Octopus Titan VCT 1 PLC : Interim Management Statement
March 16 2012 - 10:00AM
UK Regulatory
TIDMOTV1
Octopus Titan VCT 1 PLC
Interim Management Statement
16 March 2012
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 November 2011 to 31 January
2012. The statement also includes relevant financial information between the
end of the period and the date of this statement.
Financial Summary
3 month period to 31
January 2012 Year to 31 October 2011
=-------------------------------------------------------------------------------
Net assets ( GBP'000s) 14,673 14,846
Return after tax ( GBP'000s) (173) (327)
Net asset value per share
('NAV') 90.4p 91.5p
Cumulative dividends paid
since launch 3.5p 3.5p
Total return (NAV plus
dividends paid) 93.9p 95.0p
Investment performance
At 31 January 2012 the NAV of the VCT was 90.4p, which compares to 91.5p at 31
October 2011. The performance of the VCT has been relatively stable in the
period under review and there have been no valuation movements in the unquoted
portfolio. The main driver for the decrease in the NAV was the standard running
costs of the Company. At 31 January 2012, 13.3% of the Company's net assets were
held in liquid resources in the form of OEICs, cash and cash equivalents.
As the portfolio of unquoted companies matures, the portfolio's strategy
continues to be one of making further investments into those companies where we
believe it will move them towards maturity and in due course profitable exits
for the VCT's shareholders. During the period under review, Titan 1 made follow-
on investments into five companies, including Mi-Pay ( GBP179,000), PrismaStar
( GBP124,000), Phase Vision ( GBP91,000), AQS Holdings ( GBP50,000) and GetOptics
( GBP12,000).
Top Ten Qualifying Investment Portfolio by value as at 31 January 2012
Company Carrying value % of total
Sector GBP'000 net assets
=-------------------------------------------------------------------------------
Zoopla Limited Media 2,471 16.8%
Nature Delivered Consumer lifestyle &
Limited wellbeing 1,705 11.6%
Calastone Limited Technology 1,702 11.6%
True Knowledge Media
Limited 1,413 9.6%
Executive Channel Media
Limited 605 4.1%
e-Therapeutics Consumer lifestyle &
Limited wellbeing 599 4.1%
Mi Pay Limited Telecommunications 589 4.0%
TouchType Limited Telecommunications 549 3.7%
Michelson Consumer lifestyle &
Diagnostics Limited wellbeing 442 3.0%
Surrey NanoSystems
Limited Technology 383 2.6%
Dividends
As announced in the recently published annual results, the proposed final
dividend of 1.0p per share for the year ended 31 October 2011 will be paid on
13 April 2012 to those shareholders on the register on 9 March 2012, subject to
shareholder approval at the Annual General Meeting.
Material events and transactions
Titan 1, in conjunction with the other Titan funds, is raising a total of GBP6.25
million with a view to allot, equally between the five Titan Funds, on 5 April
2012 immediately preceded by a publication of the NAV at that date.
Titan 1's Board is not aware of any other significant event which has occurred
between 31 January 2012 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 2349
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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