Core Viewpoint - Hargreave Hale AIM VCT plc reported its financial results for the year ending September 30, 2025, highlighting a marginal loss in NAV and share price total returns, while also announcing a proposed final dividend and a special dividend for shareholders [2][5][22]. Financial Highlights - The net asset value (NAV) per share decreased to 36.46 pence from 40.55 pence, resulting in a NAV total return of -0.22% for the year [6][16]. - The market capitalization fell from £142.34 million to £127.41 million, with the share price dropping from 39.00 pence to 34.40 pence, reflecting a share price total return of -1.54% [6][18]. - Dividends paid per share remained constant at 4.00 pence, with a final dividend of 1 penny proposed and a special dividend of 2 pence approved by the Board [5][21][22]. Investment Activity - The Company invested £4.8 million in seven qualifying companies during the year, with 98.98% of its VCT tax value invested in qualifying investments as of September 30, 2025 [7][19]. - The fair value of qualifying investments was reported at £73.0 million, representing 54.1% of NAV, while non-qualifying investments included £8.4 million in equities and £21.1 million in short-dated investment-grade corporate bonds [19]. Market Context - The Investment Association reported sustained outflows from UK equities for four consecutive years, with fiscal policy changes negatively impacting sectors like leisure and hospitality [9]. - The London Stock Exchange experienced a thirty-year low for initial public offerings, prompting the Company to become more active in private capital markets [11]. Performance Overview - The Company reported a marginal loss across the year, but noted a positive return of +9.36% in the second half of the financial year, marking the first period of improved performance after four years of decline [13]. - The earnings per share total return was a loss of -0.14 pence, with revenue income decreasing by 14% to £2.5 million due to reduced allocations to high-yielding non-qualifying equity investments [17]. Shareholder Engagement - The Company is committed to maintaining shareholder engagement, providing updates and opportunities for interaction through its website and planned events [50][55]. - Shareholders are encouraged to participate in the upcoming AGM scheduled for February 5, 2026, where key resolutions will be proposed [49]. Future Outlook - The Company anticipates a positive impact from upcoming legislative changes that will increase thresholds for VCT capital deployment, although concerns remain regarding reduced income tax relief for investors [69][70]. - The Investment Manager reported an improvement in deal flow post-period end, with £2.9 million invested across two qualifying investments [71].

Core Viewpoint - Octopus Future Generations VCT plc focuses on investing in early-stage companies that address significant societal and environmental challenges, aiming to provide investors with growth opportunities in purpose-driven businesses [1][4]. Financial Performance - The NAV per share as of 31 December 2024 was 88.8p, reflecting a decrease of 5.5p from 30 June 2023 [5][23]. - The company utilized £10.1 million of cash resources during the reporting period, with £8.2 million invested in 16 new and follow-on opportunities [5][29]. - The loss for the period was £2.9 million, attributed to specific performance challenges and difficult funding conditions in the early-stage investment space [5][18]. Investment Strategy - The company aims to maintain a portfolio comprising 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash [6]. - The investment focus is on three key themes: revitalising healthcare (53% of portfolio), empowering people (28%), and building a sustainable planet (19%) [24]. Fundraising Activities - A fundraise of £3.6 million was completed on 31 October 2024, amidst a competitive VCT fundraising market that raised £882 million in total [7]. - An initial offer to raise up to £5 million was launched on 3 February 2025, successfully closing on 1 April 2025 [8]. Portfolio Management - The company completed 16 investments totaling £8.2 million during the 18-month period, with an additional £2.4 million invested after the reporting date [29]. - Significant valuation declines were noted in 11 companies, with a collective decrease of £7.9 million, primarily affecting Tympa Health, Pear Bio, and Elo Health [24][25]. Exits and Returns - The company achieved its first full and partial exits during the reporting period, with returns of 1.5x from the sales of shares in Neat and Cobee [28][19]. - The long-term target is to pay an annual dividend of 5% of the NAV, although significant dividends are unlikely before 2026 [20]. Governance and Management Changes - Emma Davies announced her retirement from the Board effective 31 March 2024, with Ajay Chowdhury appointed as her successor [10]. - Erin Platts was appointed as the new CEO of Octopus Ventures in January 2025, bringing extensive experience from the UK and European tech ecosystem [15]. Market Outlook - The M&A environment is showing signs of recovery, with startups experiencing the highest annual transaction levels since 2019 [19]. - The company is optimistic about stabilizing NAV and potential growth as the portfolio matures, despite the challenges faced during the reporting period [18][72].