TIDMPSD
RNS Number : 5153D
PSource Structured Debt Limited
17 May 2012
17/5/2012
PSource Structured Debt Limited
Performance for April 2012
The NAV per share of PSource Structured Debt Limited (PSD) as at
30 April 2012 is $1.2483 (76.89p), representing a total return of
-0.39% for April 2012. At the same date there were 59,564,681
shares in issue and the total NAV was $74,355,868. Following an EGM
on 16(th) May 2012, the Company is in a managed wind down.
At 30 April 2012, the Company had repaid all outstanding bank
borrowings and had a cash balance of $477,897. Since then, the
Company completed a partial liquidation of the assets of one of its
investments at NAV, which resulted in a cash inflow of $354,833 and
after payment of other expenses (including those related to the
recent Circular), the Company had a cash balance of $591,737 at 14
May 2012.
The holding value of the Company's largest position, Parabel
(formerly PetroAlgae), is currently based on a share price of
$8.70. For further information on this please refer to the
Company's recently issued Interim Report.
At 30 April 2012 the portfolio, which comprised investments in
21 companies, represented 102.19% of Total Net Asset Value. The
maximum position in any company was 79.41% of the portfolio (being
the holding in Parabel, held through a holding company PetroTech
Holdings, Inc). The top ten positions represent 99.5% of the
portfolio.
An analysis of the portfolio by geography and industry as at 30
April 2012 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ ------------------- ------------------ ------------------ -----------------
AZ 91,680 91,294 386 1
CA 172,718 88,357 84,361 2
Canada 3,652,624 3,646,631 5,993 2
CO 252,177 251,250 927 1
FL 66,254,574 11,286,177 54,968,398 4
IL 3,071,388 3,069,867 1,521 2
Israel 2,663 - 2,663 1
MO 38,063 38,063 - 1
NC 1,000,949 - 1,000,949 1
NH 17,959 - 17,959 1
NJ 70,079 - 70,079 1
NY 21,643 21,631 12 1
Other 314 - 314 -
TX 1,053,854 1,022,026 31,828 2
WA 286,905 286,905 - 1
75,987,592 19,802,201 56,185,391 21
=================== ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ------------------------ ----------------------- ------------------------ -----------------
Biotech 6,912,775 4,087,667 2,825,109 4
Business Services 89,516 - 89,516 2
Computers 322,260 251,250 71,010 2
Consulting 3,069,867 3,069,867 - 1
Energy 17,744 - 17,744 1
Industrial 1,037,631 1,022,026 15,605 2
IT 2,663 - 2,663 1
Renewable
Energy 60,343,583 7,198,510 53,145,073 1
Other 414 - 414 -
Security 3,646,631 3,646,631 - 1
Technology 235,958 217,714 18,244 4
Telecom 21,643 21,631 12 1
Transport 286,905 286,905 0 1
75,987,592 19,802,201 56,185,391 21
======================== ======================= ======================== =================
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 30 April 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $15,988,923 21.04%
Less Impairment -$3,385,232 -4.45%
------------
Net Debt (4) $12,603,691 16.59%
PetroTech Preferred (3) $7,198,510 9.47%
Total Loans $19,802,201 26.06%
------------
Equity
Penny warrants (1) $14,393 0.02%
Standard - In the money
(2) $70,080 0.09%
Standard - Out the money
(2) $1,113,557 1.47%
------------
Total Warrants $1,198,031 1.58%
PetroTech Common (3) $53,145,073 69.94%
Other Equities $1,842,286 2.42%
Total Equity $56,185,391 73.94%
------------
Gross Portfolio $75,987,592 100.00%
Borrowings $477,897 0.63%
Other Debtors/Liabilities/Accrued
Expenses -$2,109,620 -2.78%
NAV $74,355,868 97.85%
=================================== ============ ============ ===========
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% -1.06% -0.39% 0.26%
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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