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TP70 2008(ii) VCT (TPV2)

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Tuesday 17 July, 2012

TP70 2008(ii) VCT

Interim Management Statement

RNS Number : 8506H
TP70 2008 (ii) VCT PLC
17 July 2012
 



 

 

TP70 2008 (II) VCT plc

 

17 July 2012

 

Interim Management Statement for the quarter ended 30 June 2012

 

TP70 2008 (II) VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2012. This constitutes the Company's first Interim Management Statement for the year ended 31 March 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

 

Net assets at 30 June 2012 comprised:

 



30 June 2012


31 March 2012


30 September 2011



Unaudited


Audited


Unaudited



Total

%


Total

%


Total

%



£'000



£'000



£'000


VCT qualifying fixed asset investments at fair value


14,558

79.0


13,995

75.3


14,554

79.3











Non qualifying investments:










- GAM Diversity exposure


3,862

20.9


4,093

22.0


3,806

20.7











Net current assets (including cash and cash equivalents)


18

0.1


507

2.7


2

0.0



18,438

100.0


18,595

100.0


18,362

100.0

Net asset value per share


80.66p



81.35p



80.33p


 

The reduction in net asset value per share for the quarter is due to the valuation of GAM Diversity exposure falling by £230,000 which was partially offset by a surplus of income from VCT qualifying investments over operating expenses of £73,000.

 

Investment Activity

 

The Board is pleased to note that during the period the Company has made further VCT qualifying investments of £1.29 million which exceeded the proceeds of the sale of investments of £587,000 and loan repayments of £140,000 so that the Company continues to meet the VCT requirement of being 70% invested in qualifying investments.

 

The investment portfolio can be analysed as follows:






Electricity Generation


Industry Sector

Cinema Digitisation

Communications

Satellite

Local Authority and NHS

Solar PV

Anaerobic Digestion

Total Qualifying Investments

Qualifying Investments £'000

9,400

185

-  

760

2,713

1,500

14,558

Qualifying Investments %

64.57%

1.27%

0.00%

5.22%

18.64%

10.30%

100.00%

Number of Companies

6

1

2

1

5

3

18

 

 

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 53% of the Company's net asset value is exposed to the performance of GAM Diversity.

 

30 April 2013 will mark the end of shareholders' minimum five year holding period. Therefore during the period notice was given for the redemption of two thirds of the leveraged note held with Bank Julius Baer with a trade date of 30 September 2012. Further redemptions of the Company's exposure to GAM Diversity will be implemented in line with the strategy of making staged reductions in the exposure up to 30 April 2013.

 

Material Events and Transactions

 

The Board has declared a dividend of £307,000 which is equal to1.34p per share, payable on 19 October 2012 to shareholders on the register on 12 October 2012.

 

30 April 2013 will mark the end of shareholders' minimum five year holding period.  In accordance with the Company's strategy, the Board is working with the Investment Manager on arrangements which will provide those shareholders who wish it with a prompt exit after that date.  As an alternative, for those investors who would like the opportunity to retain exposure to the Company's VCT Qualifying Investment portfolio, the Board and the Investment Manager are hoping to offer an enhanced share buyback programme.  

 

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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