17th Jan 2013 09:30
TP70 VCT plc
16 January 2013
Interim Management Statement for the quarter ended 30 November 2012
TP70 VCT plc ("the Company") submits its Interim Management Statement for the period ended 30 November 2012. This constitutes the Company's second Interim Management Statement for the financial year ending 28 February 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 30 November 2012 comprised:
30 November 2012 | 31 August 2012 | 29 February 2012 | |||||||
Unaudited | Unaudited | Audited | |||||||
£'000 | % investments | £'000 | % investments | £'000 | % investments | ||||
VCT qualifying unquoted investments | 4,827 | 90.4 | 4,827 | 74.4 | 17,636 | 77.3 | |||
Non VCT qualifying investments: | |||||||||
Unquoted investments | - | - | 431 | 6.6 | - | - | |||
Money Market | - | - | 500 | 7.7 | - | - | |||
GAM Diversity | - | - | - | - | 3,289 | 14.4 | |||
Cash and cash equivalents | 514 | 9.6 | 734 | 11.3 | 1,880 | 8.3 | |||
Total Investments | 5,341 | 100.0 | 6,492 | 100.0 | 22,805 | 100.0 | |||
Other assets & liabilities | (239) | (260) | (101) | ||||||
Net assets | 5,102 | 6,232 | 22,704 | ||||||
Net asset value per share | 15.95p | 19.48p | 70.97p | ||||||
Realisation of Investments
The Board is pleased to announce that the Company's exit strategy is well advanced. The Company realised £12.8 million of qualifying investments since the year ended 29 February 2012 and is in advanced negotiations to conclude the realisation of its remaining investments. Its exposure to GAM Diversity held through a note executed with Julius Baer was closed and proceeds of £3.3 million were also received during the period since the year end.
Distributions
As a result of the realisations described above a dividend of 52.4p per share was paid to shareholders on 25 May 2012 and 3.59p per share was paid on 21 September 2012, which taken together with the period end net asset value of 15.95p is equal to 71.94p per share, an increase of 0.97p over the position at 29 February 2012.
On 21 December the Board announced payment of a further dividend of 4.38p to be paid on 18 January 2013. The expectation is that a 4th more substantial dividend will be announced before the end of January.
Remaining Investments
It is expected that the realisation proceeds from the remaining investments will be not less than book value.
The remaining investments can be analysed as follows:
Electricity Generation | ||||
Industry Sector | Cinema Digitisation | Solar PV | Anaerobic Digestion | Total Qualifying Investments |
Qualifying Investments £'000 | 176 | 3,317 | 1,334 | 4,827 |
Qualifying Investments % | 3.65% | 68.72% | 27.63% | 100.00% |
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.
Related Shares:
Triple Point Ve