REG-Octopus AIM VCT PLC : Half-yearly Report <Origin Href="QuoteRef">OOA.L</Origin>
26/10/2017 18:46
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Octopus AIM VCT Plc
Half-Yearly Results
26 October 2017
Octopus AIM VCT plc, managed by Octopus Investments Limited, today announces
the unaudited half-yearly results for the six months ended 31 August 2017.
These results were approved by the Board of Directors on 26 October 2017.
You may, in due course, view the Half-Yearly report in full at
www.octopusinvestments.com. All other statutory information can also be found
there.
Financial Summary
Six months to Six months to 31 August 2016 Year to 28 February 2017
31 August 2017
Net assets (£'000s) 115,856 91,832 99,915
Net profit after tax (£'000s) 6,355 6,915 15,123
Net asset value per share ("NAV") (p) 118.4 107.4 114.4
Ordinary Dividends paid in the period (p) 3.0 2.5 5.0
Total return (*)(%) 6.1 8.2 17.5
Interim Dividend proposed (p) (**) 2.5
(*)The total return is calculated as the (movement in NAV + Dividends paid in
the period) divided by the NAV at the beginning of the period.
(**)An interim dividend of 2.5p will be paid on 19 January 2018 to those
shareholders on the register on 22 December 2017.
Chairman's Statement
I am pleased to present the half-yearly results for Octopus AIM VCT 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
below in the Interim Management Report. However, it seems sensible to make a
few overall remarks.
The six months to 31 August 2017 has seen smaller companies outperform larger
companies, continuing the trend seen at the end of 2016 and the beginning of
2017. This was despite a considerable degree of political uncertainty around
the mechanics of Brexit and the upset caused by the General Election result in
June which has resulted in more volatile market movements over the summer
months. Since then the Government has published a consultative document on the
Patient Capital Review, the purpose of which is to review funding support for
small businesses of which VCTs are an integral part. Your Manager has
participated in this process and the final outcome is awaited.
Your Board has declared a dividend of 2.5p, which will be paid on 19 January
2018 to those shareholders on the register on 22 December 2017.
Your Managers have made a number of new investments in the six month period
and these are more fully explained within the Interim Management Report. There
also appears to be 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 decided to launch a new public
offer of shares in June and the first allotment took place on 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.
Roger Smith
Chairman
26 October 2017
Interim Management Report
Overview
The six months to 31 August 2017 saw the progress in the Net Asset Value per
share 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 has continued despite a considerable degree of political
uncertainty around the mechanics of Brexit, which was further complicated by
the General Election result in June. Against this background the NAV enjoyed
strong gains in April and May before giving some of these back in the month of
June and finishing the period still below its peak.
Fundraisings on AIM got off to a slow start in the first quarter of 2017
although they picked up throughout the period and remain strong as this report
goes to press with the result that the VCT invested more in qualifying
holdings in the six months than in the whole of the previous year. Once again,
further fundraisings for existing businesses exceeded those for new issues,
demonstrating that AIM continues to support its existing members. We announced
a top-up offer to raise £4.3 million which closed to new applications, fully
subscribed, at the beginning of March, well before the end of the tax year. A
subsequent combined offer with Octopus AIM VCT 2 plc to raise up to
£30million, with an over allotment facility of £10 million for the 2017/18
and 2018/19 tax years was launched in June. Further details can be found on
Page 8. The supply of new issues and fundraisings has carried on improving and
we believe that the increased flow of opportunities that we have seen as
market participants became more familiar with current VCT rules will continue.
Performance
Adding back the 3.0p paid out in dividends in the period, the Net Asset Value
has increased by 6.1% in the six months to 31 August 2017. This compares with
a 9.1% rise in the Smaller Companies Index (ex Investment Trusts), a 5.3%
increase in the FTSE All Share Index and a 12.2% rise in AIM, all on a total
return basis. Smaller companies outperformed as they narrowed the valuation
discount to the FTSE 100 that had widened 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 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. This was a contributor to the fund lagging both AIM and the Smaller
Companies Index in the period. It remained the case that most of the gains in
the portfolio relied on progress being made by companies originally invested
in at an early stage, and some of those have struggled to make that
transformation with many taking longer than originally expected.
Many companies in the portfolio announced good results in March and were
subsequently rewarded with share price gains, including several of the larger
holdings which contributed the most to the rise in the NAV in the period.
Breedon shares continued their outperformance following the acquisition of
Hope Cement in 2016 which had doubled the size of the business and increased
the geographical reach to cover most of the UK. Quixant's shares also had
another good six months, helped by further reports of strong trading which led
to further upgrades in forecasts. It has since reported a very strong set of
interim results although the shares have now paused for breath to await the
outcome for the year. We have taken some profit in the latter holding since
the period end. Gear4music'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. GB Group's shares recovered from an
earlier setback as investors focused on the size of the opportunity for
international identity verification in an increasingly global world. Learning
Technologies also made a significant acquisition which extends the company's
geographical reach and increases the proportion of recurring revenues, in
addition to announcing strong growth in its core business.
Notable detractors from performance in the period were Tasty, where rising
food and staff costs resulted in significant downgrades to short term profit
expectations and caused it to re-evaluate its new opening pipeline, and DP
Poland which operates the Dominos Pizza franchise in Poland. The latter is
better placed and starting to show the effective roll-out of its model with 50
owned and franchised stores. It had a successful placing to accelerate its
opening programme towards profitability. We believe that the shares will
recover once it shows that it has achieved critical mass. Vertu Motors
continued to see its share price suffer bouts of pressure from fears around
Brexit. 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. Oxford
Pharmascience, Futura Medical, Midatech Pharma, Sphere, Tyratech 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. Sphere Medical found that it was unable to raise sufficient
funds on AIM and so announced the decision to de-list, causing us to sell our
shares at a loss as the proposed structure would have led to the fund holding
a private company which would cease to form part of the qualifying portfolio.
Some others in this list have announced strategic reviews and will be
presenting shareholders with action plans over the coming months.
However, there were also some earlier stage companies which performed well in
the period, with good initial contributions from Faron and Maxcyte as well as
an upturn in fortunes at MyCelx on the back of a more stable oil price and
initial signs that the marketing agreement with Schlumberger could lead to
significant future growth. The shares are now well above their low point
although they have yet to regain their float price. WANdisco shares also
performed well as the market started to appreciate the benefits of the IBM
re-seller agreement and the progress towards breakeven.
Portfolio Activity
In the period under review, the Company made seven new qualifying investments
totalling £5.32million in companies exposed to a wide range of industries.
This represented a significant increase on the previous year when £3.4million
was invested in the twelve months to February. The majority were loss-making
at the time of investment although we expect several of them to reach
profitability in the near to medium term. The new investments were Escape
Hunt, Faron Pharmaceuticals, Maxcyte Group, Velocity Composites, DP Poland,
Appscatter Group and FairFX Group. Three of these investments (Escape Hunt,
Velocity and Appscatter) were new issues, three (Faron, FairFX and Maxcyte)
were new investments for the VCT into existing AIM companies and DP Poland was
a follow-on investment for the fund. 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. FairFX Group is a foreign exchange provider to both private
individuals and corporations. Appscatter manages apps for corporate customers
and app developers so that they are registered and distributed to over 50
global app stores which are all monitored for brand and piracy infringements
and updated as necessary.
Your Managers 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 three
holdings in UP Global Sourcing, Medica and Alfa Financial Software which are
fully listed stocks and therefore allowed under the new regulations. In the
period we also invested a further £7.2 million of the cash balances into
Octopus managed portfolios of mixed equity and bond funds and £1.05 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 a mixture of profit-taking from
existing holdings such as Netcall and Restore, and outright sales as in the
case of Work Group which had been suspended and changed its business so that
it no longer qualified and Sphere which decided to raise funds as a private
company as well as Ideagen. The result has been a net loss of £263,000. Since
the period end we have taken profits in Quixant and Restore.
Transactions with Manager
Details of amounts paid to the Manager are disclosed in note 8 to the
Financial Statements.
Share Buybacks
In the six months to 31 August 2017, the Company bought back 929,542 Ordinary
shares for total consideration of £1,048,000. It is evident from the
conversations which your Managers have that this facility remains an important
consideration to investors. The Company remains committed to maintaining its
policy of buying back shares at a 5% discount to NAV.
Share Issues and Fundraising
Your Board announced the intention to launch a new prospectus offer on 16 May
2017 to raise up to £30 million with a possible £10million over allotment
facility in combination with Octopus AIM VCT 2 plc. This represents a
fundraising of up to £24 million for this VCT. The offer launched on 16 June
2017 and two allotments have taken place with the issue of 10,986,600 shares
and funds raised of £13.0 million, net of costs. The Board confirmed the use
of the £10 million over allotment facility on 6 October 2017.
In addition 289,872 new ordinary shares were issued in August to shareholders
who participated in the dividend reinvestment scheme (DRIS).
Dividend
On 4 August 2017, the Company paid a dividend of 3p per share, being the final
dividend for the year ended 28 February 2017.
For the period to 31 August 2017, the Board has declared an interim dividend
of 2.5p. This will be paid on 19 January 2018 to shareholders on the register
on 22 December 2017.
It remains the Board's intention to maintain a minimum annual dividend payment
of 5.0p 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 and Uncertainties
The principal risks and uncertainties are set out in Note 7.
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
June and the NAV has given back some of its strong rise in the first three
months of the period. 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 which
is mostly being reinforced in the Autumn interim results season. The portfolio
now contains 74 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 arise as a result of market uncertainty. With the VCT
90% invested in qualifying companies for HMRC purposes your Manager can afford
to be selective about new investments.
The AIM Team
Octopus Investments
26 October 2017
Investment Portfolio
Investee Company Sector Cost as at 31 August 2017 (£'000) Cumulative change in fair value (£'000) Fair Value at Movement in period ('£000) % equity held by Octopus AIM VCT plc % equity held by all funds managed by Octopus
31 August 2017 (£'000)
Breedon Group plc Construction & Building 859 5,545 6,404 1,163 0.49% 2.47%
Quixant plc Technology Hardware 697 5,661 6,358 1,090 2.30% 5.98%
GB Group plc Support Services 715 3,765 4,480 1,041 1.32% 14.15%
Staffline Recruitment Group plc Support Services 334 4,105 4,439 422 0.76% 9.73%
Mattioli Woods plc Finance 529 2,778 3,307 277 1.13% 11.70%
Brooks Macdonald Group plc Finance 746 2,470 3,216 112 1.15% 2.92%
Gear4music Holdings plc Media 557 2,611 3,168 542 1.92% 5.48%
IDOX plc Software 353 2,497 2,850 (551) 1.53% 2.17%
Learning Technologies Group plc Support Services 1,319 1,424 2,743 292 1.03% 1.83%
RWS Holdings plc Support Services 367 2,222 2,589 523 0.27% 7.18%
Animalcare Group plc Pharmaceuticals & Biotech 306 1,774 2,080 72 0.92% 2.57%
DP Poland plc Leisure & Hotels 1,016 913 1,929 (580) 2.07% 3.59%
Craneware plc Software 183 1,562 1,745 104 2.20% 7.37%
Yu Group plc Utilities 705 1,029 1,734 591 0.51% 1.79%
Clinigen Group plc Pharmaceuticals & Biotech 935 794 1,729 445 3.17% 6.65%
Ergomed plc Pharmaceuticals & Biotech 1,440 164 1,604 (276) 2.71% 9.53%
Restore plc Support Services 427 1,154 1,581 411 0.13% 4.37%
Gooch & Housego plc Electronic & Electrical 490 1,089 1,579 152 0.29% 10.25%
Netcall plc Telecommunication Services 308 1,246 1,554 (340) 0.49% 15.25%
Cello Group plc Media 895 606 1,501 109 1.17% 3.94%
Advanced Medical Solutions Group plc Pharmaceuticals & Biotech 757 730 1,487 488 0.22% 9.26%
Next Fifteen Communications Group plc Media 687 679 1,366 89 0.45% 10.99%
EKF Diagnostics Holdings plc Health 931 370 1,301 305 1.19% 2.15%
Adept Telecom plc Telecommunication Services 601 686 1,287 (43) 1.81% 3.89%
appScatter Group plc Software 1,257 - 1,257 - 3.06% 5.36%
FairFX Group plc Software 948 245 1,193 245 1.05% 1.95%
Escher Group Holdings plc Software 1,003 176 1,179 295 3.13% 5.48%
Cambridge Cognition Holdings plc Health 601 566 1,167 506 4.19% 13.70%
Vertu Motors plc General Retailers 1,265 (105) 1,160 (100) 0.68% 4.81%
Escape Hunt plc Leisure & Hotels 988 66 1,054 65 3.61% 6.02%
Brady plc Software 947 65 1,012 (149) 1.79% 3.01%
Abcam plc Pharmaceuticals & Biotech 537 421 958 182 0.04% 2.58%
Judges Scientific plc Electronic & Electrical 314 619 933 108 0.82% 1.37%
Nasstar plc Software 481 408 889 72 1.67% 4.61%
CityFibre plc Telecommunication Services 1,025 (152) 873 148 0.26% 0.67%
LoopUp Group plc Software 480 374 854 144 1.17% 3.90%
Omega Diagnostics Group plc Health 465 377 842 134 3.01% 5.27%
Gamma Communications plc Telecommunication Services 488 320 808 177 0.14% 9.33%
Velocity Composites plc Industrial 799 - 799 - 2.63% 4.93%
SQS Software Quality Systems AG Software 291 474 765 (65) 0.42% 15.25%
MyCelx Technologies Corporation Oil Equipment 1,470 (737) 733 446 4.34% 9.19%
Faron Pharmaceuticals Oy Pharmaceuticals & Biotech 344 335 679 335 0.35% 0.72%
Osirium Technologies plc Electronic & Electrical 750 (77) 673 144 4.63% 15.36%
TLA Worldwide plc Media 807 (141) 666 (545) 2.81% 4.69%
Vectura Group plc Pharmaceuticals & Biotech 498 159 657 (212) 0.09% 0.15%
Haydale Graphene Industries plc Chemicals 598 45 643 - 1.91% 6.99%
WANdisco plc Software 145 441 586 276 0.22% 0.36%
Tasty plc Leisure & Hotels 622 (56) 566 (997) 2.49% 4.36%
Scientific Digital Imaging plc Electronic & Electrical 179 357 536 89 2.49% 9.55%
Futura Medical plc Pharmaceuticals & Biotech 968 (433) 535 (331) 1.41% 7.88%
Mears Group plc Support Services 139 387 526 (80) 0.12% 0.14%
Iomart Group plc Software 268 205 473 41 0.14% 11.07%
Sinclair IS Pharma plc Pharmaceuticals & Biotech 765 (305) 460 (40) 0.32% 0.54%
Maxcyte Inc Pharmaceuticals & Biotech 511 (65) 446 (65) 2.55% 7.16%
UP Global Sourcing Holdings plc Household Goods & Textiles 273 171 444 171 0.26% 0.60%
Plastics Capital plc Engineering & Machinery 400 36 436 (80) 1.03% 7.68%
TP Group plc Engineering & Machinery 648 (315) 333 (80) 0.70% 2.92%
Access Intelligence plc Software 375 (75) 300 (19) 2.35% 4.65%
FreeAgent Holdings plc Media 277 13 290 (112) 0.81% 3.38%
Oxford Pharmascience Group plc Pharmaceuticals & Biotech 1,350 (1,148) 202 (162) 1.12% 3.31%
Midatech Pharma plc Pharmaceuticals & Biotech 600 (402) 198 (76) 0.46% 2.40%
Enteq Upstream plc Oil Services 1,032 (836) 196 - 1.67% 2.78%
Tyratech Inc Chemicals 600 (420) 180 (120) 5.46% 19.87%
Microsaic Systems plc Engineering & Machinery 1,084 (921) 163 (136) 5.99% 11.79%
Nektan Limited Software 845 (699) 146 51 1.75% 10.58%
Fusionex International plc Software 282 (164) 118 (157) 0.34% 0.57%
ReNeuron Group plc Pharmaceuticals & Biotech 324 (211) 113 (36) 0.20% 1.17%
Dods Group plc Media 203 (98) 105 (4) 0.24% 0.24%
Genedrive Plc Pharmaceuticals & Biotech 210 (127) 83 (16) 1.40% 2.34%
1Spatial plc Software 300 (270) 30 15 0.12% 0.21%
Proxama plc Software 763 (755) 8 (98) 0.22% 0.70%
Bond International Software plc Software 8 - 8 - n/a n/a
Total Quoted Investments 45,684 43,622 89,306 6,402
Unquoted Investments
Hasgrove plc Media 88 132 220 70 0.74% 4.38%
Rated People Limited Software 354 (268) 86 - 0.51% 1.49%
Total Unquoted Investments 442 (136) 306 70
Loan Note Investments
Nektan Limited Software 500 - 500 -
Access Intelligence plc Software 120 - 120 -
Total Loan Notes 620 - 620 -
Total Fixed Asset Investments 46,746 43,486 90,232 6,472
Current Asset Investments
Octopus Portfolio Manager - Conservative Capital Growth 7,450 427 7,877 124
Octopus Portfolio Manager - Defensive Capital Growth 7,450 304 7,754 105
Octopus UK Micro Cap Growth Fund 2,250 518 2,768 352
Total Current Asset Investments 17,150 1,249 18,399 581
Total fixed and current asset investments 108,631
Money Market Funds 4,295
Cash at bank 10,179
Debtors less creditors (7,249)
Total net assets 115,856
Directors' Responsibility Statement
We confirm that to the best of our 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 report includes a fair review of the information
required by the Financial Conduct Authority's 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
Roger Smith
Chairman
26 October 2017
Income Statement
Unaudited Unaudited Audited
Six months to 31 August 2017 Six months to 31 August 2016 Year to 28 February 2017
Revenue Capital Total Revenue £'000 Capital £'000 Total £'000 Revenue £'000 Capital £'000 Total £'000
£'000 £'000 £'000
(Loss)/gain on disposal of fixed asset investments - (25) (25) - 78 78 - 1,178 1,178
Gain on valuation of fixed asset investment - 6,472 6,472 - 7,252 7,252 - 14,258 14,258
Gain on valuation of current asset investment - 581 581 - - - - 668 668
Investment income 442 - 442 432 - 432 858 - 858
Investment management fees (192) (575) (767) (148) (445) (593) (353) (1,059) (1,412)
Other expenses (348) - (348) (254) - (254) (427) - (427)
Profit/(loss) on ordinary activities before tax (98) 6,453 6,355 30 6,885 6,915 78 15,045 15,123
Taxation on profit/(loss) on ordinary activities - - - - - - - - -
Profit/(loss) on ordinary activities after tax (98) 6,453 6,355 30 6,885 6,915 78 15,045 15,123
Earnings per share - basic and diluted (0.1)p 7.0p 6.9p 0.1p 8.3p 8.4p 0.1p 17.7p 17.8p
· 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 Company has no recognised gains or losses other than those
disclosed in the income statement.
· The Company has only one class of business and derives its income
from investments made in shares and securities and from bank and money market
funds, as well as OEIC funds.
· The accompanying notes are an integral part of the half-yearly
report.
Balance Sheet
Unaudited Unaudited Audited
As at 31 August 2017 As at 31 August 2016 As at 28 February 2017
£'000 £'000 £'000 £'000 £'000 £'000
Fixed asset investments 90,232 73,210 79,919
Current assets:
Current asset investments 18,399 6,622 9,568
Money market securities 4,295 5,281 5,290
Debtors 87 34 332
Cash at bank 10,179 8,610 13,679
32,960 20,547 28,869
Creditors: amounts falling due within one year (7,336) (1,925) (8,873)
Net current assets 25,624 18,622 19,996
Net assets 115,856 91,832 99,915
Called up equity share capital 978 855 873
Share premium 48,650 32,620 35,422
Capital redemption reserve 54 37 45
Special distributable reserve 49,961 56,670 53,717
Capital reserve realised (28,858) (27,406) (28,020)
Capital reserve unrealised 44,736 28,671 37,445
Revenue reserve 335 385 433
Total equity shareholders' funds 115,856 91,832 99,915
Net asset value per share 118.4p 107.4p 114.4p
The accompanying notes form an integral part of the financial statements.
The statements were approved by the Directors and authorised for issue on 26
October 2017 and are signed on their behalf by:
Roger Smith
Chairman
Company No: 03477519
Statement of Changes in Equity
Share Capital Share Premium Capital redemption reserve Special distributable reserves Capital reserve realised Capital reserve unrealised Revenue reserve Total £'000
£'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 March 2017 873 35,422 45 53,717 (28,020) 37,445 433 99,915
Management fee allocated as capital expenditure - - - - (575) - - (575)
Current period loss on disposal - - - - (25) - - (25)
Current period gains on fair value of investments - - - - - 7,053 - 7,053
Prior periods' holding losses now realised - - - - (238) 238 - -
Loss on ordinary activities after tax - - - - - - (98) (98)
Total comprehensive income for the period - - - - (838) 7,291 (98) 6,355
Contributions by and distributions to owners:
Repurchase and cancellation of own shares (9) - 9 (1,047) - - - (1,047)
Issue of shares 114 14,037 - - - - - 14,151
Share issue costs - (809) - - - - - (809)
Dividends paid - - - (2,709) - - - (2,709)
Balance as at 978 48,650 54 49,961 (28,858) 44,736 335 115,856
31 August 2017
As at 1 March 2016 760 21,643 24 60,062 (26,158) 20,898 355 77,224
Management fee allocated as capital expenditure - - - - (445) - - (445)
Current period gain on disposal - - - - 78 - - 78
Current period gain on fair value of investments - - - - - 7,252 - 7,252
Prior periods' holding losses now realised - - - - (521) 521 - -
Profit on ordinary activities after tax - - - - - - 30 30
Total comprehensive income for the period - - - - (888) 7,773 30 6,915
Contributions by and distributions to owners:
Repurchase and cancellation of own shares (13) - 13 (1,281) - - - (1,281)
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