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

 
TIDMOTV4 
 
   Octopus Titan VCT 4 plc 
 
   Interim Management Statement 
 
   14 August 2013 
 
   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 2013 to 31 
July 2013.  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 2013        2013               2012 
 
Net assets 
 (GBP'000s)                       25,807             26,248             21,023 
Return after tax 
 (GBP'000s)                          512                663              (296) 
Net asset value per                88.9p              90.4p              87.7p 
 share (NAV) 
Cumulative dividends                1.0p                  -                  - 
 paid since launch 
Total Return (NAV                  89.9p              90.4p              87.7p 
 plus dividends 
 paid) 
 
   Investment performance 
 
   As at 31 July 2013 the total return of the VCT was 89.9p, which compares 
to 90.4p at 30 April 2013. This decrease is attributable to the standard 
running costs of the VCT exceeding the income generated from its cash 
holdings awaiting investment in suitable qualifying companies. Although 
this decrease is to be expected at this stage of maturity, the VCT's NAV 
will be linked increasingly to the value of the investments as the 
underlying portfolio is developed. There have been no valuation 
movements in the unquoted portfolio in the period. 
 
   During the 3 month period, Titan 4 made four new investments totaling 
GBP1,324,000 increasing the number of companies in the portfolio to 26. 
New investments have been made into: 
 
 
   -- Shopa, whose patented affiliate technology enables retailers to create a 
      social sales force through their customers. 
 
   -- Conversocial a 'software as a service' business which helps customer 
      service teams within businesses manage customers who contact them via 
      social media. 
 
   -- Decaholic, an online retailer of home furniture that offers high end, 
      handmade furniture at discounted prices. 
 
   -- Affectv, a company that develops a social targeting advertising 
      technology. 
 
 
   Titan 4 has also supported its existing portfolio by making seven 
follow-on investments totaling GBP2,887,000 into UltraSoC, Yplan, 
Certivox, Amplience, Faction Collective, TouchType and Artesian 
Solutions during the period. 
 
   On 30 July, Titan 4 disposed of its entire holding in the Alternative 
Strategies OEIC as it no longer suited the strategy of the VCT. 
 
   The total value of the investment portfolio at 31 July 2013 was GBP19.5 
million. By value, 75.6% of the VCT's net assets were in unquoted 
investments, 9.6% in Octopus OEICs, leaving 14.8% in cash or cash 
equivalents together with debtors and creditors. 
 
   A full update will be provided in the Annual Report for the year ending 
31 October 2013. 
 
   Top Ten Investments by value as at 31 July 2013 
 
 
 
 
                                          Carrying value      % of total net 
Company             Sector                    GBP'000             assets 
Secret Escapes      Consumer Lifestyle 
 Limited             and well being                  2,841               11.0% 
TouchType Limited   Telecommunications               2,325                9.0% 
Certivox Limited    Technology                       1,822                7.1% 
UltraSoC 
 Technologies 
 Limited            Technology                       1,364                5.3% 
Amplience Limited   Technology                       1,159                4.5% 
                    Consumer Lifestyle 
Rangespan Limited    and well being                  1,125                4.4% 
Artesian Solutions 
 Limited            Technology                         936                3.6% 
Leanworks Limited   Consumer Lifestyle 
 (YPlan)             and well being                    898                3.5% 
The Faction         Consumer Lifestyle 
 Collective SA       and well being                    796                3.1% 
Iovox Limited       Telecommunications                 750                2.9% 
 
   Dividends 
 
   As announced in the recently published half-yearly report, the interim 
dividend of 1.0p per share was paid on 26 July 2013 to those 
shareholders on the register on 28 June 2013. 
 
   Linked Top-up 
 
   The Board of Octopus Titan VCT 4 Plc, along with the other Titan funds, 
are pleased to announce their intention to launch a new fund raising 
this year of up to GBP35 million by way of an issue of new shares with 
an over allotment facility of a further GBP15 million across the Titan 
funds. It is anticipated that a prospectus containing further details 
will be sent to shareholders and potential new investors in early 
September 2013. 
 
   Material events and transactions 
 
   The VCT made a new investment of GBP100,000 into Zynstra on 2 August 
2013 and a follow-on investment of GBP325,000 into Aframe on 12 August 
2013. Titan 4's Board is not aware of any other significant event or 
transaction which has occurred between 1 August 2013 and the date of 
publication of this statement which could 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 4 PLC via Thomson Reuters ONE 
 
   HUG#1723120 
 
 
  http://www.octopusinvestments.com