TP70 2008 (ii) VCT PLC Interim Management Statement (8506H)
July 17 2012 - 6:32AM
UK Regulatory
TIDMTPV2
RNS Number : 8506H
TP70 2008 (ii) VCT PLC
17 July 2012
TP70 2008 (II) VCT plc
17 July 2012
Interim Management Statement for the quarter ended 30 June
2012
TP70 2008 (II) VCT plc ("the Company") has pleasure in
submitting its Interim Management Statement for the quarter ended
30 June 2012. This constitutes the Company's first Interim
Management Statement for the year ended 31 March 2013, as required
by the UK Listing Authority's Disclosure and Transparency Rule
4.3.
Net assets at 30 June 2012 comprised:
30 June 2012 30 September
31 March 2012 2011
Unaudited Audited Unaudited
Total % Total % Total %
GBP'000 GBP'000 GBP'000
VCT qualifying
fixed asset investments
at fair value 14,558 79.0 13,995 75.3 14,554 79.3
Non qualifying
investments:
- GAM Diversity
exposure 3,862 20.9 4,093 22.0 3,806 20.7
Net current assets
(including cash
and cash equivalents) 18 0.1 507 2.7 2 0.0
18,438 100.0 18,595 100.0 18,362 100.0
-------- ------ -------- ------ -------- ------
Net asset value
per share 80.66p 81.35p 80.33p
The reduction in net asset value per share for the quarter is
due to the valuation of GAM Diversity exposure falling by
GBP230,000 which was partially offset by a surplus of income from
VCT qualifying investments over operating expenses of
GBP73,000.
Investment Activity
The Board is pleased to note that during the period the Company
has made further VCT qualifying investments of GBP1.29 million
which exceeded the proceeds of the sale of investments of
GBP587,000 and loan repayments of GBP140,000 so that the Company
continues to meet the VCT requirement of being 70% invested in
qualifying investments.
The investment portfolio can be analysed as follows:
Electricity Generation
-------------
Local Total
Industry Cinema Authority Solar Anaerobic Qualifying
Sector Digitisation Communications Satellite and NHS PV Digestion Investments
-------------- ------------- --------------- ---------- -------------- ------------ ----------- -------------
Qualifying
Investments
GBP'000 9,400 185 - 760 2,713 1,500 14,558
-------------- ------------- --------------- ---------- -------------- ------------ ----------- -------------
Qualifying
Investments
% 64.57% 1.27% 0.00% 5.22% 18.64% 10.30% 100.00%
-------------- ------------- --------------- ---------- -------------- ------------ ----------- -------------
Number of
Companies 6 1 2 1 5 3 18
-------------- ------------- --------------- ---------- -------------- ------------ ----------- -------------
The Company holds 50% of the issued share capital of Lorngreen
Limited, which in turn holds an investment in GAM Diversity 2.5XL.
The Company also has an exposure to GAM Diversity held through a
note executed with Bank Julius Baer. This means that approximately
53% of the Company's net asset value is exposed to the performance
of GAM Diversity.
30 April 2013 will mark the end of shareholders' minimum five
year holding period. Therefore during the period notice was given
for the redemption of two thirds of the leveraged note held with
Bank Julius Baer with a trade date of 30 September 2012. Further
redemptions of the Company's exposure to GAM Diversity will be
implemented in line with the strategy of making staged reductions
in the exposure up to 30 April 2013.
Material Events and Transactions
The Board has declared a dividend of GBP307,000 which is equal
to1.34p per share, payable on 19 October 2012 to shareholders on
the register on 12 October 2012.
30 April 2013 will mark the end of shareholders' minimum five
year holding period. In accordance with the Company's strategy, the
Board is working with the Investment Manager on arrangements which
will provide those shareholders who wish it with a prompt exit
after that date. As an alternative, for those investors who would
like the opportunity to retain exposure to the Company's VCT
Qualifying Investment portfolio, the Board and the Investment
Manager are hoping to offer an enhanced share buyback
programme.
During the period no shares were issued and no shares were
purchased by the Company for cancellation.
Further Information
For further information, please contact Claire Ainsworth or
Chris Tottle at Triple Point Investment Management LLP on 0207 201
8989.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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