flow Statement 
 
 
 
 
                                       Unaudited       Unaudited         Audited 
                                      Six months to   Six months to       Year to 
                                      31 July 2019    31 July 2018    31 January 2019 
                                         GBP'000         GBP'000          GBP'000 
Cash flows from operating 
activities: 
Profit/(loss) after tax                       1,433         (3,038)           (1,183) 
Adjustments for: 
Decrease/(increase) in debtors                  176           (233)             (506) 
Increase/(decrease) in creditors              1,918           (353)             (308) 
(Gain)/loss on disposal of fixed 
 assets                                         (6)           (889)               531 
(Gain)/loss on revaluation of 
 fixed asset investments                    (1,849)           3,236             (302) 
(Gain)/loss on disposal of current 
 assets                                        (46)               6               127 
Gain on revaluation of current 
 asset investments                            (179)            (38)                 _ 
In-specie dividend                                -               -             (139) 
Cash from operations                          1,447         (1,309)           (1,780) 
Cash flows from investing 
activities: 
Purchase of fixed asset investments        (11,477)        (10,176)          (17,509) 
Disposal of current asset 
 investments                                  5,000          12,000            35,000 
Sale of fixed asset investments               6,498           2,076             2,207 
Net cash flows from investing 
 activities                                      21           3,900          (19,698) 
 
Cash flows from financing 
activities: 
Purchase of own shares                      (2,478)         (1,706)           (3,649) 
Share issues                                  8,095               -                 - 
Dividends paid                                    -         (3,380)           (6,521) 
Net cash flows from financing 
 activities                                   5,617         (5,086)          (10,170) 
Increase/(decrease) in cash 
 and cash equivalents                         7,085         (2,495)             7,748 
Opening cash and cash equivalents            13,203           5,455             5,455 
 
Closing cash and cash equivalents            20,288           2,960            13,203 
 
   Notes to the Half-Yearly Report 
 
   1.  Basis of preparation 
 
   The unaudited half-yearly report which cover the six months to 31 July 
2019 has been prepared in accordance with the Financial Reporting 
Council's (FRC) Financial Reporting Standard 104 "Interim Financial 
Reporting" (March 2018) and the Statement of Recommended Practice for 
Investment Companies, re-issued by the Association of Investment 
Companies in February 2018. 
 
   2.  Publication of non-statutory accounts 
 
   The unaudited half-yearly report for the six months ended 31 July 2019 
does not constitute Statutory Accounts within the meaning of s.415 of 
the Companies Act 2006. The comparative figures for the year ended 31 
January 2019 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 252,299,145 shares, being the 
weighted average number of shares in issue during the period (31 January 
2019: 255,593,108; 31 July 2018: 256,759,529). 
 
   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 January 
                      31 July 2019  31 July 2018      2019 
Net assets (GBP)       122,093,000   122,252,000  119,024,000 
Shares in Issue        264,300,126   255,369,857  252,496,695 
Net asset value per 
 share (p)                    46.2          47.9         47.1 
 
 
   5.  Dividends 
 
   A final dividend, for the year ended 31 January 2019, of 1.5p per share 
was paid on 9 August 2019 to shareholders on the register on 19 July 
2019. 
 
   The interim dividend of 1.5p per share for the six months ending 31 July 
2019 will be paid on 9 January 2020, to those shareholders on the 
register on 20 December 2019. 
 
   6. Principal Risks and Uncertainties 
 
   The principal risks and uncertainties faced by the Company are described 
in detail within the strategic report in the Company's annual report for 
the year ended 31 January 2019. 
 
   The principal risks include loss of VCT status, investment risk, 
valuation risk, financial risk, internal control risk and price risk. 
 
   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 annum of the 
net assets of the Company for the investment management services. 
 
   The Company has incurred management fees of GBP2,198,000 during the 
period to 31 July 2019 (31 July 2018: GBP1,239,000; 31 January 2019: 
GBP2,179,000). 
 
   During the period the Company has incurred performance fees of 
GBP211,000 (31 July 2018: nil; 31 January 2019: nil) which are included 
in the above management fees, as is a one-off charge of GBP870,000 made 
to correct the calculation of historic performance fees. 
 
   Octopus also provides administration and company secretarial services to 
the Company. Octopus receives a fee of 0.3% per annum of net assets of 
the Company for administration services and GBP20,000 per annum for 
company secretarial services. 
 
   The Company currently holds GBP13.6 million of investments in 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. 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. 
 
 
 
 

(END) Dow Jones Newswires

September 19, 2019 12:40 ET (16:40 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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