Octopus Titan VCT 1 Octopus Titan VCT 1 PLC : Interim Management Statement
August 24 2012 - 10:44AM
UK Regulatory
TIDMOTV1
Octopus Titan VCT 1 plc
Interim Management Statement
24 August 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 May 2012 to 31 July 2012. 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 2012 2012 2011
=------------------------------------------------------------------------------
Net assets ( GBP'000s) 15,722 16,323 14,842
Return after tax 74 381 (327)
( GBP'000s)
Net asset value per 89.6p 92.8p 91.5p
share (NAV)
Cumulative dividends 6.0p 4.5p 3.5p
paid since launch
Total return (NAV plus 95.6p 97.3p 95.0p
dividends paid)
Investment performance
At 31 July 2012, the Total Return of the VCT, being the Net Asset Value (NAV)
plus cumulative dividends, was 95.6p compared to 97.3p at 30 April 2012. The
decrease in the Total Return has arisen as a result of the standard running
costs of the Fund exceeding the income. In addition, there has been a small
downward valuation in the Open Ended Investment Companies ('OEICS') during the
period. There have been no changes in the unquoted valuations since 30 April
2012.
During this three month period, there was a small decrease in the value of the
VCT's investments in the OEICs. This is largely attributable to a decrease in
fair value of 3.9% in the CF Octopus UK Micro Cap Growth Fund. At 31 July
2012, 14.7% 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 both advice and new funding needs. During the period
under review, Titan 1 made follow-on investments into GetOptics ( GBP85,000) and
Diverse Energy ( GBP15,625). Additionally, part of the holding in Zoopla was
disposed of in the period, realising a gain of GBP317K.
A full update will be provided in the Annual Report for the year ending 31
October 2012.
Top Ten Qualifying Investments by value as at 31 July 2012
Company Carrying value % of total
Sector GBP'000 net assets
=------------------------------------------------------------------------------
Zoopla Limited Media 2,512 16.0%
Nature Delivered Consumer lifestyle and
Limited wellbeing 1,705 10.8%
Calastone Limited Technology 1,702 10.8%
Evi Technologies Media
Limited (formally 1,413 9.0%
True Knowledge)
e-Therapeutics plc Consumer lifestyle &
wellbeing 838 5.3%
Executive Channel
Limited Media 605 3.8%
Mi-Pay Limited Telecommunications 589 3.7%
TouchType Limited Telecommunications 549 3.5%
Semafone Limited Telecommunications 494 3.1%
Surrey Nanosystems
Limited Technology 485 3.1%
Dividends
As announced in the recently published half-yearly report, the interim dividend
of 1.5p per share was paid on 27 July 2012 to those shareholders on the register
on 29 June 2012. The total dividends paid since launch are now 6.0p.
Material events and transactions
The VCT made a further follow-on investment of GBP15,625 into Diverse Energy on
24 August 2012. Titan 1's Board is not aware of any other significant event or
transaction which has occurred between 1 August 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 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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