TIDMPSD
RNS Number : 2789A
PSource Structured Debt Limited
28 March 2012
28/3/2012
PSource Structured Debt Limited
Performance for February 2012
The NAV per share for PSource Structured Debt Limited (PSD) as
at 29 February 2012 is $1.2666 (79.58p), representing a total
return of -0.53% for February 2012. At month end there were
59,564,681 shares in issue and the total NAV was $75,446,749.
As at 29 February 2012, the Company had repaid all outstanding
bank borrowings and had a cash balance of $554,238. On 21 February
2012 the Company transferred its banking arrangements to Investec
Specialist Private Bank.
The holding value of the Company's largest position, Parabel
(formerly PetroAlgae) is based on a share price of $8.70. For
further information please refer to the Company's recently issued
Interim Report.
As at 29 February 2012, the portfolio, which comprised of
investments in 23 companies, represented 101.93% of Total Net Asset
Value. The maximum position in any company was 78.47% 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 29
February 2012 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ -------------------- ------------------ ------------------ -----------------
AZ 92,517 91,294 1,224 2
CA 366,758 223,500 143,258 2
Canada 3,656,495 3,646,632 9,863 2
CO 528,467 527,625 842 1
FL 67,063,119 11,286,177 55,776,942 4
IL 3,073,636 3,069,867 3,769 2
Israel 4,886 - 4,886 1
MO 49,236 49,236 - 1
NC 463,291 - 463,291 1
NH 17,487 - 17,487 1
NJ 46,434 - 46,434 1
NY 42,684 42,631 52 1
Other 18 - 18 -
TX 1,210,887 1,169,676 41,211 3
WA 286,905 286,905 - 1
76,902,821 20,393,543 56,509,278 23
==================== ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ------------------------- ----------------------- ----------------------- -----------------
Biotech 7,187,242 4,087,667 3,099,575 4
Business Services 148,568 - 148,568 2
Computers 574,906 527,625 47,281 2
Consulting 3,069,867 3,069,867 - 1
Energy 23,286 - 23,286 2
Industrial 1,191,369 1,169,676 21,693 2
IT 4,886 - 4,886 1
Renewable
Energy 60,343,583 7,198,510 53,145,073 1
Other 38 - 38 -
Security 3,646,632 3,646,632 - 1
Software 939 - 939 1
Technology 381,802 364,030 17,772 4
Telecom 42,646 42,631 15 1
Transport 287,057 286,905 151 1
76,902,821 20,393,543 56,509,278 23
========================= ======================= ======================= =================
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 29 February 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $16,144,716 20.99%
Less Impairment -$2,949,683 -3.84%
------------
Net Debt (4) $13,195,033 17.16%
PetroTech Preferred (3) $7,198,510 9.36%
Total Loans $20,393,543 26.52%
------------
Equity
Penny warrants (1) $22,301 0.03%
Standard - In the money
(2) $46,434 0.06%
Standard - Out the money
(2) $643,536 0.84%
------------
Total Warrants $712,271 0.93%
PetroTech Common (3) $53,145,073 69.11%
Other Equities $2,651,933 3.45%
Total Equity $56,509,278 73.48%
------------
Gross Portfolio $76,902,821 100.00%
Borrowings $554,238 0.72%
Other Debtors/Liabilities/Accrued
Expenses -$2,010,310 -2.61%
NAV $75,446,749 98.11%
=================================== ============ ============ ===========
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% -0.53% 1.73%
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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