28th Feb 2014 16:22
LONDON (Alliance News) - The five Octopus Titan VCTs Friday reported on their net asset values at the end of the first quarter, with four of them reporting declines and one reporting a small uplift.
Octopus Titan VCT 1 PLC and Octopus Titan VCT 2 PLC each reported a decline in net asset value to 93.6 pence from 95.2 pence in the three months to January 31. Shares were Friday quoted up 0.3% at 88.75 pence in VCT 1. They were untraded at 88.50 in VCT 2.
"The performance of the VCT has been relatively stable in the period under review with no change in the valuation of the unquoted portfolio. The decrease in the NAV was largely due to the standard running costs of the company and a small decrease in the fair value of e-Therapeutics PLC, a quoted investment," both companies said in their statements. Total return in each company fell to 136.1 pence from 137.7 pence.
Octopus Titan VCT 3 said net asset value fell to 89.8 pence from 91.5 pence in the same three months. It also attributed this to e-Therapeutics and running costs. Total return fell to 120.8 pence from 122.5 pence. Its shares were Friday quoted down 0.1% at 85.93 pence.
Octopus Titan VCT 4 said net asset value fell to 100.5 pence from 100.7 pence. It said the decrease was because its running costs exceeded the GBP257,000 increase in the value of its investments in the open-ended investment companies. Total return fell to 101.5 pence from 101.7 pence. Its shares were Friday quoted at 95.50 pence, untraded.
Octopus Titan VCT 5 bucked the trend and reported a slight increase in net asset value to 88.6 pence from 88.5 pence. It said the increase was because the rise in the fair value of its open ended investment companies exceeded its standard running costs. Its shares were Friday quoted at 97 pence, untraded.
By Samuel Agini; [email protected]; @samuelagini
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