OTV1 Octopus T. 1

 
TIDMOTV1 
 
Octopus Titan VCT 1 PLC 
Interim Management Statement 
 
9 September 2009 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure 
and Transparency rules, Octopus Titan VCT 1 plc ("Titan 1" or "Fund") 
presents an Interim Management Statement for the period 1 May 2009 to 
31 July 2009.  The statement also includes relevant financial 
information between the end of the period and the date of this 
statement. 
 
Financial Summary 
 
                            As at 31 July As at 30 April     As at 31 
                                     2009           2009 October 2008 
 
Net assets (000s)                 GBP14,883        GBP14,293      GBP14,036 
Net asset value per share 
("NAV")                             95.3p          91.5p        89.9p 
Cumulative dividends paid 
since launch                         1.0p           0.5p            - 
Total return (NAV plus 
dividends paid)                     96.3p          92.0p        89.9p 
 
 
Investment performance 
Since the half-yearly report at 30 April 2009, the total return 
(being NAV plus dividends paid) has risen 4.3p, from 92.0p to 96.3p. 
This is due to the continued uplift in valuation of the Octopus OEIC 
non-qualifying investments. Since the period end, the CF Octopus 
Partner Fund (Absolute Return) has continued its excellent overall 
performance and is now the number one fund in its sector. It has also 
been good to see a recovery in the CF Octopus Partner Fund (Smaller 
Companies) which, even though it is the top fund in its sector, had 
fallen in value during the severe correction in the stock market but 
is now seeing its value increase with the recent market recovery. 
 
Titan 1 is actively investing, looking to take advantage of reduced 
price expectations from entrepreneurs seeking funding in a tough 
environment. The Manager is seeing an extremely strong deal flow and 
is in active negotiations with a number of businesses. Since the 
period end of 30 April 2009 four new investments have been made and 
one follow on investment completed. 
 
In May, the Company made an investment of GBP200,000 into Phase Vision. 
Phase Vision is a manufacturer of optical inspection solutions for 
high-speed, three dimensional shape measurement with micro-scale 
accuracy. The company has developed (and patented) a unique optical 
approach to the measurement of very large industrial items with 
free-form or curved surfaces, such as ship propellers and aircraft 
wings to tighten manufacturing tolerances, increase throughput and 
reduce waste. 
 
In June, the Company invested GBP275,000 into Graze. Graze boast an 
impressive and experienced management team. Graze's CEO is Graham 
Bosher, who also co-founded LOVEFiLM, the highly successful company 
which has become Europe's largest DVD film rental service. Graze is 
focused on making healthy foods more convenient whilst remaining 
affordable. 
 
In July two further investments were made. The first was a GBP300,000 
investment into Surrey Nanosystems, a leading manufacturer of Carbon 
nanotubes. The second; a GBP100,000 investment into The SkillsMarket; 
an IT recruitment company. 
 
In August one follow on investment was completed; GBP75,000 into The 
Key Revolution. 
 
A full update of all of these investments will be provided in the 
annual report for 31 October 2009. 
 
Qualifying Investment Portfolio - as at 31 July 2009 
 
Company                                           Carrying % of total 
                     Sector                    value GBP'000 net assets 
True Knowledge       Media 
Limited                                                682      4.61% 
Calastone Limited    Technology                        635      4.29% 
Zoopla Limited       Media                             559      3.78% 
e-Therapeutics plc   Consumer lifestyle & 
                     wellbeing                         450      3.04% 
The Key Revolution   Telecommunications 
Limited                                                303      2.05% 
Surrey Nanosystems 
Limited              Technology                        300      2.03% 
Nature Delivered     Consumer lifestyle & 
Limited              wellbeing                         275      1.86% 
Phase Vision Limited Technology                        200      1.35% 
The Skills Market 
Limited              Recruitment                       100      0.68% 
Phasor Solutions 
Limited              Technology                        100      0.68% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends 
For the period ended 30 April 2009, the Board declared an interim 
dividend of 0.5p per share, payable from revenue reserves. This 
dividend was paid on 31 July 2009, to shareholders, who were on the 
register on 10 July 2009. 
 
Investment objective 
Our focus is on providing early stage, development and expansion 
funding to unquoted UK smaller companies. Many of these companies 
have great potential but need support to create a large business 
often by taking a relatively modest market share. We are very 
interested in businesses that address current trends in the market. 
We aim to create a balanced investment portfolio spanning multiple 
industries and business sectors. Our pipeline of deals remains very 
strong and we are looking forward to the opportunities ahead. 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or 
transaction which has occurred between 1 August 2009 and the date of 
publication of this statement which would have a material impact on 
the financial position of the Fund. 
 
For further information please contact: 
Alex Macpherson- Fund Manager 
Octopus Ventures Limited - 020 7710 2800 
 
ENDS 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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