Octopus Titan VCT 3 PLC : Interim Management Statement
March 16 2012 - 10:13AM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
16 March 2012
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 2011 to 31 January
2012. The statement also includes relevant financial information between the
end of the period and the date of this statement.
Financial Summary
3 months to 31 January
2012 Year to 31 October 2011
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Net assets ( GBP'000s) 18,702 18,811
Return on ordinary activities
after tax ( GBP'000s) (109) (780)
Net asset value per share
('NAV') 92.4p 92.9p
Investment performance
At 31 January 2012 the NAV of the VCT was 92.4p, which compares to 92.9p at 31
October 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. This movement in NAV reflects the standard running costs of the VCT.
Having reached the level of invested funds required by HMRC, we have shifted our
focus to monitoring existing portfolio companies, alongside giving them support
with advice and funding. During the period under review, Titan 3 made four
follow-on investments into 10CMS ( GBP250,000), Mi-Pay ( GBP179,000), PrismaStar
( GBP124,000) and Phase Vision ( GBP91,000).
The total value of the investment portfolio at 31 January 2012 was GBP15.1
million. By value, 76.8% of the Company's net assets are in unquoted
investments, 2.0% in AIM-quoted investments and 18.4% in Octopus OEICS, leaving
2.8% currently in cash or cash equivalents, together with debtors and creditors.
Top Ten Qualifying Investment Portfolio by value as at 31 January 2012
Company Carrying value % of total net
Sector GBP'000 assets
=-------------------------------------------------------------------------------
Nature Delivered Consumer lifestyle &
Limited wellbeing 1,705 9.1%
Calastone Limited Technology 1,526 8.2%
True Knowledge
Limited Media 1,409 7.5%
Zoopla Limited Media 1,378 7.4%
Secret Escapes Consumer lifestyle &
Limited wellbeing 732 3.9%
Executive Channel
Limited Media 701 3.7%
Certivox Limited Technology 599 3.2%
Mi Pay Limited Telecommunications 589 3.1%
Touch Type Limited Telecommunications 549 2.9%
Consumer lifestyle &
Metrasens Limited wellbeing 509 2.7%
Material events and transactions
Titan 3, in conjunction with the other Titan funds, is raising a total of GBP6.25
million with a view to allot on 5 April 2012 immediately preceded by a
publication of the NAV at that date.
Titan 3's Board is not aware of any other significant event which has occurred
between 31 January 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 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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