LONDON (Alliance News) - Octopus Apollo VCT PLC said on Thursday its total return dropped with an overall decrease for the venture capital trust's dividend for its most recently ended financial year.
Octopus Apollo reported a net asset value total return, with dividend reinvested, of 2.2% for the year to the end of January, down from 2.9% the year before.
Octopus Apollo proposed a final dividend payout of 1.6 pence per share, followed by a special dividend of 10.7p, down from 16.5p, and ordinary dividend of 3.3p, down from 5.0p.
Net asset value per share fell to 50.6 pence from 63.2p.
Octopus Apollo noted the Autumn Budget announced in November, which changed VCT legislation, where from April 6, 2019, the requirement for a 70% qualifying investment level increased to 80%, and from April 2018 VCT's must now invest 30% of funds into qualifying investments within 12 months.
For Octopus Apollo, this means that future investments will be more heavily weighted towards equity than loan instruments.
Shares in Octopus Apollo were untraded on Thursday, last quoted at 46.60 pence.