TIDMOTV1 
 
Octopus Titan VCT 1 plc 
Interim Management Statement 
 
16 September 2011 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Titan VCT 1 plc ('Titan 1' or 'VCT') presents an 
Interim Management Statement for the period 1 May 2011 to 31 July 2011.  The 
statement also includes relevant financial information between the end of the 
period and the date of this statement. 
 
Financial Summary 
                                              As at 30 April    As at 31 October 
                       As at 31 July 2011               2011                2010 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)                14,867             14,963              15,523 
 
Return after tax                    (305)              (341)                  18 
( GBP'000s) 
 
Net asset value per                 91.6p             92.10p               94.9p 
share (NAV) 
 
Cumulative dividends                 3.5p              2.75p                2.0p 
paid since launch 
 
Total return (NAV plus              95.1p             94.85p               96.9p 
dividends paid) 
 
Investment performance 
At 31 July 2011 the Total Return of the VCT, being the Net Asset Value (NAV) 
plus cumulative dividends, was 95.1p compared to 94.85p at 30 April 2011. The 
performance of the VCT has been relatively stable in the period under review and 
your Manager has not made any valuation movements in the unquoted portfolio of 
investments.   The unquoted portfolio is bedding down and it is expected there 
will be individual variations to the valuations of these businesses as their 
respective trading performance becomes clear. 
 
During this three month period there was a slight increase in the value of the 
VCT's investments in the Open Ended Investment Companies ('OEICs'). There was an 
uplift in value of 3.5% in the CF Octopus UK Micro Cap Growth Fund and a small 
profit was realised on the sale of the remaining investment in the CF Octopus 
Absolute UK Equity Fund. At 31 July 2011, 21.7% of the Company's net assets were 
held in liquid resources in the form of OEICs, cash and cash equivalents. 
 
We have continued to focus on monitoring existing portfolio companies, alongside 
giving them support with advice and new funding needs. During the period under 
review, Titan 1 made follow-on investments into GetOptics ( GBP37,000), MiPay 
( GBP73,000) and True Knowledge ( GBP84,000). 
 
Since the period end there have been a number of events that have affected the 
stock market and in turn the valuations of the OEIC and AiM investments.  At 12 
September 2011 the bid value of these investments had decreased by  GBP380,000 
since 31 July 2011 which represents a reduction in NAV of 2.3p per share. 
 
A full update will be provided in the Annual Report for the year ending 31 
October 2011. 
 
Top Ten Qualifying Investments by value as at 31 July 2011 
 
Company                                            Carrying value % of total net 
                      Sector                                 GBP'000         assets 
=------------------------------------------------------------------------------- 
Zoopla Limited        Media                                 2,470          16.6% 
 
True Knowledge        Media 
Limited                                                     1,420           9.6% 
 
Calastone Limited     Technology                            1,135           7.6% 
 
e-Therapeutics plc    Consumer lifestyle & 
                      wellbeing                               862           5.8% 
 
Nature Delivered      Consumer lifestyle & 
Limited               wellbeing                               853           5.7% 
 
Mi-Pay Limited        Telecommunications                      622           4.2% 
 
AQS Group Limited     Environmental                           421           2.8% 
 
Executive Channel 
Limited               Media                                   379           2.5% 
 
UltraSoc Technologies 
Limited               Technology                              361           2.4% 
 
Semafone Limited      Telecommunications                      360           2.4% 
 
 
 
Dividends 
As announced in the recently published Half-Year Report, the interim dividend of 
0.75p per share was paid on 29 July 2011 to those shareholders on the register 
on 1 July 2011. The total dividends paid since launch are 3.5p. 
 
Material events and transactions 
Titan 1's Board is not aware of any other significant event or transaction which 
has occurred between 1 August 2011 and the date of publication of this statement 
which would have a material impact on the financial position of the VCT. 
 
For further information please contact: 
Alex Macpherson- Fund Manager 
Octopus Investments Limited - 0800 316 2295 
 
ENDS 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Octopus Titan VCT 1 PLC via Thomson Reuters ONE 
 
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