TIDMOVCT
Octopus VCT plc
Annual Report & Accounts for the year ended 28 February 2014
Final Results
18 June 2014
Octopus VCT plc, managed by Octopus Investments Limited, today announces
the final results for the year ended 28 February 2014.
These results were approved by the Board of Directors on 18 June 2014.
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
As at As at
28 February 2014 28 February 2013
Net assets (GBP'000s) 50,402 49,635
Return on ordinary activities after tax
(GBP'000s) 1,900 758
Net asset value (NAV) per share 96.9p 95.2p
Cumulative dividends paid 5.0p 3.0p
NAV plus cumulative dividends 101.9p 98.2p
The Board has proposed a final dividend of 1.0 pence per share. This
dividend, if approved by shareholders at the AGM, will be paid on 14
August 2014 to shareholders on the register on 11 July 2014.
Chairman's Statement
Introduction
I am pleased to present the Annual Report of Octopus VCT plc for the
year ended 28 February 2014.
Performance
The Company has had a good year and has continued to trade in line with
its objective of focusing more on capital preservation than a typical
VCT. It is pleasing to report that the total return (being the net asset
value ('NAV') plus cumulative dividends paid to date) has increased from
98.2 pence per share as at 28 February 2013 to 101.9 pence per share as
at 28 February 2014, an increase of 3.8%. A large part of this increase
is due to the revaluation of a number of investments which had
previously been held at cost, reflecting the early stage of these
investments, and which resulted in an uplift of GBP1.5 million in the
value of the investment portfolio. A surplus of interest income received
on the Company's loan investments over the Company's running costs also
contributed to the positive return.
Dividend
Given the strong performance of the Company's portfolio and the level of
interest income earned during the year from investments, the Board has
proposed a final dividend of 1.0 pence per share in respect of the year
ended 28 February 2014 (2013: 1.0 pence per share). This dividend, if
approved by shareholders at the AGM, will be paid on 14 August 2014 to
shareholders on the register on 11 July 2014.
Investment Portfolio
A further GBP5.6m was invested during the year under review. GBP4.6m was
invested in Clifford Thames Group, a company specialising in consultancy,
business outsourcing, software and data services for the automotive
industry. A follow on investment of GBP1.0m was made in Healthcare
Services and Technology, a company seeking qualifying investments in the
healthcare technology sector.
The remainder of the loans to Shakti Power, Helaku Power and Salus
Services 2 were fully repaid during the year, whilst a partial loan
repayment was made by Michabo Power. In total, these loan repayments
returned GBP5.2m in cash back to the Company.
In addition, the Company disposed of its equity holdings in Salus
Services 2 and Game Development and Management, resulting in an overall
loss of GBP173,000.
Investment Strategy
As set out in the prospectus, the Company has adopted a strategy that is
aimed at making investments that focus more on capital preservation than
are typically available from investments in unquoted companies. The
Qualifying Investments have been made into companies where the Octopus
team is confident that there is the opportunity to invest in a manner
that should provide the Company with a high level of capital security.
These companies typically have contractual revenues from financially
sound customers or a revenue stream that is generated from predictable
transactions with a range of customers.
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 Octopus VCT plc is in compliance with the conditions laid
down by HMRC for maintaining approval as a VCT.
A key requirement is to reach at least the 70% qualifying investment
level by the end of the third accounting period. As at 28 February 2014,
84.1% of the portfolio, as measured by HMRC rules, was invested in VCT
qualifying investments.
Annual General Meeting
The Company's Annual General Meeting will take place on Thursday, 31
July 2014 at 3.30 p.m. I look forward to meeting as many shareholders as
possible at the meeting to be held at the offices of Octopus Investments
Limited at 20 Old Bailey, London, EC4M 7AN. Directions to their offices
can be found on their website: 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 an email or letter notifying them that
the documents are available to view online or to receive documents by
email. If you would like to change the format in which you receive this
report, please complete the form enclosed with this annual report or
contact Octopus or Capita using the contact details provided on page X
of this report. Alternatively you can sign up to receive
e-communications via the Capita online shareholder portal:
www.capitashareportal.com
Outlook
There is now no doubt that the UK economy is in recovery, which is a
marked improvement from the economic outlook this time last year. Banks
are beginning to lend more to businesses, but this remains on a
restricted basis; in addition, many companies continue to prefer the
more partnership-style of investment offered by VCTs such as your
Company. The value of the Company grew consistently throughout the
recent prolonged recession, which is testament to the prudent investment
approach adopted by the fund management team. This investment approach
of capital preservation will continue as the Manager seeks further
investments to continue to grow the value of the Company.
James Otter
Chairman
18 June 2014
Investment Manager's Review
Personal Service
At Octopus we focus on both 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 Investments Limited was established in 2000 and has a strong
commitment to both smaller companies and to VCTs. We currently manage
13 VCTs, including this VCT, and manage over GBP340 million in the VCT
sector. Octopus has over 250 employees. The investment team that
manages the portfolio of your company is comprised of 6 managers, with
additional support from specialist investment teams and support staff.
Investment Policy
The investment approach of Octopus VCT plc is to seek investments that
focus more on capital preservation than a typical VCT. Nearly all of
the companies in which Octopus VCT invests operate in sectors where
there is a high degree of predictability. Investments are sought in
companies that have contractual revenues from financially sound
customers and will provide an exit for shareholders within three to five
years.
Performance
As at 28 February 2014 the total return (being the NAV plus cumulative
dividends paid) stood at 101.9 pence per share compared to 98.2 pence at
28 February 2013, an increase of 3.8%.
This increase is mainly due to the strong performance of the portfolio,
which has seen an overall increase in its value of GBP1,498,000 in the
year and also partly due to strong interest income earned on loan
investments, which totalled GBP1,236,000 in the year, exceeding the
running costs of the Company, totalling GBP528,000 in the year.
The disposals of Salus Services 2, Game Development and Management and
loan repayments from Salus Services 2, Helaku Power Power, Michabo Power
and Shakti Power led to GBP6,282,000 of cash inflows back to the
Company.
The Company's investments into twelve solar companies in 2011 and 2012,
being Donoma Power, Sula Power, Howbery Solar, Meri Power, Aashman Power,
Kala Power, Tonatiuh Trading 1, Helaku Power, Nima Power, Tuwale Power,
Palk Power and Gnowee Power, all performed well during the period,
leading to a combined upward revaluation for these twelve companies of
GBP1,436,000. However the five companies which acquired solar sites in
France, being Resilient Corporate Services, Healthcare Education
Business Services, MediaCo Business Services, Personnel Advisory
Services and Saas Business Services, saw an overall downwards
revaluation of GBP630,000. Five additional solar companies, Horrebow
Energy, Mallina Power, Misae Power, Paivatar Power and Jokim saw a
combined downwards movement of GBP579,000. Therefore, overall, the solar
portfolio saw an upwards revaluation of GBP227,000.
Solid trading results for Clifford Thames Group, CSL Dualcom, 3AM Music,
Atlantic Screen International and Technical Software Consultants led to
further upward revaluations totalling GBP1,219,000. EKF Diagnostics, the
Company's only AIM traded investment, continued to see a rise in its
share price resulting in an upward revaluation of GBP238,000.
These gains were partially offset by prudent downward revaluations for
Acquire Your Business, Quickfire Films and Quickfire 2 Films. Together
these downwards adjustments totalled GBP186,000.
Portfolio Review
A new VCT qualifying investment totalling GBP4,616,000 was made in
Clifford Thames Group, a market leader in consultancy, business
outsourcing, software and data services for the automotive industry, in
the period. This investment was made alongside an investment by Octopus
Apollo VCT plc, a VCT which Octopus also manages. In addition, a follow
on investment of GBP1,000,000 was made in Healthcare Services and
Technology ("HST") during the period. The Company now has GBP2,500,000
invested in HST which continues to seek a VCT qualifying investment in
the healthcare technology sector.
The Company's investments in Erie Heat and Winnipeg Heat, originally
intended for deployment into ground source heat pump opportunities, have
now been redeployed into two new anaerobic digestion sites, where
construction is currently underway. Anaerobic digestion sites offer a
similar asset-backed, capital preservation opportunity to ground source
heat pump or solar sites.
Outlook
Over the past year the UK economy has entered a period of recovery -
with growth of between 0.7% and 0.9% per quarter for the year to 31
March 2014. Other positive indicators include continuing increasing
consumer confidence and low inflation, as measured by the Consumer Price
Index, which in February 2014 fell to 1.7%, its lowest point in over
four years. This is encouraging for both consumers and businesses.
Against this backdrop, banks are beginning to be more active in again
lending to small and medium-sized businesses, although our experience is
that demand for funding still far outstrips supply; this presents our
investment team with a number of ongoing investment opportunities
suitable for the investment mandate of Octopus VCT.
The Company's portfolio, constructed on a basis of capital preservation,
has weathered the difficult economic conditions of the past few years
and has continued to grow in value; it is well positioned for further
growth as conditions continue to improve. We will continue to invest in
line with the Company's mandate of capital preservation and are
optimistic about the Company's current portfolio and future investment
prospects.
If you have any questions on any aspect of your investment, please call
one of the team on 0800 316 2295.
Benjamin Davis
Investment Director
Octopus Investments
18 June 2014
Valuation Methodology
Initial measurement
With the exception of one investment which is traded on AIM, the
investments held by Octopus VCT plc are 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
28 February 2014. 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 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
*100% loan based investment
Review of Investments
At 28 February 2014 the Company's portfolio comprised investments in 47
unquoted companies. The unquoted investments are in Ordinary shares with
full voting rights as well as loan note securities.
Unquoted investments are valued in accordance with the valuation
methodology and the accounting policy set out on page X, which takes
account of current industry 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 28 February
2014:
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 Valuation
A Ordinary shares GBP1,704,327 GBP2,110,000
B preference shares GBP5,727 GBP7,000
Loan stock GBP2,905,946 GBP3,478,000
Total GBP4,616,000 GBP5,595,000
Investment date: July 2010
Equity held: 7.7%
Last audited accounts: 31 March
2013
Revenues: GBP46,900,000
Profit before interest & tax: GBP2,200,000
Net assets: GBP14,900,000
Income receivable recognised in year: GBP66,000
Valuation basis: Earnings multiple
CSL DualCom Holdings 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 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 Valuation
A Ordinary shares GBP128 GBP32,221
Loan stock GBP3,839,872 GBP3,839,779
Total GBP3,840,000 GBP3,872,000
Investment date: March 2011
Equity held: 1.4%
Equity held by all funds managed by Octopus: 3.4%
Last audited accounts: 31 March 2013
Revenues: GBP12,500,000
Profit before interest & tax: GBP2,300,000
Net assets: GBP8,100,000
Income receivable recognised in year:
GBP509,000
Valuation basis: Earnings multiple
Healthcare Services and Technology Limited ('Healthcare Services and
Technology')
Healthcare Services and Technology is a company currently seeking a
suitable investment within the healthcare technology sector.
Asset class Cost Valuation
Ordinary shares GBP250,000 GBP250,000
Loan stock GBP2,250,000 GBP2,250,000
Total GBP2,500,000 GBP2,500,000
Investment date: February 2013
Equity held: 49.9%
Equity held by all funds managed by Octopus: 100.0%
Last unaudited accounts: N/A
revenues: N/A
Loss before interest & tax: N/A
Net assets: N/A
Income receivable recognised in year:
GBPnil
Valuation basis: Transaction cost
The company's first set of annual accounts are due on 19 November 2014.
Therefore no annual results were available at the date of this report.
Borro Loan 2 Limited ('Borro')
Founded in 2008, Borro is an online consumer finance business providing
short term loans secured against high value assets to customers
nationwide. Further information can be found at the company's website
www.borro.com.
Asset class Cost Valuation
Loan stock GBP2,000,000 GBP2,000,000
Total GBP2,000,000 GBP2,000,000
Investment date: December 2011
Equity held: 0.0%*
Equity held by all funds managed by Octopus: 0.0%*
Last audited accounts: 31 December 2012
Revenues: GBP3,800,000
Profit before interest & tax: GBPnil*
Net assets: GBP1*
Income receivable recognised in year:
GBP225,000
Valuation basis: Transaction cost
*Borro Loan 2 Limited is the loan book company and 100% subsidiary of
Borro Limited, a company registered in England and whose results are
publicly available from Companies House. Accordingly, Borro Loan 2
Limited has nil revenues and nominal net assets.
Erie Heat Limited ('Erie')
Erie is in the process of constructing, and will operate, an anaerobic
digestion plant in Lincolnshire.
Asset class Cost Valuation
A Ordinary shares GBP600,000 GBP600,000
Loan stock GBP1,400,000 GBP1,400,000
Total GBP2,000,000 GBP2,000,000
Investment date: April 2012
Equity held: 49.9%
Last audited accounts: 28 February
2013
Revenues: GBPnil
Profit before interest & tax: GBP109
Net assets: GBP600,000
Income receivable recognised in year: GBP8,000
Valuation basis: Transaction cost
3AM Music Limited ('3AM')
3AM is managed by the Cutting Edge Group and commissions and owns
copyrights to music scores for films and television projects.
Asset class Cost Valuation
Ordinary shares GBP1,500,000 GBP1,636,000
Total GBP1,500,000 GBP1,636,000
Investment date: August 2012
Equity held: 49.9%
Equity held by all funds managed by Octopus: 100.0%
Last unaudited accounts: 30 June 2013
Revenues: GBP300,000
Loss before interest & tax: GBP100,000
Net assets: GBP3,500,000
Income receivable recognised in year:
GBPnil
Valuation basis: Earnings multiple
GreenCo Services 2 Limited ('GreenCo')
GreenCo constructed and operates a solar renewable energy site at a
selected location in South Brent, Devon.
Asset class Cost Valuation
Ordinary shares GBP1,600,000 GBP1,600,000
Total GBP1,600,000 GBP1,600,000
Investment date: November 2010
Equity held: 40.9%
Equity held by all funds managed by Octopus: 100.0%
Last unaudited accounts: 30 November 2012
Revenues: GBPnil
Loss before interest & tax: GBP70,000
Net assets: GBP3,787,000
Income receivable recognised in year:
GBPnil
Valuation basis: Transaction cost
Donoma Power ('Donoma')
Donoma constructed and operates a solar renewable energy site at a
selected location in Hawton, Nottinghamshire.
Asset class Cost Valuation
Ordinary shares GBP1,220,000 GBP1,471,000
Total GBP1,220,000 GBP1,471,000
Investment date: April 2011
Equity held: 44.9%
Equity held by all funds managed by Octopus: 100.0%
Last audited accounts: 31 December 2012
Revenues: GBP1,828,000
Profit before interest & tax: GBP847,000
Net assets: GBP(1,500,000)
Income receivable recognised in year:
GBPnil
Valuation basis: Discounted Cash Flow
Sula Power ('Sula')
Sula constructed and operates a solar renewable energy site at a
selected location in Beccles, Suffolk.
Asset class Cost Valuation
Ordinary shares GBP1,000,000 GBP1,224,000
Total GBP1,000,000 GBP1,224,000
Investment date: April 2011
Equity held: 32.3%
Equity held by all funds managed by Octopus: 100.0%
Last audited accounts: 31 December 2012
Revenues: GBP468,000
Profit before interest & tax: GBP141,000
Net assets: GBP2,900,000
Income receivable recognised in year:
GBPnil
Valuation basis: Discounted Cash Flow
Atlantic Screen International Limited ('ASI')
ASI commissions and owns copyrights to music scores for films and
television programmes.
Asset class Cost Valuation
Ordinary shares GBP1,000,000 GBP1,057,000
Total GBP1,000,000 GBP1,057,000
Investment date: January 2011
Equity held: 49.9%
Equity held by all funds managed by Octopus: 100.0%
Last unaudited accounts: 30 June 2013
Revenues: GBP5,000
Loss before interest & tax: GBP400,000
Net assets: GBP1,600,000
Income receivable recognised in year:
GBPnil
Valuation basis: Earnings multiple
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). 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
James Otter
Chairman
18 June 2014
Income Statement
Year to 28 February 2014
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Fixed asset investment gain/(loss) on disposal - (172) (172)
Fixed asset investment holding gain/(loss) - 1,498 1,498
Investment income 1,245 - 1,245
Investment management fees - - -
Other expenses (528) - (528)
Return on ordinary activities before tax 717 1,326 2,043
Taxation on return on ordinary activities (143) - (143)
Return on ordinary activities after tax 574 1,326 1,900
Earnings per share - basic and diluted 1.1p 2.5p 3.6p
-- 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.
Income Statement
Year to 28 February 2013
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Fixed asset investment gain/(loss) on disposal - - -
Fixed asset investment holding gain/(loss) - 63 63
Investment income 1,448 - 1,448
Investment management fees - - -
Other expenses (543) - (543)
Return on ordinary activities before tax 905 63 968
Taxation on return on ordinary activities (210) - (210)
Return on ordinary activities after tax 695 63 758
Earnings per share - basic and diluted 1.3p 0.1p 1.4p
-- 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.
Reconciliation of Movements in Shareholders' Funds
Year to Year to
28 February 2014 28 February 2013
Shareholders' funds at start of year 49,635 49,919
Return on ordinary activities after tax 1,900 758
Shares bought back for cancellation (91) -
Dividends paid (1,042) (1,042)
Shareholders' funds at end of year 50,402 49,635
Balance Sheet
As at 28 February 2014 As at 28 February 2013
GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset
investments* 49,197 48,538
Current assets:
Debtors 543 726
Investments - money
market funds* 5 5
Cash at bank 946 712
1,494 1,443
Creditors: amounts
falling due within
one year (289) (346)
Net current assets 1,205 1,097
Total assets less
current
liabilities 50,402 49,635
Called up equity
share capital 520 521
Special
distributable
reserve 48,009 48,568
Capital redemption
reserve 2 1
Capital reserve
holding gains 1,766 268
Capital reserve
gains on disposal (172) -
Revenue reserve 277 277
Total shareholders'
funds 50,402 49,635
Net asset value per 96.9p 95.2p
share
* Held at fair value through profit and loss
The statements were approved by the Directors and authorised for issue
on 18 June 2014 and are signed on their behalf by:
James Otter
Chairman
Company No: 06948448
Cash Flow Statement
Year to 28 February 2014 Year to 28 February 2013
GBP'000 GBP'000
Net cash
inflow/(outflow) from
operating activities 910 923
Taxation (210) (210)
Financial investment
Purchase of fixed asset
investments (5,616) (17,807)
Sale of fixed asset
investments 6,283 2,037
Dividends paid (1,042) (1,042)
Management of liquid
resources
Purchase of current
asset investments - (1,017)
Sale of current asset
investments - 11,592
Financing:
Purchase of own shares (91) -
Increase/(decrease) in
cash 234 (5,524)
Reconciliation of return before Taxation to Cash Flow
from Operating Activities
Year to 28 February 2014 Year to 28 February 2013
GBP'000 GBP'000
Return on ordinary
activities before tax 2,043 968
Decrease in debtors 183 (218)
Decrease in creditors 10 236
Holding gain on fixed asset
investments (1,498) (63)
Loss on disposal of fixed
asset investments 172 -
Inflow/(outflow) from
operating activities 910 923
Reconciliation of Net Cash Flow to Movement in Net
Funds
Year to 28 February 2014 Year to 28 February 2013
GBP'000 GBP'000
Increase/(decrease) in
cash at bank 234 (5,524)
Movement in cash
equivalent securities - (10,575)
Opening net funds 717 16,816
Net funds at 28 February 951 717
Net Funds at 28 February comprised:
As at 28 February 2014 As at 28 February 2013
GBP'000 GBP'000
Cash at bank 946 712
Money market funds 5 5
Net Funds at 28 February 951 717
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Octopus VCT PLC via Globenewswire
HUG#1795613
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