TIDMPSD
RNS Number : 7087Q
PSource Structured Debt Limited
08 November 2012
8/11/2012
PSource Structured Debt Limited
NAV for September 2012
The NAV per share for PSource Structured Debt Limited (PSD) as
at 30 September 2012 is $0.6898 (42.67p), representing a total
return of +0.67% for September 2012. At month end there were
59,564,681 shares in issue and the total NAV was $41,088,891. PSD
is in a managed wind down.
As at 30 September 2012, the Company had a cash balance of
$91,535. The Company subsequently received an additional $628,696
from the sales of its BioDelivery Sciences International, Inc.
("BDSI") warrant position (after transaction costs).
As at 30 September 2012, the portfolio included material
investments in 8 companies. The maximum position in any company was
71.19% of the portfolio (being the holding in Parabel, held through
a holding company PetroTech Holdings, Inc).
On 23 October 2012, the Company sold its remaining BDSI warrant
position for $178,058. Although this represents a discount to the
position's 31 August 2012 valuation of $241,290, based upon 22
October 2012 closing share price, the remaining warrants then had
an intrinsic value of $39,742. In total, the Company received
$628,696 from the sale of this position. Following this sale, the
Company has no material warrant position.
An analysis of the portfolio by geography and industry as at 30
September 2012 is set out below:
US State Debt/ Warrant/ No. of
or Country Total Loan note Equity companies
$ $ $
------------ ------------------ ------------------- ---------------------- ---------------------
AZ 91,969 91,294 675 1
Canada 3,646,631 3,646,631 - 1
CO 251,279 251,250 29 1
FL 33,726,223 11,286,177 22,440,047 3
IL 1,973,264 1,973,264 - 1
TX 592,350 592,350 - 1
40,281,716 17,840,965 22,440,751 8
================== =================== ====================== =====================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------ ---------------------- -------------------- ----------------------- -----------------
Biotech 5,048,655 4,087,667 960,988 2
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 91,969 91,294 675 1
40,281,716 17,840,965 22,440,751 8
====================== ==================== ======================= =================
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 September 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $12,747,870 31.65%
Less Impairment -$2,105,414 -5.23%
------------
Net Debt (4) $10,642,455 26.42%
PetroTech Preferred (3) $7,198,510 17.87%
Total Loans $17,840,965 44.29%
------------
Equity
PetroTech Common (3) $21,479,059 53.32%
Other Equities $961,692 2.39%
Total Equity $22,440,751 55.71%
------------
Gross Portfolio $40,281,716 100.00%
Cash $91,535 0.23%
Other Debtors/Liabilities/Accrued
Expenses $715,640 1.78%
NAV $41,088,891 102.00%
=================================== ============ ============ ===========
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% 0.67% -44.60%
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, MountainView (formerly known 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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