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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Octopus T. 1 | LSE:OTV1 | London | Ordinary Share | GB00B28V8Y81 | 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% | 94.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Octopus Titan VCT 1 plc
Final Results
28 January 2014
Octopus Titan VCT 1 plc ("Titan"), managed by Octopus Investments
Limited ("Octopus"), today announces the final results for the year
ended 31 October 2013.
These results were approved by the Board of Directors on 28 January
2014.
You may, in due course, view the Annual Report in full at
www.octopusinvestments.com.
Octopus Titan VCT 1 plc
Annual Report & Accounts for the year ended 31 October 2013
Octopus Titan VCT 1 plc is a venture capital trust which aims to
provide shareholders with attractive tax-free dividends and long-term
capital growth by investing in a diverse portfolio of predominately
unquoted companies and is managed by Octopus Investments Limited.
Financial Summary
As at 31 October 2013 As at 31 October 2012
Net assets (GBP'000s) 20,865 21,382
Return on ordinary activities
after tax (GBP'000s) 2,096 5,737
Net asset value (NAV) per share 95.2p 121.9p
Cumulative dividends paid since 42.5p 6.0p
launch
NAV plus cumulative dividends 137.7p 127.9p
paid to year end
Special dividend proposed - 34.0p
Final dividend proposed 2.5p -
Key Dates
Final dividend payment date 4 April 2014
Annual General Meeting
26 March 2014 (2.15 pm at 20 Old Bailey, London
EC4M 7AN)
Half-yearly results to 30 April 2014 published June
2014
Annual results to 31 October 2014 announced February 2015
Annual Report and financial statements published February/March
2015
Chairman's Statement
I am pleased to present the annual results for Octopus Titan VCT 1 plc
for the year ended 31 October 2013.
Performance
I am delighted that the Net Asset Value has increased 7.3p per share
after taking account of the special dividend of 34.0p which was paid on
28 March 2013. During the year the Total Return of the Company, being
the Net Asset Value (NAV) plus cumulative dividends paid, has increased
by 7.7% from 127.9 pence per share to 137.7 pence per share. This
appreciation, building on last year's 34.6% rise in total return,
reflects another year of strong performance of the investment portfolio.
The continued success has ensured the status of the Company as being one
of the top performers amongst its peers and we remain quietly confident
that our portfolio will continue to realise above average returns
through the continuing hard work of our Investment Manager.
Dividend and Dividend Policy
It remains your Board's policy to strive to maintain a regular dividend,
whilst maintaining the appropriate level of liquidity in the VCT. As a
result of the performance of the investment portfolio during the year,
the Board proposes a final dividend of 2.5 pence per share (2012 special
dividend: 34.0 pence per share) which, subject to approval at the Annual
General Meeting, is to be paid on 4 April 2014 to those shareholders who
are on the register on 7 March 2014. This takes the total dividends
declared and proposed for the year to 5.0 pence per share (2012: 35.5
pence per share).
Investment Portfolio
The value of the portfolio has seen an overall increase of GBP2,359,000
during the year, largely due to Zenith Holding Company which saw a large
rise in fair value of GBP3,203,000.
As explained in our interim report, the success of our investments in
Zoopla Property Group (now part of a larger group), Calastone and Nature
Delivered (which had been sold but part of the proceeds had been
reinvested) led to significant concerns that the Company may no longer
maintain its VCT qualifying status. These investments were sold to
Zenith Holding Company, which was created in order for the VCT to
maintain its qualifying status, to return cash to the VCT and to allow
investors to participate in the future growth of the investee companies.
Zenith Holding Company has performed strongly during the period with the
underlying companies seeing significant growth.
Unfortunately, given the nature of funding small companies, there are a
few investments that have fallen short of budgets and forecasts and
where we have taken write downs in the year.. Your Investment Manager is
working hard alongside these companies to ensure they stabilise and
improve performance.
During the year the Fund focused on supporting the existing portfolio
companies during the year by making 7 follow-on investments amounting to
GBP4,687,000. The Fund also made 5 new investments totalling
GBP5,553,000 of which GBP4,894,000 was in respect of the Zenith
transaction. Further information can be seen in the Investment Manager's
review.
As can be seen from the pie charts on pages Xand X, we have a well
spread portfolio. 'Other' is accountable for 31% and relates to Zenith
Holding Company which, as previously mentioned, holds a stake in assets
in different sectors.
Fund raise and Buy-backs
As mentioned in the interim report, the Company successfully raised
GBP4,581,000 net of costs during the year. The majority of the funds
raised are being used to support existing portfolio companies where the
Investment Manager sees the opportunity for business growth.
The Board announced another opportunity to invest into the Titan VCTs
through a linked new share offer to raise GBP7m on 3 September 2013. On
12 December 2013, GBP3,137,000 was allotted net of costs.
During the period, the Company repurchased 810,526 shares. Further
details can be found in Note 14 of the accounts. The Board continues to
buy-back shares from shareholders at a 5% discount. The Board will
continue to monitor the volume of shares bought back and at present
intends to maintain the existing limit of the share capital that it
buys-back and cancels each year at 5%. This policy will continue to
operate at the Board's discretion. However, it is the board's
intention that shareholders should be able to sell their shares back to
the VCT in the absence of an active secondary market.
Your Board believes that this makes the VCT an attractive investment for
both existing and new shareholders.
Investment Strategy
Following the Zenith transaction and the 2013 fundraising, the Fund has
liquid resources of over GBP5 million to which we hope to add a further
GBP7 million in the 2014 fund raising. This will allow the Company to
join with the other Titan Funds in new investment opportunities as well
as continuing to support our existing investments. As I have previously
reported, we may also make investments in some new or existing unquoted
companies which are or have become non-qualifying for VCT purposes but
where your Board believes that it will be in shareholders' interests to
invest, not least to avoid dilution and to protect value in existing
portfolio companies.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides both the Board and the Investment
Manager with advice concerning ongoing compliance with HMRC rules and
regulations concerning VCTs. The Board has been advised that the Company
is in compliance with the conditions laid down by HMRC for maintaining
approval as a VCT.
A key requirement is for 70% of the portfolio to remain continually
invested in qualifying investments. As at 31 October 2013, over 86% of
the portfolio (as measured by HMRC rules) was invested in VCT qualifying
investments.
Alternative Investment Fund Managers Directive (AIFMD)
AIFMD was introduced under EU Legislation to bring consistency of
reporting across all fund types. In accordance with this legislation,
the Company has applied to the Financial Conduct Authority to register
as its own Alternative Investment Fund Manager (AIFM). I expect this
authority to be granted by 22 July 2014 after which the Company will be
required to make an annual report, which will include investments made,
principlal exposures, liquidity and risk management.
Annual General Meeting
The Company's Annual General Meeting will take place on 26 March 2014. I
look forward to welcoming you to the meeting which will be held at the
offices of Octopus Investments Limited, at 20 Old Bailey, London, EC4M
7AN.
Outlook
We are beginning to see signs of recovery in the economy with confidence
slowly being restored. The portfolio has seen significant growth over
the last 18 months and as the economy improves we are confident that the
portfolio companies will take advantage of the conditions to continue to
grow.
I would like to thank existing shareholders who have subscribed for our
new offers and welcome new shareholders. The tax treatment of VCT shares
and dividends continues to make our shares attractive where the current
tax free yield based on the current share price is 5.5%.
Our interests remain focused on boosting growth and profitability in the
underlying portfolio and striving to make further realisations where the
new confidence in the IPO market should be a helpful factor. New
investment dealflow remains strong and we are confident that our cash
resources will allow us to continue to attract exciting new
opportunities. Your Board, as well as your Investment Manager, view the
future of our portfolio with confidence and are working hard alongside
the portfolio companies to continue to build on the strong foundations
the Fund has made.
Lewis Jarrett
Chairman
28 January 2014
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.
Octopus was established in 2000 and has a strong commitment to both
smaller companies and to VCTs. We currently manage 13 VCTs, including
this VCT, and manage over GBP340 million in the VCT sector. Octopus has
over 250 employees and was voted 'Best VCT Provider of the Year' by the
financial adviser community in 2006 to 2010.
Investment Strategy Implementation
The investee companies are those that we believe have great potential
but need some financial support to realise it. Each company that we
target has the potential to create a large business by taking a
relatively modest market share. We are particularly interested in
businesses that address current market trends and are able to be
innovative in mature markets. We have created a balanced investment
portfolio spanning multiple industries and business sectors.
Having reached the level of invested funds required by HMRC, our focus
has now shifted to managing the portfolio and developing growth in the
investee companies. The current portfolio of holdings built by the
Company now encompass investments in 22 unquoted companies and one
AIM-quoted company.
As Investment Manager, we have typically purchased a significant
minority equity stake in these qualifying companies, providing financial
capital to the business to build and grow its operations with the
objective to sell to an acquirer at some point in the future. These
entrepreneurial early stage businesses, which we invest in, frequently
face challenges as they seek to establish themselves in their market,
often developing new products and services. The amount of capital we
initially deploy is intended to be only the first investment that we
will make into a business, prior to seeing if the company meets or
exceeds its initial objectives.
If the business is unsuccessful in meeting these first objectives, we
strive to minimise the financial exposure the Company faces without
committing further money to the investment, as is commonly referred to
as "good money after bad". Other businesses which meet some of their
objectives, but not necessarily all, will require more time to prove
their concept and these businesses will typically be reduced in value
prior to our making a further investment. This is in order for us to see
them progress forward and prove their business model and opportunity.
Finally, there are those that meet and exceed the expectations
originally set. It is these businesses in which we wish to increase our
investment exposure as they remain on course to create a large business.
We maintain liquidity in the Company to ensure adequate resources are
available to support further portfolio funding needs as they arise. This
situation should be further aided following the linked prospectus offer
for new shares as described in the Chairman's Statement, and it is an
important feature of our model in delivering returns to shareholders.
Portfolio Review
As at 31 October 2013 the Total return (being the NAV plus cumulative
dividends) was 137.7p per share, compared to 127.9p per share at 31
October 2012. This represents a considerable increase of 7.7%. The
performance of the portfolio was strong during the year especially in
Zenith Holding Company.
Zenith Holding Company, which owns a stake in Calastone, Zoopla Property
Group, Nature Delivered and Secret Escapes through its interest in the
Zenith fund in particular performed very well with the individual
investment holdings delivering significant growth. As discussed in the
interim report, these holdings were sold to Zenith in order to maintain
the qualifying status of the VCT, deliver cash back to the Company and
ensure that a stake could be held by the Fund so that it may continue to
share in the growth of the underlying assets. Zenith currently comprises
38.8% of the total net assets of the Fund.
As expected with the nature of the businesses we invest in, some of the
portfolio companies have fallen behind expectations and budgets
resulting in reductions in fair value of the companies. We are working
hard alongside these companies to stabilise the performance and rebuild
the businesses. Further details can be seen later in the Investment
Managers report.
The Company now holds over 86% of its assets in qualifying holdings from
an HMRC perspective and we continue to work with each portfolio business
as they develop capital growth in their respective markets.
New additions
As Investment Manager, it is our continued intention to take those
businesses in which we have invested into, and invest further as they
meet or exceed the initial milestone objectives we agreed with them.
Your Investment Manager is always looking for opportunities to invest
into new companies where capital growth can be achieved. The Company
made 4 new investments which meets this description as detailed below.
In addition, an investment was made into Zenith Holding Company:
Investment company Cost, GBP'000 Value*, GBP'000
Zenith Holding Company Limited 4,894 8,097
Aframe Media Group Limited 281 281
Amplience Limited 172 172
Uniplaces Limited 106 106
Zynstra Limited 100 100
Total 5,553 8,756
*as at 31 October 2013
Zenith Holding Company was created to hold a stake in Zoopla Property
Group, Nature Delivered, Secret Escapes and Calastone. This company has
ensured that the qualifying status of the Fund has been maintained as
well as ensuring that the Fund is able to continue holding a stake in
each of the businesses. These underlying businesses have all performed
very well during the year contributing to the large increase in the
value of the portfolio.
All 5 Titan Funds made new investments into Uniplaces and Zynstra
whereas Aframe and Amplience were already invested into by other Titan
Funds within the family.
Follow-on investments
It is important to support the investment portfolio, where appropriate
to build growth and alleviate working capital pressure. During the year
7 follow on investments were made as below:
Investment company Cost, GBP'000
Nature Delivered Limited 2,121
Calastone Limited 1,044
TouchType Limited 841
UltraSoC Limited 333
Metrasens Limited 151
Bowman Power Limited 110
Mi-Pay Limited 87
Total 4,687
The follow on investment into Nature Delivered comprised new shares and
a loan received as part of the disposal on 30 November 2012.
Realisations in the year
As detailed in the 2012 accounts, the Company disposed of its holding in
Nature Delivered Limited, realising GBP5,884,000 of which GBP3,764,000
was paid in cash and GBP2,120,000 was reinvested.
On 21 June 2013 Calastone, Zoopla Property Group and Nature Delivered
were fully disposed following shareholder approval in exchange for cash
and a stake in Zenith Holding Company.
Post year end
Since the balance sheet date 3 new investments have been made and the
Company has continued to support investee companies by investing a
further GBP401,000 into 4 portfolio companies. Further details can be
seen in note 17.
Outlook
Despite continued challenges on small companies, there remain
opportunities for those entrepreneurs who are looking to disrupt the
market by moving quickly. We continue to see a huge number of potential
opportunities and with new companies being invested into during the year
and post year end, the portfolio is developing and further diversifying.
The growth within the portfolio over the last 18 months is very pleasing
and with the more upbeat mood in the market, we are optimistic that the
portfolio will continue to mature and ensure further capital growth.
If you have any questions on any aspect of your investment, please call
one of the team on 0800 316 2295.
Alex Macpherson
Octopus Investments Limited
28 January 2014
Investment Portfolio
Movement % equity
in fair held by
value to % voting all
31 rights funds
Investment cost as at October Fair value as at held by managed
Fixed asset 31 October 2013 2013 31 October 2013 Movement in fair value in year to 31 October 2013 The by
investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) Company Octopus
Zenith Holding
Company
Limited Other 4,894 3,203 8,097 3,203 33.30% 100.00%
TouchType
Limited Telecommunications 1,226 1,007 2,233 463 5.53% 18.52%
UltraSoC
Technologies
Limited Technology 825 44 869 45 13.63% 55.11%
e-Therapeutics Consumer lifestyle
plc and wellbeing 631 75 706 (120) 0.91% 3.28%
Mi-Pay Limited Telecommunications 935 (299) 636 (200) 9.49% 20.31%
Getlenses Consumer lifestyle
Limited and wellbeing 508 89 597 17 5.75% 14.50%
Metrasens Consumer lifestyle
Limited and wellbeing 490 81 571 (57) 5.01% 17.28%
Surrey
NanoSystems
Limited Technology 485 43 528 - 4.19% 14.26%
Bowman Power
Limited Environmental 421 (42) 379 - 2.70% 10.70%
Aframe Media
Group Limited Media 281 - 281 - 3.58% 33.19%
Executive
Channel Europe
Limited Media 529 (257) 272 (333) 6.15% 25.14%
Semafone
Limited Telecommunications 496 (299) 197 (370) 7.34% 24.70%
Michelson
Diagnostics Consumer lifestyle
Limited and wellbeing 442 (266) 176 (45) 5.18% 20.50%
Amplience
Limited Technology 172 - 172 - 1.89% 30.74%
Uniplaces Consumer lifestyle
Limited and wellbeing 106 - 106 - 3.47% 16.47%
Zynstra Limited Technology 100 - 100 - 1.23% 8.12%
Phasor
Solutions
Limited Technology 100 (50) 50 25 1.00% 1.65%
AQS Holdings
Limited Environmental 655 (655) - - 14.20% 50.70%
The Key
Revolution
Limited Telecommunications 641 (641) - - 12.36% 35.88%
Phase Vision
Limited Technology 474 (474) - (145) 10.09% 42.96%
PrismaStar Inc. Media 424 (424) - (124) 2.58% 10.30%
Diverse Energy
Limited Environmental 414 (414) - - 5.47% 29.76%
Elonics Limited Technology 305 (305) - - 3.11% 19.54%
Total fixed asset investments 15,554 416 15,970 2,359
Money market securities 156 - 156 -
Cash at bank 3,499 - 3,499 -
Total investments 19,209 416 19,625 2,359
Debtors less creditors 1,240
Total net assets 20,865
Valuation Methodology
Initial measurement
Financial assets are measured at fair value. The initial best estimate
of the fair value of a financial asset that is either quoted or not
quoted in an active market is the transaction price (i.e. cost).
Subsequent measurement
Further funding rounds are a good indicator of fair value and this
measure is used where appropriate. Subsequent adjustment to the fair
value of unquoted investments can be made using sector multiples based
on information as at 31 October 2013, where applicable. In some cases
the multiples can be compared to equivalent companies, especially where
a particular sector multiple does not appear appropriate. It is
currently industry norm to discount the quoted earnings multiple to
reflect the lack of liquidity in the investment, there being no ready
market for our holding. Typically the discount is 30% but this can be
increased where the relevant multiple appears too high. A lower discount
would also be possible if an investment was close to an exit event.
In accordance with the International Private Equity and Venture Capital
(IPEVC) valuation guidelines, investments made within 12 months are
usually kept at cost unless performance indicates that fair value has
changed.
Quoted investments are valued at market bid price. No discounts are
applied.
If you would like to find out more regarding the IPEVC valuation
guidelines, please visit their website at:
www.privateequityvaluation.com.
Review of Investments
During the year seven follow-on investments were made, amounting to
GBP5,554,000 and 5 new investments amounting to GBP4,686,000.
Quoted and unquoted investments are valued in accordance with the
accounting policy set out in accounting note 1 which takes account of
current industry guidelines for the valuation of venture capital
portfolios and is compliant with IPEVC Valuation guidelines and current
financial reporting standards.
Listed below are details of the Company's 10 largest investments by
value.
Zenith Holding Company Limited
Zenith Holding Company has a holding in Octopus Zenith LP, an Octopus
managed fund, which holds stakes in Secret Escapes, Zoopla Property
Group, Nature Delivered (Graze) and Calastone as formally held by Titan
1-3.
Graze.com delivers tasty nutritious snacks to grazers up and down the
country. All boxes are hand picked from over 100 delicious snacks and
delivered in the post. Founded in 2007 and launched in 2009, graze.com
was created to solve office snacking for the better. Delivered directly
to customers' desks or home in the UK and US, each graze box is packed
with four snacks, from flavoured nuts, traditional rice crackers and
exotic dried fruits to freshly baked bread, marinated olives and dips.
Calastone is the global fund transaction network. More than 400
customers are live and processing transactions across Calastone's
multi-award winning transaction network from 17 domiciles including the
UK, Switzerland, Hong Kong, Taiwan, Singapore and Australia. Any party
involved in the production, distribution or management of funds, of any
size, located around the world using Calastone is able to transact
electronically without the need for complex implementations or
investment in new technology and processes. Calastone offers a range of
services including order routing, settlement, reconciliations and
valuations, re-registrations, trade notifications, pricing reporting,
BIC Hosting, e-Dealing and STP consulting to support customers in their
move towards STP efficiency.
Zoopla Property Group Limited owns and operates some of the UK's leading
online property brands including Zoopla.co.uk and Primelocation.com.
Over 16,000 estate agent and lettings agent branches across the UK
advertise on the company's websites each month, in addition to all the
leading new homes developers, attracting over 28 million visitors a
month and generating over 2 million enquiries per month for the member
estate/letting agents and property developers. In addition to operating
its own websites, Zoopla Property Group Ltd exclusively powers the
property search facility on a number of the UK's biggest websites
including
The Times, The Telegraph, Independent, Evening Standard, The Daily Mail,
Homes & Property, AOL, MSN, Globrix, Homes24 and many more. Zoopla
Property Group Ltd launched in 2008 and has since acquired and
integrated a number of brands.
Secret Escapes offers exclusive rates (up to 70% off) on members-only
flash sales for luxury travel. All of the hotels and holidays are
hand-picked by a team of travel experts and while the flash sales are
live on Secret Escapes, members will be guaranteed a rate cheaper than
anywhere else online. Secret Escapes has over four million members in
the UK alone and, in 2013, launched in Sweden and Germany.
Initial investment date: June 2013
Cost: GBP4,894,000
Valuation: GBP8,097,000
Last submitted audited accounts: n/a
Turnover n/a
Profit before tax: n/a
Net assets: n/a
TouchType Limited
TouchType is a leader in the development of artificial intelligence and
machine learning technologies, encapsulated in its Fluency prediction
engine, a patent pending set of software algorithms. Its first product,
SwiftKey(TM), a text prediction technology designed to significantly
boost the accuracy, fluency and speed of text entry on mobile and
computing devices, resulting in users having to make less than half the
number of keystrokes compared to a standard QWERTY keyboard.
SwiftKey(TM) has enjoyed tremendous success as both an Android App, with
over 10 million downloads to date, and as the installed text prediction
technology on a increasing range of smartphones and tablets. It has won
several high profile industry awards, including a prestigious Global
Mobile Award for the "Most Innovative App" and the Guardian Digital
Innovation Award for the "Best Startup Business".
Initial investment date: August 2010
Cost: GBP1,226,000
Valuation: GBP2,233,000
Voting rights held by Fund: 5.53%
Equity held by all funds managed by Octopus: 18.52%
Last submitted group accounts: 31
December 2012 (abbreviated)
Turnover not disclosed
Loss before tax: not disclosed
Net liabilities: (GBP635,793)
UltraSoC Limited
UltraSoC Technologies Ltd is a pioneering company developing advanced
debugging technology for the embedded electronic systems increasingly
used in many everyday products from cars to mobile phones. The company
is currently developing its first product which will be licensable
silicon IP called UltraDebug. UltraSoC was originally spun-out from the
universities of Essex and Kent in 2008 after being founded by Cambridge
entrepreneur Dr Karl Heeks, now chief executive, Professor Klaus
McDonald-Maier and Dr Andrew Hopkins, now chief technical officer.
Initial investment date: September 2010
Cost: GBP825,000
Valuation: GBP869,000
Voting rights held by Fund: 13.63%
Equity held by all funds managed by Octopus: 55.11%
Last submitted audited group accounts: 31
December 2012 (abbreviated)
Turnover not disclosed
Loss before tax: not disclosed
Net assets: GBP605,100
e-Therapeutics plc
e-Therapeutics is an AIM-quoted drug discovery and development company.
It pioneered and exploits 'network pharmacology' to evaluate swiftly and
accurately how medicines interact with cells in the body. This approach
optimises the probability of identifying drug candidates with desirable
efficacy and minimal side effects. Network pharmacology has many
applications, and is particularly suited to addressing complex diseases
in which current treatment options are few and ineffective.
e-Therapeutics' current drug discovery programmes are focused mainly on
areas of high unmet medical need, such as neurodegeneration and
oncology. Four drugs resulting from e-Therapeutics' earlier discovery
projects are now in clinical development.
Initial investment date: March 2009
Cost: GBP631,000
Valuation: GBP706,000 (bid price)
Voting rights held by Fund: 0.91%
Equity held by all funds managed by Octopus: 3.28%
Last submitted audited group accounts: 31
January 2013
Turnover GBPnil
Loss before tax: (GBP5,024,000)
Net assets: GBP10,580,000
Mi-Pay Limited
Mi-Pay was founded in 2004 with its objective to establish itself as a
leading processor of payments for the fast-emerging mobile money sector.
The service enables customers to 'top-up' their pre-paid mobile phone
directly online, or via their mobile phone, rather than using indirect
brand channels such as PayPoint or bank ATMs. Benefits of the direct
service include cost reductions for mobile network operators and a more
personal engagement with customers, removing the anonymity of customer
relationships and allowing for substantial improvements in customer
retention.
Mi-Pay continues to make progress in a very dynamic and fast moving
market, most recently agreeing terms with several tier one European,
Middle Eastern and African mobile operators to provide its direct top up
service.
Initial investment date: February 2010
Cost: GBP935,000
Valuation: GBP636,000
Voting rights held by Fund: 9.49%
Equity held by all funds managed by Octopus: 20.31%
Last submitted group accounts: 31
December 2012
Turnover GBP2,807,768
Loss before tax: (GBP2,114,411)
Net liabilities: (GBP279,664)
Getlenses Limited
GetOptics Ltd is an online retailer of contact lenses and related
products with sales in seven European countries through GetLenses
branded websites. It was formed through the acquisition of Getlenses
and Postoptics and is the largest online retailer of contact lenses in
the UK with run rate turnover of circa GBP9.5 million and 25-30% market
share of the online market. The company uses its scale to generate cost
savings and operating efficiencies, including securing best prices and
terms with contact lens manufacturers. It is looking to grow the online
market in the UK, building on its market leading position, as well as
developing its local language sites in Europe.
Initial investment date: September 2009
Cost: GBP508,000
Valuation: GBP597,000
Voting rights held by Fund: 5.75%
Equity held by all funds managed by Octopus: 14.50%
Last submitted group accounts: 31
August 2012
Turnover GBP8,181,679
Loss before tax: (GBP501,095)
Net assets: GBP4,837,462
Metrasens Limited
Metrasens is a technology business specialising in metal detection
products for the healthcare and security markets. It was founded in June
2005 by two former employees of QinetiQ, a company specialising in
defence security and technology. Metrasens' products work by detecting
magnetic material. Its Ferroguard(R) MRI (magnetic resonance imaging)
detection system provides visual and audio alarms at entry points to MRI
rooms in hospitals. The Ferroguard system not only increases safety but
also decreases potential costs, through reducing the likelihood of
injuries and damage from projectiles in the MRI units. The company has
also developed the FG1 Portable Security Pole, designed for multiple
niche applications, such as street knife detection and mobile detection
in prisons.
Initial investment date: February 2010
Cost: GBP490,000
Valuation: GBP571,000
Voting rights held by Fund: 5.01%
Equity held by all funds managed by Octopus: 17.28%
Last submitted audited group accounts: 31
October 2012 (abbreviated)
Turnover not disclosed
Loss before tax: not disclosed
Net assets: GBP1,242,627
Surrey NanoSystems Limited
Surrey NanoSystems has developed a leading technology portfolio
addressing the needs of the global nanoelectronics sector. Its proven
technologies deliver precise, ordered nanomaterial structures for
advanced manufacturing processes, meeting the scaling challenges of the
semiconductor industry.
Surrey NanoSystems works with its partners to deliver practical
nano-materials and technologies to the semiconductor, renewable-energy
and clean technology industries. This partnering approach facilitates
the migration of materials and processes developed on Surrey NanoSystems
bespoke research platforms to production-ready tooling.
Initial investment date: July 2009
Cost: GBP485,000
Valuation: GBP528,000
Voting rights held by Fund: 4.19%
Equity held by all funds managed by Octopus: 14.26%
Last submitted group accounts: 30
June 2012
Turnover GBP496,335
Loss before tax: (GBP970,967)
Net assets: GBP4,607,727
Bowman Limited
Bowman Power is a clean power generation company. It has developed a
turbo generator which recovers waste heat from engines, boosting power
and efficiency and reducing emissions. Its primary market currently is
power generation plants using renewable fuels qualifying for Feed in
Tariffs, but diesel generators are the larger market in the medium term.
Heavy duty hybrid electric vehicles may provide an additional market in
the longer term, but likely to be outside investment horizon.
Initial investment date: July 2010
Cost: GBP421,000
Valuation: GBP379,000
Voting rights held by Fund: 2.70%
Equity held by all funds managed by Octopus: 10.70%
Last submitted audited group accounts: 31
December 2012
Turnover GBP7,849,194
Loss before tax: (GBP2,153,804)
Net assets: GBP2,595,920
Aframe Media Group Limited
Aframe is a cloud asset management solution and tagging service with
capabilities in collaboration, review and approval and archive. Aframe
software and websites run on Aframe owned servers, so data is stored on
Aframe dedicated storage arrays. Communication and transfers occur over
Aframe networks. Video streaming is a feature that enables users of the
system to preview clips and sequences.
Initial investment date: September 2013
Cost: GBP281,000
Valuation: GBP281,000
Voting rights held by Fund: 3.58%
Equity held by all funds managed by Octopus: 33.19%
Last submitted audited group accounts: 31
December 2012 (abbreviated)
Turnover not disclosed
Loss before tax: not disclosed
Net assets: GBP3,975,719
Income Statement
Year to 31 October 2013
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
Gain on disposal of fixed asset
investments 10 - 670 670
Loss on disposal of current
asset investments - 91 91
Fixed asset investment holding
gains 10 - 2,359 2,359
Current asset investment
holding gains - - -
Other income 2 316 - 316
Investment management fees 3 (107) (321) (428)
Performance fee incentive 19 - (536) (536)
Other expenses 4 (376) - (376)
Return on ordinary activities
before tax (167) 2,263 2,096
Taxation on return on ordinary
activities 6 - - -
Return on ordinary activities
after tax (167) 2,263 2,096
Earnings per share - basic and
diluted 8 (0.8) 11.2 10.4
-- 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 the results for
the period as set out above.
The accompanying notes form an integral part of the financial
statements.
Income Statement
Year to 31 October 2012
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
Realised gain on disposal of
fixed asset investments - 259 259
Realised loss on disposal of
current asset investments - (15) (15)
Fixed asset investment holding
losses - 7,120 7,120
Current asset investment
holding gains - 78 78
Other income 2 66 - 66
Investment management fees 3 (74) (223) (297)
Performance fee incentive 19 - (1,225) (1,225)
Other expenses 4 (249) - (249)
Return on ordinary activities
before tax (257) 5,994 5,737
Taxation on return on ordinary
activities 6 - - -
Return on ordinary activities
after tax (257) 5,994 5,737
Earnings per share - basic and
diluted 8 (1.5)p 35.3p 33.8p
-- 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 had no recognised gains or losses other than the results for
the period as set out above.
The accompanying notes form an integral part of the financial
statements.
Reconciliation of Movements in Shareholders' Funds
Year ended 31 October Year ended 31 October
2013 2012
GBP'000 GBP'000
Shareholders' funds at
start of year 21,382 14,842
Return on ordinary
activities after tax 2,096 5,737
Issue of equity (net of
expenses) 4,581 1,323
Purchase of own shares (677) (95)
Dividends paid (6,517) (425)
Shareholders' funds at
end of year 20,865 21,382
The accompanying notes form an integral part of the financial
statements.
Balance Sheet
As at 31 October As at 31 October
2013 2012
Notes GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments* 10 15,970 19,176
Current assets:
Debtors 11 1,836 1,562
Money market funds and other
deposits* 12 156 1,737
Cash at bank 3,499 175
5,491 3,474
Creditors: amounts falling due
within one year 13 (596) (1,268)
Net current assets 4,895 2,206
Net assets 20,865 21,382
Called up equity share capital 14 2,191 1,754
Share premium 15 5,816 1,754
Special distributable reserve 15 11,489 12,166
Capital redemption reserve 15 106 24
Capital reserve - losses on
disposals 15 1,512 (2,001)
-
holding
gains 15 419 8,186
Revenue reserve 15 (668) (501)
Total equity shareholders' funds 20,865 21,382
Net asset value per share 9 95.2p 121.9p
*Held at fair value through profit or loss
The statements were approved by the Directors and authorised for issue
on 28 January 2014 and are signed on their behalf by:
Lewis Jarrett
Chairman
Company No: 06397764
The accompanying notes form an integral part of the financial
statements.
Cash Flow Statement
Year to Year to
31 October 2013 31 October 2012
Notes GBP'000 GBP'000
Net cash outflow from operating
activities (1,970) (636)
Financial investment:
Purchase of fixed asset investments 10 (10,240) (1,061)
Sale of fixed asset investments 10 16,475 666
Management of liquid resources:
Purchase of current asset
investments (5,506) (1,754)
Sale of current asset investments 7,178 2,065
Taxation - -
Dividends paid 7 (6,517) (425)
Financing:
Issue of shares 14 4,581 1,323
Purchase of own shares 14 (677) (95)
Increase in cash resources at bank 3,324 83
The accompanying notes form an integral part of the financial
statements.
Reconciliation of Return before Taxation to Cash Flow
from Operating Activities
Year to Year to
31 October 2013 31 October 2012
GBP'000 GBP'000
Return on ordinary activities before tax 2,096 5,737
Gain on disposal of fixed asset
investments (670) (259)
(Gain)/loss on disposal of current asset
investments (91) 15
(Gain) on valuation of fixed asset
investments (2,359) (7,120)
Gain on valuation of current asset
investments - (78)
Increase in debtors (274) (150)
(Decrease)/increase in creditors (672) 1,219
Outflow from operating activities (1,970) (636)
Reconciliation of Net Cash Flow to Movement in Net
Funds
Year to Year to
31 October 2013 31 October 2012
GBP'000 GBP'000
Increase in cash at bank 3,324 83
Decrease in cash equivalents (1,581) (248)
Opening net cash resources 1,912 2,077
Net funds at 31 October 3,655 1,912
Net funds at 31 October comprised:
Year to Year to
31 October 2013 31 October 2012
GBP'000 GBP'000
Cash at bank 3,499 175
Money market funds - 768
OEICs 156 969
Net funds at 31 October 3,655 1,912
The accompanying notes form an integral part of the financial
statements.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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 Titan VCT 1 PLC via Globenewswire
HUG#1757640
http://www.octopusinvestments.com
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