TIDMTP7V

RNS Number : 8901L

TP70 2010 VCT PLC

09 July 2014

TP70 2010 VCT plc

8 July 2014

Interim Management Statement for the quarter ended 31 May 2014

TP70 2010 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 31 May 2014. This constitutes the Company's first Interim Management Statement for the year ended 28 February 2015, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 May 2014 comprised:

 
                                31 May 2014            28 February 2014           31 August 2013 
                                 Unaudited                  Audited                  Unaudited 
                          GBP'000   % investments   GBP'000   % investments   GBP'000   % investments 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 VCT qualifying 
  unquoted investments      5,962            78.6     5,962            78.3     5,757            76.9 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 VCT non qualifying 
  investments: 
 GAM Trading 
  1.25XL                      602             7.9       605             8.0       705             9.4 
 Derivative                   986            13.0       988            13.0     1,003            13.4 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Cash and cash 
  equivalents                  37             0.5        55             0.7        23             0.3 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Total Investments          7,587           100.0     7,610           100.0     7,488           100.0 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Other assets 
  & liabilities              (48)                      (47)                      (71) 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Net assets                 7,539                     7,563                     7,417 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Net asset value 
  per share                86.19p                    86.47p                    84.81p 
-----------------------  --------  --------------  --------  --------------  --------  --------------

Results

The Company made a loss for the quarter of GBP24,000 equivalent to 0.28p per share which reduced the net asset value ("NAV") per share by that amount. The loss is due to fixed costs exceeding revenues derived from the unquoted investment portfolio and a small fall in the value of GAM.

Investment Portfolio

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 28 February 
  2014                                       1,079     3,508          725        650              5,962 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Investments at 31 May 
  2014                                       1,079     3,508          725        650              5,962 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Qualifying Investments 
  %                                         18.10%    58.84%       12.16%     10.90%            100.00% 
----------------------------

The Company has an overall exposure of 21% to GAM Trading comprising both a derivative and direct exposure to GAM Trading 1.25XL. With leverage this exposure equates to 42% of the Company's net asset value.

By 1 June 2015 all the Company's shareholders will have held their shares for the required five years in order to secure up-front tax relief. In accordance with shareholder expectations, the Board and Investment Manager are planning to return funds to shareholders as soon as practical thereafter. The Company's exposure to GAM will be reduced during the forthcoming year but the realisation of the qualifying investments will be after the five year anniversary in order to maintain VCT status.

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 Belinda Thomas 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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