14th Jan 2011 16:34
TP10 VCT plc
13 January 2011
Interim Management Statement for the quarter ended 30 November 2010
TP10 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 30 November 2010. This constitutes the Company's second Interim Management Statement for the financial year ending 28 February 2011, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 30 November 2010 comprised:
30 November 2010 | 31 August 2010 | 28 February 2010 | |||||||||
Unaudited | Unaudited | Audited | |||||||||
£'000 | % | £'000 | % | £'000 | % | ||||||
Non VCT qualifying investments: Money Market Funds | 25,400 | 90.3 | 18,900 | 66.8 | - | - | |||||
Net current assets (including cash and cash equivalents) | 2,721 | 9.7 | 9,396 | 33.2 | 4,390 | 100.0 | |||||
28,121 | 100.0 | 28,296 | 100.0 | 4,390 | 100.0 | ||||||
Net asset value per share | 93.18p | 93.76p | 94.25p | ||||||||
Investment Activity
TP10's strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties. Initially investment exposure is intended to be predominantly to cash and cash based funds. The Company can also make non VCT qualifying investments with an equivalent risk exposure to its VCT qualifying investments. By the end of the third year the Company's intention is that at least 70% of the fund will be committed to VCT qualifying holdings with up to 30% remaining exposed to cash and cash based funds.
The Board is pleased to note that following the period end the company made its first VCT qualifying investment of £600,000 in Cinematic Services Limited, which is involved in cinema digitisation.
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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