RNS Number : 8083W
TP70 2008 (ii) VCT PLC
03 February 2012
TP70 2008 (II) VCT plc
3 February 2012
Interim Management Statement for the quarter ended 31 December 2011
TP70 2008 (II) VCT plc has pleasure in submitting its Interim Management Statement for the quarter ended 31 December 2011. This constitutes the Company's second 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 31 December 2011 comprised:
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31 December 2011
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30 September 2011
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31 March 2011
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Unaudited
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Unaudited
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Audited
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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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VCT qualifying fixed asset investments at fair value
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13,811
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76.2
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14,554
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79.3
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14,365
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74.8
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Non qualifying investments:
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- GAM Diversity exposure
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3,755
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20.7
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3,806
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20.7
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4,333
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22.6
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- Money market funds
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-
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-
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-
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-
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398
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2.1
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Net current assets (including cash and cash equivalents)
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566
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3.1
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2
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0.0
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97
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0.5
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18,132
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100.0
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18,362
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100.0
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19,193
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100.0
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Net asset value per share
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79.32p
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80.33p
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83.96p
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Investment Activity
The Company's strategy is to offer combined exposure to GAM Diversity 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 Company continues to satisfy the test of being 70% invested in qualifying holdings.
During the period the Company made no new qualifying investments. The GAM Diversity exposure contributed a loss of £51,000 to the overall reduction in net asset value of £230,000, the remainder coming from a revaluation and realisations of qualifying investments.
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 51% of the Company's net asset value is exposed to the performance of GAM Diversity, which fell by 1.3% during the period.
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
END
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