Tax Efficient Review of Octopus Eureka EIS Fund with ... - Clubfinance
Tax Efficient Review of Octopus Eureka EIS Fund with ... - Clubfinance
Tax Efficient Review of Octopus Eureka EIS Fund with ... - Clubfinance
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TABLE 4: Unquoted <strong>Eureka</strong> portfolio analysis for <strong>Tax</strong> <strong>Efficient</strong> <strong>Review</strong> as at 23 August 2011<br />
Investee name<br />
Amount invested<br />
Current Value<br />
Percentage <strong>of</strong> equity held<br />
Date <strong>of</strong> first investment<br />
Syndicated<br />
Lead investor<br />
Structure <strong>of</strong> investment<br />
Industry sector<br />
Financing stage<br />
Valuation method<br />
Board seat<br />
Who did you co-invest <strong>with</strong><br />
Total invested in this financing round<br />
UltraSoC<br />
Technologies<br />
£000 £000 Y/N Y/N Y/N Names £000<br />
510 510 14.02<br />
Oct-<br />
2010<br />
N Y B Ords Technology<br />
Y<br />
2000<br />
Diverse Energy 441 441 6.24<br />
Curlet/10CMS 490 490 12.21<br />
Vega Chi 483 483 4.48<br />
Applied<br />
Superconductor<br />
370 370 5.08<br />
TOTALS £11.392m £11.412m<br />
Dec-<br />
2010<br />
Dec-<br />
2010<br />
Jan-<br />
2011<br />
Jun-<br />
2011<br />
N Y A Ords Environmental Y 2000<br />
<strong>Octopus</strong><br />
Titan VCT 1,<br />
Development<br />
N Y B Ords Technology<br />
Capital<br />
Cost Y 2, 3, <strong>Octopus</strong> 1596<br />
Venture<br />
Partners<br />
N Y A Ords Technology Y 1621<br />
N Y C Ords Technology Y 1500<br />
Table 5: <strong>Eureka</strong> AIM performance - Prices as at 21st October 2011<br />
Source <strong>Octopus</strong><br />
Date Invested<br />
Book Cost<br />
p<br />
Mid Price<br />
p<br />
Performance<br />
%<br />
EKF Diagnostics 30-Jun-10 0.150 0.2725 81.7%<br />
LiDCO Group 22-May-09 0.100 0.1300 30.0%<br />
Transense Technologies 30-Jun-10 0.045 0.0538 19.4%<br />
Nasstar Plc 11-Jul-11 0.08 0.0913 14.1%<br />
Microsaic 6-Apr-11 0.320 0.3150 -1.6%<br />
Hanger 8 10-Nov-10 1.500 1.0800 -28.0%<br />
Photonstar LED *** 2-Apr-09 0.360 0.1425 -60.4%<br />
SnackTime 17-Dec-09 1.700 0.6400 -62.4%<br />
Imaginatik 10-Aug-09 0.060 0.0060 -90.0%<br />
Table 6: Current valuation <strong>of</strong> 26 investments made by <strong>Octopus</strong> Ventures team for <strong>Eureka</strong> investors<br />
Figures based on original cost. Source <strong>Octopus</strong> Ventures<br />
Number <strong>of</strong> Cos % based on original<br />
cost<br />
25% impairment 1 4%<br />
50% impairment 1 3%<br />
Total loss - In Administration 3 6%<br />
Cost 16 70%<br />
Cost <strong>of</strong> last funding – 20% uplift to original 1 2%<br />
Cost <strong>of</strong> last funding - 9% uplift since original investment 1 2%<br />
Cost <strong>of</strong> latest funding – 187% uplift from original investment 1 4%<br />
Cost <strong>of</strong> latest funding – 50% reduction from original investment 1 4%<br />
AIM at Market price 30/04/2011 1 5%<br />
Total 26 100%<br />
<strong>Tax</strong> <strong>Efficient</strong> <strong>Review</strong> Reprinted for the use <strong>of</strong> <strong>Octopus</strong> Investments Limited November 2011 9
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