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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Octopus Vct | LSE:OVCT | London | Ordinary Share | GB00B42T3254 | 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% | 88.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
+----------------+ Notes to the Half-Yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 31 August 2012 have been prepared in accordance with the Accounting Standards 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 29 February 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 31 August 2012 do not constitute statutory accounts within the meaning of s.415 of the Companies Act 2006. The comparative figures for the period ended 29 February 2012 have been extracted from the audited financial statements for that period, 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 at 31 August 2012 is calculated on the basis of 52,145,218 (31 August 2011: 52,214,787 and 29 February 2012: 52,192,487) 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 return per share figures are relevant. The basic and diluted earnings per share are therefore identical. 4. Net asset value per share The net asset value per share is calculated on the basis of 52,145,218 (31 August 2011: 52,214,787 and 29 February 2012: 52,145,218) shares in issue at that date. 5. Principal Risks and Uncertainties The Company's assets consist of equity and fixed-rate interest investments, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic, loss of approval as a VCT, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the way in which they are managed, are described in more detail in the Company's Annual Report and Accounts for the period ended 29 February 2012. The Company's principal risks and uncertainties have not changed materially since the date of that report. 6. Contingencies, guarantees and financial commitments Under the terms of the Investment Management agreement, Octopus is entitled to an annual management fee of 2.0% of net assets. However, the annual management fee will be rolled up (without interest) and will only be paid to Octopus once shareholders have received dividends and distributions during the life of the Company totalling or exceeding 105p per share. Octopus will only be entitled to receive an annual management fee for the period from the date on which shares are first allotted under the Offer until the date on which the general meeting is held (expected to be in August 2015) at which shareholders will be asked to approve a motion regarding the future of the company. In view of the early stage of the investment process, the Directors do not currently believe there is sufficient certainty that any management fee will be paid, and have therefore made no accrual in respect of any fee potentially payable. In relation to management fees, there was a contingent liability of GBP2,450,000 as at 31 August 2012 (29 February 2012: GBP1,950,000). Provided that an intermediary continues to act for a shareholder and the shareholder continues to be the beneficial owner of the shares, intermediaries will be paid an annual trail commission up to 0.5% of the initial net asset value. Trail commission of GBP120,000 was paid during the six month period to 31 August 2012 (31 August 2011: GBP314,000 and 29 February 2012: GBP433,000) and there was GBPnil outstanding at the period end. There were no further contingencies, guarantees or financial commitments as at 31 August 2012 (31 August 2011: none and 29 February 2012: none). 7. Related Party Transactions Martijn Kleibergen, a non-executive director of Octopus VCT plc, is an employee of Octopus Investments Limited. Octopus VCT plc has employed Octopus throughout the period as Investment Manager. Octopus VCT plc has paid Octopus GBPnil in the period as a management fee and there is GBPnil outstanding at the balance sheet date. The fee in respect of the accounting and administrative services, charged at 0.3% of the net asset value, is payable quarterly in arrears and is calculated at annual intervals as at 28 February. In addition, Octopus also provides secretarial services for an additional fee of GBP15,000 per annum. 7. Copies of this statement will be made available to all shareholders. Copies are also available from the registered office of the Company at 20 Old Bailey, London, EC4M 7AN, and will also be available to view on the Investment Manager's website at www.octopusinvestments.com. 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 VCT PLC via Thomson Reuters ONE [HUG#1648477]
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