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Octopus VCT 3 plc (OVC3)

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Friday 27 April, 2012

Octopus VCT 3 plc

Octopus VCT 3 plc : Half-yearly report

Octopus VCT 3 plc : Half-yearly report

Octopus VCT 3 plc
Half-Yearly Results

27 April 2012                                                                 

Octopus VCT 3 plc, managed by Octopus Investments Limited, today announces the Half-Yearly results for the period ended 29 February 2012.

These results were approved by the Board of Directors on 27 April 2012.

Octopus VCT 3 plc

 

Unaudited Half-Yearly Report for the Period Ended 29 February 2012

Company Number: 07744056

 

 

The directors present their half yearly report and the unaudited financial statements of the Company for the period from 17 August 2011 to 29 February 2012.

Responsibility Statement of the Directors in respect of the half-yearly report

We confirm that to the best of our knowledge:

  • the half-yearly financial statements have been prepared in accordance with the statement 'Half-Yearly Financial Reports' issued by the UK Accounting Standards Board;
  • the half-yearly report includes a fair review of the information required by the Financial Services Authority Disclosure and Transparency Rules, being:
  • 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;
     
  • a description of the principal risks and uncertainties for the remaining six months of the year; and
     
  • 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

Ray Greenshields
Chairman
27 April 2012


Income Statement
Period to 29 February 2012
RevenueCapitalTotal
£'000£'000£'000
Income ---
Investment management fees ---
Other expenses ---
Loss on ordinary activities before tax---
Taxation on loss on ordinary activities ---
Loss on ordinary activities after tax---
Earnings per share - basic and diluted---
  • 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 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 period as set out above.
  • The accompanying notes are an integral part of the half-yearly report.
Reconciliation of Movements in Shareholders' Funds
Period to 29 February
£'000
Shareholders' funds at start of period-
Return on ordinary activities after tax -
Issue of equity (net of expenses)* 50
Shareholders' funds at end of period50

* Redeemable preferential shares issued upon the Company's incorporation.

Balance Sheet

As at 29 February 2012
£'000£'000
Fixed asset investments -
Current assets:
Debtors 50
Cash at bank 3,267
3,317
Creditors: amounts falling due within one year (3,267)
Net current assets 50
Net assets50
Called up equity share capital 50
Share premium -
Capital reserve -
Revenue reserve -
Total equity shareholders' funds50
Net asset value per share100.0p

The statements were approved by the Directors and authorised for issue on 27 April 2012 and are signed on their behalf by:

Ray Greenshields
Chairman

Company Number: 07744056

Cash flow statement
Period to 29 February 2012
£'000
Net cash inflow from operating activities*3,217
Financing:
Issue of equity 50
Share issue expenses -
Increase in cash resources at bank3,267

                   *Cash received for shares to be issued

                Reconciliation of return before taxation to cash flow from operating activities
Period to 29 February 2012
£'000
Return on ordinary activities before tax -
Increase in debtors 50
Increase in creditors 3,267
Inflow from operating activities3,217

                                                  

Reconciliation of net cash flow to movement in net funds
Period to 29 February 2012
£'000
Increase in cash resources at bank 3,267
Movement in cash equivalents -
Opening net cash resources -
Net funds at period end3,267

Notes to the Half-Yearly Report

1.         Basis of preparation
The unaudited half-yearly results which cover the period to 29 February 2012 have been prepared in accordance with the Accounting Standards Board's (ASB) statement on half-yearly financial reports (July 2007).

2.         Publication of non-statutory accounts
The unaudited half-yearly results for the period ended 29 February 2012 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006.

3.         Earnings per Ordinary share
At the period end there had been no Ordinary shares issued, therefore no earnings per share figure can be calculated.

There are no potentially dilutive capital instruments in issue and therefore no diluted returns per share figures are relevant. The basic and diluted earnings per share are therefore identical.

4.         Net asset value per Ordinary share
At the period end there had been no Ordinary shares issued, therefore no net asset value per share figure can be calculated.

5.         Share Issues

During the period, the Company did not issue any Ordinary shares. 50,000 redeemable preference shares were issued to Octopus Investments Limited on 17 August 2011.

6.         Principal Risks and Uncertainties
The Company's assets consist of cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic, loss of approval as a VCT, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the way in which they are managed, will be described in more detail in the Company's Annual Report and Accounts for the year ending 31 August 2012.

7.         Post balance sheet events
The following events occurred between the balance sheet date and the signing of these financial statements:

Shares issued:

  • 6 March 2012: 3,318,997 Ordinary shares at a price of 100p
  • 20 March 2012: 720,775 Ordinary shares at a price of 100p
  • 30 March 2012: 2,416,738 Ordinary shares at a price of 100p
  • 4 April 2012: 1,151,226 Ordinary shares at a price of 100p
  • 5 April 2012: 544,776 Ordinary shares at a price of 100p

Investment acquisitions:
      ·         4 April 2012: £1,000,000 was invested into Adala Solar Limited
      ·         4 April 2012: £1,000,000 was invested into Akycha Power Limited
      ·         4 April 2012: £1,000,000 was invested into Daubree Energy Limited
      ·         4 April 2012: £1,000,000 was invested into Debes Energy Limited
      ·         4 April 2012: £1,000,000 was invested into Delambre Energy Limited
      ·         5 April 2012: £797,333 was invested into Huygens Energy Limited
      ·         5 April 2012: £797,333 was invested into Kushida Solar Limited
      ·         5 April 2012: £797,333 was invested into Lacaille Energy Limited

8.         Related Party Transactions
Katrina Johnson, a non-executive Director of Octopus VCT 3 plc, is an employee of Octopus Investments Limited ('Octopus'). Octopus has been appointed as the investment manager of Octopus VCT 3 plc. The appointment is for a period of ten years from the date of the first allotment of Ordinary Shares, and may be terminated by Octopus or the VCT on 12 months' notice expiring at the end of the initial period or at any time thereafter.

Octopus will receive:

  • an annual management fee of 1.25% of the net funds raised by the VCT over time;
  • an annual accounting and administration fee of 0.3% of net funds raised by the VCT over time; and
  • annual company secretarial fees of £7,500.

             
In the period ended 29 February 2012, no amounts were due to Octopus in respect to Management Fees, administration services or company secretarial fees. At the period end there was nil outstanding.  




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Octopus VCT 3 plc via Thomson Reuters ONE

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