Interim Management Statement
17 September 2011 - 12:13AM
UK Regulatory
TIDMOTV4
Octopus Titan VCT 4 plc
Interim Management Statement
16 September 2011
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 4 plc ('Titan 4' or 'VCT') presents an
Interim Management Statement for the period 1 May 2011 to 31 July 2011. The
statement also includes relevant financial information between the end of the
period and the date of this statement.
Financial Summary
As at 31 October
As at 31 July 2011 As at 30 April 2011 2010
=-------------------------------------------------------------------------------
Net assets ( GBP'000s) 20,773 20,870 21,171
Return after tax (398) (301) (187)
( GBP'000s)
Net asset value per 92.0p 92.4p 93.8p
share (NAV)
Investment performance
As at 31 July 2011 the NAV of the VCT was 92.0p, which compares to 92.4p at 30
April 2011. Titan 4's investments in the Open Ended Investment Companies
('OEICs') have seen an overall uplift in value of 1.2% over the 3 months to 31
July 2011. However, this has 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. There have been no valuation
movements in the unquoted portfolio.
Titan 4 has continued to invest at a steady rate over the last three months.
Since 30 April 2011, the VCT has invested GBP493,000 into Applied Superconductor,
a specialist developer and producer of high efficiency devices for utility and
industry electrical networks, and also made an investment into True Knowledge of
GBP122,000. Titan 4 is now invested in 14 trading businesses.
The total value of the investment portfolio at 31 July 2011 was GBP20.8 million.
By value, 19.6% of the VCT's net assets were in unquoted investments, 29.3% in
Octopus OEICs, leaving 51.1% in cash or cash equivalents.
Since the period end there has been a number of events that have affected the
stock market and in turn the valuations of the OEIC and AiM investments. At 12
September 2011 the bid value of these investments had decreased by GBP205,000
since 31 July 2011 which represents a reduction in NAV of 0.9p per share.
A full update will be provided in the Annual Report for the year ending 31
October 2011.
Top Ten Qualifying Investments by value as at 31 July 2011
Company Carrying value % of total net
Sector GBP'000 assets
=-------------------------------------------------------------------------------
Vega-Chi Limited Technology 500 2.4%
Applied Superconductor
Limited Technology 493 2.4%
Curlet (UK) Limited Media 450 2.2%
True Knowledge Limited Media 377 1.8%
UltraSoc Technologies
Limited Technology 361 1.7%
Michelson Diagnostics Consumer lifestyle &
Limited wellbeing 323 1.6%
Elonics Limited Technology 305 1.5%
PrismaStar Inc. Media 300 1.4%
Executive Channel
Limited Media 300 1.4%
Bowman Power Limited Environmental 275 1.3%
Material events and transactions
Titan 4's Board is not aware of any other significant event or transaction which
has occurred between 1 August 2011 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 4 PLC via Thomson Reuters ONE
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