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Purchase of securities by Octopus Investments Nominees Limited

Octopus Titan VCT plc


Purchase of securities by Octopus Investments Nominees Limited

Octopus Titan VCT plc (‘the Company’) announces that Octopus Investments Nominees Limited (‘OINL’), part of the Octopus Group, has purchased (the ‘Share Purchase’) 1,490,482 shares of 0.1p each in the capital of the Company ("Shares"). The Share Purchase relates to (i) 1,368,301 shares purchased at a price per Share of 84.9p from shareholders who submitted requests to sell shares as part of the Company’s share buy back on 22 December 2022 (the ‘Share Buy Back’), but due to postal issues were unable to be included in the transaction. OINL has purchased these Shares to ensure that these shareholders are not disadvantaged as a result of the postal issues. These shareholders will receive the same monies as if they had participated in the Share Buy Back (ii) 85 Shares purchased at a price per Share of 89.3p following the Company's allotment on 22 December 2022 pursuant to its dividend reinvestment scheme (‘DRIS’). These Shares resulted from the DRIS allotment to OINL in respect of holdings in the Company’s ISA product and the apportioned allotment to underlying shareholders resulting in fractional entitlements (iii) 98,750 Shares purchased at a price per Share of 84.9p to correct administrative issues with a share buy back application, and (iv) 16,489 Shares purchased at a price per Share of £1.059 and 6,857 Shares purchased at a price per Share of £1.027, to correct administrative issues with DRIS allotments. The aggregate cost of the Share Purchase was £1,270,106.19.


Where OINL takes on the risk or benefit of movements in the Company’s net asset value (‘NAV’), such as in this instance, OINL will always take on any loss with a downward movement to the price at which the shares were taken on. Where there is a gain, and given the financial risk taken on by OINL in taking on these shares, OINL will also take any profit, however due to costs, OINL is unlikely to make an overall gain when selling shares back to the Company at the next buyback, from any upward movement in NAV per share, especially where the transaction involves a small number of shares.


Subject to available distributable reserves and cash, and regulations, the Company proposes to purchase, for cancellation, the Shares from OINL in accordance with its share buy back policy, as part of the next buy back expected to be in March 2023, at a price reflecting a discount of up to 5 per cent of the then latest published net asset value per share in accordance with the terms of its stated buy back policy.


These arrangements constitute a smaller related party transaction under Listing Rule 11.1.10R.

 

For further enquiries, please contact:

 

Rachel Peat

Octopus Company Secretarial Services Limited

Tel: +44 (0)80 0316 2067

 

LEI: 213800A67IKGG6PVYW75