Acquisition of securities by Octopus Investments Nominees Limited
Octopus Titan VCT plc
Acquisition 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 acquired (the ‘Share Acquisition’) 94 shares of 0.1p each in the capital of the Company. The Share Acquisition relates to allotments pursuant to the Company's dividend reinvestment scheme in respect of holdings in the Company's ISA product, where the apportioned allotments to underlying shareholders resulted in fractional entitlements equal to the 94 shares that are the subject of the Share Acquisition, with the shareholders receiving a monetary value in respect of the fractional entitlements and OINL acquiring the shares pursuant to the Share Acquisition. The aggregate cost of the Share Acquisition was £69.86. 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 number of shares is smaller.
Subject to available distributable reserves and cash, and regulations, the Company proposes to purchase, for cancellation, these shares from OINL in accordance with its share buy back policy, as part of the next buy back, expected to be in 19 June 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
