Half-Yearly Results
Octopus Future Generations VCT
plc
Half-Yearly Results
Octopus Future Generations VCT plc (‘Future
Generations VCT’ or ‘the Company’) is backing businesses that aim
to address society’s biggest challenges, providing an opportunity
for investors to share in the growth of ambitious, purpose‑driven
companies.
The Company is managed by Octopus AIFM
Management Limited (the ‘Manager’), who has delegated investment
management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio
Manager’).
The Company announces the half-yearly
results for the six months to 31 December 2022.
Interim Management Report
Chair’s statement
Highlights
- £39.1m in total net assets
- 95.1p Net Asset Value (‘NAV’) per
share
- £40.6m raised in 2022
I am pleased to present the unaudited
half-yearly report and accounts for Octopus Future Generations VCT
for the six months to 31 December 2022.
I would firstly like to welcome new shareholders
to the Company. Octopus Future Generations VCT invests in exciting
early-stage companies which we believe may also have a positive
impact on society. The NAV per share at 31 December 2022 was 95.1p,
and in the reporting period the Company made 12 investments. A
further seven have completed since the period end, bringing the
total number in the portfolio to 21. Each investee company has the
ambition to address current societal issues, ranging from improving
healthcare to positively impacting climate change. More information
on some of these businesses can be found in the Portfolio Manager’s
Review.
In the period to 31 December 2022, we utilised
£11.2 million of our cash resources, including £10.5 million which
was invested into new investee companies. The cash balance of £26.8
million as at 31 December 2022 represents 69% of net assets at that
date. The loss made in the period to 31 December 2022 was £0.4
million, which is expected at this early stage due to the running
costs of the Company exceeding returns from investments. We look
forward to deploying significant further capital into new
investment opportunities over the coming months, and we ultimately
intend the profile of the Company to comprise 80% to 90% in VCT
qualifying investments and 10% to 20% in permitted non-VCT
qualifying investments or cash.
FundraiseGiven the active
investment landscape and successful launch of the Company on 31
January 2022, a new offer was launched in January 2023 seeking to
raise £30 million, with an over-allotment facility for a further
£10 million. The offer will close for new applications on 18
January 2024, or earlier if fully subscribed.
As investors will be aware, the intention is to
invest in businesses which meet one of three key themes, and which
we believe demonstrate excellent investment prospects as well as
having the potential to make a positive societal impact.
VCT qualificationI am pleased
to report that Future Generations VCT has met the 30% investment
rule, the first milestone for a new VCT to achieve. This rule
states that at least 30% of all new funds raised in an accounting
period need to be invested in VCT qualifying businesses within 12
months of the end of that accounting period. The Company had until
June 2023 to do this, but has achieved it well ahead of time, in
December 2022.
Principal risks and
uncertaintiesThe Board continues to review the risk
environment in which the Company operates on a regular basis. There
have been no significant changes to the key risks as described in
the annual report for the period ended 30 June 2022. The Board does
not anticipate there will be significant changes to these risks in
the remaining six months of the financial year.
OutlookWe have had an exciting
six-month period, with the Company closing its initial fundraise,
announcing the intention to raise further funds and making 12
investments spanning its three investment themes. This has been
achieved despite the challenging macroeconomic headwinds we have
faced with the cost-of-living crisis, rising inflation, the
continuation of the Ukraine conflict and uncertainty in the
political landscape. Looking ahead, it is unclear what 2023 will
bring in this regard, but we hope for greater stability, and I am
encouraged by the pipeline of investment opportunities when
considering the outlook for the Company. The ingenuity, energy and
passion of the entrepreneurs, the technological advancements they
are developing and the issues that the businesses are addressing,
when combined, could make a meaningful difference to the world, as
well as creating profitable investment opportunities for the
Company.
We are still seeing good momentum in the UK
early‑stage market. Even in challenging times, great businesses
continue to be founded as there is often a willingness to adopt new
technologies or seek new approaches. The Octopus Ventures team,
headquartered in London, have scaled their investment and
operational team further to support this activity. They have also
opened an office in Manchester, to better foster links with
university spin-out companies in the North of the country and
ensure increased market coverage.
To remind shareholders, as the Company is at the
beginning of its investment journey, it will take time to deploy
the funds raised into portfolio companies that the investment team
consider to be good investment opportunities. While we are in this
early investment phase, the portfolio will naturally be more
concentrated in fewer companies. This means that performance will
be more sensitive to the success and/or failure of these
investments than if the portfolio was larger.
As such, over the next couple of years, there
may well be a decline in overall value as the Company invests in
new businesses, some of which are at the start of their growth
journey and will need to build their technology, prove their
market, win new contracts, and grow their teams. Their value will
take time to grow, and inevitably some of these will ultimately
fail.
The long-term intention is to pay an annual
dividend of 5% of the NAV. However, given the expected holding
period of target portfolio companies and restrictions imposed on
VCTs, the Company does not intend to pay dividends before 1 July
2025 at the earliest. During this time, any growth in value will
increase the value of the Company. Dividends, when payable, are
likely to be generated from successful exits, so the Company is
unlikely to pay significant dividends until portfolio companies
have time to mature and/or be acquired.
I would like to conclude by thanking both my
Board colleagues and the Octopus team on behalf of all shareholders
for their hard work. I would also like to thank shareholders for
their continued support. I am excited to see what the coming year
brings for your Company.
Helen SinclairChair
Portfolio Manager’s review
Focus on Future Generations
VCT’s performanceThe NAV per share at 31
December 2022 was 95.1p. The Company invests in three key areas
that we believe demonstrate excellent investment prospects and have
potential to transform outdated industries for the better. Below is
a breakdown of the 14 investments held as at 31 December 2022,
showing the proportion and value of the portfolio in each
investment theme:
Proportion by number of portfolio companies in
each themeRevitalising healthcare: 50%Empowering people:
36%Building a sustainable planet: 14%
Value of the portfolio in each themeRevitalising
healthcare: £5.9mEmpowering people: £4.9mBuilding a sustainable
planet: £1.5m
The Company completed 12 new investments in the
reporting period (comprising a total of £10.5 million) and seven
further investments after 31 December 2022 (totalling £9.5 million
of investment). More information on three of these businesses,
which span our three investment themes, can be found below:
A selection of our completed investments
Building a sustainable
planetKitaTo prevent the worst impacts of climate
change, we must remove gigatons of carbon dioxide from the
atmosphere annually for the remainder of the 21st century. Kita’s
first product is Carbon Purchase Protection Insurance. It protects
buyers of carbon removal credits against the risk that the carbon
isn’t delivered. If the carbon removal credits underperform, Kita
cover the loss (via a reinsurance facility).
Empowering peopleCobeeCobee is
a fully digital solution that simplifies employee benefits
management. Using the app and Cobee Visa card, employees have
access to a range of benefits such as health insurance, childcare,
mental health, food, transport and much more. They’re able to
create a completely flexible compensation package, and the platform
allows complete control over all employee benefits in a single
place, with no intermediaries or external suppliers required to be
involved in the purchasing decision.
Revitalising
healthcareInfinitopesInfinitopes is on a mission
to cure cancer using their immunopeptidomics platform and novel
vectors to develop cancer vaccines. As a Cancer Research UK (CRUK)
supported team of expert doctors and scientists spinning out of
Oxford University, Infinitopes is pushing the boundaries of science
and medicine to identify hidden tumour targets and create high
efficiency vaccines to be affordable to healthcare systems and
patients, and aspire to save many lives in the future.
Top ten investments
Portfolio company |
Cost |
Valuation
at31 December 2022 |
Investment
Theme |
1. Cobee |
£1.9m |
£2.0m |
Empowering
people |
2.
Infinitopes |
£1.6m |
£1.6m |
Revitalising
healthcare |
3. Apheris |
£1.2m |
£1.3m |
Revitalising
healthcare |
4. Inflow |
£1.0m |
£1.0m |
Revitalising
healthcare |
5. Skin + Me |
£1.0m |
£1.0m |
Revitalising
healthcare |
6. Intrinsic
Semiconductor |
£0.9m |
£0.9m |
Empowering
people |
7. Living
Optics |
£0.9m |
£0.9m |
Empowering
people |
8. Neat |
£0.8m |
£0.8m |
Building a
sustainable planet |
9. Kita |
£0.7m |
£0.7m |
Building a
sustainable planet |
10. Bloom |
£0.6m |
£0.6m |
Empowering
people |
Portfolio
engagementAs part of our
strategy, we require portfolio companies to put in place a
Diversity and Inclusion policy (D&I) and an Anti-Harassment
policy. We also engage with each company to help them understand
their greenhouse gas emissions and support them to take action to
minimise them.
D&I policy status Policy in place: 13In
progress: 1
Engaged on monitoring greenhouse gas
emissionsSigned up: 6Introduced: 6In progress: 2
Outlook Following the launch of
the Company at the start of 2022, the economy immediately
encountered headwinds with the war in Ukraine, energy supply issues
and a cost‑of‑living crisis. However, when we look back over the
past 12 months, we are pleased with the Company’s progress despite
these significant challenges. We have:
• completed 14 new investments across all three
investment themes in 2022;• raised £40 million into the Company;
and• in light of continued attractive opportunities to invest,
launched a new fundraise in 2023.
Within the Octopus Ventures team, we saw the
headcount in the investment and operations team grow by 31% in 2022
to support the activity we are seeing in the early-stage
market.
Looking ahead in 2023, it is unclear when the
difficult conditions will start to ease, and the International
Monetary Fund (IMF) has stated it expects the UK economy to
contract by 0.6%1 this year. In mid-March, we unfortunately saw the
largest failure of a US bank since 2008, with the collapse of
Silicon Valley Bank (SVB) in the US, and the risk that the UK arm
would also fail. SVB has been a major specialised lender and
banking provider in the tech industry, and as such some of the
Future Generations VCT portfolio bank with them. The Octopus
Ventures team reacted quickly to the news and undertook a full risk
assessment on the portfolio, then worked to support those companies
affected wherever possible to try to ensure assets would be secure
and that they would have access to banking facilities. While around
half the portfolio had some kind of exposure to SVB (mostly SVB
UK), the number of companies which would have been impacted acutely
was very limited.
We were very pleased when it was announced that
HSBC would purchase the UK arm of SVB, meaning funds have been
secured and are not at risk. Early-stage markets, within which the
Company operates, will inevitably be impacted by the financial
outlook, but history has shown us that great businesses are and
will continue to be founded at times of economic turmoil. The
entrepreneurs we meet are intent on solving some of society’s
biggest problems and on building successful companies which could
have a material and positive impact on people’s lives as well as
delivering good returns to shareholders in the future.
We have further expanded our dedicated in-house
people and talent team to support the portfolio companies on their
growth journeys, which is particularly important during more
challenging times. They offer a range of services, including
recruitment support, coaching, establishing company policies and
best practice frameworks, pairing the portfolio company management
teams with consultants who can offer the best support, and running
targeted events to offer tangible and actionable advice, such as
webinars on employee equity grants at different stages of growth
and interview training for leadership teams.
We believe that Octopus is very well placed to
source and secure some of the best investment
opportunities,generated by our extensive network and reputation in
the early-stage market. We continue to be extremely excited by the
opportunities presented to the Company and support its ambition to
make the world a better place, and to deliver attractive returns to
shareholders.
1. Latest data as at 1 February 2023.
Directors’ responsibilities
statement
The Directors confirm that to the best of their
knowledge:
- the half-yearly financial
statements have been prepared in accordance with ‘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 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
Helen SinclairChair
Income Statement
|
Unaudited six months to 31 December 2022 |
Audited period to 30 June 2022 |
|
Revenue£’000 |
Capital£’000 |
Total£’000 |
Revenue£’000 |
Capital£’000 |
Total£’000 |
|
Net gain on valuation of fixed asset investments |
— |
97 |
97 |
— |
9 |
9 |
|
Investment management fee |
(95) |
(285) |
(380) |
(39) |
(118) |
(157) |
|
Investment income |
56 |
— |
56 |
— |
— |
— |
|
Foreign exchange translation |
27 |
— |
27 |
— |
— |
— |
|
Other expenses |
(225) |
— |
(225) |
(165) |
— |
(165) |
|
Loss before tax |
(237) |
(188) |
(425) |
(204) |
(109) |
(313) |
|
Tax |
— |
— |
— |
— |
— |
— |
|
Loss after tax |
(237) |
(188) |
(425) |
(204) |
(109) |
(313) |
|
Loss per share – basic and diluted |
(0.6)p |
(0.5)p |
(1.1)p |
(1.6)p |
(0.8)p |
(2.4)p |
|
- The ‘Total’ column of this
statement is the profit and loss account of Future Generations VCT;
the supplementary revenue return and capital return columns have
been prepared under guidance published by the Association of
Investment Companies (AIC).
- All revenue and capital items in
the above statement derive from continuing operations.
- Future Generations VCT has only one
class of business and derives its income from investments made in
shares and securities and from bank and money market funds.
Future Generations VCT has no other
comprehensive income for the period.
The accompanying notes form an integral part of
the financial statements.
Balance sheet
|
Unaudited |
Audited |
|
As at
31 December
2022 |
As at 30 June 2022 |
|
£’000 |
£’000 |
£’000 |
£’000 |
Fixed asset investments |
|
12,287 |
|
1,663 |
Current assets: |
|
|
|
|
Debtors |
|
86 |
|
54 |
|
Applications cash1 |
|
100 |
|
1,915 |
|
Cash at bank |
|
9,432 |
|
29,826 |
|
Money market funds |
|
17,411 |
|
— |
|
|
|
27,029 |
|
31,795 |
Creditors: amounts falling due within one year |
(222) |
|
(2,166) |
|
Net current assets |
|
26,807 |
|
29,629 |
|
|
|
|
|
Net assets |
|
39,094 |
|
31,292 |
|
|
|
|
|
Share capital |
|
41 |
|
33 |
Share premium |
|
39,792 |
|
31,572 |
Capital reserve realised |
|
(403) |
|
(118) |
Capital reserve unrealised |
|
106 |
|
9 |
Revenue reserve |
|
(442) |
|
(204) |
Total equity shareholders’ funds |
|
39,094 |
|
31,292 |
NAV per share |
|
95.1p |
|
96.1p |
1. Cash received from shareholders but not yet
allotted.
The accompanying notes form an integral part of
the financial statements. Statement of changes
in equity
|
Share capital £’000 |
Share premium £’000 |
Capital reserve
realised1£’000 |
Capital reserve
unrealised£’000 |
Revenue reserve1
£’000 |
Total £’000 |
As at 1
July 2022 |
33 |
31,527 |
(118) |
9 |
(204) |
31,292 |
Comprehensive income for the period: |
|
|
|
|
|
|
Management fees allocated as capital expenditure |
— |
— |
(285) |
— |
— |
(285) |
Net gain on fair value of fixed asset investments |
— |
— |
— |
97 |
— |
97 |
Loss after tax |
— |
— |
— |
— |
(265) |
(265) |
Total comprehensive loss for the period |
— |
— |
(285) |
97 |
(265) |
(453) |
Contributions by and distributions to owners: |
|
|
|
|
|
|
Shares issued |
8 |
8,421 |
— |
— |
— |
8,429 |
Share issue costs |
— |
(201) |
— |
— |
— |
(201) |
Total contributions by and distributions to
owners |
8 |
8,220 |
— |
— |
— |
8,228 |
Other movements: |
|
|
|
|
|
|
Foreign exchange translation |
— |
— |
— |
— |
27 |
27 |
Total other movements |
— |
— |
— |
— |
27 |
27 |
Balance as at 31 December
2022 |
41 |
39,792 |
(403) |
106 |
(442) |
39,094 |
1. Reserves available for distribution.
The accompanying notes form an integral part of
the financial statements.
|
Share capital £’000 |
Share premium £’000 |
Capital reserve
realised1£’000 |
Capital reserve
unrealised£’000 |
Revenue reserve1
£’000 |
Total £’000 |
As at 17
November
20212 |
— |
— |
— |
— |
— |
— |
Comprehensive income for the period: |
|
|
|
|
|
|
Management fees allocated as capital expenditure |
— |
— |
(118) |
— |
— |
(118) |
Net gain on fair value of fixed asset investments |
— |
— |
— |
9 |
— |
9 |
Loss after tax |
— |
— |
— |
— |
(204) |
(204) |
Total comprehensive loss for the period |
— |
— |
(118) |
9 |
(204) |
(313) |
Contributions by and distributions to owners: |
|
|
|
|
|
|
Shares issued |
33 |
32,111 |
— |
— |
— |
32,144 |
Share issue costs |
— |
(539) |
— |
— |
— |
(539) |
Total contributions by and distributions to
owners |
33 |
31,572 |
— |
— |
— |
31,605 |
Balance as at 30
June 2022 |
33 |
31,572 |
(118) |
9 |
(204) |
31,292 |
1. Reserves available for distribution.2.
Incorporation date.The accompanying notes form an integral part of
the financial statements.
Cash flow statement
|
Unauditedsix months
to31
December
2022£’000 |
Audited period to 30 June 2022 £’000 |
Cash flows from operating activities: |
|
|
Loss before tax |
(425) |
(313) |
Increase in debtors |
(32) |
(54) |
(Decrease)/ increase in creditors |
(129) |
251 |
Gain on valuation of fixed asset investments |
(97) |
(9) |
Outflow from operating activities |
(683) |
(125) |
Cash flows from investing
activities: |
|
|
Purchase of fixed asset investments |
(10,528) |
(1,654) |
Outflow from investing activities |
(10,528) |
(1,654) |
Cash flows from financing
activities: |
|
|
Applications account inflow |
6,614 |
34,059 |
Applications account outflow |
(8,429) |
(32,144) |
Proceeds from share issues |
8,429 |
32,144 |
Share issue costs |
(201) |
(539) |
Inflow from financing
activities |
6,413 |
33,520 |
(Decrease)/increase in cash and cash
equivalents |
(4,798) |
31,741 |
Opening cash and cash equivalents |
31,741 |
— |
Closing cash and cash equivalents |
26,943 |
31,741 |
Cash and cash equivalents
comprise: |
|
|
Applications cash |
100 |
1,915 |
Cash at bank |
9,432 |
29,826 |
Money market funds |
17,411 |
— |
Closing cash and cash equivalents |
26,943 |
31,741 |
The accompanying notes form an integral part of
the financial statements.
Condensed notes to the half-yearly
report
1. Basis of preparationThe
unaudited half-yearly results which cover the six months to 31
December 2022 have been prepared in accordance with the Financial
Reporting Council’s (FRC) Financial Reporting Standard 104 Interim
Financial Reporting (January 2022) and the Statement of Recommended
Practice (SORP) 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 Future Generations VCT’s
ability to continue to adopt the going concern basis over a period
of at least 12 months from the date of approval of the financial
statements. In reaching this conclusion, the Directors have taken
into account the potential impact of the economy including
inflation and the recession.
The principal accounting policies have remained
unchanged from those set out in Future Generations VCT’s 2022
annual report and accounts.
2. Publication of non-statutory
accountsThe unaudited half-yearly results for the six
months ended 31 December 2022 do not constitute statutory accounts
within the meaning of Section 415 of the Companies Act 2006 and
have not been delivered to the Registrar of Companies. The
comparative figures for the period ended 30 June 2022 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 shareThe loss
per share is based on 37,304,813 Ordinary shares (30 June 2022:
13,205,218), being the weighted average number of shares in issue
during the period. There are no potentially dilutive capital
instruments in issue and so no diluted returns per share figures
are relevant. The basic and diluted earnings per share are
therefore identical.
4. Net asset value per
share
|
31 December
2022 |
30 June 2022 |
Net assets (£) |
39,094,495 |
31,291,144 |
Shares in issue |
41,127,110 |
32,569,178 |
NAV per share |
95.1p |
96.1p |
5.
AllotmentsDuring the six months to 31 December
2022, 8,557,932 shares were issued at a weighted average price of
99.1p per share (period ended 30 June 2022: 32,569,178 shares at a
weighted average price of 100.0p per share).
6. Transactions with
the Manager and Portfolio ManagerFuture Generations VCT is
classified as a full-scope Alternative Investment Fund under the
Alternative Investment Fund Management Directive (the ‘AIFM
Directive’). Future Generations VCT has appointed the Manager to
provide the services of an AIFM of a full-scope AIF. In accordance
with its power to do so under AIFMD, the Manager has delegated
investment management to Octopus, whilst retaining the obligations
of a risk manager.
Future Generations VCT paid the Manager £380,000
in the period as a management fee. The annual management charge
(AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is
payable quarterly in advance and calculated using the latest
published NAV of Future Generations VCT and the number of shares in
issue at each quarter end. Once the quarter has ended, an
adjustment will be made if the NAV at the end of the current
quarter is calculated and which differs from the NAV as at the end
of the previous quarter.
Future Generations VCT also has a Non-Investment
Services Agreement (NISA) with Octopus, with fees payable quarterly
in advance. The fee is 0.3% of Future Generations VCT’s NAV,
calculated at quarterly intervals. The NISA fee is calculated using
the latest published NAV of Future Generations VCT and the number
of shares in issue at each quarter end. As with the AMC, an
adjustment will be made once the quarter has ended if the NAV at
the end of the current quarter is calculated and which differs from
the NAV as at the end of the previous quarter. During the period
£57,000 was paid to Octopus under the NISA.
In addition, Octopus is entitled to
performance-related incentive fees, subject to Future Generations
VCT’s total return at year end exceeding the total return at the
previous year end when an incentive fee was paid, or 97p if the
first incentive fee has not yet been paid (the ‘Excess’), equal to
20% of the Excess. No performance fee will be paid prior to the
financial year ending on 30 June 2025, dividends (paid or declared)
being equal to or greater than 10p per Ordinary share and the total
return exceeding 120p.
The cap relating to Future Generations VCT’s
total expense ratio, that is the regular, recurring costs of Future
Generations VCT expressed as a percentage of its NAV, above which
Octopus has agreed to pay, is 3.0%, and is calculated in accordance
with the AIC guidelines.
7. Related party
transactionsSeveral members of the Octopus investment team
hold non-executive directorships as part of their monitoring roles
in Future Generations VCT’s portfolio companies, but they have no
controlling interests in those companies.
Emma Davies, a Non-Executive Director of the
Company, is also Managing Director of Octopus Ventures and owns
shares in Octopus Group Holdings Ltd. No dividends have been paid
to the Directors of the Company.
Dividends paid in period |
Period to 31 December 2022£ |
Period to 30 June 2022£ |
Helen Sinclair |
— |
— |
Joanna Santinon |
— |
— |
Emma Davies |
— |
— |
8. Voting rights and equity
managementThe following table shows the percentage voting
rights held by Future Generations VCT in each of the top ten
investments, on a fully diluted basis. Future Generations VCT has
no other substantial interests that require separate
disclosure.
Investments |
% voting rights
held by Future Generations
VCT |
Perk Finance t/a Cobee |
2.5% |
Infinitopes Limited |
4.9% |
Apheris AI GmbH |
3.2% |
Inflow Holdings Inc. |
1.9% |
Mr & Mrs Oliver Limited t/a Skin + Me |
0.6% |
Intrinsic Semiconductor Technologies Limited |
5.1% |
Living Optics Limited |
3.8% |
Neat SAS |
3.2% |
Kita Earth Limited |
3.5% |
Bloom App Limited |
1.9% |
9. Post balance sheet eventsThe
following events occurred between the balance sheet date and the
signing of this half‑yearly report:
- Seven new investments completed
totalling £9.5 million.
- On 19 January 2023, Future
Generations VCT announced a new Offer for Subscription for Ordinary
shares of 0.1p each, to raise up to £30 million in aggregate with
an over‑allotment facility of up to a further £10 million.
- 3.4 million shares were allotted at
a price of 98.1p per share on 10 March 2023.
10. Half-Yearly
ReportThe unaudited half-yearly report for the six months
ended 31 December 2022 will shortly be available to view at
https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/
For further information please contact:
Rachel Peat Octopus Company Secretarial Services
LimitedTel: +44 (0)80 0316 2067
LEI: 213800AL71Z7N2O58N66
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