Octopus Apollo VCT plc : Final Results
Octopus Apollo VCT Plc
Final Results
29 May 2015
Octopus Apollo VCT plc, managed by Octopus Investments Limited, today announces the final results for the year ended 31 January 2015.
These results were approved by the Board of Directors on 29 May 2015.
You may, in due course, view the Annual Report in full at www.octopusinvestments.com. All other statutory information can also be found there.
Financial Summary - Ordinary shares
| Year to 31 January 2015 | Year to 31 January 2014 | |
| Net assets (£'000s) | 68,810 | 63,905 |
| Return on ordinary activities after tax (£'000s) | 2,270 | 1,751 |
| Net asset value per share (NAV) | 84.8p | 86.8p |
| Cumulative dividends paid since launch | 27.5p | 22.5p |
| Total return (NAV plus cumulative dividends paid) | 112.3p | 109.3p |
| Proposed final dividend | 2.5p | 2.5p |
A final dividend of 2.5p per Ordinary share will be paid on 31 July 2015 to shareholders on the register on 3 July 2015.
Financial Summary - C Ordinary shares
| Year to 31 January 2015 | |
| Net assets (£'000s) | 50,753 |
| Return on ordinary activities after tax (£'000s) | 22 |
| Net asset value per share (NAV) | 98.0p |
| Cumulative dividends paid since launch | 7.0p |
| Total return (NAV plus cumulative dividends paid) | 105.0p |
Reconciliation of the Movement in NAV per share - Ordinary shares
| NAV as at 1 February 2014 | 86.8p |
| Income | 3.5p |
| General Expenses | (1.2p) |
| Management fees | (1.4p) |
| Performance fees | (0.6p) |
| Unrealised gains on investments | 1.7p |
| Realised gains on investments | 1.0p |
| Dividends paid | (5.0p) |
| NAV as at 31 January 2015 | 84.8p |
Reconciliation of the Movement in NAV per share - C shares
| NAV on acquisition as at 28 November 2014 | 97.8p* |
| Income | 1.0p |
| General Expenses | (0.2)p |
| Management fees | (1.5p) |
| Unrealised losses on investments | (0.1)p |
| Realised gains on investments | 1.0p |
| NAV as at 31 January 2015 | 98.0p |
*the C Ordinary shares were created as part of the acquisition of the assets and liabilities of Octopus VCT plc ("OVCT"). Shareholders in OVCT were issued 1 C Ordinary share for every 1 OVCT share held.
Chairman's Statement
Introduction
I am pleased to present the annual report of Octopus Apollo VCT plc for the year ended 31 January 2015 and I should like to welcome all new shareholders following the acquisition of assets and liabilities of Octopus VCT plc.
It has been a positive year for the Company. In addition to raising nearly £4.1 million by way of a top up offer in February 2014, the Company launched an Offer for Subscription to raise up to £20 million, with an over allotment facility of a further £10 million, in October 2014. At the time of writing £19.5 million had been raised under the Offer.
In November 2014 the Company acquired the assets of Octopus VCT plc ("OVCT"), increasing the net assets of the Company by £50.7 million and making it one of the largest VCTs in the country. OVCT was established in 2009 as a limited life VCT seeking to deliver a total return to shareholders at the end of the five year qualifying holding period of at least 105p per share. The commercial arrangement in respect of the C Ordinary shares is that no annual management fee has yet been paid to Octopus and will only be paid after five years and once shareholders have received dividends and distributions totalling or exceeding 105p per share. The total return rose above 105p per share in the period under review and, as such, an accrual of £777,000 has been made in the accounts to reflect the fee payable on the amount over and above 105p.
The Company created a new C Ordinary share class through the issue of 52,035,840 C shares to the former shareholders of OVCT and the investment portfolio is currently separately accounted for under this share class. The C share class structure has been established to enable the Board to monitor the performance of the C share assets to ascertain whether the 105p total return target referred to above is achieved and therefore whether any management fee is payable to Octopus in respect of the C share portfolio. C shareholders will soon be offered the opportunity to realise their investment or to convert their shares into Ordinary shares. We will be writing to them in the summer setting out details of this process.
Board
Following the acquisition of OVCT's assets and liabilities ("transaction") I am delighted to welcome James Otter, the former Chairman of OVCT to the Board. James brings with him a wealth of knowledge both of OVCT, as well as of VCTs and smaller companies in general. I am also pleased that Chris Powles and Matt Cooper have continued as directors of the Company, retaining their considerable experience. I should also like to take this opportunity to thank Tony Morgan, who resigned following the transaction, for his outstanding contribution to the Company. Tony was appointed Chairman of the Company at launch in July 2006 and held that position until its transaction with Octopus Apollo VCT 1 plc, Octopus Apollo VCT 2 plc and Octopus Apollo VCT 4 plc in September 2012, whereupon he stood down as Chairman but remained as a director. This continuity and Tony's input has been invaluable. Resolutions to appoint James Otter and to re-elect Matt Cooper will be proposed at the forthcoming AGM.
Performance
The net asset value ('NAV") of the Ordinary share class has fallen from 86.8p per Ordinary share as at 31 January 2014 to 84.8p per share as at 31 January 2015. After adding back the 5.0p of dividends paid in the year, the total return (NAV plus cumulative dividends paid) has risen by 2.7%, from 109.3p per share as at 31 January 2014 to 112.3p per share as at 31 January 2015.
The C Ordinary shares were issued on completion of the transaction on 28 November 2014 at a deemed issue price of 97.8p per C share. As at 31 January 2015 the NAV per share of the C shares had risen to 98.0p.
Dividend and Dividend Policy
It is your 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.
Given the performance of the Company your Board has proposed a final dividend of 2.5 pence per Ordinary share in respect of the year ended 31 January 2015. This will bring the total dividends paid on the Ordinary share class in respect of the year to 5 pence. The dividend will be payable on 31 July 2015 to Ordinary shareholders on the register at 3 July 2015.
In view of the forthcoming liquidity event for holders of the Company's C Ordinary shares no dividend has been proposed in respect of this share class.
Dividend Reinvestment Scheme (DRIS)
In common with a number of VCTs, the Company has introduced a dividend reinvestment scheme following approval at the general meeting held on 21 November 2014. This is an attractive scheme for investors who do not need income, but would prefer to benefit from additional income tax relief on their re-invested dividend. I hope that shareholders will find this scheme beneficial.
Share Buybacks
Your Company has continued to buy back shares as required. Subject to shareholder approval at the forthcoming annual general meeting this facility will remain in place to provide liquidity to investors who may wish to sell their shares.
Investment Portfolio
The transaction with Octopus VCT plc ("OVCT") on 28 November 2014 resulted in the Company acquiring its £50.3m investment portfolio which had been invested under a capital preservation mandate.
In January 2015, both share classes participated in Project Radiate in which the Company disposed of seven of its solar sector investments generating proceeds for the Company of £12.5m. Other exits and repayments in the year totalled £9.9m for the Ordinary shares and £0.1m for the C shares.
During the year the Company made £13.2m of new investments and rolled over its entire £10.9m investment in Clifford Thames into a new management buyout deal. It also reinvested its partnership gains of £0.5m into Terido, a trading partnership managed by Octopus Investments which supports a range of secured asset backed lending in sectors including residential property and solar and typically generates returns for the Company of approximately 4%. This brings the total investment in Terido to £15.2m as at 31 January 2015.
The Company, by the year end, had invested sufficiently in order to meet all the requirements for it to fully qualify as a VCT. Following the recent exits and fundraising the Investment Manager now has the opportunity to make further investments with the aim of accelerating the NAV of the Company over the foreseeable future.
Investment Strategy
As set out in the prospectus, the aim of the Company is to make investments that focus more on capital preservation than a typical VCT. To date the Investment Manager has been successful in achieving this aim, as evidenced by the positive return on ordinary activities.
Typically the structure of the investments is weighted more heavily towards loan based instruments as opposed to equity. Such investments provide fixed returns and payments are generally ranked above most other creditors, allowing for future visibility and security. This strategy also reduces the downward risk that is an intrinsic element of an equity investment.
Having passed its five year qualifying period, it is the intention of the Board that the Company should remain as a VCT and continue to invest in accordance with the original investment mandate. The C Ordinary share portfolio will also continue to invest under the same mandate.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice concerning ongoing compliance with Her Majesty's Revenue & Customs ('HMRC') rules and regulations concerning VCTs. The Board has been advised that the Company is in compliance with the conditions laid down by HMRC for maintaining approval as a VCT.
A key requirement is now to maintain the 70% qualifying investment level. As at 31 January 2015, 90.0% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments.
Alternative Investment Fund Managers Directive (AIFMD)
The AIFMD, an EU directive, came into effect during the year with the aim of delivering consistency of reporting across all fund types. In accordance with the legislation the Company applied to the Financial Conduct Authority to register as an Alternative Investment Fund Manager (AIFM). Confirmation of the Company's entry in the register of small registered UK AIFMs was received on 10 April 2014. As such, the Company is required to submit an annual report to the FCA setting out various information relating to its investments, principal exposures and liquidity, amongst other things.
Annual General Meeting
The Company's Annual General Meeting will take place on 14 July 2015 at 3.00 p.m. I look forward to welcoming you to the meeting which will be held at the new offices of Octopus Investments Limited at 33 Holborn, London, EC1N 2HT. Directions to their office can be found by visiting their website at: www.octopusinvestments.com.
Electronic Communications
Based on feedback from shareholders, and in order to reduce the cost of printing and the consequential impact on the environment, we now offer shareholders the opportunity to forgo their printed report and account documents in favour of receiving electronic or mail notification with details of how to view the documents online.
Outlook
Since the Company's launch we have seen significant Government changes to the subsidy regime for the renewable energy sector and an economy which has until recently struggled to grow following the global financial crisis. However the returns to shareholders have increased steadily year on year, which is testament to the prudent investment approach adopted by the Investment Manager. The general economic outlook is now more certain, the portfolio has been performing well and your Board and Investment Manager believe we can continue to find suitable investments to support the Company's mandate.
Murray Steele
Chairman
29 May 2015
Investment Manager's Review
Personal Service
At Octopus we have dual focus on managing your investments and keeping you informed throughout the investment process. We are committed to providing our investors with regular and open communication. Our updates are designed to keep you informed about the progress of your investment.
Octopus was established in 2000 and has a strong commitment to both smaller companies and to VCTs. We currently manage eight VCTs, including this one, and manage over £480 million in the VCT sector. Octopus has over 300 employees. The investment team that manages the portfolio of your Company is comprised of 8 managers, with additional support from specialist investment teams and support staff.
Investment Policy
The investment approach of Octopus Apollo VCT plc is to invest with a focus on capital preservation. The majority of companies in which Apollo invests operate in sectors where there is a high degree of predictability. Ideally, we seek companies that have contractual revenues from financially sound customers that will provide an exit to the Company within three to five years.
Performance
The Company made a net return per Ordinary share of 2.9% between 31 January 2014 and 31 January 2015. Whilst the NAV per Ordinary share decreased slightly from 86.8p to 84.8p, 5.0p of dividends were paid over the period, bringing cumulative dividends paid to date to 27.5p and the total return (NAV plus cumulative dividends) to 112.3p pence per share.
The C Ordinary shares were issued on completion of the transaction on 28 November 2014 at a deemed issue price of 97.8p per C Ordinary share. As at 31 January 2015 the NAV of the C Ordinary shares had risen to 98.2p per share.
Portfolio Review
The £50.3m portfolio of assets of Octopus VCT plc acquired in November 2014 was made up predominantly of investments in the solar and other renewable energy sectors. These assets are currently being accounted for separately from the assets held by the Ordinary shares, in a new class of share known as the C Ordinary shares, until all C shareholders have reached the fifth anniversary of their investment, later in 2015.
In the year under review the Company invested £3.8m in Vista Retail Support, a company that provides repairs and maintenance services for tills and chip and pin devices and £2.7m in Countrywide Healthcare Supplies, a nationwide supplier of products to the care home industry. The £10.9m investment in Clifford Thames was reinvested to provide continued support to the business following a management buyout led by Lloyds Development Capital. The Company also provided £2.5m of funding to Byena Limited and £4.2m to Aquaso Limited, two acquisition vehicles which have been set up ahead of acquiring qualifying trading businesses.
During the year, the Company increased its investment in Terido, a trading partnership managed by Octopus Investments which supports a diverse range of secured asset backed lending in sectors including residential property and solar. The purpose of investing in Terido is improve returns on surplus cash which would otherwise be on bank deposit awaiting VCT qualifying investment opportunities. Terido has been delivering net returns to Apollo of c. 4% per annum and funds can be withdrawn relatively quickly, as required. As at 31 January 2015 £15.2m was held in Terido.
In January 2015 both share classes participated in Project Radiate in which the Company disposed of investments in Gretel Solar, Hedwig Solar, Klara Solar, Jutta Solar, Gerde Solar, Sula Power and Shakti. These disposals generated proceeds for the Company of £12.5m, resulting in an overall gain since initial investment of £2.2m, with £1.7m attributable to the Ordinary shares and £0.5m attributable to the C Ordinary shares.
The Ordinary share portfolio also exited the following investments during the year: Borro Loan 2 was repaid and the Company received back £3.5m along with all the outstanding loan interest, resulting in an IRR of 14.6%; Hydrobolt was exited for proceeds of £1.5m; and a partial loan repayment of £1.3m was also received from Callstream Group in the year under review. The decision was taken to call in the loan to Bruce Dunlop and Associates International as a result of continued deterioration in its outlook. The Company received proceeds of £0.4m which was slightly higher than the valuation and so therefore the NAV was not adversely impacted. Over the period of investment a further £0.4m of the original £2.0m investment was repaid. The C share portfolio received a loan repayment of £99,000 from Michabo Power Limited.
The Company's investment portfolio is set out below. It continues to hold appropriate investments to meet all the requirements for it to fully qualify as a VCT. The Investment Manager now has the opportunity to make a limited number of further investments with the aim of accelerating the NAV of the Company over the foreseeable future.
Outlook
We remain optimistic about the outlook for the portfolio and future investment prospects.
Following the transaction with OVCT the Company has a large and diverse portfolio constructed on a basis of capital preservation. It has weathered the difficult economic conditions of the past few years and has been growing in value.
The investment team has been increasingly active in the search for new opportunities and has seen the pipeline of potential deals steadily increase. Although lending banks are getting more aggressive, they have been less active in smaller deals and many companies continue to be attracted to the partnership approach offered by Apollo.
The current fundraising and recent exits provide significant financial capacity for new investments and, as one of the largest VCTs in the country, Apollo has the ability to pursue larger deals than most VCTs and provide significant follow-on investment, which is a strong competitive advantage.
If you have any questions on any aspect of your investment, please call one of the team on 0800 316 2295.
Grant Paul-Florence
Octopus Investments Limited
29 May 2015
Valuation Methodology
Initial measurement
With one exception the investments held by Apollo are all unquoted and as such there is no trading platform from which prices can be easily obtained. Financial assets are measured at fair value. The initial best estimate of fair value of a financial asset that is either quoted or not quoted in an active market is the transaction price of the recent round (i.e. cost).
Subsequent measurement
Subsequent adjustment to the fair value of unquoted investments has been made using sector multiples where applicable, based on information as at 31 January 2015. In some cases the multiples have been compared to equivalent companies where it is believed that this is more appropriate than a sector multiple. In instances where an investment has predictable future cash flows, discounted cash flow valuations are used to support the fair value.
In accordance with our interpretation of the International Private Equity and Venture Capital ('IPEVC') valuation guidelines, investments made within 12 months are usually kept at cost, unless performance indicates that fair value has changed.
If you would like to find out more regarding the IPEVC valuation guidelines, please visit their website at: www.privateequityvaluation.com.
Investment Portfolio - Ordinary shares
| Investments | Sector | Investment cost as at 31 January 2015 (£'000) | Movement in fair value to 31 January 2015 (£'000) | Fair value as at 31 January 2015 (£'000) | Movement in fair value in year (£'000) | % equity held by Ordinary shares | |
| Terido LLP * | Asset backed lending | 15,222 | - | 15,222 | - | 0.0% | |
| Clifford Thames Group Limited | Automotive software & data | 7,197 | 1,111 | 8,308 | 713 | 7.6% | |
| CSL DualCom Holdings Limited | Security devices | 6,911 | 63 | 6,974 | 16 | 2.0% | |
| Vista Retail Support Limited | Retail support services | 3,758 | - | 3,758 | - | 10.4% | |
| Countrywide Healthcare Services Limited | Healthcare | 2,675 | - | 2,675 | - | 20.7% | |
| Byena Limited | Acquisition vehicle | 2,500 | - | 2,500 | - | 49.9% | |
| Healthcare Services and Technology Limited | Acquisition vehicle | 2,500 | - | 2,500 | - | 49.9% | |
| Aquaso Limited | Acquisition vehicle | 2,100 | - | 2,100 | - | 49.9% | |
| Mablaw 555 Limited | Crack Detection Systems | 2,000 | 44 | 2,044 | 14 | 6.6% | |
| Tanganyika Heat Limited | Anaerobic digestion | 2,000 | - | 2,000 | - | 49.9% | |
| Winnipeg Heat Limited | Anaerobic digestion | 2,000 | - | 2,000 | - | 49.9% | |
| Resilient Corporate Services Limited | Solar | 2,000 | (29) | 1,971 | 223 | 41.2% | |
| Project Tristar Limited | Chauffeur services | 798 | 694 | 1,492 | 537 | 3.9% | |
| Callstream Group Limited | Telecommunications | 472 | 222 | 694 | 10 | 6.5% | |
| 3AM Music Limited | Media | 500 | 48 | 548 | 3 | 33.3% | |
| Atlantic Screen International Limited | Media | 600 | (140) | 460 | (174) | 3.0% | |
| British Country Inns plc | Restaurants & bars | 44 | (24) | 20 | (2) | 1.3% | |
| Total investments | 53,277 | 1,989 | 55,266 | 1,340 | |||
| Money market funds | - | ||||||
| Cash at bank | 21,264 | ||||||
| Debtors less creditors | (7,720) | ||||||
| Net assets | 68,810 |
*Participation in trading partner representing 29.0% of the LLP at 31 January 2015
Investment Portfolio - C shares
| Investments | Sector | Investment cost as at 31 January 2015 (£'000) | Movement in fair value to 31 January 2015 (£'000) | Fair value as at 31 January 2015 (£'000) | Movement in fair value in year (£'000) | % equity held by C shares | |
| Clifford Thames Group Limited | Automotive software & data | 6,121 | - | 6,121 | - | 6.4% | |
| CSL DualCom Holdings Limited | Security devices | 3,895 | (13) | 3,882 | (13) | 1.4% | |
| Healthcare Services and Technology Limited | Acquisition vehicle | 2,500 | - | 2,500 | - | 49.9% | |
| Aquaso Limited | Acquisition vehicle | 2,100 | - | 2,100 | - | 49.9% | |
| Tanganyika Heat Limited | Anaerobic digestion | 2,000 | - | 2,000 | - | 49.9% | |
| GreenCo Services 2 Limited | Solar | 1,600 | 129 | 1,729 | 129 | 40.9% | |
| 3AM Music Limited | Media | 1,500 | 144 | 1,644 | 144 | 49.9% | |
| Mablaw 555 Limited | Crack Detection Systems | 1,172 | (150) | 1,022 | (150) | 3.3% | |
| Superior Heat Limited | Ground source heat | 1,000 | - | 1,000 | - | 49.9% | |
| Winnipeg Heat Limited | Anaerobic digestion | 1,000 | - | 1,000 | - | 49.9% | |
| Huitzilopochtli Limited | Solar | 1,000 | - | 1,000 | - | 49.9% | |
| 5AM Music Limited | Media | 850 | 136 | 986 | 136 | 49.9% | |
| Healthcare Education Business Services Limited | Solar | 992 | (6) | 986 | (6) | 30.2% | |
| Resilient Corporate Services Limited | Solar | 973 | 12 | 985 | 12 | 18.2% | |
| Horrebow Energy Limited | Solar | 973 | 12 | 985 | 12 | 49.9% | |
| Mallina Power Limited | Solar | 973 | 12 | 985 | 12 | 49.9% | |
| Misae Power Limited | Solar | 973 | 12 | 985 | 12 | 49.9% | |
| Paivatar Power Limited | Solar | 973 | 12 | 985 | 12 | 49.9% | |
| MediaCo Business Services Limited | Solar | 973 | 12 | 985 | 12 | 30.2% | |
| Personnel Advisory Services Limited | Solar | 973 | 12 | 985 | 12 | 30.2% | |
| Saas Business Services Limited | Solar | 973 | 12 | 985 | 12 | 30.2% | |
| Jokim Limited | Solar | 952 | 22 | 974 | 22 | 49.9% | |
| Acquire Your Business Limited | Business services | 842 | (7) | 835 | (7) | 48.9% | |
| Atlantic Screen International Limited | Media | 1,057 | (289) | 768 | (289) | 49.9% | |
| Howbery Solar Park Limited | Solar | 707 | 39 | 746 | 39 | 49.9% | |
| Nima Power Limited | Solar | 614 | 12 | 626 | 12 | 12.5% | |
| Tuwale Power Limited | Solar | 614 | 12 | 626 | 12 | 12.5% | |
| Gnowee Power Limited | Solar | 614 | 10 | 624 | 10 | 17.9% | |
| Hella Solar Limited | Solar | 614 | 9 | 623 | 9 | 19.3% | |
| Helaku Power Limited | Solar | 609 | 10 | 619 | 10 | 25.0% | |
| EFK Diagnostics Holdings plc | Healthcare | 679 | (175) | 504 | (175) | 1.0% | |
| Cyrah Power Limited | Solar | 500 | - | 500 | - | 16.7% | |
| Evaki Power Limited | Solar | 500 | - | 500 | - | 16.7% | |
| Grian Power Limited | Solar | 500 | - | 500 | - | 12.5% | |
| Intina Power Limited | Solar | 500 | - | 500 | - | 12.5% | |
| Yata Power Limited | Solar | 500 | - | 500 | - | 16.7% | |
| Teruko Power Limited | Solar | 500 | (34) | 466 | (34) | 17.9% | |
| Tonatiuh Trading 2 Limited | Solar | 500 | (52) | 448 | (52) | 17.8% | |
| PTB Films Limited | Media | 222 | 3 | 225 | 3 | 12.5% | |
| Quickfire 2 Films Limited | Media | 180 | (22) | 158 | (22) | 6.5% | |
| Quickfire Films Limited | Media | 157 | (16) | 141 | (16) | 6.5% | |
| Michabo Power Limited | Solar | 40 | - | 40 | - | 0.0% | |
| Total investments | 44,915 | (142) | 44,773 | (142) | |||
| Money market funds | - | ||||||
| Cash at bank | - | ||||||
| Debtors less creditors | 5,980 | ||||||
| Net assets | 50,753 |
Investment Portfolio - Ordinary shares and C shares combined
| Investments | Sector | Investment cost as at 31 January 2015 (£'000) | Movement in fair value to 31 January 2015 (£'000) | Fair value as at 31 January 2015 (£'000) | Movement in fair value in year (£'000) | % equity held by Apollo Ords | % equity held by Apollo C's | % equity held by all funds managed by Octopus |
| Terido LLP * | Asset backed lending | 15,222 | - | 15,222 | - | 0.0% | 0.0% | 0.0% |
| Clifford Thames Group Limited | Automotive software & data | 13,318 | 1,110 | 14,428 | 713 | 7.6% | 6.4% | 14.0% |
| CSL DualCom Holdings Limited | Security devices | 10,806 | 51 | 10,857 | 3 | 2.0% | 1.4% | 3.4% |
| Healthcare Services and Technology Limited | Acquisition vehicle | 5,000 | - | 5,000 | - | 49.9% | 49.9% | 100.0% |
| Aquaso Limited | Acquisition vehicle | 4,200 | - | 4,200 | - | 49.9% | 49.9% | 100.0% |
| Tanganyika Heat Limited | Anaerobic digestion | 4,000 | - | 4,000 | - | 49.9% | 49.9% | 100.0% |
| Vista Retail Support Limited | Retail support services | 3,758 | - | 3,758 | - | 10.4% | 0.0% | 10.4% |
| Mablaw 555 Limited | Crack Detection Systems | 3,172 | (105) | 3,067 | (136) | 6.6% | 3.3% | 9.9% |
| Winnipeg Heat Limited | Anaerobic digestion | 3,000 | - | 3,000 | - | 49.9% | 49.9% | 100.0% |
| Resilient Corporate Services Limited | Solar | 2,973 | (17) | 2,956 | 235 | 41.2% | 18.2% | 100.0% |
| Countrywide Healthcare Supplies Limited | Healthcare | 2,675 | - | 2,675 | - | 20.7% | 0.0% | 20.7% |
| Byena Limited | Acquisition vehicle | 2,500 | - | 2,500 | - | 49.9% | 49.9% | 100.0% |
| 3AM Music Limited | Media | 2,000 | 192 | 2,192 | 147 | 33.3% | 49.9% | 100.0% |
| GreenCo Services 2 Limited | Solar | 1,600 | 129 | 1,729 | 129 | 0.0% | 40.9% | 100.0% |
| Project Tristar Limited | Chauffeur services | 798 | 693 | 1,491 | 537 | 3.9% | 0.0% | 35.0% |
| Atlantic Screen International Limited | Media | 1,657 | (430) | 1,227 | (464) | 3.0% | 49.9% | 100.0% |
| Huitzilopochtli Limited | Solar | 1,000 | - | 1,000 | - | 0.0% | 49.9% | 100.0% |
| Superior Heat Limited | Ground source heat | 1,000 | - | 1,000 | - | 0.0% | 49.9% | 100.0% |
| 5AM Music Limited | Media | 850 | 137 | 987 | 137 | 0.0% | 49.9% | 100.0% |
| Healthcare Education Business Services Limited | Solar | 992 | (6) | 986 | (6) | 0.0% | 30.2% | 90.6% |
| Horrebow Energy Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 49.9% | 100.0% |
| Mallina Power Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 49.9% | 100.0% |
| MediaCo Business Services Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 30.2% | 90.6% |
| Misae Power Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 49.9% | 49.9% |
| Paivatar Power Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 49.9% | 49.9% |
| Personnel Advisory Services Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 30.2% | 90.6% |
| Saas Business Services Limited | Solar | 973 | 12 | 985 | 12 | 0.0% | 30.2% | 90.6% |
| Jokim Limited | Solar | 952 | 22 | 974 | 22 | 0.0% | 49.9% | 100.0% |
| Acquire Your Business Limited | Business services | 842 | (7) | 835 | (7) | 0.0% | 48.9% | 100.0% |
| Howbery Solar Park Limited | Solar | 707 | 40 | 747 | 40 | 0.0% | 49.9% | 100.0% |
| Callstream Group Limited | Telecommunications | 472 | 222 | 694 | 10 | 6.5% | 0.0% | 6.5% |
| Nima Power Limited | Solar | 614 | 12 | 626 | 12 | 0.0% | 12.5% | 100.0% |
| Tuwale Power Limited | Solar | 614 | 12 | 626 | 12 | 0.0% | 12.5% | 100.0% |
| Gnowee Power Limited | Solar | 614 | 10 | 624 | 10 | 0.0% | 17.9% | 100.0% |
| Hella Solar Limited | Solar | 614 | 10 | 624 | 9 | 0.0% | 19.3% | 100.0% |
| Helaku Power Limited | Solar | 609 | 10 | 619 | 10 | 0.0% | 25.0% | 50.0% |
| EKF Diagnostics Holdings plc | Healthcare | 678 | (176) | 502 | (176) | 0.0% | 1.0% | 6.3% |
| Cyrah Power Limited | Solar | 500 | - | 500 | - | 0.0% | 16.7% | 100.0% |
| Evaki Power Limited | Solar | 500 | - | 500 | - | 0.0% | 16.7% | 100.0% |
| Grian Power Limited | Solar | 500 | - | 500 | - | 0.0% | 12.5% | 100.0% |
| Intina Power Limited | Solar | 500 | - | 500 | - | 0.0% | 12.5% | 100.0% |
| Yata Power Limited | Solar | 500 | - | 500 | - | 0.0% | 16.7% | 100.0% |
| Teruko Power Limited | Solar | 500 | (34) | 466 | (34) | 0.0% | 17.9% | 100.0% |
| Tonatiuh Trading 2 Limited | Solar | 500 | (52) | 448 | (52) | 0.0% | 17.8% | 100.0% |
| PTB Films Limited | Media | 222 | 3 | 225 | 3 | 0.0% | 12.5% | 100.0% |
| Quickfire 2 Films Limited | Media | 180 | (22) | 158 | (22) | 0.0% | 6.5% | 99.9% |
| Quickfire Films Limited | Media | 157 | (16) | 141 | (16) | 0.0% | 6.5% | 99.7% |
| Michabo Power Limited | Solar | 40 | - | 40 | - | 0.0% | 0.0% | 0.0% |
| British Country Inns plc | Restaurants & bars | 44 | (24) | 20 | (2) | 1.3% | 0.0% | 1.3% |
| %Total investments | 98,191 | 1,848 | 100,039 | 1,198 | ||||
| Money market funds | - | |||||||
| Cash at bank | 21,264 | |||||||
| Debtors less creditors | (1,740) | |||||||
| Net assets | 119,563 |
*Participation in trading partner representing 29.0% of the LLP at 31 January 2015
Review of Investments
At 31 January 2015 Apollo's portfolio comprised investments in 48 unquoted companies and one AIM-traded investment. The unquoted investments are in Ordinary shares with full voting rights as well as loan note securities and a participation in a limited liability partnership.
Unquoted investments are valued in accordance with guidelines for the valuation of venture capital portfolios and is compliant with IPEVC Valuations guidelines and current financial reporting standards.
Ten Largest Holdings
Listed below are the ten largest investments by value as at 31 January 2015:
Terido LLP
Terido is a trading partnership managed by Octopus Investments which supports a range of secured asset backed lending in sectors including residential property and solar. Terido invests in a significant number of individual companies in order to ensure diversification for the partnership. Apollo's investment in Terido can be accessed at short notice should Apollo require these funds to make other investments or pay running costs of the Company.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| Participation | £15,222 | £15,222 | ||
| Total | £15,222 | £15,222 |
Investment date: June 2013
Equity held: 0.0%
Last audited accounts: 31 March 2014
Revenues: £21.8 million
Profit before interest & tax: £20.0 million
Net assets: £174.5 million
Income receivable recognised in year: £618,000
Valuation basis: Transaction cost
Clifford Thames Group Limited (Clifford Thames)
Clifford Thames is a market-leading provider of consultancy, business outsourcing, software and data services for the automotive industry, and is a key partner of most of the world's leading car manufacturers. With offices in eight countries, Clifford Thames has a well-established and impressive client list including Ford, GM Europe, Jaguar Land Rover, Mazda and Fiat. Further information can be found at the company's website www.clifford-thames.com.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| 'P' shares | £5,498 | £5,498 | ||
| 'B' preference shares | £26 | £26 | ||
| Loan stock | £7,794 | £8,904 | ||
| Total | £13,318 | £14,428 |
Investment date: January 2010
Equity held: 14.0%
Last audited accounts: 31 March 2014
Revenues: £19.8 million
Profit before interest & tax: £0.6 million
Net assets: £11.6 million
Income receivable recognised in year: £419,000
Valuation basis: Earnings multiple
CSL DualCom Limited ('CSL')
CSL is the UK's leading supplier of dual path signalling devices, which link burglar alarms to the police or a private security firm. The devices communicate using both a telephone line or broadband connection and a wireless link. CSL has developed a number of new products for the sector, which have enabled the business to steadily grow its market share of new connections and its profitability since the initial investment. Further information can be found at the company's website www.csldual.com.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| Ordinary shares | £106 | £157 | ||
| Loan stock | £10,700 | £10,700 | ||
| Total | £10,806 | £10,857 |
Investment date: February 2009
Equity held: 3.4%
Last audited accounts: 31 March 2014
Revenues: £14.1 million
Profit before interest & tax: £2.4 million
Net assets: £10.3 million
Income receivable recognised in year: £585,000
Valuation basis: Earnings multiple
Healthcare Services and Technology Limited
Healthcare Services and Technology is an acquisition vehicle seeking a qualifying investment in the healthcare sector.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| Ordinary shares | £500 | £500 | ||
| Loan stock | £4,500 | £4,500 | ||
| Total | £5,000 | £5,000 |
Investment date: February 2013
Equity held: 99.8%
Last unaudited accounts: 28 February 2014
Revenues: £nil
Loss before interest & tax: £835
Net assets: £500,835
Income receivable recognised in year: £nil
Valuation basis: Transaction cost
Aquaso Limited
Aquaso Limited is an acquisition vehicle seeking a qualifying investment on behalf of the Company.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| Ordinary shares | £410 | £410 | ||
| Loan stock | £3,790 | £3,790 | ||
| Total | £4,200 | £4,200 |
Investment date: November 2014
Equity held: 99.8%
Last unaudited accounts: N/A
Revenues: N/A
Loss before interest & tax: £N/A
Net assets: £N/A
Income receivable recognised in year: £nil
Valuation basis: Transaction cost
Tanganyika Heat Limited ('Tanganyika')
Tanganyika is in the process of constructing, and will operate, an anaerobic digestion plant in Lincolnshire.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| Ordinary shares | £1,200 | £1,200 | ||
| Loan stock | £2,800 | £2,800 | ||
| Total | £4,000 | £4,000 |
Investment date: April 2012
Equity held: 99.8%
Last unaudited accounts: 28 February 2014
Revenues: £nil
Loss before interest & tax: £73,000
Net assets: £1.1 million
Income receivable recognised in year: £215,000
Valuation basis: Transaction cost
Vista Retail Support Limited
Vista is a leading IT service and support company operating within the retail market.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| A Ordinary shares | £104 | £104 | ||
| B Ordinary shares | £272 | £272 | ||
| Loan stock | £3,382 | £3,382 | ||
| Total | £3,758 | £3,758 |
Investment date: May 2014
Equity held: 10.4%
Last unaudited accounts: 31 August 2014
Revenues: £14.3 million
Profit before interest & tax: £1.3 million
Net assets: £3.8million
Income receivable recognised in year: £77,000
Valuation basis: Transaction cost
Mablaw 555 Limited ('Technical Software Consultants')
Technical Software Consultants designs and manufactures equipment to solve a range of oil and gas industry inspection needs, including crack sizing, structural monitoring and stress mapping. Further information can be found at the company's website www.tscinspectionsystems.com.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| A Ordinary shares | £100 | £23 | ||
| B Ordinary shares | £372 | £344 | ||
| Loan stock | £2,700 | £2,700 | ||
| Total | £3,172 | £3,067 |
Investment date: April 2012
Equity held: 9.9%
Last audited accounts: 31 March 2014
Revenues: £5.4m
Profit before interest & tax: £0.8m
Net assets: £0.7m
Income receivable recognised in year: £207,000
Valuation basis: Earnings multiple
Winnipeg Heat Limited ('Winnipeg')
Winnipeg is in the process of constructing, and will operate, an anaerobic digestion plant in Yorkshire.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| Ordinary shares | £900 | £900 | ||
| Loan stock | £2,100 | £2,100 | ||
| Total | £3,000 | £3,000 |
Investment date: April 2012
Equity held: 99.8%
Last unaudited accounts: 28 February 2014
Revenues: £nil
Loss before interest & tax: £94,000
Net assets: £1.1 million
Income receivable recognised in year: £184,000
Valuation basis: Transaction cost
Resilient Corporate Services Limited
Resilient is a UK based solar company operating 14 solar sites on farms across France.
| Asset class | Cost (£'000) | Valuation (£'000) | ||
| A Ordinary shares | £2,973 | £2,956 | ||
| Loan stock | £- | £- | ||
| Total | £2,973 | £2,956 |
Investment date: March 2010
Equity held: 59.4%
Last unaudited accounts: 31 December 2014
Revenues: £18,000
Profit before interest & tax: £281,000
Net assets: £5.6 million
Income receivable recognised in year: £nil
Valuation basis: Discounted cash flow
Directors' Responsibilities Statement
The Directors are responsible for preparing the Strategic Report, Directors' Report, Directors' Remuneration 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 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws) 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 and profit or loss of 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; and
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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 and the Directors' Remuneration Report 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 confirm that:
- so far as each Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
- the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The Directors are responsible for preparing the annual report in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors consider the annual report and the financial statements, taken as a whole, provide the information necessary to assess the Company's performance, business model and strategy and is fair, balanced and understandable.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
To the best of our knowledge:
- the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
- the annual report, including the strategic report, includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
On behalf of the Board
Murray Steele
Chairman
29 May 2015
| Statutory Income Statement | ||||
| Year ended 31 January 2015 | ||||
| Revenue | Capital | Total | ||
| £'000 | £'000 | £'000 | ||
| Realised gain on disposal of fixed asset investments | - | 1,311 | 1,311 | |
| Change in fair value of fixed asset investments | - | 1,198 | 1,198 | |
| Investment income | 3,366 | - | 3,366 | |
| Investment management fees | (460) | (1,844) | (2,304) | |
| Other expenses | (1,247) | - | (1,247) | |
| Return on ordinary activities before tax | 1,659 | 665 | 2,324 | |
| Taxation on return on ordinary activities | (286) | 254 | (32) | |
| Return on ordinary activities after tax | 1,373 | 919 | 2,292 | |
| Earnings per share - basic and diluted | 1.8p | 1.2p | 3.0p | |
- The 'Total' column of this statement is the profit and loss account of the Company; the 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 only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.
The Company has no other comprehensive income for the period.
Statutory Income Statement | ||||
| Year ended 31 January 2014 | ||||
| Revenue | Capital | Total | ||
| £'000 | £'000 | £'000 | ||
| Realised gain on disposal of fixed asset investments | - | (10) | (10) | |
| Change in fair value of fixed asset investments | - | 1,116 | 1,116 | |
| Investment income | 2,979 | - | 2,979 | |
| Investment management fees | (273) | (1,194) | (1,467) | |
| Other expenses | (707) | - | (707) | |
| Return on ordinary activities before tax | 1,999 | (88) | 1,911 | |
| Taxation on return on ordinary activities | (400) | 240 | (160) | |
| Return on ordinary activities after tax | 1,599 | 152 | 1,751 | |
| Earnings per share - basic and diluted | 2.3p | 0.2p | 2.5p | |
- The 'Total' column of this statement is the profit and loss account of the Company; the 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 only one class of business and derives its income from investments made in shares and securities and from bank and money market funds
The Company has no recognised gains or losses other than the results for the year as set out above.
The Company had no other comprehensive income for the period.
Non statutory Income Statement - Ordinary Shares
| Period ended 31 January 2015 | ||||
| Revenue | Capital | Total | ||
| £'000 | £'000 | £'000 | ||
| Realised gain on disposal of fixed asset investments | - | 795 | 795 | |
| Change in fair value of fixed asset investments | - | 1,340 | 1,340 | |
| Investment income | 2,819 | - | 2,819 | |
| Investment management fees | (266) | (1,261) | (1,527) | |
| Other expenses | (1,125) | - | (1,125) | |
| Return on ordinary activities before tax | 1,428 | 874 | 2,302 | |
| Taxation on return on ordinary activities | (286) | 254 | (32) | |
| Return on ordinary activities after tax | 1,142 | 1,128 | 2,270 | |
| Earnings per share - basic and diluted | 1.5p | 1.4p | 2.9p | |
- The 'Total' column of this statement is the profit and loss account of the Ordinary Shares; the revenue and capital 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
| Non statutory Income Statement - C Class Shares | ||||
| Period ended 31 January 2015 | ||||
| Revenue | Capital | Total | ||
| £'000 | £'000 | £'000 | ||
| Realised gain on disposal of fixed asset investments | - | 516 | 516 | |
| Change in fair value of fixed asset investments | - | (142) | (142) | |
| Investment income | 547 | - | 547 | |
| Investment management fees | (194) | (583) | (777) | |
| Other expenses | (122) | - | (122) | |
| Return on ordinary activities before tax | 231 | (209) | 22 | |
| Taxation on return on ordinary activities | - | - | - | |
| Return on ordinary activities after tax | 231 | (209) | 22 | |
| Earnings per share - basic and diluted | 2.5p | (2.3p) | 0.2p | |
- The 'Total' column of this statement is the profit and loss account of the C Class Shares; the revenue and capital 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
| Statutory Balance Sheet | |||||
| As at 31 January 2015 | As at 31 January 2014 | ||||
| £'000 | £'000 | £'000 | £'000 | ||
| Fixed asset investments* | 100,039 | 54,306 | |||
| Current assets: | |||||
| Debtors | 2,625 | 1,653 | |||
| Investments - money market funds* | - | 4,254 | |||
| Cash at bank | 21,264 | 7,910 | |||
| 23,889 | 13,817 | ||||
| Creditors: amounts falling due within one year | (4,365) | (4,218) | |||
| Net current assets | 19,524 | 9,599 | |||
| Total assets less current liabilities | 119,563 | 63,905 | |||
| Called up equity share capital | 8,636 | 7,362 | |||
| Share premium | 54,306 | 35,140 | |||
| Special distributable reserve | 53,989 | 19,116 | |||
| Capital redemption reserve | 2,101 | 2,704 | |||
| Capital reserve gains & losses on disposal | (2,019) | (2,445) | |||
| Capital reserve holding gains & losses | 2,521 | 2,028 | |||
| Revenue reserve | 29 | - | |||
| Total shareholders' funds | 119,563 | 63,905 | |||
*Held at fair value through profit or loss
The statements were approved by the Directors and authorised for issue on 29 May 2015 and are signed on their behalf by:
Murray Steele
Chairman
Company number: 05840377
| Non statutory Balance Sheet - Ordinary Shares | |||||
| As at 31 January 2015 | As at 31 January 2014 | ||||
| £'000 | £'000 | £'000 | £'000 | ||
| Fixed asset investments* | 55,266 | 54,306 | |||
| Current assets: | |||||
| Debtors | 1,743 | 1,653 | |||
| Investments - money market funds* | - | 4,254 | |||
| Cash at bank | 21,264 | 7,910 | |||
| 23,007 | 13,817 | ||||
| Creditors: amounts falling due within one year | (9,463) | (4,218) | |||
| Net current assets | 13,544 | 9,599 | |||
| Total assets less current liabilities | 68,810 | 63,905 | |||
| Called up equity share capital | 8,118 | 7,362 | |||
| Share premium | 3,893 | 35,140 | |||
| Special distributable reserve | 54,243 | 19,116 | |||
| Capital redemption reserve | 2,099 | 2,704 | |||
| Capital reserve gains & losses on disposal | (1,952) | (2,445) | |||
| Capital reserve holding gains & losses | 2,409 | 2,028 | |||
| Revenue reserve | - | - | |||
| Total shareholders' funds | 68,810 | 63,905 | |||
| Net asset value per share | 84.8p | 86.8p | |||
*Held at fair value through profit or loss
| Non statutory Balance Sheet - C Shares | ||||
| As at 31 January 2015 | ||||
| £'000 | £'000 | |||
| Fixed asset investments* | 44,773 | |||
| Current assets: | ||||
| Debtors | 7,120 | |||
| Investments - money market funds* | - | |||
| Cash at bank | - | |||
| 7,120 | ||||
| Creditors: amounts falling due within one year | (1,140) | |||
| Net current assets | 5,980 | |||
| Total assets less current liabilities | 50,753 | |||
| Called up equity share capital | 518 | |||
| Share premium | 50,413 | |||
| Special distributable reserve | - | |||
| Capital redemption reserve | 2 | |||
| Capital reserve gains & losses on disposal | (67) | |||
| Capital reserve holding gains & losses | (142) | |||
| Revenue reserve | 29 | |||
| Total shareholders' funds | 50,753 | |||
| Net asset value per share | 98.0p | |||
*Held at fair value through profit or loss
Statutory statement of Changes in Equity - year to 31 January 2015
| Share capital | Share Premium | Special distributable reserve | Capital redemption reserve | Capital reserve realised | Capital reserve unrealised | Revenue reserve | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
| 01 February 2014 | 7,362 | 35,140 | 19,116 | 2,704 | (2,445) | 2,028 | - | 63,905 |
| Repurchase of own shares | (225) | - | (1,812) | 225 | - | - | (202) | (2,014) |
| Issue of new shares | 1,499 | 57,717 | - | - | - | - | - | 59,216 |
| Cancellation of share premium | - | (38,551) | 38,551 | - | - | - | - | - |
| Cancellation of capital redemption reserve | - | - | 828 | (828) | - | - | - | - |
| Profit on ordinary activities after tax | - | - | - | - | - | - | 1,627 | 1,627 |
| Management and performance fees | - | - | - | - | (1,844) | - | - | (1,844) |
| Current year gains/losses on disposal | - | - | - | - | 1,311 | - | - | 1,311 |
| Prior period holding gains/losses now crystalised | - | - | - | - | 959 | (959) | - | - |
| Current period gains/losses on fair value of investments | - | - | - | - | - | 1,198 | - | 1,198 |
| Capital expenses taken against tax charge | - | - | - | - | 254 | - | - | 254 |
| Dividends paid | - | - | (2,694) | - | - | - | (1,396) | (4,090) |
| 31 January 2015 | 8,636 | 54,306 | 53,989 | 2,101 | (1,765) | 2,267 | 29 | 119,563 |
The Company has no recognised gains or losses other than the results for the year as set out above.
Statutory statement of Changes in Equity - year to 31 January 2014
| Share capital | Share Premium | Special distributable reserve | Capital redemption reserve | Capital reserve realised | Capital reserve unrealised | Revenue reserve | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
| 01 February 2013 | 5,350 | 2,488 | 39,911 | 594 | (1,213) | 644 | - | 47,774 |
| Repurchase of own shares | (224) | (1,859) | 224 | (1,859) | ||||
| Issue of new shares | 2,318 | 18,267 | 20,585 | |||||
| Enhanced buy back | (82) | 14,385 | (16,926) | 1,886 | (737) | |||
| Cancellation of share premium | - | |||||||
| Profit on ordinary activities after tax | 1,599 | 1,599 | ||||||
| Management fees allocated as capital expenditure | (1,194) | (1,194) | ||||||
| Current year gains/losses on disposal | (10) | (10) | ||||||
| Prior period holding gains/losses now crystalised | (28) | 28 | - | |||||
| Prior period holding gains/losses crystalised in a prior period | - | |||||||
Current period gains/losses on fair value of investments | 1,116 | 1,116 | ||||||
| Capital expenses taken against tax charge | 240 | 240 | ||||||
| Dividends paid | (2,010) | (1,599) | (3,609) | |||||
| 31 January 2014 | 7,362 | 35,140 | 19,116 | 2,704 | (2,445) | 2,028 | - | 63,905 |
Non-statutory statement of Changes in Equity - Ordinary Shares
| Year ended 31 January 2015 | Year ended 31 January 2014 | |
| £'000 | £'000 | |
| Shareholders' funds at start of year | 63,905 | 47,774 |
| Return on ordinary activities after tax | 2,270 | 1,751 |
| Issue of shares | 8,283 | 20,585 |
| Enhanced buyback | - | (737) |
| Purchase of own shares | (1,812) | (1,859) |
| Dividends paid | (3,836) | (3,609) |
| Shareholders' funds at end of year | 68,810 | 63,905 |
| Non-statutory statement of Changes in Equity - C Ordinary Shares | ||
| Year ended 31 January 2015 | ||
| £'000 | ||
| Shareholders' funds at start of year | - | |
| Return on ordinary activities after tax | 22 | |
| Issue of shares | 50,933 | |
| Purchase of own shares | (202) | |
| Shareholders' funds at end of year | 50,753 | |
| Cash Flow Statement | |||
| Year to 31 January 2015 | Year to 31 January 2014 | ||
| £'000 | £'000 | ||
| Reconciliation of return on ordinary activities to cash flows from operating activities | |||
| Return on ordinary activities before tax | 2,292 | 1,751 | |
| Increase in debtors | (972) | (717) | |
| Increase/(decrease) in creditors | 699 | (17) | |
| Debtors obtained from transaction | 614 | - | |
| Creditors obtained from transaction | (324) | - | |
| (Gain)/(loss) on disposal of fixed asset investments | (1,311) | 10 | |
| (Gain) on valuation of fixed asset investments | (1,198) | (1,116) | |
| Taxation | (552) | - | |
| Total cash flow from operating activities | (752) | (89) | |
| Cash flows from investing activities Cash acquired from transaction | 377 | - | |
| Purchase of fixed asset investments | (15,505) | (16,500) | |
| Sale of fixed asset investments | 22,547 | 3,276 | |
| Purchase of current asset investments | (15) | (17) | |
| Sale of current asset investments | 4,269 | 500 | |
| Total cash flows from investing activites | 11,673 | (12,741) | |
| Cash flows from financing activities | |||
| Enhanced share buyback | - | (737) | |
| Purchase of own shares | (2,014) | (1,859) | |
| Cash received from fund raising top-up offer not allotted shares | - | 2,497 | |
| Issue of own shares | 8,283 | 20,585 | |
| Dividends paid | (3,836) | (3,609) | |
| Total cash flows from financing activities | 2,433 | 16,877 | |
| Increase in cash and cash equivalents | 13,354 | 4,047 | |
| Opening cash and cash equivalents | 7,910 | 3,863 | |
| Closing cash and cash equivalents | 21,264 | 7,910 | |
On 28 November 2014, Octopus Apollo VCT plc acquired the assets of Octopus VCT plc. The transfer of assets from Octopus VCT plc was settled by the issue of C Ordinary shares, rather than cash.
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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