Interim Management Statement


 
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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