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Octopus Eclipse 3 (OEC3)

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Friday 08 June, 2012

Octopus Eclipse 3

Octopus Eclipse VCT 3 plc : Interim Management ...

Octopus Eclipse VCT 3 plc : Interim Management Statement

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

9 months to 30 April 20126 months to 31 January 2012
Net assets (£'000s) 12,177 13,287
Return on ordinary activities after tax (£'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 £110k in the AIM portfolio since 31 January 2012. This is largely due to Plastics Capital which has seen an uplift of £95k. 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 £9.3 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

CompanySectorCarrying value
£'000
% of total
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 Limited Technology & Telecommunications 1,335 11.0%
Brandspace Limited Media & Marketing Services 509 4.2%
Plastics Capital Engineering and Machinery 430 3.5%
Dualcom Holdings Limited Technology & 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 Limited Technology & 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

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