Octopus Titan VCT 5 PLC : Interim Management Statement
Octopus Titan VCT 5 plc
Interim Management Statement
16 March 2012
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Titan VCT 5 plc ('Titan 5' or 'VCT') presents an Interim Management Statement for the period 1 November 2011 to 31 January 2012. The statement also includes relevant financial information between the end of the period and the date of this statement.
|3 months to 31 January 2012||Year to 31 October 2011|
| Net assets (£'000s)|| 12,592|| 12,660|
| Return on ordinary activities before tax (£'000s)|| (68)|| (267)|
| Net asset value per share ('NAV')|| 92.1p|| 92.6p|
As at 31 January 2012 the NAV of the VCT was 92.1p, which compares to 92.6p at 31 October 2011. Titan 5's investments in the Open Ended Investment Companies ('OEICs') have seen an overall uplift in value of £38,000 over the three months to 31 January 2012 which has contributed to an increase in the net asset value of 0.3p. This has, however, been offset by the VCT's standard running costs in the period exceeding income generated from its cash holdings awaiting investment in suitable qualifying companies. Over the longer term, as the underlying portfolio of investments is created, the VCT's NAV will be linked increasingly to the value of the investments in the portfolio.
Titan 5 has continued to see a good deal flow over the last four months. Since 31 October 2011, the VCT has invested into three companies including £400,000 into Rangespan, a supply chain management company, £350,000 into Artesian Solutions, a business software company and £383,000 into Curlet (UK) Limited (trading as 10CMS), an interactive merchandising platform. This has brought the total portfolio to 4 current trading businesses.
The total value of the investment portfolio at 31 January 2012 was £1.4 million. By value, 11.4% of the Company's net assets were in unquoted investments, 28.9% in Octopus OEICs, leaving 59.7% in cash or cash equivalents.
Qualifying Investment Portfolio as at 31 January 2012
|Company||Sector||Carrying value £'000||% of total net assets |
| Rangespan Limited|| Technology|| 400 || 3.2%|
| Curlet (UK) Limited|| Technology|| 383 || 3.0%|
| Artesian Limited|| Technology|| 350 || 2.8%|
| Michelson Diagnostics Limited|| Consumer lifestyle & wellbeing|| 305 || 2.4%|
Material events and transactions
Titan 5, in conjunction with the other Titan funds, is raising a total of £6.25 million with a view to allot on 5 April 2012 immediately preceded by a publication of the NAV at that date.
Titan 5's Board is not aware of any other significant event which has occurred between 31 January 2012 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 2349
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 5 PLC via Thomson Reuters ONE