Half-Yearly Results
Octopus Apollo VCT
plc
Half-Yearly Results
Octopus Apollo VCT plc announces its unaudited half-yearly
results for the six months ended 31 July 2023.
Octopus Apollo VCT plc (‘Apollo’ or the
‘Company’) 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 predominantly
unquoted companies. The Company is managed by Octopus Investments
Limited (‘Octopus’ or the ‘Investment Manager’).
Financial Summary
|
Six months to 31 July 2023 |
Six months to 31 July 2022 |
Year to 31 January 2023 |
Net
assets (£’000s) |
385,519 |
300,856 |
349,493 |
Profit after tax (£’000s) |
9,059 |
15,021 |
34,541 |
Net asset value per share (NAV)
(p) |
53.1 |
51.5 |
53.2 |
Cumulative dividends paid since
launch (p) |
86.0 |
83.4 |
84.7 |
NAV plus cumulative dividends
paid (p) |
139.1 |
134.9 |
137.9 |
Total return %* |
2.3 |
5.2 |
11.2 |
Dividends per share paid in
period (p) |
1.3 |
1.3 |
2.6 |
Dividend per share declared in the period (p) ** |
1.4 |
1.3 |
1.3 |
*Total return is calculated as movement in NAV +
dividends paid in the period divided by the NAV at the beginning of
the period.
**The interim dividend of 1.4p per Ordinary share for the period
to 31 July 2023 will be paid on 14 December 2023 to all Ordinary
shareholders on the register at 24 November 2023.
Interim Management Report
Chair’s statement
I am pleased to present the half-yearly report
for Apollo for the six months ended 31 July 2023. The net asset
value (NAV) plus cumulative dividends per share as at 31 July 2023
was 139.1p, an increase of 1.2p per share from 31 January 2023. The
NAV Total Return was 2.3% for the six months. In keeping with the
regular dividend policy, the Board has declared an interim dividend
of 1.4p per share which will be paid to shareholders on 14 December
2023.
In the six months to 31 July 2023 Apollo has had
another successful period, showing good value creation driven by
growth in much of the investment portfolio. This is particularly
pleasing against the ongoing backdrop of the difficult global
macroeconomic environment and the readjustment of valuation
multiples we have been seeing both in unquoted and publicly traded
technology stocks. The underlying portfolio companies have
continued to show resilience and robust performance which has led
to the 2.3% NAV Total Return.
New and follow-on investments and divestment
activity in the period is detailed in the Investment Manager’s
review.
On 3 February 2023, the Board announced that its
offer for subscription, which opened in October of the prior year,
was closed having successfully raised £50 million. The performance
of Apollo and investor demand led the Board to announce on 5 April
2023 its intention to re-open and increase the size of this offer
by a further £40 million. This offer successfully closed on 18
September 2023. This will allow the investment team to continue
making investments on behalf of Apollo, helping to further
diversify the portfolio and create opportunities for future growth.
I would like to take this opportunity to welcome all new
shareholders and thank all existing shareholders for their
continued support.
Following the Board evaluation undertaken
earlier this year, and given the ongoing growth of Apollo, the
Board has initiated a search for an additional Non-Executive
Director. The Board have recently undertaken a review of governance
arrangements and have established two additional committees. The
Management Engagement Committee, which will be chaired by Claire
Finn, and a Nomination & Remuneration Committee, which I will
chair. The Management Engagement Committee will assist the Board in
evaluating the performance of the Portfolio Manager and other
third-party service providers engaged by the Company. The
Nomination & Remuneration Committee considers the selection and
appointment of Directors to the Board and its committees, along
with Board composition and succession planning. Furthermore, I am
pleased to advise that Claire Finn is now the Company’s Senior
Independent Director.
Transactions with the Investment
ManagerDetails of amounts paid to the Investment Manager
are disclosed in note 7 to the half-yearly report.
Share buybacksApollo has
continued to buy back shares in line with our policy. In the six
months to 31 July 2023, the Company bought back 7,709,237 Ordinary
shares for total consideration of £3.9 million.
Dividend and dividend policyIt
is the Board’s policy to maintain a regular dividend flow, where
possible, in order to take advantage of the tax-free distributions
a VCT is able to provide, and work towards the targeted 5% annual
dividend yield policy.
The Board has declared an interim dividend of
1.4p per Ordinary share in respect of the period ended 31 July
2023. The dividend will be payable on 14 December 2023 to Ordinary
shareholders on the register at 24 November 2023.
Dividend Reinvestment Scheme
(DRIS)The Apollo DRIS is an attractive scheme for
investors who prefer to benefit from additional income tax relief
on their reinvested dividend. During the period to 31 July 2023,
4,038,321 shares were issued under the DRIS, equating to a
reinvested amount of £2.1 million.
VCT qualifying statusShoosmiths
LLP provides the Board and Investment Manager with advice
concerning ongoing compliance with His Majesty’s Revenue &
Customs (HMRC) rules and regulations concerning VCTs. The Board has
been advised that Apollo is complying with the conditions set by
HMRC for maintaining approval as a VCT. A key requirement is to
maintain at least an 80% qualifying investment level. As at 31 July
2023, 100% of the portfolio, as measured by HMRC rules, was
invested in VCT qualifying investments.
Principal risks and
uncertaintiesThe principal risks and uncertainties are
described in detail within the strategic report in Apollo’s annual
report for the year ended 31 January 2023. These are also set out
in note 6 to the half-yearly report.
Murray
SteeleChair
Investment Manager’s review
Performance
In the six months to 31 July 2023, the NAV Total
Return was 2.3%. This performance is attributable to positive fair
value movements across most of the unquoted investments in the
portfolio but in particular, the continued strong contribution from
technology-focused investments, which now make up 94% of the
portfolio.
The value of the portfolio has increased by
£15.2 million, excluding additions. The largest contributors were
Codeplay Solutions Limited (trading as Lodgify - £4.7 million
valuation increase), Triumph Holdings Limited (£4.1 million
valuation increase) and Ubisecure Limited (£2.5 million valuation
increase), supported by positive contributions from other
investments across the unquoted portfolio.
Portfolio activity
During the period £3.9 million was invested into one new
investment:
• Zipline Cloud Pty Ltd (trading as Pendula) –
a two-way customer communication platform that helps organisations
automate high impact customer engagement to improve customer
retention, satisfaction and drive additional revenue.
During the period £10.5 million was invested into six follow-on
investments, the largest of which were:
• Synchtank £2.5 million – a cloud-based SaaS
solution for managing digital entertainment assets, rights,
metadata, and accounting of royalty payments; and
• Value Blue B.V. £2.2 million – a Dutch
company providing an IT architecture management solution so
customers can plan and execute digital transformation.
Since the reporting date, the Company has invested £6.5 million
in a new investment and £1.5 million in two follow-on
investments.
In March, we were pleased to exit the Company’s
holding in The Safeguarding Company (TSC), a business which
combined the best technology and expertise to protect children and
vulnerable adults. It was acquired by Tes Global, a provider of
online educational services and software. The Company first
invested in TSC in August 2019 and during the investment period,
TSC almost doubled its headcount and expanded its product
functionality and international presence. The exit offered the
Company a 2.5x total return.
Summary and future prospectsWe
are delighted to report the continued uplift in the Total Return of
the Company, which is a testament to the investment strategy and
investment team’s experience in sourcing, selecting and structuring
deals. The portfolio companies have shown their resilience in a
market where many others have struggled to grow and succeed. We
have found that as many of the portfolio companies have recurring
revenue models, they are more insulated from the macroeconomic
headwinds and market uncertainties many companies have faced over
the last 18 months. We will continue to closely monitor the
portfolio to ensure we can offer the necessary support as the
companies look to grow their revenue base, increase their market
share, and attract new talent.
The return offered to the Company with the
acquisition of TSC by Tes Global was well received, especially when
set against the more challenging exit environment. Opportunities to
exit are less frequent as large market incumbents are not as
acquisitive in more turbulent, uncertain conditions and some are
focussing on cost reductions.
We are pleased with the support we have received
from Apollo investors, and the resulting success of the fundraise.
The investment team will continue to source new investment
opportunities which align with the Company’s mandate, and we look
forward to growing the portfolio. We would like to take this
opportunity to thank existing shareholders and welcome new
shareholders.
Richard Court Partner and Apollo Lead Fund Manager
Investment portfolioTop ten
investments
|
Sub sector |
Investment cost as at 31 July 2023 £’000 |
Total movement in fair value since investment
£’000 |
Fair value as at 31 July 2023 £’000 |
Movement in fair value in period
£’000 |
% equity held by Apollo |
|
Fixed asset investments |
|
|
|
|
|
|
|
N2JB Limited (trading as
Natterbox) |
Telecommunications |
17,490 |
18,770 |
36,260 |
2,183 |
8.5% |
|
Sova Assessment Limited |
HR and humancapital |
10,500 |
12,248 |
22,748 |
(118) |
31.9% |
|
Ubisecure Holdings Limited |
Cybersecurity |
5,575 |
15,427 |
21,002 |
2,455 |
33.3% |
|
Triumph Holdings Limited |
Life sciences |
3,800 |
14,436 |
18,236 |
4,081 |
52.0% |
|
Fable Data Limited |
Financial services |
6,000 |
9,000 |
15,000 |
- |
6.2% |
|
Mention Me Limited |
Sales and marketing |
15,000 |
- |
15,000 |
(110) |
19.4% |
|
Codeplay SolutionsLimited
(trading asLodgify) |
Travel |
9,541 |
5,231 |
14,772 |
4,651 |
11.9% |
|
Hasgrove Limited |
Community |
308 |
12,313 |
12,621 |
1,898 |
5.4% |
|
Fuse Universal Limited |
Education |
8,000 |
4,157 |
12,157 |
721 |
0.0% |
|
Turtl Surf &
ImmerseLimited |
Sales and marketing |
10,000 |
2,104 |
12,104 |
585 |
13.6% |
|
Other |
|
110,054 |
31,901 |
141,955 |
(1,191) |
|
|
Total investments |
|
196,268 |
125,587 |
321,855 |
15,155 |
|
|
Current asset investments |
|
|
|
60,281 |
|
|
|
Cash at bank |
|
|
|
6,082 |
|
|
|
Debtors less creditors |
|
|
|
(2,699) |
|
|
|
Net assets |
|
|
|
385,519 |
|
|
|
Directors’ responsibilities statement
We confirm that to the best of our
knowledge:
- the
half-yearly financial statements have been prepared in accordance
with the Financial Reporting Standard 104 ‘Interim Financial
Reporting’ issued by the Financial Reporting Council;
- the
half-yearly financial statements give a true and fair view of the
assets, liabilities, financial position, and profit or loss of the
Company; and
- the
half-yearly report includes a fair review of the information
required by the Financial Conduct Authority’s Disclosure Guidance
and Transparency Rules, being:
- we have
disclosed 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;
- we have
disclosed a description of the principal risks and uncertainties
for the remaining six months of the year; and
- we have
disclosed 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
Murray SteeleChair
Income statement
|
Unaudited |
Unaudited |
Audited |
|
Six months to 31 July 2023 |
Six months to 31 July 2022 |
Year to 31 January 2023 |
|
Revenue£’000 |
Capital£’000 |
Total£’000 |
Revenue£’000 |
Capital£’000 |
Total£’000 |
Revenue£’000 |
Capital£’000 |
Total£’000 |
Realised gain on disposal of fixed asset investments |
– |
98 |
98 |
– |
406 |
406 |
– |
525 |
525 |
Gain in fair value of fixed asset
investments |
– |
15,155 |
15,155 |
_ |
21,984 |
21,984 |
_ |
49,921 |
49,921 |
(Loss) in fair value of current
asset investments |
– |
(205) |
(205) |
– |
(628) |
(628) |
– |
(800) |
(800) |
Investment income |
1,932 |
– |
1,932 |
954 |
11 |
965 |
2,257 |
11 |
2,268 |
Investment management fees (see
note 7) |
(877) |
(4,954) |
(5,831) |
(660) |
(5,834) |
(6,494) |
(1,437) |
(13,512) |
(14,949) |
Other expenses |
(2,091) |
– |
(2,091) |
(1,212) |
– |
(1,212) |
(2,431) |
– |
(2,431) |
Foreign currency translation |
1 |
– |
1 |
– |
– |
– |
7 |
– |
7 |
(Loss)/profit before tax |
(1,035) |
10,094 |
9,059 |
(918) |
15,939 |
15,021 |
(1,604) |
36,145 |
34,541 |
Tax |
– |
– |
– |
– |
– |
– |
– |
– |
– |
(Loss)/profit after tax |
(1,035) |
10,094 |
9,059 |
(918) |
15,939 |
15,021 |
(1,604) |
36,145 |
34,541 |
Earnings per share – basic and diluted |
(0.2)p |
1.5p |
1.3p |
(0.2)p |
3.0p |
2.8p |
(0.3)p |
6.3p |
6.0p |
• 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 no
recognised gains or losses other than those disclosed in the income
statement.
• The Company has no
other comprehensive income for the period.
• The accompanying
notes are an integral part of the half-yearly report.
Balance sheet
|
UnauditedAs at 31 July 2023 |
UnauditedAs at 31 July 2022 |
AuditedAs at 31 January 2023 |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Fixed asset investments |
|
321,855 |
|
238,170 |
|
306,930 |
Current assets: |
|
|
|
|
|
|
Investments |
3,766 |
|
20,800 |
|
3,970 |
|
Money market funds |
56,515 |
|
– |
|
40,360 |
|
Debtors |
5,110 |
|
4,497 |
|
4,866 |
|
Cash at bank |
6,082 |
|
43,210 |
|
14,251 |
|
|
71,473 |
|
68,507 |
|
63,447 |
|
Creditors: amounts falling due within one year |
(7,809) |
|
(5,821) |
|
(20,884) |
|
Net current assets |
|
63,664 |
|
62,686 |
|
42,563 |
Net assets |
|
385,519 |
|
300,856 |
|
349,493 |
|
|
|
|
|
|
|
Share capital |
|
725 |
|
584 |
|
657 |
Share premium |
|
117,977 |
|
38,711 |
|
78,440 |
Special distributable
reserve |
|
161,415 |
|
184,752 |
|
174,061 |
Capital redemption reserve |
|
167 |
|
153 |
|
159 |
Capital reserve realised |
|
(17,618) |
|
(9,094) |
|
(20,136) |
Capital reserve unrealised |
|
126,608 |
|
87,915 |
|
119,032 |
Revenue reserve |
|
(3,755) |
|
(2,165) |
|
(2,720) |
Total equity shareholders’ funds |
|
385,519 |
|
300,856 |
|
349,493 |
Net asset value per share |
|
53.1p |
|
51.5p |
|
53.2p |
The statements were approved by the Directors
and authorised for issue on 12 October 2023 and are signed on their
behalf by:
Murray SteeleChairCompany Number: 05840377
Statement of changes in equity
|
Share capital
£’000 |
Share premium £’000 |
Special distributable reserves*
£’000 |
Capital redemption
reserve£’000 |
Capital reserve
realised*£’000 |
Capital reserve
unrealised£’000 |
Revenue reserve*£’000 |
Total£’000 |
As at 1 February 2023 |
657 |
78,440 |
174,061 |
159 |
(20,136) |
119,032 |
(2,720) |
349,493 |
Total comprehensive income for the period |
– |
– |
– |
– |
(4,856) |
14,950 |
(1,035) |
9,059 |
Contributions by and
distributions to owners: |
|
|
|
|
|
|
|
|
Repurchase and cancellation of
own shares |
(8) |
– |
(3,907) |
8 |
– |
– |
– |
(3,907) |
Issue of shares |
76 |
41,858 |
– |
– |
– |
– |
– |
41,934 |
Share issue cost |
– |
(2,321) |
– |
– |
– |
– |
– |
(2,321) |
Dividends paid |
– |
– |
(8,739) |
– |
– |
– |
– |
(8,739) |
Total contributions by and distributions to
owners |
68 |
39,537 |
(12,646) |
8 |
– |
– |
– |
26,967 |
Other movements: |
|
|
|
|
|
|
|
|
Prior period fixed asset gains
now realised |
– |
– |
– |
– |
7,374 |
(7,374) |
– |
– |
Total other movements |
– |
– |
– |
– |
7,374 |
(7,374) |
– |
– |
As at 31 July 2023 |
725 |
117,977 |
161,415 |
167 |
(17,618) |
126,608 |
(3,755) |
385,519 |
*Included in these reserves is an amount of £140,042,000 (2022:
£173,493,000) which is considered distributable to shareholders per
the Companies Act.
|
Share capital
£’000 |
Share premium £’000 |
Special distributable reserves
£’000 |
Capital redemption
reserve£’000 |
Capital reserve
realised£’000 |
Capital reserve
unrealised£’000 |
Revenue reserve£’000 |
Total£’000 |
As at 1 February 2022 |
52,365 |
81,600 |
58,918 |
8,441 |
(5,197) |
68,079 |
(1,247) |
262,959 |
Total comprehensive income for the period |
– |
– |
– |
– |
(5,417) |
21,356 |
(918) |
15,021 |
Contributions by and
distributions to owners: |
|
|
|
|
|
|
|
|
Repurchase and cancellation of
own shares |
(11) |
– |
(5,081) |
11 |
– |
– |
– |
(5,081) |
Issue of shares |
72 |
36,741 |
– |
– |
– |
– |
– |
36,813 |
Share issue cost |
– |
(2,085) |
– |
– |
– |
– |
– |
(2,085) |
Dividends paid |
– |
– |
(6,771) |
– |
– |
– |
– |
(6,771) |
Total contributions by and distributions to
owners |
61 |
34,656 |
(11,852) |
11 |
– |
– |
– |
22,876 |
Other movements: |
|
|
|
|
|
|
|
|
Prior period fixed asset gains
now realised |
– |
– |
– |
– |
1,520 |
(1,520) |
– |
– |
Cancellation of sharepremium |
– |
(77,545) |
77,545 |
– |
– |
– |
– |
– |
Cancellation of capitalredemption
reserve |
– |
– |
8,299 |
(8,299) |
– |
– |
– |
– |
Share capital nominalvalue reduction |
(51,842) |
– |
51,842 |
– |
– |
– |
– |
– |
Total other movements |
(51,842) |
(77,545) |
137,686 |
(8,299) |
1,520 |
(1,520) |
– |
– |
As at 31 July 2022 |
584 |
38,711 |
184,752 |
153 |
(9,094) |
87,915 |
(2,165) |
300,856 |
|
Share capital£’000 |
Share premium£’000 |
Special distributable
reserves£’000 |
Capital redemption
reserve£’000 |
Capital reserve
realised£’000 |
Capital reserve
unrealised£’000 |
Revenue reserve£’000 |
Total£’000 |
As at 1 February 2022 |
52,365 |
81,600 |
58,918 |
8,441 |
(5,197) |
68,079 |
(1,247) |
262,959 |
Total comprehensive income for the year |
– |
– |
– |
– |
(12,976) |
49,121 |
(1,604) |
34,541 |
Contributions by and
distributions to owners: |
|
|
|
|
|
|
|
|
Repurchase and cancellation of
own shares |
(17) |
– |
(8,220) |
17 |
– |
– |
– |
(8,220) |
Issue of shares |
151 |
78,876 |
– |
– |
– |
– |
– |
79,027 |
Share issue cost |
– |
(4,491) |
– |
– |
– |
– |
– |
(4,491) |
Dividends paid |
– |
– |
(14,323) |
– |
– |
– |
– |
(14,323) |
Total contributions by and distributions to
owners |
134 |
74,385 |
(22,543) |
17 |
– |
– |
– |
51,993 |
Other movements: |
|
|
|
|
|
|
|
|
Prior year fixed asset losses now
realised |
– |
– |
– |
– |
(1,963) |
1,963 |
– |
– |
Cancellation of share
premium |
– |
(77,545) |
77,545 |
– |
– |
– |
– |
– |
Cancellation of capital
redemption reserve |
– |
– |
8,299 |
(8,299) |
– |
– |
– |
– |
Share capital nominalvalue
reduction |
(51,842) |
– |
51,842 |
– |
– |
– |
– |
– |
Transfer betweenreserves |
– |
– |
– |
– |
– |
(131) |
131 |
– |
Total other movements |
(51,842) |
(77,545) |
137,686 |
(8,299) |
(1,963) |
1,832 |
131 |
– |
As at 31 January 2023 |
657 |
78,440 |
174,061 |
159 |
(20,136) |
119,032 |
(2,720) |
349,493 |
Cash flow statement
|
UnauditedSix months to 31
July 2023£’000 |
UnauditedSix months to 31 July 2022£’000 |
AuditedYear to 31 January 2023£’000 |
Cash flows from operating activities |
|
|
|
Profit after tax |
9,059 |
15,021 |
34,541 |
Adjustments for: |
|
|
|
Increase in debtors |
(244) |
(609) |
(977) |
(Decrease)/increase in
creditors |
(6,869) |
(5,028) |
776 |
Gain on disposal of fixed
assets |
(98) |
(406) |
(525) |
Gain on revaluation of fixed
asset investments |
(15,155) |
(21,984) |
(49,921) |
Loss on revaluation of current
asset investment |
205 |
628 |
800 |
In-specie dividends |
– |
(11) |
(11) |
Net cash flows used in operations |
(13,102) |
(12,389) |
(15,317) |
Cash flows from investing
activities |
|
|
|
Purchase of fixed asset
investments |
(14,417) |
(27,870) |
(69,393) |
Transfer of current asset
investments |
– |
– |
16,659 |
Proceeds from sale of fixed asset
investments |
14,744 |
2,775 |
3,591 |
Net cash flows from/(used in) investing
activities |
327 |
(25,095) |
(49,143) |
Cash flows from financing
activities |
|
|
|
Movement in applications
account |
(6,206) |
(514) |
8,746 |
Purchase of own shares |
(3,907) |
(5,081) |
(8,220) |
Proceeds from share issues |
39,838 |
35,241 |
75,662 |
Cost of share issues |
(2,321) |
(2,085) |
(4,491) |
Dividends paid (net of DRIS) |
(6,643) |
(5,199) |
(10,958) |
Net cash flows from financing activities |
20,761 |
22,362 |
60,739 |
Increase/(decrease) in
cash and cash equivalents |
7,986 |
(15,122) |
(3,721) |
Opening cash and cash
equivalents |
54,611 |
58,332 |
58,332 |
Closing cash and cash equivalents |
62,597 |
43,210 |
54,611 |
Notes to the financial statements
1. Basis of
preparationThe unaudited half-yearly report which covers
the six months to 31 July 2023 has been prepared in accordance with
the Financial Reporting Council’s (FRC) Financial Reporting
Standard 104 ‘Interim Financial Reporting’ (March 2018) and the
Statement of Recommended Practice for Investment Companies,
re-issued by the Association of Investment Companies in July
2022.
The Directors consider it appropriate to adopt the
going concern basis of accounting. The Directors have not
identified any material uncertainties to the Company’s ability to
continue to adopt the going concern basis over a period of at least
12 months from the date of approval of the financial statements. In
reaching this conclusion the Directors have taken into account the
potential impact on the economy including inflation, the
possibility of a recession and the war in Ukraine.
The principal accounting policies have remained
unchanged from those set out in the Company’s 2023 Annual Report
and Accounts.
2. Publication of
non-statutory accountsThe unaudited half-yearly report for
the six months ended 31 July 2023 does not constitute Statutory
Accounts within the meaning of s.415 of the Companies Act 2006. The
comparative figures for the year ended 31 January 2023 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 of 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
shareThe earnings per share is based on 675,679,749
shares, being the weighted average number of shares in issue during
the period (31 January 2023: 572,765,083; 31 July 2022:
537,701,683).
There are no potentially dilutive capital
instruments in issue and, therefore, no diluted earnings per share
figures are relevant. The basic and diluted earnings per share are
identical.
4. Net asset value
per share
|
31 July 2023 |
31 July 2022 |
31 January 2023 |
Net assets (£) |
385,519,000 |
300,856,000 |
349,493,000 |
Shares
in Issue |
725,536,421 |
584,144,114 |
657,239,253 |
Net asset value per share (p) |
53.1 |
51.5 |
53.2 |
5. Dividends
The interim dividend of 1.4p per share will be paid on 14 December
2023 to shareholders on the register on 24 November 2023.
6. Principal risks and
uncertainties
The principal risks and uncertainties faced by
the Company are described in detail within the strategic report in
the Company’s Annual Report and Accounts for the year ended 31
January 2023.
The principal risks include investment
performance risk, VCT qualifying status risk, operational risk,
information security risk, economic risk, legislative risk,
liquidity risk and valuation risk. The Board has also considered
emerging and increasing risks, including adverse changes in global
macroeconomic environment, rising cost of living, geopolitical
tensions and climate change, which the Board seeks to mitigate by
setting policy and reviewing performance. The Company’s principal
risks and uncertainties have not changed materially since the date
of that report.
7. Transactions with
Investment Manager
Octopus acts as the Investment Manager of the
Company. Under the management agreement, the Investment Manager
receives a fee, payable quarterly in arrears, based on 2% of the
NAV calculated daily from 31 January for the investment management
services. The
Company has incurred management fees of £3,510,000 during the
period to 31 July 2023 (31 July 2022: £2,639,000; 31 January 2023:
£5,748,000). During the period the Company has also accrued
performance fees of £2,322,000 (31 July 2022: £3,855,000; 31
January 2023: £9,201,000).
The Investment Manager also provides accounting
and administration services to the Company, payable quarterly in
arrears, for a fee of 0.3% of the NAV calculated daily. In
addition, the Investment Manager also provides company secretarial
services for a fee of £20,000 per annum.
8. Related party
transactionsIn the period, Octopus Investments Nominees
Limited (OINL) purchased Apollo shares from shareholders to correct
administrative issues, on the understanding that shares will be
sold back to the Company in subsequent share buybacks at the
prevailing market price. As at 31 July 2023, OINL held 315 shares
(31 July 2022: 381; 31 January 2023: 173,900) in the Company as
beneficial owner. Throughout the period to 31 July 2023 OINL
purchased 315 shares (31 July 2022: 202,657; 31 January 2023:
189,525) at a cost of £163 (31 July 2022: £96,678; 31 January 2023:
£90,589) and sold 173,900 shares (31 July 2022: 211,536; 31 January
2023: 16,006) for proceeds of £87,993 (31 July 2022: £99,223; 31
January 2023: £7,721). This is classed as a related party
transaction as Octopus, the Investment Manager, and OINL are part
of the same group of companies. Any such future transactions, where
OINL takes over the legal and beneficial ownership of Company
shares will be announced to the market and disclosed in annual and
half-yearly reports.
9. Post balance sheet
eventsThe Company invested a total of £6.5 million in a
new investment and £1.5 million in two follow-on investments. On 25
September 2023 the Company cancelled its share premium amount of
£117,979,000.
10. Half Yearly ReportThe
unaudited half-yearly report for the six months ended 31 July 2022
will shortly be available to view on the Company’s website
https://www.octopusinvestments.comA copy of the half-yearly report
will be submitted to the National Storage Mechanism and will
shortly be available for inspection
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further enquiries, please contact:
Rachel PeatOctopus Company Secretarial Services LimitedTel: +44
(0)80 0316 2067
LEI: 213800Y3XEIQ18DP3O53
Octopus Apollo Vct (LSE:OAP3)
過去 株価チャート
から 5 2024 まで 6 2024
Octopus Apollo Vct (LSE:OAP3)
過去 株価チャート
から 6 2023 まで 6 2024