TIDMPSD
RNS Number : 3244P
PSource Structured Debt Limited
23 October 2012
23/10/2012
PSource Structured Debt Limited
NAV for August 2012
The NAV per share for PSource Structured Debt Limited (PSD) as
at 31 August 2012 is $0.6852 (43.19p), representing a total return
of -2.49% for August 2012 as compared to the restated 30 June 2012
NAV in the annual accounts. At month end there were 59,564,681
shares in issue and the total NAV was $40,815,953. PSD is in a
managed wind down.
As at 31 August 2012, the Company had a cash balance of
$197,225.
Greater detail on the Company's post balance sheet events are
set out in the Company's recently released audited statements which
are available on the Company website.
As at 30 June 2012, the Company's position in Parabel was
revalued from $8.70/share to $4.24/share. Fuller disclosure of the
valuation methodology is given in the annual accounts.
As at 31 August 2012, the portfolio included investments in 19
companies, 9 of which were material. The maximum position in any
company was 71.35% of the portfolio (being the holding in Parabel,
held through a holding company PetroTech Holdings, Inc).
On 4 October 2012, at the request of the buyer, PSD renegotiated
the agreed sale of its warrant holding in Biodelivery Sciences
Intl. Whereas the entire holding was originally agreed to be sold
for $709,245, under the revised agreement, the Manager agreed to
sell a portion of the holding for $450,638, at the same price per
unit as anticipated in the Post Balance Sheet Events of the
Company's annual accounts. The remaining position, being valued at
$241,290 as at 31 August 2012, is expected to be sold in the
market, liquidity permitting. Based upon 22 October 2012 closing
share price, the remaining warrants have an intrinsic value of
$39,742.
An analysis of the portfolio by geography and industry as at 31
August 2012 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ ----------------- ------------------ ------------------ -----------------
AZ 92,494 91,294 1,200 1
Canada 3,646,631 3,646,631 - 1
CO 251,279 251,250 29 1
FL 33,395,077 11,286,177 22,108,900 3
IL 1,973,264 1,973,264 - 1
NC 241,290 - 241,290 1
TX 592,350 592,350 - 1
40,192,385 17,840,965 22,351,420 9
================= ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------ ---------------------- -------------------- ----------------------- -----------------
Biotech 4,958,798 4,087,667 871,132 3
Computers 251,279 251,250 29 1
Consulting 1,973,264 1,973,264 - 1
Industrial 592,350 592,350 - 1
Renewable
Energy 28,677,569 7,198,510 21,479,059 1
Security 3,646,631 3,646,631 - 1
Technology 92,494 91,294 1,200 1
40,192,385 17,840,965 22,351,420 9
====================== ==================== ======================= =================
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 31 August 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $12,747,870 31.72%
Less Impairment -$2,105,414 -5.24%
------------
Net Debt (4) $10,642,455 26.48%
PetroTech Preferred (3) $7,198,510 17.91%
Total Loans $17,840,965 44.39%
------------
Equity
Penny warrants (1) $0 0.00%
Standard - In the money
(2) $241,290 0.60%
Standard - Out the money
(2) $0 0.00%
------------
Total Warrants $241,290 0.60%
PetroTech Common (3) $21,479,059 53.44%
Other Equities $631,070 1.57%
Total Equity $22,351,420 55.61%
------------
Gross Portfolio $40,192,385 100.00%
Cash $197,225 0.49%
Other Debtors/Liabilities/Accrued
Expenses $426,344 1.06%
NAV $40,815,953 101.55%
=================================== ============ ============ ===========
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% 0.25% -5.66% -44.97%
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.
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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