TIDMOPHX 
 
In 
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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