Octopus Titan VCT 1 Octopus Titan Vct 1 Plc : Interim Management Statement
September 03 2014 - 5:07AM
UK Regulatory
TIDMOTV1
Octopus Titan VCT 1 PLC
Interim Management Statement
3 September 2014
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 1 plc ('Titan 1' or 'VCT')
presents an Interim Management Statement for the period 1 May 2014 to 31
July 2014. The statement also includes relevant financial information
between the end of the period and the date of this statement.
9 month period to 6 months to 30 Year to 31 October
31 July 2014 April 2014 2013
Net assets
(GBP'000s) 29,982 29,313 20,865
Return after tax
(GBP'000s) 568 (30) 2,096
Net asset value per 91.6p 92.2p 95.2p
share ('NAV')
Cumulative dividends 47.5p 45.0p 42.5p
paid since launch
Total return (NAV 139.1p 137.2p 137.7p
plus dividends
paid)
Financial Summary
Investment performance
During the three month period, the Total Return of the VCT increased
1.4% from 137.2p to 139.1p per share as at 31 July 2014. The movement
was largely attributable to the increase in fair value of Zenith Holding
Company as a result of the flotation of Zoopla Property Group. There
were no other material movements in the unquoted portfolio during the
period.
During the period under review, Titan 1 made two follow-on investments
with a combined cost of GBP965,000 into Zynstra and Aframe Media Group.
In addition, six new investments with a combined cost of GBP950,000 were
made into Sourceable (Swoon Editions), Origami Energy, Hubbub Deliveries,
Seedcamp III LP, Elliptic Enterprise, and Smartkem. Titan 1 disposed of
its entire holding of ECN Live during the period for GBP366,000.
Top Ten Investments by value as at 31 July 2014
% of total net
Company Sector Carrying value GBP'000 assets
Zenith Holding
company
Limited N/a 9,105 30.4%
TouchType
Limited Telecommunications 2,233 7.4%
Getlenses Consumer lifestyle
Limited & wellbeing 971 3.2%
UltraSoC
Limited Technology 869 2.9%
Aframe Media
Group Limited Media 775 2.6%
e-Therapeutics Consumer lifestyle
plc and well being 707 2.4%
Mi-Pay Group
plc Telecommunications 657 2.2%
Zynstra Limited Technology 621 2.1%
Metrasens Consumer lifestyle
Limited and well being 571 1.9%
Surrey
NanoSystems
Limited Technology 528 1.8%
Dividends
As announced in the recently published interim results, the interim
dividend of 2.5p per share for the six months ended 30 April 2014 was
paid on 24 July 2014 to those shareholders on the register on 27 June
2014.
Allotments
The company made the following allotments during the period:
-- On 17 June 2014 775,365 shares were allotted at a price of 97.6p per
share.
-- On 17 June 2014 6,536 shares were allotted at a price of 93.6p per share
to shareholders who elected to receive shares under the Dividend
Reinvestment Scheme in regards to the 2013 final dividend.
-- On 24 July 2014 180,403 shares were allotted at a price of 92.2p per
share to shareholders who elected to receive Shares under the Dividend
Reinvestment Scheme in regards to the 2014 interim dividend.
Material events and transactions
Since 31 July 2014, Titan 1 made one follow-on investment and three new
investments with a total value of GBP990,000.
As announced on 25 June 2014, the Boards of Titan 1, Octopus Titan VCT 2
plc, Octopus Titan VCT 3 plc, Octopus Titan VCT 4 plc and Octopus Titan
VCT 5 plc (the "Companies") entered into discussions regarding a
possible merger of the Companies (the "Merger").This has subsequently
been approved in principle by the Boards. Documentation to effect the
Merger is in the process of being drafted and approved by the relevant
authorities. It is anticipated that shareholders will receive the
circular in due course, explaining the Merger and including the Notice
convening a General Meeting for shareholders to vote on the resolutions
required to implement the Offer and the Merger. It is also the intention
to launch an Offer for subscription to raise up to GBP50 million with an
overallotment facility of a further GBP20 million (the "Offer").
Titan 1's Board is not aware of any other significant event which has
occurred between 31 July 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
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 1 PLC via Globenewswire
HUG#1853449
http://www.octopusinvestments.com
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