Octopus Titan VCT plc : Performance Update, Iss...

OCTOPUS TITAN VCT PLC

17 December 2015

Performance Update, Issue of Equity, Total Voting Rights and Fundraise Update

Octopus Titan VCT plc (the "Company") is pleased to announce that the unaudited Net Asset Value (NAV) per share has risen from 95.7p as at 31 July 2015 to 102.7p as at 31 October 2015, an increase of 7.3%.  

The Company also announces that 29,223,993 Ordinary Shares of 10p each ("shares") were issued and allotted yesterday at a price of 108.7p per share, equivalent to the current NAV of 102.7p grossed up by 5.5% (as set out in the Prospectus dated 8 September 2015). These shares were issued pursuant to an Offer for Subscription to raise up to £50 million, with an over allotment facility of £30 million, in the 2015/2016 and 2016/2017 tax years, dated 8 September 2015.  

Following yesterday's allotment, the issued share capital and total voting rights of the Company are now 251,684,755 and the unaudited net assets of the Company are approximately £258.5 million, based on a NAV per share of 102.7p.

The continued strong performance of the Company's portfolio of unquoted investments has increased the unaudited NAV plus cumulative dividends paid since inception to 154.7p. The Board and the Manager believe that the success of the fundraising to date will provide the Manager with flexibility to invest in the exciting pipeline of new opportunities and to also support existing investee companies.

Included within yesterday's allotment were the following:

Mr Matt Cooper, a director of the Company, was allotted 148,343 Ordinary Shares at a price per share of 108.7p and his total holdings are now 543,955, representing approximately 0.22% of the Company's issued Ordinary share capital.

Mr Mark Hawkesworth, a director of the Company, was allotted 9,888 Ordinary Shares at a price per share of 108.7p and his total holdings are now 64,147, representing approximately 0.03% of the Company's issued Ordinary share capital.

Nicolino Assets Holdings Limited, a company in which the immediate family of Ms Jane O'Riordan, a director of the Company, has a beneficial interest, was allotted 29,667 Ordinary Shares at a price per share of 108.7p. The interests of Ms O'Riordan and her immediate family in the issued share capital of the Company are now 44,156 Ordinary Shares representing approximately 0.02% of the Company's issued share capital.

Mr Stuart Lewis, a person discharging managerial responsibilities, was allotted 11,866 Ordinary Shares at a price per share of 108.7p and his total holdings are now 11,866 Ordinary Shares representing less than 0.01% of the Company's issued share capital.

Dr Alan Wallace, also a person discharging managerial responsibilities, was allotted 69,226 Ordinary Shares at a price per share of 108.7p and his total holdings are now 242,971 Ordinary Shares representing approximately 0.10% of the Company's issued share capital.

Mr Malcolm Ferguson, also a person discharging managerial responsibilities, was allotted 4,943 Ordinary Shares at a price per share of 108.7p and his total holdings are now 4,943 Ordinary Shares representing less than 0.01% of the Company's issued share capital.

Application has been made to the London Stock Exchange for admission of the new shares. Admission is expected to become effective on or around 4 January 2016.

For further information please contact:

Nicola Board

Company Secretary

020 7776 8663

 

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Octopus Titan VCT plc via Globenewswire

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