RNS Number : 3251D
  Octopus Titan VCT 1 PLC
  12 September 2008
   

    Octopus Titan VCT 1 plc ("the Fund" or "Titan 1")

    Interim Management Statement 
    For the period from 1 May 2008 to 31 July 2008

    In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Titan VCT 1 plc presents an Interim
Management Statement for the period 1 May 2008 to 31 July 2008. The statement also includes relevant financial information between the end
of the period and the date of this statement.

    Financial highlights 


 Ordinary shares               As at    As at   As at 29 February 2008
                              31 July       30
                                 2008    April
                                          2008
 Total net assets ('000)      �14,833  �14,509                  �3,100
 Net asset value per share      95.0p    95.0p                   93.4p
 Share price                   100.0p   100.0p                  100.0p
 Premium to Net Asset Value      5.3%     5.3%                    7.1%

                
    Investment performance 
    During the period under review, the Fund closed raising over �15.4m (�30.8m in aggregate with Octopus Titan VCT 2 plc). Three qualifying
investments totalling �1.3m from Titan 1 were made into The Key Revolution Limited, GB Environmental Limited and True Knowledge Limited.
These are currently valued at cost.

    The Fund has also committed over �1.7m to the CF Octopus Dynamic Fund and �1.25m to the CF Octopus Opportunities Fund. In total these
funds had contributed to Titan 1 a net unrealised gain of �181,200 at the period end. The investments are non-qualifying and are being
utilised to enhance the return of a small proportion of the proceeds raised prior to investing in qualifying holdings.  The remaining funds
raised totalling over �10.3m have been invested with our cash managers, Goldman Sachs, in a range of money market securities.

    Investment objective 
    The Fund will invest in a diversified portfolio of UK smaller companies with the intention of providing attractive tax-free dividends
and long-term capital growth to its investors.  The focus of the Fund is on generating absolute returns over the medium-term.  In order to
achieve this, the Fund will focus on providing early stage, development and expansion funding to unquoted companies with a typical deal size
of �0.25 million to �1 million.

    Material events and transactions
    The Fund's board is not aware of any significant event or transaction which has occurred between 1 August 2008 and the date of
publication of this statement which would have a material impact on the financial position on the Fund.

    For further information please contact:
    Octopus Investments Limited - 020 7710 2800


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