TIDMOFG
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 AIFM Management Limited (the
'Manager'), who has delegated investment management to Octopus
Investments Limited ('Octopus' or 'Portfolio Manager').
The Company announces the half-yearly results for the six months
to 31 December 2022.
Interim Management Report
Chair's statement
Highlights
-- GBP39.1m in total net assets
-- 95.1p Net Asset Value ('NAV') per share
-- GBP40.6m raised in 2022
I am pleased to present the unaudited half-yearly report and
accounts for Octopus Future Generations VCT for the six months to
31 December 2022.
I would firstly like to welcome new shareholders to the Company.
Octopus Future Generations VCT invests in exciting early-stage
companies which we believe may also have a positive impact on
society. The NAV per share at 31 December 2022 was 95.1p, and in
the reporting period the Company made 12 investments. A further
seven have completed since the period end, bringing the total
number in the portfolio to 21. Each investee company has the
ambition to address current societal issues, ranging from improving
healthcare to positively impacting climate change. More information
on some of these businesses can be found in the Portfolio Manager's
Review.
In the period to 31 December 2022, we utilised GBP11.2 million
of our cash resources, including GBP10.5 million which was invested
into new investee companies. The cash balance of GBP26.8 million as
at 31 December 2022 represents 69% of net assets at that date. The
loss made in the period to 31 December 2022 was GBP0.4 million,
which is expected at this early stage due to the running costs of
the Company exceeding returns from investments. We look forward to
deploying significant further capital into new investment
opportunities over the coming months, and we ultimately intend the
profile of the Company to comprise 80% to 90% in VCT qualifying
investments and 10% to 20% in permitted non-VCT qualifying
investments or cash.
Fundraise
Given the active investment landscape and successful launch of
the Company on 31 January 2022, a new offer was launched in January
2023 seeking to raise GBP30 million, with an over-allotment
facility for a further GBP10 million. The offer will close for new
applications on 18 January 2024, or earlier if fully
subscribed.
As investors will be aware, the intention is to invest in
businesses which meet one of three key themes, and which we believe
demonstrate excellent investment prospects as well as having the
potential to make a positive societal impact.
VCT qualification
I am pleased to report that Future Generations VCT has met the
30% investment rule, the first milestone for a new VCT to achieve.
This rule states that at least 30% of all new funds raised in an
accounting period need to be invested in VCT qualifying businesses
within 12 months of the end of that accounting period. The Company
had until June 2023 to do this, but has achieved it well ahead of
time, in December 2022.
Principal risks and uncertainties
The Board continues to review the risk environment in which the
Company operates on a regular basis. There have been no significant
changes to the key risks as described in the annual report for the
period ended 30 June 2022. The Board does not anticipate there will
be significant changes to these risks in the remaining six months
of the financial year.
Outlook
We have had an exciting six-month period, with the Company
closing its initial fundraise, announcing the intention to raise
further funds and making 12 investments spanning its three
investment themes. This has been achieved despite the challenging
macroeconomic headwinds we have faced with the cost-of-living
crisis, rising inflation, the continuation of the Ukraine conflict
and uncertainty in the political landscape. Looking ahead, it is
unclear what 2023 will bring in this regard, but we hope for
greater stability, and I am encouraged by the pipeline of
investment opportunities when considering the outlook for the
Company. The ingenuity, energy and passion of the entrepreneurs,
the technological advancements they are developing and the issues
that the businesses are addressing, when combined, could make a
meaningful difference to the world, as well as creating profitable
investment opportunities for the Company.
We are still seeing good momentum in the UK early--stage market.
Even in challenging times, great businesses continue to be founded
as there is often a willingness to adopt new technologies or seek
new approaches. The Octopus Ventures team, headquartered in London,
have scaled their investment and operational team further to
support this activity. They have also opened an office in
Manchester, to better foster links with university spin-out
companies in the North of the country and ensure increased market
coverage.
To remind shareholders, as the Company is at the beginning of
its investment journey, it will take time to deploy the funds
raised into portfolio companies that the investment team consider
to be good investment opportunities. While we are in this early
investment phase, the portfolio will naturally be more concentrated
in fewer companies. This means that performance will be more
sensitive to the success and/or failure of these investments than
if the portfolio was larger.
As such, over the next couple of years, there may well be a
decline in overall value as the Company invests in new businesses,
some of which are at the start of their growth journey and will
need to build their technology, prove their market, win new
contracts, and grow their teams. Their value will take time to
grow, and inevitably some of these will ultimately fail.
The long-term intention is to pay an annual dividend of 5% of
the NAV. However, given the expected holding period of target
portfolio companies and restrictions imposed on VCTs, the Company
does not intend to pay dividends before 1 July 2025 at the
earliest. During this time, any growth in value will increase the
value of the Company. Dividends, when payable, are likely to be
generated from successful exits, so the Company is unlikely to pay
significant dividends until portfolio companies have time to mature
and/or be acquired.
I would like to conclude by thanking both my Board colleagues
and the Octopus team on behalf of all shareholders for their hard
work. I would also like to thank shareholders for their continued
support. I am excited to see what the coming year brings for your
Company.
Helen Sinclair
Chair
Portfolio Manager's review
Focus on Future Generations VCT's performance
The NAV per share at 31 December 2022 was 95.1p. The Company
invests in three key areas that we believe demonstrate excellent
investment prospects and have potential to transform outdated
industries for the better. Below is a breakdown of the 14
investments held as at 31 December 2022, showing the proportion and
value of the portfolio in each investment theme:
Proportion by number of portfolio companies in each theme
Revitalising healthcare: 50%
Empowering people: 36%
Building a sustainable planet: 14%
Value of the portfolio in each theme
Revitalising healthcare: GBP5.9m
Empowering people: GBP4.9m
Building a sustainable planet: GBP1.5m
The Company completed 12 new investments in the reporting period
(comprising a total of GBP10.5 million) and seven further
investments after 31 December 2022 (totalling GBP9.5 million of
investment). More information on three of these businesses, which
span our three investment themes, can be found below:
A selection of our completed investments
Building a sustainable planet
Kita
To prevent the worst impacts of climate change, we must remove
gigatons of carbon dioxide from the atmosphere annually for the
remainder of the 21st century. Kita's first product is Carbon
Purchase Protection Insurance. It protects buyers of carbon removal
credits against the risk that the carbon isn't delivered. If the
carbon removal credits underperform, Kita cover the loss (via a
reinsurance facility).
Empowering people
Cobee
Cobee is a fully digital solution that simplifies employee
benefits management. Using the app and Cobee Visa card, employees
have access to a range of benefits such as health insurance,
childcare, mental health, food, transport and much more. They're
able to create a completely flexible compensation package, and the
platform allows complete control over all employee benefits in a
single place, with no intermediaries or external suppliers required
to be involved in the purchasing decision.
Revitalising healthcare
Infinitopes
Infinitopes is on a mission to cure cancer using their
immunopeptidomics platform and novel vectors to develop cancer
vaccines. As a Cancer Research UK (CRUK) supported team of expert
doctors and scientists spinning out of Oxford University,
Infinitopes is pushing the boundaries of science and medicine to
identify hidden tumour targets and create high efficiency vaccines
to be affordable to healthcare systems and patients, and aspire to
save many lives in the future.
Top ten investments
Portfolio company Cost Valuation at Investment Theme
31 December 2022
1. Cobee GBP1.9m GBP2.0m Empowering people
2. Infinitopes GBP1.6m GBP1.6m Revitalising healthcare
3. Apheris GBP1.2m GBP1.3m Revitalising healthcare
4. Inflow GBP1.0m GBP1.0m Revitalising healthcare
5. Skin + Me GBP1.0m GBP1.0m Revitalising healthcare
6. Intrinsic GBP0.9m GBP0.9m Empowering people
Semiconductor
7. Living Optics GBP0.9m GBP0.9m Empowering people
8. Neat GBP0.8m GBP0.8m Building a sustainable
planet
9. Kita GBP0.7m GBP0.7m Building a sustainable
planet
10. Bloom GBP0.6m GBP0.6m Empowering people
Portfolio engagement
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: 13
In progress: 1
Engaged on monitoring greenhouse gas emissions
Signed up: 6
Introduced: 6
In progress: 2
Outlook
Following the launch of the Company at the start of 2022, the
economy immediately encountered headwinds with the war in Ukraine,
energy supply issues and a cost--of--living crisis. However, when
we look back over the past 12 months, we are pleased with the
Company's progress despite these significant challenges. We
have:
-- completed 14 new investments across all three investment
themes in 2022;
-- raised GBP40 million into the Company; and
-- in light of continued attractive opportunities to invest,
launched a new fundraise in 2023.
Within the Octopus Ventures team, we saw the headcount in the
investment and operations team grow by 31% in 2022 to support the
activity we are seeing in the early-stage market.
Looking ahead in 2023, it is unclear when the difficult
conditions will start to ease, and the International Monetary Fund
(IMF) has stated it expects the UK economy to contract by 0.6%(1)
this year. In mid-March, we unfortunately saw the largest failure
of a US bank since 2008, with the collapse of Silicon Valley Bank
(SVB) in the US, and the risk that the UK arm would also fail. SVB
has been a major specialised lender and banking provider in the
tech industry, and as such some of the Future Generations VCT
portfolio bank with them. The Octopus Ventures team reacted quickly
to the news and undertook a full risk assessment on the portfolio,
then worked to support those companies affected wherever possible
to try to ensure assets would be secure and that they would have
access to banking facilities. While around half the portfolio had
some kind of exposure to SVB (mostly SVB UK), the number of
companies which would have been impacted acutely was very
limited.
We were very pleased when it was announced that HSBC would
purchase the UK arm of SVB, meaning funds have been secured and are
not at risk. Early-stage markets, within which the Company
operates, will inevitably be impacted by the financial outlook, but
history has shown us that great businesses are and will continue to
be founded at times of economic turmoil. The entrepreneurs we meet
are intent on solving some of society's biggest problems and on
building successful companies which could have a material and
positive impact on people's lives as well as delivering good
returns to shareholders in the future.
We have further expanded our dedicated in-house people and
talent team to support the portfolio companies on their growth
journeys, which is particularly important during more challenging
times. They offer a range of services, including recruitment
support, coaching, establishing company policies and best practice
frameworks, pairing the portfolio company management teams with
consultants who can offer the best support, and running targeted
events to offer tangible and actionable advice, such as webinars on
employee equity grants at different stages of growth and interview
training for leadership teams.
We believe that Octopus is very well placed to source and secure
some of the best investment opportunities,
generated by our extensive network and reputation in the
early-stage market. We continue to be extremely excited by the
opportunities presented to the Company and support its ambition to
make the world a better place, and to deliver attractive returns to
shareholders.
(1.) Latest data as at 1 February 2023.
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 six months of the year; and
-- we have disclosed 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
Helen Sinclair
Chair
Income Statement
Unaudited six months to 31 Audited period to 30 June
December 2022 2022
------------------------------ -----------------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- -------- -------- ------------------- --------
Net gain on valuation
of fixed asset investments -- 97 97 -- 9 9
Investment management
fee (95) (285) (380) (39) (118) (157)
Investment income 56 -- 56 -- -- --
Foreign exchange
translation 27 -- 27 -- -- --
Other expenses (225) -- (225) (165) -- (165)
---------------------------- --------- --------- -------- -------- ------------------- --------
Loss before tax (237) (188) (425) (204) (109) (313)
---------------------------- --------- --------- -------- -------- ------------------- --------
Tax -- -- -- -- -- --
---------------------------- --------- --------- -------- -------- ------------------- --------
Loss after tax (237) (188) (425) (204) (109) (313)
---------------------------- --------- --------- -------- -------- ------------------- --------
Loss per share --
basic and diluted (0.6)p (0.5)p (1.1)p (1.6)p (0.8)p (2.4)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 (AIC).
-- 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
As at 31 December 2022 As at 30 June 2022
------------------------ --------------------
GBP'000 GBP'000 GBP'000 GBP'000
----------- ----------- --------- ---------
Fixed asset investments 12,287 1,663
Current assets:
Debtors 86 54
Applications cash(1) 100 1,915
Cash at bank 9,432 29,826
Money market funds 17,411 --
27,029 31,795
---------------------------- ----------- ----------- --------- ---------
Creditors: amounts falling
due within one year (222) (2,166)
---------------------------- ----------- ----------- --------- ---------
Net current assets 26,807 29,629
---------------------------- ----------- ----------- --------- ---------
Net assets 39,094 31,292
---------------------------- ----------- ----------- --------- ---------
Share capital 41 33
Share premium 39,792 31,572
Capital reserve realised (403) (118)
Capital reserve unrealised 106 9
Revenue reserve (442) (204)
---------------------------- ----------- ---------
Total equity shareholders'
funds 39,094 31,292
---------------------------- ----------- ----------- --------- ---------
NAV per share 95.1p 96.1p
---------------------------- ----------- ----------- --------- ---------
1. Cash received from shareholders but not yet allotted.
The accompanying notes form an integral part of the financial
statements.
Statement of changes in equity
Share Share Revenue
capital premium Capital reserve realised(1) Capital reserve unrealised reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------- ------- --------------------------- -------------------------- ---------- --------
As at 1 July 2022 33 31,527 (118) 9 (204) 31,292
------------------ ------- ------- --------------------------- -------------------------- ---------- --------
Comprehensive
income for the
period:
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
loss for the
period -- -- (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
------------------ ------- ------- --------------------------- -------------------------- ---------- --------
1. Reserves available for distribution.
The accompanying notes form an integral part of the financial
statements.
Share Share Revenue
capital premium Capital reserve realised(1) Capital reserve unrealised reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------- ------- --------------------------- -------------------------- ---------- --------
As at 17
November
2021(2) -- -- -- -- -- --
-------------- ------- ------- --------------------------- -------------------------- ---------- --------
Comprehensive
income for the
period:
Management
fees
allocated as
capital
expenditure -- -- (118) -- -- (118)
Net gain on
fair value of
fixed asset
investments -- -- -- 9 -- 9
Loss after tax -- -- -- -- (204) (204)
-------------- ------- ------- --------------------------- -------------------------- ---------- --------
Total
comprehensive
loss for the
period -- -- (118) 9 (204) (313)
-------------- ------- ------- --------------------------- -------------------------- ---------- --------
Contributions
by and
distributions
to owners:
Shares issued 33 32,111 -- -- -- 32,144
Share issue
costs -- (539) -- -- -- (539)
-------------- ------- ------- --------------------------- -------------------------- ---------- --------
Total
contributions
by and
distributions
to owners 33 31,572 -- -- -- 31,605
-------------- ------- ------- --------------------------- -------------------------- ---------- --------
Balance as at
30 June 2022 33 31,572 (118) 9 (204) 31,292
-------------- ------- ------- --------------------------- -------------------------- ---------- --------
(1. Reserves available for distribution.)
(2. Incorporation date) .
The accompanying notes form an integral part of the financial
statements.
Cash flow statement
Unaudited Audited
six months to period to 30
31 December 2022 June 2022
GBP'000 GBP'000
----------------- --------------
Cash flows from operating activities:
Loss before tax (425) (313)
Increase in debtors (32) (54)
(Decrease)/ increase in creditors (129) 251
Gain on valuation of fixed asset
investments (97) (9)
------------------------------------------- ----------------- --------------
Outflow from operating activities (683) (125)
------------------------------------------- ----------------- --------------
Cash flows from investing activities:
Purchase of fixed asset investments (10,528) (1,654)
------------------------------------------- ----------------- --------------
Outflow from investing activities (10,528) (1,654)
------------------------------------------- ----------------- --------------
Cash flows from financing activities:
Applications account inflow 6,614 34,059
Applications account outflow (8,429) (32,144)
Proceeds from share issues 8,429 32,144
Share issue costs (201) (539)
------------------------------------------- ----------------- --------------
Inflow from financing activities 6,413 33,520
------------------------------------------- ----------------- --------------
(Decrease)/increase in cash and cash
equivalents (4,798) 31,741
Opening cash and cash equivalents 31,741 --
------------------------------------------- ----------------- --------------
Closing cash and cash equivalents 26,943 31,741
------------------------------------------- ----------------- --------------
Cash and cash equivalents comprise:
Applications cash 100 1,915
Cash at bank 9,432 29,826
Money market funds 17,411 --
------------------------------------------- ----------------- --------------
Closing cash and cash equivalents 26,943 31,741
------------------------------------------- ----------------- --------------
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 2022 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 Future Generations VCT's ability to continue to
adopt the going concern basis over a period of at least 12 months
from the date of approval of the financial statements. In reaching
this conclusion, the Directors have taken into account the
potential impact of the economy including inflation and the
recession.
The principal accounting policies have remained unchanged from
those set out in Future Generations VCT's 2022 annual report and
accounts.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31
December 2022 do not constitute statutory accounts within the
meaning of Section 415 of the Companies Act 2006 and have not been
delivered to the Registrar of Companies. The comparative figures
for the period ended 30 June 2022 have been extracted from the
audited financial statements for that period, 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 37,304,813 Ordinary shares (30
June 2022: 13,205,218), 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 2022 30 June 2022
----------------- ---------------- ------------
Net assets (GBP) 39,094,495 31,291,144
----------------- ---------------- ------------
Shares in issue 41,127,110 32,569,178
----------------- ---------------- ------------
NAV per share 95.1p 96.1p
----------------- ---------------- ------------
5. Allotments
During the six months to 31 December 2022, 8,557,932 shares were
issued at a weighted average price of 99.1p per share (period ended
30 June 2022: 32,569,178 shares at a weighted average price of
100.0p per share).
6. Transactions with the Manager and Portfolio Manager
Future Generations VCT is classified as a full-scope Alternative
Investment Fund under the Alternative Investment Fund Management
Directive (the 'AIFM Directive'). Future Generations VCT has
appointed the Manager to provide the services of an AIFM of a
full-scope AIF. In accordance with its power to do so under AIFMD,
the Manager has delegated investment management to Octopus, whilst
retaining the obligations of a risk manager.
Future Generations VCT paid the Manager GBP380,000 in the period
as a management fee. 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.
Future Generations VCT also has a Non-Investment Services
Agreement (NISA) with Octopus, with fees payable quarterly in
advance. The fee is 0.3% of Future Generations VCT's NAV,
calculated at quarterly intervals. The 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
GBP57,000 was paid to Octopus under the NISA.
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 year 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 has
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 the Company, is also
Managing Director of Octopus Ventures and owns shares in Octopus
Group Holdings Ltd. No dividends have been paid to the Directors of
the Company.
Period to 31 December Period to 30 June
Dividends paid in period 2022 2022
GBP GBP
--------------------- -----------------
Helen Sinclair -- --
Joanna Santinon -- --
Emma Davies -- --
-------------------------- --------------------- -----------------
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. Future Generations VCT has no other
substantial interests that require separate disclosure.
% voting rights held by Future
Investments Generations VCT
--------------------------------------- -------------------------------------
Perk Finance t/a Cobee 2.5%
Infinitopes Limited 4.9%
Apheris AI GmbH 3.2%
Inflow Holdings Inc. 1.9%
Mr & Mrs Oliver Limited t/a Skin + Me 0.6%
Intrinsic Semiconductor Technologies
Limited 5.1%
Living Optics Limited 3.8%
Neat SAS 3.2%
Kita Earth Limited 3.5%
Bloom App Limited 1.9%
9. Post balance sheet events
The following events occurred between the balance sheet date and
the signing of this half--yearly report:
-- Seven new investments completed totalling GBP9.5 million.
-- On 19 January 2023, Future Generations VCT announced a new Offer for
Subscription for Ordinary shares of 0.1p each, to raise up to GBP30
million in aggregate with an over--allotment facility of up to a further
GBP10 million.
-- 3.4 million shares were allotted at a price of 98.1p per share on 10
March 2023.
10. Half-Yearly Report
The unaudited half-yearly report for the six months ended 31
December 2022 will shortly be available to view at
https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/
For further information please contact:
Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
LEI: 213800AL71Z7N2O58N66
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