Interim Management Statement
September 16 2011 - 10:32AM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
16 September 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 May 2011 to 31 July 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 October
As at 31 July 2011 As at 30 April 2011 2010
=-------------------------------------------------------------------------------
Net assets ( GBP'000s) 19,355 19,309 19,607
Return after tax (236) (282) (683)
( GBP'000s)
Net asset value per 95.6p 95.3p 96.7p
share (NAV)
Investment performance
At 31 July 2011 the NAV of the VCT was 95.6p, which compares to 95.3p at 30
April 2011. 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 slight increase in the NAV were the VCT's
investments in the Open Ended Investment Companies ('OEICs'). These have seen an
uplift in value of 0.7% (Absolute UK Equity Fund) and 3.5% (UK Micro Cap Growth
Fund) over the 3 months to 31 July 2011.
Titan 3 has continued to invest at a steady rate over the last three months as
the deadline for reaching the 70% qualifying investment level approaches. Since
30 April 2011, the VCT has invested GBP493,000 into Applied Superconductor, a
specialist developer and producer of high efficiency devices for utility and
industry electrical networks, which brings the total portfolio to 28 companies.
In addition, follow-on investments were made into GetOptics, True Knowledge and
MiPay of GBP37,000, GBP210,000 and GBP73,000 respectively. We remain confident that
Titan 3 will reach the 70% level by the end of October.
The total value of the investment portfolio at 31 July 2011 was GBP19.4 million.
By value, 54.5% of the VCT's net assets are in unquoted investments, 2.9% in
AIM-quoted investments and 30.7% in Octopus OEICS, leaving 11.9% currently in
cash or cash equivalents.
Since the period end there have been a number of events that have affected the
stock market and in turn the valuations of the OEIC and AiM investments. At 12
September 2011 the bid value of these investments had decreased by GBP435,000
since 31 July 2011 which represents a reduction in NAV of 2.1p per share.
A full update will be provided in the Annual Report for the year ending 31
October 2011.
Top Ten Qualifying Investments by value as at 31 July 2011
Company Carrying value % of total
Sector GBP'000 net assets
=-------------------------------------------------------------------------------
True Knowledge Limited Media 1,427 7.4%
Zoopla Limited Media 1,378 7.1%
Nature Delivered Consumer lifestyle &
Limited wellbeing 853 4.4%
Mi-Pay Limited Telecommunications 549 2.8%
e-Therapeutics plc Consumer lifestyle &
wellbeing 545 2.8%
Calastone Limited Technology 520 2.7%
Vega-Chi Limited Technology 500 2.6%
Applied Superconductor
Limited Technology 493 2.5%
Curlet (UK) Limited Technology 450 2.3%
AQS Group Limited Environmental 421 2.2%
Material events and transactions
Titan 3's Board is not aware of any other significant event or transaction which
has occurred between 1 August 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 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 Titan VCT 3 PLC via Thomson Reuters ONE
[HUG#1547327]
Octopus T. 3 (LSE:OTV3)
Historical Stock Chart
From Jul 2024 to Aug 2024
Octopus T. 3 (LSE:OTV3)
Historical Stock Chart
From Aug 2023 to Aug 2024