Octopus Titan VCT 3 Octopus Titan Vct 3 Plc : Interim Management Statement
August 14 2013 - 1:04PM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
14 August 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 May 2013 to 31
July 2013. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Financial Summary
As at 30 April As at 31 October
As at 31 July 2013 2013 2012
Net assets
(GBP'000s) 22,740 25,083 25,034
Return after tax
(GBP'000s) 53 (232) 5,264
Net asset value per 86.6p 95.5p 116.4p
share (NAV)
Cumulative dividends 31.0p 21.0p 1.0p
paid since launch
Total return (NAV 117.6p 116.5p 117.4p
plus dividends
paid)
Developments
As discussed in the recent interim report, a few of the successful
investee companies had, or were about to, become non-qualifying during
the normal course of business which would put a strain on the qualifying
status of the VCT. A solution to this has been approved by shareholders
and HMRC during the period and has now beenMRHMRCms brought into effect.
The transaction saw Octopus Titan VCT 1 Plc ('Titan 1'), Octopus Titan
VCT 2 Plc ('Titan 2') and Titan 3 effectively 'sell half and retain
half' of Zoopla Property Group, Nature Delivered, Calastone and Secret
Escapes, and as a result, the qualifying status of the VCT has been
protected, cash has been realised and investors are also able to
participate in the future growth of these companies.
As at 31 July 2013, Zoopla Property Group, Nature Delivered and Secret
Escapes have been disposed and transferred from Titan 1, Titan 2 and
Titan 3 into the new Octopus managed fund which Titan 1, Titan 2 and
Titan 3 hold a stake in. It is anticipated that Calastone will be
transferred shortly.
Investment performance
At 31 July 2013 the Total Return of the VCT, being the NAV plus
cumulative dividends, was 117.6p compared to 116.5p at 30 April 2013.
The increase in the Total Return has arisen from an uplift in the
Calastone valuation, an uplift in the e-Therapeutics share price and an
uplift in the valuation in the Open Ended Investment Companies ('OEICs')
during the period. There have been no other changes in the unquoted
valuations since 30 April 2013.
We have continued to focus on monitoring existing portfolio companies,
alongside giving them support with both advice and new funding needs.
During the period under review, Titan 3 made five follow-on investments
of GBP1,100,000 into Calastone, GBP841,000 into TouchType, GBP800,000
into Certivox, GBP494,000 into UltraSoc and GBP31,000 into Mi-Pay. Titan
3 also made one new investment of GBP300 into Zenith Holding Company.
A small increase in the fair value of the VCT's investments in the OEICs
has been recognised during the period. The CF Octopus UK Micro Cap
Growth Fund has seen a 14.5% increase in fair value since 31 October
2012.
The total value of the investment portfolio at 31 July 2013 was
GBP20,056,000. By value, 83.0% of the Company's net assets are in
unquoted investments, 6.0% in AIM-quoted investments and 2.1% in Octopus
OEICS, leaving 8.9% currently in cash or cash equivalents, together with
debtors and creditors.
Top Ten Investments by value as at 31 July 2013
Carrying value % of total net
Company Sector GBP'000 assets
Calastone Limited* Technology 3,390 16.1%
Zenith Holding
company
Limited** Various 3,631 16.0%
TouchType Limited Telecommunications 2,325 10.2%
Certivox Limited Technology 1,772 7.8%
Consumer lifestyle
e-Therapeutics Plc & wellbeing 1,360 6.0%
UltraSoC
Technologies
Limited Technology 1,031 4.5%
Amplience Limited Technology 1,009 4.4%
Consumer lifestyle
Metrasens Limited & wellbeing 762 3.3%
Semafone Limited Telecommunications 703 3.1%
Executive Channel
Europe Limited Media 701 3.1%
*It is anticipated that Calastone will be transferred into Zenith
Holding Company shortly.
** Zenith Holding Company Limited holds an interest in a new
Octopus-managed fund which now owns Titan 1, Titan 2 and Titan 3's
previous holdings in Zoopla Property Group, Nature Delivered and Secret
Escapes.
Dividends
As announced in the recently published half-yearly report, the interim
dividend of 10.0p per share was paid on 26 July 2013 to those
shareholders on the register on 5 July 2013.
Linked Top-up
The Board of Octopus Titan VCT 3 Plc, along with the other Titan funds,
are pleased to announce their intention to launch a new fund raising
this year of up to GBP35 million by way of an issue of new shares with
an over allotment facility of a further GBP15 million across the Titan
funds. It is anticipated that a prospectus containing further details
will be sent to shareholders and potential new investors in early
September 2013.
Material events and transactions
The VCT made a new investment of GBP100,000 into Zynstra on 2 August
2013. Titan 3's Board is not aware of any other significant event which
has occurred between 1 August 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
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#1723119
http://www.octopusinvestments.com
Octopus T. 3 (LSE:OTV3)
Historical Stock Chart
From Jun 2024 to Jul 2024
Octopus T. 3 (LSE:OTV3)
Historical Stock Chart
From Jul 2023 to Jul 2024
