Octopus Eclipse VCT 3 plc : Interim Management Statement

 
TIDMOEC3 
 
Octopus Eclipse VCT 3 PLC 
Interim Management Statement 
 
8 June 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 February 2012 to 30 April 2012. 
The statement also includes relevant financial information between the end of 
the period and the date of this statement. 
 
Financial Summary 
                                                          6 months to 31 January 
                             9 months to 30 April 2012                      2012 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)                             12,177                    13,287 
 
Return on ordinary 
activities after tax 
( GBP'000s)                                       (1,606)                   (1,650) 
 
Net asset value per share 
('NAV')                                          47.3p                     51.1p 
 
Cumulative dividends paid 
since launch                                     17.7p                     13.7p 
 
Total return (NAV plus 
dividends paid)                                  65.0p                     64.8p 
 
 
Investment performance 
At 30 April 2012 the net asset value (NAV) of the VCT was 47.3p, which compares 
to 51.1p at 31 January 2012 and when adding back 4.0 pence of dividends paid 
this shows an increase in the total return (NAV plus cumulative dividends paid) 
of 0.3%. This increase in fair value is largely attributable to improved 
performance in the AIM portfolio. 
 
In the unquoted portfolio, we have continued to focus on monitoring and 
supporting the existing portfolio companies. During the period under review, a 
further small investment has been made in Brandspace. 
 
There has been an encouraging increase in fair value of  GBP110k in the AIM 
portfolio since 31 January 2012. This is largely due to Plastics Capital which 
has seen an uplift of  GBP95k. We remain confident that the AIM companies in the 
portfolio continue to be valued on very low ratings and expect further share 
price appreciation during 2012. 
 
The total value of the investment portfolio at 30 April 2012 was  GBP9.3 million. 
By value, 69.5% of the Company's net assets are in unquoted investments, 7.4% in 
AIM-quoted investments and 23.1% of the Company's net assets are currently in 
cash or cash equivalents. 
 
 
Top Ten Qualifying Investments by value as at 30 April 2012 
 
                                                       Carrying value % of total 
Company                 Sector                                   GBP'000 net assets 
=------------------------------------------------------------------------------- 
Hydrobolt Limited       Engineering and Machinery               2,329      19.1% 
 
History Press Limited   Publishing                              1,683      13.8% 
 
Tristar Worldwide 
Limited                 Transport Services                      1,523      12.5% 
 
Audio Visual Machines   Technology & 
Limited                 Telecommunications                      1,335      11.0% 
 
Brandspace Limited      Media & Marketing Services                509       4.2% 
 
Plastics Capital        Engineering and Machinery                 430       3.5% 
 
Dualcom Holdings        Technology & 
Limited                 Telecommunications                        313       2.6% 
 
Bruce Dunlop & 
Associates Limited      Media & Marketing Services                303       2.5% 
 
Convivial London Pubs 
plc                     Leisure & Hotels                          177       1.5% 
 
Artesian Solutions      Technology & 
Limited                 Telecommunications                        150       1.2% 
 
 
Dividends 
As announced in the recently published half-yearly results, the interim dividend 
of 4.0p per share for the half-year ended 31 January 2012 was paid on the 10 May 
2012 to those shareholders on the register on 10 April 2012. 
 
Material events and transactions 
Eclipse 3's Board is not aware of any other significant event or transaction 
which has occurred between 30 April 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#1618164]