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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus T. 4 | LSE:OTV4 | London | Ordinary Share | GB00B5467F20 | 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% | 92.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOTV4 Octopus Titan VCT 4 plc Half-Yearly Results 20 June 2013 Octopus Titan VCT 4 plc, managed by Octopus Investments Limited, today announces the Half-Yearly results for the six months ended 30 April 2013. These results were approved by the Board of Directors on 20 June 2013. You may shortly view the Half-Yearly Report in full at www.octopusinvestments.com/vctarchive/titan4.html. All other statutory information will also be found there. About Octopus Titan VCT 4 PLC Octopus Titan VCT 4 plc ('Titan 4', 'Company' or 'VCT') 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 predominately unquoted companies. The Company is managed by Octopus Investments Limited ('Octopus' or 'Investment Manager'). Titan 4 was incorporated on 30 September 2009 and raised a total of GBP22.5 million (GBP21.4 million net of expenses) through an Offer for Subscription. A further GBP6.12 million in aggregate (GBP5.81 million net of expenses) has been raised by way of top-ups in 2012 and 2013. Titan 4 invests primarily in unquoted UK smaller companies and aims to deliver a substantial level of returns on its investments over the medium to long term. 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 to 30% up-front income tax relief; -- exemption from income tax on dividends paid; and -- exemption from capital gains tax on disposals of shares in VCTs. Titan 4 has been provisionally approved as a VCT by HM Revenue & Customs (HMRC). In order to maintain its approval the Company must comply with certain requirements on a continuing basis including; -- at least 70% of the Company's investments must comprise 'qualifying holdings'*(as defined in the legislation); -- for cash raised pre 6 April 2011 at least 30% of the 70% of qualifying holdings must be in eligible ordinary shares with no preferential rights; -- for cash raised post 5 April 2011 at least 70% of the 70% of qualifying holdings must be in eligible ordinary shares with no preferential rights; -- no single investment can exceed 15% of the total Company value; and -- a minimum of 10% of each Qualifying Investment must be in Ordinary shares with no preferential rights. *A 'qualifying holding' consists of up to GBP5 million invested in any one year in new shares or securities in an unquoted company (or companies quoted on AIM) which is carrying on a qualifying trade and whose gross assets do not exceed GBP15 million at the time of investment. The definition of a 'qualifying trade' excludes certain activities such as property investment and development, financial services and asset leasing. The Company will continue to ensure its compliance with these qualification requirements. Financial Summary Six months to Six months to Year to 31 30 April 2013 30 April 2012 October 2012 Net assets (GBP'000s) 26,248 20,919 21,023 Return on ordinary activities after tax (GBP'000s) 663 (400) (296) Net asset value per share (NAV) 90.4p 87.2p 87.7p Dividends declared 1.0p - - Chairman's Statement I am pleased to present the results for the six month period ended 30 April 2013. Performance and dividend During the six month period to 30 April 2013, the net asset value per share (NAV) has increased from 87.7p to 90.4p representing a gain of 3.1%. This is largely due to the strong performance of the portfolio and OEIC's during the period which exceeded the standard running costs of the fund, as explained in more detail below. We believe that our shareholders place considerable importance on dividends, particularly given their tax-free status in a period when the top rate of tax for individuals is 45%. In view of the increase in the value of our investments we have decided to include a dividend of 1.0 pence per share for the half year which will be payable on 26 July 2013 to shareholders on the register on 28 June 2013. Investment Portfolio Review Having completed the initial investment phase the capital value of your portfolio has grown during the six month period by GBP754,000. This uplift has been achieved largely due to the strong performances in TouchType, Amplience and Leanworks. It is not uncommon in this economic climate for a few of the companies to fall behind initial expectations and the valuations of Lifebook, PrismaStar, Semafone and Vega-Chi have been marked down to reflect performance. During the period, Titan 4 invested GBP350,000 in TrialReach, a company which helps pharmaceutical companies and clinical research organisations reach, engage and enrol patients in clinical trials through its online market place. This takes the total number of companies in the portfolio to 22. Titan 4 also made six follow-on investments into Aframe, Applied Superconductor, Bowman Power, Faction Collective, Vega-Chi and Amplience. Since 30 April, the following new and follow-on investments were made by your Company: -- GBP175,000 into a social technology company in the user driven marketing space, further details of which shall be announced in due course. -- GBP500,000 in Conversocial, a software service company which helps customer service teams inside businesses manage customers who contact them via social media. -- GBP149,000 in Decoholic, an online retailer of home furniture that offers handmade furniture at discount prices. -- GBP1,610,000 in aggregate in follow on investments into UltraSoc Technologies, Leanworks, Certivox and The Faction Collective. We will continue to maintain a balanced investment portfolio spanning multiple industries and business sectors which conforms to the regulations governing VCTs. Open Ended Investment Companies (OEICs) Titan 4 continues to hold investments in two OEICs which increased in value by GBP287,000 in the six months to 30 April 2013. The best performance continued to be in the CF Octopus UK Micro Cap Growth Fund which rose by 11.4% during the period. It has an overall unrealised gain of GBP842,000 on an investment of GBP1,581,000 which equates to a 53% increase. Fund Raising The Company, together with the other Titan funds, issued a combined prospectus earlier this year to raise additional capital. The issue proved popular with investors and it is pleasing to report that GBP4,580,000 net of costs was raised for Titan 4. A further offer of shares in the Titan VCTs in the current tax year is under consideration. The funds raised will be used to invest further in existing portfolio companies to aid their development and in new investments as existing holdings are realised. VCT Qualifying Status PricewaterhouseCoopers LLP provides both the Board and Investment Manager with advice on the ongoing compliance with HMRC rules and regulations concerning VCTs. The Board has been advised that Titan 4 continues to be in compliance with the conditions laid down by HMRC for qualifying as a VCT. As at 30 April 2013, over 79% of the portfolio (as measured by HMRC rules) was invested in VCT qualifying investments. Matters for shareholders In my Chairman's statement for the annual accounts to 31 October 2012, I expressed concern that the FSA (now FCA), in their consultation paper CP12/19, were seeking to treat all VCTs as Unregulated Collective Investment Schemes. This would have resulted in only "sophisticated investors" as defined by the FSA being able to subscribe shares into VCTs and therefore excluding many current investors. I am delighted to say that following representation by the venture capital industry, including the AIC and your Manager, VCTs have been excluded from these restrictions. Principal Risks and Uncertainties The Company's assets consist of equity and fixed-rate interest investments, cash and liquid resources. The principal risks, and the ways they are managed, are stated within the Company's Annual Reports. The Company's principal risks and uncertainties have not changed materially since the date of the last Annual Report. Outlook It is clear that there still remain challenges for small companies in this economic climate with banks continuing to be very cautious and many businesses experiencing a squeeze on their working capital. However, this creates opportunities for well-funded VCTs and we are confident that we will continue to build a strong and diverse portfolio of companies which have the ability to establish a sound position in their markets and grow. As noted above, this is already being reflected in your portfolio. Gregor Michie Chairman 20 June 2013 Investment Portfolio Carrying Change in Investment value at valuation % equity cost at 30 Unrealised 30 April in the % equity managed Qualifying April 2013 profit/ (loss) 2013 period held by by investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) Titan 4 Octopus Secret Escapes Consumer lifestyle Limited and well being 1,467 1,374 2,841 - 8.24% 16.83% Certivox Limited Technology 1,613 21 1,634 - 15.86% 29.44% TouchType Limited Telecommunications 385 1,100 1,484 557 3.71% 17.73% Amplience Limited Technology 1,175 (16) 1,159 245 11.69% 47.62% Rangespan Consumer lifestyle Limited and well being 1,125 - 1,125 - 6.43% 25.71% Ultrasoc Technologies Limited Technology 954 87 1,041 87 17.34% 54.54% Iovox Limited Telecommunications 750 - 750 - 9.35% 24.94% Executive Channel Europe Limited Media 641 60 701 - 5.82% 33.44% Semafone Limited Telecommunications 756 (60) 696 (60) 2.69% 38.53% Aframe Limited Media 892 (250) 642 - 6.88% 20.65% Artesian Solutions Limited Technology 500 - 500 - 6.04% 24.17% Lifebook Consumer lifestyle Limited and well being 556 (139) 416 (139) 11.34% 32.64% Vega-Chi Limited Technology 714 (332) 382 (37) 6.49% 19.0% Bowman Power Limited Environmental 421 (42) 379 - 2.69% 15.55% TrialReach Limited Healthcare 350 - 350 - 5.00% 21.43% Leanworks Limited Consumer lifestyle (YPlan) and well being 150 183 333 183 5.16% 14.63% Michelson Diagnostics Consumer lifestyle Limited and well being 650 (325) 325 - 8.26% 42.87% The Faction Consumer lifestyle Collective SA and well being 251 12 263 12 5.6% 11.50% Applied Superconductor Limited Environmental 615 (370) 246 - 7.96% 24.22% PrismaStar Inc. Media 424 (393) 31 (93) 4.95% 33.02% Diverse Energy Limited* Environmental 414 (414) - - 5.47% 29.76% Elonics Limited* Technology 305 (305) - - 3.11% 19.54% Total qualifying investments 15,107 190 15,298 754 Money market securities 5,424 - 5,424 OEICs 2,790 900 3,690 Cash at bank 1764 - 1764 Total investments 25,085 1,090 26,176 Net current assets 72 Total net assets 26,248 * in administration at 30 April 2013 Responsibility Statement of the Directors in respect of the half-yearly report We confirm that to the best of our knowledge: -- the half-yearly financial statements have been prepared in accordance with the statement 'Half-Yearly Financial Reports' issued by the UK Accounting Standards Board; -- the half-yearly report includes a fair review of the information required by the Financial Conduct Authority 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 Gregor Michie Chairman 20 June 2013 Income Statement Six months to 30 April Six months to 30 April 2013 2012 Year to 31 October 2012 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 - - - - - - - (1) (1) Realised gain on disposal of current asset investments - - - - 22 22 - 110 110 Fixed asset investment holding gains/(losses) - 754 754 - (177) (177) - 91 91 Current asset investment holding gains - 287 287 - 79 79 - 172 172 Other income 7 - 7 23 - 23 40 - 40 Investment management fees (54) (162) (216) (51) (152) (203) (101) (303) (404) Other expenses (169) - (169) (144) - (144) (304) - (304) Return on ordinary activities before tax (216) 879 663 (172) (228) (400) (365) 69 (296) Taxation on return on ordinary activities - - - - - - - - - Return on ordinary activities after tax (216) 879 663 (172) (228) (400) (365) 69 (296) Earnings per share (0.9)p 3.6p 2.7p (0.8)p (1.0)p (1.8)p (1.6)p 0.3p (1.3)p -- The 'Total' columns of this statement represent 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 are an integral part of the half-yearly report. Reconciliation of Movements in Shareholders' Funds Six months to 30 Six months to 30 Year to 31 October April 2013 April 2012 2012 GBP'000 GBP'000 GBP'000 Shareholders' funds at start of period 21,023 20,086 20,086 Return on ordinary activities after tax 663 (400) (296) Issue of equity (net of expense) 4,580 1,242 (9) Redemption of shares (18) (9) 1,242 Shareholders' funds at end of period 26,248 20,919 21,023 Balance Sheet As at 30 April As at 30 April As at 31 October 2013 2012 2012 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments* 15,298 8,154 13,412 Current assets: Money market securities and other deposits* 9,115 12,104 6,800 Debtors 138 494 780 Cash at bank 1,764 210 91 11,017 12,808 7,671 Creditors: amounts falling due within one year (67) (43) (60) Net current assets 10,950 12,765 7,611 Net assets 26,248 20,919 21,023 Called up equity share capital 2,904 2,398 2,398 Share premium 5,173 1,100 1,101 Special distributable reserve 19,065 19,083 19,083 Capital redemption reserve 11 10 9 Capital reserve - losses on disposal (834) (643) (672) - holding gains 1,092 (275) 51 Revenue reserve (1,163) (754) (947) Total equity shareholders' funds 26,248 20,919 21,023 Net asset value per share 90.4p 87.2p 87.7p *at fair value through profit and loss The statements were approved by the Directors and authorised for issue on 20 June 2013 and are signed on their behalf by: Gregor Michie Chairman Company Number: 07035434 Cash flow statement Six months to 30 Six months to 30 Year to 31 October April 2013 April 2012 2012 GBP'000 GBP'000 GBP'000 Net cash outflow from operating activities 271 (830) (1,443) Financial investment: Purchase of fixed (1,132) (2,660) (8,298) asset investments - - 647 Sale of fixed asset investment Management of liquid resources: Purchase of current asset investments (3,846) (1,554) (3,750) Disposal of current asset investments 1,818 3,914 11,595 Taxation - - - Financing: Issue of equity 4,580 1,242 1,242 Redemption of shares (18) (9) (9) Increase/(decrease) in cash resources at bank 1,673 103 (16) Reconciliation of net cash flow to movement in net funds Six months to Six months to 30 April 2013 30 April 2012 Year to 31 October 2012 GBP'000 GBP'000 GBP'000 Increase/(decrease) in cash resources at bank 1,673 103 (16) Movement in cash equivalents 2,315 (2,259) (7,563) Opening net cash resources 6,891 14,470 14,470 Net funds at period end 10,879 12,314 6,891 Reconciliation of return before taxation to cash flow from operating activities Six months to Six months to 30 April 2013 30 April 2012 Year to 31 October 2012 GBP'000 GBP'000 GBP'000 Return on ordinary activities before tax 663 (400) (296) Gain on disposal of current asset investments - (22) (110) Loss on disposal of fixed assets - - 1 (Gain)/loss on valuation of fixed asset investments (754) 177 (91) Gain on valuation of current asset investments (287) (79) (172) Decrease/(increase) in debtors 642 (481) (767) Increase/(decrease) in creditors 7 (25) (8) Inflow/outflow from operating activities 271 (830) (1,443) Notes to the Half-Yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 30 April 2013 have been prepared in accordance with the Accounting Standard Board's (ASB) statement on half-yearly financial reports (July 2007) and adopting the accounting policies set out in the statutory accounts of the Company for the period ended 31 October 2012, which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for Investment Companies issued by the Association of Investment Companies in January 2009. 2. Publication of non-statutory accounts The unaudited half-yearly results for the six months ended 30 April 2013 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the period ended 31 October 2012 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, 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 24,662,894 (30 April 2012: 22,762,574 and 31 October 2012: 23,377,457) shares, being the weighted average number of shares in issue during the period. There are no potentially dilutive capital instruments in issue and therefore no diluted returns per share figures are relevant. The basic and diluted earnings per share are therefore identical. 4. Net asset value per share The calculation of NAV per share as at 30 April 2013 is based on 29,038,954 (30 April 2012: 28,982,316 and 31 October 2012: 23,982,316) ordinary shares in issue at that date. 5. Dividends The interim dividend declared of 1.0 pence per share for the six months ending 30 April 2013 will be paid on 26 July 2013, to those shareholders on the register on 28 June 2013. 1. Buy Backs During the six months ended 30 April 2013 the Company bought back 20,453 Ordinary shares at a weighted average price of 86.0 pence per share (six months ended 30 April 2012: 11,125 Ordinary shares at a weighted average price of 79.5 pence per share and year ended 31 October 2012: 11,125 Ordinary shares at a weighted average price of 79.5 pence per share). During the six months to 30 April 2013, 5,077,091 shares were issued at a price of 95.9p pence per share. 7. Related Party Transactions Octopus Investments Limited acts as the Investment Manager of the Company. Under the management agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of the Company for the investment management services. During the period, the Company incurred management fees of GBP216,000 payable to Octopus (30 April 2012: GBP203,000 and 31 October 2012: GBP508,000). At the period end there were management fees of GBPnil stated within prepayments (30 April 2012: GBPnil and 31 October 2012: GBP104,000). Furthermore, Octopus provides administration and company secretarial services to the Company. Octopus receives a fee of 0.3 per cent per annum of net assets of the Company for administration services and GBP15,000 per annum for company secretarial services. 1. Additional Information Copies of this report are available from the registered office of the Company at 20 Old Bailey, London, EC4M 7AN. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Octopus Titan VCT 4 PLC via Thomson Reuters ONE HUG#1710837 http://www.octopusinvestments.com
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