TIDMPSD
RNS Number : 1482X
PSource Structured Debt Limited
09 February 2012
9/2/2012
PSource Structured Debt Limited
Performance for December 2011
The NAV per share for PSource Structured Debt Limited (PSD) as
at 31 December 2011 is $1.2450 (80.10p), representing a total
return of -21.79% for December 2011. At month end there were
59,564,681 shares in issue and the total NAV was $74,156,436.
As at 31 December 2011, the Company had repaid all outstanding
bank borrowings and had a cash balance of $919,148. In addition,
under the terms of the existing facility, the Company also had a
remaining availability on its overdraft facility of $800,000.
The holding value of the Company's largest position, PetroAlgae,
has been reduced as of 31 December 2011, based on a share price of
$8.70. This was based on consultation with the Company's auditor
KPMG, and the Company's independent valuation agent, Clayton IPS.
For information, the six month Volume Weighted Average Trading
Price of PetroAlgae shares through 31 December 2011 was $10.98.
As at 31 December 2011, the portfolio, which comprised of
investments in 24 companies, represented 101.78% of Total Net Asset
Value. The maximum position in any company was 79.95% of the
portfolio (being the holding in PetroAlgae). The top ten positions
represent 99.6% of the portfolio.
An analysis of the portfolio by geography and industry as at 31
December 2011 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ ------------------- ------------------ ------------------ -----------------
AZ 94,165 91,294 2,871 2
CA 270,866 223,500 47,366 2
Canada 3,654,153 3,646,633 7,520 2
CO 528,242 527,625 617 1
FL 66,115,383 11,286,177 54,829,206 4
IL 3,074,981 3,069,867 5,114 2
Israel 8,546 - 8,546 1
MO 50,981 50,981 - 1
NC 82,160 - 82,160 2
NH 30,741 - 30,741 1
NJ 62,252 - 62,252 1
Other 108 - 108 -
TX 1,213,798 1,189,676 24,122 4
WA 286,905 286,905 - 1
75,473,281 20,372,658 55,100,623 24
=================== ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ------------------------- ----------------------- ----------------------- -----------------
Biotech 5,855,853 4,087,667 1,768,186 4
Business Services 52,526 - 52,526 2
Computers 590,498 527,625 62,873 2
Consulting 3,069,867 3,069,867 - 1
Energy 23,481 - 23,481 3
Industrial 1,195,430 1,189,676 5,754 2
IT 8,546 - 8,546 1
Renewable
Energy 60,343,583 7,198,510 53,145,073 1
Other 10 - 10 -
Security 3,646,633 3,646,633 - 1
Software 2,496 - 2,496 1
Technology 396,891 365,775 31,116 4
Transport 287,466 286,905 561 2
75,473,281 20,372,658 55,100,623 24
========================= ======================= ======================= =================
Notes:
1. Single company investments with a current valuation below
$500 are not considered in the company investment count.
2. A volatility cap has been instated as of the 28th May 2009
valuation period for Standard warrants. Where the 260-day
volatility
provided by Bloomberg exceeds 100%, 100% is used as the input to
the Black-Scholes model.
A further analysis of the Company's portfolio and balance sheet
as at 31 December 2011 is set out below:
Balance sheet Analysis
----------------------------------- ------------- ------------ --------
% of
Loans Gross
Gross Debt $16,144,717 17.76%
Less Impairment - $2,970,569 -3.59%
-------------
Net Debt (4) $13,174,149 14.16%
PetroTech Preferred (3) $7,198,510 7.42%
Total Loans $20,372,658 21.59%
------------
Equity
Penny warrants (1) $4,979 0.01%
Standard - In the money
(2) $62,252 0.05%
Standard - Out the money
(2) $184,261 0.28%
-------------
Total Warrants $251,492 0.34%
PetroTech Common (3) $53,145,073 76.29%
Other Equities $1,704,036 1.78%
Other Private Equity $22 0.00%
Total Equity $55,100,623 78.41%
------------
Gross Portfolio $75,473,281 100.00%
Borrowings $919,148 0.69%
Other Debtors/Liabilities/Accrued
Expenses -$2,235,993 -2.90%
NAV $74,156,436 97.79%
=================================== ============= ============ ========
Monthly total return performance since inception is set out
below(5) :
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
------ ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------- --------
2011 -0.97% -0.95% -0.94% -1.73% -0.29% -3.08% -0.83% -0.96% -0.55% -0.39% -1.22% -21.79% -30.64%
2010 5.85% -0.11% 1.77% -2.02% -2.57% -2.17% -1.16% -4.29% 1.08% 0.72% -0.22% -1.30% -4.68%
2009 4.99% -5.25% 2.95% 1.16% 3.76% 1.66% 1.37% -0.13% -0.50% 1.47% 4.20% 4.70% 21.86%
2008 0.55% 1.87% 2.05% 1.49% 1.73% 0.72% 1.41% 2.43% 0.03% -2.14% -4.78% 0.37% 5.63%
2007 -0.38% 1.19% 2.49% 1.95% 1.64% 7.06%
Notes:
1. Penny warrants are warrants with a strike price of
approximately 1 cent per share. These are held at a 7% discount to
realisable value.
2. Standard warrants are held at a 30% discount to a Black-Scholes valuation.
3. The Company's holding in PetroAlgae is based on an effective share price of $8.70.
4. Debt is valued monthly with advice from the Company's
independent valuation agent, Clayton IPS, and is held at par less
appropriate impairment provisions.
5. Monthly returns based on Sterling returns until December 2008 and Dollar returns thereafter.
Further information is available on the Company's website:
www.psourcestructureddebt.com.
Contact:
Soondra Appavoo
PSource Capital Limited
020 7925 3156
This information is provided by RNS
The company news service from the London Stock Exchange
END
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