TIDMECL3
Octopus Eclipse VCT 3 plc
Half-Yearly Results
29 April 2009
Octopus Eclipse VCT 3 plc, managed by Octopus Investments Limited,
today announces the Half-Yearly results for the six months ended 28
February 2009.
These results were approved by the Board of Directors on 29 April
2009.
You may view the Half-Yearly Report in full at
www.octopusinvestments.com by navigating to the VCT Meetings &
Reports under the 'Services' section.
Financial Summary
Six months to Year to
Six months to 28 29 February 31 August
February 2009 2008 2008
Net assets (GBP'000s) GBP19,779 GBP27,735 GBP23,002
Net loss after tax (GBP'000s) GBP(2,640) GBP(1,619) GBP(6,058)
Net asset value per share
("NAV") 67.6p 94.1p 78.0p
Cumulative dividends since
launch - paid and proposed 5.7p 2.2p 4.7p
Octopus Eclipse VCT 3 plc ("Eclipse 3", "Fund" or "Company") is a
venture capital trust ("VCT") which aims to provide shareholders with
attractive tax-free dividends and long-term capital growth.
Eclipse 3 invests primarily in unquoted and AIM-quoted companies and
aims to deliver absolute returns on its investments. Eclipse 3 was
launched in August 2005 and raised approximately GBP29.1 million (GBP28.7
million net of expenses) through an offer for subscription. The
Investment Manager is Octopus Investments Limited ("Octopus" or
"Manager").
Eclipse 3 co-invests with the three other Eclipse funds which are all
managed by the same investment team at Octopus. This is viewed as a
benefit as it means Eclipse 3 will not only be able to invest in a
wider range of opportunities but also in larger and more developed
companies than are typically available to a single VCT.
The table below shows the movement in net asset value per share
("NAV") and lists the dividends that have been paid since the launch
of Eclipse 3:
Dividends paid
Period Ended NAV in period NAV + cumulative dividends
28 February 2006 94.9p - 94.9p
31 August 2006 95.7p - 95.7p
28 February 2007 103.0p 0.7p 103.7p
31 August 2007 101.1p - 101.8p
29 February 2008 94.1p 1.5p 96.3p
31 August 2008 78.0p 1.0p 81.2p
28 February 2009 67.6p 1.5p 72.3p
Chairman's Statement
Since the publication of the results for the year ended 31 August
2008, the overall environment for small companies, both AIM-quoted
and unquoted, has continued to be challenging and is expected to
remain so during 2009. Many of our portfolio companies, notably in
the consumer and leisure arena, have already felt some impact from
the credit crunch and economic slowdown. Others, which have not yet
seen an impact, remain cautious about future prospects, given the
level of uncertainty about the direction of the economy. The harsh
economic conditions are demanding on smaller companies both in terms
of management and financial resources. Our focus will remain on
supporting those companies that have robust business models with
strong management teams that can manage through the present climate
and capitalise on opportunities which will arise. These businesses
should create attractive investment returns over the longer term.
Results
During the period to 28 February 2009, the total return (being NAV
plus dividends paid) has fallen from 81.2p to 72.3p, a decline of
11.0%. Although this decline is disappointing in absolute terms, it
reflects similar falls across the financial markets both domestically
and globally over the last 6 months or so. By comparison, the FTSE
All-Share index fell 32.7% and the FTSE AIM All-Share index fell by
51.5%. The portfolio has a broad sector spread, but its larger
exposures by valuation are media & marketing and engineering &
machinery which have inevitably felt the brunt of the current
downturn
Portfolio
As it stands, the Fund is invested in 15 unquoted and 15 AIM-quoted
companies and is almost fully invested. It is not therefore envisaged
that many new investments will be completed in the foreseeable
future, although the Manager continues to look out for opportunities
that present exceptional value in the current market. The existing
portfolio will continue to be supported where appropriate. By value,
62.3% of the Company's net assets are in unquoted investments, 9.7%
in AIM-quoted investments and 27.9% of the Company's net assets are
currently in cash or near cash.
Unquoted
During the period under review two follow-on investments into
existing portfolio companies were made. GBP191,800 was invested as loan
stock into The History Press and GBP186,100 into SweetCred, in each
case to support ongoing working capital requirements. SweetCred has
been particularly impacted by the lack of available credit finance to
fund imports, even where customers have placed orders.
It is particularly disappointing to report the loss of our investment
in The Grill Group, owner of the Smollensky's chain of restaurants.
This investment was made in 2007 and had been struggling as sales
levels began to decline with the onset of the economic downturn.
Considerable efforts were made to reduce the number of units managed
and to turn around performance. The Manager also tried to find
buyers for the whole business, which looked achievable until the
severe downturn experienced in September 2008. Given the weak
economic outlook for consumer spending in 2009, the Manager decided
that further investment could not be justified and a sale of the
business occurred. The price of the sale provided no recovery for
any of the Octopus funds and Eclipse 3 realised a loss of GBP2,175,000,
of which GBP647,000 had previously been provided.
A number of downward valuation adjustments have been made, which
reflect both specific company performance and the fall in valuation
multiples. In the current environment this is not a surprise but the
Manager is working hard to support the portfolio so that each company
is well placed to progress when the economy turns. The valuation of
CSL Dualcom has been uplifted to reflect continuing good progress of
this investment. In addition, it is also worth noting that, whilst
valuations across the portfolio have been carefully evaluated,
several other investments have made positive underlying progress
during the period, including Audio Visual Machines, Promotion Space
and Hydrobolt.
In April the Fund received GBP65,000 as further proceeds following the
sale in 2007 of James Harvard International. This payment was based
on performance following the acquisition by Hays Plc. In addition
CSL have repaid the GBP250,000 loan, which was advanced in August 2008.
Looking ahead, in the current credit and economic environment we have
to be conscious that the funding options for portfolio companies are
more restricted than usual. Whilst we aim to balance the Fund's
strategic aims, at the present time we are attaching greater weight
to the need for liquidity within the Fund to support further
investment, where appropriate.
AIM-quoted
The well publicised banking crisis and the ensuing deteriorating
economic outlook has had a severe impact on the AIM market. As is
usual during periods of uncertainty, investors shun small companies
in favour of larger and more liquid investments. However, as you
will be aware, these have fared little better as the banking crisis
has unfolded.
The AIM portfolio, accounted for 9.7% of the investment portfolio by
valuation. Price falls in smaller quoted companies have been severe,
and due to the illiquidity of some of the stocks, this has compounded
the problem, resulting in a staggering fall of 51.5% in the FTSE AIM
All-Share over the period to February 2009. Price falls largely
reflect market de-ratings rather than stock specific issues. Whilst
the economic outlook remains a concern, all bar one of the
investments in the Company's AIM portfolio are established,
profitable companies which should not need to rely on access to
further funding. Furthermore, many of the AIM investments are
engaged in business activities that have demonstrated robust pricing
power and will not be reliant on the ebb and flow of the wider
economy. For example, Healthcare Locums PLC, Pressure Technologies
PLC and Cohort PLC all announced profits in excess of market
expectations during the last twelve months and continue to trade
well. With this in mind, we remain confident about the longer term
prospects of the underlying AIM holdings within the portfolio.
Principal Risks and Uncertainties
The Company's assets consist of equity and fixed-rate interest
investments, cash and liquid resources. Its principal risks are
therefore market risk, credit risk and liquidity risk. Other risks
faced by the Company include economic, loss of approval as a VCT,
investment and strategic, regulatory, reputational, operational and
financial risks. These risks, and the way in which they are managed,
are described in more detail in the Company's Annual Report and
Accounts for the year ended 31 August 2008. The Company's principal
risks and uncertainties have not changed materially since the date of
that report.
Dividend and Dividend Policy
It is your Board's policy to strive to maintain a regular dividend
flow where possible and this primarily relies on the level of
profitable realisations and available cash reserves. However, in
these economic climates this cannot always be guaranteed. That said,
for the period ended 28 February 2009, the Board has declared an
interim dividend of 1p per share, payable from revenue reserves. This
dividend will be paid to shareholders, on 25 June 2009, who are on
the register on 29 May 2009.
Change of Name
During November, shareholders voted in favour of changing the name of
the Company from Eclipse VCT 3 plc to Octopus Eclipse VCT 3 plc. With
a wide range of Octopus funds now under management, it was considered
appropriate that the name of the Company should reflect the name of
Octopus so as to avoid confusion in the market place.
Shareholders should be reminded, however, that current Directors will
remain in office and their independence from Octopus is in no way
affected.
VAT on Management Fees
The Government has announced that VCTs will be exempt from paying VAT
on investment management fees with effect from 1 October 2008. This
follows a European Court of Justice Judgement against the Government
in a case relating to VAT payable by investment trusts. It is now
fully expected that a VAT repayment will be obtained for VAT paid on
management fees for the last three years. However, the extent and
timing of repayments is not yet known. A claim has been submitted to
HMRC by Octopus on behalf of the VCT. For the purposes of these
accounts, and with guidance from our advisers at Octopus, we have
accrued an anticipated VAT rebate of GBP200,000.
Outlook
Experience of previous recessionary periods shows that further
financial support for existing investments has to be considered very
carefully and is dependent on having a strong business model and
exceptional management team.
We will continue to consider investments in sound companies and to
support existing holdings that merit capital for sensible expansion
plans, including well priced acquisitions. Taking a longer term
view, which a VCT affords, we expect economic conditions to improve,
enabling the portfolio to develop and generate successful exits that
will bring rewards for shareholders.
If you have any questions on any aspect of your investment, please
call one of the team on 0800 316 2347.
Greg Melgaard
Chairman
29 April 2009
Investment Portfolio Review
+-------------------------------------------------------------------------------------------------------------+
| | | | | | | | % equity|
| | | | | Carrying|Change in| | held by|
| | | | |value at 28|valuation| |all funds|
| | |Investment| Unrealised| February | in the| % equity| managed|
|Unquoted Qualifying | | at cost|profit/(loss)| 2009| period| held by| by|
|Investments |Sector | (GBP'000)| (GBP'000)| (GBP'000)| (GBP'000|Eclipse 3| Octopus|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|The History Press |Publishing | | | | | | |
|Limited | | 1,863| -| 1,863| -| 15.2%| 60.0%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|CSL DualCom Limited |Technology & | | | | | | |
| |Telecommunications| 945| 787| 1,732| 603| 11.5%| 45.8%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Promotion Space Limited|Media & Marketing | | | | | | |
| |Services | 1,678| -| 1,678| -| 12.3%| 38.0%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Hydrobolt Limited |Engineering & | | | | | | |
| |Machinery | 1,396| -| 1,396| -| 16.3%| 48.1%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Bruce Dunlop & |Media & Marketing | | | | | | |
|Associates |Services | | | | | | |
|International Limited | | 1,250| (215)| 1,035| (215)| 11.7%| 33.3%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Vulcan Services Limited|Engineering & | | | | | | |
| |Machinery | 1,000| -| 1,000| -| 24.5%| 49.0%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Tristar Worldwide |Transport Services| | | | | | |
|Limited | | 1,000| -| 1,000| -| 10.0%| 35.0%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|SweetCred Holdings |Consumer Products | | | | | | |
|Limited | | 1,863| (1,025)| 838| (1,025)| 7.7%| 24.5%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Audio Visual Machines |Technology & | | | | | | |
|Limited |Telecommunications| 711| -| 711| (217)| 10.8%| 45.0%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|T4 Holdings Limited |Media & Marketing | | | | | | |
| |Services | 1,079| (506)| 573| (159)| 11.1%| 41.7%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Perfect Pizza Limited |Leisure & Hotels | 372| (185)| 187| (184)| 4.9%| 34.3%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|The Capital Pub Company|Leisure & Hotels | | | | | | |
|2 plc | | 200| (44)| 156| 1| 1.2%| 8.2%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Lilestone Holdings |General Retail | | | | | | |
|Limited | | 375| (281)| 94| (281)| 2.7%| 22.0%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Blanc Brasseries |Leisure & Hotels | | | | | | |
|Holdings plc | | 55| (55)| -| (28)| 0.7%| 3.3%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Red-M Group Limited |Technology & | | | | | | |
| |Telecommunications| 241| (241)| -| -| 1.35%| 7.6%|
|------------------------------------------+----------+-------------+-----------+---------+-------------------|
|Total unquoted qualifying investments | 14,028| (1,765)| 12,263| (1,505)| | |
|------------------------------------------+----------+-------------+-----------+---------+-------------------|
| | | | | | | | % equity|
| | | | | Carrying|Change in| | held by|
| | | | |value at 28|valuation| |all funds|
| | |Investment| Unrealised| February| in the| % equity| managed|
|AIM-quoted Qualifying | | at cost|profit/(loss)| 2009| period| held by| by|
|Investments |Sector | (GBP'000)| (GBP'000)| (GBP'000)| (GBP'000|Eclipse 3| Octopus|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|CBG Group plc |General Financial | 381| (70)| 311| (122)| 1.8%| 18.1%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Hasgrove plc |Media & Marketing | 400| (160)| 240| (83)| 1.5%| 10.5%|
| |Services | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Pressure Technologies |Engineering & | 165| 71| 236| (66)| 1.0%| 11.0%|
|plc |Machinery | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Healthcare Locums plc |Support Services | 100| 116| 216| (2)| 0.2%| 2.5%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Hexagon Human Capital |Support Services | 677| (465)| 212| (310)| 2.5%| 15.7%|
|plc | | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Plastics Capital plc |Engineering & | 500| (355)| 145| (195)| 1.9%| 17.9%|
| |Machinery | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Brulines (Holdings) plc|Support Services | 148| (17)| 131| (61)| 0.4%| 7.9%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Northern Bear plc |Construction & | 299| (169)| 130| (18)| 1.1%| 7.7%|
| |Materials | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Concateno plc |Support Services | 85| (3)| 82| (66)| 0.1%| 0.9%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Cohort plc |Engineering & | 68| 9| 77| (36)| 0.1%| 0.9%|
| |Machinery | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Vertu Motors plc |General Retail | 250| (196)| 54| (54)| 0.5%| 7.7%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Tanfield Group plc |Engineering & | 130| (78)| 52| 3| 0.2%| 3.0%|
| |Machinery | | | | | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Invocas plc |General Financial | 40| (24)| 16| (13)| 0.1%| 1.3%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Autoclenz plc |Support Services | 125| (111)| 14| (9)| 1.0%| 12.8%|
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Cantono plc |Technology & | 420| (418)| 2| (65)| 0.1%| 2.7%|
| |Telecommunications| | | | | | |
|------------------------------------------+----------+-------------+-----------+---------+-------------------|
|Total AIM-quoted qualifying investments | 3,787| (1,869)| 1,918| (1,097)| | |
|------------------------------------------+----------+-------------+-----------+---------+--------------+----|
|Non-qualifying unquoted investments | 2| 65| 67| 65| | |
|------------------------------------------+----------+-------------+-----------+---------+--------------+----|
|Non-qualifying AIM-quoted investments | 21| (13)| 8| (2)| | |
|------------------------------------------+----------+-------------+-----------+---------+--------------+----|
|Total non-qualifying investments | 23| 52| 75| 63| | |
|------------------------------------------+----------+-------------+-----------+---------+-------------------|
|Fixed income securities & cash at bank | 5,763| (381)| 5,382| (424)| | |
|------------------------------------------+----------+-------------+-----------+---------+---------+---------|
|Total investments | | 23,601| (3,963)| 19,638| (2,963)| | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Net current assets | | | | 141| | | |
|-----------------------+------------------+----------+-------------+-----------+---------+---------+---------|
|Total net assets | | | | 19,779| | | |
+-------------------------------------------------------------------------------------------------------------+
Responsibility Statement of the Directors in respect of the half
yearly report
We confirm that to the best of our knowledge:
* the half-yearly financial statements have been prepared in
accordance with the statement "Half-Yearly Financial Reports"
issued by the UK Accounting Standards Board;
* the half-yearly report includes a fair review of the information
required by the Financial Services Authority Disclosure and
Transparency Rules, being:
o an indication of the important events that have occurred
during the first six months of the financial year and their impact on
the condensed set of financial statements.
o a description of the principal risks and uncertainties for
the remaining six months of the year; and
o a description of related party transactions that have taken
place in the first six months of the current financial year, that may
have materially affected the financial position or performance of the
Company during that period and any changes in the related party
transactions described in the last annual report that could do so.
On behalf of the Board
Greg Melgaard
Chairman
29 April 2009
Income Statement
Six months to 28 Six months to 29
February 2009 February 2008 Year to 31 August 2008
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/gain
on disposal
of fixed
asset
investments - (50) (50) - 222 222 - 222 222
Gain on
disposal of
current asset
investments - 7 7 - 99 99 - 134 134
Loss on
valuation of
fixed asset
investments - (2,539) (2,539) - (1,808) (1,808) - (5,949) (5,949)
(Loss)/gain
on valuation
of current
asset
investments - (424) (424) - 46 46 - (46) (46)
Income 562 - 562 346 - 346 603 - 603
Investment
management
fees (62) (187) (249) (87) (263) (350) (176) (529) (705)
VAT
management
fee rebate 50 150 200 - - - - - -
Other
expenses (150) - (150) (174) - (174) (317) - (317)
Profit/(loss)
on ordinary
activities
before tax 400 (3,043) (2,643) 85 (1,704) (1,619) 110 (6,168) (6,058)
Taxation on
profit/(loss)
on ordinary
activities 3 - 3 - - - - - -
Profit/(loss)
on ordinary
activities
after tax 403 (3,043) (2,640) 85 (1,704) (1,619) 110 (6,168) (6,058)
Return per
share - basic
and diluted 1.4p (10.3)p (8.9)p 0.3p (5.8)p (5.5)p 0.4p (20.9)p (20.5)p
* The 'Total' column of this statement is the profit and loss
account of the Company; the supplementary revenue return and
capital return columns have been prepared under guidance
published by the Association of Investment Companies.
* all revenue and capital items in the above statement derive from
continuing operations
* the accompanying notes are an integral part of the half-yearly
report
* The Company has no recognised gains or losses other than those
disclosed in the income statement.
Reconciliation of Movements in Shareholders' Funds
Six months
Six months ended ended 29 Year to 31
28 February 2009 February 2008 August 2008
GBP'000 GBP'000 GBP'000
Shareholders' funds at
start of period 23,002 29,825 29,825
Loss on ordinary
activities after tax (2,640) (1,619) (6,058)
Cancellation of own
shares (142) (28) (28)
Dividends paid (441) (443) (737)
Shareholders' funds at
end of period 19,779 27,735 23,002
Balance Sheet
As at 28 As at 29 As at 31
February 2009 February 2008 August 2008
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments 14,256 16,892 16,646
Current assets:
Investments - money
market securities 5,100 10,235 6,222
Debtors 313 200 206
Cash at bank 281 490 55
5,694 10,925 6,483
Creditors: amounts
falling due within one
year (171) (82) (127)
Net current assets 5,523 10,843 6,356
Net assets 19,779 27,735 23,002
Called up equity share
capital 2,925 2,947 2,947
Share premium - - -
Special distributable
reserve 24,920 25,061 25,061
Capital redemption
reserve 28 6 6
Capital reserve -
Realised (4,696) (112) (577)
-
Unrealised (3,962) (376) (4,595)
Revenue reserve 564 209 160
Total equity
shareholders' funds 19,779 27,735 23,002
Net asset value per share 67.6p 94.1p 78.0p
Cash Flow Statement
Six months to Six months to Year to
28 February 29 February 31 August
2009 2008 2008
GBP'000 GBP'000 GBP'000
Net cash inflow/(outflow) from
operating activities 300 (119) (334)
Financial investment :
Purchase of fixed asset
investments (457) (8,319) (12,221)
Sale of fixed asset investments 258 2,362 2,383
Management of liquid resources:
Purchase of current asset
investments (1,744) (6,594) (10,351)
Sale of current asset
investments 2,449 13,585 21,298
Taxation 3 - -
Dividends (441) (443) (738)
Financing:
Repurchase of own shares (142) (28) (28)
Increase in cash at bank 226 444 9
Reconciliation of net cash flow to movement in net funds
Six months to 28 Six months to 29 Year to 31
February 2009 February 2008 August 2008
GBP'000 GBP'000 GBP'000
Increase in cash at
bank 226 444 9
Decrease in cash
equivalents (1,122) (6,845) (10,859)
Opening net cash
resources 6,277 17,126 17,127
Net funds at period
end 5,381 10,725 6,277
Reconciliation of profit before taxation to cash flow from operating
activities
Six months to Six months to
28 February 29 February Year to 31
2009 2008 August 2008
GBP'000 GBP'000 GBP'000
Loss on ordinary activities
before tax (2,643) (1,619) (6,058)
Loss/(gain) on disposal of
fixed asset investments 50 (222) 5,949
(Gain)/loss on disposal of
current asset investments (7) (99) 46
Loss/(gain) on valuation of
fixed asset investments 2,539 1,808 (222)
Loss/(gain) on valuation of
current asset investments 424 (46) (134)
(Increase)/decrease in
debtors (107) 54 35
Increase in creditors 44 5 50
Inflow/(outflow) from
operating activities 300 (119) (334)
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 28
February 2009 have been prepared in accordance with the Accounting
Standard Board's (ASB) statement on half-yearly financial reports
(July 2007) and adopting the accounting policies set out in the
statutory accounts of the Company for the year ended 31 August 2008,
which were prepared under UK GAAP and in accordance with the
Statement of Recommended Practice for Investment Companies issued by
the Association of Investment Companies in July 2003, revised in
December 2005.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 28
February 2009 do not constitute statutory accounts within the meaning
of Section 240 of the Companies Act 1985 and have not been delivered
to the Registrar of Companies. The comparative figures for the year
ended 31 August 2008 have been extracted from the audited financial
statements for that year, which have been delivered to the Registrar
of Companies. The independent auditor's report on those financial
statements under Section 235 of the Companies Act 1985 was
unqualified. This half-yearly report has not been reviewed by the
Company's auditor.
3. Earnings per share
The revenue return per share is based on the net revenue return on
ordinary activities after taxation of GBP403,000 (31 August 2008:
GBP110,000 and 29 February 2008: GBP85,000) whilst the capital loss is
based on the capital loss on ordinary activities after taxation of
GBP(3,043,000) (31 August 2008: GBP(6,168,000) and 29 February 2008:
GBP(1,704,000)). This is in respect of 29,419,223 (31 August 2008:
29,482,415, 29 February 2008: 29,505,588) being the weighted average
number of shares, in issue during the period.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted returns per share figures are relevant.
4. Net asset value per share
The calculation of net asset value per share as at 28 February 2009
is based on net assets of GBP19,779,000 (31 August 2008: GBP23,002,000
and 29 February 2008: GBP27,735,000) divided by the 29,263,173 (31
August 2008: 29,479,384, 29 February 2008: 29,479,384) shares in
issue at that date.
5. Dividends
The interim dividend of 1 pence per share for the six months ending
28 February 2008 will be paid on 25 June 2009, to those shareholders
on the register on 29 May 2009. This will be paid from revenue
reserves. A final dividend, for the year ending 31 August 2008, of
1.5 pence per share was paid on 5 January 2009 to shareholders who
were on the register on 5 December 2008. This was paid wholly from
capital reserves.
6. Buybacks
During the six months ended 28 February 2009 the Company bought back
216,211 shares at a weighted average
price of 65.3 pence per share. No shares were issued during the
period.
7. Related Party Transactions
Octopus acts as the investment manager of the Company. Under the
management agreement, Octopus receives a fee of 2.0 per cent per
annum of the net assets of the Company for the investment management
services. During the period, the Company incurred management fees of
GBP249,000 (31 August 2008: GBP705,000 and 29 February 2008: GBP350,000)
payable to Octopus. At the period end there was GBPnil (31 August 2008:
Nil and 29 February 2008: Nil) outstanding to Octopus.
8. Copies of this statement are being sent to all
shareholders. Copies are also available from the registered office of
the Company at 8 Angel Court, London, EC2R 7HP, and will also be
available to view on the Investment Manager's website at
www.octopusinvestments.com
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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