Interim Management Statement
August 13 2010 - 10:53AM
UK Regulatory
TIDMOTV4
Octopus Titan VCT 4 plc
Interim Management Statement
13 August 2010
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 4 plc ('Titan 4' or 'Fund') presents an
Interim Management Statement for the period 1 May 2010 to 31 July 2010. 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 2010 As at 30 April 2010
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Net assets (000s) GBP19,886 GBP18,147
Return on ordinary activities before tax
(000s) GBP(296) GBP(109)
Net asset value per share ('NAV') 93.3p 94.0p
Investment performance
As at 31 July 2010 the NAV of the Fund was 93.3p, which compares to 94.0p at 30
April 2010. This decline is due to running costs incurred by the Fund in the
period exceeding income generated from its cash holdings awaiting investment in
suitable qualifying companies. Over the longer term as the underlying portfolio
of investments is created, the Fund's NAV will be linked increasingly to the
value of the investments in the portfolio companies.
The Fund has a number of investment propositions under review which should
create a good pipeline of opportunities for investments over the coming months.
In July, the Fund completed its first investment of GBP275,000 into Bowman Power,
a developer of turbo-generation technology, using waste energy from diesel
engine exhausts.
A full update on this investment and any subsequent deals will be provided in
the Annual Report for the year ending 31 October 2010.
The total value of the investment portfolio at 31 July 2010 was GBP19.9 million.
By value, 1.4% of the Company's net assets were in unquoted investments, 28.0%
in Octopus OEICs, leaving 70.6% in cash or cash equivalents.
Qualifying Investment Portfolio: as at 31 July 2010
Company Sector Carrying value GBP'000 % of total net assets
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Bowman Power Limited Technology 275 1.4%
Fund raising
In the 3 month period to 31 July 2010, the Company raised gross proceeds of GBP2.0
million; total gross proceeds raised to date are GBP21.2 million. The offer for
new subscriptions for shares closes on 31 August 2010.
Material events and transactions
The Fund's Board is not aware of any other significant event or transaction
which has occurred between 31 July 2010 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 Investments Limited - 0800 316 2349
ENDS
[HUG#1437994]
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Source: Octopus Titan VCT 4 PLC via Thomson Reuters ONE
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