Interim Management Statement

RNS Number : 3256D

Octopus Titan VCT 2 PLC

12 September 2008

 



Octopus Titan VCT 2 plc ('the Fund' or 'Titan 2')

Interim Management Statement 

For the period from 1 May 2008 to 31 July 2008

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Titan VCT 2 plc presents an Interim Management Statement for the period 1 May 2008 to 31 July 2008. The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial highlights 

Ordinary shares	As at  31 July 2008	As at  30 April 2008	As at 29 February 2008
Total net assets ('000)	£14,832	£14,509	£3,100
Net asset value per share	95.0p	95.0p	93.4p
Share price	100.0p	100.0p	100.0p
Premium to Net Asset Value	5.3%	5.3%	7.1%

Investment performance 

During the period under review, the Fund closed raising over £15.4m (£30.8m in aggregate with Octopus Titan VCT 1 plc). Three qualifying investments totalling £1.3m from Titan 2 were made into The Key Revolution Limited, GB Environmental Limited and True Knowledge Limited. These are currently valued at cost.

The Fund has also committed over £1.7m to the CF Octopus Dynamic Fund and £1.25m to the CF Octopus Opportunities Fund. In total these funds had contributed to Titan 2 a net unrealised gain of £181,200 at the period end. The investments are non-qualifying and are being utilised to enhance the return of a small proportion of the proceeds raised prior to investing in qualifying holdings.  The remaining funds raised totalling over £10.3m have been invested with our cash managers, Goldman Sachs, in a range of money market securities.

Investment objective 

The Fund will invest in a diversified portfolio of UK smaller companies with the intention of providing attractive tax-free dividends and long-term capital growth to its investors.  The focus of the Fund is on generating absolute returns over the medium-term.  In order to achieve this, the Fund will focus on providing early stage, development and expansion funding to unquoted companies with a typical deal size of £0.25 million to £1 million.

Material events and transactions

The Fund's board is not aware of any significant event or transaction which has occurred between 1 August 2008 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:

Octopus Investments Limited - 020 7710 2800

 

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