Interim Management Statement

    Interim Management Statement
             



Eclipse VCT plc ("Eclipse" or "Fund")

Interim Management Statement
For the period from 1 June 2008 to 31 August 2008

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Eclipse VCT plc presents an Interim
Management Statement for the period 1 June 2008 to 31 August 2008.
The statement also includes relevant financial information between
the end of the period and the date of this statement.

Financial highlights

                                      As at 31 As at 31      As at 30
                                   August 2008 May 2008 November 2007

Net assets ('000)                      £30,688  £32,715       £37,270
Net asset value per share                98.4p   104.8p        118.9p
Cumulative dividends paid since
launch                                   13.7p    13.7p         10.7p
Total return (NAV plus dividends
paid)                                   112.1p   118.5p        129.6p
Share price                                90p      90p           99p
Discount to Net Asset Value
("NAV")                                   8.5%    14.2%         16.7%



Investment performance
The overall environment for small companies, both AIM listed and
unquoted, remains challenging.  A few of our portfolio companies,
notably in the consumer arena, have already felt some impact from the
credit crunch and economic slowdown.  Others, which have not yet seen
an impact, remain cautious about future prospects, given the level of
uncertainty about the direction of the economy. Small companies are
generally more fragile during harsh economic conditions, but our
focus will remain on supporting those companies that have robust
business models and strong management teams, who can manage through
the present climate and capitalise on opportunities that might
arise. These businesses will create attractive investment returns in
the longer term.

Since the year end the NAV has dropped 6.4p (from 104.8 to 98.4p),
6.1p of which is attributable to the fall in value of AIM listed
stocks. The biggest downward movers were Tanfield (£599,000),
Plastics Capital (320,000), Cello (£155,000) and Fountains
(£134,000).  The biggest upward movers were Augean (£61,000) and
Pressure Technologies (£38,000).  Sentiment on the international
stock markets, and the AIM market in particular, remains volatile and
small trades in shares have had a disproportionate impact on the
share prices for most stocks.  It is unlikely that a material
recovery in the AIM stock valuations will occur until the level of
uncertainty decreases, investors' confidence improves, and pricing
multiples move to reflect trading performance.

There have been no changes to the valuations on the unquoted
portfolio since the year end, although we remain cautious in the
short term.

Investment Activity
No new transactions have been completed since the period end.  Small
follow on investments have been made in Lilestone Holdings, where the
fund participated in a £3.5m funding round, and The Grill Group,
where the Fund provided a modest guarantee to the bank alongside the
other Eclipse Funds.  As the Fund is near fully invested it is not
envisaged that many new investments will be completed in the
foreseeable future, although the manager continues to look out for
opportunities that present exceptional value in the current market.
We will also continue to support our portfolio where appropriate.

The total value of the AIM-quoted and unquoted investment portfolio
at 30 September 2008 was £21.2 million.

Ten largest qualifying holdings


Company                       Investment Carrying value    Percentage
                                   class          £'000 of net assets
The History Press Limited       Unquoted          1,703          5.5%
TDX Group Limited               Unquoted          1,701          5.5%
Lilestone Holdings Limited      Unquoted          1,362          4.4%
Luther Pendragon Limited        Unquoted          1,234          4.0%
CSL DualCom Limited             Unquoted          1,177          3.8%
The Kendal Group Limited        Unquoted          1,024          3.3%
Reading Room Limited            Unquoted          1,022          3.3%
Perfect Pizza Limited           Unquoted          1,000          3.3%
Audio Visual Machines Limited   Unquoted            980          3.2%
Sweet Cred Holdings Limited     Unquoted            914          3.0%


Dividends
As stated in the annual report for the year to 31 May 2008, a
dividend of 7p per share was proposed which will be paid to
shareholders who are on the register on 7 November 2008.  This will
be paid on 28 November 2008.

Investment objective
Eclipse invests in a diversified portfolio of unquoted and AIM-quoted
UK companies with the intention of providing attractive tax-free
dividends and long-term capital growth to its investors.

Total voting rights and capital
At the date of this announcement, the capital of the Company consists
of 31,199,607 ordinary shares with a nominal value of 10 pence each,
with voting rights. Eclipse VCT plc does not hold any Ordinary Shares
in Treasury.

Therefore, the total number of voting rights in Eclipse VCT plc is
31,199,607.

The figure of 31,227,067 may be used by shareholders as the
denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their
interest in, Eclipse VCT plc under the FSA's Disclosure and
Transparency Rules.

Material events and transactions
Other than the investment activities and dividends stated above, the
Board is not aware of any further material events or transactions
between 1 September 2008 and the date of this report.

For further information please contact:

Octopus Investments Limited - 020 7710 2800

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