Octopus Titan VCT 3 Octopus Titan VCT 3 PLC : Interim Management Statement
March 07 2013 - 12:32PM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
7 March 2013
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 2012 to 31 January
2013. 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
2013 Year to 31 October 2012
=------------------------------------------------------------------------------
Net assets ( GBP'000s) 20,705 25,034
Return on ordinary
activities after tax
( GBP'000s) (29) 5,264
Net asset value per share
('NAV') 96.3p 116.4p
Cumulative dividends paid
and proposed since launch 21.0p 1.0p
Total return (NAV plus
dividends paid) 117.3p 117.4p
Investment performance
At 31 January 2013 the Total Return of the VCT was 117.3p, which compares to
117.4p at 31 October 2012. The performance of the VCT has been stable in the
period under review as there have been no valuation movements in the unquoted
portfolio. This small movement in the Total Return reflects the standard running
costs of the VCT exceeding the income received.
During the period under review, Titan 3 made three follow-on investments into
Calastone ( GBP244,000), Bowman Power ( GBP109,000) and Vega-chi ( GBP74,000).
As mentioned in the Annual report, on 30 November 2012, the Fund's holding in
Nature Delivered was realised, yielding GBP5,884,000 as a mixture of cash, equity
and loan notes.
Top Ten Investments by value as at 31 January 2013
Company % of total
Sector Carrying value GBP'000 net assets
=------------------------------------------------------------------------------
Secret Escapes Consumer lifestyle &
Limited wellbeing 2,639 12.7%
Zoopla Limited Media 2,503 12.1%
Nature Delivered Consumer lifestyle &
Limited wellbeing 2,120 10.2%
Calastone Limited Technology 2,030 9.8%
Certivox Limited Technology 972 4.7%
TouchType Limited Telecommunications 928 4.5%
Semafone Limited Telecommunications 898 4.3%
Mi Pay Limited Telecommunications 749 3.6%
Executive Channel
Europe Limited Media 701 3.4%
Surrey NanoSystems
Limited Technology 664 3.2%
Dividends
As announced in the recently published annual results, the proposed special
dividend of 20.0p per share for the year ended 31 October 2012 will be paid on
28 March 2013 to those shareholders on the register on 11 January 2013.
Material events and transactions
Titan 3, in conjunction with the other Titan funds, is seeking to raise a total
of GBP30 million, with amounts raised being allotted equally between the five
Titan Funds.
Since 31 January 2013, Titan 3 made three follow-on investments:
* On 8 February 2013, a further GBP123,000 was invested into Applied
Superconductor Limited
* On 28 February 2013, a further GBP750,000 was invested into e-therapeutics Plc
* On 5 March 2013, a further GBP202,000 was invested into Metrasens Limited
Titan 3's Board is not aware of any other significant event which has occurred
between 31 January 2013 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
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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