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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 |
TIDMOAP2 Octopus Apollo VCT 2 plc Final Results 17 May 2011 Octopus Apollo VCT 2 plc, managed by Octopus Investments Limited, today announces the final results for the year ended 31 January 2011. These results were approved by the Board of Directors on 16 May 2011. You may, in due course, view the Annual Report in full at www.octopusinvestments.com by navigating to Services, Investor Services, Venture Capital Trusts, Octopus Apollo VCT 2 plc. All other statutory information can also be found there. About Octopus Apollo VCT 2 plc Octopus Apollo VCT 2 plc ('Apollo 2', 'Company' or 'Fund') is a venture capital trust ('VCT') which aims to provide shareholders with attractive tax-free dividends and long-term capital growth, by investing in a diverse portfolio of predominantly unquoted companies. The VCT is managed by Octopus Investments Limited ('Octopus' or 'Manager'). The Company was launched in May 2006 together with Octopus Apollo VCT 1 plc. Both companies have identical constitutions and investment policies, and together launched an offer for subscription comprising 25,000,000 Ordinary shares each, or 50,000,000 in aggregate (the 'Offer'). The Offer closed on 5 April 2007 having raised GBP17.6 million in aggregate ( GBP16.8 million net of expenses). The objective of the Company is to invest in a diversified portfolio of UK smaller companies in order to generate income and capital growth over the long-term. The Board of Directors of the Company changed in September 2010 in order for the Company to comply with Listing Rule 15.2.11R and to enable the Board to act independently. Venture Capital Trusts (VCTs) VCTs were introduced in the Finance Act 1995 to provide a means for private individuals to invest in unlisted companies in the UK. Subsequent Finance Acts have introduced changes to VCT legislation. The tax benefits currently available to eligible new investors in VCTs include: * up-front income tax relief of up-to 30%; · exemption from income tax on dividends paid; and · exemption from capital gains tax on disposals of shares in VCTs The Company has been provisionally approved as a VCT by HM Revenue & Customs. In order to maintain its approval the Company must comply with certain requirements on a continuing basis. Now the Company has reached the end of its third accounting period, at least 70% of the Company's investments must comprise 'qualifying holdings' of which at least 30% must be in eligible Ordinary shares. A 'qualifying holding' consists of up to GBP1 million invested in any one year in new shares or securities in an unquoted company (including companies listed on AIM) which is carrying on a qualifying trade and whose gross assets do not exceed GBP7 million at the time of investment, and whose total number of employees is less than 50, also at the time of investment. The Company will continue to ensure its compliance with these qualification requirements. Financial Summary Year to 31 January 2011 Year to 31 January 2010 Net assets ( GBP'000s) 8,020 8,167 Net profit after tax ( GBP'000s) 202 306 Net asset value per share (NAV) 92.3p 94.0p Cumulative dividends since launch 7.25p 3.25p Proposed dividend per share 1.50p 2.50p Chairman's Statement This is the fifth Annual Report of Octopus Apollo VCT 2 plc, covering the year to 31 January 2011. I am happy to report that performance for the year has been good, and consistent with our investment mandate. We are nearing full investment and the net asset value ('NAV') of your Company has levelled, providing a stable return to your investment. At the end of the year the total return, being the change in NAV plus dividends paid in the year, was 2.4%, with the NAV now standing at 92.3 pence per share. Our investee companies are showing, on the whole, positive trading results, with uplifts shown in Bluebell Telecom, Clifford Thames, CSL DualCom and Hydrobolt. These have been slightly offset by a reduction in value in Bruce Dunlop. Overall an increase of GBP195,000 has been recognised for the year. Dividend Your Board aims to maintain a regular dividend flow where prudent and sensible to do so, making use of the tax free distributions a VCT is able to provide. We are proposing a final dividend of 1.5 pence per share (comprising 0.75 pence from revenue reserves) in respect of the year ended 31 January 2011. If approved by shareholders at the AGM, this dividend will be paid on 8 July 2011 to shareholders on the register on 10 June 2011. Combined with the 1.50 pence interim dividend paid in October 2010, this will take dividends in relation to the year ended 31 January 2011 to 3.0 pence. Investment Portfolio Your portfolio is listed on page x. Vulcan Services II, a company set up to seek qualifying investments, was successful in acquiring Bluebell Telecom Limited, a company providing landline, mobile and data solutions to businesses. In addition, a small non-qualifying investment was made into Carebase (Col), a company used to purchase land on which fellow investee company Salus Services is funding the construction of a care home. Further information on the portfolio may be found in the Investment Managers Review on pages x to x. The Company now meets all the requirements for it to qualify fully as a VCT. It now has the opportunity to make a few further low risk investments which will hopefully make a small addition to the NAV of the Company over the next couple of years. Investment Strategy As the prospectus stated, the objective of the Company is to invest taking less risk than a typical VCT. So far the Investment Manager has achieved this, with no significant falls in portfolio valuations. The structure of investments is mainly weighted towards loan based instruments rather than equity. This is considered of lower risk as returns are less variable and payments are generally ranked above most other creditors. This approach also limits the downside risk that is inherent in an equity investment. Your Company has had good opportunities to invest in well managed and profitable businesses with strong recurring cash-flows. Prior to mid 2008 these companies would typically have taken advantage of cheaper debt issued by the banks. VCT Qualifying Status PricewaterhouseCoopers LLP advises the Board and the Investment Manager regarding ongoing compliance with Her Majesty's Revenue & Customs (HMRC) rules and regulations concerning VCTs. The Board has been advised that Octopus Apollo VCT 2 plc is in compliance with the conditions laid down by HMRC for maintaining approval as a VCT. This is explained further on page x. A key requirement is to maintain at least the 70% qualifying investment level. As at 31 January 2011, 81.2% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments. Outlook Clearly the macro-economic climate provides an uncertain environment for many businesses. However the majority of investments in your Company's portfolio have continued to report good trading results and limited credit available from banks for smaller businesses continues to open relevant investment opportunities in financially strong firms. At present we expect that your Company will continue to align its performance with its original objectives. Stuart Brocklehurst Chairman 16 May 2011 Investment Manager's Review Personal Service At Octopus, we focus on both managing your investments and keeping you informed throughout the investment process. We are committed to providing our investors with regular and open communication. Our updates are designed to keep you informed about the progress of your investment. During this time of economic uncertainty, we consider it particularly important to be in regular contact with our investors and are working hard to manage your money in the current climate. Octopus Investments Limited was established in 2000 and has a strong commitment to both smaller companies and to VCTs. We currently manage 17 VCTs, including this Company, and manage nearly GBP320 million in the VCT sector. Octopus has over 180 employees and has been voted as 'Best VCT Provider of the Year' by the financial adviser community for the last four years. Investment Policy The investment approach of the Company is to seek lower risk investments. The majority of companies in which the Company invests operate in sectors where there is a high degree of predictability. Investments are sought in companies that have contractual revenues from financially sound customers and will provide an exit for shareholders within three to five years. Performance The Company made a net return of 2.4% between 31 January 2010 and 31 January 2011. The NAV decreased from 94.0p to 92.3p over the period, but this drop in value was more than offset by the 4.0p of cumulative dividend paid out. The valuation uplifts in Clifford Thames, CSL DualCom and Bluebell Telecom have resulted from our valuing a proportion of the redemption premiums that have been negotiated and are due to be paid on the repayment of the loans issued to the companies. There has also been an uplift in Hydrobolt that has been recognised as a result of the company's strong trading results. A small reduction in fair value was shown in Bruce Dunlop as the equity proportion of the investment was written down to nil. This decrease is in recognition of the fact that Bruce Dunlop, in common with most media related companies, is finding trading tough. We remain confident in the management's
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