Interim Management Statement
February 11 2011 - 4:45AM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
11 February 2011
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 3 plc ('Titan 3' or 'VCT') presents an
Interim Management Statement for the period 1 November 2010 to 31 January
2011. The statement also includes relevant financial information between the
end of the period and the date of this statement.
Financial Summary
As at 31 January 2011 As at 31 October 2010
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Net assets ( GBP'000s) 19,943 19,607
Return on ordinary activities after
tax ( GBP'000s) 335 (683)
Net asset value per share ('NAV') 98.4p 96.7p
Investment performance
At 31 January 2011 the NAV of the VCT was 98.4p, which compares to 96.7p at 31
October 2010. The performance of the VCT has been relatively stable in the
period under review and there have been no valuation movements in the unquoted
portfolio. The main drivers for the increase in the NAV were the VCT's
investments in the Open Ended Investment Companies ('OEICs'). These have seen an
uplift in value of 3.7% (Absolute UK Equity Fund) and 11.9% (UK Micro Cap Growth
Fund) over the 3 months to 31 January 2011.
Titan 3 has continued to see a good deal flow over the last three months. Since
31 October 2010, the VCT invested GBP367,000 into Diverse Energy, a company
focusing on the infrastructure of energy for global telecommunications, GBP450,000
into Curlet (UK) Limited (trading as 10CMS), an interactive merchandising
platform and GBP500,000 into Vega-Chi Limited, an electronic multilateral trading
facility. This brought the total portfolio to 25 current trading businesses in
the qualifying holdings. In addition, a further non-qualifying investment of
GBP296,000 was invested into Zoopla and qualifying investments of GBP246,000,
GBP18,500 and GBP133,332 were made into Semafone, Skills Market and Money Workout
respectively.
A full update is provided in the Annual Report for the year ending 31 October
2010.
The total value of the investment portfolio at 31 January 2011 was GBP19.9
million. By value, 48.5% of the Company's net assets are in unquoted
investments, 1.4% in AIM-quoted investments and 29.0% in Octopus OEICS, leaving
21.1% currently in cash or cash equivalents.
Top Ten Qualifying Investment Portfolio by value as at 31 January 2011
Company Carrying value % of total net
Sector GBP'000 assets
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Zoopla Limited Media 1,378 6.9%
True Knowledge Media
Limited 927 4.7%
Nature Delivered Consumer lifestyle &
Limited wellbeing 853 4.3%
Calastone Limited Technology 520 2.6%
Vega-Chi Limited Technology 500 2.5%
Curlet (UK) Limited Technology 450 2.3%
Mi-Pay Limited Telecommunications 429 2.1%
AQS Holdings Limited Environmental 421 2.1%
Diverse Energy
Limited Environmental 367 1.8%
UltraSoc Technologies
Limited Technology 361 1.8%
Material events and transactions
Titan 3's Board is not aware of any other significant event or transaction which
has occurred between 31 January 2011 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 2349
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 Titan VCT 3 PLC via Thomson Reuters ONE
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