Octopus Titan VCT 1 Octopus Titan Vct 1 Plc : Interim Management Statement

 
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