Octopus Future Generations VCT plc (the “Company”)

Net Asset Value Update, Re-Opening of Offer for Subscriptions to Further Applications and Adoption of Dividend and Buyback Policies

Net Asset Value Update
The Board of Octopus Future Generations VCT plc announces that it is estimated that the unaudited net asset value ("NAV") per ordinary share as at 30 June 2026 will increase by approximately 4% to 6% compared to the Company’s last reported NAV per ordinary share of 81.0p (as at 31 December 2025)¹.

Further details will be provided by the Company later in September 2026.

Re-opening the Offer

In connection with the Prospectus published by the Company on 2 February 2026 relating to the Company's offer for subscription to raise up to £15 million (£10 million with an over-allotment facility of a further £5 million) in the 2025/2026 and 2026/2027 tax years (the ‘Offer’), the Board is pleased to announce that it intends to re-open the Offer to further applications on 7 September 2026.

Dividend and Share Buyback Policies

The Board has also adopted:

• A dividend policy establishing the Board’s long-term ambition to deliver regular annual dividend payments equivalent to 5% of the Company’s opening NAV per ordinary share; and
• A share buyback policy under which the Company intends to buy back shares at a discount of up to 5% to the most recently published NAV per ordinary share, subject to Board discretion, regulatory requirements and market conditions.

Further details are set out below.

The Offer

Applicants whose valid applications are received prior to 5pm on 29 January 2027 will benefit from the costs of the Offer being reduced by 2%. Applicants will receive these reductions in the form of additional new shares, which will be paid for by Octopus Investments Limited, the Company's portfolio manager (the "Portfolio Manager").

In addition, applicants who are existing shareholders of any Octopus managed VCT will be entitled to a 1% loyalty discount, this discount is available for the remainder of the Offer. Applicants will receive this reduction in the form of additional new shares, which will be paid for by the Portfolio Manager.  

The proceeds of the Offer will be used to support the Company’s continued investment programme and pipeline of opportunities.

Dividend Policy

VCTs are able to make dividend payments from distributable reserves. In order to retain qualification as a VCT, the Company may not retain more than 15% of the income it receives from shares and securities. The Board’s long-term ambition is to target a regular annual dividend equivalent to approximately 5% of the opening NAV per ordinary share as the Company’s portfolio matures. The Board recognises that the Company remains in the earlier stages of its lifecycle and therefore expects dividend distributions to build progressively over time. The Board’s ambition is to grow towards this long-term objective in a measured and sustainable manner, taking account of available cash resources, distributable reserves, investment opportunities and the long-term interests of shareholders. In addition to regular dividends, the Board may declare special dividends where appropriate where it considers excess capital is available for distribution. The Company’s ability to pay dividends will depend upon the existence of distributable reserves, legislative requirements and the availability of cash resources. The level and timing of any dividend will remain entirely at the discretion of the Board. No forecast or guarantee of future dividend payments is intended or implied.

Share Buyback Policy

The Company's ordinary shares are intended to be traded on the London Stock Exchange’s main market for listed securities. Whilst the secondary market for VCT shares is generally illiquid, the Board intends to operate a share buyback policy designed to provide shareholders with a mechanism through which to realise their investment and to support the market price of the ordinary shares. As the Company matures, it is the Board’s intention, where appropriate, to repurchase ordinary shares at a discount of up to 5% to the latest published NAV per ordinary share, reflecting prevailing market practice amongst established VCTs. The Board recognises that the Company remains in the earlier stages of its lifecycle and, accordingly, capital will continue to be prioritised towards supporting the Company’s investment strategy where this is considered to be in shareholders’ best interests. Any share buybacks will remain subject to applicable legislation and regulation, market conditions, the Company having sufficient distributable reserves and cash resources available, and the Board’s assessment of the long-term interests of shareholders. The making, timing and extent of any share buybacks will remain entirely at the discretion of the Board. Shareholders should not rely upon this policy as providing certainty that ordinary shares can be sold at any particular time or price.

Helen Sinclair, Chair of the Company, said:

"We are pleased to re-open the Company's offer for subscription. The introduction of a dividend policy and share buyback policy reflects the Board's commitment to delivering a compelling shareholder proposition whilst supporting the Company's long-term growth strategy."

¹The information contained within this announcement relating to the Net Asset Value Update is deemed by the Company to constitute inside information as specified within the Market Abuse Regulation (EU No. 596/2014). Upon the publication of this announcement via a Regulation Information Service this inside information is now considered to be in the public domain.
  

For further information please contact:

Ronan Goggin
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067

LEI: 213800AL71Z7N2O58N66