Interim Management Statement

Octopus Protected VCT PLC
Interim Management Statement

17 June 2009

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and Transparency  rules, Octopus  Protected VCT  plc ("Protected"  or
"Fund") presents an  Interim Management  Statement for  the period  1
February 2009 to 16 June 2009.  The statement also includes  relevant
financial information between the end of  the period and the date  of
this statement.

Financial Summary


+-------------------------------------------------------------------+
|                       |             | Three months |              |
|                       | Four months |        ended |              |
|                       |       ended |     30 April |   Year to 31 |
|                       | 31 May 2009 |         2009 | January 2009 |
|-----------------------+-------------+--------------+--------------|
|                       |             |              |              |
|-----------------------+-------------+--------------+--------------|
| Net assets (000s)     |     £25,053 |      £25,018 |      £25,139 |
|-----------------------+-------------+--------------+--------------|
| Net loss before tax   |             |              |              |
| (000s)                |       £(85) |       £(121) |       £(364) |
|-----------------------+-------------+--------------+--------------|
| Net asset value per   |             |              |              |
| share ("NAV")         |       90.4p |        91.7p |        92.2p |
|-----------------------+-------------+--------------+--------------|
| Cumulative dividends  |             |              |              |
| paid since            |        4.5p |         3.0p |         3.0p |
|-----------------------+-------------+--------------+--------------|
| Total return (NAV     |             |              |              |
| plus dividends paid)  |       94.9p |        94.7p |        95.2p |
+-------------------------------------------------------------------+


Investment performance
At 31 May 2009 the total return of the Fund was 94.9p, which compares
to 95.2p on 31  January 2009.  The performance  of the Fund has  been
relatively stable in the first few months of its financial year,  due
to a  large proportion  of its  assets being  held in  cash and  cash
equivalent securities, and because there have been no changes in  the
valuations of the companies in its portfolio.

During the period under review a number of investments were made.  In
February 2009 the Fund invested £1,000,000 in CSL Dualcom Limited and
£1,000,000 in  Diagnos Limited.  Both are  successful and  profitable
businesses, and you can find more  details on these companies in  the
annual report, published on 22 May 2009.  A small further  investment
of £18,000  was made  into Bruce  Dunlop &  Associates  International
Limited, an existing portfolio company.

Additionally, the Fund  has invested  £1,000,000 into  each of  Salus
Services I Limited, PubCo Services Limited, GreenCo Services  Limited
and BusinessCo Services Limited. These are companies which have  been
established to seek suitable qualifying investments across a range of
sectors.

Top Ten Unquoted Qualifying Investment Portfolio by Value

                                                          % of equity
                                   Investment    Carrying     held by
Company                                 class value £'000   Protected
Bruce Dunlop & Associates
International Limited                Unquoted       1,018        2.3%
Funeral Services Partnership
Limited                              Unquoted       1,000        2.5%
Diagnos Limited                      Unquoted       1,000         N/A
CSL Dualcom Limited                  Unquoted       1,000         N/A
Tristar Limited                      Unquoted       1,000        2.5%
Vulcan Services II Limited           Unquoted       1,000       24.5%
PubCo Services Limited               Unquoted       1,000       24.5%
GreenCo Services Limited             Unquoted       1,000       24.5%
BusinessCo Services Limited          Unquoted       1,000       24.5%
Salus Services I Limited             Unquoted       1,000       24.5%















Dividends
As referred to  in the  recent annual  report, the  Board proposed  a
final revenue dividend of 1.5p per share in respect of the year ended
31 January 2009.  This dividend  was approved by shareholders at  the
AGM on  10 June  2009 and  will  be paid  on 26  June 2009  to  those
shareholders who were on the register on 29 May 2009.

Investment strategy
The Fund is being invested on the  basis of taking lower risk than  a
typical VCT. The Fund aims to  receive its return from interest  paid
on secured loan  notes as well  as an  exposure to the  value of  the
shares  of  a  company.    The  investment  strategy  is  to   derive
sufficient return from the secured  loan notes to achieve the  Fund's
investment aims and to use any equity exposure to boost returns.   As
portfolio companies are unquoted the Fund will receive a return  from
an equity holding when a company is sold.

The Manager of  the Fund  aims to reduce  risk by  investing in  well
managed and profitable businesses with strong recurring  cash-flows.
Furthermore with the majority of the investment being in the form  of
a secured loan, in  the unlikely event of  the business failing,  the
Fund will rank ahead of unsecured creditors and equity investors.

Material events and transactions
The Fund's  Board is  not aware  of any  other significant  event  or
transaction which has occurred  between the 1  February 2009 and  the
date of publication  of this  statement which would  have a  material
impact on the financial position on the Fund.

For further information please contact:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 0800 316 2347

ENDS

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