Interim Management Statement
05 Dicembre 2008 - 5:03PM
UK Regulatory
Interim Management Statement
Octopus Apollo VCT 1 plc ("the Fund")
5 December 2008
Interim Management Statement
For the period from 1 August 2008 to 31 October 2008
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Apollo VCT 1 VCT plc presents an Interim
Management Statement for the period 1 August 2008 to 31 October
2008. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Financial highlights
Year to
Three months to Six months to 31 January
31 October 2008 31 July 2008 2008
Total net assets (�'000s) 8,139 8,223 8,355
Net asset value per share 92.3p 93.2p 94.7p
Net revenue return after tax
(�'000s) 34 49 102
Share price 89.0p 89.0p 90.0p
Cumulative dividend - paid
and proposed 1.25p 1.25p 0.75p
Investment performance
The unaudited net asset value ("NAV") per share at 31 October 2008
was 92.3p compared to a NAV at 31 July 2008, the half-year end of
93.2p. However, a 0.5p per share dividend was paid in the period.
Total return for the period was therefore -0.4p or -0.43%. The
investment manager has taken an active approach to managing the cash
resources raised through the Offer prior to its investment in VCT
Qualifying Companies. The funds raised have been invested in a range
of money market securities.
The investments made last year into Funeral Services Partnership
Limited, Hydrobolt Limited, Bruce Dunlop & Associates Limited and
Tristar Worldwide Limited are all held at cost and are performing
in-line with expectations at this stage.
Investment Activity
Since the half-year end, the Fund has made one new investment into
Vulcan Services II Limited. This is an acquisition vehicle formed to
seek strategic acquisitions in the fast growing oil and gas services
sector. This is a sector in which Octopus has identified a number of
highly profitable, fast growing, niche manufacturing businesses,
which benefits from above average oil prices. The management partner
in this venture has a track record of identifying successful
investments in the sector and currently sits on the board of another
Octopus investment called Hydrobolt Limited. Octopus expects to
complete the first acquisition in the next six to twelve months.
The total value of the investment portfolio at 5 December 2008 was
�8.1 million with nearly �2.6 million invested in VCT Qualifying
Companies. Currently, �5.5 million is invested in a range of money
market securities awaiting investment in suitable VCT Qualifying
Companies.
Largest qualifying holdings
Company Investment Carrying Percentage of total
class value �'000 investments*
Funeral Services
Partnership Limited Unquoted 875 10.8%
Bruce Dunlop & Associates
Limited Unquoted 500 6.1%
Tristar Worldwide Limited Unquoted 500 6.1%
Vulcan Services II Limited Unquoted 500 6.1%
Hydrobolt Limited Unquoted 196 2.4%
* including cash and money market securities
Investment Pipeline
During the period we have seen increased interest for our funds as an
alternative to traditional bank debt. This is due to a loss of trust
in the banks, some banks going into administration, more restrictive
terms, increased charges from banks and companies appreciating that
the five year interest only funds that we can provide are more
suitable for the current economic environment than the typical
repayment loans offered by banks. We are cautiously investigating
such deals and are giving preference to deals where there is already
a lead equity provider invested or preparing to invest in the
company. Whilst these will all be profitable and successful
businesses at the time of investment we are focusing our attention on
ensuring that the business will cope with significant future
underperformance without putting our investment at risk. We hope to
complete a few of these deals in the next six months.
Dividends and investment strategy
As stated in the half-yearly Report for the six months ending 31 July
2008, the Board declared an interim dividend of 0.5p per share. This
was paid to shareholders on 31 October 2008 to shareholders on
register at the close of business on 3 October 2008.
Share buybacks
During the period under review, the Fund bought back 25,000 shares
for cancellation at a price of 83.4p per share (Total consideration
�20,850). No shares were issued in the period.
Material events and transactions
The Fund's Board is not aware of any significant event or transaction
which has occurred between the 1 November 2008 and the date of
publication of this statement, other than the investment in Vulcan
Services II Limited as noted above, which would have a material
impact on the financial position on the Fund, and has not been
detailed above.
For further information please contact:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 020 7710 2800
ENDS
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solely responsible for the content of this announcement.
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