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Octopus VCT 3 plc (OVC3)

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Wednesday 03 July, 2013

Octopus VCT 3 plc

Octopus VCT 3 plc : Interim Management Statement

Octopus VCT 3 plc : Interim Management Statement

Octopus VCT 3 PLC
Interim Management Statement

3 July 2013 

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency rules, Octopus VCT 3 plc ("Fund" or "Company") presents an Interim Management Statement for the period from 1 March 2013 to 31 May 2013. The statement also includes relevant financial information between the end of the period and the date of this statement.

Financial Summary

   9 months to 31 May 20136 months to 28 February
 2013
Year ended 31 August 2012
Net assets (£'000) 7,753 7,737 7,732
Return on ordinary activities before tax (£'000) 21 5 (77)
Net asset value per share ('NAV') 93.8p 93.6p 93.6p

Performance
At 31 May 2013 the NAV of the Fund was 93.8p. The performance of the Fund has been relatively stable in the period under review, with the NAV increasing slightly due to the income of the Fund exceeding its expenses and the portfolio valuation remaining stable in the period.

Investment activity
Partial loan repayments from Akycha Power Limited and Adala Solar Limited for £250,000 and £125,000 respectively were received on 21 February 2013. Subsequently £405,000 was then invested in Huygens Energy Limited, in the form of a loan. The remaining 558,110 Ordinary shares in Kushida Power Limited were disposed of for proceeds of £524,638 on 12 April 2013. The Fund initially invested in Kushida Power Limited with the aim of building a solar site but after the tariffs changed, the project it was looking to construct become unviable so Kushida Power Limited was wound down so that the money invested could be utilised on other projects. Subsequently £145,000 was invested in Delambre Energy Limited, in the form of a loan.

Investment portfolio by value as at 31 May 2013

CompanyInvestment classCarrying value £'000% of Net Assets
Delambre Energy Limited Solar 1,395 18.0%
Huygens Energy Limited Solar 1,202 15.5%
Debes Energy Limited Solar 1,000 12.9%
Daubree Energy Limited Solar 1,000 12.9%
Adala Solar Limited Solar 875 11.3%
Lacaille Energy Limited Solar 797 10.3%
Akycha Power Limited Solar 750 9.7%

Material events and transactions
The Fund's Board is not aware of any other significant event or transaction which has occurred since 31 May 2013 and the date of publication of this statement which would have a material impact on the financial position on the Fund.

For further information please contact:
Matt Setchell - 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 VCT 3 plc via Thomson Reuters ONE

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