TIDMOVCT
Octopus VCT plc
Half-Yearly Results
16 October 2013
Octopus VCT plc, managed by Octopus Investments Limited, today announces
the Half-Yearly results for the six months ended 31 August 2013.
These results were approved by the Board of Directors on 16 October
2013.
You may shortly view the half-yearly report in full at
www.octopusinvestments.com
Financial Headlines
0.4% Total return for the 6 month period to 31 August
2013
94.6p Net Asset Value at 31 August 2013
4.0p Cumulative dividends paid to 31 August 2013
98.6p Total return at 31 August 2013
1.0p Interim dividend declared for the six months to
31 August 2013
Shareholder Information and Contact Details
Financial Calendar
The Company's financial calendar is as follows:
May/June 2014 - Annual results for the year to 28 February
2014 announced; Annual Report and financial statements published
October 2014 - Half-yearly results to 31 August
2013 published
Dividends
Dividends will be paid by the Registrar on behalf of the Company.
Shareholders who wish to have dividends paid directly into their bank
account rather than by cheque to their registered address can complete a
mandate form for this purpose. Queries relating to dividends,
shareholdings and requests for mandate forms should be directed to the
Company's Registrar, Capita Registrars, by calling 0871 664 0300 (calls
cost 10p per minute plus network extras. Lines are open Monday-Friday
9.00am-5.30pm), or by writing to them at:
Capita Registrars Limited
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
The table below shows the movement in NAV per share and lists the
dividends that have been paid since the launch of Octopus VCT plc:
Period ended NAV Dividend paid in period NAV + cumulative dividends
28 February 2010 93.0p - 93.0p
31 August 2010 94.9p - 94.9p
28 February 2011 95.3p - 95.3p
31 August 2011 93.8p 1.0p 94.8p
29 February 2012 95.7p - 96.7p
31 August 2012 95.8p 1.0p 97.8p
28 February 2013 95.2p 1.0p 98.2p
31 August 2013 94.6p 1.0p 98.6p
Share Price
The Company's share price can be found on various financial websites
with the following TIDM/EPIC code:
Ordinary shares
TIDM/EPIC code OVCT
Latest share price - 16 October 2013 85.5p 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 in 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
Registrars, under the signature of the registered holder.
Other Information for Shareholders
Published Annual Reports and Half-yearly Reports are available for
viewing on the Investment Manager's website at
www.octopusinvestments.com by navigating to Services, Investor Services,
Venture Capital Trusts, Octopus VCT. 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 Octopus Investments 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 VCT plc
Octopus VCT plc ("Octopus VCT" or "Company") is a venture capital trust
("VCT") and is managed by Octopus Investments Limited ("Octopus").
Octopus VCT was incorporated on 30 June 2009 as Octopus Secure VCT plc
and opened for subscription on 17 September 2009, raising GBP50 million
through an offer for subscription by the time it closed on 5 April 2010.
A further GBP1.8 million was raised through a top up issue of shares on
30 April 2010. The investment policy of the Company is to focus on
making Qualifying Investments into companies which have contractual
revenues from financially sound counterparties or which have a strong
asset base.
Venture Capital Trusts (VCTs)
VCTs were introduced in the Finance Act 1995 to provide a means for
private individuals to invest in smaller 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-front income tax relief of 30%;
-- 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 Her Majesty's
Revenue & Customs (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 funds raised pre 6 April 2011, at least 30% of the 70% of qualifying
holdings must be invested into Ordinary shares with no preferential
rights;
-- for funds raised post 5 April 2011, at least 70% of the 70% of qualifying
holdings must be invested into Ordinary shares with no preferential
rights;
-- no single investment made 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 UK company (or
companies listed on AIM) which is carrying on a qualifying trade and
whose gross assets do not exceed a prescribed limit 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.
Financial Summary
Six months to Six months to Year to
31 August 2013 31 August 2012 28 February 2013
Net assets (GBP'000s) 49,354 49,967 49,635
Net profit/(loss) after
tax (GBP'000s) 240 570 758
Net asset value per share 94.6p 95.8p 95.2p
(NAV)
Cumulative dividends paid 4.0p 2.0p 3.0p
to date
Total return 98.6p 97.8p 98.2p
Chairman's Statement
Introduction
I am delighted to present to you the half-yearly report for Octopus VCT
plc for the period ended 31 August 2013.
Performance
The Company's performance has been stable in the period, with the total
return of the Company (NAV plus cumulative dividends) increasing by 0.4%,
from 98.2p as at 28 February 2013 to 98.6p as at 31 August 2013. This
uplift is particularly pleasing as the Company sustained a loss of
GBP168,000 on the disposal of its investment in Game Development and
Management Limited ("Game Development"). Game Development is a company
involved in the production of video games for video game publishers. The
company had struggled to identify and develop suitable games in the
competitive market environment in which it operates. As there was little
indication that this situation would be resolved in the near future the
Managers took the decision to exit the investment. Fortunately, the
interest income on loan investments not only exceeded the Company's
standard running costs but also mitigated the effect of the loss arising
from the disposal of Game Development.
Investment Portfolio
As at 31 August 2013, the Company held investments in 49 companies with
a combined fair value of GBP46,699,000, representing 94.6% of net
assets.
During the period under review GBP4,616,000 was invested into Clifford
Thames Group Limited, a market-leading provider of software, data and
outsourcing services to the automotive industry.
Two loans to solar companies were repaid during the period, being loans
to Helaku Power (GBP2,750,000) and Shakti Power (GBP1,665,330).
The investments in Salus Services 2 and Game Development and Management
were fully realised in the period, resulting in an overall loss of
GBP178,000.
The majority of the Company's portfolio is invested in the renewable
energy sector which continues to perform in line with expectations. The
Company"s new GBP4.6 million investment into Clifford Thames is
alongside existing investor, Apollo VCT, which invested GBP5.3 million
in January 2010 and a further GBP1.0 million in March 2011. Both VCTs
have invested in a combination of debt and equity, and the same fund
management team within Octopus manages both VCT funds.
Investment Strategy
The Company continues to be managed in line with the mandate that was
set out in the prospectus whereby investments are made with more of an
emphasis on capital preservation than a typical VCT. Generally the
Company receives its return from interest paid on secured loan notes as
well as an exposure to the value of the shares of investee companies.
The investment strategy is to derive sufficient return from the secured
loan notes to achieve the Company's investment aims and to use the small
equity exposure to boost returns.
The Investment Manager continues to identify appropriate investment
opportunities to meet these objectives.
Dividend and Dividend Policy
As mentioned in my statement at the year end, due to the high level of
income the Company generated from its cash deposits, your Board proposed
a dividend of 1.0 pence per share that was paid to shareholders on 24
July 2013. Your Board has declared an interim dividend of 1.0 pence per
share to be paid on 22 November 2013 to those shareholders on the
register on 25 October 2013.
VCT Qualifying Status
A key requirement is to invest at least the 70% of the funds raised into
qualifying investments. As at 31 August 2013, 82.0% of the portfolio, as
measured by HMRC rules, was invested in VCT qualifying investments. The
Manager does not foresee any issues with maintaining the required
investment hurdle of 70%.
Principal Risks and Uncertainties
The principal risks and uncertainties are set out in note 5 of the Notes
to the Half-Yearly Report.
Outlook
The economic environment remains uncertain for many businesses in the UK
due to ongoing concerns about the sustainability of the economic
recovery, inflationary pressures and the condition of public finances.
It is pleasing to report that, despite these tough trading conditions,
the investments in your Company's portfolio continue to trade strongly
and the total return continues to make progress.
The Investment Manager remains committed to managing the existing
portfolio and seeking new investments which complement the mandate
pursued by the Company. With this in mind, your Board remains confident
that the Company will achieve its investment objectives and that the
total return will continue to appreciate.
If you have any questions on any aspect of your investment, please call
one of the team on 0800 316 2347.
James Otter
Chairman
16 October 2013
Investment Portfolio
Cost of Movement Fair Movement
investment in fair value as in period
as at 31 value to at 31 to 31 % equity
August 31 August August August held by % equity
2013 2013 2012 2013 Octopus held by
Investee Company (GBP'000) (GBP'000) (GBP'000) (GBP'000) VCT Octopus
Automotive
Clifford Thames Software &
Group Limited data 4,616 - 4,616 - 7.7% 18.1%
CSL Dualcom Security
Holdings Ltd devices 3,840 - 3,840 - 1.4% 3.4%
Borro Loan 2 Consumer
Ltd* finance 2,000 - 2,000 - 0.0% 0.0%
GreenCo Services
2 Ltd Solar 1,600 - 1,600 - 40.9% 100.0%
3AM Music Ltd Media 1,500 - 1,500 - 49.9% 100.0%
Healthcare
Services and
Technology
Limited Healthcare 1,500 - 1,500 - 49.9% 100.0%
Donoma Power Ltd Solar 1,220 - 1,220 - 44.9% 100.0%
5AM Music Ltd Media 1,000 - 1,000 - 49.9% 100.0%
Atlantic Screen
International
Ltd Media 1,000 - 1,000 - 49.9% 100.0%
Ground
source
Caspian Heat Ltd heat 1,000 - 1,000 - 49.9% 100.0%
Ground
source
Erie Heat Ltd heat 1,000 - 1,000 - 49.9% 100.0%
Healthcare
Education
Business
Services Ltd Solar 1,000 - 1,000 - 30.2% 90.6%
Horrebow Energy
Ltd Solar 1,000 - 1,000 - 49.9% 100.0%
Huitzilopochtli
Ltd Solar 1,000 - 1,000 - 49.9% 100.0%
Jokim Ltd Solar 1,000 - 1,000 - 49.9% 100.0%
Mallina Power
Ltd Solar 1,000 - 1,000 - 49.9% 100.0%
MediaCo Business
Services Ltd Solar 1,000 - 1,000 - 30.2% 90.6%
Misae Power Ltd Solar 1,000 - 1,000 - 49.9% 100.0%
Paivatar Power
Ltd Solar 1,000 - 1,000 - 49.9% 100.0%
Personnel
Advisory
Services Ltd Solar 1,000 - 1,000 - 30.2% 90.6%
Resilient
Corporate
Services Ltd Solar 1,000 - 1,000 - 18.2% 88.5%
Saas Business
Services Ltd Solar 1,000 - 1,000 - 30.2% 90.6%
Sula Power Ltd Solar 1,000 - 1,000 - 32.3% 100.0%
Ground
Superior Heat source
Ltd heat 1,000 - 1,000 - 49.9% 100.0%
Ground
Tanganyika Heat source
Ltd heat 1,000 - 1,000 - 49.9% 100.0%
Technical
Software
Consultants
Ltd Other 1,000 - 1,000 - 3.3% 10.0%
Acquire Your
Business Ltd Other 882 - 882 - 48.9% 100.0%
EKF Diagnostics
Plc Healthcare 665 - 665 - 0.9% 5.8%
Howbery Solar
Ltd Solar 600 - 600 - 49.9% 100.0%
Helaku Power Ltd Solar 527 - 527 - 25.0% 100.0%
Michabo Power
Ltd* Solar 526 - 526 - 0.0% 100.0%
Aashman Power
Ltd Solar 500 - 500 - 17.0% 100.0%
Cyrah Power Ltd Solar 500 - 500 - 16.7% 100.0%
Evaki Power Ltd Solar 500 - 500 - 16.7% 100.0%
Gnowee Power Ltd Solar 500 - 500 - 17.9% 100.0%
Grian Power Ltd Solar 500 - 500 - 12.5% 100.0%
Intina Power Ltd Solar 500 - 500 - 12.5% 100.0%
Kala Power Ltd Solar 500 - 500 - 18.5% 100.0%
Meri Power Ltd Solar 500 - 500 - 16.7% 100.0%
Nima Power Ltd Solar 500 - 500 - 12.5% 100.0%
Palk Power Ltd Solar 500 - 500 - 19.3% 100.0%
Teruko Power Ltd Solar 500 - 500 - 17.9% 100.0%
Tonatiuh Trading
1 Ltd Solar 500 - 500 - 20.7% 100.0%
Tonatiuh Trading
2 Ltd Solar 500 - 500 - 17.8% 100.0%
Tuwale Power Ltd Solar 500 - 500 - 12.5% 100.0%
Yata Power Ltd Solar 500 - 500 - 16.7% 100.0%
PTB Films Ltd Media 249 - 249 - 12.5% 100.0%
Quickfire Films
Ltd Media 246 (3) 243 - 6.5% 99.7%
Quickfire 2
Films Ltd Media 247 (16) 231 - 6.5% 99.9%
Total fixed asset investments 46,718 (19) 46,699 -
Current asset investments 5 - 5
Total investments 46,723 (19) 46,704
Cash at bank 2,459
Debtors less creditors 191
Net assets 49,354
* 100% debt investments
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
James Otter
Chairman
16 October 2013
Income Statement
Six months to Six months to Year to
31 August 2013 31 August 2012 28 February 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
Income 679 - 679 715 - 715 1,448 - 1,448
Fixed asset
investment
losses on
disposal - (176) (176) - - - - - -
Fixed asset
investment
holding
gains - - - - 110 110 - 63 63
Investment
management
fees - - - - - - - - -
Other expenses (263) - (263) (255) - (255) (543) - (543)
Profit/(loss)
on ordinary
activities
before tax 416 (176) 240 460 110 570 905 63 968
Taxation on
profit/(loss)
on ordinary
activities - - - - - - (210) - (210)
Profit/(loss)
on ordinary
activities
after tax 416 (176) 240 460 110 570 695 63 758
Profit/(loss) 0.8p (0.3)p 0.5p 0.9p 0.2p 1.1p 1.3p 0.1p 1.4p
per share -
basic and
diluted
-- 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 accompanying notes are an integral part of the half-yearly report.
-- The Company has no recognised gains or losses other than those disclosed
in the income statement.
Reconciliation of Movements in Shareholders' Funds
Six months ended Six months ended Year to
31 August 2013 31 August 2012 28 February 2013
GBP'000 GBP'000 GBP'000
Shareholders' funds at
start of period 49,635 49,919 49,919
Profit on ordinary
activities after tax 240 570 758
Dividends paid (521) (522) (1,042)
Shares bought back for
cancellation - - -
Shareholders' funds at
end of period 49,354 49,967 49,635
Balance Sheet
As at 28 February
As at 31 August 2013 As at 31 August 2012 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset
investments 46,699 47,002 48,538
Current
assets:
Investments -
money market
funds* 5 1,601 5
Debtors 579 731 726
Cash at bank 2,459 740 712
3,043 3,072 1,443
Creditors:
amounts
falling due
within one
year (388) (107) (346)
Net current
assets 2,655 2,965 1,097
Net assets 49,354 49,967 49,635
Called up
equity share
capital 521 521 521
Special
distributable
reserve 47,871 48,589 48,568
Capital
redemption
reserve 1 1 1
Capital
reserve
holding gains
and losses 268 315 268
Capital
reserve gains
on disposal - 243 -
Revenue
reserve 693 298 277
Total equity
shareholders'
funds 49,354 49,967 49,635
Net asset 94.6p 95.8p 95.2p
value per
share
*Held at fair value through profit and loss
The statements were approved by the Directors and authorised for issue
on 16 October 2013 and are signed on their behalf by:
James Otter
Chairman
Company Number: 06948448
Cash Flow Statement
Six months ended Six months ended Year to
31 August 2013 31 August 2012 28 February 2013
GBP'000 GBP'000 GBP'000
Net cash inflow from
operating activities 605 234 923
Taxation - - (210)
Financial investment:
Purchase of fixed asset
investments (4,616) (16,140) (17,807)
Sale of fixed asset
investments 6,279 1,942 2,037
Management of liquid
resources:
Purchase of current
asset investments - (1,000) (1,017)
Sale of current asset
investments - 9,990 11,592
Dividends paid (521) (522) (1,042)
Financing:
Issue of own shares - - -
Share issue expense - - -
Purchase of own shares - - -
Increase/(decrease) in
cash at bank 1,747 (5,496) (5,524)
Reconciliation of net cash flow to movement in net
funds
Six months ended Six months ended Year to
31 August 2013 31 August 2012 28 February 2013
GBP'000 GBP'000 GBP'000
Increase/(decrease) in
cash at bank 1,747 (5,496) (5,524)
Decrease in cash
equivalents - (8,979) (10,575)
Opening net cash
resources 717 16,816 16,816
Net cash resources at
end of period 2,464 2,341 717
Reconciliation of profit before taxation to cash flow
from operating activities
Six months ended Six months ended Year to
31 August 2013 31 August 2012 29 February 2013
GBP'000 GBP'000 GBP'000
Profit on ordinary
activities before tax 240 570 968
Decrease/(increase) in
debtors 147 (223) (218)
Increase/(decrease) in
creditors 42 (3) 236
Gain on disposal of
fixed asset
investments 176 - -
Holding gain on fixed
asset investments - (110) (63)
Net cash inflow from
operating activities 605 234 923
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31
August 2013 have been prepared in accordance with the Accounting
Standards 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 28 February 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 31 August
2013 do not constitute statutory accounts within the meaning of s.415 of
the Companies Act 2006. The comparative figures for the year ended 28
February 2013 have been extracted from the audited financial statements
for that period, 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 at 31 August 2013 is calculated on the basis of
52,145,218 (31 August 2012: 52,145,218 and 28 February 2013: 52,145,218)
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. The basic
and diluted earnings per share are therefore identical.
4. Net asset value per share
The net asset value per share is calculated on the basis of 52,145,218
(31 August 2012: 52,145,218 and 28 February 2013: 52,145,218) shares in
issue at that date.
5. 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 way in which they are managed, are described
in more detail in the Company's Annual Report and Accounts for the year
ended 28 February 2013. The Company's principal risks and uncertainties
have not changed materially since the date of that report.
6. Contingencies, guarantees and financial commitments
Under the terms of the Investment Management agreement, Octopus is
entitled to an annual management fee of 2.0% of net assets. However,
the annual management fee will be rolled up (without interest) and will
only be paid to Octopus once shareholders have received dividends and
distributions during the life of the Company totalling or exceeding 105p
per share. Octopus will only be entitled to receive an annual
management fee for the period from the date on which shares were first
allotted under the Offer until the date on which the general meeting is
held (expected to be in August 2015) at which shareholders will be asked
to approve a motion regarding the future of the Company.
In view of the early stage of the investment process, the Directors do
not currently believe there is sufficient certainty that any management
fee will be paid, and have therefore made no accrual in respect of any
fee potentially payable. In relation to management fees, there was a
contingent liability of GBP3,450,000 as at 31 August 2013 (28 February
2013: GBP2,950,000).
Provided that an intermediary continues to act for a shareholder and the
shareholder continues to be the beneficial owner of the shares,
intermediaries will be paid an annual trail commission up to 0.5% of the
initial net asset value. Trail commission of GBP115,000 was paid during
the six month period to 31 August 2013 (31 August 2012: GBP120,000 and
28 February 2013: GBP252,000) and there was GBPnil outstanding at the
period end.
There were no further contingencies, guarantees or financial commitments
as at 31 August 2013 (31 August 2012: none and 28 February 2013: none).
7. Related Party Transactions
Martijn Kleibergen, a non-executive director of Octopus VCT plc, is an
employee of Octopus Investments Limited. Octopus VCT plc has employed
Octopus throughout the period as Investment Manager. Octopus VCT plc has
paid Octopus GBPnil in the period as a management fee and there is
GBPnil outstanding at the balance sheet date.
The fee in respect of the accounting and administrative services,
charged at 0.3% of the net asset value, is
payable quarterly in arrears and is calculated at annual intervals as at
28 February.
Octopus also provides company secretarial services for an additional fee
of GBP15,000 per annum.
8. Copies of this statement will be made available to all
shareholders. Copies are also available from the registered office of
the Company at 20 Old Bailey, London, EC4M 7AN, and will also be
available to view on the Investment Manager's website at
www.octopusinvestments.com.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Octopus VCT PLC via Thomson Reuters ONE
HUG#1736153
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