TIDMTPV2

RNS Number : 6679A

TP70 2008 (ii) VCT PLC

03 February 2011

TP70 2008 (II) VCT plc

3 February 2011

Interim Management Statement for the quarter ended 31 December 2010

TP70 2008 (II) VCT plc has pleasure in submitting its Interim Management Statement for the nine months ended 31 December 2010. This constitutes the Company's second Interim Management Statement for the financial year ending 31 March 2011, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 December 2010 comprised:

 
                               31 December      30 September 
                                   2010              2010         31 March 2010 
                                Unaudited         Unaudited          Audited 
                             GBP'000       %   GBP'000       %   GBP'000       % 
  VCT qualifying 
   fixed asset investments 
   at fair value              13,742    71.9    12,342    65.2    10,342    52.2 
  VCT non qualifying 
   fixed asset investments 
   at fair value                 196     1.0       196     1.0       196     1.0 
             Non 
              qualifying 
              investments: 
              - GAM 
              Diversity 
              2.5XL            4,245    22.2     4,105    21.7     4,714    23.8 
  - Money market deposits 
                                 678     3.6     2,228    11.8     3,360    17.0 
  Net current assets 
   (including cash 
   and cash equivalents)         249     1.3        65     0.3     1,197     6.0 
                              19,110   100.0    18,936   100.0    19,809   100.0 
                            --------  ------  --------  ------  --------  ------ 
  Net asset value             83.46p            82.69p            86.51p 
   per share

Investment Activity

The board is pleased to report that in the last quarter the Company made GBP1.4 million of follow on VCT qualifying investments into two companies involved in cinema digitisation, which means they are fully funded to meet their contractual commitments in the UK. VCT qualifying investments now account for some 64.1% of investments at original cost so that the Company is on course to meet the test of being 70% so invested by 31 March 2011.

The Company holds 50% of the issued share capital of Lorngreen Limited, which in turn holds an investment in GAM Diversity 2.5XL. The Company also has an exposure to GAM Diversity 2.5XL held through a note executed with Julius Baer. This means that approximately 55% of the Company's NAV is exposed to the performance of GAM Diversity. During the quarter to 31 December 2010, the value of the investment increased by 3.4% from the level recorded in the half yearly report to 30 September 2010.

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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