5th Jun 2014 17:39
LONDON (Alliance News) - Octopus Titan VCT 1 PLC Thursday said its total return decreased to 137.2 pence a share, from 137.7p, in the first-half of the year, due to its running costs exceeding the overall uplift in its portfolio.
The VCT said there was an increase of GBP364,000 in the portfolio during the six months ended April 30, with five companies having an uplift in valuation.
"The most significant contributors were Semafone and Mi-Pay Group which had uplifts in fair value of
GBP247,000 and GBP159,000 respectively but it was also necessary to recognise a reduction in value of three investee companies," Chairman Lewis Jarrett said in a statement.
During the six months, GBP1,878,000 was invested into seven new companies and five follow-on investments. The Chairman said the VCT will continue to support portfolio businesses which have met or exceeded performance expectations and where it makes economic sense. It will also invest into new companies which the investment manager believes have potential for capital growth.
In addition, Octopus Titan VCT 2 PLC's total return also fell to 137.2 pence per share, from 137.7 pence, for the same reason.
The VCTs are managed by Octopus Investments Ltd.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Octopus T.vct