TP70 2008(ii) VCT

Interim Management Statement

RNS Number : 6679A
TP70 2008 (ii) VCT PLC
03 February 2011
 



TP70 2008 (II) VCT plc

 

3 February 2011

 

Interim Management Statement for the quarter ended 31 December 2010

 

TP70 2008 (II) VCT plc has pleasure in submitting its Interim Management Statement for the nine months ended 31 December 2010. This constitutes the Company's second Interim Management Statement for the financial year ending 31 March 2011, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

 

Net assets at 31 December 2010 comprised:

 


31 December 2010


30 September 2010


31 March 2010


Unaudited


Unaudited


Audited


£'000


%


£'000


%


£'000


%


 

 











VCT qualifying fixed asset investments at fair value

13,742


71.9


12,342


65.2


10,342


52.2

VCT non qualifying fixed asset investments at fair value

196


1.0


196


1.0


196


1.0













Non qualifying investments: 

-     GAM Diversity 2.5XL

4,245


22.2


4,105


21.7


4,714


23.8

-     Money market deposits

678


3.6


2,228


11.8


3,360


17.0













Net current assets (including cash and cash equivalents)

249


1.3


65


0.3


1,197


6.0














19,110


100.0


18,936


100.0


19,809


100.0













Net asset value per share

83.46p




82.69p




86.51p


 

 


















Investment Activity

 

The board is pleased to report that in the last quarter the Company made £1.4 million of follow on VCT qualifying investments into two companies involved in cinema digitisation, which means they are fully funded to meet their contractual commitments in the UK. VCT qualifying investments now account for some 64.1% of investments at original cost so that the Company is on course to meet the test of being 70% so invested by 31 March 2011.

 

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 2.5XL held through a note executed with Julius Baer. This means that approximately 55% of the Company's NAV is exposed to the performance of GAM Diversity. During the quarter to 31 December 2010, the value of the investment increased by 3.4% from the level recorded in the half yearly report to 30 September 2010.

 

Material Events and Transactions

 

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
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