TIDMOTV5
Octopus Titan VCT 5 plc
Half-Yearly Results
12 June 2014
Octopus Titan VCT 5 plc, managed by Octopus Investments Limited, today
announces the Half-Yearly results for the six months ended 30 April
2014.
These results were approved by the Board of Directors on 12 June 2014.
You may shortly view the Half-Yearly Report in full at
www.octopusinvestments.com. All other statutory information will also be
found there.
Financial Headlines
93.5p Net asset value (NAV) at 30 April 2014
5.0p Uplift in NAV since 31 October 2013
25 Number of investments
Shareholder Information and Contact Details
Financial Calendar
The Company's financial calendar is as follows:
December 2014 - Annual results for the year to 31
October 2014 announced; Annual Report and financial statements published
February 2015 - Annual General Meeting
Share Price
The Company's share price can be found on various financial websites
including www.londonstockexchange.com, with the following TIDM/EPIC
code:
Ordinary shares
TIDM/EPIC code OTV5
Latest share price (12 June 2014) 92.5p per share
Buying and Selling Shares
The Company's ordinary shares can be bought and sold in the same way as
any other company quoted on the London Stock Exchange via a stockbroker.
There may be tax implications in respect of selling all or part of your
holdings, so shareholders should contact their independent financial
adviser if they have any queries.
The Company operates a policy of buying its own shares for cancellation
as they become available. The Company is, however, unable to buy back
shares directly from shareholders. If you are considering selling your
shares or trading in the secondary market, please contact the Company's
corporate broker, Panmure Gordon (UK) Limited ('Panmure').
Panmure is able to provide details of close periods (when the Company is
prohibited from buying shares) and details of the price at which the
Company has brought in shares. Panmure can be contacted as follows:
Chris Lloyd 020 7886 2716 chris.lloyd@panmure.com
Paul Nolan 020 7886 2717 paul.nolan@panmure.com
Notification of Change of Address
Communications with shareholders are mailed to the registered address
held on the share register. In the event of a change of address or other
amendment this should be notified to the Company's registrar, Capita, as
well as Octopus Investments under the signature of the registered
holder. Their contact details are provided at the end of the report.
Other Information for Shareholders
Previously published Annual Reports and Half-yearly Reports are
available for viewing on the Investment Manager's website at
http://www.octopusinvestments.com/investors/shareholder-information/titan-vct-5/.
All other statutory information will also be found there.
Warning to Shareholders
Many companies are aware that their shareholders have received
unsolicited phone calls or correspondence concerning investment matters.
These are typically from overseas based 'brokers' who target UK
shareholders offering to sell them what often turn out to be worthless
or high risk shares in US or UK investments. They can be very persistent
and extremely persuasive. Shareholders are therefore advised to be very
wary of any unsolicited advice, offer to buy shares at a discount or
offer for free company reports.
Please note that it is very unlikely that either the Company or the
Company's registrar would make unsolicited telephone calls to
shareholders and that any such calls would relate only to official
documentation already circulated to shareholders and never in respect of
investment 'advice'.
If you are in any doubt about the veracity of an unsolicited phone call,
please call either Octopus Investments, or the Registrar, at the numbers
provided at the back of this report.
About Octopus Titan VCT 5 PLC
Octopus Titan VCT 5 plc ('Titan 5', 'Company' or 'VCT') 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 predominately unquoted companies. The Company is
managed by Octopus Investments Limited ('Octopus' or 'Investment
Manager').
Titan 5 was incorporated on 13 October 2010 and raised a total of
GBP13.7 million (GBP12.9 million net of expenses) through an Offer for
Subscription. A further GBP6.07 million in aggregate (GBP5.76 million
net of expenses) has been raised by way of top-ups in 2012 and 2013.
Since December 2013, GBP9.74 million in aggregate has been allotted
(GBP9.50 million net of expenses) in the latest fund raise. Titan 5
invests primarily in unquoted UK smaller companies and aims to deliver a
substantial level of returns on its investments over the medium to long
term.
Venture Capital Trusts (VCTs)
VCTs were introduced in the Finance Act 1995 to provide a means for
private individuals to invest in unquoted companies in the UK.
Subsequent Finance Acts have introduced changes to VCT legislation. The
tax benefits currently available to eligible new investors in VCTs
include:
-- up to 30% up-front income tax relief;
-- exemption from income tax on dividends paid; and
-- exemption from capital gains tax on disposals of
shares in VCTs.
The Company has been provisionally approved as a VCT by HMRC. In order
to achieve approval the Company must comply with certain requirements on
a continuing basis, including:
-- at least 70% of the Company's investments must comprise 'qualifying
holdings'*(as defined in the legislation);
-- for cash raised pre 6 April 2011 at least 30% of the 70% of qualifying
holdings must be in eligible ordinary shares with no preferential rights;
-- for cash raised post 5 April 2011 at least 70% of the 70% of qualifying
holdings must be in eligible ordinary shares with no preferential rights;
-- no single investment can exceed 15% of the total Company value; and
-- a minimum of 10% of each Qualifying Investment must be in Ordinary shares
with no preferential rights.
*A 'qualifying holding' consists of up to GBP5 million invested in any
one year in new shares or securities in an unquoted company (or
companies quoted on AIM) which is carrying on a qualifying trade and
whose gross assets do not exceed GBP15 million at the time of
investment. The definition of a 'qualifying trade' excludes certain
activities such as property investment and development, financial
services and asset leasing. The Company will continue to ensure its
compliance with these qualification requirements.
Financial Summary
Six months to Six months to 30 April Year to 31
30 April 2014 2013 October 2013
Net assets (GBP'000s) 28,509 17,943 17,697
Return on ordinary
activities after tax
(GBP'000s) 1,347 222 (13)
Net asset value per 93.5p 89.7p 88.5p
share (NAV)
Chairman's Statement
I am pleased to present the results for the six month period ended 30
April 2014.
Performance
During the six month period to 30 April 2014, the net asset value per
share (NAV) has had an uplift of 5.0p per share rising from 88.5p to
93.5p representing an increase of 5.6%. This increase in NAV is due to
the strong performance in both the investment portfolio and the Open
Ended Investment Companies (OEICs) which together exceeded the standard
running costs of the fund.
Investment Portfolio Review
The portfolio has seen an overall uplift in fair value of GBP1,379,000
during the period with five companies increasing in value. The largest
contributors were Sourceable, Zynstra and Rangespan.
During the period, Titan 5 made seven new investments totalling
GBP2,070,000 taking the number of portfolio companies to 25. Included
within the new investments are Secret Escapes and Certivox which have
been previously invested into by other Titan Funds and which are
performing strongly. In addition, the Company made four follow-on
investments totalling GBP1,314,000 into Conversocial, Artesian Solutions,
Iovox and Michelson Diagnostics.
Since 30 April, the following new and follow-on investments were made by
your Company:
-- GBP552,000 into Swoon
-- GBP289,000 into Zynstra
-- GBP150,000 into Origami Energy
-- GBP380,000 into Faction Collective
Open Ended Investment Companies (OEICs)
Titan 5 continues to hold investments in three OEICs which have seen an
overall uplift in fair value of GBP326,000 in the six months to 30 April
2014. The best performance continued to be in the CF Octopus UK Micro
Cap Growth Fund which increased in fair value by 13.0%.
Following the successful fund raise, Titan 5 has invested a further
GBP750,000 into the MicroCap fund and GBP3,000,000 into Octopus
Portfolio Manager ('OPM') which are multi manager funds. OPM invests
into a number of funds which ensures diversification.
Your Board continues to keep the investments in the OEICs under review
and believes it is important to reduce the risk profile of our
non-qualifying investments to protect the capital. As the VCT builds its
investment portfolio, there will be cash requirements beyond the funds
held on deposit and in money market accounts and we will realise these
investments where necessary to maintain the required degree of
liquidity.
Fund Raising
The Company, together with the other Titan funds, offered the
opportunity to invest into the VCTs through a linked new share offer.
It is pleasing to report that this offer raised GBP9,463,000 net of
costs into the Fund.
The majority of funds raised will also be used to support existing
portfolio companies where the Investment Manager sees the opportunity
for business growth, and some of the cash raised will be used to invest
into new businesses as the Investment Manager continues to maintain a
strong pipeline of prospective investments.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides both the Board and Investment
Manager with advice on the ongoing compliance with HMRC rules and
regulations concerning VCTs. The Board has been advised that Titan 5 is
in compliance with the conditions laid down by HMRC for maintaining
provisional approval as a VCT.
As at 30 April 2014, 79% of the portfolio (as measured by HMRC rules,
which excludes new funds raised for three accounting periods) was
invested in VCT qualifying investments.
Principal Risks and Uncertainties
The Company's assets consist of equity and fixed-rate interest
investments, cash and liquid resources. Its principal risks are
therefore market risk, credit risk and liquidity risk. Other risks faced
by the Company include economic, loss of approval as a VCT, investment
and strategic, regulatory, reputational, operational and financial
risks. These risks, and the ways in which they are managed, are
described in more detail in the Company's Annual Report and Accounts for
the period ended 31 October 2013. The Company's principal risks and
uncertainties have not changed materially since the date of that report.
Outlook
The portfolio has performed well with an overall uplift in value which
has driven the NAV upwards. Additionally, with new investments being
made and current companies being supported, we remain confident that
this will continue for the foreseeable future. As expressed in previous
reports the NAV will be increasingly linked to the performance of the
investment portfolio and this is coming through. We are, alongside your
Investment Manager, working hard with the existing portfolio to develop
growth potential and support those companies which have fallen behind
budget.
As the economy continues to improve your Investment Manager is seeing a
lot of exciting opportunities with potential for good investment returns
and subsequent to the successful linked top-up will look to invest funds
where appropriate.
Jane O'Riordan
Chairman
12 June 2014
Investment Portfolio
Change in
Investment Carrying valuation % voting % equity
cost at 30 Unrealised value at 30 in the rights managed
Qualifying April 2014 profit/ (loss) April 2014 period held by by
investments Sector (GBP'000) (GBP'000) (GBP'000) (GBP'000) Titan 5 Octopus
Conversocial
Limited Technology 1,288 (4) 1,284 (4) 8.82% 16.70%
Artesian
Solutions
Limited Technology 860 382 1,242 - 7.52% 23.70%
Amplience
Limited Technology 808 191 999 - 10.99% 30.59%
Rangespan Consumer lifestyle
Limited and well being 736 241 977 200 14.84% 26.33%
Leanworks
Limited Consumer lifestyle
(Yplan) and well being 595 294 889 - 5.01% 9.41%
Aframe Media
Group
Limited Media 1,010 (149) 861 - 10.85% 31.00%
The Faction
Collective Consumer lifestyle
SA and well being 732 83 815 56 16.34% 29.90%
Secret
Escapes Consumer lifestyle
Limited and well being 742 - 742 - 0.84% 17.45%
Iovox Limited Telecommunications 695 - 695 - 6.23% 13.62%
Affectv
Limited Media 650 - 650 - 8.83% 13.66%
Zynstra
Limited Technology 400 200 600 200 4.92% 8.12%
Adbrain
Limited Media 600 - 600 - 3.29% 9.23%
Sourceable
Limited Consumer lifestyle
(Decoholic) and well being 149 297 446 297 4.60% 4.05%
Kabbee Consumer lifestyle
Limited and well being 400 - 400 - 1.55% 7.74%
Semafone
Limited Telecommunications 397 (48) 349 96 2.85% 26.17%
Metrasens Consumer lifestyle
Limited and well being 285 - 285 - 2.49% 17.28%
TrialReach Consumer lifestyle
Limited and well being 350 (88) 262 (88) 5.44% 10.00%
Certivox
Limited Technology 250 - 250 - 1.66% 30.74%
Michelson
Diagnostics Consumer lifestyle
Limited and well being 433 (184) 249 - 3.93% 24.95%
Shopa Limited Media 175 - 175 - 5.35% 9.96%
Uniplaces Consumer lifestyle
Limited and well being 106 - 106 - 5.81% 27.49%
Tailsco Consumer lifestyle
Limited and well being 39 - 39 - 0.77% 1.16%
Streethub Consumer lifestyle
Limited and well being 26 - 26 - 0.90% 4.21%
Sofar Sounds Consumer lifestyle
Limited and well being 14 - 14 - 0.37% 1.85%
Lifebook Consumer lifestyle
Limited and well being 370 (370) - - 7.56% 18.23%
Total qualifying investments 12,110 845 12,955 757
Money market securities 5,087 - 5,087
OEICs 6,950 1,110 8,060
Cash at bank 6,194 - 6,194
Total investments 30,341 1,955 32,296
Net current assets (3,789)
Total net assets 28,507
Responsibility Statement of the Directors in respect of the half-yearly
report
We confirm that to the best of our knowledge:
-- the half-yearly financial statements have been prepared in accordance
with the statement 'Half-Yearly Financial Reports' issued by the UK
Accounting Standards Board;
-- the half-yearly report includes a fair review of the information required
by the Financial Services Authority Disclosure and Transparency Rules,
being:
-- 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;
-- a description of the principal risks and uncertainties for the remaining
six months of the year; and
-- 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
Jane O'Riordan
Chairman
12 June 2014
Income Statement
Six months to 30 April Six months to 30 April
2014 2013 Year to 31 October 2013
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on
disposal of
current asset
investments - - - - - - - 48 48
Fixed asset
investment
holding
gains/(losses) - 1,379 1,379 - 213 213 - (182) (182)
Current asset
investment
holding gains - 326 326 - 288 288 - 603 603
Other income 12 - 12 15 - 15 26 - 26
Investment
management
fees (44) (133) (177) (37) (110) (147) (51) (151) (202)
Other expenses (193) - (193) (147) - (147) (306) - (306)
Return on
ordinary
activities
before tax (225) 1,572 1,347 (169) 391 222 (331) 318 (13)
Taxation on
return on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (225) 1,572 1,347 (169) 391 222 (331) 318 (13)
Earnings per
share - basic
and diluted (0.9)p 6.5p 5.6p (1.1)p 2.5p 1.4p (1.9)p 1.8p (0.1)p
-- 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 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 period as set out above.
-- The accompanying notes are an integral part of the half-yearly report.
Reconciliation of Movements in Shareholders' Funds
Six months to 30 Six months to 30 Year to 31 October
April 2014 April 2013 2013
GBP'000 GBP'000 GBP'000
Shareholders'
funds at start of
period 17,697 13,142 13,142
Return on ordinary
activities after
tax 1,347 222 (13)
Issue of equity
(net of expense) 9,463 4,579 4,579
Redemption of
shares - - (11)
Shareholders'
funds at end of
period 28,507 17,943 17,697
Balance Sheet
As at 30 April As at 30 April As at 31 October
2014 2013 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments* 12,955 5,010 8,191
Current assets:
Money market securities and other
deposits* 13,147 9,177 9,112
Debtors 48 53 186
Cash at bank 6,194 3,779 4,760
19,389 13,009 14,058
Creditors: amounts falling due
within one year (3,837) (76) (4,552)
Net current assets 15,552 12,993 9,506
Net assets 28,507 17,943 17,697
Called up equity share capital 3,048 2,001 2,000
Share premium 8,415 5,130 5,130
Special distributable reserve 16,612 11,493 11,482
Capital redemption reserve 8 7 8
Capital reserve - losses on
disposal (532) (395) (399)
-
holding
gains 1,955 319 250
Revenue reserve (999) (612) (774)
Total equity shareholders' funds 28,507 17,943 17,697
Net asset value per share 93.5p 89.7p 88.5p
*at fair value through profit and loss
The statements were approved by the Directors and authorised for issue
on 12 June 2014 and are signed on their behalf by:
Jane O'Riordan
Chairman
Company Number: 07035434
Cash flow statement
Six months to 30 Six months to 30 Year to 31 October
April 2014 April 2013 2013
GBP'000 GBP'000 GBP'000
Net cash
(outflow)/inflow
from operating
activities (935) 28 4,168
Financial
investment:
Purchase of fixed
asset
investments (3,384) (1,443) (5,020)
Sale of fixed
asset investments - - -
Management of
liquid
resources:
Purchase of
current asset
investments (5,510) (2,009) (3,617)
Disposal of
current asset
investments 1,800 1,165 3,202
Taxation - - -
Financing:
Issue of equity 9,463 4,579 4,579
Share issue
expenses - - (11)
Increase in cash
resources at
bank 1,434 2,320 3,301
Reconciliation of net cash flow to movement in net
funds
Six months to 30 Six months to 30
April 2014 April 2013 Year to 31 October 2013
GBP'000 GBP'000 GBP'000
Increase in cash
resources at
bank 1,434 2,320 3,301
Movement in cash
equivalents 4,035 1,131 1,066
Opening net cash
resources 13,872 9,505 9,505
Net funds at
period end 19,341 12,956 13,872
Reconciliation of return before taxation to cash flow
from operating activities
Six months to Six months to
30 April 2014 30 April 2013 Year to 31 October 2013
GBP'000 GBP'000 GBP'000
Return/(loss) on
ordinary activities
before tax 1,106 222 (13)
(Gain)/loss on
valuation of fixed
asset investments (1,138) (213) 182
Gain on disposal of
current asset
investments - - (48)
Gain on valuation of
current asset
investments (326) (288) (603)
Decrease in debtors 138 273 140
(Decrease)/increase
in creditors (715) 34 4,510
(Outflow)/inflow
from operating
activities (935) 28 4,168
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 30 April
2014 have been prepared in accordance with the Accounting Standard
Board's (ASB) statement on half-yearly financial reports (July 2007) and
adopting the accounting policies set out in the statutory accounts of
the Company for the year ended 31 October 2013, which were prepared
under UK GAAP and in accordance with the Statement of Recommended
Practice for Investment Companies issued by the Association of
Investment Companies in January 2009.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 30 April 2014
do not constitute statutory accounts within the meaning of Section 415
of the Companies Act 2006. The comparative figures for the year ended 31
October 2013 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, 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 24,106,138 (30 April 2013: 15,725,855
and 31 October 2013: 17,857,845) 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 returns per share figures are relevant. The basic
and diluted earnings per share are therefore identical.
4. Net asset value per share
The calculation of NAV per share as at 30 April 2014 is based on
30,481,540 (30 April 2013: 20,013,790 and 31 October 2013: 20,001,847)
ordinary shares in issue at that date.
5. Creditors
Creditors includes a balance of GBP3,762,000 which represents cash
received from the linked fund raise prior to allotment post tax year
end.
6. Related Party Transactions
Octopus Investments Limited acts as the Investment Manager of the
Company. Under the management agreement, Octopus receives a fee of 2.0
per cent per annum of the net assets of the Company for the investment
management services. During the period, the Company incurred management
fees of GBP177,000 payable to Octopus (30 April 2013: GBP147,000 and 31
October 2013: GBP202,000). At the period end there was GBPnil stated
within prepayments (30 April 2013: GBPnil and 31 October 2013: GBPnil).
Furthermore, Octopus provides administration and company secretarial
services to the Company. Octopus receives a fee of 0.3 per cent per
annum of net assets of the Company for administration services and
GBP15,000 per annum for company secretarial services.
7. Additional information
Copies of this report are available from the registered office of the
Company at 20 Old Bailey, London, EC4M 7AN.
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 Titan VCT 5 PLC via Globenewswire
HUG#1792555
http://www.octopusinvestments.com
Octopus Titan 5 (LSE:OTV5)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Octopus Titan 5 (LSE:OTV5)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
