Octopus Second AIM VCT plc : Interim Management...

Octopus Second AIM VCT plc ("the Company")

19 April 2013

Interim Management Statement
For the period from 1 December 2012 to 15 April 2013

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 December 2012 to 15 April 2013. The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial Summary

	As at 15 April 2013	As at 30 November 2012
Total net assets (£'000s)	32,703	28,712
Net asset value per share	73.0p	66.3p
Dividends paid in period	-	3.2p

Investment performance
In the period under review the Net Asset Value has risen from an audited 66.3p to an unaudited 73.0p per share as at the close of business on Monday 15 April 2013. This represents a rise of 10.1% in the NAV, which compares with a rise in the FTSE All Share Index of 9.1%, a rise in the FTSE AIM All Share Index of 3.2% and in the FTSE SmallCap (excluding investment companies) Index of 15.5%.

This NAV performance has been driven by a number of holdings in the portfolio, particularly by some of the larger holdings such as Advanced Computer Software Group, IDOX and Brooks Macdonald.  Some of the newer holdings, such as DP Poland, WANdisco, MyCelx and Futura Medical have also contributed positively to this NAV performance.

During that period a dividend of 1.7p has been declared, which will be paid on 24 May (to those on the register on 26 April) subject to shareholder approval at the AGM on 16 May 2013.

Investment Activity
Although the flow of VCT qualifying issues and new flotations has continued, the company has only made one new investment.  That was into Fusionex International in December 2012. The Company has committed to invest into one further new holding, Cambridge Cognition, whose first day of trading on AIM is 18 April 2013.

Ten largest equity holdings as at 15 April 2013:  

Investee Company	Sector	Market value (based on Bid Prices) £'000	Market value as a % of total net assets
Advanced Computer Software Group plc	Software & Computer Services	1,910	5.8%
IDOX plc	Software & Computer Services	1,855	5.7%
MyCelx Technologies plc	Oil Equipment	1,332	4.1%
EKF Diagnostics Holdings plc	Healthcare Equipment	1,206	3.7%
Breedon Aggregates Limited	Construction & Materials	1,203	3.7%
Animalcare Group plc	Pharmaceuticals & Biotech	1,131	3.5%
Escher Group Holdings plc	Software & Computer Services	1,105	3.4%
Brooks MacDonald Group plc	General Financial	1,051	3.2%
Sinclair IS Pharma plc	Pharmaceuticals & Biotech	963	2.9%
Netcall plc	Software & Computer Services	960	2.9%

Buybacks
During the period the Company purchased 671,933 shares at a weighted average price of 66.6p per share for cancellation. Prior to 23 January 2013, buybacks were performed at approximately a 10% discount to the most recently announced NAV. Following the announcement on 23 January 2013, buybacks were performed at approximately a 5% discount to the most recently announced NAV.

Issue of equity
On 5 April 2013, 2,612,275 Ordinary shares of 0.01p each were issued and allotted to 152 subscribers at a price of 76.2 pence per share pursuant to the Top-Up Offer dated 1 February 2013.

Enhanced Buyback
This open offer followed the Company's first Enhanced Buyback, which was announced in October 2012 and closed on 31 January 2013. Shareholders tendered 10,470,985 Ordinary shares to the Company at 71.0p and 9,974,094 Ordinary shares were reissued at 75.2p per share.

Material events and transactions
The Company's Board is not aware of any other significant event or transaction which has occurred between 15 April 2013 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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information contained therein.

Source: Octopus Second AIM VCT plc via Thomson Reuters ONE

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