TIDMOEC4
Octopus Eclipse VCT 4 plc
Half-Yearly Results
31 March 2011
Octopus Eclipse VCT 4 plc, managed by Octopus Investments Limited, today
announces the Half-Yearly results for the six months ended 31 January 2011.
These results were approved by the Board of Directors on 31 March 2011.
You may shortly view the Half-Yearly Report in full atwww.octopusinvestments.com
by navigating to Services, Investor Services, Venture Capital Trusts, Octopus
Eclipse VCT 4. All other statutory information will also be found there.
About Octopus Eclipse VCT 4 plc
Octopus Eclipse VCT 4 plc ('Eclipse 4', 'VCT' or 'Company') is a venture capital
trust ('VCT') which aims to provide shareholders with attractive tax-free
dividends and long-term capital growth.
Eclipse 4 invests primarily in unquoted and AIM-quoted companies and aims to
deliver absolute returns on its investments. Eclipse 4 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 'Investment Manager').
Eclipse 4 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 4 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.
Venture Capital Trusts (VCTs)
VCTs were introduced in the Finance Act 1995 to provide a means for private
individuals to invest in unlisted companies in the UK. Subsequent Finance Acts
have introduced changes to VCT legislation. The tax benefits currently available
to eligible new investors in VCTs include:
* up to 30% up-front income tax relief;
* exemption from income tax on dividends paid; and
* exemption from capital gains tax on disposals of shares in VCTs.
Eclipse 4 has been approved as a VCT by HM Revenue & Customs (HMRC). In order
to maintain its approval the Company must comply with certain requirements on a
continuing basis. By the end of the Company's third accounting period at least
70% of the Company's investments must comprise 'qualifying holdings' of which at
least 30% must be in eligible ordinary shares. A 'qualifying holding' consists
of up to GBP1 million invested in any one year in new shares or securities in an
unquoted company (or companies listed on AIM) which is carrying on a qualifying
trade and whose gross assets do not exceed GBP7 million at the time of investment.
The definition of a 'qualifying trade' excludes certain activities such as
property investment and development, financial services and asset leasing. The
Company will continue to ensure its compliance with these qualification
requirements.
Financial Summary
Six months to Six months to Year to
31 January 2011 31 January 2010 31 July 2010
=-------------------------------------------------------------------------------
Net assets ( GBP'000s) 18,085 18,206 19,265
Net return after tax ( GBP'000s) (506) 419 2,112
Net asset value per share (NAV) 66.1p 64.7p 69.4p
Cumulative dividends since launch -
paid and proposed 11.7p 8.7p 10.2p
=-------------------------------------------------------------------------------
Chairman's Statement
I am pleased to present the half-yearly results for the six month period ended
31 January 2011.
As at 31 January 2011 the NAV stood at 66.1p, compared to 69.4p at 31 July 2010
which represents a reduction in total return (being the change in NAV plus
cumulative dividends paid) of 2.3%. The main driver of this fall in NAV has been
the reduced value of the unquoted portfolio of investments during the period to
31 January 2011 in addition to the standard running costs of the VCT.
The Fund is invested in 13 unquoted and 11 AIM-quoted companies. The Manager
continues to focus on the existing portfolio which is being financially
supported where appropriate. Limited new additions to the portfolio are
envisaged in the near future. By value, 78.1% of the VCT's net assets are in
unquoted investments, 5.0% in AIM-quoted investments and 16.9% of the VCT's net
assets are currently in cash or cash equivalents.
The Board's strategy is to maintain an appropriate level of liquidity in the
balance sheet to achieve four aims:
* to support further investment in existing portfolio companies, if required;
* to take advantage of new investment opportunities as they arise;
* to assist liquidity in the shares through the buyback facility; and
* to support a consistent dividend flow.
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. In the current credit and economic environment we have
to be conscious that the funding options for portfolio companies are more
restricted than usual. We thus continue to place priority on maintaining a
suitable quantum of cash reserves. Taking these factors into account, for the
period ended 31 January 2011 the Board has declared an interim dividend of 1.5p
per share. On 6 May 2011, this dividend will be paid to shareholders who are on
the register as at 8 April 2011.
Investment Portfolio Review
Since 31 July 2010, the VCT's previous period end, the performance of the
portfolio has been mixed. In many cases companies have progressed and recovered
some of the ground lost in 2009. However, with a minority of companies, that
progress has been muted and the last quarter of 2010 saw some further slippage
in a small number of cases. Your Manager is therefore continuing to take a
cautious view about the prospects for companies in the short term, while the
recovery across the economy gains traction. Notwithstanding this, the AIM
portfolio has seen a rise in value, largely reflecting increased earnings
multiples for companies which are performing satisfactorily. The unquoted
portfolio has seen a small fall in value, with some prudent increases in the
better performing companies being outweighed by further cautionary provisions in
those companies that have not returned to growth. It is not unusual to see the
valuation of unquoted portfolios lag changes in the stock market as the latter
tends to anticipate change whilst valuations of unquoted companies are based on
actual performance.
Unquoted
Over the last six months, the Investment Manager has continued to focus on
supporting existing portfolio companies with both advice and funding. Eclipse 4
has made small follow-on investments into several businesses and the Manager
continues to work closely with all portfolio companies to help them take
appropriate action to manage through the downturn and take advantage as the
economy recovers. In addition, the Manager's involvement is now turning towards
helping companies move towards a successful exit and we expect to see a small
number of full or partial exits in the coming year or two.
I am pleased to report that despite tough trading conditions over the last 18
months, many portfolio companies have promising news to report. The first of
these is CSL, which continues to expand its estate of dual path alarms on
commercial properties and has seen profits grow by over 40% in the current year.
The business has also connected 1,000 units in Ireland, which is its first
international expansion. Since the period end Eclipse 4 has refinanced 50% of
its loan notes in CSL together with a substantial premium paid on redemption and
the payment of accrued interest.
Additionally, Audio Visual Machines has had a positive year. Whilst sales to
public sector clients in education have seen a drop, this has been counteracted
by an uplift in other areas to give an overall sales increase. Profits have
risen by 10% in the year to date. T4 Holdings and Hydrobolt have each seen a
small value increase. The latter has recently seen an encouraging uplift in the
order book as activity levels in the oil industry increase. This company has
also developed significant international sales since our investment, which is
the result of the high quality of product and service it delivers. Finally,
Tristar has also made some good progress with its international operations which
have been started in New York and Hong Kong.
Some portfolio companies are still finding it hard to recover from the downturn.
Perfect Pizza has had a further reduction in fair value during the year. Despite
a number of positive strategic improvements, the Manager has not yet seen the
material increase in performance anticipated. Similarly Sweet Cred continues to
suffer from a lack of liquidity, which is constraining sales both in the UK and
overseas. Although sales have increased in the year, the Manager believes it is
prudent to take a further provision. Brandspace has been affected by weakness in
the outdoor advertising market this year. Whilst sales have continued to grow
strongly, profits have been impacted by weak results in their poster business.
We believe the company has taken actions to redress these problems in 2011.
Finally, much of the portfolio engaged in direct consumer sales and media have
yet to return to growth and, as with much of the wider economy, the last quarter
of 2010 was particularly sluggish. The reductions in valuation in portfolio
companies are believed to be prudent and actions have been taken by these
companies to address performance issues. On balance, the Manager is encouraged
by the performance of the portfolio and, subject to there being no further
economic upheaval, believes that the portfolio will make further progress in the
coming period.
AIM-quoted
Since 31 July 2010, we are pleased to report that the AIM element of the
portfolio has seen an overall increase in valuation of GBP100,000, increasing the
NAV by 0.4p. This is primarily due to the holding in Plastics Capital plc almost
doubling in value since the year end. The only transaction in the 6 months to
31 January 2011 was to fully dispose of the holding in Pressure Technologies,
realising a small profit of GBP17,000. The recovery in AIM continued throughout
2010, however much of this was led by the resources sectors, with the recovery
in small domestically based companies being later in the cycle. The AIM
companies in the portfolio continue to be valued on very low ratings, so we
expect further share price appreciation during 2011.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice
on the ongoing compliance with HMRC's rules and regulations concerning VCTs.
The Board has been advised that Eclipse 4 is in compliance with the conditions
laid down by HMRC for maintaining approval as a VCT. As at 31 January 2011,
over 82% of the portfolio (as measured by HMRC rules) was invested in VCT
qualifying investments, in line with our expectations at this stage of the
Fund's life. There is an ongoing requirement to maintain the level of
qualifying investments above the 70% threshold which will be supported by the
continuing deal flow from the Investment Manager.
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 ways in which they are
managed, are described in more detail in the Company's Annual Report and
Accounts for the year ended 31 July 2010. The Company's principal risks and
uncertainties have not changed materially since the date of that report.
Outlook
Commentators and the media continue to reiterate their concerns about the major
issues facing the world and about the difficulty politicians will have in
finding and implementing solutions. These remain substantially as they have been
over the past year - the sustainability of recovery, inflationary pressures, the
fragile condition of public finances and the long-term effects of some of the
measures being taken. These difficulties have been complicated more recently by
a sharply higher oil price, itself reflecting political turmoil in the Middle
East and North Africa. As a result stock markets have remained volatile. In
addition to this, there are continued pressures on consumer income which may
have an impact on some of the investee companies in the current climate.
However, the majority of small companies have reported improving trading
conditions so far in 2011, despite the persistent reluctance of banks to lend to
them as a group. It seems likely that this will present investment opportunities
for Eclipse 4 and also begin to reinforce distinctions between better and poorly
managed companies which, to the extent that they are companies held in the
portfolio, may have a beneficial impact on the NAV. At present, the UK economy
does seem set to grow again this year and this should provide a better
background against which the VCT's NAV can make progress.
Alex Hambro
Chairman
31 March 2011
Investment Portfolio Review
+--------------------------------------------------------------------------------+
| %|
| equity|
| Carrying held by|
| Investment value at % all|
| at cost 31 equity funds|
| 31 January Unrealised January held by managed|
|Unquoted 2011 profit/(loss) 2011 Eclipse by|
|Investments Sector GBP'000 GBP'000 GBP'000 4 Octopus|
+--------------------------------------------------------------------------------+
|Audio Technology & 711 388 1,099 10.1% 40.4%|
|Visual Telecommunications |
|Machines |
|Limited |
| |
|Blanc Leisure & Hotels 92 16 108 0.7% 3.0%|
|Brasseries |
|Holdings |
|plc |
| |
|Brandspace Media & Marketing 2,025 22 2,047 13.1% 40.5%|
|Limited Services |
| |
|Bruce Media & Marketing 1,524 (600) 924 12.5% 31.9%|
|Dunlop & Services |
|Associates |
|Limited |
| |
|CSL DualCom Technology & 944 2,283 3,227 11.5% 45.8%|
|Limited Telecommunications |
| |
|Hydrobolt Engineering & 1,396 484 1,880 16.3% 43.5%|
|Limited Machinery |
| |
|Lilestone General Retail 448 (411) 37 2.0% 18.8%|
|Holdings |
|Limited |
| |
|Perfect Leisure & Hotels 526 (391) 135 9.6% 65.0%|
|Pizza |
|Limited |
| |
|Sweet Cred Consumer Products 2,315 (1,705) 610 14.7% 45.0%|
|Holdings |
|Limited |
| |
|T4 Holdings Media & Marketing 1,141 (477) 664 14.2% 53.3%|
|Limited Services |
| |
|The Capital Leisure & Hotels 200 (51) 149 1.1% 7.8%|
|Pub Company |
|2 plc |
| |
|The History Publishing 2,247 - 2,247 15.2% 60.0%|
|Press |
|Limited |
| |
|Tristar Transport Services 1,000 - 1,000 10.0% 30.0%|
|Worldwide |
|Limited |
+--------------------------------------------------------------------------------+
|Total unquoted investments 14,569 (442) 14,127 |
+--------------------------------------------------------------------------------+
| %|
| equity|
| Carrying held by|
| Investment value at % all|
| at cost 31 equity funds|
| 31 January Unrealised January held by managed|
|AIM-quoted 2011 profit/(loss) 2011 Eclipse by|
|Investments Sector GBP'000 GBP'000 GBP'000 4 Octopus|
+--------------------------------------------------------------------------------+
|Autoclenz Support Services 125 (87) 38 1.0% 11.6%|
|Holdings |
|plc |
| |
|Brulines Support Services 94 (17) 77 0.3% 4.6%|
|Group plc |
| |
|Cantono Technology & 420 (420) - n/a n/a|
|plc* Telecommunications |
| |
|CBG Group General Financial 383 (329) 54 1.7% 17.1%|
|plc |
| |
|Cohort plc Engineering & 69 (34) 35 0.1% 4.3%|
| Machinery |
| |
|Hasgrove Media & Marketing 400 (217) 183 1.4% 12.7%|
|plc Services |
| |
|Hexagon Support Services 677 (677) - n/a n/a|
|Human |
|Capital |
|plc* |
| |
|Northern Construction & 299 (270) 29 1.1% 6.6%|
|Bear plc Materials |
| |
|Plastics Engineering & 500 (175) 325 1.8% 16.5%|
|Capital plc Machinery |
| |
|Tanfield Engineering & 143 (107) 36 0.1% 2.0%|
|Group plc Machinery |
| |
|Vertu General Retail 250 (127) 123 0.2% 3.6%|
|Motors plc |
+--------------------------------------------------------------------------------+
|Total AIM- 3,360 (2,460) 900 |
|quoted |
|investments |
+--------------------------------------------------------------------------------+
|Total 17,929 (2,902) 15,027 |
|investments |
| |
|Money 2,947 - 2,947 |
|market |
|securities |
| |
|Cash at 175 - 175 |
|bank |
+--------------------------------------------------------------------------------+
|Total investments and cash at 21,051 (2,902) 18,149 |
|bank |
| |
|Net current (64) |
|assets |
+--------------------------------------------------------------------------------+
|Total net 18,085 |
|assets |
+--------------------------------------------------------------------------------+
*in administration
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:
* 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;
* a description of the principal risks and uncertainties for the remaining six
months of the year; and
* 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
Alex Hambro
Chairman
31 March 2011
Income Statement
+----------------------+
| Six months to 31 | Six months to 31
| January 2011 | January 2010 Year to 31 July 2010
| |
|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
=-------------+----------------------+-------------------------------------------
| |
| |
Realised | |
(loss)/gain on| |
disposal of | |
fixed asset | |
investments | - (38) (38)| - 57 57 - 411 411
| |
Realised gain | |
on disposal of| |
current asset | |
investments | - 2 2| - - - - - -
| |
| |
| |
Fixed asset | |
investment | |
holding | |
(losses)/gains| - (577) (577)| - 467 467 - 1,970 1,970
| |
Current asset | |
investment | |
holding | |
(losses)/gains| - - -| - 19 19 - 32 32
| |
| |
| |
Other income | 451 - 451| 193 - 193 364 - 364
| |
| |
| |
Investment | |
management | |
fees | (48) (145) (193)| (44) (130) (174) (95) (284) (379)
| |
VAT management| |
fee rebate | - - -| - - - - - -
| |
| |
| |
Other expenses| (151) - (151)| (143) - (143) (286) - (286)
| |
| |
=-------------+----------------------+-------------------------------------------
Return on | |
ordinary | |
activities | |
before tax | 252 (758) (506)| 6 413 419 (17) 2,129 2,112
| |
| |
| |
Taxation on | |
return on | |
ordinary | |
activities | - - -| - - - - - -
| |
| |
=-------------+----------------------+-------------------------------------------
Return on | |
ordinary | |
activities | |
after tax | 252 (758) (506)| 6 413 419 (17) 2,129 2,112
=-------------+----------------------+-------------------------------------------
Earnings per | |
share - basic | |
and diluted | 0.9p (2.7)p (1.8)p| - 1.4p 1.4p (0.1)p 7.4p 7.3p
+----------------------+
* 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 Company has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
funds.
* The Company has no recognised gains or losses other than the results for the
period as set out above.
* The accompanying notes are an integral part of the half-yearly report.
Reconciliation of Movements in Shareholders' Funds
+------------------+
| Six months to 31 | Six months to 31 Year to 31 July
| January 2011| January 2010 2010
| |
| GBP'000| GBP'000 GBP'000
=-----------------------+------------------+------------------------------------
Shareholders' funds at | |
start of period | 19,265| 18,531 18,539
| |
Return on ordinary | |
activities after tax | (506)| 419 2,112
| |
Cancellation of equity | (260)| (315) (535)
| |
Dividends paid | (414)| (429) (851)
=-----------------------+------------------+------------------------------------
Shareholders' funds at | |
end of period | 18,085| 18,206 19,265
+------------------+
Balance Sheet
+-------------------+
| As at 31 January| As at 31 January As at 31 July
| 2011| 2010 2010
| |
| GBP'000 GBP'000| GBP'000 GBP'000 GBP'000 GBP'000
=----------------------+-------------------+------------------------------------
| |
| |
Fixed asset | |
investments* | 15,027| 15,279 16,478
| |
Current assets: | |
| |
Money market securities| |
and other deposits* | 2,947 | 2,569 2,667
| |
Debtors | 112 | 338 11
| |
Cash at bank | 175 | 99 243
=----------------------+-------------------+------------------------------------
| 3,234 | 3,006 2,921
| |
Creditors: amounts | |
falling due within one | |
year | (176) | (79) (134)
=----------------------+-------------------+------------------------------------
Net current assets | 3,058| 2,927 2,787
=----------------------+-------------------+------------------------------------
| |
=----------------------+-------------------+------------------------------------
Net assets | 18,085| 18,206 19,265
=----------------------+-------------------+------------------------------------
| |
| |
Called up equity share | |
capital | 2,733 | 2,815 2,775
| |
Special distributable | |
reserve | 23,228 | 24,288 23,488
| |
Capital redemption | |
reserve | 220 | 138 177
| |
Capital reserve - | |
gains/(losses) on | |
disposal |(5,537) |(5,133) (4,472)
| |
| |
- holding | |
gains/(losses) |(2,902) |(4,152) (2,794)
| |
Revenue reserve | 343 | 250 91
=----------------------+-------------------+------------------------------------
Total equity | |
shareholders' funds | 18,085| 18,206 19,265
=----------------------+-------------------+------------------------------------
Net asset value per | |
share | 66.1p| 64.7p 69.4p
+-------------------+
*Held at fair value through profit and loss
Company Number: 05487744
Cash Flow Statement
+----------------+
| Six months to| Six months to Year to 31 July
| 31 January 2011| 31 January 2010 2010
| |
| GBP'000| GBP'000 GBP'000
=----------------------------+----------------+---------------------------------
| |
| |
Net cash inflow/(outflow) | |
from operating activities | 48| (236) (38)
| |
| |
| |
Financial investment : | |
| |
Purchase of fixed asset | |
investments | (209)| (831) (871)
| |
Sale of fixed asset | |
investments | 1,047| 213 911
| |
| |
| |
Management of liquid | |
resources: | |
| |
Purchase of current asset | |
investments | (3,034)| (194) (1,485)
| |
Sale of current asset | |
investments | 2,754| 1,828 3,038
| |
| |
| |
Taxation | -| - -
| |
| |
| |
Dividends paid | (414)| (429) (851)
| |
| |
| |
Financing: | |
| |
Repurchase of own shares | (260)| (315) (535)
=----------------------------+----------------+---------------------------------
(Decrease)/increase in cash | |
resources at bank | (68)| 36 169
+----------------+
Reconciliation of net cash flow to movement in net funds
+----------------+
| Six months to| Six months to Year to 31 July
| 31 January 2011| 31 January 2010 2010
| |
| GBP'000| GBP'000 GBP'000
=----------------------------+----------------+---------------------------------
(Decrease)/increase in cash | |
resources at bank | (68)| 36 169
| |
Movement in cash equivalents | 280| (1,615) (1,521)
| |
Opening net cash resources | 2,910| 4,247 4,262
=----------------------------+----------------+---------------------------------
Net funds at period end | 3,122| 2,668 2,910
+----------------+
Reconciliation of profit before taxation to cash flow from operating activities
+----------------+
| Six months to| Six months to Year to 31 July
| 31 January 2011| 31 January 2010 2010
| |
| GBP'000| GBP'000 GBP'000
=----------------------------+----------------+---------------------------------
Return on ordinary activities| |
before tax | (506)| 419 2,112
| |
Loss/(gain) on disposal of| |
fixed asset investments | 38| (57) (411)
| |
Gain on disposal of current| |
asset investments | (2)| - -
| |
Loss/(gain) on valuation of | |
fixed asset investments | 577| (467) (1,970)
| |
Gain on valuation of current | |
asset investments | -| (19) (32)
| |
(Increase)decrease in debtors| (101)| (8) 318
| |
Increase/(decrease) in | |
creditors | 42| (104) (55)
=----------------------------+----------------+---------------------------------
Inflow/(outflow) from | |
operating activities | 48| (236) (38)
+----------------+
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31 January 2011
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 July 2010, 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 January 2009.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 January 2011 do
not constitute statutory accounts within the meaning of Section 415 of the
Companies Act 2006 and have not been delivered to the Registrar of Companies.
The comparative figures for the year ended 31 July 2010 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, in accordance with chapter 3, part 16 of the Companies Act 2006, was
unqualified. This half-yearly report has not been reviewed by the Company's
auditor.
3. Earnings per share
The total earnings per share is based on 27,652,042 (31 January
2010: 28,444,194 and 31 July 2010: 28,668,324) ordinary shares, being the
weighted average number of ordinary 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. The basic and diluted earnings
per share are therefore identical.
4. Net asset value per share
The calculation of NAV per share as at 31 January 2011 is based on 27,344,694
(31 January 2010: 28,158,774 and 31 July 2010: 27,774,104) ordinary shares in
issue at that date.
5. Dividends
The interim dividend declared of 1.5p per share for the six months ending 31
January 2011 will be paid on 6 May 2011, to those shareholders on the register
on 8 April 2011.
A final dividend of 1.5p per share was paid on 10 January 2011 to those
shareholders on the register on 10 December 2010.
6. Buy Backs
During the six months ended 31 January 2011 the Company bought back 429,410
shares at a weighted average price of 60.3p per share (six months ended 31
January 2010: 557,840 shares at a weighted average price of 56.5p per share and
year ended 31 July 2010: 944,882 shares at a weighted average price of 56.6p 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 GBP193,000 payable to Octopus (31 January
2010: GBP174,000 and 31 July 2010: GBP379,000). At the period end there was GBPnil
outstanding to Octopus (31 January 2010: GBPnil and 31 July 2010: GBPnil).
Furthermore, Octopus provides administration and company secretarial services to
the Company. Octopus receives a fee of 0.3 per cent per annum of net assets of
the Company for administration services and GBP10,000 per annum for company
secretarial services.
8. Copies of this report are available from the registered office of the
Company at 20 Old Bailey, London, EC4M 7AN.
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
[HUG#1502385]
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