Interim Management Statement

    Interim Management Statement
             



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

17 October 2007

Interim Management Statement

For the period from 1 June 2007 to 30 September 2007

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 2007 to 30 September
2007.  The statement also includes relevant financial information
between the end of the period and the date of this statement.

Financial highlights


                            As at 30 September 2007 As at 31 May 2007

Total net assets            �38.2m                  �39.1m
Net asset value per share   123.2p                  126.1p
Share price                 110p                    95p
Discount to Net Asset Value 10.7%                   27.8%
("NAV")


Investment performance

The unaudited NAV per Ordinary Share on 30 September 2007 was 123.2p,
slightly down on the year end NAV of 126.1p. By value, the portfolio
was approximately 65% invested in unquoted companies and 22% invested
in AIM-quoted companies, with the balance invested in money market
securities and cash.

Investment Activity

Since the year end, a total of almost �1.3 million has been invested
into AiM listed holdings CBG Group plc, Cantono plc, Northern Bear
plc and Pressure Technologies plc.

Furthermore, Eclipse VCT invested in unquoted companies T4 Holdings
Limited and The Grill Group Limited, with follow-on investments in
NPI Media Group Limited, CSL DualCom Limited and Plastics Capital
Limited.

The remaining holding in Worthington Nicholls plc was sold during the
4 month period to 30 September, crystallising a further profit of
over �355,000 for the Fund.  This took the total profit generated
from the Fund's investment in Worthington Nicholls to �677,200.

The total value of the investment portfolio at 30 September 2007 was
�38.0 million.

Ten largest holdings


Company              Investment Carrying    Percentage of total
                     class      value �'000 investments*
Gyro International
Limited              Unquoted   3,687       9.7%
Covion Limited       Unquoted   2,289       6.0%
Tanfield Group plc   AIM-quoted 2,206       5.8%
Plastics Capital
Limited              Unquoted   2,091       5.5%
Reading Room Limited Unquoted   2,031       5.3%
NPI Media Group
Limited              Unquoted   1,793       4.7%
Luther Pendragon
Limited              Unquoted   1,720       4.5%
The Kendal Group
Limited              Unquoted   1,024       2.7%
Perfect Pizza
Limited              Unquoted   1,000       2.6%
CSL DualCom Limited  Unquoted   978         2.6%

* Including cash and money market securities

Dividends

As stated in the annual report to 31 May 2007, a dividend of 4p per
share is payable on 30 November 2007 to shareholders on the register
on 9 November 2007, subject to shareholder approval at the Annual
General Meeting on 16 November 2007.

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.

Material events and transactions

Other than the investment activities and dividends stated above, the
Fund purchased 114,981 of its own shares for cancellation on 9
October 2007 at 105p per share.

For further information please contact:

Octopus Investments Limited - 020 7710 2800


ENDS

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