TIDMOOA
Octopus AIM VCT plc
Final Results
19 May 2017
Octopus AIM VCT plc, managed by Octopus Investments Limited, today
announces the final results for the year ended 28 February 2017.
These results were approved by the Board of Directors on 19 May 2017.
You may view the Annual Report in full at www.octopusinvestments.com in
due course. All other statutory information will also be found there.
Financial Summary
28 February 29 February
2017 2016
Net assets (GBP'000s) 99,915 77,224
Net profit after tax (GBP'000s) 15,123 742
Net asset value (NAV) per share 114.4p 101.6p
Ordinary Dividends per share paid in year 5.0p 5.3p
Special Dividend per share paid in year - 4.0p
Proposed Final Dividend per share* 3.0p 2.5p
Total Return** 17.5% 0.6%
* Subject to shareholder approval at the Annual General Meeting, the
proposed final dividend will be paid on 4 August 2017 to shareholders on
the register on 7 July 2017.
**Total return is calculated as (movement in NAV + dividends paid in the
period) divided by the NAV at the beginning of the period.
Chairman's Statement
Introduction
The year to 28 February 2017 has included a number of events which, in
the opinion of many commentators, should have upset the stock market.
They included the UK's decision to leave the European Union, the outcome
of the US presidential election and widespread forecasts of a slowing
rate of economic growth in the UK. However, that has not been the case.
Both the Net Asset Value (NAV) and general market indices have made
progress, and more recent forecasts have suggested that the UK's
economic prospects might now be improving.
During the year your company raised GBP14.3 million by the issue of new
shares and a further GBP4.3 million has been raised since the year end.
Your Company continued to buy back from selling shareholders.
Board Composition
As you will be aware, there were changes to the Board in the year
following the retirement of Michael Reeve and Marion Sears. I would like
to thank them both for their counsel and particularly acknowledge the
role played by my predecessor in the growth of your Company since its
inception which I believe has been in the interests of all shareholders,
both past and present. We are happy to have welcomed two new board
directors, Joanne Parfrey and Neal Ransome, to join the Board. Neal is
Chairman of the Audit Committee.
Performance
Against a backdrop of generally improving market sentiment, the NAV has
been able to make good progress in the year to 28 February 2017. Adding
back the 5.0p of ordinary dividends paid out in the year, the NAV per
share rose by 17.5%. This compares with a rise in the AIM index of
33.1%, a rise in the FTSE All Share Index of 22.8% and a rise in the
FTSE Smallcap Index ex Investment Trusts of 21.2%, all on a total return
basis.
In the interim accounts I reported that we had invested GBP2.1 million
in qualifying holdings. In the second half of the year we invested a
further GBP1.3 million in qualifying investments which comprised of a
new holding in FreeAgent Holdings Plc together with two further
follow-on investments into Microsaic Systems plc and Futura Medical plc.
In addition we invested GBP8.9 million in non-qualifying holdings in the
year, in order to put the funds raised to work in the market. We made
disposals totalling GBP3.5 million realising a gain on prior year
opening value of GBP1.2million.
Further details of performance are contained in the Investment Manager's
Review below.
New VCT Rules
It is now well over a year since the latest VCT regulations began to
take effect and our Managers have adjusted to the new environment. At
this stage there has been little impact on the portfolio itself and no
need to change investment policies. That is a situation that may vary
in the future, but any modification is likely to be evolutionary. At
present there are signs of a developing trend towards investing in
smaller and earlier stage companies which fit the HMRC regulations.
These may take a few years to contribute meaningfully to performance,
given their early stage of development.
Making follow-on investments has proved difficult on occasions and is
one concern for the sector as a whole, which needs to be addressed by
the authorities, since the inability to support existing investments
seems to invalidate much of the purpose of VCTs and to undermine the
potential for growth in the UK economy.
Dividends
An interim dividend of 2.5p was paid to shareholders in January 2017 in
addition to the 2.5p final dividend that had been paid in July 2016. It
is your Board's intention to continue to pay a minimum of 2.5p each half
year and to adjust the final dividend annually, based on the year-end
share price, so that shareholders receive either 5p per annum or a 5%
yield, whichever is the greater at the time. This will enable dividends
to progress with a rising NAV, whilst maintaining the minimum historic
level. With respect to the year to February 2017 your Board has so far
declared and paid an interim dividend of 2.5p and now has pleasure in
recommending a final dividend of 3.0p, which brings the total dividend
for the year to 5.5p which is higher than an annualised yield of 5%,
based on the share price of 108.75p on 28 February 2017.
Dividend Reinvestment scheme
In common with many other VCTs in the industry, your Company has
established a Dividend Reinvestment Scheme (DRIS). Some shareholders
have already taken advantage of this opportunity. For investors who do
not need income, but value the additional tax relief on their reinvested
dividends, this is an attractive scheme and I hope more shareholders
will find it useful. In the course of the year 467,393 new shares have
been issued under this scheme. The dividend referred to above will be
eligible for the DRIS.
Share Buybacks
During the year to 28 February 2017 your Company continued to buy back
shares in the market from selling shareholders and purchased 2,059,061
Ordinary shares for a total consideration of GBP2,054,339. We have
maintained a discount of approximately 4.5% (equating to a 5.0% discount
to the selling shareholder after costs), which your Board monitors and
intends to retain as a policy which fairly balances the interests of
both remaining and selling shareholders. Buybacks remain an essential
practice for VCTs as providing a means of selling is an important part
of the initial investment decision and has enabled your Company to grow.
As such therefore I hope you will all support the appropriate resolution
at the AGM.
Share Issues
In the year to 28 February 2017 we have raised a total of GBP14.3
million of new capital in two offers. A prospectus was published on 21
December 2015, which allowed for a maximum of GBP20 million to be
raised. This offer closed on 3 October 2016 having raised GBP18 million
in total, although only GBP14 million of this fell into the Company's
accounting year.
Your Board also launched a small GBP4.3 million Top-up issue on 6
February 2017, which closed fully subscribed on 27 February 2017 and was
well supported by existing shareholders. This resulted in the issue of
3,649,371 new Ordinary shares. It would be the Board's present
intention to have a fund raising each year and details will be sent to
you when they are next available.
VCT Status
PricewaterhouseCoopers LLP provides your Board and Investment Manager
with advice concerning continuing compliance with HMRC regulations for
VCTs. Your Board has been advised that Octopus AIM VCT is in compliance
with the conditions laid down by HMRC for maintaining approval as a VCT.
A key requirement is to maintain at least a 70% qualifying investment
level. As at 28 February 2017 some 88.61% of the portfolio as measured
by HMRC rules was invested in qualifying investments.
Risks and uncertainties
In accordance with the Listing Rules under which your Company operates
your Board has to comment on the potential risks and uncertainties which
could have a material impact on the Company's performance. A risk arises
from the requirement to maintain compliance with HMRC regulations
requiring 70% of your Company's assets to be invested in qualifying
holdings. Other risks include economic conditions which impact
particularly on smaller companies in which your Company invests and this
could have an adverse impact on share prices. Further details of the
risks faced by the Company and the processes in place to mitigate them
are set out in the Business Review within the full Annual Report and
Accounts.
Annual General Meeting
The Annual General Meeting will be held on 20 July 2017. I very much
hope that you will be able to come. After the formal business our
Investment Managers will make a presentation. At the Annual General
Meeting, a resolution will be proposed to extend the life of the Company
until 2022 in order to preserve the VCT status of the Company for the
benefit of both existing shareholders and new investors participating in
the present share offer.
Outlook
There are a number of short term uncertainties at present which make
forecasting more difficult than usual. We must hope that they do not
combine to undermine investor confidence, although it seems unlikely
that they will disrupt the good trading of many of your Company's
holdings in the remainder of this new financial year. It is encouraging
that the NAV has continued to rise since the year end and was 119.5p as
at 30 April 2017. The flow of VCT qualifying deals has also picked up
after a slow start to 2017, and your Manager has made four further
qualifying investments totalling GBP2.6 million since the year end.
I look forward to seeing as many of you as possible at the Annual
General Meeting at 11 am on 20 July 2017.
Roger Smith
Chairman
19 May 2017
Investment Manager's Review
Introduction
In a year in which some significant economic and political events have
taken markets by surprise, the expectation that volatility would follow
as a consequence has been confounded by a stronger market, particularly
towards the end of the year to 28 February 2017. All indices have risen,
particularly in the last few months of the year. Large companies with
overseas earnings had a particularly strong period of performance after
the Referendum in June 2016 as Sterling fell and the oil price began to
recover. However, smaller companies have also performed well, so we are
pleased to report a rise in the NAV and the maintenance of the 5% yield
objective.
The year to 28 February 2017 has continued to see AIM raise new capital
for companies, both already quoted and new flotations and your Company
has invested steadily throughout the year as well as raising new capital
for future investments. The prospectus offer closed in October 2016 and
we have recently closed the Top-Up offer for GBP4.3 million to give
existing and new shareholders a chance to invest in the current tax
year. We are starting to see the number of VCT qualifying investment
opportunities rise, after a slow start to this year.
The Alternative Investment Market
Despite some volatility in the first half of the financial year, the
FTSE AIM All-Share Index rose in that period. The rise in the second
half of the year was more consistent and felt stronger, but in fact the
rise in the second half of 14.6% compared with an increase of 14.1% in
the first half. Contributing particularly strongly to the rise in the
AIM index were both the oil and resources sectors, whose indices rose by
approximately 57% and 71%. Share trading volumes also picked up, helped
by a sense of stability, if not outright confidence, despite the result
of the Referendum to leave the EU. Smaller companies continued to be
seen as an increasingly attractive asset class.
In addition, September 2016 saw a reasonable results season confirming
that for many smaller companies the economy remained supportive. Against
that background the number of AIM companies has shrunk further, to 973
at 28 February 2017, compared to 1,029 a year earlier. However, we
believe that the quality has continued to rise and see nothing
fundamentally wrong with AIM just because it has fewer companies on the
market. New issues in the last twelve months include such names as
Joules, the clothing manufacturer and retailer, and Hotel Chocolat, the
chocolatier. AIM remains the UK stock market of choice for smaller
growing companies.
AIM listed companies have continued to raise new capital throughout the
year. In the twelve months to 28 February 2017 AIM raised a further
GBP3.6 billion of new capital for existing companies and a total of
GBP1.1 billion for new companies floating on the market. Although the
level of fundraising for existing companies was lower than last year,
these figures show conclusively that AIM remains open for the funding of
good growth companies and continues to attract new entrants. VCTs play a
significant part in that funding process and we identify below the
companies we have invested in during the second half of the year.
Performance
Adding back the dividends paid during the year to show the total return,
the Net Asset Value increased in the year, giving a total return of
17.5%. This compares with a total return for the FTSE Smallcap Index ex
Investment Trusts of 21.2% and for AIM of 33.1% and the FTSE All Share
Index of 22.8% in the twelve month period. Individual months in the
year under review saw share prices suffering significant bouts of
volatility and the market has generally remained wary for most of the
year of smaller companies which have yet to make a profit, although more
established companies, which have outperformed expectations, have been
well rewarded by rising prices. While the rise in NAV is encouraging, it
fell short of the performance of the AIM Index, which has been driven
particularly by some sectors, such as resources and oil and gas, in
which your Company is unable under VCT rules to make direct investments,
and which have risen by 57% and 71% respectively. The FTSE Smallcap
Index ex Investment Trusts, which rose less than the AIM Index, is
probably more representative of the types of companies in which this VCT
invests, as we have remarked before, and its performance was more
comparable to the rise in the NAV. The FTSE Smallcap Index ex Investment
Trusts is made up of fully-listed stocks and does not, therefore, have
the smaller pre-profit companies that we have in your portfolio.
Within the portfolio there was once again a good contribution from the
more established and already profitable companies which includes many of
the individual non-qualifying holdings such as RWS, Abcam, Next Fifteen
and Gooch and Housego. However, the polarisation we talked about in the
interim statement persisted with companies deemed to be exposed to the
'Brexit effect', such as Staffline and Vertu Motors, continuing to
underperform despite producing decent figures and encouraging trading
statements. In addition Tasty's exposure to rising costs caused it to
re-evaluate some of its new opening pipeline and raise extra funds to
reduce its debt financing, all of which caused its shares to
underperform. We do not share the market's current pessimism about
these companies, which have been held in the portfolio for a number of
years and where the management teams have successfully grown in
challenging economic conditions in the past. We believe that their share
prices will recover as they deliver on their growth plans.
Elsewhere, underperformance came from the earlier stage companies in the
portfolio, particularly those that had setbacks or showed themselves in
need of further cash to reach profitability. Nektan, Oxford
Pharmascience and Microsaic all performed poorly in the year. Nektan
raised new capital in December and Microsaic had a fundraising where we
made a further investment to support the management team who believe
they now have a product which they can sell. Oxford Pharmascience is
trading at around the GBP21 million value of cash in the balance sheet
reflecting disappointment that it has so far failed to negotiate a
licensing deal for its taste masking technology for NSAIDS. The other
poor performers were TLA where a bid and a move to Nasdaq had boosted
the shares for much of 2016 and Midatech, which has now raised GBP16
million in new funds which should be sufficient to finance the business
to profitability.
There were several corporate developments during the year. Breedon
completed the acquisition of Hope, doubling the size of the business and
giving it a much prized cement railhead into London. GB Group also made
an important acquisition in scanning technology and, although its shares
suffered a setback on the news that revenue growth would be affected by
the slow roll-out of a UK Government contract, the holding remained a
strong performer. Ergomed raised money and acquired another
pharmacovigilance business in a very earnings enhancing deal, which was
much better received by the market than its earlier acquisition of
Haemostatix, and the shares have started to recover. Idox, EKF and
Animalcare were all positive contributors to performance after their
core businesses started to show growth after a period of consolidation.
In EKF's case this was after the business was pared back to its core and
re-focussed under the direction of the new Chairman.
Several shares performed particularly well as the underlying businesses
demonstrated that they were delivering on, or ahead of, their plans at
the time that we invested. Gear4music is now a profitable business with
a third of its revenues coming from Europe and growing at more than 50%
in the current year. DP Poland has also finally demonstrated that the
Domino's model works in Poland and is now signing up sub-franchisees for
new sites. Quixant has also increased its customer base and has had
several upgrades to its forecasts this year, making it the biggest
positive contributor to the fund's performance this year. Craneware has
also re-established its growth credentials although it has had more of a
roller-coaster performance as it outperformed on the back of weak
sterling before underperforming on fears over changes to the US
healthcare market under President Trump, although the shares have since
recovered helped by news of new contracts.
The non-qualifying element of the equity portfolio also did well in the
year as our existing strategy of investing in larger more liquid,
profitable companies to counterbalance new earlier stage qualifying
holdings continued to pay off. We have now supplemented these with
holdings in Octopus Portfolio Manager and the FP Octopus Micro Cap
Growth funds to manage liquidity, while cash is awaiting investment.
Portfolio Activity
Having made four new qualifying investments in the first half of the
year, we added three further qualifying holdings in the second half. Of
these one was new, FreeAgent Holdings, into which we invested just under
GBP0.3 million in a popular issue and the others were additions to
Microsaic and Futura Medical. These two added up to just under GBP1
million. This made a total investment of GBP3.4 million in qualifying
investments in the year to 28 February 2017, which was considerably
lower than last year's GBP5.9 million reflecting slightly lower levels
of fundraising activity on AIM and the short term effects of digesting
the new VCT rules. The new holding, FreeAgent, is a supplier of cloud
based accounting software sold as a service to enable sole traders and
small businesses to file their tax returns on line or via mobile. It is
expected to be profitable for the year to March 2019.
We have also invested a proportion of our newly raised cash in
non-qualifying holdings with a view to improving returns by putting
liquid assets to work. In total we invested GBP8.9 million into new
non-qualifying holdings in the year.
There were no major disposals in the year, although we took the
opportunity to dispose of some of the smaller holdings that were not
contributing to performance. Thus we sold Vianet, Tanfield and Lombard
Medical each at a loss and accepted the offer for Tangent Communications,
also realising a loss. We also sold Altitude realising a profit and, at
the end of a protracted process, accepted the offer for Bond
International. All being well this sale will produce a very small
further sum in 2018. We have taken profits from a number of holdings,
such as Vectura, Abcam, WANdisco and Futura, although in this latter
case we subsequently re-invested in the company's most recent
fundraising. In total during the year we made disposals of GBP3.5
million realising a gain on prior year opening value of GBP1.2m.
Since the year end, we have seen a pick up in the number of fundraisings
on AIM and have invested in four new qualifying holdings. They are
Escape Hunt, a leisure company, into which we have invested GBP1 million,
Velocity Composites where we invested GBP0.8 million, Maxcyte, a
healthcare company, where we invested GBP0.5 million and Faron
Pharmaceuticals where we invested GBP0.3 million. Further details of the
post year end transactions are provided in Note 18 to the financial
statements.
New VCT Regulations
During the year under review, to 28 February 2017, we were required to
assimilate the consequences of the new rules established in the Summer
Budget of 2015. We have not found that there needed to be any material
change to our investment approach. We are determined to maintain a
threshold of quality and to invest where we see returns from growth.
However, the emphasis of the regulations is definitely to encourage
investment into earlier stage companies and to that extent, it seems
highly likely over a number of years, that the portfolio will see a rise
in the number of smaller companies receiving our initial investment. We
would hope and expect to invest further in those companies as they grow.
To summarise the changes, in order to qualify companies must:
-- have fewer than 250 full time equivalent employees; and
-- have less than GBP15 million of gross assets at the time of investment
and no more than GBP16 million immediately post investment; and
-- be less than seven years old from the date of its first commercial sale
(or 10 years if a knowledge intensive company) if raising State Aided (ie
VCT) funds for the first time; and
-- have raised no more than GBP5 million of State Aided funds in the
previous 12 months and less than the lifetime limit of GBP12 million (or
GBP20 million if a knowledge intensive company); and
-- produce a business plan to show that the funds are being raised for
growth and development.
Although there is a longer period and higher funding limit allowed for
knowledge intensive companies, it seems possible that a new funding gap
will open up for smaller companies, which reach their funding limit, but
which are still in a development phase. This would particularly affect
a company which has failed, for whatever reason, to qualify as a
knowledge intensive one. It is also possible that capital intensive
companies, which potentially form a key part of the new government's
industrial strategy, will face funding challenges as VCTs will not be
able to follow on with further investment and the companies may be too
small to attract investment from more conventional and larger
institutional investors. This financing issue is probably a long way
down any government department's list of priorities, but it is to be
hoped that the funding gap fails to materialise for any of our holdings.
One of our major and consistent reasons for refusing to invest is the
belief that a company is not raising enough capital at a particular
time. We will persist with that criterion.
Outlook & Future Prospects
Markets have enjoyed a strong start to 2017, buoyed by better than
expected economic growth figures and a sense of relief that the
immediate disaster predicted by those opposing the decision to exit the
European Union has not materialised. However, political and
macro-economic issues remain and newspaper headlines are still dominated
by speculation about Brexit's eventual impact on our economy as well as
the shape of our future relationships with Europe and the rest of the
world. These questions are unlikely to be settled quickly, and it seems
therefore that investors have to be prepared for bouts of uncertainty
and volatility. On the plus side, the rising level of confidence has
resulted in an increased interest in smaller companies and support for
fundraisings through March and April, and there are no immediate signs
of this reversing. We remain confident that smaller companies can
continue to grow. The dominant theme of the recent reporting season with
a few exceptions was confident trading statements that led to forecast
upgrades. In the immediate future there is no economic upset to that
trend, and any impact from Brexit itself will be felt much further into
the future than February 2018.
The portfolio now contains 76 holdings with investments across a range
of sectors including several such as Craneware, Gooch and Housego,
Gear4music, Clinigen, Cello, DP Poland and GB Group, which have
significant international exposure. Domestic companies such as Breedon,
Vertu and Staffline have already demonstrated their management's ability
to grow their businesses successfully in difficult economic conditions,
and the latter two should see scope for further share price recovery if
they continue to meet market expectations. The balance of the portfolio
still remains towards profitable companies, with several expected to
start paying dividends in 2017. The top-up fundraising for GBP4.3
million adds to the funds available for new investments and allows us to
take advantage of any dip in valuations should sentiment weaken in the
future. We will, as we have in the past, remain selective when viewing
new investment opportunities.
The AIM Team
Octopus Investments Limited
19 May 2017
Directors' Responsibilities Statement
The Directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for
each financial year. Under that law the Directors are required to
prepare the financial statements and have elected to prepare the
Company's financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting
Standards and applicable law) including FRS 102 - "The Financial
Reporting Standard applicable in the UK and Republic of Ireland". Under
company law the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the
state of affairs of the Company and of the profit or loss for the
Company for that period.
In preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained in the
financial statements;
-- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business; and
-- prepare a Strategic Report, a Director's Report and Director's
Remuneration Report which comply with the requirements of the Companies
Act 2006.
The Directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the Company's transactions and
disclose with reasonable accuracy at any time the financial position of
the Company and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for ensuring that the annual report and
accounts, taken as a whole, are fair, balanced, understandable and
provide the information necessary for shareholders to assess the
Company's position and performance, business model and strategy.
Website Publication
The Directors are responsible for ensuring the Annual Report and the
financial statements are made available on a website. Financial
statements are published on the Company's website in accordance with
legislation in the United Kingdom governing the preparation and
dissemination of financial statements, which may vary from legislation
in other jurisdictions. The maintenance and integrity of the Company's
website is the responsibility of the Directors. The Directors'
responsibility also extends to the ongoing integrity of the financial
statements contained therein.
Directors' Responsibility Statement pursuant to DTR4
Roger Smith (Chairman), Stephen Hazell-Smith, Joanne Parfrey and Neal
Ransome the Directors, confirm to the best of their knowledge that:
-- the financial statements have been prepared in accordance with the
Financial Reporting Standard applicable in the United Kingdom and
Republic of Ireland ("FRS 102") and give a true and fair view of the
assets, liabilities, financial position and profit and loss of the
Company.
-- the Annual Report includes a fair review of the development and
performance of the business and the financial position of the Company,
together with a description of the principal risks and uncertainties that
it faces.
For and on behalf of the Board
Roger Smith
Chairman
19 May 2017
Income Statement
Year to 28 February 2017 Year to 29 February 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on disposal
of fixed asset
investments - 1,178 1,178 - 59 59
Gain on
valuation of
fixed asset
investments - 14,258 14,258 - 1,684 1,684
Gain on
valuation of
current asset
investments - 668 668 - - -
Investment
income 858 - 858 816 - 816
Investment
management
fees (353) (1,059) (1,412) (340) (1,021) (1,361)
Other expenses (427) - (427) (456) - (456)
Net return on
ordinary
activities
before
taxation 78 15,045 15,123 20 722 742
Taxation - - - - - -
Net return on
ordinary
activities
after taxation 78 15,045 15,123 20 722 742
Earnings per 0.1p 17.7p 17.8p 0.0p 1.0p 1.0p
share - basic
and diluted
-- the 'Total' column of this statement represents the statutory Income
Statement of the Company; the supplementary revenue return and capital
return columns have been prepared in accordance with the AIC Statement of
Recommended Practice
-- 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, as well as OEIC funds.
The Company has no recognised gains or losses other than the results for
the period as set out above. Accordingly a Statement of Comprehensive
Income is not required.
Balance Sheet
As at 28 February As at 29 February
2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments 79,919 64,578
Current assets:
Investments 14,858 5,269
Debtors 332 48
Cash at bank 13,679 9,751
28,869 15,068
Creditors: amounts falling due
within one year (8,873) (2,422)
Net current assets 19,996 12,646
Net assets 99,915 77,224
Called up equity share capital 873 760
Share premium 35,422 21,643
Capital redemption reserve 45 24
Special distributable reserve 53,717 60,062
Capital reserve realised (28,020) (26,518)
Capital reserve unrealised 37,445 20,898
Revenue reserve 433 355
Total equity shareholders' funds 99,915 77,224
Net asset value per share - basic 114.4p 101.6p
and diluted
The statements were approved by the Directors and authorised for issue
on 19 May 2017 and are signed on their behalf by:
Roger Smith
Chairman
Company number: 03477519
Statement of Changes in Equity
Shares Capital Special* Capital* Capital
Share Share to be redemption distributable reserve reserve Revenue*
Capital Premium issued reserve reserves realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 March
2015 656 13,951 319 9 63,684 (29,810) 23,468 335 72,612
Management fee
allocated as
capital
expenditure - - - - - (1,021) - - (1,021)
Current year
gains on
disposal - - - - - 59 - - 59
Current period
gains on fair
value of
investments - - - - - - 1,684 - 1,684
Prior years'
holding
gains/losses
now realised - - - - - 4,254 (4,254) - -
Net Revenue on
ordinary
activities
after tax - - - - - - - 20 20
Cancellation
of Share
Premium - (4,658) - - 4,658 - - - -
Total
comprehensive
income for
the year - (4,658) - - 4,658 3,292 (2,570) 20 742
Contributions
by and
distributions
to owners:
Repurchase and
cancellation
of own
shares (15) - - 15 (1,499) - - - (1,499)
Issue of
shares 119 12,989 (319) - - - - - 12,789
Share issue
costs - (639) - - - - - - (639)
Dividends paid - - - - (6,781) - - - (6,781)
Balance as at
29 February
2016 760 21,643 - 24 60,062 (26,518) 20,898 355 77,224
As at 1 March
2016 760 21,643 - 24 60,062 (26,518) 20,898 355 77,224
Management fee
allocated as
capital
expenditure - - - - - (1,059) - - (1,059)
Current year
gains on
disposal - - - - - 1,178 - - 1,178
Current period
gain on fair
value of
investments - - - - - - 14,926 - 14,926
Prior years'
holding
gains/losses
now realised - - - - - (1,621) 1,621 - -
Net Revenue on
ordinary
activities
after tax - - - - - - - 78 78
Total
comprehensive
income for
the year - - - - - (1,502) 16,547 78 15,123
Contributions
by and
distributions
to owners:
Repurchase and
cancellation
of own
shares (21) - - 21 (2,054) - - - (2,054)
Issue of
shares 134 14,413 - - - - - - 14,547
Share issue
costs - (634) - - - - - - (634)
Dividends paid - - - - (4,291) - - - (4,291)
Balance as at
28 February
2017 873 35,422 - 45 53,717 (28,020) 37,445 433 99,915
*Included in these reserves is an amount of GBP26,130,000 (2016:
GBP33,899,000) which is considered distributable to shareholders.
Cash Flow Statement
Year to 28 Year to 29 February
February 2017 2016
GBP'000 GBP'000
Cash flows from operating activities
Return on ordinary activities before
tax 15,123 742
Adjustments for:
(Increase)/decrease in debtors (284) 155
Increase in creditors 6,451 1,674
(Gain) on disposal of fixed assets (1,178) (59)
(Gain) on valuation of fixed asset
investments (14,258) (1,684)
(Gain) on valuation of current asset
investments (668) -
Cash from operations 5,186 828
Cash flows from investing activities
Purchase of fixed asset investments (3,391) (11,043)
Purchase of current asset investments (8,900) -
Sale of fixed asset investments 3,486 5,919
Net cash flows from investing
activities (8,805) (5,124)
Cash flows from financing activities
Purchase of own shares (2,054) (1,499)
Share issues 13,913 12,469
Decrease in shares to be issued - (319)
Dividends Paid (4,291) (6,781)
Net cash flows from financing
activities 7,568 3,870
Increase/(decrease) in cash and cash
equivalents 3,949 (426)
Opening cash and cash equivalents 15,020 15,446
Closing cash and cash equivalents 18,969 15,020
Cash and cash equivalents comprise
Cash at Bank 13,679 9,751
Money Market Funds 5,290 5,269
18,969 15,020
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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 AIM VCT PLC via Globenewswire
http://www.octopusinvestments.com
(END) Dow Jones Newswires
May 19, 2017 11:10 ET (15:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Octopus Aim Vct (LSE:OOA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Octopus Aim Vct (LSE:OOA)
Historical Stock Chart
From Apr 2023 to Apr 2024
