Half-yearly Outcomes 21 October 2020 Octopus AIM VCT plc, managed by Octopus Investments Restricted, at present broadcasts the half-yearly outcomes for the six months ended 31 August 2020. These outcomes have been accredited by the Board of Administrators on 20 October 2020. You could shortly view the half-yearly report in full by visiting https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-aim-vcts/. All different statutory info will even be discovered there. Monetary Abstract Six months to 31 August 2020Six months to 31 August 2019Year to 29 February 2020 Web belongings (£’000)135,002118,961115,110Profit after tax (£’000)15,0881,043992Net asset worth (‘NAV’) per share (p)101.898.993.3NAV complete return (%)*184.108.40.206Dividends paid within the interval (p)3.03.09.0Dividend yield (%)**220.127.116.11Dividend declared (p)***18.104.22.168Special dividend declared (p)***-3.5- *Complete Return is an alternate efficiency measure calculated as motion in NAV per share within the interval plus dividends paid within the interval, divided by the NAV per share originally of the interval.**Dividend yield is calculated as dividend paid within the interval divided by the opening share worth.***The interim dividend of two.5p can be paid on 15 January 2021 to these shareholders on the register on 18 December 2020. Chairman’s Assertion I’m happy to report the half-yearly outcomes for Octopus AIM VCT plc. The six month interval to 31 August 2020 has been one in all appreciable volatility for inventory markets because the Coronavirus pandemic unfolded. The lockdown of the UK and most different western economies led to all stockmarket indices struggling extreme falls in March earlier than recovering strongly in April and Could in response to the unprecedented fiscal measures adopted by our Authorities and others all over the world to offset the injury triggered to corporations and economies. Towards this background the efficiency of the VCT has been sturdy, benefitting from its comparatively excessive publicity to the know-how and healthcare sectors and the Web Asset Worth rose by 12.3% on a complete return foundation after including again the dividend paid in August. The Board has declared an interim dividend of two.5p a share which can be paid on 15 January 2021 to these shareholders on the register on 18 December 2020. The Funding Supervisor has made eleven qualifying investments within the interval and these are defined in additional element throughout the Interim Administration Report. The pipeline of potential VCT qualifying investments elevated sharply in response to the Coronavirus pandemic as current AIM corporations sought to safe ample capital to hold out their enterprise plans. Reassuringly, AIM has fulfilled its operate with many placings oversubscribed and greater than £3.3 billion raised for corporations on this tough interval. I ought to prefer to take the chance to welcome Andrew Boteler, who joined the board in March and whose election was ratified by shareholders on the Annual Basic Assembly in July. The Board has lately introduced the launch of a brand new public supply of shares. On the idea of present proof, the Supervisor believes there can be good funding alternatives for brand new funds, regardless of the opportunity of additional bouts of volatility because of the continued Coronavirus pandemic. Roger Smith Chairman 20 October 2020 Interim Administration Report Overview The six months to 31 August 2020 have seen monetary markets endure durations of heightened volatility because of the unfold of the Coronavirus pandemic and the following lockdown. Most corporations within the portfolio have responded properly to a really difficult scenario, publishing detailed buying and selling statements together with banking relationships and stability sheet headroom, and in lots of instances concluding profitable fundraisings. New points continued to be impacted by market situations as all eyes have been on the Coronavirus pandemic and the longer-term influence of world lockdowns on corporations as we emerge from the disaster. Nonetheless, this offered us with demand for added capital from current AIM corporations and has already created alternatives to speculate into some thrilling companies we had already been monitoring. AIM raised £3.3 billion for corporations within the interval. PerformanceAdding again the three.0p dividend paid within the interval, the Web Asset Worth elevated by 12.3% within the six months to 31 August 2020. This compares with a 12.9% rise within the AIM Index, an 11.7% fall within the Smaller Corporations Index (ex Funding Trusts) and a 7.6% fall within the FTSE All Share Index, all on a complete return foundation. Efficiency was, as ever, most affected by inventory particular information, however the portfolio as an entire benefitted from its comparatively excessive publicity to the know-how and healthcare sectors and correspondingly smaller publicity to the excessive avenue and vitality corporations which have been adversely affected by latest occasions. Though all corporations have discovered the previous six months difficult, some within the healthcare sector have benefitted from a renewed curiosity from buyers into the analysis and improvement of medicine, vaccines and testing, significantly in relation to Coronavirus. This has allowed many to lift cash in oversubscribed placings placing them on a a lot sounder monetary footing and rising their probabilities of future success. Equally, the significance of progressive software program and IT functionality has been highlighted by the lockdown with many corporations on this sector nonetheless anticipated to have the ability to reveal progress. Nonetheless, most corporations uncovered to the excessive avenue or leisure actions have needed to furlough a excessive proportion of their employees and their path to restoration continues to be unsure. The vast majority of the smaller healthcare holdings carried out properly within the interval. Omega Diagnostics (now offered), EKF Diagnostics, Clever Ultrasound, Diaceutics, Synairgen and Genedrive all made constructive contributions to efficiency, helped in the quick time period by their numerous involvements within the improvement of therapies or assessments for Coronavirus. EKF Diagnostics is already worthwhile and money generative and every of the others has taken the chance to lift new funds to advance the event of current programmes. Ergomed and Ixico continued to profit from upgrades to forecasts and their shares carried out very properly within the interval. Maxcyte’s progress price is now accelerating with new companions adopting its cell engineering enabling know-how for cell and gene enhancing and it has additionally introduced an intention to acquire a Nasdaq float within the subsequent twelve months. RenalytixAI has issued a sequence of constructive bulletins about reimbursement for its KidneyInteIX check which is designed to foretell declines in kidney operate. It’s on a pathway to full US regulatory approval and has lately made a profitable Nasdaq debut elevating additional funds for the commercialisation of its check. Elsewhere, PCI Pal has carried out properly as corporations have sought to safe name centres working remotely and VR Schooling has developed digital actuality conferencing software program so as to add to its Have interaction instructional platform. Studying Applied sciences has reported sturdy buying and selling helped by acquisitions which have added vital quantities of recurring software program revenues, insulating it from the disaster. It efficiently raised funds to finance additional acquisitions as alternatives come up. Loop-up additionally noticed a powerful demand for its convention calling software program and reported a big discount in its debt place from elevated earnings. Gear4 Music additionally traded very properly in lockdown as excessive avenue rivals have been pressured to shut their doorways. It had already lowered its distribution prices and elevated its margins and profitability. The 2 largest detractors from efficiency within the interval have been Mattioli Woods and Brooks Macdonald, each of which have a big proportion of revenues depending on belongings underneath administration and subsequently uncovered to stockmarket actions. Each stay in sturdy monetary well being. Breedon was one other underperformer though the shares have recovered properly from their lows in March when the entire firm needed to stop buying and selling in lockdown. We count on it to emerge strongly from the disaster due to all of the capital constructing initiatives within the pipeline. Quixant shares continued to endure as its main prospects suffered a complete shutdown of their operations. Its stability sheet stays sturdy. Craneware noticed its shares fall from a excessive after reporting a slower than hoped for uptake for its new Trisus platform leading to flat total gross sales. The corporate retains its sturdy positioning as a provider to the US hospital market and stands out as a money generative software program firm with rising annual recurring revenues though a slowdown in deliberate operations in US hospitals has impacted gross sales progress this 12 months. There have been different examples of gradual gross sales cycles as a consequence of uncertainty with Osirium and Velocity each affected. Portfolio Exercise Within the interval underneath assessment, the Firm made eleven qualifying investments at a complete value of £5.8 million. This was properly forward the £3.9 million invested within the corresponding interval final 12 months and even additional forward of the second half when the availability of fundraisings had been held again by renewed Brexit fears. This restoration in provide displays the half that AIM has performed in offering finance to its constituents by means of the Coronavirus pandemic. Six of those have been follow-on investments into current holdings in Sosandar, Trackwise, PCI-Pal, Fusion Antibodies, Genedrive and Clever Ultrasound totalling £3.4 million. The primary three raised cash to develop their current companies and to progress in the direction of being self-supporting and the latter three all had new alternatives in both diagnostics or remedy arising from the Coronavirus pandemic in addition to their current unique programmes. Solely one in all these investments, The British Honey Firm, was into a brand new float on the AQSE Progress Market (previously referred to as NEX Alternate). It’s creating branded honey merchandise together with a spread of flavoured spirits from its distillery. At £0.6 million it’s a small preliminary holding and we count on to have the ability to help the corporate because it grows. The 4 new investments totalling £1.8 million into current AIM corporations have been into Rosslyn Information Applied sciences, a software program firm offering procurement and grasp information administration options to giant corporations, Synairgen which is presently testing its inhaled compound on Coronavirus, Ilika, a pioneer in stable state battery know-how and Suggestions plc, a specialist medical imaging firm offering software program and messaging methods to NHS hospitals. We additionally invested an additional £0.36 million into the FP Octopus UK Multi-Cap Earnings Fund and£0.18 million into the FP Octopus UK Micro Cap Progress Fund, with the target of acquiring a greater return on our money awaiting funding. Quite a lot of disposals have been made within the interval leading to money proceeds of £4.8 million and a internet achieve of £1.5 million since acquisition. These have been a combination of earnings being taken on current holdings akin to Loop-Up, Gamma Communications, GB Group, VR Schooling; a partial disposal of the holding in Maestrano and the disposal of all the holding in Cello Well being because of a takeover. We additionally offered the entire holding in Omega Diagnostics at a revenue after a powerful run within the share worth. Nektan sadly referred to as within the directors after a failed fundraising try and we’ve got written down the holding to £nil, realising a complete lack of £1.3 million, which is included within the internet revenue determine of £1.5 million above. Unquoted InvestmentsThe Firm is ready to make investments in unquoted corporations desiring to float. On 31 August 2020 2.5% (29 February 2020: 2.8% and 31 August 2019: 2.5%) was invested in unquoted corporations. Transactions with Supervisor Particulars of quantities paid to the Supervisor are disclosed in Word 8 to the Monetary Statements Share Buybacks Within the six months to 31 August 2020, the Firm purchased again 1,299,878 Odd shares for complete consideration of £1,117,000. The Firm stays dedicated to sustaining a reduction of roughly 4.5% to NAV (equating to a 5.0% low cost to the promoting shareholder after prices) Share Points and FundraisingIn this era 9,686,020 shares have been issued in reference to the 2019/20 prospectus supply which closed absolutely subscribed in February 2020. On 20 August 2020 the Firm launched a brand new mixed supply for subscription alongside Octopus AIM VCT 2 to lift as much as £20 million with an over allotment of as much as an additional £10 million. As well as 743,051 new odd shares have been issued in August 2020 to shareholders who participated within the dividend reinvestment scheme (DRIS), and 37,873 new odd shares have been issued in June 2020 because of lowered adviser fees, and lowered annual administration payment for Octopus workers. Additional particulars could be seen in Word 6 to the Monetary Statements. DividendOn 7 August 2020, the Firm paid a dividend of 3p per share, being the ultimate dividend for the 12 months ended 29 February 2020. For the interval to 31 August 2020, the Board has declared an interim dividend of two.5p. This can be paid on 15 January 2021 to shareholders on the register on 18 December 2020. It’s the Firm’s goal to proceed to pay a minimal of two.5p every half 12 months and to regulate the ultimate dividend yearly, based mostly on the year-end share worth, in order that the shareholders obtain both 5p every year or a 5% yield, whichever is the better on the time. Dangers and UncertaintiesThe Firm’s principal dangers and uncertainties are set out in Word 7 to the unaudited monetary statements. OutlookAlthough the UK Authorities had begun to ease the lockdown, on the time of writing, new Coronavirus instances have been rising once more bringing an escalation in authorities intervention and with it elevated uncertainty. There are a variety of newer holdings that we have been anticipating to reveal progress over the approaching twelve months and this may now show tougher for a few of them though there are others which have demonstrated good progress within the present reporting season. Corporations have put out detailed statements revealing their monetary positions and stress testing for various eventualities and inventory markets have seen a interval of just about unprecedented info. Encouragingly, fiscal measures which were put in place by governments across the globe have enabled capital markets to fulfil their operate and lift a lot wanted capital for corporations to allow them to outlive and develop sooner or later. The movement of VCT qualifying points has been sturdy since March. The present escalation in Coronavirus instances and authorities interventions might influence upon the movement of recent alternatives within the quick time period, however on the idea that the results of the pandemic will finally diminish, long run prospects proceed to look beneficial. The portfolio now comprises 78 holdings throughout a spread of sectors with the stability nonetheless weighted in the direction of worthwhile corporations which might be pursuing progress methods. The VCT presently has funds out there for brand new investments which ought to enable us to benefit from any dip in valuations ought to sentiment weaken once more and to help current portfolio corporations the place we will. The funding price has accelerated previously six months and consequently the VCT is 93.3% invested in qualifying corporations permitting us to be selective when viewing new funding alternatives. The AIM Staff Octopus Investments 20 October 2020 Director’s Obligations Assertion We verify that to the perfect of our information: • the half-yearly monetary statements have been ready in accordance with Monetary Reporting Customary 104 “Interim Monetary Reporting” issued by the Monetary Reporting Council; • the half-yearly monetary statements give a real and truthful view of the belongings, liabilities, monetary place, and revenue or lack of the Firm; • the half-yearly report features a truthful assessment of the knowledge required by the Monetary Conduct Authority’s Disclosure and Transparency Guidelines, being: • a sign of the vital occasions which have occurred in the course of the first six months of the monetary 12 months and their influence on the condensed set of economic statements. • an outline of the principal dangers and uncertainties for the remaining six months of the 12 months; and • an outline of associated social gathering transactions which have taken place within the first six months of the present monetary 12 months, that will have materially affected the monetary place or efficiency of the Firm throughout that interval and any adjustments within the associated social gathering transactions described within the final annual report that would accomplish that. • the half-yearly monetary statements haven’t been audited or reviewed by the auditors. On behalf of the Board Roger Smith Chairman 20 October 2020 Earnings Assertion UnauditedSix months to 31 August 2020UnauditedSix months to 31 August 2019AuditedYear to 29 February 2020 Income £’000Capital £’000Total £’000Revenue £’000Capital £’000Total £’000Revenue £’000Capital £’000Total £’000Gain on disposal of fastened asset investments-1,1181,118-490490-349349(Loss)/achieve on disposal of present asset investments-(116)(116)—-382382Gain/(loss) on valuation of fastened asset investments-14,58514,585-(90)(90)-505505Gain on valuation of present asset investments-543543-1,5631,563-1,5071,507Investment income123-123350-35077636812Investment administration charges(224)(672)(896)(246)(739)(985)(482)(1,445)(1,927)Different bills(269)-(269)(285)-(285)(636)-(636)Revenue earlier than tax(370)15,45815,088(181)1,2241,043(342)1,334992Tax———Revenue after tax(370)15,45815,088(181)1,2241,043(342)1,334992Earnings per share – fundamental and diluted(0.3p)11.7p11.4p(0.1p)1.0p0.9p(0.3p)1.1p0.8p • the ‘Complete’ column of this assertion represents the statutory Earnings Assertion of the Firm; the supplementary income return and capital return columns have been ready in accordance with the AIC Assertion of Really useful Follow. • all income and capital objects within the above assertion derive from persevering with operations. • the Firm has no recognised good points or losses aside from these disclosed within the revenue assertion. • the Firm has just one class of enterprise and derives its revenue from investments made in shares and securities and from financial institution and cash market funds, in addition to OEIC funds. Steadiness Sheet UnauditedAs at 31 August 2020UnauditedAs at 31 August 2019AuditedAs at 29 February 2020 £’000£’000£’000£’000£’000£’000Fixed asset investments 98,498 81,418 81,699Current belongings: Investments12,327 30,853 24,859 Cash market funds1,326 1,319 1,324 Debtors215 57 78 Money at bank23,959 5,971 24,367 37,827 38,200 50,628 Collectors: quantities falling due inside one 12 months(1,323) (657) (17,217) Web present belongings 36,504 37,543 33,411 Complete belongings much less present liabilities 135,002 118,961 115,110Called up fairness share capital 1,326 1,202 1,234Share premium 75,666 82,098 65,883Capital redemption reserve 147 112 134Special distributable reserve 38,546 31,269 43,630Capital reserve realised (24,985) (27,175) (26,719)Capital reserve unrealised 45,095 31,717 31,371Revenue reserve (793) (262) (423)Complete fairness shareholders’ funds 135,002 118,961 115,110NAV per share – fundamental and diluted 101.8p 98.9p 93.3p The statements have been accredited by the Administrators and authorised for concern on 20 October 2020 and are signed on their behalf by: Roger Smith Chairman Firm No: 03477519 Assertion of Adjustments in Fairness Share Capital£’000Share Premium£’000Capitalredemption reserve£’000Special distributable reserves*£’000Capital reserve realised*£’000Capital reserve unrealised£’000Revenue reserve*£’000Total£’000As at 1 March 20201,23465,88313443,630(26,719)31,371(423)115,110Total complete revenue for the period—-33015,128(370)15,088Contributions by and distributions to house owners: Repurchase and cancellation of personal shares(13)-13(1,117)—(1,117)Concern of shares10510,438—–10,543Share concern costs-(655)—–(655)Dividends paid—(3,967) –(3,967)Complete contributions by and distributions to owners929,78313(5,084)—4,804Other actions: Prior years’ holding good points now realised—-1,404(1,404)–Complete different movements—-1,404(1,404)–Steadiness as at 31 August 20201,32675,66614738,546(24,985)45,095(793)135,002*The sum of those reserves is an quantity of £12,769,000 (31 August 2019: £3,832,000 and 29 February 2020: £16,488,000) which is taken into account distributable to shareholders. Share Capital£’000Share Premium£’000Capitalredemption reserve£’000Special distributable reserves*£’000Capital reserve realised*£’000Capital reserve unrealised£’000Revenue reserve*£’000Total£’000As at 1 March 20191,21381,3689436,592(28,999)32,317(81)122,504Total complete revenue for the period—-(249)1,473(181)1,043Contributions by and distributions house owners: Repurchase and cancellation of personal shares(18)-18(1,717)—(1,717)Concern of shares7736—–743Share concern costs-(6)—–(6)Dividends paid—(3,606)—(3,606)Complete contributions by and distributions to house owners(11)73018(5,323)—(4,586)Different actions: Prior years’ holding good points now realised—-2,073(2,073)–Complete different movements—-2,073(2,073)–Steadiness as at 31 August 20191,20282,09811231,269(27,175)31,717(262)118,961 Share Capital£’000Share Premium£’000Capitalredemption reserve£’000Special distributable reserves*£’000Capital reserve realised*£’000Capital reserve unrealised£’000Revenue reserve*£’000Total£’000As at 1 March 20191,21381,3689436,592(28,999)32,317(81)122,504Total complete revenue for the period—-(678)2,012(342)992Contributions by and distributions to house owners: Repurchase and cancellation of personal shares(40)-40(3,829)—(3,829)Concern of shares616,454—–6,515Share concern costs-(295)—–(295)Dividends paid—(10,777)—(10,777)Complete contributions by and distributions to owners216,15940(14,606)–––(8,386)Different actions: Cancellation of share premium—-2,958(2,958)–Prior years’ holding good points now realised-(21,644)-21,644—-Complete different movements-(21,644)-21,6442,958(2,958)–Steadiness as at 29 February 20201,23465,88313443,630(26,719)31,371(423)115,110 Money Move Assertion UnauditedSix months to 31 August 2020£’000UnauditedSix months to 31 August 2019£’000AuditedYear to 29 February 2020£’000Cash flows from working actions Revenue earlier than tax15,0881,043992Adjustments for: (Improve)/lower in debtors(137)14(7)Lower in collectors(157)(358)(84)Acquire on disposal of fastened belongings(1,118)(490)(349)Loss/(achieve) on disposal of present assets116-(382)Acquire/(loss) on valuation of fastened asset investments(14,585)90(505)Acquire on valuation of present asset investments(543)(1,563)(1,507)Web money generated from working actions(1,336)(1,264)(1,842) Money flows from investing actions Buy of fastened asset investments(5,847)(3,866)(6,236)Buy of present asset investments(541)(438)(1,118)Sale of fastened asset investments4,7514,5197,062Sale of present asset investments13,500-7,000Net money flows from investing activities11,8632156,708 Money flows from financing actions Motion in purposes account(15,737)-16,286Purchase of personal shares(1,117)(1,717)(3,829)Share points (internet of prices)9,1781484,460Dividends paid(3,257)(3,017)(9,017)Web money flows from financing actions(10,933)(4,586)7,900 Lower/(enhance) in money and money equivalents(406)(5,635)12,766Opening money and money equivalents25,69112,92512,925 Closing money and money equivalents25,2857,29025,691Cash and money equivalents comprise Money at bank23,2415,97024,367Applications cash7181-Cash market funds1,3261,3191,324 25,2857,29025,691 Notes to the Half-Yearly Report 1. Foundation of preparation The unaudited half-yearly report which covers the six months to 31 August 2020 has been ready in accordance with the Monetary Reporting Council’s (FRC) Monetary Reporting Customary 104 “Interim Monetary Reporting” (March 2018) and the Assertion of Really useful Follow (SORP) for Funding Corporations re-issued by the Affiliation of Funding Corporations in February 2018. The Administrators think about it applicable to undertake the going concern foundation of accounting. The Administrators haven’t recognized any materials uncertainties to the Firm’s potential to proceed to undertake the going concern foundation over a interval of at the least twelve months from the date of approval of the monetary statements. In reaching this conclusion the Administrators have had regard to the potential influence on the economic system and the Firm of the present Coronavirus pandemic. The principal accounting insurance policies have remained unchanged from these set out within the Firm’s 2020 Annual Report and Accounts. 2. Publication of non-statutory accounts The unaudited half-yearly report for the six months ended 31 August 2020 doesn’t represent statutory accounts throughout the which means of s.415 of the Corporations Act 2006 and has not been delivered to the Registrar of Corporations. The comparative figures for the 12 months ended 29 February 2020 have been extracted from the audited monetary statements for that 12 months, which have been delivered to the Registrar of Corporations. The impartial auditor’s report on these monetary statements, in accordance with chapter 3 of half 16 of the Corporations Act 2006, was unqualified. This half-yearly report has not been reviewed by the Firm’s auditor. 3. Earnings per share The earnings per share at 31 August 2020 is calculated on the idea of 132,109,244 (31 August 2019: 120,542,288 and 29 February 2020: 120,698,159) shares, being the weighted common variety of shares in concern in the course of the interval. There are not any probably dilutive capital devices in concern and, subsequently, no diluted return per share figures are related. The essential and diluted earnings per share are subsequently similar. 4. Web asset worth per share 31 August 202031 August 201929 February 2020Net belongings (£’000)135,002118,961115,110Shares in Issue132,592,788120,244,697123,425,722Net Asset Worth per share101.8p98.9p93.3p 5. Dividends The interim dividend declared of two.5 pence per Odd share can be paid on 15 January 2021 to these shareholders on the register on 18 December 2020. 6. Buybacks and share points In the course of the six months ended 31 August 2020 the Firm repurchased the next shares. DateNo. of sharesPrice (p)Price (£)19 March 2020437,12077.0337,00023 April 2020235,40584.4198,00028 Could 2020141,37987.8124,00025 June 202089,85991.382,00023 July 2020129,25589.6116,00027 August 2020266,86097.3260,000Total1,299,878 1,117,000 The weighted common worth of all buybacks in the course of the interval was 85.9 pence per share. In the course of the six months ended 31 August 2020 the Firm issued the next shares. DateNo. of sharesPrice (p)Gross proceeds (£)6 March 20209,290,032101.59,429,00016 April 2020395,98892.8368,00024 June 2020*37,87395.536,00010 August 2020 (DRIS)743,05195.6710,000Total10,466,944 10,543,000 *Shares issued because of lowered adviser fees, and lowered annual administration payment for Octopus Staff. The weighted common allotment worth of all shares issued in the course of the interval was 100.7 pence per share. 7. Principal dangers and uncertainties The Firm’s principal dangers are VCT qualifying standing threat, valuation threat, funding threat, monetary threat, regulatory and reputational threat, operational threat and financial and worth threat. These dangers, and the best way during which they’re managed, are described in additional element within the Firm’s Annual Report and Accounts for the 12 months ended 29 February 2020. The Board has additionally thought of rising dangers, together with the Coronavirus pandemic, which the Board seeks to mitigate by setting coverage and reviewing efficiency. In any other case, the Firm’s principal dangers and uncertainties haven’t modified materially for the reason that date of that report. 8. Associated social gathering transactions The Firm has employed Octopus Investments Restricted (“Octopus” or “the Supervisor”) all through the interval as Funding Supervisor. Octopus has additionally been appointed as Custodian of the Firm’s investments underneath a Custodian Settlement. The Firm has been charged £896,000 by Octopus as a administration payment within the interval to 31 August 2020 (31 August 2019: £985,000 and 29 February 2020 £1,927,000). The administration payment is payable quarterly and relies on 2% of internet belongings at quarterly intervals. The Firm has invested £0.54 million into Octopus managed funds (31 August 2019: £0.44 million and 29 February 2020 £1.1 million), being the Octopus Portfolio Supervisor and Micro Cap funds. To make sure the Firm will not be double charged administration charges on these merchandise, the Firm receives a discount within the administration payment as a share of the worth of those investments. This amounted to £48,000 within the interval to 31 August 2020 (31 August 2019: £53,000 and 29 February 2020 £107,000). For additional particulars please confer with the Firm’s Annual Report and Accounts for the 12 months ended 29 February 2020. 9. Put up stability sheet occasions The next occasions occurred between the Steadiness sheet date and the signing of those monetary statements. • An funding of £1,050,000 into the FP Octopus UK Multi Cap Earnings Fund; • An funding of £450,000 into the FP Octopus UK Micro Cap Progress Fund; • An funding of £209,964 into Popsa Holdings Ltd; • Partial disposal of Gamma Communications plc for a consideration of £383,388; • Partial disposal of GB Group Plc for a consideration of £530,271 • Partial disposal of Trackwise Designs Ltd for a consideration of £500,688; and • Full disposal of Equals Group Plc for a consideration of £359,763. • On 24 September 2020, the Firm bought for cancellation 241,130 Odd Shares at a worth of 96.6p. • A cancellation of Share Premium amounting to £35.4 million was granted on 18 September 2020. 10. Further info This report can be made out there to all shareholders. Copies are additionally out there from the registered workplace of the Firm at 33 Holborn, London, EC1N 2HT, and also will be out there to view on the Octopus web site at www.octopusinvestments.com.