TIDMPSD
RNS Number : 6647K
PSource Structured Debt Limited
23 August 2012
23/8/2012
PSource Structured Debt Limited
NAV for June 2012
The NAV per share for PSource Structured Debt Limited (PSD) as
at 30 June 2012 is $0.7245 (46.13p), representing a total return of
-41.74% for June 2012. At month end there were 59,564,681 shares in
issue and the total NAV was $43,156,976.
As at 30 June 2012, the Company had a cash balance of
$293,808.
The Directors note the continuing strong commercial and
technical progress of Parabel. However, the Board also notes the
deteriorating capital markets environment and cautious sentiment
prevailing in World Financial markets, particularly regarding IPOs.
As a result of the market conditions and the requirements of IFRS
accounting policies the position has been re-valued downwards from
$8.70/share to $4.24/share. Fuller disclosure of the valuation
methodology will be given in the annual accounts which will be
published shortly.
As at 30 June 2012, the portfolio, which comprised of
investments in 19 companies, represented 99.60% of Total Net Asset
Value. The maximum position in any company was 66.72% of the
portfolio (being the holding in Parabel, held through a holding
company PetroTech Holdings, Inc). The top ten positions represent
99.65% of the portfolio.
An analysis of the portfolio by geography and industry as at 30
June 2012 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ --------------------- ------------------ ------------------ -----------------
AZ 92,569 91,294 1,275 1
CA 126,554 88,357 38,197 2
Canada 3,650,478 3,646,631 3,847 2
CO 252,176 251,250 926 1
FL 34,508,234 11,286,177 23,222,057 3
IL 2,412,181 2,411,905 276 2
Israel 1,855 - 1,855 1
MO 17,987 17,987 - 1
NC 1,230,365 - 1,230,365 1
NH 13,103 - 13,103 1
NJ 46,352 - 46,352 1
NY 18,643 18,631 11 1
Other 4 - 4 -
TX 614,596 592,350 22,246 2
42,985,096 18,404,582 24,580,514 19
===================== ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ----------------------- ----------------------- ------------------------ -----------------
Biotech 7,064,129 4,087,667 2,976,462 4
Business Services 38,945 - 38,945 1
Computers 298,532 251,250 47,282 2
Consulting 2,411,905 2,411,905 - 1
Energy 8,162 - 8,162 1
Industrial 606,710 592,350 14,360 2
IT 1,855 - 1,855 1
Renewable
Energy 28,677,569 7,198,510 21,479,059 1
Other - - - -
Security 3,646,631 3,646,631 - 1
Technology 212,016 197,638 14,378 4
Telecom 18,643 18,631 11 1
42,985,096 18,404,582 24,580,514 19
======================= ======================= ======================== =================
Note: single company investments with a current valuation below
$500 are not considered in the company investment count.
A further analysis of the Company's portfolio and balance sheet
as at 30 June 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------
Loans
Gross Debt $12,872,077
Less Impairment -$1,666,005
------------
Net Debt (4) $11,206,072
PetroTech Preferred (3) $7,198,510
Total Loans $18,404,582
------------
Equity
Penny warrants (1) $14,084
Standard - In the money
(2) $46,354
Standard - Out the money
(2) $1,287,674
------------
Total Warrants $1,348,111
PetroTech Common (3) $21,479,059
Other Equities $1,753,344
Total Equity $24,580,514
------------
Gross Portfolio $42,985,096
Cash $293,808
Other Debtors/Liabilities/Accrued
Expenses -$121,929
NAV $43,156,976
=================================== ============ ============
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% -0.38% -41.74% -41.81%
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. Where the 260-day volatility provided by
Bloomberg exceeds 100%, 100% is used as the input to the
Black-Scholes model.
3. The Company's holding in Parabel is based on an effective share price of $4.24.
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.
Please also note that on 31 July 2012 there was a novation of
the PSD Management Agreement from PSource Capital Guernsey Limited
(hitherto the Manager) to PSource Capital Limited (the Investment
Consultant). As a consequence of this novation, PSource Capital
Limited will now act as Manager and Investment Consultant to the
Company. Laurus Capital Management LLC will continue to act as
Investment Manager. Both PSource Capital Guernsey Limited and
PSource Capital Limited are subsidiaries of Punter Southall Group.
The novation will have no material impact on the operations of PSD
in the opinion of the Directors.
Contact:
Soondra Appavoo
PSource Capital Limited
020 3327 5251
This information is provided by RNS
The company news service from the London Stock Exchange
END
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