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.
|9 months to 30 April 2012||6 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 |
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
|Company||Sector||Carrying value |
|% of total |
| 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% |
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
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Source: Octopus Eclipse VCT 3 plc via Thomson Reuters ONE