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Octopus Apollo VCT2 (OAP2)

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Friday 01 June, 2012

Octopus Apollo VCT2

Octopus Apollo VCT2 plc : Interim Management St...

Octopus Apollo VCT2 plc : Interim Management Statement

Octopus Apollo VCT 2 PLC
Interim Management Statement

1 June 2012

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Apollo VCT 2 plc ("Apollo 2" or "Fund") presents an Interim Management Statement for the period 1 February 2012 to 30 April 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 30 April 2012Year to 31 January 2012
Net assets (£'000s) 8,122 8,104
Net profit after tax (£'000s) 18 453
Net asset value per share ("NAV") 94.9 94.7
Cumulative dividends paid since launch 10.25 10.25
NAV plus cumulative dividends paid 105.15 104.95

Investment performance
At 30 April 2012 the NAV plus cumulative dividends paid of the Fund was 105.15p, which compares to 104.95p at 31 January 2012. The Fund's performance is as a result of interest income exceeding the running costs of the Fund and due to the absence of any changes in the valuation of the companies in the portfolio.

During the period under review, a further loan note investment of £500,000 was made in Borro Loan 2 Limited. In addition to this, there were £500,000 investments in Tanganyika Heat Limited and Winnipeg Heat Limited and a £250,000 investment in Technical Software Consultants Limited.

Top Ten Unquoted Qualifying Investment Portfolio by Value as at 30 April 2012

CompanyInvestment classCarrying value £'000% of Net Assets
Salus Services 1 Holdings Limited Care homes 1,365 16.8%
Clifford Thames Group Limited Automotive 1,116 13.7%
CSL DualCom Limited Security devices 1,042 12.8%
Borro Loan 2 Limited Pawn brokers 900 11.1%
Tanganyika Heat Limited Ground-source heat 500 6.2%
Winnipeg Heat Limited Ground-source heat 500 6.2%
Shakti Power Limited Solar 413 5.1%
Technical Software Consultants Limited Crack detection 250 3.1%
Bluebell Telecom Services Limited Telecommunications 250 3.1%
Hydrobolt Limited Manufacturing 244 3.0%

For the year to 31 January 2012, the Board declared a dividend of 3.0p per share.  This dividend will be paid, if approved by shareholders at the AGM, on 26 July 2012 to those shareholders who are on the register on 29 June 2012.

Material events and transactions
The Fund's Board is not aware of any other significant event or transaction which has occurred between the 1 May 2012 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:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 0800 316 2347


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 Apollo VCT2 plc via Thomson Reuters ONE


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