OIAA Oct Iht Aim

    RNS Number : 1900G
  Octopus IHT AIM VCT PLC
  20 October 2008
   

    Octopus (formerly Close) IHT AIM VCT plc ("Company" or "Fund")

    20 October 2008

    Interim Management Statement 
    For the period from 1 June 2008 to 15 October 2008

    In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus IHT AIM VCT plc presents an Interim
Management Statement for the period 1 June 2008 to 15 October 2008, being the latest weekly valuation prior to the date of this statement.

    Change of Manager
    Shareholders will be aware that in the period covered by this report there has been a change to the corporate identity of the Company.
Following the move by Andrew Buchanan and Kate Tidbury from Close investments Limited to Octopus Investments Limited, your Board agreed to
novate the Management Agreement to Octopus Investments. As a result it was necessary to change the name of your Company which was approved
at a General Meeting at the beginning of September. Shareholders existing share certificates have not been replaced and remain valid.


    Financial Highlights 
                                 As at 15 October 2008   As at 30  As at 31   As at 30 
                                                         Septembe   May 2008   November
                                                           r 2008                  2007

 Net assets ('000)                              �16,884   �17,929    �21,613    �23,518
 Net asset value per share                        67.6p     71.8p      86.5p      94.2p
 ("NAV")
 Cumulative dividends paid                         5.4p      4.4p       4.4p       3.4p
 since launch
 Total return (NAV plus                           73.0p     76.2p      90.9p      97.6p
 dividends paid)
 Share price                                      73.0p     73.0p      88.0p      94.0p
 Premium/(discount) to NAV                       (8.0)%      1.7%       1.7%     (0.2)%
                
    Investment Performance and Activity
    Investors have faced a difficult time in the period covered by this report with significant turmoil in the stock market caused by the
hiatus in the banking sector. The consequence has been a further reduction in share prices, most particularly amongst smaller companies,
such as those this Venture Capital Trust ("VCT") invests in.  The total return, as a result, has fallen by 19.7% between 1 May and 15
October. For the sake of comparison the FTSE AIM All Share Index has fallen by 53.5% between 1 June and 15 October and the FTSE SmallCap
index by 31.9% in the same period.

    Despite this market background not being conducive to flotations and further issues of new shares, this VCT has managed to make three
new qualifying investments, totalling �2.1m. As at 15 October the fund is 65% invested in qualifying investments. It has until 30 November
2008 to reach the minimum 70% level required by HMRC regulations.  With the current pipeline of opportunities your manager is confident of
achieving this level. Following the change of manager outlined above, the reduction in the Close Special Situations Fund was accelerated and
the final shares were sold in the period under review.  
        
    The total value of the AIM quoted investment portfolio at 15 October was �9.5m.  These figures exclude cash holdings and are at bid
prices.  

    Ten largest holdings by value as at 15 October 2008

 Company                     Carrying value �'000  Percentage 
                                                        of net
                                                        assets
 IS Pharma                                    753         4.6%
 Research Now                                 663         3.9%
 Animalcare Group                             654         3.8%
 Advanced Computer Software                   618         3.7%
 Pressure Technologies                        577         3.4%
 Tasty                                        550         3.3%
 Essentaily                                   527         3.1%
 Mount Engineering plc                        499         3.0%
 Clerkenwell Ventures plc                     468         2.8%
 Neuropharm plc                               442         2.6%

    Dividends 
    As stated in the interim report for the 6 months ended 31 May 2008, a dividend of 1.0p per 'A' and 'B' Ordinary share was declared and
this was paid to shareholders on 10 October 2008.

    Buybacks 
    During the period the Fund bought back 15,250 'A' Ordinary shares at a price of 70p per share. These are currently held in Treasury.

    Total voting rights and capital
    At the date of this announcement, the capital of the Company consists of 7,299,461 'A' Ordinary shares and 17,680,650 'B' Ordinary
shares with a nominal value of 0.01 pence each, with voting rights. Octopus IHT AIM VCT plc holds 15,250 'A' Ordinary Shares in Treasury.

    Therefore, the total number of voting rights in the Company plc is 24,964,861.

    The figure of 24,964,861 may be used by shareholders as the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, Octopus IHT AIM VCT plc under the FSA's Disclosure and Transparency
Rules.

    Material events and transactions
    The Board is not aware of any further material events or transactions between 15 October 2008 and the date of this report.

    For further information please contact:

    Andrew Buchanan/Kate Tidbury
    Octopus Investments Limited 
    Tel: 020 7710 2800

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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