Interim Management Statement


 
TIDMOIAA 
 
Octopus IHT AIM VCT plc ("the Company") 
 
15 April 2010 
 
Interim Management Statement 
For the period from 1 December 2009 to 12 April 2010 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus IHT AIM VCT plc presents an Interim Management 
Statement for the period 1 December 2009 to 12 April 2010. The statement also 
includes relevant financial information between the end of the period and the 
date of this statement. 
 
Financial Summary 
                          As at 12 April   As at 30 November   As at 30 November 
                                    2010                2009                2008 
=------------------------------------------------------------------------------- 
 
 
Total net assets 
( GBP'000s)                          10,369              10,783              16,049 
 
Net asset value per 
share ("NAV")                      67.1p               69.5p               64.6p 
 
Cumulative dividend - 
paid and proposed 
since launch                        8.4p                7.4p                6.4p 
 
 
Investment performance 
The NAV at the 31(st) March 2010 was 66.9p.  After adding back the 1p dividend 
paid in the period, the NAV fell by 2.3% in the first four months of the 
financial year compared with a rise in the AIM Index of 7.5% and in the Small 
Cap ex investment trust index of 0.7%, a disappointing start to the financial 
year. The performance of AIM owes much to resource stocks whilst the Small Cap 
reflects the general unease in the market about the effect of the impending 
General Election on companies exposed to the domestic economy. This seems at 
variance with the results which have been reported by many companies in the last 
six weeks or so and also with the progress that several holdings have reported 
in terms of their business growth. There have also been some signs that other 
corporates are recognising the value still available in smaller company shares. 
In the period an all share offer has been received from Chime for Essentially 
Group, and cash offers have been received for Claimar and Research Now. 
 
Disappointingly, there has been no real flow of new issues onto AIM and with the 
General Election now announced officially, it seems unlikely that there will be 
any number in the immediate future.  The reinvestment of sale proceeds will 
therefore be a slow process for the time being and it remains most probable that 
it will be existing AIM companies, which will be raising new capital in the next 
few months.   However, the company remains comfortably above the 70% investment 
threshold, set by HMRC, for qualifying investments. 
 
Investment Activity 
The following new investments have been completed since 30 November 2009: 
18 December 2009, investment of  GBP112,000 in SnackTime plc 
18 December 2009, investment of  GBP35,000 in RWS Holdings plc (non-qualifying) 
24 February 2010, investment of  GBP230,000 was made in Access Intelligence plc 
25 February 2010, investment of  GBP574 in Brooks Macdonald plc (non-qualifying) 
 
Unless otherwise stated, all investments were qualifying for HMRC purposes. 
 
With  regard to disposals, during the period  the investment in Research Now was 
fully disposed of resulting in a profit of  GBP200,000. Partial disposals also took 
place  with  profits  being  realised  in Advanced Computer Software, Animalcare 
Group, Brulines and Pressure Technologies totaling  GBP174,000. 
 
Ten largest equity holdings as at 31 March 2010: 
                                                                  Carrying value 
                                                 Carrying value  as a % of total 
Investee Company       Sector                              GBP'000       net assets 
=------------------------------------------------------------------------------- 
Advanced Computer      Software & Computer 
Software plc           Services                             531              5.1 
 
Animalcare Group plc   Food Producers                       480              4.6 
 
Melorio plc            Support services                     467              4.5 
 
                       Pharmaceuticals & 
IS Pharma plc          Biotechnology                        393              3.8 
 
Brulines Holdings plc  Support services                     366              3.5 
 
Craneware plc          Healthcare                           335              3.2 
 
Chime Communications   Advertising and 
plc                    Communications                       334              3.2 
 
Clarity Commerce plc   Software                             326              3.2 
 
Praesepe plc           Travel & Leisure                     322              3.1 
 
Managed Support 
Services plc           Support services                     322              3.1 
 
 
Dividends 
It is your Board's policy to strive to maintain a regular dividend flow where 
possible and this primarily relies on the level of profitable realisations and 
available cash reserves. For the year ended 30 November 2009, the Board declared 
an interim dividend of 1.0 pence per A Ordinary Share, payable from capital 
reserves. This dividend has now received clearance from HMRC and will be paid on 
7 May 2010 to those shareholders on the register on 16 April 2010. 
 
Buybacks 
During  the  period  65,125 A  Ordinary  shares  were  bought back at a weighted 
average price of 61.0p. 
 
Merger 
On  13 January the board  announced that it  was in preliminary discussions with 
Octopus  Second AIM VCT PLC about the terms of a possible merger between the two 
companies.  That remains the case and upon a successful conclusion, details will 
be sent to shareholders for their consideration. 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or transaction 
which has occurred between the 1 December 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: 
Kate Tidbury / Andrew Buchanan - Fund Managers 
Octopus Investments Limited - 0800 316 2347 
 
ENDS 
 
 
 
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