TIDMTP7V

RNS Number : 1828X

TP70 2010 VCT PLC

08 January 2014

TP70 2010 VCT plc

8 January 2014

TP70 2010 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 30 November 2013. This constitutes the Company's second Interim Management Statement for the year ended 28 February 2014, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 30 November 2013 comprised:

 
                             30 November 2013           31 August 2013           29 February 2013 
                                 Unaudited                 Unaudited                  Audited 
                          GBP'000   % investments   GBP'000   % investments   GBP'000   % investments 
                         --------  --------------  --------  --------------  --------  -------------- 
 VCT qualifying 
  unquoted investments      5,757            78.2     5,757            76.9     5,757            75.2 
  Non VCT qualifying 
   investments: 
 GAM Trading 
  1.25XL                      605             8.2       705             9.4       743             9.7 
 Derivative                   979            13.3     1,003            13.4     1,104            14.4 
 Cash and cash 
  equivalents                  25             0.3        23             0.3        52             0.7 
                         --------  --------------  --------  --------------  --------  -------------- 
 Total Investments          7,366           100.0     7,488          100.00     7,656           100.0 
                         --------  --------------  --------  --------------  --------  -------------- 
 Other assets 
  & liabilities                 8                      (71)                      (55) 
                         --------                  --------                  -------- 
 Net assets                 7,374                     7,417                     7,601 
                         --------                  --------                  -------- 
 Net asset value 
  per share                84.31p                    84.81p                    86.91p

The reduction in net asset value per share for the quarter reflects an GBP18,000 excess of running expenses over loan interest income and a GBP25,000 unrealised loss on the Company's GAM exposure.

The qualifying investment portfolio can be categorised as follows:

 
                                                         Electricity Generation 
                                                      Solar    Anaerobic    Landfill   Total Qualifying 
 Industry Sector               Cinema Digitisation      PV      Digestion      Gas        Investments 
----------------------------  --------------------                                    ----------------- 
                                           GBP'000   GBP'000      GBP'000    GBP'000            GBP'000 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Investments at 30 November 
  2013                                       1,000     3,392          725        640              5,757 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Qualifying Investments 
  %                                         17.37%    58.92%       12.59%     11.12%            100.00% 
----------------------------  --------------------  --------  -----------  ---------  -----------------

The Company has an overall exposure of 22% to GAM Trading comprising both a derivative and direct exposure to GAM Trading 1.25XL. With leverage this exposure equates to 43% of the Company's net asset value.

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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