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Octopus Apollo VCT1 plc (APO1)


Tuesday 16 June, 2009

Octopus Apollo VCT1 plc

Interim Management Statement

Octopus Apollo VCT 1 PLC
Interim Management Statement

16 June 2009

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Octopus Apollo VCT 1 plc ("Apollo 1" or
"Fund") presents an Interim Management Statement for the period 1
February 2009 to 15 June 2009.  The statement also includes relevant
financial information between the end of the period and the date of
this statement.

Financial Summary

|                       |             | Three months |              |
|                       | Four months | ended        |              |
|                       | ended       | 30 April     | Year to 31   |
|                       | 31 May 2009 | 2009         | January 2009 |
|                       |             |              |              |
| Net assets (000s)     | £8,105      | £8,103       | £8,119       |
| Net loss after tax    |             |              |              |
| (000s)                | £(14)       | £(16)        | £(106)       |
| Net asset value per   |             |              |              |
| share ("NAV")         | 92.2p       | 92.1p        | 92.3p        |
| Cumulative dividends  |             |              |              |
| paid since launch     | 1.25p       | 1.25p        | 1.25p        |
| Total return (NAV     |             |              |              |
| plus dividends paid)  | 93.45p      | 93.35p       | 93.55p       |

Investment performance
At 31 May 2009 the NAV of the Fund was 92.2p, which compares to 92.3p
on 31 January 2009.  The performance of the Fund has been relatively
stable in the first few months of its financial year, due to a large
proportion of its assets being held in cash and cash equivalent
securities, and because there have been no changes in the valuations
of the companies in its portfolio.

During the period under review a number of investments were made. In
February 2009 the Fund invested £700,000 in CSL Dualcom Limited and
£800,000 in Diagnos Limited. Both are successful and profitable
businesses, and you can find more details on these companies in the
annual report, published on 22 May 2009.  A small further investment
of £9,000 was made into Bruce Dunlop & Associates International
Limited, an existing portfolio company.

Additionally, the Fund has invested £200,000 into each of Salus
Services I Limited, PubCo Services Limited, GreenCo Services Limited
and BusinessCo Services Limited. These are companies which have been
established to seek suitable qualifying investments across a range of

Top Ten Unquoted Qualifying Investment Portfolio by Value

                                                          % of equity
                                           Carrying value held by
Company                   Investment class £'000          Apollo 1
Funeral Services
Partnership Limited       Unquoted         875            2.0%
Diagnos Limited           Unquoted         800            N/A
Bruce Dunlop & Associates
International Limited     Unquoted         759            1.2%
CSL Dualcom Limited       Unquoted         700            N/A
Tristar Limited           Unquoted         500            1.3%
Vulcan Services II
Limited                   Unquoted         500            12.5%
PubCo Services Limited    Unquoted         200            5.0%
GreenCo Services Limited  Unquoted         200            5.0%
BusinessCo Services
Limited                   Unquoted         200            5.0%
Salus Services I Limited  Unquoted         200            5.0%

As referred to in the recent annual report, the Board proposed a
final revenue dividend of 1p per share in respect of the year ended
31 January 2009.  This dividend, if approved by shareholders at the
AGM on 17 July 2009, will be paid on 31 July 2009 to those
shareholders on the register on 3 July 2009.

On 5 June 2009, Apollo 1 purchased 100,500 shares for cancellation a
price of 83.0 pence per share.

Investment strategy
The Fund is being invested on the basis of taking lower risk than a
typical VCT. The Fund aims to receive its return from interest paid
on secured loan notes as well as an exposure to the value of the
shares of a company.   The investment strategy is to derive
sufficient return from the secured loan notes to achieve the Fund's
investment aims and to use any equity exposure to boost returns.  As
portfolio companies are unquoted the Fund will receive a return from
an equity holding when a company is sold.

The Manager of the Fund aims to reduce risk by investing in well
managed and profitable businesses with strong recurring cash-flows.
Furthermore with the majority of the investment being in the form of
a secured loan, in the unlikely event of the business failing, the
Fund will rank ahead of unsecured creditors and equity investors.

Material events and transactions
The Fund's Board is not aware of any other significant event or
transaction which has occurred between the 1 February 2009 and the
date of publication of this statement which would have a material
impact on the financial position on the Fund.

For further information please contact:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 0800 316 2347



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