TP70 2010 VCT PLC Interim Management Statement (6213S)
09 July 2015 - 8:31PM
UK Regulatory
TIDMTP7V
RNS Number : 6213S
TP70 2010 VCT PLC
09 July 2015
TP70 2010 VCT plc
9 July 2015
Interim Management Statement for the quarter ended 31 May
2015
Highlights
-- The Net Asset Value at 31 May 2015 was 91.53p per share.
-- During the period the Company paid its first dividend on 8
May 2015 of 5.72p per share. After the period end on 3 July 2015 a
second dividend of 18.3p per share was paid, bringing the total
dividends paid to 24.02p per share.
-- 78% of the Company's portfolio was invested in qualifying investments
-- The unquoted qualifying investment portfolio by sector at 31 May 2015:
Cinema Digitisation 17%
Solar PV 62%
Anaerobic Digestion 11%
Landfill Gas 10%
-- The Company disposed of its Derivative with Exane Bank on 31
March 2015 resulting in a small up-lift to valuation.
-- During the period the solar PV companies in which the Company
invested disposed of a significant part of their portfolios of
roof-mounted solar systems. The disposal resulted in an up-lift to
the valuation of these investee companies of an aggregate GBP0.9
million, equivalent to 10.2p per share, which was recognised at 28
February 2015. After the period end the Company has sold these
investments.
-- In June, the Company completed on the sale of its investment
in an Anaerobic Digestion company for GBP0.8 million resulting in
an up-lift to the valuation of GBP113,000, equivalent to 1.3p per
share.
-- The shareholders 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.
-- A total return to shareholders of 97.81p per share is made up of:
Net asset value at 31 May 2015 91.53p
Dividends paid during the period up to 31 May 2015 5.72p
Up-lift on the sale of Anaerobic Digestion companies 1.19p
Less: Provision (0.63p)
Net Assets at 31 May 2015:
30-May-15 28-Feb-15 31-Aug-14
Unaudited Audited Unaudited
GBP'000 % investments GBP'000 % investments GBP'000 % investments
------------------- -------- -------------- -------- -------------- -------- --------------
VCT qualifying
unquoted
investments 6,406 78.48% 6,889 79.64% 5,962 78.15%
------------------- -------- -------------- -------- -------------- -------- --------------
VCT non
qualifying
unquoted
investments: 0 0.00% 1,146 13.25% 1,651 21.64%
------------------- -------- -------------- -------- -------------- -------- --------------
Cash and
cash equivalents 1,757 21.52% 615 7.11% 16 0.21%
------------------- -------- -------------- -------- -------------- -------- --------------
Total Investments 8,163 100.00% 8,650 100.00% 7,629 100.00%
------------------- -------- -------------- -------- -------------- -------- --------------
Other assets
& liabilities (158) (114) (47)
------------------- -------- -------------- -------- -------------- -------- --------------
Net assets 8,005 8,536 7,582
------------------- -------- -------------- -------- -------------- -------- --------------
Net asset
value per
share 91.53p 97.60p 86.69p
------------------- -------- -------------- -------- -------------- -------- --------------
For further information, please contact Claire Ainsworth 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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