TIDMPSD
RNS Number : 4772Y
PSource Structured Debt Limited
01 March 2012
1/3/2012
PSource Structured Debt Limited
Performance for January 2012
The NAV per share for PSource Structured Debt Limited (PSD) as
at 31 January 2012 is $1.2733 (80.79p), representing a total return
of 2.27% for January 2012. At month end there were 59,564,681
shares in issue and the total NAV was $75,842,999.
As at 31 January 2012, the Company had repaid all outstanding
bank borrowings and had a cash balance of $872,845. On 21 February
2012 the Company transferred its banking arrangements to Investec
Specialist Bank.
The holding value of the Company's largest position, Parabel
(formerly PetroAlgae), has been reduced as of 31 December 2011,
based on a share price of $8.70. For further information please
refer to the Company's recently issued Interim Report.
As at 31 January 2012, the portfolio, which comprised of
investments in 22 companies, represented 101.84% of Total Net Asset
Value. The maximum position in any company was 78.13% of the
portfolio (being the holding in Parabel, held through a holding
company PetroTech Holdings, Inc). The top ten positions represent
99.4% of the portfolio.
An analysis of the portfolio by geography and industry as at 31
January 2012 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ -------------------- ------------------ ------------------ -----------------
AZ 94,948 91,294 3,654 2
CA 385,500 223,500 162,000 2
Canada 3,660,582 3,646,633 13,948 2
CO 528,328 527,625 703 1
FL 67,472,361 11,286,177 56,186,185 4
IL 3,073,683 3,069,867 3,816 2
Israel 5,145 - 5,145 1
MO 49,236 49,236 - 1
NC 412,785 - 412,785 1
NH 20,883 - 20,883 1
NJ 49,065 - 49,065 1
Other 23 - 23 -
TX 1,196,795 1,169,676 27,119 3
WA 286,905 286,905 - 1
77,236,238 20,350,912 56,885,325 22
==================== ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ------------------------- ----------------------- ----------------------- -----------------
Biotech 7,550,265 4,087,667 3,462,598 4
Business Services 167,159 - 167,159 2
Computers 577,397 527,625 49,772 2
Consulting 3,069,867 3,069,867 - 1
Energy 26,479 - 26,479 2
Industrial 1,174,132 1,169,676 4,456 2
IT 5,145 - 5,145 1
Renewable
Energy 60,343,583 7,198,510 53,145,073 1
Other 15 - 15 -
Security 3,646,633 3,646,633 - 1
Software 3,279 - 3,279 1
Technology 385,287 364,030 21,258 4
Transport 286,996 286,905 91 1
77,236,238 20,350,912 56,885,325 22
========================= ======================= ======================= =================
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 January 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $16,144,717 17.76%
Less Impairment -$2,992,314 -3.59%
------------
Net Debt (4) $13,152,403 14.16%
PetroTech Preferred (3) $7,198,510 7.42%
Total Loans $20,350,912 21.59%
------------
Equity
Penny warrants (1) $9,318 0.01%
Standard - In the money
(2) $49,065 0.05%
Standard - Out the money
(2) $621,940 0.28%
------------
Total Warrants $680,322 0.34%
PetroTech Common (3) $53,145,073 76.29%
Other Equities $3,059,930 1.78%
Total Equity $56,885,325 78.41%
------------
Gross Portfolio $77,236,238 100.00%
Cash $872,845 0.69%
Other Debtors/Liabilities/Accrued
Expenses -$2,266,084 -2.90%
NAV $75,842,999 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
------ ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------- --------
2012 2.27% 2.27%
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 Parabel 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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