Octopus Eclipse 3 Octopus Eclipse VCT 3 plc : Interim Management Statement
September 24 2012 - 11:37AM
UK Regulatory
TIDMOEC3
Octopus Eclipse VCT 3 PLC
Interim Management Statement
24 September 2012
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Eclipse VCT 3 plc ('Eclipse 3' or 'VCT') presents an
Interim Management Statement for the period 1 May 2012 to 31 July 2012. The
statement also includes relevant financial information between the end of the
period and the date of this statement.
Financial Summary
9 months to 30 6 months to 31
Unaudited 12 months April 2012 January 2012
to 31 July 2012
=-------------------------------------------------------------------------------
Net assets ( GBP'000s) 12,009 12,177 13,287
Return on ordinary (1,606)
activities after tax
( GBP'000s) (1,646) (1,650)
Net asset value per 47.3p
share ('NAV') 47.2p 51.1p
Cumulative dividends 17.7p
paid since launch 17.7p 13.7p
Total return (NAV 65.0p
plus dividends paid) 64.9p 64.8p
Investment performance
At 31 July 2012 the net asset value (NAV) of the VCT was 47.2p, which compares
to 47.3p at 30 April 2012. The performance of the fund has remained stable
during the period with a small decrease as a result of the standard running
costs.
During the three month period to 31 July 2012, Audio Visual Machines was fully
disposed, realising a total gain of GBP833k and rendering the investment a
success. Although the overall unquoted portfolio remained stable during the
three month period, there were some large movements in valuations in individual
investments. Most notably, both History Press and Brandspace suffered downward
revaluations of GBP457k and GBP422k respectively but the Fund saw significant
uplifts in fair value of GBP484k in Hydrobolt and GBP429k in Tristar. The AIM
portfolio remained relatively stable with a small overall increase in fair value
of GBP23k.
The total value of the investment portfolio at 31 July 2012 was GBP7.9 million. By
value, 58.5% of the Company's net assets are in unquoted investments, 6.8% in
AIM-quoted investments and 34.7% of the Company's net assets are currently in
cash or cash equivalents and debtors and creditors.
Top Ten Qualifying Investments by value as at 31 July 2012
Carrying value % of total
Company Sector GBP'000 net assets
=-------------------------------------------------------------------------------
Hydrobolt Limited Engineering and Machinery 2,813 23.4%
Tristar Worldwide
Limited Transport Services 1,952 16.3%
The History Press
Limited Publishing 1,226 10.2%
Bruce Dunlop &
Associates Limited Media & Marketing Services 351 2.9%
Plastics Capital plc Engineering and Machinery 350 2.9%
Dualcom Holdings Technology &
Limited Telecommunications 313 2.6%
Convivial London Pubs
plc Leisure & Hotels 174 1.4%
Artesian Solutions Technology &
Limited Telecommunications 150 1.2%
Vertu Motors plc General Retailers 113 0.9%
Hasgrove plc Media & Marketing Services 110 0.9%
Potential merger
On 16 August 2012, a proposal was announced to merge Octopus Eclipse VCT 3 plc
with Octopus Eclipse VCT Plc, Octopus Eclipse VCT 2 Plc and Octopus Eclipse VCT
4 Plc. Further details will follow shortly.
Material events and transactions
Eclipse 3's Board is not aware of any other significant event or transaction
which has occurred between 1 August 2012 and the date of publication of this
statement which would have a material impact on the financial position of the
VCT.
For further information please contact:
Alex Macpherson- Fund Manager
Octopus Investments Limited - 0800 316 2295
ENDS
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Octopus Eclipse VCT 3 plc via Thomson Reuters ONE
[HUG#1643096]
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