TIDMTP7V

RNS Number : 6721B

TP70 2010 VCT PLC

08 January 2015

TP70 2010 VCT plc

8 January 2015

Interim Management Statement for the quarter ended 30 November 2014

Highlights

   --      Net Asset Value increased from 86.69p per share to 87.74p per share during the period. 
   --      77% of the Company's portfolio is in qualifying investments.

-- The Performance of GAM Trading resulted in an uplift to Net Asset Value of 1.3p per share during the period.

   --      The table below shows the unquoted qualifying investment portfolio by sector: 
 
                                                     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 
------------------------  --------------------  --------  -----------  ---------  ----------------- 
 At 30 November 2014                     1,079     3,508          725        650              5,962 
------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Qualifying Investments 
  %                                     18.10%    58.84%       12.16%     10.90%            100.00% 
------------------------  --------------------  --------  -----------  ---------  -----------------

-- By June 2015 shareholders will have held their shares for the five years required to secure up-front Tax relief. Both the Board and Investment Manager are planning to return funds to shareholders as soon as practical after this date by realising the unquoted investments.

-- Notice has been given to redeem the company's investment in GAM Trading 1.25XL on 31 December 2014. The remaining exposure to GAM Trading is held through a derivative with Exane Bank which the Company will seek to redeem by 31 March 2015.

Net Assets at 30 November 2014

 
                             30 November 2014           31 August 2014           28 February 2014 
                                 Unaudited                 Unaudited                  Audited 
                          GBP'000   % investments   GBP'000   % investments   GBP'000   % investments 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 VCT qualifying 
  unquoted investments      5,962            77.0     5,962            78.2     5,962            78.3 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 VCT non qualifying 
  investments: 
 GAM Trading 
  1.25XL                      644             8.3       617             8.1       605             8.0 
 Derivative                 1,117            14.4     1,034            13.6       988            13.0 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Cash and cash 
  equivalents                  18             0.3        16             0.2        55             0.7 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Total Investments          7,741           100.0     7,629           100.0     7,610           100.0 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Other assets 
  & liabilities              (67)                      (47)                      (47) 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Net assets                 7,674                     7,582                     7,563 
-----------------------  --------  --------------  --------  --------------  --------  -------------- 
 Net asset value 
  per share                87.74p                    86.69p                    86.47p 
-----------------------  --------  --------------  --------  --------------  --------  --------------

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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