Eclipse VCT 3 plc
29 May 2007
Interim Financial Report: For the Half Year Ending 28 February 2007
Unaudited interim results for the 6 months to 28 February 2007
28 February 28 February
Financial highlights 2007 2006 31 August 2006
Net assets �30,431,000 �12,311,000 �28,247,000
Net Asset Value
('NAV') per share 103.0p 94.9p 95.7p
Revenue return after
tax �255,000 �16,000 �218,000
Revenue return per
share* 0.9p 0.2p 1.1p
Total return/(loss)
per share* 8.1p (0.2)p 1.0p
*Based on a weighted average of 29,541,147 shares in issue during the
period (28 February 2006: 6,540,148 and 31 August 2006: 18,516,747).
Eclipse VCT 3 plc ('Eclipse 3' or 'Fund') is a venture capital trust
('VCT') and the investments are managed by Octopus Investments
Limited ('Octopus' or 'Manager'). Eclipse 3 was launched in August
2005 and raised over �29 million (�28 million net of expenses)
through an offer for subscription which closed on 5 April 2006. It
invests primarily in unquoted and AIM-quoted companies.
Chairman's Statement
It gives me great pleasure to present the interim results for the six
months ended 28 February 2007. The first six months of the
accounting period have seen a strong performance from both the
unquoted and AIM portfolios, resulting in a substantial increase in
the net asset value of the Fund.
Background
In conjunction with Eclipse 4, Eclipse 3 was the largest VCT
fundraising in the 2005/06 tax year, raising �29.1 million (�28.1
million net of expenses) in each of the funds. This takes the total
funds raised across the Eclipse VCTs to �106 million. Having four
Eclipse VCTs enables Octopus to invest up to �4 million per investee
company (i.e. �1 million from each of the four VCTs) in a single tax
year. This allows Octopus to invest in more developed, lower-risk
companies than typical VCTs.
Net Asset Value ('NAV')
The NAV per share at 28 February 2007 was 103.0p, an increase of 7.6%
since 31 August 2006. During the period under review, nine new
investments were made in unquoted and AIM-quoted companies, meaning
that at 28 February 2007, Eclipse 3 had a portfolio of 21 investments
in qualifying companies, representing 29.7% of the Fund.
Unquoted investment portfolio
Four new unquoted investments were made in the six months to 28
February 2007 at a cost of �3.8 million. The overall value of the
portfolio of nine unquoted investments was �5.7 million representing
an increase of 3.6% compared with a cost of �5.5 million.
I am pleased to report that the valuation of one unquoted investment
has been increased in our accounts to reflect the growth in the
investee company's profitability. I am also pleased to report the
successful sale of our holding in James Harvard International
Limited. James Harvard is a specialist recruitment company in the
clinical research sector. On sale, Eclipse 3 received 2.4 times the
original amount invested, which represents a compound annual return
of 98%.
A partial provision has been made against one investment, where the
underlying performance has been below expectations. Further details
of the valuations of the Fund's investments are set out within the
Investment Manager's review.
AIM investment portfolio
I am pleased to report that the AIM portfolio has continued to
perform well and five new investments have been completed over the
period. The deal flow on AIM remained strong throughout 2006 and
following a slow start to 2007, the team are again seeing an increase
in investment opportunities.
The overall value of the portfolio of 12 AIM investments was �4.0
million representing an increase of 68% compared with a cost of �2.4
million.
Dividend
The Fund is at an early stage of its investment cycle and dividends
are largely derived from the income earned from money market
securities. No dividend is proposed at this interim stage of the
year. In the medium-term, Octopus aims to produce a regular tax-free
income stream for shareholders The level of dividends will be driven
by realised profits when investments are sold and income from the
portfolio as investments mature.
Share price and buy-back facility
Eclipse 3 has a share buy-back facility, proposing to buy-back shares
at no more than a 10% discount to the prevailing NAV. This should
assist the marketability of the shares and help prevent the shares
from trading at a wide discount to NAV. The Fund's mid market share
price currently stands at 97p.
Shareholders should note that if they sell their shares within three
years of the original purchase they forfeit any income tax relief
obtained. If you need to sell your shares, please contact Octopus on
020 7710 2800.
VCT Qualifying Status
Eclipse 3 must be 70% invested in qualifying companies by 31 August
2008 and maintain this level on a day by day basis thereafter in
order to comply with VCT regulations. The Directors continue to
monitor the Fund's progress towards meeting and maintaining HM
Revenue and Customs conditions for VCT approval and have retained
PricewaterhouseCoopers LLP, one of the UK's leading firms of
accountants, to advise in this area.
At 28 February 2007, Eclipse 3 was approximately 29.7% invested in
qualifying holdings. Two further unquoted investments have been made
since the period end. In light of the current deal flow we are
confident that Eclipse 3 will meet the relevant VCT regulations by
its deadline of 31 August 2008 and be able to maintain them
thereafter.
Outlook
Eclipse 3 is in the initial investment period and has built a broad
portfolio of investments in unquoted and AIM-quoted investments. Our
intention is to build on this progress in the coming period by
focusing on generating value from the existing portfolio of
investments, while also making further investments from the flow of
attractive opportunities that the Manager is seeing.
The early signs from the portfolio are encouraging and I expect to be
able to update you on further good progress in the coming months.
R Gregory Melgaard
Chairman
25 May 2007
Investment Manager's Review
We are delighted to report significant progress across the portfolio
over the last six months. Since 31 August 2006 the net assets of the
fund have increased by 7.6% to �30.4 million. This represents a net
asset value of 103.0p per share, an uplift of 7.3p. The total return
of the Fund after adding back the dividend of 0.7p that was paid in
December 2006 equates to 103.7p per share, compared to an initial
investment cost of 60p after the 40% upfront income tax relief.
During the six months to 28 February 2007 the Fund invested a further
�5.4 million in nine new investments and several follow-on
investments. This takes the total invested by Eclipse 3 to almost
�7.9 million, with unrealised gains on investment of �1.8 million
taking the value of the portfolio to over �9.7 million, an increase
of more than 22% on cost.
Qualifying Status
VCTs have three years to invest 70% of the money raised into
qualifying companies. We are pleased to report that, at 28 February
2007, halfway through the three year period, Eclipse 3 was 29.7%
invested in qualifying companies.
Review of Investments
At 28 February 2007, the Eclipse portfolio comprised investments in
12 AIM-quoted and 9 unquoted companies. The remainder of the Fund
was invested in money market securities.
Once we have made an investment, we take an active approach in
monitoring its performance. This includes regular meetings with
management teams and, in the case of most unquoted investments,
attending board meetings of the portfolio companies. We are keen to
invest in additional rounds of funding in portfolio companies where
we are familiar with the qualities of the management team and where
the performance has been closely monitored.
Portfolio Activity
During the period, the Fund made nine new investments. These
investments are discussed below:
Adrenalin Design Limited
Adrenalin Design was formed to acquire Golddigga in an �18.5 million
transaction in which Eclipse 3 participated alongside the other
Eclipse funds. Golddigga is a fast growing fashion brand which is
aimed at girls aged between 15 and 25.The brand is sold through 650
outlets across the UK and Europe. The strategy is to focus on growing
domestic and overseas sales through increased investment in marketing
And sales support.
Audio Visual Machines Limited
Audio Visual Machines ('AVM') is a leading audio visual systems
integrator and service provider. It works with some of the UK's
leading businesses including BP, PwC and Lloyds TSB and provides its
clients with everything from a simple projector installation through
to a fully integrated video conferencing suite. Funding was provided
to finance the management buy out of the business and Eclipse 3
participated alongside the other Eclipse funds.
Brulines (Holdings) plc
Brulines provides draught beer dispense monitoring and revenue
protection systems for over 16,000 pubs in the UK. The company listed
on AIM in October 2006 having raised �7 million.
Concateno plc
Concateno was created as a vehicle to identify and acquire companies
in the support services and utility sectors. In October 2006
Concateno announced the acquisition of Medscreen, a company
specialising in drug and alcohol testing in key market sectors such
as the maritime sector and Her Majesty's Prisons.
Hasgrove plc
Hasgrove is an integrated communications group with operations in
four European countries, delivering solutions in public relations,
public affairs, advertising, design and online marketing.
Hexagon Human Capital plc
Hexagon is a recruitment firm specialising in interim management and
executive search. It was formed in 2004 and has grown through
acquisition, most recently by acquiring BIE in December 2006. Eclipse
3 initially invested alongside the other Eclipse funds and Barclays
Bank to support the acquisition. Hexagon floated on AIM in February
2007 generating a significant uplift for the Eclipse funds.
Vertu Motors plc
Vertu Motors was founded in November 2006 by senior members of the
highly successful Reg Vardy plc team (Reg Vardy was acquired by
Pendragon plc in February 2006). The company raised a total of �25
million at 60p per share with a strategy of consolidating the motor
dealership sector and driving operational efficiencies and organic
growth. In February 2007, the company announced a further fundraising
and the acquisition of the Bristol Street Group for �40 million.
NPI Media Group Limited
In January 2007, Eclipse 3 participated in a �15 million funding
package to support the purchase by NPI of three competitors to form
the leading UK publisher of distinctive 'local interest' history
books. The company is based in Stroud and has subsidiary operations
in France, Germany, Ireland and the US. In total the Eclipse funds
provided �5.5 million of investment.
Gyro International Limited
In October 2006 Eclipse 3 participated in a �6 million fund raising
by Gyro International, alongside the other Eclipse funds and third
party funds. Eclipse VCT had previously invested in Gyro in February
2005, and the company and its management team is therefore well known
to Octopus. Gyro provides an integrated range of marketing services
to businesses and has clients such as Virgin Atlantic, Sony and
Palm. Gyro operates through seven European offices, including
London, and two offices based in the USA.
Portfolio Valuation
At 28 February 2007, the Fund's portfolio comprised investments in 21
companies with a total cost of �7.9 million and a carrying value of
�9.7 million. The Fund also held �19.1 million in cash and money
market securities awaiting investment in qualifying holdings.
Unrealised
Investment appreciation/ Carrying
at Cost depreciation Value
Unquoted investments �'000 �'000 �'000
NPI Media Group Ordinary
Limited shares 153 - 153
Loan notes 1,338 - 1,338
1,491 ---- 1,4911,491
Gyro International Ordinary
Limited shares 200 306 506
Loan notes 504 - 504
704 306 1,010
Adrenalin Design Ordinary
Limited shares 102 - 102
Loan notes 803 - 803
905 - 905
Ordinary
CSL Dualcom Limited shares 82 - 82
Loan notes 723 - 723
805 - 805
Audio Visual Machines Ordinary
Limited shares 73 - 73
Loan notes 638 - 638
711 - 711
Ordinary
Perfect Pizza Limited shares 35 - 35
Loan notes 337 - 337
372 - 372
Capital Pubs Company 2 Ordinary
plc shares 200 - 200
200 - 200
Ordinary
Red-M Group Limited shares 120 (120) -
Loan notes 121 - 121
241 (120) 121
Blanc Brasseries Ordinary
Holdings plc shares 55 - 55
55 - 55
Total unquoted
investments 5,484 186 5,670
AIM-quoted investments
Worthington Nicholls
Group plc 303 663 966
Hexagon Human Capital
plc 677 145 822
Tanfield Group plc 140 443 583
Hasgrove plc 400 77 477
Vertu Motors plc 250 167 417
Brulines (Holdings)
plc 148 43 191
Concateno plc 85 55 140
Healthcare Locums plc 100 5 105
Autoclenz Holdings plc 125 (30) 95
Cohort plc 68 27 95
BBI Holdings plc 64 29 93
Invocas plc 40 11 51
Total AIM-quoted
investments 2,400 1,635 4,035
Total investments 7,884 1,821 9,705
Ordinary
Comprising: shares 3,420 1,821 5,241
Loan notes 4,464 - 4,464
Ten Largest Holdings
NPI Media Group Limited
NPI Media Group is the UK market leader in the publishing of
distinctive 'local interest' history books. In January 2007, Eclipse
3 invested as part of a �5.5 million investment from the Eclipse
funds. Funding was provided to facilitate the acquisitions of NPI's
three largest competitors to make it the dominant player within its
publishing niche.
Further information can be found on the company's website,
www.tempus-publishing.com.
Investment date 24 January 2007
Equity held 12.6%
Cost �1,491,000
Valuation �1,491,000
Valuation basis Cost (New Investment)
Dividends/interest received during the period Nil
The first audited financial information will be available for the
period to 30 June 2007.
Gyro International Limited
Gyro, which was founded in 1991, provides an integrated suite of
marketing services including brand strategy, direct marketing, web
marketing and event management. The company is one of Europe's
leading independent integrated marketing companies and clients
include Sony, Sun Microsystems, and Virgin Atlantic. Octopus led a
�3 million funding round in February 2005 in which Eclipse invested
�1 million. A further �6 million funding round was led in which
Eclipse 3 invested �704,000 alongside other Octopus funds.
Gyro has offices in London, Geneva, Stockholm, Amsterdam, New York,
Dublin, Hamburg and San Francisco and has recently acquired an agency
in Paris. The company was ranked the number one B2B agency in the UK
in 2005 and 2006.
The company has performed well with sales increasing from �11 million
in 2004 to over �25 million in the last financial year and, based on
strong trading results, the carrying value has been increased.
Further information can be found at the company's website,
www.gyrointernational.com.
Investment date 23 October 2006
Equity held 2.9%
Cost �704,000
Valuation �1,010,000
Valuation basis Adjusted earnings multiple
Dividends/interest received during the �6,000
period
Last audited accounts October 2005
Net assets �3,831,000
Loss before taxation �(66,000)
Worthington Nicholls Group plc
Worthington Nicholls is one of the UK's largest air conditioning
contractors providing services to the hotel, retail and leisure
sectors. The company has three divisions: project management, design
and installation of machines; maintenance of machines, and
ventilation hygiene. The company listed on AIM in June 2006 after
raising �7.5 million.
Further information can be found at the company's website,
www.worthington-nicholls.co.uk.
Investment date 27 September 2006
Equity held 0.92%
Cost �303,000
Valuation �966,000
Valuation basis AIM investment - bid price
Dividends/interest received during the Nil
period
Last audited accounts September 2006
Net assets �33,040,000
Profit before taxation �1,958,000
Adrenalin Design Limited
Adrenalin Design was formed to acquire Golddigga, a fast growing
fashion brand which is aimed at girls aged between 15 and 25.
Golddigga, which is based in Derby, was founded in 1997. The brand
is sold through 650 outlets across the UK and Europe and the
management's strategy is to focus on growing domestic and overseas
sales through increased investment in marketing and sales support.
Eclipse 3 invested �905,000 as part of a total of �3.3m provided by
the Eclipse funds. The transaction was valued at �18.5m and included
bank debt, provided by Yorkshire Bank.
Further information can be found at the company's website,
www.golddigga.com.
Investment date 10 September 2006
Equity held 10.9%
Cost �905,000
Valuation �905,000
Valuation basis Cost (new investment)
Dividends/interest received during the period Nil
Last audited accounts August 2006
Net assets �17,562,000
Profit before taxation �1,993,000
Hexagon Human Capital plc
Hexagon is a recruitment firm that was established in 2004 with a
strategy for growth by acquisition. To date the company has bought
three executive search businesses and created a joint venture with a
fourth.
In December 2006 funds managed by Octopus provided the company with
�2.5 million of funding, alongside �10 million from Barclays Bank, to
finance the acquisition of a fifth business, BIE, which is the UK's
leading interim management business. The enlarged group now has a
complementary balance between executive search and interim
management, which should give it greater stability in the event of a
market downturn. The business floated on AIM in February 2007.
Further information can be found at the company's website,
www.hexagonhc.com.
Investment date 23 December 2006
Equity held 2.7%
Cost �677,000
Valuation �822,000
Valuation basis AIM investment - bid price
Dividends/interest received during the Nil
period
Last audited accounts December 2005
Net liabilities �(138,907)
Loss before taxation �(85,000)
CSL Dualcom Limited
CSL is a leading supplier of dual path alarm signalling devices which
link intruder alarms via an alarm receiving centre to the police.
The devices communicate using both a telephone line and a Vodafone
wireless link for maximum integrity. Eclipse 3 invested �805,000
alongside the other Eclipse funds to finance the �6 million
management buy out of CSL Dualcom.
Further information can be found at the company's website,
www.csl-communications.com.
Investment date 12 June 2006
Equity held 10.0%
Cost �805,000
Valuation �805,000
Valuation basis Cost (new investment)
Dividends/interest received during the period �19,575
Last audited accounts March 2006
Net liabilities �(318,000)
Profit before taxation �86,445
Audio Visual Machines Limited
Audio Visual Machines ('AVM') is a leading audio visual systems
integrator and service provider with a blue chip client base. It
generates revenue from the installation of AV systems and from
providing ongoing maintenance and support to its customers. The
strategy is to grow by acquisition over the next two to three years.
Eclipse 3 invested �711,000 alongside the other Eclipse funds to
support the management buy out of AVM from shareholders including The
Parkmead Group.
Further information can be found at the company's website,
www.avmachines.com.
Investment date 29 September 2006
Equity held 11.3%
Cost �711,000
Valuation �711,000
Valuation basis Cost (new investment)
Dividends/interest received during the period Nil
Last audited accounts June 2006
Net assets �1,217,000
Profit before taxation �327,000
Tanfield Group plc
Tanfield is a leading manufacturer of zero emission vehicles and
aerial work platforms. Smiths Electric Vehicles is the leading
manufacturer of road-going commercial electric vehicles and its
product portfolio of zero emission trucks has recently won orders
from TNT, Sainsbury, Marks & Spencer and Scottish & Southern.
UpRight is the UK's largest manufacturer of self propelled aerial
work platforms that has successfully broadened its distribution
network and range of product. Tanfield is expected to achieve a pre
tax profit of �14.0 million on turnover of �94.8 million for the year
ending December 2007.
Further information can be found at the company's website,
www.tanfieldgroup.com.
Investment date 26 May 2005
Equity held 0.35%
Cost �140,000
Valuation �583,000
Valuation basis AIM investment - bid price
Dividends/interest received during the Nil
year
Last audited accounts December 2006
Net assets �43,418,000
Profit before taxation �3,458,000
Hasgrove plc
Hasgrove is a pan European marketing and communications services
group which floated on AIM in November 2006 raising �6 million. The
company, which focuses on public affairs, public relations and brand
management, is expected to achieve a profit �3.4 million on turnover
of �15.1 million for the year ending December 2007.
Further information can be found at the company's website,
www.hasgrove.com.
Investment date
Equity held 1.79%
Cost �400,000
Valuation �477,000
Valuation basis AIM investment - bid price
Dividends/interest received during Nil
the period
Last audited accounts 10 month period ended 31
December 2006
Net assets �13,011,000
Loss before taxation �1,821,000
Vertu Motors plc
Vertu Motors floated on AIM during December 2006, raising �25
million, as an acquisition vehicle in the motor retail sector. Vertu
completed the acquisition of Bristol Street Motors for �40 million
during February 2007 and further acquisitions are anticipated over
the next twelve months.
Further information can be found at the company's website,
www.vertumotors.com.
Investment date 18 December 2007
Equity held 0.46%
Cost �250,000
Valuation �417,000
Valuation basis AIM investment - bid price
Dividends/interest received during the Nil
period
Recent Transactions
Since the end of the period under review, we have completed two
further unquoted investments:
Sweet Cred Holdings Limited
In March 2007, Octopus committed a total of �5 million from all four
Eclipse funds into Sweet Cred Holdings Limited. Sweet Cred sells a
wide range of products which combine sweets with toys that are themed
around the five cartoon characters in the Sweet Cred gang.
Promotion Space Limited
In April 2007, Octopus committed a total of �2.1 million from all
four Eclipse funds into Promotion Space. Promotion Space is based in
Wilmslow, Cheshire and organises promotions, brand awareness
campaigns and events in shopping centres across the UK. This funding
will be used to finance growth and assist with the strategic
development of the business.
Summary of investments made by other funds managed by Octopus
Investments Limited
It is a requirement that Octopus discloses if any of its other funds
are also invested in any of the Eclipse VCT 3 portfolio companies.
Details of these are shown below.
% equity held by % equity held by other
Eclipse VCT 3 funds managed by Octopus
Audio Visual Machines 11.27 33.73
Limited
Autoclenz Holdings plc 0.96 11.88
BBI Holdings plc 0.26 3.35
Blanc Brasseries Holdings 0.66 2.64
plc
Brulines (Holdings) plc 0.50 2.10
Capital Pubs Company 2 1.19 6.98
plc
Cohort plc 0.19 1.68
Concateno plc 0.17 0.98
CSL Dualcom Holdings 10.00 30.00
Limited
Golddigga Limited 10.95 31.85
Gyro International 2.93 19.38
Limited
Hasgrove plc 1.79 7.17
Healthcare Locums plc 0.19 0.73
Hexagon Human Capital plc 2.71 8.88
Invocas plc 0.13 1.14
NPI Media Group Limited 12.64 37.35
Perfect Pizza Limited 4.90 30.10
Red-M Group Limited 0.25 7.55
Tanfield Group plc 0.23 3.63
Vertu Motors plc 0.46 2.76
Worthington Nicholls plc 0.92 3.07
Personal Service
At Octopus, we pride ourselves not only on our team's track record
but also on our personalised customer service. We believe in open
communication and our regular updates are designed to keep you
involved and informed.
If you have any questions about this review, or if it would help to
speak to one of the fund managers, please do not hesitate to contact
us on 020 7710 2800.
Simon Rogerson
Chief Executive
Income Statement
Six months ended Six months ended
28 February 2007 Period to 31 August
28 February 2006 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Realised
gains on
investments - 698 698 - - - - - -
Unrealised
gains on
investments - 1,625 1,625 - 20 20 - 196 196
Income 506 - 506 92 - 92 600 - 600
Investment
management
fees (82) (247) (329) (18) (52) (70) (93) (282) (375)
Other
expenses (109) - (109) (54) - (54) (238) - (238)
Return on
ordinary
activities
before tax 315 2,076 2,391 20 (32) (12) 269 (86) 183
Tax (60) 60 - (4) 4 - (51) 51 -
Return on
ordinary
activities
after tax 255 2,136 2,391 16 (28) (12) 218 (35) 183
Basic and
diluted
return per
share 0.9p 7.2p 8.1p 0.2p (0.4)p (0.2)p 1.1p (0.1)p 1.0p
* The total column of this statement is the profit and loss account of the
Company.
* All revenue and capital items in the above statement derive from continuing
operations.
* The accompanying notes are an integral part of the interim
financial information.
* The Company has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
securities.
Reconciliation of movements in shareholders' funds
28 February 28 February 31 August
2007 2006 2006
�'000 �'000 �'000
Equity shareholders' funds as at 1 28,247 - -
September 2006
Total gains and (losses) recognised 2,391 (12) 183
in period
Shares purchased for cancellation - (3) (3)
Issue of redeemable non-voting - (50) (50)
preference shares
Redemption of redeemable non-voting - 50 50
preference shares
Net proceeds of share issue - 12,326 28,067
Dividends recognised in period (207) - -
Shareholders' funds at 28 February 30,431 12,311 28,247
2007
Balance Sheet
as at 28 February as at 28 February as at 31 August
2007 2006 2006
�'000 �'000 �'000 �'000 �'000 �'000
Fixed asset
investments 9,705 1,496 3,280
Current assets
Investments 18,557 25,045
Debtors 1,690 49 15
Cash at bank 584 11,872 11
20,831 11,921 25,071
Creditors:
amounts falling
due within one
year (105) (1,106) (104)
Net current
assets 20,726 10,815 24,967
Net assets 30,431 12,311 28,247
Called up equity
share capital 2,953 1,297 2,953
Share premium 25,114 11,029 25,114
Capital reserve
realised 208 (48) (231)
Capital reserve
unrealised 1,893 20 196
Revenue reserve 263 13 215
Total equity shareholders'
funds 30,431 12,311 28,247
Net asset value
per share 103.0p 94.9p 95.7p
Cash flow statement
Six months Six months
ended ended Period to 31
28 February 28 February August 2006
2007 2006
�'000 �'000 �'000 �'000 �'000 �'000
Net cash
(outflow)/inflow
from operating
activities (1,606) (51) 76
Financial investment
:
Purchase of
investments (5,384) (1,476) (3,084)
Sale of investments 1,282 - -
Net cash outflow
from financial
investment (4,102) (1,476) (3,084)
Management of liquid
resources :
Decrease/(increase)
in cash funds 6,488 - (25,045)
Equity dividends
paid (207)
Financing :
Issue of own shares 12,723 29,131
Share issue expenses (397) (1064)
Repurchase of own
shares (3) (3)
Shares awaiting
issue 1,076
Total financing 6,281 13,399 28,064
Increase in cash
resources 573 11,872 11
Reconciliation of operating profit to net cash inflow from operating
activities
28 February 28 February 31 August
2007 2006 2006
�'000 �'000 �'000
Profit/(loss) on ordinary
activities 2,391 (12) 183
Increase in debtors (1,675) (49) (15)
Increase in creditors 1 30 104
Increase in capital value of
investments (1,625) (20) (196)
Profit on disposal of fixed
assets (698) - -
Net cash (outflow)/inflow from
operating activities (1,606) (51) 76
Notes to the interim results
1. Basis of preparation
The interim financial information has been prepared in accordance
with applicable accounting standards and under the historical cost
convention except for the revaluation of investments. The principal
accounting policies of the Company have remained unchanged from those
set out in its 2006 annual report and financial statements.
2. Publication of non-statutory accounts
The unaudited interim results for the six months ended 28 February
2007 and the six months ended 28 February 2006 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 period ended 31 August 2006 have been
extracted from the audited financial statements for that year, which
have been delivered to the Registrar of Companies. The independent
auditors' report on those financial statements under Section 235 of
the Companies Act 1985 was unqualified.
3. The calculation of the revenue and capital return per share is
based on the return on ordinary activities after tax for the period
and on 29,541,147 ordinary shares, being the weighted average number
of shares in issue during the period from 1 September 2006 to 28
February 2007. (February 2006: 6,540,148 and August 2006:
18,516,747).
4. The calculation of net asset value per share is based on the net
assets at 28 February 2007 of �30,431,000 and on 29,541,147 (28
February 2006: 12,311,000 and 31 August 2006: 28,247,000) being the
number of shares in issue at the same date.
5. Copies of this statement are being sent to all shareholders.
Copies are available from the registered office of the Company at 8
Angel Court, London, EC2R 7HP.
ENDS
- ---END OF MESSAGE---
Copyright � Hugin ASA 2007. All rights reserved.
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