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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus App.2 | LSE:OAP2 | London | Ordinary Share | GB00B13YVK26 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
investments in unquoted companies held at fair value. The valuation methods used by the Company include the application of a price/earnings ratio derived from listed companies with similar characteristics, and consequently the value of the unquoted element of the portfolio can be indirectly affected by price movements on the London Stock Exchange. A 10% overall increase in the valuation of the unquoted investments at 31 January 2011 would have increased net assets and the total profit for the year by GBP669,100 (31 January 2010: GBP666,200) an equivalent change in the opposite direction would have reduced net assets and the total profit for the year by the same amount. The Investment Manager considers that the majority of the investment valuations are based on earnings multiples which are ascertained with reference to the individual sector multiple or similarly listed entities. It is considered that due to the diversity of the sectors, the 10% sensitivity discussed above provides the most meaningful potential impact of average multiple changes across the portfolio. 14.0% (31 January 2010: 17.4%) by value of the Company's net assets comprises of money market funds held at fair value. A 1% overall increase in the valuation of the money market funds at 31 January 2011 would have increased net assets and the total profit for the year by GBP11,240 (31 January 2010: GBP14,210) an equivalent change in the opposite direction would have reduced net assets and the total profit for the year by the same amount. Interest rate risk Some of the Company's financial assets are interest-bearing. As a result, the Company is exposed to fair value interest rate risk due to fluctuations in the prevailing levels of market interest rates. All interest-bearing assets are held at FVTPL. Fixed rate The table below summarises weighted average effective interest rates for the fixed interest-bearing financial instruments: As at 31 January 2011 As at 31 January 2010 Weighted Weighted average Total fixed average Total fixed time for rate Weighted time for rate Weighted which portfolio average which rate portfolio average rate is by interest is fixed by interest fixed in value GBP'000 rate % in years value GBP'000 rate % years Unquoted fixed- interest investments 2,268 13.20% 3.0 2,858 15.05% 3.0 Floating rate The Company's floating rate investments comprise cash held on interest-bearing deposit accounts and, where appropriate, within interest bearing money market funds. The benchmark rate which determines the rate of interest receivable on such investments is the bank base rate, which was 0.5% at 31 January 2011 (31 January 2010: 0.5%). The amounts held in floating rate investments at the balance sheet date were as follows: 31 January 2011 31 January 2010 GBP000 GBP000 Unquoted floating rate notes 1,500 1,455 Cash on deposit 1,277 1,515 2,777 2,970 Every 1% increase or decrease in the base rate would increase or decrease income receivable from these investments and the total profit for the year by GBP27,770 (31 January 2010: GBP29,700) Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Investment Manager and the Board carry out a regular review of counterparty risk. The carrying values of financial assets represent the maximum credit risk exposure at the balance sheet date. At 31 January 2011, the Company's financial assets exposed to credit risk comprised the following: 31 January 2011 31 January 2010 GBP000 GBP000 Investments in floating rate instruments 1,500 1,455 Investments in fixed rate instruments 2,268 2,858 Cash on deposit 1,277 1,515 Accrued dividends and interest receivable 87 36 5,132 5,864 Credit risk relating to listed money market funds is mitigated by investing in a portfolio of investment instruments of high credit quality, comprising major UK institutions. Credit risk relating to loans to and preference shares in unquoted companies is considered to be part of market risk. Those assets of the Company which are traded on recognised stock exchanges are held on the Company's behalf by third party custodians. Bankruptcy or insolvency of a custodian could cause the Company's rights with respect to securities held by the custodian to be delayed or limited. Credit risk arising on the sale of investments is considered to be small due to the short settlement and the contracted agreements in place with the settlement lawyers. The Company's interest-bearing deposit and current accounts are maintained with HSBC Bank plc. The Investment Manager has in place a monitoring procedure in respect of counterparty risk which is reviewed on an ongoing basis. Should the credit quality or the financial position of either entity deteriorate significantly the Investment Manager will move the cash holdings to another bank. Other than cash or liquid money market funds, there were no significant concentrations of credit risk to counterparties at 31 January 2011 or 31 January 2010. Liquidity risk The Company's financial assets include investments in unquoted equity securities which are not traded on a recognised stock exchange and which generally may be illiquid. As a result, the Company may not be able to realise some of its investments in these instruments quickly at an amount close to their fair value in order to meet its liquidity requirements, or to respond to specific events such as deterioration in the creditworthiness of any particular issuer. The Company's listed money market funds are considered to be readily realisable as they are of high credit quality as outlined above. The Company's liquidity risk is managed on a continuing basis by the Investment Manager in accordance with policies and procedures laid down by the Board. The Company's overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient investments in cash and readily realisable securities to pay accounts payable and accrued expenses. At 31 January 2011 these investments were valued at GBP1,277,000 (31 January 2010: GBP1,515,000). 17. Post balance sheet events The following events occurred between the balance sheet date and the signing of these financial statements: * 23 March 2011 - the Company disposed of part of GreenCo Services Limited for GBP268,000 and on the same day invested a further GBP68,181 into the company. * 13 March 2011 - the Company invested GBP124,000 into Evaki Power Limited * 13 March 2011 - the Company invested GBP142,000 into Kala Power Limited. 18. Contingencies, guarantees and financial commitments There were no contingencies, guarantees or financial commitments as at 31 January 2011 (2010: GBPnil). 19. Related party transactions Matt Cooper, a non-executive Director of Octopus Apollo VCT 2 plc, is the Chairman of Octopus Investments Limited. Octopus Apollo VCT 2 plc has employed Octopus Investments throughout the year as Investment Manager. The Company has paid Octopus GBP167,000 (2010: GBP160,000) in the year as a management fee and there is GBPnil outstanding at the balance sheet date. The management fee is payable quarterly in advance and is based on 2.0% of the net asset value calculated at annual intervals as at 31 January. Octopus provides accounting and administrative services to the Company, payable quarterly in advance for a fee of 0.3% of the net asset value calculated at annual intervals as at 31 January. In addition, Octopus also provides company secretarial services for an additional fee of GBP7,500 per annum. During the year GBP24,500 (2010: GBP23,500) was paid to Octopus Investments and there is GBPnil outstanding at the balance sheet date, for the accounting and administrative services. No performance related incentive fee will be payable over the first five years. Thereafter, Octopus will be entitled to an annual performance related incentive fee. This performance fee is equal to 20% of the amount by which the NAV from the start of the sixth accounting and subsequent accounting period exceeds simple interest of the HSBC Bank plc base rate for the same period. The NAV at the start of the sixth accounting period must be at least 100p. Any distributions paid out by the the Company will be added back when calculating this performance fee. The Board considers that the liability becomes due at the point that the performance criteria are met; this has not been achieved and therefore no liability has been recognised. During the year to 31 January 2011, the Directors received the following dividends from the Company: Dividend received Stuart Brocklehurst (Chairman) GBP1,055 Matt Cooper GBP200
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