TIDMOEC3 
 
Octopus Eclipse VCT 3 PLC 
Interim Management Statement 
 
29th November 2011 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Eclipse VCT 3 plc ('Eclipse 3' or 'VCT') presents an 
Interim Management Statement for the period 1 August 2011 to 31 October 2011. 
The statement also includes relevant financial information between the end of 
the period and the date of this statement. 
 
Financial Summary 
                                3 months to 31 October 2011 Year to 31 July 2011 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)                                  15,441               15,702 
 
Return on ordinary activities 
after tax ( GBP'000s)                                    (261)              (1,993) 
 
Net asset value per share 
('NAV')                                               58.3p                59.3p 
 
Cumulative dividends paid since 
launch                                                11.7p                11.7p 
 
Total return (NAV plus 
dividends paid)                                       70.0p                71.0p 
 
 
Investment performance 
At 31 October 2011 the NAV of the VCT was 58.3p, which compares to 59.3p at 31 
July 2011.  This represents a decline in the total return (NAV plus cumulative 
dividends paid) of 1.4%. This decline in total return is primarily due to the 
quoted portfolio, where the majority of stocks have suffered a reduction in 
value due to poor market sentiment. Most significantly, Plastics Capital has 
suffered a  GBP115,000 loss in value since the year end, despite continuing to 
trade well. 
 
There have been no changes in value in the unquoted portfolio. We have continued 
to focus on monitoring and supporting the existing portfolio non-financially and 
have disposed entirely of our holding in Blanc Brasseries, successfully 
realising a gain of  GBP18,000. 
 
The total value of the investment portfolio at 31 October 2011 was  GBP12.9 
million. By value, 78.2% of the Company's net assets are in unquoted 
investments, 5.1% in AIM-quoted investments and 16.7% of the Company's net 
assets are currently in cash or cash equivalents. 
 
Top Ten Qualifying Investments by value as at 31 October 2011 
 
                                                       Carrying value % of total 
Company                 Sector                                   GBP'000 net assets 
=------------------------------------------------------------------------------- 
                        Technology & 
CSL DualCom Limited     Telecommunications                      2,529      16.4% 
 
The History Press 
Limited                 Publishing                              2,206      14.3% 
 
Hydrobolt Limited       Engineering & Machinery                 2,086      13.5% 
 
Tristar Worldwide 
Limited                 Transport Services                      1,448       9.4% 
 
Brandspace Limited      Media & Marketing Services              1,303       8.4% 
 
Audio Visual Machines   Technology & 
Limited                 Telecommunications                      1,147       7.4% 
 
Bruce Dunlop & 
Associates Limited      Media and Marketing Services              924       6.0% 
 
Plastics Capital plc    Engineering & Machinery                   320       2.1% 
 
T4 Holdings Limited     Media & Marketing Services                250       1.6% 
 
Convivial London Pubs 
plc                     Leisure and Hotels                        152       1.0% 
 
 
Dividends 
The Board has proposed a final dividend of 2.0p which, if approved by 
shareholders, will be paid on 16 December 2011 to those shareholders on the 
register on 18 November 2011. 
 
Material events and transactions 
Eclipse 3's Board is not aware of any other significant event or transaction 
which has occurred between 31 October 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 3 plc via Thomson Reuters ONE 
 
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