Interims
27 Settembre 2007 - 11:31AM
UK Regulatory
Interims
Apollo VCT 2 plc
Six months ended 31 July 2007
Financial Highlights
Six months to 31 Period to 31 January
July 2007 2007
Net assets �8,355,000 �2,889,000
Net revenue/(loss) after
tax �43,000 �(24,000)
Revenue/(loss) per share 0.6p (4.2)p
Total return/(loss) per
share 0.3p (5.9)p
Net asset value per share 94.4p 93.4p
Apollo VCT 2 plc ("Company" or "Fund") is a venture capital trust
("VCT") which aims to provide shareholders with attractive tax-free
dividends and long-term capital growth, through investment in a
diversified portfolio of UK smaller companies, mostly in the form of
mezzanine debt.
The Investment Manager is Octopus Investments Limited ("Octopus").
The Company was launched in May 2006 and, together with Apollo VCT 1
plc, raised �17.6 million in aggregate (�16.8 million net of
expenses) through an offer ("the Offer") for subscription by the time
it closed on 5 April 2007.
Chairman's Statement
I am pleased to be presenting to you the interim results of Apollo
VCT 2 plc for the six-month period to 31 July 2007.
Background
The Fund opened in May 2006 and had raised over �8.8 million by the
time it closed on 5 April 2007. When combined with Apollo VCT 1, over
�17.6 million was raised in the offer period, making it one of the
largest VCTs launched in the 2006/2007 tax year.
Net Asset Value ('NAV')
The NAV per share at 31 July was 94.4p, virtually unchanged when
compared to the initial NAV of 94.5p. Since the close of the Offer,
the net proceeds have been actively managed by our cash managers and
are now generating income in excess of the running costs of the Fund.
Investment portfolio
During much of the period under review, the Fund was engaged in
seeking investors rather than looking to make investments. However,
Octopus has taken an active approach to managing the cash raised
through the Offer prior to its investment in q1ualifying companies.
The funds raised have been invested by Goldman Sachs International in
a range of cash and cash equivalent assets.
Investment process
The majority of companies in which the Fund will invest will operate
in sectors where there is a high degree of predictability. Ideally,
these companies will have contractual revenues from financially sound
customers and will provide the opportunity for an exit within three
to five years.
Before investing in a company, the fund managers at Octopus will
conduct their own fundamental analysis. This will include a thorough
review and analysis of the company's business plan, meetings with
management teams, and a detailed evaluation of the company's
financial projections including scenario analysis (i.e. different
sales growth rates, margins and overheads). This analysis will focus
on the level of revenue visibility within the business and the extent
to which this revenue is contractually agreed.
Share Price and Buy-Back Facility
The Fund has a share buy-back facility, proposing where possible to
buy-back shares, if required, at no more than a 10% discount to the
prevailing NAV. This should assist the marketability of the shares
and help prevent the shares from trading at a wide discount to NAV.
The Fund's mid market share price currently stands at 95p.
Shareholders should note that if they sell their shares within five
years of the original purchase they forfeit any income tax relief
obtained. If you need to sell your shares, please contact Octopus on
020 7710 2800.
VCT Qualifying Status
The Fund must be 70% invested in qualifying companies by 31 January
2010, and maintain this level on a day by day basis thereafter, in
order to comply with VCT regulations. The Directors will monitor the
Fund's progress towards meeting and maintaining HM Revenue and
Customs' conditions for VCT approval and have retained
PricewaterhouseCoopers LLP, one of the UK's leading firms of
accountants, to advise in this area.
Outlook
Since the fundraising period came to an end, the investment team have
met with the management teams of a number of companies which may lead
to suitable investment opportunities. We, and the Investment Manager,
will update you in due course with regard to investments that have
been completed.
We are confident that we will be able to build a portfolio which will
be well positioned to deliver attractive returns to shareholders in
the medium-term.
Investment Manager's Review
We are delighted that the Fund raised over �8.8 million (and �17.6
million when the funds raised by its twin fund, Apollo VCT 1, are
taken into account), by the time the fundraising period closed on 5
April 2007. As is usual for a VCT in a fundraising period and early
stages, the Fund has yet to make its first investment.
Review of Investments
Although no qualifying investments were held at the period end, the
Fund has taken an active approach to managing the cash raised through
the Offer prior to its investment in qualifying companies. The funds
raised have been invested by Goldman Sachs International in a range
of cash and cash equivalent assets.
Personal Service
At Octopus, we pride ourselves not only on our team's track record
but also on our personalised customer service. We believe in open
communication and our regular updates are designed to keep you
involved and informed.
Octopus, founded in 2000, is one of the UK's fastest growing fund
management companies. The company is committed to bringing
innovative, high-return products to the broadest possible market.
Octopus currently manages more than �370 million on behalf of more
than 11,000 investors. Octopus is one of the largest VCT managers in
the UK and was recently voted 'Best VCT Provider of the Year 2007' in
the Professional Adviser Awards (voted for by financial advisers).
If you have any questions about this review, or if it would help to
speak to one of the fund managers, please do not hesitate to contact
us on 020 7710 2800.
Income Statement
Six months to 31 July Period to 31 January
2007 2007
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Realised gain on
investments 10 10
Unrealised gain on
investments - 35 35
Income 126 - 126 23 - 23
Investment
management fees (20) (59) (79) (3) (9) (12)
Other expenses (73) - (73) (44) - (44)
Profit/(loss) on
ordinary activities
before taxation 43 (24) 19 (24) (9) (33)
Taxation on
profit/loss on
ordinary activities - - - - - -
Profit/(loss) on
ordinary activities
after taxation 43 (24) 19 (24) (9) (33)
Return/(loss) per
share 0.6p 0.3p (4.2)p (1.7)p (5.9)p
- - the total column of this statement is the profit and loss account
of the Company
- - all revenue and capital items in the above statement derive from
continuing operations
- - the accompanying notes are an integral part of the financial
statements
- - 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.
+-------------------------------------------------------------------+
| Reconciliation of Movements in Shareholders' Funds |
|-------------------------------------------------------------------|
| | | | | | Six months to | Period to 31 |
| | | | | | 31 July 2007 | January 2007 |
|------------------------------------+---------------+--------------|
| | �'000 | �'000 |
|------------------------------------+---------------+--------------|
| Shareholders' funds as at start of | | |
| period | 2,889 | - |
|------------------------------------+---------------+--------------|
| | | | | | | |
|--------------------------------+---+---------------+--------------|
| Return on ordinary activities | | | |
| after tax | | 19 | (33) |
|--------------------------------+---+---------------+--------------|
| Issue of redeemable non-voting | | | |
| preference shares | | - | 50 |
|--------------------------------+---+---------------+--------------|
| Redemption of redeemable | | | |
| non-voting preference shares | | - | (50) |
|--------------------------------+---+---------------+--------------|
| Net proceeds of share issue | | 5,447 | 2,922 |
|--------------------------------+---+---------------+--------------|
| Shareholders' funds at end of | | | |
| period | | 8,355 | 2,889 |
+-------------------------------------------------------------------+
Balance Sheet
As at 31 July As at 31
2007 January 2007
�'000 �'000
Current assets:
Investments - Cash and cash equivalents 8,242 2,814
Debtors 128 106
Cash at bank 9 15
8,379 2,935
Creditors: amounts falling due within
one year (24) (46)
Net current assets 8,355 2,889
Total assets less current liabilities 8,355 2,889
Capital and reserves:
Share capital 885 309
Share premium 7,484 2,613
Capital reserve - realised (68) (9)
- unrealised 35 -
Revenue reserve 19 (24)
Shareholders' funds 8,355 2,889
Net asset value per share 94.4p 93.4p
Number of shares in issue 8,854,161 3,092,248
Cash Flow Statement
Six months to 31 Period to 31
July 2007 January 2007
�'000 �'000
Net cash outflow from operating
activities (1) (84)
Net cash inflow/(outflow) from
financial investment (1) (84)
Management of liquid resources:
Increase in money market securities (5,428) (2,814)
Financing:
Issue of own shares 5,734 3,076
Share issue expenses (287) (154)
Capital reserve realised -
Capitalised management fees (59) (9)
Unrealised gains on investments 35 -
Increase/(decrease) in cash resources (6) 15
Reconciliation of net cash flow to movement in cash
funds
Six months to Period to 31
31 July 2007 January 2007
�'000 �'000
Increase/(decrease) in cash resources 5,422 2,829
Opening net cash funds 2,829 -
Net cash at 31 July/31 January 8,251 2,829
Reconciliation of operating profit to cash flow from operating
activities
Six months to Period to 31
31 July 2007 January 2007
�'000 �'000
Profit/(loss) on ordinary activities 19
before tax (33)
Unrealised gains on investment (35) -
Capitalisation of management fees 59 9
(Increase)/decrease in debtors (22) (106)
Increase/(decrease) in creditors (22) 46
Net cash (outflow)/inflow from operating
activities (1) (84)
Notes to the Interim Financial Statements
1. Basis of preparation
The unaudited interim results which cover the six months to 31 July
2007 have been prepared in accordance with applicable accounting
standards and adopt the accounting policies set out in the statutory
accounts of the Company for the year ended 31 January 2007.
2. Publication of non-statutory accounts
The unaudited interim results for the six months ended 31 July 2007
do not constitute statutory accounts within the meaning of Section
240 of the Companies Act 1985 and have not been delivered to the
Registrar of Companies.
3. Earnings per share
The revenue/(loss) per share is based on revenue/(loss) from ordinary
activities of �42,956 and on 7,143,563 shares (31 January 2007:
�(24,033) and 567,872 shares), being the weighted average number of
shares in issue during the period.
The total earnings/(loss) per share is based on revenue/(loss) from
ordinary activities of �18,936 and on 7,143,563 shares (31 January
2007: �(33,530) and 567,872 shares), being the weighted average
number of shares in issue during the period.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted return per share figures are relevant.
4. Net asset value per share
The calculation of net asset value per share is based on
the net assets at 31 July 2007 and on 8,854,161 shares being the
number of shares in issue at the same date (31 January 2007:
3,092,248).
5. During the six months ended 31 July 2007 the Company
issued 5,761,913 ordinary shares at a price of 100p relating to the
initial fundraising period. The Company did not buy back any shares
during the same period.
6. Copies of this statement are being sent to all
shareholders. Copies are also available from the registered office of
the Company at 8 Angel Court, London, EC2R 7HP.
ENDS
- ---END OF MESSAGE---
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