TP70 2010 VCT PLC Interim Management Statement (0586H)
06 July 2012 - 2:22AM
UK Regulatory
TIDMTP7V
RNS Number : 0586H
TP70 2010 VCT PLC
05 July 2012
TP70 2010 VCT plc
4 July 2012
Interim Management Statement for the quarter ended 31 May
2012
TP70 2010 VCT plc has pleasure in submitting its Interim
Management Statement for the period ended 31 May 2012. This
constitutes the Company's first Interim Management Statement for
the year ended 28 February 2013, as required by the UK Listing
Authority's Disclosure and Transparency Rule 4.3.
Net assets at 31 May 2012 comprised:
29 February 31 August
31 May 2012 2012 2011
Unaudited Audited Unaudited
GBP'000 % GBP'000 % GBP'000 %
VCT qualifying investments 5,665 75.9 3,800 50.5 2,500 32.3
Non VCT qualifying
investments:
GAM Trading 1.25XL 715 9.6 1,265 16.8 1,284 16.6
GAM Multi-Focused
Macro SP USD Open - - - - 1,081 14.0
GAM Multi-Systematic
Trading USD Open - - - - 319 4.1
Derivative 997 13.4 1,032 13.7 1,125 14.5
Money Market Funds - - 900 11.9 900 11.6
Net current assets
(including cash and
cash equivalents) 83 1.1 535 7.1 532 6.9
7,460 100.0 7,532 100.0 7,741 100.0
-------- ------ -------- ------ -------- ------
Net asset value per
share 85.29p 86.12p 88.51p
The reduction in net asset value per share for the quarter is
explained by a GBP33,000 excess of expenses over income and a
GBP39,000 loss on the Company's remaining GAM exposure.
Investment Activity
The Board is pleased to note that during the three month period
the Company has made net VCT qualifying investments totalling
GBP1.9 million, bringing the total invested to 76% of net assets.
This means that the Company has satisfied the requirement of being
70% invested in qualifying investments a year ahead of its target
date.
The investment portfolio can be analysed as follows;
Electricity Generation
Solar Anaerobic Landfill Total Qualifying
Industry Sector Cinema Digitisation PV Digestion Gas Investments
------------------------ ------- ----------- ---------
Qualifying Investments
GBP'000 1,000 3,300 725 640 5,665
------------------------ -------------------- ------- ----------- --------- -----------------
Qualifying Investments
% 17.65% 58.25% 12.80% 11.30% 100.00%
------------------------ -------------------- ------- ----------- --------- -----------------
Number of Companies 1 10 1 2 14
------------------------ -------------------- ------- ----------- --------- -----------------
During the 3 month period the Company reduced its exposure in
GAM Trading 1.25XL by GBP550,000 in order to make further
qualifying investments. This leaves an overall exposure of 23% to a
portfolio with a strategy comparable to that of GAM Trading, which
with leverage equates to 46% of the Company's NAV being exposed to
the performance of GAM Trading.
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
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