12 Sep 2008 12:01
Octopus Titan VCT 2 plc ("the Fund" or "Titan 2")
Interim Management Statement
For the period from 1 May 2008 to 31 July 2008
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Titan VCT 2 plc presents an Interim Management Statement for the period 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 highlights
| Ordinary shares | As at 31 July 2008 | As at 30 April 2008 | As at 29 February 2008 |
| Total net assets ('000) | £14,832 | £14,509 | £3,100 |
| Net asset value per share | 95.0p | 95.0p | 93.4p |
| Share price | 100.0p | 100.0p | 100.0p |
| Premium to Net Asset Value | 5.3% | 5.3% | 7.1% |
Investment performance
During the period under review, the Fund closed raising over £15.4m (£30.8m in aggregate with Octopus Titan VCT 1 plc). Three qualifying investments totalling £1.3m from Titan 2 were made into The Key Revolution Limited, GB Environmental Limited and True Knowledge Limited. These are currently valued at cost.
The Fund has also committed over £1.7m to the CF Octopus Dynamic Fund and £1.25m to the CF Octopus Opportunities Fund. In total these funds had contributed to Titan 2 a net unrealised gain of £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 £10.3m have been invested with our cash managers, Goldman Sachs, in a range of money market securities.
Investment objective
The Fund will invest in a diversified portfolio of UK smaller companies with the intention of providing attractive tax-free dividends and long-term capital growth to its investors. The 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 £0.25 million to £1 million.
Material events and transactions
The Fund's board is not aware of any significant event or transaction which has occurred between 1 August 2008 and the date of publication of this statement which would have a material impact on the financial position on the Fund.
For further information please contact:
Octopus Investments Limited - 020 7710 2800
Octopus T.vct (OTV2)