TIDMOPHX
Octopus Phoenix VCT plc
Half-Yearly Results
23 June 2010
Octopus Phoenix VCT plc, managed by Octopus Investments Limited, today announces
the Half-Yearly results for the six months ended 30 April 2010.
These results were approved by the Board of Directors on 22 June 2010.
You may, in the near future, view the Half-Yearly Report in full at
www.octopusinvestments.com by navigating to Services, Investor Services, Venture
Capital Trusts, Octopus Phoenix VCT. All other statutory information will also
be found there.
About Octopus Phoenix VCT plc
Octopus Phoenix VCT plc ("Phoenix", "Company" or "Fund") 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
AIM-quoted companies.
The Investment Manager is Octopus Investments Limited ("Octopus" or "Manager").
The Company was launched in November 2002 and raised over GBP11.3 million ( GBP10.8
million net of expenses) through an offer for subscription.
Phoenix raised more funds in 2005 in the form of a 'C' share issue (i.e. the
issue for subscription of a new class of share referred to as 'C' shares). In
total, Phoenix raised GBP5.1 million ( GBP5.0 million net of expenses) by the closing
date of the offer on 30 June 2005.
Financial Summary
Ordinary shares Six months to 30 April 2010
Net assets (000s) GBP7,467
Net loss after tax (000s) GBP(267)
Net asset value per share ("NAV") 40.4p
Cumulative dividends paid since launch 35.0p
NAV plus cumulative dividends paid 75.4p
Six months to 30 April 2009 Year to
Ordinary shares 31 October 2009
Net assets (000s) GBP7,755 GBP7,988
Net profit after tax (000s) GBP340 GBP817
Net asset value per share ("NAV") 41.2p 42.8p
Cumulative dividends paid since
launch 33.0p 34.0p
NAV plus cumulative dividends paid 74.2p 76.8p
The table below shows the movement in NAV of the Ordinary shares and lists the
dividends that have been paid since the launch of the Company (based on
pre-conversion share classes)
Period Ended (Dividends paid in Dividend paid
period) NAV in period NAV + cumulative dividends
31 October 2003 100.7p - 100.7p
30 April 2004 111.7p 0.15p 111.9p
31 October 2004 110.9p - 111.1p
30 April 2005 118.2p 2.50p 120.9p
31 October 2005 97.9p 4.00p 104.6p
30 April 2006 104.6p - 111.3p
31 October 2006 103.8p 1.00p 111.5p
30 April 2007 122.4p 3.35p 133.4p
31 October 2007 106.0p 6.00p 123.0p
30 April 2008 75.9p 6.00p 98.9p
31 October 2008 43.4p 5.00p 71.4p
30 April 2009 41.2p 5.00p 74.2p
31 October 2009 42.8p 1.00p 76.8p
30 April 2010 40.4p 1.00p 75.4p
The table below shows the movement in NAV of the C shares and lists the
dividends that have been paid since the launch of the Company (based on
pre-conversion share classes)
Period Ended (Dividends paid in Dividend paid
period) NAV in period NAV + cumulative dividends
30 April 2005 94.9p - 94.9p
31 October 2005 94.2p - 94.2p
30 April 2006 100.1p - 100.1p
31 October 2006 105.1p - 105.1p
30 April 2007 122.6p 1.0p 123.6p
31 October 2007 110.8p 3.0p 114.8p
30 April 2008 89.0p 3.0p 96.0p
31 October 2008 58.6p 2.0p 67.6p
30 April 2009 55.7p* 3.0p 67.7p
31 October 2009 57.8p* 1.4p* 71.2p*
30 April 2010 54.6p* 1.4p* 69.4p*
* Net asset value and dividends adjusted for the conversion factor explained
below.
Notes
<li> The C shares were converted into Ordinary shares on 2 March 2009, in
accordance with the conversion factor of 1.3508 Ordinary shares for each C
share. This adjustment is shown in the net asset value per Ordinary share above.
<li> All dividends paid by the Company are free of income tax. It is an HM
Revenue & Customs requirement that dividend vouchers indicate the tax element
should dividends have been subject to income tax. Investors should ignore this
figure on their dividend voucher and need not disclose any income they receive
from a VCT on their tax return.
<li> The above table excludes the tax benefits investors received upon
subscription.
<li> The net asset value of the Company is not its share price as quoted on
the official list of the London Stock Exchange. The share price of the Company
can be found in the Investment Companies section of the Financial Times on a
daily basis. Investors are reminded that it is common for shares in VCTs to
trade at a discount to their net asset value, primarily as a result of the
initial tax relief which is non-transferable.
Chairman's Statement
Performance
For some time we have been expressing the view that the valuations of small
growing companies remain under pressure as a result of macroeconomic concerns,
and I'm afraid this continues to be the case. Encouragingly, the Manager has
continued to report a noticeable improvement in confidence expressed by
management teams of the VCT's investee companies compared to twelve months ago,
however this is being overshadowed by concerns over the strength of the recovery
of the UK economy. This uncertainty has only been intensified by the recent
general election, the resulting hung parliament and the fiscal uncertainty
across Continental Europe.
Over the six months to 30 April 2010, the total return per Ordinary share (being
the change in NAV plus dividends paid in the period) decreased by 3.3%. In
comparison, the FTSE All-Share Index increased by 9.7% and the FTSE AIM
All-Share Index increased by 2.3%. We are aware that the NAV remains at a
considerable discount to pre 2008 levels; however the Manager believes that once
the macroeconomic concerns referred to in the paragraph above are confronted,
the value that exists within the portfolio will be recognised. Another important
catalyst for the re-rating of small AiM companies will be the recent pick up in
M&A activity. Since the period end Pearson has made a 225p cash offer for
Melorio plc, and we expect further opportunistic approaches for undervalued AiM
quoted companies over the summer.
Trading activity across the portfolio has been relatively low. We sold the
positions in INVU and Real Good Food Company at a loss as it was believed the
prospects for both companies had deteriorated further. We have also reduced the
holdings in Brooks Macdonald Group, Matchtech Group, Brulines Holdings, Pressure
Technology, Hargreaves Services, Melorio and Immunodiagnostic Systems. A profit
was realised in each of these instances, totaling GBP243,573. Since the period
end, the holding in Brooks Macdonald has been reduced further, realising a
further profit of GBP48,750, and we have participated in a fund raising for
Strategic Thought Group, topping up our existing holding with an investment of
GBP118,400.
Dividend and Dividend Policy
It is your Board's policy to strive to maintain a regular dividend flow where
possible and this primarily relies on the level of profitable realisations and
available cash reserves. However, in these economic climates this cannot always
be guaranteed. That said, for the period ended 30 April 2010, the Board has
declared an interim dividend of 2.0 pence per Ordinary share, payable from
capital reserves. This dividend will be paid to shareholders on 30 July 2010,
who are on the register on 9 July 2010.
Strategy
The Board's strategy is to maintain an appropriate level of liquidity in the
balance sheet to achieve four aims:
* to take advantage of new investment opportunities as they arise;
* to support further investment in existing portfolio companies if required;
* to assist liquidity in the shares through the buy back facility;
* to support a consistent dividend flow.
Principal Risks and Uncertainties
The principal risks and uncertainties are set out in note 7 of the Notes to the
Half-Yearly Report on page ?.
Outlook
As mentioned in the Annual Report, it was your Company's intention to merge with
Octopus AIM VCT plc. This remains the case and I look forward to writing to you
with further details in the near future.
Stephen Hazell-Smith
Chairman
22 June 2010
Investment Portfolio
%
Unrealised equity
profit held by
Cost of /(loss) as Valuation all
investments at 30 as at 30 Movement % Funds
as at 30 April April in equity managed
AIM-quoted April 2010 2010 2010 period held by by
Investments Sector ( GBP'000) ( GBP'000) ( GBP'000) ( GBP'000) Phoenix Octopus
=---------------------------------------------------------------------------------------
Brooks Macdonald Speciality & 135 528 663 218 0.92% 3.75%
plc Other Finance
Clarity Commerce Software &
plc Computer 610 (208) 402 - 2.80% 8.63%
Services
Cohort plc Aerospace & 475 (109) 366 (174) 0.86% 4.23%
Defence
Vertu Motors plc General 600 (250) 350 (30) 0.51% 3.49%
Retailers
Access Support 650 (313) 337 (19) 2.99% 9.54%
Intelligence plc Services
Staffline Support
Recuitment Group Services 301 18 319 132 1.77% 12.66%
plc
Immunodiagnostic Healthcare 105 214 319 89 0.17% 2.83%
Systems plc
Access Support 300 - 300 - 0.00% 0.00%
Intelligence plc Services
Hasgrove plc Media & 600 (300) 300 - 2.10% 9.70%
Entertainment
Pressure Engineering & 204 94 298 9 1.19% 8.24%
Technologies plc Machinery
Melorio plc Support 169 108 277 49 0.43% 3.45%
Services
Inditherm plc Chemicals 500 (228) 272 - 6.42% 6.42%
AutoClenz plc Support 594 (390) 204 14 4.57% 11.66%
Services
CBG Group plc Speciality & 600 (405) 195 (59) 2.71% 17.06%
Other Finance
Cello Group plc Media & 501 (336) 165 (20) 0.86% 9.28%
Entertainment
Food
Zetar plc Producers & 160 (1) 159 (2) 0.60% 3.59%
Processors
Brulines plc Support 149 (2) 147 (17) 0.44% 4.64%
Services
Connaught plc Support 240 (102) 138 (47) 0.03% 0.03%
Services
Food
SnackTime plc Producers & 151 (17) 134 (17) 0.82% 10.97%
Processors
Hargreaves Support 70 45 115 (10) 0.06% 2.68%
Services plc Services
Advanced Software &
Computer Computer 82 27 109 14 0.08% 2.29%
Software plc Services
Bond Int. Software &
Software plc Computer 61 45 106 (9) 0.46% 3.86%
Services
System C Software &
Healthcare plc Computer 96 7 103 (50) 0.22% 5.20%
Services
Matchtech plc Support 46 51 97 4 0.17% 9.16%
Services
Northern Bear Construction 449 (362) 87 (15) 1.65% 6.72%
plc & Builiding
Silverdell plc Construction 50 35 85 (10) 0.66% 10.32%
& Builiding
Interquest plc Support 77 6 83 14 0.45% 5.31%
Services
Augean plc Support 500 (433) 67 (47) 0.28% 3.78%
Services
Strategic Software &
Thought plc Computer 262 (199) 63 (35) 0.75% 4.01%
Services
Tanfield Group Engineering & 150 (89) 61 (5) 0.26% 2.54%
plc Machinery
Jelf plc Speciality & 128 (75) 53 (11) 0.13% 0.60%
Other Finance
Software &
Maxima plc Computer 44 4 48 1 0.19% 7.28%
Services
Baydonhill plc Speciality & 200 (157) 43 20 0.89% 0.89%
Other Finance
Vitesse Media Media & 100 (64) 36 (8) 1.56% 4.98%
plc Entertainment
Bright Futures Support 125 (101) 24 19 0.90% 0.90%
plc Services
Invocas plc Speciality & 130 (112) 18 (12) 0.41% 1.21%
Other Finance
Hexagon Human Support 472 (472) - (72) 1.30% 13.65%
Capital plc Services
Speciality & 600 (600) - (57) 1.87% 2.13%
Relax Group plc Other Finance
Support 500 (500) - (17) 0.82% 0.82%
Synarbor plc Services
Top ten holdings Leisure & 200 (200) - - 0.78% 0.78%
plc Hotels
Vision Media Media & 544 (544) - (5) 0.00% 0.00%
Group plc Entertainment
=---------------------------------------------------------------------------------------
AIM quoted
investments 11,930 (5,387) 6,543 (165)
Money market
funds 641 - 641
=---------------------------------------------------------------------------------------
Total
investments 12,571 (5,387) 7,184
Cash at bank 91
Debtors less
creditors 192
=---------------------------------------------------------------------------------------
Total assets 7,467
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:
o 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.
o a description of the principal risks and uncertainties for the remaining six
months of the year; and
o 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
Stephen Hazell-Smith
Chairman
22 June 2010
Income Statement
+-----------------------------------------------+
| Ordinary shares |
+-----------------------------------------------+
| Six months to 30 April 2010 |
| |
| Revenue Capital Total|
| |
| GBP'000 GBP'000 GBP'000|
| |
| |
| |
Gain on disposal of fixed asset| |
investments | - 22 22|
| |
| |
| |
Loss on valuation of current | |
asset investments | - (165) (165) |
| |
| |
| |
Income | 55 - 55|
| |
| |
| |
Investment management fees | (19) (57) (76)|
| |
| |
| |
Other expenses | (103) - (103)|
| |
| |
| |
Loss on ordinary activities | |
before tax | (67) (200) (267)|
| |
| |
| |
Taxation on loss on ordinary | |
activities | - - -|
| |
| |
| |
Loss on ordinary activities | |
after tax | (67) (200) (267)|
| |
Loss per share - basic and | |
diluted | (0.4)p (1.1)p (1.4)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 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.
Income Statement
+--------------------------------------------------------+
| Ordinary shares |
+--------------------------------------------------------+
| Six months to 30 April 2009 |
| |
| Revenue Capital Total|
| |
| GBP'000 GBP'000 GBP'000|
| |
| |
| |
Loss on disposal of | |
fixed asset | |
investments | - (117) (117)|
| |
| |
| |
Gain on valuation of | |
fixed asset | |
investments | - 621 621|
| |
| |
| |
Income | 49 - 49|
| |
| |
| |
Investment management | |
fees | (20) (59) (79)|
| |
| |
| |
Other expenses | (134) - (134)|
| |
| |
| |
(Loss)/profit on | |
ordinary activities | |
before tax | (105) 445 340|
| |
| |
| |
Taxation on | |
(loss)/profit on | |
ordinary activities | - - -|
| |
| |
| |
(Loss)/profit on | |
ordinary activities | |
after tax | (105) 445 340|
| |
Return per share - | |
basic and diluted | (0.6)p 2.4p 1.8p|
+--------------------------------------------------------+
Income Statement
+--------------------------------------------------+
| Ordinary shares |
+--------------------------------------------------+
| Year to 31 October 2009 |
| |
| Revenue Capital Total|
| |
| GBP'000 GBP'000 GBP'000|
| |
| |
| |
Gain on disposal of fixed | |
asset investments | - 4 4|
| |
| |
| |
Gain on valuation of fixed | |
asset investments | - 1,115 1,115|
| |
| |
| |
Income | 96 - 96|
| |
| |
| |
Investment management fees | (43) (129) (172)|
| |
| |
| |
Other expenses | (226) - (226)|
| |
| |
| |
(Loss)/profit on ordinary | |
activities before tax | (173) 990 817|
| |
| |
| |
Taxation on (loss)/profit on| |
ordinary activities | - - -|
| |
| |
| |
(Loss)/profit on ordinary | |
activities after tax | (173) 990 817|
| |
Return per share - basic and| |
diluted | (0.9)p 5.3p 4.4p|
+--------------------------------------------------+
· 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 30 April 2010 |
| |
| GBP'000 |
| |
Shareholders' funds at start of period | 7,988 |
| |
Loss on ordinary activities after tax | (267) |
| |
Repurchase of own shares for cancellation | (66) |
| |
Dividends paid | (188) |
| |
Shareholders' funds at end of period | 7,467 |
+--------------------------------+
Six months to 30 April 2009
GBP'000
Shareholders' funds as at 1 November 2008 7,965
Profit on ordinary activities after tax 340
Net proceeds of share issue 171
Cancellation of own shares (5)
Dividends paid (716)
Shareholders' funds at 30 April 2009 7,755
Year to 31 October 2009
GBP'000
Shareholders' funds at 1 November 2008 7,965
Loss on ordinary activities after tax 817
Net proceeds of share issue 171
Cancellation of own shares (61)
Dividends paid (904)
Shareholders' funds at 31 October 2009 7,988
Balance Sheet
+---------------+--------------------------------------------+----------------------------------+
|As at 30 April | | |
| 2010 | As at 30 April 2009 | As at 31 October 2009 |
| | | |
| GBP'000 GBP'000| GBP'000 GBP'000| GBP'000 GBP'000|
| | | |
| | | |
| | | |
Fixed asset | | | |
investments | 6,543| 6,081| 7,135|
| | | |
Current | | | |
assets: | | | |
| | | |
Investments -| | | |
money market | | | |
securities | 641 | 585 | 769 |
| | | |
Debtors | 232 | 154 | 150 |
| | | |
Cash at bank | 91 | 1,069 | 40 |
| | | |
| 964 | 1,808 | 959 |
| | | |
Creditors: | | | |
amounts | | | |
falling due | | | |
within one | | | |
year | (40) | (134) | (106) |
| | | |
Net current | | | |
assets | 924| 1,674| 853|
| | | |
| | | |
| | | |
Net assets | 7,467| 7,755| 7,988|
| | | |
| | | |
| | | |
Called up | | | |
equity share | | | |
capital | 1,849 | 1,695 | 1,868 |
| | | |
Share premium| 139 | 1,275 | 140 |
| | | |
Special | | | |
distributable| | | |
reserve | 13,786 | 13,031 | 13,852 |
| | | |
Capital | | | |
redemption | | | |
reserve | 196 | 163 | 178 |
| | | |
Capital | | | |
reserve - | | | |
Realised | (2,436) | (962) | (1,756) |
| | | |
| | | |
- Unrealised | (5,387) | (6,902) | (5,680) |
| | | |
Revenue | | | |
reserve | (680) | (545) | (614) |
| | | |
Total equity | | | |
shareholders'| | | |
funds | 7,467| 7,755| 7,988|
| | | |
Net asset | | | |
value per | | | |
share | 40.4p| 41.2p| 42.8p|
| | | |
Cash Flow Statement
+--------------------------------+
| Six months to 30 April 2010|
| |
| GBP'000|
| |
| |
| |
Net cash outflow from operating activities | (272)|
| |
| |
| |
Capital expenditure and financial investment :| |
| |
Purchase of fixed asset investments | (158)|
| |
Sale of fixed asset investments | 607|
| |
| |
| |
Dividends paid | (188)|
| |
| |
| |
Management of liquid resources: | |
| |
Purchase of cash equivalent investments | (451)|
| |
Sale of cash equivalent investments | 579|
| |
| |
| |
Financing: | |
| |
Issue of equity (net of expenses) | |
| |
Repurchase of own shares for cancellation | (66)|
| |
Increase in cash at bank | 51|
+--------------------------------+
Reconciliation of Net Cash Flow to Movement in liquid Resources
+----------------------------------+
| Six months to 30 April 2010 |
| |
| GBP'000 |
| |
Increase in cash at bank | 51 |
| |
Movement in liquid resources | (128) |
| |
Opening net cash resources | 809 |
| |
Net cash resources at end of period | 732 |
+----------------------------------+
Reconciliation of Operating Profit before Taxation to Cash Flow from Operating
Activities
+---------------------------------------+
| Six months to 30 April 2010|
| |
| GBP'000|
| |
Loss on ordinary activities before tax | (267)|
| |
Gain on disposal of current asset| |
investments | (22)|
| |
Loss on valuation of current asset | |
investments | 165|
| |
Increase in debtors | (82)|
| |
Decrease in creditors | (66)|
| |
Net cash outflow from operating | |
activities | (272)|
+---------------------------------------+
Cash Flow Statement
+--------------------------------+
| Six months to 30 April 2009|
| |
| GBP'000|
| |
| |
| |
Net cash outflow from operating activities | (85)|
| |
| |
| |
Capital expenditure and financial investment | |
: | |
| |
Purchase of fixed asset investments | (248)|
| |
Sale of fixed asset investments | 44|
| |
| |
| |
Dividends paid | (716)|
| |
| |
| |
Management of liquid resources: | |
| |
Purchase of cash equivalent investments | (200)|
| |
Sale of cash equivalent investments | 1,865|
| |
| |
| |
Financing: | |
| |
Issue of equity (net of expenses) | 171|
| |
Repurchase of own shares | (5)|
| |
Increase in cash at bank | 826|
+--------------------------------+
Reconciliation of Net Cash Flow to Movement in Net Cash Resources
+----------------------------------+
| Six months to 30 April 2009 |
| |
| GBP'000 |
| |
Increase in cash at bank | 826 |
| |
Movement in liquid resources | (1,665) |
| |
Opening net cash resources | 2,493 |
| |
Net cash resources at end of period | 1,654 |
+----------------------------------+
Reconciliation of Operating Profit before Taxation to Cash Flow from Operating
Activities
+---------------------------------------+
| Six months to 30 April 2009|
| |
| GBP'000|
| |
Gain on ordinary activities before tax | 340|
| |
Loss on disposal of current asset| |
investments | 117|
| |
Gain on valuation of current asset | |
investments | (621)|
| |
Decrease in debtors | 26|
| |
Increase in creditors | 53|
| |
Net cash outflow from operating | |
activities | (85)|
+---------------------------------------+
Cash Flow Statement
+-------------------------------+
| Year to to 31 October 2009|
| |
| GBP'000|
| |
| |
| |
Net cash outflow from operating activities | (248)|
| |
| |
| |
Capital expenditure and financial investment :| |
| |
Purchase of fixed asset investments | (805)|
| |
Sale of fixed asset investments | 162|
| |
| |
| |
Dividends paid | (904)|
| |
| |
| |
Management of liquid resources: | |
| |
Purchase of cash equivalent investments | (3,813)|
| |
Sale of cash equivalent investments | 4,324|
| |
Transfer of money | |
| 971|
| |
Financing: | |
| |
Issue of equity (net of expenses) | 171|
| |
Repurchase of own shares | (61)|
| |
Decrease in cash at bank | (203)|
+-------------------------------+
Reconciliation of Net Cash Flow to Movement in Net Cash Resources
+-------------------------------+
| Year to 31 October 2009 |
| |
| GBP'000 |
| |
Decrease in cash at bank | (203) |
| |
Movement in liquid resources | (1,482) |
| |
Opening net cash resources | 2,494 |
| |
Net cash resources at end of period | 809 |
+-------------------------------+
Reconciliation of Operating Profit before Taxation to Cash Flow from Operating
Activities
+----------------------------------------+
| Year to 31 October 2009|
| |
| GBP'000|
| |
Gain on ordinary activities before tax| 817|
| |
Gain on disposal of fixed asset| |
investments | (4)|
| |
Gain on valuation of fixed asset | |
investments | (1,115)|
| |
Decrease in debtors | 30|
| |
Increase in creditors | 24|
| |
Net cash outflow from operating | |
activities | (248)|
+----------------------------------------+
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-year results which cover the six months to 30 April 2010 have
been prepared in accordance with the Accounting Standard Board's (ASB) statement
on half-year financial reports (July 2007) and adopt the accounting policies set
out in the statutory accounts of the Company for the year ended 31 October
2009, 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-year results for the six months ended 30 April 2010 do not
constitute statutory accounts within the meaning of s417 of the Companies Act
2006 and have not been delivered to the Registrar of Companies. The comparative
figures for the year ended 31 October 2009 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
under s417 of the Companies Act 2006 was unqualified. This half-year report has
not been reviewed by the Company's auditor.
3. Earnings per share
Ordinary shares
The earnings per share at 30 April 2010 have been calculated on the basis of
18,622,385 shares, being the weighted average number of shares in issue during
the period.
Ordinary shares
The earnings per share at 30 April 2009 and 31 October 2009 have been calculated
on the basis of 18,542,192 and 18,677,965 shares, being the weighted average
number of shares in issue during the respective periods.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted returns per share figures are relevant.
4. Net asset value per share
Ordinary shares
The net asset value per share is based on net assets as at 30 April 2010 divided
by the 18,492,719 Ordinary shares in issue at that date.
Ordinary shares
The net asset value per share as at 30 April 2009 and 31 October 2009 was based
on net assets divided by the 11,082,865 and 11,111,439 Ordinary shares in issue
at those dates respectively.
5. Dividends
The interim dividend of 2.0 pence per Ordinary share for the six months ending
30 April 2010 will be paid on 30 July 2010, to those shareholders on the
register on 9 July 2010. This will be paid from capital reserves.
For the year ending 31 October 2009, a dividend of 1.0 pence per Ordinary share
was paid on 12 March 2010 to shareholders on the register on 12 February 2010.
6. Buybacks
During the six months ended 30 April 2010 the Company bought back 184,897 shares
at a weighted average price of 35.7 pence per share.
7. 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 31 October 2009. The Company's principal risks and
uncertainties have not changed materially since the date of that report.
8. Related party transactions
Octopus 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 GBP76,000 (31 October 2009: GBP172,000 and 30
April 2009: GBP79,000) payable to Octopus. At the period end there was GBPnil (31
October 2009: Nil and 30 April 2009: Nil) outstanding to Octopus. Furthermore,
Octopus also 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 GBP10,000 per annum for company
secretarial services.
9. Annual and Half Year Reports
Copies of this report and previously published reports are also available for
viewing on the Investments Manager's website atwww.octopusinvestments.com by
navigating to Services, Investor Services, Venture Capital Trusts, Octopus
Phoenix VCT plc. All other statutory information will also be found there.
[HUG#1426487]
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.
All reproduction for further distribution is prohibited.
Source: Octopus Phoenix VCT plc via Thomson Reuters ONE
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