Octopus Titan VCT 2 plc
Interim Management Statement
16 September 2011
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 May 2011 to 31 July 2011. Â The
statement also includes relevant financial information between the end of the
period and the date of this statement.
Financial Summary
As at 30 April As at 31 October
 As at 31 July 2011 2011 2010
--------------------------------------------------------------------------------
Net assets (£'000s) 14,857 14,953 15,518
Return after tax (305) (341) 13
(£'000s)
Net asset value per 91.6p 92.10p 94.9p
share (NAV)
Cumulative dividends 3.5p 2.75p 2.0p
paid since launch
Total return (NAV plus 95.1p 94.85p 96.9p
dividends paid)
Investment performance
At 31 July 2011 the Total Return of the VCT, being the Net Asset Value (NAV)
plus cumulative dividends, was 95.1p compared to 94.85p at 30 April 2011. The
performance of the VCT has been relatively stable in the period under review and
your Manager has not made any valuation movements in the unquoted portfolio of
investments. Â The unquoted portfolio is bedding down and it is expected there
will be individual variations to the valuations of these businesses as their
respective trading performance becomes clear.
During this three month period there was a slight increase in the value of the
VCT's investments in the Open Ended Investment Companies ('OEICs'). There was an
uplift in value of 3.5% in the CF Octopus UK Micro Cap Growth Fund and a small
profit was realised on the sale of the remaining investment in the CF Octopus
Absolute UK Equity Fund. At 31 July 2011, 21.7% of the Company's net assets were
held in liquid resources in the form of OEICs, cash and cash equivalents.
We have continued to focus on monitoring existing portfolio companies, alongside
giving them support with advice and new funding needs. During the period under
review, Titan 2 made follow-on investments into GetOptics (£37,000), MiPay
(£73,000) and True Knowledge (£84,000).
Since the period end there have been a number of events that have affected the
stock market and in turn the valuations of the OEIC and AiM investments. Â At 12
September 2011 the bid value of these investments had decreased by £380,000
since 31 July 2011 which represents a reduction in NAV of 2.3p per share.
A full update will be provided in the Annual Report for the year ending 31
October 2011.
Top Ten Qualifying Investments by value as at 31 July 2011
Company Carrying value % of total net
Sector £'000 assets
--------------------------------------------------------------------------------
Zoopla Limited Media 2,470 16.6%
True Knowledge Media
Limited 1,420 9.6%
Calastone Limited Technology 1,135 7.6%
e-Therapeutics plc Consumer lifestyle &
wellbeing 862 5.8%
Nature Delivered Consumer lifestyle &
Limited wellbeing 853 5.7%
Mi-Pay Limited Telecommunications 622 4.2%
AQS Group Limited Environmental 421 2.8%
Executive Channel
Limited Media 379 2.5%
UltraSoc Technologies
Limited Technology 361 2.4%
Semafone Limited Telecommunications 360 2.4%
Dividends
As announced in the recently published Half-Year Report, the interim dividend of
0.75p per share was paid on 29 July 2011 to those shareholders on the register
on 1 July 2011. The total dividends paid since launch are 3.5p.
Material events and transactions
Titan 2's Board is not aware of any other significant event or transaction which
has occurred between 1 August 2011 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 2295
ENDS
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Octopus Titan VCT 2 PLC via Thomson Reuters ONE
[HUG#1547335]
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.