Octopus Titan VCT 3 Octopus Titan Vct 3 Plc : Interim Management Statement
February 28 2014 - 5:42AM
UK Regulatory
TIDMOTV3
Octopus Titan VCT 3 plc
Interim Management Statement
28 February 2014
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 2013
to 31 January 2014. 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
2014 Year to 31 October 2013
Net assets (GBP'000s) 25,697 23,135
Return on ordinary
activities after tax
(GBP'000s) (455) 1,253
Net asset value per share 89.8p 91.5p
('NAV')
Cumulative dividends paid 31.0p 31.0p
since launch
Total return (NAV plus 120.8p 122.5p
dividends paid)
Investment performance
At 31 January 2014 the Total Return of the VCT was 120.8p, which
compares to 122.5p at 31 October 2013. The performance of the VCT has
been stable in the period under review with no change in the valuation
of the unquoted portfolio. The movement in the Total Return reflects the
standard running costs of the VCT and a small decrease in the fair value
of e-Therapeutics plc, a quoted investment.
The portfolio's strategy continues to be one of making further
investments in those companies where we believe this will move them
towards maturity and, in due course, profitable exits for the VCT's
shareholders. During the period under review, Titan 3 made six follow-on
investments with a total value of GBP905,000 and three new investments
with a combined value of GBP464,000.
Top Ten Investments by value as at 31 January 2014
Carrying value % of total net
Company Sector GBP'000 assets
Zenith Holding
Company Limited Other 8,121 31.6%
TouchType Limited Telecommunications 2,233 8.7%
Certivox Limited Technology 1,200 4.7%
UltraSoC
Technologies
Limited Technology 1,031 4.0%
Amplience Limited Technology 1,009 3.9%
Vega-Chi Limited Technology 962 3.7%
Consumer lifestyle
e-Therapeutics plc & wellbeing 868 3.4%
Consumer lifestyle
Metrasens Limited & wellbeing 762 3.0%
Mi Pay Limited Telecommunications 704 2.7%
Surrey NanoSystems
Limited Technology 664 2.6%
Dividends
As announced in the recently published annual results, the proposed
final dividend of 2.5p per share for the year ended 31 October 2013 will
be paid on 4 April 2014 to those shareholders on the register on 7 March
2014, subject to approval at the AGM.
Linked Fund Raise
Titan 3, in conjunction with the other Titan funds, is seeking to raise
a total of GBP35 million, with an over-allotment facility of GBP15
million. The amount raised will be allotted equally between the five
Titan Funds. The following allotments have taken place:
-- On 12 December 2013 3,321,172 shares were allotted at a price of 96.9p
per share.
-- On 14 February 2014 1,149,025 shares were allotted at a price of 95.1p
per share.
Material events and transactions
Since 31 January 2014, Titan 3 made one follow-on investment of
GBP317,000 in Getlenses Limited and one new investment of GBP300,000 in
Adbrain Limited.
Titan 3's Board is not aware of any other significant event which has
occurred between 31 January 2014 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 NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Octopus Titan VCT 3 PLC via Globenewswire
HUG#1765516
http://www.octopusinvestments.com
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