Octopus Titan VCT 3 Octopus Titan Vct 3 Plc : Interim Management Statement
September 03 2014 - 5:12AM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
3 September 2014
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 3 plc ('Titan 3' or 'VCT')
presents an Interim Management Statement for the period 1 May 2014 to 31
July 2014. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Financial Summary
9 month period to 6 months to 30 Year to 31 October
31 July 2014 April 2014 2013
Net assets
(GBP'000s) 33,168 32,752 23,135
Return on ordinary
activities after
tax (GBP'000s) 1,706 1,272 1,253
Net asset value per 91.4p 92.8p 91.5p
share ('NAV')
Cumulative dividends 36.0p 33.5p 31.0p
paid since launch
Total return (NAV 127.4p 126.3p 122.5p
plus dividends
paid)
Investment performance
At 31 July 2014 the Total Return of the VCT was 127.4p, which compares
to 126.3p at 30 April 2014. The movement was largely attributable to the
increase in fair value of Zenith Holding Company as a result of the
floatation of Zoopla Property Group. The performance of the VCT has been
stable in the period under review with no other material changes in
valuation of the unquoted portfolio.
During the period under review, Titan 3 made three follow-on investments
with a combined cost of GBP1,041,000 into Zynstra, Aframe Media Group,
and Vega-Chi. In addition, six new investments with a combined cost of
GBP907,000 were made into Sourceable (Swoon Editions), Origami Energy,
Hubbub Deliveries, Elliptic Enterprise, and Smartkem. ECN Live was fully
disposed at circa carrying value.
Top Ten Investments by value as at 31 July 2014
Carrying value % of total net
Company Sector GBP'000 assets
Zenith Holding
Company Limited N/a 9,132 27.5%
Certivox Limited Technology 2,449 7.4%
TouchType Limited Telecommunications 2,233 6.7%
Vega-Chi Limited Technology 1,388 4.2%
Consumer lifestyle
e-Therapeutics Plc and well being 1,138 3.4%
UltraSoC
Technologies
Limited Technology 1,031 3.1%
Amplience Limited Technology 1,009 3.0%
Consumer lifestyle
Getlenses Limited and well being 971 2.9%
Aframe Media Group
Limited Media 799 2.4%
Consumer lifestyle
Metrasens Limited and well being 762 2.3%
Dividends
As announced in the recently published interim results, the proposed
final dividend of 2.5p per share for the six months ended 30 April 2014
was paid on 24 July 2014 to those shareholders on the register on 27
June 2014.
Allotments
The company made the following allotments during the period:
-- On 17 June 2014 769,278 shares were allotted at a price of 98.3p per
share.
-- On 17 June 2014 6,524 shares were allotted at a price of 89.8p per share
to shareholders who elected to receive Shares under the Dividend
Reinvestment Scheme in regards to the 2013 final dividend.
-- On 24 July 2014 197,739 shares were allotted at a price of 92.8p per
share to shareholders who elected to receive Shares under the Dividend
Reinvestment Scheme in regards to the 2014 interim dividend.
Material events and transactions
Since 31 July 2014, Titan 3 made two new investments and three follow-on
investments with a total value of GBP1,041,000.
Vega-Chi was fully disposed on 8 August 2014 at the carrying value.
As announced on 25 June 2014, the Boards of Titan 3, Octopus Titan VCT 1
plc, Octopus Titan VCT 2 plc, Octopus Titan VCT 4 plc and Octopus Titan
VCT 5 plc (the "Companies") entered into discussions regarding a
possible merger of the Companies (the "Merger"). This has subsequently
been approved in principle by the Boards. Documentation to effect the
Merger is in the process of being drafted and approved by the relevant
authorities. It is anticipated that shareholders will receive the
circular in due course, explaining the Merger and including the Notice
convening a General Meeting for shareholders to vote on the resolutions
required to implement the Offer and the Merger. It is also the intention
to launch an Offer for subscription to raise up to GBP50 million with an
overallotment facility of a further GBP20 million (the "Offer").
Titan 3's Board is not aware of any other significant event which has
occurred between 31 July 2014 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 2349
ENDS
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Octopus Titan VCT 3 PLC via Globenewswire
HUG#1853453
http://www.octopusinvestments.com
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