Octopus Titan VCT 1 Octopus Titan Vct 1 Plc : Interim Management Statement
August 14 2013 - 1:09PM
UK Regulatory
TIDMOTV1
Octopus Titan VCT 1 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 1 plc ('Titan 1' 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) 19,086 19,795 21,382
Return after tax
(GBP'000s) 171 137 5,737
Net asset value per 86.4p 88.7p 121.9p
share (NAV)
Cumulative dividends 42.5p 40.0p 6.0p
paid since launch
Total return (NAV 128.9p 128.7p 127.9p
plus dividends
paid)
Developments
As discussed in the recent interim report, a few of the successful
investee companies had, or were about to, become non-qualifying during
the normal course of business which would put a strain on the qualifying
status of the VCT. A solution to this has been approved by shareholders
and HMRC during the period and has now beenMRHMRCms brought into effect.
The transaction saw Titan 1, Octopus Titan VCT 2 Plc ('Titan 2') and
Octopus Titan VCT 3 Plc ('Titan 3') effectively 'sell half and retain
half' of Zoopla Property Group, Nature Delivered, Calastone and Secret
Escapes, and as a result, the qualifying status of the VCT has been
protected, cash has been realised and investors are also able to
participate in the future growth of these companies.
As at 31 July 2013, Zoopla Property Group, Nature Delivered and Secret
Escapes have been disposed and transferred from Titan 1, Titan 2 and
Titan 3 into the new Octopus managed fund which Titan 1, Titan 2 and
Titan 3 hold a stake in. It is anticipated that Calastone will be
transferred shortly.
Investment performance
At 31 July 2013, the Total Return of the VCT was 128.9p compared to
128.7p at 30 April 2013. The increase in the Total Return has arisen as
a result of an uplift in Calastone based on the recent funding round
exceeding the standard running costs of the Fund. There have been no
other changes in the unquoted valuations since 30 April 2013.
We have continued to focus on monitoring existing portfolio companies,
alongside giving them support with both advice and new funding needs.
During the period under review, Titan 1 made four follow-on investments
of GBP841,000 into Swiftkey (TouchType Limited), 800,000 into Calastone,
GBP333,000 into UltraSoC and GBP31,000 into Mi-Pay. Titan 1 also made
two new investments of GBP172,000 into Amplience and GBP300 into Zenith
Holding Company.
A full update will be provided in the Annual Report and accounts for the
year ending 31 October 2013.
Top Ten Investments by value as at 31 July 2013
% of total net
Company Sector Carrying value GBP'000 assets
Calastone
Limited* Technology 3,984 20.9%
Zenith Holding
company
Limited** Various 3,303 17.3%
TouchType
Limited Telecommunications 2,325 12.2%
UltraSoC
Technologies
Limited Technology 869 4.6%
e-Therapeutics Consumer lifestyle
plc & wellbeing 844 4.4%
Mi-Pay Limited Telecommunications 636 3.3%
Executive
Channel Europe
Limited Media 605 3.2%
Metrasens Consumer lifestyle
Limited & wellbeing 571 3.0%
Getlenses Group Consumer lifestyle
Limited & wellbeing 534 2.8%
Surrey
NanoSystems
Limited Technology 528 2.8%
*It is anticipated that Calastone will be transferred into Zenith
Holding Company shortly.
** Zenith Holding Company Limited holds an interest in a new
Octopus-managed fund which now owns Titan 1, Titan 2 and Titan 3's
previous holdings in Zoopla Property Group, Nature Delivered and Secret
Escapes.
Dividends
As announced in the recently published half-yearly report, the interim
dividend of 2.5p per share was paid on 26 July 2013 to those
shareholders on the register on 28 June 2013. The total dividends paid
since launch are now 42.5p.
Linked Top-up
The Board of Octopus Titan VCT 1 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. Titan 1'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 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 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 1 PLC via Thomson Reuters ONE
HUG#1723114
http://www.octopusinvestments.com
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