Octopus Titan VCT 2 PLC : Interim Management St...

Octopus Titan VCT 2 PLC
Interim Management Statement

16 March 2012

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Titan VCT 2 plc ('Titan 2' or 'VCT') presents an Interim Management Statement for the period 1 November 2011 to 31 January 2012.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial Summary

	3 months to 31 January 2012	Year to 31 October 2011
Net assets (£'000s)	14,660	14,833
Return after tax (£'000s)	(173)	13
Net asset value per share ('NAV')	90.4p	91.5p
Cumulative dividends paid since launch	3.5p	3.5p
Total return (NAV plus dividends paid)	93.9p	95.0p

Investment performance
At 31 January 2012 the NAV of the VCT was 90.4p, which compares to 91.5p at 31 October 2011. The performance of the VCT has been relatively stable in the period under review and there have been no valuation movements in the unquoted portfolio. The main driver for the decrease in the NAV was the standard running costs of the Company. At 31 January 2012, 13.2% of the Company's net assets were held in liquid resources in the form of OEICs, cash and cash equivalents.

As the portfolio of unquoted companies matures, the portfolio's strategy continues to be one of making further investments into those companies where we believe it will move them towards maturity and in due course profitable exits for the VCT's shareholders. During the period under review, Titan 2 made follow-on investments into five companies, including Mi-Pay (£179,000), PrismaStar (£124,000), Phase Vision (£91,000), AQS Holdings (£50,000) and GetOptics (£12,000).

Top Ten Qualifying Investment Portfolio by value as at 31 January 2012

Company	Sector	Carrying value £'000	% of total net assets
Zoopla Limited	Media	2,471	16.9%
Nature Delivered Limited	Consumer lifestyle & wellbeing	1,705	11.6%
Calastone Limited	Technology	1,702	11.6%
True Knowledge Limited	Media	1,413	9.6%
Executive Channel Limited	Media	605	4.1%
e-Therapeutics Limited	Consumer lifestyle & wellbeing	599	4.1%
Mi Pay Limited	Telecommunications	589	4.0%
TouchType Limited	Telecommunications	549	3.7%
Michelson Diagnostics Limited	Consumer lifestyle & wellbeing	442	3.0%
Surrey NanoSystems Limited	Technology	383	2.6%

Dividends
As announced in the recently published annual results, the proposed final dividend of 1.00p per share for the year ended 31 October 2011 will be paid on 13 April 2012 to those shareholders on the register on 9 March 2012, subject to shareholder approval at the Annual General Meeting.

Material events and transactions
Titan 2, in conjunction with the other Titan funds, is raising a total of £6.25 million with a view to allot, equally between the five Titan Funds, on 5 April 2012 immediately preceded by a publication of the NAV at that date.

Titan 2's Board is not aware of any other significant event which has occurred between 31 January 2012 and the date of publication of this statement which would have a material impact on the financial position of the VCT.

For further information please contact:
Alex Macpherson- Fund Manager
Octopus Investments Limited - 0800 316 2349

ENDS

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information contained therein.

Source: Octopus Titan VCT 2 PLC via Thomson Reuters ONE

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