We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eclipse Vct 3 | LSE:ECL3 | London | Ordinary Share | GB00B0FXRZ77 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 62.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Interim Management Statement Octopus Eclipse VCT 3 plc ("Eclipse 3" or "Fund") 10 December 2008 Interim Management Statement For the period from 1 September 2008 to 30 November 2008 In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus Eclipse VCT 3 plc presents an Interim Management Statement for the period 1 September 2008 to 30 November 2008. The statement also includes relevant financial information between the end of the period and the date of this statement. Financial highlights Three months ended Year ended 31 30 November 2008 August 2008 Total net assets (£'000s) 21,606 23,002 Net asset value per share ("NAV") 73.5p 78.0p Net revenue return after tax (£'000s) 20 110 Share price 62.0p 53.0p Cumulative dividend - paid and proposed since launch 3.2p 3.2p Investment performance The unaudited net asset value ("NAV") per share at 30 November 2008 was 73.5p compared to a year-end NAV at 31 August 2008 of 78.0p. The fall in NAV has arisen due to the current economic environment, which has induced a significant decline in asset values overall. This reflects a generally cautious view of the valuations of unquoted investments. Since the year end, the AIM market has continued to fall. This has affected the Fund's AIM portfolio which has also fallen in value. We expect to see a recovery in the Fund's NAV when stability returns to the financial markets, though this may be some time. Taking a closer look at the portfolio, it is disappointing to have to report that a 50% value impairment has been made to Lilestone Holdings Limited. The impairment was a result of continued weakening in trading due to the impact of the consumer downturn. It is worth noting that, whilst valuations across the portfolio have been carefully evaluated, several investments have made significant underlying progress during the period, including Audio Visual Machines Limited, CSL Dualcom Limited, Promotion Space Limited and Hydrobolt Limited. In the longer term these should lead to positive returns for Eclipse 3, allowing for the payment of more significant dividends. Investment Activity Since 31 August 2008, there has been little activity within either the AIM market or the unquoted portfolio. There was further investment into The History Press Limited of £137k to support the working capital needs of the company during the peak selling season. By value, the portfolio was approximately 62% invested in unquoted companies and 10% invested in AIM-quoted companies, with the balance invested in money market securities and cash. Ten largest qualifying holdings Company Investment class Carrying value Percentage of £'000 net assets The History Press Limited Unquoted 1,809 8.4% Promotion Space Limited Unquoted 1,678 7.8% Sweet Cred Holdings Limited Unquoted 1,677 7.8% Hydrobolt Limited Unquoted 1,396 6.5% CSL Dualcom Limited Unquoted 1,352 6.3% Bruce Dunlop & Associates International Limited Unquoted 1,250 5.8% Tristar Worldwide Limited Unquoted 1,000 4.6% Vulcan Services Limited Unquoted 1,000 4.6% Audio Visual Machines Limited Unquoted 928 4.3% T4 Holdings Limited Unquoted 653 3.0% Pipeline The next few months will continue to be particularly challenging for many businesses, with the impact of the credit crunch flowing through all markets and an expected worsening of the economic environment. Inevitably this will impact the portfolio. Experience of previous recessionary periods shows that further financial support for existing investments has to be considered very carefully, and is dependent on having a strong business model and exceptional management team. Dividends The final dividend of 1.5p per share for the year ended 31 August 2008 was approved by shareholders at the annual general meeting held on 9 December 2008. This will be paid on 5 January 2009 to those shareholders who were on the register on 5 December 2008. Investment objective Eclipse 3 invests in a diversified portfolio of unquoted and AIM-quoted UK companies with the strategy focussing on the delivery of absolute returns and a regular tax-free dividend stream for investors where possible. Material events and transactions The Fund's Board is not aware of any other significant event or transaction which has occurred between the 1 December 2008 and the date of publication of this statement which would have a material impact on the financial position on the Fund, and has not been detailed above. For consistency across the Octopus funds, Eclipse 3 was renamed Octopus Eclipse VCT 3 plc. This was approved by shareholders at the annual general meeting held on 9 December 2008. For further information please contact: Chris Allner - Fund Manager Octopus Investments Limited - 020 7710 2800 ENDS ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
1 Year Eclipse Vct 3 Chart |
1 Month Eclipse Vct 3 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions