Octopus Titan VCT 3 Octopus Titan Vct 3 Plc : Interim Management Statement

 
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