Purchase of securities by Octopus Investments N...

 Octopus Titan VCT plc

 Purchase of securities by Octopus Investments Nominees Limited

Octopus Titan VCT plc (‘the Company’) announces that Octopus Investments Nominees Limited (‘OINL’), part of the Octopus Group, has purchased (the ‘Share Purchase’) 112,015 shares of 0.1p each in the capital of the Company (‘Shares’). The aggregate cost of the Share Purchase was £95,381. The Share Purchase relates to (i) 105,633 shares purchased at a price per Share of 84.9p from shareholders who submitted requests to sell the Shares as part of the Company’s share buy back on 22 December 2022 (the ‘Share Buy Back’), but due to administrative issues were unable to be included in the Share Buy Back. OINL has purchased these Shares to ensure that these shareholders are not disadvantaged as a result of the administrative issues and these shareholders will receive the same monies as if they had participated in the Share Buy Back and (ii) 6,382 Shares purchased at a price per Share of 89.3p from shareholders to correct administrative issues in connection with the Company's allotment on 22 December 2022 pursuant to its dividend reinvestment scheme (‘DRIS’). OINL has purchased these Shares to ensure that these shareholders are not disadvantaged as a result of the administrative issues and these shareholders will receive the same monies as if they had participated in the relevant dividend payment and not the DRIS. 

Where OINL purchases shares in the Company in these instances, the beneficial owner of the shares is Octopus Investments Limited ('OIL'). OIL takes on the risk or benefit of movements in the Company’s net asset value (‘NAV’), such and will always take on any loss with a downward movement to the price at which the shares were taken on. Where there is a gain, and given the financial risk taken on by OIL in taking on these shares, OIL will also take any profit, however due to costs, OIL is unlikely to make an overall gain when selling shares back to the Company at the next buyback, from any upward movement in NAV per share, especially where the transaction involves a small number of shares. 

Subject to available distributable reserves and cash, and regulations, the Company proposes to purchase, for cancellation, the Shares from OINL in accordance with its share buy back policy, as part of the next buy back expected to be in April 2023, at a price reflecting a discount of up to 5 per cent of the then latest published net asset value per share in accordance with the terms of its stated buy back policy.

These arrangements constitute a smaller related party transaction under Listing Rule 11.1.10R. 

For further enquiries, please contact:

Rachel Peat

Octopus Company Secretarial Services Limited

Tel: [phone]                

LEI: 213800A67IKGG6PVYW75