OTV3 Octopus T. 3

 
TIDMOTV3 
 
Octopus Titan VCT 3 plc ("Titan 3" or "Fund") 
 
13 March 2009 
 
Interim Management Statement 
For the period from 1 November 2008 to 12 March 2009 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure 
and Transparency rules, Octopus Titan VCT 3 plc presents an Interim 
Management Statement for the period 1 November 2008 to 12 March 
2009. 
 
Financial summary 
 
                                           Three months 
                                                  ended 
                            As at 12 March   31 January Year ended 31 
                                      2009         2009  October 2008 
 
Total net assets (GBP'000s)            6,272        5,740          3844 
Net asset value per share 
("NAV")                              92.3p        92.2p         92.2p 
Net revenue return after 
tax (GBP'000s)                          (52)         (45)          (58) 
Share price                           100p         100p          100p 
 
 
Since the year  end, the  Company has issued  and allotted  3,317,951 
shares at 100p each.  The total  gross funds raised by Titan 3  since 
launch stands at GBP7.3m. 
 
Investment performance 
The period under review continued to  be a time of persistent  stress 
for smaller companies. As a result, over the period to 12 March 2009, 
the FTSE SmallCap Index  fell by 16.4%. In  contrast, the NAV of  the 
Fund was stable over the period, increasing slightly by 0.1p. 
 
In January,  Titan  3 made  an  investment of  GBP280,000  into  Zoopla 
Limited, an  award-winning online  property information  service  and 
community website,  presenting  information on  house  pricing,  free 
valuation  estimates,  for   sale  listings,   and  local   community 
information. Zoopla has  become the  UK's leading  website for  house 
prices and  value data,  as  it provides  a comprehensive  source  of 
residential property market  information. It  is also  the UK's  most 
active property community, with over a million user contributions  to 
its website in 2008. Since the investment Zoopla has launched  estate 
agent listings on  a pay-for-performance  basis and  believes it  can 
become the premier UK  website for those  interested in the  property 
market. 
 
In March, Titan 3 made an investment of GBP49,996 into Phasor Solutions 
Limited. Phasor is developing  Asic chips for use  in a phased  array 
antenna that are a fraction of the cost of a silicon chip. The phased 
array antennas  are initially  to be  installed on  trains where  the 
headroom under bridges does not allow a normal dome antenna and later 
used in the airline and  military vehicle markets. The first  working 
trial of a completed phased array will be installed on a train  later 
this year for  21 Net, with  whom there is  an exclusive contract  to 
supply the  train market.  If this  is successful,  the company  will 
develop the chips for the airline  and military markets that will  be 
sold to  the  phased array  manufacturers.  Further details  will  be 
provided in the half-yearly report. 
 
Qualifying Investment Portfolio 
 
Company           Investment class Carrying value % of equity held by 
                                            GBP'000            Titan 3 
Zoopla Limited            Unquoted            280                2.5% 
Calastone Limited         Unquoted            200                2.4% 
Phasor Solutions 
Limited                   Unquoted             50                1.0% 
 
 
 
 
 
 
 
 
By value, the portfolio is approximately 7.6% invested in unquoted 
companies and 92.4% invested in money market securities, OEICs and 
cash. 
 
Pipeline 
The current market presents challenges, but also brings opportunities 
- historically investment into small companies during a downturn 
brings especially high returns in subsequent years. Sale prices for 
smaller companies will continue to fall as business owners adjust 
their expectations to current market realities. Our view is that 
there will be tremendous investment opportunities in this 
environment. 
 
Investment objective 
Our focus is on providing early stage, development and expansion 
funding to unquoted UK smaller companies. These companies have great 
potential but need support. Each has the opportunity to create a 
large business by taking a relatively modest market share. We are 
very interested in businesses that address current trends in the 
market. We aim to create a balanced investment portfolio spanning 
multiple industries and business sectors. Our pipeline of deals 
remains very strong which is exciting and we're looking forward to 
the opportunities ahead. 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or 
transaction which has occurred in the period under review which would 
have a material impact on the financial position on the Fund. 
 
For further information please contact: 
 
Alex Macpherson - Fund Manager 
Octopus Ventures Limited - 020 7710 2800 
 
 
ENDS 
 
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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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