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:
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31 December 2010
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30 September 2010
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31 March 2010
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Unaudited
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Unaudited
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Audited
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£'000
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%
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£'000
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%
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£'000
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%
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VCT qualifying fixed asset investments at fair value
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13,742
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71.9
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12,342
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65.2
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10,342
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52.2
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VCT non qualifying fixed asset investments at fair value
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196
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1.0
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196
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1.0
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196
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1.0
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Non qualifying investments:
- GAM Diversity 2.5XL
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4,245
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22.2
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4,105
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21.7
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4,714
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23.8
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- Money market deposits
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678
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3.6
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2,228
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11.8
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3,360
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17.0
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Net current assets (including cash and cash equivalents)
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249
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1.3
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65
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0.3
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1,197
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6.0
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19,110
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100.0
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18,936
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100.0
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19,809
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100.0
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Net asset value per share
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83.46p
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82.69p
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86.51p
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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
The company news service from the London Stock Exchange
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