New Zealand markets closed
  • NZX 50

    11,677.75
    +35.90 (+0.31%)
     
  • NZD/USD

    0.6435
    +0.0020 (+0.31%)
     
  • NZD/EUR

    0.6079
    -0.0003 (-0.05%)
     
  • ALL ORDS

    7,540.50
    +37.00 (+0.49%)
     
  • ASX 200

    7,337.70
    +36.20 (+0.50%)
     
  • OIL

    80.58
    +0.60 (+0.75%)
     
  • GOLD

    1,822.10
    +12.50 (+0.69%)
     
  • NASDAQ

    11,994.26
    -47.64 (-0.40%)
     
  • FTSE

    7,556.23
    -2.26 (-0.03%)
     
  • Dow Jones

    34,429.88
    +34.88 (+0.10%)
     
  • DAX

    14,529.39
    +39.09 (+0.27%)
     
  • Hang Seng

    19,320.62
    +645.27 (+3.46%)
     
  • NIKKEI 225

    27,771.55
    -6.35 (-0.02%)
     
  • NZD/JPY

    86.3720
    +0.2460 (+0.29%)
     

Half-Yearly Results

Octopus Apollo VCT plc  


Half-Yearly Results

Octopus Apollo VCT plc today announces its unaudited half-yearly results for the six months ended 31 July 2022.

Octopus Apollo VCT plc (“Apollo” or the “Company”) is a venture capital trust (“VCT”) which aims to provide shareholders with attractive tax-free dividends and long-term capital growth by investing in a diverse portfolio of predominantly unquoted companies. The Company is managed by Octopus Investments Limited (“Octopus” or the “Manager”).

Financial Summary

 

Six months to
31 July 2022

Six months to
31 July 2021

Year to
31 January 2022

Net assets (£’000s)

300,856

225,544

262,959

Profit after tax (£’000s)

15,021

12,790

31,457

Net asset value per share (‘NAV’) (p)

51.5

51.0

50.2

Cumulative dividends paid since launch (p)

83.4

77.7

82.1

NAV plus cumulative dividends paid (p)

134.9

128.7

132.3

Total return %*

5.2

6.3

13.6

Dividends per share paid in period (p)

1.3

1.3

5.7

Dividend per share declared in the period (p) **

1.3

1.3

1.3

Special dividend declared in the period (p)

-

3.1

-

*Total return is calculated as movement in NAV + dividends paid in the period divided by the NAV at the beginning of the period.

**The interim dividend of 1.3p per Ordinary share for the period to 31 July 2022 will be paid on 22 November 2022 to all Ordinary shareholders on the register at 21 October 2022.


Interim Management Report


Chair’s Statement

I am pleased to present the half-yearly report for Apollo for the six months ended 31 July 2022. The NAV plus cumulative dividends per share as at 31 July 2022 was 134.9p, an increase of 2.6p per share from 31 Jan 2022. The NAV Total Return increased by 5.2% during the six months. In keeping with the regular dividend policy, the Board has declared an interim dividend of 1.3p per share which will be paid to shareholders on 22 November 2022.

In the six months to 31 July 2022 Apollo has had another successful period, showing strong value creation driven by growth in the majority of the investment portfolio. This is particularly pleasing against the ongoing backdrop of the conflict in Ukraine, rising inflation and interest rates, and wider market uncertainties that continued throughout the period. In particular, despite the volatility and significant downgrades in publicly-traded technology stocks, the portfolio has continued to show resilience and strong performance which has led to the 5.2% increase in NAV Total Return.

In the six month period, Apollo invested £23.9 million in five new investments and £4.0 million of follow-on capital into two existing portfolio companies to fund their growth plans. Apollo also disposed of one investment, generating proceeds of £2.8 million.

Since the reporting date, Apollo has invested £8.0 million in a new investment and £1.0 million in a follow-on investment. I remain optimistic for the future given the composition of the portfolio and recent performance.

This strong performance and position led the Board to announce, on 11 July 2022, its intention to launch a new offer for subscription later this year. This will allow the investment team to continue making investments on behalf of Apollo, helping to further diversify the portfolio and create opportunities for future growth.

Transactions with the Manager

Details of amounts paid to the Manager are disclosed in note 7.

Share Buybacks

The Company has continued to buy back shares as required. In the six months to 31 July 2022, the Company bought back 10,735,602 Ordinary shares for total consideration of £5.1 million.

Dividend and Dividend Policy

It is the Board’s policy to maintain a regular dividend flow, where possible, in order to take advantage of the tax-free distributions a VCT is able to provide, and work towards the targeted 5% annual dividend yield policy.

The Board has declared an interim dividend of 1.3p per Ordinary share in respect of the period ended 31 July 2022. The dividend will be payable on 22 November 2022 to Ordinary shareholders on the register at 21 October 2022.

Dividend Reinvestment Scheme (DRIS)

In common with a number of VCTs, Apollo has a dividend reinvestment scheme. This is an attractive scheme for investors who prefer to benefit from additional income tax relief on their re-invested dividend. During the period to 31 July 2022, 3,213,016 shares were issued under the DRIS, equating to a reinvested amount of £1.6 million.

VCT Qualifying Status

Shoosmiths LLP provides the Board and Investment Manager with advice concerning ongoing compliance with His Majesty’s Revenue & Customs (‘HMRC’) rules and regulations concerning VCTs. The Board has been advised that the Company is in compliance with the conditions set by HMRC for maintaining approval as a VCT.

A key requirement is to maintain at least an 80% qualifying investment level. As at 31 July 2022, 98.5% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments.

Principal Risks and Uncertainties

The principal risks and uncertainties are described in detail within the strategic report in the Company’s annual report for the year ended 31 January 2022. These are also set out in Note 6.

Murray Steele
Chair        
29 September 2022


Investment Manager’s Review

Performance

In the six months under review, the NAV Total Return has increased by 5.2%. This performance is attributable to positive fair value movements across the majority of the unquoted investments in the portfolio but, in particular, continued strong contribution from the technology-focused investments, which now make up 86% of the portfolio.

The value of the portfolio has increased by £22.5 million, excluding additions. The largest contributors were Triumph Holdings Limited (£4.5 million valuation increase), Sova Assessment Limited (£3.3 million valuation increase) and N2JB Limited (trading as Natterbox) (£2.6 million valuation increase), supported by positive contributions from other investments across the unquoted portfolio.

Portfolio Activity

During the period £23.9 million was invested into five new investments:

Delio £5.5 million – Based in Wales, Delio is a software-as-a-service (“SaaS”) platform which enables wealth managers, banks, family offices and M&A firms to offer private market investment opportunities to their retail and institutional clients.

Intigriti £9.6 million – Intigriti is an ethical hacking and bug bounty SaaS platform. It connects enterprise-scale customers to a community of ethical hackers for the purpose of ongoing security and vulnerability testing of their proprietary software, systems and overall IT architecture.

Fergus £3.8 million – Fergus is an end-to-end job management platform for tradespeople such as plumbers and electricians, allowing them to run their business more efficiently and profitably. Fergus was founded in New Zealand and the Company’s funding is facilitating its growth in the UK.

Peak Data £2.5 million – Peak Data provides insights to global pharmaceutical companies on healthcare professionals’ profiles.

Edge 10 £2.5 million – Edge 10 is a SaaS platform which collects, aggregates and analyses athlete performance and medical data to enable leagues to safeguard players and teams to maximise performance, reduce injuries and identify talent.

During the period £4.0 million was invested into two follow-on investments. Since the reporting date, the Company has invested £8.0 million in a new investment and £1.0 million in a follow-on investment.

Summary and Future Prospects

The half-year results show strong validation of the Company’s investment strategy as well as the investment team’s discipline and deal selection, showing positive returns in a market and period where many other technology-focused funds have shown significant declines. The economic environment continues to be somewhat uncertain in the UK, with pandemic-related effects giving way to greater concerns over energy security, inflation and general risk of recession. Notwithstanding this, we remain confident in the outlook for technology investing, as companies increase adoption of software in response to the ongoing need to innovate, automate and improve the efficiency of their operations. The investment team remains highly vigilant in case of any severe future economic deterioration, however we believe that the portfolio is well-positioned and we remain confident of adding new and exciting investments to the portfolio in the coming months and years.

Richard Court
Octopus Investments Limited
29 September 2022


Investment Portfolio

Top 10 Investments

Sector

Investment cost as at 31 July 2022 £’000

Total movement in fair value since investment
£’000

Fair value as at 31 July 2022 £’000

Movement in fair value in period
£’000

% equity held by Apollo 

 

Fixed asset investments

 

 

 

 

 

 

 

N2JB Limited (trading as Natterbox)

Technology

17,490

14,721

32,211

2,592

8.5%

 

Sova Assessment Limited

Technology

7,500

12,324

19,824

3,250

30.5%

 

Ubisecure Holdings Limited

Technology

5,575

11,205

16,780

2,061

30.0%

 

Triumph Holdings Limited

Technology

3,800

7,621

11,421

4,532

52.0%

 

Turtl Surf & Immerse Limited

Technology

10,000

952

10,952

530

13.6%

 

Fuse Universal Limited

Technology

8,000

2,774

10,774

655

0.0%

 

Ryte GmbH

Technology

7,257

3,370

10,627

1,652

22.2%

 

The Safeguarding Company Limited (previously One Team Logic)

Technology

4,951

5,377

10,328

628

20.0%

 

Mention Me Limited

Technology

10,000

144

10,144

144

13.8%

 

Intigriti N.V.

Technology

9,639

234

9,873

234

12.4%

 

Other

 

67,570

27,666

95,236

5,706

 

 

Total investments

 

151,782

86,388

238,170

21,984

 

 

Current asset investments

 

 

 

20,800

 

 

 

Cash at bank

 

 

 

43,210

 

 

 

Debtors less creditors

 

 

 

(1,324)

 

 

 

Net assets

 

 

 

300,856

 

 

 


Investment Portfolio at Cost

Investments

Sector

Investment cost as at 31 July 2022
£’000

Amount invested in the six months ending 31 July 2022
£’000

N2JB Limited (trading as Natterbox)

Technology

17,490

-

Turtl Surf & Immerse Limited

Technology

10,000

-

Mention Me Limited

Technology

10,000

-

Intigriti N.V.

Technology

9,639

9,639

Fuse Universal Limited

Technology

8,000

-

Sova Assesment Limited

Technology

7,500

-

Ryte GmbH

Technology

7,257

2,710

Ubisecure Holdings Limited

Technology

5,575

-

Delio Limited

Technology

5,498

5,498

The Safeguarding Company Limited
(previously One Team Logic)

Technology

4,951

-

Dyscova Limited

Healthcare

4,700

-

Fiscaltec Group Ltd

Technology

4,607

-

Rotolight Group Ltd

Technology

4,600

-

Value Blue B.V.

Technology

4,185

-

Tendable Limited

Technology

4,000

-

Zapnito Limited

Technology

4,000

1,250

Triumph Holdings Limited

Technology

3,800

-

Fergus Software Limited

Technology

3,766

3,766

Synchtank Limited

Technology

3,500

-

Pollen Technology Group UK (trading as APLYiD)

Technology

3,340

-

Homesearch Digital Limited

Technology

3,000

-

Countrywide Healthcare Services Limited

Healthcare

2,675

-

Edge 10 UK Limited

Technology

2,500

2,500

Peak Data AG

Technology

2,492

2,492

Oxifree UK Limited

Manufacturing/Engineering

2,279

-

Superior Heat Limited

Energy

1,961

-

Artesian Solutions Limited

Technology

1,805

-

Secret Escapes Limited

Leisure/Hospitality

1,181

-

Luther Pendragon Limited

Business Services

1,140

-

Eve Sleep plc

Consumer Goods

832

-

Trafi Limited

Technology

727

15

EKF Diagnostics plc

Healthcare

678

-

Origami Energy Limited

Technology

673

-

CurrencyFair Limited

Financial Services

657

-

Vertu Motors plc

General Retailers

639

-

Ergomed plc

Pharmaceuticals & Biotech

557

-

Segura Systems Limited

Technology

393

-

Ecrebo Limited

Technology

366

-

Hasgrove Limited

Technology

308

-

Nektan plc

Technology

276

-

Renalytix AI plc

Healthcare

139

-

Trellus Health plc*

Healthcare

62

-

Verici Dx plc*

Healthcare

34

11

Total

 

151,782

27,881

*These shares were received as an in-specie dividend.


Directors’ Responsibilities Statement

We confirm that to the best of our knowledge:

•        the half-yearly financial statements have been prepared in accordance with the 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’s 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

Murray Steele
Chairman
29 September 2022


Income Statement

 

Unaudited

Unaudited

Audited

 

Six months to 31 July 2022

Six months to 31 July 2021

Year to 31 January 2022

 

Revenue
£’000

Capital
£’000

Total
£’000

Revenue
£’000

Capital
£’000

Total
£’000

Revenue
£’000

Capital
£’000

Total
£’000

Realised gain on disposal of fixed asset investments

406

406

1,571

1,571

4,439

4,439

Gain in fair value of fixed asset investments

21,984

21,984

_

16,729

16,729

_

40,581

40,581

(Loss)/gain in fair value of current asset investments

(628)

(628)

208

208

(228)

(228)

Investment income

954

11

965

1,272

85

1,357

2,260

85

2,345

Investment management fees (see note 7)

(660)

(5,834)

(6,494)

(572)

(5,166)

(5,738)

(1,178)

(12,331)

(13,509)

Other expenses

(1,212)

(1,212)

(1,337)

(1,337)

(2,171)

(2,171)

(Loss)/profit before tax

(918)

15,939

15,021

(637)

13,427

12,790

(1,089)

32,546

31,457

Tax

(Loss)/profit after tax

(918)

15,939

15,021

(637)

13,427

12,790

(1,089)

32,546

31,457

Earnings per share – basic and diluted

(0.2)p

3.0p

2.8p

(0.2)p

3.4p

3.2p

(0.2)p

7.4p

7.2p

•        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 no recognised gains or losses other than those disclosed in the income statement.

•        The Company has no other comprehensive income for the period.

•        The accompanying notes are an integral part of the half-yearly report.


Balance Sheet

 

Unaudited
As at 31 July 2022

Unaudited
As at 31 July 2021

Audited
As at 31 January 2022

 

£’000

£’000

£’000

£’000

£’000

£’000

Fixed asset investments

 

238,170

 

138,078

 

190,671

Current assets:

 

 

 

 

 

 

Investments

20,800

 

21,864

 

21,429

 

Debtors

4,497

 

2,276

 

3,889

 

Cash at bank

43,210

 

68,407

 

58,332

 

 

68,507

 

92,547

 

83,650

 

Creditors: amounts falling due within one year

(5,821)

 

(5,081)

 

(11,362)

 

Net current assets

 

62,686

 

87,466

 

72,288

Net assets

 

300,856

 

225,544

 

262,959

 

 

 

 

 

 

 

Share capital

 

584

 

44,224

 

52,365

Share premium

 

38,711

 

90,150

 

81,600

Special distributable reserve

 

184,752

 

40,625

 

58,918

Capital redemption reserve

 

153

 

7,577

 

8,441

Capital reserve realised

 

(9,094)

 

(9,009)

 

(5,197)

Capital reserve unrealised

 

87,915

 

52,772

 

68,079

Revenue reserve

 

(2,165)

 

(795)

 

(1,247)

Total equity shareholders’ funds

 

300,856

 

225,544

 

262,959

Net asset value per share

 

51.5p

 

51.0p

 

50.2p

The statements were approved by the Directors and authorised for issue on 29 September 2022 and are signed on their behalf by:

Murray Steele
Chair
Company Number: 05840377


Statement of Changes in Equity

 

Share
capital
£’000

Share premium
£’000

Special distributable reserves
£’000

Capital redemption reserve
£’000

Capital reserve realised
£’000

Capital reserve unrealised
£’000

Revenue reserve
£’000

Total
£’000

 

As at 1 February 2022

52,365

81,600

58,918

8,441

(5,197)

68,079

(1,247)

262,959

 

Total comprehensive income for the period

(5,417)

21,356

(918)

15,021

 

Contributions by and distributions to owners:

 

 

 

 

 

 

 

 

 

Repurchase and cancellation of own shares

(11)

(5,081)

11

(5,081)

 

Issue of shares

72

36,741

36,813

 

Share issue cost

(2,085)

(2,085)

 

Dividends paid

(6,771)

(6,771)

 

Total contributions by and distributions to owners

61

34,656

(11,852)

11

22,876

 

Other movements:

 

 

 

 

 

 

 

 

 

Prior period fixed asset gains now realised

1,520

(1,520)

 

Cancellation of Share Premium

(77,545)

(77,545)

 

Cancellation of Capital Redemption Reserve

8,299

(8,299)

 

Share capital nominal value reduction

(51,842)

51,842

 

Total other movements

(51,842)

(77,545)

137,686

(8,299)

1,520

(1,520)

 

As at 31 July 2022

584

38,711

184,752

153

(9,094)

87,915

(2,165)

300,856

 

 

 

 

 

 

 

 

 

 

 

Share
capital
£’000

Share premium
£’000

Special distributable reserves
£’000

Capital redemption reserve
£’000

Capital reserve realised
£’000

Capital reserve unrealised
£’000

Revenue reserve
£’000

Total
£’000

 

As at 1 February 2021

34,206

45,141

52,397

6,315

(9,046)

39,382

(158)

168,237

 

Total comprehensive income for the period

(3,510)

16,937

(637)

12,790

 

Contributions by and distributions to owners:

 

 

 

 

 

 

 

 

 

Repurchase and cancellation of own shares

(1,262)

(6,046)

1,262

(6,046)

 

Issue of shares

11,280

46,768

58,048

 

Share issue cost

(1,759)

(1,759)

 

Dividends paid

(5,726)

(5,726)

 

Total contributions by and distributions to owners

10,018

45,009

(11,772)

1,262

44,517

 

Other movements:

 

 

 

 

 

 

 

 

 

Prior period fixed asset gains now realised

3,547

(3,547)

 

Total other movements

3,547

(3,547)

 

As at 31 July 2021

44,224

90,150

40,625

7,577

(9,009)

52,772

(795)

225,544

 


 

Share capital
£’000

Share premium
£’000

Special distributable reserves
£’000

Capital redemption Reserve
£’000

Capital reserve realised
£’000

Capital reserve unrealised
£’000

Revenue reserve
£’000

Total
£’000

As at 1 February 2021

34,206

45,141

52,397

6,315

(9,046)

39,382

(158)

168,237

Total comprehensive income for the year

(7,807)

40,353

(1,089)

31,457

Contributions by and distributions to owners:

 

 

 

 

 

 

 

 

Repurchase and cancellation of own shares

(2,126)

(10,254)

2,126

(10,254)

Issue of shares

20,285

85,825

106,110

Share issue cost

(4,225)

(4,225)

Dividends paid

(28,366)

(28,366)

Total contributions by and distributions to owners

18,159

81,600

(38,620)

2,126

63,265

Other movements:

 

 

 

 

 

 

 

 

Prior year fixed asset now realised

11,656

(11,656)

Cancellation of share premium

(45,141)

45,141

Total other movements

(45,141)

45,141

11,656

(11,656)

As at 31 January 2022

52,365

81,600

58,918

8,441

(5,197)

68,079

(1,247)

262,959


Cash Flow Statement

 

Unaudited
Six months to
31 July 2022
£’000

Unaudited
Six months to
31 July 2021
£’000

Audited
Year to
31 January 2021
£’000

Cash flows from operating activities

 

 

 

Profit after tax

15,021

12,790

31,457

Adjustments for:

 

 

 

(Increase)/decrease in debtors

(609)

60

(1,554)

(Decrease)/increase in creditors

(5,028)

(1,126)

4,641

Gain on disposal of fixed assets

(406)

(1,571)

(4,439)

Gain on revaluation of fixed asset investments

(21,984)

(16,729)

(40,581)

Loss/(gain) on revaluation of current asset investment

628

(208)

228

In-specie dividends

(11)

-

(85)

Net cash used in operations

(12,389)

(6,784)

(10,333)

Cash flows from investing activities

 

 

 

Purchase of fixed asset investments

(27,870)

(9,374)

(55,673)

Purchase of current asset investments

-

(5,000)

(5,000)

Proceeds from sale of fixed asset investments

2,775

33,429

53,939

Net cash used in investing activities

(25,095)

19,055

(6,734)

Cash flows from financing activities

 

 

 

Movement in applications account

(514)

(3,061)

(2,546)

Purchase of own shares

(5,081)

(6,046)

(10,254)

Proceeds from share issues

35,241

56,734

99,691

Cost of share issues

(2,085)

(1,759)

(4,225)

Dividends paid (net of DRIS)

(5,199)

(4,412)

(21,947)

Net cash flows from financing activities

22,362

41,456

60,719

(Decrease)/increase in cash and cash equivalents

(15,122)

53,727

43,652

Opening cash and cash equivalents

58,332

14,680

14,680

Closing cash and cash equivalents

43,210

68,407

58,332


Notes to the Half-Yearly Report

1.        Basis of preparation

The unaudited half-yearly report which covers the six months to 31 July 2022 has been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 “Interim Financial Reporting” (March 2018) and the Statement of Recommended Practice 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 the Company’s ability to continue to adopt the going concern basis over a period of at least twelve months from the date of approval of the financial statements. In reaching this conclusion the Directors have taken into account the potential impact on the economy including inflation, the possibility of a recession and the war in Ukraine.

The principal accounting policies have remained unchanged from those set out in the Company’s 2022 Annual Report and Accounts.

2.        Publication of non-statutory accounts

The unaudited half-yearly report for the six months ended 31 July 2022 does not constitute Statutory Accounts within the meaning of s.415 of the Companies Act 2006. The comparative figures for the year ended 31 January 2022 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor’s report on those financial statements, in accordance with chapter 3 of 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 earnings per share is based on 537,701,683 shares, being the weighted average number of shares in issue during the period (31 January 2022: 438,445,830; 31 July 2021: 399,977,423).

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

4.        Net asset value per share

 

31 July 2022

31 July 2021

31 January 2022

Net assets (£)

300,856,000

225,544,000

262,959,000

Shares in Issue

584,144,114

442,236,991

523,651,962

Net asset value per share (p)

51.5

51.0

50.2

5.        Dividends

The interim dividend of 1.3p per share will be paid on 22 November 2022 to shareholders on the register on 21 October 2022.

6.    Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are described in detail within the strategic report in the Company’s Annual Report and Accounts for the year ended 31 January 2022.

The principal risks include loss of VCT qualifying status, investment performance risk, valuation risk, financial risk, economic and price risk, regulatory risk, cash flow risk, market risk and liquidity risk. The Board has also considered emerging and increasing risks, including the war in Ukraine, cyber risk, inflation and interest rate rises, which the Board seeks to mitigate by setting policy and reviewing performance. The Company’s principal risks and uncertainties have not changed materially since the date of that report.

7.         Related party transactions

Octopus acts as the investment manager of the Company. Under the management agreement, the Manager receives a fee, payable quarterly in arrears, based on 2% of the NAV calculated daily from 31 January for the investment management services.

The Company has incurred management fees of £2,639,000 during the period to 31 July 2022 (31 July 2021: £2,288,000; 31 January 2022: £4,712,000).

During the period the Company has also incurred performance fees of £3,855,000 (31 July 2021: £3,449,000; 31 January 2022: £8,797,000).

The Manager also provides accounting and administration services to the Company, payable quarterly in arrears, for a fee of 0.3% of the NAV calculated daily. In addition, the Manager also provides company secretarial services for a fee of £20,000 per annum.

8.         Post balance sheet events

The Company invested a total of £8.0 million in a new investment and £1.0 million in a follow-on investment.

9.         Half Yearly Report

The unaudited half-yearly report for the six months ended 31 July 2022 will shortly be available to view on the Company’s website http://www.octopusinvestments.com



For further enquiries, please contact:

Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067

LEI: 213800Y3XEIQ18DP3O53