Octopus Apollo VCT plc : Interim Management Sta...

Octopus Apollo VCT PLC
Interim Management Statement
                     
24 June 2014

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Apollo VCT plc ("Apollo" or "Company") presents an Interim Management Statement for the period 1 February 2014 to 30 April 2014. The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial Summary

	3 months to 30 April 2014	Year to 31 January 2014
Net assets (£'000s)	67,962	63,905
Net (loss)/profit after tax (£'000s)	(198)	1,751
Net asset value per share ("NAV")	86.9p	86.8p
Cumulative dividends paid since launch *	22.5p	22.5p
NAV plus cumulative dividends paid	109.4p	109.3p
Proposed final dividend	-	2.5p*

*If approved at the AGM, a dividend of 2.5 pence per Ordinary share will be paid on 22 July 2014 to shareholders on the register on 27 June 2014

Investment performance
At 30 April 2014 the total return per Ordinary share, being NAV plus cumulative dividends paid or proposed, was 109.4p, which compares to a total return of 109.3p as at 31 January 2014, an increase of 0.1%.

A loan repayment of £429,000 was received from Callstream Limited on 5 February 2014. On 6 March 2014 the £3,500,000 loan to Borro was repaid in full along with all accrued interest. The Company disposed of its investment in Hydrobolt Limited for proceeds of £1,466,932 on 31 March 2014. On 3 April 2014 the Company reduced the value of its participation in Terido LLP by £750,000.
On 17 April 2014 the Company made a qualifying investment in Countrywide Healthcare Services Limited for £2,675,000

Top Ten Investment Portfolio by Value as at 30 April 2014

Company	Investment class	Carrying value £'000	% of Net Assets
Terido LLP	Asset backed lending	13,250	19.5%
Clifford Thames Group Limited	Automotive	7,594	11.2%
CSL DualCom Limited	Security devices	6,959	10.2%
Countrywide Healthcare Services Limited	Consumer finance	2,675	3.9%
Healthcare Services and Technology Limited	Healthcare Technology	2,500	3.7%
Shakti Power Limited	Solar	2,185	3.2%
Mablaw 555 Limited	Engineering	2,030	3.0%
Erie Heat Limited	Anaerobic Digestion	2,000	2.9%
Winnipeg Heat Limited	Anaerobic Digestion	2,000	2.9%
Resilient Corporate Services Limited	Solar	1,748	2.6%

Dividends
The Board proposed a final dividend of 2.5p per share for the year ended 31 January 2014.  If approved at the AGM, this dividend will be paid on 22 July 2014 to those shareholders who are on the register on 27 June 2014.

Issue of shares
On 21 February 2014 the Company issued 4,552,069 shares at a price of 89.7p per share.

Cancellation of Share Preium Account and Capital Redemption Reserve
On 26 March 2014 the High Court of Justice, Chancery Division approved the cancellation of the Company's share premium account and capital redemption reserve. As a result of these cancellations £39,375,355 was transferred to the special distributable reserve.

Material events and transactions
The Board is not aware of any other significant event or transaction which has occurred between 1 May 2014 and the date of the publication of this statement which would have a material impact on the financial position on the Company.

For further information please contact:
Benjamin Davis - Fund Manager
Octopus Investments Limited - 0800 316 2295

ENDS

 

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Octopus Apollo VCT plc via Globenewswire

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