Octopus VCT Annual NAV Increases

LONDON (Alliance News) - Octopus VCT PLC Wednesday said its net asset value increased in its last financial year.

The venture capital trust said its net asset value in the financial year ended February 28 was 96.9 pence, up from 95.2 pence a year earlier.

The trust said its total return, being the net asset value plus cumulative dividends paid to date, has increased to 101.9 pence per share as at February 28, from 98.2 pence per share as at February 28, 2013.

"A large part of this increase is due to the revaluation of a number of investments which had previously been held at cost, reflecting the early stage of these investments, and which resulted in an uplift of GBP1.5 million in the value of the investment portfolio. A surplus of interest income received on the company's loan investments over the company's running costs also contributed to the positive return," the trust said in a statement.

Shares in the venture capital trust last traded at 88 pence.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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