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| 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% | 47.10 | 45.60 | 48.60 | 47.10 | 47.10 | 47.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 51.92M | 34.54M | 0.0462 | 10.19 | 352.35M |
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Octopus Apollo VCT Plc
Half-Yearly Results
18 September 2020
Octopus Apollo VCT plc, managed by Octopus Investments Limited, today
announces its unaudited half-yearly results for the six months ended 31
July 2020.
These results were approved by the Board of Directors on 18 September
2020.
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 2020 31 July 2019 31 January 2020
Net assets (GBP'000s) 141,330 122,093 132,373
Return on ordinary activities
after tax (GBP'000s) 1,891 1,433 4,144
Net asset value per share
('NAV') 46.1 46.2 45.7
Cumulative dividends paid
since launch (p per share) 74.1 72.6 74.1
NAV plus cumulative dividends
paid (p) 120.2 118.8 119.8
Total return %* 0.9 1.3 3.4
Ordinary dividend paid in
period (p) ** - 1.5 3.0
Ordinary dividend declared in
the period (p) *** 1.2 1.5 1.1
(*) Total return is calculated as (movement in NAV + dividends paid in
the period) divided by the NAV at the beginning of the period.
(**) A dividend of 1.1p was paid on 7 September 2020. See note 8 for
information on Post Balance Sheet Events.
(***) The interim dividend will be paid on 15 January 2021 to
shareholders on the register at 29 December 2020.
Chairman's Statement
I am pleased to present the half-yearly report of Octopus Apollo VCT for
the six months ended 31 July 2020.
The Total Return increased by 0.9% during the six months. In keeping
with the regular dividend policy, the Board has declared an interim
dividend of 1.2p which will be paid to shareholders on 7th January 2021.
The six months to 31 July 2020 have been a volatile and uncertain period
for the economy and for businesses operating within this environment.
During this period, the Board has kept the impact of the pandemic on the
Company closely under review and has incorporated the effects and
response to coronavirus as part of our regular Board agenda. On 2 April
2020, due to the coronavirus pandemic, we reviewed the portfolio since
the year ended 31 January 2020 and this led to us announce a reduction
in the NAV per share from 45.7p to 42.9p. Since then, the coronavirus
pandemic along with the lockdown continued to impose great uncertainty
for UK companies. Although there have been a range of impacts on the
portfolio companies over the last months, the overall portfolio has
shown great resilience as a result of the low exposure to sectors that
have been severely impacted (e.g. leisure and travel) and a strong focus
on technology companies.
In the six month period, the Company invested GBP2.7 million in
follow-on funding rounds into two existing investments, with one further
investment made after the end of the period which will be reflected in
the full year report. The overall performance in the period ultimately
delivered modest growth, demonstrating the robustness of the portfolio
against a backdrop of unprecedented uncertainty. Although the climate
remains uncertain, I remain optimistic for the future given the
composition of the portfolio and recent performance.
Murray Steele
Chairman
18 September 2020
Interim Management Report
Performance
In the six months under review the NAV Total Return has increased by
0.9%. This performance is mainly attributable to positive fair value
movements in particular in the newer growth capital part of the
portfolio, offset by adverse movements in the fair value of a number of
legacy assets in the portfolio, in particular energy-generating assets.
Portfolio Activity
In the period under review the value of the portfolio has increased by
GBP3.3 million, excluding additions. This increase is mainly driven by
Veeqo Limited (GBP2.2 million valuation increase, N2JB Limited (trading
as Natterbox) (GBP2.2 million valuation increase) and Fiscaltec Group
Limited (GBP1.4 million valuation increase) partially offset by
valuation decreases of GBP2.8 million on the Reserve Power portfolio
(Kabardin Limited, Valloire Limited and Red Poll Power Limited) and
GBP3.5 million for Rotolight Group Limited. There were other smaller
valuation adjustments across the portfolio which in aggregate
contributed to an overall increase in the value of the portfolio.
During the period GBP2.7 million was invested into the following
follow-on investments:
-- N2JB Limited (trading as Natterbox) GBP2.5 million -- a
London-based provider of business to business cloud telephony services
that are uniquely integrated into Customer Resource Management ("CRM")
software platforms; and
-- Trafi Limited GBP0.2 million -- a provider of
Mobility-as-a-Service to residents acting as an alternative to private
hire vehicles.
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 2020, the Company bought back 4,637,730 Ordinary shares
for total consideration of GBP1.9 million.
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 1.2p per Ordinary share in
respect of the period ended 31 July 2020. The dividend will be payable
on 15 January 2021 to Ordinary shareholders on the register at 29
December 2020.
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 80% of the assets of the
fund are in VCT qualifying investments. As at 31 July 2020, 90.3% 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 apply from 1st February 2020.
Principal Risks and Uncertainties
The principal risks and uncertainties are described in detail within the
strategic report in the Company's annual report for the year ended 31
January 2020.
Summary and Future Prospects
The political and economic environment continues to be very uncertain in
the UK primarily as a result of the ongoing coronavirus pandemic. To
date the impact on the portfolio has been limited as a result of the
Investment Manager's defensive approach to structuring investments and
the focus on technology investments which should be more resilient to
the lockdown measures which have been imposed. The investment team
remains highly vigilant in carefully monitoring the situation and any
potential impact, directly or indirectly, on the portfolio to ensure the
safety and robustness of the underlying assets and, indeed, their
employees.
The sub-portfolio of investments completed after the significant change
in VCT rules in 2017 is performing strongly and now represents the
largest component and driver of performance in the Company, at 52.8% of
the total invested portfolio, which provides further optimism for the
future. The investment team has primarily made follow-on investments
during this period, but we have developed a strong pipeline of new
VCT-qualifying investment opportunities that we anticipate being able to
complete in the coming months.
Richard Court
Octopus Investments Limited
18 September 2020
Investment Portfolio
% equity
Fair held by
Investment value all
cost as at as at % equity funds
31 July 31 July held by managed
Top 10 2020 Total movement in fair value to 31 July 2020 2020 Movement in fair value in period Apollo by
Investments Sector GBP'000 GBP'000 GBP'000 GBP'000 VCT Octopus
--------------- -------------- ---------- -------------------------------------------- ------- -------------------------------- -------- --------
Fixed asset
investments
Natterbox (N2JB
Limited) Technology 10,490 6,451 16,941 2,155 9.0 9.0
Healthcare and
Services
Technology
Limited Healthcare 7,186 2,355 9,541 1,045 10.0 10.0
Ubisecure
Holdings
Limited Technology 4,950 3,231 8,181 1,055 30.0 30.0
Simply Cook Consumer
Limited Products 6,750 767 7,517 767 23.5 23.5
Countrywide
Healthcare
Services
Holdings
Limited Healthcare 2,675 3,871 6,546 1,189 20.7 20.7
Anglo European
Group Limited Manufacturing 5,000 1,364 6,364 (588) 26.7 26.7
Veeqo Limited Technology 3,300 2,576 5,876 2,181 19.7 19.7
Fuse Limited Technology 5,000 387 5,387 219 0.0 0.0
One team Logic
Limited Technology 3,200 1,314 4,514 1,136 15.5 15.5
Fiscaltec
Limited Technology 3,000 1,500 4,500 1,404 13.5 13.5
Other(*) Various 52,623 (17,500) 35,123 (7,256)
---------- -------------------------------------------- ------- -------------------------------- -------- --------
Total investments 104,174 6,316 110,490 3,307
Current asset investments 25,659
Cash at bank 3,656
Debtors less creditors 1,525
-------
Total net assets 141,330
-------
* 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, Dyscova 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,
Rotolight Group Limited, Secret Escapes Limited, Segura Systems Limited,
Sourceable Limited (Swoon Editions), Superior Heat Limited, Tintoretto
Solar Limited, Tiziano Solar Limited, Trafi Limited, Triumph Holdings
Limited, Valloire Power Limited, Vertu Motors plc, Winnipeg Heat
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
18 September 2020
Income Statement
Unaudited Unaudited Audited
Six months to 31 July 2020 Six months to 31 July 2019 Year to 31 January 2020
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
on disposal
of fixed
asset
investments -- -- -- -- 6 6 -- 4,872 4,872
Realised gain
on disposal
of current
asset
investments -- -- -- _ 46 46 _ 46 46
Change in
fair value
of fixed
asset
investments -- 3,306 3,306 -- 1,849 1,849 -- 1,641 1,641
Change in
fair value
of current
asset
investments -- 9 9 -- 179 179 -- 261 261
Investment
income 1,580 -- 1,580 1,573 -- 1,573 3,309 -- 3,309
Investment
management
fees (see
note 7) (313) (1,307) (1,620) (266) (1,932) (2,198) (559) (3,411) (3,970)
Other
expenses (1,384) -- (1,384) (22) -- (22) (2,015) -- (2,015)
Profit before
tax (117) 2,008 1,891 1,285 148 1,433 735 3,409 4,144
Tax -- -- -- -- -- -- -- -- --
------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit after
tax (117) 2,008 1,891 1,285 148 1,433 735 3,409 4,144
------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per 0.0p 0.6p 0.6p 0.5p 0.1p 0.6p 0.3p 1.3p 1.6p
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 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 2020 As at 31 July 2019 As at 31 January 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- --------- ---------- --------- ---------- --------- -------------
Fixed asset
investments 110,490 93,372 104,534
Current
assets:
Investments 25,659 13,567 13,649
Debtors 2,881 2,405 1,982
Cash at bank 3,656 20,288 16,637
-------------- --------- ---------- --------- ---------- --------- -------------
32,196 32,260 32,268
Creditors:
amounts
falling due
within one
year (1,356) (7,539) (4,429)
-------------- --------- ---------- --------- ---------- --------- -------------
Net current
assets 30,840 28,721 27,839
-------------- --------- ---------- --------- ---------- --------- -------------
Net assets 141,330 122,093 132,373
-------------- --------- ---------- --------- ---------- --------- -------------
Share capital 30,637 26,430 28,994
Share premium 77,822 59,620 70,947
Special
distributable
reserve 15,060 23,142 16,975
Capital
redemption
reserve 5,509 4,465 5,046
Capital
reserve
realised 4,407 4,691 5,714
Capital
reserve
unrealised 8,012 2,460 4,697
Revenue
reserve (117) 1,285 --
Total equity
shareholders'
funds 141,330 122,093 132,373
-------------- --------- ---------- --------- ---------- --------- -------------
Net asset 46.1p 46.2p 45.7p
value per
share
-------------- --------- ---------- --------- ---------- --------- -------------
The statements were approved by the Directors and authorised for issue
on 18 September 2020 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 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
As at 1
February 2020 28,994 70,947 16,975 5,046 5,714 4,697 -- 132,373
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Total
comprehensive
income for the
period: -- -- -- -- (1,307) 3,315 (117) 1,891
Contributions
by and
distributions
to owners:
Repurchase and
cancellation
of own shares (464) -- (1,915) 463 -- -- -- (1,916)
Issue of shares 2,107 6,875 -- -- -- -- -- 8,982
Dividends paid -- -- -- -- -- -- -- --
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Total
contributions
by and
distributions
to owners 1,643 6,875 (1,915) 463 -- -- -- 7,066
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Other
movements:
Prior period
holding
gains/(losses)
now realised -- -- -- -- -- -- - --
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Total other
movements -- -- -- -- -- -- - --
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
As at 31 July
2020 30,637 77,822 15,060 5,509 4,407 8,012 (117) 141,330
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Share Capital Share Premium Special distributable reserves Capital Redemption Reserve Capital reserve realised Capital reserve unrealised Revenue reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
As at 1
February 2019 25,250 53,256 29,602 3,914 7,698 (696) -- 119,024
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
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 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
--------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Share Capital Share Premium Special distributable reserves Capital Redemption Reserve Capital reserve realised Capital reserve unrealised Revenue reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
As at 1
February
2019 25,250 53,256 29,602 3,914 7,698 (696) -- 119,024
-------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Total
comprehensive
income for
the year: -- -- -- -- 1,507 1,902 735 4,144
Contributions
by and
distributions
to owners:
Repurchase and
cancellation
of own
shares (1,132) -- (5,017) 1,132 -- -- -- (5,017)
Issue of
shares 4,876 18,376 -- -- -- -- -- 23,252
Share issue
cost -- (685) -- -- -- -- -- (685)
Dividends paid -- -- (7,610) -- -- -- (735) (8,345)
-------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Total
contributions
by and
distributions
to owners 3,744 17,691 (12,627) 1,132 -- -- (735) 9,205
-------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Other
movements:
Prior year
holding
losses now
realised -- -- -- -- (3,491) 3,491 -- --
Total other
movements -- -- -- -- (3,491) 3,491 -- --
-------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
As at 31
January 2020 28,994 70,947 16,975 5,046 5,714 4,697 -- 132,373
-------------- ------------- ------------- ------------------------------ -------------------------- ------------------------ -------------------------- --------------- --------
Cash Flow Statement
Unaudited Unaudited Audited
Six months to Six months to Year to
31 July 2020 31 July 2019 31 January 2020
GBP'000 GBP'000 GBP'000
---------------------------- -------------- -------------- ----------------
Cash flows from operating
activities:
Profit after tax 1,891 1,433 4,144
Adjustments for:
(Increase)/decrease in
debtors (1,001) 176 598
(Decrease)/increase in
creditors (2,973) 1,918 2,790
Gain on disposal of fixed
assets - (6) (4,872)
Gain on revaluation of fixed
asset investments (3,306) (1,849) (1,641)
Gain on disposal of current
assets - (46) (46)
Gain on revaluation of
current asset investments (9) (179) (261)
Cash from operations (5,398) 1,447 712
Cash flows from investing
activities:
Purchase of fixed asset
investments (2,650) (11,477) (29,277)
Purchase of current asset
investments (12,000) -- --
Disposal of current asset
investments - 5,000 5,000
Disposal of fixed asset
investments - 6,498 17,794
---------------------------- -------------- -------------- ----------------
Net cash flows from
investing activities (14,650) 21 (6,483)
(6,483)
Cash flows from financing
activities:
Purchase of own shares (1,915) (2,478) (5,017)
Share issues 8,982 8,095 21,042
Dividends paid - - (6,820)
---------------------------- -------------- -------------- ----------------
Net cash flows from
financing activities 7,067 5,617 9,205
(Decrease)/ increase in cash
and cash equivalents (12,981) 7,085 3,434
Opening cash and cash
equivalents 16,637 13,203 13,203
13,203
---------------------------- -------------- -------------- ----------------
Closing cash and cash
equivalents 3,656 20,288 16,637
---------------------------- -------------- -------------- ----------------
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly report which cover the six months to 31 July
2020 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.
The Directors consider it appropriate to adopt the going concern basis
of accounting. The Directors have not identified any material
uncertainties to the company's ability to continue to adopt the going
concern basis over a period of at least twelve months from the date of
approval of the financial statements. In reaching this conclusion the
Directors have had regard to the potential impact on the
economy and the Company of the current Coronavirus pandemic.
The principal accounting policies have remained unchanged from those set
out in the Company's 2020 Annual Report and Accounts.
2. Publication of non-statutory accounts
The unaudited half-yearly report for the six months ended 31 July 2020
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 2020 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 300,616,820 shares, being the
weighted average number of shares in issue during the period (31 January
2020: 264,800,099; 31 July 2019: 252,299,145).
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 2020 31 July 2019 31 January 2020
------------------------------ ------------ ------------ ---------------
Net assets (GBP) 141,330,000 122,093,000 132,373,000
Shares in Issue 306,367,852 264,300,126 289,936,208
------------------------------ ------------ ------------ ---------------
Net asset value per share (p) 46.1 46.2 45.7
5. Dividends
The interim dividend of 1.2p per share for the six months ending 31 July
2020 will be paid on 15 January 2021, to those shareholders on the
register on 29 December 2020.
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 2020.
The principal risks include loss of VCT status, investment risk,
valuation risk, financial risk, economic risk, internal control risk,
regulatory risk, cash flow risk, market risk liquidity risk and price
risk. The Board has also considered emerging risks, including the
Coronavirus pandemic, which the Board seeks to mitigate by setting
policy and reviewing performance.
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 GBP1,620,000 during the
period to 31 July 2020 (31 July 2019: GBP2,198,000; 31 January 2020:
GBP3,970,000).
During the period the Company has incurred performance fees of
GBP368,000 (31 July 2019: GBP211,000, an adjustment of GBP870,000 was
also made for historic performance fees; 31 January 2020: GBP1,740,000)
which are included in the above management 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 receives certain reductions in the management fee, including
for investments in other Octopus managed funds, to ensure the Company is
not double charged on these products. These rebates amounted to
GBP57,000 for the current period (31 July 2019: GBP111,000; 31 January
2020 GBP236,000).
8. Post balance sheet events
A dividend of 1.1p was paid on 7 September 2020 to all ordinary
shareholders who were on register on 14 August 2020. This caused NAV to
decrease from 46.1p to 45.0p.
On 7 September, 1,400,927 Ordinary Shares were issued at a price of
45.0p per share to shareholders who elected to receive Ordinary Shares
under the Dividend Reinvestment Scheme as an alternative to the 1.1p
dividend.
The Company invested a total of GBP0.7 million into one follow-on
investment. The Company also received GBP0.6 million for the disposal of
one investment.
9. Additional Information
An online version of this report will be available to view on the
Investment Manager's website at www.octopusinvestments.com. Hard copy
versions are available on request from the registered office of the
Company at 33 Holborn, London, EC1N 2HT
(END) Dow Jones Newswires
September 18, 2020 05:06 ET (09:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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