Octopus Second AIM VCT plc : Interim Management...

Octopus Second AIM VCT plc ("the Company")

24 September 2012

Interim Management Statement
For the period from 1 June 2012 to 17 September 2012

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Second AIM VCT plc presents an Interim Management Statement for the period 1 June 2012 to 17 September 2012. The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial Summary

	As at 17 September 2012	As at 31 May 2012	As at 30 November 2011
Total net assets (£'000s)	28,501	27,483	26,590
Net asset value per share	65.0p	63.6p	62.4p
Dividends paid in period	3.2p	-	1.6p

Investment performance
This report covers the period since the end of the interim report, 31 May 2012, to date. During that period two dividends of 1.6p each have been paid in June and August. Also in that period the Net Asset Value ('NAV') has risen from 63.6p per share to 65.0p per share as at 17 September 2012. This rise represents an increase of 7.2% if the dividends, paid from the capital reserves of the company, are included. Such an increase compares with a rise of 13.4% in the SmallCap (excluding investment companies) index and a rise of 3.2% in the AIM index.

Contributions to this performance have derived from a wide range of the portfolio's holdings and it remains the case that many companies in the portfolio have continued to report good trading results.

Investment Activity
Having invested in WANdisco at the end of May and reflecting a quiet period of market activity during the summer months, Octopus Second AIM VCT has taken only one new holding in the period under review, Futura Medical, investing approximately £0.4m.  One of our non-qualifying positions, Brady plc, was reduced in the period. 

Ten largest equity holdings as at 17 September 2012:

Investee Company	Sector	Market value (based on Bid Prices) £'000	Market value as a % of total net assets
Advanced Computer Software plc	Software & Computer Services	1,873	6.6
IDOX plc	Software & Computer Services	1,515	5.3
EKF Diagnostics plc	Healthcare	1,251	4.4
Animalcare Group plc	Food Producers	1,198	4.2
Breedon Aggregates ltd	Construction	1,090	3.8
Sinclair IS Pharma plc	Pharmaceuticals & Biotechnology	972	3.4
Escher Group Holdings plc	Software & Computer Services	942	3.3
Brooks Macdonald plc	Financial Consultants	933	3.3
Enteq Upstream plc	Oil Services	791	2.8
Brady plc	Software & Computer Services	721	2.5

Buybacks
During the period the Company purchased 172,846 shares at a weighted average price of 57.5p per share for cancellation. These buybacks were performed at approximately a 10% discount to the most recently announced NAV.

As has been announced, the board intends to offer the opportunity for additional benefits for existing shareholders through participation in an enhanced buy-back facility, alongside a Top-Up offer for both existing and new investors.

Issue of equity
On 31 July 2012, 765,274 Ordinary shares of 0.01p each were issued and allotted to 31 subscribers at a price of 69.0 pence per share pursuant to the Top-Up Offer dated 25 April 2012.

Material events and transactions
The Company's Board is not aware of any other significant event or transaction which has occurred between 17 September 2012 and the date of publication of this statement which would have a material impact on the financial position of the Company.

For further information please contact:
Kate Tidbury / Andrew Buchanan - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS

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Source: Octopus Second AIM VCT plc via Thomson Reuters ONE

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