REG-Half-Yearly Report
22/09/2025 18:00
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Octopus Future Generations VCT plc
Half-Yearly Report
Octopus Future Generations VCT plc (‘Future Generations VCT’ or the
‘Company’) is backing businesses that aim to address some of 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 AIF Management Limited (the ‘Manager’),
who has delegated investment management to Octopus Investments Limited
(‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus
Ventures.
The Company today announces the half-yearly report for the six months to 30
June 2025.
Chair’s statement
Key financials
* Total net assets: £52.6 million
* Net Asset Value (NAV) per share: 88.4p
* Dividend declared: 5.6p
I am pleased to present the unaudited half-yearly report and accounts for the
Company for the six months to 30 June 2025.
The Net Asset Value (NAV) per share at 30 June 2025 was 88.4p, which
represents a net decrease of 0.4p per share (-0.5%) from 31 December 2024. We
are now in the fourth year of investing, and while many of our companies
remain at an early stage, the portfolio continues to develop in line with our
long-term strategy. The recently declared special dividend payment allows
shareholders to benefit from our first company realisation.
In the six months, the Company invested £4.5m into five new and follow-on
opportunities. The cash balance of £20.8 million as at 30 June 2025
represents 39.5% of net assets at that date.
Fundraise
On 3 February 2025, to further support the Company’s growth, the Board
launched an initial offer to raise up to £5 million. The offer closed for new
applications on 1 April 2025 having successfully raised this amount. We would
like to take this opportunity to welcome all new shareholders to the Company
and thank all shareholders for their continued support.
As investors will be aware, the intention is to invest in businesses which
meet one of three key themes, which we believe demonstrate good investment
prospects, as well as having the potential to transform the world we live in
for the better. These three themes are further summarised in the full report.
Dividend
We are pleased that on 22 August 2025, the Company announced that it would pay
its first dividend, marking an important milestone in its progress. A special
dividend of 5.6p will be paid on 24 September 2025, as a result of the
proceeds received from the successful disposal of Cobee which occurred in
September 2024, the Company’s first full exit. This first realisation,
together with other companies achieving important commercial milestones,
provides some encouraging signs that the portfolio is beginning to deliver on
its long-term potential.
Following approval of the Dividend Reinvestment Scheme (DRIS) at the Annual
General Meeting (AGM) in June, 7% of shareholders have decided to take
advantage of the offer and will receive their dividend in Future Generations
VCT shares. This is an excellent option for those of you who prefer the
capital value of your investment to potentially grow to achieve your
investment objectives.
VCT Qualification
We are pleased to report that in June 2025, the Company met the requirement
for 80% of the Company’s funds to be invested in VCT-qualifying holdings by
30 June 2025. The remainder will continue to be invested in permitted non-VCT
qualifying investments or cash.
Principal Risks and Uncertainties
The 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 which were described on pages 37 to 39 of the Annual Report for the year
ended 31 December 2024. The Board does not anticipate any significant changes
to these risks.
Portfolio Manager and team
In September 2024, Octopus Titan VCT plc, a fund which the Company has
co-invested alongside to date, announced a review of strategy, due to the
ongoing performance issues it has faced. The review has now concluded, and the
Shareholder Circular has been distributed summarising the findings and
go-forward strategy. As part of the conclusion of the strategic review,
Octopus has committed to invest in additional team resourcing. The Board and
Octopus have agreed that further senior level resource will help to broaden
and deepen the level of experience across the team and increase the focus on
driving returns and realisations from the existing portfolio. As detailed in
the annual report, Simon King, Lead Fund Manager for Octopus Future
Generations VCT, has left to pursue a new opportunity and we will make an
announcement regarding his successor in due course.
Outlook
The modest decline in NAV over the six-month reporting period was delivered
against a highly volatile and dynamic macroeconomic backdrop. Both economic
and geopolitical developments continue to weigh heavily on growth prospects
and the fundraising environment for early-stage businesses. Furthermore, the
marked decline in the US Dollar, to which certain portfolio companies are
exposed, has created a small additional headwind for the Company’s
performance.
I would like to conclude by thanking both my Board colleagues and the Octopus
team on behalf of all shareholders for their hard work. The Board’s
long-term view of early-stage venture capital remains positive, and I am
looking forward to seeing what the remainder of the year brings for the
Company.
Helen Sinclair
Chair
22 September 2025
Portfolio Manager’s review
At Octopus, our focus is on managing your investments and providing investors
with clear and transparent communication. Our annual and half-yearly updates
are designed to keep you informed about the progress of your investment.
Focus on Future Generations VCT’s performance
Below is a breakdown of the 37 investments held as at 30 June 2025, showing
the proportion and value of the portfolio in each investment theme:
Proportion by number of portfolio companies in each theme
Revitalising healthcare: 19
Empowering people: 11
Building a sustainable planet: 7
Value of the portfolio in each theme
Revitalising healthcare: £15.3m
Empowering people: £10.2m
Building a sustainable planet: £5.9m
Overview of investments
The Company completed five investments in the six months to 30 June 2025
(comprising a total of £4.5 million) and one further investment after the
reporting date totalling £0.3 million. More information on some of these
businesses can be found below:
A selection of our completed investments
Revitalising healthcare
Ufonia
The company combines AI and clinical evidence to automate routine clinical
conversations. Its technology makes care more convenient, reliable and
consistent for patients, increases hospitals’ capacity, and allows clinical
professionals to spend more time meeting patients’ needs. Dora, its
medically regulated autonomous clinical assistant, can call any number of
patients and have a natural voice conversation covering a wide range of common
clinical consultations.
Empowering people
Slamcore
The company has developed spatial intelligence technology for machinery. It
creates embedded software that uses data from multiple sensors to help
products intelligently understand and navigate the complex and dynamic worlds
around them. It works across a range of products, from forklifts to autonomous
robots.
Building a sustainable planet
Phlux
The company is developing new infrared sensor technology that is transforming
the performance of laser range finders, LiDAR systems, and fibreoptic
telecommunications test equipment (OTDRs). Its technology can offer up to 50%
more range, up to 12x higher resolution and up to 40% lower system cost.
Top ten investments
Here, we set out the cost and valuation of the top ten holdings, which account
for over 61% of the value of the portfolio.
Portfolio Investment theme Investment cost Valuation at 30 June 2025
1. CoMind Technologies Ltd Revitalising healthcare £2.8m £2.8m
2. HelloSelf Limited Revitalising healthcare £2.6m £2.6m
3. Menwell Limited (t/a Manual) Revitalising healthcare £0.9m £2.3m
4. RemoFirst, Inc. Empowering people £1.2m £2.3m
5. Intrinsic Semiconductor Technologies Ltd Empowering people £1.5m £1.7m
6. Neat SAS Building a sustainable planet £0.6m £1.6m
7. Phlux Technology Ltd Empowering people £1.2m £1.6m
8. Apheris AI GmbH Empowering people £1.5m £1.5m
9. Ufonia Ltd Revitalising healthcare £1.1m £1.5m
10. TYTN Ltd (t/a Double Word) Building a sustainable planet £0.5m £1.4m
Portfolio engagement
As 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 (GHG)
emissions and support them to take action to minimise them. You can see how we
are progressing with these goals below, as at the date of this report:
D&I policy status
Policy in place: 100%
Engaged in monitoring 2024 GHG emissions(1)
Signed up: 11%
Introduced: 58%
In progress: 31%
(1)As of 30 June 2025, only full year 2024 carbon emissions data was
available.
Focus on Performance
The NAV of 88.4p per share at 30 June 2025 represents a decrease of 0.4p per
share versus a NAV of 88.8p per share as at 31 December 2024. This decrease
over the six-month period has been largely driven by the downward valuation
movements across 13 companies which saw a collective decrease in value of
£3.1 million. The businesses which contributed most significantly to this
were Infinitopes, CellVoyant and VyperCore. Both Infinitopes and CellVoyant
have struggled to raise further follow-on rounds, so their valuations have
declined to reflect the risk of them being unsuccessful in securing funding.
Unfortunately, VyperCore’s board appointed administrators in the reporting
period as it was unable to secure further funding having not achieved its
commercial milestones set at the time of the Company’s initial investment.
Conversely, 13 companies delivered a collective increase in value of £3.2
million. These valuation increases reflect businesses which have successfully
concluded further funding rounds, grown revenues or met certain important
milestones. Notable strong performers in the portfolio include RemoFirst,
Ufonia and Manual. These top contributors demonstrate that there are
opportunities available for companies to scale even during periods of
heightened headwinds in the economy.
Octopus Ventures believes that some of the companies which have seen decreased
valuations in the six-month period have the potential to overcome the issues
they face and get their growth plans back on track. Octopus Ventures will
continue to work closely with these companies to help them realise their
ambitions. In some cases, if a company is achieving its performance
milestones, the support offered could include further funding, to ensure a
business has the capital it needs to execute on its strategy. At this early
stage of the Company’s life cycle, it is to be anticipated that failures
will likely precede valuation growth, which takes longer as the portfolio
companies must achieve their agreed milestones and mature.
In the six months to 30 June 2025, the Company received deferred proceeds from
the sale of Cobee (to Pluxee in 2024).
The gain on Future Generations VCT’s uninvested cash reserves was £0.5
million in the six-months to 30 June 2025 (31 December 2024: gain of £1.4
million), driven by returns on money market funds. The Board’s objective for
these investments is to generate sufficient returns through the cycle to cover
costs, at limited risk to capital.
VCT-qualifying status
Shoosmiths LLP provides both the Board and Octopus with advice concerning
ongoing compliance with HMRC rules and regulations concerning VCTs and has
advised that Future Generations VCT continues to be compliant with the
conditions set by HMRC for maintaining approval as a VCT.
As at 30 June 2025, 100% of the portfolio (as measured by HMRC rules) was
invested in VCT-qualifying investments, above the 80% current VCT-qualifying
threshold. This threshold is continually monitored both internally by the
Manager and by external advisers and proactive measures are taken to optimise
it.
Outlook
The modest decline in NAV over the six months follows a period of progress
seen in the latter half of 2024. While short-term fluctuations are expected in
early-stage investing, we continue to see encouraging signs of development
across the portfolio. The team have continued to deploy funds, investing £4.5
million, which includes follow-on investments into the portfolio companies
which we believe are exciting opportunities for the Company and are showing
potential.
This performance is set against an extremely volatile market backdrop which is
looking likely to continue. We will continue to support our companies through
our in-house People and Talent team and our panel of expert consultants,
helping them to navigate growth challenges and build strong foundations. We
know that building talented teams drives innovation, enhances productivity and
contributes to a positive work culture, all of which lead to a company’s
overall success. It will also be a focus of the team to take advantage of any
exit opportunities as they arise and look to drive liquidity events where
possible, with the aim of regularly returning capital to the Company to
deliver sustainable growth and deliver on its objectives.
We are excited to have the opportunity to continue to scale the Company,
support its ambition to make the world a better place for future generations,
and hope to deliver attractive returns to shareholders.
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; and
* 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 period; 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.
By order of the Board
Helen Sinclair
Chair
22 September 2025
Income statement
Unaudited Unaudited Audited
6 months to 30 June 2025 12 months to 30 June 2024 18 months to 31 December 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
(Loss)/gain on disposal of fixed asset investments - (17) (17) - - - - 1,382 1,382
Gain/(loss) on valuation of fixed asset investments - 93 93 - (3,495) (3,495) - (3,564) (3,564)
Investment management fees (125) (375) (500) (238) (712) (950) (345) (1,035) (1,380)
Investment income 458 - 458 973 - 973 1,427 - 1,427
Other expenses (295) - (295) (535) - (535) (759) - (759)
Profit/(loss) before tax 38 (299) (261) 200 (4,207) (4,007) 323 (3,217) (2,894)
Tax - - - - - - - - -
Profit/(loss) after tax 38 (299) (261) 200 (4,207) (4,007) 323 (3,217) (2,894)
Earnings per share – basic and diluted 0.1p (0.6)p (0.5)p 0.4p (8.4)p (8.0)p 0.6p (6.3)p (5.7)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.
* 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 Unaudited Audited
As at 30 June 2025 As at 30 June 2024 As at 31 December 2024
£’000 £’000 £’000 £’000 £’000 £’000
Fixed asset investments 31,319 28,566 26,769
Current assets:
Applications cash (1) - 153 100
Debtors 609 212 1,166
Cash at bank 101 192 112
Money market funds 20,686 17,265 19,972
21,396 17,822 21,350
Creditors: amounts falling due within one year (102) (256) (196)
Net current assets 21,294 17,566 21,154
Net assets 52,613 46,132 47,923
Share capital 60 53 54
Share premium 4,945 51,177 51,854
Special distributable reserve 51,854 - -
Capital reserve realised (720) (1,352) (328)
Capital reserve unrealised (3,433) (3,492) (3,526)
Revenue reserve (93) (254) (131)
Total equity shareholders’ funds 52,613 46,132 47,923
Net asset value per share 88.4p 86.8p 88.8p
1. Cash received from investors but not yet allotted.
The accompanying notes form an integral part of the financial statements.
The statements were approved by the Directors and authorised for issue on 22
September 2025 and are signed on their behalf by:
Helen Sinclair
Chair
Company Number: 13750143
Statement of changes in equity
Share capital £’000 Share premium £’000 Special distributable reserve (1) £’000 Capital reserve realised (1) £’000 Capital reserve unrealised (1) £’000 Revenue Reserve (1) £’000 Total £’000
As at 1 January 2025 54 51,854 - (328) (3,526) (131) 47,923
Comprehensive income for the period:
Management fees allocated as capital expenditure - - - (375) - - (375)
Net loss on disposal of fixed asset investments - - - (17) - - (17)
Net gain on fair value of fixed asset investments - - - - 93 - 93
Profit after tax - - - - - 38 38
Total comprehensive income for the period - - - (392) 93 38 (261)
Contributions by and distributions to owners:
Shares issued 6 4,963 - - - - 4,969
Share issue costs - (18) - - - - (18)
Total contributions by and distributions to owners 6 4,945 - - - - 4,951
Other movements
Share premium cancellation - (51,854) 51,854 - - - -
Total other movements - (51,854) 51,854 - - - -
Balance as at 30 June 2025 60 4,945 51,854 (720) (3,433) (93) 52,613
1. Reserves are available for distribution.
The accompanying notes form an integral part of the financial statements.
Share capital £’000 Share premium £’000 Special distributable reserve (1) £’000 Capital reserve realised (1) £’000 Capital reserve unrealised (1) £’000 Revenue reserve (1) £’000 Total £’000
As at 1 July 2023 48 46,461 - (640) 3 (454) 45,418
Comprehensive income for the period:
Management fees allocated as capital expenditure - - - (712) - - (712)
Net loss on fair value of fixed asset investments - - - - (3,495) - (3,495)
Profit after tax - - - - - 200 200
Total comprehensive income for the period - - - (712) (3,495) 200 (4,007)
Contributions by and distributions to owners:
Shares issued 5 4,814 - - - - 4,819
Share issue costs - (98) - - - - (98)
Total contributions by and distributions to owners 5 4,716 - - - - 4,721
Balance as at 30 June 2024 53 51,177 - (1,352) (3,492) (254) 46,132
1. Reserves are available for distribution.
The accompanying notes form an integral part of the financial statements.
Share capital £’000 Share premium £’000 Special distributable reserve (1) £’000 Capital reserve realised (1) £’000 Capital reserve unrealised (1) £’000 Revenue reserve (1) £’000 Total £’000
As at 1 July 2023 48 46,461 - (640) 3 (454) 45,418
Comprehensive income for the period:
Management fees allocated as capital expenditure - - - (1,035) - - (1,035)
Current year gain on disposal of fixed asset investments - - - 1,382 - - 1,382
Net loss on fair value of fixed asset investments - - - - (3,564) - (3,564)
Gain after tax - - - - - 323 323
Total comprehensive loss for the period - - - 347 (3,564) 323 (2,894)
Contributions by and distributions to owners:
Shares issued 6 5,506 - - - - 5,512
Share issue costs - (113) - - - - (113)
Total contributions by and distributions to owners 6 5,393 - - - - 5,399
Other movements:
Prior year fixed asset loss unrealised - - - (35) 35 - -
Total other movements - - - (35) 35 - -
Balance as at 31 December 2024 54 51,854 - (328) (3,526) (131) 47,923
1. Reserves are available for distribution.
The accompanying notes form an integral part of the financial statements.
Cash flow statement
Unaudited 6 months to 30 June 2025 Unaudited 12 months to 30 June 2024 Audited 18 months to 31 December 2024
£’000 £’000 £’000
Cash flows from operating activities
Loss before tax (261) (4,007) (2,894)
Gain/(loss) on valuation of fixed asset investments (93) 3,495 3,564
(Loss)/gain on disposal of fixed assets 17 - (1,382)
(Increase)/decrease in debtors (50) 167 173
Increase/(decrease) in creditors 6 (45) (52)
Outflow from operating activities (381) (390) (591)
Cash flows from investing activities
Purchase of fixed asset investments (4,457) (7,166) (8,162)
Sale of fixed asset investments 590 - 3,146
Outflow from investing activities (3,867) (7,166) (5,016)
Cash flows from financing activities
Movement in applications account (100) (217) (270)
Proceeds from share issues 4,969 4,819 5,512
Share issue costs (18) (98) (113)
Inflow from financing activities 4,851 4,504 5,129
Decrease in cash and cash equivalents 603 (3,052) (478)
Opening cash and cash equivalents 20,184 20,662 20,662
Closing cash and cash equivalents 20,787 17,610 20,184
Cash and cash equivalents comprise
Money Market Funds 20,686 17,265 19,972
Cash at Bank 101 192 112
Applications cash - 153 100
Closing cash and cash equivalents 20,787 17,610 20,184
The accompanying notes form an integral part of the financial statements.
Condensed notes to the financial statements
1. Basis of preparation
The unaudited results which cover the six months to 30 June 2025 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
the Company’s ability to continue to adopt the going concern basis over a
period of at least twelve months from the date of approval of the financial
statements. In reaching this conclusion, the Directors have taken into account
the potential impact on the economy including inflation and the recession.
The principal accounting policies have remained unchanged from those set out
in the Company’s 2024 Annual Report and Accounts.
2. Publication of non-statutory accounts
The unaudited financial report for the six months ended 30 June 2025 does not
constitute Statutory Accounts within the meaning of s.415 of the Companies Act
2006 and has not been delivered to the Registrar of Companies. The comparative
figures for the period ended 31 December 2024 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 financial report has not been reviewed by the
Company’s auditor.
3. Earnings per share
The loss per share is based on 56,631,830 Ordinary shares (30 June 2024:
50,107,452, 31 December 2024: 51,727,417) 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
30 June 2025 30 June 2024 31 December 2024
Net assets (£’000) 52,613 46,132 47,923
Shares in issue 59,508,123 53,160,670 53,941,104
Net asset value per share (p) 88.4 86.8 88.8
5. Allotments
During the six months to 30 June 2025, 5,567,019 shares were issued at a
weighted average price of 91.6p per share (30 June 2024: 5,022,333 shares at a
weighted average price of 95.2p per share, 31 December 2024: 5,802,767 shares
at a weighted average price of 94.4p per share).
6. Transactions with the Manager and Portfolio Manager
Future Generations VCT is classified as a full-scope Alternative Investment
Fund (AIF) under the Alternative Investment Fund Management Directive (AIFMD).
Future Generations VCT has appointed Octopus AIF Management Limited to provide
the services of an Alternative Investment Fund Manager (AIFM) of a full scope
AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management
Limited has delegated portfolio management to Octopus Investments Limited,
whilst retaining the obligations of a risk manager.
Future Generations VCT paid Octopus AIF Management Limited £500,000 in the
period as a management fee (30 June 2024: £950,000, 31 December 2024:
£1,380,000). 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.
Octopus also provides Non-Investment Services to Future Generations VCT,
payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s
NAV, calculated at quarterly intervals. The Non-Investment Services Agreement
(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 £75,000 was paid to Octopus for
Non-Investment Services (30 June 2024: £143,000, 31 December 2024:
£213,000).
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 period
ending 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 have agreed to pay, is 3.0%, and is
calculated in accordance with the AIC Guidelines.
7. Related party transactions
Several 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.
No dividends have been paid to the Directors of Future Generations VCT in this
period (2023:£nil).
8. Voting rights and equity management
The following table shows the percentage voting rights held by Future
Generations VCT in each of the top ten investments, on a fully diluted basis.
Investments 30 June 2025 % voting rights held by Future Generations VCT
CoMind Technologies Ltd 1.4%
HelloSelf Limited 4.1%
Menwell Limited (t/a Manual) 0.4%
RemoFirst, Inc. 1.4%
Intrinsic Semiconductor Technologies Ltd 5.4%
Neat SAS 1.8%
Phlux Technology Ltd 5.6%
Apheris AI GmbH 3.4%
Ufonia Ltd 1.9%
TYTN Ltd (t/a Double Word) 3.0%
9. Post balance sheet events
The following events occurred between the balance sheet date and the signing
of this financial report:
* One follow-on investment completed totalling £0.3 million.
* A special dividend of 5.6p per share was declared on 22 August 2025 and it
is to be paid on 24 September 2025.
10. Half-Yearly Report
The unaudited half-yearly report for the six months ended 30 June 2025 will
shortly be available to view at
https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/
A copy of the half-yearly report will be submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information please contact:
Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
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