Information  X 
Enter a valid email address

TP70 2008(ii) VCT (TPV2)

  Print   

Monday 25 July, 2011

TP70 2008(ii) VCT

Interim Management Statement

RNS Number : 9927K
TP70 2008 (ii) VCT PLC
25 July 2011
 



TP70 2008 (II) VCT plc

 

22 July 2011

 

Interim Management Statement for the quarter ended 30 June 2011

 

TP70 2008 (II) VCT plc has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2011. This constitutes the Company's first Interim Management Statement for the year ended 31 March 2012, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

 

Net assets at 30 June 2011 comprised:



30 June 2011


31 March 2011


31 December 2010



Unaudited


Audited


Unaudited



Total

%


Total

%


Total

%



£'000

£'000


£'000

£'000


£'000

£'000

VCT qualifying fixed asset investments at fair value


14,770

77.1%


14,365

74.8%


13,742

71.9%











VCT non qualifying fixed asset investments at fair value


-  

-


-  

-


196

1.0%











Non qualifying investments:










- GAM Diversity exposure


4,272

22.3%


4,333

22.6%


4,245

22.2%

- Money market funds


-

-


398

2.1%


678

3.5%











Net current assets (including cash and cash equivalents)


114

0.6%


97

0.5%


249

1.3%













19,156

100.0%


19,193

100.0%


19,110

100.0%

Net asset value per share


83.80p



83.96p



83.46p


 

 

Investment Activity

The Company's strategy is to offer combined exposure to GAM Diversity Non-VCT qualifying and to Triple Point managed VCT qualifying investments. This strategy is intended to provide substantial exposure to a fund of hedge funds within a Venture Capital Trust.

 

The Board is pleased to note that during the period the Company made a further VCT qualifying investment of £500,000 into a company committed to anaerobic digestion. This investment, net of loan repayments of £95,000 from other VCT qualifying investments, accounts for the movement in qualifying investments. VCT qualifying investments now account for 77% of net assets and the Board is satisfied that the Company continues to meet the VCT requirement of being 70% invested in qualifying holdings.

 

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 55% of the Company's NAV is exposed to the performance of GAM Diversity. GAM Diversity fell by 0.3% during the period, which accounts for the small reduction in net asset value over the quarter.

 

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 020 7201 8989.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSFELFLFDFZBBV

a d v e r t i s e m e n t