OPV Octopus Pro 2

 
TIDMOPV 
 
Octopus Protected VCT 2 PLC 
Interim Management Statement 
 
17 June 2009 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure 
and Transparency rules, Octopus Protected VCT 2 plc ("Protected 2" or 
"Fund") presents an Interim Management Statement for the period 1 
February 2009 to 16 June 2009.  The statement also includes relevant 
financial information between the end of the period and the date of 
this statement. 
 
Financial Summary 
 
 
+-------------------------------------------------------------------+ 
|                       |             | Three months |              | 
|                       | Four months |        ended |              | 
|                       |       ended |     30 April | Period to 31 | 
|                       | 31 May 2009 |         2009 | January 2009 | 
|-----------------------+-------------+--------------+--------------| 
| Net assets (000s)     |      GBP9,720 |       GBP9,526 |       GBP2,087 | 
|-----------------------+-------------+--------------+--------------| 
| Net loss before tax   |             |              |              | 
| (000s)                |       GBP(86) |        GBP(61) |        GBP(84) | 
|-----------------------+-------------+--------------+--------------| 
| Net asset value per   |             |              |              | 
| share ("NAV")         |       92.9p |        93.1p |        90.8p | 
+-------------------------------------------------------------------+ 
 
 
Investment performance 
At 31 May 2009 the NAV of the Fund was 92.9p, which compares to 90.8p 
on 31 January 2009.  The performance of the Fund has been relatively 
stable in the first few months of its financial year, due to a large 
proportion of its assets being held in cash and cash equivalent 
securities.  Investments have been made as discussed below but these 
are unchanged in value at the period end. 
 
During the period under review a number of investments were made. In 
February 2009 the Fund invested GBP250,000 in CSL Dualcom Limited and 
GBP350,000 in Diagnos Limited. Both are successful and profitable 
businesses, you can find more details on these companies in the 
annual report, published on 22 May 2009. 
 
Additionally, the Fund has invested GBP600,000 into each of Salus 
Services I Limited, PubCo Services Limited, GreenCo Services Limited 
and BusinessCo Services Limited. These are companies which have been 
established to seek suitable qualifying investments across a range of 
sectors. 
 
Unquoted Qualifying Investment Portfolio by Value 
 
+-------------------------------------------------------------------+ 
|                  | Investment |    Carrying | % of equity held by | 
| Company          |      class | value GBP'000 |         Protected 2 | 
|------------------+------------+-------------+---------------------| 
| PubCo Services   |            |             |                     | 
| Limited          |   Unquoted |         600 |               14.5% | 
|------------------+------------+-------------+---------------------| 
| GreenCo Services |            |             |                     | 
| Limited          |   Unquoted |         600 |               14.5% | 
|------------------+------------+-------------+---------------------| 
| BusinessCo       |            |             |                     | 
| Services Limited |   Unquoted |         600 |               14.5% | 
|------------------+------------+-------------+---------------------| 
| Salus Services I |            |             |                     | 
| Limited          |   Unquoted |         600 |               14.5% | 
|------------------+------------+-------------+---------------------| 
| Diagnos Limited  |   Unquoted |         350 |                 N/A | 
|------------------+------------+-------------+---------------------| 
| CSL DualCom      |            |             |                     | 
| Limited          |   Unquoted |         250 |                 N/A | 
+-------------------------------------------------------------------+ 
 
 
 
 
 
 
 
 
 
 
Investment strategy 
The Fund is being invested on the basis of taking lower risk than a 
typical VCT. The Fund aims to receive its return from interest paid 
on secured loan notes as well as an exposure to the value of the 
shares of a company.   The investment strategy is to derive 
sufficient return from the secured loan notes to achieve the Fund's 
investment aims and to use any equity exposure to boost returns.  As 
portfolio companies are unquoted the Fund will receive a return from 
an equity holding when a company is sold. 
 
The Manager of the Fund aims to reduce risk by investing in well 
managed and profitable businesses with strong recurring cash-flows. 
Furthermore with the majority of the investment being in the form of 
a secured loan, in the unlikely event of the business failing, the 
Fund will rank ahead of unsecured creditors and equity investors. 
 
Issue of Equity 
Since the year end at 31 January 2009, the Fund has issued a further 
8,168,322 shares for gross proceeds of GBP8.3 million as part of the 
current open offer for subscription. 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or 
transaction which has occurred between the 1 February 2009 and the 
date of publication of this statement which would have a material 
impact on the financial position on the Fund. 
 
For further information please contact: 
Stuart Nicol - Fund Manager 
Octopus Investments Limited - 0800 316 2347 
 
ENDS 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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