TIDMOEC4 
 
Octopus Eclipse VCT 4 plc 
Half-Yearly Results 
 
31 March 2012 
 
Octopus Eclipse VCT 4 plc, managed by Octopus Investments Limited, today 
announces the Half-Yearly results for the six months ended 31 January 2012. 
 
These results were approved by the Board of Directors on 27 March 2012. 
 
You may shortly view the Half-Yearly Report in full at 
www.octopusinvestments.com by navigating to Services, Investor Services, Venture 
Capital Trusts, Octopus Eclipse VCT 4. All other statutory information will also 
be found there. 
 
About Octopus Eclipse VCT 4 plc 
Octopus Eclipse VCT 4 plc ('Eclipse 4', 'VCT' or 'Company') is a venture capital 
trust ('VCT') which aims to provide shareholders with attractive tax-free 
dividends and long-term capital growth. 
 
Eclipse 4 invests primarily in unquoted and AIM-quoted companies and aims to 
deliver absolute returns on its investments.  Eclipse 4 was launched in August 
2005 and raised approximately  GBP29.1 million ( GBP28.7 million net of expenses) 
through an offer for subscription.The Investment Manager is Octopus Investments 
Limited ('Octopus' or 'Investment Manager'). 
 
Eclipse 4 co-invests with the three other Eclipse funds which are all managed by 
the same investment team at Octopus. This is viewed as a benefit as it means 
Eclipse 4 will not only be able to invest in a wider range of opportunities but 
also in larger and more developed companies than are typically available to a 
single VCT. 
 
Venture Capital Trusts (VCTs) 
 
VCTs were introduced in the Finance Act 1995 to provide a means for private 
individuals to invest in unlisted companies in the UK.  Subsequent Finance Acts 
have introduced changes to VCT legislation. The tax benefits currently available 
to eligible new investors in VCTs include: 
 
  * up to 30% up-front income tax relief; 
 
 ·                     exemption from income tax on dividends paid; and 
 ·                     exemption from capital gains tax on disposals of shares in 
VCTs. 
 
Eclipse 4 has been approved as a VCT by HM Revenue & Customs (HMRC).  In order 
to maintain its approval the Company must comply with certain requirements on a 
continuing basis.  By the end of the Company's third accounting period at least 
70% of the Company's investments must comprise 'qualifying holdings' of which at 
least 30% must be in eligible ordinary shares.  A 'qualifying holding' consists 
of up to  GBP1 million invested in any one year in new shares or securities in an 
unquoted company (or companies listed on AIM) which is carrying on a qualifying 
trade and whose gross assets do not exceed  GBP7 million at the time of investment. 
The definition of a 'qualifying trade' excludes certain activities such as 
property investment and development, financial services and asset leasing. The 
Company will continue to ensure its compliance with these qualification 
requirements. 
 
Financial Summary 
 
                                      Six months to   Six months to      Year to 
                                    31 January 2012 31 January 2011 31 July 2011 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)                          13,308          18,085       15,715 
 
Net return after tax ( GBP'000s)               (1,644)           (506)      (1,993) 
 
Net asset value per share (NAV)               51.1p           66.1p        59.3p 
 
Cumulative dividends since launch - 
paid and declared/proposed                    17.7p           11.7p        13.7p 
=------------------------------------------------------------------------------- 
 
Chairman's Statement 
 
I present the half-yearly results for the six month period ended 31 January 
2012. 
 
As at 31 January 2012 the net asset value (NAV) stood at 51.1p, compared to 
59.3p at 31 July 2011 which, when adding back the cumulative dividends paid, 
represents a reduction in total return of 8.7%. The main driver of this fall in 
net asset value has been the reduction in value of the unquoted portfolio of 
investments during the period to 31 January 2012 in addition to the standard 
running costs of the VCT. 
 
The VCT is invested in 12 unquoted and 9 AIM-quoted companies. The Investment 
Manager continues to focus on the existing portfolio which is being financially 
supported where appropriate. Limited new additions to the portfolio are 
envisaged in the near future. By value, 63.0% of the VCT's net assets are in 
unquoted investments, 5.9% in AIM-quoted investments and 30.1% of the VCT's net 
assets are currently in cash or cash equivalents, with the balance in debtors 
and creditors. 
 
The Board's strategy is to maintain an appropriate level of liquidity on the 
balance sheet to achieve four aims: 
  * to support further investment in existing portfolio companies, if required; 
 
 ·         to take advantage of new investment opportunities as they arise; 
 ·         to assist liquidity in the shares through the buyback facility; and 
 ·         to support a consistent dividend flow. 
 
Dividend and Dividend Policy 
It is your Board's policy to strive to maintain a regular dividend flow where 
possible and this primarily relies on the level of profitable realisations and 
available cash reserves. In the current credit and economic environment we have 
to be conscious that the funding options for portfolio companies are more 
restricted than usual. We thus continue to place priority on maintaining a 
suitable quantum of cash reserves. Taking these factors into account, for the 
period ended 31 January 2012 the Board has declared an interim dividend of 2.0p 
per share. On 10 May 2012, this dividend will be paid to shareholders who are on 
the register as at 10 April 2012. 
 
In addition, I am pleased to announce that in light of the successful 
realisation obtained from CSL Dualcom, the Board has decided to pay a special 
dividend of 2.0p per share. Therefore, the total dividend for the period will be 
4.0p per share. Further details regarding the disposal are discussed below. 
 
Investment Portfolio Review 
Unquoted 
I am pleased to announce that during the period the investment held in CSL 
Dualcom was realised, generating a profit of  GBP1,944,000. Overall this investment 
realised an IRR of 38%. There was also a small profit realised in Blanc 
Brasseries of  GBP18,000. 
 
There has been one new addition to the portfolio in the year. An investment of 
 GBP150,000 was made into Artesian, a business software company. 
 
Since 31 July 2011, it is encouraging to have seen increases in fair value in 
both Hydrobolt Limited and Audio Visual Machines of  GBP243,000 and  GBP189,000 
respectively. These were, however, outweighed by significant decreases in other 
investments, most notably The History Press, Bruce Dunlop Associates and 
Brandspace, due to the difficult trading conditions in publishing and media. 
Overall the unquoted investments have suffered a decrease in value of 
 GBP1,342,000. 
 
AIM-quoted 
Despite the Company experiencing a difficult time for investments in quoted 
small capitalisation companies, there has been encouraging operational progress 
in a number of the holdings during the period, particularly Cohort, Vertu 
Motors, and Tanfield Group. We are yet, however, to see this progress fully 
reflected in share prices as stock markets remained volatile in the 6 month 
period to 31 January 2012. 
 
Since 31 July 2011, the AIM element of the portfolio has seen an overall 
decrease in valuation of  GBP178,000. This is primarily due to the holding in 
Plastics Capital decreasing by  GBP100,000 in value in the period, despite a 
further increase in profits and a reduction in the company's debt position. 
 
Two AIM holdings were realised during the period under review; CBG received a 
32p cash bid from a competitor and Northern Bear was sold as the balance sheet 
position of the company continued to deteriorate. The two disposals realised a 
disappointing loss of  GBP682,000. 
 
VCT Qualifying Status 
PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice 
on the ongoing compliance with HMRC's rules and regulations concerning VCTs. 
The Board has been advised that Eclipse 4 is in compliance with the conditions 
laid down by HMRC for maintaining approval as a VCT.  As at 31 January 2012, 
over 82% of the portfolio (as measured by HMRC rules) was invested in VCT 
qualifying investments, in line with our expectations at this stage of the 
Fund's life.  There is an ongoing requirement to maintain the level of 
qualifying investments above the 70% threshold which will be supported by the 
continuing deal flow from the Investment Manager. 
 
Principal Risks and Uncertainties 
The Company's assets consist of equity and fixed-rate interest investments, cash 
and liquid resources. Its principal risks are therefore market risk, credit risk 
and liquidity risk. Other risks faced by the Company include economic, loss of 
approval as a VCT, investment and strategic, regulatory, reputational, 
operational and financial risks. These risks, and the ways in which they are 
managed, are described in more detail in the Company's Annual Report and 
Accounts for the year ended 31 July 2012. The Company's principal risks and 
uncertainties have not changed materially since the date of that report. 
 
Outlook 
Despite the successful realisation of CSL and encouraging progress in a number 
of other portfolio companies, shareholders will rightly be concerned by the 
further reduction in total return of 8.5% during the period.  This largely 
reflects the reality of trading conditions for a number of media-related 
investments and your Directors, in close discussion with the Fund Manager, have 
been careful to robustly assess the current value of those companies where 
fragility exists. 
 
In mitigation of this picture I would add a couple of aspects that shareholders 
should consider. 
 
First, whilst the current environment has proved challenging, many portfolio 
companies have taken strong and proactive cost reduction steps to adapt to their 
new environment and are better positioned to take advantage of the prevailing 
conditions.  Declines in their value necessarily reflect their reduced scale but 
do not necessarily reflect their ability to capitalise on the current conditions 
should they successfully implement their business plans. 
 
Secondly, in recognition of the forthcoming changes to the VCT regulations, the 
Manager and your Directors have identified an opportunity to significantly 
reduce the running costs through merging with other VCTs in the Eclipse family. 
Details of this proposal will be communicated for your consideration later in 
the year. 
 
I would like to thank shareholders for their continued support and look forward 
to communicating with them again once the new VCT regulations have passed all 
necessary European hurdles and become statute. 
 
 
 
Alex Hambro 
Chairman 
27 March 2012 
 
Investment Portfolio Review 
 
+--------------------------------------------------------------------------------+ 
|                                                                               %| 
|                                                                          equity| 
|                                                        Carrying         held by| 
|                               Investment               value at       %     all| 
|                                  at cost                    31   equity   funds| 
|                               31 January    Unrealised  January held by managed| 
|Unquoted                            2012  profit/(loss)    2012  Eclipse      by| 
|investments Sector                ( GBP'000)       ( GBP'000)  ( GBP'000)       4 Octopus| 
+--------------------------------------------------------------------------------+ 
|Hydrobolt   Engineering &           1,396           933    2,329   16.3%   43.5%| 
|Limited     Machinery                                                           | 
|                                                                                | 
|The History                                                                     | 
|Press       Publishing              2,315         (632)    1,683   15.2%   60.0%| 
|Limited                                                                         | 
|                                                                                | 
|Tristar     Transport Services      1,000           523    1,523   10.0%   30.0%| 
|Limited                                                                         | 
|                                                                                | 
|Audio                                                                           | 
|Visual      Technology &              711           624    1,335   10.1%   40.4%| 
|Machines    Telecommunications                                                  | 
|Limited                                                                         | 
|                                                                                | 
|Brandspace  Media & Marketing       2,112       (1,690)      422   13.1%   40.5%| 
|Limited     Services                                                            | 
|                                                                                | 
|Dualcom     Technology &                                                        | 
|Holdings    Telecommunications          -           313      313    0.0%    0.0%| 
|Limited                                                                         | 
|                                                                                | 
|Bruce                                                                           | 
|Dunlop      Media & Marketing       1,524       (1,221)      303   12.5%   31.9%| 
|Associates  Services                                                            | 
|Limited                                                                         | 
|                                                                                | 
|Convivial                                                                       | 
|London Pubs Leisure and Hotels        214          (37)      177    1.4%    9.4%| 
|plc                                                                             | 
|                                                                                | 
|Artesian    Technology &              150             -      150    1.8%    7.2%| 
|            Telecommunications                                                  | 
|                                                                                | 
|T4 Holdings Media & Marketing       1,141       (1,039)      102   14.2%   53.3%| 
|Limited     Services                                                            | 
|                                                                                | 
|Lilestone                                                                       | 
|Holdings    General Retail            448         (412)       36    1.1%   10.8%| 
|Limited                                                                         | 
|                                                                                | 
|Perfect                                                                         | 
|Pizza       Leisure and Hotels        553         (553)        -     n/a     n/a| 
|Limited                                                                         | 
|                                                                                | 
|Sweet Cred                                                                      | 
|Holdings    Consumer Products       2,315       (2,315)        -     n/a     n/a| 
|Limited                                                                         | 
+--------------------------------------------------------------------------------+ 
|Total unquoted investments         13,879       (5,506)    8,373                | 
+--------------------------------------------------------------------------------+ 
|AIM-quoted                                                                      | 
|investments                                                                     | 
|                                                                                | 
|Plastics    Engineering &             500         (165)      335    1.8%   16.5%| 
|Capital plc Machinery                                                           | 
|                                                                                | 
|Hasgrove    Media & Marketing         400         (273)      127    1.4%   12.0%| 
|plc         Services                                                            | 
|                                                                                | 
|Vertu       General Retail            250         (129)      121    0.2%    3.6%| 
|Motors plc                                                                      | 
|                                                                                | 
|Tanfield    Engineering &             144          (82)       62    0.1%    2.0%| 
|Group plc   Machinery                                                           | 
|                                                                                | 
|Brulines    Support Services           94          (33)       61    0.3%    4.6%| 
|Group plc                                                                       | 
|                                                                                | 
|Cohort plc  Engineering &              69           (9)       60    0.1%    4.2%| 
|            Machinery                                                           | 
|                                                                                | 
|Autoclenz                                                                       | 
|Holdings    Support Services          125         (102)       23    1.0%   11.6%| 
|plc                                                                             | 
|                                                                                | 
|Cantono     Technology &              420         (420)        -     n/a     n/a| 
|plc*        Telecommunications                                                  | 
|                                                                                | 
|Hexagon                                                                         | 
|Human       Support Services          677         (677)        -     n/a     n/a| 
|Capital                                                                         | 
|plc*                                                                            | 
+--------------------------------------------------------------------------------+ 
|Total AIM-                                                                      | 
|quoted                              2,679       (1,890)      789                | 
|investments                                                                     | 
+--------------------------------------------------------------------------------+ 
|Total                              16,558       (7,396)    9,162                | 
|investments                                                                     | 
|                                                                                | 
|Money                                                                           | 
|market                              4,114             -    4,114                | 
|securities                                                                      | 
|                                                                                | 
|Cash at                               124             -      124                | 
|bank                                                                            | 
+--------------------------------------------------------------------------------+ 
|Total                                                                           | 
|investments                        20,796       (7,396)   13,400                | 
|and cash at                                                                     | 
|bank                                                                            | 
|                                                                                | 
|Debtors                                                                         | 
|less                                                        (92)                | 
|creditors                                                                       | 
+--------------------------------------------------------------------------------+ 
|Total net                                                 13,308                | 
|assets                                                                          | 
+--------------------------------------------------------------------------------+ 
*in administration 
 
Directors' Responsibility Statement in respect of the half-yearly report 
 
We confirm that to the best of our knowledge: 
 
  * the half-yearly financial statements have been prepared in accordance with 
    the statement 'Half-Yearly Financial Reports' issued by the UK Accounting 
    Standards Board; 
 
 
  * the half-yearly report includes a fair review of the information required by 
    the Financial Services Authority Disclosure and Transparency Rules, being: 
 
 
  * an indication of the important events that have occurred during the first 
    six months of the financial year and their impact on the condensed set of 
    financial statements; 
 
  * a description of the principal risks and uncertainties for the remaining six 
    months of the year; and 
 
  * a description of related party transactions that have taken place in the 
    first six months of the current financial year, that may have materially 
    affected the financial position or performance of the Company during that 
    period and any changes in the related party transactions described in the 
    last annual report that could do so. 
 
 
On behalf of the Board 
 
 
 
Alex Hambro 
Chairman 
27 March 2012 
 
 
 
Income Statement 
              +-----------------------+ 
              |   Six months to 31    |  Six months to 31 
              |     January 2012      |     January 2011       Year to 31 July 2011 
              |                       | 
              |Revenue Capital   Total|Revenue Capital  Total Revenue Capital   Total 
              |                       | 
              |   GBP'000    GBP'000    GBP'000|   GBP'000    GBP'000   GBP'000    GBP'000    GBP'000    GBP'000 
=-------------+-----------------------+---------------------------------------------- 
              |                       | 
              |                       | 
Realised      |                       | 
(loss)/gain on|                       | 
disposal of   |                       | 
fixed asset   |                       | 
investments   |      -      38      38|      -    (38)   (38)       -      84      84 
              |                       | 
Realised gain |                       | 
on disposal of|                       | 
current asset |                       | 
investments   |      -       -       -|      -       2      2       -       2       2 
              |                       | 
              |                       | 
              |                       | 
Fixed asset   |                       | 
investment    |                       | 
holding       |                       | 
(losses)/gains|      - (1,520) (1,520)|      -   (577)  (577)       - (1,938) (1,938) 
              |                       | 
              |                       | 
              |                       | 
Other income  |    129       -     129|    451       -    451     549       -     549 
              |                       | 
              |                       | 
              |                       | 
Investment    |                       | 
management    |                       | 
fees          |   (41)   (122)   (163)|   (48)   (145)  (193)    (96)   (289)   (385) 
              |                       | 
              |                       | 
              |                       | 
Other expenses|  (128)       -   (128)|  (151)       -  (151)   (305)       -   (305) 
              |                       | 
              |                       | 
=-------------+-----------------------+---------------------------------------------- 
Return on     |                       | 
ordinary      |                       | 
activities    |                       | 
before tax    |   (40) (1,604) (1,644)|    252   (758)  (506)     148 (2,141) (1,993) 
              |                       | 
              |                       | 
              |                       | 
Taxation on   |                       | 
return on     |                       | 
ordinary      |                       | 
activities    |      -       -       -|      -       -      -       -       -       - 
              |                       | 
              |                       | 
=-------------+-----------------------+---------------------------------------------- 
Return  on    |                       | 
ordinary      |                       | 
activities    |                       | 
after tax     |   (40) (1,604) (1,644)|    252   (758)  (506)     148 (2,141) (1,993) 
=-------------+-----------------------+---------------------------------------------- 
Earnings per  |                       | 
share - basic |                       | 
and diluted   | (0.2)p  (6.1)p  (6.3)p|   0.9p  (2.7)p (1.8)p    0.5p  (7.8)p  (7.3)p 
              +-----------------------+ 
 
 
  * The 'Total' column of this statement is the profit and loss account of the 
    Company; the supplementary revenue return and capital return columns have 
    been prepared under guidance published by the Association of Investment 
    Companies. 
  * All revenue and capital items in the above statement derive from continuing 
    operations. 
  * The Company has only one class of business and derives its income from 
    investments made in shares and securities and from bank and money market 
    funds. 
  * The Company has no recognised gains or losses other than the results for the 
    period as set out above. 
  * The accompanying notes are an integral part of the half-yearly report. 
 
 
 
Reconciliation of Movements in Shareholders' Funds 
                        +------------------+ 
                        | Six months to 31 | Six months to 31    Year to 31 July 
                        |      January 2012|      January 2011              2011 
                        |                  | 
                        |              GBP'000|              GBP'000              GBP'000 
=-----------------------+------------------+------------------------------------ 
Shareholders' funds at  |                  | 
start of period         |            15,715|            19,265            19,625 
                        |                  | 
Return on ordinary      |                  | 
activities after tax    |           (1,644)|             (506)           (1,933) 
                        |                  | 
Cancellation of equity  |             (233)|             (260)             (739) 
                        |                  | 
Dividends paid          |             (530)|             (414)             (818) 
=-----------------------+------------------+------------------------------------ 
Shareholders' funds at  |                  | 
end of period           |            13,308|            18,085            15,715 
                        +------------------+ 
 
Balance Sheet 
                             +----------------+ 
                             |As at 31 January|As at 31 January    As at 31 July 
                             |            2012|            2011             2011 
                             |                | 
                             |   GBP'000     GBP'000|   GBP'000     GBP'000    GBP'000     GBP'000 
=----------------------------+----------------+--------------------------------- 
                             |                | 
                             |                | 
Fixed asset investments*     |           9,162|          15,027           13,260 
                             |                | 
Current assets:              |                | 
                             |                | 
Money market securities and  |                | 
other deposits*              |  4,114         |  2,947            2,472 
                             |                | 
Debtors                      |    109         |    112               27 
                             |                | 
Cash at bank                 |    124         |    175              150 
=----------------------------+----------------+--------------------------------- 
                             |  4,347         |  3,234            2,649 
                             |                | 
Creditors: amounts falling   |                | 
due within one year          |  (201)         |  (176)            (194) 
=----------------------------+----------------+--------------------------------- 
Net current assets           |           4,146|           3,058            2,455 
=----------------------------+----------------+--------------------------------- 
                             |                | 
=----------------------------+----------------+--------------------------------- 
Net assets                   |          13,308|          18,085           15,715 
=----------------------------+----------------+--------------------------------- 
                             |                | 
                             |                | 
Called up equity share       |                | 
capital                      |  2,620         |  2,733            2,650 
                             |                | 
Special distributable reserve| 22,515         | 23,228           22,749 
                             |                | 
Capital redemption reserve   |    352         |    220              302 
                             |                | 
Own shares held in treasury  |   (19)         |      -                - 
                             |                | 
Capital reserve - losses on  |                | 
disposal                     |(4,868)         |(5,537)          (5,598) 
                             |                | 
                           - |                | 
holding losses               |(7,396)         |(2,902)          (4,527) 
                             |                | 
Revenue reserve              |    104         |    343              139 
=----------------------------+----------------+--------------------------------- 
Total equity shareholders'   |                | 
funds                        |          13,308|          18,085           15,715 
=----------------------------+----------------+--------------------------------- 
Net asset value per share    |           51.1p|           66.1p            59.3p 
                             +----------------+ 
 
*Held at fair value through profit or loss 
 
 
 
The  statements were approved by  the Directors and authorised  for issue on 27 
March 2012 and are signed on their behalf by: 
 
 
 
 
 
Alex Hambro 
Chairman 
Company Number: 05487744 
 
 
Cash Flow Statement 
                          +-----------------+ 
                          |Six months to 31 |Six months to 31    Year to 31 July 
                          |     January 2012|     January 2011              2011 
                          |                 | 
                          |             GBP'000|             GBP'000              GBP'000 
=-------------------------+-----------------+----------------------------------- 
                          |                 | 
                          |                 | 
Net cash (outflow)/inflow |                 | 
from operating activities |            (237)|               48              (97) 
                          |                 | 
                          |                 | 
                          |                 | 
Financial investment :    |                 | 
                          |                 | 
Purchase of fixed asset   |                 | 
investments               |            (165)|            (209)             (392) 
                          |                 | 
Sale of fixed asset       |                 | 
investments               |            2,781|            1,047             1,756 
                          |                 | 
                          |                 | 
                          |                 | 
Management of liquid      |                 | 
resources:                |                 | 
                          |                 | 
Purchase of current asset |                 | 
investments               |          (2,697)|          (3,034)           (5,516) 
                          |                 | 
Sale of current asset     |                 | 
investments               |            1,055|            2,754             5,713 
                          |                 | 
                          |                 | 
                          |                 | 
Taxation                  |                -|                -                 - 
                          |                 | 
                          |                 | 
                          |                 | 
Dividends paid            |            (530)|            (414)             (818) 
                          |                 | 
                          |                 | 
                          |                 | 
Financing:                |                 | 
                          |                 | 
Repurchase of own shares  |            (233)|            (260)             (739) 
=-------------------------+-----------------+----------------------------------- 
Decrease in cash resources|                 | 
at bank                   |             (26)|             (68)              (93) 
                          +-----------------+ 
 
 
 
Reconciliation of net cash flow to movement in net funds 
                       +-------------------+ 
                       |  Six months to 31 |  Six months to 31   Year to 31 July 
                       |       January 2012|       January 2011             2011 
                       |                   | 
                       |               GBP'000|               GBP'000             GBP'000 
=----------------------+-------------------+------------------------------------ 
Decrease in cash       |                   | 
resources at bank      |               (26)|               (68)             (93) 
                       |                   | 
Movement in cash       |                   | 
equivalents            |              1,639|                280            (195) 
                       |                   | 
Opening net cash       |                   | 
resources              |              2,625|              2,910            2,910 
=----------------------+-------------------+------------------------------------ 
Net funds at period end|              4,238|              3,122            2,622 
                       +-------------------+ 
 
 
 
Reconciliation of return before taxation to cash flow from operating activities 
                             +----------------+ 
                             |   Six months to|   Six months to  Year to 31 July 
                             | 31 January 2012| 31 January 2011             2011 
                             |                | 
                             |            GBP'000|            GBP'000             GBP'000 
=----------------------------+----------------+--------------------------------- 
Return on ordinary activities|                | 
before tax                   |         (1,644)|           (506)          (1,993) 
                             |                | 
Loss/(gain)  on  disposal  of|                | 
fixed asset investments      |            (38)|              38             (84) 
                             |                | 
Gain  on disposal  of current|                | 
asset investments            |               -|             (2)              (2) 
                             |                | 
Loss/(gain) on valuation of  |                | 
fixed asset investments      |           1,520|             577            1,938 
                             |                | 
(Increase)decrease in debtors|            (83)|           (101)             (16) 
                             |                | 
Increase/(decrease) in       |                | 
creditors                    |               8|              42               60 
=----------------------------+----------------+--------------------------------- 
Inflow/(outflow) from        |                | 
operating activities         |           (237)|              48             (97) 
                             +----------------+ 
 
Notes to the Half-Yearly Report 
 
1.                    Basis of preparation 
 
The unaudited half-yearly results which cover the six months to 31 January 2012 
have been prepared in accordance with the Accounting Standard Board's (ASB) 
statement on half-yearly financial reports (July 2007) and adopting the 
accounting policies set out in the statutory accounts of the Company for the 
year ended 31 July 2011, which were prepared under UK GAAP and in accordance 
with the Statement of Recommended Practice for Investment Companies issued by 
the Association of Investment Companies in January 2009. 
 
 
2.                    Publication of non-statutory accounts 
 
The unaudited half-yearly results for the six months ended 31 January 2012 do 
not constitute statutory accounts within the meaning of Section 415 of the 
Companies Act 2006 and have not been delivered to the Registrar of Companies. 
The comparative figures for the year ended 31 July 2011 have been extracted from 
the audited financial statements for that year, which have been delivered to the 
Registrar of Companies. The independent auditor's report on those financial 
statements, in accordance with chapter 3, part 16 of the Companies Act 2006, was 
unqualified. This half-yearly report has not been reviewed by the Company's 
auditor. 
 
 
3.                    Earnings per share 
 
The total earnings per share is based on 26,172,056 (31 January 
2011: 27,652,042 and 31 July 2011: 27,328,902) ordinary shares, being the 
weighted average number of ordinary shares in issue during the period. 
 
There are no potentially dilutive capital instruments in issue and, therefore no 
diluted returns per share figures are relevant. The basic and diluted earnings 
per share are therefore identical. 
 
 
 
4.                    Net asset value per share 
 
The calculation of NAV per share as at 31 January 2012 is based on 26,026,498 
(31 January 2011: 27,344,694 and 31 July 2011: 26,500,306) ordinary shares in 
issue at that date. 
 
 
5.                    Dividends 
 
The interim dividend declared of 4.0p per share for the six months ending 31 
January 2012 will be paid on 10 May 2012, to those shareholders on the register 
on 10 April 2012. 
 
A final dividend of 2.0p per share was paid on 16 December 2011 to those 
shareholders on the register on 18 November 2011. 
 
 
6.                    Buy Backs 
 
During the six months ended 31 January 2012 the Company bought back 429,410 
shares at a weighted average price of 60.3p per share (six months ended 31 
January 2011: 429,410 shares at a weighted average price of 60.3p per share and 
year ended 31 July 2011: 1,273,798 shares at a weighted average price of 57.9p 
per share). No shares were issued during the period. 
 
 
7.                    Related Party Transactions 
 
Octopus acts as the Investment Manager of the Company. Under the management 
agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of 
the Company for the investment management services. During the period, the 
Company incurred management fees of  GBP163,000 payable to Octopus (31 January 
2011:  GBP193,000 and 31 July 2011:  GBP385,000). At the period end there was  GBPnil 
outstanding to Octopus (31 January 2011:  GBPnil and 31 July 2011:  GBPnil). 
Furthermore, Octopus provides administration and company secretarial services to 
the Company. Octopus receives a fee of 0.3 per cent per annum of net assets of 
the Company for administration services and  GBP10,000 per annum for company 
secretarial services. 
 
8.     Copies of this report are available from the registered office of the 
Company at 20 Old Bailey, London, EC4M 7AN. 
 
 
 
 
 
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 4 plc via Thomson Reuters ONE 
[HUG#1597662] 
 

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