Octopus Eclipse 3 Octopus Eclipse VCT 3 plc : Interim Management Statement


 
TIDMOEC3 
 
Octopus Eclipse VCT 3 PLC 
Interim Management Statement 
 
24 September 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 May 2012 to 31 July 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     6 months to 31 
                       Unaudited 12 months         April 2012       January 2012 
                           to 31 July 2012 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)                 12,009             12,177             13,287 
 
Return on ordinary                                    (1,606) 
activities after tax 
( GBP'000s)                           (1,646)                               (1,650) 
 
Net asset value per                                     47.3p 
share ('NAV')                        47.2p                                 51.1p 
 
Cumulative dividends                                    17.7p 
paid since launch                    17.7p                                 13.7p 
 
Total return (NAV                                       65.0p 
plus dividends paid)                 64.9p                                 64.8p 
 
 
Investment performance 
At 31 July 2012 the net asset value (NAV) of the VCT was 47.2p, which compares 
to 47.3p at 30 April 2012. The performance of the fund has remained stable 
during the period with a small decrease as a result of the standard running 
costs. 
 
During the three month period to 31 July 2012, Audio Visual Machines was fully 
disposed, realising a total gain of  GBP833k and rendering the investment a 
success. Although the overall unquoted portfolio remained stable during the 
three month period, there were some large movements in valuations in individual 
investments. Most notably, both History Press and Brandspace suffered downward 
revaluations of  GBP457k and  GBP422k respectively but the Fund saw significant 
uplifts in fair value of  GBP484k in Hydrobolt and  GBP429k in Tristar. The AIM 
portfolio remained relatively stable with a small overall increase in fair value 
of  GBP23k. 
 
The total value of the investment portfolio at 31 July 2012 was  GBP7.9 million. By 
value, 58.5% of the Company's net assets are in unquoted investments, 6.8% in 
AIM-quoted investments and 34.7% of the Company's net assets are currently in 
cash or cash equivalents and debtors and creditors. 
 
Top Ten Qualifying Investments by value as at 31 July 2012 
 
                                                       Carrying value % of total 
Company                 Sector                                   GBP'000 net assets 
=------------------------------------------------------------------------------- 
Hydrobolt Limited       Engineering and Machinery               2,813      23.4% 
 
Tristar Worldwide 
Limited                 Transport Services                      1,952      16.3% 
 
The History Press 
Limited                 Publishing                              1,226      10.2% 
 
Bruce Dunlop & 
Associates Limited      Media & Marketing Services                351       2.9% 
 
Plastics Capital plc    Engineering and Machinery                 350       2.9% 
 
Dualcom Holdings        Technology & 
Limited                 Telecommunications                        313       2.6% 
 
Convivial London Pubs 
plc                     Leisure & Hotels                          174       1.4% 
 
Artesian Solutions      Technology & 
Limited                 Telecommunications                        150       1.2% 
 
Vertu Motors plc        General Retailers                         113       0.9% 
 
Hasgrove plc            Media & Marketing Services                110       0.9% 
 
 
 
Potential merger 
On 16 August 2012, a proposal was announced to merge Octopus Eclipse VCT 3 plc 
with Octopus Eclipse VCT Plc, Octopus Eclipse VCT 2 Plc and Octopus Eclipse VCT 
4 Plc. Further details will follow shortly. 
 
Material events and transactions 
Eclipse 3's Board is not aware of any other significant event or transaction 
which has occurred between 1 August 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 
[HUG#1643096]
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