We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus Vct 2 | LSE:OVC2 | London | Ordinary Share | GB00B3SD2L64 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 99.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOVC2 Octopus VCT 2 plc Half-Yearly Results 11 August 2015 Octopus VCT 2 plc, managed by Octopus Investments Limited, today announces the half-yearly results for the six months ended 30 June 2015. The results were approved by the Board of Directors on 11 August 2015 Financial Summary Six months to Six months to Year to 30 June 2015 30 June 2014 31 December 2014 Net assets (GBP'000s) 19,083 18,831 19,222 Return on ordinary activities after tax (GBP'000s) 338 42 506 Net asset value ("NAV") per 100.0p 98.3p 100.7p share Cumulative dividends paid 5.0p 2.5p 2.5p NAV plus cumulative dividends 105.0p 100.8p 103.2p paid Chairman's Statement I am pleased to present the half-yearly report for Octopus VCT 2 plc for the period ended 30 June 2015. Performance The NAV plus cumulative dividends paid of the Company has increased from 103.2p as at 31 December 2014 to 105.0p as at 30 June 2015, including payment of the final dividend of 2.5p per share in June. The period under review saw realised gains on disposals totalling GBP475,000 and an uplift in the value of the portfolio of GBP45,000, offset by an accrual for management fees of GBP152,000. Investment Portfolio The 6 months to 30 June 2015 saw the exit of fourteen of the Company's solar investments. This resulted in GBP9.8 million of proceeds for the Company and an overall capital gain of GBP2.5 million, including the unrealised gains recognised as at 31 December 2014. On 31 March 2015 the Company invested GBP1,550,000 into Tanganyika Heat Limited and GBP950,000 into Winnipeg Heat Limited, both in the anaerobic digestion sector. In addition, on 20 February 2015, an investment of GBP2.5 million was made into Coupra Limited, a company set up to pursue investment opportunities. As at 30 June 2015 the investment portfolio comprised 21% in solar, 24% in anaerobic digestion, 7% in ground source heat, 9% in media and 4% in business services. Cash and Liquid Resources Uninvested cash is deposited in carefully selected banks and money market funds with good credit ratings to mitigate the risk of loss. Principal Risks and Uncertainties Risks faced by the Company include economic, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the ways in which they are managed, are described in more detail in the Company's Annual Report and Accounts for the year ended 31 December 2014. VCT Qualifying Status PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice concerning ongoing compliance with HMRC rules and regulations concerning VCTs. The Board has been advised that the Company is compliant with the conditions laid down by HMRC for achieving provisional approval as a VCT. As the Company has passed the end of its third accounting period it must ensure that at least 70% of its investments comprise qualifying holdings on an ongoing basis in order to maintain HMRC approval as a VCT. It is pleasing to report that, as at 30 June 2015, 100% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments. The Board is confident that this 70% threshold will be maintained. Outlook We are delighted to have achieved the profitable exits in the solar sector and to see an uplift in the valuation of a number of the portfolio companies which has led to the rise in the NAV of the Company. We are seeing an ongoing strong performance in our renewable energy portfolio and were pleased to have invested a further GBP2.5m in the anaerobic digestion sector in March. Ian Pearson Chairman 11 August 2015 Directors' Responsibilities Statement 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 'Interim Financial Reporting' issued by Financial Reporting Council; -- the half-yearly report includes a fair review of the information required by the Financial Services 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 Ian Pearson Chairman Income Statement Six months to 30 June Six months to 30 June 2015 2014 Year to 31 December 2014 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 - 475 475 - - - - - - Fixed asset investment holding gains - 45 45 - 80 80 - 532 532 Other income 108 - 108 106 - 106 255 - 255 Management fees (38) (114) (152) - - - - - - Other expenses (138) - (138) (144) - (144) (281) - (281) Return on ordinary activities before tax (68) 406 338 (38) 80 42 (26) 532 506 Taxation on ordinary activities - - - - - - - - - Return on ordinary activities after tax (68) 406 338 (38) 80 42 (26) 532 506 Return per share - basic and diluted (0.4p) 2.2p 1.8p (0.2p) 0.4p 0.2p (0.1p) 2.8p 2.7p -- 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 are an integral part of the half-yearly report. Reconciliation of Movements in Shareholders' Funds Six months ended Six months ended Year to 30 June 2015 30 June 2014 31 December 2014 GBP'000 GBP'000 GBP'000 Shareholders' funds at start of period 19,222 19,337 19,337 Return on ordinary activities after tax 338 42 506 Purchase of own shares - (69) (142) Dividends paid (477) (479) (479) Shareholders' funds at end of period 19,083 18,831 19,222 Balance Sheet As at 31 December As at 30 June 2015 As at 30 June 2014 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments* 14,297 15,841 18,593 Current assets: Debtors 189 81 140 Cash at bank 4,802 3,003 527 4,991 3,084 667 Creditors: amounts falling due within one year (205) (94) (38) Net current assets 4,786 2,990 629 Net assets 19,083 18,831 19,222 Called up equity share capital 191 192 191 Special distributable reserve 17,360 17,433 17,360 Capital redemption reserve 3 2 3 Capital reserve - gains/(losses) on disposal 1,764 (168) (168) - holding (losses)/gains (181) 1,370 1,822 Revenue reserve (54) 2 14 Total equity shareholders' funds 19,083 18,831 19,222 Net asset value 100.0p 98.3p 100.7p per share *Held at fair value through profit and loss The statements were approved by the Directors and authorised for issue on 11 August 2015 and are signed on their behalf by: Ian Pearson Chairman Company Number: 07484406 Cash flow statement Six months to Six months to Year to 30 June 2015 30 June 2014 31 December 2014 GBP'000 GBP'000 GBP'000 Net cash outflow from operating activities (64) (16) (107) Financial investment: Purchase of fixed asset investments (5,000) - (2,500) Sale of fixed asset investments 9,816 1,000 1,200 Tax paid - - (12) Financing: Dividends paid (477) (479) (479) Purchase of own shares - (69) (142) Increase/(decrease) in cash resources at bank 4,275 436 (2,040) Reconciliation of return before taxation to cash flow from operating activities Six months to Six months to Year to 31 30 June 2015 30 June 2014 December 2014 GBP'000 GBP'000 GBP'000 Return on ordinary activities before tax 338 42 506 Gain on disposal of fixed asset investments (475) - - Gain on valuation of fixed asset investments (45) (80) (532) (Increase)/decrease in debtors (49) 5 (54) Increase/(decrease) in creditors 167 17 (27) Outflow from operating activities (64) (16) (107) Reconciliation of net cash flow to movement in net funds Six months to Six months to Year to 31 30 June 2015 30 June 2014 December 2014 GBP'000 GBP'000 GBP'000 Increase/(decrease) in cash resources at bank 4,275 436 (2,040) Opening net cash resources 527 2,567 2,567 Net funds at period end 4,802 3,003 527 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 VCT 2 PLC via Globenewswire HUG#1944973 http://www.octopusinvestments.com/
1 Year Octopus Vct 2 Chart |
1 Month Octopus Vct 2 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions