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Octopus AIM VCT 2 plc  -  OSEC   

Octopus AIM VCT 2 plc : Half-yearly report

Released 18:15 26-Jul-2017

Octopus AIM VCT 2 plc : Half-yearly report

Half-yearly Results
26 July 2017

Octopus AIM VCT 2 plc, managed by Octopus Investments Limited, today announces the half-yearly results for the six months ended 31 May 2017.
These results were approved by the Board of Directors on 26 July 2017.

You may shortly view the half-yearly report in full by visiting https://www.octopusinvestments.com/investor/our-products/venture-capital-trusts/octopus-aim-vcts. All other statutory information will also be found there.

Financial Summary

  Six months to
31 May 2017
Six months to
31 May 2016
Year to
30 November 2016
       
Net assets (£'000s) 75,653 56,631 63,005
Net profit after tax (£'000s) 10,523 138 3,184
Net asset value per share ('NAV') 91.8p 78.5p 80.6p
NAV Total Return (%)* 16.4 (0.1) 5.0
Dividends paid 2.0p 2.0p 4.0p
Interim dividend** 2.1p 2.0p 2.0p

*NAV Total Return is calculated as (movement in NAV + dividends paid in the period) divided by the NAV at the beginning of the period.
**The interim dividend will be paid on 29 September 2017 to shareholders on the register on 15 September 2017.

Chairman's Statement

I am pleased to present the half-yearly results for the Octopus AIM VCT 2 plc. In the past my interim statement has incorporated information about, for example, performance and portfolio activity, but this has now been set out separately in the Interim Management Report below. However, it seems sensible to make a few overall remarks.

The six months to 31 May 2017 saw the upward trend in stock market indices that we reported on in the Annual Report continue. Smaller companies enjoyed a particularly strong start to 2017 after a period when they had underperformed the FTSE 100, which had benefitted from its high exposure to foreign earnings in the final quarter of 2016. The outperformance of smaller companies was supported by some very good results in the March reporting season and was achieved despite a considerable degree of political uncertainty around the mechanics of Brexit and the announcement of a General Election at the end of April.

Your Board has declared a dividend of 2.1p, which will be paid at the end of September.

Your Manager has made a number of new investments in the six month period and these are more fully explained in their report below. There also is a healthy pipeline of potential new investments, so at this stage it is probable that there will be more new holdings made in the second half of the year.

Shareholders will be aware that your Board launched a new public offer of shares in June and the first allotment is scheduled for 4 August 2017. On the basis of current evidence it seems that there may be good investment opportunities for the new funds, despite the fact that the market will be more prone to bouts of uncertainty as the Brexit negotiations unfold. Nevertheless, the broad economic background currently remains favourable and your Board therefore hopes that the NAV can continue to rise.

Keith Mullins
Chairman
26 July 2017

Interim Management Report

Overview
Fundraisings on AIM got off to a slower start in 2017 although they picked up as the period went on and remain strong as this report goes to press. Once again, further fundraisings for existing business exceeded those for new issues, demonstrating that AIM continues to support its existing members. Against this background we announced a top-up offer to raise £4.3 million which closed fully subscribed at the beginning of March, well before the end of the tax year. We have now announced a further fundraising for the new tax year of up to £16 million as we believe that the flow of opportunities will continue to pick up as market participants become more familiar with current VCT rules.

Performance
Adding back the 2p paid out in dividends in the period, the Net Asset Value has increased by 16.4% in the six months to 31 May 2017. This compares with a 17.8% rise in the Smaller Companies Index (ex Investment Trusts), a 13.6% increase in the FTSE All Share Index and a 22.1% rise in AIM, all on a total return basis. Smaller companies performed slightly better as they caught up with a strong performance from the FTSE100 in the aftermath of the Brexit vote and weaker sterling. Performance remained stock specific and heavily influenced by the announcement of news with the market remaining wary of the majority of early stage companies not yet making a profit, of which we hold a number in the portfolio, particularly in the pharmaceutical, medical device and technology sectors.

Of the good performers in the portfolio, quite a few saw their share prices react positively to corporate developments, either internally generated or as a result of acquisitions. Breedon's share price continued to benefit from the perceived upside as a result of the 2016 acquisition of Hope Cement which doubled the size of the business; GB Group made a significant earnings enhancing acquisition which strengthens its ambitions to become a global supplier of verification and identification services; and RWS acquired a US business which gives it a commanding position in servicing the life sciences sector and the ability to cross-sell its patent translation services to new clients. Learning Technologies also made a significant acquisition as well as announcing strong growth in its core business. Gear 4 Music's shares were exceptionally strong performers, as they reported profits and revenue growth ahead of expectations with rapid expansion of the European leg of the business demonstrating the potential for a much larger international business. Ergomed also made an important acquisition in the pharmacovigilance space, increasing its exposure towards profitable growth and providing a balance with the earlier stage co-development in drug discovery. Quixant was another holding that continued to perform well, with several upgrades to profits in the period as it demonstrated the widening of its customer base.

Among the more mature and profitable businesses which still account for more than 80% of the equity investments in the VCT by value, the majority helped performance with Animalcare, Idox, Brooks Macdonald and Craneware all reacting well to positive news in the results season. Animalcare has since announced a successful fundraising and acquisition that expands the group into Europe and increases the size and scope of the business. The major exception was Tasty, whose exposure to rising costs caused it to re-evaluate some of its new opening pipeline and raise extra funds to reduce its debt financing, all of which caused its shares to underperform as there were also significant downgrades to short term profit expectations. Vertu Motors continued to see its share price suffer bouts of pressure from fears around Brexit although the shares ended the period higher than they started, and Staffline recovered from its lows and was a good performer in the period. The Managers do not share the market's current pessimism about these three companies which have been held in the portfolio for a number of years and where the management teams have successfully dealt with economic challenges in the past.

Elsewhere, most of the drag on performance came from the earlier stage companies in the portfolio, particularly those that had setbacks or showed themselves in need of further cash to reach profitability. Nektan, Proxama, Oxford Pharmascience, Sphere and Microsaic all fall into this category with several of them publicly highlighting a need for further cash investment in order to achieve the necessary momentum in their businesses.

Portfolio Activity
In the period under review, the Company made four new qualifying investments totalling £1.76 million. The new investments were Escape Hunt, Faron Pharmaceuticals, Maxcyte Group and Velocity Composites plc. Escape Hunt is a leisure company operating live escape games in premises around the world both through its own outlets and franchisees. Faron Pharmaceuticals is a drug development company with a drug in phase III trials to treat the often lethal Acute Respiratory Distress Syndrome suffered by trauma victims in A&E. Maxcyte is a pharmaceutical services company with particular technological expertise in the discovery, development, manufacture and commercialisation of cell-based medicines. Velocity Composites manages the supply of raw composite materials in prepared form to the production lines of Tier 1 aircraft component manufacturers. Since the period end we have made a further investment of £0.3 million in DP Poland, which raised funds to continue its roll out of managed and franchised sites across Poland.

Your Manager continued to use non-qualifying investments to manage liquidity while awaiting new qualifying investment opportunities. Existing holdings for this purpose include some AIM non-qualifying stocks but we have added two holdings in UP Global Sourcing and Medica, fully listed stocks and therefore allowed under the new regulations. In the period we also invested a further £2 million of the cash balances into Octopus managed portfolios of mixed equity and bond funds and £0.3 million into the FP Octopus UK Micro-Cap Fund, with the objective of obtaining a better return on our cash awaiting investment.

A number of disposals were made, which were profit-taking from existing holdings, with the exception of Bond International where the company has sold its assets and put itself into liquidation and paid shareholders out. A small balance is due next year. The result has been a net gain of £578,000.

Transactions with Manager
Details of amounts paid to the Manager are disclosed in Note 8 to the half-yearly report.

Share Buybacks
In the six months to May 2017, the Company bought back 936,478 Ordinary shares for total consideration of £767,000. It is evident from the conversations which your Manager has that this facility remains an important consideration to investors. Your Board remains committed to maintaining its policy of buying back shares at a 5% discount to NAV. 

Share Issues and Fundraising
The Top-Up offer to raise up to £4.3 million was announced on 6 February 2017, and closed fully subscribed on 28 February 2017. 4,989,732 shares were issued under the offer and £4.3 million was raised, net of costs.

Your Board announced the launch of a new prospectus offer on 16 May 2017 to raise up to £30 million with a possible £10m extension in combination with the Octopus AIM VCT plc. This would involve a fundraising of up to £16 million for this VCT, The offer launched on 16 June 2017 and the first allotment is due to take place on 4 August 2017. 

Dividend
On 28 April 2017, the Company paid a dividend of 2p per share, being the final dividend for the year ended 30 November 2016.

For the period to 31 May 2017, the Board has declared an interim dividend of 2.1p. This will be paid on 29 September 2017 to shareholders on the register on 15 September 2017.

It remains the Board's intention to maintain a minimum annual dividend payment of 3.6p per share or a 5% yield based on the period end share price, whichever is the greater. This will usually be paid in two instalments during each year.

Risks, Uncertainties
The principal risks and uncertainties are set out in Note 7 to the half-yearly report.

Outlook
Politics continues to dominate the news and a Minority Government post the General Election is not obviously helpful to negotiating our way successfully out of the European Union.  All of this has made the market more volatile since the period end and the NAV has given back some of its strong rise in the first five months of the year.  Although it is only to be expected that the market will be more prone to bouts of uncertainty as the Brexit negotiations unfold, it remains the case that the economic Armageddon predicted by many in the immediate aftermath of the vote a year ago has not materialised and any effects of Brexit itself will be felt much further into the future than 2018.

In the first six months of the year we have seen some good results and a number of encouraging trading statements from companies in the portfolio with more news to come with the interim results season in September.  The portfolio now contains 75 holdings across a range of sectors with the balance weighted towards profitable companies which are continuing to pursue growth. The current fundraising will make cash available for new investments giving the VCT the chance to take advantage of any lowering of valuations in the new issue market that may result from the current uncertainty.  With the VCT 87% invested in qualifying companies for HMRC purposes your Manager can afford to be selective about new investments.

The AIM Team
Octopus Investments
26 July 2017

Investment Portfolio

Quoted Investments
Investee Company Sector Book cost as at 31 May 2017 Cumulative change in Fair Value Fair Value as at 31 May 2017 Movement in period Equity held by Octopus AIM VCT 2 plc Equity held by all funds managed by Octopus
    £ £ £ £ % %
Breedon Group plc Construction & Building 573 3,627 4,200 704 0.34% 2.32%
Quixant plc Technology Hardware 465   3,501 3,966 737 1.53% 6.03%
Animalcare Group plc Pharmaceuticals & Biotech 824   2,606 3,430 761 4.12% 6.72%
GB Group plc Support Services 477 2,631 3,108 1,207 0.51% 9.44%
IDOX plc Software 356   2,379 2,735 468 0.92% 3.14%
Gear4music Holdings plc Media 372 1,780 2,152 1,051 1.28% 5.48%
Craneware plc Software 479   1,537 2,016 453 0.58% 1.80%
Learning Technologies Group plc Support Services 880   1,008 1,888 662 0.71% 1.89%
Brooks Macdonald Group plc Finance  610   1,213 1,823 595 0.53% 11.29%
Staffline Recruitment Group plc Support Services 225  1,540 1,765 693 0.44% 13.60%
RWS Holdings plc Support Services 249   1,393 1,642 418 0.19% 7.03%
Netcall plc Telecommunication Services 356  1,081 1,437 227 1.55% 3.68%
Adept Telecom plc Telecommunication Services 502   716 1,218 322 1.51% 3.90%
Ergomed plc Pharmaceuticals & Biotech 960   228 1,188 356 1.46% 7.45%
DP Poland plc Leisure & Hotels 364   764 1,128  (231) 1.62% 4.82%
Gooch & Housego plc Electronic & Electrical 326   784 1,110 349 0.33% 14.61%
Yu Group plc Utilities 470   572 1,042 229 1.81% 9.54%
Restore plc Support Services 311   703 1,014 116 0.21% 9.95%
Clinigen Group plc Pharmaceuticals & Biotech 625  295 920 137 0.09% 4.20%
EKF Diagnostics Holdings plc Health  864   43 907 155 0.95% 2.15%
Advanced Medical Solutions Group plc Pharmaceuticals & Biotech 505   384 889 190 0.15% 9.00%
Next Fifteen Communications Group plc Media  458   417  875 189 0.30% 9.99%
Vertu Motors plc General Retailers 777  71 848 89 0.47% 4.82%
Plastics Capital plc Engineering & Machinery 485   347 832 - 1.86% 7.68%
Escher Group Holdings plc Software 753   65 818 111 2.35% 5.49%
CityFibre plc Telecommunication Services 739   40 779 112 0.44% 1.59%
Brady plc Software  647 127 774 61 1.22% 3.01%
Omega Diagnostics Group plc Health 318   440 758 243 2.63% 6.15%
TLA Worldwide plc Media  538   188 726 (215) 1.88% 4.69%
Ideagen plc Software 280 433 713 269 0.40% 4.48%
Escape Hunt plc Leisure & Hotels 659 -  659 - 2.41% 6.02%
Tasty plc Leisure & Hotels 336   311 647  (893) 1.87% 4.36%
Futura Medical plc Pharmaceuticals & Biotech 645   (23) 622  (17) 0.94% 7.90%
Cello Group plc Media 205   391   596 165 0.43% 3.98%
Judges Scientific plc Electronic & Electrical  209 381 590 146 0.55% 1.37%
Abcam plc Pharmaceuticals & Biotech 358 229 587 91 0.03% 2.50%
Cambridge Cognition Holdings plc Health 400 171 571 172 2.79% 13.96%
Nasstar plc Software 320   224   544   - 1.12% 4.63%
Velocity Composites plc Industrial 533   - 533   - 1.75% 4.93%
Faron Pharmaceuticals Oy  Pharmaceuticals & Biotech 230 269 499 269 0.24% 0.72%
LoopUp Group plc Software 320   170 490 102 0.78% 3.90%
Gamma Communications plc Telecommunication Services 326  161 487 84 0.09% 8.96%
Vectura Group plc Pharmaceuticals & Biotech 332   138 470  (102) 0.06% 0.15%
Haydale Graphene Industries plc Chemicals 399 50 449 7 1.27% 6.99%
SQS Software Quality Systems AG Software 207   201 408  (177) 0.30% 15.72%
Mattioli Woods plc Finance 101   289 390 40 0.19% 2.17%
Scientific Digital Imaging plc Electronic & Electrical 119 245 364 126 1.67% 9.97%
Sinclair IS Pharma plc Pharmaceuticals & Biotech 274   74 348  (17) 0.22% 0.54%
Maxcyte Inc Pharmaceuticals & Biotech 340  (19) 321  (19) 1.70% 7.16%
Iomart Group plc Software 178  123 301 17 0.09% 10.59%
Access Intelligence plc Software 366   (72) 294 (37) 2.54% 5.15%
Osirium Technologies plc Electronic & Electrical 500  (208) 292  (228) 3.08% 15.36%
UP Global Sourcing Holdings plc Household Goods & Textiles 182   105 287 105 0.17% 0.57%
WANdisco plc Software 96 152 248 157 0.15% 0.38%
FreeAgent Holdings plc Media 185   46 231 59 0.54% 3.38%
TP Group plc Engineering & Machinery 452 (222) 230 46 0.87% 5.86%
MyCelx Technologies Corporation Oil Equipment 980   (679) 301 198 2.89% 9.19%
Microsaic Systems plc Engineering & Machinery 722   (534) 188  (83) 3.99% 11.82%
Sphere Medical Holding plc Health 400   (219) 181  (69) 1.76% 4.41%
Enteq Upstream plc Oil Services 687   (516) 171 52 1.13% 2.83%
Midatech Pharma plc Pharmaceuticals & Biotech 400  (243) 157  (19) 0.31% 2.40%
Nektan Limited Software 563   (420) 143 8 1.17% 10.61%
Oxford Pharmascience Group plc Pharmaceuticals & Biotech 900   (765) 135  (14) 0.75% 3.31%
Tyratech Inc Chemicals 400   (280) 120  (80) 3.64% 19.87%
Medica Group plc Health  63 41 104 41 0.04% 0.15%
Alfa Financial Software Holdings plc Software 81   19 100 19 0.01% 0.03%
Mears Group plc Support Services 51   44 95 9 0.02% 0.14%
ReNeuron Group plc Pharmaceuticals & Biotech 216  (134) 82 (58) 0.14% 1.17%
Genedrive Plc Pharmaceuticals & Biotech 140  (70) 70  (26) 0.94% 2.34%
Fusionex International plc Software 188  (132) 56  (143) 0.23% 1.02%
Proxama plc Software 509   (470) 39  (155) 0.84% 5.02%
1Spatial plc Software 200   (178) 22 6 0.08% 0.21%
Work Group plc Support Services 379   (365) 14  (2) 1.88% 5.63%
Bond International Software plc Software  4   - 4   - n/a n/a
Total Quoted Investments   30,943 29,198 60,141 10,238   
        
Unquoted Investments        
Hasgrove plc Media 153   59 212 68 0.71% 4.38%
Rated People Limited Software 236   (178) 58 - 0.34% 1.49%
Total Unquoted Investments   389 (119) 270 68   
        
Loan Notes              
Nektan Limited (loan) Software 330   - 330   -   
Access Intelligence plc (loan) Software 80   - 80   -    
Total Loan Notes   410   410    
        
Current Asset Investments        
Octopus Portfolio Manager - Conservative Capital Growth   3,600   187  3,787 131   
Octopus Portfolio Manager - Defensive Capital Growth    3,600 267 3,867 165   
Octopus UK Micro Cap Growth Fund   1,100   296 1,396 280    
Total Current Asset Investments   8,300   750 9,050 576   
        
Total Fixed and Current Asset Investments     69,870    
Money Market Funds     4,425    
Cash at Bank     1,690    
Debtors less Creditors       (332)      
Total Net Assets       75,653      


Directors' Responsibilities Statement

We confirm that to the best of our knowledge:

On behalf of the Board

Keith Mullins
Chairman
26 July 2017



Income Statement
  Unaudited Unaudited Audited
  Six months to 31 May 2017 Six months to 31 May 2016 Year to 30 November 2016
  Revenue Capital Total Revenue Capital Total Revenue Capital Total
  £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
                   
Gain on disposal of fixed asset investments - 134 134   -   87   87 - 300 300
                   
Gain on valuation of fixed asset investments - 10,307 10,307   -   355   355 - 3,389 3,389
                   
Gain on valuation of current asset investments - 575 575 - - - - 174 174
                   
Investment income 243 - 243   289   -   289 597 - 597
                   
Investment management fees (119) (357) (476)   (104)   (312)   (416) (225) (676) (901)
                   
Other expenses (260) - (260)   (177)   -   (177) (375) - (375)
                   
Profit/(loss) on ordinary activities before tax (136) 10,659 10,523 8 130 138 (3) 3,187 3,184
                   
Taxation on profit/(loss) on ordinary activities - - - - - - - - -
                   
Profit/(loss) on ordinary activities after tax (136) 10,659 10,523 8 130 138 (3) 3,187 3,184
Return per share - basic and diluted (0.2)p 13.3p 13.1p 0.0p 0.2p 0.2p 0.0p 4.5p 4.5p
Balance Sheet
  Unaudited Unaudited Audited
  As at 31 May 2017 As at 31 May 2016 As at 30 November 2016
  £'000 £'000 £'000 £'000 £'000 £'000
             
Fixed asset investments   60,820   46,226   49,737
Current assets:            
Investments 13,475   5,410   10,594  
Debtors 22   62   49  
Cash at bank 1,690   5,168   2,984  
  15,187   10,640   13,627  
Creditors: amounts falling due within one year (354)   (235)   (359)  
Net current assets   14,833   10,405   13,268
             
Net assets   75,653   56,631   63,005
             
Called up equity share capital   8   7   8
Share premium   27,945   18,032   23,405
Special distributable reserve   28,098    32,559   30,513
Capital reserve - realised   (9,947)   (8,916)   (10,168)
                         - unrealised   29,826    15,079   19,388
Revenue reserve   (277)   (130)    (141)
Total equity shareholders' Funds   75,653   56,631   63,005
Net asset value per share   91.8p   78.5p   80.6p

The statements were approved by the Directors and authorised for issue on 26 July 2017 and are signed on their behalf by:

Keith Mullins
Chairman
Company Number: 05528235

Statement of changes in equity

  Share Capital Share Premium Special distributable reserves Capital reserve realised Capital reserve unrealised Revenue reserve Total
  £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 December 2016 8  23,405  30,513 (10,168) 19,388 (141) 63,005
Management fee allocated as capital expenditure - - -   (357) - - (357)
Current period gains on disposal - - - 134 - - 134
Current period gain on fair value of investments - - - - 10,882 - 10,882
Loss on ordinary activities after tax - - - - -  (136) (136)
Total comprehensive income for the period - - -  (223) 10,882 (136) 10,523
Contributions by and distributions to owners:             
Repurchase and cancellation of own shares - -  (767) - - - (767)
Issue of shares - 4,816 - - - - 4,816
Share issue costs - (276) - - - - (276)
Dividends paid - - (1,648) - - - (1,648)
Total contributions by and distributions to owners - 4,540 (2,415) - - - 2,125
Other movements:              
Prior years' holding gains now realised - - - 444 (444) - -
Total other movements - - - 444 (444) - -
Balance as at 31 May 2017 8 27,945 28,098 (9,947) 29,826 (277) 75,653
               
As at 1 December 2015 6   11,575 34,841 (8,373) 14,406 (138) 52,317
Management fee allocated as capital expenditure - - -   (312) - - (312)
Current period gains on disposal - - - 87 - - 87
Current period gain on fair value of investments - - - - 355 - 355
Profit on ordinary activities after tax - - - - -   8 8
Total comprehensive income for the period - - - (225) 355 8 138
Contributions by and distributions to owners:              
Repurchase and cancellation of own shares - - (849) - - - (849)
Issue of shares 1 6,675 - - - - 6,676
Share issue costs - (218) - - - - (218)
Dividends paid - - (1,433) - - - (1,433)
Total contributions by and distributions to owners 1   6,457 (2,282) - - - 4,176
Other movements:        
Prior years' holding losses now realised  - - -   (318) 318 - -
Total other movements         (318)   318    
Balance as at 31 May 2016 7  18,032 32,559 (8,916) 15,079  (130) 56,631
               
As at 1 December 2015 6 11,575 34,841 (8,373) 14,406   (138) 52,317
Management fee allocated as capital expenditure - - - (676) - - (676)
Current period gains on disposal - - - 300 - - 300
Current period gain on fair value of investments - - - - 3,563 - 3,563
Loss on ordinary activities after tax - - - - - (3) (3)
Total comprehensive income for the period - - - (376) 3,563 (3) 3,184
Contributions by and distributions to owners:        
Repurchase and cancellation of own shares - - (1,401) - - - (1,401)
Issue of shares 2 12,367 - - - - 12,369
Share issue costs -   (537) - - - - (537)
Dividends paid - - (2,927) - - - (2,927)
Total contributions by and distributions to owners 2 11,830 (4,328) - - - 7,504
Other movements:        
Prior years' holding losses now realised - - (1,419) 1,419 - -
Total other movements - - - (1,419) 1,419 - -
Balance as at 30 November 2016 8 23,405 30,513 (10,168) 19,388 (141) 63,005

Cash Flow Statement

  Unaudited Unaudited Audited
  Six months to 31 May 2017 Six months to 31 May 2016 Year to 30 November 2016
  £'000 £'000 £'000
Cash flows from operating activities    
    
Return on ordinary activities before tax 10,523   138   3,184
Adjustments for:     
Decrease/(increase) in debtors 27   (8)   5
(Decrease)/increase in creditors (5)   123   247
Gain on disposal of fixed assets (134)   (87)   (300)
Gain on valuation of fixed asset investments (10,307)   (355)   (3,389)
Gain on valuation of current asset investments (575) - (174)
Cash from operations (471)   (189)   (427)
Income taxes paid -   -  -
Net cash generated from operating activities (471)   (189)   (427)
      
Cash flows from investing activities     
Purchase of fixed asset investments (2,089)   (970)   (2,261)
Sale of fixed asset investments 1,447   155   1,181
Purchase of current asset investments (2,300) - (6,000)
Net cash flows from investing activities (2,942)   (815)   (7,080)
      
      
Cash flows from financing activities     
Purchase of own shares (767)   (849)   (1,401)
Share issues 4,540   6,457   11,832
Dividends paid (1,648)   (1,433)   (2,927)
Net cash flows from financing activities 2,125   4,175   7,504
      
(Decrease)/increase in cash and cash equivalents (1,288)   3,171   (3)
Opening cash and cash equivalents 7,404   7,407   7,407
      
Closing cash and cash equivalents 6,116   10,578   7,404
       
Cash and cash equivalents comprise     
Cash at bank 1,690   5,168   2,984
Money Market Funds 4,426   5,410   4,420
  6,116   10,578   7,404



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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 AIM VCT 2 plc via Globenewswire


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Octopus AIM VCT 2 plc : Half-yearly report - RNS