12th Jul 2011 11:37
TP10 VCT plc
12 July 2011
Interim Management Statement for the quarter ended 31 May 2011
TP10 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 31 May 2011. This constitutes the Company's first Interim Management Statement for the financial year ending 28 February 2012, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 31 May 2011 comprised:
31 May 2011 | 28 February 2011 | 30 November 2010 | |||||||||
Unaudited | Audited | Unaudited | |||||||||
£'000 | % | £'000 | % | £'000 | % | ||||||
VCT qualifying investments | 8,000 | 28.7 | 600 | 2.1 | - | - | |||||
Non VCT qualifying investments: Money Market Funds | 18,394 | 66.0 | 25,930 | 92.6 | 25,400 | 90.3 | |||||
Net current assets (including cash and cash equivalents) | 1,460 | 5.3 | 1,461 | 5.3 | 2,721 | 9.7 | |||||
27,854 | 100.0 | 27,991 | 100.0 | 28,121 | 100.0 | ||||||
Net asset value per share | 92.30p | 92.75p | 93.18p | ||||||||
Investment Activity
TP10's strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with predictable revenues from a financially sound customer base. Initially, investment exposure is intended to be predominantly to cash and cash based funds. By the end of its third year the Company's intention is that at least 70% of the fund will be committed to venture capital investments with up to 30% remaining invested in cash and cash based funds.
The Board is pleased to note that during the period the Company made further VCT qualifying investments totaling £7.4 million, of which £1.4 million was invested into companies engaged in cinema digitisation and £6 million was invested into companies committed to electricity generation.
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.
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Citi Fun 32