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

Octopus Titan VCT 2 PLC
Interim Management Statement

28 February 2014

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 2013 to 31 January 2014.  The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial Summary

	3 month period to 31 January 2014	Year to 31 October 2013
Net assets (£'000s)	23,557	20,924
Return after tax (£'000s)	(388)	2,093
Net asset value per share ('NAV')	93.6p	95.2
Cumulative dividends paid since launch	42.5p	42.5p
Total return (NAV plus dividends paid)	136.1p	137.7p

Investment performance
During the three month period, the Total Return of the VCT decreased by 1.2% from 137.7p to 136.1p per share as at 31 January 2014. The performance of the VCT has been relatively stable in the period under review with no change in the valuation of the unquoted portfolio. The decrease in the NAV was due to the standard running costs of the Company and a small decrease in the fair value of e-Therapeutics plc, a quoted investment.

The portfolio's strategy continues to be one of making further investments in those companies where we believe this will move them towards maturity and, in due course, profitable exits for the VCT's shareholders. During the period under review, Titan 2 made four follow-on investments with a total value of £447,000 and three new investments with a combined value of £464,000.

Top Ten Investments by value as at 31 January 2014

Company	Sector	Carrying value £'000	% of total net assets
Zenith Holding Company Limited	Other	8,098	34.4%
TouchType Limited	Telecommunications	2,233	9.5%
UltraSoC Technologies Limited	Technology	869	3.7%
Mi Pay Limited	Telecommunications	704	3.0%
Getlenses Limited	Consumer lifestyle & wellbeing	597	2.5%
Metrasens Limited	Consumer lifestyle & wellbeing	571	2.4%
e-Therapeutics Limited	Consumer lifestyle & wellbeing	539	2.3%
Surrey NanoSystems Limited	Technology	528	2.2%
Bowman Power Limited	Environmental	478	2.0%
Kabbee Exchange Limited	Consumer lifestyle & wellbeing	400	1.7%

Dividends
As announced in the recently published annual results, the proposed final dividend of 2.5p per share for the year ended 31 October 2013 will be paid on 4 April 2014 to those shareholders on the register on 7 March 2014, subject to approval at the AGM.

Linked Fund Raise
Titan 2, in conjunction with the other Titan funds, is seeking to raise a total of £35 million, with an over-allotment facility of £15 million. The amount raised will be allotted equally between the five Titan Funds. The following allotments have taken place:

• On 12 December 2013 3,193,090 shares were allotted at a price of 100.8p per share.
• On 14 February 2014 1,102,637 shares were allotted at a price of 99.1p per share.

Material events and transactions
Since 31 January 2014, Titan 2 made one follow-on investment of £317,000 in Getlenses Limited and one new investment of £300,000 in Adbrain Limited.

Titan 2's Board is not aware of any other significant event which has occurred between 31 January 2014 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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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Octopus Titan VCT 2 PLC via Globenewswire

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