Half-Yearly Results
Octopus Future Generations VCT
plc
Half-Yearly Results
Octopus Future Generations VCT plc (‘Future
Generations VCT’ or the ‘Company’) is backing businesses that aim
to address society’s biggest challenges, providing an opportunity
for investors to share in the growth of ambitious, purpose‑driven
companies.
The Company is managed by Octopus AIF Management
Limited (the ‘Manager’), who has delegated investment management to
Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via
its investment team Octopus Ventures.
The Company today announces the half-yearly
results for the six months to 31 December 2023.
Interim Management Report
Chair’s statement
Highlights
- £47.0m in total net assets
- 93.7p Net asset value (NAV) per
share
- £8.6 million raised to 31 October
2023 in last fundraise
I am pleased to present the unaudited
half-yearly report and accounts for the Company for the six months
to 31 December 2023.
I would like to welcome all new shareholders to
the Company. Future Generations VCT invests in exciting early-stage
companies which aspire to address current environmental and
societal issues.
The NAV per share at 31 December 2023 was 93.7p,
which represents a net decrease of 0.6p per share from 30 June
2023. In the period to 31 December 2023, we utilised £2.1 million
of our cash resources. Of this amount, £2.0 million was invested
into six new portfolio companies. The cash balance of £20.1 million
as at 31 December 2023 represents 43% of net assets at that
date. The loss made in the period to 31 December 2023 was £0.3
million, which is to be expected at this early stage due to the
running costs of the Company exceeding returns from
investments.
Fundraise
We were pleased to raise £8.6 million in our previous fundraise
which closed on 31 October 2023. We have since launched a new offer
to raise up to £15.0 million with an over-allotment facility of up
to £5.0 million. The offer will close for new applications on 27
January 2025, or earlier if fully subscribed.
As investors will be aware, the intention is to
invest in businesses which we believe demonstrate good investment
prospects as well as having the potential to transform the world we
live in for the better. The three themes are building a sustainable
planet, empowering people and revitalising healthcare. We look to
invest into companies that align with these three themes.
VCT qualification
I am pleased to report that the Company has met the 30% Investment
Rule for the funds raised to June 2023 ahead of the deadline, which
was 30 June 2024. Additionally, we have achieved ahead of deadline
the requirement for 80% of the Company’s funds to be invested in
qualifying holdings by 1 July 2024 (for funds raised up to 30 June
2022).
Principal risks and
uncertainties
The Board continues to review the risk environment in which the
Company operates. We were pleased in the November Autumn Statement
that the chancellor announced that the VCT sunset clause will be
extended, meaning VCT relief will be available to subscribers for
shares issued before April 2035, rather than April 2025. At this
time, there have been no significant changes to the key risks which
were described in the Annual Report for the year ended 30 June
2023. The Board does not anticipate significant changes to these
risks in the year ahead.
Change to year end
In 2023, the Board reviewed and approved a proposal to move the
Company’s year end from 30 June to 31 December. This change is
mainly being driven by operational efficiency gains that can be
achieved by aligning year-end periods with other funds with which
the Company co-invests. As a result, shareholders will receive a
half-yearly report for periods ending 31 December 2023 and 30 June
2024, followed by an annual report for 31 December 2024 covering an
extended 18-month period. After this, the normal cadence of
reporting will resume.
Board of Directors
Emma Davies has announced her retirement from the Board of
Directors. It has been a pleasure to work with Emma, and I would
like to take this opportunity to thank her on behalf of the Board
and shareholders for her valuable contribution since the Company
launched. Having completed a structured recruitment process, I am
pleased to announce the appointment of Ajay Chowdhury as an
independent Non-Executive Director. Ajay is a serial entrepreneur,
venture capitalist and author, and is currently a senior partner at
the Boston Consulting Group. We look forward to benefitting from
his wealth of experience in the early-stage venture ecosystem.
Outlook
The Company is at the beginning of its investment journey. The
nature of investing into early-stage companies means that the value
of our portfolio will take time to grow. We also expect that some
of the investments made by the Company fail. Until the Company is
fully invested, there is a greater concentration of value in fewer
companies, so performance will be more sensitive to valuation
movements in the underlying holdings than if the portfolio was
larger. Higher interest rates also continue to dampen business and
consumer confidence and these conditions are particularly
challenging for early-stage companies to navigate and do not look
set to ease in the short to mid-term.
However, despite these challenges there is
reason to be optimistic as these conditions present opportunities
to invest into, and build, new early-stage companies at attractive
valuations. Our Manager continues to see interesting business
opportunities, as passionate entrepreneurs seek new ways to solve
fundamental environmental and societal issues. Our long-term view
of early-stage venture capital remains positive.
The long-term target of the Company is to pay an
annual dividend of 5% of the NAV generated by exits from
investments. However, given the expected holding period of target
portfolio companies and restrictions imposed on VCTs, it is very
unlikely that the Company will be able to pay dividends before the
end of 2025. During this time, any growth in the portfolio value
will be reflected in the Company’s share price.
I would like to conclude by thanking my Board
colleagues and the Octopus team on behalf of all shareholders for
their hard work. I am looking forward to seeing what the coming
year brings for the Company.
Helen Sinclair
Chair
28 March 2024
Portfolio Manager’s review
Focus on Future Generations VCT’s
investments
Below is a breakdown of the 30 investments held as at 31 December
2023, showing the proportion and value of the portfolio in each
investment theme:
Proportion by number of portfolio companies
in each theme
Revitalising healthcare: 53%
Empowering people: 27%
Building a sustainable planet: 20%
Value of the portfolio in each
theme
Revitalising healthcare: £16.0m
Empowering people: £7.5m
Building a sustainable planet: £3.2m
Overview of investments
The Company completed six new investments in the reporting period
(comprising a total of £2.0 million) and three further investments
after 31 December 2023 totalling £2.8 million of investment. More
information on three of these businesses can be found below:
A selection of our completed
investments
Revitalising healthcare
CellVoyant
An artificial intelligence (AI) first biotechnology company
creating novel stem cell-based therapies for chronic diseases. Its
technology uses AI-first live cell imaging to predict and optimise
stem cell differentiation, to controllably manufacture any cell and
tissue in the body at scale. It is working at the exciting
intersection of cell biology, computer vision, engineering, and
machine learning to industrialise next-generation science from
research into the real world.
Building a sustainable planet
Metris
A platform that allows landlords of multi-unit buildings to
monetise modular renewable energy projects through a single billing
platform to charge tenants. Its innovative technology and guidance
makes navigating the path to solar energy quick and easy allowing
commercial property owners to play a part in securing a greener,
more prosperous future for their portfolio and the planet.
Revitalising healthcare
Awell
Automates routine clinical tasks, synchronising data between
systems and driving seamless coordination between care teams and
patients. Despite significant technological advances, healthcare
delivery remains sub-optimal and Awell wants to change this to give
care teams more time for the human aspects of care.
Top ten investments
Portfolio company |
Cost |
Valuation
at
31 December 2023 |
Investment
Theme |
1. Perk Finance,
S.L. (t/a* Cobee) |
£2.6m |
£3.5m |
Empowering
people |
2. HelloSelf
Limited |
£2.6m |
£2.6m |
Revitalising
healthcare |
3. Tympa Health
Technologies Ltd |
£2.7m |
£2.4m |
Revitalising
healthcare |
4. Ourotech Ltd
(t/a Pear Bio) |
£2.0m |
£2.0m |
Revitalising
healthcare |
5. Infinitopes
Ltd |
£1.6m |
£1.6m |
Revitalising
healthcare |
6. Mr & Mrs
Oliver Ltd (t/a Skin + Me) |
£1.0m |
£1.5m |
Revitalising
healthcare |
7. Apheris AI
GmbH |
£1.2m |
£1.2m |
Revitalising
healthcare |
8. Intrinsic
Semiconductor Technologies Ltd |
£0.9m |
£1.0m |
Empowering
people |
9. Inflow
Holdings Inc. |
£1.0m |
£1.0m |
Revitalising
healthcare |
10. Living
Optics |
£0.9m |
£0.9m |
Empowering
people |
* Trading as
Portfolio engagement - D&I and
Greenhouse gases
As part of our strategy, we require portfolio companies to put in
place a Diversity and Inclusion policy (D&I) and an
Anti-Harassment policy. We also engage with each company to help
them understand their greenhouse gas emissions and support them to
take action to minimise them.
D&I policy status
Policy in place: 30
In progress: 0
Engaged on monitoring greenhouse gas
emissions
Signed up: 19
Introduced: 9
In progress: 2
Outlook
We continue to grow the portfolio with a further six investments
completing in the six-month reporting period and an additional
three to 28 March 2024. These investments span the Company’s three
investment themes, with each of the founding teams looking to solve
a different issue they have identified. These problems range from
looking to redefine how the brain is measured and treated, to
building a platform to allow landlords to monetise renewable energy
projects. Looking ahead at the pipeline of new investments, we are
excited to see this diversity of opportunity continues, with each
sharing the goal of trying to transform the world for the better,
addressing fundamental issues in our society and planet.
We recognise that 2023 has been a difficult year
for our portfolio companies and shareholders, with much
geo-political unrest and economic uncertainty. These challenges
have meant that we have been working more closely with our
portfolio companies, offering support through our dedicated people
and talent team and with non-executive directors on company Boards.
The portfolio is diversified across sector, product and stage,
providing some resilience to the tougher macro-economic environment
and offering potential for future growth. We believe recovery in
2024 is likely to be slow and fragile, with the expectation from
the Bank of England that the rate of inflation should continue to
slow and return to average historic levels in 2025. It is also
generally true that early-stage companies are agile and
well-positioned to leverage changes in attitudes that typically
occur during times of economic downturn. They are more open to
adopting new technologies and innovative approaches.
We are excited to have the opportunity to
continue to scale the Company, support its ambition to make the
world a better place for future generations, and hope to deliver
attractive returns to shareholders.
Directors’ responsibilities
statement
The Directors confirm that to the best of their
knowledge:
- the half-yearly financial
statements have been prepared in accordance with ‘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;
- the half-yearly report includes a
fair review of the information required by the Financial Conduct
Authority 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 twelve
months of the period; and
- we have disclosed a description of
related party transactions that have taken place in the first six
months of the current financial period, 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
Helen Sinclair
Chair
28 March 2024
Income statement
|
Unaudited |
Audited |
Unaudited |
|
Six months to 31 December 2023 |
Year to 30 June 2023 |
Six months to 31 December 2022 |
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Net (loss)/gain on valuation of fixed asset
investments |
— |
(136) |
(136) |
— |
(6) |
(6) |
— |
97 |
97 |
Investment management fees |
(117) |
(350) |
(467) |
(174) |
(522) |
(696) |
(95) |
(285) |
(380) |
Investment income |
515 |
— |
515 |
424 |
— |
424 |
56 |
— |
56 |
Foreign exchange translation |
— |
— |
— |
— |
— |
— |
27 |
— |
27 |
Other expenses |
(246) |
— |
(246) |
(500) |
— |
(500) |
(225) |
— |
(225) |
Loss before tax |
152 |
(486) |
(334) |
(250) |
(528) |
(778) |
(237) |
(188) |
(425) |
Tax |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Loss after tax |
152 |
(486) |
(334) |
(250) |
(528) |
(778) |
(237) |
(188) |
(425) |
Earnings per share – basic and diluted |
0.3p |
(1.0)p |
(0.7)p |
(0.6)p |
(1.3)p |
(1.9)p |
(0.6)p |
(0.5)p |
(1.1)p |
- The ‘Total’ column of this
statement is the profit and loss account of Future Generations VCT;
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.
- Future Generations VCT has only one
class of business and derives its income from investments made in
shares and securities and from bank and money market funds.
Future Generations VCT has no other
comprehensive income for the period.
The accompanying notes form an integral part of
the financial statements.
Balance sheet
|
Unaudited |
Audited |
Unaudited |
|
As at 31 December 2023 |
As at 30 June 2023 |
As at 31 December 2022 |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Fixed asset investments |
|
26,729 |
|
24,895 |
|
12,287 |
Current assets: |
|
|
|
|
|
|
Debtors |
240 |
|
379 |
|
86 |
|
Applications cash* |
100 |
|
370 |
|
100 |
|
Cash at bank |
107 |
|
152 |
|
9,432 |
|
Money market funds |
19,998 |
|
20,140 |
|
17,411 |
|
|
|
20,445 |
|
21,041 |
|
27,029 |
Creditors: amounts falling due within one year |
(177) |
|
(518) |
|
(222) |
|
Net current assets |
|
20,268 |
|
20,523 |
|
26,807 |
|
|
|
|
|
|
|
Net assets |
|
46,997 |
|
45,418 |
|
39,094 |
Share capital |
|
50 |
|
48 |
|
41 |
Share premium |
|
48,372 |
|
46,461 |
|
39,792 |
Capital reserve realised |
|
(990) |
|
(640) |
|
(403) |
Capital reserve unrealised |
|
(133) |
|
3 |
|
106 |
Revenue reserve |
|
(302) |
|
(454) |
|
(442) |
Total equity shareholders’ funds |
|
46,997 |
|
45,418 |
|
39,094 |
Net asset value per share |
|
93.7p |
|
94.3p |
|
95.1p |
* Cash received from investors but not yet
allotted.
The accompanying notes form an integral part of
the financial statements.
The statements were approved by the Directors
and authorised for issue on 28 March 2024 and are signed on their
behalf by:
Helen Sinclair
Chair
Company Number: 13750143
Statement of changes in equity
|
Share capital
£’000 |
Share premium
£’000 |
Capital reserve realised
£’000 |
Capital reserve unrealised
£’000 |
Revenue reserve
£’000 |
Total
£’000 |
As at 1 July 2023 |
48 |
46,461 |
(640) |
3 |
(454) |
45,418 |
Comprehensive income for the year: |
|
|
|
|
|
|
Management fees allocated as capital expenditure |
— |
— |
(350) |
— |
— |
(350) |
Net loss on fair value of fixed asset investments |
— |
— |
— |
(136) |
— |
(136) |
Profit after tax |
— |
— |
— |
— |
152 |
152 |
Total comprehensive income for the year |
— |
— |
(350) |
(136) |
152 |
(334) |
Contributions by and distributions to owners: |
|
|
|
|
|
|
Shares issued |
2 |
1,971 |
— |
— |
— |
1,973 |
Share issue costs |
— |
(60) |
— |
— |
— |
(60) |
Total comprehensive income for the year |
2 |
1,911 |
— |
— |
— |
1,913 |
Balance as at 31 December
2023 |
50 |
48,372 |
(990) |
(133) |
(302) |
46,997 |
The accompanying notes form an integral part of
the financial statements.
|
Share capital
£’000 |
Share premium
£’000 |
Capital reserve realised
£’000 |
Capital reserve unrealised
£’000 |
Revenue reserve
£’000 |
Total
£’000 |
As at 1 July 2022 |
33 |
31,572 |
(118) |
9 |
(204) |
31,292 |
Comprehensive income for the year: |
|
|
|
|
|
|
Management fees allocated as capital expenditure |
— |
— |
(522) |
— |
— |
(522) |
Net loss on fair value of fixed asset investments |
— |
— |
— |
(6) |
— |
(6) |
Loss after tax |
— |
— |
— |
— |
(250) |
(250) |
Total comprehensive income for the year |
— |
— |
(522) |
(6) |
(250) |
(778) |
Contributions by and distributions to owners: |
|
|
|
|
|
|
Shares issued |
15 |
15,164 |
— |
— |
— |
15,179 |
Share issue costs |
— |
(275) |
— |
— |
— |
(275) |
Total contributions by and distributions to
owners |
15 |
14,889 |
— |
— |
— |
14,904 |
Balance as at 30 June
2023 |
48 |
46,461 |
(640) |
3 |
(454) |
45,418 |
The accompanying notes form an integral part of
the financial statements.
|
Share capital
£’000 |
Share premium
£’000 |
Capital reserve realised
£’000 |
Capital reserve unrealised
£’000 |
Revenue reserve
£’000 |
Total
£’000 |
As at 1 July 2022 |
33 |
31,527 |
(118) |
9 |
(204) |
31,292 |
Comprehensive income for the year: |
|
|
|
|
|
|
Management fees allocated as capital expenditure |
— |
— |
(285) |
— |
— |
(285) |
Net gain on fair value of fixed asset investments |
— |
— |
— |
97 |
— |
97 |
Loss after tax |
— |
— |
— |
— |
(265) |
(265) |
Total comprehensive income for the year |
— |
— |
(285) |
97 |
(265) |
(453) |
Contributions by and distributions to owners: |
|
|
|
|
|
|
Shares issued |
8 |
8,421 |
— |
— |
— |
8,429 |
Share issue costs |
— |
(201) |
— |
— |
— |
(201) |
Total contributions by and distributions to
owners |
8 |
8,220 |
— |
— |
— |
8,228 |
Other movements: |
|
|
|
|
|
|
Foreign exchange translation |
— |
— |
— |
— |
27 |
27 |
Total other movements |
— |
— |
— |
— |
27 |
27 |
Balance as at
31 December 2022 |
41 |
39,792 |
(403) |
106 |
(442) |
39,094 |
The accompanying notes form an integral part of
the financial statements.
Cash flow statement
|
Unaudited |
Audited |
Unaudited |
|
Six months to |
Year
to |
Six months
to |
|
31 December |
30 June |
31 December |
|
2023 |
2023 |
2022 |
|
£’000 |
£’000 |
£’000 |
Cash flows from operating activities |
|
|
|
Loss before tax |
(334) |
(778) |
(425) |
Decrease/(increase) in debtors |
139 |
(325) |
(32) |
Decrease in creditors |
(72) |
(103) |
(129) |
Loss/(gain) on valuation of fixed asset investments |
136 |
6 |
(97) |
Outflow from operating activities |
(131) |
(1,200) |
(683) |
Cash flows from investing activities |
|
|
|
Purchase of fixed asset investments |
(1,970) |
(23,238) |
(10,528) |
Outflow from investing activities |
(1,970) |
(23,238) |
(10,528) |
Cash flows from financing activities |
|
|
|
Application account inflow |
1,687 |
13,634 |
6,614 |
Application account outflow
Proceed from share issues |
(1,957)
1,957 |
(15,179)
15,179 |
(8,429)
8,429 |
Share issue costs |
(43) |
(275) |
(201) |
Inflow from financing activities |
1,644 |
13,359 |
6,413 |
Decrease in cash and cash equivalents |
(457) |
(11,079) |
(4,798) |
Opening cash and cash equivalents |
20,662 |
31,741 |
31,741 |
Closing cash and cash equivalents |
20,205 |
20,662 |
26,943 |
Cash and cash equivalents comprise |
|
|
|
Cash at Bank |
107 |
152 |
9,432 |
Applications cash |
100 |
370 |
100 |
Money Market Funds |
19,998 |
20,140 |
17,411 |
|
20,205 |
20,662 |
26,943 |
The accompanying notes form an integral part of
the financial statements.
Condensed notes to the half-yearly
report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31
December 2023 have been prepared in accordance with the Financial
Reporting Council’s (FRC) Financial Reporting Standard 104 Interim
Financial Reporting (January 2022) and the Statement of Recommended
Practice (SORP) 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
twelve 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 and the recession.
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
accounts
The unaudited half-yearly report for the six months ended 31
December 2023 does not constitute Statutory Accounts within the
meaning of s.415 of the Companies Act 2006 and has not been
delivered to the Registrar of Companies. The comparative figures
for the year ended 30 June 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,
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 loss per share is based on 48,725,532 Ordinary shares (31
December 2022: 37,304,813, 30 June 2023: 40,987,788) being the
weighted average number of shares in issue during the period. There
are no potentially dilutive capital instruments in issue and so no
diluted returns per share figures are relevant. The basic and
diluted earnings per share are therefore identical.
4. Net asset value per
share
|
31 December 2023 |
30 June 2023 |
31 December 2022 |
Net assets (£’000) |
46,997 |
45,418 |
39,094 |
Shares in issue |
50,165,822 |
48,138,337 |
41,127,110 |
Net asset value per share (p) |
93.7 |
94.3 |
95.1 |
5. Allotments
During the six months to 31 December 2023, 2,027,485 shares were
issued at a weighted average price of 97.3p per share (period ended
31 December 2022: 8,557,932 shares at a weighted average price of
99.1p, 30 June 2023: 15,569,159 shares at a weighted average price
of 98.6p per share).
6. Transactions with the Manager and
Portfolio Manager
Future Generations VCT is classified as a full-scope Alternative
Investment Fund (AIF) under the Alternative Investment Fund
Management Directive (the ‘AIFM Directive’). Future Generations VCT
has appointed Octopus AIF Management Limited to provide the
services of an Alternative Investment Fund Manager (AIFM) of a full
scope AIF. In accordance with its power to do so under AIFMD,
Octopus AIF Management Limited has delegated portfolio management
to Octopus Investments Limited, whilst retaining the obligations of
a risk manager.
Future Generations VCT paid Octopus AIF
Management Limited £467,000 in the period as a management fee (31
December 2022: £380,000, 12 months to 30 June 2023: £696,000). The
annual management charge (AMC) is based on 2% of Future Generations
VCT’s NAV. The AMC is payable quarterly in advance and calculated
using the latest published NAV of Future Generations VCT and the
number of shares in issue at each quarter end. Once the quarter has
ended, an adjustment will be made if the NAV at the end of the
current quarter is calculated and which differs from the NAV as at
the end of the previous quarter.
Octopus also provides Non-Investment Services to
Future Generations VCT, payable quarterly in advance. The fee is
0.3% of Future Generations VCT’s NAV, calculated at quarterly
intervals. The Non-Investment Services Agreement (NISA) fee is
calculated using the latest published NAV of Future Generations VCT
and the number of shares in issue at each quarter end. As with the
AMC, an adjustment will be made once the quarter has ended if the
NAV at the end of the current quarter is calculated and which
differs from the NAV as at the end of the previous quarter. During
the period £70,000 was paid to Octopus for Non-Investment Services
(31 December 2022: £57,000, 12 months to 30 June 2023:
£122,000).
In addition, Octopus is entitled to
performance-related incentive fees, subject to Future Generations
VCT’s total return at year end exceeding the total return at the
previous year end when an incentive fee was paid or 97p if the
first incentive fee has not yet been paid (the ‘Excess’), equal to
20% of the Excess. No performance fee will be paid prior to the
financial period ending on 30 June 2025, dividends (paid or
declared) being equal to or greater than 10p per Ordinary share and
the total return exceeding 120p.
The cap relating to Future Generations VCT’s
total expense ratio, that is the regular, recurring costs of Future
Generations VCT expressed as a percentage of its NAV, above which
Octopus have agreed to pay, is 3.0%, and is calculated in
accordance with the AIC Guidelines.
7. Related party
transactions
Several members of the Octopus investment team hold non-executive
directorships as part of their monitoring roles in Future
Generations VCT’s portfolio companies, but they have no controlling
interests in those companies.
Emma Davies, a Non-Executive Director of Future
Generations VCT, previously held the role of co-CEO of Octopus
Ventures.
On 24 March 2023, Emma Davies ceased to be
employed by Octopus Capital Limited and therefore she is no longer
considered a related party. Emma is retiring as a Non-Executive
Director of Future Generations VCT on 31 March 2024.
No dividends have been paid to the Directors of
Future Generations VCT.
8. Voting rights and equity
management
The following table shows the percentage voting rights held by
Future Generations VCT in each of the top ten investments, on a
fully diluted basis.
Investments |
31 December 2023
% voting rights held by
Future Generations VCT |
Perk Finance, S.L. (t/a Cobee) |
2.8% |
HelloSelf Limited |
4.1% |
Tympa Health Technologies Ltd |
3.7% |
Ourotech Ltd (t/a Pear Bio) |
5.1% |
Infinitopes Ltd |
4.6% |
Mr & Mrs Oliver Limited (t/a Skin + Me) |
0.6% |
Apheris AI GmbH |
3.2% |
Intrinsic Semiconductor Technologies Limited |
5.1% |
Inflow Holdings Inc. |
1.9% |
Living Optics Ltd |
1.7% |
9. Post balance sheet
events
The following events occurred between the balance sheet date and
the signing of this half-yearly report:
- Three new investments completed
totalling £2.8 million.
- On 31 January 2024, the Company
announced a new Offer for Subscription for Ordinary shares of 0.1p
each in the Company, to raise up to £15.0 million in aggregate with
an over-allotment facility of up to a further £5.0 million.
10. Half-Yearly Report
The unaudited half-yearly report for the six months ended 31
December 2023 will shortly be available to view at
https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/
A 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 information please contact:
Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
LEI: 213800AL71Z7N2O58N66
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