Octopus Titan VCT 4 Octopus Titan Vct 4 Plc : Interim Management Statement

 
TIDMOTV4 
 
   Octopus Titan VCT 4 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 4 plc ('Titan 4' 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. 
 
   Financial Summary 
 
 
 
 
                      9 month period to   6 months to 30    Year to 31 October 
                        31 July 2014        April 2014             2013 
 
Net assets 
 (GBP'000s)                      40,259             40,909              29,231 
Return after tax 
 (GBP'000s)                       2,089              2,816               3,935 
Net asset value per              102.8p             106.7p              100.7p 
 share ('NAV') 
Cumulative dividends               5.0p               3.0p                1.0p 
 paid since launch 
Total return (NAV                107.8p             109.7p              101.7p 
 plus dividends 
 paid) 
 
   Investment performance 
 
   As at 31 July 2014 the Total Return of the VCT was 107.8p, which 
compares to 109.7p at 30 April 2014. The movement is largely due to a 
reduction in value of the Open Ended Investment Companies ('OEICs'), and 
the standard running costs of the VCT. There were no material movements 
in the unquoted portfolio during the period. 
 
   During the period under review, the VCT made five follow-on investments 
with a combined cost of GBP1,784,000 into Sourceable (Swoon Editions), 
The Faction Collective, Zynstra, Aframe Media Group, and Vega-chi. In 
addition, five new investments with a combined cost of GBP718,000 were 
made into Origami Energy, Hubbub Deliveries, Seedcamp III LP, Elliptic 
Enterprise, and Smartkem. 
 
   Two disposals were made during the period, namely Rangespan, and ECN 
Live, at circa carrying value. 
 
   Top Ten Qualifying Investment Portfolio as at 31 July 2014 
 
 
 
 
                                          Carrying value      % of total net 
Company             Sector                    GBP'000             assets 
Secret Escapes      Consumer lifestyle 
 Limited             and well being                  9,021               22.4% 
Certivox Limited    Technology                       2,621                6.5% 
TouchType Limited   Telecommunications               2,233                5.5% 
Artesian Solutions 
 Limited            Technology                       1,774                4.4% 
Vega-Chi Limited    Technology                       1,388                3.4% 
UltraSoC 
 Technologies 
 Limited            Technology                       1,364                3.4% 
Aframe Media Group 
 Limited            Media                            1,348                3.3% 
Conversocial 
 Limited            Technology                       1,284                3.2% 
The Faction         Consumer lifestyle 
 Collective SA       and well being                  1,265                3.1% 
Amplience Limited   Technology                       1,159                2.9% 
 
   Dividends 
 
   As announced in the recently published interim results, the proposed 
final dividend of 2.0p 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 669,150 shares were allotted at a price of 113p per 
      share. 
 
   -- On 17 June 2014 4,337 shares were allotted at a price of 100.5p 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 133,368 shares were allotted at a price of 106.7p 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 4 made one new investment and four follow-on 
for a combined value of GBP2,302,000. 
 
   Vega-Chi was fully disposed on 8 August 2014 at the carrying value. 
 
   As announced on 25 June 2014, the Boards of Titan 4, Octopus Titan VCT 1 
plc, Octopus Titan VCT 2 plc, Octopus Titan VCT 3 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 4'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 4 PLC via Globenewswire 
 
   HUG#1853454 
 
 
  http://www.octopusinvestments.com