Interim Management Statement
19 Mayo 2011 - 4:27AM
UK Regulatory
TIDMOEC4
Octopus Eclipse VCT 4 PLC
Interim Management Statement
19 May 2011
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Eclipse VCT 4 plc ('Eclipse 4' or 'VCT') presents an
Interim Management Statement for the period 1 February 2011 to 30 April 2011.
The statement also includes relevant financial information between the end of
the period and the date of this statement.
Financial Summary
6 months to 31 January
9 months to 30 April 2011 2011
=-------------------------------------------------------------------------------
Net assets ( GBP'000s) 16,725 18,085
Return on ordinary
activities after tax
( GBP'000s) (1,237) (506)
Net asset value per share
('NAV') 62.1p 66.1p
Cumulative dividends paid
since launch 11.7p 10.2p
Total return (NAV plus
dividends paid) 73.8p 76.3p
Investment performance
At 30 April 2011 the net asset value (NAV) of the VCT was 62.1p, which compares
to 66.1p at 31 January 2011 and when adding back 1.5 pence of dividends paid
this shows a decline in the total return (NAV plus cumulative dividends paid) of
3.5%. Unfortunately, Sweet Cred's sales levels have continued to be insufficient
to cover the running costs of the business and the company ceased trading in
March 2011, resulting in a mark down of this investment to nil. This is the main
contributing factor to the fall in NAV.
In the unquoted portfolio, we have continued to focus on monitoring and
supporting the existing portfolio companies. During the period under review, a
further small investment has been made in Perfect Pizza and Eclipse 4 received
GBP706,000 from CSL Dualcom which comprised 50% repayment of its loan notes, a
substantial redemption premium and the payment of accrued interest. This receipt
realised a gain of GBP381,000 although this was already reflected in the NAV.
In general, there has been limited movement in the value of the AIM portfolio
since 31 January 2011. However, Plastics Capital's value has increased by
GBP115,000 in the last three months and we remain confident that the AIM companies
in the portfolio continue to be valued on very low ratings and expect further
share price appreciation during 2011.
The total value of the investment portfolio at 30 April 2011 was GBP16.7 million.
By value, 76.4% of the Company's net assets are in unquoted investments, 6.0% in
AIM-quoted investments and 17.6% of the Company's net assets are currently in
cash or cash equivalents.
Top Ten Qualifying Investments by value as at 30 April 2011
Carrying value % of total
Company Sector GBP'000 net assets
=-------------------------------------------------------------------------------
Technology &
CSL DualCom Limited Telecommunications 2,462 14.7%
The History Press
Limited Publishing 2,247 13.4%
Brandspace Limited Media & Marketing Services 2,047 12.2%
Hydrobolt Limited Engineering & Machinery 1,880 11.2%
Audio Visual Machines Technology &
Limited Telecommunications 1,099 6.6%
Tristar Worldwide
Limited Transport Services 1,000 6.0%
Bruce Dunlop &
Associates Limited Media & Marketing Services 924 5.5%
T4 Holdings Limited Media & Marketing Services 664 4.0%
Plastics Capital plc Engineering & Machinery 440 2.6%
Perfect Pizza Limited Leisure & Hotels 162 1.0%
Dividends
As announced in the recently published half-yearly results, the interim dividend
of 1.5p per share for the half-year ended 31 January 2011 was paid on the 6 May
2011 to those shareholders on the register on 8 April 2011.
Material events and transactions
Eclipse 4's Board is not aware of any other significant event or transaction
which has occurred between 30 April 2011 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:
Chris Allner- Fund Manager
Octopus Investments Limited - 0800 316 2295
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 Eclipse VCT 4 plc via Thomson Reuters ONE
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