Interim Management Statement

Octopus AIM VCT plc
Interim Management Statement

05 August 2011

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus AIM VCT plc ("Company" or "Fund") presents an
Interim Management Statement for the period 1 March 2011 to 30 June 2011.  The
statement also includes relevant financial information between the end of the
period and the date of this statement.

Financial Summary
+---------------------------------+-+------------------+----------------------+
|Ordinary shares                  | |As at 30 June 2011|As at 28 February 2011|
+---------------------------------+-+------------------+----------------------+
|                                 | |                  |                      |
+---------------------------------+-+------------------+----------------------+
|Net assets (£000)                | |            43,730|                38,940|
+---------------------------------+-+------------------+----------------------+
|Net profit after tax (£000)      | |               894|                 6,056|
+---------------------------------+-+------------------+----------------------+
|Net asset value per share ("NAV")| |             95.3p|                 94.4p|
+---------------------------------+-+------------------+----------------------+
|                                 | |                  |                      |
+---------------------------------+-+------------------+----------------------+
|Dividends paid in the period     | |                 -|                  5.0p|
+---------------------------------+-+------------------+----------------------+

Investment Performance

The Company's Net Asset Value ("NAV") rose in the period from 94.4p as shown in
the year end accounts to an unaudited 95.3p per share as at 30 June 2011
(including the 2.5p dividend due to be paid in August). The upward trend
continued in July, although with the increasing international macro-economic
worries at the end of July and in early August the trend has flattened very
recently.  In contrast the FTSE AIM index fell in the period by 7.7% and has
continued to do so into August as international companies, in particular,
weighed on the index's movement.  Many of the larger holdings in the portfolio
have performed well, examples being Advanced Computer Software, Brady, IDOX and
EKF amongst qualifying holdings and Immunodiagnostic Holdings amongst non-
qualifying holdings.  Most encouragingly the period has seen the revival of new
issues and the Company has made four new investments in July and August so far.

Investment Activity

The Company closed its fund raising in April having raised £9.9m.  The Manager
has continued to see bids for holdings, such as Systems C Healthcare and
Individual Restaurant Company for cash and IS Pharma for shares by Sinclair
Pharma and Praesepe, also for shares, by Marwyn Management Partners.   Besides
the new investments, the Company has continued to support existing holding with
new capital, such as Active Risk. Take-over activity is likely to continue  and
another has recently been announced, for CBG Group.  We continue to believe that
there is good investment value to be found amongst smaller UK companies.

 Investment Portfolio - Ten Largest Holdings by Value as at 30 June 2011

                                                   Carrying value       % of net
Company                  Sector                             £'000         assets
--------------------------------------------------------------------------------
Brooks MacDonald Group
plc                      Wealth Management                  2,247           5.1%

EKF Diagnostics plc      Healthcare                         1,385           3.2%

Immunodiagnostic plc     Healthcare                         1,333           3.0%

Breedon Aggregates ltd   Construction & Building            1,295           3.0%

Advanced Computer
Software plc             Software                           1,216           2.8%

Idox plc                 Software                           1,147           2.6%

Mattioli Woods plc       Pensions Consultancy               1,066           2.4%

Enteq Upstream plc       Oil Services                       1,031           2.4%

Staffline Recruitment
plc                      Support Services                     954           2.2%

Animalcare Group plc     Pharmaceuticals                      932           2.1%


Buybacks
During the period to 30 June 2011, the Company purchased 374,717 ordinary shares
at a weighted average price of 83.44p per share.

Issue of shares
During the period the Company issued 5,017,425 shares at a weighted average
price of 96.11p per share.

Total Voting Rights
The Company's capital as at 30 June 2011 consisted of 45,890,319 ordinary shares
with a nominal value of 1p each, with voting rights. The Company does not hold
any ordinary shares in Treasury. Therefore, the total number of voting rights in
the Company as at 30 June 2011 was 45,890,319.

Material events and transactions
As at 1 August 2011, the unaudited ex-dividend net asset value of the Ordinary
shares was approximately 92.7 pence per share. This net asset value is stated
excluding a dividend of 2.5p, due to be paid on 5 August 2011 to those
shareholders who were on the register on 8 July 2011.

The Board is not aware of any other significant event or transaction which has
occurred between 1 March 2011 and the date of publication of this statement
which would have a material impact on the financial position of the Company.

For further information please contact:
Andrew Buchannan and Kate Tidbury - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS







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Source: Octopus AIM VCT PLC via Thomson Reuters ONE

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