OTV1 Octopus T. 1

 
TIDMOTV1 
 
Octopus Titan VCT 1 PLC 
Interim Management Statement 
 
7 March 2013 
 
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 2012 to 31 January 
2013.  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 2013 Year to 31 October 2012 
=------------------------------------------------------------------------------ 
 
 
 Net assets ( GBP'000s)                             15,293                  21,382 
 
 Return after tax ( GBP'000s)                        (127)                   5,737 
 
 Net asset value per share 
 ('NAV')                                          87.2p                  121.9p 
 
 Cumulative dividends paid 
 and proposed since launch                        40.0p                    6.0p 
 
 Total return (NAV plus 
 dividends paid)                                 127.2p                  127.9p 
 
 
Investment performance 
During the three month period, the Total Return of the VCT decreased 0.5% to 
127.2 pence per share as at 31 January 2013. The performance of the VCT has been 
relatively stable in the period under review as 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 which exceeded the income 
received. 
 
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 two companies; Calastone 
( GBP244,000) and Bowman Power ( GBP109,000). 
 
As mentioned in the Annual report, on 30 November 2012, the Fund's holding in 
Nature Delivered was realised, yielding  GBP5,884,000 as a mixture of cash, equity 
and loan notes. 
 
Top Ten Investments by value as at 31 January 2013 
 Company                                           Carrying value    % of total 
                     Sector                                  GBP'000    net assets 
=------------------------------------------------------------------------------ 
 Zoopla Limited      Media                                  4,486         29.3% 
 
 Calastone Limited   Technology                             2,514         16.4% 
 
 Nature Delivered    Consumer lifestyle & 
 Limited             wellbeing                              2,120         13.9% 
 
 TouchType Limited   Telecommunications                       928          6.1% 
 
 e-Therapeutics      Consumer lifestyle & 
 Limited             wellbeing                                766          4.9% 
 
 Mi Pay Limited      Telecommunications                       749          4.9% 
 
 Executive Channel   Media 
 Europe Limited                                               605          4.0% 
 
                     Consumer lifestyle & 
 GetOptics Limited   wellbeing                                580          3.8% 
 
 Semafone Limited    Telecommunications                       568          3.7% 
 
 Surrey NanoSystems 
 Limited             Technology                               528          3.5% 
 
 
Dividends 
As announced in the recently published annual results, the proposed special 
dividend of 34.0p per share for the year ended 31 October 2012 will be paid on 
28 March 2013 to those shareholders on the register on 11 January 2013. 
 
Material events and transactions 
Titan 1, in conjunction with the other Titan funds, is seeking to raise a total 
of  GBP30 million, with amounts raised being allotted equally between the five 
Titan Funds. 
 
On 5 March 2013, a further  GBP151,000 was invested into Metrasens Limited. 
 
Titan 1's Board is not aware of any other significant event which has occurred 
between 31 January 2013 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 
[HUG#1683843] 
 

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