Interim Management Statement
30 Mai 2008 - 5:29PM
UK Regulatory
Interim Management Statement
Apollo VCT 1 plc ("the Fund")
30 May 2008
Interim Management Statement
Interim Management Statement
For the period from 1 February 2008 to 30 April 2008
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Apollo VCT 1 VCT plc presents an Interim
Management Statement for the period 1 February 2008 to 30 April
2008. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Financial highlights
Three months Year to
to 31 January Six months to
30 April 2008 2008 31 July 2007
Total net assets (�'000s) 8,318 8,355 8,355
Net asset value per share 94.3p 94.7p 94.4p
Net revenue return after tax
(�'000s) 23 102 33
Share price 90p 90p 95p
Cumulative dividend - paid and
proposed 0.75p 0.75p 0.0p
Investment performance
The unaudited net asset value ("NAV") per share on 30 April 2008 was
94.3p. The investment manager has taken an active approach to
managing the cash resources raised through the Offer prior to its
investment in VCT Qualifying Companies. The funds raised have been
invested in a range of money market securities.
The investments made last year into Funeral Services Partnership
Limited, Bruce Dunlop & Associates Limited and Tristar Worldwide
Limited are all held at cost and are performing in-line with
expectations at this stage.
Investment Activity
Since the year end, the Fund has made one investment of �196,000 in
the management buy-out of Hydrobolt Limited as part of a �3.7m
investment from other Funds managed by the Investment Manager.
Hydrobolt is a specialist manufacturer of high integrity fasteners
for the oil & gas and energy sectors, and is well positioned for the
expected continued growth in this area. The investment has been
structured so that the Fund's investment is lower risk than that of
the other equity investors.
The total value of the investment portfolio at 30 April 2008 was �8.3
million with nearly �2.1 million invested in VCT Qualifying
Companies. Currently, �6.2 million is invested in a range of money
market securities awaiting investment in suitable VCT Qualifying
Companies.
Largest qualifying holdings
Company Investment Carrying Percentage of total
class value �'000 investments*
Funeral Services
Partnership Limited Unquoted 875 10.5%
Bruce Dunlop & Associates
Limited Unquoted 500 6.0%
Tristar Worldwide Limited Unquoted 500 6.0%
Hydrobolt Limited Unquoted 196 2.4%
* including cash and money market securities
Dividends and investment strategy
As stated in the Annual Report for the year ended 31 January 2008,
the Board has proposed a final dividend of 0.75p per share to be
payable to shareholders on 25 June 2008 who are on the register on 30
May 2008. This payment is subject to shareholder approval at the AGM
on 4 June 2008. The Fund will be managed to maximise the level of
tax-free dividends payable to shareholders in each of the first five
years. This income will be generated by employing a low risk but
active approach to managing the funds raised prior to investment into
VCT Qualifying Companies.
Share price
The decline in share price is not indicative of the performance of
the Fund to date. The share price is generally driven by supply and
demand fundamentals of shares in the secondary market. Due to the
low level of activity, and one or two investors wishing to sell their
shares at this early stage, the share price has declined a little to
reflect this.
Material events and transactions
The Fund's Board is not aware of any significant event or transaction
which has occurred between the 1 May 2008 and the date of publication
of this statement which would have a material impact on the financial
position on the Fund, and has not been detailed above.
For further information please contact:
Octopus Investments Limited - 020 7710 2800
ENDS
- ---END OF MESSAGE---
Apollo Vct 1 (LSE:APO1)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Apollo Vct 1 (LSE:APO1)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
Echtzeit-Nachrichten über Apollo Vct 1 (Londoner Börse): 0 Nachrichtenartikel
Weitere Apollo Vct 1 Plc News-Artikel