Interim Management Statement
17 März 2010 - 11:00AM
UK Regulatory
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Octopus Phoenix VCT PLC
Interim Management Statement
17 March 2010
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Phoenix VCT plc ("Phoenix" or "Fund") presents an
Interim Management Statement for the period 1 November 2009 to 28 February
2010. 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 28 February 2010 As at 31 October 2009
=-------------------------------------------------------------------------------
Net assets (000s) GBP7,481 GBP7,988
Net (loss)/profit before tax
(000s) GBP(486) GBP817
Net asset value per share ("NAV") 40.2p 42.8p
Cumulative dividends paid since
launch 35.0p 34.0p
NAV plus cumulative dividends 75.2p 76.8p
Investment performance
Since the year end of 31 October 2009, the unaudited NAV has decreased by 2.6p.
However the dividend paid of 1.0p must be added to this to give a total return,
being the change in NAV plus dividends paid, decrease of 1.6p. This 2% decrease
in total return is largely due to valuation adjustments.
Investment Activity
In the period since 31 October 2009 the following investment was completed:
· GBP151,300 into SnackTime plc, a UK supplier of vending
machines.
Also in the period, the following disposals were made:
· GBP97,800 proceeds from the part sale of Brooks Macdonald Group plc, realising a
GBP69,800 gain.
· GBP92,200 proceeds from the part sale of Brulines (Holdings) plc, realising an
GBP8,000 gain.
· GBP47,400 proceeds from the part sale of Matchtech Group plc, realising a
GBP24,400 gain.
· GBP105,037 proceeds from the part sale of Pressure Technologies plc, realising a
GBP37,400 gain.
· GBP4,300 proceeds from the complete sale of Invu plc, realising a GBP195,600 loss.
· GBP14,800 proceeds from the complete sale of The Real Good Food Company plc,
realising a GBP485,200 loss.
Outlook
Stock markets generally have recovered some poise but confidence remains
fragile. A looming General Election and little sign of tangible measures being
taken to address the very high level of Government debt is adding to investor
uncertainty. Undoubtedly things will become clearer once the new Administration
is formed and we would then expect investor interest to pick up, especially in
our universe of small growth companies. Should the merger with Octopus AIM go
ahead, as reported in the annual report, I believe the combined entity will be
well placed to benefit from the emerging environment.
Ten Largest Qualifying Portfolio Holdings
Carrying value % of total net
Company Sector GBP'000 assets
=-------------------------------------------------------------------------------
Brooks Macdonald Group Speciality and other
plc finance 516 6.9%
Clarity Commerce Software and
Solutions plc computer services 457 6.1%
Access Intelligence plc Support services 394 5.3%
Vertu Motors plc General retailers 380 5.1%
Immunodiagnostic systems
plc Healthcare 371 4.9%
Aerospace and
Cohort plc defense 356 4.8%
Melorio plc Support services 314 4.2%
Engineering and
Pressure Technologies plc machinery 284 3.8%
Staffline Recruitment
Group plc Support services 274 3.7%
Inditherm plc Chemicals 272 3.6%
Dividends
For the period ended 30 April 2010, the Board declared an interim dividend of
1.0p per share, payable from capital reserves. This dividend was paid to
shareholders on 12 March 2010 who were on the register on 12 February 2010.
Material events and transactions
The Fund's Board is not aware of any other significant event or transaction
which has occurred between the 1 November 2009 and the date of publication of
this statement which would have a material impact on the financial position of
the Fund.
For further information please contact:
Richard Power - Fund Manager
Octopus Investments Limited - 020 7710 2800
ENDS
[HUG#1394807]
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