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:
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30 June 2011
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31 March 2011
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31 December 2010
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Unaudited
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Audited
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Unaudited
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Total
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%
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Total
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%
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Total
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%
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£'000
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£'000
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£'000
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£'000
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£'000
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£'000
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VCT qualifying fixed asset investments at fair value
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14,770
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77.1%
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14,365
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74.8%
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13,742
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71.9%
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VCT non qualifying fixed asset investments at fair value
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-
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-
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-
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-
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196
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1.0%
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Non qualifying investments:
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- GAM Diversity exposure
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4,272
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22.3%
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4,333
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22.6%
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4,245
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22.2%
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- Money market funds
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-
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-
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398
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2.1%
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678
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3.5%
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Net current assets (including cash and cash equivalents)
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114
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0.6%
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97
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0.5%
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249
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1.3%
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19,156
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100.0%
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19,193
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100.0%
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19,110
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100.0%
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Net asset value per share
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83.80p
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83.96p
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83.46p
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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
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