Interim Management Statement
19 Julio 2010 - 2:57AM
UK Regulatory
TIDMOSA
Octopus Second AIM VCT plc
Interim Management Statement
19 July 2010
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Second AIM VCT plc ("Company" or "Fund") presents an
Interim Management Statement for the period 1 March 2010 to 30 June 2010. The
statement also includes relevant financial information between the end of the
period and the date of this statement.
Financial Summary
As at 28 February
Ordinary shares As at 30 June 2010 2010
Net assets (000s) GBP12,969 GBP13,066
Net profit/(loss) before tax
(000s) GBP(59) GBP2,404
Net asset value per share
("NAV") 30.6p 30.7p
Dividends paid in the period - -
Investment Performance
The Company's unaudited Net Asset Value as at 30 June 2010 was 30.6p a share.
You can see from the above table that the NAV was virtually unchanged over the
period, which compares with a decline in the AIM All-share Index of 1% and of
the Smaller Companies excluding investment trust Index of 5.6%. The period has
been generally frustrating for the Fund as the initial enthusiasm for smaller
company shares at the beginning of 2010 has waned as investors have concentrated
on macro-concerns such as sovereign debt and its threat to the survival of the
Euro as well as the threat of government spending cuts to the growth of the UK
economy. This has meant that many smaller company shares have languished
despite reporting buoyant trading and analysts upgrading forecasts. The notable
exceptions have been rises in share prices as a result of takeover activity, and
the Fund has benefited from bids for Melorio, Innovision and Win as well as an
approach for Optare. The quantum of corporate activity that is emerging is a
good indicator of the value that is now being seen in smaller companies and that
there is more confidence that profits have now passed the worst point in the
cycle.
Investment Activity
Fundraising activity was subdued ahead of the general election, but has revived
since. With banks still unwilling to lend, we are expecting deal flow to pick
up after the summer. The Company has made only one follow-on investment of
GBP30,000 in Strategic Thought as well as a new investment on 2 July of GBP375,000
in EKF Diagnostics Goup.
There were more sales than purchases in the period with the bid for Melorio
resulting in the disposal of the entire holding at a profit of GBP447,000.
Clerkenwell was wound up and cash returned to shareholders, and profits were
taken in Mears.
Change of accounting reference date
The Company has moved its accounting reference date from 28 February to 30
April.
Merger
Documents have been sent out to shareholders detailing the Board's intention to
merge the Company with Octopus IHT AIM VCT plc pursuant to a scheme of
reconstruction under s.110 of the Insolvency Act 1986. The General Meetings to
approve this will take place at 8 Angel Court, London, EC2R 7HP at 2.30 p.m. on
4 August 2010 and 12.00 p.m. on 12 August 2010.
Qualifying Investment Portfolio - Ten Largest Holdings by Value as at 30 June
2010
Carrying value
Company Sector GBP'000 % of net assets
=-------------------------------------------------------------------------------
Advanced Computer Software & computer
Software plc services 749 5.8%
Animalcare Group plc Pharmaceuticals 621 4.8%
IS Pharma plc Pharmaceuticals 571 4.4%
Brooks MacDonald
Group plc Wealth management 550 4.2%
Brulines (Holdings)
plc Security 464 3.6%
Software & computer
Craneware plc services 415 3.2%
Innovision Research
& Technology plc Information technology 401 3.1%
Managed Support
Services plc Maintenance contractor 369 2.8%
Clarity Commerce Software & computer
Solutions plc services 361 2.8%
Praesepe plc Leisure 358 2.8%
Buybacks
During the period to 30 June 2010, the Company has purchased 160,462 Ordinary
Shares to be held in Treasury at a weighted average price of 27.9p.
Total Voting Rights
The Company's capital as at 30 June 2010 consisted of 46,101,840 Ordinary shares
with a nominal value of 5p each, with voting rights. The Company holds
3,666,535 Ordinary Shares in Treasury. Therefore, the total number of voting
rights in Octopus Second AIM VCT plc is 42,435,305.
Material events and transactions
The Board is not aware of any other significant event or transaction which has
occurred between 1 March 2010 and the date of publication of this statement
which would have a material impact on the financial position of the Company and
further do not regard any of the above events or transactions as being a
significant change from 9 July (the date on which the merger documentation was
issued) to the date of publication of this statement.
For further information please contact:
Andrew Buchannan and Kate Tidbury - Fund Managers
Octopus Investments Limited - 0800 316 2347
ENDS
[HUG#1432410]
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 Second AIM VCT PLC via Thomson Reuters ONE
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