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12 Sep 2008 12:01
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Octopus Titan VCT 2Β plcΒ ("theΒ Fund"Β or "Titan 2")
InterimΒ ManagementΒ StatementΒ
For theΒ period fromΒ 1 May 2008Β toΒ 31 July 2008
In accordance with Rule 4.3 of theΒ UK Listing Authority'sΒ Disclosure andΒ Transparency rules,Β Octopus TitanΒ VCTΒ 2Β plcΒ presents an Interim Management Statement forΒ the periodΒ 1 May 2008 to 31 July 2008. The statement also includes relevant financial information between the end of the period and the date of this statement.
Financial highlightsΒ
|
Ordinary shares |
As atΒ 31 JulyΒ 2008 |
As atΒ 30 April 2008 |
As at 29 February 2008 |
|
Total net assetsΒ ('000) |
Β£14,832 |
Β£14,509 |
Β£3,100 |
|
Net asset value per shareΒ |
95.0p |
95.0p |
93.4p |
|
Share priceΒ |
100.0p |
100.0p |
100.0p |
|
PremiumΒ to NetΒ AssetΒ ValueΒ |
5.3% |
5.3% |
7.1% |
Investment performanceΒ
During the period under review, the FundΒ closed raising over Β£15.4m (Β£30.8m in aggregate with Octopus Titan VCTΒ 1Β plc). ThreeΒ qualifyingΒ investments totalling Β£1.3m from Titan 2Β wereΒ made intoΒ The Key Revolution Limited, GB Environmental Limited and True Knowledge Limited. These are currently valued at cost.
The Fund has also committed over Β£1.7m to the CF Octopus Dynamic Fund and Β£1.25m to the CF Octopus Opportunities Fund. In total theseΒ funds had contributed to Titan 2Β a net unrealised gain of Β£181,200 at the period end. The investments are non-qualifying and are being utilised to enhance the return of a small proportion of the proceeds raised prior to investing in qualifying holdings. The remaining funds raised totalling over Β£10.3m have been invested with our cash managers, Goldman Sachs, in a range of money market securities.
Investment objectiveΒ
The FundΒ willΒ invest in a diversified portfolioΒ ofΒ UKΒ smallerΒ companies with the intentionΒ of providing attractiveΒ tax-free dividendsΒ and long-term capital growthΒ toΒ its investors. TheΒ focus of the Fund is on generating absolute returns over the medium-term. In order to achieve this, the Fund will focus on providing early stage, development and expansion funding to unquoted companies with a typical deal size of Β£0.25 million to Β£1Β million.
Material events and transactions
The Fund'sΒ board is not aware of any significant event or transaction which hasΒ occurred betweenΒ 1Β AugustΒ 2008Β and the date of publication of this statement which would have a material impact on the financial position on the Fund.
For further informationΒ pleaseΒ contact:
OctopusΒ InvestmentsΒ LimitedΒ -Β 020 7710 2800
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