TIDMTPV2

RNS Number : 9927K

TP70 2008 (ii) VCT PLC

25 July 2011

TP70 2008 (II) VCT plc

22 July 2011

Interim Management Statement for the quarter ended 30 June 2011

TP70 2008 (II) VCT plc has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2011. This constitutes the Company's first Interim Management Statement for the year ended 31 March 2012, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 30 June 2011 comprised:

 
                                                                31 December 
                       30 June 2011        31 March 2011            2010 
                         Unaudited            Audited            Unaudited 
                      Total       %       Total       %       Total       % 
                     GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 VCT qualifying 
  fixed asset 
  investments at 
  fair value          14,770     77.1%    14,365     74.8%    13,742     71.9% 
 
 VCT non 
  qualifying fixed 
  asset 
  investments at 
  fair value               -         -         -         -       196      1.0% 
 
 Non qualifying 
 investments: 
 - GAM Diversity 
  exposure             4,272     22.3%     4,333     22.6%     4,245     22.2% 
 - Money market 
  funds                    -         -       398      2.1%       678      3.5% 
 
 Net current 
  assets 
  (including cash 
  and cash 
  equivalents)           114      0.6%        97      0.5%       249      1.3% 
 
                      19,156    100.0%    19,193    100.0%    19,110    100.0% 
                    --------  --------  --------  --------  --------  -------- 
 Net asset value      83.80p              83.96p              83.46p 
  per share

Investment Activity

The Company's strategy is to offer combined exposure to GAM Diversity Non-VCT qualifying and to Triple Point managed VCT qualifying investments. This strategy is intended to provide substantial exposure to a fund of hedge funds within a Venture Capital Trust.

The Board is pleased to note that during the period the Company made a further VCT qualifying investment of GBP500,000 into a company committed to anaerobic digestion. This investment, net of loan repayments of GBP95,000 from other VCT qualifying investments, accounts for the movement in qualifying investments. VCT qualifying investments now account for 77% of net assets and the Board is satisfied that the Company continues to meet the VCT requirement of being 70% invested in qualifying holdings.

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 held through a note executed with Bank Julius Baer. This means that approximately 55% of the Company's NAV is exposed to the performance of GAM Diversity. GAM Diversity fell by 0.3% during the period, which accounts for the small reduction in net asset value over the quarter.

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 020 7201 8989.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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