Interim Management Statement

 

Interim management statement for the three month period from 1 February 2007 to 30 April 2007

 

Performance summary

 

* based on a weighted average of 1,315,350 shares in issue as at 31 January 2007, and 4,990,279 shares in issue as at 30 April 2007

                                   

Investment portfolio

 

During the period under review, the Fund was actively seeking investors rather than looking to make investments. However, one qualifying investment of £100,000 was held at the period end. The investment manager has taken an active approach to managing the cash resources raised through the Offer prior to its investment in VCT Qualifying Companies. The funds raised have been invested in a range of cash and cash equivalent assets.

 

Dividends and investment strategy

 

The Fund will be managed to maximise the level of tax-free dividends payable to shareholders in each of the first five years. This income will be generated by employing a low risk but active approach to managing the funds raised prior to investment into VCT Qualifying Companies.

 

In addition, the VCT Qualifying Investments will be structured to maximise the income available for distribution to shareholders.  

 

Material events and transactions

 

The Fund's board is not aware of any significant event or transaction which has occurred between the 1 February 2007 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 Octopus Investments Limited on 020 7710 2800.